2024-12-31-accounts

Charfty Y•gl•trnWon numb•r 1206900 CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 .i/lJ

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER CONTENTS Legal and administrative infomation Trustses, report 4-16 ststement tsftruskns. respJnsitslth'es 17 lTrJ8Fendant auditofs report 18-22 St8tsmenl offfin8nThal 8CtMts 23-24 Bal8ne sheet.. Cathedral 25 Bolance sheet.. Consolidated 26 statem¢nl ol ￿$h flows 27 Notss lo th8 fjnancial statements 28-54

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER LEGAL AND ADMINISTRATIVE INFORMATION Lè l and adminiatrativ• infomiation 1.1 L•qal narn9 01th• Cath•dral The leg31 name ¢1 th& Cathedral is the Cathedral Church of Chrbl ¥nd the B￿sSed Mrgln Mary Rod)estw. The name commonly used is Rochester Cathedral Ch•rfty nUM￿r 12C69DJ 1.2 Chapter CIYle& Garth Housa Precinct Rochestsr ME1 1SX T•lephono', Emall.. 01634 843366 adrnini$tralor rO¢￿¥tart￿tWr0I.¢rg 1.3 CMptsrfTru¢tO01 Members of Chapter ¥%tho served during 2024 l%ith thw'r yearof appointhentl ￿Te as follows.. De Very Rwj Dr Philp Hesketh DL Th& Revd CaTh)n Or Gordon Giks 2016 Canon Chnclk)r 2020 ICc¥nmi55ioners' C8nonl Rev Cantsn Chrii Den¢h (Vice Dean) {Ccffjmissioners' Carlon Irom Sept 2023} Canon Colin Lovell Canon for Wornhw & Spiritual 2018 2019 Canon Paul Fr8nds 2021 C8non Victoria Ir88FnoJ Sept 20241 Canon Paul Hud$( 2021 81shop$ Appolntg61 2023 Contsn 8a￿ar9 Chin8m88¥ Canon El￿n Couz•ns 2023 2023 Canon Dawd S8muelB 2023 R8vd Canon Neil Bunker CaTh)n Carlin• D8al 2023 2025 1A Ststutory P￿1￿0￿# Chlef Oporatlny Offlc•r Chlef Flnance Offlcor Mr Simon L￿e 2017 MrAThJy S8mbroL MrAdrian Bwrèe 2024 Dlrector of Mu81 2022 SuNeyorto the Fobrl¢ Mr John Bailey Thomas Ford & Partners 2015 177 ￿rkda LoTrJon SE26 40H

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) 1A statutory Po•ition• IConlinu•dl Areha•oltyit Mr Graham Keewll 20C Keevill Heritage Conslltan 85 Kynaston Ro80 Did￿1 OX118HA 1.5 FInan￿ Commlttoe ExtemolAlombw$ Mr Stephen Smh IRespJn8d Sept 20241 Judith Arrnrtt M$ Fr4n¢trs Ccppol8 Mr Alan GIty￿n$ Internal Members cal￿Tr Paul Hudson Canon Paul Frarris (Ch￿rI Mr Simon La Revd Canon Sue Brewer Mr Andy SArnbrook 1.6 F•bri¢ Advl•ory Committ•• AFpointad by CFCE Mr Tony Billington Mr Alan Brodle Mr Dawd Baker Mr James Ford Atwinted by Chaptsr Mr Jeremy Ash￿ (Chairl Mr5 Kerren Harris Mrs M8garet Davies M8 Heather N8Vrton Seorotsry Mrs Sue M8tthouse 1.7 Auditor• The C8thwJral Auditors. 8pptynt•d In January 2023, are". Moorè ￿r¥J$t0ft Smlth LLP 9 Appold Street London EC2A 2AP 1.8 Bankers Ltoyrl$ Bank p 142-146 High Stre&t Choth8m ME4 4DQ

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) 1.B Sollcltor¥ DGB Solicitors LLP Th& Captain's Hou89 Ceniral Avenue Pwnbrck• hetham Maritime Kent ME4 4UF n￿•kn8nt M￿19•r CCLA- CBF Funds Sonator Hou* 85 Qugen Victoria Stregt London EC4V4ET Ront Advlsoro - Comm•r¢lal Haffisons Chartarod Survayors Oasis Hou¥e Ambley Gre8n Gillingham Busln8ss Pa ME80NJ R•nt Advl8or•- RMld•nfSal Kent R8sidential Lottings 151 Road Chatham

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT AS A T31 DECEMBER 2024 2.1 Qov•rnibVJ Statutu• CatheJral 1$ govgm9d by tha cathadrals ￿aSure 2021 and t￿ Rochester Cathedral Con6ti1ution and Statutes dated No%Emb8r 2023. The Cathedral becam? a R￿l$t•￿d Charty IR•g. No. 1206￿0) on 6th February 2024. 22 Rolatlonshlp wlth th• Dloc••• Th8 Cathedral is the fomal'se8l' of th8 Bishop of Rochtstsr. and hè is tha offiu81 Visitoi. Thè Bishop is a valued friend and adwsorto the Cathedral. thich in tlm seeks to support the Bishop's work ol leadiro t Diocese in mission and ministry. Di0￿SeD Bishop. the Rt Revd Jonathan Gibbs was appolnt8d In 2022. Th& Sufftagan BL%hop of Tonbrklge, The Rt R•wJ Slmon BurtOn-JO￿ was CA)ry0ecra￿ in July 2018. The Cathedral is 8 centre of worship and rn15sion 8nd is the mother church ol the Di0￿Se of Roehester ¢xI￿ring Medway, the western halfol Kent and the LondDn Borou￿6 of Brtrmley 8nd Btrxloy. 2.3 Corporal• body- chapt•rfTru•t￿ The members of Chapter form th& corwale body of the Cathgdral and from 61h Fetfuary 2024 the members of Chapter t*came the Twslpgs of thg Cathgdral. The Chapter ConS￿tS of five executive mernbBfB COfry)ri$irrfd the Dean and fow Rèsklantiary Canons (these are the on-site dergy of whom Iwo aro full-timè, and arè part-timal and seven no[￿•￿@c￿tlv& 18y mambèrs rècrurtèd for thèir skills and •xpe￿"s8 in spacific areas of the Cathedral's life. The Chapter is responsibl8 for laadership. policy, strategy and ￿siOn arbj met ten tirnEs Ihis year with an additiona tt¥o-day T￿idents'al meeting in Juty. The ts¥o fvll-time Residenliary Canons aso have responsibllily for dKferent portfolios within the Calhedral's structure and, ak)ng with the Dean are members of the C8lh8dr81's Senior Management Group. Chapter is supported by a numb8r of committèes ￿1¢h a￿ set oul below and teams ol staff led by the Ch￿f Operating Officer with overall reSponsib￿ltY lor Cathedral support services and resources. 14 Flnance Commltto? The Finance Commrttee is a stalulory committee and is responsible for ad￿SIng Chapler in conn&¢tion with ils responsibilitie5 for finan<ial and invtrslmenl manag&mant. It focuss8s on the financial strat89y, policies and procedurès of thè cathadral. It is r&sponsibl8 for areas such as Teviewing budgets. in•year financial r8POrts and monitoring invostment perforniance. It mee15 monthly in orderto maintain detsiled Scrutiny of Cathedral income and expenditure against the 8nnual budget and a I￿ger lemi S- year strategy.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS AT3q DECEMBER 2024 2￿ Audlt & Rl8k Commltto• Thtr A￿rt & Risk Cornrnitteo 1$ respcY$ible for monitoring risk rnanagement and reporting to the Chapter as to whether there a￿ adequate systems and rx)ntrol$ In place to rnrbgate key ri$k$. The end of year finan&al tatwngnts ¥r¢ $crutink8ed by ts Cornmittee and r( makes re￿MM￿datIon& to the Chapter r8gardlrKd the risk ar￿ Annu81 Accounts. Z6 Property & Estate Commlltee Th8 Prop•rty & Eststes C¢Jnmitte8 15 re5Fon5its48 for 8nsurin9 that the adequate management practlses org in ￿8¢0 br the proseNation of the historK hgritage ol the Cathedral buikJir#J and the strategic man8gom•nt and m8intènance of thè ￿l￿•r commercial 8nd reshlential 8St8te. Ind￿J&S mBkirvJ recxJrnm￿da￿onS on the prioritw for the improvement ol the Cath•lral's fabric and faolth"•s and enhancamant oflhe èstate. 2.7 Safvgu•rdlng Commltt•? The Safeguarding Committee exists lo provide Support and guidance lo the Chapter as it fLlfils its rol8 in ensuring matt8rs relalw)g to all aspg¢ts of safeguardY)g in the Cathedral are fil for purpose and ¢onNllunicated lully, internally and extemally. The Committee keeps th8 aetNities and management of the Cathedral's saleguar(ling pracbses undef review and makes recommendalions for improvements where necssary. 2.8 H•alth & Saf•ty Commhi•• The Heatth & Safety Comnmttee exists lo wowde support ¥nd guidance lo the Chapter as it fulfils its role in ensuring matters relating to all aspects of health & safety in the Cheilral are fit for purpose and cy)rnmunic8led fully, tntemally and extemalty. This incl¥Jdes rnaking wecomw￿ndalonS on Ihe prioritS for the improverrnl of the Cathedral's health & safety pr8Ctl8es. 2.9 NomSnatlonB Cornmbtte The Nomination5 Comittee Is a statutory committee. It Is responsible for ensuring thal Ihe Chapter. and any ¢ommltt88s wl up by tha Chaptgr, have an awjropriate balance of sknlls, knryrtledge and 8XP8riance. It a¢fviseg Chapt8r on Iha rocruitment of non4xecutivé Chapt8r m8mbers and cornmitte membets and on the training naeds of members of Chapter. 110 Fabblc AdNrf•ory Comrnltt•e The FabrSc Ad¥isory Commitiefr is r8$pon8ible for 8n$uring that any work lo the fabric of the Cathedral is done with prO￿r regard to the integrity of a Grade 1 listed buildiThJ of nalonal svJnifjcance and in aco)rdance with slalutory processes. Its members Indude experts in Ihe ojnservalion and repaiT of hlslorlc bulldlng8 and the Cathedral's Surveyor and Archaeobgisl. Mentsrs are appointed iointty by Chaptgr and the C8th8dral's Fabrk ConwnissK*n for EnglaThJ. 2.11 Chapt•r appoinlrn•nts and training Thg Dean and fv40 Ccfflmi$$KJners' Canons (Canon Chan￿lIOr and C￿On for Worshlp & Spirituality) are appoinled by the Crown. All but on8 of th8 non-executive lay members are appointed by Chapter IfolK)wing reC(￿mendatIonS by the Nominati(￿5 Commltteel with final enltrsemenl ofthe Bishop. The Sanlor Non-Ex8cutiv8 role is the Bishop's appolntm8nt in consulta11on ¥￿th lh8 Ch4>ler.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T 31 DECEhlBER 2024 New m#mbor8 oflhe Chapter are pr￿delY key docwnents suth as thè Consirtution & Ststut&$ and links to the C81he¢rals maaSU￿ 2021. Informal discussion$ are used to brièf tham on thèir rol8 and to help them understarn% different aspgcts of thg Cathedral's woth. Training in corporate governance. HR and H&S responsibililE3 i¥ gi¥n internally. Chapter members are enGOUTaged to P8rtl¢lP8ts in the tralnlrvJ programm8 off8T8d each year by the A680aation of English Cathédrals. 2.12 Chapt•r rnipon•lblNts• The Chapter is responsibK8 und•r rnquir•ments ￿ld down by the Church C￿mISe10ners un(br thg rs gNèn to them by the Cath&JraLs Voasure 2021 Ic. A. ord8r thé worship of c8th8dr81 promote ts rnis8ion'. b. formulate. after consuttation wfth Ihe bishop, prop0581s r8Lthg to the general direction aThY rniswon of the cathedral.. preparè an annual budw for the Chapter.. ' prepao an annual report for the Chapter and annual a￿Unts for 8udit subsequent approval.. e. keep uThJer revi￿ the constitution and statutes,. f. rnanage the propety vested in Chapter 8nd the Incorne g(xruing frorn it ond, in parti￿181, ensiire th91 nerssary repairs and rnaintsnaDc£ in resped of thè cathedral and ts eont8nts and othor buildings and monuments are carried out 113 Cler9y and 8?nlor $1•ff ¢han0•8 Finance Manager Mr5 Kennie Ad8riye lèft in January 2024 and was replaced by Mr Andy Sambrook (Chief Finance Officer- CFO) in June 2024. He lèads the Flnance Department 88 well 8S taking on the rol¢ of CFO. 2.14 Staffinu and Volunts•Ys The Calhe(Iral employs 33 IFTE) staff to delNer ts objectives- vetgers. musicians, garden8rs. t)Jucation officers, clearrs. finarKe staff, fundraisers and adnNni$trative support workers. In addition, more IhBn 3CQ Volunteers prowde invaluable support With￿j1 which the Calhedrnl Could not function propedy- st￿ardS. welcomers. guides. chaplain5. educationalists, Sund3y Club leaders and helpers, embroiderers, retail and caterirvJ vcAunleers. mu*¢ians. fl(Y•ver arrarKJers, pasloral visiiors. event organisers, bra55 ￿lIsheT8, thoir helpers, servers, readers, intercessors. b8llrir•Jers. cash-counters, cornff¥ttee volunteers. etwelope sbjllers and many more besides. 2.16 Inve•tm•nt Powern Under the Cathedrals, Measure 2021 the Chapter may. in respecl of money which forms wl of the permanent endowrrent of the Cathedral or is ¢Xherwise vested in the Chapter.. Invest it in the awuisrtion of land., - Invest it In an investrnent fund or deposlt ￿nStitute￿ Und￿ the Church Funds Investment Measufe 1958., Invest it in any investments In whi¢h tru$tg&s may Invest under the general p0￿r of nvestm8nt in secbon 3 of the Trustee Act 2000 las restricted by Sectio￿ 4 and 5 of that Acti,. - Usè it for Iha improvamant or de￿lOpment ofproperty vo$t¢d in the Chaptsr.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T31 DECEMBER 2024 2.18 Publ1¢ 8nefft The Chapter confirrnB that it ha3 ￿mplIed wth seCt￿n 17 01 the Ch?rib¥s A¢t 2011 to have regard to benefit guidan￿ published by Charty Comrnission in detenninirrfJ the activfaes of Ihe Cathedral. The Cgthedral rnaintairLs a policy of fre8 ac￿ to a11 mernbers of the public. It not only serves the communlty da1￿ in its r•ligious aThJ eharitabkl work but is an actN8 r•scxJrco of nath)nal importanc8 in tha pr(￿OtiC￿ of religion, music, education, hi810ry and architecture. 2.17 RS•k An•lyBIB The Chapl$r con91ders thatlho pri￿apa1 ￿Sk$ fa¢wJ by t￿ Gathedral are Flre, Floc<l, Sakgu8rdirw and Financial. The most urgent risks facing Cathedral building are ffire and fl¢))d. A sm￿1 fire ocCUr￿d in the Gunduw T0￿r in De￿mber 2023. Fortunately, bhere ¥48s Irtue damage and the Cathedral's fire safety proc£durg8 worked well. but it highlight8d that irTPfttV8rr￿nts are nèeded in certain areas. This ts a priority for Chapter And a pacage ofmeasures has develop&J vknich Will be imF4em8nted in 21r25. Tha crypt has suffer&J one sarioug flooding I￿￿j￿nt in 2016 and. 85 8 result, improvernents to th8 drainage arr8ThJernents on the SOLrth spde of the CatPedral were rn￿e in 2021-2022. The bss of reNrtxlron and potential claim through lack ol appropriatè safeguardlng of vulnerable young people and adults has also Leen addressed with ongoirKJ monitoring and application of th8 safeguarding poli¢ie$. Our Safeguarding Committee monitors our safeguarding arrangements. The CatK)n Chancellor is Chapterfs lead on safeguarding matters. and we employ a p8rt-lime {21houis p.w.I Safeguarding Officei. The financAal risk relating to ojst overr￿$ on building projects has been addie88ed and is ￿ered by Ihe new Propw & Estates C¢)mmittee at its meetings. where 811 captal projects are monitored to ensure that overrun pfobkms do not Ofxur. The Reserve$ Poli￿ and Cakmtal Improvemont Fund further conlribule to 8nsuring Ihat the Chapter can m88t any oxcass cosls. Profils frorn our trading company also o)ntributes lo maintaining a healthy inojme to support our day to d8y wnning costs. R•l•tgd OryaniBatlo 3.1 Roch••t•r Cathedral Etht¢rprl•M Ltd fftCELI RCE Ltd 18 8 8eparat8 lèaal enllty, wholly owned by tho Cathedral 8nd set up to genèrate extra in¢ome for the Calhedial. Whilst the company is over8een by Ihe Chaptsi, RCE Lld 1$ managed by a Board, comprised Ihree members of Chapler, COO and three extemal members The Board 1$ re8POllsible for managing th8 day to day running of all of th8 cathedral'5 cornmercial actMties18.g. catering, retsil, venve hire etc.). The Company pays a monthly management fee ID Ihe Cathedral lo o)vei the I￿nI use of resources and staff and donates any profit to thè Cathedral as Gfft Aid. 3.2 Ffiond• of Roch•st•r Cathedral (Reylstered Charlty 2739731 The Friends is an independent charity ￿th an intsrest in supming ihe mission and heritage of RoGhester Cathedral. They had a total mernbership of 783 al the end of year. They prowde substantk41 and welcome sUpp￿t for woth ne¢e$sary lo tha fabric of Cathedr81 covering numb&rof proiects.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T31 DECEMBER 2024 3.3 Rocheiter Cathedral Trnst {R•gi8t•rnd Charlty 2916161 The TNst is an independent charity set up lo ralse money on the Cathedral's behalf and to make grants in accordance with the terms of the Tfu31 Deed 10 suP￿rt the development of the Cathedral. The Trust's present prforOtle5 are lo gTOW the Music Endowment wth a target of raisin9 £3.Omillion by 2030, aNJ to raise funds for a r8n9e of projects lo ￿slore Ihe Cathedral's historic fabric. Tlw amount ralsed for the Music ErKloWn￿nI so far and transferred to Ihe Cathedral to the end of 2024 was £1.88million. 3A Klng's School Rochester lQrKJ's School plays 8n important role in the life of the C8thedr81. supplyng trè thtiristers for the Cath&Jral choir and regularly holding events aTKI wncerb in the Cathedr81. All Calhedf81 Residentiary Canorts are G￿MOr$ oftt)g School, and Dean Is Vice-char ofthe School Govemors. Thg SGhod pays r•ntfor a numter of Cathedral buildings Ilw us?. Th• Cathedral Mnlribut88 1¢)wards scholarshyJ forthe choristers vkno attend the Stho)l. Flnanclal Rgvl•w 4.1 M•lor ¥ourC￿ of fln•nc• Inv•stm•nt Incom• Cathedral owns 4012023 431 prcyartles, both commercial and resmlentiaj, in Ro¢he3ter, m¢)sly In thè Cathedral preanct and the HKJh Street. Property is the principal sourL of invostsnant Incorns aThJ in 2024 rents accounted £7(M)k12023 £614kl Other investrnent Income from sha￿$, stod(s and Interest arnountèd to £2￿(2023 £158k}. A review of investment performance 18 gI￿n in 8 so￿rat¢ sath.on b81ow. lftcomo fmm $upport•rgrnups •nd twsts Donation8 and yranl$ received thr(hJgh the Fri8nds of Roch8St8r Cathedral tolalled £11.5k and were made up as follows., Gardens £7.Sk', and th8 SorrfJ School projecl £4.0k. Donations and grants received through the Friends of Rothester Calhgdral Rochester Caihedral Trust totalled £91.3k and were made up as follows.. restOra￿'on of the medieval City Wall £24.1k.. Cliisler Garth Feasibility Study £11.7k." Cath￿ra1 Security £16.9k.' Music running costs £21 k,. Gardens £1ek." anil Textus Roffensis £1.5k. The amount raised by Ihe Trust in 2024 lor the musi¢ endowmenl was £10.5k12023.' £140k) which was trartsfeired to Ihe Cathedral in 2024 and is includgd in the$e accounts. Grnrts r•c•fv•ble Total yrants for the year included amunts received from the Church ComMis￿onerS under varkws se(ons of CalhÈ<lrals Measure 2021 to contribute towards administrafjve Salaries and ￿nerAl f¥)erational costs. In 2024, the total figure 01 £364k Included the contribution towards general cathedral cosis was which was £119k12023', £118kl, 8tYl £247k from the Church Commissioner5, Cathedrals, Sustainab'lity Fund forvarlous posllions within the Organisatson. Addrtion81ty. other grants totslling £167k12023'. £137k) including £18.8k from the All churches Trust 12023.. £25k), £30k from Rochester Cathedral Trust towards admlnlslralive costs {2023,' £30kl, Friend5 of Cathedral Music £18k, and £101k (2023.. £91k) from Rc*hesleT Cathedral Trust warious project8. Voluntary In¢om• The lotsl rwiv8d from congrega￿Onal giwng. donations and gbft 8id amounted to £371 k12023', £372kl during the period.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT {co￿riNuED AS A T31 DECEMBER 2024 Tr•dlng Th8 Cathedral's tradirg con¥Jany, Roch8sl&r Cathedral Enterprises Ltd {RCELI, operates the Cafè in the Crypt. During the year a small 8hop was re-establi8h&l at the C8thedr81's north door and Stsffed ty a Retail Manager employed on a grant-aided ts¥¢>year contract. Calh9dral lettings and educational income conts'nued lo 1% treat￿1 as tr8ding aotivty in RCEL. RCEL ￿Mover for Ihe period was £128k12023., £67kl. The company made a trading surplus in Ihe year of £14k and maile a gift-aided payment lo Ihe Cathedral of £52k (2023,. £165kl. Ch•rges andlees 0￿1ng In th• eaut¥• of mission Totsl incorne from lettings of the Cathedral, charges fcf educational wsit$. guided tours, concerts and recitals, ffilming and recording fee5, elc amounted lo £10k12023., £9kl. 4.2 R•s•r¥￿ Pollcy ReseNes are needed both to maintsin the level of the Cathedr81'5 current ad1V￿eS and to enable the Comp￿tiOn of lortrtèrm pr(4•dg. Chaptèr cons￿&r5 that the CatheLlral should alm to hold unwStri￿ed r98eNe lesls lo covar at least six months of ordinary aCti￿lty, bthich at the present tim8 %￿Uld be approxirnately £90(. In 2024 th? corstslidated 9ènèral fund r&sèrv&s Sl￿d at £725k in surplus12023- £602k in 5urplusl. 4a Investment Pollcy The Chapter aims to ke8p a balancej portfolio ol inveBtrnen18 that 18 risk 8rn1 appropriate to the purrme$ olthty funds that are fepr6sentwJ by them. Invesknents In txcperty are to be either ofefficient local rn8nagement or in the fomi of managed pro￿rtY funds. Perfonnance is measured against incorne yield on thg C8F Property Fund, the property fun(J mana9ed by CCLA Investment M8nagem8nt Ltd on b8hal ol the Central Board of Finance ofthe Churth of England. Inveslm•nts héld through the Church of England C8ntral Board ol FInar￿ a￿ subject to Ihe ethical guMl8lines issu8d by the Church Of England Ethical Inve$lmenlg Advisory Group (EIAG). R•$trf¢t￿Fts￿rfs These fund8 usually arise Irom legacies and donations, and are limited to spendlng on defined purpose8. Thè p)licy is to achO&ve a bala￿e between capitsl growth aThJ the abilily to realise a$5el$ withln a given tinEsc81e. Unr•strkted Fund8 The¥9 funds are used for mar*ging fluctuations in the ¢Ndinary opwalions and to fund fvlure propct$. The [M)li￿ is lo achieve a mixed portfolD of a55ets capit81 grovrth and those pro￿ding high yiehls and easy liqurdity. Endowmom Funds whe￿ the capital is to be retaned, the policy is to achieve long-lemi income growth, with ￿$S emphasis on Iw]uidlly.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T 31 DECEMBER 2024 4A In¥è8lm•nt P•rforn)ance Prop•rty Inv08tm￿ts Rochestsr Cath￿ra1 propwty in th¢ pre¢wid lo house cl&rgy and slaff, and to for Offi￿. Oth•r property in Rc¢hèstèr High Straet Is ￿ld for investment purposes and is Trnted cvt on a eommeraal basis W￿re FosBible to generate fvnds for the daY-t￿daY op8r8tion ofthe ministy ofthe Cathedral. PrO￿rt were fully rèvaluèd at rnark￿ valuè dunng 20c6r7 and had been pwously revised annually at 31st Decernb8r vrth ￿ference to a ybld basis lor comrneTci81ty property Bnd an ex1emg1 IT&x for r9sidenlal property (Land Registry house price indèx). In 2024 th& Cat￿ra1 Comrne￿￿ a prograrnrng of rolling r8valu8tions Y￿th a w8w to ￿d8￿[￿j ar¥J cheLing the values in a 3 year cycle usirg an approvod desktop rev8luatM)n method. Property Inv•stm•nts Rent81 Income £'ooo 700 Professional sèMc8S Other costs 1251 1721 552 Property repairs Net Income Yleld on Inve8tmontprnport10s Capital value investrnent property Net inc¢The Wgld CBF Property Fund Incom8 yleld IGr0881 eooo 14.178 3.46Yo 4.3￿ Gross rental ir￿orne has increased to £700k12023,' £814kl, and the net income yield of 3.46% for th& year ¢omparos ￿th 3.46% for 2023. The annval net income yi?Id will vary yèar by yéar d8P8nding on the amount of c4)ital works carried out in the year. The 2024 yitld Is trtsm the prewous year. It 15 ￿rth notiro that t￿ benchm8th CBF y*ld Is based on a portfolio ol laryJer COM￿rCial wth rKJ ￿￿dential w0￿rty. Oth•rlnv•stments Th& performance ofthe Cathedral's other in¥g¥tsnents is shovm belcw. Eyulti•s Pmp•rty Vaflable Totsl Gross incom& from otrtsrinve$lm&nts lrternst tooo tOOD rooo £'ooo Listed in ihe UK 150 163 C95h Dèposits 150 13 Gainslllosse51 on revaluation￿dIsposals Totsl rnturn on other Inveslrnents 735 38 773 51 937 R•turn on ith•rinv•stm•nts £'ooo fv4arket value Df Dther investments 6,245 15.QKJ% Retum FTSE All Share 14.55% -1

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN PMRY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS AT 31 DECEMBER 2024 Other Invegknenis Icontlnuedl At 31st Oecemtr 2￿24 ¢)Jrtotal inwstsnenls. exdudhg direct propety holdiThJs. totallgj £6.24million 12023". £5.36millionl, of which 94.0% held in equity knnd8. 0.0% in fix￿1 interest stocs, s.￿ in proFerty ftmd¥ and 1.0% in ca¥h. 4S Mintsnanc• Plan for th• Cath•drl and its Pr•elncts A plan for wular routiro fflaintenance of the Cathedral 15 in pl8ce 8nd is man8g￿l by the Head of Operation¥. The most recent Quinquenni81 InspertI￿ was catried outby Ihe Surveyor to the Fabric in March 2023. Considarablè èffort has Wn mada slnc8 the1gSt inspection in 2018 to manitain, repair and Impro￿ th& cathedral bulkjing and its preartt in Ilne with the Surveyorfs recornrnend8lK)ns. Major projects cA)mpletwJ in 2024 includéd thè eomplètion of th8 projèct to r8pl8eè of the Cathedral's sound 8ThJ ￿81t￿N SyStm.' t restoration oftho collaF6ed section of the Rochester cty wall.. and the ffirst phase gf the Gar￿￿ and Green 5pace5 project 6 AchSevements and perforn4n¢• During 2024 the Chapier rewe%%Ed its Strategic Plan. The three key aims a￿." 1. Remain Iwe lo our Benitine trad￿On by on$uring Ihal 011 ar¥ 4¢om8, and is ￿lUed 2. Grow ¢c¥nmuniti68 of hopo thrO￿h Pfayer, worshlp 8nd adlon. 3. Grow a more 8Ustsinab￿ and reslient org8ntsation. Key Alm 1 Re￿In truo to our Benedlcllne tradltlon by•n8urlng t￿1 •ll •ro w•l¢gm•. •nd ov•ryon• l• valued. A total of 173.488 p￿)p￿ Msited ca￿dra1 in 21r2412023', 187,006}. When tha number of￿)rS￿.pperB Is f8dtsr•d in. Ihg t¢)tal numbar ol Féopla wi$iling and worshppit79 in the CatMedral1256,4981 is elose to prewous year {2023,' 257,4161. The Cathedral's trading $ub$kdiary. Rocltèr Cothèdr81 Entsrpria•$ Ltd IRCELI. has rnadg ?xco11?nt progress in eStabl￿hlng tsdf as a rnajor c<)ntnbutor to th& Catrwdral's inc£Jme. Particularly p￿sIng was t￿ perforrnance of the café which is now firynly 8stabli8hod as a Rochostsr tsvourittr and is contributing over a third of RCEL'S incorne. Its success is te5tsment to the commrtment and ambition ofth& Café staff have work8J b'rele¥￿Y to make it a succ85S. Aftersevef81 years without a retsil offer the Cathedra's shop wa6 rfrestablishgd in the Norlh Transept In June 2024. A new Retail Manager was ernployed wth grant-s￿ from the Church Commis5ioneTS' Cathedrals, Sustainabilty Fund. Tumover exceeded tsrget by 73% in thè sevan months the Shop traded in 2024 The $u8talftability ol th& $hq) aft&r tha of h¥w•ar grant in 2026 look8 8gsur&J. Thg cuttural programrne ol oyhibitions, art installations. concwts, graduations and lightshows conts'nuwj to attract attention and briro ￿ditional visitor¥ lo our door. These events 8r rn8king an iwKrea$ingLv impc¥1ant c¢Jntnbution to RCEL'S ouput %thich in tmm is benefits'n9 the Cathedral. The magThficent Fenland Black Oak Tabl$ on loan to tho C8tldral I￿n March 2023 to April 2024 was setbng for 8 larg& numter ol O￿nts and act1w￿8$ indudlrvJ a prqect ￿lled'Come Eat wrth inspired by the Last Suppor. Tha highlbJht ttf thè ￿ar was the fabulous Dr8u)nis Roffènsls Ithè Rochester Dragon), erèatÈd in pathetship with artist Wonty Daws V+tho cocrfdinated the efforts of hundreds of local peCP￿ to cr8ato An mazing 23metre-long flying thagon whi¢h hung frcn tha Cath8dral's nave. Commlssioned to ￿lebrate the 900th anriversary ofthe CreatK￿ ofTextus Roffensi8 tl draw 8oarnd ovèrvbTtors from June to S8Pt8mb8r

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT ICONTINUED AS A T 31 DECEMBER 2024 K•y Alm 1 l¢ontlDu•dl Our lourth LuThuralis Ilght show, held in October, was the firsl to fèaiur& imagary from the Cathayral and was premiered in Rothe5ter. It feats￿ed tha illustrydb.on olthe wonderful dragon in Teytus R¢then8is wtrA'th up the gre81 ￿5t wndDW and dosed the show. The s￿Ond Rochester Cathedral Jazz Festival. curated by our mu6tc patron James Taylor. took place ovgr five nlghts In November and fealured the BBC Big ￿nd, Britten Sinfonia, Laur&nc8 Cotuo, Tim Gadand. Jason Rebello and of ¢oursed Ihe James Taylor Quartet. All these events serve to broaden our audience increase the number ol wsitors io the Cathedral. It i8 our belief Ihat they 8180 IKrg8ge thg numbgrs ol people ￿￿rShippIng at the Caihedr818nd diversfy thg congregation making rt more refiective ofthe comrnunitiès wa sarve. Tha impact ofeach acbwty wa$ he￿htered by frequent activrty on SOCAI media and other content which undoubtedly raivJ aKerenes5 of the Cathedral and its seNices. Venue hire continues to be an important dement of our trading activty. The un1ver8￿9$ ol Green￿Ch. Kent and Christchurch Canterbury all hir￿ the Cathedral ¢0 ¢81obraie thalr studants. gradUatic￿S in 2024. lfyy Alm 2 Grow Commun1￿0¥ of hop• through pray•r. wor•hlp and actlon. The Cathedrals, Leaming Team continue to be very active. In 2024 9,390 school-age studènts visited the Cathedfal, an incrèase of 6.4% on tt)è premous year (2023'.8.8191. This number induded 11 school groups who cam? to see Draconis Roffen5iS, the summer exhibition. Working wilh the Diocasan Education Tearn, the Diocesan School's Ftrsliv81 w8S again very successful and attended by over a th￿jsand students frtsm 32 Diocesan prfmary school. Many schools were reguLgr customers, Teiuming year after year, but many schods wsited for the fir51 time. Sadly, ￿qUeStS for visits from 25 schools {approx 1,31Y) students) were bjrned (hjwn tecause other event$ We￿ taking pl8¢e in the Cathedral. The total number attending seNcfjs in 2024 wa$ 83.01012023.. 87.5481 slightty dcwn on the previous year. The Cathedral Communty continued lo be well supwted throughout the year by its wo($hippino communilies and by Ihe Cdlege of Canons, the Friends of Rochester Calhedral, the Rochester Cathedral Trust and 1he Rochester Calhedral Business Guild. Further progress was made on the transfoMiat￿n of Ihe Cathedral g8Tdens and open spxes lo provide an Improved r&souTce for the Cathedral's health and wellbw.ng programmès. Chestnut posts. swags of Chatham Dod(yard rope and interpretation boards were instsllèd in lime for the June Open Garden Day which was attended by over 300 wsilors. Rgluthshment of 1979 RSME cL)mmemoralive sunwner Ih)use in Kbngs Orchard was inf(iated as a wellbeing prr4ed for Military Veterans. FundiNJ for the materials was secured from Kent Arts and Wellbeing. Volunleers from RSME Brompton, Gurkha Squadrons ¢￿pletIng their carpentry Iraining, installed the cedar shingles on the roof lo supporl the veterans from Royal Engineers Assocaalion. Stsined gLass whdows for the summerhouse. designed by members of the military veteran organlsalions alongside a Ictal glass Ortist were also in8t8lle¢J. The Colyer Fergusson Tnjst prO￿ded fvnding towards the frt out of a reception block which w511 in￿888 opportunlbes for sthjol visit5 and events in the gardons. A grant of £5k from Methay Countyl's Sharèd Prospèrity Fund pad frjr a feasibility Study into the creation of an accessible Éntrance to Ihe proposed sensory garden from Kings Orch8rd 8nd a grant from the William and Edith Oldham Charitable Trust lunded an aTchaeologic31 invesligalion to provide inlomiation into the possibility of opening up an infilled sedion ol the ¢ity wall. The garden volunleer team have assisted the Head Gardener in garden maintenance and supported in the delivery of all these garden projects. -12-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T31 DECEMBER 2024 Key Aim 2 (continu￿) The Dean B a member of th8 PA'8hop8 Sènior Leadership Team and thè C8non Chanr£llor repr8sgnts the Cathedral on the Medway Intsrfaith Associaton. The s￿11k ol thJste8 Rev. Neil Buther allovrs Chapter to C4)ntinue to support a nurnber of parishes durirvj lnterr9wun￿. Much ol the Music Team's 1)cu8 01 th￿ year, other than the continual development of the proffi￿ of all the Cath8dral mU￿C making, has b88n in cwatiThJ a new Song School to ￿)USe the choirs and devglop the space into a ￿MMunity rn￿1¢ hub frtUBed on ueab've 8nd welltrkirg. The Cathedrol Choir h8s bo8n gaining recognition. with [S￿nt performanc8s at St Paufs Cathedral an(J on BBC Radio 4. and to help support the busy chorister prograrnme, the cathedral 18 now focuJ on how to grow Its m￿[¢ ETrJo%Thnt Fund. We ha￿ been tYJ5y d9velopi￿ tyjr sutttssful Childran's Choir and sCh￿Is Outrèach Programrne, vknich h85 Stren9then&Y t￿5 betyveen the Music EdLLation Dep3rtrnents. allowffj u5 to engag• with MO￿ g<J)ool$ and deepen partnershi￿. Flnally, tr must depgrbnent has arnbttious pla￿ to aypand Its musScal offèrings and eommunlty èngagèmènt and to this end, it has starta¢J an Earfy Years music dass lo encour&ae farnilies tt) connect wth the cathedral. Akng5ide this, the music departrnent is ho￿n9 p￿1￿.¥¢ ￿n￿r$$￿.0Trs atx)ut g¥ponding its acbvitias towards rnu￿c offerfrKJ$ lor 0￿r lurts. on￿ Again, we has to ad(owlegde the support ofthe Caihedra's h￿Je kam ofvoluntagrs, with %thich we ¢￿Id not ftJn(lion. There are over 300 vdunleers who, in 2024. contributed over 24,600 hows Of￿￿rk to the C8lhedW. Using National Lottgry H￿nt8￿ Fund guld911r￿S thg valu& of thls ¢Onlribution bas8d on the type ofvoluntary undertaken rangè$ from £25Ck ttt £50C4(. Safeguarding remains a key prk)rity and i8 sewn inio every event, ￿tl￿ty. process. and procedural aspect of Cathedral lffe. Vlctims and SurvNors are paramount in ow polKies and procedures and in particular wln we marked oui annual S8feguariling season In November, which include(J a LoudFence and 8rt axhibts as wo11 as speaal sèMea6. Our Cathadral Saf8guarding Officer lefi In August and wil be replaced. Inodents and concerns are investigated and recy)rdeil thorixjghty. With the implementalion ofthe Cathedrals Measure a Safeguarding CorTThrttee has been crea19d wlth an extemal chair. The 21Y24-2026 Strategic Plan linked lo Safeguarding Sla)d8rds has been introduegd d implemented, and there will inspection by INEQE in July 2027. We contiiue to work dosely wlih the diocesan and national (urch safeguwding teams. Further infornalion ￿ be obtsingd on the Caihedral Webs((e Safeguarding pages. Key Alrn 3 Grow 8 more au8taln8ble and re8lllent organleatlon The Mai￿ Ile￿$ of work lo compty with tl* Cath￿Iral$ Measure 2021 ¢ame to fruith)n when the C8th8(Iral achièv8d R8gist8r8d Charity statLts with Iho Charity Conmnission on 6th February 2024. At same time a new governar￿ structure was introduced which saw Chapter meM￿￿S become charity Irustees and five new Chapter committees Cp)verfng Finance, Health a Safety. Risk & Audll. Pr(yrty & Est3t&s and Safeguardlng ware cr8at8d. A sixth committee. Nominatlons, was formed to be responsibb for fgwbtmenl lo Chaptgr and ts committo¢s. A major programm& ol recruitment to Chapter and its committees has added many nèw èxtèrnal mèmbers maklng valuable kno￿edge, skills an¢J experienc8 ardibale to trustees. The work to restore the C8the(Iral'$ anclenl fabrfc and Improv81ts facllttl8s conllunues. ObEr £20Dk was spent in 2024 on the restoration. repair and irnprov8m8nl ol Ihe Cathedral building, Infrastructure and facilitie6. This make5 a total of over £2.3rnillion spent since the end of the Hidden Tre8sures proi8¢t in 2018. Th8 last Quinquennial Insp&¢tion undartakan in March 2023, rè¢ogni8ed the huoe amount of work that has lake place to improve the Cathedral buidirvJ and identified no new major issues. However, a number ol small issues weTr idgnlrfied whith wll be ta¢￿Bd in 2025. -1

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT ICONTINUED) AS A T31 DECEMBER 2024 K•y Alm 3 Icontlnu•dl The 8ppointm&nt ol iho new Est819s Admintstralor In Aprfl 2024 has a great S1￿c&s$. Tha 8ppoinlm&nt is essential for future Estate succe5$ion ptanning. The le35e5 commerual pfoperties at 62a High Street and 72 High Street were renewed, resulting in a combined ￿Tht increase of £4.5k p8 Unlortunatoty, the bjsinesg In 70 H￿3h Street went into administrats"on. and tha proparty was vacaied in November. With the tenant's Femi8$ion, the three-month daposit. hald by Cathedral in a separots CCLA account, W8s used against the OLtstanding rent that w83 0￿￿d. A 5ucc*s$lul Mewing olthe property took place in D￿ember and the terrns for 8 new 1Cky&8r190s0 have toen agreed. lfj'ng'8 School Lease re￿waI$ lor Orrdl Housa, Mac#aan House, and the Old Bursary ￿ra comtyatèd on 23 Daeèmbar, wth a combma¢J annual rent increase of £5,375.W. The kase for the School's ocujpancy ol St Andre￿9 House Ithe former &'xth Fcfm Cdlagel surrendered on 23rd Decwnber 2024 folIty￿n9 a lerNJthy di18pidaUons proc48S. Rg4ld•ntlal Prop•rty There ￿re several ch￿ge$ in tsur resKl8nti81 èstate In 2024. 3 St Mapjaret's Street, formedy a nm- income generatsng property, has been OcrAjp￿ sinrA January 2024, at a monthty rant of £1.850. E8$t Canonry in Klno'$ Orthard, has always b8an a house for rBBidenbal dergy. bacamè vacant In July 2023 folloNMng the departure of ihe Cath￿ra1,$ Canon Precenlor. The proparty was markebj at monthly rent 01£2.25k and has been crxupth on ? residential tenaney sinc& March 2024. 1b College Yard was vacated by the Cathedral's forn￿r As8istant Dir•ctor of MUSK In August No rnajor works werg nggded to th8 pioperty. 1c College Yard was vaca￿1 in July 2024 followin9 an 11-yèar tenarcy. Tha pro￿rtY has underyjO￿ intemal refurbishment. whth was complete£J in November. Both prOpert￿S were vacanl at the end of 2024. 3 Deanery Gats becarne vacant in March 2024 and rtrmained unoccupled un￿1 Novernber 2024, d￿n9 whth time the propety UThle￿ftt int8m81 rg-dacoration and benefitted from r￿W carpets * flocfing throughout. With a n8W tenancy effectNe from the end of Septembèr, the rent has In￿ased lo £1.6k pcm frI￿n the previous monthty in¢ome of£O.85k. Goneral mainte￿n￿ of the Cath8drol•owned prcpèrti•S and ensuring legislative comFAi8n¢e is on-oty'ro. 4.7 Comm•ntary on the 2024 roBults Our combired irive6tmenl policy bringing t¢getrertrie prowrty aS￿ratIOnS wbth the in¥Estrnerrts obje¢Dves C￿tinu¥S to d•liv8r good inv8stmeni retums %thilst maintaining the undtrfyirvJ value of the assets. No properties were sdd in the year. Future yearn wll efjntinue to beneh"t from this policy,. the Teinvestrnent of our non-property monatary 8SSOts has already yoduchd gcod results- inveslrnent in¢ome wa$ £164k in 2024. Congrega1￿81 o)Ileth"ons and giwng, including Gift ￿d, wa¥ £91k in 202412023", £83kl. The final result on tht unffjstrf¢t8d ftjnd a d&fècit of £22.9k. R•valuatlon of Prop•rty Prop?rb&s were r¥valuod 9$ Stgtsd in seclon 3.4. Net loss on revalu8tiy of property arnounted to £2.77k12023". gain of £449kl. The Cathedr81 uThYertcok th# rava1u8tion of 14 01 its prcyerty portfolio in 2024. It also agreed to rBvalua its antire estate cydicalfy ovar a three-year perK)d. It was noted that the revaluation method used by Harrisons Chartered Surveyors in the ￿ValUing of the propertSes In 2024, was a desktop valuation rn¢thtyJ. vthich Is a deMation trom tr hi$lori¢al valuabon method ol the Cathedral's estaie. -14-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T31 DECEMBER 2024 Re￿1￿￿tIon of Prop•rty {Continu•d Thg Cathedral accepts that thi5 shift in valuaDon moth¢xI rnay have a ngJative impact on tha v8lu8 of I Cathedral's estate in its fina￿la1 stslernents, until the entire estste has been revall￿ uTrJ8r Ihis new mtrthod. Tradlng Rochester CatWral Ents￿riSeS Ltd IRCELI ha8 b8corne a rnajor contributor to the C8th8drAI's inMm8. RCEL income was 0%￿r £520k In 2024 and was ab￿ totransfer over £52K to the Cathedral in 202412023., £165kl. Exp9ndI￿re 0￿ratIng eyndf(ure wa$ w911 Controlled durir4J the ygar With rnost departynerts 8Fending vthhln th•ir budget limrt8. Ccrtlu•lon This Annual Report is the first since the Cathedral became a registered charity and toeam& regulatsd by the Charity Commi53ion.. 11 eccordirvaty refiects the 8mrAJnt of C￿nGe that has happened to compty ond become evgn morg Ir8nspar8nt ond rgs11ignt. New committegs and Stru¢¢ures have been put in tyace vthith Aavè strèngthÈnÈd trjvèmaneè and thè ovèr811 ￿￿'1itY of Chapter to dèlNer Ihe Cathedral's miss￿. We havg b8en tnjty blessed by the qualty ol Fwple who offered ￿1r serwces to bè members of Cha#er and the sub CC￿mittee5. Th8 Cath￿ra1 ha$ continued to support th8 Bishop ol Roch8st8rfs mirristry in Dioc8S8 in variws ways, from the lic•n$ing ol Lay Loaders and Ordinats'ons to,￿5¥Y cath￿ra1. and Di¢¢esan s¢￿ Servw. This ￿ continL to do whilst remaining focusgj the challenges aThJ joys of being1he second ol(Jest. if not the wldest, Cathedral in ts county. The numberB attendiry the Caihedral have Increasod ?nd are now seeing a clear eA)relatKJn beh%ten those atteThJin9 the Events Programme arkl I￿rShIp and th0￿ gnquirirg at<)ut the Christian fa￿th. This ￿ rgflectsd in the number offamili8s and cNldren a￿dIr9 SuTrday Club and those being prepaTed for FiT5t Hoty Communion and Confirrnation. O%eTall. th8 C8thedral wryshippirrfJ community h85 grown younger and rnore diserse. This refiects tho changing demogrAphic of Roch&st8r and rt8 a￿s6 to London arm1 tts qu81ty 01￿1$h￿ In the Cathedral. The Fin8n¢e Departmenl has already created a greater (r)nfidence and stability urhyerthe new Haad of Finance. and this has èngen(larèd furthar confidanc amoNJst C8th8(Iral staff. Significant improveménts ha￿ been made in tsrns of proC￿ures. Further steps have been t8n tuwards Cathetral's aim to be a place of ttomo and hospitalty that refiects rts Bene¢Jcline h8ritage. Thi$ iwludgs ta￿'n9 C￿aT deci$ion$ t¢ create a ￿atthy culturè. wher¥ all ¥￿ safè and Ihere is a genuine desire to e>pl0￿ the theological and spiribjal implications of ellb•ng In accordanc8 Jesus's promisè tt> have life In all rts fvlnes8 (John Chapter 10 v101. Tl Cathedr81 ujntinu￿l to be bold and im8gin8tive in re8Liffj those outs¢de thg Cathedral's wlm and in ￿ d6sir• to gs Indusivo as possiblè. This maant continuing to provid8 a saf8 wor8hip space for rnembers Oft￿ LG8TQ + cornmunty and we ha￿ sought to imprm physical xlxss to bulldings. Sadty, the nabjre of historic tFildings makes aC￿sS for all a chall8ngo, we ￿)Uld likè to hav8 8thEved rnore. In te￿￿5 of Underst￿Ing norpvisibb disabilitw lnitk￿ ￿8￿￿n9 has be8n untakon that rgfie¢t8 a more sy5tèm#tictr3ining Program￿ for staff. The fire of December 2023 iniknated a root and branth In￿StigatiOn ofthe Cathedrd's fire prevenb.on systems. Perhaps, inevitably eakness' In the systems have treen lo￿￿. My thanks forth¢ hard woth ol all those involvéd. Funds now naad to be sought to impl￿￿nt tl recommandations.

CATHEDRAL CHURCH OF CHRIST THE 8LESSED VIRGIN MARY, ROCHESTER TRUSTEE'S REPORT (CONTINUED) AS A T 31 DECEAIBER 2024 Concl￿10￿ Iconilnuedl At tha heart of all this acb.mty there 15 the still srnall vryce 8$ ￿ $9ek resl in God. This can sunetimes te challenge all the pressure pL8¢ed on a small Cathedral. The flexibiltty of the Mu81c and Litur9y DoP8rtrnant to maet the changing demands on the cath￿Iral i¥ one of th8 most signiflcant devdopments. If days are active and noisy there is that undedying Stillness. The day begins with silence and prayer and at event￿e, possibly son9 but always prayer. ￿ thanks to Colleagues. staff and vdurtger¥ make thi$ possible. Very Rovd Dr Phlllp H￿kOth

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER STATEMENT OF TRUSTEE'S RESPONSIBILITIES AS AT31 DECEMBER 2024 Th8 Chapter are responsible for preparirvJ the Tru51ee5' Report and financi81 stslerrEnls in accordance with applicable law and United Kingdom Ac￿untIng Stsndards Iunrtgd Kingdom GengRlly Acceplgd Accounting Practi¢el. The applicable to tharities in England and Wak88 require8 the trustees to pr8p8re Ilnancial statements for h financial yearwhi¢h give a INe 8nd laii wew of the stsle of affaks of the tharty and of the Inrxjming resources and application of resources of the charity for thal year. In prepaiing these financial ststtmonts. the Chaptsr are r8quir8d to.. - select suitable accounting policies and then apply I￿rn ¢onsistsnUy', - observe the methods 8nd prinuples in the Charities SORP,. - make jLMJgements and e51imales Ihal a￿ reasonable and prudent,. - slate whetheT appli¢8ble 8ccwnling stsndards have been followed, subject to any material departu￿8 dlsdosed and explained in the financral sta1emenls', and - prepare the financial 51alements on the going con(m basis unless11 1$ Inapproprlate lo presuff that the charity will ¢￿tInUe In oper8I0n. Th8 ChaFlar are responsi￿8 lor keeping suffiaenl accounting records that disclose with reasonablo acLuracy at any lime Ihe finanual positson of the eharlty and en8ble Ihem lo ensure that the finan(a81 stslements compty with the Ch8riti"&s Act 2011, thè Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deÈd. They are also responsible for safeguarding the asse15 of the charity and hence for taking reasonabk $tep$ for the prevention and detection of fraud and other irregU￿rI11eS. -17-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CA THEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER Oplnlon W ha￿ auditorl Iho finan¢lal statemenls ol Cathedral Church of Chrisl the Blewd Virgin Mary, Rochaster It￿,￿alty.) for the year ended 31 DecerntEr 2024 which ¢omprBo thg consolidaed statement olfjnancial a¢tNitiOS, the Gr¢up and Cathgdral balan￿ sh8èL the consolidat•d statamènt of cash flow5 and notss to tha financial stst•rnsnts. induding significant accounting policies. The financial reporbn9 framework that h85 been applied in their preparation is applicab law arid United ￿ngdorn Accounting Sl8nd8rdg. includlng Flnancial RePOr￿ng Standard 102 The Finanri Reporting S¢anda¥d applicable In Ihe UK and Republic of Ireland Iunited ￿.ngd0rn G•narally Acc&pt8d AcLountir¥J Practice). In our opinion. the finanual stBtW7)gnts'. givè 8 true and fair waw of state of the groups and cathèdral's aff8Irs as gt 31 CecAmtr 2024 and of rts n￿MIng r9sour￿$ and appllcation of resowces, for the year th8n èndad., hava ba8n properly prepared in acrnrdance wth United Ki￿d￿) Generalty Accept&J AccountiryJ PraCt￿e.. and have téen p￿par&I in accordan￿ witti tt requir￿￿n￿ ofts Charftles Act 2011. BI￿￿ for 4)pSnlon We conducbj our audit in accordance vthh Internallongl StsTh18rds on A￿JitIr￿J {UKI IISA6 IUKII aThJ applicab￿ law. Our rèsponsibiliti6S und•rthose Standards further described in the Audrtorfs responsibilitias for the audit of thè finanaal st8tèm•nts s•ction of our report We are indeFen¢nt of the tharity in accordan￿ the ethical requirements that are relevant to our 8udl( oflhe ffinenci815tstements in the UK, induding the FRC'S Ethic81 Stsnd8rd. and have fulfilled our ¢)thgr ethle81 rgsponslbllrtles In acLordanc8 these requirernents. We trli9V& that th8 audlt 8vKJenca ￿ have obtainod sufficient 2nd appropriala tts prtsvida a ba￿S for our oy"nKJn. Coneluslon r•latlng to golng ￿nCern In auditing the financial statements. we have Con￿￿ed that the trustees. use of the going concèrn basis of (£Un￿ng In the preparation of the finanLi81 statemènts is appropfk?le. Based on the work we hove ￿rformed. we have not identified any material un¢ertainti8s rglating lo &vgnl$ or conditions that, individually or collectiV81y. may ca51 svJnthcant doubl on the group's and Cathedral's ability lo continue as a going conc8m for a period of at ￿￿51 ￿e1Ve months from when Ihe financial 5talemenls are authorised for issue. Oui responsibil￿￿$ and resF)nsibilibes ol the trustees wlth respect lo going concern are described in the rdevant s8ctions of this reporL Oth•r Inforniatlon The other inlormalion comprises th¥ inftjmation induded in the annual report other than the financial 5talemenls gnd our audilorfs repurt thereon. The trustees are responsible foi the other infom8tion ¢ontainèd wilhin th• annual report. Ouf opinv)n on the financial statements does not cover Ihp other infomiation and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo ￿ad the other inf0m￿li0n and, in doing so, consider whether the other inforrnalion 15 materialty i￿onSi$t$nt with Ihe financial stalennts or our knowledge obtsbned In the courne of the audit, or otherwise appèars to be materially misstsled. If we SdenlFfy such m8teri81 in¢onststen￿eS or apparent material mi5Stalement$, we a￿ required lo determine whelher this gives rise10 8 m8leri81 misslatsnnt in the fin8ncial st*ements themselves. If, based on the work we have perforft￿d. we eondude that there is a material misstslement of this other information, we are requwe(I to report thal facl. We have nclhing to reFDrt in this regard.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO ThIE TRUSTEES OF CA THEDRAL CHURCH OF CHRIST THE BLESSED WRGIN MARY, ROCHESTER Il•tt•rn on which wo am rwulrnd to r•p•rt by •xc•pt14)n Wè have nothing to ￿￿K)rt in respect ol the following matters in relation to hthich the Chaiities (Accounts and Reports) Régulatiorts 21K)8 require us to report lo you il, in our opiniw.. the inforynation given in the staterngnts ￿ in¢M$i$t&nt in any matehal ros￿¢ the truste￿. Port or suffick8nt accounlNJ fgcords have not ￿en k&pt.' or financi81 staternents are not in agream•nt with thè attountiNJ r8eords-, or ha￿ not re￿IVed all Ihe informab'cfi and expL8nations ￿ require for our audit. ResponslbllStlg8 of trustss¥ As expL8ined more fijlly in the 5tstem•nt of trusbès, i•spOrtsibilit￿, th• tNst8as ar• responsibl• lorth& pr¥)aration of thè financial statements And for ￿"ThJ sakn"sfied that they give a true and fair view. and for 8uch intemal control as the ste88 dele￿in8 15 nèc8SS8ry to anablo prapapa"on of finanaa1 statomènts that are fr88 from malarial misstatsment, vtheth8r due to fr8ud or error. In prepaiing the financial statements, the truslees are responsibb for assessing the charity'$ ¥b"lty to continue as a gcing co￿eM, disclosing, as applicable, matters related to going concem and uglng the gow concem basis of accounbr#J unless truslees either intend to cease operatB)ns. or havg no rea115tic alternati￿ but tg do 80. Audltorf• rnjpon8lbllltj￿ forth• audlt of th• Ilnanelal #tat•m•nts We have been appointed 88 audrtor under sectKin 144 ofthe Charities Acl 2011 and repcit in accordance wth the Act and rèlèvant regulalions made or having effect thereunder. Our objecb'ves are to obtsln reasonable assurance atr￿ut whether the linan¢ial stateffnls as 8 whok 8re free frc4n malerfal mlsslalennl, whelher dug lo fraud or eThor, and to issue an aLbdilor'5 report that ir￿ludeS our oplnion. Reasonable assurance Is a high level of assurance bul is not a guarantee that an audit ccfflducted in accordance w61h ISA8 (UK) will aN¥ays ¢Jeted 8 materi81 misstatement when it exists. Misstatements can arise frLYn fraud or error and are consMJgrgJ material if. indmdually or in the aggregate. they could reasonably be expoclad to influance th8 eojnoffllc deci5ion5 of users taken cn the basis of these fin#nThal statements. -19-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRusfEES OF CA THEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER AS pgrt orgn oudit in accordance with ISA6 (UK) èxercise prolgssional ludg8ment maintain professional Bcepticisrn throughout thè audit. W8 aLso'. Idgntify and asse55 the risks ol materi81 Missta￿ent of thè financial ststgm8nts. ￿&ther ¢Jue to fraud or error, design and p8rfo￿n audrt procthyurgs responslva to those risks, and obtain audit evidence that is Sufficient and appropriaie to providè a basis for our opinion. The rBk of not deting a material m155taiement results.ng from fraud is higher than tr ¢Me resulting Irom error. as fraud rnay involve collusion, forgery. Intentional omissions, misrepresentalioThs. or thè override of Intsmal (￿ntr￿. Obtain an undorstar￿lng ol intèmal control relevant to the atKIrt in order to deswan gudit procedures that are appropriate in the circumstances. Iwt mt forth8 purposès ol eXp￿SsIng an opinKJn on the effectiveress of the Cathedral's int¥m81 control. - Ev81u81g thg 8pprcpri8tsn&ss of accounting poliGe6 used and the wsonableness of ac￿untI￿j esl'mates aThY related disc105ure5 rnade by the Chapter mtmbèrs. Conclud8 on the appropnatewss of thè Chaptsr membars, use of the going concern basis of accounting and, basod on th8 audit evidence obtained. whethèr a material Un￿rtalntyeX1$ts related to events or conditlDns thot may cast significant doubt on the Cathedral's abilty lo ¢onb'nue a¥ A going concem. 11 conclude that a material uncertainty exists. w8 are i&)uirad tts draw attention in our audrtorfs report to the related disdosures in thè financial statemènts or, ￿ such disdosuras ar• Inadaquate, to modify our opinion. Our ¢onclu5ti?ns ara basad on Ihe audit evidence Dbtsined up to thè data ol our auditor's report. H￿ver, future event8 or ¢ondits'on$ may cause the Cat￿ra1 to cease to continue 88 a going COn￿rn. Evaluaie the overall presentation, and contsnt ol the financial SIatew￿nts. i￿l￿dIr￿ Ihe disd0su￿5, 8Tr %thgther Ihg financial 5t8tem•nts rep￿Sent the U￿er￿Ing trans8¢b'on$ èv8nts in a manmr that achieles lair prèsantath"on. W• communicat8 With those charged with gJv8manc• rngaydiro, wnc)g other matws. the planned 9¢o)tt and ts'miro of the audrt and sKJnffieAnt èudf( fiThling8, induding Any Bignificant der￿e￿Ie5 in intsrn conlml that %4 Identify durfng our -2(

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CA ThIEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MAR Y, ROCHESTER Expl•n•tlon 0 to what $xt•nt¢h• ¥udltw•• ¢on•ldgrod ¢ap4bl• of d•te¢llnll In•gularltlM, Includlng fr•ud Iwularrties, indtyjing tr￿d, are in8tancEs ol non-ccrnplian¢e with laws and regulations. We desNJn pro￿du￿$ in li wilh our respon811ilitw. outlined above. to detec4 material miyststements in reS￿¢t of irregulanties. including fraud. Tha axtant to vthich our proc$du￿ ar8 C8pabl• of do￿tting I￿gUlaritIeS, includlng fraud is detww below. The of our audf¢ in respeth of fr8ud, are.. to identify and asse9S thè risks of materi rnisBtstsment ofth• finarKial slaternents due to fraud., to obtain sufficient aFprcpriate audit eVide￿e regwding the assessed risks of materi81 mi88tstement due to fraud. throwh dosigninll and implèmenb'ng approprfale re8pon8e8 to I￿15e Assessed Tisks.. and to respond approprkgtely to instances of fraud or suspected fraud Klentified durirrfJ tha Ho%%Evgr, the primary responsibility for the prevention and detects.on of fra￿j rests wth rnon8￿rnent and those char9ed wilh govemance ofthe C8thedr81. Our approach was as followB - We obtair￿￿ an und¢rst8ndlng olthe legal $nd regulatory reg￿rèm•nts applicable to the Cathedral And conskl&r8d that th8 most slgnlfieant 8r• tM Cath8drols M8asurn 1999, the Cath•dral SORP, and UK finandal reporting standards as issued by the Finan(aal Reporb'ro Counral. - We obta￿d an understanding of how the Calhedr81 cornplies with these requiremgnts by dlgQJ$8ions with mAn8yèmèntarKI thosè chargtd wrth g0￿mant•. - misstatement due to fraLAI aThJ how it rnight occu. by holding discussions wth Manag￿￿￿nt )d th)5e charged with govem8nc8. - We inquired of monagement and those charged with govemanc4 as to any kr￿ inslan¢x$ of rK•n- mpli8nce or suspected non<cmpli8nce wth laws and wulatlgns. - Based on this understanding, ts8￿ned SFeufic 8F)ropri8te gudit YO￿￿ureS to thnb'fy in8tsnces of non- ompliane4 la￿ and regulaton$. This inrjudej m4king enqulrias ofm8rwgem8nt aTrJ thoso chatgad With g0￿Manc8 and obtaining additional corroboralw •￿￿8nce as requi￿. The￿ a￿ inherent limitations in the aLJit proc9ju￿B described atKJve. We are kss likely to beccme awarè tsf Instances of non-compliance wth law3 and r8gulations that are not closdy related to gvgnts and transactions reflected in Ihg financial stataments. ALSO, thè risk of not detecting a material mlsstatemont du• to fraud is higher than the risk of not detecting one from err¢T. 8$ fraud may invol delitrrate ¢on¢e81ment by. f¢r eXam￿e. lorgary or intentional misrepresentstions, or through ￿laus1On. UB• of our roport Th13 report Is made golely lo ¢hantys trustee8. 88 8 tody. in a¢¢ord8n¢ ¥￿th part4 ofthe Charities (Accounts Report5} Regulatiorts 2008. Our audit has baan undartakèn so thal mEqht slat• to th& charitys trn￿eS thosè rnatters we are required to State to them in an a￿ltr)rtS report and Ic( no other purpose. To the fullestextent permitted by law, ￿ do not a¢￿p1 or 8ssum¥ rosp¢n$ibilty to any¢n* other than the chorrty and the charity 8 truste88 as a b¢)dy, for audit worK for this report, or for the opiniorffj we have foNned. -21-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CA THEDRAL CHURCH OF GHRIST THE BLESSED VIRGIN MARY, ROCHESTER K ' LII M(x)re Kingston Smrth LLP Statutory audr(or Date 0611012025 9 Appold Streel London EC2A 2AP MoLTrre Kingston Smith LLP is eligible to act as audrtor in terms of Section 1212 of the Companies Act 2006. -22-

Ln ¢D (£ u

CATHEDRAL CHURCH OF CHRIST THE 8LESSED VIRGIN MARY. ROCHESTER BALANCE SHEEr AS A T 31 DECEMBER 2024 2024 2023 Not•• £'(y)o eooo Flxe£l ••wts Tangibk• ass•ts lnveslment pro￿rty Investments 14 4,685 11,709 5.447 21.841 4,658 14,452 5,897 24,807 16 17 Curr•nt ￿•ts Dettors 213 282 agh at bank aThY in hand 183 146 376 428 Cr•dltorn: nounts falllng du• wmhln on• year 21 15301 13411 t curr•nt {IlabllI￿eS)1￿8ets {1541 87 Totsl 388•ts1•s8 cunent Ilabllltie 21,687 24,894 Credltors: amounts falling du• ft•r morè than on• y•ar 21 13001 Not 498ets 21.687 24,594 Th• funds ofth• ehorlty End¢Mnènt lund$ Restricted bJndB 23 20,743 442 23,473 UnMsirict&Y funds- 9ènèr Unre$trioted fund$- D8sb3nated fiJThYs 297 205 348 21,687 24.594 The fin8n¢ial $t8tsm&nts %%re appro￿ by the Chapter members on ... -25-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER CONSOLIDATED BALANCE SHEET AS A T31 DECEMBER 2024 2024 2023 Moto$ £'ooo rooo £'ooo Flxeil a#8•1s Tangible assets Investrneni prq)¢ty Investrnents 14 4.885 11,709 5,447 21.841 4,658 14.452 5,697 24,807 17 Curr•nt Stod 21 20 300 Debtors 21 232 Ca¥h at bank and In hond 212 181 501 Crndltor•: amounts falllng du• wlthln y•Ar 21 16151 Ng1 cufftnt Ill•bllltl••llu••ts 11501 129 Total a88•ts l••¥ ¢urrnnt Ilblllfl•s 21,691 24,936 Credltorn.. amounts falllng du• aft•r morn than one y•ar 21 13001 t as••ts 21,691 24.636 The fund8 of the c￿rfty ETrdowmènt lunds R05tricl lunds 20,7 442 23,473 405 Unte8M¢twl funds- general Rochesr C8thedr81 Enterprfses Unr85tneted I￿￿8- Designated fuTh#$ 297 388 42 205 21,691 24.636 Th• financial statements were approNed by ihe Chapter memtrrs on........ .... .... ...... Truj -26-

CATHEDRAL CHURCH OF CHRIST THE BLESSEDVIRGIN MARY, ROCHESTER STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notos fOOO ro rooo Cuh flotM from op•ratMig aetiviti•# CAsh 8bsorbed by oteration 32 18481 {1,042) Invosllng actlvlllg• Pur¢haBe oftangible fwy assets Pwchase ofinvestmenl prop8ty Pur¢ha$8 ofother Inve3trn8rts 1531 {28) 18) 158 772 Proceeds from (Jisposal of olher in￿stments Invèstmènt incom8 r8c•iy8d 391 N•t c￿￿ g•n•rnt•d from Inve•tlnq 4ctlvltl•8 1,194 922 Finanting aetivili•# Re￿yment of bxnk loaft¥ 13151 71 13151 17) Net ¢oJh luged Inygengrnt•d from flnanclng I￿¥111•0 Net Incr•a•el{dKrea•el In ¢••h and ca8h •quival•nts 31 11271 Cash and c8sh ￿uiva￿nts at thg Winning ofyoar 181 307 C￿h •nd ¢••h •qulvol•nts at lh• •nd ol y•ar 212 180 R•latlng to: Cash at bank and in hand 212 180 Bank overdrafts IndUd￿ in creditor6 payable within one year -27-

CATHEDRAL CHURCH OF CHRIST THE 8LESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l Charfty Ib)fomiallon Cathedral Church of Christ the Blessed Virgin M8ry, Rochester is a reglslered charity {Reg. No 12069￿) from 8th February 2024. The Cathedral is govem8d by the Cathedrals Measure 2021 and the Ro¢hestgr Calhedral Constitution and Slatules dated Novembgr 2￿23. Con8011t1allon Tha financaal statements con$ol#Jate Ihe resutts of the Cathedral and its wholty owned Subsidiary Rochester Cathedral Enterprises Ltd. In addition the Cathedral is Connecled with various entities which do not meet Ihp ¢yiteria for consolKlation. Further delail$ are prowded in not8 32. 1.1 A¢¢ouniing ¢onv•nUon The financial stalgmgnts have been Prepared a¢¢ordancè with tha Accounting and Reporting Regulat•)ns for English Anglican Calhedr81s, the charth.ès Act 2011, FRS 102 'The Finanaal Reporting Stsndard applicable in the UK and Republic ol Ireland. fFRS 102.1 and the Charthe5 SORP'Accounting and Reporting by Charities.. Statemènt ol Racomm8nded Practice applicable to charitts preparing their accnunls in g¢cordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021-. Thg ¢harity 1$ a PU￿1¢ Benefit Enlrty as defined by FRS 102. Tha financial statefflen15 are prepared In sleding, which is tha funcb'onal rajffency of the charity. Monetary arr￿unts in these finanual statements are roundèd to the nearest £'C￿. The fin8ncial $tatem8nts have b88n pyepared uTrJer the historical eost ￿ventiOn. Imtrarfi6d lo indudè the revaluation of fra&hold propertie5 and lo include inve$lmgnt properties and certain finanoal Instwments at falr valu81. Th8 princ4pal a¢xx)unlÉrKJ policiss adopted are set out below. 1.2 Golng Conc•m The Chapter has d)M$idered whetherlhe use of the going conc8rn basis of accountiThJ 15 approwate. To do thls. they have considered whether there are any matèrial unc8rtainlie5 a5 to the C*h&dral'$ ability lo ontinue as a going concern. They hav8 carriad oui this assessment for a period of at leasl one year Irom the date of approval ol Ihesa ac￿￿nIS. they have conduded that there a￿ no material uncertainties about the Cathedral's abilrty to continue as a going con￿rn and thus continue to adopl the g￿ng concem basi5 of accounting. 1J Charltabla funds Unreslrkled fund5 are available for use at Ihe discretion of Ihe Iruslees In furt￿rance of thgir charitsble objectives for both capitsl income. Designated funds are Unrest[￿ted funds set aslde by Chapter for specifK purposes. Restricted funds are subject to specAfic conditions by donors or grantots as lo how they may be used. The purposes and usès of the restl￿ted fvnds ale sel (xjl in the notgs lo the fir￿n￿81 statements. -2

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (cO￿riNUED￿ FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢l06 IContlnu•dl Endovmienl funds are subject to conditions by domrs that Ihe capital must be mainlained by the charity. 1.4 Incom• Ints)me 18 recognised vthen the charity i% legalty entill&Y lo it after any performance conditions have been mel, the amounts can be measured reliat4y, and il is probable Ihat income will bè received. Cash donations are recognised on receipt. Other donations ale recognised cfftce Ihe chority has been notlfied of the don81ion, unless perfiyman¢e (x)ndf(ions rgquifg deftrrral of the amount. Income lax recoverable in relation to donations receiv￿ under Gtft or deeds of ¢ovenant 18 recognised at th8 tim8 Of the donation. Legacies are recognised on receipt or otherwise if the charity has been notrfied of Hn impending di8tribub'on. the amount is known, and rerEipt 15 expected. If the amount is not known, the bega￿ is treated as )ntingent 8sseL Grants are defined as sums receivable from tru51s and putlic bodies, paymeni ofwhich is detemiln&J by compliance with agreed Cnteria. Grants are 8e(xJunled lor w￿n duè Inv8Stment ineome is recognised in th• accounls in th8 ￿rIOd in which it eamed. 1A Exp•nditu EX￿ndrtUre is recx)gnis8d orK£ thèrè is 8 légal or eonstructNe oblig8tK)n to tr8n8fereconomic b9nafit to a third paty, it is probable that a transfer of econom￿ benefits will be requred in settlement, and the amount of the obligation can be measured reliably. Exp8n¢Jlture is da$sSfigd by actlvity. The ¢osts of $8¢h a¢vty ar& made up of the total of direct costs and shared o)sts. induding support costs invdved in undertaking each aclivity. tXre¢t ¢08ts attrbbutable to a single activity are allocated dreclly to that aclyvity. Shared costs which contribute lo ￿)re than one activity anil support o)sts which are not attributab￿ lo 8 single actiwty are 8PPOrtioned behveen those aclNltles on basis of Ihe nun￿8[ of full-ti￿￿ staff in each d8partment. EX￿nditur& d8ssifd undÈr the fol￿ng headings.. - Costs of Taising funds comprise the costs ol commercial tradiThJ and Iheir assoc48ted SUPFX)rt costs.. and Expenditure on charitable activitie5 inC￿deS the costs of actimties undertaken to furthor Ihè purposes of Ihe C8the(Ir818nd tt*ir 8ssoryated support ¢X)sts. IrreCoVerdb￿ VAT is charged as a cost against the activty IOT which the experKliture was incurred. 1.6 Tanglble fixed asg•ts Tangible fixed assets are initially measured al cx)st and subsequentty measured at cost orvaluation, net of d•predatlon aThJ any Impalmwit lossas.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng pollcleB IContinu•d) 1.6 Tangibl• fix•d as•ts CekYecl8Uon Is recognised so 85 to WTits off th& ¢o$t or vthaUon of a¥¥gts less th•ir msidual val￿5 ovortheir Useful livss on tha folkming bases.. Fwhold bnd and buikding5 Flant and equiprnant FNtures and ffithngs Computers Tnporory ￿lI￿rr@S No daprncAats'on char9ed 5 years str8&ht lfft• 5 years ¥lraight linè 3 ￿arS stralght line 15 years strawht lin& The gain or loss arising on th8 disposal ol an asset is deierrnined ¥5 the d11kn￿e betsve&n ts s8Je proLed$ 8NJ Ihe earyiryj value ol the asset, and 15 rècogni8ed In the stOtem8nt ol finanlaal 8¢tNlbag. 1.7 I￿￿%￿nant P￿￿rtY Invtsthent prcpety, which is propety held lo eam rentals 8TrJlor fcf ¢apit81 appreaAon, is ￿th"ally recognised al ¢0gt. wltlch indudes the purchas8 COSt and any directly altr￿uta￿b expenditure. SUbs￿U￿nUY it is m8asur8d at 18ir valu& at th8 reportiro end date. Th8 5urplvs or daficit on revaluation rècegnised in profl or loss. The Cathedral's policy is to cary out an intem85 rwaluats.on by referencè to est8bll$h8d Indlc•s and to instigate lormal revoluabons to tho properties every five years or when considar8d nocessary. 1￿ H•rftag• Heritage ossets indude the C8lhedT81 and anullary buiklings and Ihe items In Ihè nventory prepare(J under SeCt￿n 24111 of the Care of C8lhadraLg Maasure 2011. No valth8 h88 been attributsd to these assets acquired befora 31 De¢embef 2018 due to infornabon on ttreir histoital cost nol beirg availa￿&. Items dwated lo the inverrtory 1 January 2019 8r$ v8lu8d In the year ol acquisition and shtrn as a 95set unks there is in8uffia$nt Inlormation to Teliably estimatè th• valu8 of the asset. 1.9 Flxgd 458et In¥￿tmOnts FiKed ass•t inv•StM￿ts are initr'81ty Me￿￿￿ed at transaction price ex¢luding transaction costs, and are yjbsequently measured 8t fair value èt each reportiTrJ date. Changgs in I￿r value are recognised in net incomèllexpenditure} for the year. Transacti￿ ￿$ts eypertsay as incurrgj. C8thèJral doe5 not invest in put options. derivativ&$ or olher COMp￿X financi81 instruments. The maln fomi of flnanclal risk fa￿d by Ihe Cathedral is th of volatillty Sn markets and inwsDmgnt markgts due to wlder economic conditKJn$, Ihg gth"tudes ol Investors to investment risk, and thanges in sentiment concernirrfJ &]uthes )nd within particular $￿t0[$ or subsectorn. 1.10 Impairm•nt olflx•fl a88ets At each Teporting end date. the charty remews the carryro amounts of its tangiblè as8ets fv d&teM)I￿ ¥thether there is any indication that 1hose 835els have guffered an impairnent loss. 11 any s￿h indration exists, the receverl8 Arnount of the 0s5ot ￿ gstimatad in order to detsrnirE the ttxtent ol tho impaimient kjss lif any}.

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng pollcS•8 IContInu￿) 1.11 C••h •nd ¢••h 94ui¥•l•nts Cash and cah ￿U￿￿antS Indud• cash in hand. daposlts held at c411 wth banks, olher short-tèmi Ibiuid invesbments with original maturities of three rnontrts or less or cpeniTrJ ol the deposf( orsimilar account 1.12 Financial intrum•nts Th? ¢harty has elèct￿ to 8pr4y the prowloffj OYSe¢Jon 11 'Baslc Financ1 Instruments, and Section 12'0ther FIna￿la1 I￿trUments Issueg. of FRS 102 to all of ts financial instruments. Fin8wial instrumants are recognised in the charity8 balance sheet fien the charity becA)meg patty to tha contractU81 p￿Sk)n$ ofthe instnjment Financial assets and liabilities are offset. %%ith the net amounts pre8enled in tke financial statements. bvhen there is 8 Iggalty ¥nfor¢g8ble rigm to set off the recc4Jnised amounts and Ihere is an Inlention to stUe on a not basis orto realm the asset and Gett￿ the labilty BimuNaneously. 8aslc financl•l assets Basic financial assats, indLKle d8btors aThJ cash and bank baLgnc45. Trado and othgr d8btors are rèccgnised at the settlement amount due after any trade discount offered. Prepayments are valued at the ￿OUnt prepaid net ol 8ny Ir8dg discounts due. 88￿C flnanclal Il•bMltes B85ic financial liabilitiès, Ind￿￿1r$ creditors and proms10￿ are recognised al tranSaC￿On price wh8r8 th? tharity ha¥ 8 present oblvJation r8sulb.ng frorn a past •v•nt that￿11 probably result in the transfer of lunds to a third party Or￿ the amount due to sett the obligats.on can be measur8d ol e8'fflated reliabty. Credrtors and pw¥ioro Bre normally rewgnised at their sett￿l￿ent amount after allowing for any trae discounts due. Dorncognttlon of Ilnanclal Ithbllltl•s Fina￿￿￿1 liabilths are derecognised %then the chaiityg contraclual obligation5 ex￿re orare discharg8d or cancelled. 1.13 Sto¢k Retail and catsring stod(s are stated as Ihe low of cost and rièt rèalisablè V#￿tt. All th? stocs aro hdd In tha subsidiary company. 1,14 Ernployg• bononts T8rminath)n berefits are re￿gnISed ￿rn￿l￿telY as an exp8n58 when the charity K8 demgn$lrably ￿mMitt￿l to téminats thè èmploymant of an &mploye• orto promde termination benefrts. P•n8lons Thtr Cath￿ra1 particapstes in the Pension Builder Sch&ne of the Church Workers Pension Fund tr lay stsff. The scheme 1$ ¢OllSKler to be a multi4mployer 5ch8me as d•5criLd in Sadion 28 of FRS 102. Itls th8refore not PDS81ble to atlribute th8 Pension Builder Scheme's a380ts and liabilits to 8perAfic emp￿yers. The conin'bubons are accounted lor a5 il the Sch￿ne %s*rg 8 deffined contribution scheme and charged In th8 SOFA during thg ￿r51h8n the C4JntribuOons became payabk. 41-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢1 IContinu•d} 1.16 Thlrd party r•c•lpts and payments Thg chU￿h CLThmis5K)wrs pay stipands ol the Dean and the hvo Commissionerfs Canons. The amounts are shown in a restiicted fund in the S￿t￿ent of Fin8n¢i81 Act￿lies. both under grants racewed and under cl8ryy rlueal aeeountlng g•tImat￿ and ludggmgnts In Ihe applic8th￿ ofthe charity's accounting policieg, thè t￿18¢9 a￿ requlred to make judgements, estimate6 8nd assumptitin$ ¥bout the canyirrfJ amounl of assets and liabl1￿.￿9 th8t ar¥ not readily apparent from other sourc96. e8timates and as8ofAated a55￿ptiOnS are based on historical eX￿rienCe and othèr factors that arè $•Jer¥d lo bg r¥bvant. Adual results may differ from 85timat•s. trstirn8ts8 underlylng assumptions ar8 remewed on an ongoing basi%. Ravlslons to accounting ests'mates ara rècognlsad In the period in which Ihe esbm¥ts i¥ ￿￿1$ed wher the re¥￿￿)n affects only that period, or in the pe￿d of the revision 8nd future periods whèrn th8 r8wsion affects both current and futu￿ ￿ri(XIS. C￿11￿1 ludg•m•ni• lrnpalnnent R￿l•W Dete￿Ing whether fftara arè indicators of impairment of the charitls tanglbl• assèts. Factors taken into considerabon in ￿aChIng such a deTh3ion irKludè the economic iability and expected fuiure p&rfom8ru of th& a5seL Where indicators tr￿st imp8im•nt rgw9ws are carrbd out on the tharitys tsffji￿e assets. Factors taken into oMMlÈration in rè8ching such a daU￿on i￿ude the econornic ¥iability and expected future perf0mla￿ Soum• of eotlrn•tlon une•rt#lnty T#nglbl• Flx•d A￿•ty Tangib￿ fixed 8ssetS 8re depreci81&1 their usefijl lives takiry intts a¢count r8shJual valu8s, vth8ro apprcpriatg. The actual lives of tho o$sals and their TesKlual wal￿5 are a$se5$8d annually aThJ may vary thpendi￿ on a number ol factors. In rww85ing asset livas, factors such as age and ttjture e¢on¢ynl¢ ben¢fits are taken Into account. V8lu•llon ol Fr•ohold and Inv•8tm•nt Proporty A6 dgscribed in note 14 army 18 of th8 financial staternents. freehold proFérty is s18ted at foir value. The Trustees ha￿ assessed this and based on reference to oJrr•nt market date, valual'ons, location and Cond￿on of th& properties consider thern to be st8tsd al fa￿ valua. HO￿ver. the rise in intsrost rates and inflats.on havfy ¢Ausèd $ignifl¢ant disruptlcfi and Un￿rtaInty in the UK property mart•t whith has inewtsbly increas&1 Ihe degree of judgement in the prcyerty v8lu8tions at thè balarte sheet date. 42-

iy 111 131. 55151111 IÉ

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Incomè from oth•rtradlng actmths Unre•trictod Unr•8trietyd fvnds fvnd• 2024 2023 £'ooo rooo Chw9es to visitor5 Managem￿1 CharyJes Trwdirg ath"irity". Subsidiary T￿dirg a¢tivity inry)m?.' other 38 108 525 532 20 Othertrading activty -34.

¢J(c z

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ex￿ndItUre on rAi¥ing fun(ts lJnr•strletsd R•¥tYl¢tsd nd• fund8 Tothl Unr•strlct•d R•8trlct•d ds fvnds T•tsl 2024 2024 2024 2023 2023 2023 £'ooo £Tho rooo rooo FundAi*ing and publieity Costs of 8ppgals and fvndrai$ir Other invesbnent property {￿$ts Major rnJè¢ts Marketing costs Service8 directly recoverab Tradiro actiwtses.. subskliary Support eosts 222 222 21 21 173 173 181 181 331 331 273 119 28 119 959 5Bg 589

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exp￿dI1U1o on clkgrftabl• 4ctlvllle• Mlnl•lry Cath?dr•l EdU￿ti0Th Community ab)d and prKln¢t• pxrl*h and expendltur• rn￿1C upk••p outr•ach ¢¢)ngr•gallon on mwalion 2024 2024 2024 2024 Olher Total 2024 2024 Dlrect C￿tr rooo rooo £'oth) rooo Depredation and impairmgnl Clergy housing costs Clergy support costs Sarw￿5 and mu5 Insurance 28 $43 543 S1 51 Preancts securty aTh# ga¥dening UF&eep E¢Jucallon acl.vit Interest aThJ similar charges Other e>pendrtu Maintenance and interior 85 85 245 245 18 18 upkeop 172 172 578 310 24S 27 1.160 Share ofsupport and gov•mane• c08ts Is•• note 8) Support 220 128 18 18 382 436 263 18 27 1.542 Anatysls by fund Unreslricled funds- ggngral Unrestrictsd funds- deslgnated fundB 263 18 27 115 Re8tri¢1od fund8 31 31 436 263 18 27 1,542 -37-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exp•ndftur• on chorit•ble activitie¥ IProviou% yearl inl•ty Cath•dral Educatlon Communlty and #nd prnelnets and parf•h and •xp•ndltur• upk•gP outre3ch congregation on ml8slon 2023 2023 2023 2023 Other Totsl 2023 2023 Dlr•¢t coots rooo £'ooo £'ooo £'ooo eooo £'ooo EsyeclaUon aThJ inpairnwnt Clergy housino eosts CAérgy support costs Se￿￿ 8nd musi 19 19 17 17 510 510 Insuraw 58 58 pre￿rnCts securty and gardening upkgtrp Educatson aclivibes 305 305 Community, parish and congregahon eosts Interest and similar charges Other eypen¢Jitur• Majcrf projects M8lnt&nan¢a And Intertor 20 20 20 20 ure&p 451 451 305 27 1,474 Sharo of jupport and fjovern•n￿ ¢0•18 (899 notg 81 Support 287 155 72 12 526 833 750 377 13 27 2,000 Anafysls by fund Un￿st￿cled fiJnds- general Unre3trictsd funds- designated nds 589 652 368 13 27 1,649 59 ReSt￿ted funds 244 39 292 833 750 377 13 27 2,000 -3

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS IcoMfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocat•d to a¢tMtI•8 2024 2023 rooo Staff cosi8 413 Cpreaation Garth Hous• 818clricbty, gas and rates Irffjuran¢e 12 18 13 18 Tdephore and MO￿L8 Costs Prfntlng, postag8, ststionBry and equiFffnent IT costs 14 28 118 88 Marketing Miscell8ngous •xp•nses Recruitrnont Costs 12 20 Staff trdnlng and confe￿n Bank charges Goveman(% ¢cts 127 774 554 Ab)aly••d b9tW￿n'. Fundraising Mlnistry and music Cath&Jral and pyecincts ￿keep Educatlon and outreach 28 220 287 126 155 18 72 Community, parish and congregation 18 12 774 554 Nbt movement In fund• 2024 2023 Thg n8t movam•nt in furmls is statéd d￿r chargIng1{ued￿TrJ).. Fees payable for the audit of Ihe chariVs fin8wal st8t8mènts Non audit feas Depréciation of Own￿ t￿gible fvEd assets 23 36 26 10 Tru8t••¥ Eypenses totalling £4,19212023.' £3,330) tre paid in totsl 10 312023." 21 mam￿r$ of Chsptor dwing the year. Ewensas compriJ travel and non4epartmental expenses. 11 Ernploytts 2024 2023 Numbor Hum￿r Th8 avèragè monthty numtsr of employes8 t1urln9 the year was.. 33

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 11 Employe•• IContinu¢dl Employment colts 2024 2023 tooo Wages and salaries Social ¥?¢urity Other pensYJn cvsts 1,088 1,154 1.229 1,307 InrI￿j&d wthin ￿lan&S are ￿undan¢Y and tsmirnotion payments lotalling £N1112￿23.. £9.5151. Ofthe 8bov8. members ofthe Chapt8r numb8r•J 112023.. 11 The number 0femVoY￿ whos& annual ￿re mcie thén £￿,[00 is as I￿lows.. 2024 2023 Number N￿be1 £60,(KJo- £e9,999 Koy Managèmènt P•v81)nnel The toial eMol￿entS ol the key management p8rsonnel pre £267,74812023'. £243.2581. Kèy m8n8gement pèrsonnèl are those prsons having authority and responsitility for planning, ditecbng and trolling the ath"vith?s olthe cathedral. Key management personnel are mernbers of Chapter and the senior adershlp ta8m. Salary ￿velS for ts Chapter mernber5 is set by the Church Comrnissioners. Salary ￿ve15 for ts Chapter Clerk. Executive Director and other senior staff we sel ty relerence lo available benchmarks. Remun8ratlon of ffl•rnbers ot Ch*ptor The rernuneration ol the member8 of Chapter induding The Dean, Canon Precentor, CoTrJn of Worship and Canon Chan￿1￿)rWa5. 2024 2024 2023 2023 st'pend lIr￿1 Employ8r5' Stpend Ilncl Ern￿oYerS. Employors Nll Ponsion Employws Nll Pension Meml)er8 of Chapter 11 S,573 115,573 15,323 15,323 94.197 17,491 17,451 94,197 The remuneration and p8n5ion provisi￿ of cltrieal mtrmb•rs of Chapt•r ar• paid in aceordanc8 vAth scal8s laid dom) annually by thè Chureh Commiss￿n•1$.

IJ 11 o 00

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 T•xa15on The charity i8 exempt from taxation ￿ ts adMtse5 because all in¢G￿tr 1$ applied for charitable puws. 14 Tanglbl• flxod a889ts Fr8ehold14r¥J P￿Irt and Fixluw •d Comput•V8 •qulpmont ffttlngs rooo T•mpornry bulldlng• Total and bulldlngs ro rooo C￿t At 1 January 2024 Additions 4,616 14 46 13 4,723 37 16 At 31 Docamb8r 2024 4,616 71 14 46 29 4.776 0OPTeclallon and Impalmiont At 1 January 2024 D8pr8(aaion charg8 Al 31 Decernbw 2024 33 14 10 24 26 34 14 34 91 ¢41rylng •mount At 31 Dgcgmbèr 2024 4.616 37 12 20 4,685 At 31 December 2023 4.616 36 4.658 subsKliary uNlèrtaking hc4ds no tsngibla fixed assets. Therefore. &1 tangible fixod di$c8ed ￿thin the parent chari￿$ Ilxed ￿set nots In theaè consoJidatÉd ffiartial statements. 15 H•rSt•g• ••89ts The Cathedral t￿n9 a nurnber of assets that are of arthitectural, archaaoltsgical. arts"s'c or historic intarg51 and which woukj be considered tts be heritaoe assets. As stateil in the Acwjnting Policies noie. no vdue is plac£d on these assets in the balance sheet. Natur• of a••et• Heril8ge 833ets tsll ￿rtt0 the folltrwing categories.. Painting¥ Pl&t8S Textiles Iincludirs robes ¥n¢J att8r linen) Stained Glass Monuments and Lèd9ers MlscellaneoLLS (including bells, orgens, clocks and lights). No items bnclud& in th8 invèntory have been disposed of in the penod and no iterns acquired ￿1¢h would warrant inclusion in the inN*niory. 42-

CATHEDRAL CHURCH OF CHRIST THE 8LESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 H•rfta9• aM•ts IContlnu•d A¢qul•lUon, dlBpo8al pro••rvation and man•g•m•nt of ￿n1•ge Under seclion 1111 of the Care ol Cathedrals Mea3ure 1990, Cath•drals are re(yirad to keep an irNentory of items owned by the Cathedral that are ol architeclur81, 8rchaeological, arts"St￿ or histoiic interest. Section 2lbl and Icl of the M88¥ura also issues stn.ct guidelines about thè a¢))Ui$iti'on and disposal of such assets. Many 01th8 harltaga 8ss•ts ￿ld are wthin th8 Cath￿ra1 its•lf and can b& vlaw￿l by wsitor5 to tha Calhedral. From tlrne to tirne, the Chapter will grant publK 8ry%s5 to certain hertsge a35ets. 16 Invg¥lrnent 2024 rooo Falr V•lu• At 1 January 2024 Net gains or10$50$ through tsirvalu6 adjustm•nts Ot￿ changes At 31 Decgrnber 2024 14,4S2 12,7711 28 11,709 Rochester Cathedral owns a V4riety of properbes frjr inv8strnent purpose5. The inveslm&nt proFerti6s include 24 comrnercial prop8rtiès linduding shops and prCPert￿ leased to a local 8¢hotsll and 16 residential propert'es locatsd In Rochester, Kent. During the year a number ofpropgrtie8 bÈrÉ v8lLd professiondty by Harr￿oll6 Chartered SuNeyots and these valuations ￿re adoptod 8$ al 31 Dac8rnbor 2024. other investmenl property has been revalued annualty on o yield basis for commercial kyopety and by referen￿ to a recognised property index for re5idenal proFerty. Further valuations w11 ba e8th8d out 0￿r the next S years by a rangè ofprofèssional advisors. wrth SXperien￿ in ￿t￿ resid6ntial and commercia Froperty V8lualDnB. All prop8rti85 are h8ld at fair valuo. and nono are hek1 by the subsKliary wnpany. 17 Flx•d 4•8•t Inv••tm•nts 2024 rooo Cost or valUa￿￿n At 1 January 2024 V3lu3tion ¢hangg$ DisposaL8 AI 31 D￿0Mber 2024 5,897 141 1391 5.447 Caffylng •mount At 31 December 2024 5,447 5.897 Al 31 D￿mbar 2023 As at the 31 December 2024 tho of the inve5trnent portlolio w83 rnan8g￿ by CCLA and hehl in CBF Funds. No indiMdu81 equlty Wdirg 8mounts to over 5% ofthe totsl value ol investsnents. No in￿$tr￿ents are hekj by thg subSKli8ry ¢￿panY 4>

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Dobtor¥ Con80lid•tsd C•thodral Amoun1¥ falllng duB wlthin one year.. 2024 2023 2024 2023 rooo rooo rooo Trad6 dobt¢x8 115 74 98 Othèr dobtors Prepayments and accru￿1 In￿rne 97 200 97 2C() 20 18 17 232 300 213 282 19 Loam and overdrafts Con8olldat•d Cath•drnl 2024 2023 2024 2023 rooo Bank overdr8ft8 Bank108 315 315 315 315 Payabl8 Wrthkn om yoar Payable after one yeai 15 15 300 300 20 Credltors.. amounts f•lllng due wlthln one ymr CorAolldated Cathedral Amount• fwlling due within ong y￿r 2024 2023 2024 2023 to( eooo Bank Icqn5 and overdrafts 19 15 15 Oth8r taxab.on and Soaal securrty Trada cradllors 218 141 115 Amounts owwJ to Subs￿18ry und&rt8kiTrJs Other C￿￿or3 131 33 27 174 106 Acwols and defoTh¢d income 131 78 121 78 81S 372 530 Cr•dltorn: amounts f•lllng du• *fter th4n ontr y•ar Conoolldatsd C•th•drnl 2024 2023 2024 2023 £￿0 rooo rooo ro Bank Loans 19 300 300

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 R8llmnent benefit Schèmes Rochesier Calhedral parbripates in tho Pon$ion Buildèr Scherne $Ècth)n ofCWPF for iqy stsff. The scheme 18 adrninistered by thE Church of EnglaThJ Pensions Board, whth holds the assets ol the schemes warately from those ofthe Ern￿oYer and other partirApab'ng ernployerB. The Church Workers P8nsw)n FvThd has ts%rJ sect￿)n5.. 11 The Defined Beneffts Stherne 21 The Pension Builder Scheme, which has subsections.. al a deferred annuity section krK)wn ¥$ Pgn$bJn Blu￿￿r ¢ts$si¢ 8nd 8 ¢•gh bglan¢• sè¢ti¢n known as Pensi Buihler 2014. bl a Cash balanc8 8ecb't)n krthm 85 PsrnKin BuikJer 2014. Pension Builder Scherne Boih se¢b"on$ oflhe Pgnslon 8ulkJer Schome org dass9(l as dgfiW tngfit sch9mg$. Pensions Byikler Classic FYowdp5 a pen5h?n, accumulated from contribution5 paid and ¢onverted into a defery& annuty during employment based on teryn8 8Ot and r•vwd by thè Chur¢h of England Pensions Board from tim• to brn•. Dix¢retionary inrxèa5•s may also ￿ 8th18d. d•p8nding on inNtsb7)•nt r8bJrns and othèr tsrtors. Pension Builder 2014 B 8 Cash bal8nr8 %h¢me Ihat proviths a ILMP sum Ythieh members use to prowde beneffts at rètirémant Pension contributK)ns we rewrded in an account for each memb8T. Dyscretionary bonuses rnay be added b8for rètlrèmant dapendlng on ￿n￿tmant ￿tum$ and other foctors. The acthun( plus any bonLK8•S dee18red, is payab￿, Un￿uCed, from age 65. Trere is no Su￿[￿s1on of 8s9ets ttheen ernployws in each section ofthe Pension Buildef Sth¢n. Thè schema Is consKlar8d to be a multi-employer as descrited in SectK)n 28 of FRS 102. This me8n5 It 16 not p0¥sjb￿ to attributs the Pen3lon &Jilder SchErne'5 a55ets and li8￿"11￿.e& to Specific employern. This means that contributy￿S 8re ac¢ountod for 8s If ts scheme ￿re A defin&J cxJntribuJon sthem9. The pgnslons o)5ts tharged to the SOFA in the yew are conknbutions pay8ble12024.. £52.579, 2023.. £22,799). A valuation of the 8¢h¢m& b ¢8rAed cljt on¢% e￿ry three years. The most ￿entValua￿￿) compKgted was carri&J out as at 31 Dec8mi*r 2022. Th• next valuation is due a$ at 31 December 2025. For the Pension Builder CI8SSiC $8Ltth)n, thg valuation rebFal&J a defiat of£4.&n cfi O￿oIng as8urnpt￿r used. Al th? m051 rpcent annual rsvwrf 1 January 2024, tr• Board chose to grant 8 disuetionary bonus of 6.7% to both ￿nsionS not y•t in payrnent and pensk)ns in payTnent in respect of servicè ptior to April 1997, and bonus on pensK)ns in pawnent in respect of post April 2006 8ervi¢è 80 that the pension increase was 5% Iwh8r8 usualty itwould b8 calcuLatwJ basgd ￿ infiatDn up to 2.5%). This followed improvomants in thg funding position over 2023. is no requirement fordeficf( payments al the current tirne. For the Pen6i¢Jn Builder 2014 8Ktion, the valuab'on rewdabd a surplus of£S.5m on tre ongoirvJ aS6￿￿P￿.0nS usod. rg is no requremart for dèffieit paymerrts Ot the current time. Th8 K8gal struelur8 ofth• schom• is such that if arKJth8r 8mploy•r faih, Roch8Stor cat￿￿ra1 could b￿me responsible for pawThJ a share cf that Empby?rfs pension Iiabili)'9s. 4&

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 23 EndowTn•nt fund• ETrJowrnent fuNI8 repr8sont a6Sets whlch must ba hald p8mianerrtly by th8 tharity Income arisiThJ Dn th8 8nd0%￿nent funds can bè usèd in aecordanc6 wth the objects of the tharity and is i￿1￿(￿d as Uryestr￿ted Irt(￿tr. Any capital gains or losses arising on the assets fomi part of tre fund. At 1 Januory 2024 Gain8 and At31 Incoffle 10sse¥ December 2024 Pgmian•nt •ndowrn•nts Gèneral endownent 21,576,560 1,896.678 23,473.238 12,771,434) 8,CMJO 33.246 8.1XJO 12.738.188} 18,805,128 1,937,924 20,743,050 Mu&c wd(y•Anènt PrpvlouB ￿•r. At 1 J4nuary 2023 Galns and At31 In¢om• D•¢embgr 2023 Porm•nont •ndt)wm•nt8 Ge￿ra1 •ndownwt 21.243,778 1.719,058 22.&fj2,836 332.782 151.e20 484,402 21,578,560 1,8￿,678 23.473,238 m￿1¢ èn(Jown8nt 26,OOJ Endowmont Fund•- d•8erlplon Gener81 8ndo￿len1- Pèm)anènt andowmont to generate incorn8 for thè Cathtdral. Music ¢￿￿n￿nt- Raised by Rochester Cathedral Trust for the provion of mu%e. MUS￿ End0￿￿￿nI Fund in¢lud&$ 3peafic endowments for a ¢h0ri8tsr1£50,C(JO 08th188 Yolkm.. The Ou51ey Twst Hang end Julio RausirrfJ Trusl Henry OldheKI Trust Sa(Jdlers Livery Ccfflpany Mercers, Liry Comp8ny The J & J k*dal Th? Cook• Kledal The Aiken Med fvlrs. J Call&baut121 4&

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIABER 2024 24 Restrlcted fund• The restricbj funds ofthe chaiity CA)mprise tha unèxpwnded b¥l8n¢os of donations and grants held on tsust wt4ed to spgdfic ￿￿1th)nS by dorK)rs 8$10 how t￿Y may t¢ used. At1 JAnuary 2024 Galn• and At31 Decemb•r Incomo Expendlturè 2024 Church Cornmi&8KJnerf8 Restricted 118.976 19,Ch)5 {118,976} Song School HJ Hoby Beque8t- C8pf( HJ Hoby Bequo$t- Ir￿L￿ne Dorfs Cdmoro P8t8rs BeqU￿t hgnn8i Project Fund Chenn￿- Team Charf 19,L¥JS 153,959 41,701 22,652 4,111 18,552 2,828 2,921 185,163 41,701 34,974 3,903 18,553 2,826 2,728 {11,2041 115,4811 3,159 208 EV Family lun Day G8th Rosas 195 Embroidery Fund Library Fund Flowor Guild 45 173 174 Youth Fund 41,470 2,220 2,374 43.690 24,454 19.770 18,601 Congragation Fund FrierKls of Rochèster C8thedral Mus 19.770 B￿1$ Centenwy Fund On Lina Minlstry Fund EdueAtK)n Fund 18,3[ 1,562 Kem'n Truyt Fund (Garden Improvement Officerl 30,000 404,832 36,234 181,(KJ4 115,1891 {149.6461 13,338 5.842 e6,383 442.032 47-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 R•itriet•d lund9 Pr•vioug year. At 1 January 2023 Gain¥ and At31 Incom• Exp•ndlture 108•e8 December 20tJ Church Comrni¥¥ionerf& Re5tiid8d 101,200 171,C66 41,701 32,455 3.730 14,043 18.553 2.826 2.726 142.209 3.865 1243,4091 125,3501 HJ Hoby Bequest- CapV£al HJ Hoby B8qug91- Incomè Doris Cdmore Peter8 Bequest Roman W811 Fund 15.582 185,163 41.701 34,974 2,519 13,7301 110,1401 Chennai Prqecl Fund Ch9nnai- TeBm Challie EV Family D¥y Garth Roses 3,903 18,553 2.826 2,728 Embrohdgry Fund Library Fund Flower Guild 42 473 13001 173 Youth FUTr 38.709 19.276 19,770 5.533 18,304 1.562 99 5.904 2,804 13.7431 41,470 22.ckqo 19,770 Congwation Fund FrieThJg of Rochester Calhedr81 Music Rochester Cathedral Voluntary Choir Belk Centenary Fund On Lin• Ministry Fund Education Fund Kerrin Trusl Fund IG8rdgn Improvernent Officer) 15.5331 18,304 99 30,C¥)O 404.832 523,505 154,831 1291,6051 18,101 4&

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 24 R••trfct•d fvnd• {Continu•dl R••trlct•d fund•-dM¢rlpllon Churth Commissionerf8 Re8trithd- To rneet sb'pend8 and a8¥oo¥tod ¢o8ts ol el?rgy. HJ Hoby Bequ•st- Thls lund deTlvad frcth th8 èstate ol HJ Hoby. The (pital is to be retained intact within th8 income to be used for Cathedral fabric. and music, particularfy mu51C Doris Colmore Pelers Bg]uest- For work with youth and children. Roman Wall FuThJ - For Malntenance of the Roman Wall. Ch&nnai Project Fund- Forconstructing a thurch ￿r Chennai. In(a. EV Family lun Day- SperAfic grant fundn￿fvndIaIsIng for tho Famlly Fun Oay. Garth Roses- For acquiring nèw rosès for tha Garth. Gardens Gre8nhouse F￿d- For repl￿ement ofth8 Greenhouse. Embrddery Fund - For restoration ofthe library curtains and other embrcidery projocts. Library Fund - for purchases and n￿nIng costs ofth8 Ibrary. Flower Guild- For the provision of fl¢Mrs In th8 Cathedrèl. Youth Fund- s￿IfiC thnalions for Youn9 PeO￿e Worf(. congre98b.on Fund- Swfic donat.orts fordeveloping the congregalion. Fr￿ndS of Rochester Cath¥dral Music- Speryfic bjrbjrasirg for the Cheir aThJ Musi ACVC- Association of Cathedral Voluntary ch￿rS Fe5tiv812019. Belts Centen8ry Fund- Specific frJndrw5in9 for a bell. On Line Mjnistry Fund- Resth"ctsd donats.ons to $upport thtr ministry. Edue8tion Fund- Reskn"cted donatws to support developrnenl eLlucationg1 work. Gaden Improvem8nt Officer- Restricled donat￿8 to SUFPQrt garden irnprovem8nlvth. Son9 S¢htscl- For the ¢Mvwsion of part of St Anthews, Housè to create a new SorvJ sd)￿1 and Mu$1¢ Hub. 49-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (Co￿rINuED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Unr•strlct•d lund•- DMl9nat•d fund• These fijnds are unrestricted funds set 8$Kle by thtr Chaptèr for spèdff¢ wrposos. At1 Jan￿ry 2024 Qalns and At31 Incom• EX￿nditur¢ Tron•fe Dec8mb•r 2024 Chorgl Scholarshop Fund Orgw Sinking Fun Mary J Smith IBarretfs Folly) B￿u69t mU￿C Outreach Fund 750 750 72,028 1,705 73.731 255.031 6.989 3.218 {115.0001 130.3461 109.685 6,988 3,218 961 Ethcatcffl Fu Gar(kns and Ground5- Plants 961 Stewards Fund 1.237 6.994 1,817 348.062 .1,237 6,9 1.818 205,382 I￿an,$ Fund Junior Church Fund 1115,0001 127,6801 Prnvlou• y••r: At 1 January 2023 Galn• and At31 Incom• Expendlture Tran>fern los•￿ Decernber 2023 Choral SEhJlBr51w Fund Organ Sinking Fund Mary J Smith IBarTetts Fdly B￿u981 Music oUtre￿h Fund 750 750 87.495 4,531 72.026 241,418 8,989 3,218 1,641 1,277 8,994 1.691 24,044 258 12,000 I1,0￿) 2,615 255,031 Educaton Fund 3218 Gardens GrouThJs- Planls 133.0271 1401 12.OCiII 1,386 stewards Fund 1.237 6,994 1.817 Dean$ Fwd Junior Church Fund 126 C8ptal Improwam8nt FUTr Roc¥J file5 Fund- Library 124,0441 125BI 41,868 357.773 I￿,111) 1,38S 7, 146 348,062 -50-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 2S Unrn8trfct•d fynd¥- D￿l9￿•t9￿ fund8 (Conllnuodl D￿lOnt￿ funitss- d•s¢rlptlon Organ SinkirvJ FuThJ- For the fijture rehI￿1$hm8nt of th• orgon Mary J Srnith {B8rrett$ Fdlyl BeqLESt- For supporting music in the CathwJr81. Music Outreach Fund- To suppgrt rnuSiC OLrtrnach programme. Educalion Fund- To support developmental education work. G8rdon$ And Grourth- Plonts- For aCquiS￿On ol ￿ants fty gardèn d•￿lopment. Stewards FuThd- To support ¢trs1s ¥ThY tr•ining of cathedral stewards. Dèan's Fund- Dean dis£￿t￿nary fund lindudes £6k for ￿"dS Quilt Display). Junior Church Fund- TO sUPPOrt costs and s•t-up on Junior Church. Capital lmpfovern￿t Fund- To provide for fvlurg ￿paIrS 8NJ improvements lo Estate Properties) Roof Ti188 Fund- Library- Donaticn for Library Roof tik$ forthè IbTary. Choral Schjlarship Fuf¥J- Do$ignat8d Ircm aThJ anorrymws donation to be 8XFend8d on choral scholarships. 28 Unrnstdetsd At 1 January 2024 Galn• and At31 Income Expendliu Trnn•f•r• lossM D•e8mb•r 2024 General Funds 367,868 1,701.895 11,902,484) 12g.627 29S.gC6 Prwlou• year: At 1 J&nuary 2023 Gln$ and At31 In¢om• Exp•ndltur• Tran•hrn 10•8•• D•¢gmb•r 2023 Gengral Funds 514,236 1,531,0(M) 11.868,C(KJl 11,3881 192,(KM) 367,868 1-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Anoly¥i8 ol net I•￿ts btW•on fund• Unre•tslctod lund¥ unr05trt￿ D•8lgnatsd R08tr1ctod Endowmènt fund5 goneral fvnds fvnd• Totyl 2024 2024 2024 2024 ro 2024 rooo rooo rooo £'ooo At 31 Decèmbér 2024: TongJb as$ets Investment prcvert￿S IrN8slrnents 69 4,616 4,685 11.7Ce 4,417 11,709 5,447 11501 21,691 468 21 357 urrent,353etsllLi8bilibes} 12361 301 85 205 442 20,743 lun¢lB Llnr•strlct•d D•51grw¢qd R•¥trfct•d End0￿•nI nd• g•n•ral fund• lundb fvnd$ Tot41 2023 2023 2023 2023 2023 rooo rooo £'o( rooo At 310•¢ombor 2023: T￿g+)￿ assets ¥8strnent prcp8rti?5 Investments 42 4,616 14,452 4.313 92 4,658 14,452 5,698 128 877 222 Cutrènt assetsllLi8bilitKdS) Long term liabilities 11521 13001 467 183 13001 24,636 405 23,473 28 Flnancl•l comrnllments. 9uarantee8. and contFng•nt Ilabllltle• The Ch4)ler has a legal responsibility lorthe rnaintenan¢g and r8poir of 26 parish ¢tsJr¢h th8n¢g1$. From 1 January 2019 Chancel repair liabilities are frjnded 100% by the Church Commissioners 2-

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY. ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 29 Op•ratlng l•a•• Gomrn1tm￿ts L•••e• At the rnporting and date th8 charty had outstar¥Jing cunmrfmenis for future minirnum léasa payments under no •nedlat4e yral'n9 lèasès, which tsll due a5 Idlows.. 2024 2023 rooo £'ooo Within cfie year Behveen fve years 16 27 18 24 R•lat•d partytrnngoclktrns Unr&stricted donat¥)ns totalling £9,50012023.' £9,050) were m&Je by members of the Chaptèr in th8 year. There fftre no other related party traMath"ons in tke year. 31 ConBoldoted entlUe¥ Rochester Cathedral Ente￿nseS Ltd Company nurnber01309779 ig wholly owned by the Cathedr81, and its results and 8980ts h8vg been con80lidatsd into these 8c£ounts. Tha Company gfft aided £52,000 to Cathgjral during tha pariod12023". £165,000). Results for tha yèar ofthis company ￿Te turnover £520.70012023.. £524,378), Eypenditure £2C6,510 {2023.' £361,651) and Net Profit £14.19012023. 162.7271. Net assets at the balancg ¥heet date totalled £4,734 (2023.. £42.5441. 32 Conn•¢t•d Entitl•s Two entiti￿ &￿$t %sthich S￿ wholty th? benofft of1￿ C8the

CATHEDRAL CHURCH OF CHRIST THE BLESSED VIRGIN MARY, ROCHESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 DECEMBER 2024 32 C••h g•ner•t•il Irom op•rallon¥ 2024 2024 £'ooo rooo IOeficitysurplu$ lor the year (2,9451 12341 A￿Ustrnellts for. Investment In￿Me recognised in stat￿ent of fInar￿la￿ acthyities Fair value 98in3 8nd10$80$ on Invo$knent prw6I•s Fair value gains and losses on investsnent Deprèciatlon and Imp8lmient ol tangible fixed assats Movernents in working capital.. Increase in stocks 18641 2,771 11411 26 17721 12481 14561 D8crea88 in dabtors 67 11021 1961 11.0421 Increase in creditors 258 C••h ahorbed by oper•tlonB 18481 33 AnAty81• of In n•tfund8lld•btl 11 J•nuwry CuhIlo￿ At 31 Dxember 2024 2024 Cash at bank and in hand 181 31 212 Bank.Lwdrafts 181 31 212 Lean$ f811ing due wthin one ￿ar Loans falling due aftw more than y￿r 1S 13001 11341 300 346 212