2024-11-30-accounts

.%1 All)wt ts CoidiL'(Ird AJiiiurt] Ilci>(>ii'2112,4r211 ST.ALBANS CATHEDRAL ANNUAL REPORT AND f4INANCIAL SJ-ATEMENTS FOR THE YEAR TO 30 NOVEMBER 2024

Si Albi£ tis C10 lljLYlr..d ￿1]ludI Rci)1)rt 2112.'4f211 The Alban Prayer Among the roses of the martyrs- brightly shines Saint Aban. Almighty God. we thank you for this place built to your glory and in memory of Alban, our first martyr. following his example in the fellowship of the saints, may we worship and adore the true and living God, and be faithful witnesses to the Christ. who is alive and reigns, now and for ever. Pray for us, Alban, pray for us all saints of God.. that we may be made worthy of the promises of Christ.

Si Ail)olliS ci*LijLdJ￿ I Ilci)orl 20¢?31L?4 St Albans Cathedral St Albans Cathedral stands on the site where Alban, Britain's first saint, was buried after giving his Ilfe for his faith over 1.700 years ago. The Cathedral is a major site of pilgrimage and worship to this day, welcom1ng people of all ages and from many different backgrounds. Asthe seat of the Bishop of Stmbans and cathedral church for the DicLese of St Albans. the Cathedral is home to two medieval shrines, several worldilass medieval wall paintings, and an amazing mix of architectural styles that bear witness to many centuries of its life, first as a monastic Abbey and now as a Cathedral. It Is the oldest site of continuous Christian worship in 8ritain and the core of the existing building dates over 900 years. Conserving and protecting the building is an ongoing challenge. responsibility and priwilege. The Cathedral is committed to remaining a place of no charge and welcomed over 623,000 visitors in 2024 from the United Kingdom and abroad. We have a rich and unique heritage stretching acr￿ an unnvalled period of national history, very much alive and growing. The revealing of our story to visitors and pilgrims is at the heart of our vision. to be a beacon of discovery and inclusive welcome, prayer and reflection, open to St Abans Cathedral is home to a vibrant and active community, made up of our worshipping congregations, volunteers, staff and many other individuals. It is both a place that holds large scale events and services, and one that also encourages more intimate prayer and reflectlon. In this dual role of cathedral and parish church. worship and mission combine with local and national profile. The Cathedral has a vision to grow its presence and impact in the wider Community, focussing on social justice. the environment, and inclusion and care for those around us. It can only dos0 by workingwith other5- both locally, acTI)SS the diocese and more widely. In its liturgcal tradition as well as it5 theolowcal stsnce, St Albans Cathedral is very much in the inclusive. catholic tradition of the Church of England. but also welcomlng of other traditions and denominations, and Is Tenowned for its congregational life. Ecumenical link5 are strong with honorary chaplains from the Roman Catholic, Free Church, Lutheran and Orthodox traditions regularly conducting weekly or monthly services at the Cathedral. There are also formal and informal links to Linkopingcathedral in Sweden, Loreto in Italy, and Hildesheim in Germany. Music is ￿￿traI to our worship and the life of the Cathedral. We have two of the finest cathedral choirs in the country, a magnificent organ, 8 wonderful parish ¢hoir. a busy programme of innovative musical events and concerts, and varioLJS voluntary choirs and music groups. Learning is at the heart of human flourishing and core to both our history and mission. The Cathedral is a nationally renowned centre for heritage ancj theolowcal learning, delivering a rich programme for schools end adults alike. We seek to offer learning experiences and opportunities to people of all ages, all levels of education. and of all traditions and faiths and none. Our new facilities have provided a whole host of new learning opportunities. The Gathedral plays an important role in growing the local economy to support visitor growth and residents, engagement with their local city. Our rich programme of events. concerts, exhibitions and special seNices all contributs to the delivery of thls prloTlty and the Cathedral's financial sustainability. Discover more online at www.stalb8nscathedral.org

.51 Allkiiis CTri IIIL'ilTr] Ai11115*11 Ilci)nrt l)112.'41211 Contents An introduction from the Dean Looking Forward.. Strategic PrioTlties &io Financial review 11-14 Govemance 14-20 Independent auditor's report 21-23 Financial statements 2&62

Si Ail)titL8 LdlliL'<lrQ AJJJiu:d RLI)Oti 2(12.4r24 An introduction from the Dean You can read about the Cathedral'5 many activities and achievements over the Course of the year in the Cathedral Annual Review, which is available for download on our website. We share below the Dean's introduction from this year's Annual Review as contert for this Annual Report. As we look b8¢k over 2024. it has been a year of significant change. activity, growth, oppprtunity. and challenge in the life of St Albans Cathedral. We adopted OUT shared vision for 2024 to 2029, to follow Christ in Alban's footsteps, with its associated Priorities of welcome and compassion, worship and witness, courage andjust1￿, leadership and seryice. Throughout 2024 these have continued to inspire and guide our mission and ministry. anrj be embedded into the daily life and work of our Cathedral and Abbey Church. A significant change in March 2024 is that the Cathedral became a registered charity. The Chapter acts as the trustees of the charity. with the responsibility to ensure that the Cathedral is effectively and properly run for the public benefit. As Dean I chair the Chapter and Helen Gray, the senior nonexecutive member of Chapter, is ViGe Chair. With the support of trustees, and the committees of Chapter, the new governance fflodel is working very well. My sincere thanks to all who serve in this way. We had three notable departures from our CatheLYral staff in 2024. Our COO. Tim Heming, left after 11 years on the Cathedral stsff and many more years involvement at the Cathedral. Anclrew LLJcas retired after an extraordinary 27 years as the Master of the Music and Tom Winpenny left the Cathedral after 16 years as the Assistant Master of the Music. Our sincere thanks to all of them fortheirfaithful service to our Cathedral and the wider community. We were delighted to welcome a number of new staff including, in the Spring, Joe Kennedy, Head Virger, and, in the Autumn, Alan Hartwell. COO. Mike Birkett, CFO, William fox, Director of Music, and Jimmy Aitken. Head of Property and Fabric. Their fresh perspectives have already offered a great contribution to the life. ministry and leadership of our Cathedral. My thanks to our whole staff team for their faithful and joyful service to the Cathedral in 2024. We are so very blessed by our over 500 5trongteam of volunteers, who once again have served in so many and varied ways. With new members of the team in 2024. their combined years of experience and service are extraordinary. On behalf of the Chapter. a huge th8nk you for all the ways you embody following Christ in Alban's f￿tsteps. 2024 was a year of significant opportunity and challenge for our Cathedral. We look back with thankw'ving for so much. As the year began with the extraordinary Peace Doves installation, some highlights of our growth and impact include our ministry with and for children and young people.. the impact of a new faith explorer course,. advancement in our env1ronmental sustainability goals; increased partnership working a¢ross our ¢ity and diocese.. wonderful ministry with the schools of our diocese- our ongoing ministry with aS￿uM seekers and refugees- and support forthe parishes of our diocese in a variety of ways. It has also been a year of significant challenge, not the least of which financial. You will read in this report of an operational deficit for 2024 of £290,000. There is clear and transparent explanation both of the causes of this and of plans that began in 2024 to address this. A key part of this is the cost of delayed repairs to our buildings. We are not alone as 73% of Cathedrals have posted a deficit for 2024. 1 can assure you that the Chapter, its COm￿lttees, and the staff are committed to addressing this to ensure a sustainable Cathedral for today and for the generations to come. This is also a task for all of us as we each play our part in following Christ in Albans footsteps. I hope that you find this annual report both informative and inspiring as we give thanks for this holy place and, inspired by Alban. with faith take up all the opportunities before us and with courage confront the challenges, always offering the welcome of Christ's love. The Very Reverend Jo Kelly.Moore Dean of St Albans

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Si Alb￿15 CthlLL(Ird ￿￿ludI Ilei)urt 202.4124 Financial Review Operatlng result The Group Statement of Finallcial Activities shows net expenditure of £436k befo￿ investment eains 12023.. net expenditure of £964kl. The table below provides a reconciliation from the Cathedral's reported movement in unrestricted funds as shown in our audited Statsment of Financial Activities to our reported operating deficit. 2024 2023 £'ooo Net movement in unrestricted funds Remove net Igainsl/losses on investments Unrestricted1egacies and major donations taken to reserves.. Legacies & Donations Fund Cathedral Fund Annual drawdown fron) Legacies & Donations Fund Drawdowns from Property, Fabric & Development Fund: Major works to non4nvestment properties - Major works to investment properties Additions to Property, Fabric & Development Fund.. Increasett ￿ntaI yields on refurbished investment properties Drawdowns from Contingenci* Fund- Increased cost of utilities - Management of cashflow Operating deficit 11681 11961 17611 14 1131 1371 28 33 37 65 521 151 92 20 22 12901 {581 A8 shown above, the Cathedral suffered an operating deficit of£290k in 2024 compared to a deficit of £58k in 2024. The budget deficit for 2024. also of £58k, was always going to be challenging, given current economic conditions and rising costs, where we see increases in excess of the headline inflation rate. We also have faced rising wage inflation, a continuing maintenan¢e and upkeep backlog and the cost of living ¢risis affe¢ting people's disposable income. Total gross Income increased by £10gk to £2.9m. A b￿akdOWn of gross in¢ome by source is shown below, which shows that £1.4m147%1 was generated from Donations, Grants and Legacies12023'. £1.4m,' 50%). In line with our Strategy. we continue to try to diversify our ineotne sources. Gross income from Other Trading and Fundraising Events representing our Event Hire, Shop and Cafe. together with our Fireworks Event. increased by £70k to £863k arid now represents 29% of gross income 12023.. £793k- 28%). Events in 2024 included the University of Hertfordshire graduations which occur twice in the year and a number of Candlelight Con¢erts and Silent Discos in the Cathedral. How we geneRte our income tX)nalions GROSSINCOME 2024 £2.9m LEgocie$ eveiils Property 233 78 li

.51 Albilll% CiiiliL(ITR] AI)Iiuit I Ilcii(Trrl 2U23f211 Total gross expenditure decreased by£419k to £3.4m. A breakdown of how we spend our gr￿ expenditure is shown below, which shows that £l.Om 130%) of gross expenditure was incurred on Cathedral and precincts upkeep. compared to £1.6m or 43% in 2023 reflecting spend on Holywell Hill refurbishment that year funded from the Property, Fabric & Development Fund. A key part of our operational deficit ln 2024. is the CDSt of delayed repairs to our buildings. The other largest item of gro&8 expenditure is on Ministry. which includes the cost of Clergy stipends, housing and ehoir costs. Spend in 2024 was £l.Im133%112023: £1.Om: 26%). refiecting the recruitment of new members of staff to the Music Department. Where we spend our expenditure FiiDdraisng and 171arketing Tiading GROSS EXPENDITURE 2024 £3.4m MliiLStry Lallieoral aiid i?fecncls E(fiiolioD aiid oiitiead) congregalio ReseTres The Cathedral's reserves represent the organisation's net assets. They provide the financial resources foi the Cathedral's activities and are divided between unrestricted reserves and restricted reserve5. The vast majority of our reserve5 are held in restricted reserves and are not available for the Cathedral's general purposes. Total reserves have risen by £282k to £25.3m compared to the end of the last year but a reduction in unrestricted reserves of £168k. As noted below. with the deficits seen over the last three years, unrestricted reseNes are below our Targets. Chapter recognises it is cru¢ial the Cathedral's reserves grow over a period of time. Our plan is to redu¢e the operational defi¢it over three years and move to generating an operational surplus. as well as fundraising for major projects. Without this replenishment, the absence of strong funding reserves will inevitabty hinder the Cathedral's ability to invest for the future. A breakdown of our reseNes is show below. with a fuller analysis of reserves provided in Note 17. Geiieial ReseThe FUNDS 2024 £25.5m Designated Reserves 15,693 Restricied Propeities 12

.51 All)itis CiIliLdJ￿ Aiiiiuai R¢iJ(Jrt 2112.4r2¢ Determining the level of reserves that the Cathedral needs to hold is an important part of Chapter's financial management and forward financial planning. Reserves levels that are too high may tie up money unnecessarily and limit the amount spent on charitable activities, reclucing the potential benefit the Cathedral can provide. Resetves levels that are too low not only could impact the Cathedral's long-term solvency, but also the Cathedral coulLt face difficulty in meeting its day-t￿daY expenditure commitments. The Cathedral requires general unrestsicted reserves to- underwrite the continuity of its operations. in the event of a major and unexpecte( shortfall in revenue by maintaining the value of the Cathedral Fund: to cover operating costs whilst the Cathedral manages and rebuilds income streams following a sudden fall in income, or unexpected expenditure., maintain fairness between generations of worshippers, as reserves can only be spent once but maintaining the value of the Cathedral Fund creates equity., fund capital expenijiture: There is a strong likelihood that we will need to L)uild a designated reserve for 2030 Net Zero Carbon targets and quinquennial needs., and respond to any urgent need for unplanned expenditure. A breakdown of unrestricted reserves is shown below. ReseNe Cathedral reserve 2024 £2.Im Tar £4m Rationale Reserve held to generats income sufficient to cover upkeep and operations spend to cover an extreme unex ected shortfall in revenue Contingency to cover operating costs whilst the Cathedral manages and rebuilds income streams following a sudden fall in income, or unexpected expenditure such as unplanned remedial capital expenditure li.e. a major estate repairl. or other unplanned expenditure ReseNe set aside to meet those costs of addressing the 2025 Quinquennial Review anc$ 2030 Net Zero Carbon targets not funded from restricted donations and ants General reserve £263k £343k- £555k Designated reserve Tobe confirmed These targets are ieviewed annually by Chapter, including an adjustment for inflation and expected investment returns. As discussed above. Chapter has a plan to replenish reserves. F(nancial investments At the 30th November 2024. the Cathedral hel(J listed investments of £9.6m12023.. £9.3ml. The Cathedral has five Dbjectsves for its investment portfolio.. to provicle a liquidity buffer to mitigate against the risks associated with deficit budgets and the risks of significant un-forecast reduction in income, or rise in expenditure., to generate income to support the day to day mission of the Cathedral- to preserve the real capital value of the portfolio over the long term., to grow the capital value in real terms in order to generate funds which may be used for investrnent in the Cathedral's mission or its estste-, and to invest ethically in line with Church of Engtand guidelines. The Cathedral accepts its investment objective for long-term funds may give rise to short or medium-term declines in capital values or net investment income. Consistent with the objectives of the fund, a portion of the Cathedral's funds will be held in low-risk investments as a mitigation against unanticipated reductions in Income or rises In expenditure. reflecting the General reserve as discussed in the ReseNes Policy. The remainder of the fund will be invested on the basis that its Investment Portfolio has a risk profile of 'medium-high risk. and a targeted return of CPI + 5%. Asset ¢lass allocation within pooled funds or segregated portfolios is t)e responsibility of the Cathedral's investment managers. The Cathedral places a high priority on diversification. both by asset class and to a lesser extent by geography. The Cathedral achieved a return of 9.8% over the year12023'. 2.5%). ahead of its targeted return. For Dperational spending, the Cathedral also held £299k of cash at bank or in hand12023.' £239kl. The Cathedral has no borrowings. 13

51 Ail)¢ltig L4111IL(IrAI ALIIIUrfil IILport 202,4r24 The Cathedral owns property on an investment basis. Information on these propety investments is provided separately on page 45. During 2024, a strategic review was undertaken on the use and potentr'al of all our properties. This has identified varioijs options for future use and development but which will require significant funding. Governance Govemlng ststutes StAlbans Cathedral is an ecclesiastical corporation estsblished forcharitable purposes. On l March 2024, the charity provisions of the Catherjrals Measure 2021 came into force and the Cathedral became re&stered with the Charity Commission (Registered Charity Number 12073121. The objects of the Chapter of St Albans Cathedral are to advance the Christian reli@on in accordance with the faith and practice of the Church of England, in particular by furtheringthe mission of the Church of England. FLJrthermore. to care for and conseNe the fabri¢ and structure of the cathedral church building. Lastly to advance any other charitable purposes which are ancillary to the furtherance of these objects. These ot>jects are embodied in the 'Looking Forward- Strategie Priorities, discussed above from page 6. Relatlonshlp wfth the Dlocese of StAlbans The Cathedral is the seat of the Bishop of St Albans, who is also established as the Visitor of the Cathedral. As Visitor. the Bishop has a formal regulatory role in supervising the Cathedral's observance of its Constitution and Statutes. The Bishop also plays an advisory role to the Cathedral through his attendance at a special meeting of Chapter each year and other more informal relationships. The Cathedral is also the parish church for the ecclesiastical parish of St Albans Abbey that sits in the St Albans Deanery in the diocese. The Dean is the Re¢tDr of this parish. Governing bodies Cathed￿1 Chapter Chapter directs and oversees the administration of the Cathedral's affairs, providing leadership on policy, strategy and vision. Chapter is atthe heart of the Corporate, spiritual antt worshipping life of the Cathedral. setting it5 decisions and work in the context of prayer forthe Cathedral and the Diocese and its ministry and mission. Chaired bythe Dean, Chapter has primary responsibility for ensuring the Catheclral is carrying out its purposes for the public benefit and ensuring it is effectively and properly run. Chapter's approach to governance has at its heart a focus on long-term decision-making and high stsndards of business conduct. This includes consideration of the interests of the people the Cathedral serves, including our stsff and volunteers. the fostering of good relationships with our suppliers, customers, funders. user groups and other partners. and the consideration of the impact of Dur own operations Dn our community and surroundingenvironment. Chapter meets around six times a year and in addition to specifi¢ally review strategy. The Cathedral's Chief Operating Officer is the clerk to Chapter. The members of Chapter are the charity's trustees. Chapter consists of.. the Dean: the residentiary ¢anons: a senior non-executive member, appointed by the Bishop after consulting with Chapter,. and five lay nonéxecutive members. appointed by Chapter with the approval of the Bishop. The Dean and those residentiary canons who carry out operational cathedral dLrties are deemed to be executive members. All other members are non-executive members. When making its appointments, Chapter must first give ¢onsideration as to whether to appoint any cathedral wardens as nonexecutive members. Appointed members hold office for up to three years. and may not be reappointed if they have Se￿ed for a continuous period of nine years until at least twelve months have passe(S Sin￿ they last ceased to hold office. New members of Chapter are invited to attend trainingcourses run by the Association of English Cathedrals. covering the role and duties of Chapter members, cathedral law and governan￿, finance and risk management, and topical charity issues. New members take part in a formal induction programme and are also encouraged to meet with relevant Cathedral staff and volunteers. All members of Chapter and its committees receive safeguarding training applicable to their role. 14

.%1 Ailkitis Lc111icdid kniijuii IILI)oA 2112312 Othergovem8nce commlttees Chaptsr is supported by various committees to enable it to discharge its responsibilities and facilrtate decision- making effectively and efficiently. Commitiee Role Key activrties undertaken duringthe year Finance Committee Review the financial 2ctivitr.es management of the Cathedral. and Reviewed a property report prepared by an exteinal consultanw. Assesse our investrnent strategy. AEreerl a new investment policy. financial Audit and Risk Committee Independent oversight of the Cathe(Jral's risk rnanagement and internal control processes. financial reporting and external audlt. Challenged rnanagement and supported the Dean and Chapter in revisinglcondensing the Trustees, report accompanyng the financial statements. Led the review of the reserves pDIicy. Reviewed and recommended the approval Df the annual financial statements to Chapter. Considered compliance with relevant accounting standards and regulations. Diseussed significant financial jLJdgments and estimates with the management and auditors. Nominations Committee Supports Chapter in ensuring that Chapter and any Chapter committees have an appropriate balance of skills, knowledge and experien￿. Managed the training need5 of Chapter and Committees in light of the number new appointments. Advised Chapter on the establishment of a Cathedral Advisory Group. Considered the format of an evaluation process on Cathedral governance and its effectiveness. Mission Committee and Ministry Oversees the Cathedral's missiori and pastoral activities in the parish and among its congregations. also the Cathedral's wider support for the ministry of the Bishop of St Albans, and the mi*ion and pastoral priorities of the Diocese. Concerted campaign to increase congregational giving Strong focus on environmental work and Cathedral travel plan. Expanding work with enquirer Course and small groups to grow faith. Fabric Advisory Committee Responsible to the Chur¢h of England Cathedrals Fabric Commission and advises Chapter on matters relating to the care. conservation and development of the cathedral building, and considers applications from Chapter for approval of works ensuring any work is carried out with proper regard to due and legal pro￿sS. Completed the annual skills audit of members. Elected three new Members. Reviewed the year long environmental study on the William of York painting in the Saint's Shrine ancs evaluating ¢onsetvation options. 15

Si All)AiJ% Latlie(Inl kniEIUiil IlcIJuil 21)2312 SenlorMan8gement Team The Cathedral's Senior Management Team is accountable to Chapter and is responsible for the day to day gotsd management of the Cathedral. operating under the oversight and in partnership with Chapter to further the Cathedral's purpose. Working alongside the new Mission and Ministry Committee, the Senior Management Team is responsiblefor implementing the Cathedral's strate@c and operational aims, vision and priorities. A series of working groups and management committees support these two boLlies. The members of the Senior Management Team are set outon page 17 2nd it is chaire(S by the Chief Operating Officer. It meets with Chapter at least once in each year as part of Chapter's Strategy work, as does the Mission and Ministry CDmmittee. Remuneratlon The remuneration of all lay members of staff, including key management personnel, is set by reference to external sector benchmarking and defined role bandings. ￿'ke any charity. we use the money given to us wisely and pay levels for roles are necessarily set with due regard to the available capacity of the Cathedral's operating budget. We also seek to ensure the remuneration of our staff remains sufficiently fair and attractive enoLJgh to enable us to ieeruit and retain great people with the right skills to help us deliver our strategy and priorities. Chapter undertakes an annual review of all pay levels, referencing the Cathedral's current and forecast financial position. inflation indices, average national pay settlements and guidance from bodies such as the Living Wage Foundation. The Cathedral currently has a policy of ensuring the re81 Living Wage as set by the Living Wage Foundation is paid to all our employees. making any increases at the time of the Cathedral's annual salary review. Payment of the real Living Wage is a voluntary initiative. but one which the Cathedral fully supports as a Tesponsible employer to help ensure 811 our employees eam a wage that meets the costs of living, notjust the Government's minimum wage- The Cathedral automatically enrols all eligible staff into its qualifying workplace pension scheme, contributing a matching percentage of individuals, salary in line with Government requirements. This scheme is made available to all staff and members are able to determine their contribution level, subject to minimum Government requirements. with matching by the Cathedral capped at a fixed percentage of salary. Clergy stipends and pension provision for the Dean. Canon Chancellor and Canon for Mission and Pastoral Care are paid by the Churc17 Co￿[HiSsionerS and set in accordance with scales laid down by the Church Commissioners. the Archbishops, Council and the Church of England Pensions Board, bodie5 all independent of the Cathedral. The cler stipends and pension provision for the Precentor and Youth Chaplain are paid by the St Albans Diocesan Board of Finance and recharged in full to the Cathedral. The clergy stipends for the Precentor and Youth Chaplain are set by the St Albans Diocesan Board of Finance with reference to national stipend benchmarks set annually by the Archbishops, Council Central Stipends Authority. Further details on the Cathedral's employment costs. Chapter members, remuneration and expenses. and the employment costs of key management personnel are provided in the financial ststements. Related Parles Cathedral Enfrrprfses (StAltsns) Llmlted (Companynumber01642063) This limrf(ed company is a wholly owned trading subsidiary of the Cathedral and is registered in the United Kingdom. It undertakes a range of commercial activities. including the sale of gifts and books. the provision of retail food and drink and event catering, box office tickeb'ng and commercial venue hire. The company has a partnership agreement a third paty to operate its food and drink offering, ineluding event catsring. The company has its own board of directors to oversee the strategic direction and running of the company. Appointments to the board are approved by Chapter. The financial transactions of Cathedral Enterprises (St Albansl Limited are consolidated as explained in the notes to the financial ststements. StAlbgns Cathedr41 Trust (Charltynumber 1037405) This charitable trust is a subsidlaryof the Cathedral. The Trust historically raised funds forspeciflc fabric projects that the Cathedral could not ordinarily undertake using its own funds. The Trust lastfundraised in its own ￿pacity In 2013 and since then has been effectively dormant. St Albans Cathedral Muslc Trust (Chartty number 1051072) The St Albans Cathedral Music Trust raises funds to support the CathedTal's music. The Trust is an independent charity and is therefore not consolidated. 16

Si AiihiJi% Lailic(Iiil RLI)0rt 2(12.4f2I1 stAlb8ns Cathedral Educatlon TNst (Charlty number299317) The St Albans Cathedral Education Trust raises funds to support the Cathedral's education resour￿. The Trust is an independent charity and is therefore not consolidated. The Frlends of StAlbans Cathedral (Charlty number253909) The Friend5 of St Albans Cathedral ¢omprises a world-wide network of cathedral SUPPDrters who have chosen to associate themselves With the WDrt( and worship of the Cathedral or who wish to help maintain the ancient and beautiful fabric of the bLJilding. The charty organises a variety of fundraising events. the profits of which, together with membership subscriptions and other donations, are used to support a variety of proJects that maintain and enri¢h the Cathedral's mission and traditions. The Friends is an independent charity and is therefore notconsolidated. Reference and administrative detslls The legal name and name of the Cathectral and that registered by the Charity Commission for England and Wales Is the Cathedral and Abbey Church of St Alban. The Cathedral's name is ordinarily shortened to St Abans Catherjral. Cathedral House St Albans Cathedral Sumpter Yard St Albans ALI IBY 01727 890200 [e-mail] www.stslbanscatheclral.org Cathedral goveming bodles. senlorstsff and advisors Cathedt31 Chapter The Ve Revd Jo Kell Moore The Revd Canon Kevin Walton The Revd Canon Will Gibbs The Revd Canon Tim Bull The Revd Canon Tim Lomax Helen Gra Graham Field (until 29th April) Canon Julian Bowre Sarah Keelin Judith Relf Delbert Sandiford Alan Stewart from 30th A Dean & Chair Canon Chancellor Canon for Mission and Pastoral Care Residentia Canon and Diocesan Director of Vocations Residentia Canon and Diocesan Director of Mission and Minist Senior Non-Executive Member La Non-Executive Member and Finance CO[n￿lttee Chair La Non-Executive Member and Cathedral Warden Member La Non-Executive Member La Non-Executive Member La Non-Executive Member La Non-Executive Member and Finance Committee Chair Senior Management Team Alan Hartwell (from 2nd September 2024 The Ve Revd Jo Kell -moore The Revd Canon Kevin Walton The Revd Canon Will Gibbs Tim Flemin until 7th June 2024 David Adams (until 31st Jul I Gemma Jones Chief O Dean Canon Chancellor Canon for Mission and Pastoral Care Chief O eratin Offi￿r and Chair Director of Pro and Fabric Head of Marketin and Visitor Ex eratin Officer and Chair rience EF:. Andrew Lucas Charlie Miles Mike Birkett from 6th Au vst 2024 Jimm Aitken from 2na Se tember 2024 Michelle Ovenden Claire Ste henson until 6th Au Will Fox from 1st Se tember until 31st Au Master Df the Music Head of Development and Fundraisin Chief Finance Officer Head of Prope and Fabric Head of HR and Office Sup Head of Finance Dire¢tor of Music ort ust 2024 17

.Si All)￿lS IlkL'ilrAi Aiiiiual IILp(1rt'2112,4121 Cathedral goveming tjodies senlor stsff and advlsors Cathedral Architect Kelley Christ A&RME Limited 5 Wine Close London EIW 3R Jackie Hall Mercer & Hole LLP 72 London Road St Albans ALI INS Barclays Bank plc 16-18 St Petsrs Street St Albans ALI 3NA CCLA Investment Management ￿mItsd One Angel Lane London EC4R 3AB Cathedral Archaeolo Cathedral Auditors st Cathedral Bankers Cathedral Investment Managers Quilter Cheviot Limited Senator House. 85 Queen Victoiia Street London EC4V 4ET Debenhams Ottaway LLP Ivy House. 107 St Peter's Street St Albans ALI 3EW Cathedral Solicitors Taylor Walton LLP Thornycroft House, 107 Holywell Hill St Albans ALI IHQ Collinson Hall Limited 9-11 Victoria st￿et St Albans ALI 3UB de Mestre KC Jon Baldwin WincKworth Sherw(MxI LLP Minerva House. 5 Montsgue Close London SEI 9BB Cathedral PropertyAgents Diocesan Chancellor Diocesan Registrar Fundraising approach St Albans Cathedral could not exist without the generosity of our funders. donors and supporters. Donations, grants. legacie5 and other fundraising combined amountto 47% of the Cathedral's total incomefrom all sources. Fundraising activity in all its various forms is essential to the Cathedral's ongoing financial viability. Every wft, whatever the size. makes a tangible contribution to the Cathedral's work. Chapter's approach to raisingfunds is to provide a wide variety of routes that allow supporters to contribute in ways that are most 8ppropriate for them. The Cathedral is supported by the fundraising activities of the St Albans Cathedral Music Trust, the St Albans Cathedral Education Trust and the Friends of St Albans Cathedral. Public trust in churches and cathedrals is important as people are not obliged to give. They give because they are inspired, because they are touched and beuuse they know they make a differen¢e. Here at St Albans Cathedral we seek to demonstrate the trust our clonois give us by being open and transparent in all that we do, and this Annual Report is part Df that. Chapter confirms it has due regard to the manner in whSch the Cathedral carries out its fundraising activities and is committed to a transparent. respecfful and ethical approach to all fundraising The Cathedral does not engage with third-party commercial participators or professional external fundraisers to carry out fundraising on its behalf and is not required to register with the Fundraising Regulator. Chapter receives a report each year from the Cathedral's Development Team on fundraising activity, including a summary of actsvity carried out by the Cathedral's connected trusts. The Cathedral received no formal complaints during the year in relation to fundraisin& 18

.%( A]biUJS Criilicdrd Ajiti￿d IILlX)rt 2112,412,I The Cathedral takes pa￿cular care to ensure its fundraising activities do not allow undue pressure to be placed on donors. visitors or SUPPDrters, and that all approaches protect the public and any vulnerable people from unreasonably intrusive or unreasonably persistent fundraising The focus is instead on ensuring funcsraising activity is csesigned to inspire support and long-term engagement. Principal ri5k5 and un￿rtaIntieS Chapter has ultimate responsibilityforthe Cathedral's overall risk management and internal control. Chapter, working with the Cathedral's Senior Management Team. Both undertake a formal review of the Cathedral's strate8)'c risks on an annual basis. In respectof Risk appetite. Chapter recognises any risk management and internal control framework can only manag& risk to a reasonable level rather than to eliminate all risk. The level of rislf taken at any one point in time is determined by Chapter's ongoingjudgement as to what is appropriate in the circumstan￿$, havingtaken into account all relevant internal and external information available. The Key Risks facingthe Cathedral las shown below) are underpinned by a more comprehensive set of strateglc risk5 in the Cathedral's Strategc Risk Assessment. which was upclated in 2024. The Cathedral plans to reassess its risk management and reFortinÉ in 2025. Key Tisk Failure to meet the 2025 Budget and reduce the operational deficit over three years and move to generating an operational surplus Risk descri ion To eliminatethe operatingdeficit. there is a need to increase revenue from Donations, Events and Fundraising. A sustained period of deficits cannot be funded from unrestricted reserves. If this is not achievable, there is a ¥isk that Cost reductions may be necessary which would redu￿ the capacity for increasing revenue Risk miti tion Monthly reportingagainstthe Budget will provide an early warning of the need to make appropriate cost reductions. Regular forecasts will highlight whetherthis plan is realists'c The 2025 Quinouennial Sutvey also highlights a significant amount of necessary repairs that will require fundraising to complete FailLtre to balance the operational bLJdget over three years and move to generatingan operational surplus Failing to balance the operational budget will mean a continuing pressure to reduce maintenance spend on Cathedral propetty. This in turn wuld lead to the risk of a backlog of unexpected costly property issues, such as happened with 34 Hol￿Well Hill The Budget identifies the stsrt of a route to generating an operational surplus position. Regular forecasts will highlight whether tttis plan is realistic Safeguarding and security Failure to respond to the Scolding and Makin safeguarding reports on shortcomings in the Church of England. The risk being that another failure to respDnd or disclose abuse will further undermine trust. Also keeping staff and property safe after a recent spate of thefts The Cathedral has a dedi¢ated Safeguarding Officer. There is a policy that anyone working with children, young people or vulnerable adults undertakes appropriate safeguarding training and is subject to a criminal record check where appropria Regular internal review as well as external review of how secure the Cathedral is and how any issues can be adclressed. We ensure that all practical actions are implemented as swn as possible 19

.SL Albafts CAthLdi'<il AnnuTII Re OI'L 2023r24 Responsibllitlgs of the Chapter Statement of responsibilities of the Chapter In respect of the financial statsm8nts Collectively members of Chapter are responsible for preparing Chapter's Annual Report and the financlal statements in accordance with applieable law and UnEtsd King(Jom Accounty'ng Standards (United Kingdtsm GeneT8lly Accepted Accounting Practice). The law applicable io charttles in England and Wales reouires Chapter to prepa￿ financlal statements for financial year whlch give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that perio(J. In preparing these flnancial statements. the Chapter are requiied to., al select suitable accounting policles anu then apply them con515tentlT. bl observe the methods and prlnciples in the Charity SORP 2019 IFRSIO21- cl stats whether applicable accounting standards have been followed: dl make judgements and estimates that are reasonable and prudenL' and el prepate the accounts on the going concem basis unless it is inapprowate to presume that the Qathedral will Contin￿ in ljusiness. Chapter are responsible for keeping Pfoper aecounting records that diselose with Teasonable aeeuracy at any tlme the financial position of the charity and enable them to ensure thatthefinancial statements comply with the Charities Act 2011. the Charities (Accounts and Report51 Regulations 2008 and the pmvisions of ￿e Constitutions and St*utes. They are also responsible for safeguardlngthe assets of tme charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irreeularllles. Chapter are responsible for the maintenance and integrity of the charity and financial informatlon on the charity's website. Leg¢'51ation in the Uniteo Kingdom governing the preparatyon and dissemination of financial statements may differ from legislatlon in otherjurisdictions. In so far as Chapier are awa￿ at the time of approvingour Ch8Pterf 8nnual report.. there is no relevant infomation. being information neetted by the auditor in wnnectyon wlth preparing their r¢porL of which the group's audtior is unaware. and the trustees. havlng made enqtjlries of fellow trustees and the group's auditor that they ought to have individually taken. have each taken all steps that he/she Is obliged to tske as a director in order to make themselves aware of any rdevant a￿lt informatiors and to eS￿blIsh that the audltor 15 aware of that information. The Very Reverend Jo Kelly-moore Oeaft On behalf of Chapter 13 May2025 20

Si Ail)&1115 CddJLdJ".d AtJi*Util RLI)url 2(12312,1 Independent auditor's report to the Chapter of the Cathedral and Abbey Church of St ￿ban Opinion We have audited the financial statements of The Cathedral and Abbey Church of St Alban for the year ended 30 November 2024 which eomprise of the Consolidated Statement of Financial Activities, the Consolidated and Cathedral Balance Sheets, the Consolidated Cash Flow Ststement and notes to the financiel statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Tre Financial Reporting Standard applicable in the UK and RepLJblic of I￿land (United Kingdom Generally Accepted Accounting Practice). In our Dpinion the financial statements.. give a true and feir view of the state of the Group's and the Cathedral's affairs as at 30 November 2024, and of its incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prath"ce- and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for opinion We conducted our audit in accordance with International Standards on Audtting IUKI IISAS IUKII and applicable law. Our responsibilrties un¢Jer those standards are further described in the auditor responsibilities for the audit of the financial statements sertion of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. includingthe FRC'S Ethical Standard, and we have fulfilleol our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relatlngto golng concem In auditing the financial Statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identifled any material uncertainties relating to events or conditions that, individually or ¢olle¢tively. may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other infomiation The other information comprises the information included in the Trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not eover the other information and we do not express any form of a&surance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the flnancial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this ￿Ve$ rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misststement of this other informats'on. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in ielation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustees, report is inconsistent In any material respect with the financial statements; or sufficient accounting records have not been kept: or 21

St AibcW15 L7￿ IlJciliTrl Ajjiiual Ilct)0rt 2023r24 the financial statements are not in 8greemÈnt with the accounting records- tsr we have not received all the information and explanations we require for our audit. Responsibili￿e5 of Trustees As explained more fully In the trustees, responsibilities statement set out on page 20, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either Intend to liquidate the group or parent charity or to cease operations. or have no realistic alternative but to do so. Audttorfs respLinslbllltles forthe audlt of the flnanclal statsments We have been appointed a5 auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ale free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accorclance with ISAS IUKI will always cjetect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infl*Jen the economic decisions of users tsken on the basis of these financial statements. txplanatlon a5 to what extent the audtt Was considered capable of detecting irregularttie5. includingfraud We gained 8n understsnding of the legal and regulatory framework applicable to the Cathedral and the environment in which it operates and considered the risk of acts by the Cathedral that were contrary to applicable laws and regu5ations. in¢luding fraud. We evaluated rnanagement's incentives and opportunities for fraudulent manipulation of the financial statements and thefinaneial report lincludingthe risk of override of controlsl, and determined thatth& principal risks were related to w>sb'ng inappropriate entries includingjournals to overstate revenue or understate expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included.. discussions with management, including considerations of known orsuspected instances of non- compliance with laws and regulations and fraud.. gaining an understanding of management's controls designed to prevent and detect irregularities., and identifying and testingjournal entries. Because of the inherent limitations of an audfc. there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at: www.fr auditor%E2%80%99s-res udi onsibilities-for.This description forms part of our auditor's report. 22

Si Ailhuis Cailie(Iiil ALiJJuIi Ileporl 2023121 Use of our report This report is made solely to the charity's trustees, as a body, in accordan￿ with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been uncsertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no Other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audlt work, for this report. or for the opinions we have formed. Steve Robinson Mercer & Hole LLP. 72 London Road, St Albans, ALI INS Statutory Auditor Mercer & Hole LLP is eligible to act as auditor in terms of section 1212 of the Companles Act 2006 19 May 2025 23

St AlbA]1s CAIIIL'(Ird AIiziud] Il¢ixTrrl 202,V24 Consolidated group statement of finan¢i818Ctivities foi the year ended 30 November 2024 Unrestrictsd Funds 2024 £'ooo Restrictsd Funds 2024 £'ooo Totsl Funds 2024 £'ooo Total Funds 2023 Group Notes Ino)me Donations and legacies Donations Grants Legacies Charitable activities Other trading and fundraising events Investments Total Income 706 19 13 233 863 168 2,002 361 233 65 1.067 252 78 233 863 450 2,943 916 387 114 225 793 399 2.834 282 941 Expenditure Raising funds Fundraising and marketing Trading Investment management Charitable activities Ministry Cathedral and precincts upkeep Education and outreach Community, parish and congregation Total expenditure 412 404 25 416 411 50 421 353 41 25 760 497 246 22 2.366 370 535 72 1,130 1,032 318 22 3,379 1,003 1.616 335 29 3,798 1.0 Net lexpendf(urel/lncome before investment gains/llosse51 13641 1721 14361 19641 Net galns/llossesl on Investments Property Listed and cash investments 142 371 io 196 521 717 Net Income/lexpendlturel 11681 449 281 18591 Net movement In funds 19 168 449 281 859 Rewnclllallon of funds 17-19 Totsl funds brought forward 2,578 22.674 25.252 26,111 Total funds carried forward 2,410 23,123 25.533 25.252 All arnounts above relate to continuing operations and the Cathedral has no other recognised gains oi losses. 24

SL èllbrtns C,dLIILdi'al .4nnual Rcpoi'L 209%Jp4 Consolidated group balance Sheet as at 30 November 2024 Unrestrictsd Funds 2024 Restrictsd Funus 2024 Tot81 Funds 2024 £'ooo Total Funds 2023 Group Notes Fixed assets Tangible assets Propety Equipment. fixtures and fittings Investment assets Property Liste(J and cash investments 11.216 11,216 66 10,437 71 66 4,477 7,276 4,477 5.256 9.342 io 2.282 Totsl fixed assets 2,348 22,969 25.317 25.106 Current assets stock DeLitors Cash at banK and In hand 46 46 303 299 648 60 303 239 602 135 114 249 185 399 Current liabl1￿leS Creditors due within one year 14 306 95 401 419 Net cuNgnt a&8ets 93 IS4 247 183 Totsl assets le58 current Ilabilitles 2.441 23,123 25,564 25,289 Creditors (Jue after one year 14 1311 1311 1371 2,410 23,123 25.533 25.25 Consolldatedgroup funds 17-19 Unrestricted funds Restricted funds 2,410 2,410 23,123 2.578 22,674 23.123 Tot81 fund5 2,410 23.123 25,533 25,252 The financial $tstements on pages 24 to 62 were approved by Chaptei on 28 April 2025 and signed on its behalf by The Very fte￿ren￿ Jo Kelly.Moore Dean Alan Stewart Chair of the Finance Commltt 25

.St Aibtini Calhcdiil Aiinui¢ l Re oi't 2(124r24 Cathedral entity balance sheet as at 30 November 2024 UnrgStrict&J Funds 2024 Restricted Fund8 2024 £'ooo Tot81 Funds 2024 £'ooo Totsl Funds 2023 £'ooo Entity Notes Fixed a55ets Tanglble assets Property Investment assets Property Listed and cash investments Investment in subsidiary undertaklng 11,216 11,216 10,437 4,477 7,276 4,477 9.558 75 5,256 9.342 75 io li 2,282 75 Total fixed assets 2.357 22.969 25.326 25,110 Current assets Debtors Cash at bank and in hand 13 196 45 241 135 114 249 331 159 490 362 123 485 Currert Ilabilltles Creditors due wSthln one year 14 192 95 287 347 Net current assets 49 154 203 138 Total a8sets les5 ¢urr8nt Ilabllltye5 2.406 23,123 25,529 25.248 Net assets 23.123 25.529 25,248 CathedtBI entity funds 21>21 Unrestricted funds Restricted funds 2.406 2,406 23,123 2,574 22,674 23,123 Total fun 2.406 23,123 25.5g9 25,248 The financial Statements on pages 24 to 62 were approved by Chapter on 28 April 2025 and signed on its behalf by The Very Reveren¢ Jo Keiiy-moote Dean an Stewart Chair of the Finance Committee 26

.Si All)￿￿ Ll£ IlJc(liil A])IlUirf I l<ci)(1rt 202.412,1 Consolidated group cash flow statement for the year ended 30 November 2024 Totsl Funds 2024 £'ooo Totsl Funds 2024 £'ooo Total Funds 2023 £'ooo Total Funds 2023 Group Noteg Net cash flows from operats.ng activities 15 8171 L328 Cash flow5 from investing actIv￿leS Net income from investments Purchases of equipment. firtures and fitting5 Additions to listed and cash investments Additions to cash deposits in above Transfer of cash to listed investments Purchases of listed investments Withdrawals from listed and cash investment5 withdrawals from cash deposits in above Proceeds from sale of listed investments Net cash flows from investlng activities 400 181 358 1241 1581 29 354 1921 92 325 555 4091 1.007 1,007 146 863 334 Change in cash and ￿$h equivalents In the repoTtyng period 46 9941 Reconollladon of cash ?nd ¢ash equiv81ents Cash and cash equivalents at the beginning of the reporting period 16 698 1,692 Cash and cash equlv8lents atthe end of the repotting period 16 744 698 27

t All)&UL¥ La(IIL'(Ir.d Aiiiiux] IIciMIN 2112,V2É1. Notes to the financial ststements l. Accounting policies Basls of preparatlon The accounts Ifinancial statements) have been prepared in a￿rdance with the Ststement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice a5 It applies from l January 2019. The accounts (financial statementsl have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent reouired to provide a 'true and fair view.. This departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 issued Sn October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. 8asls of consolldatlon The consolidated financial ststements comprise those ofthe Cathedral, its wholly-owned tradingsubsidiary Cathedral Enterprises 1st Albansl Limited and its charitable subsidiary St Albans Cathedral Trust. The income and expenditure of both subsidiaries is included in the Consolidated Group Staternent of Finan¢ial Activities and the assets and liabilities of both subsidiaries are included on a lin&by-line basis in the Con501idated Group Balance SheeL Any intra- group transa¢tions are eliminated in the consolidated financial ststements. Both subsidiaries adopt the sarne accounting policies as the Cathedral unless otherwise stated below. The yearend of Cathedral Enterprises (St Albansl Limited is 31 December. one month after the year end of the Cathedral and therefore non-coterminous with that of the Cathedral. The audited financial statements to 31 December are used as the basis of consolidation. The year*nd of St Albans Cathedral Trust is eoteminous with that of the Cathedral. The consolidated financial statements do not include those of connected independent Charitable entities that are not controlled by the Cathedral. details of which are provided in note 33. Theyalso do not includethose relatingto informal gatherings of Cathedral members or groups that owe their main 8ffiliation to another booy. Golngconceffl Chapter annually reviews the principal uncertainties that could enhance or impede the ability of the Cathedral to deliver its vision and priorities, including its ongoing viability. Further detail on these uncertainties. along with Chapter's assessment of the Cathedral's continued going concern is provided in Chapter's annual reporting on risks and uncertainties on page 19. 28

51 All)TWJS Catliedrd Aiitiual Ite￿)1￿ 202'V2,I L Accounting policies Icontinuedl. Income Income is shown within four categories in the Ststement of Financial Activities.. Donations and legacies Charitable activities Other trading and fundraising events Investments Income Is recognised once the Cathedral has entitlementto the income, it is probable thatthe income will be receive and the monetsry value of the income Can be measured with sufficient reliability. Where the use of income has been restricted. it is used for the specific purpose in the year or credited to an appropriate fund until it can be spent forthe restricted purpose. Further detail on the accounting policies for spe¢ifi¢ items of income is Set out below. Donatlons and legacles Donations are accounted for on a reeeivaL>le basis when they meet the income recognition criteria set out above. In the case of a donation. entitlement usually arises on ￿Ceipt, unless there are additional terms and conditions which must be met before the Cathedral is entitled to the donation. Any Gift Aid recovered on a donation 15 considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise. Donations from the Cathedral's connected entities are recognised on a receivable basis based on agreed funrjing arrangements or specific agreements bythe charities, governing bodies to distribute funds to the Cathedral. Grants are accounted for on a receivable basis when they meet the income recognition criteria set outabove. Typically. this is when a formal offer of funding is received and any necessary Conditions on the grant's award have been met. Legacies are accounted for on a receivable basis when they meet the income recognition criteria set oijt above. Typically, this will only be after grant of probate, the executors have established there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity tsr have been met. Where legacies have been notified to the Cathedral and the criteria for income recognition have not been met, detsils of the legacy are disclosed If material in the riotes to the financial statements. No amounts are included in the financial statements to refiect the value of services provided free of charge to the Cathedral by its numerous volunteers. Charltable actlvltles Income from charges and fees relating to charitable activities is recognised in the period in which the piovislon of services is made. other tTrdlngand fvndrdising events Income from trading is recognised in the period in which a sale or provision of services is made. Income from fundraising events is recognised in the period the event takes place. Investments Property rental income is accounted for on a receivable basis. Investment income from listed investments is recognised on a receivable basis once Yc has been declared and notification has been re￿iVed of the (Sividend due. 29

.51 AllkiiJ% LAtIILclnl Aliiiuiil l<ci)urt 2U'2,4f21¥ L Accounting pollcles {contlnuefll Expendittjre Expenditure is shown within several categories in the Statement of Financial Activities split between raising funds and charitable activities.. Raising funds Fundraising and marketing Trading Investment management Charitable activities Ministry Cathedral and precincts upkeep Educatyon and outreach Community, parish and congregation Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefits as a result of past transactions or events. It 15 probable that the transfer of economic benefit will be required in settlement and the monetsry value of the settlement can be measured with sufficient reliability. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure on fundraising and marketing comprises costs of seeking and attracting voluntary income, fundraising activities. marketing and visitor welcome. Expenditure on trading comprises the costs of trading arising from the shop. café, venue hire and other trading activities. Expenditure on investment management comprises Investment property management fees and maintenance. Investment management fee5 relating to the Cathedral's listed and cash investments are deducted at source by the Cathedral's investment managers, either from capital or before the declaration of dividends and interest. The majority of the Cathedral's investments are held in pooled investment funds where fees are direcuy reflected in the capital unit price or. forcertain funds, the dividend or interest payment. Where the Cathedral holds direct investmentsoutside of a pooled fund. management fees are deducted on a monthly basis from capital and reflected in net gains on investments in the year in which it arises. Expenditure on ministry comprises costs of the Cathedral's clergy, ministry staff, services, C1￿1r$ and recoverable costs rel8ting to charges and fees for services. Expenditure on cathedral and precincts upkeep comprises costs of major repairs and restoration. general upkeep and maintenance of the Cathedral. offices and groLJnds, operations staff, insLJrance eosts and utilities. Expenditure on education and outreach comprises costs of the Cathedral's learning team. the annual Aban Pilgrimage, mission giving to other charities and other outreach activity. Expendbture on community. parish and congregation comprises costs across the wide range of the Cathedral's parish activity. Support costs. comprising printing, postage. communication, IT, audlt and support stsff costs. are allocated to relevant expenditure categories in line with a cost allocation model based on an estimate of usage or time spent on the expenditure category as appropriate. Support costs include the Cathedral's governance Cost5, comprising costs incurred in connection with the Cathedral's exlernal auc*it and strategic governance. The allocation of support costs against expenditure categories and the split of support costs by type of expenditure is detailed in note 4 along with further related accounting policy disc105ures.

Si Alb￿1$ CddiLdJ-d Atll)u￿ Reijoit 202,4r24 l. A￿O￿nting policies Icontinuedl Tax The Cathedral is an ecclesiasti¢al corporation. HM Revenue and Customs treats cathedrals as exempt charities and as such they are entitled to certain tax exemptions on income and profits from investments, and on any surpluses from trading activities carried out in furtherance of the Cathedral's primary objectives. providing any income, profits and surpluses are applied solely for Charitable purposes. Cathedral Enterprises 1st Albansl Limited donates its surplus taxable profit to the Cathedral by way of a dee(l of covenant. ordinarily resulting in no liability to corporation tax. Income and expenditure are shown net of recoverable VAT. including any irreeoverable VAT reclaimed on eli@ble works through the Listed Places of Worship Grant Scheme. Irrecoverable VAT is charged to the appropriate expenditu￿ heading or is capitslisea as appropriate. The nature of the Cathedral's VAT necessitates the use of a provisional VAT recovery rate for mixed used partially exempt supplies, based on the actual VAT recovery rate for the prior tax year. At the end of each tax year130 Aprill the Cathedral is required to perform an annual adjustment calculation to determine the actual VAT recovery rate for the tsx year. This means the actual amount of final irrecoverable VAT incurred in relation to expenditure within the reporting period (which is only known after the end of the current reporting periodl may differ from that reported in the financial statements. Leases The Cathedral leases certain photc)copying and printing equipment under an operating lease. The title to this equipment remains with the lessor. Rental charges are recognised as they become payable over the term of the lease. The Cathedral holds no assets under finan￿ leases. Tangible assets.. Propety Properties held for operational use are stated at cost. For properties held on or before l De￿mber 2014, Chapter has elected to adopt as their deemed cost a valuation as at l December 2014, in accordance with the transitional provisions available under FRS 102. Major work carried out Dn properties held for operational use is only capitalised where the work Is over and abDve the Cathedral's routine cycle of maintenance. repair. upkeep and improvement and where it meets the Cathedral's capitalisation threshold of £50.000. No depreciation is charged on properties held for operational use on the basis of them each having long unexplied economic lives and high enough eSti￿ated residual values compared to their carrying value, which in turn are reviewed annually to establish whether there has been any permanent diminution in value. All of the Cathedral's properties held for operational use are Currently held in restricted funcjs in line with a long- standing adopted accounting convention that deems the properties as restricted for sale or use. as they are either used to house clergy and ministry staff, or are used as functs'onal assets in the delivery of the Cathedral's charitable purposes. However, as part of the process of reviewfollowing registration with the Charity Cornmission, Chapter plans to take the DPPOrtunity to review the histoncal basis for such restrictions to ensure their continuing appropriateness. Chapter also recognises some of the Cathedral's properties held for operation81 usè could be argued to be part of the historic land and buildings of the Cathedral. and so could be deemed to be historic endowment, but considers that without evidence to the Contrary, it is appropriate to continue with the existing long-standing accounting convention of showing them In restricted funds, notwithstanding the review noted above. 31

Si AllTrillts CiiLlic(lii] Atlliud IILI)011 2023124 l. Accountfing polleies Icontinuedl Tangible assets.. Equlpmen¢ fixtures and flttlngs Equipment, fixtures and fittings are stated at Cost less depreciation, unless written off on acqulsition, so as to write off the cost less estimated residual value of each asset over its expected useful life. Carrying values are rewiewed annually to estsblish whether there has been any permanent diminution in value. Equipment, fixtures and fittings purchased by the Cathedral are generally written off on acquisition. unless the value warrants capitalisation over the life of the asset on materiality grounds and so meets the Cathedral's capitalisation threshold of +£50.000, with a 20% clepreciation rate on a straight-line basi5. To date, no capitalisation of such assets has been necessary. Equipment. fixtures ana fittings purchased by Cathedral Enterprises (St Albansl Lirnited are capitalised unless imrnaterial, with a 15% depreciation rate on a rerjucing balance basis. Herttage ￿Sets No value is attributed in the Cathedral's Balan￿ Sheetsto the cathedral building its ancillary buildings and any items in the cathedral inventory (Jeemed as being an outstanding inventory object. This is in line with the Cathedrals Measure 2021. Any new items to the cathedral inventory acouired on or after l January 2019 that meetthe definition of a heritage asset but are not deemed as being an outstsnding inventory object will be capitalised where they meet the Cathedral's capitalisation threshold of £50,000. Capitalisation will be either at cost lif the itern is purchased) or at valuation lif the item is donated). It is likely that in Tnost cases It will not be p055ible to reliably estimate the value of any donated items and so such items will ordinarily have no value attributed to them in the Cathedral's Balan Sheets. To date no such additions have occurred. The cathedral building and its ancillary buildings includes the Chapter House and Welcome Centre. The buildingspace used by Cathdral Enterprises 1st Albansl Limited is not specifically separated anct set aside for sole and exclusive use ancl so for valuation purposes it is treated as part of the cathedral building and its ancillary buildings. The cathedral inventory comprises those items coming under the Care of Cathedrals Measure 2011 as being of architectural. archaeological, artistic or historic interest. The costs of associated major repairs, restoration, alteration and improvement of these buildings and any associated artefacts wrthin the cathedral inventory are recognised as expenditure in the Statement of Financial Activities in the period in which they are incurred. Chapter considers that owing to the incomparable nature of the cathedral buildings and the cathedral inventory, conventional information on historic costs or valuations would typically lack sufficient reliability and that even if such information could be obtained, the costs would be onerous compared with the aclditional benefits derived by the Cathedral and the users Of the financial statements. A heritage asset is defined under FRS 102 as a tangible or intangible asset wtth historical, artlstic, scientific, technologj'cal, geophysical or environmental qualities that is helrj and maintained principally foi its contribution to knowledge and culture. Chapter maintains the cathedral buildings and the cathedral inventoryforthe purpose of religious ministry, rather than specifically for contribution to knowledge and culture. A¢courJtingand Reporting bycharities.. Statementof Recommended Practice (FRS 102) provides further guidance to charities on how to classify assets where their Contribution to knowledge and culture is an¢illary to faith or other purposes. Chapter considers some components of the cathedral buildings and the cathedral inventory do not typically meet all the necessary ctsnditions for a heritage asset 8s set out in this guidance. A continual and ongoing programme of major repairs. restoration. alteration and improvement work is carrie¢ out to the cathedral buildings. It is not possible tc> differentiate reliably between work within this programme thet maintains and preserves the buildings for current and future generations. and work that could @ve rise to genuine and measurable future incrementsl ￿OnOMiC benefits to the Cathedral. For the most part the work is undertaken to maintain and preserve the buildings anot even where a case might be able to be made that the woik creates future incremental ewnomic benefits, any such work inevitsbly still trends towaids maintenance and preservation of an existing asset when considered in the context of the scale and lifetime of cathedral buildings. Chapter's accounting poli¢y for the cèthedral buildings and the cathedral inventory seeks to ensure consistency with the past and usefulness for users of the financial statements in the future. Large Components of these items are inalienable, held in perpetuity or irreplaceable. Consideration has also been given to established accounting practice as adopted by churches In relation to their chureh buildings, whereby consecrated property is specifically excluded from the financial statements as required by the Charitles Act 2011, and that adopted by other charities holding similar items and the reguirements of the Cathedrals Measure 2021. Information on the nature, scale and significance of the Cathedral buildings and the cathedral inventory in the context of the financial stat&ments is provided in note 8. 32

51 Aib1c Eis Clc IlicilTrl Aliliu￿ IleIx)11 202,4r24 l. Accounting policies Icontinuedl Investmentassets Property investment is stated at fair value 8t the balance sheet date. External revaluations are carried out by an independent local professional valuer at a minimum every five years. Realised and unrealised gains and losses relating to the movement in valuation or sale of investment properties are combined and shown in the Statement of Financial Activities within net gains and losses on investments in the year in which they arise. No depreciation Is charged on investment properties. Further details of the valuation approach forthe Cathedral's investrnent properties and related accounting policy disclosures are provided in note 9. Any rnixed-use properties are separated where possible between investment propety and property held for operational use. Where this is not possible. or if the fair value of the investment property component cannot be measured reliably, the entire property is treated as a propety held for operational use. Al of the Cathedral's investment properties are held in restricted funds in line with a long-standing adopted accountingconvenb'on reflecting Chapter's historic understandingthat the properties are either potentially restricted for sale or use. or the investment income arising from them is restricted in use. Where there is no restriction on the use of the investment income arising from the propety it is taken direct to unrestricted funds even though the underlying investment capital is held in restricted funds. However, as part Df the proces5 of review following registration with the Charity Commission noted above, Chapter plans to take thÈ opportunity to ￿VIeW the historical basis for such restricts'ons to ensure their continuing appropriateness. Listed investment is stated at martlet value as fair value at the tsalan￿ Sheet date. Reali5ed and unrealised gains and losses relating to the movement in valuation or sale of listed investments are combined and showrTr in the ststement of Financial Activities within net gains and I0￿e$ on investments in the year in which they arise. Cash detx)Sit investment is stated at face value at the balance sheet date. Retained interest IS shown in the Statement of Financial Activities within net gains on investments In the year in which it arises. The investment held in the Cathedral's whollyowned subsidiary undertaking Cathedral Entefprises (St Albansl Limited is held at cost in the Entity Balance Sheet. The carrying values of all investments are reviewed annually to establish if there has been any material impairment in their value. Stock Trading stock held by Cathedral Enterprises 1st Albansl Limited is stated at the lower of average cost and net realSsable value. after making any necessary provision for slow moving and obsolete 1tems. Fln8ncial Instruments The Cathedral holds only basic financial instruments. The Cathedral's financial instruments, represented by its financial assets and financial liabilities. and their measurement bases, are as follows. The only cla55 of financial instrurnent measured at fair value a5 opposed to amortised cost or cost less impairment is listed investment within fixed asset investments, the carrying amount of which is provided in note 9. Financial assets Listed investment within fixed asset investments is held at fair value. Cash deposit within fixed asset investments is held for investment rather than to meet short term cash commitments and is held at face value. Trade and other debtors lincluding amounts due from connected entities and accrued income) are debt instruments measured at amortised cost and are held at their settlement amount less any provision for non-recoverability. Prepayments are not deemed to be financial assets as the cash settlement has already taken place. Cash at bank and in hand is held at face value. Fin?n¢ial liabilities Trade creditors. accruals and other creditors (including amounts due to connected entitiesl are debt instruments measured at amortised cost and are held at their anticipated settlement amount. Deferred income is not deemed to be a financial liability as the cash settlement has already taken place and there is an obligation to deliver charitable services rather than cash or another financial instrument. 33

.%1 AlbiUl% CiltliL'cli-Ai A]iiiuHI Ilci?()11 2111¥24L L Accounting policies {continuedl Funds Funds a￿ divided between unrestricted funds and restricted funds. The names of most of the funds convey the urposes for which they are estsblished. All of the Cathedral's properties, whether held in tangible assets or investment assets, are held in restricted funds in line with a long-standing adopted accounting convention. Information on this accounting treatment can be found in the accounting policy notes for 'Tangible assets.. propertJP and 'lnvestment assets,. Further information and related accounting policy disclosures on the Catheclral's funds 15 provided in Chapter's annual reporting on funds on page 12 together with notes 17 and 18. significant areas ofjudgement In the appllcatlon 01account1ng￿1c1es In preparing the financial statements, Chapter makes a number of Judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenditure in the applicatlDn of the Cathedral's accounting policies set out above. Chapter does so on a continuous evaluation basis using historical experience and prudent evaluation of future events that are believed to be reasonable under the circumstances. In doing so the resulting accounting estimates will, by definition. seldom equal the related actual results. The following are the judgements. apart from those involving estimates a￿ut the future which are dealt with separately in the accounting policy note on 'reporting uncertainty in the next reportlng perlod from judgements involving estimates about the future,, that have the most significant effect on the recognition and measurement of assets. liabilities. income and expenditure in the financial statements. Properties held for operational use On transition to FRS 102 on l December 2014, Chapter used a previous valuation point to determine the deemed cost of the Cathedral's properties held for operational use. The valuation approach required both judgement and estimation using a combination of up to date independent valuations. an assessment of the condition of properties at the transition date and available extemal indices (see note 71. Allocation of support costs Chapter uses an allocation model that requires both judgement and estimation over how support costs are split across various expenditure categories. The moclel is primarily based on estimates of time spent by Individual members of clergy and staff across each expenditure category (see note 41. Reclassification of assets by fund As part of the process of review following registration with the Charity Commission, Chapter reviewed the historical basis of the allocation of all of its properties into restricted funds to ensure this remalned appropriate. Reportlng uncertalnty In the nextreportingperlod fmnj judgements Involvlngestim8tes about the future With respect to the Cathedral's next reporting period. the year ending 30 November 2025. the most significant areas of Un￿rtaINty fromiudgements involving estimates about the future that may affect the carrying value of assets and liabilities held by the Cathedral as at 30 Noverllber 2025 are as follows. Legacy income Chapter uses the income re¢ognition criteria set out above to determine when it is appropriate to recognise legacy income in the financial statements. This can involve applying judgement over the probability of the income being received and its ability to be measured with sufficient reliability and, once recognised. estimation of the rnonetary value of the income. As at 30 November 2024, £75k12023: £70kl of legacy income had been recognised in thè financial statements that had not yet been physically received. 34

Si AlliatL4 L¢1111L(Inl Ajillu￿11 RLI)0rt 2028124 l. Accounting policies Icontlnuedl Reportlng uncert•lnty In the next reportlngperlod from Judgements Invofvlng estlmates about the future (contlnuedj Propety investment Chapter uses valuation techniques involvingjudgement and estimation to determine the fair value of the Cathedral's investment properties at each reporting date. Estimates of fair values between independent revaluations are based on a combination of an assessment of the condition of the property, current market conditions and available external indices. Chapter bases its assumptions on observable data as far as possible but this may not always be available. In these cases, Chapter uses the best information available. The actual fair value of investment properties at any one time is affected by market-driven changes to residential and commercial property valuations outside of the Cathedral's direct control. Estimated fair values may therefore vary from the actual prices that would be achieved in a fully arm's length commercial sale transaction at the reporting date or in the future. As at 30 Novernber 2024, the value of the Cathedral's property investment amounts is £4.477m12023.' £5.256ml (see note 91. This was following a house becoming occupied by a member of staff and the property transferring from investment assets to tsngible assets. ListeLI investment Although not impacted byjudgement involving estimates about the future as the fair value of listed investments can be accurately obtained at any one point in time. the following disclosure is provided due to the relative significance Df the Cathedral's listed investment to overall net assets. The aetLJal fair value of the Cathedral's listed investments at any one time is affected by marlfet4riven changes and the performance of uncertain investment markets outside of the Cathedral's direct control. It is therefore highly likely thatfuturefair values of the Cathedral's listed investments will differ from the fair value currently shown at the reporting date. In addition to affecting the valuation for balance sheet purposes. these changes may also affect the amount of investment income received in any Dne year. Further information on the Cathedral's investment objectives. risk profile, asset Class allocation. approach to ethical investment and investment performance is provided in Chapter's annual reporting on investments on page 13. As at 30 November 2024 the value of the Cathedral's listed investment amounts to £9.113m12023- £8.883ml (see note ioi. 35

Si Al￿'ll1$ CAiIJe(lj￿ MiJiuAI IILI)0rt 2112.4r2 2. Income Unrestricted Funds 2024 £Y)00 RestricteLI Funds 2024 £'ooo Total Funds 2024 £'ooo Totsl Funds 2023 £'ooo Current Year Donations Service collections Congregational @ving Donations Alban, Britain's First Saint fundraising Landscaping fundraising Other fundraising and appeals St Albans Cathedral Education Trust St Albans Cathedral Music Trust The Friends of St Albans Cathedral 97 353 256 97 353 263 86 349 236 103 49 102 94 361 103 49 102 94 1,067 52 55 loo 30 916 706 Grants Church Commissioners National Lottery Heritage Fund Grants for ecsucation activities Other revenue grants 220 220 330 io 42 387 19 19 24 252 233 Legacles 65 78 114 c￿ar￿able act6vltles Fees for services Fees from education attivits'es 114 119 233 114 119 233 122 103 225 Othertrading and fvndralsing events Shop and café Venue hire and other trading Other fundraising events 336 404 123 863 336 404 123 863 358 324 iii 793 Investments Property Lbsted and cash investments ioi 67 168 73 209 282 174 276 450 126 273 399 Totsl Ino)me 2,002 941 2.943 2.834 Gift Aid totalling £107k12023- £94kl is ineluded in the above income. 36

.%{ All)fliJ% CiiilLcilr.d knitiu.'d IILI)ort 202,4r2,1. 2. Income Icontinuedl Urirestricted Funds 2023 £'ooo Restrictsd Funds 2023 £000 Totsl Funds 2023 £'ooo Prforyear Donations Service collections Congregational gving Donations Alban. Britsin's First Saint fundraising Landscaping fundraising Other fundraising and appeals St Albans Cathedral Education Trust St Albans Cathedral Musi¢ Trust The Friends of St Ajbans Cathedral 86 349 232 86 349 236 52 55 loo 30 249 52 55 100 30 916 667 Grants Church Commissioners National Lottery Heritage Fund Grants for major fabric repair Grants for education activities Other revenue grants 330 330 io 20 365 io 42 387 22 22 Leg8eies 35 79 114 Charitable actsvities Fees for services Fees from education activities 122 103 225 122 103 225 Other trading and fundralsing events Shop and cafe Venue hire and other trading othef fundraising events 358 324 iii 793 358 324 iii 793 Investments Property Listed and cash investments 93 67 160 33 206 239 126 273 399 Total income 1.902 932 2,834 37

,51 AllhiiLS LAili¢clJRI Aijiiuai IILPOrt 202,V21 3. Expendlture Unrestricted Funds 2024 £'ooo Restricted Funds 2024 £'ooo Totsl Funds 2024 £'ooo Totsl Funds 2023 £'ooo Currentyear Fundraising and marketing Fundraising and appeals Other marketing and visitor welcome 169 243 412 173 243 416 177 244 421 Trading Shop and café Venue hire and other trading 242 162 404 249 162 411 241 112 353 Investment management Investment property management fees and maintenance 25 25 50 41 Mlnistry Clergy stipends and working expenses Clergy housing costs Ministry 5tsff. housing and support Costs Clergy and ministry staff housing maintenance and upkeep Services and muslc Re¢overable costs through fees for servi 23 18 605 206 229 223 21 511 27 632 24 47 43 760 24 184 43 I,￿0 38 174 36 1,003 137 370 Cathedral and precincts upkeep Major repairs and restoration Alban. Britain's First Saint construction works Cathedral and precincts maintenance and upkeep Operations stsff and support costs Cathedral insurance Lltilities 40 265 31 305 31 930 36 76 143 84 154 497 239 315 143 84 154 1,032 231 140 76 203 1,616 535 Educatlon and outreach Alban, Britain's First Saint interpretation and activities Education and learning activities Education and learning staff and support costs Pilgrimage and other outreach Charitable and other gving 27 118 24 72 246 30 176 32 75 318 40 203 31 56 335 58 72 Community. pallsh and congregation 22 22 29 Total expenditure 2.366 1.013 3.379 3,798

Si A]billJS CailicclrAi ￿111￿..￿ Ileijujt 202,412 3. Expenditure Icontinuedl Unrestrictsd Funds 2023 £'ooo Restrleted Funds 2023 £'ooo Totsl Fur￿$ 2023 £'ooo Prior Year Fundraising and marketlnE Fundraising and appeals Other markttting and visitor welcome 173 182 355 177 244 421 62 66 Trading Shop and café Venue hire and other trading 233 112 345 241 112 353 Investment management Investment property management fees and maintenance 18 23 41 Ministry Clergy stipend5 and working expenses Clergy housing costs Ministry staff. housing and support costs Clergy and ministry staff hoLtsing maintenance and upkeep Services and music Recoverable costs through lees for services 25 21 474 198 223 21 511 37 38 174 36 1,003 136 36 632 371 Cathedral and PTecincts upkeep Major repairs antt restoration Alban, Britain's First Saint construction works Cathedral and precincts maintenance and upkeep Operations staff and support costs Cathedral insuran utilities 586 344 36 199 930 36 32 231 140 76 203 1.616 140 76 203 1,037 579 Education ancl outreach Alban. Britain's First Saint interpretation and activities Education and learning activities Education and learning staff and support Costs Pilgrimage and other outreach Charitsble and other giving 33 116 25 55 234 87 203 31 56 335 ioi Communityp parish and congregation 28 29 Totsl expenditure 2,649 1.149 3.798 39

.51 Alkn'iiis Catlic(Ird kniEIUoil IILpoJI 2Q23r2l 4. Alk)cation of support costs Currentyear Direct Costs £'ooo Support Totsl 2024 Costs £'ooo Raising funds Fundraising and marketing Trading Investment management Charitsble actiwties Ministry Cathedral and precincts upkeep Eclucation and outreach Community, parish and congregation Total expenditure 318 360 50 98 51 416 411 50 866 977 293 22 2,886 264 55 25 1.130 1,032 318 22 3,379 493 Prioryear Dlrect Costs Support Totsl 2023 Costs £'ooo £'ooo Raising funds Fundraising and rnarketing Trading Investment management Charitable acttvlues Ministry Cathedral and precincts upkeep EducatlDn and outreach Community, parish and congregation Total expenditure 333 308 41 88 45 421 353 41 764 1.565 312 29 3.352 239 51 23 1,003 1.616 335 29 3,798 44 Support costs comprise administration, governance and support staff costs and are allocated to relevant expenditure categories using a cost allocation model based on an estimate of usage or time spent. The split of SUPPDrt costs by type of expenditure is shown below. Direct governance costs totalling £12.00012023.. £12,000) comprising costs incurred in connection with the CatheLdral's external auclit and strategic governance are included in the administration and governance columns below. [￿rrentYear Support Costs Allocatlon Administration and Governance £'ooo Support Stsff £Doo Total 2024 £'ooo Raising funds Fundraising and marketing Trading Charitsble activf(ies Ministry Cathedral and precincts upkeep Education and outreach Total support Costs 28 70 45 98 51 57 14 14 119 207 41 li 374 264 55 25 493 Prior Year Support Costs ￿lOCatiOn Administration and Governance Support Totsl 2023 £'ooo £'ooo Raising furK15 Fundraising and marketing Trading Charitsble activities Ministry Cathedral and precincts upkeep Education and outreach Totsl support Costs 26 62 40 88 45 54 14 185 37 io 334 239 51 23 446 40

.51 Allkuis LoiilJc(Iixi AiitJu.ii IILiJuJI 202.¥2,I 5. Irrecoverable VAT a charity the Cathedral entity necessarily incurs irrecoverable VAT on most of its expenditure. Some of this is Incurred on expenditure ielatingdirectlyto the Cathedral's exclusively non-business or VAT exempt activity, principally education, fundraising events. residential Investment and worship. The rest is incurred on expenditure relating to mixed use busine5s/nDn-business activity and mixecl-use VAT partially exempt activity,. the vast majority of the Cathedral's expenditure. The Cathedral is able to reclaim some of its irre¢overable VAT on certain eliwble works through the Government's Listed Places of Worship Grant Scheme. This scheme provides grants to cover irrecoverable VAT incurred on eligible repairs, maintenance and alterations to listed buildings used as places of worship. The scheme is run by the Department for Digitsl. Culture, Media and Sport and has Government funding until at least 31 March 2025. In 2024, total net irrecoverable VAT was £78k12023.' £90kl. 6. Trading actiwties A summary of the trading results of Cathedral Enterprises 1st Albansl Limited (Company Registered Number 016420631 prior to consolidation is shown below. Cathedral Enterprises 1st Albansl Limited operates to a December yearend. The financial Statements preparedfor the company have received an unqualified audit report. The Cathedral charges Cathedral Enterprise5 (St Albansl Limited a management fee for its use of the ¢8thedral building and applicable staff and support services. The Cathedral additionally receives a donation from Cathedral Enterprises (St Albansl Limited by way of deed of covenant from any surplus taxable income. Cathedral Enterprtse5 Pre-consolidatlon To 31 Dec To31 Dec 2024 2023 £000 £'ooo 706 669 Turnover and other operating income Grants and donation inwme Cost of sales Gross profit Other operating expenditure Operating profit Management fee to Cathedral Profit for the financial year Taxation Donation to Cathecsral Net movement in retained earnings 12121 500 123 377 218 159 209 467 loo 367 179 188 159 188 Shareholder's funds Share capital Share premium Retsined earnings 75 75 80 79 41

Si Ailh111% LtiiliL'¢lrAI Jkniiiu*il IILI)0¥1 202.41211 6. Trading activbtses IcontSnuedl The income and expenditure of Cathedral Enterprises (St Albansl Limited is consolidated after the elimination of any intra-grDUP trading, including the management fee and any donation to the Cathedral. The cur￿nt reporting period includes intra-gtoup sales of £17,00012023- £17,000) and related costs of £12,00012023: £12.0001. Certain other trading activities are undertaken by the Cathedral itself. The combined totsl net contribution from trading undertaken by the Cathedral and Cathedral Enterprises (St Abansl Limited is as follows. Consolldated Group Tradlng 2024 2023 £'ooo Income Cathedral Entsrprises - shop and cafe Cathedral Enterprises venue hire Cathedral other trading 336 371 33 740 358 301 24 683 Expenditure Cathedral Enterprises - shop and café Cathedral Enterprises - venue hire Cathedral other trading Allocated support costs - shop and café Allocated support costs - venue hire and othei trading 222 95 37 20 30 404 215 75 li 18 27 346 Total net contribution from trading actiwtie5 336 337 42

.St Alb*Wi8 LtilliL¢lI"Al Ai>JiuAI IIL'lX)11 2O2.4r211 7. Tanwble assets Group Property Equipment xtures Fittsngs £'ooo 152 Totsl £'ooo 10,437 779 £'ooo 10,589 787 Cost at l D￿mber 2023 Additions Disposals Cost at 30 November 2024 11.216 153 11.369 Depreciation at l December 2023 Depreciation charge for the year Disposals Depreciation at 30 November 2024 1811 Iiii 1811 Iiii 87 87 Net book value at l December 2023 Net book value at 30 November 2024 10,437 11,216 71 66 10,508 11,282 Entity Propeity Equipment Fixtures Frttings £'ooo Total £￿00 10,437 779 £'ooo 10,437 779 Cost at l December 2023 Additions Disposals Cost at 30 November 2024 11,216 11,216 Depreciation at l December 2023 and 30 November 2024 Net book valLte at l December 2023 Net book value at 30 November 2024 10,437 11.216 10,437 11,216 All properties held for operational use are helrj on a freehold basis and are held at cost. The propeTtyes Comprise functional assets and housing for cler&v and ministry staff. During the year, a house became occupied ty a member of stsff and the property transferred from Investment assets to tan@ble assets. On transition to FRS 102 on l December 2014 Chapter used a combination of up to date independent valuations, its assessment of the condition of propertie5 at the transition date and available external indi¢es to determine an appropriate valuation point as at l December 2014 to use as the deemed cost of the properties. As detsiled in note 9. Chapter commissione(£ an independent valuation ancl survey of all its properties on 30 November 2021, covering both properties held for operational use and investment properties. It valued the Catheclral's properties held for operational use, excluding the Orchard Fielcl and after taking into account any subseouent transfers to investment assets arising from change of use. at a combined value of £12.595m. The Cathedral's prope￿eS held for operational use are used as follows. At 30 November 2024 £'ooo 2,857 8,054 275 30 11,216 2023 £'ooo 2,857 7.275 275 30 10,437 Administration and meeting rooms Clergy and staff housing Old Education Centre pending redevelopment Field 43

.51 Alljtuis LiiilkL,drAI AJitiuAI IILl)Ort 202,4121 8. Heritsge assets The cathedral buildings and the cathedral inventory have certain heritage asset attributes as defined by FRS 102. The accounting policies note explains why no value is attributed to these assets in the Cathedral's Balance Sheets. The cathedral buildings include the historic Cathedral building. the more modem4ay Cttapter House and the recently constructed welcome centre. The cathedral inventory comprises those items coming under the Care of Cathedrals Meesure 2011 as being of architectural, archaeological, artistic or historic interest. Information is provided in this note to give users of the financial statements an understanding of the nature. scale and significance of these assets. The Cathedral's architectu￿ Is a blencs of many different periods, with the core of the bullding dating over 900 years. AnglTrSaxon features date back to Kingoffa's church, founded on the site in 793. Work started on the current church building in 1077. with both the tower and nave built using Roman bricks salvaged from the ruins of Verulamium. When the monastery was dissolved in 1539 mDSt of the buildings were destroyed. In 1553 the people of St Albans boughtthe church to beeomethe parish church. Like today, the upkeep was expensive and bythe 1830s the builoling was in a sorry state. The Vi¢torians undertook a major restoration, including remodelling the West End. removing medieval features and replacing the statues in the high altar screen. The building became a cathedral in 1877. It is in this dual rol& of a parish and cathedral church that it remains a centre of worship and mission with local and national profile. An extension to the cathedral building and named the Chapter House was added in 1982. which is built on the footprint of its Benedictine pr￿e¢eSs0r. A further extension In the form of a new Welcome Centre was opened in 2019 as part of the Cathedral's Alban, Britain's First Saint project. The following table provides summarised financial information of expenditure on the cathedral buildings. The amounts include non-capitalised expenditure associated with Cathedral House and the old education centre, both of which are not heritage assets under FRS 102 and are capitallsed in the Cathedral's Balance Sheets. C8thedr81 Buildlngs Expendf(ure 2024 £'ooo 31 305 315 84 154 889 2023 2022 £'ooo 80 845 232 63 107 1,327 2021 £'ooo 156 loo 210 62 74 602 2020 £'ooo 365 140 152 59 73 789 Alban, Britsin's First Saint construrtion works Major repairs and restoration Cathedral and precincts maintenance and upkeep Insurance 36 930 231 76 203 1,476 Chapter Is aided in its responsibilitles toward the cathedral buildings and the cathedral inventory by the Cathedral's Fabric Advisory Committee and. where necessary. the national Cathedrals Fabric Commission for England. The role of the Fabric Advisory Committee is explained in more detail in Chapter's annual reporting on governing bodies on page 14. Chapter is keenlyaware of its responsibilityto operate suitable policiesfor the acquisition, pr￿eNatIOn, management arid disposal of historic artefacts within its inventory. Items are classified in the inventory according to their relative importance. beingeither of national significance (termed 'outstancSing' underthe Care of Cathedra15 Measure 20111, of local significance or other. Potential significant acquisitions are given close scrutiny by the Dean and the Cathedral Wardens before any proposal for purchasing any new Item is submitted to Chapter for a decision. Similar scrutiny is ven to any prop¢)sal for significant disposals. Major additions to the cathedral inventory dL¢ring the year were an Ikon of St Bridget, purple and gold vestments, and two W(MxI carved angels. 44

.51 All)aii% Ladicclrd AIiiiu*il IILp(>rt £)02.412IL 9. Investment assets: Property Group and Enttty 2024 £'ooo 5.256 17791 2023 £'ooo 5,114 Valuation at l December Transfer to tan@ble assets Net gains/llossesl on revaluation Valuation at 30 November 142 5,256 4.477 All investment properties are held on a freehold basis. As discussed in Note 7. during the year, a pioperty was transferred from investment assets to tan@ble assets. The properties were last independently revalued in full on 30 November 2021. using an open market freehold lor long leasehold for flatsi with vacant possession basis. The valuations were conducted by D J Smith FRICS. a local independent chartered surveyor. Due to the significant works carried out over the last two years to the C8thedral's investment property on Holyw&ll Hill, this particular property was separately independently revalued on 30 November 2024. the results of which are reflected in the valuation above. No reliable historic cost information is available for the properties as they have been in the ownership of the Cathedral fo¥ a significant number of years. 10. Investment assets: knsted and cash Investments Group and Enttty 2024 2023 £'ooo 10,294 92 11.0071 Valuation at l December Additions Withdrawals Net gains/llossesl on revalvatlon and retained interest Valuation at 30 November 9.342 57 15581 717 9.558 137 9,342 2024 £,￿0 9,113 445 9.558 2023 £'ooo 8,883 459 9,342 Listed investments Cash deposits Further details of the components of the Cathedral's listed and cash investments are provided in Chapter's annual reporting on investments on page 13. No reliable historic cost information is available forthe Cathedral's investment holdings as many have been in the ownership of the Cathedral for a significant number of years. 11. Investment assets: Investment in subsidiary undertaking Entity Only 2024 £Doo 75 2023 £'ooo 75 Cathedral Enterprises (St Albansl Limited 12. Stock Stock relates solely to trading stock held in Cathedral Enterprises 1st Abansl Limited. 45

51 All)iiJiS Cailieclnl AIiLiiial IILJM)11 20I)312& 13. Debtors Group 2024 £000 90 2023 £'ooo 64 Trade debtors Due from connected entities Taxation and social security Prepayments and accrued income 22 190 303 19 220 303 Entity 2024 £'ooo 26 93 22 190 331 2023 £'(x)o 46 83 19 214 362 Trade debtors Due from connected entities Taxation and social security Prepayments end accrued income Debtors are generally due within one year. Accrued legacy income may be received after more than one year given uncertainties in the ts'ming of receipt of such income. 14. Creditors Group 2024 £'ooo 2023 £'ooo Due within one year Trade creditors Taxation and social security Other creditors Acciuals and deferred income 126 62 70 143 401 88 85 182 419 Due after more than one year Deferred income 31 432 37 456 Entity 2024 £'ooo 2023 £Doo Due wlthln one year Trdde ¢reditors Taxation and social securtty Other ereditors Accruals and deferred income 62 41 65 119 287 54 44 81 168 347 Deferred income wtthin creditors includes deposits for services due to tske place in the following reporting period. any rental income received in advance and a combination of donation and grant income being matched to r￿ed asset use in the Cathedral Shop. Movement in deferred income Group £'ooo 47 Entlty £'ooo Balan￿ at l December 2023 Income deferred in current reporbng period Income released from previoLts reporting periods Balance at 30 November 2024 iioi 131 40 46

Si Aib*iIiS CoiilJL¢II"Al MJitu:d IIL'lX)rt 2Q2.4r2,1 15. Net cash flows from operating aCtiV￿eS Group 2024 £'ooo 282 2023 £'ooo 18591 Net income/lexpenditurel for the reporting ￿riod Adjustments for.. Net losses/igainsl on investments Retained interest on cash deposits in net gains on investments Depreciation on equipment, fixtures and fittings Income from investments Investment management fees Decrease/lincreasel in stock Decrease/lincreasel in debtors IDecreasel/increase in creditors Net cash flows from operaty'ng activities 17171 17 li 14501 50 14 iiosi 30 12 13991 41 1491 14 1,328 124 817 16. Analysis of changes in net debt comprlslng cash. cash equivalents and ￿rrOWIngS Group AtIDec 2023 £'ooo Cash flows At 30 Nov 2024 £'ooo £'ooo Cash and cash equivalents Cash deposits held in investments Cash at bank and in hand 459 239 698 1141 60 46 445 299 744 Borrowings 698 46 744 47

.51 A]bl￿]5 Crficcliii Aiitiua] IleiMJil'202,sf211, 17. Consolidated group funds Group Unrestrlcted Free 2024 £'ooo Unrestrlcted Desi8mated 2024 £'ooo Total Funds 2024 £'ooo Totsl Funds 2023 £'ooo Unrestricted funds Free ReseNes General Reserve Contingencies Funcl Legacies & Donations Fund Designated Reserves Cathedral Funcl Property. Fabric & Development Fund Designafrd Purposes Enterprises Investment Fursd Other Designated Funds 209 209 118 ioi 77 2,147 54 2,147 54 2,123 80 75 209 2,201 2,410 2,578 Restrlcted funds Chapter Capital Cathedral Houses Trusts for the Benefit of the Clergy Jones Legacy Fabric Fund Fabric Fund Trusts for the Choir and Organ Trusts for the Upkeep of the Cathedral Alban, Britain's First Saint Fund Landscaplng Fund Bell Fund Major Projects Fund Hudson Memorial Library Fund Margaret Scales Legacy Fund Lilla Bryson Bequest Fund Du Gane Organ Scholarship Fund FCM Trust for Instrumental Tuition Fund FCM Trust for Choir Fund Vestments Fund Other Music Funds Other Restricted Funds 5,628 4,733 4,212 4,552 2,274 503 642 162 20 5.628 4,733 4,203 4,265 2,162 465 642 190 25 50 187 41 173 55 15 18 50 15 17 29 34 23,123 31 22.674 Totsl consolidatsd group funds 25,533 25,252 48

,51 A]l)fliJS C￿lil(1rd knIEIUcil IlcI)oit 202312Il 18. Funds The Cathedral's consolidated funds comprise the following. During the year, given that some funds were fully used or spent. it was agreed to consolidate the Legacies & Donations Fund, Enterprise Investment Fund, Other Designated Funds and the Contingencies Fund into the General Reserve. Fund Unrestrlcted Free Reserves General Reserve Use/ Restriction The Cathedral's free reserves that have not been allocated to other unrestricted funds. This fund includes the Cathedral's operating cashflow reserve and has 2 target range of £343.000 to £555.000 Given the variable nature of some components of the Cathedral's voluntary income, this fund sought to mitigate some of the risk of the Cathedral having inadequate working Capital at any one time should the Cathedral face an unexpected decline in income. In addition, it provided a cushion against unexpecte¢ events and allowed for effective lon*term financial planning and budgeting Some or all of any unrestricted legacy in¢ome Could have t>een tsken to this fund to maintain its target range for income purposes. The fund also received unrestricted income raised as part of fundraising campaigns or other one￿ff donations. 30% of the year-end fund balan¢e was taken to operating income ea¢h year. in essence spreading income received into the fund in any one year over subsequent years on a reducing percentage basis. A target for the fund was revised each year tiased on the position of the funcl at the end of the previous reporting period and the budget income for the fund for the current year Unrestrlcted Designated Reseryes Cathedral Fun Any unrestricted legacy income that is not required to top up other funds may be taken to this fund. The fund may also receive unrestricted income raised as part of fundraising campaigns or Dther significant on￿ff donations. This fund has been established as a quasiendowment fund in recognition that the Cathedral has historically been under-endoweJ and therefore suffered from relatively low levels of investment income compared to its other income streams. The fund is therefore invested to provide unrestricted income to fund operating expenditure. In doing so Chapter is using its general powers with due consideration tD hold income beyond the short-term as this is deemed to be currently in the CathedTal's best interests. The fund remains available for spending rather than investment If this becomes in the Cathedral's best Interests. The fun¢J has no upper limit and its income is drlven by the extent of received legacies outside of the Cathedral's direct control This fund can be used for one-off spend or development activity at the discretion of Chapter. The fund aims to provide a source of fundingfor those items of spend that cannot be absorbed into the Cathedral's annual operating budgets due to their size, one-off nature or inherent variability. Thefund's remit means its size at any one time is determined by a combination of the relative level of other income streams in any one reporting period and the degree the fund is being used at a point in time to fund specific projects or development activity. The fund currently has a tsrget range of £300,000 to £500,000 at the top of a five-year wle A fund representing tied up investment in Cathedral Enterprises 1st Albansl Litnited These represented small ad-hoc funds individually less than around £5,000 to help meet the costs of specific events or other items of expenditure Contingencies Fund Legacies & Donations Fund Property, Fabric and Oevelopment Fund Enterprises Investment Fund Other Designated Funds 49

Si Ml)If EIS Cc111JLrliil Aiiijud LIL'I)0rt 2023r2,1 18. Ful￿$ Icontlnuedl Restrlcfrd Chapter Capital Holds investment property and property assets held for operational use. Income from one of the investment properties is to be used for fabric upkeep. Holds property assets held for operational use. Holds part of an investment property and property assets held for operational use. along with investment capital. the income froni which is to be used to fund ministry costs. Cathedral Houses Trusts for the Benefit of the Clergy Jones Legacy Fabric Fund Holds an investment property and investment capitsl. the income frorn which is to be used for fabric upkeep. Holds investment capital and short-term cash deposit. the income from which is to be used to meet costs associatsd with the maintenance of the fabric of the Cathedral. Holds an investment propety and investment capital. the income from which is to be used to meet costs associated with the maintenance of musical services. the song school and choristerships. Holds part of an investment property, the income from which is to be used for fabric upkeep. Holds funds raised for the Cathedral's major development programrne. Fabric Fund Trusts for the Choir and Orgen Trusts for the Upkeep of the Cathedral Alban, Britain's First Saint Funcl Landscaping Fund Bell Fund Holds funds raised for the Cathedral's landscaping Works. Holds short-term cash deposit to help meet costs associated with the renewal ar upkeep of the bells. This fund accounts for restricted project income received in advance of spend and funded project spend in advance of known donations being re¢eived. Due to the timingof individual project donations and spend, the fund can be in surplus or defi¢it at any one time. Holds investment capital, the income from which is used to meet costs associated with the library. Holds short-term cash deposit to be used for education and evangelistic work. The fund is being utilised over a period of five to seven years from 2018, alonEside the Li112 Bryson Bequest Fund. to help fund the continuation of the Cathedral's two placements that provide education and experience of working in a Cathedral setting for those considering a vocation to ordained ministry. Holds short-term cash deposit to be used to help meet the fees of training in profession or V￿atIon for which children or young people appear to be gifted, or to help cases of distress among children. The fund is being utilised over a period of five to seven years from 2018. alongside the Margaret Scales Legacy Fijnd, for the use as above. Major Projects Fund Hudson Memorial Library Fund Margaret Scales Legacy Fund Lilla 8ryson Bequest Fund Du Cane Organ Scholarship Fund FCM Trust for Instrumentsl Tuition Fund FCM Trust for Choir Fund Holds investment capital. the income from which is used to help meet the costs of the organ scholar. Holds short-term cash deposit to help meet Costs associated wtth instrumental tuition where individuals find the cost of lessons hard to fund. Holds Investment capital. the income from which is used to help meet costs associated with the choirs. Vestments Fund Holds short-term cash deposit for the provision or repair of vestments. These represent a series of funds individually less than around £IO.000 to help meet the costs of choir tours and other music related expenditure. These represent a series of small ad-hoc restricted funds individually less than around £IO.000 to help meet the costs of spe¢ifi¢ items of expenditure. Other Music Funds Other Restricted Funds 50

.51 All)rflLlS LiiiliL'cIi-d Aiiiiudl Il¢i)c)Ji 2112,412,1. 19. Movement in consolidated group funds Group AtiDec Totsl Total 2023 Income expenditure Net Transfers At 30 Nov galns/ between 2024 Ilossesl funds on assets £'ooo Cuirentyear £'ooo £'ooo £'ooo £'o £'ooo Uniestricted funds General Reserve Contingencies Fund Legacies & Donations Fund Cathedral Fund Propety, Fabric & Development Fund Enterprises Investment Fund Other Designated Funds 118 1,990 ioi 77 2.123 80 75 12.3011 402 11081 1651 11501 209 12 1281 174 li 2.147 54 1371 1751 14 2,578 2.002 12,3661 196 2,410 Restricted funds Chapter Capital Cathedral Houses Trusts for the Benefit of the Clergy Jones Legecy Fabric Fund Fabrie Fund Trusts for the Choir and Organ Trusts for the Upkeep of the Cathedral Alban, Britain's First Saint Fund Landscaping Fund Bell Fund Major Projects Funcl Hudson Memorial Library Fund Margaret Scales Legacy Fund Lilla Bryson Bequest Fund Du Cane Organ Scholarship Fund FCM Trust for Instrumental Tuition Fund FCM Trust for Choir Fund Vestments Fund Other Music Funds Other Restricted Funds 5,628 4,733 4,203 4,265 2,162 465 642 190 25 io iioi 5,628 4,733 4.212 4.552 2,274 503 642 162 20 li 137 126 14 40 io Iiii 11371 11731 1141 1401 1431 161 287 159 38 41 173 55 1461 151 121 141 14 187 so 15 17 55 15 18 iii 121 1351 131 1532 18 31 22.674 46 29 460 521 23,123 Other restri¢ted income fully expended in the year 481 941 481 1,0131 22.674 521 23,123 Total consolidated group funds 25.252 2.943 3,379 717 25,533 Transfers between funds l. Transfers of £108.000 from the Contingencies Fund and £150,000 from the Cathedral Fund were made to the General Reserve to cover the operating deficit incurred in the reporting period 2. During the year, g)ven that Some funds were fully used or spent, it was agreed tg consolidate the Legacies & Donations Fund. Enterprise Investment Fund. Oiher Designated Funds and the Contingencies Fund into the General Reserve 51

Si Alh<lli¥ Cii¢liL'(liil Aziiiu.Il Ilcport 21}23IL)I 19. Movement In consolldated group funds (Con￿nued) Group AtIDec Total Total 2022 income expendlture Net Transfers At 30 Nov galns/ between 2023 Ilossesl funds on assets £'ooo Prlor Year £'ooo £'ooo £'ooo £'ooo £'ooo Unrestricted funds General Reserve Contingencies Fund Legacies & Donations Fund Cathedral Fund Property, Fabric & Development Fund Enterprises Investment Fund Other Designated Funds 116 327 70 2,156 591 75 1.860 12.0301 172 12291 118 ioi 77 2.123 80 75 37 1331 1331 13 15861 57 3,339 1,902 12.6491 1141 2.578 Restricted funds Chapter Capital Cathedral Houses Trusts for the Benefit of the Clergy Jones Legacy Fabric Fur(J F8bri¢ Fund Trusts for the Choir and Organ Trusts for the Upkeep of the Cathedral Alban, Britain's First Saint Fund Landscaping Fund Bell Fund Major Project5 Fun Hudson Memorial Library Fund Margaret Scales Legacy Fund Lilla Bryson Bequest Fund Du Cane Organ Scholarship Fund 5.744 4,733 4,260 4.342 2,132 460 514 223 50 11161 5.628 4.733 4.203 4.265 2.162 465 642 190 25 12211 11341 11171 1141 1181 1491 1291 161 1771 134 138 14 18 li 128 37 41 173 173 151 161 141 50 15 50 15 17 FCM Trust for Choir Fun Vestments Fund Other Music Fund5 Other Restricted Funds 42 13 418 1361 18 31 22,674 20 22,772 635 119 Other restricted income fully expended in the year 479 932 14791 11,1491 22.772 119 22,674 Totsl consolldated group funds 26,111 2,834 3,798 105 25,252 Transfers between fund5 l. A transfer of £57.000 was fnade from the Contingencies Fund to the Property, Fabrc & Development Ftjnd towards the cost of works relating to the Cathedral's investment property on Holywell Hill, enabling the fund to be maintained at £80,000 at the end of the prior reporting period to cover in progress works. 2. A transfer of £172.000 was made from the Contingencies Fund to the General Reserve, comprising £92,000 towards the increased costs of utilities, £60.000 to cover the operating deficit in¢urred in the prior reporting penod, and £20,000 to maintain an adequate operating cashflow reserve. 52

Si All)*lllS IIILdiT] ￿)]1￿7¢ i Ilcp()rt 2112,V21 20. Cathedral entsty funds Entity Total Funds 2024 £'ooo Totsl Funds 2023 £'ooo Total income Total expenditure Net income/lexpenditurel before investment gains/llossesl Net gainslllossesl on Investments Net movement in funds 2.608 13.0441 14361 717 281 2.524 3,488 19641 105 1859 Cathedral entity funds Entity General Reserve Other unrestricted funds Restricted funds 59 2,347 23.123 25,529 114 2.460 22.674 25.248 2L Movement In Cathedral entlty funds Entity Atloec 2023 Total Totsl Income expendlture Net g8ins/ Transfers At 30 Nov Ilossesl on between 2024 a￿ts funds £'o(x) Currentyear £'ooo £000 Entity General Reserve Other unrestricted funds Restricted funds Total Cathedral entity funds 114 2,460 22.674 25.248 1.655 12 941 2,608 11.9661 1651 1,013 13,0441 402 14021 205 2,201 23,123 25.529 196 521 717 Entity AtIDec 2022 Totsl Total Income expendlture Net gains/ Transfers At 30 Nov 1105sesl on between 2023 assets funds £'ooo £'ooo Prior Year £Y)00 £'ooo £'ooo Entity General Reserve Other unrestricted funds Restricted funds Tot81 Cathedral entlty funds 112 3,223 22,772 26,107 1.550 42 932 2.524 11.7201 16191 1.149 3,4881 172 11721 114 2,460 22.674 25,248 1141 119 105 Further detail Dn the transfers between Cathedral entity funds, which are a5 those for consolidated group funds. is provi(led in note 19. 53

Si Alb￿]S Clr ilicilrd ￿1]lU￿] Ilci)11rt'2023124 22. EmployTnent Costs, the cost of key management personnel and ChapteT remuneration and expenses Employment costs The Cathedral's direct employment costs, including all clew. are as fDIIows. 2024 £'ooo 2023 £'ooo Cathedral clergy Stipends Employees national Insuran￿ costs Employer's pension contributions Cathedr81 lay staff Salaries Employer's national insurance costs Employer's pension contributions 170 16 36 158 14 37 1,018 81 38 1,359 941 69 39 1.258 Cathedral Enterprlses stsff Salaries Etnployer's national insurance costs Employer's pension contributy'ons 66 70 Total employment costs 1,429 1,316 The costforstipends includes any resettlement orfirst appointrnent grants paid to individuals. The employment costs of the three Clerical members of Chapter funded in full by a grantfrom the Church CDmmissioners are for the periods the 12 months to the end of December. Included in the above employment costs were redundancy payments of £29.79912023'. £Nill. No employee received employee benefits exclucling employer national insurance and pension contributions of mtsre than £60,00012023: £Nill. As referred to in note 6. the Cathedral charges Cathedral Enterprises 1st Albansl Limited a management fee for its use of the cathedral building and applicable staff and support Setv￿ces. The fee in¢ludes a share of applicable employment costs included in Cathedral costs above. St Albans Cathedral Trust does not have any employees. Keymanagement personnel Chapter considers its key management personnel for the purposes of the current reporting period to ¢omprise the rnembers of Chapter and the Senior Management Team. Details of Chapter's approach to setting the remuneration levels for key management personnel, inclLJding clergy remuneration levels outside of its control. are provided in Chapter's annual reporting on people on page 16. The total employment wsts of the Cathedral's key management personnel. including employer national insurance and pension contributions, are £506.00012023'. £497,000). 54

Si Ail)iUJS CtiiliL'ilia] RLlJUrt 202.'41'2.1 22. Employment costs, the cost of key management personnel and Chapter remuneration and expenses Icontinuedl Employee numbe The annual average number of employees including part-time employees, and their full-time equivalent basis. is as follows. 2024 Annual Average 2024 Full Time Equwalent 2023 Annual Average 2023 Full Time Equivalent Cathedral cler Cathedral lay staff Ministry Marketing and visitor welcome Operations and events management Finance and development Education and learning Administration Cathedral Enterprises staff 15 io 14 io 55 37 55 40 Chaptermembets, remunerdtlon and expenses The stipends and pension provision of the followingth￿e clerical members of Chapter are paid underthe Cathedrals Measure 1999 and are funded in full by a grantfrom the Church Commissioners, in accordance with scales laid down by the Church Commissioners. the Archbishops, Council and the Church of Englarid Pensions Board. The amounts are included in the above employment costs and represent the periods the 12 months to the end of December. Each of the following individuals also benefit from hDusing provided free of rent and maintsined by the Cathedral, an¢J direct payment of council tax, water rates and certaintelephone facilities in the necessary perforrnan￿ of their duties. 2024 Stipend 2024 2023 Stipend 2023 Pension ContributKJn Pension Contributvjn Very Revd Jo Kelly-moore Revd Canon Kevin Walton Revd Canon Will Gibbs 41.751 33.249 33.249 108.249 12.445 9.851 9.840 32,136 39,674 31,346 31,349 102,369 13.102 9,505 9.601 32.208 The other two clerical members of Chapter both have diocesan roles and are Temunerated for their duties by the St Albans Diocesan Board of Finan￿. They do not receive any remunefation for their limited Cathedral dutie5. The lay members of Chapter do not receive any remuneration for their duties. The Cathedral reimbursed expenses at a total wst gf £6.15712023'. £11.0951 to 412023.. 61 members of Chapter and Cathedral Council for work-related expenses in respectof travelling, hospitality and other out of pocket expenses. This amount excludes any reimbursement for payments made directly by the individual for non-expense related Cathedral expenditure. £1,14912023: £3,295) is owing to such individLJals at 30 November 2024, of which £NIl 12023.. £Nill relates to non-expense related Cathedral expenditure. 55

Si All)￿111￿ c￿7111c(li-d AElliud Ilcport 21128r2,1 22. Employment costs, the cost of key man8gement personnel and Chapter remuneratton and expenses Icontlnuedl Penslon provlsion The Cathedral and Abbey Chuich of St Alban 1st Albans Cathedral) participates in two defined benefit pension schemes administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of St Albans Cathedral and the other Responsible Bodies. One of these is the Church of England Funded Pensions Scheme for stipendiary clergy. The other is the Church Workers Pension Fund for lay staff. Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends. The scheme is considered to be a multiemployer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme's asset5 and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the Statement of Financial Activities in the year are contributions payable towards benefits and expenses a¢crued in that year. which were £35.000 in 202412023.. £37.0001, plus anyfigures arisingfrom contributions in respect of the Scheme's deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024. followingthe valuation results being agreed. the deficit contributions paid were £Nil12023: £Nill. A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried outat as 31 December 2021. The 2021 valuation revealed a surplus of£560m, based on assets of £2.720 and a fundingtsrget of £2,160m. assessed using the following assumptions.. An average disetsunt rate of 2.7% per annurn., RPI inflation of 3.6% per annum land pension increases consistent with this)., CPIH inflation Sn line with RPI less 0.8% per annum pre-2030 moving to RPI with no adjustment from 2030 onwards: Increases in pensionable stipends in line with CPIH., Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CM12020 extended model with a long-term annual rate of improvement of 1.5%, a smoothing parameter Df 7. an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of0% li.e. w2020= 0%). Following finalisation of the 31 Decernber 2021 valuation. deficit contributions ceased with effect from l January 2023, since the Scheme was fully funded. The deficit recovery contributions under the recovery plan in force at each 31 December were as follows.. % of pensionable stipends 7.1% able from Janua 31 December 2021 31 December 2022 31 December 2023 31 December 2024 2021 to December 2022 An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022. and remained in place until Decemt)er 2022. For senior office holders. pensionable stipends are adjusted in the calculations by a mulb'ple, as set out in the Scheme's rules. Section 28.IIA of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no deficit recovery payments from ljanuary 2023 onwards. the balance sheet liability as at 31 December 2023 and 31 December 2024 was £Nil. 56

Si All)olE￿ CflilhLxlrA thjjkual ReIx>rt 202d12,1 The movement in the balance sheet liability over 2023 and over 2024 is set out in the tsble below. 2024 2023 Balance sheet Ilability at l January Deficit contriE)ution paid Interestcost Irecognised in Ststement of Financial Activities) Remaining change to the balance sheet liability" (reco nised in Statement of Financial Activities Balance sheet liability at 31 December * Comprises change in a￿eed deficit recovery plan, and change in discount rate and inflation assumpts.ons between year-ends. The legal structure of the scheme is such that if another Responsible Body fails. St Albans Cathedral could become responsible for paying a share or that failed Responsible Body's pension liabilities. The Cathedral operates a defined contribution pension ￿heme for lay members of staff. The scheme is administered by Legal & General and is a qualifying workplace pension scheme for automatic enrolment. Pension costs are recognised in the Statement of Financial Activities in the year contributions are payable. The Government has set minimum pension contribution rates for both employers and employees. Pension contributions to the Cathedral's defined contribution pension scheme are based on individuals, pensionable salaries. The Cathedral's minimum employer pension contribution for those eligible for automatic enrolment is 4% of pensionable salary. The total employer pension contributions for lay staff included in the reporting period amounts to £39,38212023- £41,0001. 23. AuditOF'5 remuneration 2024 £'ooo 12 2023 £'ooo 12 Audit services Cathedral Audit seNi¢es and preparation of tax return- Cathedral Enterprises 18 20 57

St is Clc IlIL¢liil AIiiLual Ilcport 2(123lg4 24. Operating commitments The Cathedral leases certain tsffice printlng and copyng equipment under an operating lease. Lease expenditure during the year was £20.(KX)12023'. £20,000). Minimum lease payments based on the Cathedral's current rate of irrecoverable VAT are as follows. The actual cost of these payments will vary according to the Cathedral's rate of irrecoverable VAT at the ts'me. 2024 £'ooo 21 2023 £000 21 21 Payments due within one year Payments due within one to five years Payments due after five years 21 42 25. Capttal commltments There was no significant capit21 type expenditure contracted for at the end of the reporting period but r¢ot recognised as a liability within the financial ststements. 26. Notified legacies As at 30 November 2024130 November 2023= £Nill. the Cathedral has not been notified of any legacie5 that have not been included in income due to uncertainties remaining at that date over the Measu￿Ment of the Cathedral's entitlement. 27. Govemment grant fundlng The Cathedral is able to reclaim some of its irrecoverable VAT on certain eligible works through the Government's Listed Places of Worship Grant Scheme. Further detail is provided in note 5. 58

.51 ￿1)￿71￿ Ilicdnl knjiiurti RLI)Urt 2111412,1 28. Prior ye8r comparative Cor￿oI1dated ￿0Up ststement of financial activities Unrestrictsd Funds 2023 £'ooo Restricted Funds 2023 £'ooo Totsl Funds 2023 £'ooo Group Notes Income Donations and legacies Donations Grants Legacies Charitable actiwties Other trading and fundraising events Investments Totsl income 667 22 35 225 793 160 1.902 249 365 79 916 387 114 225 793 399 2,834 239 932 Expendltu Rai5ingfunds Fundraising and marketing Trading Investment management Charitatile activities Ministry Cathedral and precincts upkeep Education and out￿8¢￿ Community, parish and congregation Total expendtture 355 345 18 66 421 353 41 23 632 1,037 234 28 2.649 371 579 ioi 1,003 1,616 335 29 3.798 1,149 Net income/lexpenditurel before investmentgains/llossesl 17471 12171 19641 Net galns/llossesl on Investments Property sted and cash investments Realised gain on sale of investment 142 1231 142 1371 io 1141 Net income/lexpenditurel 17611 1981 18591 Transfers between funds 19 Net movement in funds 19 761 98 859 Reconolllatlon of fynds 17-19 Total funds brought forward 3.339 22.772 26,111 Totsl funds carried forward 2,578 22,674 25.252 All amounts alx)ve relate to continuing operations and the Cathedral has no other comparative recognised gains or losses. 59

51 All￿15 LiiLlie(li-d Aiiiiu-d Ilei)urt 2112.'412IL 29. Prforyear Comparative consolidated group balance sheet Unrestsicted Funds 2023 £'(x)o Restrlctsd Funds 2023 £.￿0 Totsl Funds 2023 Group Notes Fixed assets Tangible assets Property Equipment. fixtures and fittings Investment assets Property sted and cash investments 10.437 10.437 71 71 5.256 6,933 5,256 9.342 io 2,409 Totsl fixed assets 2.480 22,626 25,106 Current assets Stock Debtors Cash at bank and in hand 12 13 130 193 383 173 46 219 303 239 602 Current Ilabllitles Creditors due within one year 14 1248 1171 14191 Net current assets 135 48 183 Total assets less current liabilitles 2.615 22.674 25.289 Creditors due after one year 14 1371 1371 Net assets 2,578 22.674 25,252 Consolldated group fvnds 17-19 Unrestricted funds Restricted funds 2,578 2.578 22,674 22,674 Totsl funds 2,578 22,674 25.252 60

.51 A15)li Ik% Lailie(liil AEiiJud IILlJOJt 202.V2,I 30. Prloi year comparative entity balance sheet Unrestricted Funds 2023 Restricted Ftsnds 2023 £'ooo Total Funds 2023 Entity Notes Fixed assets Tangible assets Property Investment assets Propety Listed and cash investments Investment in sutisidiary undertaking 10,437 10.437 5,256 6,933 5.256 9.342 75 io li 2,409 75 Total fixed assets 2.484 22,626 25,110 Current assets Debtors Cash at bank and in hand 13 189 77 266 173 46 219 362 123 485 Current Ilabllltles Creditors due wlthin one year 14 117 171 347 Net current a&%ets 90 138 Totsl assets less current IlablllUes 2.574 22.674 25.248 Net assets 20-21 2.574 22.674 25.248 Cathedrdl entity funds 20-21 Unrestricted funds Restricted funds 2.574 2,574 22,674 22.674 Total funds 2.574 22,674 25,248 31. Funds held tythe Cathedlal as 8 custodian trustee The Cathedral holds funds on behalf of two organisations as a custodian trustee. An amount of £21.00012023.' £20,000) is held on behalf of the Catheclral Flower Guild and £2.00012023.' £2.0001 on behalf of the Cathedral Bell Ringers. These groups provide greatly valued service for the better enjoyment of the Cathedral's services and are managed independently from Chapter. The funds are held by CCLA Investment Management Limited and are segregated from the Cathedral's other funds held with the same investment managei and are not included in the Cathedral's Balan￿ Sheets. 32. Funds re¢eived bythe Cathedral as an agent Collections during services are occasionally for the direct benefit of other charities or for the organisation holding the seNi¢e. Examples include spectfic collections during seNices, special services held for a particular cause, funerals, diocesan services, national disaster appeals and school services. Chapter treats any funds received in this way and paid over to other organisations or charities as agency collections and therefore does not include the transactions in the Cathedral's Statement of Financial Activities. An amount of £20,00012023: £13,000) was received in this way during the year. Expenses of £Nil 12023: £NIll were incurred against these collections and deducted from the amounts paid over. A small number of these colle¢tions may be outstanding at the end of each reporting period and are recorded for Completeness in the Cathedral's Balance Sheets in cash and other creditors. The Cathedral also receives donations and Collections for the benefit of St Albans Cathedral Music Trust and St Albans Cathedral Education Trust as Connected entities and similarly treats any funds re￿iVed as agency collections. An amount of £15.000 12023.. £11,000) was received and paid over to these two charities during the year. No amounts are outstanding at the end of the reporting period12023'. £Nill. 61

51 All)TlllS Cailiciltal thjiiiid Rci)0rt 2112.4124 33. Re18tsd patytransactlons The Cathedral re￿iVed a total of £8,24712023= £12.0001 of donations from members of Chapter Ito the extent personally identifiable from the Cathedral's accounting and related records). These donations were either applied towards the Cathedral's general work an(J mission or current fundraising projects. Details of any remuneration and expenses paid to members of Chapter are disclosed In note 22. Summarised financial informats.on relating to the Cathedral's trading subsidiary. Cathedral Enterprises (St Albansl Limited, is disclosed in note 6. As a result of the non-coterminous year end of the Cathedral and rts subsidiary, amounts owinE to/from the two entities do not always eliminate fully on consoliclation. An amount of £88,000 is owing from Cath￿ra1 Enterprises (St Albansl Limited to the Cathedral as at 30 November 202412023: £Nill. Certain members of Chapter are also dir￿tOrS or trustees of the Cathedral's subsidiaries as follows. Entity Cathedral Enterprises (St Albansl Limited St Albans Cathe(Jral Trust Dlrect0rs/frL￿ees in common with Chapter members The Revd Canon Kevin Walton The Very Revd Jo Kelly-moore During the year the Cathedral paid £43,00012023: £580.QlX)I to Borras Construction Limited relating to work on Holywell Hill. Carol Borras, a lay member of Chapter to May 2023. is a director of Borras Construction Limitecl. The works were subject to an open tender process and Carol Borras was not involved In Chapter's review of tenders or any decision making on which contractor to use. As at 30 November 2024. there was an additional amount Df £38,00012023.' £81,000) owed to Borras Construction Limited. The Cathedral employed Lauren Lomax and Adam Kelly-moore as ad hoc Virgers on a casual basis from December 2021 and July 2023 respectively, and they continue to be employed on that basis. Lauren Lomax is the claughter of Revd Canon Tim Lomax, a member of Chapter and Adam Kelly-moore is the son of Very Revd Jo Kelly-moore, Dean and Chair of Chapter. Both individuals were subject to the Cathedral's usual open recruitment proTrss and their starting salaries were determined in accordance with the Cathedral's usual benchmarking processes and defined role bandings. Any increases to their pay levels are subject to the same annual review process as used for all other members of stsff. 62

Discover iiiorc oiiliiie Ill MMryV.sl.IlbansciU)cdral.OTg Si Alb￿.% Lallic(Iral Suiiii)ILr YArd ,Si All)Iins Al.1 Illy