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 8dministr*tlvt 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( S￿l81r¢. Shipley. BD18 3JR A￿h￿e010%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 m￿colm Carr c￿￿on 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 D￿n 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 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. A￿dI1 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 Me*surt"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 m￿Ure 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 nailon￿ly. 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 We￿e 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 fi￿L 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 hO￿l(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, Rooted￿ess, 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 Pl￿ed 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 r￿tTi¢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 e￿at¢ 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 re￿riCted 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$. However, due io time constraints thi5 revi¢w did noi occur and although the Finance Comtnittee Lonsidered a draft Invegmeni Policy in early 2020 due to th¢ pandrrnic this work has still not been cornplcted. The work is now scheduled by the Finance Committ¢¢ for latcr in 2025. Reserve5 Policy It is the policy of lh¢ Cath¢dr21 Chapier to retsin sufficient unrestricted reserve8 io engurc ih21 they are. as a minimurn. 5vfficient ¢0 fund th¢ ￿b￿d eted uthrestricted running expense5 of the Cathedral for * period of six moDths. Chapterfs reserve policy is currently expressed ￿ a range based on a lower l¢v¢l of SIX tnortihs unresirieted budgeted ¢xp¢Dditure and and an upptt level bastd on a fin￿LIa1 assessmeni of its current risk r¢gister.'Ihis tesulis in a range of between £155.000 and £190,000 and coniinues to incTease as the Cathedral expands. Following it5 success in recent years ofrebuilding r¢s¢rv¢s. the 2024 financial year has seen Chapter oD£e again excttd its reserves tsrget as tr¢¢ reKrve5 In¢t untestricttd ￿Se￿ plus planL property and ¢quiprn¢ntl now equate tn £.701.231 (2023.. £155.23RI. Cathedral Chapter set a deficit budget for 2025 of £52.06712023."£66,2671, £36,06712023.. £15.1921 of which falls in unrestTi¢ied funds. Thi5 will see unrestrieted reserves drop back below the range set. alihough Chapter intends io set aside designated fund5 of £97,(XX> which could be used io supwift unrestricted spend. Chapter will revisit its reserves policy in the wurse of y¢drio ensur¢ that th¢ taTg¢t level set is adequaie for the risks that it faces. PrlthcipAI Risks Uncertainties The CJthedr21 has an organisational Risk Managetnent Toolkit, developed in conjunction with Ecclesidstital Insurance UK. This sets out the cathedr￿,$ 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 sU￿aIn 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&Dr￿1 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 re￿ill8 framework that ken applied in their Prtpar￿10n Is applicable law and United Kingdom Aectsurttin8 Standards. Includin8 Financial ReKthin8 Standard 102, th¢ Fin2nCial Reportin8 Standard applirnwe in the UK And R¢wblicoflreland IUni*d Kin8dorn(ienerally Aeceptyj Accountsng Pt#¢tittl Tn ouropinion. tht financi&l 5ts*ments. 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 prO￿rIY prepared In accOrd2rtce with Unised Kin8dom Ge￿ra1]Y Aeeepied Accountin8 Praciice. ?nd have been prepared in accordance wilh Section 30of the Cathedral's Measure 2021 and th¢ Chaniies Act2011 515 for0p1￿j0 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, i1￿1￿01n8 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 re1xti￿8 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 fina￿la1 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, individ￿llY or eolleeiively. may c4st $18nifitani doubt on the Caiwral's ability 10 ¢Orttinue as A going concern for a peri￿ of al I￿t Nvelve months from wh¢D th¢ finao¢ial statements are authorisrd for issue Our respmsibilities and the rcspon5ibili11¢5 of th¢ Chaptrr with respect forsoingcon¢ern are describcd In the relevonl 5￿tIonS ofthis report Othtr iTrformAtio The Chapier 15 r¢5pon5ible for the other informaiion The other Infom￿li0Th comwises the Inforrnalion Included In the Annual report, other than the fin8nci81 statements and our auditorf$ repffi thereon Our opinion on the finan¢id statements dtts noi coy¢rthe other infotmation and. except to the ex*ni othen4ryseexpli¢itly st*cd 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 5tytÈn￿its 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 req￿lre 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 cal￿raI,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$ststrrnenL whether due to fraud or error. and to 155u¢ zn auditot5' rttM)rt that ittcludes our opinion. Re￿onable 355llrante ts a hi8h level of assuran¢¢. but Is not 0 8uar&nttt thAI an udit eonduc*d In accordance with ISA5 IIJKI will always deteet a material misswwmenl when It txlsts. Misstatements can aT15e fvoTn fraud Or error and are rtsnsidtrtd material If. individually or in the a88rc8ato. thty Could reasonably be expected lo influence tht ¢¢onomic decisions of Y￿r3 taken on the ba515 ofthese fiDancial statements Irrc8ulartiies. Including fra￿, are In5tance5 of nonVe and the fUfflh￿ removed non￿￿pIla￿etWlth laws 2nd wulatiQD5 IsfroTn the tvents and irans&ciions reflethd ID the financial statements. the les5 likely￿wOuld bteome aware of it. A150. th¢ risk ofnot deieclinsa material m155tatethent due to fraud Is h1gherthan the r15k ofnot detecting one re5ulling from e￿or. as fraud may Involve deliknate conecalmeni by. for exampl¢. forsery or intentiOrtAI misrtprtstntations, orihrough collu51on A further de%CripiiOrt of our responsibilities Is availabl¢ the Financial ReportingCouDc]I'$ website at. www. frc.org.uklwditorsreswnsibiliiie5. Th15 description lotTns part ofour audiior's re￿rt. Use of oNr repott This fEPTrrt IS made solely io the Cathedral Chapl¢r. as abody. In accordance with the Cathedrals Measure 2021 Our audit work has be¢n undertakert so Ihatwe mT8ht statt to tht Chapier ihose matterswe are required to stateiothern In an auditorfs re￿rtan4 for no other puojose To the fullest extent Yrnitted by law. we do not a¢¢ept ¢r assume responsibility to anyoD¢other than the Cathedral and the Chapteras a ￿y, forouraudit wttk. rot this r¢potL or for the opinion5 we have forrned. S.fv1 LLe Saffery LLP Statutory Audiiors 10 Wellington Place LSI 4AP 27 October 2025 Safftry LLP is eligible lo act as on a￿￿110F Ill termgof section 1212 of the CDmpanies Act 2006 Page 9 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 Fll￿d5 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$h and Cortgr¢￿tIOn vl Support and Governanc¢ Costs 174,6661 140,7821 1246.8801 TOTAL EXPENDITIIRE 1648,6601 13458051 1994,4651 11.046.170) NET(DEFIC17ySURPLUSBEFORE INPESTM£NfGAINS 111&0621 145.993 27.931 1123,1481 (LO￿Es11cAI￿S ON INVESTMENTS lttvestmen .553 7,900 9,453 38,754 NETfEXPENDITURE)/INCOME TRANSFERS BE1'WEEN FUND5 lJ53 145,993 37J84 184J94 NET MOVEMENT IN FUNDS 1053 145,993 37J84 184J941 RECONCILIATION IN FUN￿.. FUNDS BROUGHT FORWARD 16 67.857 663,731 330238 1,061,826 ,146,220 FUNDS CARRIED FORWARD 69AIO 553J69 476.231 1099310 lJ161,¥26 All Incom¢ and expenditllre included in the Staiemeni of rtnancial activiiies TelalE5 10 ¢oAiinuingActivities The Slalem¢ni of Financi81 Activities includc5 dl Èain5 and losses recgonised In the yew. A fully detailtd ¢ompBwiv¢ Statement of Financial A¢tiviiie$ 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. Pro￿rtY 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 And￿W 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¢ts¢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 P*rp05t 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,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 Re￿rithed 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 re￿UrceS 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 e￿d0￿￿EllI 19,062 450 67.857 69.410 R¥STRI￿ED FIINDS COMPRISE- sunday 5¢hool. EdueEtion young ple PrO￿rty 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 Te￿eThIed by Investment Prop¢rty Remaining unrestricted fund51"Free Res¢rves"I 175,0(X) 175.0(X) 155,238 491.798 1345.8051 Norrnal CAthedr*l #¢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$ittR B*l4nte Income Eip¢Trditurt Revilui¢io Tr•nsfers ENDOWMENT Fabric mainta￿7 Choir and m￿1¢ Toiol fund$ 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 FI￿dIng) 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 unr￿triCted 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 T￿slee8 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 T￿lAL 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 {deCr￿e) 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 chU￿h Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity 5￿tion 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