PORTSMOUTH CATHEDRAL PORTSMOUTH CATHEDRAL THE CATHEDRAL CHURCH OF ST THOMAS OF CANTERBURY PORTSMOUTH ANNUAL REPORT AND AUDITED ACCOUNTS YEAR ENDED 31 DECEMBER 2025 Charity Number 1207410 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Contents Preface Cathedral Vision Achievements and Performance in 2025 and a forward look to 2026 Structure, Governance and Management 16 Reference and Administrative Details 19 Report of tho Independent Auditors 23 Statement of Financial Activities 26 Balance Sheet 27 Cash Flow Statement 28. Notes to the Financial Statements 29 PURTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Preface This ye8rfs 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. A simplilied version of the accounts is, as usual, being m8de available at the Annual Parochial Church Meeting this year, this will go together with this report of the activities of the Cathedral and its various group8. 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 tliem. please ask" foi. a Gopy fi-om tlie Cathedral OffiGe, telephone.. 02592 823300, email- info@portsmouthcathedral.org.uk. Last year I wrote that the Cathedral was still struggling to achieve sufficient income to cover its costs, even though the welcome gift of several legacies made it look as though we were in surplus. In these 2025 accounts, the truth of this is clear, and the g8p between expenditure and income is far too high, During the year, however, we have worked hard to decrease our expenditure for 2026, m8n8ge costs tightly going forward, and increase our incorne, Thi5 15 a task both for today, and for the comii)g years. Tha Vgry Rovgrond Dr Anthony Can• Dean of Portsmouth PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Cathedral Vision Portsmouth Cath8dral.' a beacon and safc haven, anchored in Jesus Christ. For centuries Portsmouth Cathedral has been a beacon for peopleon land and at sea. helping them navigate the passage of time with faith and confvdence 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 p8rish, 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 objectives, it remains central to the work of the Cathedral as we seek, as a Cathedral community, to live out our mission. During 2025 we revisited our Vision and Strategy to create a BiJ8inp.qq Plan and confirm the core purpose activities that the Cathedral exists to deliver. Associated organi5ational Key Performance Indicators (KPIS) have been agreed, linked to the Vision and Objectives. This is a new approach to development and delivery of Cathedral activities that will form the basis of the Business Plan for 2027-2029. Our working principle is to place the KPIS at the centre of the four overlapping Objectives, demonstrating how all agreed activities contribute to the ar.hig.vp.ment of E)11 Objectives and Koy Porformancg_ Indicstors. promoting teamwork and avoiding silo working, Finance and Sugtainahility 8uildin8 and Herlfage Wor5hlp and Musl¢ Gwowln8 and LearrtlnK Dl¢xesp¥nd Cr*mmunlty Partnershlp and Ensa8emeni The four central organisational KPIS agreed with Ch8Pter for the next three years are: Grow the congregations Increase Cathedral visits and maintain good experience scores Reduce the delicit to zero over three years o Fundraise for essential capital works whilst also funding the master plan. ."PORT5MOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 These must be delivered in parallel with our Charitable purpo$e 03 'The seat of the Bishop and a ccntre of worship and missS0n'. We have summarised our core activities as delivering.. A daily round of worship Pastoral response to visitors and congregation Serving the Diocese and the City Hèaltli & Sdfety aiid Charity Compliance including Safeguarding Ensuring a thriving Choir to deliver Choral Music Open for 811. 365 days a year Maintenance and conservation of the buildings in our care In the following p8ges we highlight our work relative to each objective and how progress has been made to help realise our vision to be'a beacon and safe haven, anchored in Jesus Christ,, Achievements and highlights in 2025 and a forward look to 2026 Worship and Music Achievements and highlights in 2025 The Epiphany season and Candlemas provided an uplifting start to the year. with The Blessing of the Sea on the feast of the Baptism of Christ successfully repeated and choristers taking part this time. Thanks to the RNLI launch crew for being wllllng to stand byl Thcrc wa" an cxccllent Choir tour (Girl Chorister" .} to E$tonia and Riga in February, and the second Early Music FestlV81 in March built encouragingly on the previous year. The Cathedral Choir (Boy Choristers) enjoyed their tour to Antwerp and Mechelen in May, and managed a busy music schedule via public transport really well. The Choir year ended in July with a BBC broadcast of Choral Evensong on Radio 3 celebr8ting both Thomas the Apostle and I homas of Lanterbury. Thcrc worc 10 Dcacons and 18 Priests ordained and a large attendance at both 86rvice8. We hosted a number of placements dtjring the year for curates and for those in the discernment process, who all benelited from the experience qnd opportunities we offer here. The Choir Church projects begun in 2024 continued to flourish, w1th a showcase of their singing at Diocesan Synod in June. A second cohort got underway in September. Choir outreach included services at Greatham, Privett, Salisbury Cathedral, Milton and LoGk's Heath. Even though the intern numbers based at PGS reduced from 6 to 4 this year, funding was found for two additional choir places (one Scholar and one Lay Clerk) to help with Choir Church and the new Small Sounds PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 project (sponsored by CMT) which started in the autumn and has proved really popular with 0-4 year olds and their grown-ups. Choir numbers were partictjlarly encouraging this year, with 70 choristers on the books by the end of the summer term, thanks to the Junior Choir opportunities on Mondays and Thursdays. Also the new Gap year intake included the 150th Scholar during David Price's time here 8 really significant achievement as he colebrates his 30 annivers8ry in post, with 8 number of choral and social occasions through to July 2026. th The Honorary Canons 811 preached during the year on the theme 'Why I believe, (reflecting the 1700 anniversary of Nicaea) and we were grateful for the help and cover offered by our Pto clergy especially in the summer months. th Planned jointly with Canon Harriet, we began to keep 8 Season of Creation this year from September to early October, and our Harvest festlV81 celebrated the 'Harvest of ihe Sea., All Souls, services were well attended in early November, after a year which included a number of'cathedral, bereavements. There was an excellent response to the Big Give week in early Advent. with over £20,000 raised for the Music foundation- and our lour Christmas Carol services also raised more in donations than previous years, Pompey Sundays has grown considerably this year with a number of new families joining the congregation (6). Two children were admitted to communion in January and another two in December, following tive the previous year. A5 well as visits lo th¥ beach and the Garden of Hope in Southsea, Pompey Sund8yS welcomed guest speakers from the Library of Thing5, and the Portsmouth Homeless Outreach Team. Worship Statistics taken trom the National Statistics provided to the K*hurch of England., Number of: People on the Electoral roll Children and young people (under16) Sundays Children and young people (under16) mid-'week Adults (16 years old and over) Sundays Adults (76 years old and over) mid-week 2024 325 17 22 216 214 2025 222 40 60 242 162 Comments Reduction due to renewal Two large 8dditional services in 2024- Service for the Legal Profession and a memorial. Fresh expressions and other community services Regular services not weekly e.g. Taizé People at Services outside the Cathedral building.. 1,079 829 895 473 1,338 No of service5.' 2024'.4 2025'.7 P&ople attending ￿OrShIp (including communicants) at Easter services.. People attending worship (including communicants) at Christmas services-. People attending services and events during Holy Week.. People attending services and events during Advent 666 664 1,892 2,005 1,346 1,367 7,098 7,-.74 . PoRT5MOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Looking forward to 2026 We have the City Centenary celebrations this year to which the Cathedral and Cathedral Choir are making significant contributions - alongside planning for our own Centenary and that of the Diocese in 2027. The third Festival of Early Music is taking place - with our Gabrieli, Baroque Alchemy, Solent Symphony Orchestra and Portsmouth (irammar bchool partners - culminating in Handel's Messiah, once again with chorister and Lay Clerklformer Scholar soloists. We will be recording a BBC Radio 4 Sunday programme in June to be broadcast for Sea Sund8y. A further new cohort of Choir Church projects is planned for September to start the new academic year. and the Small Sounds project will continue and develop under Eliot and one of the new Scholar intake. A bigger target is already in sight for this year's Big Give fundraising campaign in early Decemberl Growing and Learning Achievements and highlights in 2025 Schools Our work with schools continues to grow, led by our Learning & Schools Officer and a team of education volunteers. In 2025, the Cathedral hosted16 workshops for primary schools (1,120 children in total) designed to enhance their Key Stage l and 2 RE curricula and I workshop for GCSE students. Our local primary school, St Jude's CE Primary School, situated within the Cathedral's parish, continue to attend the Cathedral for regular Collective Worship at Easter and Harv8St. and this year for a special Military Child Celebration lover IO% of the school's pupils are military children). Thc Cathcdral, in ptsrtncr￿hip with thc Di0cc￿C of Port4Jmouth, ho¥tod Loavorv, Workshopo and Worship led by the Bishop of Portsmouth, for all year 6 students attending a CE primary school in July 2025 (931 pupils attended the workshops and an additional 401 came to the services.) We have held f ree family activities during school holidays (February, April and October) focused on seasonal themes, designed to increase visitor numbers to the Cathedral and offer a resource for tamili8S. Adult Lcarning and Formation We have continued to deliver the Exploring the Bible series of short courses with a February course on Galatians & Ephesians (15 attendees) and a September course on the Psalms (10 attendees). These have attracted those exploring the faith for the lirst time as well as life-long Christians. Our Lent Course tor 2025, Picturing the Passion, was based on the Lent and Holy Week art exhibition Sarum Cycle by artist Nicholas Mynheer which was on display in the Ambulatory during the season. There was an additional talk givtsn by the artist with 20 attendees, during Lent. Our weekly Bible study group. The Word is Near. continues to flourish. attr8Cting several new members (10 regular) and provides a resource for those who wish to explore the scriptures at depth on a regular basis. PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 In Advent 2025, we ran a series of four 30-minute silent prayer sessions, Silence in Heaven, in the Chapel of Healing & Reconciliation, which were attended by 12 people, and attracted some who were new to the Cathedral. In 2025. 6 children attended a confirmation course and were conlirmed at the Easter vigil service. (5 were choristers, and l a young person from Pompey Sundays). ExhibFtions In February the Cathedral hosted the Little Hope Gallery exhibition of paintings by Ukrainian children who were taking part in art therapy sessions in Ukraine. The exhibition K'as launched with a special Evensong followed by an cvcning of talks by those who were leading the project in Ukraine, as well as a performance from the Ukrainian Community Choir, based in Portsmouth. The Sarum Cycle by artist NichoSas Mynheer was on display throughout Lent, Holy Week and E8$ter, informing our worship, Lent course, and some of our school workshops (see above). In June, the Cathedral hosted the Speak their Name Suicide Memorial Quilt for Hampshire and Isle of Wight, tor the second time Anna Chaplains This team now consists of 5 Anna Chaplains and 2 Anna Friends. Work has expanded to include worship in two coro homes and g regular coffee and activities mornin& Coffee with Aiina wliiGh welcomes approxim8tely 15-20 people. The Anna Chaplaincy has also held a Holy Week worship and Coffee and Carols at Christmas, both aimed at providing a relaxed setting for older people and those livin8 Wlth dementia to worship together with their families. Statlstics taken from the National Statistics provided to the Church of England.. Number ot.. People at GraduatK)n ceremonies People at Services for schools (not regular), e.g. end ol term services People at Other PLblic or civic events, conferenceslmeetin s, concerts School workshopsjadult 8ducation.' Nurser I pre-prep l KSI Primary I Prep l KS2 Secondary I Senior l KS3-4 16-18 year5 old 18+ years old Other visitors to tkie Cathedral (non-p8ying and not at events or services) 2024 200 7,955 2025 12J 6,98 Comments No of events.- 2024-.12025:1 No of services.. 2024.'18 2025.19 5,762 11,964 No of events.. 2024.'42 2025'.99 354 2,931 41 31 54 16,843 518 2,154 21 578 15,219 Looking forward to 2026 We are delighted to be ablo to host Nicholas Mynheer's exhibition, Sanctuary, in 2026, which '￿111 explore themes of journey, safety and migration through painting and sculpture. Portsmouth Cathedral will be tha VUR I'SMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 lirst to h03t this exhibition with the hope that it will travel to other Cathedral47 in duc cOUr￿c, notably to Canterbury. The Education team are planning to deliver 8 GCSE RE Conference in 2026. The aim is to give KS4 students an opportunity to hear from speakers and to take part in interactive activities based on their RE curriculum as well as to have the opportunity to interact with students from other local schools, and to visit the Cathedral itself, In 2026 work will begin on a Congregation81 Growth Plan, one of the key areas identilied as a key performance indicator in the Cathedral's business plan. This project will be led by the Canon Chancellor with support from other members of the Ministry Team, staff and current congregations. With the move of the shop from the North Tower Transept, a working group will begin to look at the viability of the space for hosting regular art exhibitions, and in-house exhibitions. Diocese and Community Achievements and highlights in 2025 The Cathedr81 has continued to support the Diocese through hosting of key services such as ordinations and the Chrism lucharitst. Invitations to parishcs are scnt out regularly and 8roups welcomed when prayed for at Evensong. The College of Canons met in September and were briefed on the master planning process with Bishop Jonathan again encouraging the links offered by the appointment of Lay and Honorary Canons. A number of installation services were held throughout the year including that of for the new Archdeacon of Portsdown, the Venerable Bob White. Major civic services continue as part our annual offering.. the City Service (with the newly elected Lord Mayor and other councillor8 in attendance) and the Seafarers Service with its procession down to The Solent and annual wreath laying. We were pleased to welcome as preacher one of our Canons Theologian, the Revd Canon Dr Duncan Dormor, along with representatives of The Sailors, Society. Dean Anthony was again invited to be one of the Lord Mayor's Chaplains. His attendance at City Council Meetlll&b oiid fyivity ¥v¢iitb iiityludiiig R¢iTTeii)braiice Day ai)d d wide I'diige ol bVlTimeinor(Ilioi i& tliruugliout the year continues to contribute to the Cathedral's visibility and engagement in the civic life of the city. Statistics taken from the National Statistics provided to the Church of England: Number of: PeDple at Diocesan or Episcopal services People at Special services (excluding memorials 2024 1,590 1,934 2025 3,546 2,653 Comments No of services.. 2024.. 9 2025.13 No of services.. 2024'.112025'.18 Looking forward to 2026 We are lookinR forward to hostinR Civic services to celebrate Portsmouth 100 as well as beinR part of other events and activities with them. We are also working closely with the Diocese through ourjoint100 Anniversary through 2027. th PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 In Febru(alyi w¥ will be hosting the Coal of Hopes, a precious parchwork garment which is on a long-term pilgrimage through the UK, and has been made by, worn and walked by more than 2000 people, for a distance o* over 2cJr)O miles so far, carrying their hopes in the face of climate and ecological breakdown. In March 2026 Bishop Jonathan announced the appointment of the Revd Dr Mark Davidson KHC Royal Navy as a Canon of Honour. As the Cathedral of the Sea, we welcome this continued link with the Chaplain of the Fleet following the Venerable Andrew Hillier's retirement in September. Buildings and Heritage Achievements and highlights in 2025 The changes in COO and lack of funding resulted in a reduction in planned repairs to the estate and Cathedral. The energy efficiency work funded by the Net Zero Quick Wins grant has been delayed as costs were higher than anticipated. Good progress has been made on changing to LED lights in the back-of- house areas of the Cathedral. Th¥ cobl¥ oiid ilppfocjch needed tor insulating the CaThedral's pitched roofs have been investigated. This will make it easier to lind funding tor this in the future. The lirst and some of the second phase of the Master Plan process and consultation have taken place. The draft pulls together all the previous reports and creates a coherent narrative of what should guide development of the Cathedral and the Cathedral Green for the next15 years. This work is18rgely funded by generous grant from the Church Commissioners Sustainability Fund 8nd involves a wide range of stakeholderb witl)in the Cathedral, our Èxisting communities. external agencies, disengaged audiences and more. The windows in Cathedral House were in a poor state of repair and the South and worst North-f8cing windows have been repaired or replaced. Looking forward to 2026 The decoration and repairs to the bell lower are planned for September 2026. The live-yearly Quinquennial Inspection is planned for June. Once completed, we are going to look at packaging repairs toggthgr in s bid to the new sovernmont fundins which is due to be launched for places of ¥worship. Once the Master Plan has been completed in the first quarter of the year. we will share the plan with our internal planning bodies to seek their input into the best proposals to take torward and look for funding for the different projects. One of our significant risks is providing the power for large events and a solution will be investigated and dglivered as this is cruci81 to growing our income from events. Partnershlp and Engagement Achievements and highlights in 2025 We have built on the 2024 partnership with Portsmouth City Council where we offered an occasional emergency shelter. In 2025 we confidently worked with Portsmouth City Council and the Society of St Jamets tts deliver a night bhelter In Lsecket Hall trom Uctober 2U2b until 31" March 2026. 10 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 2025 was a year of testing and trying different styles ot events to see which drove the best engagement and helped our financial sustainability. The year began with the Cathedral hosting Luxmuralis, an immersive light and projection installation that transformed the interior of the building through large-scale digital artworks. The installation w8s well received by visitors, supported by strong promotion and media coverage including features on BBC and ITII regiona￿ news, However. ticket sales did not reach the levels originally anticipattsd. BDO, the business advisory firm that is working with the Church of England to look at best practice in the operation of Cathedrals, suggests that this is because we are not yet known as premium events space. Over 15,000 people attended the107 events. The past year has Jeen Portsmouth C8thedral's events programme continue to evolve. baSancing linancial sustainability with a commitment to cOM￿.UnltY engagement and cultural 8Ctivity. Over the twelve-month period the Cathedral has hosted a wide range of events, from commercial concerts and large public gatherings to community initiatives, exhibitions, and civic activity. This mix has helped ensure the building remains both financially resilient and welcoming to a broad range of audiences. In 2025 our marketing activity continued to expand across digital platforms. with a consistent presence on Facebook. Instagram, X, Threads, Linkedln and YouTube. Overall 8ngagement remained strong, although our engagement rate dipped as the volume of outbound messaging increased significantly and we broadened our p18tform mix. Posting more regularly and diversifying channels has strengthened visibility, but it has also highlighted the importance of refining format, targeting and messaging to ensure activity translates into meaningful int8raction and website traffic. The new combined Welcome Area at the main Cathedr81 entrance 's now open. This project, which has been funded by the National Lottery Heritage Fund and delivered in partnership with the Mary Rose Museum sees the shop move to the South Tower Transept, a custom-created welcome desk Installed, and brand-new heritage exhibition opened ready for the City s Centenery in 2026. We launched new visitor leaflets in early 2025 and new interpretation around the Cathedral in addition to the new exhibition space. A new activity book, created in partnerS￿.1p with Designed by Esther, has also been launched - improving OLir offer for fami5y visitors. On Tripadvisor, we received four 5. reviews, increasing our rating to 4.4 from 236 reviews, and we are rated 17th on their list of 'Things to do in Portsmouth,. We are performing better on uoogle with 765 reviews and a score of 4.7, Looking forward to 2026 We are moving to a new website platform in the spring ot 2026 which will enable us to more easily update content so that we can improve our engagement online and learn from our successes in 2025. Our new guidebook has taken longer than we hoped but wlll be ready after Easter. We will be continLing ta work with Portsmouth City Council to offer support to rough sleepers in the city offering them warmth and a safe space to sleep whilst they are supported by the council and the Society of St James. PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Finance and Sustainability The Cathedral's total income for 2025 was £1.343,589 (2024: £1.673,61?) And itq tntal pxpenditLire was £1.605,488 (2024., £1,424,929). Investment losses were £40,891 (2024.. gain of £24,450), resulting in an overall net delicit of £302,770 (2024.. surplus of £273,133). The C8thedral has yet to achieve fin8ncial sustainability, namely to ensure that expenditure does not exceed income. Legacy income of £496,744 recognised in the 2024 accounts disguised an underlaying deficit of £223,611. The Cathedral is honoured to be remembered by members of its community but cannot rely on legacy income to place it on a sustainable financial footing. The reduction in legacy income reported in 2025 accounts for the return to a deficit position. Alongside controlling costs and retendering for supplier contracts as they fall due for renewal, the Cathedral's linancial focus is and continues to be developing income from a variety of sources. Throughout 2025, our Head of Marketing and Events continued to implement the Cathedral's revised events strategy, resulting in a 95% increase in events and commercial income, with a further increase budgeted for 2026. The strategy focuses on those partnership and commercial hire relationships which have proved most successful over the last three years. These include events such as the Silent Discos. Gin (Irid Ru￿7 Festivals and oiher larg& scale music concerts, all of which bring in signih"cantly 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 OL4r special venue. Fundraising was also a focus this year. Building on the success of last year's Big Give Challenge, our 2025 campaign ra￿Sed over £20,000 across a single week, and seasonal siving was encoLJraged at an expanded range of Christmas services. To ensure good practice and build the trust of supporters, the Cathedral is registered with the Fundraising Regulator and has developed its own Ethical Fundraising Policy. Increased support eogts (noto10) roflected the Cathedral." planncd invcotment in IT infr83tructure. Expenditure was under the approved budget and was driven primarily by the necessary upgrade of equipment to ensure full compliance with Windows 11 ahead of the withdrawal of support for Windows 10. The budget also incorporated costs associated with implementing a new telephony solution designed to facilitate and enhBnce hybrid working. In 2025. we received support for our work in particular areas as follows.. Worship and Music from th8 Cathedral Music Trust and the Benefact Trust Finance and Sustainability from the Church Commissioners Cathedral Sustainability Fund Building and Heritage from the National Lottery Heritage Fund and the Archbishop's Council Net Zero Carbon Programme Growing and Learning from the F"riend8 Ot Portsmouth Cathedral We are 8190 grateful to the many other trusts and toundations and Individual.supportors who contributed SO generously to the Cathedral's work in 2025. 'PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Looking forward to 2026 During 2026 we will continue our drive to develop and increase income from all sources, to become a truly sustainable organisation where income exceeds expenditure. I his must be the focus ol our work across departments and income streams. A key element of this drive will be the incorporation of a trading subsidiary to undertake the Cathedral's commercial trading activities. This will allovi greater f lexibility in operations, reduce the Catbedral's own exposure to commercial risk, and ensure that the Cathedral's own focus remains on its charitable objectives. During 2026 the Cathedr81 also aims to secure funding to support the tabrir repair and maintpnance recommendations made by the latest quinquennial inspection, in particular repairs needed to the belfry. The Cathedral has taken part in the Church of England review of Cathedrals to understand why 73% are running at a delicir and what can be done to reverse this. Initial analysis suggests that target ar88s for improvement for bs ar& Increasing our events income to 20% of total income. In 2026 it should grow to 10% Improving the linancial performance ol the Cathedral Shop Increasing daytime visitor numbers by up to10,000, which is 2% of the visitors to Portsmouth Growing tundraising income to exceed the total achieved ir 2024 by £lOO,000 We will be looking how we can deliver these recommendations ove,- the coming years. A music endowment will be set up ro coincide with the 30 anniversary of our Director of Music and this will be built on in our IOO, anniversary year with an aim to reach £500,000 by the end of 2027. Investment Policy Chapter aims to keep a portfolio of investments that adopts a ba18nced approach to risk. The attainment of long-term objectives requires the acceptance of 8 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 net10s5 on investment for the year of £40.891 (202£ gain of £24,450). Income from these investmer)ts was £40,721 12024.. £40,666). 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 en8ble the completion of long-term projects. Maintaining general and designated reserves protects the Cathedral against a sudden deterioration in its tinancial results caused by, for example, 8 significant drop in income or a major repair projecL It also provides a resource in the event of long-term planning or restructuring. At 31 December 2025, unrestricted (including designated) reserves held in net current assets plus liquid investments amounted to £1,359,309. 13 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 The Cathedral's Reserves Policy requires it to retain free reserves of at least six months, ordinary p.xpp.nditiire to protect Cathedral opgrations. Based on the cxpcnditure reported for 2025, six months, expenditure amounts to £800,000. Reserves over arid above this threshold are allocated by Chapter to the promotion and continuetion of the five key elements of the Cathedral's Vision and Strategy, with a particul8r emphasis on Building and Heritage to support the ongoing maintenance work required to the fabric of the Cathedral building. Risk Management Chapter has identilied the major risks to which it may be cxposed and has set in place systems and 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 rlsks are aniculated in our risk register. After various mitigating actions, no risks remain unacceptably high, but four risks remain a concern and these are.. Insufficient funds being available to continue to run the Cathedral A safegu8rding incident Congregational giving reducing Staff I key volunteer turnover jeop8rdising the effectiveness of the organisation We continu8 to extend and review our risk register and involve Finance Committee in this process. Our Public Beneh-t Chapter has given duè consideration to the Charity Commission's published guidance on the Public Benelit requirement under the Charities Act 2011. The Cathedral not only serves the local community daily in its religious and charitable work and funding, including provision Df space at reduced rates for many charitable organioations, but it 13 a resource in the promotion of I"eligictn, music, LuILurg and heritage. Within this Annu81 Report, there is a description of activities that deliver these core public benetits. Our People Ibdbgl Merrilield began as Inrerlm CQO in January and continued in that role until June as we recruited for the permanent position. Isabel did an excellent job, drawing on her substantial experience trom a number ol oth9r Qathe.drals, and in18te June we were delight9d to welcome Zoe Colbeck a" - our ncw COO. Zoe came to us from senior roles with the Strawberry Hill Trust and the National Trust, and has made a really strong start, bringing an impressive range of experience and expertise to the multifaceted aspects of the COO'S responsibilities. 111 2025 wg were able ro create two new staff posis, supported by grants from the Cathedrals Sustainability Fund.. Chief Finan¢e Officer: Beginning in September 2025, this new post is required by the C8thedrals Measure 2021. The focL*S of the new role is to lead the development of the Cathedral's tinanci81 stratogy and objectives and to ensure legal and regulatory compliance. Nicky Clark joined us in September 2025 and has made a signilicant contribution to our processes and procedures and eiisurlrig we are compliant and following best practice. 14 'PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Development Officer.. Beginning in October 2025, this new pos= expands the capacity of the Cathedral's fundraising team. The initial focus of the role is on relreshin8 and continuing our congreg8tion81 and regular giving campaigns. Jen Todd joined us in October and brings a wealth of experience from her previous career and a real passion for our work as she is a member of the congregation. M8ri8 Kidd fulfilled the role of Acting Head Verger and Precinct Manager exce15ently for a second time - and we welcomed back Malina Green ir) June after her maternity leave, and said goodbye tc Bertie who had provided cov8r. We $8id thank you and farewell to Catherine Edenborough, our curate, as she moved to Holy Trinity, Fareham in March,- and also to Kitty Price and Chris Nicol our Readers, as they were ordained Deacon in June. One Residentiary Canonry remains vacant following Canon Anthony Rustell's move in December 2024. We said goodbye to a number of staff, including Nicky Taylor Roberts. our Finance Offlcer, who had been with the Cathedral for eight years. In addition to making an invaluable contribution to the smooth running of the linances Nicky had also run the Cathedral Shop,, led on updating standing operational procedure5 and, as a volunteer, organised the Cathedral Christmas Fair for a number of years. We also said goodbye to ayne Skora, our Visitor Experience Manager. Over the past three years, in a role funded by the Cathedrals Sustainability Fund, she delivered many improvements in Visitor Experience and was critical in the delivery of the new exhibition interpretation spaco funded by a Nationèl Lottery Heritage FLind grant. lan nJriftith& Assistant Verger and Precinct Oflicer, retired in December from his Assistant Verger and Precinct Oflicer role to focus on training for ordination, but we are pleased he will still be attending here and taking part in services. Finally, Chris Flatman, our Administrative Assistant, also rtstired at Christmas, having contributed significantly to Cathedral operations since joining the staff in 2024. We trialled Visitor Experience Assistants in the Cathedral durin8 ¢chool holidays, with Anna Irvine-capel, Pamela Kalulu and Matthew Seenan. Despite the hard work and enthusi8sm from these young people, the roles did not deliver the project outcomes and will not be continued in 2026. The Cathedral has a team of 153 voltjnteers in a variety of roles, including Churchwardens, Sidespeople, Flower Guild, Holy Dusters. events, hospitality, shop, education, guides and welcomers. Anna Chaplains. Lay Pastoral Assistants, gardeners, singers 8rd musicians, bell ringers, toddler group, servers, intercessors, readers, lunch club, oflice, researchers, and committees. We value the work of all our volunteers very highly 8nd continue to be extremely grateful for all they do to support and enable the life of the Cathedral in its mission and ministry. Looking ahead, we will seek to enable the volunteers to have opportunities for turther training including in equality and diversity and accessibility. SMT and Chapter worked together to focus our efforts and agree key area of focus for the coming three years which can be found in the opening section. Staff and volunteer workshops were held during the year to create and agree Team Values. Our staff and volunteer Team Values are to respect and care for on6 another with integrity, inclusion and openness. all with a common ambition. 15 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Safeguarding In April the Cathedral and the Diocese of Portsmouth underwent their safeguarding audit as part of the national series by the INEQE Safeguarding Group. In the main the lindings were positive and encouraging and the Cathedral received16 recommendations for improvement and enhancement in practice. The auditors commented'."the Deans approach to safeguarding is well supported by hi5 senior team, particularly by the highly motivated Canon Choncellor, who serves as the Chapter Safeguarding Lead (CSL). During the Audit, it Was evident that they effectively collaborate, while covering what is essentially a combination of operational and strategic I governance roles. Moving forward, this dual responsibility is not sustainable. While the Memorandum of Understandin8 (MOU) with the DBF provides a point of contact from the Diocesan Safeguarding Team (DST), this is insufficient and in the opinion of the Audit there is valtje to be had in ensuring an operational sateguarding presence within the precincts of the Cathedral. The auditors recommend that 'the Cathedral should appoint 8 Cathedral Safeguarding Advisor, situated within the Cath9dral but protessionally managed by thc DSO." Chapter have discussed this recommendation and the current strain ors staffing and in 2026 eostings will be put together to see if it will be possible to appoint a CSA for one day per week initially. The auditors commented on the positive safeguarding culture around the choristers at the Cathedral, and in reference to the music department, commented'."staff appear knowledgeable end committed, with safeguarding embedded into day-to-day routines. The Cathedral draws choristers from a wide range of local schools, and the logistics of transport, supervision and coordination are well man8ged. Stafling levels are strong. with choir matrons providing continuity across rehp.5Jr.88ls, qervices and trips. The use of gap year students from The Portsmouth Grammar School to 8SSiSt in supervision appears effective and is underpinned by appropriate inductions and training." In conclusion, the report states.. "the detailed evidence in the full report demonstrates the extensive efforts by its senior leaders, and the dediLdLed btdff dnd volunteers, who eiisure Ihai individuals can work, volunteer, and worship in an environment that is safer and committed to a continuous safeguarding improvement." Structure, Governance and Management The Cathedral is an ecclesiastical corporation and a registered charity. Its Constitution and Statutes were renewed on 11 December 2023 to comply with the Cathedrals Measure 2021. The Cathedral's role in the Diocose The Cathedral is the mothei church of the Diocese of Portsmouth, which covers south-east Hampshire, Porttsea Island and the Isle of Wight. It i￿7 the focal point for many diocese-wide services and events, from conftrmation services to the ordinations of new ministers. It is also the Parish Church of St Thomas of Canterbury, serving all who live in its geographical parish. PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 The Chapter of the Cathedr81 Portsmouth Cathedra5 is govern8d by the Chapter, whose member¢ are trustees within the meaning of the Charities Act 2011. Chapter is the ultimate decision-making body ot the Lathedral 3nd is responsible for all strategic matters. The Chapter must have between 9 and12 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 oflicio. The Bishop, atter consulting the Chapter, must appoint one of the non-executive rnembers who is not a residentiary canon. This individual is, by virtue of that appointment, the senior non- executive member of th8 Chapter. The members of the Chapter appoint the other non-executive members who are not residfrntiary canon.% with thA prior approv81 ot the Bishop. There must be more non-executive than executive memb8rs and there must be more lay than clergy members amongst the non-executive rnembers. One non-executive member of Chapter must have recent and relevant fin8ncial experience and becomes the Chair of the Finance Committee. Two of the non-executive member8 may b8 elected at the Annual Parochial Church Meeting trom (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 ot the Parish is ex officio the Dean, whilst the Residentiary Canons are appointed by the Bishop with the approval Jf the Dèan. New members of Chapter receive briefing from the Chief Operating Oflicer and are also encouraged to attend external training provided by the A>sociation of English Cathedrals (AEC). There is speciftc 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 =he affairs of the Cathedral and in performing that duty the Chapter must in particular order the v40rship of the Cathedral and promote its mission: formulate, after consultation with the Bishop, proposals relating to the gener81 direction and mission of the Cathedral., prepare an annual budget for the Chapter., prepare an annual report for the Chapter and annual accounts for audit and subseq'aent approval., keep under review the constitution and statutes,. manage the property vested in the Chapter and the income accruingfrom St 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. Investment Powers Under the Cathedrals Measure 2021, Chapter may irlvest the Cathedral's funds in any of the following: Land; Fund5 administered by the Centr81 Board of Finance of the Church ol England by CnLA Investment Management Limited,- Investments in which trustees may invest under the general power of investment in the Trustee Act 2000 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 The improvement or development of property belonging to the Cathedral. except that endowment funds may not be used to improve or develop the Cathedral itself or its ancillary buildings. Statutory Committees As required by the Cathedrals Measure 2021, Chapter is supported by the following committees.. Finance Committee Advises Chapter in connection with its responsibilities in the field of financial, investment and risk management along with audit oversight. Fobric Advisory Commlttee Under the Care of CathedraSs Measure 2011, the Fabric Advisory Committee (FAC) is responsible to the Cathedrals Fabric Commission for Eng18nd and considers applications from Chapter in regard to proposed development of and changes to the Cathedral s fabric. Nominations Committee Advises Chapter on recruitment and appointment or election to Chapter and its committees. The Committee is tasked with providing a rolling renewal of Chapter and committee membors on a three-year cycle. College of Canons The Colloge of Canons Is independent ol Chapter 8nd does not form part of the body corporate ot the Cathedral, It has the functions conferred by the Appointment of Bishops Act1533 on the bocy referred to in that Act as the Dean and Chapter of the Cathedr81. The College of Canons expresses through its members the integral relationship between the Cathedral and the rest of the diocese of Portsmouth, provides a forum in which Chapter, as appropriate, seeks its views in matters affecting the Cathedral. and keeps such members informed of tho work of the Cathedral. It performs any functions request8d by the Bishop after consultation with Cbapter. Organisational Management As required by its statutes, Chapter delegates the day-to-day m8nagement, oper8tion and administration of the Cathedral to it5 Senior Management Team (SMT) comprising the Dean, Canons Chancellor and Precentor, the Chief Operating Officer and the Chief Finance Officer. Chapter has approved terms of reference for SMT, which meets at least bi-weekly except over the summer months and Christmas/New Year period. Stipends of the Dean and residentiary canons are paid directly by the Church Commissioner& The policy on the remunerBtion of all other paid staff is determined by Chapter. Portsmouth Cathedral Development Trust Portsmouth Cathedral Development Trust (PCDT) is an independent charity (registration number 295024), with its own body of trustees chaired by Nigel Atkinson Esc¥ HM Lord-Lieutenant of Hampshire. PCDT undertakes fundraising for major developments at Portsmouth Cathedral. The Trust was originally formed in the1980s 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 trom such appeals and releases them to the Cathedral under the terms of the trust deed. 18 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Reference and Administrative Details Logal Title The Cathedral Church of St Thomas of Canterbury Portsmouth Office Address Cathedral House 63-68 St Thomas's Street 05d Portsmouth Hampshire POI 2HA Members of the Chapter The Very Reverend Dr Anthony Cane The Reverend Canon Harriet Neale-stevens The Reverend Canon Dr Joanna Spreadbury The Reverend Canon Nicholas Ralph Mark Emerton David King Canon Ronald Rabbetts Alexandre Lochrane Marcelle de Sousa Professor Bryn Hughes Dean of Portsmouth Canon Chancellor and Vice Dean Canon Precentor Residentiary Canon Senior Non-Executive Member Chair of Finance (from 22 September 2024) (until 22 M8y 2025) (from 23 April 2025) (from 6 June 2025) Members of the Finance Committee David King Paul Mitchell Georgianna Rustell Darrell Cox Philip Sturdy Chair of Finance (until 17 November 2U2t>) Members of the Fabric Advisory Committee Ryan Stock David English Chris Wood Mel Howse Mark Bowen Tareq Teba The Revd Nicholas Henshall Chair (from 12 February 2025) Members of the Nominations Committaa Canon Sir David Normington The Very Reverend Dr Anthony Cane Paul Quinn Margaret Scott Alex Lochrane Chair De8n of Portsmouth Chapter (non-exec until fvlay, reappointed as member November 2025) Chapter (non-exec) (from November 2025) Marcelle de Sousa 19 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 College of Canons The Venerable Kathryn Percival The Venerable Bob White The Venerable Stephen Daughtery The Revd Canon Will Hughes The Revd Canon Karina Green The Revd Canon Peter Hall The Revd Canon Tom Kennar The Revd Canon Julie Price The Revd Canon Andrew Sheard The Revd Canon Richard England The Revd Canon Susie Collingridge The R&vd Canon Emma Racklyeft The Venerable Peter Sutton The Revd Canon Annie Mccabe The Vener8ble Andrew Hillier KHC RN The Revd Canon lan Meredith Canon Graham Salte¥ Canon Sir David Normington Canon Sarah McCarthy-Fry Canon Adrian Jordan Canon Robert Solomon Canon Bradley Albuery Canon Ronald Rabbetts Canon Sheila Picton Canon Margaret Chappell Canon Philip Poulter Canon Debbie Sutton Canon Liz Simpson Cenon Neil Pugmire Canon John Gwynn (as Honorary Canon to Sept 2025, then 8$ Archde8con) (to April 2025) (to April 2025) (to July 2025) (to September 2025) (from September 2025) (from March 2025) (from September 2025) (from September 2025) (to March 2025) (to November 2025) Chief Operating Officer Richard Abraham Isabel Merrifield Zoe Colbeck (until 21 Jan 2025) Interim (until 29 June 25) (from 30 June 2025) Chief Finance Officer Nicky Clark (Irom September 2025) Cathedral Organist and Master of the Choristers Dr David Price 20 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Cathedral Architect Mr Simon Ablett Ablett Architects Kingfisher House 21-23 Elmfield Road Bromley Kent, BRI ILT Cathedral Archaeologist Mr Alfred Hawkins Curatorial Office Thd 2 Floor Waterloo Block HM Tower of London London. EC3N 4AB Auditor Lewis Brownlee (Chichester) Limited Chartered Accountants 8nd Registered Auditors Appledram Barns Birdham Road Chichester. P020 7EQ Bankers Lloyds Bank Commercial Road Portsmouth, POI IBY Investment Managers CCLA One Angel Lane London, EC4R 3AB Statement of trustees, responsibilities Chapter is responsible, under requirements laid down by the Church Commissioners unde¥ 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 tinanci81 activities for each linancial 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 a11 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,. 21 PORTSMOUTH CATrIEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 keeping proper accoLJnting records, from which the lin8ncial position of the Cathedral can be 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 Chapttsr on 22 April 2026 and signed as authorised on its behalf by.. The Very Revere nthony Cane- Dean of Portsmouth 22 'PORISMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 REPORT OF THE INDEPENDENT AUDITORS TO THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 We have audlted the fiTiancial statements of the Chapter of PortsmDUth Cathedral ("the Chapter") for the year ended 31 Decamber 2025 which comprise the Statement of Flnancial Activities, the Bajance 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 FRS102 "The Fir)ancial Reporting Standard applicable in the UK 8nd Republic of Ireland.. This report is made solely to the Cathedral Chapter, as a body, in accordance with the regulations made under Section 27 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 8uditors' report and for no other purpose. To the fullest extent perrnitted by18w, we do not accept or assume responsibility to anyone other than the Cathedral Chapter as a body, for our audit worl 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 2025, of its incoming resources 8nd application of resources for the year then ended,. have bccn proporly prcparcd in accordance with United Kingdom Generally Accepted Accounting Practice,. 8nd have been prepared in accordance with the requirement8 Ot the Accounting and Reporting Regu18tions for English Anglican Cathedrals, as specified by-, he Church Commissioners under section 27 of the Cathedral Measures 2021, and the Statement of RecomTnended Practice, as specified by the Charities Act 2011. Basis for Opinion We conducted our audit in accordance with International Standayds on Auditing (UK) (ISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the tin8nci81 statements section of our report. We are independent of the group in accordan-e with the ethical requirements that are relevant to our audit of the financi81 statements in the UK, including the FRC'S Ethical Standard, and we have fulf illed our other ethical responsibilities in accordance with th8se requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis tor our opinion, Responsibilities of the membgrs of Chapter for the financial statements The members of the Chapter are responsible tor 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 f inancial statements that are free from material misstatement, whether due to fraud or error. In prep8ring 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 Dr to cease operations, or have no realistic alternative but to do so. 23 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Auditor's responsibllities for the audit of the f inancial statements Our objectives are to obtain reasonable assurance 8bout 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. Reason8ble 8ssurance 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. MisstatemenLS 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 f inancial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, eutlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includin8 fraud is listed be1ovv: Enquiry of Management, those charged with governance 8nd 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 signif icant transactions outside the normal course of business. A description of our responsibilitie8 for the 8udit of the fin&nuial siai¥iTlelltb 15 located the Finc]ncial Reporting Council's website at.. www.frc.or uditorsres onsbi ities. This description forms part ot our auditor's report. Conclusion relating to going conc9rn In auditing the financial statements, we have concluded that the trustees use of the going coicern basis ot accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any mat8rial uncertainties relating to events or conditions that, individually or collectively, may cast signif icant 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 sectiow of this report. Other inlormation The members of Chapter are responsible for the other information. The other information cowpri5es 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 f inancial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the f inancial statement5 or our k?owledge obtained in the 8udit or otherwise appears to be materially misotated. If we identify such material inconsistences or apparent material misst8tements. we are required to determine 24 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 whether there is a material misstatement in the financial statements or a material misstatement of the other information. .f, based on the work we have performed, we conclude that there is a material misstatement ot this other intormation, we are required to report that fact. We have nothing to report in this regard. Matter on which vje are required to report by exception We have nothing to report in respect of the following m8tters in relation to which we report to you if, in our opinion.. sufficient accounting records have not been kept by the Cathedral., or the Cathedral's financial statementr are not in agreement with the accounting records and returns,. or we have nor received all the information and explan8tions we require for our audit. LeAV￿8r(Mu￿1e@ CChi£h8fv) Ltd LEWIS BROWNLEE (CHICHESTER) LIMITED CHARTERED ACCOUNTANTS RFC71STFRF.rJ ALifJiTOR.S APPLEDRAM BARNS BIRDHAM ROAD CHICHESTER WEST SUSSEX P020 7EQ Dated.. l May 2026 25 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Statement of Financial Activities Gen2r81 Fvnd Designated Restrltted Ettdowment Fund Fund Fund Total 2025 Total 2024 Incoma and èndowments f¥om-. Note Don8tlons and bg8CiP5 Grant5 receivdwe in support ol mi$sion Charitable 8ctivity incomÈ TradinE and fundra1sing Inve$ttnents Other income Total Income 248.937 53,224 637,42 302.161 653,220 58.993 228.182 105,727 297 1,348,589 705.062 647,151 57.190 19>,896 71.003 310 1.673,612 ,993 228.lYI 104,232 297 65',444 1,495 692,145 Fxpenditur• on- Reising funds Ministry Cathedral ènd pr￿1￿CtS utl¢eep Edueètion gnd outre8ch Total Expenditur 257,807 375,672 25&243 143.834 317.79# 150,889 23,330 401.641 693,464 407,131 103.232 1.605,468 374652 669760 276.228 FO4289 1,424929 10 Net income before Investment l¢xBse¥ (318,180) 5&3Ql (261.8791 24a683 Gèinllk)$$) on inv8Stments 138,7401 {115T} {40,8911 24.450 Net *ncomel(&xpenditure) 1318.1801 {38.7401 5&301 12151} 1301770) 273.133 Transfei betweèn funds 367,074 1367,074) Net movement in funds 4&895 1405,8141 5&301 IZ15T) 1302,TIOI 275,133 Funds brought forward 44.63S &224.604 86,299 53.790 6,409,328 &13&195 FLtnds earried forw&rd 93,530 5,818,790 141600 5J,639 6,106,558 &408328 The note5 fom part of these finantial statements. 26 VUR S'bMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Balance Sheet General De¥iEn•tsd Rostrlctod Endowment Fund Fund Fund Fund Total 2025 Tot81 2024 Note FIXED ASSET5 Inve¥tment #ssèts Investmpnt prop8rty Other investments 15 15 1,510.000 1.185,042 1,510,000 1236,681 73&000 1,277.573 51.639 T8nEible Fixgd Ass￿$ Property Ixtu￿S, tiitings and equlplllent roTAL FIXED ASSETS 16 17 3,030,000 3,030,0(X) 3.80&000 8.012 &825585 J1,3 Jr? 51,357 5,730.753 51,e39 5,833,749 CURRENT ASSETS Stock 21.146 42.968 138.102 202.216 21,146 193,560 202,249 41&955 2a948 85,078 168,577 683,603 18 71.370 1fi867 8&037 79222 47,481 12&703 Cash at bsnk and h￿d TOTAL CURRENT ASSÉTS LIAeiLITIE5 DUE WITHIN ONÉ YEAR Crptltors.. a￿￿ntS falmng due wthin orne y88r 19 1108.6861 {3&4601 114414BI (99,880) NET CURRENT ASSETS 93.530 88,037 91,243 272,809 583.743 TOTAL NET ASSETS .530 5,818,7SY) 141800 51.639 6,1(K558 &409328 FUNDS Endowmtrnt fund Restricted funds Designated funds General fund 20 20 20 20 51,639 51.639 142,600 5.81&790 93,530 6.106.558 53,790 86,299 8224,604 44,635 &40&329 141600 s,818,7￿) 93,Jf30 93,530 5.818,790 142,600 51.639 Tha notag EDrrn pBrt of thègo fln8neial st8t•m0nts. Approv•d by Ch*ptor guthorlsod lor on ?2 April ?0?8 A Ththony Cane- Dean D8vid King- Cho1¥ of the FI￿nCe mmStto9 27 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 Cash Flow Statement Total 2025 TotHI 2024 Note Cash flows from operatlng activities Net cash (used inl operatin8 activities 25 IIB,7641 (16,3421 Cash flows liom investing activities Investment Incorr￿ recaived Purchase of tangl￿8 lixad 85set8 Purchase of investmen:$ Proceeds from sèlts ol investments Net c8sh provided by investing £ctivities 105,727 (53.291) 71,003 50,000 121,003 51436 Change In cash and e8vg 13 8uthtols rernJner8tion for2025 of £8.850 pbs VAT. 2024 Total Funds R•isine FundÉ Mlnistry Cathodral & Educa*lon & Precinct Qutrèaeh Salaries. reowltmènt, and tr8inlng costs Administr8tio 31,734 11255 6,828 1,673 67,590 63.278 22,642 13,614 3,337 102,871 52.827 IB,902 11,366 2,786 85,881 42,185 15.095 9076 2,224 6&580 190.024 67,994 40,884 io.o?o 308.922 Govern￿Le ttosts Included within gov&rnantt8 costs above is 8uditor's Temuner?tion for 2024 of £8,350 pkjs VAT. 12 SThFF COSTS Salary oosts (Èxcluding stipends) were 85 2025 2024 Gro8s waEes Soci81 s8curity costs Pension costs 585,868 49,865 37.332 673,065 583.109 49,050 34,421 686,580 The stipÈnds of=he Dean and two of thg Resldentiary Canons were pèid directly by the Church Commi55ioners 8nd are not included in the $81ary costs stated above. Tho fftmunÈr8tion of. and pension provision ltsr, clericol members of Ch8Pter 8re paic in 8CCOTdance with 5¢È1es laid down annually by th8 Church CommissionÈrs, the Archbishops, Council 8nd the Church Jf Eng￿￿￿ Pensions Board. Stipends paid14i the ChLJrch Cornrnissioners. including employer pension cOntri￿tIo115, errploypr National Insurance and the App￿ntIceshlp Levy. were are follows.. 2025 2024 The Very ReVe￿nrj Anthony CÈne The Reverend Cènon H8rriet Ne81e-Stevens The Reverend Canon Joanna Spreadbury 56,297 44,656 44131 )45,084 $4,223 45,131 42.546 141.900 Thère wes Bll 8verage of12 {2024.. 101 lull-time Bnd 1312(f24-151 ￿rt-tIme paid staff including the ¢kT8y pèid by the Church CowmI￿10ne￿ but excluding the Cathedrdl Choii, The full time 8quivalent of thg same group In 2025 was 19 (2024: 211. Included in salary Costs are redundan¢y or termination payment& totaI1ing É1,91012024.. £31,624). No Tnembers ol >t8tl were paid @m0￿MentS of more thtsn £60,ODD (2024.1). 37 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 13 KEY MANAGEMENT PERSONNEL REMUNERATION The 8ggregate rerwneratlon of Key Manègement Personnel in ?025, including ￿M￿0yer National Insurence and employer pension contributions, and including the clergy stipends paid by the Church Cornmissioner5, wss £197,429 (2024.. £249,362). Key Management Personnel 8re dElined as the remuner8ted members of Chapter, the Chapter ClerklCOO and the CFO. 14 RELATED PARTY TRANSACTIONS DLtring the y88r the Dean and two Residentiary Canons, who are all members of Ch8Pter, were roimbursed for a total ot £3,786 (2024.. £3,337) lor travel subsistence and hospitality exp8nses incU￿ed the ¢ourse of their ministry. Two other ChBpter membèrs wer8 reimbursed for travel expenses totalling £?43 (2024.. £0) incurred on Chaptar business. Donations of 29,644 (2024.. £12.977) were received from Chapter members ouring the year. Portsmouth Cathedr81 Development Trust IPCDT) is 8 ¢harily (registered nuinber 2950241 estat￿i5hed to asslst in th8 developrnent. rEstor8tion and repair ot the Caihedral. Its annual &ccountS are subject to an Independent Examination. The Dean is a trustee OF PCDT but there are no other truste2s in common. Although PCDT e￿StS wholly forth8 b8nefit DI the C3Thédr81 It 18 not controlled by Lhapter. During the year thè CathedrJl r9ceived no Income (2024.. none) from PCDT. The Frlends ol Portsmouth C8thedTal (FOPC) is an assDclÈtion rnanaged by its council which includes certain ￿MberS ot Chapter. FOPC t&xists to further links betw¢ei the parishes ol the Port8moutl) Diocese and the Cathedr8L it is not ¢ontro51ed by ChspteT. Its annual 8CCOUnts are subject to an Independent Examination. ￿ring the year the Caihedral receSved £l,00012024.- £1,oooI in donations towards education and outre3ch 8Ctivitie5 from FGPC, invoiced FOPC a total ol £275 (2024= £556) lor prlnting and oth&r expenses and paid FOPC a tot8101 £512 (2024.. £0) in respe¢t ol fundralsing income received on Its behdl. The Portsmouth Cathet*al Choir A55ocl8tion IpccAI 1$ an association managed by it8 Committee, which intludes certain rnember& Jt Chapter. PCCA &xists to support the work of the Cathedral cholr, but it is not ¢ontrolled by Chapter. During the year the Cathedral received £0 (2024-. £500) in donations from PCCA and wid PCCA a total ot £0 12024.. £3,056) in respect of lundraising incomè réceived on Its behalf. 38 PORTSMOUT14 CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 16 INVESTMENTS 2025 Totol Funds 2024 Total Funds Investment Propèrty M8rket value brought forward Rec18ssilication Revalu£tSon 735,0(X) 775,0 735.000 1.510,(K)O 735,000 Th8 investment property was r8valu8d by Lhapter In 2U23. The revaluation was e8l¢iecl Out by E¢JdiSOhÈ Chanered Stjrveyors in November 2023. Desktop v&lu8tions have confimied the v&u8titsn is still reasonable, Two properties, valued at a joint total of £775,000, h8ve bèen transferred from T8ngiiJe Fixed As8ets,' Property to Inv8Stment PropBrty to rellect rhe lact that th8 properties are currentw let to tenants and not applied lor Cathedral se. 2025 Total FL4nd 2024 Total Funds othar inv85tments M8rket vglue brou8ht forward L)isptssals at proceecls inllloss) on revalu8tlDn 1,277,572 1,303,123 {50,000) 24,450 1,277,573 (40,891) 1,236,681 Total investments 2,746,681 2,012,573 Split ot inve51rnents between funds= 202S 2024 Endowment - FriEnds ol Cathedral Music Desi8nèted- Groves leg8¢y including investmènt property, 84 Penny Street De5ignated- Other Snvestn*nt propgrties 51,639 1,575,042 1,120,000 2,746,681 53,790 1,613.783 345.000 2,072,573 Investment Pfoperty Is d1￿ctlY owned. Oth8r investménts al'e held In pooled rnanaged funds as follows.. 2025 2024 CF3F COE Investment Fund IncorrR Shares CBF COE Property Fund In¢om8 Sh8re5 1.067,519 169.162 1,236,881 1,111,974 165,599 1,277,573 39 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 16 TANGIBLE FIXED ASSETS- PROVkRTY UnrestrTCted Funds Tptal Funds Cost Dr deemad cost At l Janu8ry 2025 Reclassiticat on Revaluation At 31 D8cembei 2025 3.805,ODO 1775,0001 3.805.000 1775.0001 3,030,000 3,030,000 D¥prBcia*lDn A¢cunwlated 8t l January 2025 Charse for t￿ year [￿s￿)sa{S At 31 Oecember 2025 Nèt Book Value At 31 D8cember 2025 3,030.000 3.030,000 At 31 D8cember 2024 3.805,000 3,805,000 Two woperties, valued at a joint total of £775,000, h8v8 been transferred From T8ngl￿e Fixed Assets.. Property io hvp5trrÉnt Property to refle¢t the IKt th8t they are currentw let to tenants not 8pyied for Cathedral use. The remaini￿ prO￿rtieS above are all Ireohold and applied for C8thecJrEI use. All properties (excludina the Cathedral itselll wer8 reva￿tsd by an independent veluer. Eddisor)'8 Chartered SuNeyors, in November 2023 at a lot￿ value of £3.030,000. The basis of the vEluation w&s open maA¢et value havin8 regard to any special assumptions or circumstances, 17 TANGIBLE FIXEO ASSETS: FIXTURES, FITTINGS AND EQUIPMENT Fixtur8s & Fittings Othèr Equipment Total Cost At l January 2025 Additions Di5POS81s At 31 Dec8mber 2025 13,917 46,211 4,848 7,080 11,272) 10,656 18,76S 53,291 11.272) 70.784 60,128 Deprèclation AccumLJlated at l January 2025 Charge lor the year On disposals At 31 December 2025 6,941 2806 3.872 1,429 (1.272) 3.969 10,753 4,225 (1,2721 13,716 9,747 let Book Value At 31 December 2025 50,3BT 6,687 57,068 At 31 Dec8mbÈr 2024 6,978 1,036 8,012 40 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 18 DEBTORS 2025 UAf8Stricted Funds De518n8ted Fund$ Restricted Funds Ettdowmtsnt Fund5 Total Invoiced debtors Pr&p8yments AcGnJed income Otherdebtcrs 21,742 408 14,651 167 42.968 33,989 55,731 £408 131,254 167 193,560 71,370 45,233 71,370 79,222 2024 UDrÉ$*rlet•d Fund5 De&lgn8ted Funds Restricted Funds Endowmont Funds Total Invoiceddebtors P￿payMentS Accrued inctrme Other debtors 5,507 1,390 449.621 28,560 34,067 1,3 449,621 456.518 28,560 485,078 19 ' CREDITORS: amounts fBlling due 2025 Unrestricted Funds Designated Funds Restricted Funds Endowment Funds Total Tr8de creditors Ac¢wa15 deferr¥d incoryE Social security and other taxes other credi.tsrs 11,883 75,616 21,167 11600 22,860 24,483 98,476 21.187 108,686 35,460 144.146 2024 Unrestricted Funds D?si8nated Fund$ Re5tTlCted Funds Endowment Funds T¢t81 TradE creditors Accruals and deferred incolne Social se¢u?ty and other t8¥es Other ¢￿￿110r$ 11,3 1&412 61877 4,2CO 99,860 11,3n 18,412 65,877 4,200 99,860 41 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 20 ANALYSIS OF MOVEMENTS IN FUNDS 2025 Total fund$ brouEht forward Tutal incornB and endtrwments Tot31 expandltur Investment Koinsl (losses) Yran51Er$ b•tsveen lunds Total fund5 CBrrled forward Endowment Funds.. Friends ot C8thedral Music.. QhoirScholBrship Tot81 Endowmont Funds 53,7 $3,790 (z1511 51,639 51,639 fte$tri¢ted Fund5', Church Ccmrnissioner8.' CFYurch C¢mis5ionprs Stipend5 Church ¢onvni5510ners $28 grant cathed￿l4 Sus¢81nBb lity Fund 145,084 175.038 190,447 1145,0841 {175,CQ8) 1190.C£21 385 Fébric.- Building & Herltage FLind N8tiènEI Lotiery He￿tage Fund Nei Zpro Carbon Pro8wnmè'. Quiek Wins 17,701 51880 17,701 67.315 4a182 47.lQ4 50.ofM) 138.E691 19,8181 Muslo Michael James Org8n Scholarship Friends ol cdillu￿1¥l Mu¥ic.- ChoirSeholar$hlP Caihethl Sing Cethethal Music Trusi.. Smal Sijunds BIB Giv$.. SlngJoyfuNy Fgstivd ot Earw Music Other DDnatlons for h1uBIc 12.0001 (1.4Y51 {7,9361 1968) 124,e791 16,250) 11&871) 1.4 13,SCA) 1.847 7.411 24.679 &250 19,656 1784 Ecfvcation end OutreooA- SLTPPOrt For Educatiori 1.000 Ii,(Fw) Other.. Rough Sleeping Pievention & Recovery QARNWS- Ch8pg1 ot Sunyani Fund Other Restricted Dtynètltsn5 rotal RestrI￿ed Funds 13.286 113,2851 11.(fioi &ni 1,100 5,722 1,100 1,440 692.145 11.4401 1&35,8451 84299 142,600 Utv?stilcted Fund4: Genoial Fund Tottyl Ur*rostric*ed Funds 44.63S 44,635 651.444 e51.444 1*9,624) 1%9.6241 387.074 367,074 93.530 98,530 DoslBnatod Funds: WilliBm Gr¢vos Legacv Accrue(l Le£&cie5 Fixed A6sets Lunch Club Total De6tgn8ted Fund$ 1,613,7B3 43&343 4,158.011 (38,7401 L575,C)43 71.370 4155.710 16.887 5,81&790 13649731 2CO 1367,D741 224.604 138,7401 TOTAL FUNDS .409.328 1343.589 1i,e05.4681 140,Bg11 6,106,55 42 POR'fsMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 20 ANALVS15 OF MQVEMEPITS IN FUNDS Icontlnu•dl 2024 Total fund broiJsht for¥vBrd rot&l Ineomo and ondowments Toler expenditJr• Inv•9tn)gnt gainsl {105¥è$ Tran5tprs between lunds T4)tAI funds ¢prrlÈd Iow*Ard Ehdowmont Fundg.. Friend5 of CatheL*a Mus1¢'. Choirstholwship TotBI EndowmgVIt Fmd& 51586 51686 1,20d 1.204 53,790 53.790 RpEtTicted Funds.. Church cOtN￿&s￿o￿sr Church Cornws3ioners Stipends Church CottThissiongr5 S28 8r8nt Cathedr£L% Sustsinaèility Fund 141.900 167,240 219,624 1141,gcK>l IIc7,2401 1219,4931 F£bric.' iWing& HeDtaKe Fund Nètional Lottery Herit£gg Fund 17,701 17.701 54B80 5&880 Michael Jarnes Orgw Schorarship F￿endS pf C8therkal Yusie.. Choir Scholwshlp Csthedral Sing r.XthpdrR￿ k¢iJsiF. TFiJ%tr. Choir5 Em2rget>cvFun 1,476 Ii,d76} 110,e941 c9(￿) 10.741 000 1.847 Edu¢aliDn andoutreach.. Support Fur EdJ¢4lion The Jeru$aom Trust io 10,o(y) I1(￿) 11&537} &537 Ot17Fr.' AEC BU￿0ry QARPWS- Chapel ol H$alinE SunyaDi Fund Total Rgstrietod Funds 255 12551 Q771 IA70 54,27t 8,771 1,100 86,299 3.204 80&379 13.5741 1574,351} UnrFstrictèd Fund& General Funcl Yotal UnTestrlctpd Ftsnds i.rK7.233 1,067.233 1850.57UI 850.578) 1383,4511 1383,4511 44.635 44635 211,431 Deslgnated Fundi.. Wllliam Groves Legacy Ac¢rued Lepcies Fix8d Assets Lunrh Club Tot¥1 DoslgnBtfyd Fund9 1.640,587 23,246 15QWOI 43e.343 142011 1,309 383,451 1,613.783 434343 4.158,011 16.467 6.224,604 4.161212 15.158 5.817.907 23.246 TOTALFUNDS 6,136,195 1,673,612 ,4?4.9291 24,450 6,409￿28 Fbrthor intormstion on the nature wrpDSe ol each fund is glven in note 22. 21 TRANSFER5 BÈTWEEt4 FUNDS 2025 sever￿ trsnsfers b3rwgen funds wer£ tnade in 2025. ot Ythi¢h the mosi slgniiieant WB5 £364,973 tran$farred Iromihe dè8i8nated Aecyued Lpgacies fund to the unrestricted General Fund. The Accru2d Le￿cleS lunilwa$ ¢￿at¢det 31 December2024 to reco8ni&e lekU¢y in¢¢m& 8c¢wecJ in th8 financiBI 51atetrnnts not yet recaived Bt th81 date. The tr8n$ferto unrestricted lunds in 2025 rpcognise5 that pBrt ottbe1988cy 5n¢orf* 8CCTued at 31 ￿¢ember2024 whl¢h waE receSved in 20?5 Snd 15 availaLlg tvr genoTrl ¢h8rll*Ae u¥e. 43 PORTSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 22 DESCRIPTION OFFLJNDS antF Frl•Dd$ ol C4thedral Mu%i¢- Choir SthDlaI5hip.' Th￿5 4 C8txtalluThd lo be retalnÈd pBrfflaTr@nily. ￿¢¢m& ari$iDg from th8 fund 15 to bE to IqSITrCtEd incotne fund loi B chDral &cholBfship. Church QornmlrsiaD•rs Stipendts-. Sblaries of the twa Resldentlol CRnonS pa1ddir9ct￿ by the Church Comnyg5ionerB. Church CtsmthlsAlonor$ S288rant.. QNt troTr) the Church CornN￿sE10Therg towDrds ihe cost ol ETndoyin& hy Stall aThdothercler8y. Cithv*dr•ls Su9ts1ha&lli¥y Fund.. tsrantk the ¢hurch cotrm1ss￿)nQrE to lundEtall p05ts andpr)jects. tyt gnhancing bng-telmfln￿r& ¥vstolnaknllty. Buildi*g 4nd Her￿8¢ F￿￿.. FDTtnodto consofidate ex15t￿lS lunds ￿lAted ta Iwildiny and heritÈEe NatlOno1 L¢ttery H•rlt8g& fund:G[￿t tarthocreation ol ts neWVIsitor￿￿0rnE Bryo Ill the South TransÈpi oiih8 CothedRI N?t Zèro CBi6on Progiammo- Quick Win9.. C>Ynt fromthw Archblshop's Cauncil tQ BUFPDrt Sim* bw-c05t changes thèt vAllfeducp Csihgdr81 energy cost¥ and carbor efflisjions. Mlch&*lJ8m$ Otian Schd•rshlp'. FundE donolodta*éttds the cost5 of ￿ OrBan Strhobr. Frlonds ufcathodrol Chow S¢holev*hlp'. Restr4¢t8rJ ￿cOme￿nd Bri4in8 from Ihp rektedeh(bwrn8nt. The ￿¢0mb i& tp ￿ spgnt on idinga Chora Schol#rship. C&th•dr•l Sing.. Grant Irom HivB In 202A and rhe Catk*dral Music Trvsl in 21125 to cgthets￿ Sln& a Fr￿51C proBr3mw cons ￿t￿g ol cl¥ssroom WOrk%linp% RnA rThfTMThiDitrba%o4 gV9ni% lorÈhllttrfjn fgauhwd In witrnryJ¢hoola. C&thedrlll Mv5io TIust- Cholrs Emeri•ncy Fund.. fysDttowwd8 thB Cost of th¢ C8thedtD1 ehoits. Cbthvdrèl MuBl¢ Trust- Small Sound&'. Gr￿t tDra wgEkty cathed￿ grouplorchllthen oged O 10 5 a￿d rheir Iwllleg. Bi8 Gl¥a- 51nc JDyfully. FuTrds raised thft)ugh thp B1gGive to SUPPDrt Pvrt5movlh CBthedr&l's vlch tw8ic81 tyacltion, lurdln8É¢hooloLrtFtsBch ¢hoF&1 and ￿88￿ $choWships, 4nd upliliiThg sung WorshiFL F￿tiVal of Ellrty Music.. Donotions tOSUIPDrt thg C8thedr8fs F&5tiva1 of Eorty Mu5 Other DDn&tion$ tw oihErdonJtions tecelVP.d to supFort the 4wrk the Calh8drafs music dèpwtTD&nt. Support For Edu¢ktToN' CoTririlxJtions ieceived to the EvÈts ol educ£tional &Etiviti8$. Th• JorusolbmTru¥L-ContribJtiOlls fÈtÈiv¢dto the cests ol &thcatland ecllvllles Roueh Sl••piDg Pr•v•ntion& Racov•ry.' Qrant iTreomE Farthè *rynter WOViSiQO 0112 oillorEQTrCV nilht bèd#paBBs in Beckgirkknl in pDther5hips5ith Portsmouth Citycouncil QAAN￿5- ChapBI ol FIMlln8 and RVCUr￿1lIatl¢1n.' This lundlepresents tnoryie$ N$ed to Iund imwov?￿nt9 ond ènhBncornBnts to tha ￿h&pe4 ot SunyaTri Fund- Funds ralsed Irom8vfjnis and Con8￿g￿lI￿n4 sfvin& usedto sUPPDrt thq St. An6elm's Cathe(*814nd (ho¢ese tsl SunyaDi. fthgn4. AE¢ Bur4ary'. Ttbvelbur4aryforCMT meetin& othwr Restlicted DO￿tI￿r￿. Other(bnstwJn5 Urtder £ZOWTrc8lved Iof ￿$tricted wrpDSPS. GanerJl Fund.. These fuThJ¥ are ufjreStricted￿d *#ilabTfj lo hjrther the cathed[￿15 ch3rit4Wp purpoJo$. Wllllarn Graye& Lgga¢y.' Funds orl8in4ty Nosjn8 hum the tsTOVeS 4nd EBt[￿rked b I year 8nd < 5 yeays 4330 850 4,680 4,533 4.679 9,212 25 PENSION SCHEMES Portsmouth Cathedr81 participates in the Pension Bulldgr SchernB section of the Cyurch Workers Pfynsion Fund (CWPFI for Igy StafrF. CWPF IÈ adMiniste￿d by ihe Chureh of Per•sions B08rd which howjs the CWPF assetE sep8rat8lyfrom those of the EmKloyer and other partitlWln8 Èmpbyers. CWPF has two sectlons-. th8 OeflnBd 8enefits ScheTThy the Pension Buildèr Scheme, whlch has two substctioiis,. deferred annuity section known Bs Pension Builder Cl8ssie, and è cash balance section known a5 PenEion Builder 2014. Penslon Bulléer Stthem• Both sedions otthe Pension BuilderSch8m8 are c18ss&d as d&fin$d benefit schèmes. Pension Builder Classic provides 4 psnsion, accurwlgted from contributions paicl and convert8d Into a deferrèd annui¢y during eTryoloyment l)ased on te1ffl5 set and rpvipwed by thp Church of Ewland Pensions Boud from fime to tim8. tliscretionary increeses may 81s0 be added. depend￿rng on lnvestmpnt returns and other factors. Pension Burlder2074 is 8 cash balsnce Sche￿ th8t provides a ￿mP surn whlch n*mb&rs use to provldÈ beTr81itS Ht rotir8meni. PEnsion CDntTibutions are recorded in an account lor eBch member. Th$¢retion8ry b)nuses m8y be addtrd bettsre retirernent. depending on inv￿tMeTrt retuvns and otherfactors. Th8 8cGounL plus any bonuses dBcL4red is payab￿, unreduGed from age 65. There is no sub-divi51Dn ol 3ssats between gmooyf rs ID esch sectlon of th8 P8ns,"on BUlkJ8rsche￿. The sch8TnP Trs conside￿￿ to be a multi-8m¥oyer schetrE as dtrstribpd in S@ctiotTr 28 ot FRS 102. This is b2c8use it Is not posslb1E to attribute the PeTTr5iOn Buikler Sch8m2's assets and liabilitios to $p8eific ern￿OyerS and m&tsns that eDntritxJtions a 8¢¢0unted for 8s if tho Scheme were a defined contDbution scherne. The pension5 Costs charged io th8 Stai&ment of financiBI Aoti¥¥tie5 in the ye8r8re the contributlons pay6b1e tor that ye8r. 2025- £33,972, 2024- r31,879. A velu8tion of tha Pension Bullcksr Scheme is c8rrlgdout once evèry thTee y8ars. Th8 tTlOSt recent vahJation w8s ca￿18￿ out es at 31 DecembBr2022. For the Pension Builder CL8ssle s&ctlon. th8 v8luttltsn revÈaltrd è S￿rpluS of £34.8m on th8 on8oin8 aSSUTTPtions us8d At th8 mD5t recent 8nnual review effective 1 January 20A6. the Board chose to grani e discretionary bonus of IO% ID btrth p&nsion$ not yet in ￿Yrnent end pensions in payrnent in ￿SpeCt of service wior tD April lQ97,' and a bonus on pensions in paym¥nt In respect ot post April 7997 service so th8t the pension increase w8S 8lso IO% (wher8 USU￿lY it ￿Duk1 be cakulatsd bB5ed on 5nfkAtion up to an annu81 cap of 5% forp8nsion8 In ptymènt in r8SPECt of sÈNlce ￿Ort0 April 2(K)6 2.5% lor pensions in p2yrr*nt In resp8Ct of 5eMce post April 20061. Tni5 followed improvements in the funding position ovÈf 2025. Th8rE is no requir8ment for d8flclt payments 8t th8 cuttÈnt For the Pension BuiFder 2014 section. the v8lu8tion reVea￿d 8 surplus of e8,5m on the ongoing Bssutnptlons used. T￿ere IB no rEqui￿rne￿t fordebcit Payments at the current tirne. The next valuation is being cgrned out as at 31 Dscemb8r 2025. The1è8al struCt￿re of the schemB is such that If another employer f￿15, PortsrfK>Uth Caihodr81 ¢L>uld bgcorrÉ responsib￿ for peying a shere of the lèiled empbyarfs p8nsion lia￿litieS. 45 POR TSMOUTH CATHEDRAL ANNUAL REPORT OF THE CHAPTER FOR THE YEAR ENDED 31 DECEMBER 2025 28 RECONCILIATION OFNET MOVEMENTTN FUNDS TO OPERAnNG CASH FLOW 2025 Total Fund5 2024 Tot81 Funds Net incomel(expendsture) before investmEnt Bainsllosses Investmttnt incorr Loss on write oll of Ilxed asset (261,879) (105,7261 248,683 171,0031 Opgratln8 $urplu51(dglicit) (367,605) 177,680 Depreciation eharges Ilncrease)IdecreaJe In stocks Decre£seJlincreasel in debtors hcreaselldecrease) in creditors 4,235 8,802 291,578 44,286 4,201 {2471 (246,3941 48,4)8 Net C8$h intlowl(otrtllowl from oper#tlons (1B.7641 (16.342) 46