## **PORTSMOUTH CATHEDRAL** ## **THE CATHEDRAL CHURCH OF ST THOMAS OF CANTERBURY PORTSMOUTH** **ANNUAL REPORT AND AUDITED ACCOUNTS** **YEAR ENDED 31 DECEMBER 2024** **Charity Number 1207410** **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Contents** |**Contents**|| |---|---| |Preface…………………………………………………………………………………………………………………………......……….|3| |Cathedral Vision …………………………………………………………………………………………………………………..|4| |Achievements and Performance in 2024 and a forward look to 2025 ……|6| |Financial overview summary…………………………………………………………………………………………..|16| |Governance and structure ..........................……………………………………………………………………..|19| |Legal and Administrative details …………………………………………………………………………………|22| |Report of the independent auditors ………………..................…………………………………………|26| |Statement of Financial Activities …………………………………………………………………………………|29| |Notes to the Financial Statements ……………………………………………………………………………|32| 2 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Preface** This year’s Annual Report and Audited Accounts have been produced in accordance with the Charities Statement of Recommended Practice (SORP) FRS 102. It also complies with guidance issued by the Association of English Cathedrals. A copy of the charity regulations may be found online at the gov.uk website. Meeting this year, this will go together with this report of the activities of the Cathedral and its various groups. To reduce printing costs, this formal version of the report will be made available on the Cathedral website: www.portsmouthcathedral.org.uk. Paper and large print copies can be made available for those who wish to have them; please ask for a copy from the Cathedral Office, telephone: 023 9289 2963, email: info@portsmouthcathedral.org.uk The key message from this annual report is that the Cathedral is still struggling to achieve the important sustainability indicator of income being greater than expenditure. Owing to the receipt of several legacies during 2024, for which we are very grateful, the accounts indicate that we have made a surplus. However, without these one-off legacies we would have been in deficit. We cannot expect these circumstances experienced in 2024 will repeat themselves in 2025. Therefore, it is vital that we now seek to increase our ongoing income whilst continuing to manage costs tightly to move towards a long-term self-sustaining position. (See page 16 for more details). ## **The Very Reverend Dr Anthony Cane** ## **Dean of Portsmouth** 3 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## Cathedral Vision _Portsmouth Cathedral: a beacon and safe haven, anchored in Jesus Christ._ For centuries Portsmouth Cathedral has been a beacon for people on land and at sea, helping them navigate the passage of time with faith and confidence in God. It is a building of greatness and simple enduring beauty, and a lively, inclusive, and compassionate community which has a positive impact on the lives of people in its own parish, as well as the City and Diocese of Portsmouth. Underpinning all activities is our Vision and Strategy. Launched in 2020, with six separate, but interdependent strands, it remains central to the work of the Cathedral as we seek, as a Cathedral community, to live out our mission. The Cathedral remains focused on the conservation of the fabric for current and future generations. The team continue to work towards their goal of achieving carbon net zero by 2030 with further steps taken in recent years to reduce our carbon footprint. We are currently undergoing the exciting project of developing our Estates Masterplan for the next 15+ years and have appointed the highly experienced Buttress Architects to lead this process. The project brief is to create an estates masterplan which supports Chapter's vision to centre our story as The Cathedral of the Sea, redevelops our precinct to be more invitational, ensures our spaces are as flexible as possible to meet demand, contributes to the Church of England Net Zero goals, and generates more revenue. This is therefore an important time in our next phase of development. The masterplan consultation & design will largely take place in April & May 2025 with the parameter plans and final adopted masterplan expected by September of 2025. This work is largely funded by a generous grant from the Church Commissioners Sustainability Fund and involves a wide range of stakeholders within the Cathedral, our existing communities, external agencies, disengaged audiences and more. In the following pages we highlight our work relative to each objective and how progress has been made to help realise our vision to be ‘a beacon and safe haven, anchored in Jesus Christ.’ As a reminder, the six objectives with their current progress measures, (which are being reviewed in early 2025) are: - **Worship and Music** - We are committed to offering worship to God on behalf of the whole community, and to serving the needs of many individuals, groups, and organisations. With excellence in music, imaginative use of space, nurturing the gifts of all and using the rich resources of liturgy – both traditional and contemporary – the worship at Portsmouth Cathedral will continue to draw people to God, reflect the beauty of Christ and invite all-comers to a deeper experience of the sublime. - PM1: Attendance at services, both in the Cathedral and virtually - PM2: Engagement with community organisations through worship - PM3: Outreach events involving music 4 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** - **Growing and Learning** We are whole-hearted in seeking to grow in faith, learning, and participation, enabling encounter with the living God for all ages through education, nurture and the arts. We seek to be bold and inclusive in nourishing the existing Cathedral community and drawing new people into it. We are working to inspire our visitors through creative engagement, and to embed learning and feedback in all that we do. - PM1: Engagement with schools - PM2: Adults participating in introductory Christianity courses - PM3: Number of community art projects - **Diocese and Community** We will resource and build up the overlapping communities the Cathedral serves, from our own parish and worshipping community to the parishes of the Diocese, and to our visitors and pilgrims. We will work with our Bishop and Diocesan colleagues to be a Cathedral connected with and relevant to the whole Diocese. We will enable visitors and pilgrims to experience more than they expected, whether spiritually, emotionally, or intellectually. - - PM2: Parish visits to the Cathedral - PM3: Quality of visitor and pilgrim experience - **Building and Heritage** We will conserve and harness the potential of our buildings, treasures and environment entrusted to our care. We will ensure the conservation and development of the Cathedral itself as a place of worship and divine encounter, while maximising the use of all of our buildings to improve income streams and engage wider audiences with the life and work of the Cathedral. - PM1: The Cathedral’s Trip Advisor rating - - PM3: Donation box income - **Partnership and Engagement** We are committed to being an outward-looking community, working to identify and overcome barriers to participation. We are working to widen engagement with the Cathedral and its significance, including its spiritual life, and to develop mutually beneficial partnerships. We will build a culture of social responsibility and contribute to the common good of the City of Portsmouth, the Isle of Wight, and South-East Hampshire. - PM1: New partnerships and shared projects - PM2: Support for local foodbanks and other charities - PM3: Extent of Fairtrade and locally sourced products for events - **Finance and Sustainability** community, external engagement, and social justice. We will carefully manage our finances, embed a culture of stewardship, transparency, and accountability in all our activities, while taking hold of opportunities to grow income innovatively and ethically. - PM1: Cathedral expenditure does not exceed income - PM2: Congregational giving - 5 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Achievements and Performance in 2024 and a forward look to 2025** ## Worship and Music We have continued to develop our worship offerings to encourage new members and wider engagement with our local community. We have had particular success with **Pompey Sundays** where congregational numbers grew (395 children and 345 adults across the whole year). We have also seen an increase in the number of baptisms in the Sunday services (4) and children admitted to communion (9). At the end of the year, we achieved our highest attendance figures across Advent/Christmas since 2019. We have continued to have high numbers of Funerals and Memorial services – an important ministry to the parish and Cathedral community – with many others attending from around the city and region **Pompey Tots** continues to offer welcome to parents/carers/babies and toddlers with several baptisms' requests in and from this community. Overall, in 2024 we baptised 13 under 18s and saw a significant rise in the numbers of adult baptisms this year (11). — **Blessing of the Sea** an Orthodox rite used at Epiphany. Cathedral Reader, Kitty Price preached on the theme and clergy, choir and congregation headed to the Hotwalls at the end of the service to bless the sea and to take to the waters! Our **Compline during Lent and Advent** runs directly on from the Advent/Lent course is now classed as a Fresh Expression. Our new for 2024 **Pet Blessing Service** engaged 70 people and 30 pets with new faces in the congregation. At Easter we had Christine Smith as our preacher for Maundy Thursday and Good Friday and our outdoor **Easter Garden** offered colour and a visual focus outside South Doors for all who passed by throughout the Easter season until Pentecost. We introduced two **Songs of Praise** services over the summer as a new offering for Sunday evenings when we had no visiting choir. These drew in newcomers and visitors. During 2024 we implemented new social media management software allowing for more sustained social marketing for regular services including Choral Evensong and Sunday Services. At the end of 2024 we recorded a total of 133 choir members of which 29 were boys and 33 were girls. Our worship was also supported by 17 visiting choirs during the year. Our Juniors helped lead the Crib Services in 2024 and we now have bumper number of both boys and girls attending our feeder choirs on Mondays and Thursdays. We had a series of opportunities to **Come and Sing** with the Cathedral in 2024. A large number of singers joined us for Stainer’s Crucifixion on **Good Friday** and we held an **Easter Carol Service** on Sunday 14 April. Philip Stopford led an afternoon preparing for a special Summer Evensong on Sunday 21 July. **Cathedral Sing!** 2024 project was to work with children in **Leigh Park** over a number of weeks and our senior choristers went to sing with and for them at **St Alban’s** Church at the end of term. We are grateful to our partner school Portsmouth Grammar School (PGS) for their support. We welcomed nearly 6 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** 80 children to join with our Cathedral Choir to sing a special Evensong for **St Cecilia’s Day** in November. All the children enthusiastically joined in with the Psalm, Magnificat, anthem and final rousing rendition of Vaughan Williams The Old 100th! Our annual performance of Handel’s _Messiah_ was the centre piece of a new weekend of **Early Music Festivities** . We were joined by _Red Priest_ who presented a workshop to over 250 local school children before a splendid evening concert. The Sunday services were accompanied by Sackbuts, Cornetts and Viols! Most impressive of all however was all the Soprano solo lines in Messiah being taken by our own Cathedral Choristers alongside former members of the Cathedral Choir on alto, tenor and bass. We broadcast **’Sunday Worship’** on BBC Radio 4 to mark DDay80 led by Canon Jo, The Dean and The Chaplain of The Fleet alongside Musicians of His Majesty’s Royal Marines Band. This programme is listened to by about one million listeners across the UK and the world. After a hearty breakfast the choir then sang for our Civic D-Day Service. We were also asked to form a choir of junior singers from Portsmouth schools based on a core of our own youngest choristers for the live **BBC One National Commemoration of D- Day8** 0 on Southsea Common on 5 June in the presence of The King and Queen as well as Prime Minster Rishi Sunak. In addition, one of our boy choristers, was selected to read a 1944 testimony of Trevor Baker (a child witness of D-Day preparations in Portsmouth). We hosted international organist Roger Sayer, who attracted the largest audience in many years for an organ concert when he played the music of Gustav Holst and the score of the movie _Interstellar_ by Hans Zimmer. We were also honoured to be the opening cathedral for this year’s Gabrieli ROAR Tour across eleven cathedrals in England. We welcomed nearly 200 young people to come and sing alongside the Cathedral Choir, The Gabrieli Consort and Players. The music was a selection of cheery and boisterous carols as would have been sung in parish churches across the nation in the 18th Century—a particular favourite was While Shepherds Watched Their Flocks by Night to the tune of Ilkley Moor Baht ’at. Our senior boy and girl choristers, ably supported by our Lay Clerks and Choral Scholars, recorded a delightful selection of 18 Advent and Christmas carols for the **BBC Music magazine** . The CD recording has just been released, and 40,000 copies were sent to shops and subscribers across the world! Additional funding has been applied for to enable a concerted effort to bring our Music Outreach under an overarching brand including a refresh and relaunch of the nationally recognised Cathedral Sing Programme, amongst others. We remain grateful to the Portsmouth Cathedral Choir Association who raise funds which are used to support the pastoral side of the choir, for example team building end of term treats, but also directly supporting some choristers who would otherwise not be able to join us on trips such as choir tours. Being able to support choristers, ensures our choirs remain as inclusive as possible. ## **Looking forward to 2025** We intend to continue with opportunities (such as a pet blessing service) to reach out to and grow the number of people on the margins who attend the Cathedral. We will develop evensong invitations to local residents and community groups and Seafaring/Marine charities to encourage them to join us. In terms of our music plans we are looking forward to a summer Radio 3 live broadcast of choral evensong. We will also be plotting further visits to churches across the Diocese and repeating our come and sing and 7 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** Cathedral Sing! activity from 2024. We will also be hosting another internationally renowned organist to build on the success of last year’s event. We are trialling a ‘Messy Messiah’ this year involving several local schools in our performance including dance and art. Our own choirs remain at the heart of the performance. In terms of communications, we will build upon successes of video content produced in previous years to engage online and attract new audiences. ## Growing and Learning There have been several opportunities for adult learning and growth provided during the year. These included: - **Cathedral Institute – Singing the Lord’s Song -** 6 sessions on music and worship in January 2024 - the 6-week **Pilgrim course** for enquirers and seekers in Lent 2024. - **Lazarus Raised –** A 5-week Lent course based on the Lazarus Raised art exhibition in cathedral during Lent and Holy Week 2024 with 15 participants - **The Word is Near** – new for 2024 – a weekly Bible study/discussion group - **Exploring the Bible – new series for 2024 -** made up of short courses on different books of the Bible with 18 participants - **Lazarus Raised Art Exhibition** which included 2 evening events: - Talk on the art of Garrick Palmer’s Lazarus series by the Chancellor (15 attended) - Evening Q and A with Rebecca Crow (Jack House Gallery, (20 attended) We were pleased to welcome several adults from other local parishes to join some of these sessions. Other events put on by the Institute included the third Robert Dolling lecture delivered by Michael Wear, a former faith adviser to Barack Obama, on ‘The Spirit of our Politics’, a lecture by Professor Stephen Schneck on ‘Faith, Social Justice, the U.S. Election and America’s role in the World’ and a seminar on the ethical and theological issues around the Assisted Dying Bill led by David Carpenter. The number of children visiting the Cathedral through booked in school visits and workshops increased significantly in 2024 (525 children visited through school visits and workshops January to Dec 2024). In addition to that, 241 children were reached through outreach workshops including one whole school collective worship (420 children) led by Canon Harriet on Ash Wednesday C of E Primary School. St Jude’s C of E Primary held their Easter and harvest services at the Cathedral In July 2024, 1333 Year 6 children attended the **Diocesan School Leavers’ services and workshops** , over 4 days. The Learning and Schools Officer worked with the Diocesan education team to organise the workshops based on the theme “Gamechangers”. The children contributed to an art installation based on and inspired by the Game-Changing creativity of Anthony Gormley. This was created and grew over the four days. In December 2024 we organised an Advent themed art exhibition by children from our local schools. This was an imaginative use of space (clear quire and art hung to enhance aspects of building) – helping people see things differently – and ended with a candlelit eucharist 8 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** **Half term family activities** were introduced in February May and October half terms. Themes were – The Building, Boats and Fishes and Saints and Lights. 150 children plus adults engaged with these events over the year. ## **Looking forward to 2025** We intend to hold a **new nurture course or group for new Christians** and are planning exploring spirituality days. We are currently seeking funding for a large-scale canvas labyrinth that can be used for spirituality workshops in the nave. We will continue to offer Lent and Advent courses, Word is Near and Exploring the Bible. We are in discussion and planning for a pilot project of 2 termly discussion evenings including food, drink and topical/quirky faith related subjects. We will make a funding application for this in the summer We will create a Lent and Holy Week art exhibition and associated Lent course, including an artist talk, sequence of music and words ( **Nicholas Mynheer Sarum Cycle** ). We are also looking to work with artists to engage them and our visitors and possibly to commence an artist in residence scheme. We intend to continue to increase the number of schools visiting for tours and workshops (January 2025 to June 2025 – 556 children booked in for visits). We will hold the Diocesan School Leavers’ services and workshops again with the theme Tri wonder We will also repeat the **Art in Advent** schools’ exhibition aiming to increase the number of schools participating in the project We are also planning at least one conference for older secondary age pupils. ## Diocese and Community The Cathedral has continued to support the Diocese through hosting of key services such as **ordinations** and the **Chrism Eucharist** . Invitations to parishes are sent out regularly and groups welcomed when prayed for at Evensong October 2024 also saw a revival of the **Legal Service** being hosted here, with collaboration and goodwill from the Resident Judge, HHJ Michael Bowes, and the High Sheriff of Hampshire, with sponsorship from four local law firms. The Dean preached, and students from two schools took part leading the intercessions. Judge Michael has offered to go to do 6th form talks for these as a follow-up. Two major civic services continued as part of our annual offering: the **City Service** (with the newly elected Lord Mayor and other councilors in attendance) and the **Seafarers Service** with its procession down to the Solent. This year the latter particularly highlighted the work of the Royal National Lifeboat Institute in its bicentennial year. As regards our **non-liturgical visitors,** we welcomed 16,843 visitors in 2024. This was lower than the previous year, but there were fewer events in the summer of 2024, than in 2023. We also hosted 42 different events over the year, which help us engage with those who may not choose to join for a service as well as generate valuable commercial income. As a tester in the summer of 2024, we ran a series of **specialist tours** . We then ran a limited number in late Autum/Winter. These hour-long paid tours focus on a specific interest in the building, such as stained glass. These were well received by visitors, with 39 attending over all our tours. We are now running 9 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** specialist tour Tuesdays in 2025, with one tour being run each month. This adds to the portfolio of tours we can offer visitors, led by our dedicated volunteer guides. A new **brass rubbing trail** was launched for the Easter school holidays 2024. This was another way to share knowledge about our building with a younger audience and the wider community. The trail has since been run a few times in the building, such as over summer and Christmas. 40 brass rubbing packs have been sold from the shop. Funding was granted by NHLF for the new area for interpretation, retail and welcome in the south transept. Since then we have been working on the project, with consultations finished just before Christmas. ## **Looking forward to 2025** During 2025 we will develop a **pilgrim visitor trail/pack** including spiritual guide/trail of the Cathedral, and a pilgrim token. We will also be replacing the bookmarks with service times with cathedral postcards available at services for visitors and those interested. The Precentor and Chancellor will be working on **improving our hospitality to parishes visiting** – to link in with the pilgrim offer above. More generally we will be working on re-introducing quiet days / spirituality days to expand provision for parishes. We are also looking at reviving cathedral placements for curates from around the Diocese – and for those on fast-track discernment needing a breadth of church experience. As regards visitor experience the NHLF project will work to **create a combined visitor / welcome desk** plus shop and heritage space for our visitors, to enhance their experience. We hope to launch this space in late 2025. We are looking into how we can improve the recording of visitor numbers as part of that project. interpretation project, is due to launch at the end of 2025. Additionally, an activity book, created in partnership with Designed by Esther, is planned to launch in Spring of 2025. We look forward to the introduction of new **Visitor Experience Assistants,** to support our team of volunteers during peak times. ## Building and Heritage The Cathedral continues to embrace the **Church of England’s 2030 net zero carbon programme** . Several projects were scoped during the year and a funding bid was submitted to the national church for funding to support the implementation of these. In 2024, the Cathedral commissioned a Heating Feasibility Study with support from the Church Commissioners, the Friends and the PCDT. The findings of this study will be used to evaluate the best options for replacing our ageing heating system and boilers. The planned lighting feasibility study will now be included within the master planning process. As at the end of 2024 our **carbon footprint monitoring** continued to show a reduction in our total emissions to 82.67 tonnes for the Cathedral building and Cathedral House. This was an 11.08% reduction in 10 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** comparison to the emissions in 2022. Projects and improvements have continued to reduce our emissions, and more are planned. During 2024 we commissioned and received a **Conservation Management Plan** for the Cathedral and this will inform the ongoing maintenance and repairs as well as future Quinquennial inspections undertaken by the Cathedral Architect. Over the year we undertook works including repairs to the west end roofs to address water ingress and of two damaged windows in the Ambulatory. The upper part of the Nave wall (south) was repointed and statutory inspections and routine maintenance of equipment and plant carried out. Unfortunately, the **Tree of Heaven** , Ailanthus altissima, in the Memorial Garden was found to be diseased. It was felled, on the advice of the City’s Arboricultural Officer, in the late autumn together with major pruning of a weeping willow to ensure the safety of those working and visiting the garden. The last review we received on **Trip Advisor** dates from 2023 and at that time we had a 4.5-star rating overall, with 233 reviews. However, we have more recent, and numerous reviews on Google, where we have a score of 4.6 from 679 reviews. We have been disappointed to note that our overall rating in the city has gone down by 2 points to #17 in the city. ## **Looking forward to 2025** 2025. In relation to our visitor offer, we aim to increase frequency of TripAdvisor reviews to same level as Google and to create more robust funnels to increase TripAdvisor reviews, specifically around heritage and sightseeing visitors. Our overall target will be to bring our Trip Advisor rating to same or better (in the city) than 2 years previously. ## Partnership and engagement organisations working with Shaping Portsmouth (hosting their Business Leader’s Forum), Hampshire Chamber of Commerce and more. The Head of Development is regularly invited to present at events for the city and sector, raising our profile as a charity and civic centre. We have strengthened our deep-rooted partnership with the **Mary Rose Trust** through our NLHF project where a member of their team is seconded to the Cathedral 1 day per week. We have also in turn collaborated on projects at the Mary Rose Museum, taking our community into the Museum Community – projects like ‘ **Anchored in the Community’** as well as our very successful music fundraising event ‘ **Carols at the Mary Rose** ’. This partnership project has also led us to build stronger relationships with the City Museums Service and the National Museum of the Royal Navy. **rough sleeper provision** in Becket Hall when the outdoor temperature dips below freezing. Hot food has been provided by cathedral volunteers. This work will be ongoing when the need arises 11 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** We were privileged to exhibit the **Speak their Name Suicide Memorial Quilt** in partnership with Speak their Name – as the well as the exhibition itself this included special evensong with blessing of the quilt and also two “vigil” gatherings – attended by approx. 30 people, some of whom made their first visit to the cathedral and have returned to other events and services Pompey Sundays have also supported community engagement through their visit to Southsea Community Garden for a talk, and with a visit by Portsmouth Library of Things. **Portsmouth Music Hub** is now using the cathedral again for their special schools’ carol service. We organised a **Fairtrade Breakfast** in Fairtrade fortnight, celebrating the 30[th] anniversary of the Fairtrade Foundation with a display of Fairtrade goods and renewal of commitment to sustainability The Christmas fair supported outreach to local charities including the Roberts Centre by offering free charity stalls at the fair and also by providing free tickets through the centre for children to visit Santa’s Grotto. The fair was run by approximately 50 volunteers and generated circa £6000. The Christmas fair supports our Cathedral Church and Choir Association, as well as supporting the work of the Roberts Centre, our link Diocese in Ghana, Sunyani as well as the Portsea Men’s Shed and Veteran’s Outreach Support. Through our events programme we were pleased to be working again with **Love Southsea Markets** on a partnership project to host creative and makers markets in the Cathedral. The Cathedral had explored producing similar events without the partnership of Love Southsea, but the value in partnering our two brands, as well as their wealth of experience of managing and marketing these events, outweighed any benefits in producing these events on our own. We were pleased to continue our relationship with Love Southsea to produce these events as well as the opportunity to explore new projects in the future. Not only does this provide a sustainable revenue stream for the Cathedral, it also opens our doors to new and returning audiences. In a similar vein, we worked with **Future Folk,** a local folk music promoter to host intimate folk concerts in the Quire. This is an area the Cathedral has previously explored, but the unique knowledge and experience Future Folk has in this area helped increase our reach as an organisation to new local audiences, many of which is their first time of visiting the cathedral. Whilst this new event not only increased our audience reach, it has also proved financially positive, with little staff resourcing required to produce. We have continued our successful partnership on **Yoga with Kat Water** s. We now have a core-group of regular attendees, as well as new people throughout the year. ## **Looking forward to 2025** corporate networking activities across the city. We will continue to develop strategic community engagement and partnerships with foodbank, Portsmouth city council rough sleeper provision and Portsmouth Pride. Our NLHF project will continue to strengthen our ties with the **Mary Rose Trust** as well as other heritage bodies, and with the city as the initial exhibition celebrates the City’s Centenary in 2026. We hope to work 12 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** this year on new shared projects with the cultural sector and bid for funding from Arts Council England as well as the National Lottery Community Fund for our community & arts work. Our Visitor Experience Manager will be working with the **University of Portsmouth** School of Area Studies, Sociology, History, Politics and Literature on a work experience programme as part of their undergraduate course. This will provide experience for students to work at a heritage building. awareness days during 2025. ## Finance and Sustainability The total expenditure of the Cathedral to deliver its mission and vision in 2024 was £1,247,204 (as taken from the management accounts). Unfortunately, ordinary income is not yet keeping up with expenditure even though cost control is very tight. The **underlying operating deficit for 2024 was higher than expected but** was mitigated by the receipt of several legacies for which we are very grateful. During 2025 we will continue our drive to become a truly sustainable organisation where income exceeds expenditure to enable flexibility in future years. This must be the focus of our work across departments and income streams. Congregational giving was once again boosted in 2024 by our annual **Season of Generosity** bringing in an additional £3,000. A new stewardship communication was launched to give termly updates to those who financially support the Cathedral to update them on work being undertaken – initial feedback has been positive with 99.5% of recipients opting to receive this in hard copy. Events to steward our donors have also increased this year, with a summer event to update on the NLHF project, and a carols event in December both engaging over 75 donors at each, with the latter being part of engagement in the **Big Give Christmas Challenge** . This match funding campaign raised over £8,000 across a single week. During 2024 we retendered **Cathedral IT and telephony** to ensure best use of Cathedral's financial resources and time. We will migrate to the new provider in the first quarter of 2025. We also started work to introduce a new customer relationship management (CRM) and diary management system to join up processes within the Cathedral, reduce financial outgoings for a range of software including the previous booking / scheduling software and enable management of rotas and information to be held centrally. A major focus of work in 2024 was the **development of commercial income** to support other income as listed above. We restructured some staff roles, and our new Head of Marketing and Events developed a revised events strategy, picking up on the learnings from the past three years. Whilst we have had some positive projects, staff resourcing to produce such events continues to be an issue. We have therefore built upon the partnership and commercial hire relationships we have been building over the past 12 months. These include events such as the Silent Discos, Gin and Rum Festivals and other large scale music concerts, all of which bring in significantly more income than internal events, with reduced staff resourcing. We will continue to develop this strategy as we explore more new types of events and better understand what does and doesn’t work in our special venue. 13 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** As part of the new strategy and general staff feedback several issues with our event and calendar systems were identified. Part of this issue was using software not specifically tailored to our specific needs, as well as multiple systems for individual areas of work. We have now implemented ChurchSuite, specifically addressing many issues, as well as allowing a more seamless workflow and centralising all aspects of bookings, services and events happening in the Cathedral. During 2024 we saw increased commercial bookings such as the **Silent Disco** , with whom we have multiple bookings over the next two years with a sustainable revenue generation model. The **Gin and Rum Festival** , another new event where we will be hosting a professional touring festival that has already been hosted at several other Cathedrals, and **London Concertante Candlelight Concerts** . We were pleased to welcome a large-scale touring concert that resonates with our existing audiences as well as drawing in new. Our revised events strategy highlighted the revenue opportunities being missed with our then bar and refreshment offering. This was still being operated in a less than professional setup, and therefore we were unable to charge industry-standard pricing. This has now been developed through new equipment including **bar serving counters and drinks refrigeration** . Whilst these improvements were made with funding from the CSF, they have already covered their costs within their first 3-events of usage. This investment has shown that improving our offering and making more professional experience for customers and clients increases revenue and income. ## **Looking forward to 2025** Our focus for 2025 needs to be on developing and increasing income from all sources. In 2025 we are hoping to increase the capacity of the Development team (supported by a grant bid), to be able to refresh and continue our congregational and regular giving campaigns. Plans are also in place for collaboration with other Cathedrals on ‘Community Giving’ to complement congregational giving. Stewardship will also continue to increase with this additional resource, and we will continue to develop ways to thank and engage with our donors across the year. the current HR software used for recording leave information. This will include further training for staff and volunteers to enable confident use of this software and further developments to make use of abilities within it to develop our engagement with our community. We hope that use of the automated features within the software will free up staff time and resources. ## The Challenges Ahead Given the Cathedral's limited budget, we aim to focus fundraising activities on repairing and maintaining the building, whilst also securing funds for ongoing activity. The Conservation Management Plan delivered in 2024 is a critical document that will inform the master plan for the care and renewal of the Cathedral and Precinct. The ultimate aim is to conserve the fabric while generating the funds required from our own activities. The Masterplan process will cement the Cathedral’s place in the wider city, Diocese and community. It will help in forming partnerships with other organisations. By prioritising fundraising efforts and progressing the creation and delivery of a comprehensive masterplan, the Cathedral can ensure its longterm viability and cultural significance. 14 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## Our People We remain grateful to all those members of our staff, volunteers and wider community who enable us to deliver each year to such a high standard across such a wide variety of activity. Without their generosity, gifts and experience, the Cathedral would be unable to achieve all it has. David Carpenter and Mary Makin all coming to the end of their terms of office. Grateful thanks are due to each of these for their wisdom and support, which for Mary included chairing our Finance Committee and Emma being our first ever Senior Non-Executive Member under the 2021 Cathedrals Measure. We also said farewell to Canon Dr Anthony Rustell after ten years on Chapter and as a residentiary canon while fulfilling his Diocesan role as Head of Mission, Discipleship and Ministry. Anthony is now Priest-in-charge of St Martin’s, Dorking, which means that we also said goodbye and thank you to the whole Rustell family with thanks for their manifold contributions to cathedral life – including Katharine, Elizabeth and John singing in the choir. Anthony’s wife Georgianna is generously continuing to serve on the Cathedral’s Finance Committee. We were delighted to welcome new members of Chapter, with David King taking on the Chair of Finance role, and Mark Emerton our Senior Non-Executive Member. Pippa Bostock and Santosh Mathew are the other new members, collectively bringing an impressive range of skills and experience to their Chapter responsibilities. On the lay staff, CP Robinson began as our Head of Development and Fundraising in January, Clare Brown joined as an Administrative Assistant (Events) in February, and Susannah Dora Majlati as Finance Assistant in April. Susannah was replacing Clare Martin (who moved to Somerset). Carolyn Owens and Chris Flatman began as Administrative Assistants, following the departure of Kelly Cooper, and Pam Todd moving to a different (nationally funded) role on Cathedral governance. Other departures included Jemima Crayden (Head of Events) and Mark Wainwright (Lay Clerk). We said farewell to the 2023/2024 organ and choral scholars in July and welcomed the new cohort in September. Bertie Cradock began as Verger and Precincts Officer as maternity cover for Malina Green. Once again, we are grateful to Maria Kidd for stepping up into the Acting Head Verger role. Finally, Josh Pratt began as Marketing Apprentice in May. After five years of dedicated service, our COO Richard Abraham moved on to new challenges. Over that period Richard played a key role in helping to guide us through Covid, and to improve our financial position, supporting our overall mission and ministry, including care of the fabric. Towards the end of his tenure he secured a grant to enable a master planning and feasibility study towards renewing the Cathedral precinct to improve access, outreach and financial sustainability - work that will provide a fitting legacy of his time with us. 15 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024** ## Financial overview summary Cathedral has yet to consistently achieve Performance Measure one from the Vision and Strategy; namely “PM1: Cathedral expenditure does not exceed income.” Increased revenue or decreased activity continue to be, either jointly or separately, the solution. achieve long term financial sustainability. The table below highlights the underlying income versus expenditure metric and shows how legacies have been so helpful but also have masked the underlying ongoing challenge. **----- Start of picture text -----**
Annual Accounts 2021 2022 2023 2024
Income excluding legacies £1,270,940 £1,032,467 £1,210,888 £1,176,868
Expenditure excluding depreciation -£1,283,520 -£1,067,005 -£1,290,886 -£1,420,728
Operating Deficit -£12,580 -£34,538 -£79,998 -£243,860
Legacies Received £2,250 £23,150 £4,718 £60,401
Deficit after Legacies -£10,330 -£11,388 -£75,280 -£183,459
Legacies receivable £0 £0 £143,534 £436,343
Fixed Asset Additions £117,609 £31,968 £6,120 £0
Gain on Investments £210,286 -£91,547 £886,554 £24,450
Depreciation -£40,472 -£46,081 -£91,703 -£4,201
Surplus/deficit as per Annual Accounts £277,093 -£117,048 £869,225 £273,133
**----- End of picture text -----**
We remain fully focused on reducing spending and growing income to support the mission. This needs to come from a variety of sources, including the congregation, events and commercial activity, visitors and fundraising. ## **Donations and fundraising** We are truly grateful to everyone who has contributed over the last year to our income. We know there are many individuals who give faithfully and regularly to support the Cathedral’s work. This planned giving is vital to our financial health and enables us to plan work effectively. We also recognise the donations made as one offs, small or large, by those in the building visiting, attending services or giving online. Without such donations we would not be able to continue. We are continuing to engage with our supporters to thank them and help them understand how their donations are used. In 2024, we were grateful to receive support from funding bodies for our work in particular areas as follows: 16 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** - Learning & Engagement from **The Jerusalem Trust** - Music Outreach from the **Portsmouth Postcode Lottery** - Sustainability, Masterplanning and Staffing from the **Church Commissioners' Cathedral Sustainability Fund** - Heritage and Community from the **National Lottery Heritage Fund** These are in addition to other funders whose generosity supports the overarching Cathedral mission: - The Benefact Trust - The Friends of Portsmouth Cathedral - Hampshire & Isle of Wight Community Foundation There are, of course, other trusts and foundations and individual supporters including many who wish to remain anonymous. We would like to express our gratitude to everyone of these people / organisations. We are honoured to have been remembered by members of our community who felt moved to leave a gift to our work in their wills. We are grateful for the generosity of those who choose to remember us in this way. Such gifts safeguard our future and afford us the opportunity to better preserve our work for future generations. In 2024 we received legacies from: - Fenella Wilkinson - Canon Alan Wilkinson - The Rev'd (Robert) John Friars - Shirley Coward RIP ## **Investment Policy** Chapter aims to keep a portfolio of investments that adopts a balanced approach to risk. The attainment of long-term objectives requires the acceptance of a level of investment risk, which manifests itself primarily in the fluctuation of the capital value. Chapter holds its investments with CCLA. The funds, required to be invested in accordance with the Statement of Ethical Investment Policy issued by the Church of England Advisory Group, had a challenging year in terms of performance given fluctuation in stock markets with a net gain on investment for the year of £24,450, as at 31 December 2024. Income from these investments was £40,666 for 2024 (£41,466 in 2023, £41,652 in 2022, £42,723 in 2021, £44,335 in 2020 and £57,245 in 2019). Responsibility for the management of this policy rests with Chapter, but it is advised by its Finance Committee on certain investment matters. ## **Reserves Policy** Reserves are needed both to maintain the level of the Cathedral’s current activities and to enable the completion of long-term projects. Maintaining general and designated reserves protects the Cathedral against a sudden deterioration in its financial results caused by, for example, a significant drop in income or a major repair project. It also provides a resource in the event of long-term planning or restructuring. Chapter has designated those reserves represented by investments, identified in these accounts as 17 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ‘Investment Property’ and ‘Other Investments’ and as of 31 December 2024 valued at £735,000 and £1,277,572, in the following manner: - to retain, until such time as needed, a reserve of at least six months of ordinary activity (£650,000) to protect the Cathedral’s operations. assets, to reflect the fact that these funds are not readily realised and are utilised operationally. Whilst the general fund shows a net current asset position of £44,635, given that the designated fund holds in excess of £1,277,572 in readily realisable investments, Chapter is content that any liabilities that can reasonably be forecast, over the foreseeable future, can be met as they arise. ## **Risk Management** procedures to mitigate them. There are sound internal controls in force to safeguard the Cathedral’s assets. Suitable accounting policies and practices are established and appropriate, and required insurance is held. Budgets are set annually and measured monthly against actual outcomes. The principal risks are articulated in our risk register. After various mitigating actions, no risks remain unacceptably high, but four risks remain a concern and these are: - - A safeguarding incident - Congregational giving reducing - Staff / key volunteer turnover jeopardising the effectiveness of the organisation. We continue to extend and review our risk register and involve Finance Committee in this process. ## The Cathedral not only serves the local community daily in its religious and charitable work and funding, including provision of space at reduced rates for many charitable organisations, but it is a resource in the promotion of religion, music, culture and heritage. Within this Annual Report, there is a description of activities that deliver these core public benefits. 18 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Governance and Structure** The Cathedral became a charity on 12 March 2024 with the title of “Cathedral Church of St. Thomas of Canterbury Portsmouth” (Registration number: 1207410). Portsmouth Cathedral is governed by the Chapter, a group of appointed and elected individuals. They are supported by the Finance Committee, Nominations Committee, Fabric Advisory Committee, and the College of Canons. The Portsmouth Cathedral Development Trust is an independent registered charity which undertakes fundraising for major developments at Portsmouth Cathedral. _**Operational Management** ._ a Senior Management Team (SMT) comprising the Dean, Canons Chancellor and Precentor and the COO meet at least bi-weekly except over the summer months and Christmas/New Year period. Chapter has approved a terms of reference for SMT. _**Recruitment of Trustees** ._ In preparation for the new Measure, Chapter formed a Nominations Committee and granted a terms of reference for its work on 23 November 2022. The retired senior civil servant, Canon Sir David Normington, GCB, agreed to be chair of this Committee, which is tasked with providing nominees for appointment or election to Chapter and its committees. The Committee is tasked with providing a rolling renewal of Chapter and committee members on a three-year cycle. ## **The Chapter of the Cathedral:** The Chapter must have between 9 and 12 members. The Dean is chair of Chapter and has a casting vote. There are two further executive members of Chapter and these are the two Residentiary Canons of the Cathedral _ex officio._ The Bishop, after consulting the Chapter, must appoint one of the non-executive members who is not a residentiary canon. This individual is, by virtue of that appointment, the senior nonexecutive member of the Chapter. The members of the Chapter appoint the other non-executive members who are not residentiary canons with the prior approval of the Bishop. There must be more non – executive than executive members and there must be more lay than clergy members amongst the non-executive members. One non-executive member of Chapter must have recent and relevant financial experience and becomes the Chair of the Finance Committee. Two of the non-executive members may be elected at the Annual Parochial Church Meeting from— (a) the persons who are included on the church electoral roll of the Parish, and (b) the persons who are included on the non-worshipping community roll The Vicar of the Parish is the Dean, whilst the Residentiary Canons are appointed by the Bishop with the approval of the Dean. attend external training provided by the Association of English Cathedrals (AEC). There is specific training provided by the Church Commissioners and the AEC for Deans. The Cathedrals Measure 2021 requires that it shall be the duty of Chapter to direct and oversee the administration of the affairs of the Cathedral and to: - Order the worship and promote the mission of the Cathedral; 19 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** - Formulate, after consultation with the Bishop, proposals in connection with the general direction and mission of the Cathedral; - Prepare an annual budget for the Cathedral; - Prepare the annual report and audited accounts and such other reports as may be requested or required; - Submit to the College of Canons the annual report and audited accounts prepared as aforesaid; - Keep under review the Constitution and Statutes of the Cathedral and consider any proposals for their revision, undertaking necessary statutory consultation as required; - Manage all property vested in the Cathedral and the income accruing from it and, in particular, ensure that necessary repairs and maintenance in respect of the Cathedral and its contents and other buildings and monuments are carried out, and - Perform such other functions as may be prescribed. ## **Cathedrals Measure 2021** The Cathedrals Measure 2021 brought cathedrals under the jurisdiction of the Charity Commission for the first time. The Cathedral’s new Constitution and Statutes came into effect on 11 December 2023 and the Cathedral became a Registered Charity (number 1207410) on 12 March 2024. Chapter members are trustees within the meaning of the Charities Act 2011. While we were not required to do so under the previous Measure, the Cathedral has, for years, voluntarily published its annual accounts, welcoming comment and scrutiny. Chapter is the ultimate decision-making body of the Cathedral and responsible for all strategic matters. A list of Chapter members is shown on page 22. 20 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Staff and volunteers** Chapter is assisted in the day-to-day implementation of its decisions by a team of paid staff led by the Chief Operating Officer, together with numerous volunteers. The policy on the remuneration of all paid staff is determined by Chapter. ## **Finance Committee** The Constitution requires the setting up of a Finance Committee, with the function of advising Chapter in connection with its responsibilities in the field of financial, investment and risk management along with audit oversight. Chapter receives and acts on the guidance and the advice given to it by the Finance Committee. Chapter appoints the members of this Chapter sub-committee, following advice from the Nominations Committee. The Members of the Finance Committee are listed on page 21 ## **Fabric Advisory Committee** Under the Care of Cathedrals Measure 1990, the Fabric Advisory Committee (FAC) is responsible to the Cathedrals Fabric Commission for England and considers applications from Chapter in regard to proposed development of and changes to the Cathedral's fabric. There are eight voting members of the Fabric Advisory Committee: four appointed by the Cathedrals’ Fabric Commission for England after consultation with Chapter, and four by Chapter after consultation with the Commission. The members appoint a Chair from among their own number. The Dean and Chief Operating Officer attend meetings on behalf of Chapter, and other Chapter members are free to attend; no members of Chapter have a vote. The Cathedral Archaeologist and the Cathedral Architect have, under Section 4 of the Care of Cathedrals Measure 1990, a duty to attend meetings, although neither has a vote. Members of the Fabric Advisory Committee are listed on page 23. ## **College of Canons** Under the new Constitution and Statutes, the College remains in place. It no longer has any responsibility for the governance of the Cathedral, but remains a highly important group in the life of the Cathedral. Members of the College of Canons are listed on page 23. ## **Portsmouth Cathedral Development Trust (PCDT)** The Trust was formed originally in the 1980s and exists principally to receive funds from appeals made on the Cathedral’s behalf and to make grants to the Cathedral in accordance with the terms of the trust deed and the relevant appeal. The Trust presently holds funds arising from such appeals and releases them to the Cathedral under the terms of the trust deed. As a separate charity (Registered Number 295024 **)** with its own body of trustees, PCDT prepares its own annual accounts, which are submitted to the Charity Commission. PCDT is chaired by Nigel Atkinson Esq, HM Lord-Lieutenant of Hampshire. Members of the PCDT are listed on page 23. 21 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Legal and Administrative Details** ## **Members of the Chapter (Trustees)** The Very Reverend Dr Anthony Cane, _Dean of Portsmouth_ The Reverend Canon Harriet Neale-Stevens, _Canon Chancellor, and Vice Dean_ The Reverend Canon Dr Joanna Spreadbury, _Canon Precentor_ The Reverend Canon Nicholas Ralph, _Head of Mission and Social Transformation, Diocese of Portsmouth_ The Reverend Canon Dr Anthony Rustell, _Director of Ministry & Mission, Diocese of Portsmouth (to 7 December 2024)_ Emma Broome, Senior Non-Executive Member _(to 21 September 2024)_ Mark Emerton, Senior Non-Executive Member _(from 22 September 2024)_ Mary Makin, Chair of Finance _(to 21 September 2024)_ David King, Chair of Finance, _(from 22 September 2024)_ Richard Smout _(until 27 February 2024)_ David Carpenter _(to 8 September 2024)_ Alexandre Lochrane _(elected)_ Canon Ronald Rabbetts _(elected new term from 23 May 2024)_ ## _**In attendance**_ _until 21 January 2025_ The Dean’s Executive Assistant as secretary ## **Members of the Senior Management Team** The Very Reverend Dr Anthony Cane, _Dean of Portsmouth (Chair)_ The Reverend Canon Harriet Neale-Stevens, _Canon Chancellor and Vice-Dean_ The Reverend Canon Dr Joanna Spreadbury, _Canon Precentor_ Richard Abraham, _Chief Operating Officer until 21 January 2025_ ## _**In attendance**_ The Dean’s Executive Assistant as secretary ## **Members of the Finance Committee** Mary Makin, Chair of Finance _(to 21 September 2024)_ David King, Chair of Finance _(from 22 September 2024)_ Paul Mitchell Georgianna Rustell Darrell Cox Philip Sturdy ## _**In attendance**_ The Dean The Chief Operating Officer as secretary The Finance Officer as assistant secretary 22 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **LEGAL AND ADMINISTRATIVE DETAILS (CONTINUED)** ## **Members of the Fabric Advisory Committee** Jane Jones-Warner _(Chair to 4 June 2024)_ David English Chris Wood Mel Howse Mark Bowen Ryan Stock Tareq Teba _**In**_ The Dean _**attendance:**_ The Cathedral Architect The Cathedral Archaeologist The Chief Operating Officer _as Secretary to the FAC_ The Dean’s Executive Assistant _as Assistant Secretary to the FAC_ ## **Members of the Nominations Committee** Canon Sir David Normington – Chair The Very Reverend Dr Anthony Cane, _Dean of Portsmouth_ Paul Quinn Margaret Scott Alex Lochrane - Chapter (non-exec) _**In attendance:**_ The Dean’s Executive Assistant as secretary ## **College of Canons** The Venerable Stephen Daughtery The Venerable Kathryn Percival The Revd Canon Bob White Canon Neil Pugmire The Revd Canon Will Hughes Canon John Gwynn The Revd Canon Karina Green Canon Graham Salter The Venerable Peter Sutton Canon Sir David Normington The Revd Canon Peter Hall Canon Sarah McCarthy-Fry The Revd Canon Tom Kennar Canon David Bennison (until October 2024) The Revd Canon Julie Price Canon Adrian Jordan The Venerable Andrew Hillier KHC RN Canon Robert Solomon The Revd Canon Andrew Sheard (from Canon Bradley Albuery September 2024) Canon Ronald Rabbetts The Revd Canon Annie McCabe (from Canon Sheila Picton September 2024) Canon Stuart Forster (until October 2024) The Revd Canon Richard England (from Canon Margaret Chappell September 2024) The Revd Canon Susie Collingridge (from September 2024) 23 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024** **Chief Operating Officer** _(until 21 January 2025)_ Mr Richard Abraham ## **Cathedral Organist and Master of the Choristers** Dr David Price ## **Cathedral Architect** Mr Simon L. Ablett Ablett Architects Kingfisher House 21-23 Elmfield Road Bromley, Kent, BR1 1LT ## **Archaeological Consultant** Mr Alfred Hawkins Curatorial Office 2nd Floor Waterloo Block HM Tower of London London, EC3N 4AB ## **Bankers** Lloyds Bank 2-4 Palmerston Road Southsea Hampshire, PO5 3QH ## **Investment Managers** CCLA Senator House 85 Queen Victoria Street London, EC4V 4ET ## **Solicitors** Vacant ## **Auditor** Lewis Brownlee (Chichester) Limited Chartered Accountants Registered Auditors Appledram Barns Birdham Road Chichester, West Sussex, PO20 7EQ Following a merger with the Chichester office of Sheen Stickland on 16 December 2024, Lewis Brownlee (Chichester) Limited were appointed as auditors and offer themselves for re-appointment by the members of Chapter. ## **Trustees of the Portsmouth Cathedral Development Trust** Nigel Atkinson Esq – Chairman The Very Reverend Dr Anthony Cane - Dean (ex officio) Mrs Susan Sheldon JP Mrs Krysia Butwilowska Colonel (Ret’d) Jonathan Lloyd MBE 24 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **LEGAL AND ADMINISTRATIVE DETAILS (CONTINUED)** Chapter is responsible, under requirements laid down by the Church Commissioners under the powers given to them under Section 30 of the Cathedrals Measure 2021 for: - preparing and publishing an annual report and audited accounts which give a true and fair view of the financial activities for each financial year and of the assets, liabilities, and funds at the end of each financial year of the Cathedral and its connected entities; - stating that they have complied, in all material respects, with these regulations or describing which regulations have not been complied with and giving reasons for the non-compliance; - selecting suitable accounting policies and then applying them consistently; - making judgements and estimates that are reasonable and prudent; - ascertained with reasonable accuracy at any time; and - safeguarding the assets of the Cathedral and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by Chapter on 8 April 2025 and signed as authorised on its behalf by: The Very Reverend Dr Anthony Cane – Dean of Portsmouth 25 **PORTSMOUTH CATHEDRAL** **ANNUAL REPORT OF THE CHAPTER** **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **REPORT OF THE INDEPENDENT AUDITORS TO THE CHAPTER OF THE CATHEDRAL CHURCH OF ST THOMAS OF CANTERBURY PORTSMOUTH FOR THE YEAR ENDED 31 DECEMBER 2024** We have audited the financial statements of the Chapter of the Cathedral Church of St Thomas of Canterbury Portsmouth (“the Chapter”) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow statement and the notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. This report is made solely to the Cathedral Chapter, as a body, in accordance with the regulations made under Section 30 of the Cathedrals Measure 2021, and in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Chapter 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 Chapter as a body, for our audit work, for this report, or for the opinions we have formed. ## In our opinion the financial statements; give a true and fair view of the state of the Chapter’s affairs as at 31 December 2024, of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Accounting and Reporting Regulations for English Anglican Cathedrals, as specified by the Church Commissioners under section 30 of the Cathedrals Measure 2021, and the Statement of Recommended Practice, as specified by the Charities Act 2011. ## 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 Auditor’s 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 UK, including the FRC’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. ## Responsibilities of the members of Chapter for the financial statements The members of the Chapter are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members of Chapter are responsible for assessing the 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 they intend to liquidate the Cathedral or to cease operations, or have no realistic alternative but to do so. 26 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024** ## Auditor’s responsibilities for the audit of the financial statements 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the ISA’s (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 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 listed below: Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims. Auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. A 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/auditorsresponsbilities. This description forms part of our auditor’s report. ## Conclusion relating to going concern In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## Other information The members of Chapter are responsible for the other information. The other information comprises the information included in the Annual Report of the Chapter. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistences or apparent material misstatements, we are required to determine 27 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Matter on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which we report to you if, in our opinion: sufficient accounting records have not been kept by the Chapter; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. LEWIS BROWNLEE (CHICHESTER) LIMITED CHARTERED ACCOUNTANTS REGISTERED AUDITORS APPLEDRAM BARNS BIRDHAM ROAD CHICHESTER WEST SUSSEX PO20 7EQ > Dated 9 May 2025 28 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Financial Activities General De51gnated Restrlcted Endgwment Total 2024 Fund Fund Fund Fund Total 2023 Income and endowments from: Note Donations and leg8cies Grants receivable in support of tni55ion Charitable 8Ctivity income Trading 8nd tundraising Investments 700,858 46,452 57.1 3,204 601,699 704.062 648,151 57,190 223,239 40,660 380.134 646,161 66,590 196,225 223.239 39,184 IA76 Other incotne Total 310 1,673,612 28.565 F359,bti I067,233 606,379 Expondkur6 on: R8ising hAnds Ministry Cathedr818nd precincts upkeep Educ8tlon ar￿ wtre8ch 129,545 450.562 247,422 219,198 37e,967 669,760 327,207 649,735 227.420 46.493 273.913 306.738 43,051 850.578 61,288 574.351 104,289 1.424.929 92,789 1376.469 Total Expendlture Not Income befor& not Investmont galns 216,e55 32,028 248,683 (17,328) Gsin on rev81uation ot investment property 14 G8in on investmtnts 260.000 91,769 534,785 869.226 23,246 I204 24A50 Gein on property reveluation Net Incomellexpendlture) 216.655 23.246 31028 I204 274133 Transfer betweenfund$ 1383.4511 383.451 Net Movement Infund {166,7961 406,697 32,028 I204 273,133 869,226 Tot81 Funds brought forward 19 5,817,907 54,271 52,586 6,136,195 5 266 969 Total Funds tarried forward 19 44,635 6,224,604 88,299 53,790 6A09,328 6,136,F95 The notes nurnbered I to 24 torrn pert of these financial Ststementy 29 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 Balance Sheet Gtsn•ral D•slgnatèd Rèstrlet•d Endowmnt Total 2024 Fund Fund Fund Fund Total 2023 Note FIXED ASSETS Investment assets Investments property Other investments 14 14 735.OCQ 1,223,782 785.000 1,277,572 735.OQO F303,123 53,790 Tanglbl8 Flxod Ass•ts Property FixDJres, fittings and equlpm8nt TOTAL FIXED ASSETS 15 16 3,805,0 8.012 5,771,794 3,805,000 8.012 53,790 5,825,584 5,805.000 12.212 5,855,335 CURRENT ASSETS Stock Debtors Cash at benk and in harKJ 29,948 20,176 94871 144.495 29,948 485.079 168,577 683.604 29,701 238.685 63,916 332302 17 486￿43 16,467 452.810 28,560 57,739 86.299 TOTAL CURRENT ASSETS LIABIUTIES DUE WITHIN ONEYEAR Creditors.. amounts talling due within one year 18 199.8601 199,8601 (51A42) NET CURRENT ASSETS 44,635 452.810 86.299 583.744 280.860 TOTAL NET ASSETS 44.635 6,224.604 86.299 53.790 6.409.328 6.136.195 FUNDS Endowmnt ￿nd Restricted lunds D•gignated tund$ General fund 19 19 19 19 53,790 58,790 86,299 6,224,604 44,635 53.790 6.409.328 52,586 54.271 4817,907 211,43F 6.136.195 86,299 4224E04 44,635 44.635 6,224.604 86.299 The notes nUM￿re￿ I to 24 torm p8rt of t￿se financial Stateff*nts Approved by Chaptor authorised for issue on 8th April 2025 Anthony Can•- Dean David King- Chair of the Finance Committ00 30 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 Cashflow Statement 2024 2023 Totalfunds Totalfund5 Cashflows from op8ratln8 actlvltl&s {not• 24) Net cash Iu5ed inl opergting gctivities 14,001 1113,2401 Cashflows from Investlng actfvltle5 Investment income received 40,660 41Aee {6,1201 Purchase of tangible fixed assets Purchase of investments Proceeds trom $81e ot Investments 50,000 30,0 Net cash provided by Investlng 8Ctlvltles 90,660 65,346 chan￿ In cash and cash g4ulvalents In ygar 104,881 147*941 Cash Snd cash equivalents at the beginning ot the year 63.916 111.8 Cash Snd cash equivalents &t the end of the year 168.577 63.916 The notes nUM￿re￿ I to 24 torm part of t￿￿se tin8ncial st8tements **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Notes to the Financial Statements** ## **1. ACCOUNTING POLICIES** ## **Basis of preparation** The accounts have been prepared in accordance with The Accounting and Reporting Regulations for English Anglican Cathedrals dated December 2018 as specified by the Church Commissioners under Section 30 of the Cathedrals Measure 2021; and The Charities SORP (FRS 102) second edition, effective January 2019, and the Charities Act 2011. are presented in pounds sterling, which is the functional currency of the Cathedral, and rounded to the nearest pound. ## **Going concern** Chapter has reviewed the funding available to the Cathedral, particularly the level of reserves available in relatively liquid form, together with the expected future cashflows for the foreseeable future, being a period of at least 12 months from the balance sheet date. Chapter considers that there are no material uncertainties over the Cathedral’s financial viability and that, accordingly, it is appropriate to prepare the accounts on a going concern basis. ## **Income and endowments** All incoming resources are included in the Statement of Financial Activities (SoFA) when the Cathedral is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. amounts and the settlement date in writing. If there are conditions attached to the income and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes as outlined in the notes to the accounts. It is included when the amount can be measured reliably. Interest and dividend income is recognised as the Cathedral’s right to receive payment is established. Income from the letting of investment property is recognised on an accruals basis, in accordance with the terms of the rental agreement. Income from the sale of goods in the Cathedral shop is recognised at the point of sale when ownership of the goods transfers to the customer. ## **Expenditure** aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount can be reliably measured. Expenditure is classified under the following headings: 32 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES (Continued)** - Costs of raising funds comprise the costs of commercial trading and their associated support costs - Costs of ministry comprise costs of clergy housing, services, music and their associated support costs - Costs of Cathedral precincts and upkeep comprise maintenance, insurance, utilities and their associated support costs - Costs of education and outreach comprise educational activities, charitable giving and their associated support costs Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred . ## _Support costs and governance costs_ costs, and administrative payroll costs. They are incurred directly in support of expenditure on the activities of the Cathedral. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a consistent basis as set out below: - Salaries, recruitment, and training costs – apportioned based on time analysis by employees and use of resources - Administration – apportioned based on approximate use of resources - Information technology – apportioned based on approximate use of resources - Governance costs – apportioned based on approximate use of resources ## **Fixed assets** In accordance with the Accounting and Reporting Regulations for English Anglican Cathedrals, no value is attributed in the balance sheet for the Cathedral as it is an inalienable and historic building for which no reliable cost information or conventional valuation basis is available. The Regulations also require that no value is attributed on the balance sheet to heritage assets included in the Cathedral’s statutory inventory acquired before 31 December 2018 and maintained in accordance with the Care of Cathedrals Measure 2011, because information on their historical cost is not available. The statutory inventory comprises items of architectural, archaeological, artistic or historical interest. Investment property is held at open market value. Properties held for Cathedral use are initially recognised at cost. During the year ended 31 December 2023, these properties were revalued to their open market value. For the year ended 31 December 2024, we checked the value with a local agent. 33 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** differ materially from that which would be determined using market value at the end of the reporting year. Market values are determined from market evidence usually undertaken by professional qualified valuers. Changes in market value are recognised in “gains/losses on property revaluation” in the SoFA. threshold of £5,000 are capitalised at cost. Depreciation is calculated to write off the cost or valuation less estimated residual value of all tangible fixed assets (other than the deemed cost adopted on transition to FRS102) by equal annual instalments over their expected useful economic lives. The rates generally applicable are: |- Property enhancements
|5%| |---|---| |- Fixtures and fttings|20%| |- Other equipment|33⅓%| ## **Investments** Investments are recognised initially at historic cost, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at market value with changes recognised in ‘net gains/(losses) on investments’ in the Statement of Financial Activities. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid, net of any trade discounts due. ## **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. ## **Creditors and provisions** Creditors and provisions are recognised when the Cathedral has a present obligation resulting from a past event that is expected to result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount, after allowing for any trade discounts due. ## **Stocks** Retail stocks in the Cathedral shop are stated at the lower of cost and net realisable value. ## **Pension Schemes** The pension costs recognised in the Statement of Financial Activities represent the amounts payable to defined contribution pension schemes. 34 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **Funds** ## _Unrestricted funds – general_ Unrestricted funds are spent or applied at the discretion of Chapter in furtherance of the ministry of the Cathedral. Where necessary, unrestricted funds can be used to supplement expenditure made from restricted funds. ## _Unrestricted funds – designated_ designated at Chapter’s discretion. ## _Restricted funds_ donors or which have been raised by the Cathedral for particular purposes. Information on each ## _Endowment funds_ retained as capital or where the Cathedral has solicited endowment funds as part of a fundraising appeal. Income arising from the capital may be expended subject to any donor restrictions or restrictions arising from the fundraising appeal. Expendable endowment funds are funds where the donor has specified that the donation is capital in nature but has granted Chapter discretion to expend that capital. The income arising from the capital may be expended subject to any donor restrictions. ## **Estimation uncertainty and judgements** assumptions about the carrying amount of assets and liabilities. The nature of estimation means that the actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements: ## **use** to the carry amount of assets and liabilities within the next financial year are: - Valuation of investment property and valuation of properties held for Cathedral use Chapter uses the valuation performed by its independent valuer as the basis for market value of these properties. Further details are given in notes 14 and 15. 35 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES 2024 2024 Unr•strletèd R•strlet•d Endowmènt Funds Funds Fund Total Funds Congreg8tion81 collections 8nd giving Donatlons Tax recoverable under Gift Aid Legacies Tot81 I￿.014 e3,890 30,210 496.744 700,858 110.014 66,894 30AIO 496.744 704,062 3,004 200 3,204 DONA TIONSAND LEGACIES 2023 2023 Total Funds Unrestrfcted Rostrlrtad Endowment Funds Funds Fund Congregation81 collectitrns andwvin8 Donations Tax recoverable under Gift Ald Legacies Total 119,269 n158 87355 148.252 376,134 119,269 74.958 S7,655 148.252 380,134 3.800 200 GRANTS RecEIVA8Le IN THe couse OF MISSION 2024 2024 Total Funds Unrestrlcted Restrktod Endowment Fund$ Funds Fund Church Cotnmissioners grants Other revenue Snd c8pital grsnts Totgl 528,764 72,935 601.699 528,764 119.387 648.151 46.452 46.452 GRANTS RECEIVA8LEIN THE COVSE OFMISSION2023 2028 Totel F￿r1d6 Unrestrlcted Re$trf¢ted Endowment Fund$ Funds Fund Church ComNnissiongrs 8r8nts Other revenue &nd c&pitalgrants Tot81 556,070 527A3 608.783 556.070 90.091 646.161 37.378 37,378 2024 Total Funds 2023 Total Fuftds CHARITABLE ACTWITY INCOME F8es and charges 8rlsing In the cours8 of Mlssion All fund5 8re unrestricted in the current and preceding yeqr. 57,190 e6,590 36 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 TRADING AND FUNDRAISING 2024 2024 Tot81 Funds Unfe$trl¢ted Re¥trlcted Endowment FurKIs Funds Fund I￿oMe trom lurTrdralslng ev&nts and app@81s Gross income from shop and other trading activities IrKome trom lettings of c8thedra18nd other buildings Total 43,606 49,591 130.042 223,239 43,606 49,591 130.042 223.239 7RADINGAND FUNDRAISING 2023 2023 Unre$trl¢ted Restrloted Endowment Funds Funds Fund rotal Funds Income from fvndraising events and appeals Gross income trom shop 8nd oth8r trading 8ctivit18S Incoffle froffl letting5 of cathedral and other buildings Tot81 25,024 52,600 718,601 196,225 25.024 52,600 F18,601 F96,225 INVESTMENTS INCOME 2024 2024 Total Fund5 UnTe5trl¢ted Reslrlcted Endowment Funds Funds Fund I￿OMe trom investments 39.184 l476 40.660 INVESTMENTSINCOME2023 2023 Unrestrlcted Restrlcted Endowment TotalFunds Fund* Fu*>d* Fu￿d InGoffle froffl inve5tment5 40,OF9 OTHER INCOME 2024 Total Funds 2023 TotalFunds Other incotne 310 28.565 All funds 8re unrestrlcted in the current and preceding year. 37 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 RAISING FUNDS 2024 2024 Total Fund5 Unrestrlcted Restrlcted Endovrfment Funds Funds Fund Gross costs ol shop snd other tr8ding activities C05t5 of fundraising everTrts and appe815 M8intsn8rKe ot and repairs to otkEr buildin8s Investm&nt management costs Supwrt costs Totsl 30,190 56,731 13.063 5,900 23.661 129,545 30,190 276,224 13.063 5,900 5l590 876.967 219A93 27,929 247.422 RAISING FUNDS 2023 2023 Unrestrlcted Restrlcted Endowment Fund Total FvttdJE Gross costs of shop and other trading activitie5 Costs of fundrsising 8V8nts snd spp&&s Maintenance of and repairs to other tyuildings Investment m&na8ement ¢￿t$ Support costs Total 27.75Q 15,486 73,057 3.311 24,038 83,642 27.750 229,667 13.057 3,311 53,422 327,207 214,181 29,384 243,565 MINISTRY 2024 2024 Total Funds Unrostrlci8d Rasirlctod Endowment Funds Funds Fund Clergy stipends and working expenses Clergy housing eosts Clergy support costs S8rvlces 8nd muslc sup￿rt Costs Total 141900 141.900 53,156 44.993 82e,840 102.871 669,780 53,156 44.888 805,388 7,180 450,562 105 21,502 55,691 219.198 MINISTRY2023 2023 Total Fund$ Unre6trlcted Restrl¢ted Endown7ent Funds Funds Fund Cler8Y Stipend5 and working expenses Cler8y housing costs Cler8Y SUPPOrt costs Services and music Support Costs Tot61 123,895 123,895 52675 46,221 320.419 106,525 649.735 51675 41,444 260.492 47,933 409,544 59,927 58,592 247.191 38 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 10 CATHEDRALAND PRECINCTS UPKEEP 2024 2024 Total Funds Unre8trl¢ted Restrlcted Endowment Funds Funds Fund M8inten8rKe and interior upkeep Cathedral Insurart6 77.039 38,369 72625 39,387 227.420 77.039 s8,￿9 71625 85,880 273,913 Other costs Support costs Total 46.493 46.493 CA TFIEDRAL AND PRECINCTS UPKEEP2023 2023 Total Funds Unrastrlctsd R•strl¢ted Endowment Funds Funds Fund Maintenance 8rpd Interltsr upkeep Cathp(fral Insurance Other costs Support costs Tot&l 80,747 35,340 53.319 40,016 209,422 F9b83 TOO,630 35.340 81837 88,931 306,738 28,518 48,915 97,316 EDUCATION AND OUTREACH 2024 2024 Total Funds Unrostrl¢i8d Resirlctod Endowm•nt Funds Funds Funds Educational 8Ctivltles Charitglje and other giving Ot￿￿r Costs Supwrt cost5 Total 3,014 6,557 1026 31A54 43,051 20,537 3,574 23,551 10,131 1026 8,581 104,289 37,127 61,238 EDUCA TIONAND OUTREACH2023 2023 Total Funds L1nréStrlet￿ Restrletéd Endowment Fund$ Funds Funds Educational actiwties Charit8b18 8nd other 8ivln8 Other costs Support costs Total 10,098 952 31.955 44,916 1,000 11,098 952 71.016 92.789 39,061 47,873 39 **PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**12**|**SUPPORT COSTS**|||||| |---|---|---|---|---|---|---| ||**2024**|||||**2024**| |||**Raising Funds**|**Ministry**|**Cathedral and**|**Education and**|**Total Funds**| |||||**Precinct**|**Outreach**|| |||**£**|**£**|**£**|**£**|**£**| ||Salaries, recruitment,|||||| ||and training costs|31,734|63,278|52,827|42,185|190,024| ||Administration|11,355|22,642|18,902|15,095|67,994| ||IT|6,828|13,614|11,366|9,076|40,884| ||Governance costs|1,673|3,337|2,786|2,224|10,020| |||---------------|---------------|---------------|---------------|---------------| |||51,590|102,871|85,881|68,580|308,922| |||===============|===============|===============|===============|===============| Included within governance costs above are auditor’s remuneration for 2024 of £8,100 plus VAT |**_2023_**|||||**_2023_**| |---|---|---|---|---|---| ||**_Raising_**|**_Ministry_**|**_Cathedral and_**|**_Education and_**|**_Total_**| ||**_Funds_**||**_Precincts_**|**_Outreach_**|**_Funds_**| ||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**| |_Salaries, recruitment,_|||||| |_and training costs_|_20,075_|_40,031_|_33,419_|_26,687_|_120,212_| |_Administration_|_26,287_|_52,415_|_43,758_|_34,943_|_157,403_| |_IT_|_5,557_|_11,082_|_9,252_|_7,388_|_33,279_| |_Governance costs_|_1,503_|_2,997_|_2,502_|_1,998_|_9,000_| ||---------------|---------------|---------------|---------------|---------------| ||_53,422_|_106,525_|_88,931_|_71,016_|_319,894_| ||===============|===============|===============|===============|===============| _Included within governance costs above is auditor’s remuneration for 2023 of £7,500 plus vat_ 40 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**13**|**STAFF**||||**2024**|**_2023_**| |---|---|---|---|---|---|---| ||**COSTS**|||||| ||||||**£**|**_£_**| ||**Salary costs were as follows:**|||||| ||Salary costs||||583,109|511,044| ||Social security costs||||49,050|43,472| ||Pension costs||||34,421|27,426| ||||||---------------|---------------| ||||||666,580|581,942| ||||||===============|===============| |||||||**2024**| |||**Stipend**|**Levy**|**NIC**|**Pension**|**Total**| ||**Stipends**|**£**|**£**|**£**|**£**|**£**| ||The Very Reverend Anthony Cane|41.751|182|3,777|8,513|54,233| ||The Reverend Canon Harriet Neale-Stevens|33,082|155|3,027|8,868|45,131| ||The Reverend Canon Joanna Spreadbury|33,082|133|2,521|6,810|42,546| |||---------------|-------------|-------------|---------------|---------------| |||95,700|425|9,325|24,191|141,900| |||===============|============|============|===============|===============| |||||||**_2023_**| |||**_Stipend_**|**_Levy_**|**_NIC_**|**_Pension_**|**_Total_**| ||**_Stipends_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**| ||_The Very Reverend Anthony Cane_|_39,477_|_171_|_3464_|_8,909_|_52,021_| ||_The Reverend Canon Joanna Spreadbury_|_31,435_|_134_|_2,494_|_7,127_|_41,192_| ||_The Reverend Canon Kathryn Percival_|_15,577.24_|_77_|_1,404_|_3,574_|_20,633_| ||_The Reverend Canon Harriet Neale-Stevens_|_9,212_|_40_|_797_|_0.00_|_10,048_| |||_---------------_|_-------------_|_-------------_|_---------------_|_---------------_| |||_95,701_|_425_|_8,159_|_19,611_|_123,895_| |||_===============_|_============_|_============_|_===============_|_===============_| The stipends of the Dean and the above Residentiary Canons were paid directly from the Church Commissioners along with the related costs set out above. 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, the Archbishops’ Council and the Church of England Pensions Board. Two other Canons, Nicholas Ralph and Anthony Rustell were remunerated by the Diocese of Portsmouth. Anthony Rustell’s wife is a member of the Cathedral’s Finance Committee with responsibility for Risk and Audit, for which she receives no reimbursement. Expenses of £3,337 (2023 - £3,718) were reimbursed to members of Chapter. Planned giving donations of £7,812 (2023 £10,783) and other donations of £5,165 (2023-£6,325) were received from related parties during the year. There was an average of 10 (2023: 10) full time and 15 (2022: 13) part time paid staff including clergy paid by the Church Commissioners but excluding the Cathedral Choir. The full time equivalent of the same group in 2024 was 21 (2023: 18). The aggregate remuneration of Key Management Personnel in 2024, including all benefits, was £249,362 (2023: £195,306). This group is defined as the remunerated members of Chapter and the Chapter Clerk/COO. One member of staff was paid emoluments of more than £60,000 (2023: none). The Dean is also a trustee of the Portsmouth Cathedral Development Trust, which is not considered to be a related party of the Cathedral. During the year there were no donations _(2023: £0)_ received from the PCDT. 41 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**OR**|**THE YEAR ENDED 31 DECEMBER 2024**||| |---|---|---|---| |**14**|**INVESTMENTS**|**2024**|**_2023_**| |||**Total**|**_Total_**| |||**Funds**|**_Funds_**| ||**Investment Property**|**£**|**_£_**| ||Market value brought forward|735,000|475,000| ||Reclassifcation|-|345,000| ||Revaluation|-|(85,000)| |||---------------|_---------------_| |||735,000|735,000| |||===============|_===============_| The investment property was revalued by Chapter in 2023. The revaluation was carried out by Eddison’s Chartered Surveyors in November 2023. Desktop valuations have confirmed the valuation is still reasonable. ||**2024**|**_2023_**| |---|---|---| ||**Total**|**_Total_**| ||**Funds**|**_Funds_**| |**Other investments**|**£**|**_£_**| |Market value brought forward|1,303,123|_1,241,354_| |Disposals at proceeds|(50,000)|_(30,000)_| |Gain on revaluation|24,450|_91,769_| ||---------------|_---------------_| ||1,277,573|_1,303,123_| ||===============|_===============_| |**Total investments**|2,012,573|_2,038,123_| ||===============|_===============_| |Split of investments between funds:||| ||**2024**|**_2023_**| ||**£**|**_£_**| |Endowment - Friends of Cathedral Music|53,790|52,586| |Designated – Groves legacy including Investment Property 84 Penny Street|1,613,783|1,640,537| |Designated – Tangible Fixed Assets Investment Property Flat 1|345,000|345,000| ||---------------|_---------------_| ||2,012,573|_2,038,123_| ||===============|_===============_| |Investments are held in pooled managed funds as follows:||| ||**2024**|**_2023_**| ||**£**|**_£_**| |Property (directly owned)|735,000|_735,000_| |CBF CoE Investment Fund Income Shares|1,111,974|_1,135,845_| |CBF CoE Property Fund Income Shares|165,599|_167,278_| ||---------------|_---------------_| ||2,012,573|_2,038,123_| ||===============|_==============_| 42 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**15**|**PROPERTY**||**2024**| |---|---|---|---| |||**Unrestricted**|**Total**| |||**Funds**|**Funds**| |||**£**|**£**| ||**Cost or deemed cost**||| ||At 1 January 2024|3,805,000|3,805,000| ||Reclassifcation|-|-| ||Disposals|-|-| |||---------------|---------------| ||At 31 December 2024|3,805,000|3,805,000| |||===============|===============| ||**Depreciation**||| ||Accumulated at 1 January 2024|-|-| ||Charge for the year|-|-| ||Disposals|-|-| |||---------------|---------------| ||At 31 December 2024|-|-| |||===============|===============| ||**Net Book Value**||| ||At 31 December 2024|3,805,000|3,805,000| |||===============|===============| ||At 31 December 2023|3,805,000|3,805,000| |||===============|===============| The properties above are all freehold and applied for Cathedral use. All properties (excluding the Cathedral itself) were revalued by an independent valuer, Eddison’s Chartered Surveyors, in November 2023 at a total value of £3,805,000. The basis of the valuation was open market value having regard to any special assumptions or circumstances. The carrying amount of these assets under the historical cost model would be £2,996,749. |**16**||**Fixtures**|**Other**|| |---|---|---|---|---| |||**& Fittings**|**Equipment**|**Total**| ||**Cost**|**£**|**£**|**£**| ||At 1 January 2024|13,917|4,848|18,765| ||Additions|-|-|-| ||Disposals|-|-|-| |||---------------|---------------|---------------| ||At 31 December 2024|13,917|4,848|18,765| |||===============|===============|===============| ||**Depreciation**|||| ||Accumulated at 1 January 2024|4,356|2,196|6,552| ||Charge for the year|2,585|1,616|4,201| ||On disposals|-|-|-| |||---------------|---------------|---------------| ||At 31 December 2024|6,941|3,812|10,753| |||===============|===============|===============| ||**Net Book Value**|||| ||At 31 December 2024|6,976|1,036|8,012| |||===============|===============|===============| ||At 31 December 2023|9,561|2,651|12,212| |||===============|===============|===============| 43 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**17**|**DEBTORS**||||| |---|---|---|---|---|---| ||**2024**||||**2024**| |||**Unrestricted**|**Restricted**|**Endowment**|**Total**| |||**Funds**|**Funds**|**Funds**|**Funds**| |||**£**|**£**|**£**|**£**| ||Invoiced debtors|5,507|28,560|-|34,067| ||Prepayments|1,391|-|-|1,391| ||Accrued income|449,621|-|-|449,621| |||---------------|---------------|---------------|---------------| |||456,519|28,560|-|485,079| |||===============|===============|===============|===============| ||**_2023_**||||**_2023_**| |||**_Unrestricted_**|**_Restricted_**|**_Endowment_**|**_Total_**| |||**_Funds_**|**_Funds_**|**_Funds_**|**_Funds_**| |||**_£_**|**_£_**|**_£_**|**_£_**| ||_Invoiced debtors_|6,633|69,710|_-_|76,343| ||_Prepayments_|-|-|_-_|-| ||_Accrued income_|159,383|2,959|_-_|162,342| |||_---------------_|_---------------_|_---------------_|_---------------_| |||166,016|72,669|_-_|238,685| |||_===============_|_===============_|_===============_|_===============_| |**18**|**CREDITORS: amounts falling due within one year**||||| ||**2024**||||**2024**| |||**Unrestricted**|**Restricted**|**Endowment**|**Total**| |||**Funds**|**Funds**|**Funds**|**Funds**| |||**£**|**£**|**£**|**£**| ||Trade creditors|11,371|-|-|11,371| ||Social security and other taxes|18,412|-|-|18,412| ||Other creditors|70,077|-|-|70,077| |||---------------|---------------|---------------|---------------| |||99,860|-|-|99,860| |||===============|===============|===============|===============| ||**_2023_**||||**_2023_**| |||**_Unrestricted_**|**_Restricted_**|**_Endowment_**|**_Total_**| |||**_Funds_**|**_Funds_**|**_Funds_**|**_Funds_**| |||**_£_**|**_£_**|**_£_**|**_£_**| ||_Trade creditors_|_25,750_|_-_|_-_|_25,750_| ||_Social security and other taxes_|_2,481_|_-_|_-_|_2,481_| ||_Other creditors_|_23,211_|_-_|_-_|_23,211_| |||_---------------_|_---------------_|_---------------_|_---------------_| |||_51,442_|_-_|_-_|_51,442_| |||_===============_|_===============_|_===============_|_===============_| 44 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 19 ANALYSIS OF NET MOVEMENTS IN FUNDS Total Funds Income Expendlture Galns Transfers Total Funds 01.0124 3112.24 Endowmentfund$ FOC Muslc- Chdr Scholarshlp 52,586 1,204 53,790 R&strlctedfut)ds Church Commissioners Stipends Church CommissitsrErs S28 grant Cathedrals Sustainability Fund 141,9 167.240 219,624 1141,9001 1167.2401 1219,4931 N8tiorbal Lottery Hérltage Fund BUI￿l￿g & Heritgge Fund Music Michael Jam&s Ogan Scholership FOCM - Choir Se￿Isr$hIP Cathedral Sing Cgthedrals Music Trust Educ8tion and Outre8ch Support For Education The Jerus816m Trust Other AEC Burssry QARNNS- cnap81 of H@aiirTrg Suny8ni Fund 58A80 58,880 17,701 17,701 182 {1821 11.4761 110,6941 19,0001 00 10,741 9.wo 1.476 1,8 1,847 00 io 10,oco 12,WOI 118.5871 8.587 255 12551 6,771 1.470 6,771 1.100 3.204 13.5741 Total restrl¢ted fund 54.271 606.379 (574.3511 86.299 Unre$trl¢tedfund$ Ge￿ra1 fund Designated lund- William Grove5 legacy Designat6d fund- Legacl8S Designated fund- Tangible Fixed 85sets Designat6d fund- Lunch Club 211,481 1,067,238 1,640.537 1850,5781 1883,4511 23.246 150.0001 436,343 14.2011 1,809 44,635 1,613.783 43e,343 4,158.011 16,467 4,162212 15,158 Total unr&strlct8dfunds 6,029,338 1,067,233 1850,5781 23.246 6.269,239 Totalfund 6,136.195 1.673,612 (1,424,929) 24,450 6,409A2B 45 ## **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**_19_**|**_ANALYSIS OF NET MOVEMENTS IN FUNDS_**
**_2023_**
**_Total funds_**
**_Income_**
**_Expenditure_**
**_Gains_**
**_Transfers_**
**_Total funds_**
**_01.01.23_**
**_31.12.23_**
**_£_**
**_£_**
**_£_**
**_£_**
**_£_**
**_£_**
**_Endowment fund_**
_FoCM – Choir Scholarship_
_48,028_
_-_
_-_
_4,558_
_-_
_52,586_
_---------------_
_-------------_
_---------------_
_-------------_
_---------------_
_---------------_
**_Restricted funds_**
_Church Commissioners_
_Stipends_
_-_
_123,895_
_(123,895)_
_-_
_-_
_-_
_Section 23 grant_
_-_
_175,952_
_(175,952)_
_-_
_-_
_-_
_Church Commissioners Legal Fees Grant_
_-_
_4,777_
_(4,777)_
_-_
_-_
_-_
_Cathedrals Sustainability Fund_
_-_
_251,446_
_(251,577)_
_-_
_-_
_(131)_
_Fabric_
_Southwest Doors – crowdfunding_
_13,619_
_-_
_-_
_-_
_(13,619)_
_-_
_Let the Building Speak_
_4,082_
_-_
_-_
_-_
_(4,082)_
_-_
_Building & Heritage Fund_
_-_
_-_
_-_
_-_
_17,701_
_17,701_
_Friends Support Heating Feasibility Study_
_-_
_3,000_
_(3,000)_
_-_
_-_
_-_
_LPOW Heating Feasibility Study_
_-_
_2,959_
_(2,959)_
_-_
_-_
_-_
_Music_
_Other support for music_
_860_
_-_
_(860)_
_-_
_-_
_-_
_Michael James Organ Scholarship_
_-_
_2,000_
_(1,818)_
_-_
_-_
_182_
_FoCM – Choir Scholarship_
_-_
_1,447_
_(1,447)_
_-_
_-_
_-_
_Church Choir project_
_-_
_20,154_
_(20,154)_
_-_
_-_
_-_
_Cathedral Sing_
_6,035_
_13,100_
_(13,394)_
_-_
_5,000_
_10,741_
_Cathedral Music Trust_
_13,934_
_13,500_
_(13,434)_
_-_
_(5,000)_
_9,000_
_Education and Outreach_
_Pop-Up Cathedral_
_349_
_-_
_(349)_
_-_
_-_
_-_
_Friends Support for Education_
_2,000_
_1,000_
_(3,000)_
_-_
_-_
_-_
_Other Support for Education_
_2,000_
_-_
_(2,000)_
_-_
_The Jerusalem Trust_
_10,000_
_-_
_(1,463)_
_-_
_-_
_8,537_
_Monks project_
_1,000_
_-_
_(1,000)_
_-_
_-_
_-_
_Other funds_
_All Churches Trust Hope Beyond_
_7,500_
_-_
_(7,500)_
_-_
_-_
_-_
_Chapel of Healing & Reconciliation_
_6,771_
_-_
_-_
_-_
_-_
_6,771_
_Sunyani Fund_
_1,470_
_1,000_
_(1,000)_
_-_
_-_
_1,470_
_Memorial garden_
_759_
_-_
_(759)_
_-_
_-_
_-_
_Grant towards Volition costs_
_4,000_
_-_
_(4,000)_
_-_
_-_
_-_
_Other restricted funds_
_207_
_-_
_(207)_
_-_
_-_
_-_
_Other items arising in 2021_
_1,320_
_-_
_(1,320)_
_-_
_-_
_-_
_Other items arising in 2022_
_80_
_-_
_(80)_
_-_
_-_
_-_
_---------------_
_-------------_
_---------------_
_-------------_
_---------------_
_---------------_
_Total restricted funds_
_75,986_
_614,230_
_(635,945)_
_-_
_-_
_54,271_
_---------------_
_-------------_
_---------------_
_-------------_
_---------------_
_---------------_
_General funds_
_93,514_
_744,911_
_(740,524)_
_-_
_113,530_
_211,431_
_Designated fund W. Groves legacy_
_1,668,326_
_-_
_-_
_87,211_
_(115,000)_
_1,640,537_
_Designated fund Tangible fxed assets_
_3,368,010_
_-_
_-_
_794,785_
_(583)_
_4,162,212_
_Designated funds Lunch Club_
_13,105_
_2,053_
_15,158_
_---------------_
_-------------_
_---------------_
_-------------_
_---------------_
_---------------_
_Total unrestricted funds_
_5,142,955_
_744,911_
_(740,524)_
_881,996_
_-_
_6,029,338_
_---------------_
_-------------_
_---------------_
_-------------_
_---------------_
_---------------_
**_Total funds_**
_5,266,969_
_1,359,141_
_(1,376,469)_
_886,554_
_-_
_6,136,195_
_===============_
_============_
_===============_
_========_
_===============_
_===============_| |---|---| _Further information on each of the above funds is given in note 21._ 46 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**20**|**TRANSFERS BETWEEN FUNDS**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---| |||**Funds**|**Funds**|**Funds**| |||**£**|**£**|**£**| ||**2024**|||| ||Expenditure repaid to unrestricted funds|-|-|-| |||=========|=========|=========| ||**_2023_**|||| |||_-_|_-_|_-_| |||_=========_|_=========_|_=========_| |**21**|**DESCRIPTION OF FUNDS**|| |---|---|---| ||**Endowment funds**|| ||Friends of Cathedral Music – Choir Scholarship|This a capital fund to be retained permanently. Income arising from the fund is to be applied to a| |||restricted income fund for a choral scholarship.| ||**Restricted funds**|| ||Church Commissioners grants|The Church Commissioners grants are as described in note 20. The stipend grant represents the| |||payment of stipends by the Church Commissioners directly. No cash is received by Chapter.| ||National Lottery Heritage Fund|Grant for refurbishment of visitor welcome| ||Building and Heritage Fund|Formed to consolidate existing funds related to buildings and heritage| ||Michael James Organ Scholarship|Funds solicited towards the costs of an Organ Scholar| ||Friends of Cathedral Music – Choral Scholarship|Restricted income fund arising from the related endowment. The income is to be spent on| |||providing a Choral Scholarship.| ||Cathedral Sing project|Funds solicited towards the named project| ||Cathedral Music Trust|Funds from the Cathedral Choirs Emergency Fund towards the costs of the Cathedral Choirs| ||Support for Education|Contribution to the costs of educational activities| ||The Jerusalem Trust|Contribution to the costs of educational activities| ||QARNNS – Chapel of Healing and Reconciliation|This fund represents monies raised to fund improvements and enhancements to the chapel of| |||healing and reconciliation.| ||Sunyani Fund|Funds, raised from events and congregational giving, used to support the St. Anselm's Cathedral| |||and Diocese of Sunyani, Ghana.| ||AEC Bursary|Travel bursary for CMT meeting| ||**Designated funds**|| ||William Groves legacy|Funds originally arising from the legacy of William Groves and earmarked by Chapter for longer| |||term application.| ||Legacies|Legacies received to be used for special purposes| ||Tangible fxed asset|Funds represented by operational fxed assets and not readily realisable| ||Lunch Club|Funds raised by the Cathedral Lunch Club| ||**General fund**|These funds are unrestricted and available for the Cathedral’s use.| 47 **PORTSMOUTH CATHEDRAL** ## **ANNUAL REPORT OF THE CHAPTER** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **22 CAPITAL COMMITMENTS** There were no material amounts contracted for but not provided for at 31 December 2024 or 31 December 2023. ## **23 PENSION SCHEMES** Portsmouth 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. CWPF has two sections: 1. 2. the Pension Builder Scheme, which has two subsections; - a. a deferred annuity section known as Pension Builder Classic, and, - b. a cash balance section known as Pension Builder 2014. ## **Pension Builder Scheme** _**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**_ 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: £36,483 2023: £32,202).** A valuation of the Pension Builder Scheme is carried out once every three years. The most recent 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, Portsmouth Cathedral could become responsible for paying a share of the failed employer’s pension liabilities. 48 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2024 24 RECONCILIATION OF NET MOVEMENT IN FUNDS TO OPERATING TO OPERATING CASHFLOW Total Funds Net oxp8nditur611incoml excluding investff*nt g8ins 8nd losses Investment incotne 280A07 140,6601 Opératln¥ (d￿l¢ll)Is￿rp1J$ 239,647 Depreciation charges Increase in St(￿kS 4,201 12471 1246.3941 16,794 Increase in debt￿5 Incr88s6 In credltors Nèt eash Inflow from apèratlons 49