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2024-12-31-accounts

Annual report and financial statements For the year ended 31st December 2024

Contents

02 Report from the Dean

Report from the Dean

For no one can lay any foundation other than the one that has been laid; that foundation is Jesus Christ. 1 Corinthians 3.11

03 Charity profile

It is an immense privilege to oversee another robust and encouraging year at St Paul’s which has seen the Cathedral return to a balanced and appropriately resourced position. 2024 saw particular progress against the main objectives agreed by Chapter and the Executive Leadership Team, namely, to:

  1. Deliver excellence

07 Trustees’ report

45 Governance report

52 Statement of responsibilities of the Trustees

  1. Develop our people

  2. Prepare for the next phase

  3. Hear Girls’ Voices

We delivered excellence not only through welcoming close to 1.4 million people – 790,000 paying visitors, 396,000 worshippers and 200,000 attending lectures, concerts and events. As we receive no state and little church support, the income from tourism, events, donors and worship is vital to our financial sustainability, and we are immensely grateful for this wide-ranging support. But beyond these numbers, you will read in the report the significant impact St Paul’s is having in many different spheres – music outreach, learning and faith development, access to Wren’s Library, school visits, to name a few.

Throughout 2024, we have invested in developing our people through rebuilding the team to respond to new challenges after the pandemic. We have listened to our colleagues and stakeholders, and worked towards a new vision, values and mission statement. Following the Cathedral’s first staff engagement survey, a staff forum has been established, and we have worked towards a new brand, reflecting the Cathedral’s role nationally and internationally.

Preparing for the next phase indicates our desire as a Cathedral to plan and look forwards – whether through the establishment of the St Paul’s Cathedral Institute, or working towards a five-year business plan and the significant fabric work required in the coming years. Included in this strand is the research phase for the Ball and Cross project which will see the renovation of Wren’s iconic Dome, and the Wren International Centre of Excellence for heritage craft skills. These vital projects bring associated funding challenges over the coming years.

Following the recruitment of girls into the choir, we have begun hearing Girls’ Voices taking their place as full Choristers after completing their probation. A major project to create an expanded boarding facility, for what will, in a few years be close to 60 Choristers was started in the autumn.

As ever, we are enormously grateful for those visitors and supporters who make the work of this great Cathedral possible. But above all, it is the wonderful team of staff and volunteers who are the ‘living stones’ which make the building come to life. To them Chapter offers its heartfelt thanks and appreciation.

53 Financial statements

With every blessing,

94 Appendices

The Very Reverend Andrew Tremlett Dean of St Paul’s 22 October 2025

01 Annual report and financial statements 2024

Annual report and financial statements 2024

02

Charity profile

Who we are

St Paul’s Cathedral is a vibrant working church, a national treasure and a London icon. Designed by Sir Christopher Wren in the late 17th century, the Cathedral has been the Cathedral Church of the Diocese of London for over 1,400 years.

Our building provides a space for reflection, discovery, learning and debate. Each year, we welcome over a million people through our doors, to worship, sightsee, and attend a lively programme of concerts, educational events and performing arts.

Alongside dedicated ministers and staff, we are sustained by a community of volunteers, who ring our bells, lead our tours, maintain our collections and more. We provide comfort and commemoration through our national services, and stand as an enduring symbol of hope – for those of all faiths and none.

Our history as a Christian cathedral stretches back 1,420 years to 604 AD, and even before that, there was a Roman temple on this location in the City of London. The current building, described as Sir Christopher Wren’s masterpiece, is the fifth cathedral on this site. Designed in a Neoclassical English Baroque style, but also taking inspiration from the dome of St Peter’s in Rome, the building was started in 1675 and was declared complete on Christmas Day in 1711.

While our legal entity is called the Corporation of the Cathedral Church of St Paul’s in London, we are more often referred to as St Paul’s Cathedral. We are an ecclesiastical corporation and have been governed according to several constitutions during our long history, the latest produced in 2023, and all drawn up according to law and subject to the sovereigns of this realm.

In 2023, St Paul’s Cathedral became a Registered Charity and is regulated by the Charity Commission in respect of its main activities. The Cathedral is also overseen by the Church Commissioners for England.

2024 is our first full year as a Registered Charity and this annual report follows the Charity Commission’s requirements for large charity reporting.

For the purposes of the Charities Act 2011, the members of the Chapter are the Trustees of the Cathedral. Throughout this annual report they are referred to as the Chapter.

Administrative details

Address: The Chapter House, St Paul’s Churchyard, London EC4M 8AD Website address: stpauls.co.uk Registered Charity Number: 1206171 For UK taxation purposes: HMRC treats cathedrals as exempt charities and enables them to recover sums under Gift Aid. Our UK Charity Taxation Number: X7067

For US taxation purposes: The Cathedral has a US based Trust, St Paul’s Cathedral Trust in America, that is a 501(c)(3) Public Charity. Its Non-Profit Tax ID number is 56-185-2735. Further information can be found at: https://www.stpauls.co.uk/who-we-are-at-stpauls

2024: A year in figures

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1,583 29,530
Services at the Children and young
Cathedral people school visits
396,000
790,575
Worshippers
Paying visitors
 Estimated
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----- Start of picture text -----
396,000
790,575
Worshippers
Paying visitors
 Estimated
80 363
Visiting choirs Volunteers
285 91%
Pupils at the school Visitor satisfaction
Over 44
10,000 Concerts and
Heritage craft hours organ recitals
£14.9M 1,021,915
YouTube views of
Cathedral operating costs adult learning events
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102
Corporate events
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1.8M social media/website visits

03 Annual report and financial statements 2024

Annual report and financial statements 2024

04

Thank you

The Chapter wish to put on record their great appreciation to four groups of people, without whom the Cathedral could not function:

We would like to thank all those who donated financially to the Cathedral.

In particular, we would like to recognise the following who donated very generously to St Paul’s Cathedral or St Paul’s Cathedral Chorister Trust in 2024:

The Imperial Society of Knights Bachelor The Ironmongers’ Company The Leathersellers’ Foundation Lloyds Banking Group Ed & Stephanie McAlpine The McCorquodale Charitable Trust The Mercers’ Company The Merchant Taylors’ Company MFS Investment Management The Musicians’ Company The Order of the British Empire Sarasin & Partners Skandinaviska Enskilda Banken AB The Steel Charitable Trust St Paul’s Cathedral Trust in America The Tallow Chandlers’ Company The United Guilds’ Service Trust

The Arts Scholars’ Company David Barnett Benefact Trust Peter Chapman MBE Charles Hayward Foundation The Church Commissioners City of London Endowment Trust for SPC The Clothworkers’ Company Doris Trust The Drapers’ Company The Fishmongers’ Company The Friends of St Paul’s Cathedral Roger Gabb Garfield Weston Foundation The Girdlers’ Company Charitable Trust Goldsmiths’ Foundation The Grocers’ Company

We would also like to acknowledge all our donors, including those who wish to remain anonymous and those who have included a gift to St Paul’s in their will, as well as all of our Music Patrons and our Friends.

The Chapter would also like to extend their thanks and gratitude to both the Revd Canon James Milne, who left the Cathedral on 17th May 2024 to become the Canon Precentor at York Minster, and the Revd Canon Dr Neil Evans, who left the Cathedral on 31st July 2024 and became Dean of Southwell Minster.

05 Annual report and financial statements 2024

Trustees’ report

Our mission

We seek to enable people in all their diversity to encounter the transforming presence of God in Jesus Christ.

Our mission centres around being a place of welcome and learning for the large number of worshippers and visitors who come to the Cathedral, often as a one-off experience.

We see ourselves as a clear ‘advertisement’ for the Christian faith. As such, we aim to offer the best experience of faith, whilst recognising that many come to St Paul’s to experience the historic building.

Our purpose

The legal purpose and objectives of the Cathedral’s Chapter as Trustees are set out in our Constitution. They are:

In practical terms, the Cathedral is a community of worship and mission with a particular role in supporting the Bishop of London in her work across the Diocese and beyond.

We are a living Christian church, inspired by the love of God in Jesus Christ to offer welcome, prayer and learning. We welcome visitors to worship, to sightsee and to attend a dynamic programme of events such as thought-provoking talks and panel discussions as well as musical performances.

We are entrusted with the outstanding building and the iconic dome, the fruit of human skills offered to the glory of God. We will curate and fashion the building on behalf of current and future generations as a sign of hope for all.

We will bring together all our resources to make a tangible difference to people’s lives, shaping policy and attitudes to tackle social injustice.

Our values

WE ARE WELCOMING

We all offer a warm inclusive welcome to everyone: our colleagues, volunteers and each one of our visitors.

WE ARE RESPONSIBLE

We are people of integrity, each responsible for part of the whole of the Cathedral’s work, looking after the Cathedral for the next generation.

WE ARE ENGAGING

We seek to engage everyone in our mission, at the Cathedral, within London, and across the World.

WE ARE NOURISHING

As a community we work together in a learning environment, aiming for the highest possible standards in everything we do whilst acknowledging that we cannot do everything.

Work towards a new vision

During 2024, we have been working on a project to refresh our mission, vision, and values along with strategic priorities for the next five and ten years. This has involved extensive consultation in focus groups, a survey and workshops, and working with a brand agency. We expect this new identity to launch in 2025 through to 2026.

Relationships with the Diocese of London

St Paul’s Cathedral is the seat of the Bishop of London and the Mother church of the Diocese of London. St Paul’s is a cathedral by virtue of the Bishop’s seat (or ‘Cathedra’).

Diocese to take part in our Cathedral life and community. This can be in larger ways like the Diocesan Advent Carol Services or in small ways, like ‘Messy Cathedral’ and ‘Labyrinth’ prayer evenings. Our Chaplain writes a card to every parish and worshipping community for the day they are being prayed for in the Diocesan Cycle of Prayer, highlighting that they are being prayed for at St Paul’s, and inviting members of their community to attend one of the services on that day.

The Rt Revd and Rt Hon Dame Sarah Mullally is the 133rd Bishop of London. As Bishop of London, she is Visitor of the Cathedral, giving her a formal, regulatory role in overseeing observance of our Constitution and Statutes. The Bishop also plays an advisory role meeting regularly with the Dean and annually with the Chapter, alongside regular participation in the life of the Cathedral.

We welcome groups from any part of the Diocese to services, as well as on pilgrimages. Cathedral passes are made available to every worshipping community in the Diocese, and Diocesan clergy are given a pass, which means that they can bring a group to visit whenever we are open.

The Diocese of London is the Church of England covering London north of the Thames and west of the River Lea. There are over 500 worshipping communities in the Diocese who look to St Paul’s as their Mother church, and the Cathedral exists to serve the people of God in this world city; it is their Cathedral. This service is provided through countless interactions including:

Our Chapter has the patronage of around 30 parishes in the Diocese, through which there is direct contact; and each executive member of Chapter looks after a proportion of these. Members of the Ministry team are also available to preach and assist in parishes across the Diocese.

07 Annual report and financial statements 2024

Annual report and financial statements 2024

08

Public benefit: How we make a difference

We confirm that in our direction and oversight of the administration of the affairs of the Cathedral, we have had regard to the Charity Commission’s guidance on public benefit.

In so doing, we have ensured that our main activities have furthered our purpose for the public benefit. We have a clear strategy to engage extensively with as wide a cross-section of London as possible, through services, music, learning events, art installations, interpretation of the building, school visits, family activities and much more.

We run several impactful community programmes to engage and inspire people both locally and internationally, particularly those from disadvantaged backgrounds.

We play an important role in the local and wider community, and throughout this Annual Report are examples of the different ways we make an impact.

Strategic objectives: Performance in 2024

We had four strategic objectives for 2024:

  1. Deliver excellence

  2. Develop our people

  3. Prepare for the next phase

  4. Hear Girls’ Voices

Each objective was supported by a series of implementation plans. Every quarter Chapter received information about progress on each supported by qualitative and quantitative data. In addition to financial measures, various mechanisms to capture feedback were used including:

Our work includes:

Making an impact….through use of resource

William Tyndale was the first to publish the New Testament and the first five books of the Old Testament – known as the Pentateuch – in English; and did so at a time when this was illegal. Most copies were seized and destroyed, meaning that they are now very rare. We own one of three surviving copies of the first edition of the New Testament, and one of 12 examples – the only one in London – of the second edition (1534) of the Pentateuch.

In the summer of 2024, Thomas Fulton, Professor of English at Rutgers University, visited our Library to consult these two portions of the Bible translated by Tyndale to support his contribution to several forthcoming articles, and to the Independent Works of William Tyndale. The Independent Works project seeks to create modern scholarly editions of all of Tyndale’s works, to be published with substantial introductions and critical apparatus, to replace the now very elderly Parker Society editions (1848-1850). Professor Fulton was initially only aware of two items of relevance to his research and publication in the St Paul’s Library, but was pleasantly surprised to discover that we hold seven editions of Tyndale’s New Testament published between 1526-1536, and several other of his works including the rare Exposition of the … Epistles of S. Jhon (1538). The specific combination of Tyndale texts available in our collection is unique, and the relatively small scale of the Library means that it is possible to facilitate access to compare editions in a way that would be unfeasible in a larger, more general collection.

The Independent Works will be printed in a six-volume set by the Catholic University of America Press, but also be freely available online, providing equitable access to support scholarship in all parts of the world, including areas of the majority world where growth in the study of theology is strong, but access to books can be challenging. The outcome of a single reader visit to consult two texts can have the potential to open up St Paul’s treasured resources to the benefit of the worldwide Church.

We are pleased to report that these 2024 objectives have either been achieved in the year, or good progress has been made with further work to be undertaken in 2025.

1 To deliver excellence

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Objective Background Performance in 2024
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Objective Background Performance in 2024
We strive to provide
the highest quality
of service, refecting
our commitment to
exceeding expectations,
maintaining high
standards, and
continuously improving
to achieve outstanding
results.		 With our fnances
having recovered from
the global pandemic,
our focus turned to the
quality of service we
deliver, with an ambition
of delivering excellence.
With cost pressures
in many areas, and a
challenging economic
climate, it is important
that we maintain robust
fnancial management
with clear targets,
thereby maintaining the
stability achieved post-
pandemic.		 We welcomed over 790,000 paying visitors in
2024, 5% more than we had budgeted, although 1%
down on 2023. We scored highly with visitors for
visit satisfaction, and our Net Promoter Score has
increased.
We welcomed over 396,000 worshippers, a 3%
increase from 2023, to over 1,580 services (four every
weekday and fve on Sundays). Our high-quality music
provision continued through choral worship, organ
recitals and concerts.
Our Schools and Family Learning team welcomed
over 29,000 young people, with over 93% rating
their visit as good/excellent. Similarly high ratings
were achieved from our Adult Learning events held
throughout the year.
Sightseeing visitors play a vital role in supporting our
fnances, and the income they generate signifcantly
contributes to the costs of running the Cathedral
and supporting our other charitable work. Our strong
fnancial performance in 2024 exceeded expectations,
positioning us well for continued progress in 2025.

Annual report and financial statements 2024

Annual report and financial statements 2024

09

10

2 To develop our people

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Objective Background Performance in 2024
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Objective Background Performance in 2024
To invest in our people
by providing the support
and resources they need
to thrive, enabling us to
fulfl our mission with
confdence and care.		 We have a large team
of staff and volunteers
who contribute across all
areas, from sightseeing
and visitor operations,
worship and music,
events and learning, to
IT, HR, fnance, marketing
and communucations,
volunteer management,
collections, property and
development.
Together, they ensure we
remain open 365 days
a year, offering a warm
welcome to all who come
to worship, learn, or visit.		 Following a thorough workforce planning exercise
which recognised some gaps in our resourcing and
capability, we have expanded our Cathedral staff team
in 2024. Average staff full time equivalents at the
Cathedral (including Enterprises) in 2024 increased
from 144 to 151.
All staff are now engaged in our personal performance
and development appraisal system.
We have invested in a mixture of classroom-based and
video learning and development activities, including
leadership training for our Heads of Department and
ongoing training across statutory compliance focusing
on safeguarding, health and safety and fre safety.
The number of volunteers remained at around 360,
spread across several teams, and we have invested
additional resource in staff dedicated to supporting
the recruitment, development and training of all our
volunteer teams. There is more work to be done to
diversify our volunteer base.
In 2024, we undertook our frst ever Staff Engagement
Survey with 70% of our staff taking part. Whilst this
showed the majority of staff fnd St Paul’s a great place
to work, there are a number of areas for us to focus
on to make this even better. Our newly created Staff
Engagement Forum will focus on the action plans
formulated from the survey results.

3 To prepare for the next phase

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Objective Background Performance in 2024
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Objective Background Performance in 2024
To care for and sustain
our iconic Cathedral as
we prepare for the next
phase in our life and
mission.		 Managing a Grade I
listed building—and all
that it represents and
offers—is a signifcant
responsibility. In recent
years, we have faced
and responded well to a
number of challenges.
2024 provided an
important opportunity
to advance many of our
initiatives and ambitions
in a thoughtful, measured
way, strengthening St
Paul’s for the future.		 During the year, we made good progress in developing
our new mission and vision, which will be launched in
2025 together with our strategic priorities through to
2030.
Several important contractual arrangements have been
re-tendered in the year, including security, catering in
both the Cathedral and School, and our investment
managers. These new arrangements will strengthen our
operations going forward.
We completed the conservation and relocation of ‘The
Light of the World’ painting by William Holman Hunt, as
well as the repurposing of space to create a new organ
practice room.
Our data project will transform the way we capture and
handle data to enhance our engagement across all
audiences, and we have completed the frst two of fve
phases.
Other strategic projects making progress in 2024
include: plans to relaunch the St Paul’s Cathedral
Institute; investigation and scoping for work required on
the dome, ball and cross; design work for the proposed
Wren International Centre of Excellence for heritage
craft skills.
We have made progress with various fabric projects to
ensure the Cathedral is kept in a good state of repair.
The work required by our Quinquennial Inspection
Report is expected to exceed £60m over the next ten
years.

11 Annual report and financial statements 2024

Annual report and financial statements 2024

12

4 To hear Girls’ Voices

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Objective Background Performance in 2024
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Objective Background Performance in 2024
To introduce girl
choristers, offering the
same life-changing
opportunity previously
only available to boys,
thereby creating the
biggest and busiest
cathedral music
department, and
enhancing our worship
offering for all.		 The plans for the
introduction of Girls’
Voices were drawn up in
2021, further developed
in 2022, and fundraising
commenced in 2023.
This has allowed
implementation to begin
in 2024 with the aim of
launching in September
2025, with the creation of
an additional choir of up
to 30 girl choristers, aged
eight to 13, all boarding
at the Cathedral School.		 Work to deliver the many aspects of this complex and
multi-faceted project is overseen by a dedicated Girls’
Voices Project Board.
The frst full girl choristers were admitted to the choir
in June 2024, and by the year end there were fve full
choristers and four probationers, with recruitment
continuing.
Planning consent for the alterations required to the
school accommodation to create a new boarding house
for girls was received in early 2024 and construction
commenced in June. Phase1, the completion of new
staff accommodation, was completed in December.
Fundraising continues as we move closer towards
our target of £2.8m for the infrastructure investment.
We are committed to ensuring that the opportunity of
becoming a Chorister is open to young people from a
wide variety of backgrounds and not dependent on their
family’s ability to pay.

Strategic objectives: Priorities for 2025

For 2025, we have five strategic priorities:

1. INSPIRING ENGAGEMENT

2. ACHIEVING SUSTAINABILITY

3. DEEPENING FAITH AND WORSHIP

4. PUTTING PEOPLE FIRST • Embed our values so that they shape everything we do • Welcome everyone • Ensure our buildings are conserved through a 15-year

5. CONSERVING OUR ICONIC BUILDINGS fabric plan

5. CONSERVING OUR ICONIC BUILDINGS

Each priority is supported by a series of objectives and operational plans. Through the budget process the operational plans are reviewed and agreed, with appropriate resources prioritised and allocated.

We will report performance against these priorities in the 2025 annual report.

Main challenges going forward

2024 has been a successful year for us. Visitor and worshipper numbers have held up and we have been able to deliver a large and varied programme of services, events and activities. However, we need to manage a number of challenges to ensure we can continue, and build upon, the work that we do.

Looking forward, our dependency on paying visitors remains. We face challenges from declining spend by overseas visitors and a decline in domestic overnight stays and days out. We also face inflationary cost pressures on several fronts, which has increased our 2025 operational cost base for the Cathedral to over £16m.

The Cathedral’s fabric will require significant investment over the next five to 10 years, estimated to be £60m. We are fortunate to have been able to designate some funds towards future priorities but, with significant work projected to commence in 2026 on the Dome, Ball and Cross, we do not have adequate endowments and reserves, nor forecast annual operational surpluses, to cover this scale of investment in the fabric. We are looking at other sources of income and fundraising to help us with this investment in the coming years.

13 Annual report and financial statements 2024

Annual report and financial statements 2024

14

Charitable activities: Achievements in 2024

Worship and liturgy

Special services

Our heartbeat

As a result of our high civic profile, we hold a substantial number of special services for a wide range of organisations such as the nearby NHS Hospital Trust (St Bartholomew’s), major charities such as St John’s Ambulance, as well as the annual United Guilds service and events for individual Livery Companies in the City of London.

The great prayer of St Augustine, ‘God you make us for yourself, and our hearts are restless until their find their rest in you’ sums up the reason that St Paul’s Cathedral exists: to be a sacred space where people from every walk of life can find the love of God who brings healing, transformation and light into all that we are and do. This ‘holy ground’ offers a place where we can recognise our inner life, and our Christian worship is the heartbeat of all that we do. This heartbeat has nourished and supported people though all life’s changes from birth and celebration, to death and remembrance.

In 2024, special services were also held to mark important anniversaries and to celebrate the work of various charitable organisations:

• The Ceremonial Service for the Order of the British Empire attended by His Majesty King Charles III and Her Majesty Queen Camilla

We are a place of prayer, with daily services of Morning Prayer and Evensong, or Evening Prayer and Holy Communion, and Sunday worship remains the centrepiece of the week. All of this is supported by the work of our musicians, Virgers, liturgists, and our volunteer Wandsmen, servers, flower arrangers, communion assistants, and bellringers.

Throughout 2024, the daily rhythm of prayer and worship at our services, enriched by the excellence of our historic musical tradition, remained at the heart of our common life. A total of 1,627 services and events were held in 2024. This total is made up of:

The estimated attendance at our regular and special services in 2024 increased by 2.3% to 396,000 people (2023: 387,000).

Making an impact…..through worship

Each October we hold a Service of Remembrance for Barts NHS Trust and St Joseph’s Hospice. Barts and St Joseph’s Chaplaincy Team invites people whose loved ones have died in the previous year and we create a bespoke service involving members of the multi-faith chaplaincy staff. The liturgy we create for this occasion provides an inclusive space, allowing those who attend to remember their loved ones before God and to recognise those who cared for them. The following words of reflection are from the Chaplaincy:

Barts and St Joseph’s annual Service of Remembrance is the culmination of a long collaboration between Barts, St Joseph’s Hospice and St Paul’s Cathedral. Held on an Autumn evening, the Cathedral generously welcomes staff, patients, bereaved families and friends for an inclusive service comprising music, biblical and multifaith readings, a reflection and prayer.

All are invited and welcome to the service and, with the gentle lighting of the Cathedral’s magnificent space, St Paul’s envelops all those attending in its warmth and majesty. The welcome is extended to all – not only Christians, but also those of other faiths, together with those of no faith. Participants in the service include come from Anglican, Roman Catholic, Muslim and Jewish communities. The Barts Choir joins St Paul’s Musicians whose music enhances the splendour of the occasion.

The service in 2024 was greatly appreciated by those taking part and attending. A family member emailed the Chaplaincy staff after the service saying, ‘I am on my way home after attending the remembrance service at St Paul’s Cathedral. I am blown away at how special the service was. The multi-faith readings and the sermon all delivered with such grace and thought. I lost my mother in March of this year. She was an NHS worker for 40 years and was cared for by the excellent cardio team at Bart’s a few years ago. They were awesome. Please express my thanks to all who delivered such a touching service.’

There is a strong sense of shared grief at this service and yet there is also an uplifting element within it, leading to an awareness of something greater than ourselves, transcending our everyday lives.

Music

The echoes of angels’ song

Music is one of the key aspects of what makes a cathedral a cathedral. It is not only central to our worship, but also contributes to the part we play in the cultural, and spiritual life of the City and Diocese. We believe in a creator God who invites us to cooperate in this work, in grateful response to the gift of life. We record our thanks to our musicians who, through their hard work, talent and creativity, help us express that which goes deeper in the human spirit than words alone can name, helping us to ‘hear the echoes of the angels’ song’.

St Paul’s Cathedral Choir is widely regarded as one of the finest cathedral choirs in the UK, renowned for its international musical excellence and historical significance - 2024 was another very busy year.

Whilst 995 of our 1,627 services and events were ‘said services’ (meaning spoken word only) there were 632 services (39%) that had some form of musical involvement. Our musicians were involved in 485 services/events with members of our Choir involved in 359. This is a significant undertaking for everyone involved and demonstrates that music plays a very important part in our activities.

Visiting choirs

Visiting choirs sing at our services when members of our Choir are not in residence, for example, during school holidays. In 2024, 115 services were sung by visiting choirs, and 80 were from overseas, including Australia, the Netherlands, Finland, Canada and the USA. Some choirs, especially those from overseas, sang services on several consecutive days, however, the majority of choirs were from around the UK, particularly school choirs. 33 school or youth choirs sang at St Paul’s in 2024, and we hope they all had a memorable experience of performing here.

The most attended category of service was Choral Evensong, where an estimated total of over 159,000 people attended these services in 2024.

Annual report and financial statements 2024

Annual report and financial statements 2024

15

16

Making an impact….through Choristerships

We offer talented young people the unprecedented opportunity to become a Chorister and to train with one of the most prestigious Choirs in the world. All Choristers attend the adjacent Cathedral School, our highly regarded, co-educational independent preparatory school for boys and girls aged 4 to13. To fulfil the busy schedule of early morning rehearsals and evening performances, the Choristers board at the School in a specially designed residential house. Here they are part of a special happy community where they live and work together and receive excellent pastoral care. Currently, it is the boy Choristers who board at the School, and following the introduction of the first girls into our Choir in June 2024, a girls’ boarding house is under construction, so that we are able to provide truly equal provision for both girls and boys.

‘The boarding programme at St Paul’s Cathedral School plays a significant role in the personal development of the Choristers. It creates an environment where a worldclass musical education can be interwoven with individual growth and character development.’

Joe Gorman, Head of Chorister Boarding

We are committed to ensuring that the incredible opportunity of becoming a Chorister is open to young people from a wide variety of backgrounds, and is not dependent on their family’s ability to pay. We fund the full cost of academic education, while means-tested bursaries are available for boarding and other fees. An historic moment in 2024 was the admission of the first girl Choristers to the Choir. The arrival of the girls generated considerable press interest, with widespread coverage in major titles and online channels in June, and then in December when the girl Choristers took part in Christmas services for the first time. BBC Newsround ran a lovely feature which conveys the sense of excitement of the arrival of the girls at the Cathedral.

“Everyone at St Paul’s Cathedral School is enormously proud of our first girl Choristers.…We can’t wait to see them growing through their Chorister journey and inspiring the girls and boys who follow them.”

Judith Fremont-Barnes Head, St Paul’s Cathedral School

In addition to the special services above, musical highlights in 2024 have included:

The combined total of attendees for 44 concerts and organ recitals held during the year was over 33,400 people (2023: 30,500).

During 2024, our innovative and widely acknowledged music partnerships programme continued to grow. The programme shares our musical heritage with a diverse range of children across London by engaging with schools, churches, and community choirs. These different and ongoing programmes bring children to sing in services and at special events in the cathedral.

Making an impact….through music partnerships

Our music partnerships programme exemplifies how music can inspire, connect, and transform lives. Our sustained work with St Matthew’s C of E Primary School, Westminster, is a testament to this – a choral partner school, who participate in weekly, curriculum-based, whole-class singing sessions throughout the academic year. Our faith-first provision teaches children to sing, builds confidence and fosters a deep connection to our history and choral tradition.

Feedback from parents, staff, and pupils demonstrates the profound public benefit our programme delivers. St Matthew’s headteacher remarked, ‘our partnership with St Paul’s is a joyful one, where our pupils are engaged and inspired musically. This relationship encompasses our school vision of belonging, believing and achieving.’ A pupil shared, ‘[Our Choral Animateur] teaches us to love music. We know by the end of each lesson we’ll have made so many improvements. Singing makes me feel calm and relaxed… and inspired!’

In autumn 2024, the pupils of St Matthew’s were given the extraordinary opportunity to sing at the Department for Education (DfE) for an event hosted by Rt. Hon. Bridget Phillipson MP, who personally wrote to the children commending their ‘outstanding’ performance, which emphasised the transformative impact of our work and potential of our programme. One pupil from St Matthew’s was so inspired by their visit to St Paul’s that they have begun the process of becoming a St Paul’s Chorister. This clear progression route, from whole-class singing sessions to joining the Cathedral Choir and School, highlights our considerable positive influence, where talent is nurtured.

Through music partnerships, we are changing lives, connecting communities, and advancing our mission, one voice at a time.

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Schools and Family Learning

“The workshop on Martin Luther King Jr provided opportunities for the students to reflect on personal identity and community participation…and discussed issues that are important to the students and our school values”

A year of change

2024 was a year of significant change. It began with a new online booking portal, bringing all the digital aspects of our team together, to ensure the process is as accessible and user friendly as possible.

Christ Church CE Primary School, Camden.

There was a successful restructuring of the team over the summer, to ensure the quality of engagement for schools and families would be improved and maintained going forwards, with increased administrative support and teaching capacity.

We also started mapping out changes in our delivery for 2025, that will allow us to offer sessions more closely aligned to the National Curriculum, as well as being able to offer more bespoke sessions in line with teachers’ learning objectives. We continue to develop our special educational needs and disability (SEND) offer, ensuring all students are able to access our learning delivery.

Over the course of the year, we engaged with 35,000 children and young people, including 9,000 who took part in our bespoke family activities like Messy Cathedral. We introduced our History Set in Stone session for our secondary school audiences, which gained substantial positive feedback from teachers, and later in the year, we further added new sessions, which included a new cross-curricular Martin Luther King Jr session for Key Stage 2 and above. The session was created in response to the 60th anniversary of Dr King’s speech at St Paul’s in December 1964, and is due to be rolled out more widely in 2025.

The Learning Centre underwent a full refurbishment and redecoration, together with the installation of new bespoke storage and furniture. This has vastly enhanced and improved the space, making it a much more welcoming and stimulating environment for school groups.

Making an impact….through school visits

We recognise that costs are an important factor for schools and we have received consistent praise for keeping guided sessions at an accessible price. 97% of schools say that we are good value for money: ‘The cost of the session is fantastic for the experience the children had. Every member of staff we encountered was friendly and helpful. The session was interactive and encouraged the children to share their learning. It was a great day.’

We are proud of the quality of the experience we provide to visiting children, with 83% of teachers reporting that they visit us because we are able to strongly link to the National Curriculum and exam qualification specifications - which strongly supports students’ learning. ‘Brilliant trip and will recommend to all year groups as a great place to visit!’

Deepened learning opportunities are regularly evidenced by teachers: ‘The children were engaged and enjoyed their learning experience.’

Over the last year we have improved our resources for SEND, too: ‘Our students enjoyed the workshop and thank you for the extra bag of resources for SEN students.’ This positive feedback has led to us setting out ambitious targets for 2025 around engaging those with SEND.

We have a high proportion of returning teachers, too (‘It was brilliant. Ready to book for next year’) with 95.2% of teachers recommending us to colleagues: ‘Thank you for our wonderful experience. We will definitely be back with our children next year.’

Adult Learning

We have continued to deliver our flagship programme of wide ranging, well received and topical events in person and online, focusing on the core themes of faith, spirituality and social justice.

Flagship programming

Cathedral floor lectures provide an opportunity to host a variety of public figures exploring a range of religious and ethical issues, with an average attendance of 800. This year featured broadcaster and priest, the Revd Kate Bottley speaking about her new book Have a Little Faith, US Senator Raphael Warnock, who launched a season of events marking the 60th anniversary of the visit of Dr Martin Luther King Jr, and historian Diarmuid MacCulloch, who provided an insightful and entertaining overview of the history of sex and Christianity. The last of these events linked to the Religious Education and Ethics A Level curriculum, and attracted a new audience of highly engaged Year 13 students.

In October, a series of weekly online reflections based on the principles of Martin Luther King’s theology, were shared for Black History Month. Approximately 3,300 people read the reflections each week, with questions for discussion supplied by the Reverend Canon Adéọlá Eleyae, our Canon for Racial Justice.

In 2024, we marked the 60th anniversary of the visit to St Paul’s of Dr Martin Luther King Jr – the American civil rights leader and Baptist minister. In December 1964, Dr King had stopped off in London on his way to collect his Nobel Peace Prize in Oslo. His sermon, which he reworked over many years, was called The Three Dimensions of a Complete Life. This theme was woven into a season of events which were designed to:

The anniversary weekend included:

The season of events was launched by US Democratic Senator Raphael Warnock – also a Baptist preacher at Dr King’s former church in Atlanta, Georgia – who preached and gave a free Adult Learning lecture attended by over 1,000 people, entitled Three Dimensions of a Complete Life: Martin Luther King for this moment. The film of the event has been viewed 1,400 times.

We curated two evening openings - Cathedral Lates - in 2024, a cross-organisational programme of activity to engage visitors. This was designed to showcase our stories, music, heritage crafts, art, worship and, ultimately, to grow our domestic audience. The events attracted over 3,000 people in total, of which 87% were Londoners and 24% first-time visitors.

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Exciting new partnerships

Working in partnership has strengthened our outputs and engagement with specialist organisations. Entering into a Memorandum of Understanding with the educational charity, Cumberland Lodge, has resulted in an action research project focused on Gen Z and the City: navigating intergenerational differences in the workplace. A report was commissioned and subsequently launched in October with a panel discussion attended by a mixed audience including postgraduate students, City of London Corporation staff, early careers personnel and senior business leaders. This has set a firm foundation for deeper engagement in the coming year, which will culminate in a residential workshop.

Growing engagement

Our regular strand of online conversations and weekly written reflections bring global voices to our growing audience, and share high quality content to a geographically diverse group of over 6,000 subscribers. Our written reflections are opened and read by over 3,000 per week, and this year’s online conversations have been viewed a total of 7,300 times.

Our in-person Saturday workshops, monthly Sunday talks and retreat days continue to offer the chance to deepen engagement on theological and historical perspectives, often bringing newly published content to a lay audience. Alongside our core offer we are working to engage new audiences:

Cathedral School

It has been a busy year at our Cathedral School. Our main objective is to maintain the high standard of education for all our pupils, ensuring that they receive a holistic education, which will enable them to experience wellbeing, achieve the best possible outcomes in and beyond the classroom and, in due course, be active and effective adult members of society. All our pupils are prepared for entry to a wide range of selective senior schools.

During 2024, the School grew to its new maximum pupil roll of 285, and since has been consistently oversubscribed with waiting lists for all sections of the School.

Our 2024 leavers achieved well at both 11+ and 13+, gaining admission to a wide range of highly competitive schools. ABRSM (music exam) results were very strong and our large cohort of LAMDA (acting exam) candidates all achieved Distinctions in their exams: an outstanding result.

The School was inspected in March 2022 and found to be non-compliant in relation to equal opportunities in that those girls at the School, at the time of inspection, were unable to join the Cathedral Choir.

Chapter’s decision to admit girls to the Choir came to fruition when, in June 2024, amid much celebration and with considerable media attention, our first girl Choristers were formally admitted, following their probationary training.

Recruitment for both girl and boy Choristers has seen a significant boost during 2024 with an increase in the work of our choral partnership programmes, and school attendance at recruitment events. Our plans for a second boarding house to accommodate the increased size of the Choir will be completed in 2025.

Learning beyond the classroom remains central to the School’s education:

• Drama productions have included our musical Reception Nativity in the Cathedral Crypt and a lively comic drama by Year 8.

Our already strong pastoral work (recognised as ‘pastorally superb’ by the Good Schools Guide in 2024), was further strengthened during the year by the addition of a Mental Health Lead and a part time School Counsellor.

Cathedral and buildings maintenance

The ongoing work to care for our Cathedral building remains of the highest priority. The major focus in the year has been (and will continue to be) the delivery of the recommendations contained in the 2020 Quinquennial Inspection Report (QIR). This, together with improving compliance, and our ongoing cyclical maintenance programme, is a huge and expensive programme of work.

During 2024, several key projects reached completion:

Organ practice room

The organ practice room uses an octagonal space in the Triforium, intended to ease the pressure of practice time and event clashes on the floor of the Cathedral. It is a beautiful space with improved acoustics and lighting to support the organists in their work. As well as the practice organ, the room is now the home for two previous consoles of the Cathedral’s grand organ.

Most of our in-person events are filmed, captioned and uploaded to our online Learning Library, where they are freely available for individual and group reflection. Our films received over 500,000 views on YouTube and our audio recordings have received over 37,000 listens on SoundCloud to date.

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Making an impact…..through conservation

The People of London Memorial

The People of London Memorial, by artist Richard Kindersley, is dedicated to all those who died in air raids during the Second World War, and is cut from a single block of Irish Limestone. The memorial was funded by readers of the Evening Standard and installed in the North Churchyard in 1995, unveiled by The Queen Mother. It needed a new location following the construction of the accessible entrance to the North Transept, and in the spring of 2024, was reinstalled on the opposite side of the building – in the South Churchyard, within the footprint of the medieval Chapter House of St Paul’s.

North and south Quire organ handrails

The installation of handrails to the north and south Quire organ access was essential for health and safety. Discreetly and sympathetically made, they serve an important purpose for safe maintenance access.

South bastion roof

Following investigation of the condition of the roof in May 2024, remedial work was completed to extend the life of the roof for a further five plus years, which will give us the time needed to produce a strategic plan for our approach to roof repairs.

The St Paul’s version of ‘The most famous Christian artwork of the nineteenth century’ by William Holman Hunt, has been a draw and inspiration for visitors and worshippers for over 100 years. This internationally significant painting takes its title from the Gospel of St John – ‘I am the Light of the World; he who follows me will not walk in darkness but will have the Light of Life’ and depicts Christ knocking at a door, lantern in hand.

A rearrangement of our North Transept and the rehanging of The Light of the World provided an opportunity for the painting, and its elaborate frame, to have a thorough assessment to ensure that its condition was understood and to identify any conservation measures required for its long term preservation.

Following assessment and appropriate permissions, three teams of conservation experts, specialist art handlers and our Collections and Works Departments were all involved in the delivery of essential work to stabilise the structure of the stretcher, clean the surface of the painting and improve the appearance of the frame. Glazing was introduced to protect the work in its new location.

Our Works Department designed and supplied an on-site conservation studio – secure, well-lit and with viewing windows for the public. The project attracted great interest, and the conservators provided daily presentations on their work to the public as well as focused talks for special interest groups and donors.

In October, a special ‘unveiling’ event of the restored working its new prominent location on the Cathedral Nave South Aisle, was attended by funders, the conservators and descendants of Charles Booth’s family – the social reformer and philanthropist who gave the painting to St Paul’s.

‘The care and maintenance required to safeguard the existing fabric and contents of our cathedrals pose complex and ever-changing challenges, and if cathedrals are to reach out to new audiences and serve the needs of each new generation they must preserve their heritage effectively.’ - Ecclesiastical and Heritage World

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There are also a number of exciting projects underway:

The Wren International Centre of Excellence

The Wren International Centre of Excellence is our vision to preserve and pass on the expert heritage skills of our craftspeople, by creating an accessible and sustainable centre where our teams can continue their work to maintain St Paul’s. In 2024, we completed the concept design stage. With funding, we aim to start the detailed design stage in 2025.

Transforming our cyclical maintenance

Our new computer aided facilities management system (Vision Pro) will transform our cyclical and planned maintenance by providing a platform that identifies resource and cost with whole life maintenance. We are planning for the system to become fully operational by 2026.

Dome, cupula, ball and cross

The Quinquennial Inspection Report identified the next major refurbishment project to be works to the Dome, Cupola, Ball and Cross. A 3D survey highlighted areas for further investigation to inform the project scope and specification, and we commenced RIBA Stages 1 and 2 in 2024, for which we engaged widely, undertaking detailed research and investigation by our Surveyor to the Fabric, our Archaeologist, and our conservation accredited engineer. A full survey of the gilding and a rope access dome leadwork survey was carried out in October. The six month plan of research and development, to include the collation of existing information, identifying missing information, and site visits, is continuing into 2025.

Lighting for the future

Our external lighting is an antiquated system with poor controls, high energy consumption and disappointing aesthetics. Together with the Corporation of the City of London, we are working in partnership to deliver a low energy, improved solution to this lighting scheme. Successful lighting trials demonstrated the potential benefits to the City, the environment and the Cathedral, and work continues towards RIBA Stage 2.

We are carrying out enabling works to enhance our internal lighting, too. The revised scheme will improve health and safety, allow for better control, and replace the halogen lighting with environmentally efficient LED lighting.

Conservation Management Plan

New memorials

We received full Care of Cathedrals Measure approval for three new memorials to:

We commissioned Caroe Architecture Ltd. to carry out a Conservation Management Plan for the Crypt and ground floor of the Cathedral, which will inform our programme of works, and become an integral part of our 15-year plan.

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Undertaking and funding our charitable activities

Undertaking our charitable activities requires the input of many people and considerable resource.

Staff

Internal moves and restructures

When most people think of St Paul’s Cathedral, they think of its iconic dome or beautiful interior, but it is our staff and volunteer teams who make it what it is.

In the year we undertook restructures in the Visitor Experience, Development and Schools and Family Learning teams as well as a successful TUPE transfer of six security officers from the Cathedral.

The Chapter is extremely grateful to the Cathedral staff team for their passion, care, dedication, hard work and support, both individually and as a team. They ensure we remain open 365 days a year, provide a warm welcome to worshippers and visitors, deliver an impressive array of events and learning opportunities, and make things happen.

Six individuals were promoted, including three individuals to departmental heads, for Liturgy, Sales Ticketing and Visitor Insight, and Marketing and Communications.

Key data

During 2024 in the Cathedral, including Enterprises Ltd., there was an average headcount of 164 members of staff and a number of casual staff assisting from time to time. The voluntary attrition rate was 6%.

New roles and colleagues

During the year, we had 51 new joiners. These included the Chief Financial Officer, Nick Sharman, and James Orford, Organist, who replaced William Fox following his departure after six years to join St Albans Cathedral as their new Director of Music.

A breakdown of statistics for 2024, excluding the school and casual staff, revealed that:

New roles recruited also included several roles in the Visitor Experience in the first half of 2024.

We also welcomed new Residentiary Canon and Steward, the Revd Dr Catherine Okoronkwo (who was installed on Sunday 8th September following the retirement of the Revd Dr Neil Evans) and the Revd Philip Banks (who was installed as the new Residentiary Canon and Precentor on Saturday 5th October, replacing Canon Precentor, the Revd James Milne, following his appointment as Precentor at York Minster). There was also the recruitment of new members to several committees including Health and Safety, Finance, Audit and Risk, Nominations and Remuneration.

We monitor pay levels and continue our commitment to being a London Living Wage employer.

In the Cathedral and School:

In June, in conjunction with People Insight, we launched our first ever employee engagement survey. Questions focussed on purpose, wellbeing, equality, diversity and inclusion, autonomy, leadership, reward and enablement. 70% of staff completed the survey.

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Volunteers

The Chapter is greatly indebted to the teams of approximately 360 volunteers who, alongside the staff team, make possible so many aspects of our activities.

These teams include:

Recognising milestones

During 2024 we launched two new recognition activities for our volunteers, and in May we presented our milestone service badges. We formally recognise volunteer service after one year, three years, five years, and then in five year increments to 40 years. The many contributions our volunteers make are highly valued, and during 2024, we were delighted to award five individuals for 40 years of service, four for 30 years of service, and three for 25 years.

In 2024, we partnered with the Marsh Charitable Trust to launch an annual volunteer recognition award scheme. Nominations for these awards were submitted by fellow volunteers and the staff who work closely with them. The scheme aims to recognise individuals and teams who have made a notable contribution and impact to the life of the Cathedral, and we were delighted to make five individual awards and one team award in this inaugural year. We are looking forward to growing our partnership with the Marsh Charitable Trust.

Delivering core training

During the year, we launched a formal rolling programme of core volunteer training requirements. This covered health and safety, Action Counters Terrorism (ACT), See Check and Notify (SCaN) and security briefing and exit training.

Visitors

A substantial part of our income comes from sightseeing visitors. We welcomed a total of 790,575 paying visitors for our standard daytime sightseeing in 2024, which was 5% more than budgeted but 1% less than 2023 (800,231). In 2024, we estimated that 59% of our paying visitors were international visitors (54% in 2023) and 41% were domestic visitors (46% in 2023). This means we estimate to have welcomed 34,000 (8%) more international visitors in 2024 than 2023.

Successes

2024 was another record-breaking year for advance bookings both for the number of bookings made, and the number of tickets sold.

We delivered ticketing services and customer support across a wide range of event types beyond just sightseeing, also covering pre-booked guided tours, events for the Friends of St Paul’s, celebrity organ recitals, talks and other events, the St John Passion, Handel’s Messiah, and more.

We were pleased that the mean rating for our visitors’ overall enjoyment in 2024 was a score of 9.06 where 10 = excellent) (2023: 9.00).

A multimedia guide in nine languages is provided for our visitors who gave it an average rating of 8.67 (2023: 8.47). Many visitors choose to have a guided tour around the Cathedral from one of our experienced volunteer guides, and those doing so gave our guided tours a fantastic mean rating of a 9.45 (2023: 9.09).

Keeping everyone safe

Maintaining a safe and secure Cathedral for worshippers, visitors, staff and volunteers is vital. We continued to prioritise and invest in front line security, as well as planning behind the scenes exercises, and working closely with the City of London Police and Metropolitan Police at all levels, and developing our emergency response and business continuity plans.

Making an impact….through engagement

The project widened engagement and facilitated a discussion about South Asian history, the British empire, migration and belonging. The charitable mandate of the two community groups was supported through a grant for activities and community gatherings (sewing, meditation, walk and talk sessions) for disadvantaged people living in the London Borough of Tower Hamlets. We installed interpretive labels next to the monuments which had been studied and QR codes were used to direct visitors to the entries created by the participants, from whom feedback included:

Our Arts and Humanities Research Council funded collaboration with York University, Pantheons: Sculpture at St Paul’s generated a wealth of research and data regarding the monuments added to St Paul’s between 1795 and1916. Co-curated community interpretation was identified as the next step in a strategic plan to interpret the Cathedral’s imperial history. A grant from the Esmee Fairbairn Collections Community Engagement Fund was enabled the appointment of Dr Renie Chow Choy as Collections Community Engagement Manager.

Renie worked with two community groups to study and interpret significant monuments commemorating figures associated with Britain’s commercial and military activities on the Indian sub-continent and in the Caribbean islands. The project produced two trails: The East India Company at St Paul’s , and War and Resistance in the Caribbean: The monuments at St Paul’s .

“This exercise has shown me that it is much more empowering to reinterpret and contextualise rather than pulling down and removing. In fact, I feel it is a better form of reparation than apologies.”

“Part of the colonial legacy has been the denial of authorship in story-telling spaces. With this project I have learned it’s OK to say ‘I’, and now I feel I have ownership over this story.”

For the first trail, we worked with Stepney Community Trust and for the second, St Vincent and the Grenadines Second Generation (SV2G). A series of workshops delivered a rigorous process of collaborative research, interpretation, and curation. Some of our activities included introductory sessions, expert-led historical seminars, visits to St Paul’s Library and Archives, and collaborative writing workshops.

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d with the arts and heritage group SV2G history h k
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Commercial Enterprise

Our commercial activities are operated through our trading subsidiary, St Paul’s Cathedral Enterprises Limited, under the guidance of a board of directors.

The core income streams that generate funds to support our strategic objectives are:

Commercial Enterprises 2024 Income

Cafe 1% Corporate Events 19% Other Commercial Services 11% Retail 69%

Catering

Income from catering was limited in 2024, due to the redevelopment of our café facilities. The café re-opened in 2025 under the management of our new partners, BENUGO.

Retail

The retail team made over 127,000 customer transactions in 2024, selling over 340,000 items from the shop. Our souvenir guidebook, Paddington Bear toys, Cathedral coins, jewellery and Christmas decorations remain in our top 10 sales list. Over £200k of our sales were from companies who are members of the British Association of Fair Trade Suppliers.

Corporate events

The corporate events team hosted 12,560 guests at over 100 events at the Cathedral. This included some groundbreaking events:

• In October, we were honoured to host a reception as part of the UK Government’s International Investment Summit. 350 delegates and guests from around the world were welcomed with hospitality throughout the Cathedral, including a reception beneath the Dome, a showcase of renowned British companies and celebrated talents, and was attended by His Majesty The King, the Prime Minister and members of the Cabinet.

Large-scale filming and other special events

• The Netflix production, ‘The Diplomat,’ returned with filming in the Cathedral across several days. The programme achieved over 50 million viewing hours, making it one of the most watched shows on Netflix. We collaborated closely with the production team to ensure liturgical accuracy for the scenes filmed in St Paul’s, which also featured our Choir.

• AirBnB ‘Hidden Library’ event: The transformation of part of the Triforium into a library-cum-bedroom, offering one lucky winner the chance to spend a night at St Paul’s. The event proved to be a highly successful engagement initiative, generating widespread media coverage across press, broadcast, and social platforms, achieving over 4 million social impressions, and more than 500 global press mentions.

Suporters and fundraising

The work of the Development Directorate continued to provide vital income throughout 2024 for specific projects as well as voluntary income. Income from fundraising was £2.7m (2023: £4.3m). Huge gratitude is due to all those who generously support our work and mission financially, including:

A list of major donors is provided on page 5.

In 2025, it will cost over £16 million to run St Paul’s. With no Government funding, we rely on voluntary income from our paying visitors and the generosity of our donors to cover the majority of our operating costs, ensuring we can remain open for worship and visits 365 days a year.

Voluntary income is also essential to enable us to fund fabric repairs, planned cyclical maintenance and the long term conservation of our beautiful Cathedral. It also allows us to plan for, and complete, some significant projects and to set a new course for the future.

Three of the most important projects that the Development team worked on in 2024 were:

Girls’ Voices

Raising funds towards the Girls’ Voices project, which meant that the capital project could break ground.

The Light of the World conservation

Raising funds for the conservation of The Light of the World painting by pre-Raphaelite artist, William Holman Hunt, and celebrating its re-hanging on the Cathedral floor.

Thanks to generous support from the Worshipful Company of Arts Scholars, Bank of America, the Steel Charitable Trust and the Charles Hayward Foundation, the conservation of The Light of the World restored the much-loved artwork to the best possible condition, allowing it to be rehung in a prominent new position.

The Wren International Centre of Excellence

Launching the plans for the Wren International Centre of Excellence for heritage craft skills. The centre will act as a world-class hub for heritage craft training and innovation, and its apprenticeship programme will focus on nurturing the next generation of skilled craftspeople, with apprenticeships in carpentry and stonemasonry.

Compliance

Our Development team raises voluntary income for the Cathedral in a number of different ways. These include:

We do not engage in door-to-door, street, or telephone fundraising, and engaged a professional fundraising organisation to assist in strategy development and fundraising for our Girls’ Voices project.

We comply with current regulations and best practice as set out by regulatory and professional membership bodies such as the Charity Commission, the Fundraising Regulator and the Chartered Institute of Fundraising, and received no complaints in relation to fundraising activities in 2024.

Fundraising activities are monitored by the Development team. For larger projects where significant fundraising is required, for example the Girls’ Voices project, a dedicated Project Board is responsible for monitoring the activities of the professional fundraising agency and reports regularly to the Dean and Chapter.

We have adopted the principles of Data Protection law, and we have policies to protect the data of vulnerable people and other members of the public from (a) unreasonable intrusion on privacy; (b) unreasonable persistent approaches for the purpose of soliciting or otherwise procuring money or other property on our behalf and (c) placing undue pressure on a person.

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Safeguarding

Safeguarding remains a high priority and is embedded into every aspect of our Cathedral life. It is regularly monitored for effectiveness, both by staff and by the Cathedral’s Independent Safeguarding Chair.

The Safeguarding Advisory Group

Training and networking

The Safeguarding Advisory Group (SAG) meets quarterly and exercises broad oversight over the safeguarding activities, and monitors them to see whether the measures in place are fit for purpose and effective. It ensures that our safeguarding policies are up to date and align with national standards, and recommendations from the Independent Inquiry into Child Sexual Abuse. In addition, all other policies which have a relationship with safeguarding have also been reviewed to ensure full alignment. The Diocesan Safeguarding Manager is a member of the SAG, and the Canon Steward, who is Cathedral Safeguarding Lead, sits on the Diocesan Safeguarding Advisory Panel. In the Canon Steward’s absence, the Cathedral Safeguarding Officer attends these meetings.

Training in safeguarding, which is delivered face-to-face and online by the Safeguarding Officer, continues to be a high priority. Almost all of our staff and volunteers are fully up to date with the training provided. We trialled a safeguarding support group, and are currently exploring different models of support for staff and volunteers.

In November, we partnered with Westminster Abbey and York Minister to organise the Cathedrals Safeguarding Network two-day conference, hosted at Westminster Abbey. This was well attended, with representatives from many English cathedrals. There were excellent presentations, alongside an important opportunity for networking and comparing notes with colleagues from across the country, and from the National Safeguarding Team.

Embedding safeguarding in our culture

Caring for our Choristers

We believe that we have carefully fostered a culture whereby safeguarding is everyone’s responsibility, whether staff or volunteers. To make sure that everyone is continually aware of its ongoing importance, the All Staff meetings now include a safeguarding update. Furthermore, safeguarding is a regular standing agenda point at Executive Leadership Team and Chapter meetings, as is a prominent feature on our website.

Our capacity to care for our Choristers continues through our team of dedicated Chaperones, who are present at all rehearsals and services in the Cathedral. The Head Chaperone reports directly to the Canon Steward. This team is an integral part of our care for Choristers, providing a joined-up approach between School and Cathedral.

Sustainability and the environment

Having a positive culture in supporting sustainability and the environment is an issue we take seriously, and is one that presents many challenges given the size, heritage and location of the Cathedral building.

Our 2024 recycling figures

Good foundations

A start was made in 2011, when the Chapter House was refurbished and a ground source heating and cooling system was successfully installed as part of this renovation. We have recycled paper, cardboard, timber, glass, plastics and metal for many years, and the shop sources products and packaging from ethical and sustainable sources.

Our independent recycling provider reports that in 2024, we recycled 9,890 kilograms of materials (excluding metals). This was a 10% improvement on the 8,950 kilograms in 2023, and in terms of CO2 savings, 2024 again saw an improvement with 10,828 kilograms saved, up 12% from 9,630 kilograms in 2024.

Measuring our carbon footprint

In 2024 we entered a contract with Planet Mark to measure our carbon footprint, and received our first verified figures.

Measured carbon emissions: Market based

616.6 tCO e measured emissions 2

Buildings Travel Waste Water Procurement Homeworking 604.0 tCO e 4.0 tCO e 1.1 tCO e 6.0 tCO e 1.5 tCO e 5.3 tCO e 2 2 2 2 2 2 Used enough Travelled 1 time Produced waste 340 litres per 1,296 sheets of Used enough electricity to power around the world that weighs the employee per day paper used per day energy to power 2 319 UK homes for same as 4 London UK homes for one one year buses year

We have a number of planned projects, which will reduce our carbon footprint, including our external lighting project in partnership with the City of London, our internal lighting project which replaces our current halogen lighting with LED, and a project to replace our IT servers. We are also a member of Eco Church and aim to obtain Silver status in 2025. Eco Church is a scheme run by A Rocha UK, equipping churches to care for God’s creation through their worship, buildings, land, community engagement, and individual lifestyles.

Plan of action

Building on previous work, we are writing a plan of action for sustainability for all our properties, including our residential properties in Amen Court, our office accommodation in the Chapter House, the Cathedral itself, and our estate in Tillingham, Essex.

At Tillingham, working in partnership with our tenants, we are looking to improve our impact on nature and the environment.

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Financial review

We exceeded our financial target and generated a surplus on our unrestricted fund of £4.2m (excluding exceptional pension costs). We need to generate surpluses each year to maintain our reserves position and ensure we are adequately protected from future shocks. We held general free reserves at the end of 2024 of £16.3m.

Overall financial situation

This financial review, unless otherwise stated, primarily focuses on the Cathedral as a standalone entity, the results of which are separately identified in its own Statement of Financial Activities (SOFA) on page 58, as well as the Cathedral-only balance sheet on page 60. The Group SOFA includes the results of the Cathedral consolidated with the results of:

The surplus has also enabled us to designate some funds towards future priorities: the fabric of the Cathedral (£2.1m) and projects that will enhance our long-term financial sustainability (£0.5m).

Whilst we are fortunate to be able to designate some funds towards future priorities, the Cathedral’s fabric will require investment of over £60m in the next five to 10 years. With significant work projected to commence in 2026 on the Dome, Ball and Cross, and our operational cost base continuing to be under pressure (rising to over £16m in 2025) we do not have adequate reserves nor forecast annual operational surpluses to cover this scale of investment in the fabric. We will need to look at other sources of income and fundraising to help us with this investment in the coming years.

Whilst we are, first and foremost, a place of worship, we are also a major UK tourist attraction, welcoming paying visitors from around the world. Our operating costs are largely funded by income streams from these paying visitors, and this makes up over 65% of the Cathedral’s total income.

The pandemic affected our finances, with reserves being used to cover an accumulated operational deficit in the Cathedral of over £5.9m in the two years 2020 to 2021. Improved tourism and careful financial stewardship, has enabled us to rebuild our reserves to meet our long-term reserves policy – to hold 12 months of operating costs as general free reserves.

The Summary since 2016 on page 102 shows the impact of the pandemic on our overall finances. In addition, some highlights for the last six years are shown in the table below:

In 2024, as planned, we rebuilt our workforce to a level required to manage our activities, which have returned back to the long-term trend level.

2024
£m		 2023
£m		 2022
£m		 2021
£m		 2020
£m		 2019
£m
Income from visitor admissions 12.4 11.3 7.2 1.5 1.6 10.4
Grants and donations from related entities 0.4 0.6 0.5 1.0 0.3 1.8
Shop and commercial income 3.4 3.2 2.4 1.1 0.6 2.9
Donations, grants and legacies from other sources 2.2 3.7 2.1 6.1 7.7 2.3
Cathedral unrestricted funds 26.9 23.9 20.8 12.6 11.8 21.7

Financial operating model

We receive no funding from the UK Government or the Diocese of London, and very little funding from the Church of England (which covers the stipends of the Dean and two Residentiary Canons). Therefore, our financial operating model is heavily dependent on paying visitors, income from our other commercial activities (including our trading subsidiary St Paul’s Cathedral Enterprises Ltd) and from the generous support provided by donors.

The financial impact of the pandemic highlighted the risks of this operating model. We continue to investigate ways to further diversify and identify other sources of income. Given our core running costs and maintenance, income from paying visitors will remain essential while we explore further opportunities to diversify our income.

As articulated elsewhere, we are taking steps to ensure the associated risks of this reliance on paying visitors is managed appropriately, for example, by the holding of suitable reserve levels.

Financial sustainability

We estimate that we need around 750,000 paying visitors per year to ensure a breakeven position. Income from visitors, together with budgeted commercial income and general donations, is projected to generate sufficient income to cover our core running costs and to generate a small surplus.

Through careful cost management and development of commercial activities over the last two years, we have generated surpluses, which will help us to maintain the fabric of the Cathedral and invest in opportunities supporting our long-term financial sustainability.

Despite this, operational surpluses are not enough to cover the large costs to maintain the Grade 1 listed Cathedral and its contents over the next 10 to15 years. In the absence of any significant reserves, we need to seek the generous support of donors to fund our largescale fabric projects, specifically the work required on the Dome, Ball and Cross, and the development of the Wren International Centre of Excellence.

Subsidiaries and associated entities

Our finances are supported by donated profits generated by our trading subsidiary, St Paul’s Cathedral Enterprises Ltd.

St Paul’s Cathedral Foundation has been a subsidiary and a Registered Charity, and its purpose was to fundraise in support of our work, through grants, donations and legacies. Following the Cathedral’s registration as a charity in December 2023, there was no longer a strategic or financial need to retain the Foundation, and so all fundraising activities are now conducted under the auspices of the Cathedral. The Foundation charity is being wound-up.

St Paul’s Cathedral School is also a charitable subsidiary. It operates a different financial model, that of running an independent school, with pupil fees as its main source of income. The Cathedral and the School have a close working relationship, and the boy Choristers board at the School (with boarding facilities for the girls currently under construction) and receive tuition. Fees for tuition and music costs for the Choristers are funded by the Cathedral, with the cost of boarding supported by St Paul’s Cathedral Chorister Trust.

We are fortunate to have several associated entities, whose sole purpose is to support St Paul’s (see note 18). These entities donated a total of £419k in 2024 (2023: £644k).

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Commentary on the 2024 results

Group expenditure

Group income

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Cathedral Group Cathedral Group
2024 income 2023 income
5% 10% 3% 17%
13%
14%
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Cathedral Group Cathedral Group
2024 costs 2023 costs
14% 13%
21% 19%
13% 13%
17% 22%
35% 33%
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Raising Funds Ministry

Grants, donations and legacies Charitable activities

Cathedral and precincts upkeep

Other trading activities Cathedral and precincts upkeep Property and investments Education, learning, outreach, community and congregation Visitor admissions

Group income rose by £0.9 million (3%) to £25.8 million, with growth driven by a combined £2 million increase in unrestricted income from charitable activities, trading, and investments, which was partially offset by a £1.1 million decline in restricted donations.

Group expenditure rose by 6% during the year, reaching £21.7 million. Costs increased across all areas of raising funds and charitable activities, with the exception of fabric-related costs, which decreased by £0.8 million. This reduction was due to the completion of a number of building projects which were funded by restricted income.

Income from donations, grants, and legacies was £2.7 million, down from £4.3 million. The decrease mainly reflects a drop in restricted donations due to the timing of funding projects, particularly the completion of fundraising for the Whispering Gallery in 2023.

Staff costs amounted to £12.5 million, accounting for 58% of total expenditure (up from 54% in 2023). The workforce was expanded in 2024, to reduce pressures in a small number of areas, with full time equivalent staff rising to 212 (2023: 204).

Income from charitable activities grew by £1.6 million (9%) to £18.3 million. This increase was partly driven by a £0.4 million rise in School income, reflecting higher fees, and an additional £1.1 million in visitor income. The growth in visitor income primarily resulted from an annual increase in ticket prices, which are reviewed each year. Income received from events, weddings and baptisms marginally increased from the previous year.

The cost of raising funds increased by 13%. Expenditure at the Tillingham estate was higher in 2024 due to priority maintenance projects, some of which had been delayed due to the pandemic. Fundraising costs also rose due to greater investment in the team and higher departmental running costs.

Direct costs associated with delivering charitable activities totalled £16.1 million - an increase of £0.8 million from the previous year. Support costs to run these activities remained steady at £2.5 million, bringing the total cost of charitable activities to £18.6 million, a 5% rise compared to 2023.

Trading income rose by 9% to £3.5 million. While shop sales continue to form the majority of trading income, the increase was primarily driven by a few large, non-recurring corporate events.

Charitable activity costs included:

• fabric costs: routine repair and maintenance was largely consistent with previous years, though major project spending fell by £0.8 million, largely due to the completion of safety works on the Whispering Gallery.

• learning costs: rose by £0.8 million to £7.6 million. While overall Cathedral costs increased, the majority of this rise was linked to the Cathedral School, particularly in salaries and associated support costs.

• visitor admissions: costs increased by 15% to £4.5 million, reflecting a larger workforce, annual pay rises, and additional investment aimed at boosting visitor revenue.

• support costs (excluding defined benefit pension scheme costs) rose by 8% from 2023, reflecting higher spending on training, as well as finance, HR, and IT costs to support a growing workforce.

Balance sheet funds (Cathedral entity only) At the year-end, total funds stood at £55.3 million (2023: £49.2 million), comprising:

The unrestricted (non-designated) funds represent funds that have not been allocated by Chapter for specific purposes. This includes the Tillingham estate, valued at £10.4 million, which does not form part of the free reserves. Excluding the Tillingham estate, £16.5 million remains as part of the Cathedral’s free reserves.

We have designated £7.8 million for specific future purposes:

• £6.9 million for a Fabric Fund, intended to support priority projects over the next five to 15 years. This amount is significantly short of the £60 million estimated in the QIR, highlighting the need for continued fundraising to support these essential works.

• £0.9 million for an Opportunities Fund, aimed at funding initiatives that either generate income or deliver cost savings or efficiencies. This fund is expected to be utilised within the next three years.

Restricted funds are categorised as follows:

• £6.0 million in School Funds, representing the Cathedral’s investment in its subsidiary, the Cathedral School. These funds are not liquid and reflect accounting entries rather than usable reserves.

o £0.9 million from the City of London to support various initiatives, including learning initiatives, over a five-year period

Property and investment income more than doubled to £1.3 million, as we benefited from higher-than-expected interest rates on our cash deposits.

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38

Reserves policy

Our policy is to maintain a sufficient level of general free reserves to ensure continuity of operations and to mitigate risks that may arise unexpectedly. We have established a reserves policy that includes the following key principles:

Free reserves are defined as the portion of unrestricted funds freely available for general use, excluding designated reserves and tangible fixed assets. We have set a free reserves target equivalent to 12 months of operating expenditure, and for this purpose, operating expenditure is defined as projected recurring costs, excluding one off items and restricted activities.

The target range for free reserves is currently set between £15.0 million and £18.4 million, allowing flexibility for seasonal fluctuations and unforeseen costs. This target is based on the projected annual cash outflow of the Cathedral and its trading subsidiary, and are not intended for distribution.

As of 31st December 2024, our unrestricted (nondesignated) funds (excluding the Tillingham estate and tangible fixed assets) stood at £16.3 million, which is within the established target range for free reserves.

Investment policy

Our overall investment objective is to maintain a balanced portfolio of cash and investments to deliver long term capital growth and to meet short term liabilities as they arise.

We have three key investments:

  1. Listed investments held with Ruffer and CCLA.

  2. The Tillingham estate.

  3. The School building, which houses St Paul’s Cathedral

School.

During the year and in line with best practice, we conducted a full market testing exercise for investment managers, which has resulted in the appointment of Cazenove as investment managers to replace Ruffer. This change will take effect in 2025.

All investments are invested in accordance with the Trustee Act 2000, and the investment policy and investments returns are reviewed by the Investment Advisory Committee. Our investment policy includes the following key items:

Going concern

In making an assessment of going concern for the ‘foreseeable future’ (considered to be the period up until 31st December 2026) we undertook a comprehensive review including:

We therefore continue to adopt the going concern basis in preparing these financial statements.

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40

Principal risks and uncertainties

Responsibilities

Responsibility for a Grade 1 listed historic building, which has a major place in the nation’s history, together with the operation of a major visitor attraction, and the delivery of a full programme of diverse and inclusive services and events, present considerable challenges. Effective risk management is therefore critical.

Chapter deals with a number of risks and uncertainties, and has ultimate responsibility for our risk management and internal control systems. It recognises that such systems can only provide reasonable, but not absolute, assurance against significant loss or the failure to achieve our objectives.

The Chapter determines the level of risk that it is willing to take, and its risk appetite, based on its judgement and the advice of the Executive Leadership Team (ELT), relevant committees and independent advisers. It considers available information before decisions are made and recognises that, in carefully considered circumstances, it is appropriate to take risks to achieve its objectives, particularly if new opportunities present themselves.

Whilst the ELT and Heads of Department (HoD) have responsibility for the day-to-day management of these risks, the Chapter encourages staff at all levels to regard the management of risk as part of their individual roles.

The Audit and Risk Committee (ARC) has an oversight role. At each meeting the Cathedral’s risk register is considered with deep-dives into individual risks.

Process

The risk management process is based around four core elements:

  1. Risk identification

  2. Evaluation of likelihood of occurrence and impact

  3. Assessment of controls required to mitigate risks

  4. Regular monitoring and reporting of risk status and associated mitigating controls.

Each risk has an owner at ELT and departmental level as appropriate. Each department maintains their own risk register, with escalation of risks as appropriate to the corporate risk register, overseen by the ELT and the Chapter.

Information is reported quarterly, with a focus on those risks which have higher likelihood of occurrence and greater impact.

In 2024, we have taken further steps to embed a risk management culture, including a clearer articulation of the Chapter’s risk appetite. This looks at the level of risk the Chapter is willing to take across a number of risk themes to meet our strategic objectives. Appetite ranges from averse (avoidance of risk and uncertainty as a key objective) through to ‘hungry’ (eager to realise benefits and to choose options to achieve this despite the higher risk). This is used as a guide for decision making at all levels across the Cathedral.

Risk environment

We are dependent on attracting visitors from in and around London, the wider UK and overseas to fund operating costs, but global events mean continuing uncertainty around international travel and ongoing economic and cost of living issues in the UK present affordability challenges for many. Visitor numbers were steady in 2024 when compared to 2023, and these years are consistent with our long term average numbers. Plans going forward assume this level of visitors will continue.

A small variance in the number of paying visitors can have a large impact on our finances. Visitor numbers and related key performance indicators are kept under constant review to ensure we can react quicky to changing circumstances.

We have a high proportion of fixed costs, and whilst inflationary pressures eased slightly towards the end of 2024, the 2025 cost base has been impacted by increases in National Insurance Contributions, the ending of longterm utility contracts, pressures on the cost of fabricrelated projects, and ever-increasing requirements to keep the Cathedral safe and secure. This means that balancing the budget is becoming more challenging.

Cost pressures necessitated a small increase in admission charges in 2025. Chapter is very mindful of the sensitivity around admission charges, whilst recognising the need for adequate resources to deliver our mission, including the maintenance of the fabric of the Cathedral building.

Principal risks

The table below sets out the principal risks we face, together with the controls and mitigations in place. Adverse events resulting from the materialisation of one or more of these principal risks can impact our reputation. In addition, specific matters such as a loss of relevance, a reduction in the highest standards of music, liturgy, and the learning programme will also impact on our good reputation. Strategies have been developed to engage with a wider community, and to maintain the highest standards of our output.

As we move through 2025 and develop our new vision and strategic priorities, we continue our investment to secure long-term financial security. One example is our data and technology transformation project, through which we aim to capture and make better use of visitor and donor information. We are also developing strategies to significantly increase our commercial income (the refurbished cafe opening in February 2025).

We are committed to delivering a number of ambitious projects in support of our mission, including Girls’ Voices, major renewal projects on the fabric of the Cathedral, an enhanced visitor offering, additional outreach activity, and carbon reduction. During 2024 we have continued to strengthen our capacity and capability to ensure we are well placed to manage these challenges.

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Principal risk Control and mitigation
Major incident/interruption • Business continuity plans in place
Inability to maintain an operating • Systematic Assessment of Site Security (SASS) with regular updates
Cathedral after a major incident - • Close working with stakeholders, including City of London Police,
terrorism, protest activity, storm damage, CTSA, London Fire Brigade
fire – with heightened risk due to the • Emergency and evacuation procedures, with regular testing
iconic and heritage nature of the building • Comprehensive staff training programme
and its City location. • Appropriate insurance cover in place
Regulatory compliance • Formal policies and procedures, with appropriate ownership of
Failure to comply with legal and regulatory responsibilities, including health & safety, facilities, property,
frameworks could damage our reputation financial, safeguarding, GDPR, etc
and lead to fines and other penalties. • Independent expert/external advice for complex matters
• Framework in place for risk assessment
• Comprehensive training plan
Financial sustainability • Business planning process, with oversight from Finance Committee
•
Overreliance on specific income streams; Regular reporting of financial position, including cashflow projections
•
poor financial management; lack of Development of business cases aligned to long term financial
strategic financial planning impact strategy
•
ability to deliver financially on long term Scheme of financial delegation
ambitions. • Fundraising campaigns
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42

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Principal risk Control and mitigation
Safeguarding • Full safeguarding training programme for all staff and volunteers Full safeguarding training programme for all staff and volunteers
Failure causing harm to a child or • Dedicated Safeguarding Officer Dedicated Safeguarding Officer
vulnerable adult. • Safeguarding Advisory Group. Overseen by independent Chair Safeguarding Advisory Group. Overseen by independent Chair
• Well established working practices between Cathedral teams Well established working practices between Cathedral teams
Technology • Cyber Essentials Plus accreditation achieved Cyber Essentials Plus accreditation achieved
Failure to keep pace with new technology • GDPR compliant systems, and staff awareness training GDPR compliant systems, and staff awareness training
could impact our effectiveness; failure • IT access controls IT access controls
to secure our information systems could • Regular reviews of server environment Regular reviews of server environment
lead to loss of service or data. • Comprehensive technology replacement programme Comprehensive technology replacement programme
Governance • Performance monitoring to track progress against key priorities Performance monitoring to track progress against key priorities
Inadequate or ineffective governance • Formally constituted Committees Formally constituted Committees
structures, with unclear vision and purpose • Nominations Committee for appointment of independent members Nominations Committee for appointment of independent members
impacts ability to meet charitable mission with appropriate expertise
objectives. • Development of vision, purpose and strategic objectives Development of vision, purpose and strategic objectives
Fabric • Scheduled maintenance programme, focussing on compliance Scheduled maintenance programme, focussing on compliance
Ineffective maintenance and renewal requirements and QIR priorities
framework on the fabric of the cathedral • Programme and project governance Programme and project governance
results in long-term deterioration. • Fire risk assessments Fire risk assessments
• Insurance cover Insurance cover
• Facilities management system implementation underway Facilities management system implementation underway
• Conservation Management Plan in progress
Major project delivery • Approval process through business planning, initial decision and Approval process through business planning, initial decision and
Large projects, which bring short-term risks change control
to the operation of the Cathedral and longer- • Project boards overseeing major schemes, with appropriate cost, Project boards overseeing major schemes, with appropriate cost,
term risk to financial sustainability, require schedule and quality monitoring
appropriate decision making and control to • Funding strategy prior to commencement Funding strategy prior to commencement
ensure effective and efficient delivery. • Targeted fundraising campaigns Targeted fundraising campaigns
Environmental sustainability • Carbon baselining complete, with development of carbon-reduction Carbon baselining complete, with development of carbon-reduction
Failure to meet carbon reduction targets. plan to follow
• Staff awareness training planned
• Carbon neutral requirements built into all QIR works
Workplace culture • Training programme, including support for maintaining technical Training programme, including support for maintaining technical
Failure to provide effective leadership and expertise and management development programme
management, look after the wellbeing of • Personal performance appraisal process Personal performance appraisal process
our staff or ensure we are diverse and fully • Strategies in place for retention and wellbeing Strategies in place for retention and wellbeing
inclusive, could risk the implementation • External salary benchmarking External salary benchmarking
of our strategy, demoralise our staff and • London Living Wage accredited employer London Living Wage accredited employer
volunteers, and damage our reputation. • The first annual staff survey completed in 2024 The first annual staff survey completed in 2024
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Principal risk Control and mitigation
Safeguarding • Full safeguarding training programme for all staff and volunteers Full safeguarding training programme for all staff and volunteers
Failure causing harm to a child or • Dedicated Safeguarding Officer Dedicated Safeguarding Officer
vulnerable adult. • Safeguarding Advisory Group. Overseen by independent Chair Safeguarding Advisory Group. Overseen by independent Chair
• Well established working practices between Cathedral teams Well established working practices between Cathedral teams
Technology • Cyber Essentials Plus accreditation achieved Cyber Essentials Plus accreditation achieved
Failure to keep pace with new technology • GDPR compliant systems, and staff awareness training GDPR compliant systems, and staff awareness training
could impact our effectiveness; failure • IT access controls IT access controls
to secure our information systems could • Regular reviews of server environment Regular reviews of server environment
lead to loss of service or data. • Comprehensive technology replacement programme Comprehensive technology replacement programme
Governance • Performance monitoring to track progress against key priorities Performance monitoring to track progress against key priorities
Inadequate or ineffective governance • Formally constituted Committees Formally constituted Committees
structures, with unclear vision and purpose • Nominations Committee for appointment of independent members Nominations Committee for appointment of independent members
impacts ability to meet charitable mission with appropriate expertise
objectives. • Development of vision, purpose and strategic objectives Development of vision, purpose and strategic objectives
Fabric • Scheduled maintenance programme, focussing on compliance Scheduled maintenance programme, focussing on compliance
Ineffective maintenance and renewal requirements and QIR priorities
framework on the fabric of the cathedral • Programme and project governance Programme and project governance
results in long-term deterioration. • Fire risk assessments Fire risk assessments
• Insurance cover Insurance cover
• Facilities management system implementation underway Facilities management system implementation underway
• Conservation Management Plan in progress
Major project delivery • Approval process through business planning, initial decision and Approval process through business planning, initial decision and
Large projects, which bring short-term risks change control
to the operation of the Cathedral and longer- • Project boards overseeing major schemes, with appropriate cost, Project boards overseeing major schemes, with appropriate cost,
term risk to financial sustainability, require schedule and quality monitoring
appropriate decision making and control to • Funding strategy prior to commencement Funding strategy prior to commencement
ensure effective and efficient delivery. • Targeted fundraising campaigns Targeted fundraising campaigns
Environmental sustainability • Carbon baselining complete, with development of carbon-reduction Carbon baselining complete, with development of carbon-reduction
Failure to meet carbon reduction targets. plan to follow
• Staff awareness training planned
• Carbon neutral requirements built into all QIR works
Workplace culture • Training programme, including support for maintaining technical Training programme, including support for maintaining technical
Failure to provide effective leadership and expertise and management development programme
management, look after the wellbeing of • Personal performance appraisal process Personal performance appraisal process
our staff or ensure we are diverse and fully • Strategies in place for retention and wellbeing Strategies in place for retention and wellbeing
inclusive, could risk the implementation • External salary benchmarking External salary benchmarking
of our strategy, demoralise our staff and • London Living Wage accredited employer London Living Wage accredited employer
volunteers, and damage our reputation. • The first annual staff survey completed in 2024 The first annual staff survey completed in 2024
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43 Annual report and financial statements 2024

Governance report

Following a year of significant change in the governance of the Cathedral in 2023, primarily because of the implementation of the Cathedrals Measure 2021, in 2024 there is now a more streamlined system of governance fit for a large charity.

Cathedrals Measure 2021

Governance code

The Cathedrals Measure 2021 significantly reformed the governance of all English Cathedrals. New constitutional arrangements were introduced at St Paul’s, with updated Constitution and Statutes coming into force on 7th September 2023. St Paul’s was registered with the Charity Commission on 13th December 2023 with registration number 1206171. For governance purposes, we have three statutory governance committees:

In addition to its compliance with the governance requirements of the Cathedrals Measure 2021 and the relevant requirements of the Charity Commission, in 2024, the Chapter has been assessing its effectiveness against the principles and recommended practice of the Charity Governance Code for larger charities. This selfassessment will culminate in an independent review in 2026.

1. Finance Committee

2. Audit and Risk Committee

Chapter Trustees

3. Nominations Committee

Chapter is the main governing body, directing and overseeing the administration of our affairs. Its members include the Dean (as its Chair), up to four Residentiary Canons and seven additional Chapter members. Their role is wide ranging; from developing and overseeing the delivery of our mission and purpose, and taking primary responsibility for managing our worship and prayer, mission and education, buildings and finances.

We remain an ecclesiastical corporation, but our governance structure has been simplified. Until 7th September 2023 the corporate body of the Cathedral consisted of three institutions: the Council, the Chapter and the College of Canons. Under the 2021 Measure, we now have a single body of Trustees, the Chapter, which is responsible for governing the Cathedral. The Council ceased to exist on 7th September 2023 and whilst the College of Canons continues to exist, its members now act as ambassadors for the Cathedral and formally confirm the election of the Bishop. Membership of the College of Canons is in the Appendices.

At the date of this report the Trustees were:

Residentiary Canons, Executive Members of the Chapter

The Very Reverend Andrew Tremlett Dean and Chair of the Chapter

The Reverend Canon Philip Banks

Canon Precentor

The Precentor has responsibility for Liturgy, Music and special events within the Cathedral. Philip is Chair of the National Precentors’ Network and joined St Paul’s from St Edmundsbury Cathedral in Suffolk where he was Residentiary Canon and Precentor for over 12 years. During his time at St Edmundsbury he led and oversaw the establishment of girl choristers, a graduate and postgraduate organ scholar programme and the Cathedral’s ‘Singing in Schools’ initiative. Coupled with this, he helped arrange a weekly all-ages service. Prior to this role, Philip served as Bishop’s Chaplain and Press Officer in Essex. He has been ordained for 30 years, serving in a variety of parochial roles and as Area Dean. Before ordination Philip had a career as a Chartered Surveyor.

The Dean leads the Cathedral, and in that capacity, he must govern and direct on behalf of the Chapter the life and work of the Cathedral. He works with the Residentiary and Lay Canons to enable the Chapter to come to a common mind and implement the agreed vision for St Paul’s. Andrew was appointed as Dean of St Paul’s in 2022. During his career, he has been the Dean of Durham Cathedral, Sub-Dean of Westminster Abbey - where he established the Westminster Abbey Institute - and was also Rector of St Margaret’s Church at the Abbey, and Archdeacon of Westminster. Prior to that, he was a Canon Residentiary at Bristol Cathedral, where he was also Acting Dean, and previously served in various posts in the Dioceses of Portsmouth and Chichester.

Canon Dr Paula Gooder

The Reverend Canon Dr Catherine Okoronkwo

Canon Chancellor

Canon Steward

The Chancellor has responsibility for growing and leading our theological and learning programme, which is a major part of our Christian mission and outreach. Paula is one of today’s best known New Testament theologians, a scholar and teacher, and is a Licensed Lay Reader in the Church of England. She was previously Director of Mission Learning and Development at the Diocese of Birmingham and Theologian in Residence at the Bible Society. A prolific writer, her recent book Lydia: A Story, was awarded Book of the Year by Christian Resources Together in 2023.

The Canon Steward is responsible for the stewardship of people and resources within the mission and ministry of the Cathedral, and is Safeguarding Lead. Catherine was formerly Bishop’s Advisor on Racial Justice and Vicar of All Saints and St Barnabas, Swindon, in the Diocese of Bristol. In her role, she worked closely with the Bishop of Bristol to address the Church’s past relationship with the slave trade, challenge racism within the Church, and support and develop Black and minority ethnic clergy. Having grown up in the Middle East, Catherine studied in the US and UK before working as an English teacher for almost a decade. She has published numerous works of fiction and academic works, in which she explores the experiences of Black African and Black British women and their relationship with the Church and society.

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46

Lay Canons, Non-Executive Members of the Chapter

Canon Sheila Nicoll OBE

Senior Non-Executive

Sheila is the Chair of the Finance Committee. In 2023, the Bishop of London appointed her as the Senior Non-Executive Member of the Chapter. Now pursuing a non-executive career, Sheila is the former Head of Public Policy at Schroders, and she was a member of the Archbishop of Canterbury’s Task Group on Responsible Credit and Savings, and is a Trustee of the Just Finance Foundation. She was a founding director of Churches Mutual Credit Union and was awarded an OBE for services to financial services in 2017. Sheila joined the Chapter in 2018.

Canon Clement Hutton-Mills

Non-Executive

Clem is Chair of St Paul’s Cathedral Enterprises Limited. He is a Managing Director at Goldman Sachs and brings significant experience in finance, fundraising and governance to the Cathedral. Clem is also a Lay Reader in the Church of England attached to St Mary’s Church in Primrose Hill. He joined the Chapter in 2021.

Canon Gillian Bowen Non-Executive

Gillian is Chair of the Cathedral’s Nominations Committee. She is CEO of YMCA London City and North and has 25 years of engagement in the charity sector supporting vulnerable young people. Gillian is a Magistrate and holds other non-executive board positions. A proud dual national of both the UK and Grenada, she worships at St Benedict’s RC Abbey Church in Ealing. She joined the Chapter in 2022.

Canon Peter Aiers OBE Non-Executive

Peter is CEO of The Charterhouse, and previously CEO at the Churches Conservation Trust. His career has been in heritage conservation with roles at English Heritage and the Diocese of London, before moving to the Churches Conservation Trust. Peter holds several other trusteeships and joined the Chapter in October 2023.

Canon Morag Ellis KC Non-Executive

Morag is Dean of the Arches, the senior ecclesiastical judge in the Church of England, and a Church Commissioner. She is a KC and has had a long legal career in ecclesiastical law, planning and environmental law. Morag, who was called to the Bar in 1984, took Silk in 2006. She is a licensed Lay Minister in the Diocese of Chelmsford and joined the Chapter in October 2023.

Canon Alison Gowman CBE Non-Executive

Alison is an Alderman of the City of London. She developed her professional career in commercial real estate, and was a partner at the law firm, DLA Piper. Alison has extensive board experience, including for visitor attractions and the City Bridge Foundation (which she chaired 2016-2019). She is a champion for Net Zero and Equality, Diversity and Inclusion. Alison joined the Chapter in October 2023.

Canon Mervyn McCullagh Non-Executive

Mervyn is currently Director of Strategy and Global Change at Christian Aid. He previously held strategy and leadership roles in the Presbyterian Church of Ireland, Irish Council of Churches and the Methodist Church of Britain and Ireland. He has worked internationally with experience in Sri Lanka and Indonesia. Mervyn joined the Chapter in October 2023.

Training and decision making

All Trustees, be they lay or ordained, undertake an induction including a mixture of formal training, reading reference material, and attending meetings, along with opportunities to observe and participate.

Reading materials cover Charity Commission documents about being a Trustee, the Cathedrals Measure 2021, the Constitution and Statues, our policies, together with financial and risk information. Trustees with additional duties (such as clergy with executive roles, School Governors, etc.) will be required to undertake additional tasks/training/familiarisation to perform their duties.

Soon after joining the Chapter, Trustees undertake The Association of English Cathedrals Induction Training Sessions and the Church of England Safeguarding Training. Additional Trustee training is made available according to the specific needs of the Trustee concerned. In addition, the Dean will hold annual meetings with Trustees to provide support and share feedback.

Members of the Chapter make decisions collectively ensuring they all can participate in the process. There are wide-ranging discussions, following which there is collective agreement. If a vote is required, the Dean has the casting vote in the event of tied vote.

The Chapter has a Statement of Delegated Authorities that details those matters that it reserves to itself and those matters that are delegated to relevant Committees or senior members of staff.

Executive Leadership Team

The Chapter delegates implementation of the organisation’s strategy and priorities to the Executive Leadership Team (ELT). The ELT comprises the Dean, the three Executive members of the Chapter, the two Chief Officers, three Directors and the Head Teacher. The ELT meet every week to discuss operational matters. Each member of ELT is supported by a number of Heads of Departments (HoDs) to carry out the day-to-day operational activities of the Cathedral.

Membership

Ms Emily MacKenzie, Chief Operating Officer (Chair) The Reverend Canon Philip Banks, Precentor (from 5th October 2024)

The Reverend Canon Dr Neil Evans, Steward (to 31st July 2024)

Ms Judith Fremont-Barnes, Head Teacher Canon Dr Paula Gooder, Chancellor

Ms Caroline Graham, Director of Development Ms Sandra Lynes-Timbrell, Director of Visitor Engagement The Reverend Canon James Milne, Precentor (to 17th May 2024)

The Reverend Canon Catherine Okoronkwo, Steward (from 8th September 2024) Mr Nick Sharman, Chief Financial Officer (from 29th January 2024)

Ms Rebecca Thompson, Director of Property The Very Reverend Andrew Tremlett, Dean

Running the Cathedral

The Cathedral is grouped into seven Directorates: • Chief Operating Officer: led by the Chief Operating Officer • Finance and IT: led by the Chief Financial Officer

47 Annual report and financial statements 2024

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48

Governance Committees

At the date of this report, there are three statutory Governance Committees as required by the Cathedrals Measure 2021 and the St Paul’s Constitution and Statutes. The purpose of each Committee is to help the Chapter to meet its responsibilities for specific matters. There are also seven non-statutory governance committees, six of which report to the Chapter and one that is a sub-committee of the Finance Committee.

Audit and Risk Committee (Statutory)

The Audit and Risk Committee focuses on audit, financial reporting, internal control and risk-management reviews and whistleblowing. It meets at least four times a year and reviews the annual report and financial statements, and has oversight of the systems of financial reporting, internal control, and risk management including reviewing the risk register. It reviews the scope and results of the work of the auditors, their quality, selection, independence, effectiveness and performance, and to make recommendations to the Chapter regarding their appointment and remuneration. It also reviews policies relevant to the work of the Committee and whistleblowing arrangements, the results of any such investigation(s) and the appropriateness of follow-up action.

Membership

Mr Gavin Ralston, Independent Member (Chair) Mr Martyn Burke, Independent Member (from 22nd January 2025)

Mr Stephen Cockell, Independent Member Mr Jonathan Hunt, Independent Member Canon Mervyn McCullagh, Lay Canon Non-Executive Ms Olamide Olajide, Independent Member (from 22nd January 2025) Canon Sheila Nicoll OBE, Lay Canon Senior Non-Executive Mr Tim Wise, Independent Member

In attendance

The Reverend Canon Dr Neil Evans, Steward (to 31st July 2024) Mr Daniel Graham, Head of Finance Ms Emily MacKenzie, Chief Operating Officer The Reverend Canon Dr Catherine Okoronkwo, Steward (from 8th September 2024) Mr Nick Sharman, Chief Financial Officer (from 29th January 2024) The Very Reverend Andrew Tremlett, Dean

Finance Committee (Statutory)

The Finance Committee advises the Chapter on matters of finance, investment and reserves. It meets at least four times a year and is primarily focused on the financial planning process, including oversight of overall financial strategies, policies, procedures and delegations. It reviews the draft budget, including proposed capital expenditure and major projects, and monitors financial management information, performance against budget, forecasts and cash flow forecasts; and the reserves policy.

It has a sub-committee, the Investment Advisory Committee (IAC) which meets at least twice a year and is focused on our listed investments and advice on the ongoing development of the investment property.

Membership

Canon Sheila Nicoll OBE, Lay Canon (Senior Non-Executive) (Chair) Mr William Binns, Independent Member (from 23rd September 2024) Mr David Burndred, Independent Member (from 23rd September 2024) The Reverend Canon Dr Neil Evans, Steward (to 31st July 2024) Canon Alison Gowman CBE, Non-Executive (from 30th April 2024) Mr Jonathan Hunt, Independent Member The Reverend Canon Dr Catherine Okoronkwo, Steward (from 8th September 2024) Mr James de Sausmarez, Independent Member

In attendance

Mr Daniel Graham, Head of Finance Ms Emily MacKenzie, Chief Operating Officer Mr Nick Sharman, Chief Financial Officer (from 29th January 2024) The Very Reverend Andrew Tremlett, Dean

Nominations Committee (Statutory)

The Nominations Committee oversees appointments to the Chapter, external appointments to Chapter committees (including Advisory Groups and to St Paul’s Enterprises Limited) and the Chapter’s appointments to SPC School governor posts and the Fabric Advisory Committee (FAC). The Nominations Committee also reviews the training needs of the Chapter alongside succession and diversity of its committees, in fulfilment of good governance.

Membership

Canon Gillian Bowen, Lay Canon (Non-Executive) (Chair) Ms Jo Carter, Independent Member (from 11th June 2024) The Reverend Canon Dr Neil Evans, Steward (to 31st July 2024) Canon Clement Hutton-Mills, Lay Canon (Non-Executive) (to 23rd October 2024)

Canon Sheila Nicoll OBE, Lay Canon (Senior Non-Executive) The Reverend Canon Dr Catherine Okoronkwo, Steward (from 8thSeptember 2024) The Reverend Prebendary Sandra McCalla The Very Reverend Andrew Tremlett, Dean

In attendance

Ms Emily MacKenzie, Chief Operating Officer Mr Nick Sharman, Chief Financial Officer (from 29th January 2024)

Remuneration Committee (Non-Statutory)

The Remuneration Committee provides oversight of issues relating to the renumeration and benefits of the Ministers of the Cathedral. It met for the first time on 5th February 2025.

External Membership

Canon Gillian Bowen, Lay Canon (Non-Executive) (Chair) The Venerable Katherine Hedderly, Independent Member Canon Sheila Nicoll OBE, Lay Canon (Senior Non-Executive)

Accessibility Strategy Committee

(Non-Statutory)

The Accessibility Strategy Committee seeks to improve access of the Cathedral facilities, and responding to the comments of disabled people who visit or are part of the Cathedral community and is committed to pursuing inclusion of disabled people in all aspects of our operations. External membership is listed below.

External Membership

Prebendary John Beauchamp, Diocesan Disability Ministry Enabler (Chair)

Ms Amanda Jacobs, City of London Access Group Mr Martin McConaghy, Accessibility Consultant

Investment Advisory Committee

(Non-Statutory)

The Investment Advisory Committee is a sub-committee of the Finance Committee. Its purpose is to advise on investment allocation and strategy including performance review of the investment managers. The committee also oversee strategy of the Tillingham estate, a 1,400-acre estate comprising of rental farmland and residential properties. External membership is listed below.

External Membership

Mr Clement Hutton-Mills, Lay Canon (Chair) Mr Thomas Fielden Ms Yodia Lo

Mr James de Sausmarez (from 1st April 2024) Mr Tristan Ward

Safety Committee (Non-Statutory)

Whilst the Chapter retains ultimate responsibility, it delegates matters to the Committee for the independent oversight of issues relating to safety, specifically strategic oversight for health, safety and welfare, fire safety and security. The purpose of the Committee is to support Chapter members to fulfil their legal and practical responsibilities for these matters.

External Membership

Mr Peter Aiers OBE, Lay Canon (Chair) Mr Terence Crowdy (from 5th February 2025) Ms Siwan Hayward (from 5th February 2025) Ms Katherine Pickard (from 5th February 2025)

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49

Statement of responsibilities of the Trustees

Governance Committees continued

Safeguarding Advisory Group

(Non-Statutory)

The Safeguarding Advisory Group (SAG) is a full committee of the Chapter which takes a critical overview of all matters relating to Safeguarding across every aspect of Cathedral life. The Committee is independently chaired by Peter Spindler, who is a former Commander in the Metropolitan Police and an acknowledged expert in the field.

The SAG works closely with both the St Paul’s Cathedral School and with the Diocese of London Safeguarding department, with representatives of both as members of the Committee.

The independent chair, Mr Peter Spindler, makes an annual report to the Chapter and this report is published on the cathedral website. He has open access to all areas of cathedral life and liaises regularly with the Cathedral Safeguarding Lead (Canon Steward) and the Cathedral Safeguarding Officer.

St Paul’s Enterprises Limited Board (Non-Statutory)

The Board oversee the strategy and performance of the Cathedral’s commercial operations.

Membership

Mr Clement Hutton-Mills, Lay Canon (Chair) Mr Anthony Bird, Non-Executive Director (to 14th May 2024) Ms Marian Fagbemiro, Non-Executive Director Ms Jess Harris, Non-Executive Director Ms Emily MacKenzie, Chief Operating Officer Ms Davina Sasha, Non-Executive Director Mr Duncan Smith, Head of Commercial Services Ms Sandra Lynes Timbrell, Director of Visitor Engagement Mr Gareth Williams, Non-Executive Director

St Paul’s School Governing Body

(Non-Statutory)

The Governors set and oversee the overall strategy, operations and management of the School.

Membership

Mr Robert-Jan Temmink KC (Chair to11th July 2025) Canon Dr Paula Gooder (Chair from 11th July 2025) Ms Ailsa Anderson (from 4th March 2024) Ms Paula Jefferson The Reverend Canon James Milne (to 17th May 2024) Mr Gavin Ralston Mr Simon Robson Brown Mr Andrew de Silva The Very Reverend Andrew Tremlett, Dean Ms Susan Wessels (from 4th March 2024) Mr Edward Wild

The members of the Chapter, as Trustees, are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law requires the Trustees to prepare financial statements for each financial year, which they must not approve unless they are satisfied that they give a true and fair view of the state of affairs of the charitable entity and the group, of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

and explained in the financial statements; and

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable entity, disclose with reasonable accuracy at any time the financial position of the charitable entity, and enable them to ensure that the financial statements comply with the Charity’s Act 2011, the Charity (Accounts and Report) Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and, hence, for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Information provided to the Auditors

As far as each of the Trustees at the time of the Trustees’ Report is approved is aware:

The Trustees’ Report and financial statements were approved by the Chapter in their capacity as Trustees on 22 October 2025 and signed on its behalf by:

The Very Reverend Andrew Tremlett Dean

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52

Independent Auditor’s report to the Chapter of St Paul’s Cathedral

Opinion

We have audited the financial statements of St Paul’s Cathedral for the year ended 31st December 2024 which comprise the Consolidated and Cathedral Statements of Financial Statement of Financial Activities, the Consolidated and Cathedral Balance Sheets, the Consolidated Cash Flow Statement and 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 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 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 trustees’ 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’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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report and the Dean’s Report. 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.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.

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 are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the members of the Chapter

As explained more fully in the trustees’ responsibilities statement set out on page 52, the trustees 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 the trustees 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 trustees are responsible for assessing the group’s and the parent charity’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 trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and the Cathedrals Measure 2021, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and manual accounting journals. Audit procedures performed by the engagement team included:

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54

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. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

For and on behalf of HaysMac LLP, Statutory Auditors

Address: 10 Queen Street Place, London, EC4R 1AG

Date: 27 October 2025

HaysMac LLP 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.

55 Annual report and financial statements 2024

Consolidated Statement of Financial Activities for the year ended 31st December 2024

Note
Unrestricted
funds
£000s
Designated
funds
£000s
Restricted
funds
£000s
Endowment
funds
£000s
Total
2024
£000s
Income
Grants, donations, legacies
2
1,087
-
1,568
-
2,655
Income from charitable activities
3
13,223
-
5,094
-
18,317
Income from other trading activities
4
3,525
-
-
-
3,525
Income from property and
investments
1,135
-
196
-
1,331
Total
18,970
-
6,858
-
25,828
Expenditure
Raising funds
5
(3,039)
-
(36)
-
(3,075)
Charitable activities
6
Ministry
(2,239)
(20)
(547)
-
(2,806)
Cathedral and precincts upkeep
(3,165)
(254)
(354)
-
(3,773)
Education, learning, outreach,
community and congregation
(1,810)
(10)
(5,773)
-
(7,593)
Visitor admissions
(4,440)
(30)
-
-
(4,470)
Total
(14,693)
(314)
(6,710)
- (21,717)
Net incoming resources
4,277
(314)
148
-
4,111
Gains on revaluations and disposals
of fxed assets
12/13
1,124
-
77
402
1,603
Actuarial gain on defned beneft
pension scheme
13/20
361
-
-
-
361
Tax credit
37
-
-
-
37
Transfers between funds
19a/c
(2,804)
2,586
218
-
-
Net increase in funds
2,995
2,272
443
402
6,112
Funds brought forward
19a
23,929
5,514
14,855
7,876
52,174
Funds carried forward
19a
26,924
7,786
15,298
8,278
58,286		 Total
2023
£000s
4,332
16,743
3,226
656
24,957
(2,714)
(2,647)
(4,550)
(6,734)
(3,884)
(20,529)
4,428
2,033
621
41
-
7,123
45,051
52,174

The comparative 2023 Consolidated Statement of Financial Activities is analysed in note 28a. The notes on pages 61 to 93 form part of these financial statements.

Cathedral Statement of Financial Activities for the year ended 31st December 2024

Note
Unrestricted
funds
£000s
Designated
funds
£000s
Restricted
funds
£000s
Endowment
funds
£000s
Total
2024
£000s
Income
Grants, donations, legacies
2,696
-
1,564
-
4,260
Income from charitable activities
13,223
-
-
-
13,223
Income from other trading activities
138
-
-
-
138
Income from property and
investments
1,331
-
58
-
1,389
Total
17,388
-
1,622
-
19,010
Expenditure
Raising funds
(1,229)
-
(36)
-
(1,265)
Charitable activities
Ministry
(2,473)
(20)
(777)
-
(3,270)
Cathedral and precincts upkeep
(3,398)
(254)
(354)
-
(4,006)
Education, learning, outreach,
community and congregation
(1,440)
(10)
(124)
-
(1,574)
Visitor admissions
(4,715)
(30)
-
-
(4,745)
Total
(13,255)
(314)
(1,291)
- (14,860)
Net incoming resources
4,133
(314)
331
-
4,150
Gains on revaluations and disposals
of fxed assets
1,124
-
48
402
1,574
Actuarial gain on defned beneft
pension scheme
361
-
-
-
361
Tax credit
37
-
-
-
37
Transfers between funds
(2,640)
2,586
54
-
-
Net increase in funds
3,015
2,272
433
402
6,122
Funds brought forward
19b
23,909
5,514
11,886
7,876
49,185
Funds carried forward
19b
26,924
7,786
12,319
8,278
55,307		 Total
2023
£000s
6,621
12,056
51
819
19,547
(698)
(2,866)
(4,933)
(1,665)
(4,205)
(14,367)
5,180
1,925
621
41
-
7,767
41,418
49,185

The comparative 2023 Cathedral Statement of Financial Activities is analysed in note 28b.

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58

Consolidated Balance Sheet as at 31st December 2024

Note
Fixed assets
Tangible fxed assets
10
Investment property
12
Investments
13
Total
Current assets
Stock
Debtors
15
Cash at bank and in hand
Total
Creditors:amounts falling due
within one year
16
Net current assets
Net assets
Funds
Endowment fund
19a
Restricted funds
19a
School fund
Special trusts
Restricted projects
Designated funds
19a
Opportunities fund
Fabric fund
Other designated fund
Unrestricted funds
19a
Tillingham property fund
General reserves
Total		 Unrestricted
Funds
£000s
Designated
Funds
£000s
Restricted
Funds
£000s
Endowment
Funds
£000s
Total
2024
£000s
206
-
9,712
-
9,918
10,400
-
-
-
10,400
10,138
-
3,407
8,278
21,823
20,744
-
13,119
8,278
42,141
204
-
-
-
204
1,518
-
1,280
-
2,798
5,950
7,804
2,441
-
16,195
7,672
7,804
3,721
-
19,197
(1,492)
(18)
(1,542)
-
(3,052)
6,180
7,786
2,179
-
16,145
26,924
7,786
15,298
8,278
58,286
-
-
-
8,278
8,278
-
-
9,015
-
9,015
-
-
2,425
-
2,425
-
-
3,858
-
3,858
-
915
-
-
915
-
6,871
-
-
6,871
-
-
-
-
-
10,400
-
-
-
10,400
16,524
-
-
-
16,524
26,924
7,786
15,298
8,278
58,286		 Total
2023
£000s
8,695
9,249
21,039
38,983
213
3,369
12,209
15,791
(2,600)
13,191
52,174
7,876
9,004
2,530
3,321
500
5,000
14
9,249
14,680
52,174

These financial statements were approved by the Chapter on 22 October 2025 and signed on their behalf by:

The Very Reverend Andrew Tremlett Dean

Sheila Nicoll

Lay Canon (Senior Non-Executive)

Cathedral Balance Sheet as at 31st December 2024

Note
Fixed assets
Tangible fxed assets
10
Investment property
12
Investments
13
Total
Debtors:Amounts falling due
after more than one year
14
Current assets
Debtors
15
Cash at bank and in hand
Total
Creditors:amounts falling due
within one year
16
Net current assets
Net assets
Funds
Endowment fund
19b
Restricted funds
19b
School fund
Special trusts
Restricted projects
Designated funds
19b
Opportunities fund
Fabric fund
Other designated fund
Unrestricted funds
19b
Tillingham property fund
General reserves
Total		 Unrestricted
Funds
£000s
Designated
Funds
£000s
Restricted
Funds
£000s
Endowment
Funds
£000s
Total
2024
£000s
206
-
1,394
-
1,600
10,400
-
-
-
10,400
10,287
-
8,161
8,278
26,726
20,893
-
9,555
8,278
38,726
1,232
-
-
-
1,232
2,003
-
1,043
-
3,046
4,100
7,804
2,256
-
14,160
6,103
7,804
3,299
-
17,206
(1,304)
(18)
(535)
-
(1,857)
4,799
7,786
2,764
-
15,349
26,924
7,786
12,319
8,278
55,307
-
-
-
8,278
8,278
-
-
6,036
-
6,036
-
-
2,425
-
2,425
-
-
3,858
-
3,858
-
915
-
-
915
-
6,871
-
-
6,871
-
-
-
-
-
10,400
-
-
-
10,400
16,524
-
-
-
16,524
26,924
7,786
12,319
8,278
55,307		 Total
2023
£000s
192
9,249
25,971
35,412
1,341
3,799
10,218
14,017
(1,585)
12,432
49,185
7,876
6,036
2,530
3,320
500
5,000
14
9,249
14,660
49,185

These financial statements were approved by the Chapter on 22 October 2025 and signed on their behalf by::

The Very Reverend Andrew Tremlett

Sheila Nicoll

Lay Canon (Senior Non-Executive)

Dean

59 Annual report and financial statements 2024

Annual report and financial statements 2024

60

Consolidated Statement of Cash Flows

Notes to the Financial Statements for the year ended 31st December 2024

For the year ended 31st December 2024

Note
Net cash provided by operating activities
27
Cash fows provided by investing activities
Income from property and investments
Investment property costs
5
Payments to acquire tangible fxed assets
10
Net (used in) / cash provided by investing activities
Cash fows from fnancing activities
Repayment of bank loans
Net cash used in fnancing activities
Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
£000s
4,551
1,331
(373)
(1,523)
(565)
-
-
3,986
12,209
16,195		 2023
£000s
3,118
656
(274)
(272)
110
(1,879)
(1,879)
1,349
10,860
12,209

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

1. Principal accounting policies

a. Basis of preparation

St Paul’s Cathedral is a registered charity with number 1206171. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investments to market value and in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard FRS 102 and the Charities Act 2011.

The financial statements are presented in sterling, which is the functional currency of the Cathedral and its subsidiaries. Figures in these financial statements are rounded to the nearest one thousand unless otherwise specified.

b. Group financial statements

The financial statements are consolidated to include the results of the Cathedral’s subsidiary undertakings, St Paul’s Cathedral Enterprises Limited (“Enterprises”), St Paul’s Cathedral Choir School (“School”) and St Paul’s Cathedral Foundation (“Foundation”). The total income and expenditure of these entities are disclosed in note 17. The statements are consolidated on a line by line basis.

The principle accounting policies applied in the preparation of these financial statements are set out in the notes below. These policies have been consistently applied to all years presented.

c. Going concern

The Chapter carefully assesses whether use of the going concern basis of accounting is appropriate for the preparation of its annual financial statements. It considers possible scenarios that might cast significant doubt on the ability of the Cathedral to continue as a going concern. It makes its assessment for a period of at least one year from the date of approval of the financial statements.

The Chapter assesses a range of information relating to current and projected future conditions including projected budgets and cash flows, and any potential additional funding requirements.

The Chapter considers that it is appropriate to continue to adopt the going concern basis in preparing these financial statements and that there are no material uncertainties.

d. Income

Income, which is stated net of VAT (where applicable) and intra-group transactions, consists of visitor fees, commercial income including shop income, school fees, donations and grants. Donations and grants are credited to the Consolidated Statement of Financial Activities and allocated to the relevant fund according to any restrictions placed upon their use.

i. Ticket income and commercial income

Ticket income purchased via the webstore or till is accounted for at point of sale. Ticket income received from travel trade partners is accounted for in the month of the visit. Shop income is recognised at the point of sale and corporate memberships are recognised for over the term of the membership.

ii. School fees

Fees received for the provision of education and related income are accounted for in the period when the activity takes place and are included under charitable activities.

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iii. Donations and grants

Donations and grants are accounted for when the Cathedral is entitled to the income, receipt is probable and the income can be reliably measured. All donations and grants are allocated to the relevant fund according to any restrictions place upon their use. For performance related grants, income entitlement is considered to be conditional upon the meeting of conditions imposed by the grant. Income is therefore recognised in the financial statements to the extent that the Cathedral has demonstrably met any conditions imposed on the grant.

Where amounts are payable on behalf of the Cathedral by third parties, for example the Church Commissioners, these are included under both income and expenditure in the Statement of Financial Activities.

h. Investment property and investments

The Investment freehold properties listed in note 12 are externally re-valued at open market value, except in the year of purchase. Advice is sought annually as to the possibility of material movement between individual valuations. All other investments are re-valued annually at open market value. Such revaluations are incorporated into the financial statements.

Any unrealised change in value since the later of the date of acquisition or the last balance sheet date is credited or charged to the Statement of Financial Activities. Any realised gain or loss (calculated as net sales proceeds less value at the last balance sheet date, or cost if acquired during the year) is also credited or charged to the Statement of Financial Activities.

iv. Legacies

Legacies are accounted for as income where there is clear entitlement, the amounts can be measured reliably; and receipt is probable. Receipt is probable when:

v. School fees

Fees receivable for the provision of education and charges for services and use of premises are accounted for in the period when the school is entitled to receive them, they can be measured and the receipt is probable. These are included in income from charitable activities. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school.

e. Expenditure

Expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be recovered. Expenditure is recognised when there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable a transfer of economic benefit will be required in settlement and the amounts can be measured reliably.

Expenditure on raising funds consist of costs of the trading subsidiary, St Paul’s Cathedral Enterprises Limited, costs relating to visitors, cost of fundraising and lettings, including a share of the support costs of the Cathedral and investment management fees.

Charitable activities include all costs related to the main purpose of the Cathedral and include: ministry costs, upkeep of the Cathedral including major restorations. Group educational related activities include the running of the School.

i. Tangible fixed assets

Expenditure on building improvements, fixtures and fittings and IT equipment is capitalised as fixed assets and stated at cost less accumulated depreciation. The Cathedral applies a £1,000 threshold to the capitalisation of fixed assets. Depreciation is charged at the following rates on a straight line basis.

Building improvements and extensions
Fixtures and fttings
IT equipment		 10 - 50 years
3 - 10 years
3 years

No depreciation is charged on assets in the course of construction. Where assets are constructed as part of a project for which specific assets are brought into service, such assets will be transferred from assets in course of construction to building improvements and extensions and are depreciated from the date these are placed into service.

j. Stock

Stocks comprise shop goods for resale and are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis and net realisable value is based on estimated selling price.

k . Funds

Funds are classified between endowment, restricted and unrestricted in accordance with the legal constraints on their use, and the consequent degree of flexibility which the Chapter have in using the incoming resources that gave rise to the funds.

i. Endowment Funds

Support costs are those functions that assist the work of the Cathedral but do not directly undertake either charitable or fundraising activities: being Finance, HR, IT and other premises costs. Support costs are allocated between cost of raising funds and charitable activities as a proportion of direct costs.

These are funds where there is no power to convert capital into income. They are held permanently and cannot be utilised for other purposes, although the constituent assets may change over time.

ii. Restricted funds

Interest charges are charged to the Consolidated Statement of Financial Activities as incurred.

These are funds subject to specific conditions or trusts, imposed by the donor or the terms of a specific appeal, which are binding on the Chapter. The restriction may be on income or capital or both.

f. Taxation

Income is shown net of value added tax. Input value added tax is reclaimable on a percentage basis subject to the partial exemption rules. All irrecoverable value added tax is included under the appropriate classification of expenditure. All recoverable income tax is include under the appropriate classification of income.

g. Cathedral building, freehold properties and Cathedral inventory

No value is attributed to functional freehold properties listed in note 11 because these assets are fully depreciated. No value is attributed to items included in the Cathedral Statutory Inventory as being of architectural, archaeological, artistic or historic interest because they are for Cathedral use and also cannot be measured at a monetary value with sufficient reliability.

iii. Unrestricted funds

Those funds, which are neither endowment nor restricted funds, are unrestricted income funds. Unrestricted funds can be used at the Chapter’s discretion in furtherance of Cathedral activities. They are sometimes referred to as General Reserves or General Free Reserves in the notes to the Financial Statements.

iv. Designated funds

Designated Funds are a subcategory of Unrestricted Funds (see note above) and represent funds allocated by the Chapter for specific activities.

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l. Financial assets and liabilities

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Impairment of financial assets

Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and any loans from fellow entities that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

m. Operating leases

Payments and receipts are recognised in the Consolidated Statement of Financial Activities as an expense on a straight line basis over the lease term.

o. Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectation of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

i. Useful economic lives of fixed tangible assets

The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually and are amended where necessary to reflect estimates based on the economic utilisation and physical condition of the assets.

ii. Impairment of debtors

The Cathedral makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

iii. Defined benefit pension scheme asset

The determination of the assumptions used in calculating the defined benefit pension scheme asset is the responsibility of the the Chapter. The assumptions are set with regard to advice given by the scheme actuary.

iv. Valuation of investment property

The carrying value of the investment property at 31 December 2024 is based on the advice of an independent valuer who has the necessary skills and proficiency to undertake a valuation in a competent manner. Following a review, carried out by the Cathedral’s property advisors Strutt and Parker, the Chapter concluded the value of the investment property in the financial statements was reasonable. See note 12 for further details.

n. Pension scheme arrangements

Defined benefit

The fund is valued every three years by a professionally qualified independent actuary, the rates of contribution payable being determined with the advice of the actuary. In the intervening years, the actuary reviews the continuing appropriateness of the rates.

The assets of the scheme are held separately from those of the Cathedral. They are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at AA corporate bonds index rate. The resulting defined benefit asset was not recognised on the balance sheet as the Trust Deed contains restrictions that state it is not refundable to the employer and the scheme specific valuation currently shows a deficit.

Defined contribution

These pension charges represent the costs of the contributions payable in the year by the Cathedral.

Church of England funded pension scheme

Prior to 1st January 1998, the costs of paying pensions and related benefits for the Chapter and Minor Canons were met by the Church Commissioners from their current income. The cost of benefits relating to pensionable service up to that date will continue to be financed by the Commissioners. With effect from 1st January 1998 the Pensions Measure 1997 came into force, and a new funded scheme was established called the Church of England Funded Pensions Scheme.

This scheme operates as an occupational pension scheme and contributions, at a rate determined having regard to actuarial advice, are paid into a separate fund in the trusteeship of the Church of England Pensions Board. Benefits arising from pensionable service after 31st December 1997 are provided from that fund. Agreed contributions to past deficits are provided for at the net present value of the expected future contributions and movement in the provision is charged or credited to unrestricted expenditure. Contributions arising from current service are charged to expenditure as they fall due (see note 21). Contributions in respect of the Dean and two Commissioners’ Canons are paid by the Church Commissioners.

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2 Grants, donations and legacies

Donations (including gift aid)
Legacies
Congregational collections and giving
Friends of St Paul’s Cathedral
Church Commissioners
Section 106 Funding
The City of London Endowment Trust for St Paul’s
Cathedral
Garfeld Weston Trust
Other grants
Total*		 Unrestricted
funds
£000s
Restricted
funds
£000s
Total
2024
£000s
Total
2023
£000s
204
402
606
1,776
40
-
40
6
457
-
457
414
45
35
80
317
-
156
156
200
-
-
-
1,000
339
327
-
-
500
2
475
-
339
500
477
292
1,087
1,568
2,655
4,332

To improve clarity for users of the financial statements, grants, donations, and legacies are now presented together in a single note and combined on the face of the Statement of Financial Activities, the totals remain the same. The comparative figures have been updated to reflect this change.

3 Income from charitable activities

3 Income from charitable activities
Facilities and other fees
Income of St Paul’s Cathedral Choir School
Visitor income
Total*		 Unrestricted
funds
£000s
Restricted
funds
£000s
Total
2024
£000s
Total
2023
£000s
800
-
800
763
-
5,094
5,094
4,687
12,423
-
12,423
11,293
13,223
5,094
18,317
16,743

** In the 2024 financial statements, visitor income has been reclassified from trading activities to charitable activities to more accurately reflect its nature. This reclassification has also been applied to the 2023 comparative figures. Facilities and other fees includes income from school visits, special services, weddings and baptisms held at the Cathedral.

4 Income from other trading activities

Gross income of shop and other commercial activities
Other trading income
Total		 Total
2024
£000s
Total
2023
£000s
3,387
3,175
138
51
3,525
3,226

5 Cost of raising funds

5 Cost of raising funds
Gross costs of shop and other commercial activities
Cost of fundraising and lettings
Investment property costs
Support costs (see note 8)
Total		 Total
2024
£000s
Total
2023
£000s
1,804
1,680
482
313
373
274
416
447
3,075
2,714

6 Expenditure on charitable activities

xpenure on carae acves
Summary
Ministry
Cathedral and precincts upkeep
Education, outreach, community and congregation
Visitor admissions
Total
Summary
Ministry
Cathedral and precincts upkeep
Education, outreach, community and congregation
Visitor admissions
Total		 Direct costs
(note 7)
£000s
Support costs
(note 8)
£000s
Total
2024
£000s
2,426
380
2,806
3,262
511
3,773
6,565
1,028
7,593
3,865
605
4,470
16,118
2,524
18,642
Direct costs
(note 7)
£000s
Support costs
(note 8)
£000s
Total
2023
£000s
2,267
380
2,647
3,896
654
4,550
5,766
968
6,734
3,326
558
3,884
15,255
2,560
17,815

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67

7 Direct costs of charitable activities

7 Direct costs of charitable activities
Ministry
Clergy stipends and working expenses
Virger and liturgical costs
Services and music
Total
Cathedral and precincts upkeep
Major repairs and restoration (see note (i) below)
Maintenance and interior upkeep
Insurance
Total
Education and outreach, community and congregation
School related activities
Learning activities (including Outreach)
Archives and Library
Total
Visitor admissions
Total direct costs of charitable activities
(i) Analysis of Majors Repairs and Restoration
Ball, Dome & Cross
Fire protection
Library refurbishment
Light of the World
Library refurbishment
Light of the World
Other
Total		 Total
2024
£000s
Total
2023
£000s
349
312
339
277
1,738
1,678
2,426
2,267
Total
2024
£000s
Total
2023
£000s
334
1,181
2,609
2,438
319
277
3,262
3,896
Total
2024
£000s
Total
2023
£000s
5,529
4,810
760
619
276
337
6,565
5,766
3,865
3,326
16,118
15,255
2024
£000s
2023
£000s
43
-
84
166
1
38
27
-
107
230
18
745
54
2
334
1,181

8 Support costs

8 Support costs
Finance, HR and IT costs
Other premises costs
Total		 Cost of
raising funds
£000s
Charitable
activities
£000s
2024
£000s
245
1,487
1,732
171
1,037
1,208
416
2,524
2,940		 Cost of
raising funds
£000s
Charitable
activities
£000s
2023
£000s
236
1,350
1,586
211
1,210
1,421
447
2,560
3,007
General administration
Pension scheme administration
Finance
Human Resources
Information Technology
Total*		 2024
£000s
2023
£000s
798
808
410
613
460
409
668
654
604
523
2,940
3,007

Audit fees of £70,429 (2023: £58,333) and non-audit fees of £18,703 (2023: £13,471) were incurred during the year for the Group. Support costs are allocated between cost of raising funds and charitable as a proportion of direct costs. Governance costs includes Cathedral audit and non-audit fees.

9 Salaries and wages

Wages and salaries (including stipends)
Social security costs
Pension costs
Total
Wages and salaries (including stipends)
Social security costs
Pension costs
Total		 Clergy
£000s
Cathedral &
Enterprises
£000s
Cathedral
school
£000s
2024
£000s
200
7,098
3,017
10,315
21
666
304
991
43
441
508
992
264
8,205
3,829
12,298
Clergy
£000s
Cathedral &
Enterprises
£000s
Cathedral
school
£000s
2023
£000s
192
6,395
2,651
9,238
19
593
261
873
54
418
408
880
265
7,406
3,320
10,991

Staff costs include contractor costs, payroll for temporary as well as permanent staff. Included in salaries and wages are redundancy and termination costs of £73,220 (2023: £2,392).

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Average staff numbers
COO / Business Support
Corporate Services
Development
Learning
Property
Visitor Engagement, Collections and Security
Worship, Liturgy and Music
Total - St Paul’s Cathedral
St Paul’s Cathedral Enterprises Limited
St Paul’s Cathedral Choir School
Total - St Paul’s Cathedral Group
Higher paid employees
£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000		 Headcount
2024
2023
13
14
9
10
6
6
8
6
25
24
61
63
30
30		 Full time equivalent
2024
2023
11
12
9
8
7
6
7
6
25
24
52
51
29
28
152
153
12
10
65
65		 140
135
11
9
61
60
229
228		 212
204
2024
2023
10
10
5
2
-
1
3
1
1
1
2
1
1
-
22
16

The key management personnel of the Cathedral Group comprise the Executive Leadership Team, the Chapter (being the Dean and three residentiary canons), the Head of Commercial Services and the Head Teacher of the School. Key management personnel consists of 11 (2023: 11) individuals and their total remuneration during the year was £1,049,192 (2023: £858,544). Total remuneration consists of gross salary, benefits, employers pension, employers national insurance contributions and stipends. Some higher paid employees are not part of the Executive Leadership Team.

Remuneration of Chapter members
The Reverend Canon Philip Banks
The Reverend Prebendary Dr Neil Evans
Canon Dr Paula Gooder
The Revd Canon James Milne
The Reverend Canon Dr Catherine Okoronkwo
The Very Reverend Andrew Tremlett
Total		 Salary /
Stipend
£
NI / Levy
£
Pension
£
2024
£
2023
£
8,130
1,135
1,675
10,940
-
19,266
1,822
4,025
25,113
41,301
43,724
4,779
3,279
51,782
48,536
12,324
1,278
-
13,602
34,576
10,666
998
3,641
15,305
-
41,751
4,881
8,513
55,145
52,799
135,861
14,893
21,133
171,887
177,212

Included within staff costs are stipends to members of the Chapter. The remuneration of, and pension provision for, clerical members of the Chapter are paid in accordance with scales laid down annually by the Church Commissioners, Archbishops’ Council, and the Church of England Pensions Board. These payments are set out in the above table. With exception of the above Chapter members, no other members of the Chapter are remunerated.

10 Tangible fixed assets

Group
Cost
Cost at 1st January 2024
Additions
Total
Depreciation
Depreciation at 1st January 2024
Depreciation for year
Total
Net Book Value
At 31st December 2024
At 31st December 2023		 Buildings
improvements
Fixtures and
fttings
IT
equipment
Assets in
course of
construction
2024
£000s
£000s
£000s
£000s
£000s
10,317
553
521
90
11,481
44
15
160
1,304
1,523
10,361
568
681
1,394
13,004
1888
468
430
-
2,786
210
37
53
-
300
2,098
505
483
-
3,086
8,263
63
198
1,394
9,918
8,429
85
91
90
8,695
Cathedral
Cost
Cost at 1st January 2024
Additions
Total
Depreciation
Depreciation at 1st January 2024
Depreciation for year
Total
Net Book Value
At 31st December 2024
At 31st December 2023		 Buildings
improvements
Fixtures and
fttings
IT
equipment
Assets in
course of
construction
2024
£000s
£000s
£000s
£000s
£000s
100
26
223
90
439
-
-
160
1,304
1,464
100
26
383
1,394
1,903
46
26
175
-
247
3
-
53
-
56
49
26
228
-
303
51
-
155
1,394
1,600
54
-
48
90
192

Assets in the course of construction relates to the capital refurbishment of the girl choristers’ boarding accommodation due to open September 2025.

11 Heritage assets (Group and Cathedral)

As stated in the accounting policies, no value has been placed on the Cathedral and ancillary buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measure 2011. The Cathedral buildings are the Cathedral, Chapter House and the properties at Amen Court. The Care of Cathedrals Measure 2011 requires Cathedrals to keep an inventory of all items considered to be of architectural, archaeological, artistic or historic interest in the possession of the Cathedral. Primarily this consists of the Cathedral’s unique collection of 18th century silver plate and the world famous organ. No additions to the inventory in the last five years have met the definition of a heritage asset and there have been no transactions involving heritage assets in the same time period.

The Cathedral reimbursed expenses of £6,259 (2023: £11,016) to 6 (2023: 4) Executive Chapter members during the year in relation to costs associated to their role as ministers. The Cathedral pays for the running costs of the Chapter members’ accommodation at Amen Court including gas, water, electricity, phone and internet costs.

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11 Heritage assets (Group and Cathedral)

St Paul’s is the first post-reformation Cathedral and is the only original Cathedral built in the classical style in Britain and completed under the auspices of a single visionary architect, Sir Christopher Wren, during his lifetime. The Cathedral exhibits many ingenious construction techniques and solutions including the brick cone that supports the outer Dome and the Great Chain construction of the Peristyle entablature. St Paul’s contains the work of some of the best craftsmen of the late 17th and early 18th century – in stone by Caius Gabriel Cibber, Christopher Kempster and Francis Bird, in wood principally by Grinling Gibbons, ironwork both inside the Cathedral and the churchyard railings by Jean Tijou, and painting by Sir James Thornhill. St Paul’s is the final resting place and memorial home to many significant national figures including Lord Nelson and the Duke of Wellington. The Cathedral stands on a site of considerable archaeological potential with known sequences of Roman stratigraphy to the present day with extensive burial remains. Arguably the most significant remains are of Old St Paul’s Cathedral which can be traced inside and outside the standing fabric of the present Cathedral.

The neighbouring Chapter House, also designed by Wren, continues to serve as the administrative heart of the Cathedral. The entire group of buildings at Amen Court remains in residential use for the clergy and some essential lay staff and also provides office accommodation for the Cathedral. It consists of three houses built in the 1670s and six Queen Anne Revival houses designed by Ewan Christian dating 1878-80.

The building that is home to St Paul’s Cathedral School is on a site adjacent to the Cathedral. Incorporating the tower of St Augustine, Watling Street, it was completed in 1967 and was awarded Grade II* listed status in 2007. Like the Cathedral, the building is clad in Portland stone and lead is used to face the cantilevered attics at the top of the three four storey blocks. The design is effectively an abstracted version of the pilasters on the Wren façade.

The freeholds of the buildings described above are owned by the Chapter. Objects considered to be of architectural, archaeological, artistic or historic interest are recorded in the Inventory in accordance with the Care of Cathedrals Measure 2011. These objects are held primarily for use by the Cathedral in its mission or have been vested in the Chapter over time and are held as part of the historic record of the Cathedral. Public access to them is available but stored items are accessible by appointment.

The Chapter has a statutory duty under the Cathedrals Measure 2021 to manage and maintain the Cathedral, its contents and other buildings and monuments. The full quinquennial review by the Surveyor to the Fabric informs the programme of major restoration works to the Cathedral. Works are overseen by the Director of Property and the Surveyor to the Fabric.

The insurance for the building of the Cathedral and Chapter House is arranged on the basis of the probable largest loss from fire taking into account the fire engineering measures taken to limit the spread of fire. The figure is arrived at in conjunction with the Cathedral’s insurers who have specialist expertise in this area. The contents are insured on the basis of modern replacements with no allowance for their possible heritage value. The Cathedral collections, library and archives are insured on a first loss basis to provide funds for their repair and restoration in the event of loss with no attempt to replace items other than perhaps a ‘working theological library’. The Cathedral buildings including the school are insured on a reinstatement basis.

The Library Collection includes approximately 13,000 volumes, including printed books, tracts and manuscripts. These works which have accrued through purchases, bequests and donations largely from 1690 onwards, form a collection still used today by academics, students and researchers of all kinds. The Cathedral Archives comprise approximately 7,000 items on site and a deposit at London Metropolitan Archives of approximately 6,000 items. The archive includes plans, drawings and reports associated with the construction, maintenance and decoration of the building, key administrative documents including Pre-Fire charters and cartularies and the Chapter Minutes. The Archive as a whole is designated as being of outstanding significance.

There were no additions or disposals of heritage assets in the past five years.

12 Investment property

Group and Cathedral
Market value at 1st January
Unrealised gains
Market value at 31st December		 2024
£000s
2023
£000s
9,249
8,294
1,151
955
10,400
9,249

The freehold investment property at Tillingham Estate, Essex, is recorded in the financial statements under unrestricted funds. The most recent full valuation of the property was conducted by the Cathedral’s property advisors, Strutt & Parker, in March 2020. This valuation, which adhered to the Royal Institution of Chartered Surveyors (RICS) Valuation – Global Standards 2017, assessed the estate’s value at £7,900,000.

In January 2025, Strutt & Parker carried out a valuation review. This was based on comparable local market transactions and the advisors’ professional judgement regarding the different components of the property. As a result, the estimated market value is now in the region of £10.4 million. The increase reflects rises in the value of agricultural and residential land, as well as a notable appreciation in development land. The uplift from £7.9m to £10.4m is entirely due to changes in market value and does not reflect any capital additions.

The Chapter continue to keep the market value of the property under regular review and confirm the value of the estate included in these financial statements is fairly stated.

13 Investments

13 Investments
Group
The investments of the group consist of listed investments and cash deposits.
Value at 1st January
Net gains
Cash held for investment
Total value of investments		 2024
£000s
2023
£000s
15,440
14,376
452
1,064
15,892
15,440
5,931
5,599
21,823
21,039
Cathedral
Value at 1st January
Net gains
Value at 31st December
Cash deposits held for investment
Total value of investments		 Listed
investments
£000s
Unlisted
investments
£000s
2024
£000s
2023
£000s
14,185
6,187
20,372
19,416
423
-
423
956
14,608
6,187
20,795
20,372
5,931
-
5,931
5,599
20,539
6,187
26,726
25,971

73 Annual report and financial statements 2024

Annual report and financial statements 2024

74

Cathedral listed investment funds under management are:
Ruffer
CCLA
Total		 2024
£000s
2023
£000s
2,904
2,960
11,704
11,225
14,608
14,185

14 Debtors: Amounts falling due over one year

Loan to St Paul’s Cathedral Choir School
Total		 Group
2024
£000s
2023
£000s
-
-
-
-		 Cathedral
2024
£000s
2023
£000s
1,232
1,341
1,232
1,341

All listed investments are carried at their fair value. Unlisted investments are valued at cost of acquisition less impairment.

This balance pertains to an amount receivable from St Paul’s Cathedral Choir School. The original loan of £2.5 million was issued in 2020 to part finance the Learning in Harmony project.

Signifcant holdings as a % of the total listed investment portfolio (held by the
Cathedral) based on market value at 31 December were:
CCLA - CBF Church of England deposit fund
CCLA - CBF Church of England Investment Fund Accumulation Shares
Ruffer - Charity Assets Trust Account
Total
Reconciliation of Group net gains
Listed investment net gains (see note 13)
Investment property net gains (see note 12)
Actuarial gain recognised on the defned beneft pension scheme (see note 20)
Gains on disposal of tangible fxed assets
Total
Analysis of unlisted investments of the Cathedral
Unlisted investments represents investment in subsidiaries.
St Paul’s Cathedral Enterprises Limited
St Paul’s Cathedral Choir School
Total		 2024
2023
29%
28%
57%
57%
14%
15%
100%
100%
2024
£000s
2023
£000s
452
1,064
1,151
955
361
621
-
14
1,964
2,654
2024
£000s
2023
£000s
150
150
6,037
6,037
6,187
6,187

15 Debtors: Amounts falling due within one year

Trade debtors
Gift Aid recoverable
Taxation
Grants receivable
Prepayments
Other debtors
Amounts owed by subsidiary undertakings
Amounts owed by associated undertakings
Total		 Group
2024
£000s
2023
£000s
599
532
5
51
37
41
1,038
1,954
131
68
913
590
-
-
75
133
2,798
3,369		 Cathedral
2024
£000s
2023
£000s
490
452
5
48
37
41
1,038
1,148
129
62
649
332
623
1,583
75
133
3,046
3,799

Trade debtors for the Group are stated less provisions of £67,725 (2023: £62,292).

The Cathedral beneficially owns all of the called-up share capital of St Paul’s Cathedral Enterprises Limited with Company Number 03313320

The Cathedral is the legal owner of St Paul’s Cathedral Choir School with Charity Number 312718. The investment in the School has not been revalued and will continue to be held at the current value less any impairment.

The Cathedral is the beneficial owner of St Paul’s Cathedral Foundation with charity number 1082711.

75 Annual report and financial statements 2024

Annual report and financial statements 2024

76

16 Creditors: Amounts falling due within one year

17 Group entities

St Paul’s Cathedral has three wholly owned subsidiaries:

Trade creditors
Other tax and social security
Accruals
Deferred income (note i)
Amounts owed to associated entities
VAT
Other creditors
Total		 Group
2024
£000s
2023
£000s
825
563
263
257
574
842
801
334
-
3
444
355
145
246
3,052
2,600		 Cathedral
2024
£000s
2023
£000s
795
519
263
257
354
313
27
29
-
-
330
268
88
199
1,857
1,585

Note (i)

Deferred income held in the Cathedral relates to fees earned from weddings, baptisms and school visits taking plac after 31 December. Deferred income for the Group includes refundable deposits for students held in the St Paul’s Cathedral Choir School.

Brought Amount Amount Carried forward added released forward Group £000s £000s £000s £000s Deferred income 2024 334 801 (334) 801 Deferred income 2023 364 334 (364) 334

Brought Amount Amount Carried forward added released forward Cathedral £000s £000s £000s £000s Deferred income 2024 29 27 (29) 27 Deferred income 2023 32 29 (32) 29

2) St Paul’s Cathedral Choir School (“School”) which operates the School; and

All three entities have been consolidated in these financial statements on a line-by-line basis. All three entities have coterminous year ends to 31 December. A summary of the audited financial statements are shown below.

After consulting with the Trustees of the St Paul’s Cathedral Foundation, the Chapter has decided that there is no longer a strategic or financial need to maintain the Foundation. As a result, all future fundraising activities will now be managed directly within the registered Cathedral and the Foundation will be formally wound down in 2025. See note 24 for further details.

Summary proft and loss
Income
Costs
Operating surplus / (defcit)
Gains / (losses)
Charitable distribution
Net movement in funds
Summary balance sheet
Fixed assets
Current assets
Current liabilities
Net current assets
Long term liabilities
Net funds
Funds
Unrestricted reserves
Restricted reserves
Endowments
Share capital
Total Funds		 Enterprises
2024
£000s
2023
£000s
3,446
3,232
(1,856)
(1,736)
1,590
1,496
-
-
(1,590)
(1,496)
-
-
2024
£000s
2023
£000s
-
-
936
801
(786)
(651)
150
150
-
-
150
150
-
-
-
-
-
-
150
150
150
150		 School
2024
£000s
2023
£000s
5,832
5,367
(5,745)
(5,225)
87
142
29
108
-
-
116
250
2024
£000s
2023
£000s
9,607
9,764
1,671
1,503
(1,113)
(1,194)
558
309
(1,114)
(1,138)
9,051
8,935
7,691
7,630
77
51
1,283
1,254
-
-
9,051
8,935		 Foundation
2024
£000s
2023
£000s
378
1,530
(398)
(2,491)
(20)
(961)
-
-
-
-
(20)
(961)
2024
£000s
2023
£000s
-
-
-
1,076
-
(1,056)
-
20
-
-
-
20
-
20
-
-
-
-
-
-
-
20		 Foundation
2024
£000s
2023
£000s
378
1,530
(398)
(2,491)
(20)
(961)
-
-
-
-
(20)
(961)
2024
£000s
2023
£000s
-
-
-
1,076
-
(1,056)
-
20
-
-
-
20
-
20
-
-
-
-
-
-
-
20
(961)
-
-
(961)
2023
£000s
-
1,076
(1,056)
20
-
20
20
-
-
-
20

No charge to taxation will arise for St Paul’s Cathedral Enterprises Ltd as the company distributes its profits to the Cathedral under a deed of covenant.

77 Annual report and financial statements 2024

Annual report and financial statements 2024

78

18 Associated entities

The entities disclosed below are not controlled by the Chapter but are wholly for the financial benefit of the Cathedral and / or the Cathedral School. The associated entities are not consolidated in these financial statements. Income and expenditure transactions between the Cathedral and the associated entities are recognised in these financial statements. All associated entities have coterminous year ends to St Paul’s Cathedral with exceptions of St Paul’s Cathedral Chorister Trust which has a 31 August year end and The Order of the British Empire Chapel Fund which has a 31 March year end. A summary of the financial statements is shown below.

The associated entity financial statements are audited with the exception of the Chorister Trust and the OBE which are independently examined. The results of SPCTA (see below) are reviewed by an independent firm of accountants.

e. St Paul’s Cathedral Trust in America (“SPCTA”)

18 Associated entities

Summary proft and loss account
Income
Costs
Operating surplus
Gains / (loses)
Net movement in funds
Summary proft and loss account
Income
Costs
Operating surplus
Gains / (loses)
Net movement in funds
Summary balance sheet
Fixed assets
Current assets
Current liabilities
Net current assets
Net Funds
Unrestricted reserves
Restricted reserves
Total Funds
Summary balance sheet
Fixed assets
Current assets
Current liabilities
Net current assets
Net Funds
Unrestricted reserves
Restricted reserves
Total Funds		 COLET
2024
£000s
2023
£000s
340
344
(363)
(344)
(23)
0
748
492
725
492
Chorister Trust
2024
£000s
2023
£000s
232
226
(145)
(171)
87
55
247
(64)
334
(9)
2024
£000s
2023
£000s
11,841
11.101
18
33
(12)
(12)
6
21
11,847
11,122
11,564
10,907
283
215
11,847
11,122
2024
£000s
2023
£000s
2,978
2,683
137
103
(131)
(136)
6
(33)
2,984
2,650
2,979
2,638
5
12
2,984
2,650		 GWT
2024
£000s
2023
£000s
128
122
(37)
(35)
91
87
273
283
364
370
SPCTA
2024
$000s
2023
$000s
236
365
(195)
(316)
41
49
-
-
41
49
2024
£000s
2023
£000s
5,311
4,969
74
48
(25)
(21)
49
27
5,360
4,996
-
-
5,360
4,996
5,360
4,996
2024
$000s
2023
$000s
-
-
427
533
(3)
(150)
424
383
424
383
424
383
-
-
424
383		 Friends
2024
£000s
2023
£000s
87
168
(87)
(322)
-
(154)
-
-
-
(154)
OBE
2024
£000s
2023
£000s
121
134
(265)
(108)
(144)
26
271
(59)
127
(33)
2024
£000s
2023
£000s
-
-
145
171
(102)
(128)
43
43
43
43
43
43
-
-
43
43
2024
£000s
2023
£000s
4,754
4,627
18
18
(1)
(1)
17
17
4,771
4,644
4,771
4,644
-
-
4,771
4,644

Annual report and financial statements 2024

Annual report and financial statements 2024

79

80

19 Analysis of net movement in funds

a. Analysis of Group funds - 2024
Endowment fund
Restricted funds
School fund
Special trusts funds
Alexander fund
American Memorial fund
Chorister tuition fees
Crewe Dean exhibitions
Library fund
Middlesex Chapel fund
Visiting Preachers fund
Tillingham fund
Vicars Choral
Other Special trusts (Appendix)
Total special trusts
Project funds
Collections - other
Education
Fabric - other
Library
Remember Me
Whispering Gallery safety
Chorister funds
Church Commissioners
Girls Choir
City of London - section 106 fund
Music - outreach
Other restricted funds (Appendix)
Total restricted funds
Designated funds
Opportunities fund
Fabric fund
Other designated fund
Total
Unrestricted funds
Tillingham property fund
General reserves
Total
Total unrestricted funds
Total funds		 As at 1st
Jan 2024
Income
Expenditure
Gains/
& Tax
Transfers
As at 31st
Dec 2024
£000s
£000s
£000s
£000s
£000s
£000s
7,876
-
-
402
-
8,278
9,004
5,236
(5,649)
29
395
9,015
105
2
(20)
2
-
89
151
3
-
3
-
157
239
6
-
4
(10)
239
7
-
17
-
-
24
358
8
-
7
-
373
523
12
-
10
-
545
138
3
(8)
3
-
136
553
13
-
10
-
576
146
3
(149)
4
-
4
310
7
(40)
5
-
282
2,530
57
(200)
48
(10)
2,425
54
75
(95)
-
-
34
72
-
-
-
-
72
329
200
(62)
-
11
478
107
-
(1)
-
-
106
274
1
(116)
-
-
159
59
-
(18)
-
-
41
106
185
(120)
-
(98)
73
(2)
156
(156)
-
-
(2)
1,075
808
(131)
-
22
1,730
1,000
-
-
-
(100)
900
-
59
-
-
-
59
247
81
(162)
-
42
208
14,855
6,858
(6,710)
77
218
15,298
500
-
(85)
-
500
915
5,000
-
(229)
-
2,100
6,871
14
-
-
-
(14)
-
5,514
-
(314)
-
2,586
7,786
9,249
-
-
1,151
-
10,400
14,680
18,970
(14,693)
371
(2,804)
16,524
23,929
18,970
(14,693)
1,522
(2,804)
26,924
29,443
18,970
(15,007)
1,522
(218)
34,710
52,174
25,828
(21,717)
2,001
-
58,286

19 Analysis of net movement in funds

a. Analysis of Group Funds - 2023
Endowment fund
Restricted funds
School fund
Special trusts funds
Alexander fund
American Memorial fund
Chorister tuition fees
Crewe Dean exhibitions
Library fund
Middlesex Chapel fund
Visiting Preachers fund
Tillingham fund
Vicars choral
Other special trusts (Appendix)
Total special trusts
Project funds
Collections - other
Education
Fabric - other
Library
Remember Me
Whispering Gallery safety
Chorister funds
Church Commissioners
Girls Choir
Music - other
Music - outreach
City of London - section 106 Fund
Other restricted funds (Appendix)
Total restricted funds
Designated funds
Opportunities fund
Fabric fund
Other designated fund
Total
Unrestricted funds
Tillingham property fund
General reserves
Total
Total unrestricted funds
Total funds		 As at 1st
Jan 2023
Income
Expenditure
Gains
& Tax
Transfers
As at 31st
Dec 2023
£000s
£000s
£000s
£000s
£000s
£000s
6,997
-
-
879
-
7,876
6,906
4,880
(4,931)
108
2,041
9,004
99
2
(3)
7
-
105
138
3
-
10
-
151
218
5
-
16
-
239
115
-
(17)
-
(91)
7
326
8
-
24
-
358
483
11
(7)
36
-
523
127
3
(2)
10
-
138
504
12
-
37
-
553
281
6
(120)
15
(36)
146
323
7
(44)
24
-
310
2,614
57
(193)
179
(127)
2,530
27
47
(126)
-
106
54
154
(4)
(78)
-
-
72
270
81
(19)
-
(3)
329
179
4
(76)
-
-
107
489
17
(234)
-
2
274
551
389
(880)
-
(1)
59
95
131
(120)
-
-
106
(2)
139
(139)
-
-
(2)
223
1,004
(189)
-
37
1,075
98
47
(6)
-
(105)
34
10
61
(109)
-
38
-
-
1,000
-
-
-
1,000
289
97
(219)
-
46
213
11,903
7,950
(7,319)
287
2,034
14,855
1,350
-
-
-
(850)
500
1,500
-
-
-
3,500
5,000
26
-
-
-
(12)
14
2,876
-
-
-
2,638
5,514
8,294
-
-
955
-
9,249
14,981
17,007
(13,210)
574
(4,672)
14,680
23,275
17,007
(13,210)
1,529
(4,672)
23,929
26,151
17,007
(13,210)
1,529
(2,034)
29,443
45,051
24,957
(20,529)
2,695
-
52,174

81 Annual report and financial statements 2024

Annual report and financial statements 2024

82

19 Analysis of net movement in funds

b. Analysis of Cathedral Funds -
2024
Endowment fund
Restricted funds
School fund
Special trusts funds
Alexander fund
American Memorial fund
Chorister tuition fees
Crewe Dean exhibitions
Library fund
Middlesex Chapel fund
Visiting Preachers fund
Tillingham fund
Vicars Choral
Other special trusts (Appendix)
Total special trusts
Project funds
Collections - Other
Education
Fabric - other
Library
Remember Me
Whispering Gallery safety
Chorister funds
Church Commissioners
Girls Choir
City of London - section 106 fund
Music -outreach
Other restricted funds (Appendix)
Total restricted funds
Designated funds
Opportunities fund
Fabric fund
Other designated fund
Total
Unrestricted funds
Tillingham property fund
General reserves
Total
Total unrestricted funds
Total funds		 As at 1st
Jan 2024
Income
Expenditure
Gains/
(losses) & Tax
Transfers
As at 31st
Dec 2024
£000s
£000s
£000s
£000s
£000s
£000s
7,876
-
-
402
-
8,278
6,036
-
-
-
-
6,036
105
2
(20)
2
-
89
151
3
-
3
-
157
239
6
-
4
(10)
239
7
-
17
-
-
24
358
8
-
7
-
373
523
12
-
10
-
545
138
3
(8)
3
-
136
553
13
-
10
-
576
146
3
(149)
4
-
4
310
7
(40)
5
-
282
2,530
57
(200)
48
(10)
2,425
54
75
(95)
-
-
34
72
-
-
-
-
72
329
200
(62)
-
11
478
107
-
(1)
-
-
106
274
1
(116)
-
-
159
59
-
(18)
-
-
41
106
185
(228)
-
10
73
(2)
156
(156)
-
-
(2)
1,075
808
(253)
-
100
1,730
1,000
-
-
-
(100)
900
-
59
-
-
-
59
246
81
(162)
-
43
208
11,886
1,622
(1,291)
48
54
12,319
500
-
(85)
-
500
915
5,000
-
(229)
-
2,100
6,871
14
-
-
-
(14)
-
5,514
-
(314)
-
2,586
7,786
9,249
-
-
1,151
-
10,400
14,660
17,388
(13,255)
371
(2,640)
16,524
23,909
17,388
(13,255)
1,522
(2,640)
26,924
29,423
17,388
(13,569)
1,522
(54)
34,710
49,185
19,010
(14,860)
1,972
-
55,307

19 Analysis of net movement in funds

b. Analysis of Cathedral Funds -
2023
Endowment fund
Restricted funds
School fund
Special trusts funds
Alexander fund
American Memorial fund
Chorister tuition fees
Crewe Dean exhibitions
Library fund
Middlesex Chapel fund
Visiting Preachers fund
Tillingham fund
Vicars Choral
Other special trusts (Appendix)
Total special trusts
Project funds
Collections - other
Education
Fabric - other
Library
Remember Me
Whispering Gallery safety
Chorister funds
Church Commissioners
Girls choir
City of London - section 106 Fund
Music - outreach
Other restricted funds (Appendix)
Total restricted funds
Designated funds
Opportunities fund
Fabric fund
Other designated fund
Total
Unrestricted Funds
Tillingham property fund
General reserves
Total
Total unrestricted funds
Total funds		 As at 1st
Jan 2023
Income
Expenditure
Gains/
(losses) & Tax
Transfers
As at 31st
Dec 2023
£000s
£000s
£000s
£000s
£000s
£000s
6,997
-
-
879
-
7,876
6,036
-
-
-
-
6,036
99
2
(3)
7
-
105
138
3
-
10
-
151
218
5
-
16
-
239
115
-
(17)
-
(91)
7
326
8
-
24
-
358
483
11
(7)
36
-
523
127
3
(2)
10
-
138
504
12
-
37
-
553
281
6
(120)
15
(36)
146
323
7
(44)
24
-
310
2,614
57
(193)
179
(127)
2,530
31
53
(126)
-
96
54
154
(4)
(78)
-
-
72
262
86
(19)
-
-
329
179
4
(76)
-
-
107
488
20
(234)
-
-
274
386
553
(880)
-
-
59
52
174
(120)
-
-
106
(2)
139
(139)
-
-
(2)
223
1,041
(189)
-
-
1,075
-
1,000
-
-
-
1,000
(45)
116
(109)
-
38
-
345
123
(225)
-
3
246
10,723
3,362
(2,388)
179
10
11,886
1,350
-
-
-
(850)
500
1,500
-
-
-
3,500
5,000
26
-
-
-
(12)
14
2,876
-
-
-
2,638
5,514
8,294
-
-
955
-
9,249
12,528
16,185
(11,979)
574
(2,648)
14,660
20,822
16,185
(11,979)
1,529
(2,648)
23,909
23,698
16,185
(11,979)
1,529
(10)
29,423
41,418
19,547
(14,367)
2,587
-
49,185

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19 Analysis of net movement in funds

c. Group and Cathedral fund descriptions

1 ) Endowment fund

The permanent endowment has been invested to ensure the future financial sustainability of the Cathedral and is not available for distribution or use as working capital. All endowment funds are invested with CCLA.

2) Restricted funds

These are funds subject to specific conditions or trusts, imposed by the donor or the terms of a specific appeal, which are binding on the Chapter. The restriction may be on income or capital or both.

2A) School fund

Restricted School funds relate to the accumulated assets of St Paul’s Cathedral Choir School under the management of the School governors.

19 Analysis of net movement in funds

4) Unrestricted funds

Tillingham property fund

The Tillingham Property fund represents the net book value of the Tillingham Estate investment property held in the Balance Sheet as at 31 December.

General reserves

The General reserves are those unrestricted funds that are not designated and do not included funds held in the investment property at the Tillingham Estate. These funds make up the Cathedral’s free reserves. For further information see the Reserves Policy in the Annual Report.

Transfers

2B) Special trust restricted funds

Special Trust funds are separately identified to other restricted funds as these funds are part invested with CCLA. Each year any investment income and gains and losses arising from the investments is split between the funds according to the size of the restricted fund at the beginning of the quarter.

Funds with brought forward, carried forward or component movements of under £100k have been included in one line in the net movement in funds disclosure under ‘Other Special Trusts’. A breakdown of the individual fund amounts making up this balance at 31 December are detailed in the appendices to these financial statements.

2C) Restricted project funds

Restricted project funds with brought forward, carried forward or component movements of over £100k have been disclosed separately in note 19. All other small funds are disclosed under one line called ‘Other Restricted Funds’. A breakdown of the individual fund amounts making up this balance at 31 December are detailed in the appendices to these financial statements.

3) Designated funds

Several fund transfers were approved by Chapter during the year, with the most significant outlined below:

20 Defined benefit pension scheme

The Cathedral is responsible for a defined benefit pension scheme which was closed to further service accrual from May 2007. Although closed to service accrual from May 2007, scheme benefits for those who remained employed from that date remained linked to final remuneration until 31 December 2022. The assets of the Scheme are held in a separate trustee administered fund.

The pension cost is assessed in accordance with the advice of an independent actuary using the projected unit method on the basis of an annual valuation update and charged to the Statement of Financial Activities as described below.

Opportunities Fund (formerly Post Covid Resilience Fund)

The year end balance includes £915k allocated to support long term revenue generating opportunities as suitable business cases emerge. Of this, over £200k has been approved for expenditure in 2025, specifically for the data and digital transformation project.

Fabric fund

The year end balance includes £6,871k earmarked for short to medium term fabric projects. The fund grew during the year as additional resources were allocated to support a higher volume of planned fabric work.

Other designated fund

The year end balance stands at £nil, as the funds were utilised in 2024 to support several small projects designated by Chapter.

During 2023, the Trustee sought quotations from insurers to provide the Scheme’s benefits, with a view to winding up the Scheme in due course. This process led to the Trustee purchasing a full “buy-in” contract with an insurer in May 2023 that covered the Scheme’s liabilities. This transaction was funded by the Scheme’s assets. As is usual following such transactions, the Scheme’s Trustee and the insurer are going through a data cleanse process following which a balancing payment may be due from the Trustee to the insurer, or vice versa. Going forwards, following the buy-in the value of the pension liability is expected to move in the same way as the value of the Scheme assets.

The results of an actuarial valuation as at 31 December 2022 were updated to the accounting date by an independent qualified actuary in accordance with FRS102, allowing for contributions, benefit payments made, and changes in market conditions. The results, based on assumptions used for FRS102, are set out below. The funding assumptions differ from the assumptions used to calculate the figures for these accounts, and therefore produce different results.

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20 Pensions

The plan assets and defned obligation are as follows:
2024
£000s
Present value of defned beneft obligation
15,337
Fair value of plan assets
(14,767)
Surplus
570
Impact of asset ceiling
(570)
Net liability / (asset) in balance sheet
-
Expenditure recognised in the statement of fnancial activities:
2024
£000s
Running costs
351
Interest expense
10
Total expense recognised in statement of fnancial activities (see note 8)
361
Other recognised (gains) / losses
2024
£000s
Losses on settlements
-
Remeasurements
115
Change in asset limit other than interest
246
Actuarial gain recognised on the defned beneft pension scheme (note 13)
361
2024
2023
Analysis of scheme assets:
Allocation
£000s
Allocation
Liquidity fund
3%
546
4%
Cash at bank
1%
96
1%
Buy-in policy
95%
14,522
93%
Annuity policies
1%
173
2%
Total
100%
15,337
100%
Movement in the net balance sheet position:
2024
£000s
Net position at 1st January
-
Expense charged to Statement of Financial Activities
(361)
Amounts recognised in gains
361
Net position at 31st December
-		 The plan assets and defned obligation are as follows:
2024
£000s
Present value of defned beneft obligation
15,337
Fair value of plan assets
(14,767)
Surplus
570
Impact of asset ceiling
(570)
Net liability / (asset) in balance sheet
-
Expenditure recognised in the statement of fnancial activities:
2024
£000s
Running costs
351
Interest expense
10
Total expense recognised in statement of fnancial activities (see note 8)
361
Other recognised (gains) / losses
2024
£000s
Losses on settlements
-
Remeasurements
115
Change in asset limit other than interest
246
Actuarial gain recognised on the defned beneft pension scheme (note 13)
361
2024
2023
Analysis of scheme assets:
Allocation
£000s
Allocation
Liquidity fund
3%
546
4%
Cash at bank
1%
96
1%
Buy-in policy
95%
14,522
93%
Annuity policies
1%
173
2%
Total
100%
15,337
100%
Movement in the net balance sheet position:
2024
£000s
Net position at 1st January
-
Expense charged to Statement of Financial Activities
(361)
Amounts recognised in gains
361
Net position at 31st December
-		 2023
£000s
17,435
(16,655)
780
(780)
-
2023
£000s
607
14
621
2023
£000s
(2,654)
51
3,224
621
£000s
791
159
16,174
311
17,435
2023
£000s
-
(621)
621
-

20 Pensions

Movement in present value of defned beneft obligation:
2024
£000s
Defned beneft obligation at 1st January
16,655
Interest on plan liabilities
735
Actuarial (gains) / losses due to
Experience on beneft obligation
(238)
Changes in fnancial assumptions
(1,714)
Changes in demographic assumptions
43
Beneft payments
(714)
Curtailments and settlements
-
Defned beneft obligation at 31st December
14,767
Movement in fair value of plan assets:
2024
£000s
Fair value of assets at 1st January
17,435
Interest on plan assets
761
Actual return on plan assets less interest on plan assets
(1,794)
Running costs
(351)
Beneft payments
(714)
Curtailments and settlements
-
Defned beneft obligation at 31st December
15,337
Return on plan assets
(1,033)
Movement in the impact of the asset ceiling:
2024
£000s
Effect of asset ceiling at 1 January
780
Interest on asset limit
36
Change in asset limit other than interest
(246)
Effect of asset ceiling at 31 December
570
Signifcant actuarial assumptions at 31 December:
2024
Retail Price Infation (% p.a.)
3.20%
Consumer Price Infation (% p.a.)
2.60%
Discount rate (% p.a.)
5.40%
Revaluation of non-GMP in deferment (% p.a.)
2.60%
Life expectancy of male / female aged 65
22.2 / 24.8
Life expectancy of male / female aged 65 in 20 years’ time
23.5 / 26.2		 2023
£000s
17,023
797
(368)
455
(418)
(834)
-
16,655
2023
£000s
20,904
906
(280)
(607)
(834)
(2,654)
17,435
626
2023
£000s
3,881
123
(3,224)
780
2023
3.10%
2.50%
4.50%
2.50%
22.2/24.7
23.4/26.1

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21 Cathedral clergy pensions

St Paul’s Cathedral participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.

Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £25,160 in 2024 (2023: £37,371), plus any figures arising from contributions in respect of the Scheme’s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £nil (2023: £nil).

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:

Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded. The deficit recovery contributions under the recovery plan in force at each 31 December for the past 4 years are as follows were as follows:

Percentage of pensionable stipends 2024 2023 2022 2021 Deficit repair contributions Nil Nil Nil 7.10%

The 7.1% deficit repair contribution was payable from January 2021 to December 2022. An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2023 and 31 December 2024 is nil.

22 Capital commitments

The Cathedral has a contract with Buxton Building Contractors Limited to work relating to the build of the new boarding accommodation for girl choristers. The total value of the contract is £2,211,076. As at 31 December 2024, £960,064 was billed and is included in these financial statements. The outstanding capital commitment at 31 December 2024 is £1,251,012 (2023: £nil). All figures are stated net of VAT.

23 Contingent liabilites

The Cathedral and its subsidiaries had no contingent liabilities as at 31 December 2024 (2023: none).

24 Post balance sheet events

After consulting with the Trustees of the St Paul’s Cathedral Foundation, the Chapter has decided that there is no longer a strategic or financial need to maintain the Foundation. As a result, all future fundraising activities will now be managed directly within the registered Cathedral.

During the Chapter and Foundation Trustees’ meeting on 27 November 2024, the Deed of Gift was signed, outlining the details of the transfer of the Foundation’s trade and assets to St Paul’s Cathedral. The remaining funds from the Foundation were transferred to the Cathedral on the same date.

Following a period of inactivity in early 2025, a request was submitted to have the company removed from the Company Register, and an application was made to the Charity Commission’s Register of Mergers to officially record the asset transfer.

25 Related party transactions

Income of £1,590,188 (2023: £1,495,452) was received by St Paul’s Cathedral from St Paul’s Cathedral Enterprises Limited, being a distribution of 100% of the profit for the year. St Paul’s Cathedral Enterprises Limited was recharged salaries of £596,369 (2023: £518,435). St Paul’s Cathedral Enterprises recieved income from St Paul’s Cathedral for the provision of guidebooks of £51,726 (2023: £56,385) and recieved income of £7,500 (2023: £7,500) for the provision of event services. As at the year end, £596,615 (2023: £500,752) was owed and included within the Cathedral’s debtors.

Tuition and music fees of £596,693 (2023: £482,504) were paid by the Cathedral to St Paul’s Cathedral Choir School (“School”) to fund the education of the boy and girl choristers. Capital repayments in respect of a loan were made in the year of £109,425 (2023: £537,833). The loan balance outstanding at the year end is £1,231,567 (2023: £1,340,922). The Cathedral received rental income from the School of £136,804 (2023: £128,950) and received interest on the intercompany loan of £64,563 (2023: £93,905). As at the year end, £26,203 (2023: £40,009) was due from the School and included in debtors.

During the year St Paul’s Cathedral Foundation awarded the Cathedral grants totalling £392,239 (2023: £2,457,544). As at the year end £nil (2023: £1,043,108) was owed and included within the Cathedral’s debtors.

Friends of St Paul’s Cathedral (“Friends”) is an associated entity of the Cathedral and is a related party to the Cathedral by virtue of common Trustees. During the year Friends awarded grants of £80,000 (2023: £316,965) to the Cathedral in respect of:

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

As at the year end £62,477 (2023: £125,217) was owed and included within the Cathedral’s debtors.

During the year two Chapter members (2023: two) donated a total of £700 (£1,500) to the Cathedral Group.

The Cathedral takes out insurance cover to indemnify the legal liabilities of individual trustees as members of the Chapter.

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26 Operating lease commitments

At 31st December total commitments under operating leases were as follows:

Group
Under one year
Two to fve years
Total		 2024
£000s
24
42
66		 2023
£000s
24
65
89

27 Reconciliation of net income income to net cash inflow from operation activities

Group
Note
Net increase in funds
Depreciation of tangible fxed assets
10
Decrease / (Increase) in stock
Decrease / (Increase) in debtors
15
Increase / (Decrease) in creditors excluding bank loan
16
Investment property costs
5
Income from investment property and investments
Net movement in cash held in investments
13
(Gains) / Losses on fxed assets
12 / 13
Net cash provided by operating activities		 2024
£000s
6,112
300
9
571
452
373
(1,331)
(332)
(1,603)
4,551		 2023
£000s
7,123
306
(17)
(1,605)
(80)
274
(656)
(208)
(2,019)
3,118

28 Comparative Statement of Financial Activities for the year ended 31st December 2023

a) Group
Income
Grants, donations and legacies
Income from charitable activities
Income from other trading activities
Income from property and investments
Total
Expenditure
Raising funds
Charitable activities
Ministry
Cathedral and precincts upkeep
Education, learning, outreach, community
and congregation
Visitor admissions
Total
Net incoming resources
Gains on revaluations and
disposals of investments
Acturial gain on defned beneft pension scheme
Tax credit
Transfers between funds
Net increase in funds
Funds brought forward
Funds carried forward		 Unrestricted
funds
£000s
Designated
funds
£000s
Restricted
fund
£000s
Endowment
fund
£000s
Total
2023
£000s
1,161
-
3,171
-
4,332
12,056
-
4,687
-
16,743
3,226
-
-
-
3,226
564
-
92
-
656
17,007
-
7,950
-
24,957
(2,605)
-
(109)
-
(2,714)
(1,952)
-
(695)
-
(2,647)
(3,174)
-
(1,376)
-
(4,550)
(1,595)
-
(5,139)
-
(6,734)
(3,884)
-
-
-
(3,884)
(13,210)
-
(7,319)
- (20,529)
3,797
-
631
-
4,428
867
-
287
879
2,033
621
-
-
-
621
41
-
-
-
41
(4,672)
2,638
2,034
-
-
654
2,638
2,952
879
7,123
23,275
2,876
11,903
6,997
45, 051
23,929
5,514
14,855
7,876
52,174

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Appendices

28 Comparative Statement of Financial Activities for the year ended 31st December 2023 by Fund

b) Cathedral only
Income
Grants, donations and legacies
Income from charitable activities
Income from other trading activities
Income from property and investments
Total
Expenditure
Raising funds
Charitable activities
Ministry
Cathedral and precincts upkeep
Education, learning, outreach, community
and congregation
Visitor admissions
Total
Net incoming resources
Gains on revaluations and
disposals of investments
Acturial gain on defned beneft pension scheme
Tax credit
Transfers between funds
Net increase in funds
Funds brought forward
Funds carried forward		 Unrestricted
funds
£000s
Designated
funds
£000s
Restricted
fund
£000s
Endowment
fund
£000s
Total
2023
£000s
3,316
-
3,305
-
6,621
12,056
-
-
-
12,056
51
-
-
-
51
762
-
57
-
819
16,185
-
3,362
-
19,547
(589)
-
(109)
-
(698)
(2,171)
-
(695)
-
(2,866)
(3,557)
-
(1,376)
-
(4,933)
(1,457)
-
(208)
-
(1,665)
(4,205)
-
-
-
(4,205)
(11,979)
-
(2,388)
- (14,367)
4,206
-
974
-
5,180
867
-
179
879
1,925
621
-
-
-
621
41
-
-
-
41
(2,648)
2,638
10
-
-
3,087
2,638
1,163
879
7,767
20,822
2,876
10,723
6,997
41,418
23,909
5,514
11,886
7,876
49,185

Restricted fund descriptions

Those restricted funds with constituent movements and balances greater than £100,000 in a year are disclosed separately in note 19. Balances under £100,000 are amalgamated and disclosed collectively under lines ‘Other special trusts’ or ‘Other restricted funds’. Listed below are the restricted funds held by the Cathedral with brief descriptions on the purpose of each fund.

Special trust restricted funds

Alexander fund

These funds are to support Cathedral staff emergency welfare.

American Memorial fund

These funds are for repairs and general maintenance of the Chapel.

Bill Viola installation

These funds are to support general maintenance and refurbishment costs of the exhibit to 2026.

Chapter House - Right of light

These funds are to support repairs within Chapter House.

Choristers Memorial fund

These funds are restricted to support the maintenance of the Choristers Memorial.

Chorister tuition fees fund

These funds were bequeathed to the Cathedral to support the chorister tuition fees.

Crewe Dean fund

These funds are restricted towards the costs of exhibitions.

Fishwick Grant - Organ Scholar

These are funds are to support the role of the Organ Scholar.

Library fund

These funds are restricted towards the Cathedral Library.

Middlesex Chapel fund

These funds were originally restricted to fund the Mother and Child statue.

Music commissions fund

These funds are to support music commissions for special occasions.

Music tours fund

These funds are to support music tours for the St Paul’s Cathedral choir.

Visiting Preachers Fund Randolph Endowment & Ratcliffe Trust

These funds were originally donated to the Cathedral by The Randolph Endowment & Ratcliffe Trust. These funds are to support the cost of travel and other expenses for visiting Preachers to the Cathedral.

Tillingham fund

These funds arose from the capital sale of three cottages in 2007 and are restricted towards repairs or further development of the Tillingham Estate.

Vicars Choral fund

These funds are to support the salary and other related costs of the Vicars Choral.

Collections

Challenging History

These funds were received from the Museums Association to support the costs of the Challenging History Project for a two year period. The project came to a close in 2024.

Collections - other

These funds relate to a small number of restricted Collections projects.

Education

These funds are used to support the School’s and Family Learning and Adult Learning programmes.

Fabric

Americal Memorial Chapel

These funds are restricted towards the maintenance and repair of the American Memorial Chapel

Bells appeal

These funds are restricted towards the maintenance, repair and restoration of Cathedral’s clock bells.

Equal access ramp

These funds are restricted towards the installation of the permanent north transept access ramp. The project completed during the summer of 2021 and opened to public on 22 June 2022. The funds were fully utilised by the end of 2023 financial year.

Fabric - other

These funds relate to grants and donations received that are restricted towards non-specific building repairs of the Cathedral.

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Library project

These funds are to support the fabric of the Cathedral Library which involved decanting the Library for repair and restoration work. This project has spanned several years and the books were returned from storage back to the Library in April 2023. Funds continue to be used towards the maintenance of the Library.

Remember Me (Inner Portico)

A fundraising campaign was launched in partnership with the newspaper, The Daily Mail, during 2021 to fundraise the construction and operational costs of the Inner Portico in the North Transept. Construction started in late 2021 and was completed in May 2022. Since May 2022, the remaining funds will be used to fund operational costs.

Roof works

This funds relates to funding received for repair of the roof. This includes funding received from Historic England which came to a conclusion during 2021.

Sound system project

These funds are restricted towards the repairs and improvement of the sound system in the Cathedral.

Whispering Gallery safety

These funds relate to the installation of a safety rail in the Whispering Gallery. Work on the project commenced during 2022 with the main construction work occurring during 2023. The gallery reopened in September 2023. The remaining funds will be used to fund operational costs.

Music and ministry

Chorister funds

These funds are restricted towards the cost of chorister tuition and music fees.

Church Commissioners

These funds relate to restricted income received from the Church Commissioners to fund the stipends of the Dean and two residentiary Canons. During 2024 there was an underspend on s28 funding and on agreement with the Church Commissioners these funds were allocated towards the salary costs of the Virgers. All funding received in 2024 was fully utilised by 31 December. All grants received from Church Commissioners relate to s28 under the Cathedrals Measure 2021.

Girls’ Choir

These funds are designated for the establishment of a Girls’ Choir starting in September 2025. Capital works for the construction of new staff flats and boarding accommodation began in August 2024 and are projected to finish by July 2025, with a total cost of £3 million. These expenses are being capitalised, and the funds will be transferred to unrestricted funds once the assets come into use during 2025.

Ministry

These funds are restricted towards the cost of ministerial roles and / or services.

Music - other

These funds relate to grants and donations received that are restricted towards smaller music projects.

Music outreach

These funds are to support St Paul’s Music Outreach programme which is an innovative community engagement initiative to educate and inspire children across London through the arts particularly those from disadvantaged backgrounds.

Piano appeal

These funds relate to donations towards the repair and maintenance of the piano.

Vicars Choral

These funds are restricted towards the salary and other costs of the twelve professional singers who sing at the Cathedral during services.

Other funds

Church Commissioners

Financial support was provided for the salaries of the Digital Manager and Digital Learning Manager starting in August 2020, for a period of three years. This funding was fully used by the end of 2023. St Paul’s was granted an additional award in early 2022 to cover the salaries of the Corporate Giving Manager for three years, beginning on 1 May 2022.

Restricted - other

These funds relate to a small number of miscellaneous restricted funds.

Website

A grant of £150,000 was awarded in 2021 to support the development of a new website and cover operational costs over a five-year period. The project commenced in early 2021, with the website launching in March 2022. The remaining funds are allocated to cover hosting and support expenses through to 2025.

City of London - section 106 Fund

The Cathedral was awarded a sum of £1m in 2023 from the City of London Corporation under a section 106 agreement linked to the development of 81 Newgate Street, London.

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Restricted funds with balances under £100,000

As detailed in note 19 the smaller restricted fund balances, defined as having constituent movements or balances under £100,000 are detailed in either ‘Other Special Trusts’ or ‘Other Restricted Funds’. A breakdown of these two funds by individual funds are below.

Other special trusts
Bill Viola
Chapter House - Right of light
Choristers’ memorial
Fishwick Organ Scholar
Music commissions
Music tours fund
Total		 Group
2024
£000s
2023
£000s
87
86
69
66
15
15
69
90
21
32
21
21
282
310		 Cathedral
2024
£000s
2023
£000s
87
86
69
66
15
15
69
90
21
32
21
21
282
310

Legal and administrative information

The Chapter

The people who attended meetings of the Chapter during the year to the date of approval of these accounts are detailed below.

The Very Reverend Andrew Tremlett, Dean (Chair) Mr Peter Aiers OBE, Lay Canon (Non-Executive) The Reverend Canon Philip Banks, Precentor (from 5th October 2024) Ms Gillian Bowen, Lay Canon (Non-Executive) Ms Morag Ellis KC, Lay Canon (Non-Executive) The Reverend Prebendary Dr Neil Evans, Canon Steward (to 31st July 2024) Canon Dr Paula Gooder, Chancellor

Ms Alison Gowman CBE, Lay Canon (Non-Executive) Mr Clement Hutton-Mills, Lay Canon (Non-Executive) Mr Mervyn McCullagh, Lay Canon (Non-Executive)) The Reverend Canon James Milne, Precentor (to 17th May 2024) Ms Sheila Nicoll OBE, Lay Canon (Senior Non-Executive) The Reverend Canon Dr Catherine Okoronkwo, Steward (from 8th September 2024)

Also present were:

Other restricted (project) funds
American Memorial Chapel
Bells appeal
Challenging history
Equal access ramp
Ministry
Music - other
Piano appeal
Restricted - other
Roof works
Sound system project
Vicars Choral
Website
Total		 Group
2024
£000s
2023
£000s
34
34
46
46
-
30
-
(1)
5
3
35
34
4
4
6
6
1
1
71
71
-
-
6
19
208
247		 Cathedral
2024
£000s
2023
£000s
34
34
46
46
-
30
-
(1)
5
3
35
34
4
4
6
6
1
1
71
71
-
(1)
6
19
208
246

Ms Emily MacKenzie, Chief Operating Officer Mr Nick Sharman, Chief Financial Officer (from 29th January 2024)

College of Canons

The Chapter

As above.

Area Bishops and Archdeacons

Bishop of Fulham (Suffragan) Bishop of Stepney Bishop of Kensington Bishop of Edmonton Bishop of Willesden Bishop of Islington (Suffragan) Archdeacon of London Archdeacon of Hackney Archdeacon of Middlesex Archdeacon of Hampstead Archdeacon of Northolt Archdeacon of Charing Cross

The Right Reverend Jonathan Baker The Right Reverend Joanne Grenfell The Right Reverend Dr Emma Ineson The Right Reverend Anderson Jeremiah (from 19th May 2024) The Right Reverend Lusa Nsenga-Ngoy The Right Reverend Ric Thorpe The Venerable Luke Miller The Venerable Peter Farley-Moore The Venerable Richard Frank The Venerable John Hawkins The Venerable Catherine Pickford The Venerable Katherine Hedderly (from 19th May 2024)

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98

Prebendaries

The Reverend Prebendary Dr Brian Leathard The Reverend Prebendary Tunde Roberts The Reverend Prebendary Jonathan Osborne, MBE The Reverend Prebendary Irena Edgcumbe The Reverend Prebendary Francis Adu-Boachie The Reverend Prebendary Graham Noyce The Reverend Prebendary Dr Isabelle Hamley The Reverend Prebendary Dr Amatu Christian Iwuagwu The Reverend Prebendary Jane Hodges The Reverend Prebendary Wilson Gill The Reverend Prebendary Dr Jason Roach The Reverend Prebendary John Beauchamp The Reverend Prebendary Philip Chester The Reverend Prebendary Andrew Corsie The Reverend Prebendary Andrew Wilson The Reverend Prebendary Helen Shannon The Reverend Prebendary Jennifer Welsh The Reverend Prebendary Joseph Fernandes The Reverend Prebendary Philip Barnes

The Reverend Prebendary Deborah Wignall (from 4th February 2024) The Reverend Prebendary Idina Dunmore (from 4th February 2024) Prebendary Richard Gough (Lay member) (from 4th February 2024) Prebendary Professor Jane Williams, Lady Williams of Oystermouth (Lay member) (from 4th February 2024) The Reverend Prebendary Derek Winterburn (from 2nd February 2025) The Reverend Prebendary Clare Dowding (from 2nd February 2025) The Reverend Prebendary Andrew Rider (from 2nd February 2025) Prebendary Monica Bolley (Lay member) (from 2nd February 2025) The Reverend Prebendary Fiona Stewart-Darling (to 30th June 2024) The Reverend Prebendary Christine Cargill (to 16th January 2025) The Reverend Prebendary Jeremy Crossley (to 31st December 2024) The Reverend Prebendary Olubunmi Fagbemi (to 1st November 2024) The Reverend Prebendary John Kafwanka (to 25th July 2024) The Reverend Prebendary Sandra McCalla (to 23rd February 2025)

Minor Canons and Chaplains

The Reverend Robert Coupland, Sacrist (to 25th March 2025)

The Reverend Robert Kozak, Succentor (to 25th March 2025), Sacrist (from 26th March 2025) The Reverend Paula Hollingsworth, Chaplain The Reverend Tessa Bosworth, Assistant Curate (to 30th June 2025) The Reverend Timothy Miller (from 14th September 2025)

Fabric Advisory Committee (FAC)

The FAC supports Chapter in fulfilling its legal and practical responsibilities for compliance with the Care of Cathedrals Measure. Five members of the Fabric Advisory Committee are appointed by the Chapter, and five by the Cathedrals Fabric Commission for England. The Committee meets three times each year giving broad advice on, and statutory endorsement of, fabric project proposals. The external members of the committee are listed below:

Appointed by the Chapter:

Mr Sandy Nairne CBE (Chair) Mr Ashleigh Brown Ms Jane Cowan (from 25th June 2024) Professor Christine Stevenson Dr Virginia Tandy OBE

Appointed by the Cathedrals Fabric Commission for England:

Mr Chris Cowper Dr Jennifer Freeman OBE Dr Mark Kirby Mr John Neale Mr Paul Williams

Visual Arts Committee (VAC)

The purpose of the VAC is to provide expertise and advice to Chapter, the Executive Leadership Team, and on occasion the Fabric Advisory Committee, on the world of the arts, both domestic and international. Members are appointed by the Chapter. As an external committee the VAC has no governance responsibilities. The external members of the committee are listed below:

Dame Janet Vitmayer (Chair) Ms Pim Baxter Ms Christine Checinska Mr Mark Dean Ms Susie Gault Mr Skinder Hundal MBE The Reverend Dr Ayla Lepine

Trust bodies

The following bodies provide support for the Cathedral but are not consolidated in the annual financial statements as they are legally separate entities from the Cathedral with independent governance arrangements. For more information see note 18 to financial statements.

City of London Endowment Trust for St Paul’s Cathedral (COLET) Garfield Weston Trust for St Paul’s Cathedral (GWT) St Paul’s Cathedral Chorister Trust St Paul’s Cathedral Pension Trustees St Paul’s Cathedral Trust in America (SPCTA) The Friends of St Paul’s Cathedral The Order of the British Empire Chapel Fund

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100

Professional advisers and service providers

Bankers

Pension Actuary

Mr Richard Soldan Lane Clarke and Peacock LLP 93 Wigmore Street London W1U 1DQ

Lloyds Bank plc 70 – 71 Cheapside London EC2V 6EN

Statutory Auditor

Property Consultant

Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG

Strutt and Parker (to May 2025) Coval Hall Chelmsford Essex CM1 2QF

Insurers

Ecclesiastical Insurance Office plc Benefact House 2000 Pioneer Avenue Gloucester Business Park Brockworth Gloucester GL3 4AW

Knight Frank (from June 2025) 4A Denne Hill Business Centre Womenswold Canterbury CT4 6HD

Solicitor

Mr Owen Carew-Jones Winckworth Sherwood Minerva House 5 Montague Close London SE1 9BB

Investment Managers

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

Surveyor to the Fabric

Ruffer LLP (to May 2025) 80 Victoria Street London SW1E 5JL

Mr Oliver Caroe Caroe Architecture Ltd Office 5 Unit 8 23-25 Gwydir Street Cambridge CB1 2LG

Cazenove Capital (from May 2025) 1 London Wall Place London EC2Y 5AU

Cathedral Archaeologist

Mr Oliver Jessop TJC Heritage Ltd 3-5 Tapton House Road Broomhill Sheffield S10 5BJ

Financial summary since 2016

Income
Grants, donations and legacies
Charitable activities
Trading activities
Property and investments
Other income
Total income
Expenditure
Raising funds
Worship, liturgy and music
Cathedral and buildings upkeep
Education, outreach, community and
congregaton
Visitor admissions
Net incoming / (outgoing) resources
Net gains / (losses) on investments
Gain / (loss) on DB pension scheme
Tax credit
Net increase / (decrease) in funds
Total funds brought forward
Total funds carried forward
Funds
Endowment funds
Restricted funds
Designated unrestricted funds
General unrestricted funds
Total		 2024*
£’000		 2023*
£’000		 2022
£’000
2021
£’000
2020
£’000
2019
£’000
2018
£’000
2017
£’000
2016
£’000
2,655 4,332 2,582
7,024
8,058
4,007
1,857
2,200
2,384
18,317 16,743 5,028
4,398
4,204
4,515
4,520
4,058
4,157
3,525 3,226 9,653
2,667
2,270 13,416 12,420 11,170
9,409
1,331 656
428
323
525
467
201
408
363
-
-
-
2
-
3
-
-
-
25,828 24,957 17,691 14,414 15,057 22,408 18,998 17,836 16,313
3,075
2,714		 5,877
2,999
3,991
5,966
5,493
4,881
4,014
2,806 2,647
2,463
1,697
2,057
2,429
2,667
2,530
2,637
3,773 4,550 3,832
3,838
5,538
4,631
4,105
4,163
5,154
7,593 6,734
5,540
4,878
5,064
5,143
4,279
4,224
4,033
4,470 3,884 -
-
-
-
-
-
-
21,717 20,529 17,712 13,412 16,650 18,169 16,544 15,798 15,838
4,111 4,428
(21)
1,002 (1,593)
4,239
2,454
2,038
475
1,603 2,033
(556)
2,186
867
3,237
(16)
1,672
1,726
361 621
-
-
-
-
240
(605)
(622)
37 41
-
-
-
-
-
-
-
6,112 7,123
(577)
3,188
(726)
7,476
2,678
3,105
1,579
52,174 45,051 45,628 42,440 43,166 35,690 33,012 29,907 28,328
58,286 52,174 45,051 45,628 42,440 43,166 35,690 33,012 29,907
8,278
7,876
6,997
7,703
6,545
5,951
4,861
4,774
4,233

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102

11