.%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 C*iIliLdJ￿ 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
mail@stalbanscathedral.org
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, Fabr*c & 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