THE CATHEDRAL CHURCH OF ST PETER, BRADFORD TIA BRADFORD CATHEDRAL Registered Charity No: 1206572 ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024
THE CATHEDRAL CHURCH OF ST PETER, BRADFORD ANNUAL REPORT AIYD FINANCIAL STATEMENTS For the year ended 31 December 2024 Contents Page Bradford Cathedral Legal and Administrative infomation Trustees, Annual report Independent Auditors, report Consolidaied statement of financial activities 10 Con501idaied Balance Sheet Bradford Cathedral Balance Sheet 12 Consolidated Statement of cash flows 13 Notes to the Finan¢ial Staternents 14-28
BRADFORD CATHEDRAL For the year ended 31 Deremb¢r 2024 Legal and 8dministrtlvt Information Z024 Constitution.. The Cathedral is governed by the Constiiution and Statut¢s for the Cathedral Church of St P¢r BTadlord drawn up in awrdsnce with the Cathedrals M¢ure 2021. Address: Bradford Cathedral. Stoti Hill. Bradford BDI 4EH Gener81 e-njiil.. infena bradfordcath¢dral.org Website.. www.bTadfordcaihedral.Iwg ChApter Members= I'h¢ Very Revcrend Andy Bowcrman. Dean of Bradford. Chair The Reverend Peie Gunstone {until l May 20251 Th¢ Reverend Conon Ned Lunn Appoinled by ihe Bisli(Ip.' MT John Chuier (Senior Non Executive Member) Appoinled by Chapter artdapproved by ihe Bishop.. Mr Malwltn Carr Canon Cal Bailey Mrs Fiona Be¢v¢rs luz]til 18th March 2024} Carton Emeritus Zahida Mallard Revd Canon Richard Burg¢ lfroTn 8th January 2025} Dr Latnbert Ofttgbu Ilrom 15th July 2024 until 13 January 20251 Appoirtied by ChopÉer and&pprovedby Ihe Bishop afelr elecÉioRt by members on fhe Cufhedral Eleclorol Role." Mrs Monica Slorom Mrs Jenny Price Chltf Operation5 Officer: Mr AndTew Mccarthy Director of Fin#ntt'. Mr Simon Dennis C8thedr#l Architett: Ms Ulrika Knox, Knox M¢Connell Architrct5, 24 Victoria Roa( Sl81r¢. Shipley. BD18 3JR Ahe010%lst. lan Roberts Director of Music: Mr Graharn ThorpE Independent Auditor5= SatTery LLP, 10 Wellington Place. tteds, LSI 4AP Banker5: Borclays Bank plc, PO Box 224, lo MaTk¢t Stred. Bradford BDI IEG Solitltor: Lupton Fawcett LLP. Yorkshire House. East Parade, Leeds LSI 5BD Finance Committee: Nominations Committee.. Conon Cal Bailey (Chairl The Very Reverend Andy Bowemian, Dean of Bradford Canon Alex McL¢lland Mr John Chuter The Very Rtvercnd Andy Bowerrnan. D¢an of Bradford Ms Kersten England (until 20th May 2024} Mr Dean Woodward MT ChaTle8 Daere (from 18th September 2023 to 20th May 20241 Mr Zuifj Hussain (from 4th Sept¢Tnber 20241 Ms 8aira Ali (from 18th Sepiember 2023 until 20th May 20241 Mr mcolm Carr con Roland Clark F4brit Advisory Committee: Mr Edward ItnFKy IChaiTI Mrs Monica Slocombe IChapt¢T RepTesentative} Mr Charles Gurrey luntil 17th Novemkn 20241 Mr ChTlStoph¢r Ing lunlil 17th May 20241 Mr Richard Butterfield Ms Lauren Blow Mr Andrew K¢FKzyk Page I
BRADFORD CATHEDRAL TRUSTEES, ANNUAL REPORT AND FIiYANCIAL STATEMENTS For the year endtd 31 December 2024 Structurt, Governance ManagetDent ThL Caihedral is a r¢gi51ered Charity INO. 12065721 as stipulated under the Cathedrals Measure 2021 and as expressed in its govL'rning Consiitulion and Statutes. Bradford Cath¢dral 15 a parish church cathedral whose governance is guided by the Chapier, the College of Canons, aud th¢ Senior Managerneni Group ISMGI. The Cath#dral is an iniegral part of the mission and work of the Anglican Dioccse of Leeds. being one of three Cathedrals in the Dioc&r. Alongside the C.alh¢dra15 Qf W&kefiLld 2nd Ripon, it 15 'the Seat of ihe Bishop and a centre of worship Ènd rnis8ion'. It supports the Bishop's work. provid¢s resources for the wider work of the Diocese, 2nd has a particular role in city-centre mi8sion and inisiry in iht Metropolitan District ofBradford. Chapter The Chapier is the ¢x¢cutive body whose duty is to direct and oveTsee ihe adminisiraiion of the affairs of ihe CathedTal, covering everything in which the Caih¢dtal is engaged including for exarnple the conduci of worship, the rnanagement of property ond finance. and sirhiegic planning. It5 tnembtrship consists of the Dean lappoinled by the Simeon Trustees in accordance with agreed praciicc for the apwintrnenl of deans in th¥ Church of England), the re5identiary canons lappoinied by th¢ Bi5hopl, Iwo mcmbcrs apwinied by the Bishop, one of whotn has expertise in finance. Day-lo-day operation of the Cathedral is d¢legaied by Chapter 10 (he Chief Operaiing Otfic¢r who works jointly with the Dean, el¢rgy and Departmeni Heads to ensure that Chapter's dircthions arc carried out. Line manag¢m¢DI of DL'Partment Heads is divided betw¢¢n the Chief Operaiing Officer. the Dean xnd Iht Clergy. Each staff mernber h&s an annual perfurrn2nce review and ha5 specific objectives to achieve for each 12•tnonih period. Each tkpanment Head is re5pon5ibl¢ foT line managing indxvidual staff in their department. The memb¢r5 of the Chapicr have the general control and Tnandgement of the administration of the Cathedral. Accordingly, rhey are the charity truste¢5 Of the Cathedral for (he purposes of th¢ Charities ALt 2011 following the cornm¢n¢¢ment of the charity provisions under section 53161 of tht Measure in relatioll to the CathdTAI. Coll¢ge of Canotks The College of Canons cotnpriscs.. Ihe Dean. every suffragan bishop of the diixese, every canon of the Cathedrnl. every arthdeacon of the Dioc¢s¢. In addition 10 its funciions under the Appointment of Bishops Act 1533, it fvlfils the following funciions at an annual tneeting of the College, lo receive and consider ihe Annual ReporL and Audit¢d Accounts of each caihedral of the Dioc¢s¢', bl Ihe discussion of 5u£h Tnatters tonccming any of the cathedrals in the Diocese as m2y be raised by any of its memb¢rs'. and to support the ministry and tnission of the cathedrals ofihe Dioce. acting as crilical friends io their r¢sp¢ctiv¢ chapter5 and a5 atnbassadors for lh¢ cath¢dra15 in th¢ Dioc¢5e gnd Tnore widely. The Dn and the Canons of each cathedral in the l)ioc¢se lknown as a-'branch" of ihe Coll¢ge of Canons) must hold ai leasi two meetings ¢&ch year at theiT iespeciive caihedrals lo disCU55 5u¢h fflaticrs as may be raised by any of th¢tn OT T¢feTred 10 them by Ihe Dean or th¢ Chapter. Comtnitttts Nominulions Conimittee." The Nominativnb Comtniltee musi advise the Chapter on.. the recruitment of Don-¢x¢¢utive members. bl ' th¢ recruiimeni of Membe of committ¢¢5 Of the Chapter. the training need5 of tnembeT8 of ihe Chapter, the recruilmeni of Members of an advigory body, and el the procedure fer ihe selteiion and approval of cgndidai¢s for election as non<xecutiv¢ m¢rDbeT$. dl The Nominations Committee must. keep under review the skills, knowledge and experience of. and the diversity among, members of the Chapier and members of each comJDittee lincluding the Nominations Committ¢¢ its¢lfj, ond., bl where. in light of a revicw under sub-paragraph lal, the Committee id¢niifJ¢s are where itnprovemenis are required, make recomrllendations to the ChapteT on how io make those 2mpTQV¢tn¢nts, Page 2
BRADFORD CATHEDRAL Trustees Annual Report and FiRaneial Statements for the year ended 31 December 2024 (¢td> FIAonc Committee.. Th¢re is also a Finance Committ¢¢ of the ChApter which advises the Chapter in connection with its responsibiliiies in ihe field of financi artd investment management and th¢ rnanag¢ment of property belonging lo th¢ Cathedral. The Committee musi have. A Tninitnum of5 mtmbers and a maximum of 9 m¢tnbers. bl The Ct]apt¢r shall appoint 1 members of ihe Committ¢¢, having wn5ulted the Nominations Comrnitt¢¢. The Chapier may appoint up to 7 tnetnb¢rs i>f the Committee who are not Chapter tneTnbets. dl Th¢ chair of the Committ¢¢ must be appointed by Chapter. Tht person appointed to chair th¢ Cotntn2ttee musi a non-executive member of Chupler. AdI1 Risk Commillee.. 'rhe Audit and Risk Committ¢¢ ha5 not yet been formLd. When il has ils purpo will be to enable Chapter members to meei their resPOll8ibilitits by providing independent oversight of the Cathedral's systems o( internal Control, Tisk martagemeni and financial reportin& and ihrough supervision of th¢ quality. irtdependtnce and effectivene55 of both the iniemal and exiernal audiiors. The Committte MU have: minimum of 5 member5 and a tnaxitnum of 7 members, provided that at least I m¢Tnb¢r of the Commiiiee is a non-execuiive Chapter membcr. bl Th¢ ChapteT Shall appoint all member5 of the Cornmitt¢¢ The mctnber5 so appointed need not be Chapter members laE)d should not b¢ ¢x¢cutive Chapier mcmbers). dl The chair of the Comtnittee must b¢ appointed by the Chapter. The p¢rson appointed to chair the Commiiiee musi noi b¢ tneTnber ortht Chapter. Olher Committees.. Seciion 17 of th¢ Cathedrals M¢asur¢ 2021 (the -'2021 Mesurt"I Confe power on Chapter 10 irttlude in ihcir Constiiuiions provision for the establishment of comrnitt¢es and Sub cummiiiees. The funciions of each such cotntnittee QT sub-commitiee must be gel oui in Terms of Reference set by th¢ Chapter. which may also supplement the provision5 in relation 10 such commiltces and sub- commirttts sei out in the CoD5titution and Siatuies. Th¢se Terms of Rcfcrence are made by ihe Chapter in tT¢ll¢ of the power conlcrred on the Chapter by 5.17 of th¢ 2021 M¢asu and th¢ Chapter's CoASlilUtion and Sraiutes. Thes¢ Terms of R¢f¢r¢nce supplLment ihc provisions in (he Constitution and the Statut¢5 in r¢latioTh to ihis Committee. Safeguarding.. 'rh¢ pritnary function of (he Safeguarding Comtnittee is to Thainiain strateEic oversight of safeguarding at Bradford Cath¢dr#l o behalf of its Seni¢r Managemeni Group and Chapter. and promot¢ a posltive OTganisaiional culture in regards to 5af¢guarding. The Senior Mithagement Group 'I'he Senior Management Group 15 accountable to the ChapteT for the executive managem¢ni of the Cathedral and is Tesponsibl¢ for fortnulalin8 siraiegies, plans and budgets tor the approval by the Chapier. The Chapter may is$ue 10 the Senior Management Group schemes of d¢ltgation land tnay update such schemcs from tim¢ to iimel selling out th¢ t¢rtns on which the Senior M¥ageMent Group may take dwi5ion5 on khalf of the Chapter and any associated conditions or IiTniiations. Schemes of delegation may authorise the Senior Management Group to further delegat¢ such outhority to individual members of the Senior Management Group or employee5 of the Chapter. Friettds of Brxdford Cathedral Thc Chapier works together with th¢ Friends of Bradford Caihtdra] who provide additional r¢50urce5 for the fabTiC 2nd tnission of the Cathedr. Objectives The Cathedral's Currnt strategy wos launched at Penteco in 2023. This 5tal¢% that our vision is to 'WLavL Jesus into Ihe rich fabric of the csty and beyond" A s¢rie5 of airns sit beneath this vision and all immediate and loDg¢r-t¢rtn planning is now based on this new vision and the activitie5 wh5ch aTe being developed linked to the aims,. We airn to b¢com¢ more 5U5tainable. W¢ aim to be¢ome more visible. W¢ aim to become mort ac£essible. Page 3
BRADFORD CATHEDRAL Trustees Annual Report Finanelal Statements for the year ended 31 December 2024 (ctd) Manag¢ment The Caihedral Chapter 15 resPOll5ible for compliance with the provi5ion5 laid down by the Church Commissione under the poweT5 given them under the Cathedrals M¢asuTe 2021., (al preparing and publishing an annual report and audited accounts which give a tru¢ #nd fair view of the financial activiiies for each finanLial year and of the assets, liabilitle5 and funds ai the end of each financial year of the cath¢draJ and ils connecied entiiics: Ibl siatirtg thai (hey have complied in all rnaleritl resptcis with these regulatiotL5 or describing whi¢h recommendaiions have noi been cornplied with and giving reasons lor the non-cotnplianLe", Icl 5¢1ecting 5Uitable accounting policies and ihen applying Ih¢tn consistenily-, Idl making judgtm¢n15 and ¢Etimates ihai are reasonable and prudent. lel k¢¢ping proper accounting records frorn which the financial posiiion of the Cathedral can be asc¢rt8iD¢d with r¢Lsonable accuracy ai any titne; ID 5afeguoTdittg the assets of the Caihedral and hence takirtg reasonable steps for the prevention and det¢ction of fraud other In accordance with the Cathedrals Mtasure. 2021. no 2, Propcrty. Section 24, Ihe Chapter of a cathedral may. in respect of money which tomis part of the perrnaneni endowmcnt of the cathedral or 15 otherwise v¢51¢d in the Ch4)ter.' inv¢5t it in the acquisition of land invest it in an invesimcnl fund or deposit fund con5titul¢d under the Chureh Funds Investment mUre 1958 invest it in any investments in which trustee5 may invest under the gcneral power of inveslmellt in Section 3 of the'fTU5tee Act 21M)O las f¢siricied by seciions 4 and 5 of Ihat Acil dl Use it foT the improwement or developmenr of property ve5t¢d in the Chapter. Members of Chaprer are aware ofth¢s¢ r¢spon5ibilit1¢5 as trust¥es. New members of Chapter are inducted by th¢ D¢8n and the Chief Op¢ratirt8 Officer, wirh particular reference to current 155u&% faced by the Cathedral. All members of Chapter und¢rtak¢ an inductio proLe85 as directed by it]e Association of English C8thedr&s. In addition, rtcw members are offered place5 at the national training events for new Membe of Chapter. and at nation&1 or regional Iraining appropriaie lo their particulgr role5 in the CaihedTxI and Chapier. The Chapter reviewed the tnajoT risks 10 which the Cathedral is exposed, and has ¢5tablished systLms, proeedurts and siruciures io miiigaie ihose risks including a risk Tegisier which is considered and reviewed regularly al Chapt¢r Tneetings. More ddail is sei out und¢r"Principal Ri5k5 and UDc¢rtainties' on page 6. Th¢ retnuneration of the Dean and Clergy ts determined by the Church Cornrni88ioners nailonly. The remuneration of all staff is reviewed annually by ChapteT and Chapicr lake account of ihe guidanc¢ of the Church Cotnfflissioners whttn making dc£isions on th¢ payTn¢nl of lay siatT. bl Dean's Report Our Purpo$e- To Wee JesuslNio ihg richfabric oflhe city andbeyond Our Values: Jnierculiurality, Rooledness. Innovativen¢5s qndHospilolity Our CaihedTal story brings togLihLr almosi 1400 years of Christian witness on or near this Site. It is a siory of faiih woven inio Ihc roundation and heart of our city bom at the 'broad ford,. It remains a tapestry wh¢re w¢ 5¢¢ a story of ¢hange and ambition, of hard work and deditation. of failures and disappoinimeni. Yei one where we continu¢ 10 5¢¢ evid¢nc¢ Qf a God who is faiihful, in whom we can tru81, a Piciure where wc see before us images of live5 and wmTnulliti¢s tTonsformed. As I writ¢ this we aTe well into ihe fiL stason of Bradford h05ting the IJK City of Culture. Wc hav¢ begun with a flourish. dee12ring that we ar¢ rising to take our place on the world siage. We at Bradford CathedTal ho thai all the preparatory work of 2024 will continu¢ 10 enable us to weave some familiar and new ihreads into the %lory that we art crttling. You will find coniained in this report tnuch io celebrate, our continued TOOtedne55 th¢ vaJu¢ wt pla¢e on hOl(alIty. The way that w¢ are becoming confident as horn¢ for iniercultural welcome and innovaiiven¢5S. Page 4
BRADFORD CATHEDRAL Trustees Annual Report and FinantiAI Statements for the y¢4r eDded 31 December 2024 (ctd) As in any sewn we have had 10 say goodbye to 50m¢ faithfijl tnembers of the itam and the community-yet we retnoin a peopl¢ founded on the hopc we have irt Jcsus. We have once again welrotned new friends and families inio our worshipping comtnunity and in (he staff teatn. Fach is beginning io offer (heir own uniqu¢ perspective and gifts. We are continuing to siriv¢ to ensur¢ that w¢ a place and a people are a sustainable. an acces5ibl¢ and a visible presence in the Ciiy and acr055 the Dioc¢5¢ of L¢¢ds. 2024 w35 a year of deep and moving worship, of rich and joyous events. of installation5 and heritage visits and of so much rnore. Much being done io PTcparc us for 2025 and the UK City of Culture. We couldn't do any of these thing5 Withollt a 2reat team. Stalr. volunt¢¢rs. patrons, clcrgy. friends, the congregation. the ¢hoir and so many more that have played th¢iT Part. For th& we are very grateful. Thank you. Conclusio May you find in the word5 and numbers within Somcihing ro spark your curiosity. ¢Drourage your faith and a reminder thai th¢ God who seni Missionari all thos¢ year5 ago to the broad ford, rLmains with us now. Publie Benefit Stxtemcttt W¢ have four statemcnts which. when combined, forffl our vision and sirategy for the Cathedral a5 w¢ll as illustratin8 the way in which the Cathedral addresses the issue of providing public benefit. The four siaternents are.. A Purpose- To IVéThvÈJgsus IA¢0 ihe richfobric ofihe city beyond 2. Core Values- Inlercullurylity, Rootedess, InnovotAvgrtess H05pilality and A 5ertes uf llmbitions to become more.. susluinable,. visible (essIblé. 4. Fifteen aims flow frotn these bitiOnS and a strategie a¢tion plan was d¢veloped in 2023 In the course of developing the above 51at¢tnentS. dnd in their implemeniaiion. rhe Chapier ha5 had regard to the Charity Corntni35iott's guidance on Public Benefit and b¢li¢v¢ it hos tomplitd with thai guidance. Much of this public benefii derivcs from the Cathedral's place in the heart of the Cily, which means that we are well Pled to contribut¢ 5ignificartily 10 public life through our role 5UPPOrting Edu¢ation, the Arts, the vulnerable. and wider Public Life. Fithxntlal Report Summary of the Year Thi5 year has seen the Caihcdral continue to invcst th¢ funds it has accumulated over the pam years through the u5¢ of rtTi¢l¢d fund5. However, the Cathedral benefiiied from a very 5ignificani legacy towards ihc end of 2024. to the value of £97.792 and thi5 ha5 eoniributed to an unrestTiCted SUTplu8 in the year of£145,99312023: £43.019 deficit). We retain gubsianiial reserves to noi only guard against futUTe illCTeases in costs or loss of income bui also provide for investTnent in property in (he future. This has been mad¢ P055ible by.. Congregational giving for which we ar¢ very grateful A number of generous legacies An increase in Ihe numb¢r of ev¢E)ts where organisations hiTed oTrJr building The senior team at the Cathedrdl has once again been siablc ihroughout 2024. A5 a r¢5uIL we have beLn able to coniinue a focus on thc delivery of th¢ Cathedral'5 Strategy well as bcing able to complete our significant r¢view of staffing to iry io ensure siaffing costs match the resources available more closely. The continued success of our programme of event hiies and iht significani leB8Cy rcceived means that we are well placcd 10 face the challenge5 of th¢ future. However. the Tecent quinquennial inspection, which was costed in 2024. revealed a poierttial cost of£i.4m over the next ten y¢aTs to ¢ontinue 10 maintain the eat¢ 10 the current siandard. although no ntw urgtni works were identified. This QI exclud¢5 the potenti cost of energy etTiciency Wor to acheiv¢Net Zero as well •% possiblc furthcr improvcmcnis to ihe Close beyond day to dxy Tepairs. However, we now have a profe55ional Fundraising MaDager on the itam and we are hopeful that funds can b¢ rni5ed to enable the necesary caprial works. At the moment the financial outlook for the coming three years is very tight" ond w¢ r¢tnain dependent on both fundraising and the availability of grant funding to enable us 10 delivcr Ihe agenda ahead. Chapterfs budg¢l for 2025 currently suggests (hat free reserves will be at £248,000 by the ¢nd of 2025 bui £97,000 of this is needed for purnp PTitninE foi capital work. Free reserves are ¢xp¢¢t¢d to b¢ b¢ betw¢tD £145,000 and £158.000 over rhe coming three years and work ¢ontinue8 10 ensure th¢s¢ can be maintained. D¢t*iled Finin¢ial Review 'I'oial irtcome durittg the y¢ar was £1,022,39612023.. £923,121). In toial ihe Cathedral spent £994,46512023.. £1.046.2701 in th¢ course of ihe year, leading io a ioial surplu5 of £27,931 12023.. £123,149). The increased tncom¢ was principally due to the above m¢Dtioned Icgacy. supported by increased Cathedral Hir¢5. The decrease in expendiiure was caused by spending less on the Close PToperties this year following significant spending in 2023. as well as a similar low¢r level of spend on th¢ Cathedral Organ. Pag¢ S
BRADFORD CATHEDRAL Trustees Annual Report and Financial Statements for the year ended 31 December 2024 (etd) Sourees of FinaDce Th¢ ttojol sources of finance received during the past year remained congregational giving Isupported by Gift Aid) to the value of £96,313 12023.. £92,754), a grani from th¢ BTamall Foundation far ihe suppon of our Music and Choir of£50.00012023.. £50,1)001 and a continued generous grani from th¢ All Churches Trust of £18.813 12023.. £21.8751. Additiontlly, the Cathedral would not function wiihoul the suptM)rt of Chyrth Commissioners, grarjts of £456.17112023.. £469,7151 to finance the cleTLv and lay salaries. This lalt¢r Sum includes income from ihe Commissioner'5 Cathedrals Susiainabiliy Fund which generously supported Iwo posts over two year5 frotn 2023 10 2025 and a further two post5 from 2024 through 10 2026. Finally. our events and hire programme generated gr055 incotne of over £IIK>,OIJ) for ihe firsi lime ever. The Cathedral Chaprer is con5CiOU5 of the level oldcpcndcncy it has on the Church CoTnmi8sioners funding and continually seeks to maximise oiher sources of in¢Dtne. To this end, continuing lo diversify our incotne is a key element of our fiDaDcial strategy for the coming year a5 part of the wideT Cathedral Sirai¢gy. Inves¢meDt Poliry Ithd PerformAn¢e The Cathedral cutrently has limited investments and has developed a highly risk averse approach to invesimert with historic. tndowed and sorn¢ T¢Stritted funds invesied with CCLA Inv¢sttnent Management Lid and significant levels of cash held in an inicresi bearing account with the CaihLdral Chapier's bank. In 2022, th¢ decision was made to move £300,(MY) of cth into the Parish Deposit Fund which awards a higher inicrest raie than the bank'5 offer. This has generaitd significant returns in 2024. At 31 D¢cetnb¢r 2024, the Cathedral held a market valu¢ of £69.41012023-. £67,857) of inve5tm¢nts as part of endowmeni funds and £353.21112023.. £345.3111 as part of reriCted fund5. Th¢ majority of the funds arc invesied wilh the CBF Church of England Deposii Fund.'I'hese investments have generated a r¢luTn of tnore than 2.90/0 on market value in 202415.6/ts in 20231 and tnarkei value increased by 2,270/0 la decrease of 10.60/y in 20231.This wos PTincipally due to ihe r¢cov¢ry frorn the ecortomic impaci of the war in the Ukraine. The majority ofihe Cathedral's financial #5sets are held in Ihe fom) of ¢h balance5 Wlth its bank. ofiis total cash balance al the end of 2024, a sum of £170,IK)012023.. £105,6091 was held in an-Active Sav¢r" account which g¢n¢raled intere81 incornc of £3.342 12023.. £2,727). A sum of £31K>,(KJO continue5 to be held wilh CCLA ov¢r the Course of 2024 which generated Intere income of £19.183 {2023.. £11.4741. In th¢ course of 2024 Chapier iniended to review it5 Inv¢sttnent Policy to deiemiine wheiher it5 long standing approach to inv¢stm¢nt5 retnained the correci policy in ihe light of th¢ low interest rates currenrly availabl¢. In undertaking this review, Chapier wanted to ensuTe sufficient cash was available to d¢liv¢r any si8nifiLani projects whilst also remaining risk dverse in ils jnvtsimeni d¢cision$. However, due io time constraints thi5 revi¢w did noi occur and although the Finance Comtnittee Lonsidered a draft Invegmeni Policy in early 2020 due to th¢ pandrrnic this work has still not been cornplcted. The work is now scheduled by the Finance Committ¢¢ for latcr in 2025. Reserve5 Policy It is the policy of lh¢ Cath¢dr21 Chapier to retsin sufficient unrestricted reserve8 io engurc ih21 they are. as a minimurn. 5vfficient ¢0 fund th¢ bd eted uthrestricted running expense5 of the Cathedral for * period of six moDths. Chapterfs reserve policy is currently expressed a range based on a lower l¢v¢l of SIX tnortihs unresirieted budgeted ¢xp¢Dditure and and an upptt level bastd on a finLIa1 assessmeni of its current risk r¢gister.'Ihis tesulis in a range of between £155.000 and £190,000 and coniinues to incTease as the Cathedral expands. Following it5 success in recent years ofrebuilding r¢s¢rv¢s. the 2024 financial year has seen Chapter oD£e again excttd its reserves tsrget as tr¢¢ reKrve5 In¢t untestricttd Se plus planL property and ¢quiprn¢ntl now equate tn £.701.231 (2023.. £155.23RI. Cathedral Chapter set a deficit budget for 2025 of £52.06712023."£66,2671, £36,06712023.. £15.1921 of which falls in unrestTi¢ied funds. Thi5 will see unrestrieted reserves drop back below the range set. alihough Chapter intends io set aside designated fund5 of £97,(XX> which could be used io supwift unrestricted spend. Chapter will revisit its reserves policy in the wurse of y¢drio ensur¢ that th¢ taTg¢t level set is adequaie for the risks that it faces. PrlthcipAI Risks Uncertainties The CJthedr21 has an organisational Risk Managetnent Toolkit, developed in conjunction with Ecclesidstital Insurance UK. This sets out the cathedr,$ risk policy and procedures, and ha5 help¢d etnbed risk m2nagement principles and proc¢55es Ècross All clergy, staff and volunteeT8. An organisational risk register is in place which currently includes 27 risk5. Th¢ risk register is reviewed at each ¢¢ting of Chapter and amended a5 required. Th¢Te ar¢ 2 risks included in the r¢gister that are d¢signated'high' post-mitigation. These ." Buildings & Precinct- Sudden building failuTe resuliing in significant additional cost to keep buildings safe tnd useable Financial- Lack of finance to sUaIn existing Staffing stru¢ture Page 6
BRADFORD CATHEDRAL Trusttts Annual Report and Financial Statements for the year ended 31 December 2024 (etd) Th¢ cathedr has robust H&S poli¢ies and procedures in plac¢. Risk oss¢ssmenis relating io specific arcas of Cathedral activity are reviewed ond updated annually. and projetts and tveni risk ass¢ssm¢llts are produced as required. Th¢ Cathedral adheres 10 the Church of England's Proinoting a Stfei Church safeguarding policy 5taiemeni 2nd has a range of prw¢dures in place 10 support safeguarding best pradice. An Audit & Risk Comrniite¢ will be ¢5tablished as part of implementation of the Cdihedrals Measure 2021. The coTnmitt¢t. when formed, will have terms of reference approvd by Chapter and its remit includes both financsal and non-financial risk. Future Plans 2025 will see continu¢d work 10 deliver the tundrai5ing targets we have sei ourselves with almost £50,QOO of new income needing io be raised in the year to r¢dute the pressure on unrestricted funds and enable us io balance staff cosis with new iftcome. Delivery of the Caihedral Strat¢gy und a&SULiaied Aciion Plan. as well a5 a nutnbeT of gignificani grant applications for pogis in Music and new capital works will need to be delivered in the year. In addition, planning for ihe future following Bradford 2025 and ih¢ opportunities it will bring is itnportant. Going toncern Lhpater has a mcdjum ierm tinancial pian which seis out ils ambition to rais¢ additonal Income and diversity its Income sources to b¢gin to reduct reliance on the ChuTch Cotntnissioners. This plan aims io maintain a minirnurn level of Fre¢ Reserves throughout a P¢Tiod where our targets for new incotn¢ will increase as sei out above. Whilst we have incotne taoeis that are sirelching, progress to date in 2025 has been encouraging and theTe is every possibility ihat they will be m¢1. Monitoring processes have been improved in OTder 10 ensure income iargets arc Tn¢t. In cong2deration of all of the abov¢ Chapter do noi consider there to be a material uncertainty re121ing io going concem. This is, in parti¢ular. due io having general funds in exc¢ss of ossessed minimum rcscrvts and ¢h flow projetlions from Iht daic ol signing these accounts up lo tkcemb¢r 2026 sugg¢51ing the cash position will remain manageable throughout the period. The Very Reverend Andrew Bowerman Dean of Bradford 13Ociober 2025 Page 7
BRADFORD CATHFDIi4L INDEPENDENT AUDITORS, REPORT TO TIIE CATHEDRAL CHURCH OF ST PETEK BRADFORD For the year tnded 31 December 2024 OplDIDD Wt have auditrd the fin&Dr1 statsmehts of the CathedrAI Chur¢h of St Peter Bradford for the year Ended 31 December 2024 whirh ¢ompnSt the con501id#ttd SL2temeni of financiol pclivilies. the consolidated and Lxthedral balanLe shttts. the consolidated 5tst¢mtnt of c8sh flo und note5 lo th¢ financial staternent4 irteludin8 Sl8nificant acwunting pDliCieS. The financial reill8 framework that ken applied in their Prtpar10n Is applicable law and United Kingdom Aectsurttin8 Standards. Includin8 Financial ReKthin8 Standard 102, th¢ Fin2nCial Reportin8 Standard applirnwe in the UK And R¢wblicoflreland IUnid Kin8dorn(ienerally Aeceptyj Accountsng Pt#¢tittl Tn ouropinion. tht financi&l 5tsments. givea true and fair view of the Cathedral's state of affair5 a5 ai JI D¢Mber 2024 and of Its incoming [¢t$ and awlication of Fe50urce5, for IhB y¢ar Ih¢n tnded. have been prOrIY prepared In accOrd2rtce with Unised Kin8dom Gera1]Y Aeeepied Accountin8 Praciice. ?nd have been prepared in accordance wilh Section 30of the Cathedral's Measure 2021 and th¢ Chaniies Act2011 515 for0p1j0 We conducted our audi¢ In attord8nce with Intrrnational Slanaards ort Auditin8 IUKI (ISAS IUKII ond applitable law Our responsibilitie5 ullder th05f 5tsndards are further de5crib¢d ID Ihv Auditor's responsibiliiie5 for the audit of thÈ financial statements section of our reKth We are 1ndependeni of the Cathedral In 2¢cordAnee wiih the whical requirements that are relevani to our oudii ot the finarteial ststthnents In the UK, i1101n8 tht FRL'S Ethi Standard, and we have fulfilled our other ethical respon51bililies in accordance with ihese rwuirements We believe thai the audii evid¢tw we havt obtained is sufficient and appropriate to provide a basis forowopinion. Con¢lu5ions re1xti8 iogoing ¢oThetTn In audilin8 the financial stalernents, we have torteluded thoE Ehe Ch&ptcf5 U5¢ of tb¢ goirtg concern t&sis of accounting ID th¢ prtparation of the finala1 51al¢tnenty IS appropria B45ed an tht work we have performed, w¢ hav¢ not Identified any material uncenainii¢s r¢laiin8 to events or condition5 that, individllY or eolleeiively. may c4st $18nifitani doubt on the Caiwral's ability 10 ¢Orttinue as A going concern for a peri of al It Nvelve months from wh¢D th¢ finao¢ial statements are authorisrd for issue Our respmsibilities and the rcspon5ibili11¢5 of th¢ Chaptrr with respect forsoingcon¢ern are describcd In the relevonl 5tIonS ofthis report Othtr iTrformAtio The Chapier 15 r¢5pon5ible for the other informaiion The other Infomli0Th comwises the Inforrnalion Included In the Annual report, other than the fin8nci81 statements and our auditorf$ repffi thereon Our opinion on the finan¢id statements dtts noi coy¢rthe other infotmation and. except to the exni othen4ryseexpli¢itly stcd in our r¢wt, we do noi express any form ofas5urance conrlv8ion thereon Our responsibility 15 to read th¢ other inforniation and. In doin8 so, consider whethtt the other Information 15 materially In¢onsiSteni with the financial 5tytÈnits orour knowledge obtsIn In the ¢ourse ofthe audit or oih¢tW5e appear5 w be materially misstaied. If w¢ idenlifyswh matcnAI intortsi$ttncies or apparrnl maierial misstAiements, are r¢quir¢d to dttennirte whether this sive5 rise lo a n]at¢rial miSStAiemeni In the financial sratemeDts th¢rns¢lvt$ If. basd on the wtyk we havejthormd. we conclude that there a Mattr1 misstatemeni of th15 other Infonnation. we are required io rerth thai fact. We have ntsthing io report In this regard. M*titr5 whi¢h w¢ are r¢4uirtd its ftport by txception We have nothin8 to report In respect ofthe followin8 matters in rryect of whith the Chariiies (Accounts Reports) ReBulation$ 2W8 reqlre us i report to YOU if. In ouropinion. the infonnation in thE Annual Report Is iftconsisrenl in ally [nate[l rtsrtttwith the financiol statement5, or the Cathedral has kept propBrgnd $uffieltnt aceouniing records, or the fiTL4ttC181 statements are noi In a8reemenl wth the aeeountingrecords and relums, or we ha not re¢¢EV all the ifJfonnAiion and expl&nolionswe require for our audit Ruponsibilitles oftbe Cbapter As explained more fully in the Chapte¢s Responsibilities Sthlemenl S& Out on pA8e 4. the Chapt¢r aTC r¢5PQth5ible for the prep8ration of the fingncial $tatemeftts and for bein8 5o115fied that thty 8ive a true and fair view, and for ¥uth iniemal control the Chapter d¢trrmiDe 1$ rtecess8ry to enable the preparation ofrin8nc1 statements that ar¢ free from rn2tenal misstatement. whetherduew fraud Orerror Page 8
In preparin8 thÈ financial staiements. the Chapter 15 r¢5pollsibl¢ for a55ossing the calraI,S ability lo wntiDiiE a$ 2 going concern. disc1051ng. a5
applicable. mallers related to 8oin8conccrrt usin8 ihe goin8 conceTh ba515 of a¢roulltirtg unless ihe irusteeseith¢r inl¢td lo liqllidate thecaihedral or
eease operations, orhave rea115tir alternativt but io do so.
Auditor'5 r¢spon5ibilibe¥ for the iudyt oftht firta#tSAI statements
We have been appointed as auditors under Sttiion 30 of the Cathedrals MeA5ur¢ 2021
Our obJectlV¢S Zre to obL2in reasonable assurAnc¢ aboui whether the financial 5tratements as a whole are free from m#t¢rial mi$ststrrnenL whether due to
fraud or error. and to 155u¢ zn auditot5' rttM)rt that ittcludes our opinion. Reonable 355llrante ts a hi8h level of assuran¢¢. but Is not 0 8uar&nttt thAI an
udit eonduc*d In accordance with ISA5 IIJKI will always deteet a material misswwmenl when It txlsts. Misstatements can aT15e fvoTn fraud Or error and
are rtsnsidtrtd material If. individually or in the a88rc8ato. thty Could reasonably be expected lo influence tht ¢¢onomic decisions of Yr3 taken on the
ba515 ofthese fiDancial statements
Irrc8ulartiies. Including fra, are In5tance5 of non
BRADFORD CATHEDRAL CONSOLIDATED STATEMENT OF FINANCIAL AcfIviTIES For the year ended 31 December 2024 2024 TOTAL FIINDS 2023 TOTAL FUNDS Not Rostyieted Fund$ UDrestri¢le¢J Fund5 Flld5 INCOME FROM.. Donaiions and legacies 18.997 269.904 288,901 174.355 Charitable Activities- 510.821 25,218 14,779 536.039 14.779 601.889 4,965 93,925 45,013 ill Charge5 and f¢¢5 arising in the couise of mission Jill Inconw from Irading and fundraising iv) InEotn¢ from property & other inYcsltn¢nts 149 62,959 63.108 (Xh¢r ineome 631 1,648 2.975 TOTAL INCOME 530,598 491.798 1,022J96 923,122 EXPENDITURE ON: C05t of rD15ing funds 1522621 157,7761 163.3831 Cbarttsblt ActiYÉtie5 {74,0981 1127.7661 16261 114.7621 176.2911 1354.9161 1202,4321 141,4081 1474.6831 1205.0711 146.4911 1142501 1242J921 ill Upkeep of calh¢dral *nd pttcincts iiil Education and oulr¢a¢h Iv) Community. pan$h and Cortgr¢tIOn vl Support and Governanc¢ Costs 174,6661 140,7821 1246.8801 TOTAL EXPENDITIIRE 1648,6601 13458051 1994,4651 11.046.170) NET(DEFIC17ySURPLUSBEFORE INPESTM£NfGAINS 111&0621 145.993 27.931 1123,1481 (LOEs11cAIS ON INVESTMENTS lttvestmen .553 7,900 9,453 38,754 NETfEXPENDITURE)/INCOME TRANSFERS BE1'WEEN FUND5 lJ53 145,993 37J84 184J94 NET MOVEMENT IN FUNDS 1053 145,993 37J84 184J941 RECONCILIATION IN FUN.. FUNDS BROUGHT FORWARD 16 67.857 663,731 330238 1,061,826 ,146,220 FUNDS CARRIED FORWARD 69AIO 553J69 476.231 1099310 lJ161,¥26 All Incom¢ and expenditllre included in the Staiemeni of rtnancial activiiies TelalE5 10 ¢oAiinuingActivities The Slalem¢ni of Financi81 Activities includc5 dl Èain5 and losses recgonised In the yew. A fully detailtd ¢ompBwiv¢ Statement of Financial A¢tiviiie$ for the year ended 31 Deccmb¢r 2023 is shown at note 2. Pa8e 10
BRADFORD CATHEDRAL CONSOLIDATED BALANCE SHEET For the year ended JI Dectmbtr 2024 2024 TOTAL 1023 TOTAL Notes EtsdowmtDt Restrict Ilwrtttri¢ted FIXED ASSETS Plant. PrortY and Eqllipment Imwesiment Assets Investment property Invesiments 10 3,342 175.0 175.000 422,621 175,OLK) 69.410 TOTAL 69,41 353,211 176,917 599J38 591.509 CURRENT ASSETS 2.744 39.735 200,022 121.026 2.744 52,665 300.022 224.792 2,284 88,817 300.022 183,793 Debtors CCL4 Dw5i15 Cash at bank and in h8nd 12.930 100.000 103,766 TOTAL 216.696 580.223 574.916 CURRENT LIABILITIES Crtdiiors 16,338 64,213 104.601 TOTAL 16J38 64.213 8O,SSI 104,601 NET CURRENT ASSETS 2110358 299J14 449.672 47OJI8 NET ASSETS 69.410 S53.569 476231 1.099.2111 1.061.825 FUNDS 16 69,410 553,569 476,231 1.099,21 I,D61,82S Th¢ financial s for the C¥ihedr81 Chweh of St Peter Bradford weTe approv¢d byChapt¢Tand signed on its behalf by.. The Very Revercnd AndW BowEnna Dean of Bradford D&ie'. 31IEia5 Pag¢ 11
BRADFORD CATHEDiiAL CATHEDRAL BALANCE SHEET For th¢ year ended 31 December 2024 2024 TOTAL 21123 TOTAL Restii¢t<d Unrcslri¢ttd FIXED ASSETS Plant, Property and F.quipment 3.342 IDvQSlmttst AJse15 Invesinieiii propErty Inve5Thcnl$ 175,000 175.IKK) 416.384 175.iNX) 407.067 69.410 346,974 TOTAL 69,410 346,974 176.917 593JDI CURRENT ASSETS SlkKks 2,744 39.735 200.022 2.744 52,665 31M),022 222.247 2,284 88.817 300.022 181,396 tkbtots CCLA Dep05115 Cash at bank and in hand 12,930 100.000 TOTAL 214.fj02 363.675 S77,677 572J19 CURREIYT LIABILITIES C.rcditCpts 64,361 80.550 104.601 TOTAL 16.189 04.361 80JSO NET CURRENT ASSETS 197013 299J14 497.117 467,918 NET ASSETS 69AIO 544.787 47(2Jl 1,090,428 1.fj53J27 FUNDS 69,410 544,787 476,231 1,090.428 1.O53J27 The finoncia en15 forthc Cath¢drnl Church of St Peter Bradford were approv byChapt¢r Signed on its behèlf by.. The Very R¢vetend Andi¢w Bowermlln D¢an ofBrndford DBte". Pa8c 12
BRADFORD CATHEDRAL CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2024 2024 TOTAL 2023 TOTAL Notes C$h nows from operatin8 Attlvltl¢$: Nel cash PTovid¢d byllllsed inl operating a¢iivilies 19 15,3791 11(Xl.8551 Cash flows from ittvtsiing Aetivities RLi r¢¢eiv¢d net of costs Investhienl incomc T¢¢¢ived ndof costs 11.376 35.002 6.814 25.519 Nei cBsh provided byJlus¢d Inl Investing activitie5 46.378 32,133 Chonge in cash and Cash ¢quiv8]ents m the rwrtlll8period 40.998 168,7221 Cash Bnd cash equiv*l¢nts ai th¢ begumingof the TeportinspLYiod 483.816 552,538 Cash cB5h equivalents ai the end of ihe reporting PEriod 20 524.814 483,816 Page 13
BRADbORD CATHEDIUL CHAvfER NOTES ON FINANCIAL STATEMLN'rs Forthe y¢4r¢nd¢d 31 Dettmber 2024 I PriDtipxl 11£1¢$ The financial sta¢15 have ptred tsn a going cortcern basis in accordan¢e wilh Aecountirtg rtd Rewrting by Tharitie5. Statement of Recomm¢tLded Practice applicable to ch&riiies preparing their )wount5 In accordance wilh the Financial Reporting StJndard applicable In the UK and Republic of Ireland IfRS1021 leffeciive l January 20191 (Charities SORP {FRS10211, Ihe FiDanripl Reporting Standard applicaiTrle In the UKand Ireland {FRS1021, the Chanii¢5 Act 2022. and thecathedrnls Measure 2021. In rKcordance wilb Ihp AtetyuntiM8 and Reporting iiegulaiion5, entit1¢5 whi¢h pr4Yidt a btntfit to the cathedral and are under its control are consolidated In the Finartei81 Staternenislsee noie 18 for further Informaiionl. lrt addiiiort. the cathedral Is conn¢cd with th¢ Friends ofBradford CathcdrAI This entity thai does rneetthe crit¢rip forc¢nsolidaLiOn Asis of prerIoN The linancial 51aiements hav¢ In prepared knnder the hisiorical cost conveniion as M(lfiEd to Include the revaluation ofproperry and inve51rnents. The Cathedral Church ofSI P¢[ Btadford meets Ihedefinition of ihe public benefii entity und¢T FRSIO2. The financial siaiemen15 are presented ID Briti$h Pourtds Sterling. rounded to ihe neare51 £1. Fllids Balance5 are split tIv¢¢n unTÈStriCttd. rrICted and endowment fund5 Re5tri¢tEd are runts subject io sCifIC condiiions irnposed by the donor or by the specific terms of a iru51 deed or other legal mcasurt. Endowmerti funds are those thre ihere Is no power to ronvert the eapithi into income Uniesiricted funds are iho5e fund$ kvailable to the charity where no specific coDdiiions 4pply and are avAilAble to be spent on an charithble pur5¢. ID¢omÈ artd expenditure on restricred and endowmeni re3 15 taken directly to ihose reserves. excem to the¢xtentihai 15 fr¢tly available to the Cathedral. Conc¢rTr The Chapter has ctyn$idtrtd whether the use of 80in$ concem basis of OntIng is approprtate To do this. Ihey have CnSidered wheihvr ihert art any mAierial uncertainiies as io caihedral'5 ability to continue as A going conttrn They have catried out ihis as3e55tnLni for & of at le&51 one year from dat¢ of approval of these accounts They have concled ih there are morial urtcertAinties about iheLXthedral'5 abilityio wnliDue as a È•ingconcern Tattglbk Flxed Assets Individual fixed assets costing £5.000 Or more are c8Pit81ised at CQSt and (kprecia ov¢r their useful eeonomic lives <)n a strai8hi line ba515 Improvcrncnts to proKriies Aye also capits115ed Ifover ihis SUTn aDd PKl¢nd the useful economic life of the asset lrnprovemenis io thc Cathedrdl Conage have been fully depreciAd In previous y¢prs Thcre IS only one assei currently being depreciated, and ih15 Is a Item ofrnachinery Wthich Is being depTl?d over fiveyears Where Yequired, useful economic life for Freehold PropErty 15 dtttmed to be lth years. EAwditureofan Insignificani naiure 15 written ofFto Ihc $tsthent offinancial athiviiies a5 incurred. Htrltage Assets H¢ritagt assets Include the cathedral and ancillary buildings atEd ihe it2mS in the Inventory repared under section 2411) ofthe CaT¢of Caihedrdls Measure 2011 Novalue been allrilw1 io th¢$e aSSetsAcquiYed before 31 Decernber2018, because InfotThation on thpir Items donAted ro the inventory 5ifKe l January 2019 are valued in thtyearofwuisition and Shown &5 a heritage assw unless th is insufficicni Infomiaiion avalble to r¢liably ¢$timaie the vallle ofthe asset Tayati The Caihedrnl is a regisiered chariiiy and as such 15 a chanliy within the me8ningofschedule 6 ofthe Fin&nc¢ Aci 2010. Acwrdingly, the Cathedral is ponti&lly eniitled iotsx undvrpsrt I l ofthe cOrration Tax Aci 2010. Sub5equ¢nily, DO ta¥ chargr prises In th¢ CAthedral. Thecathearal 15 registr¢41 foTVAT Itrecoverablt VAT ig included in the c051 ofihe ¢xpBndiwr¢ to whirh il relatey PagE 14
114DFORD CATHEDRAL C.HAwfER NOTES ON FINANCIAL sfATEMENTS For the yrtNded 311)erember2O24 Jjwestment properlyeg In accordartce with PRS 102, (Il investment propertie5 are tnllred at the fair value at the reporting dale and any aggregate surplus or defitil IS trdnsferred to a revaluation Teserve. and (ill no d¢prtciaiion or ammisation Is provided In respect of Ireehold investmeni protrties. Imvesiments are a form olbasic linancial In51rutn¢nt and Are tnitially recogn15ed at thtir trAns8ciion 57lue and 5vbse4uertily me4sur¢d a¢ their fair valuv At the bal8nce sheei date u51ng the closing quoted market pnce The Staterneni of FIDancial Aetivities include5 the net gains 4nd losses aiising on revaluaiion and diyposals ihroughoui the y¢8r. iiealised gains and1055¢s on Invesiments are calculalvd as the difference between sales pr(Kttd5 and their openin8 catrying v8lu2 Or Iheir purchase value If wuirtd subsequeni io the first day of the fimBncial year. unrealis gaing 2nd losses are calculai•J the differentt benveen ihe fair valut at the year end and theiT E2rryingv4lue. Re4lised and UllTealised Investment gains and Ios5e5 art combined in ihe ofFinartei81 Activitie5 The ¢)Ib¢drdl does notgcguire PUS OPIIOn5. dvrivAtlves or other cornplex financial Insiruments The tnain fotrn of fin8nciAI risk fAced by Ibe rathedrnl Is that of volaiility In equity rnarkets and invesimeni rnatk¢t5 duL' to Wider econimllic coDditions. the auiiudes of inveswrs to invesllntnt risk. and change5 in 5¢ntimtnt concernin8aJuiii¢s and wilhirt particlllarsecwrs OrsUbCttrS Dtbtora Trade and otherdebtors are recosnised atthe 3etOemerti &mount du¢&ft¢r any tradr dLsewrtt offed PreFuyments pr¢ valuedat the arnountprepaid netofllny irade discountsdu¢ Stotk Stock is valued aithe lowerofc05t and npt reIsbk vÈlue. Ch at bartk Bnd cash in hand include5 C45b and shortm highly liquid investsnents A short maturity ofthree rnonth5 or I$ fto the dateofAcqui5iiion or OnIng0[th drsIt orsimil4r accouni. Cttdfiiorb and provi5iQTr5 Crediior5 provisioms Ère recognised where ihe cath¢dr•l has apresent obli8aiion resulting frotn 8 past event that will probably resuli in th? Iron5fer offuntts tOA third pgrty and ihe amount due tt stttle theobligarion can be or¢stim&ied reliobly Creditors and pr¢YiSiOnS are norn)lllly recogni5ed ai IhBif 5ettlemerttAmount afterallowingfor any irnde distwrtts dlle 1come Is gerteyally reColiSed ih¢ Cathvdrdl h8s ertlitlementro ihe fund5, IE Is probablc Ihat the irtcome will be received and the amouiitcan be measured reliably Trdding irtcome Is reco8nised In ihis wpyalthough any SrnS due are reviewed toensure bad and doubtful debts, Ifany. aTe appropriately reCOlSed. Income from donation5 and any wher fundraising IS reeognised Atthe poini of receiptofthe marty. wIthAny GiftAidon thosedonrfions bejngrecognised as clairnable Ih¢CathedY81's entitkment the fund5 bas t*n estsblished Invesment incorne is recogni it tycomes dueAnd a reliableemirnate can be ¢st2blished. Income from grartts is recognised wh¢n the Caihedral h•$ tntitltmeni tothe funts. any performanceconditsons attached to the8rW have been rnet. It IS proble ihat the Income wll T¢¢¢ivvd artd Lhe amount can be measu rcliably and Is noi dtferred. Income from Itgaeitt is Iecognised when probaie 15 grant¢d. the Cathedral h8sesthblished 115 eniiilemeni 10th¢ funds artd sufficient IDfomJatton i3Available ioallow ih¢ measure of¢nUtlemtnt. and it 15 probable ihatfunds are r¢¢¢ivable. pedItre Expenditure is recognis once there is a le821 or eongtrllciiveobligation to rnakca Yent toalhird parry. it is probable settlement will be rLyJuired and ihe amount ofthc DbliEailOn can be measured reliably EXnditUre iyclassified under the following h¢ading5- Costs of ra151ngfunds compr15othe costs ofcommercial trndingand their a5s9ciated sUp)rt costs.. and Expendiiure on charitsbl¢ O¢livities Include5 the ¢05ts of#ctiYiti¢s undertaken to further ihe Pur3 tTrf the cathedrnl artd theIrSlaiJ 5UPPQrt ¢05 [rrQverab1e VAT i5¢harg¢d aga tostAgainsi the athivity forwhith th¢ expertdituye w&$ incurred Page 15
Pe•&ioTrs Retirement iw¢fit5 to cmployees ofthE Caihcdtal are provided by the Church of ENgland Fllndtd Pension Schemes. for clergy. aDd the Church WorkcTS Pension Furtd. for lay The firsi ofihes¢ 15 a define4J b¢n¢fil Stherneand thesecond. for lay siaff. Is a hybrid schcme th ftaivrcsofboih d defined benefii and a defined Contribution 5rhpTnp. Boih 5¢heThes are TDultimployErsehemes and thert is insu1Clent InfOrnLl0n available tQ U5tt dofirted knefiiaccouniing The S¢heLeS ar¢ Iherefot¢ ttEatcd as a defined contribuiion scheme for accouniing putPD5¢S3nd theeontributions recognisd In the ppnud to which Ihty relatt. Furthv detsils are 5tiQUi irt noie 21 aCCLbUnting jvdgwents key OMreeA ofeJiSm&ilDTr uTrcertaiTrty In theawlicaiion oftheaccouniin8 polici. Chapter is rwuirvd t¢ make judBemeni. esiima*s, and assuTnption5 aboutthe ca1n8ValUe ofasstts and liabiliiies ihai are noi readily apparent frorn otherSQurCCS The esiimatrs and u¢[lYing a5suniptions are bBsed on histoncal experience and oiher facwrs Ihatare ¢on5ider2d t¢ be rtltv8nt. Aciual results may differfroTn these ¢Ytimates. Theestirnktes and underlyin8Assumptions arc TeVIew on ongoingbasis Revisii)ns io accounting estimates ate (ttotStd in ihe iod tn which ihe estimate 15 rev15¢d ifthB rev15ion pffects only thatrI. or in ihe wiod ofih¢ revi$i¢n and fuiure Ftriod5 if ihe revision affected current and futUTV penod5 JvdBements made by the Chapier. in ihe application of th¢5¢ affQUnt1nE policies ih8t hve signifi¢&nt¢ffKton the fimancial ststernents and c5limaies wilh asignificani risk ofmateiial adjusunent in the hext year are deemed ts be in relation to thtdcpreciaiion rale5 Qf tangible fixed assets and ale d15CUS5ed abo In the Yiewofthe Chapter. no a55umpiions concemingth¢ futurE OTestim&tion uncertainty afftcliDg¥55¢ts QTIydbilities 8t the balance 5heEI date arc likelyio r¢suli In a rnaterial adJu51m¢DI lotheir¢aryingAmounts in ihe next finan¢ial year Pa 16
BRADFORD CATHEDRAL NOTES TO THE Fif4ANCIAL STATEMENTS For the yesr ended 31 December 2024 2 COMPA114TIVE SOFA (2023} IQ23 TOTAL FUNDS Noles Kd0m¢t Rc5tri¢ted FuThds Unre5trÉ¢tcd FuDd5 INCOME FROM: i) tXination5 3nd leBa¢ies ill Grants receivable iiil Char8 Ind feesArisin8 In the£our5e of mission iv) Income from Iradingartd fundraisins vl Ineome from property & other irtvestments vil Other InC(xne 9.597 574,577 164,758 27.312 4.965 93,925 45.093 1.665 174.355 601,889 4.965 93.925 45,013 2.975 1801 TOTAL INCOME 585.404 337.718 923,122 EXPEIYDITURE ON: i) Cost of r&isin8 fund5 ill Ministry iiil Upkttp ofcathedral and precincts iv) Education and DutrEaeh vl Community, por15h and cgngrt8211th1 vil Other expenditure on the mission 163.3831 1474.6831 1333.9611 194.9301 145,1241 1140,7221 114,2501 172,6011 114250} 1242.3921 TOTAL EXPENDrruRE (665J34) 1380,7361 11.IM6J701 NET(DEFICIrySURPLUS BEFORE INVESTMENTGAJNS 180,1301 143,Q181 1123.1481 GAINWILOSSESI ON INVESTMENTS knv¢sbnEnt PToperty Inv¢5ttnrnts Gain on revaluation of Inv¢5tsnEnt prowty 6.496 32258 38.754 NETINCOME (EXPENDITURE) T5L4NSFERS BETWEEN FLTrIDS 6,496 1473721 14J,D181 184J911 NET MOVEMENT IN FUND5 6,496 1478721 143,0181 (84J941 RECONCILJATION IN FUNDS.. FUNDS BROUGFrrFORWARD 61.361 711.602 373,257 1.146220 FUNDS CARRIED FORWARD 67057 663,731 1,fj6t026 Pa8¢17
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMEiYTS For the y¢#r ended 31 December 2024 2024 2024 Rostrltiod VMrestri¢t¢d Fllds Flld$ 2024 TQTAL FUNDS 2023 2023 Restritt UDresirlcied FndS FllDd 2023 TOI'AL FUNDS NDI 3 IIYCOMB Donations and legacies Congregaiioncollertions and givin8 DonatitTrn5 InrnL from appellls & fund ra151ng recoverdble under gift aid Income from Friend5 and leBaci¢S 96.313 36.138 4,685 27,815 104.953 96.313 53,374 4.144 92.754 30.801 3.453 27,250 10.51 92.754 17.236 15411 2.303 9.360 3.400 27.541 10.5(K) 104.953 TOTAL 18,997 269,901 288,901 9,598 174J56 Church Commissioners (seciion5 21, 23 and Susiainabilty Fund) Brarnall Trust for Musie dtvelopment LIS Plates ofworshipGrant Sundry Gr8ntg 469.715 50.000 469.715 So.0 50.000 50.IK)O 6,405 23.463 6.405 1.529 25.782 4.650 36.875 62.657 TOTAL SI821 1.%218 53&039 574577 27Jll 601.889 ill ehryts #nd ftt$ ri5ing ID the eovrse ofmi55ion Incorne frotn sehool visits CboirTour InCOtne Fees ftsr MAYria8es and Funetals TOTAL 3.548 6.861 4.370 1&719 3,548 6.861 4,370 14,779 2.697 2.697 2.268 {965 2.268 4,965 iiil Ineom¢ from trgding and fundrAiSiDg Gr055 inctsme from hire of thecathedral Space. associated ca*ringand otherattivi¢i¢s 117,¥21 93.925 93.925 TOTAL 117.921 93.925 93,925 iv) ltt¢ome from property & other investmtthts Property Bank Inwe51 rettivyj In$t1¢Dts 28,106 22,525 28.1 22.562 12.440 19.694 2.727 19.694 2.647 22,671 37 TOTAL 149 62.959 63,108 (90) 4&092 45,012 O Oiher Intomt Nower$ Subject Acce55 Reqts Qndotherfees In5urarKe¢laitns rettivable 631 1.665 1.665 2,212 2.212 TOTAL 631 1,648 1,310 2,975 Pa8e 18
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS For the year end¢d 31 December 2024 21ll4 Restriited Unreytrititd Fund5 Fytsd$ 2024 2024 2023 2023 TOTAL Restri¢ttd Vtsre$trStt*d UNDS Fundy 2023 TOTAL ¥VliDS Nottg 4 EXPENDITURE Cost of rai5in% fund fjri)ss eosis of shop, and Nh¢Tactiviti¢s rundrdisingc0515 Inv¢51m¢nt prorry costs 34.371 1.160 34.371 6,674 26.201 2.574 12,880 26.201 24,302 12.%80 5,514 21.728 TOTAL 52,262 57.776 21.728 4l.65S 63J83 Ch8ritable ActlVLties: il Miniytry Clergy siipcnd$ tXKthses Cl¢rgy housing costs Cley&v SUprt costs SeEYic¢. TnU51¢ Ind ehoir costs 139.622 4.674 29,001 8.48 39.584 144,296 28.018 863 181,739 5.479 90,304 3.755 4,529 94.059 S.¥Y)3 255,986 25 142.154 43,565 TOTAL 280,818 7498 3$4.917 3JJ.961 140.722 474,683 il) Upktep of ¢8thedrnl and prttithtts Major rryair and refurbishment Fabrie mainienance 5.400 6.744 13296 24.171 64.452 12,144 13.296 92.398 64.452 20.457 5,598 7,090 24.689 50.316 4,875 17,574 26,055 7.090 98.585 50.316 5,451 17.574 Vergers and InieTior upk¢¢p Calhedtal Ulilities Prff inLts and gArdens Insurance 68,227 73,897 1.039 576 18.949 18.949 TOTAL 74,666 127.765 2O2A31 94,930 205.072 iii) F,ducation outrtsch Education Heritag¢ Iin¢luairtg HLPI 40,781 626 41.407 45.124 1,362 46.486 TOTAL 40.782 626 41A07 45.124 lJ67 46891 Comrrjunity? parish and iv) ¢on%r¢%atio Outward giving Youth & Children 14.762 14,762 14.250 14J50 TOTAL 14.762 14,762 14250 14.25 vl Support 8nd Governance Costs Administrntion and finance Publicity Audit fees Ch8Pter& Council tDBelings ¢xpens¢s 237.2 9,878 49,907 4.7(K) 21,366 280.909 14.578 21,366 161.377 8,414 44,182 5,950 21.390 ,079 205.559 14.364 21.390 TOTAL 246W 76,291 323,171 169,791 7ZknOI 242J92 P48e 19
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS For the year endtd 31 Detember 2024 5 COLLECTIONS AND ALMS GIVING 2024 TOTAL Z023 TOTAI. PaTtn¢TS' envtlopes 8nd do]l05 undEr Gift Aid Fee5 Patroll$ S¢hem¢ Plate Swial services 82,680 2,554 2.939 6.957 79.275 1.520 4,728 6,31X) 9Jl TOTAL 96J13 92,754 6 GRANTS FROM THE CHURCH COMMISSIONERS Clergy 5alaTI (section 211 Other salaiies15eElion 23 and Sustsinabiliry Fund) 139,622 316.549 136,000 333.715 TOTAL 456,171 469.71 7 INVESTMENT PROPERTY INCOME Catheoral Halls P3tish Room Otherletlills in¢om¢ 20.048 5.827 2.232 2.510 2.002 TOTAL RENT RECEIVABLE 28,106 19,695 Insurance R¢pgirs and maintenance Oih¢rexpenses 3,072 5.881 3,927 7.525 5.886 TOTAL EXPENDITllkE aa 16.730 12881 NKT INCOME It J76 6J14 8 SHOP, REFEcfoRY AND OTHER TIIADING INCOME 2024 EXPENSES 2024 NET 2024 NET 2023 Caihedral Shop Cortferences Concerts. festivals and E1 H¢ Tours and refrectory Fair traik 4,625 2,049 2.576 3,149 14,665 61.452 19.336 68 36,917 13.088 77 TOTAL 117.921 34J71 83.550 67.723 9 EMPLOYEE INFORMATION 2024 20LI Part-time eXpred as Full Ikme equival¢nts AVERAGE MONTHLY NUMBER OF PERSONS EMPLOYED- (Full tqllivalent bg8is1 16 16 AVERAGE MONTHLY NUMBER OF PERSONS EMPLOYKD_ IHtade(bllnt b*sis1 26 21 Wages and saIaTies Social Security costs Pensions and pos1-T¢tir¢m¢ni bM¢fits 505.064 43.748 45.357 466,304 36.049 31.508 TOTAL 594.171 533J61 The pensi[ cost ¢h4¢ of £45,J57 reprllts the contributions payable by the Caihedral 10 the Fund OAtg to £23.9641£14.809 in 20231 in respEct of Clct8y and £21.393 1£16.699 in 20231 in of Lay staff. Contribu¢ion$ 10 the C of E Cler8y Pension Fund paid on the Cgthedrai's khalf by th¢ Church ComrnissiLNrS aTe s¢1 out abDv¢. Clergy pensions are chArged quaTterly in advance. Pw20
BRADFORD CATHEDRAL NOTES TO THE FINANCIAI, STATEMENrs For the y¢ar ended 31 December 2024 Employee Informstion (continued) Th¢ key m3nage]nerti of the Caihedral is considered to be the Chapter and ih¢ Seni(kr Manggetnent GTOUP ISMGI. OJLIY those mb¢rs of Chapter who are also memb¢rs of SMG are paid and thE remuneraliott of ihos¢ Chapter membBf5 1$ sei out below. Stipend 2024 Ptn$loM The Very R¢v¢r¢nd A Bowerttwi The Reverend Pei¢T Gunstott¢ The Reverend Ned Sling8by-Lunn Thc a88re8at¢ amount of expenses reimbuTsed to ihr¢¢ Chapi¢r members wa5 £2,94012023.. £2,704). 8.513 6,819 8.632 31,870 31,870 Th¢ equivBJent figuTes for 2023 were.. Stipend 2023 Pension The Very Reverend A Boweyman Th¢ Reverend Canon M Coutt5 'rhg Reverend Pei¢r Gunlle The Reverend Ned Slingsby-Lunn 39,477 8.944 12,5701 4.369 18,692 39,534 Two memkrs of SMG are noi Chapier m¢mber%. These are the Chief OpeTaiions Officcr ICOOI gnd the Director of Finance IDOFI. The aggregate Temunerdiion olihesc two m¢mb¢rs of staff were £78,340 illcluding pensioo contribuiions12023..£68,4581. No members of statTwer¢ paid mor¢ than £60,000 in the courge of 2024. 10 TANGIBLE FIXED ASSETS Improvemttyts to Cilhedral Cottage Plant. Invest[neI Property and propertie$ quiprtLtrtl Ststt Gat¢ TOTAL Co$t or v21uatlOD As ai i January 2024 Additions Disposals Revaluaiio 80.663 7.092 I75.0 262.756 TOTAL 80.663 7.092 175,000 DeprecÉation As at l JanuBry 2U24 Disposals Charge in year 80,663 3,750 84.414 1.425 1.425 TrAL 80,663 5.175 85,839 Net Book V*lut Iullrtttriettdl 31 December 2024 1,917 175,(KIO 176,917 31 De¢emlKr 2023 3.342 175,000 178J42 Pa8c21
BILADFORD CATHEDRAL NOTFS TO TIIE FINANCIAL STATEMENTS For ihe yt*r ended 31 December 2024 io TANGIBLE FIXED ASSETS l£td) On 30 April 1998 ihe Cathedral purchased. from the City of Bradford Council. lh¢ Property situDled in Forster Square, known as lh¢ State (rate foT a considtration of £1. part of the Cathedral ¢urtilage which is noi valued in these Rccounls. The Cathedral owns four residential propertie5 siluaied wiihin Cathedral Close. These provide rent fret accommodation for the Dean, the Iwv Rtsid¢ntiary Canons and the Head VtTger 10 enable them lo perform their duties. Ex¢¢pi for major stnjctural improvetnenis carri¢d out to one of the prortIeS known as Caih¢dral Cottage, properties are noi valved wiihin the balance sheet ofihe Cathedral as their cost vlllue is deemed to be immaterial In addition, in 2021 the Caihedral purched scissor lift to enable safe access at height for the verger Ivam. This is being d¢preciated over five years and will be fully depreciated in 2026. IDweytmcni prop¢rti¢s In 2014 Bradlord CDthedral entered a lease in re$et of Clergy House Iivhich was carried in the balance shttt al £35.000 based on an 0 market valuation in 20011. Th¢ lease is with Bradford Council, for 125 years, with no r¢nl81 amounl chllrged. Under (his lease the risk5 llnd TewaTds ofown¢rship ar de¢ined to have Iran5fetrtd 10 Bradford Council, and as such the asset wos Ir¢at¢d as a disposal within the Cathedral's balanc¢ sheet in 2014. Chapter obtained an on mark¢t valuation of Cathedral Hall in April 2022. This was carried out by Justin Robinson MRICS of Trlayfield Kobinson (PrortY Consultgnts l and slated a curreni mark¢i valu¢ of £175,000. The carrying value as ai 31 De¢emb¢r 2024 remains £175,000 and Ih¢r is no evidence thai the valuation has matrrially changed in the period ¥in¢e April 2022. Capital Comtnitjntnts As ai 31st December 2024. the Caih¢dral had one capital contrBct, for the renewal of Ik building's emergency lighting. This was valu¢d 31 £11,690 including VAT and was paid io March 2025. Heriilge As5¢t$ As ststed in the accounling policies, no valu¢ has been placed on the cathedral and ancillary buildings and the iteJn8 fft the inventory prepared under section 2411} of the Car¢ of Cathedrals Measure 201 I. The cathedrBI hgs no ancillary buildings, as ih¢ Chapter house, library and sa¢ri$ty all fomi pan of the cathedral building. The Care of Cathedrals M¢asure 2011 requires cathedrals 10 keep an inveniory of all item5 considered lo be of ar¢hiic¢iural. archlleologiLal, artisii¢ or histori¢ interest in the posse55ion ofihe cathedral Church. No additions to ihe inveniory in ihe last four years have mei the d¢fJnilion of a h¢ritage asset. TheTe have been t)0 transalOnS involving heritage assets in the same time pen1. Leost Di5elo$ure The CathedrAI hts In opearting lease agr¢¢ment for a printer, with the followng liabilities.. 2024 2023 Due wiihin l y¢ar Due between 2-5 years Due after mor¢ Ihan 5 y¢ars 5.184 5,616 5,184 10,800 10.800 15,984 PA8e22
BIi4DFORD CATHEDRAL NOTES I'O TIIE FINANCIALsfATEMENTS For the yeir ended 31 Dtttmbtr 2024 I I FIXED ASSETS INVESTMENTS- Restricted ad eDdowthQrtt Shares ITr Ch¥rybtJ Inve$trneTrt attd undated GovernTheDt S¢ockn Spetll Purpose FndS 2024 Regtfitiod- Marktt Valu 2024 Cost MarketVAlve 2024 Fabric Curaov Choir & Music Fiowerlsznctuary Ch11dren and Youth PropErty Oiher purw>s¢5 5,859 610 9,154 779 3,431 42.41M) 3.408 156.672 49.298 10.658 65.145 6.332 TOTAL 31 De¢emb¢r 2024 69.4111 353311 62,233 Nei increase on revaluations TOTAL 31 Detttnbtr 2D23 67057 34.SJl I 62333 SptciAI Prp05t Fund5 2023 Endowm¢Dt- Marktl V4lue 2023 Restriited- MArk¢t VMIUÈ 21123 Cost Fabric Curaey Choir & Music Flowerlsonciuary Children And Youth Property (hher purp05e5 106.707 5.859 610 9.154 779 3.431 42,4(M) 48.195 I.B05 10,420 63.687 6.194 19.662 TOTAL31 Dt¢ember 2023 67,&$7 345Jll 62.233 Net increa5¢on r¢voluati¢n$ 6.496 32.258 TOTAL31 1)ttember 2022 61J61 313.054 62.2J3 12 sfocK 2024 2Q24 Unresiri<tsrt 2024 2023 Tot•1 Gwjs for r¢sal¢" ih)okshDp. 8ifts and refreshments 2.744 2,744 2284 13 DEBTORS AND PREPAYMENTS Zfj24 Re5tri¢t¢d 2024 21J24 Total 2023 Toigl UDr¢$tritt Recoverable Income Taxon Gift Aided donations Sundry DEbknts. Preptymentsand aeerlled 8rnnt INcom¢ 7.052 81,765 26.615 38,346 12,930 39.736 52.665 88.817 P&ge23
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS For th¢ year ended 31 December 2024 14 CCLA DEPOSITS 2024 2024 Ilnrestrieted 2024 Tot*] 2023 Total Restri¢¢td Church of England Dep)sii Fund 100,000 200,022 300,022 300,022 100.000 200,022 300,022 31M>,022 IS CREDITORS: amounts falling due within in one year 2024 Restritt¢d 2024 2024 Total 2023 Total Ullrestricted Trade Crvdiiors Payroll deductions Funds h¢ld relating to variou5 Caihedral a¢iiviti¢s Accrual ond del¢rr¢d income 10.359 10.359 12.400 10,419 9.099 72.683 3,689 12,649 3,689 54,992 42.343 TOTALS 16J38 64.213 80JSO 1114,601 16 ANALYSIS OF NET ASSETS BY FUND Endownenl funds Rerithed funds Free Reserves At 31 Dtetmb¢r 2023 Tncoming resources Outoing resourc¢s Othei gdins and losses At 31 December 21124 67,857 663.731 530.598 1648.6601 7.900 553.569 155,238 491,798 1345,8051 69.410 301331 Endowm¢Dt funds Restricted funds Fr¢¢ Resesv At 31 Dttember 2022 Incoming Fesourccs Outoing reUrceS Oiher gains and losses At31 December 2023 61,361 711.602 585,404 1665,5341 32,258 663.730 198,257 337.716 1380,7361 6.496 67,837 155,237 Page 24
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 17 CAPITAL FUNDS Ope 2024 BalAnce CIoslll¢ Imtomt Exptnditllre RtvalllalioD Tran5fer¥ ENDOWMENT Fabrie maintenance Choir anj Music Total ed0EllI 19,062 450 67.857 69.410 R¥STRIED FIINDS COMPRISE- sunday 5¢hool. EdueEtion young ple PrOrty and fabTlC tnainienan¢¢ 31,998 306.072 19.5281 16.4391 239 3,943 23,522 505.585 2.009 5tsffing Ichorch Commissioners Fundin81 Choir & Musi OihLY ¥liVities 50,527 456,171 238.791 63.978 36,343 7,628 1103.9551 3,505 213 202.3 19 37,062 Normgl CathtdrAI activiti 663,731 530,599 1648.6601 553,569 COMPRISE.. Unresiria¢d funits TeeThIed by Investment Prop¢rty Remaining unrestricted fund51"Free Res¢rves"I 175,0(X) 175.0(X) 155,238 491.798 1345.8051 Norrnal CAthedrl #¢tivities 330.238 491.798 (345.8051 476,231 'rotal 21ll4 1.061.826 1,022,397 1994,4651 9.453 1.099.210 Opening B•laDte1gJ 202J restaied CIo$ittR Bl4nte Income Eip¢Trditurt Revilui¢io Tr•nsfers ENDOWMENT Fabric mainta7 Choir and m1¢ Toiol fund$ 17,335 44.026 61.361 2.327 19.662 6,496 67.857 REsfRIcTED bUNDS COMPRISE.. Sunday S¢hool. Edu¢a¢ion al young people Ptoperty and fabri¢ maintenan¢¢ SiaffinB (Church CoJ]lln15sion¢rs FIdIng) cho & Music Oth¢r a¢tivities 29,939 3.688 299.171 3.641 44.481 438,284 296,766 128,307 41245 11.484 13.0501 (20.4031 14322381 11932141 116,6291 31.998 306,072 50,527 238.791 36.342 23,663 6.932 242 Norm$1 C&tbtdr&l ¢tivitLt$ 711.602 585.404 1665,5341 32,258 663.730 COMPRISE- Unrestricted fund5 fEpfcscnled by Investment Property R¢mainittg unrtriCted fwu151'Fr¢¢ Re[w¢S") 175.000 175.IMIO 198257 337,716 380,736 155238 Normlll C#ibtdrAI ¢tivities 373257 337,716 380.736 330.238 Total 2023 1,146,219 923,120 12¥4.7991 38.754 1.061.825 P88e25
BRADFORD CATHEDRAL NOTES TO THF. FINANCIAL STATEMENTS For the year ended 31 December 2024 17 CAPITAL FUNDS (eontinued) Endowment funds consist of invesimenls the proceeds of which are used for the tnaint¢ngnce of the Cathedral building and al%0 lor ihe 5UPPOrt of ihe choir Re51ricl¢d funds consist of both inv¢stTn¢nts and oiher inceme which 15 Us¢d pritnarily for.. the ¢tnploymeni of cathedral staff both clergy and lay (principally frotn grants from Ihc church cotnmi5sioners} the maintenance of the fabric of the Laihedral, wilh small surns 5¢t aside foT thc slate gate and church bank the provision of music and a choir wilh Ihe Caihedral, including tnusic departmeni staff and organ mainienonce Ihe provision of Staff and materials to suppon the education department Unrestricta funds are available to be used in any appropriate way (hat Chapter d¢t¢Ttnin¢5. 18 CONNECTED ENTITIES The following ¢ntili¢s provid¢ a benefit to ihe Caihedrdl's minisiry and aT¢ under the control of the Cathedral a5 the Tslee8 in each case are ihe Dean aDd Churchwardens (who are both Chapter tnembeTsI, and have been consolidated IDIO these Financi Siaternellf5.' Hebden Charities Jobson Funds ChaDc¢ls Dilapidations 19 RECOIYCILIATION OF NET INCOME I IEXPEIYDITUREI TO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 TOTAL FUNDS 2023 TlAL FIINDS Nti Im¢omtlltxpendilurel for the porting ptrlod 27.931 Adjusimenty for.. DepTeciaiion of Tangible Fixed Assets Net income fro]n prop¢rtI and inv¢sim¢nts Ilnereasel I Ikciease in stocks Ilttcreasel I decre8se in deblot5 In¢r¢8se I {deCre) in creditors 1.425 146.3771 14601 36,152 124,0511 1.850 30.534 23204 Nd c&sh providEd byl (used th) op¢rating aaiviii¢s 15.379 100.854 20 ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 TOTAL FUNDS TOTAL FUNDS Cash in hand CCLA Dcposits 224.792 3W.022 $24.814 183.793 300.022 483,815 A$ th¢CathedraJ bas no d¢tr. DQ an2]ysis of debt Dole has bEen prov¢d¢d P8ge 26
BRADFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENrs For the ycar ¢nded 31 December 2024 21 PENSIOiY FUNDS Church Work¢rs Penslon Fund (CWPF) Bradford Cathedral participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The chUh Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity 5tion known as Pension Build¢r Classic and a cash balance section known as Pension Builder 2014. Pension Builder Seheme The Pension Builder Scheme of the Church Workers Pension Fund is made up of two %ctions. Pension Builder Classic and Pension Builder 2014, both of which are classed as defin¢d benefit sehemes. PensioD Builder Classie provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on tem)s set and reviewed by the Church of England Pensions Board from time io time. Bonuses may also be declared. depending upon the investment retums and other factors. PeDSiOn Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Penston contributions are record¢d in an account for each member. Dis¢retionary bonuses may be added before retirement, depending on investment returns and other fa¢tor5. The accounL plus any bonuses d¢clared is payable, unreduced. from age 65. There is no sub-division Of assets between employers in ¢ach section of ihe Pension Builder S¢hem¢. The scheme is considered to be a multi-employer scheme as described tn Section 28 of FRS 102. This is bKaus¢ it Is riot P0S5ible to attribute the Pension Builder Seheme's assets and liabilities to specific etnployers and means that contributions are accounted for as if the S¢hem¢ were a def]ned contribution scheme. The p¢n5ions costs charged to the SOFA in respect of ihe year are contributions payable. (2024: £21,393, 2023: £16.699) as at 31 December 2022. For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on th¢ gngoing assumptions used. At the most recent annual review effective l January 2025, the Board chose to grant a discretionary bonus of 6.7/0 to both pensions not yet in payment and peDsions in payment in respect of service prior to April 1997,. and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.70/0 {where usually it would be calculated based on inflation up to 2.50/0). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the Current time. For the Pension Builder 2014 section, the valuation revealed a 5urplu$ of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the ¢urrent time. The legal structure of the scheme is such that if another employer fails, Bradford Cathedrdl could become responsible for paying a share of th employer's pension liabilities. Page 27
22 SUBSEQUENT EVENTS Chapter can confirni that, at this time, th¢re are no 5ignifieant subsequent events 5in¢¢ the end of 2024 which would impact on the usels understanding of these accounts. Page 28