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2024-12-31-accounts

Charity number: 1207343

LICHFIELD CATHEDRAL

CHAPTER'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

LICHFIELD CATHEDRAL

CONTENTS

Page
Reference and Administrative Details of the Cathedral, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 18
Independent Auditors' Report on the Financial Statements 19 - 22
Consolidated Statement of Financial Activities 23 - 24
Consolidated Balance Sheet 25
Cathedral Balance Sheet 26
Consolidated Statement of Cash Flows 27
Notes to the Financial Statements 28 - 61

LICHFIELD CATHEDRAL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CATHEDRAL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees/Chapter The Rt Revd Jan McFarlane, Canon Custos and Interim Dean of Lichfield until 20 September 2024, Dean of Lichfield from 21 September 2024 The Revd Canon Andrew Stead, Canon Precentor The Revd Canon Dr Gregory Platten, Canon Chancellor The Revd Canon Dr David Primrose, Canon Treasurer (retired 24 April 2024) Ann Fisher, Senior Non-Executive Member The Revd Canon Peter Holliday - Mark Hope Urwin (retired 2 March 2025) John Leavesley (resigned 6 December 2024) Peter Sharpe Paul Spicer (retired 2 March 2025) Maureen Trudel Lloyd Cooke (appointed 2 March 2025) Eric Lunt (appointed 2 March 2025) The following staff members attended Chapter meetings throughout the year: Simon Warburton, Chief Operating Officer Stephen Packham, Chief Finance Officer Dr Marie Janson, Director of Development – resigned 3 January 2025 Nominations Committee The Revd Canon Peter Holliday, Chair Ann Fisher Mark Hope-Urwin retired on 2 March 2025 The Rt Revd Jan McFarlane Peter Sharpe Finance Committee and The Revd Canon Peter Holliday, Chair of Finance Committee Audit & Risk Committee Dr Philip Kaye resigned from Finance Committee 14 January 2025 & remains in the Chair of Audit & Risk Paul Causer resigned from both Committees 29 May 2024 David Cliffe David Hawthorn Peter Sharpe Martin Smith died 24 March 2024 David Waller Elizabeth Bridle appointed to both Committees 19 December 2024 Fabric Advisory Prof Hilary Grainger, Chair Committee Prof Jennifer Alexander Androw Arrol Louise Bainbridge Tim Bridges Michael Diamond Dr Louise Hampson Alan Taylor Full legal name The Cathedral Church of Saint Mary and Saint Chad in Lichfield Charity registered number 1207343 Principal office 19a The Close Lichfield WS13 7LD

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LICHFIELD CATHEDRAL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CATHEDRAL, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Chief Operating Officer Simon Warburton Chief Finance Officer Stephen Packham Director of Music Ben Lamb Surveyor to the Fabric Robert Kilgour (until 31 October 2024) and Architect Jonathan Deeming of Purcell (from 1 November 2024) Cathedral Archaeologist Kevin Blockley Independent auditors Price Bailey LLP Chartered Accountants Tennyson House Cambridge Business Park Cambridge CB4 0WZ Bankers National Westminster Bank PLC 47 Market Street Lichfield Staffordshire WS13 6LE Solicitors FBC Manby Bowdler LLP Routh House Hall Court Hall Park Way Telford TF3 4NJ Keelys LLP 28 Dam Street Lichfield WS13 6AA Investment managers Evelyn Partners 103 Colmore Row Birmingham B3 3AG CCLA Investment Management One Angel Lane London EC4R 3AB

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities

The Chapter of Lichfield Cathedral presents the Annual Report and Accounts for Lichfield Cathedral (“the Cathedral”), together with the Auditor’s Report, for the year ended 31 December 2024. Objectives and activities

The Cathedral Constitution (2023) sets out the Cathedral’s ecclesiastical purpose as follows:

(a) To be the seat of the Bishop and a centre of worship and mission, and

(b) To provide a focus for the life and work of the Church of England in the Diocese.

The Cathedral became a registered charity on the 6th March 2024. Registration number 1207343.

The Cathedral’s charitable purpose is defined as follows:

(a) to advance the Christian religion in accordance with the faith and practice of the Church of England, in particular by furthering the mission of the Church of England;

(b) to care for and conserve the fabric and structure of the Cathedral Church building;

(c) to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to in sub-paragraph (a) or (b).

Governance

Key Leadership Changes:

The Right Reverend Jan McFarlane was installed as the new Dean of Lichfield in September 2024, following 18 months as Interim Dean.

The Revd Canon David Primrose, Canon Treasurer (Self-Supporting Minister) retired in April 2024. Johnny Leavesley stood down from Chapter (December 2024)

Robert Kilgour retired as Cathedral Architect (October 2024) after 22 years of service.

Jonathan Deeming of Purcell was appointed as the new Cathedral Architect (November 2024)

Governance Structure:

The newly adopted Constitution and Statutes have re-focussed Chapter’s governance, aligning it with all Church of England cathedrals. The core committees of Chapter include:

Core Committees:

Additional Sub-committees:

The Charity’s trading company:

Additional meetings and Chapter Residential Meeting:

Once the new Dean had been installed, Chapter held a residential meeting at Blackburn Cathedral in October where a draft 5-year Mission Strategy was outlined. As well as the six core meetings a further two additional Chapter meetings took place on specific areas requiring guidance for the Executive, this included the environment, recruitment, and procurement.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Fabric Advisory Committee

The Fabric Advisory Committee continued to meet during the year. The Committee advises Chapter on matters relating to the care, conservation, and development of the Cathedral. It determines applications for approval of works specified in the Care of Cathedrals Measure and compiles and maintains an inventory of items of significance held by the Chapter.

Committee Appointments

Membership of Chapter, including Executive and Non-Executive Members, is defined in the Constitution and Statutes. The Dean is a Crown Appointment and therefore becomes a joint appointment process between the Archbishops’ Advisers for Appointments and Vocations and the Prime Minister's Appointment Secretary who liaise closely with the Bishop. The Residentiary Canons are appointed by the Bishop in consultation with the Dean. The Bishop must appoint one of the Non-Executive Members as the Senior Non-Executive Member (SNEM), all other Non-Executive Members are appointed by the Chapter, following advice from the Nominations Committee and prior approval from the Bishop. Chapter is advised by the Nominations Committee for all other appointments to Core Committees of Chapter. The Nominations Committee can also advise regarding additional sub-committees, however this is not always necessary when the committee is attended by staff only.

Remuneration

The Directors meet once a year following the staff appraisal process to review the staff team and to ensure the proposal for the staff pay award is in line with the budget. The Nominations Committee reviews and makes recommendations regarding the Director's salaries.

Strategy

As the Cathedral was awaiting the appointment of the new Dean, Chapter retained the Strategic Vision and priorities, which highlighted the following priority areas:

  1. A Cathedral for worship

  2. A Cathedral for the future

  3. A Cathedral for pilgrims

  4. A Cathedral for community and diocese

As time passes, the priorities, first adopted in 2013 and refreshed in 2021, become less relevant to the day-today work of the Cathedral. This was especially true as the charity was awaiting the appointment of a new Dean, and was in a period of consolidation, though continuing to respond to emerging opportunities and challenges. So, rather than using these priorities to structure the Trustee report, and as the adoption of the new Mission Strategy takes place in early 2025, the Cathedral’s charitable objectives have been used to structure the report.

To advance the Christian religion in accordance with the faith and practice of the Church of England, in particular by furthering the mission of the Church of England.

Worship and Music

Post-COVID, services have largely returned to normal, with congregational participation fully restored. For some services, numbers are exceeding pre-Covid levels. The choir comprises 17 Boy Choristers (plus 1 training), 14 Girl Choristers (plus 4 training), 9 6th Form Choral Scholars, and 6 Lay Vicars Choral. An Assistant Cathedral Musician was appointed but resigned shortly after the 24/25 academic year began, due to competing commitments. The Cathedral actively maintains livestreaming of several daily and weekly services, attempting to find the balance between accessibility and attendance. At Morning Prayer, around 30 people join us online each day, and they have formed their own congregation, talking to and praying for each other through the ‘live chat’. Livestreaming has been made possible with the generous support of a highly dedicated volunteer team and new volunteers are being recruited.

The year started with a successful "Be a Chorister for a Day" event which led to new choir recruits. Lent was observed without commercial concerts to maintain its spiritual focus. Holy Week and Easter services were wellattended. The Easter Vigil, now held at 8pm on Holy Saturday instead of early on Easter morning, has seen increased attendance over the last few years.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The choir conducted a successful tour to Ireland, performing in multiple venues including cathedrals. Other significant events include the choir singing at the new Dean's Service of Institution and Installation, and their annual trip to Wedgwood. The choir also performed to a sell out audience for its annual fundraising Christmas concert.

The MusicShare program continues as a major outreach initiative, with the Cathedral partnering with Lichfield Cathedral School and Staffordshire County Council. Six MusicShare concerts were held throughout the year. Various choir groups are also active, including the Chamber Choir, Young Voices, Youth Voices, Ladies who Lark, and the International Choir.

With the retirement of the Canon Treasurer, and with the Canon Custos moving to the role of Interim Dean, the Residentiary Clergy felt keenly the reduction of the team from 5 to 3 but, with the invaluable help of retired clergy and a team of voluntary chaplains, were able to maintain the full round of 23 services each week. Baptisms, weddings and funerals were conducted throughout the year, including the funeral of a former Canon Precentor, the Very Revd Charles Taylor. Candidates were prepared for Confirmation. The voluntary chaplains, both lay and ordained, continued to provide a much appreciated ministry to visitors and pilgrims.

Education and Engagement

Major Educational Programs included: School tours connected with the central spire restoration project. These were particularly successful for KS3/KS4 students. The year also saw high demand for primary school pilgrimages, which led to a restructuring of the education tours. The ‘Inspire’ program with Diocesan Board of Education reached 1,800 children over three weeks. A St Chad's Day event welcomed 120 children, with activities including role-play sessions, and these were well received.

New initiatives and events for the year included a Pancake Party on Shrove Tuesday, ’Eco Bingo‘ visitor activity spanning Lent to Easter, a new Nature Trail and Sunflower Story challenge, a child-friendly service booklet for the Dean's installation, and a collaboration with South Staffordshire College to create social stories to help inform visitors who are neurodivergent.

All holiday activities were structured to encourage repeat visits and extend engagement. During the summer the education team implemented a series of beach-themed activities focused on a "Stories" concept. The Summer School, which offers Pupil Premium children the chance for structured learning and hot meals during the summer, was successful but revealed unexpected levels of additional needs among the participants. Other activities for visitors included mini-challenges, community collages, and activity back packs.

During the Autumn, the Education and Engagement Manager curated an Angels exhibition called "Where Angels Tread" which featured giant fabric voiles with angel images. This included 8 ticketed events with special lighting and music. The event received positive visitor feedback although commercially it was less successful than previous installations. Further visitor activities were implemented during October half term, which saw strong attendance, particularly in morning sessions.

During Advent, the popular storytelling sessions at the crib were fully booked and more sessions could have been accommodated if it were not for the general busyness of the Cathedral diary at this time of year.

The Cathedral continued its ministry to speak into the public square by hosting a General Election Hustings for the Lichfield Constituency, chaired by the Interim Dean; and with a Lent series of talks called "Faithfully Political".

The Canon Precentor continued to support the Lichfield Cathedral School Chaplaincy, and the Dean and Canon Chancellor were more involved and visible in Cathedral School services and assemblies. The Canon Chancellor continued his ministry as an Army Chaplain with the Mercian Regiment.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Fundraising

Chapter wishes to thank all those who continue to support the Cathedral financially. During the course of the year the following grants were awarded/received:

Chapter were grateful for the following legacy gifts:

In addition seven new legacy pledges were gratefully received.

A crucial part of the Cathedral’s annual fundraising income comes from our Patrons and Guardians. Annual memberships for Patrons and Guardians include social functions, exclusive tickets, and special uses of the Cathedral. During the year a new Corporate Patron's Scheme was launched with six businesses joining, and this is an area of growth for the future. Two individual Patrons and one new Guardian joined during the year, meaning that we now have 76 Patrons and 11 Guardians.

Chapter is also grateful to the congregation who increased their monthly giving by £660 (projected £8,000 additional annual income), with total monthly standing order income now reaching £10,000, which has been a long standing target.

The year also saw a series of fundraising events and appeals including the Easter Lilies appeal which exceeded previous years; various concerts and events, including performances by the City of Lichfield Concert Band and the Mercian Regimental Band.

The Friends of Lichfield Cathedral (FoLC) is a separate charity, but one whose charitable objectives are to support the Cathedral. Chapter is grateful to the FoLC, and in particular the Executive, for its support in the following projects: A commitment of up to £250,000 for the refurbishment of College Hall, £16,950 for the Urban Beach installation, £17,737 for lighting system modules, £10,000 for a permanent exhibition showing casing the prints of J.L. Petit, and £2,000 for new event uplighters.

At Home in Lichfield (AHIL):

‘At Home in Lichfield’ is the name of a volunteer working group which helps to support a resettled Syrian family in Lichfield. Initially the congregation raised sufficient funds to sponsor the family, and the volunteer team has taken on the role of week by week support, providing assistance with healthcare, helping plan for their child’s transition from primary to secondary school, supporting driving lessons, assisted with the purchase of a car (thanks to a legacy gift) and providing a social network. Chapter thanks all those who have been involved with this programme, which will come to an end in the early part of 2025.

Dementia Friendly Cathedral Programme:

A series of successful services for those living with dementia and their carers, was held throughout the year, including in January a service with participation from Lichfield Cathedral School pupils (Years 5&6) and a further special service with Tony Christie, which was recorded for BBC Songs of Praise, and was aired during Dementia Action Week. Special prayer resources were created and the team also collaborated with Music for Dementia to create resource packs for other churches.

During the summer, activities included attendance at the Music for Reflection concert series, attendance at the Urban Beach and community craft sessions.

Work continued with monthly services through autumn and winter with special visits arranged to the Christmas Tree Festival.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

To care for and conserve the fabric and structure of the Cathedral Church building;

Visitors and events:

Over the course of the year the Cathedral welcomed 142k visitors (120k adults, which is 3% below the 125k target, and 22k children). The Cathedral continues to operate on a donation based entry model and donation income was £227k (the budget being £250k) with the average donation being £1.86 per person. The donation income is 19% up on 2023. This is good for the visitor sector, but below our budget of £2 per person. Gift Aid conversion increased to 23%. Chapter was delighted to report that the Cathedral won the Tourist Attraction of the Year at the District Council's Beacon Awards and the Tower Tour was shortlisted for Visitor Experience of the Year by Enjoy Staffordshire.

Notable events and attractions in the year include, Threads through Creation, an Urban Beach installation, the March of the Elephants trail (supporting the local hospice, St Giles), and a new paid Highlights Tour. Tower Tours were re-opened during the year, generating £19.3k (summer/autumn only). There was also a full programme of external events with 70 charitable and commercial hires of the Cathedral. These included, a City Nations Place conference, the March of the Elephant auction (raising £100k+ for St Giles), and the annual Christmas Light Show.

Estate

The Cathedral met its target to minimise rental vacancies during the year. Lease negotiations were held with the Erasmus Darwin Foundation, which secured their tenancy. Rent increases were secured for 18 of the residential properties. Various refurbishments were also undertaken, often instigated by a tenant moving out. Where the budget would allow, preventative and decorative maintenance was also carried out.

Major renovation works began on the Deanery to be completed by March 2025. The roof to College Hall was repaired, though further remedial work will be required as part of a major planned investment in 2025.

Cathedral Fabric & Projects

The Quinquennial Inspection was adopted at Principal Chapter (March 2024), recording the required works to the fabric of the Cathedral. (This work will is required to be updated in the first 2 years of appointment of the new architect). The report identified immediate priorities including major investment in the North Nave Aisle flying buttresses, stone repairs to the southwest and northwest Spires, St Chad’s Head Chapel roof, and Lady Chapel mortuary chapel repairs (including the crypt vault).

During early Autumn, both Cathedral boilers were condemned as part of their normal servicing. Thankfully, an experienced technician brought both boilers back online with minimum cost. However, this does present a consideration going forward, as the assumption is that they are coming to the end of their life.

– Central Spire restoration building works

The Central Spire project was completed in July 2024. This saw the central spire fully repaired and cared for, for the next generation. There were some issues in completing the works, which saw the Cathedral having to invest further in the project, but thankfully this was accommodated within the wider project budget. The Cathedral would like to thank all those who supported the project including the National Lottery Heritage Fund, Garfield Weston Foundation, Wolfson Foundation, HS2 Community and Environment Fund, Headley Trust, and several other trusts and foundations.

– Central Spire restoration community outcomes

Oral History

Whilst administration and data compliance were more complex than originally anticipated, the project resulted in an impressive mix of oral histories exploring the significance of the Cathedral and its iconic spires in the lives of those who have lived, worked, and volunteered with the Cathedral. A dedicated area on the Cathedral’s website allows access to the recordings. Recordings were also used as part of the interpretation in the Tower room and will be deposited with the Staffordshire County Council Record Office.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Tower Room

After a considered procurement exercise, ‘Core Creative’ were appointed to renew the Tower Chamber’s exhibition space. They used the concept of ‘rupture and renewal’ – exploring why the Cathedral has three spires, their turbulent histories, and their ongoing renewal. The installation included a short film, projected into the arches of the walls and using the Hacket stained glass window, depicting Bishop Hacket leading the restoration of the central spire following the Civil War, as inspiration, together with immersive lighting and soundscapes. In the centre of the room they created a refreshed exhibition table with tactile objects for visitors to explore.

Lower Spire Exhibition (Chapter House)

Story of a Spire, an exhibition at ground level, recreated elements of the exhibition in the Tower Room to ensure the project was inclusive and accessible. An in-house team curated the exhibit which included manuscript material, printed documents, and stonework from the Cathedral collections. Audio-visual elements added to the experience: the animation of the Hacket stained-glass window was played on a screen alongside a process video documenting the making of both exhibitions. Visitors could access clips from the oral history project by iPad.

Community Theatre

The ’Echoes‘ Community Theatre Project was a great success, selling out as soon as the tickets were made available. ‘Echoes’ was made up of a cast from the local community, with participants aged 13 to 70 who presented a promenade piece through the cathedral that told the story of the spire, its construction, destruction and restoration, through theatre, dance and music.

Other notable works

Automation of the Northwest Doors (main visitor entrance)

The main entry/ exit doors are now automated with a push button and visitor detection activation. This was a response to an accident following high winds and the pressure placed on the old entry doors.

Cathedral Workshop Fellowship:

The Cathedral entered into its second full year with a team of two stonemasons, both of whom are continuing with their studies. Current projects include the restoration of the south west churchyard wall, replacement to a dislodged coping stone on the boundary wall at the Old Stables, cleaning of the nave altar platform, replacement of damaged York stone paving on the west front and a ‘bay by bay’ approach to improving the flooring in the south Nave aisle.

Environment

The Cathedral changed its electricity supplier, with a new green tariff, although this did come at extra cost. The new touch screen in the Cathedral is displaying images of the Cathedral’s environmental activity. The existing wildflower meadow has been enhanced by further planting, and a review of the Cathedral’s progress towards an A Rocha ‘Gold Eco Church’ award has helped identify steps yet to be taken. The Cathedral completed the Gold application in December and it is hoped an award will be made in 2025.

Knowledge Transfer Partnership

The Cathedral was awarded funding (alongside the University of Staffordshire) by Innov8 UK and the Church Commissioners to provide a post graduate appointment to commence research and development into alternative eco-sustainable heating and power options to the Cathedral, precinct and estate properties. The person appointed will commence work in early 2025.

Collections:

Work is ongoing to review stored items within the Cathedral’s collections to enable us to better understand what needs to be kept and cared for, and what might be disposed of (subject to permissions). Thanks to the generosity of the ‘Big Give’, books which urgently require conservation and (where appropriate) restoration have been sent to an appropriate conservator.

The Cathedrals’ Fabric Commission for England (CFCE) gave permission for the Lichfield Angel to the British Museum, where it was the centrepiece of the ’Silk Road’ Exhibition. The Angel was welcomed back in February 2025. Also on loan are the Hedda Chalice and Paten, to the Silversmiths Company.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Armorial glass, currently stored in York, has been costed, to be conserved, returned to Lichfield, and displayed. 5 stained glass figures are in store in Norgrove Studios, Redditch (and have been for over 20 years). Arrangements are in hand to have them crated and returned to Lichfield.

New wifi-enabled data loggers were acquired, allowing for ease of data collection and therefore monitoring. New temporary heating has been installed in the Library to try and reduce and stabilise the relative humidity levels.

The ongoing and complex question of what to do with the Sikh Standards, following the decision of a partner museum not to take on their care and conservation, is under consideration. A solution that cares for these precious Standards, whilst making them available to all the communities for whom they are a valuable part of their heritage, including both the Sikh community and the British Army, is needed and will form part of the ongoing work of the Collections Committee.

Volunteering:

Two Volunteer Fairs were held in 2024. The first, in January, was attended by 46 voluntary organisations and 150 members of the public attended. The second was in the summer, with an equally warm reception from stall holders and 138 attendees. Also in January the Cathedral held a Volunteer Evensong and Reception to thank all the volunteers for their invaluable support in 2023.

The Cathedral often helps young people through their Duke of Edinburgh award or with work experience. Three Yr10 Duke of Edinburgh (DofE) students from a local school began volunteering on Wednesday afternoons as part of their Bronze DofE (assisting vergers/welcoming/helping the Education team to prepare for crafts). Work experience students were offered placements throughout the summer term.

The Cathedral introduced corporate volunteering with the Co-Op Group, OpenReach, and SeaSalt all taking part. As part of the tower tour relaunch, existing tower guides were welcomed back and a new set of ‘tail end’ guides offered support for the tours.

The Cathedral Gardeners achieved ‘Thriving status’ in 2024’s Neighbourhood Garden Awards.

The year ended with the Christmas Light Show which always applies pressure on volunteering resources at a challenging time of year. All volunteer slots were filled with volunteers, staff volunteers, Sea Scouts and Police Cadets (the Police Cadets asking to return each year).

(c) to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to in sub-paragraph (a) or (b).

Marketing and Communications:

Digital Performance:

Website traffic increased over the course of the year by 22% following new, yet modest, investment. The Marketing team implemented new tools which improved efficiency including Hootsuite for social media management, Canva for design templates, Userway for website accessibility, and Hovercode for QR code tracking. This has led to the Cathedral’s social media engagement consistently exceeded industry benchmarks and allows us to better monitor performance.

Media Coverage:

The Cathedral team tries to maintain a regular local media presence throughout the year. Coverage included featuring twice on BBC Midlands Today and on Songs of Praise for the Dementia Friendly Service. ITV Weather visited the Cathedral to undertake a live broadcast once the central spire had reopened to visitors. Coverage of At Home in Lichfield was promoted via the national Cathedral network during Refugee Week.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Finance and Investment Review

In summary, the Cathedral reports an operating deficit of £0.15m (2023: £1.3m) and an increase in the value of financial investments of £0.24m (2023: £0.34m) leading to a reported surplus of £0.09m (2023: £1.6m).

In round numbers:

2024 2023 Change %
Donations 757 595 161 +27
Legacies 155 1,237 -1,082 -87
Grants 573 867 -294 -34
Trading& fundraising 864 676 189 +28
Investment income 929 864 65 +7
Total income 3,278 4,239 -961 -23

Total income fell by £0.9m from £4.2m to £3.3m with the reduction due to legacies (falling £1.1m to a more normal figure of £0.2m) and grants (down £0.3m as 2024 was a year when the proceeds from previous fundraising were spent on completing repair of the central spire). Donated income increased by £0.2m, over half of which was from a restricted donation to improve the West Front approach to the cathedral. The £0.2m increase in income from trading and fundraising was split £0.1m each for hire of the cathedral for concerts and events, and the income in the trading subsidiary. Investment income (including from rental properties) increased by £0.1m.

2024 2023 Change %
Raisingfunds 1,125 912 213 +23
Ministry 959 748 211 +28
Cathedral &precincts 1,041 1,164 -123 -11
Education 293 203 90 +44
Community& congregation 15 9 6 +67
Interest & similar charges - -105 105 -
Total expenditure 3,433 2,931 502 +17

Turning to costs, expenditure increased by £0.5m (17%). Raising funds (which includes maintaining the rental property estate and the costs of the trading subsidiary) increased by £0.2m as did Ministry, the latter due entirely to refurbishing the Deanery to enable it to be better used for hospitality and formal entertaining (0.2m). A similar amount is committed to be spent on this in 2025. Expenditure on the Cathedral and precincts fell by £0.1m, driven by £0.2m less being spent on the Central Spire in 2024. Expenditure on Education and Outreach increased by £0.1m (45%), with the increase being spent on engagement activities connected with the Spire repairs. The one-off negative cost of -£0.1m in 2023, arising from the reversal of a pension deficit, did not recur. The above results include income of £0.28m (2023: £0.20m) and costs of £0.18m (2023: £0.13m) reported by Lichfield Cathedral Enterprises Limited. The resulting profit of £0.10m (2023: £0.07m) is due to the Cathedral under a Gift Aid agreement. The company commenced operating bars at concerts in the cathedral, the shop traded well and the café continued as a tenanted operation.

Closing cash balances remained constant at £3.4m for the third consecutive year with £1.9m held in endowment funds, £0.4m restricted funds, £0.1m designated funds and £1.0m unrestricted, a make-up similar to earlier years. Chapter, acting on the advice of the Finance Committee, is content to hold historically high amounts in cash while interest rates remain high and consideration is given to potential investments.

The Consolidated Statement of Cash Flows shows a significant cash outflow from operating activities, which is transformed to a net cash inflow once dividends, interest and rent are included. This is expected as rent receivable and investment income are a key part of the Cathedral’s revenue.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

I nvestments

The majority of the Cathedral’s investments shown in the accounts are the buildings of The Close with an unchanged closing balance sheet value of £25.2m. These are either used by Chapter to further the Cathedral’s purposes (including housing for residentiary clergy and lay staff members) in which case they are reported as tangible fixed assets (£7.1m) or let to achieve a commercial return and shown as investment properties (£18m). No value is ascribed to the Cathedral itself.

Chapter commissioned a revaluation of its property portfolio as at 31 December 2018. In subsequent years the values have been considered by the Estate and Finance Committees and adjusted if necessary to reflect changes in condition or use of the buildings. For the 2024 closing balance sheet value, Chapter and its committees considered relevant published indices for movement in property values and, for certain properties occupied by Lichfield Cathedral School, covenants restricting their use. This resulted in a net increase to fixed asset properties values of £0.8m and a net decrease to the value of investment properties of £0.8m.

The value of financial investments increased by £0.24m in the year.

Under the Cathedrals’ Measure 2021, Chapter may invest the Cathedral’s funds in:

Chapter may not exercise the power under regulation 4 of the Charities (Total Return) Regulations 2013 (which enables borrowing of up to 10% of permanent endowment) unless it has obtained the consent of the Church Commissioners.

The Cathedral’s investment objectives are the maintenance of long-term real values of the capital, and the maintenance of income derived from the capital in real terms. The Cathedral’s portfolio is operated in accordance with the Church of England’s Responsible and Ethical Investment Policy published in April 2024.

Reserves

Unrestricted funds

Chapter’s policy on general reserves is to retain reserves equivalent to a minimum of three months’ ongoing operating costs and a maximum of one year’s such costs for the next financial year. The fund requirements based on the 2025 budget are therefore a minimum to be held of £553,425 and maximum of £2,213,700. This aims to provide a reasonable level of protection against large, unexpected expenditure or temporary shortfall in income and has been of great benefit during recent uncertain times.

At 31 December 2024 general funds carried forward are £869,620 meaning the metric was is 4.7 months. This is unchanged from the previous year and is within the target range.

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LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Endowment funds

The Cathedral’s long-term capital base is secured by endowment funds. Nine funds totalling £34.4m (2023: £34.1m) hold assets in investment properties valued at £18.0m (2023: £18.8m), properties classified as tangible fixed assets valued at £7.1m (2023: £6.3m) and financial investments valued at £6.8m (£2023: £6.5m).

Income generated by the assets held by endowment funds is recognised in the general unrestricted fund or by restricted funds depending on the nature of the endowment generating the income. Other than changes in value, non-trivial income and expenditure recognised within the endowment funds comprised £0.1m of legacy income for the Music endowment and £5,457 of investment management fees, charged to the General endowment. In 2023, legacy income was credited to the Music endowment (£0.7m) and the Lichfield Cathedral Trust General endowment (£0.3m). Investment management and valuation fees totalling £14,064 were charged to the General endowment in 2023. Chapter agreed to invest the 2023 £0.3m LCT General endowment receipt in bringing 10-12 Newtons College back into use as an investment property during 2025 but this had not been contracted by the year-end.

Restricted funds

During 2024 the Cathedral operated 19 restricted funds. These arose either from restrictions placed by the provider of the funds or the terms of specific appeals.

Fund movements(£’000) Opening Income Expense Revalue Transfer Closing
Choral 0 12 -12 0 0 0
Library 9 8 -7 0 0 10
Choirprojects 50 28 -47 0 0 31
Organ 102 7 -13 4 154 253
Dean Savage 70 6 -6 -60 0 9
Matlosanepartnership 0 3 -3 0 0 0
Music 272 230 -274 0 -154 75
Friends Cathedral Music 0 3 -3 0 0 0
Fabric 12 228 -164 0 -9 68
Furnishings 8 0 0 0 0 8
Columbarium 5 0 0 0 0 6
York interpretation 61 0 -12 0 0 49
Lumley 0 1 -1 0 0 0
Spire repairs 287 191 -464 0 -6 9
At Home in Lichfield 25 1 -9 0 0 17
Sound system 0 0 0 0 0 0
Chamber choir 1 5 -1 0 0 5
West Front approach 0 100 0 0 0 100
General 1 315 -311 0 0 5
Total 903 1,138 -1,327 -56 -15 645

Page 12

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The purposes of most of these funds will be evident from their titles but for those that are not:

Charitable giving

Chapter adopted its current charitable giving policy during 2018. This has four strands:

Looking to the future

Following the appointment and installation of the new Dean, work could begin on a new vision for the next chapter in the Cathedral’s story. The Chapter, with the assistance of the Executive Management Team began work in a new on developing a Vision and Mission Strategy (2025– 2030, beginning with the question, ‘What does it mean to be a cathedral in this place and at this time?’ Chapter agreed the Strategy in February 2025, and it was formally launched on St Chad’s Day 2 March 2025.

At the heart of the strategy is the desire to build on all that has been good in the past so that the Cathedral becomes increasingly confident, outward looking and inclusive as it embodies and shares the Christian faith, and cares for and conserves the cathedral building for the next generation.

Page 13

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Strategy has three strands and six pillars of activity:

Each one of the pillars has explicit activities and projects, which have been defined and will be monitored carefully.

Following the adoption of the Mission Strategy, a new round of fundraising will begin with a focus on a major clean of the organ and investment in a new sound system. The Quinquennial Inspection, which was presented to Chapter at its Principal meeting of March 2024, will need to be reviewed by the new Architect. However, it is likely that the priorities will be the north Nave buttresses and western spires.

The award-winning music outreach programme, MusicShare, a collaboration between the Cathedral, Lichfield Cathedral School, and Entrust (Staffordshire County Council), will be entering its silver jubilee year. This phenomenal achievement will need to be celebrated. Also in the coming year, the Lichfield for Singing (choral course), will look to continue to build momentum with sessions booked in January and September, helping to promote interest in choral music with older children.

It is likely 2025 will finally see the adoption of a new piece of national legislation, the Protect Duty. A new venue standard ensuring counter terrorism is embedded in how a venue operates. Whilst it appears that churches (including Cathedrals) will be in the Standard tier (i.e. lower tier), Chapter has already indicated they would wish to aspire to ‘Enhanced’ (top tier).

The Cathedral Estate is in constant need of care and attention and works will continue into 2025. The Deanery is planned to be finished at the end of quarter one. The contractors will then move on to resolve long standing subsidence issues at 10-12 Newtons College. With the kind support of the Friends of Lichfield Cathedral, College Hall, a much-used space on the southern side of The Close, will receive a needed refurbishment.

The Mission Strategy highlights the Cathedral’s special relationship with the Lichfield Cathedral School and there is a desire by both charities to develop and strengthen this relationship. A programme of services and events have been established between the School and Cathedral to engage with the staff, pupils and parents.

During the early part of the year, the Lichfield Angel will be returned from the British Museum where it has been on display in the Silk Roads exhibition. Once it is returned, the Cathedral will be installing a new exhibition called The Book of Books, which will use the Library’s impressive Bible collection, to tell the story of its translation from Latin to middle English. Later in the year, the Cathedral will welcome a touring exhibition from the Natural History Museum,‘ Wildlife Photographer of the Year’, which is hoped to generate significant footfall and income opportunities.

Page 14

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

New starters and leavers

Leavers: Jane Hardy, Office Manager. Kayley Harrison, Clerk of Works. Stephen Harrison, - Lay Vicar Choral. William Jeys, Cathedral Assistant Musician. Phil Jury, Verger and Liturgy Support. Sara McLellan, Governance Officer and PA to the Dean and Canons. Jonathan Townsend, Clerk of Works. Vicki Wardell, Finance Manager.

New Appointments:

Jenny Brophy – Cleaner (8 hrs) Carrie Borg – Receptionist (14 hours) Oliver Chatham – Verger (42 hrs) Laura Cope - Hospitality Coordinator (35 hrs) Philippa Hubbard – Public Programme Coordinator (28 hrs) Sophie Hubbert –Governance Officer and PA to the Dean and Canons (35 hrs) William Jeys – Cathedral Assistant Musician (15 hrs) Nereasha Johnson – Estate Manager (35 hrs) Clare Lunn – Development Assistant (17.5 hrs) Kate Peplow – Cleaner (8 hrs) Katherine Sargent – Facilities Manager (35 hrs) Gemma Smith – Receptionist (21 hours) Melanie Turner - Cleaner (9 hrs) Vicki Wardell, Finance Manager (28 hours)

Safeguarding

As part of the SCIE Audit, and as part of the national past case review, it has been recognised that a national case management system was required. This has been adopted with the Cathedral working closely with the Diocese.

A new safeguarding audit date has been proposed for the start of 2028. This next audit will be combined with the Diocese.

The provision of safeguarding services through the Diocese has been renewed for 2024/25. Chapter wishes to record their thanks to the Diocesan safeguarding team who continue to support the Cathedral.

Annual reviews of safeguarding agreements took place towards the end of the year. Unfortunately, only one of the two responded and this continues to be followed up by the safeguarding team and clergy.

Page 15

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Data Protection

Data continues to be managed in line with the Cathedral’s Privacy Policy.

The Data Controller is Lichfield Cathedral, and this includes all of the companies and charities that make up the Cathedral Community.

The Data Protection Officer is Simon Warburton, Chief Operating Officer.

There were no Subject Access Requests during the course of the year and no complaints were raised with the way in which the Cathedral managed data.

Complaints

22 complaints were received over the course of 2024. The number and type of complaints are reviewed by the Audit and Risk Committee and through the submission of the Operations Report to Chapter. All complaints were reviewed and responded too during the course of the year, and none are considered outstanding. No complaints about fundraising activity were received in the year.

Accident Reporting

30 Accidents were recorded in the year. 14 were slips, trips, or falls; 7 were due to illness; and 9 were due to an accident. None were reported as RIDDOR. 1 fall has been reported to the insurers and is being investigated.

Risk Management

The Cathedral has in place internal controls intended to manage risk to a reasonable level rather than to eliminate all risk. The system of internal control is one where risks are identified, prioritised, managed and monitored. The Cathedral uses a residual risk scoring matric. In order to do this the Cathedral maintains an Organisation Risk Register which is periodically updated by the Executive Management Team at their meeting closest to the next Audit and Risk Committee. The Register is then reviewed by the Audit and Risk Committee and subsequently submitted to Chapter.

Each risk is assessed against its likelihood and potential impact to arrive at an overall risk rating. The principal areas of risk are categorised as follows:

The main identified risks:

Finance:

Operational:

Page 16

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Governance:

External:

HR:

Estate:

Cathedral Fabric:

Music:

IT:

Safeguarding:

Page 17

LICHFIELD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Chapter of Lichfield Cathedral is responsible for preparing the Chapters' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Chapter of Lichfield Cathedral to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, for that period. In preparing these financial statements, the Chapter of Lichfield Cathedral is required to:

The Chapter of Lichfield Cathedral is responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. It is also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Chapter of Lichfield Cathedral at the time when this Chapter's Report is approved has confirmed that:

Auditors

The auditors, Price Bailey LLP were appointed during the year and have indicated their willingness to continue in office. The Chapter of Lichfield Cathedral will propose a motion reappointing the auditors.

Approved by order of the members of the board of Chapter of Lichfield Cathedral on 7 April 2025 and signed on their behalf by:

................................................ The Rt Revd Jan McFarlane

................................................ The Revd Canon Peter Holliday

Page 18

LICHFIELD CATHEDRAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LICHFIELD CATHEDRAL

Opinion

We have audited the financial statements of Lichfield Cathedral (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Cathedral Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Chapter's 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Cathedral'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 Chapter with respect to going concern are described in the relevant sections of this report.

Page 19

LICHFIELD CATHEDRAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LICHFIELD CATHEDRAL (CONTINUED)

Other information

The other information comprises the information included in the Chapter's Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Chapter's Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial 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 gives 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 misstatement of this other information, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Chapter

As explained more fully in Chapter's Responsibilities Statement, Chapter is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as Chapter 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, Chapter is responsible for assessing the Group's and the parent Cathedral's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Chapter either intend to liquidate the Group or the parent Cathedral or to cease operations, or has no realistic alternative but to do so.

Page 20

LICHFIELD CATHEDRAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LICHFIELD CATHEDRAL (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, 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 reflected 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 21

LICHFIELD CATHEDRAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LICHFIELD CATHEDRAL (CONTINUED)

Use of our report

This report is made solely to the Chapter members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Chapter members those matters we are required to state to them in an Auditors' 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 Cathedral and the Chapter members, as a body, for our audit work, for this report, or for the opinions we have formed.

Price Bailey LLP

Chartered Accountants Statutory Auditors

Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date:

Price Bailey LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 22

LICHFIELD CATHEDRAL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and
endowments from:
Donations, legacies
and grants
4
Donations
Legacies
Grants
Charitable activities
5
Other trading activities
6
Investments
7
Total income and
endowments
Expenditure on:
Raising funds
8
Charitable activities:
Ministry
10
Cathedral and
precincts upkeep
11
Education and
outreach
12
Community and
Congregation
Other expenditure
13
Total expenditure
Net (expenditure)/
income before net
gains on
investments
Net gains/(losses) on
investments
14
Net (expenditure)/
income
Transfers between
funds
25
Net movement in
funds before other
recognised
gains/(losses)
carried forward		 Unrestricted
funds
2024
£
549,822
62,500
44,831
24,528
795,722
611,724
2,089,127
1,037,822
448,629
478,844
119,552
14,510
-
2,099,357
(10,230)
-
(10,230)
14,653
4,423		 Restricted
funds
2024
£
206,782
42,152
527,848
17,997
25,618
317,558
1,137,955
81,358
509,605
561,577
173,709
-
-
1,326,249
(188,294)
3,683
(184,611)
(14,653)
(199,264)		 Endowment
funds
2024
£
-
50,531
-
-
375
-
50,906
5,923
466
466
156
-
-
7,011
43,895
(561,289)
(517,394)
-
(517,394)		 Total
funds
2024
£
756,604
155,183
572,679
42,525
821,715
929,282
3,277,988
1,125,103
958,700
1,040,887
293,417
14,510
-
3,432,617
(154,629)
(557,606)
(712,235)
-
(712,235)		 Total
funds
2023
£
595,297
1,236,701
867,192
48,869
626,764
864,486
4,239,309
911,993
747,574
1,164,224
202,945
8,827
(104,762)
2,930,801
1,308,508
340,443
1,648,951
-
1,648,951

Page 23

LICHFIELD CATHEDRAL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Net movement in
funds before other
recognised
gains/(losses)
brought forward
Other recognised
gains/(losses):
(Losses)/gains on
revaluation of fixed
assets
19
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2024
£
4,423
-
4,423
1,819,644
1,824,067		 Restricted
funds
2024
£
(199,264)
(60,000)
(259,264)
902,529
643,265		 Endowment
funds
2024
£
(517,394)
862,000
344,606
34,099,009
34,443,615		 Total
funds
2024
£
(712,235)
802,000
89,765
36,821,182
36,910,947		 Total
funds
2023
£
1,648,951
-
1,648,951
35,172,231
36,821,182

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 28 to 61 form part of these financial statements.

Page 24

LICHFIELD CATHEDRAL

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Intangible assets
18
Tangible assets
19
Investments
21
Investment property
20
Current assets
Stocks
22
Debtors
23
Cash at bank and in hand
28
Creditors: amounts falling due within one
year
24
Net current assets
Total net assets
Charity funds
Endowment funds
25
Restricted funds
25
Unrestricted funds
25
Total funds		 27,317
1,008,238
3,406,657
4,442,212
(457,833)		 2024
£
67,150
7,984,446
6,848,172
18,026,800
32,926,568
3,984,379
36,910,947
34,443,615
643,265
1,824,067
36,910,947		 12,914
1,261,085
3,356,199
4,630,198
(536,146)		 2023
£
82,950
7,211,095
6,607,585
18,825,500
32,727,130
4,094,052
36,821,182
34,099,009
902,529
1,819,644
36,821,182

The financial statements were approved and authorised for issue by the Trustees on 07 April 2025 and signed on their behalf by:

................................................ The Rt Revd Jan McFarlane

................................................ The Revd Canon Peter Holliday

The notes on pages 28 to 61 form part of these financial statements.

Page 25

LICHFIELD CATHEDRAL

CATHEDRAL BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Intangible assets
18
Tangible assets
19
Investments
21
Investment property
20
Current assets
Debtors
23
Cash at bank and in hand
Creditors: amounts falling due within one
year
24
Net current assets
Total net assets
Charity funds
Endowment funds
25
Restricted funds
25
Unrestricted funds
25
Total funds		 1,042,736
3,383,813
4,426,549
(442,172)		 2024
£
67,150
7,984,446
6,848,174
18,026,800
32,926,570
3,984,377
36,910,947
34,443,615
643,265
1,824,067
36,910,947		 1,271,655
3,342,905
4,614,560
(520,510)		 2023
£
82,950
7,211,095
6,607,587
18,825,500
32,727,132
4,094,050
36,821,182
34,099,009
902,529
1,819,644
36,821,182

The Cathedral's net movement in funds for the year was £89,765 (2023 - £1,648,952).

The financial statements were approved and authorised for issue by the Trustees on 07 April 2025 and signed on their behalf by:

................................................ The Rt Revd Jan McFarlane

................................................ The Revd Canon Peter Holliday

The notes on pages 28 to 61 form part of these financial statements.

Page 26

LICHFIELD CATHEDRAL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
27
Cash flows from investing activities
Dividends, interest and rent from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
28
The notes on pages 28 to 61 form part of these financial statements		 2024
£
(856,457)
929,282
(22,874)
539,486
(538,979)
906,915
-
-
50,458
3,356,199
3,406,657		 2023
£
(510,804)
864,486
(213,085)
458,762
(582,097)
528,066
(50,000)
(50,000)
(32,738)
3,388,937
3,356,199

Page 27

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

The Cathedral Church of St Mary and St Chad in Lichfield, commonly known as Lichfield Cathedral, is an ecclesiastical corporation governed in accordance with the Cathedrals Measure 2021 and the Charities Act 2011. Its principal office address is given in the Reference and administrative details of the Cathedral, along with its Chapter and advisers. The aims and achievements of the Group and Cathedral are set out in the Chapter's Report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The have been prepared in accordance with the Charities SORP (FRS 102) - 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 Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Lichfield Cathedral meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The accounts are presented in sterling, which is the functional currency of the group and rounded to the nearest £1.

2.2 Consolidation

The consolidated financial statements comprise those of the Cathedral and of its wholly-owned subsidiary company Lichfield Cathedral Enterprises Limited. The turnover and expenditure of Lichfield Cathedral Enterprises Limited are included in the Consolidated Statement of Financial Activities and its assets and liabilities are included on a line-by-line basis in the Consolidated Balance Sheet. Any intra-group transactions are elimintaed in the Consolidated Statement of Financial Activities and the Consolidated Balance Sheet.

2.3 Going concern

The Chapter has considered whether the use of the going concern basis of accounting is appropriate. To do this, it has considered whether there are any material uncertainties as to the Cathedral's ability to continue as a going concern. It has carried out this assessment for a period of at least one year from the date of approval of these accounts. It has concluded that there are no material uncertainties about the Cathedral's ability to continue as a going concern.

2.4 Third party and non-cash receipts and payments and donated assets and services

Where amounts are payable on behalf of the Cathedral by third parties, for example the Church Commissioners, these are disclosed under both income and expenditure in the Consolidated Statement of Financial Activities. Where assets and services are donated to the Cathedral the value is included in the appropriate classification of income and expenditure.

Page 28

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.5 Income

All income is recognised once the Cathedral has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Legacies are accounted for when they become due and are accrued as debtors when the Cathedral is:

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donations are accounted for on a receipts basis.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

All other incoming resources are included in the Statement of Financial Activities when the Cathedral is legally entitled to the income and the amount quantified with reasonable accuracy and there is a certainty of receipt.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Support costs are those costs which in themselves do not contribute to mission or generate funds directly, but are necessary for those activities to take place. Support costs also include the Cathedral's governance costs, comprising costs associated with external audit and governance meetings. The support costs are apportioned as follows:-

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 29

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.6 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Support costs are those functions that assist the work of the Group but do not directly undertake either charitable or fundraising activities.

Irrecoverable VAT is charged as a cost against the activitiy for which the expenditure was incurred.

2.7 Cathedral and its inventory

No value is attributed to the Cathedral in the financial statements and it is not oncluded in the Consolidated Balance Sheet. The Cathedral, which is an inalienable asset, is currently insured for a total sum of £77.5 million. No value is attributed to items purchases or donated prior to 1 January 2019 that are included in the Cathedral inventory under Section 13(1) of the Care of Cathedrals Measure 1990 and Section 18 of the Charities SORP 2019 as they are considered to be of architectural, archaeological, artistic or historic interest and the cost of obtaining valuations would be onerous compared with the benefit derived by users of the financial statements.

2.8 Taxation

The Cathedral is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Cathedral is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Income is shown net of value added tax. Input value added tax is reclaimable on a percentage basis subject to partial exemption rules. All irrecoverable value added tax is included under the appropriate classification of expenditure.

All recoverable income tax is included under the appropriate classification of income

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Page 30

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of Chapter in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by Chapter for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are funds where there is no power to convert capital into income. They are held permanently and cannot be utilised for other purposes, although the constitent assets may change over time. The income earned from endowment funds is received by the unrestricted or restricted fund according to the nature of each endowment.

2.12 Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

York interpretation project

2.13 Freehold and investment properties

Freehold properties and investment properties are measured at fair value at each reporting date with changes in fair value recognised in either 'gains / (losses) on revaluation of fixed assets' or ‘net gains / (losses) on investments’.

2.14 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Cathedral assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 31

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.14 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 5 - 25%

No depreciation is charged in the year of purchase.

2.15 Heritage assets

Heritage assets include the cathedral buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measure 2011 and Section 18 of the Charities SORP 2019. No value has been attributed to these assets acquired before 31 December 2018 in line with the requirements of accounting practices at the time.

Items constructed, purchased or donated to the inventory since 1 January 2019 are valued in the year of acquisition and shown as a heritage asset unless there is insufficient information avaliable to reliably estimate the value of the asset.

2.16 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.17 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.18 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.19 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 32

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.20 Pensions

The Church of England Defined Benefit Scheme, which is controlled by the Church of England Pensions Board, is operated to provide benefits related to final earnings and service. A Defined Contribution Scheme is used for all current contributions. Contributions are charged as expenditure in the year in which they are paid. The Defined Benefit Scheme was closed with effect from 31 December 2012.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Cathedral makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Property valuations

The carrying value of freehold property and investment property as at 31 December 2024 is based on a combination of advice of an independent valuer and third party market indices data. The condition of individual properties is also considered when applying the year end valuations. Due to fluctuations in local property prices, and the specialised nature of some of the properties due to their condition, location and restrictions on use or sale there is an inherent risk over the valuation attributed to each property. Chapter has therefore based its year end valuation on all known information available to it when preparing the valuations including a consideration of other local available properties and rental yields achieved from the portfolio.

Page 33

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from donations, legacies and grants

Donations
Congregational collections and giving
Income from the Cathedral Friends and local
trusts
Other donations
Legacies
Legacies
Grants
Church Commissioners grants
The National Lottery Heritage Fund
Benefact Trust
Other grants		 Unrestricted
funds
2024
£
201,955
67,510
280,357
62,500
-
-
-
44,831
657,153		 Restricted
funds
2024
£
3,636
78,090
125,056
42,152
288,411
104,804
18,813
115,820
776,782		 Endowment
funds
2024
£
-
-
-
50,531
-
-
-
-
50,531		 Total
funds
2024
£
205,591
145,600
405,413
155,183
288,411
104,804
18,813
160,651
1,484,466

Total gift aid receivable included above was £64,734.

Donations
Congregational collections and giving
Income from the Cathedral Friends and local
trusts
Other donations
Legacies
Legacies
Grants
Church Commissioners grants
The National Lottery Heritage Fund
Benefact Trust
Other grants		 Unrestricted
funds
2023
£
189,180
53,320
247,561
31,645
-
-
-
64,427
586,133		 Restricted
funds
2023
£
3,650
55,059
46,527
209,000
319,043
144,158
21,875
317,689
1,117,001		 Endowment
funds
2023
£
-
-
-
996,056
-
-
-
-
996,056		 Total
funds
2023
£
192,830
108,379
294,088
1,236,701
319,043
144,158
21,875
382,116
2,699,190

Total gift aid receivable included above was £54,073.

Page 34

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Income from charitable activities

Charges and fees
Charges and fees		 Unrestricted
funds
2024
£
24,528
Unrestricted
funds
2023
£
48,286		 Restricted
funds
2024
£
17,997
Restricted
funds
2023
£
583		 Total
funds
2024
£
42,525
Total
funds
2023
£
48,869

6. Income from other trading activities

Visitor tours
Fundraising activities
Hire of premises
Income from commercial trading activities
Visitor tours
Fundraising activities
Hire of premises
Income from commercial trading activities		 Unrestricted
funds
2024
£
35,280
185,565
290,139
284,738
795,722		 Restricted
funds
2024
£
-
25,618
-
-
25,618
Unrestricted
funds
2023
£
14,102
191,003
172,875
199,352
577,332		 Endowment
funds
2024
£
-
375
-
-
375
Restricted
funds
2023
£
-
49,432
-
-
49,432		 Total
funds
2024
£
35,280
211,558
290,139
284,738
821,715
Total
funds
2023
£
14,102
240,435
172,875
199,352
626,764

Page 35

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Income from investments

Rental income
Investment and deposit income
Rental income
Investment and deposit income		 Unrestricted
funds
2024
£
540,126
71,598
611,724
Unrestricted
funds
2023
£
503,763
25,755
529,518		 Restricted
funds
2024
£
-
317,558
317,558
Restricted
funds
2023
£
-
334,968
334,968		 Total
funds
2024
£
540,126
389,156
929,282
Total
funds
2023
£
503,763
360,723
864,486

8. Expenditure on raising funds

Marketing costs
Fundraising costs
Investment property costs
Investment management costs
Administration and support
Expenditure on commercial trading activities		 Unrestricted
funds
2024
£
73,688
407,584
223,694
-
152,510
180,346
1,037,822		 Restricted
funds
2024
£
-
24,163
-
-
36,937
20,258
81,358		 Endowment
funds
2024
£
-
-
-
5,457
466
-
5,923		 Total
funds
2024
£
73,688
431,747
223,694
5,457
189,913
200,604
1,125,103

Page 36

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Expenditure on raising funds (continued)

Marketing costs
Associated fundraising costs
Investment property costs
Investment management costs
Administration and support
Expenditure on commercial trading activities		 Unrestricted
funds
2023
£
66,195
257,532
187,075
-
141,478
133,080
785,360		 Restricted
funds
2023
£
456
44,864
-
-
43,159
26,628
115,107		 Endowment
funds
2023
£
-
-
6,650
4,876
-
-
11,526		 Total
funds
2023
£
66,651
302,396
193,725
4,876
184,637
159,708
911,993

9. Analysis of expenditure by activities

Ministry
Cathedral and precincts upkeep
Education and outreach
Community and Congregation		 Activities
undertaken
directly
2024
£
768,788
850,975
230,112
14,510
1,864,385		 Support
Costs
2024
£
189,912
189,913
63,304
-
443,129		 Total
funds
2024
£
958,700
1,040,888
293,416
14,510
2,307,514

Page 37

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Ministry
Cathedral and precincts upkeep
Education and outreach
Community and Congregation
Analysis of support costs
Support staff
Training, travel & other indirect costs
Office running costs
Buildings
Finance non-staff costs
Governance		 Activities
undertaken
directly
2023
£
562,938
979,587
141,399
8,827
1,692,751		 Support
costs
2023
£
184,637
184,637
61,545
-
430,819
2024
£
321,463
32,971
100,641
108,909
63,413
5,645
633,042		 Total
funds
2023
£
747,575
1,164,224
202,944
8,827
2,123,570
2023
£
360,164
34,619
81,787
83,161
50,949
4,776
615,456

The total support costs have been split between Fundraising costs per note 7 of £189,913 (2023: £184,637) and expenditure per note 8 of £443,129 (2023: £430,819).

10. Expenditure on ministry

Clergy stipends and expenses
Clergy housing costs
Clergy support costs
Services and music costs
Administration and support		 Unrestricted
funds
2024
£
9,651
188,459
32,188
65,821
152,510
448,629		 Restricted
funds
2024
£
132,338
-
-
340,330
36,937
509,605		 Endowment
funds
2024
£
-
-
-
-
466
466		 Total
funds
2024
£
141,989
188,459
32,188
406,151
189,913
958,700

Page 38

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Clergy stipends and expenses
Clergy housing costs
Clergy support costs
Services and music costs
Administration and support		 Unrestricted
funds
2023
£
12,653
57,334
37,209
44,122
141,478
292,796		 Restricted
funds
2023
£
138,284
-
180
270,617
43,159
452,240		 Endowment
funds
2023
£
-
2,538
-
-
-
2,538		 Total
funds
2023
£
150,937
59,872
37,389
314,739
184,637
747,574

11. Expenditure on cathedral and precincts upkeep

Major repairs and restoration
Maintenance and upkeep
Cathedral insurance
Precincts, security and grounds upkeep
Administration and support
Major repairs and restoration
Maintenance and upkeep
Cathedral insurance
Precincts, security and grounds upkeep
Administration and support		 Unrestricted
funds
2024
£
-
146,147
75,696
104,491
152,510
478,844		 Restricted
funds
2024
£
350,933
159,541
679
13,488
36,936
561,577
Unrestricted
funds
2023
£
-
142,884
63,407
95,794
141,478
443,563		 Endowment
funds
2024
£
-
-
-
-
466
466
Restricted
funds
2023
£
518,147
156,995
1,223
1,137
43,159
720,661		 Total
funds
2024
£
350,933
305,688
76,375
117,979
189,912
1,040,887
Total
funds
2023
£
518,147
299,879
64,630
96,931
184,637
1,164,224

Page 39

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Expenditure on education and outreach

Educational activities
Archives and library
Charitable and other giving
Administration and support
Educational activities
Archives and library
Charitable and other giving
Administration and support		 Unrestricted
funds
2024
£
56,610
10,605
1,500
50,837
119,552		 Restricted
funds
2024
£
141,257
7,334
12,806
12,312
173,709
Unrestricted
funds
2023
£
58,536
11,879
2,945
47,159
120,519		 Endowment
funds
2024
£
-
-
-
156
156
Restricted
funds
2023
£
46,519
6,938
14,583
14,386
82,426		 Total
funds
2024
£
197,867
17,939
14,306
63,305
293,417
Total
funds
2023
£
105,055
18,817
17,528
61,545
202,945

13. Other expenditure

Interest and similar charges
Movement on Church Workers Pension Fund		 Unrestricted
funds
2023
£
2,243
(107,005)
(104,762)		 Total
funds
2023
£
2,243
(107,005)
(104,762)

Page 40

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Net income/(expenditure)

2024 2023
£ £
This is stated after charging/(crediting):
Depreciation of tangible fixed assets 51,523 29,036
Amortisation and impairment of intangible fixed assets 15,800 15,800
Auditor's remuneration - audit 22,500 14,940
(Loss) on revaluation of investment properties (802,000) -
Surplus on revaluation of freehold property 802,000 -
Unrealised gains on revaluation of fixed asset investments 243,341 362,823
Realised investment gains/(losses) 1,054 (22,380)

The net loss arising from investment movements in relation to investment properties and fixed asset investments is £557,606 (2023: Gain £340,443). This is allocated to funds as follows: Unrestricted £Nil (2023: £Nil), Restricted surplus £3,683 (2023: £5,442), Endowment loss £561,289 (2023: surplus £335,001).

15. Staff

Wages and salaries (including stipends)
Employers National Insurance
Employers pension contributions		 2024
£
1,119,743
97,189
85,213
1,302,145		 2023
£
990,379
79,165
92,904
1,162,448

The average number of persons employed by the Cathedral during the year was as follows:

Full-time
Part-time		 Group
2024
No.
18
37
55		 Group
2023
No.
16
28
44

Page 41

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Staff (continued)

The average headcount expressed as full-time equivalents was:

Full-time
Part-time		 Group
2024
No.
18
14
32		 Group
2023
No.
16
11
27

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 2 1
In the band £80,001 - £90,000 - 1

Pension contributions of £14,372 (2023 - £10,572) were paid during the year by the Group in respect of the higher paid staff.

The Executive Management Team (EMT) comprises the Dean, Canons Precentor, Chancellor, Treasurer & Custos, Chief Officers and Directors of Development and Music.The Senior Marketing manager is in attendance but not a member. The total amount of employee benefits received by key personnel is £441,896 (2023: £424,295).

16. Clergy stipends

Included within staff costs are payments to members of Chapter under the Cathedrals Measure 2021 and the Cathedral constitution. The remuneration of, and pension provision for, clerical members of the Chapter are paid in accordance with scales laid down annually by the Church Commissioners, Archbishops' Council, and the Church of England Pensions Board. These amounts as paid by the Church Commissioners are set out below:

The Rt Revd J McFarlane
Revd Canon Dr G Platten
The Revd Canon A Stead		 Stipend
2024
£
41,751
32,361
32,361
106,473		 ER NI &
Apprentice-
ship levy
2024
£
4,715
3,751
2,713
11,179		 Pension
2024
£
1,065
6,810
6,810
14,685		 Total
funds
2024
£
47,531
42,922
41,884
132,337

Page 42

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

The Rt Revd J McFarlane
The Revd Canon A Stead
Revd Canon Dr G Platten
The Very Revd A Dorber		 Stipend
2023
£
29,965
30,818
30,818
9,513
101,114		 ER NI &
Apprentice-
ship levy
2023
£
3,343
2,569
2,485
605
9,002		 Pension
2023
£
506
7,127
7,127
2,211
16,971		 Total
funds
2023
£
33,814
40,514
40,430
12,329
127,087

17. Trustees' remuneration and expenses

Other than residential clergy, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 December 2024, expenses totalling £1,381 were reimbursed or paid directly to 1 Trustee (2023 - £2,433 to 1 Trustee). Clergy houses are provided to certain residential clergy.

18. Intangible assets

Group and Cathedral
Cost
At 1 January 2024
Disposals
At 31 December 2024
Amortisation
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Development
expenditure
£
173,880
(15,880)
158,000
90,930
15,800
(15,880)
90,850
67,150
82,950

Page 43

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
6,322,500
-
-
802,000
7,124,500
-
-
-
-
7,124,500
6,322,500		 Fixtures and
fittings
£
592,915
22,830
(28,362)
-
587,383
175,799
51,523
(28,362)
198,960
388,423
417,116		 Heritage
assets
£
471,479
44
-
-
471,523
-
-
-
-
471,523
471,479		 Total
£
7,386,894
22,874
(28,362)
802,000
8,183,406
175,799
51,523
(28,362)
198,960
7,984,446
7,211,095

Page 44

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Tangible fixed assets (continued)

Cathedral

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
On disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Freehold
property
£
6,322,500
-
-
802,000
7,124,500
-
-
-
-
7,124,500
6,322,500		 Fixtures and
fittings
£
555,791
22,830
(8,704)
-
569,917
138,675
51,523
(8,704)
181,494
388,423
417,116		 Heritage
assets
£
471,479
44
-
-
471,523
-
-
-
-
471,523
471,479		 Total
£
7,349,770
22,874
(8,704)
802,000
8,165,940
138,675
51,523
(8,704)
181,494
7,984,446
7,211,095

The last full property valuation was undertaken by the Cathedral’s property advisors Jayman Estate Agents & Chartered Surveyors in 2019.

For the 2024 closing balance sheet value, Chapter and its committees considered relevant published indices for the movement in property values, including any relevant restrictions on sale or use and the individual condition of properties. For the year ended 31 December 2024, these changes have resulted in a net increase to fixed asset property values of £0.8m.

Chapter continue to keep the market value of the properties under regular review and confirm the value of the freehold properties included in these financial statements is considered to accurately reflect the fair value.

Classes of properties

Non-investment freehold properties are held and used as follows:

For cathedral use £6,634,500 (2023: £5,697,500) For trading activities £490,000 (2023: £625,000)

Page 45

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Investment property

Group and Cathedral

Valuation
At 1 January 2024
Additions
(Loss) on revaluation
At 31 December 2024		 Freehold
investment
property
£
18,825,500
3,300
(802,000)
18,026,800

The last full property valuation was undertaken by the Cathedral’s property advisors Jayman Estate Agents & Chartered Surveyors and DNSurveyors Limited in 2019. There were further formal valuations undertaken for 20a The Close (following buyout of a leasehold interest in 2020), 2 The Close (following refurbishment completed in 2021) and a reduction in the value of 10-12 Newtons College due to settlement which required extensive repairs in previous years.

For the 2024 closing balance sheet value, Chapter and its committees considered relevant published indices for the movement in property values including any relevant restrictions on sale or use and the individual condition of properties. For the year ended 31 December 2024, these changes have resulted in a net decrease to investment property values of £0.8m.

Chapter continue to keep the market value of the properties under regular review and confirm the value of the investment properties included in these financial statements is considered to accurately reflect the fair value.

21. Fixed asset investments

Group
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
6,607,585
535,679
(538,433)
243,341
6,848,172
6,848,172
6,607,585

Page 46

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Fixed asset investments (continued)

Cathedral
Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Cathedral Investments at market value comprise:
UK fixed interest
Overseas fixed interest
UK equities
Overseas equities
Property
Alternatives
Multi-Asset
CBF Church of England funds		 Investments
in subsidiary
companies
£
2
-
-
-
2
2
2		 Listed
investments
£
6,607,585
535,679
(538,433)
243,341
6,848,172
6,848,172
6,607,585
2024
£
573,105
-
521,164
1,333,819
149,490
170,552
182,485
3,917,557
6,848,172		 Total
£
6,607,587
535,679
(538,433)
243,341
6,848,174
6,848,174
6,607,587
2023
£
509,319
69,375
571,158
1,177,961
168,699
99,300
177,081
3,834,692
6,607,585

Page 47

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

21. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the Cathedral:

Name Company Registered office or principal Registered office or principal Principal activity
number place of business
Lichfield Cathedral Enterprises 01908432 19a The Close, Lichfield, Operation of the
Ltd Staffordshire, WS13 7LD Cathedral's shop
and hospitality offer
The financial results of the subsidiary for the year were:
Name Income Expenditure
Net assets
£ £ £
Lichfield Cathedral Enterprises Ltd 284,738 (284,738) 2

The financial results of the subsidiary for the year were:

The profit for the year of £100,834 (2023: £66,723) is accrued under a deed of covenant and payable to the parent charity within 9 months of the year end.

22. Stocks

Group Group
2024 2023
£ £
Goods for resale 27,317 12,914

23. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
65,758
-
30,808
911,672
1,008,238		 Group
2023
£
57,660
-
36,571
1,166,854
1,261,085		 Cathedral
2024
£
60,748
43,102
30,808
908,078
1,042,736		 Cathedral
2023
£
49,661
22,098
36,571
1,163,325
1,271,655

Page 48

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

24. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2024
£
146,893
40,662
44,521
225,757
457,833
Group
2024
£
63,628
83,139
(63,628)
83,139		 Group
2023
£
208,346
34,635
44,864
248,301
536,146
Group
2023
£
48,833
63,628
(48,833)
63,628		 Cathedral
2024
£
142,636
40,662
44,521
214,353
442,172
Cathedral
2024
£
61,722
81,233
(61,722)
81,233		 Cathedral
2023
£
202,005
34,635
44,864
239,006
520,510
Cathedral
2023
£
47,230
61,722
(47,230)
61,722

Page 49

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds

Statement of funds - current year

Unrestricted
funds
General
Fixed assets
ReSource
designated
Rental
properties
Endowment
funds
General
Choral
Fabric
Library
LCT - Music
LCT - FCM
LCT - Fabric
LCT - General
Lumley Trust
Restricted
funds
General
Choral
Library
Choir projects
Organ
Dean Savage
Matlosane
Music
FCM		 Balance at 1
January
2024
£
857,682
910,292
51,670
-
1,819,644
23,867,625
417,005
209,677
114,624
6,536,979
108,669
933,752
1,893,461
17,217
34,099,009
1,173
-
9,232
49,643
101,544
70,000
169
272,479
-		 Income
£
2,059,446
-
2,669
27,012
2,089,127
-
-
-
-
50,906
-
-
-
-
50,906
314,550
12,343
7,725
28,213
6,518
5,748
2,976
230,498
3,217		 Expenditure
£
(2,039,284)
(55,656)
4,037
(8,454)
(2,099,357)
(5,457)
-
-
-
(1,554)
-
-
-
-
(7,011)
(311,036)
(12,343)
(7,334)
(47,216)
(12,898)
(6,339)
(2,911)
(273,606)
(3,217)		 Transfers
in/out
£
(8,223)
22,876
-
-
14,653
-
-
-
-
-
-
-
-
-
-
-
-
-
-
153,892
-
-
(153,892)
-		 Gains/
(Losses)
£
-
-
-
-
-
6,558
15,375
7,730
4,225
160,248
4,007
34,427
67,505
636
300,711
-
-
-
-
3,683
(60,000)
-
-
-		 Balance at
31
December
2024
£
869,621
877,512
58,376
18,558
1,824,067
23,868,726
432,380
217,407
118,849
6,746,579
112,676
968,179
1,960,966
17,853
34,443,615
4,687
-
9,623
30,640
252,739
9,409
234
75,479
-

Page 50

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds (continued)

Statement of funds - current year (continued)

LCT - Fabric
Furnishings
Columbarium
York
interpretation
Lumley Trust
Spire repairs
At home in
Lichfield
Sound System
Chamber Choir
West Front
Total of funds		 Balance at 1
January
2024
£
11,582
7,602
5,401
61,254
-
286,897
24,713
257
583
-
902,529
36,821,182		 Income
£
227,909
388
277
-
508
191,366
980
-
4,739
100,000
1,137,955
3,277,988		 Expenditure
£
(163,701)
-
-
(11,667)
(508)
(463,680)
(9,123)
-
(670)
-
(1,326,249)
(3,432,617)		 Transfers
in/out
£
(8,968)
-
-
-
-
(5,685)
-
-
-
-
(14,653)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
(56,317)
244,394		 Balance at
31
December
2024
£
66,822
7,990
5,678
49,587
-
8,898
16,570
257
4,652
100,000
643,265
36,910,947

Page 51

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General
Fixed assets
ReSource
designated
Endowment
funds
General
Choral
Fabric
Library
LCT - Music
LCT - FCM
LCT - Fabric
LCT - General
Lumley Trust
Restricted
funds
General
Choral
Library
Choir projects
Organ
Dean Savage
Matlosane
Music
FCM
LCT - Fabric		 Balance at
1 January
2023
£
705,332
494,951
64,226
1,264,509
23,868,480
395,412
198,818
108,687
5,657,404
103,041
885,398
1,548,451
16,325
32,782,016
5,739
-
-
36,010
100,336
183,367
196
68,908
-
32,904		 Income
£
1,730,357
-
10,912
1,741,269
-
-
-
-
655,056
-
-
341,000
-
996,056
339,056
11,940
12,542
25,681
4,089
4,353
4,701
461,111
3,086
128,085		 Expenditure
£
(1,512,243)
(33,169)
(891)
(1,546,303)
(14,064)
-
-
-
-
-
-
-
-
(14,064)
(336,483)
(11,940)
(3,310)
(12,048)
(8,323)
-
(4,728)
(257,540)
(3,086)
(149,407)		 Transfers
in/out
£
(65,764)
448,510
(22,577)
360,169
-
-
-
-
-
-
-
-
-
-
(7,139)
-
-
-
-
(117,720)
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
13,209
21,593
10,859
5,937
224,519
5,628
48,354
4,010
892
335,001
-
-
-
-
5,442
-
-
-
-
-		 Balance at
31
December
2023
£
857,682
910,292
51,670
1,819,644
23,867,625
417,005
209,677
114,624
6,536,979
108,669
933,752
1,893,461
17,217
34,099,009
1,173
-
9,232
49,643
101,544
70,000
169
272,479
-
11,582

Page 52

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds (continued)

Statement of funds - prior year (continued)

Furnishings
Columbarium
York
interpretation
Lumley Trust
St Chad Shrine
Spire repairs
At home in
Lichfield
Sound System
Chamber Choir
Total of funds		 Balance at
1 January
2023
£
12,756
5,097
72,921
-
256,649
341,076
9,747
-
-
1,125,706
35,172,231		 Income
£
589
304
-
488
1,031
469,932
24,415
10,000
583
1,501,986
4,239,311		 Expenditure
£
(5,743)
-
(11,667)
(488)
2,842
(549,323)
(9,449)
(9,743)
-
(1,370,436)
(2,930,803)		 Transfers
in/out
£
-
-
-
-
(260,522)
25,212
-
-
-
(360,169)
-		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
5,442
340,443		 Balance at
31
December
2023
£
7,602
5,401
61,254
-
-
286,897
24,713
257
583
902,529
36,821,182

Page 53

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds (continued)

Designated funds

Fixed assets: a designated fund to hold the balance of unrestricted tangible and intangible fixed assets, thus enabling the unrestricted general fund to show unrestricted reserves clearly. The cost of assets acquired during the year has been transferred from the fund financing the acquisition.

ReSource: a designated fund established to hold proceeds from the Cathedral’s pandemic recovery appeal which have not been allocated to more specific projects. During the prior year, £29,421 was transferred to the Spire project.

Rental properties: a designated fund established during the year to increase the transparency of the income from and cost of running the Cathedral’s portfolio of rental properties. At the end of the year, Chapter agreed that 95% of these incomes and costs should be accounted for through the general unrestricted fund. 5% remains in this fund.

Endowment funds

General – Historical endowment fund that generates income towards the work and ministry of the Cathedral and holds most of the Cathedral’s property portfolio.

Choral – Historical endowment fund that supports the maintenance of the Cathedral’s choral music tradition.

Fabric – Historical endowment fund that generates income towards the support and upkeep of the fabric of the Cathedral.

Library – Historical endowment fund that generates income towards the upkeep of the Cathedral Library.

Music (formally Lichfield Cathedral Trust (Music)) – Endowment fund that generates income towards the cost of music within the Cathedral.

FCM (formally Lichfield Cathedral Trust (Friends of Cathedral Music)) – Endowment donations to generate income towards the cost of the Lay Vicars Choral within the Cathedral.

Lichfield Cathedral Trust (Fabric) – Endowment fund that generates income towards the upkeep and maintenance of the fabric of the Cathedral.

Lichfield Cathedral Trust (General) – Endowment fund that generates income towards supporting general maintenance and administrative costs within the Cathedral and holds certain investment properties.

Lumley Trust - An endowment donation to generate income towards the upkeep and maintenance of the burial ground surrounding the Cathedral.

Restricted Funds

General – The fund represents restricted income received by Chapter that can be used as revenue throughout the year. Examples of this are the grants received from the Church Commissioners towards the cost of the stipendiary clergy plus a grant towards the cost of administering the Chapter. From October 2020, this fund has included grant receipts from the Cathedrals' Sustainability Fund. Fixed assets financed by this fund have been transferred to the fixed asset designated fund.

Choral – The fund represents income received to be used to maintain the Cathedral’s choral tradition.

Library – The fund represents income towards the upkeep of the Cathedral Library.

Choir Projects – The fund represents income towards the cost of choir tours and other choir activities.

Page 54

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

25. Statement of funds (continued)

Organ - The fund represents income generated specifically towards the costs of the organs in Lichfield Cathedral. During the year Chapter transferred a legacy previously recognised in the Music restricted fund to this fund.

Dean Savage – The fund represents income and expenditure on the upkeep of the Dean Savage Library, formerly used to help ordinands in their training. Chapter resolved to use the remaining liquid funds for educational purposes, specifically to refurbish the Old Stables and the resulting fixed asset was transferred to the fixed asset designated fund in the prior year. The fund remains responsible for the Old Coach House and funds its upkeep.

Matlosane - Donations from the congregation of the Cathedral in support of the partner diocese of Matsolane in South Africa.

Music (formally Lichfield Cathedral Trust Music) - The fund represents income generated from the two Music Endowments and donations to be used for music at the Cathedral.

FCM (formally Lichfield Cathedral Trust (Friends of Cathedral Music)) - The fund represents income from the LCT (Friends of Cathedral Music) Endowment to generate income towards the costs of Lay Vicars Choral.

LCT Fabric - The fund represents income generated from the Fabric Endowments and donations to be used to finance the upkeep of the fabric of the Cathedral. Fixed assets financed by this fund have been transferred to the fixed asset designated fund.

Furnishings – Restricted funds received to finance replacement of the chairs in the cathedral nave.

Colambarium - restricted funds received to enable the cathedral to create a columbarium.

York interpretation – the fund represents donations, mainly from the Friends of Lichfield Cathedral, to develop the Cathedral’s interpretation offer in conjunction with the University of York.

St Chad Shrine: a fund established to finance the reinstallation of the shrine of St Chad, lost in the reformation, to house a relic of St Chad, the Cathedral’s co-patron, which was translated from St Chads Cathedral in the Roman Catholic Archdiocese of Birmingham. On completion of the project the cost of the shrine was transferred to the fixed asset designated fund.

Lumley Trust - Linked with the endowment fund, this is the income earned from the investment which helps to finance the upkeep and maintenance of the burial ground surrounding the Cathedral.

Spire repairs: a fund to restore the central spire of the cathedral and carry out engagement activities as agreed with the funders. Fixed assets financed by this fund have been transferred to the fixed asset designated fund.

At Home in Lichfield: a fund established to receive donations to support a refugee family who live in Lichfield.

Sound system: a fund established to hold income for upgrading the cathedral sound system.

Chamber Choir: as part of becoming a registered charity, Chapter wishes to exercise greater stewardship over funds previously held separately by groups within the Cathedral – the Chamber Choir is the first such group to transition to the new arrangements.

West front – a fund established to hold donations to finance the regeneration of the West Front approach to the cathedral.

Page 55

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
859,946
17,564
-
-
1,295,192
(348,635)
1,824,067
period
Unrestricted
funds
2023
£
888,595
21,697
-
-
1,273,916
(364,564)
1,819,644		 Restricted
funds
2024
£
10,000
49,586
97,610
-
549,140
(63,071)
643,265
Restricted
funds
2023
£
70,000
61,253
101,801
-
838,055
(168,580)
902,529		 Endowment
funds
2024
£
7,114,500
-
6,750,562
18,026,800
2,597,880
(46,127)
34,443,615
Endowment
funds
2023
£
6,252,500
-
6,505,784
18,825,500
2,518,227
(3,002)
34,099,009		 Total
funds
2024
£
7,984,446
67,150
6,848,172
18,026,800
4,442,212
(457,833)
36,910,947
Total
funds
2023
£
7,211,095
82,950
6,607,585
18,825,500
4,630,198
(536,146)
36,821,182
Analysis of net assets between funds - prior
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total

Page 56

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities		 Group
2024
£
(712,235)
51,523
15,800
557,606
(929,282)
(14,403)
252,847
(78,313)
(856,457)		 Group
2023
£
1,648,951
29,036
15,800
(340,443)
(864,486)
15,331
(1,068,569)
53,538
(510,842)

28. Analysis of cash and cash equivalents

Cash in hand
Cash at bank
Deposit accounts
Total cash and cash equivalents		 Group
2024
£
350
257,936
3,148,371
3,406,657		 Group
2023
£
3,323
158,955
3,193,921
3,356,199

29. Analysis of changes in net debt

Cash at bank and in hand At 1 January
2024
£
3,356,199
3,356,199		 Cash flows
£
50,458
50,458		 At 31
December
2024
£
3,406,657
3,406,657

Page 57

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

30. Capital commitments

Group Group
2024 2023
£ £
Contracted for but not provided in these financial statements
Planned maintenance 211,678 138,556

31. Pension commitments

Lichfield Dean & Chapter (DBS) participates in the Defined Benefits Scheme section of CWPF for lay staff, which is now closed to future accrual. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections;

Defined Benefits Scheme

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for lay staff based on final pensionable salaries.

For funding purposes, DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. This does not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

The scheme is a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute DBS assets and liabilities to specific employers, since each employer, through the Life Risk Section, is exposed to actuarial risks associated with the current and former employees of other entities participating in DBS. This means that contributions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged to the SoFA during the year are contributions payable towards benefits and expenses accrued in that year (2024: £nil, 2023: £nil) plus the figures in relation to the DBS deficit highlighted in the table below as being recognised in the SoFA, giving a total charge of £nil for 2024 (2023: £107,005).

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board having taken advice from the Actuary.

A valuation of DBS is carried out once every three years. At the most recent valuation at 31 December 2022 there was a surplus of £73.6m.

The next actuarial valuation is due at 31 December 2025.

Since 31 December 2023, the Board has entered into a full buy-in agreement with Aviva to insure all accrued benefits within the DBS of the CWPF.

Page 58

LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

31. Pension commitments (continued)

The Church of England Pensions Board agreed that deficit contributions should cease with effect from 31 December 2022 for employers whose pools were estimated to be materially in surplus. As a result, there is no obligation recognised as a liability within the Employer’s financial statements as at 31 December 2023 or 31 December 2024.

The movement in the provision is set out below:

2024 2023
Balance sheet liability at 1 January - 109,000
Deficit contribution paid - (1,995)
Interest cost (recognised in SoFA) - -
Remaining change to the balance sheet
liability*(recognised in SoFA) - (107,005)
Balance sheet liability at 31 December - -

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:

payments:
December 2024 December 2023 December 2022
Discount rate N/A N/A 0.00%

The legal structure of the scheme is such that if another employer fails, the employer could become responsible for paying a share of that employer’s pension liabilities.

The Cathedral participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2024: £85,213, 2023: £92,904).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent

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LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

31. Pension commitments (continued)

valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2025, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 2.7% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2024. There is no requirement for deficit payments at the current time.

The next valuation is due as at 31 December 2025.

For the Pension Builder 2014 section, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Lichfield Cathedral could become responsible for paying a share of the failed employer’s pension liabilities.

32. Connected entity

The Friends of Lichfield Cathedral is a registered charity that exists wholly for the benefit of the Cathedral. Individual members of the Chapter are involved with, and serve on all or some of the boards of The Friends of Lichfield Cathedral. However, the Cathedral does not have day-to-day control over the charity.

The Friends of Lichfield Cathedral

The Charity's objects are to:

The most recently published summarised results of The Friends of Lichfield Cathedral are as follows:-

2023 2022
£ £
Gross income 102,429 825,150
Net incoming resources for the year 62,931 800,844
Net movement in funds 68,162 793,527
Amounts paid or payable to the Cathedral 27,918 13,468
Gross assets 979,991 913,772
Net assets 975,368 907,206

The financial statements for The Friends of Lichfield Cathedral for the year ended 31 December 2024 were not published prior to issue of this document.

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LICHFIELD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

33. Related party transactions

The Cathedral paid membership fees of £1,200 (2023: £1,200) and £45 (2023: £Nil) for a training course to The Guild of Health and St Raphael, whose Chief Executive Officer is Reverand Dr. G Straine (wife of Canon Gregory Platten).

There were no other related party transactions (2023: £Nil).

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