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2025-03-31-accounts

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

Registered Charity - 1207411

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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Contents Page Number
Annual report
Mission Statement 3
Constitution Objects 4
Strategic Review 4
Progress in the Year 5 -16
Financial Review 17-18
Principal Risks and Uncertainties 19-20
Structure, Governance and Management 20-23
Reference and Administrative Information 24-25
Independent Auditors Report 26-29
Statement of Financial Activities 30
Income & Expenditure Account 31
Consolidated Balance Sheet 32
Entity Only Balance Sheet 33
Consolidated Statement of Cash flows 34
Analysis of Changes in Net Debt 35
Notes to the Financial Statements 36-62

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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MISSION STATEMENT

The pastoral, evangelistic, social and ecumenical aspects of mission of the Church of England all articulate the Five Marks of Mission of the Anglican Communion.

As the diocese aims to be faithful, joyful and confident in this work, so we will support the bishop in mission as we seek joyfully to proclaim the love of God in worship, outreach, service and welcome to all and faithfully to exercise our role as custodians of a sacred heritage building.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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The Trustees have pleasure in presenting their annual report and audited consolidated financial statements for the year ended 31 March 2025. The report and financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s Constitution, the Charities Act 2011 and the Statement of Recommended Practice (SORP) applicable to charities preparing their (consolidated) accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in October 2019.

The accounts presented here are the consolidated accounts of The Cathedral Church of the Blessed Virgin Mary of Lincoln (commonly known as Lincoln Cathedral) (Charity number 1207411) and of Lincoln Minster Shops Limited (Company Registration Number 01015279), the company wholly owned by the charity and Lincoln Cathedral Music Fund (Registered Charity Number 1033089) with the Cathedral Church of the Blessed Virgin Mary of Lincoln being the controlling party.

CONSTITUTION OBJECTS

The constitution must specify the following as the only objects of the Chapter of a cathedral are:

These objectives are achieved through our ministry, education and outreach work as well as our ongoing programme of maintenance and restoration works to the Cathedral building and our precinct. During 2024 we adopted the theme of ~~"~~ Our World : God’s Creation," furthering our commitment to the fifth mark of mission ‘To strive to safeguard the integrity of creation and sustain and renew the life of the earth. Our theme in 2025 is “Our Music: God’s Song,” a celebration of music in all of its forms, and the peace, joy and inspiration it brings to human lives.

PUBLIC BENEFIT STATEMENT

The Trustees having considered section 4 of the Charities Act 2011, have satisfied themselves that they have compiled with the duty to have regard to the Public Benefit guidance published by the Charity Commission. The trustees review its work each year and consider outcomes and plans. They have taken into account the Charity Commission’s guidance on public benefit when reviewing its purpose and in considering how planned activities will meet that aim. We do this by ensuring that we serve the Cathedral community in providing them a place of worship and ensure that events we host have a benefit to the wider public community.

STRATEGIC REPORT

VISION AND STRATEGY

Following the installation of the new Dean, a significant piece of work has been undertaken to develop a vision and strategy for the Cathedral over the next five years. It has drawn on the work that led to the publication in 2022 of the strategic document, Transform and Thrive , and been formed by dialogue with members of the cathedral community (including staff, volunteers and congregation) as well as stakeholders in the Diocese, city and county.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Transform and Thrive identified seven values that reflect the Christian identity of the cathedral community and its desire to embed a culture of mutual flourishing and respect in its culture and practices. The seven values are highlighted below:

The 2030 vision is divided into six sections.

Building on our existing strengths, by 2030 Lincoln Cathedral will:

Having agreed the vision, the next stage of the work is for departments and teams to identify how they will contribute to achieving it.

PROGRESS IN THE YEAR

RAISING FUNDS

To enable us to maintain our wonderful Cathedral during the year we have put on events to help cover the costs of maintenance and ongoing repairs. These are essential to ensure that the building is open for those who wish to visit and worship with us on a daily basis. Below are details of the activities and fundraising events which we have held during the last financial year.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Events and Activities During the Year

We continued to offer a range of events and visitor enhancements to encourage people to come to the Cathedral over the past year. A particular highlight was the Fenland Black Oak Project with Cathedral hosting the Table for the Nation. The table was the centre for a number of events this year, from an 80th birthday party, to an Agape after hours service event, with two notable events being a dinner hosted by the Woodland Trust at which the Princess Royal was present, and a fundraising dinner hosted under the Peter Walker Peace Doves installation that raised a substantial amount of money. The installation offered a great visitor experience enhancement and was also the focus of a number of events, from recitals to the dinner mentioned above, and as a central feature of the High Sheriff’s Harvest Supper. The table also hosted a number of community events, including an English Piecework session, lacemaking, Christmas Wreath making, a knitting for peace event and the Come and Eat exhibition. The table was supported with a range of merchandise that was sold by the Cathedral shop.

The Peace Doves installation in September was another highlight of the year, offering an opportunity to reach out to the community to create the messages on the doves, and to return to visit the exhibition. Over 8,000 doves were completed with messages of hope, peace and prayer and these were suspended in the crossing. The Remembrance service held in the Nave whilst the installation was present was a particularly poignant ending to the display. Additionally, the installation provided a focus for a number of other events, including lunchtime and evening recitals themed around peace. Late night doves also attracted several hundred visitors to view the cathedral in a different light.

As part of our continued support to community and city activities in May 2024, the Cathedral took part in the city Festival of History weekend hosting history lectures in the Chapter House and a range of family craft activities. The short timescale for the organisation of this city event meant we were previously committed to other events by the launch date.

The High Sheriff’s Harvest Supper in October 2024 was a smaller scale event than in the last few years, at the High Sheriff’s request. The profit from the event was split between both the Cathedral and the Lincolnshire Community Fund.

In December 2024, the Advent Procession marked the beginning of Advent and Christmas in our liturgical calendar. A number of events in the Nave were held for the Christmas period, beginning with the return to the Cathedral of G4 in November and followed in December by Christmas by Candlelight concert; Bublé Big Band Christmas; London Concertante Christmas at the Movies which attracted large numbers of attendees. We a hosted a local crafters and artists market in the Chapter House for the second year, and the Chapter House was also the location for the annual performances of Benjamin Britten's A Ceremony of Carols, which supported the Music Fund.

We again supported the Lincoln Ice trail by hosting an ice sculpture as part of the series placed around the city for City Christmas Weekend. For December 2024's production of our annual performance of The Snowman with a Live Orchestra and chorister, we expanded the seating selling almost 3,750 tickets and additional sales with a pop-up shop providing merchandise for the performance. Our Cafe was also extremely busy across the weekend.

February 2025 saw us host Time by Luxmuralis, a light and sound display with projections of the wonders of science and the contributions of science to humanity which was projected on the Cathedral walls with over 6,576 people attending.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Visitor Numbers and Admissions

At the core of our mission is a commitment to provide a warm and inclusive welcome to all who wish to visit the Cathedral. Between 1 April 2024 and 31 March 2025, we were pleased to welcome 122,797 (2024: 118,500) paying visitors. This dedication was formally recognised in February 2024 when we received the Large Visitor Attraction of the Year award at the Destination Lincolnshire Tourism Excellence Awards.

An admission ticket includes a guided floor tour, led by one of our expert, volunteer guides. We have also offered other specialised tours including historic graffiti, stained glass, tower, roof, sacred and the strange, nature and architecture, and the secrets of Minster Yard. During the summer of 2024, we launched a new Katherine Swynford tour, which proved highly successful, with all available tickets sold out across the six sessions which we held. Due to its popularity, the tour has been reintroduced for the 2025 season, with an expanded schedule to accommodate increased demand.

In January 2025 we launched a package to offer accommodation providers the opportunity to prepurchase Cathedral tickets on behalf of their guests. It is hoped that this will encourage additional visitors to the Cathedral and in doing so we have established a valuable partnership network between the Cathedral and local accommodation providers.

Cathedral Shop and Café

The Cathedral Shop and café has a regular clientele, some of whom visit independently of the Cathedral. This consistent custom is extremely beneficial and important to us particularly during quieter periods, providing stability and supporting the venue’s dual role as a welcoming space and an important income generator for the Cathedral.

We continued our partnership with Meadow Brown Restaurants who have continued to grow and increase their level of income and customers. We extended our agreement with them during the year and we look forward to a continued working relationship.

Fundraising

During the reporting period, the cathedral did not engage any professional fundraisers to raise funds on its behalf, nor was any individual bound in such a capacity. No monitoring of fundraising activities were taken, and no complaints were received in relation to the cathedral’s fundraising efforts. In respect to fundraising activities, no-one receives any directly marketed fundraising information unless they have signed up to receive these. All emails have the ability for an individual to unsubscribe through a click at the foot of the email. We do not use post for DTC marketing. We always follow the best practice for fundraising as set out in the Fundraising Regulators code of practice.

Our fundraising supports three main funds: The Fabric Fund, which ensures the ongoing conservation and repair of the Cathedral and the heritage skills required; the Lincoln Cathedral Music Fund, which supports the Cathedral's music programme, including the Cathedral’s choir and organists; and the Library Fund, which maintains the Wren Library and the medieval library, ensuring the conservation and repair of historic books and manuscripts, as well as the library buildings.

As part of our fundraising efforts, a dedicated Member Experience Programme exclusive for members only included tours and presentations from volunteers and employees. These included ‘Chapter House Scaffold’ tours, ‘Cathedral Estate’ tours; ‘Cathedral After Hours’ tours; ‘Meet the Manuscripts’ sessions, as well as the annual Members Thank You evensong and event.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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We have continued to offer a variety of adoption options including stone, glass, pipe, book, and manuscript pages. We also have successful membership schemes, opportunities to sponsor a stonemason, chorister and choral scholar; name carving into stones as part of the Chapter House conservation and repair, "Pay to Play" sessions on the Father Willis Organ, the Fabric Fund 200 Club, and options for one-off and regular donations, as well as legacy gifts.

The Association of Friends of Lincoln Cathedral , an independent charity, raised money to support the Cathedral through events like the annual Carols by Candlelight concert each December, as well as through its own member subscriptions, donations, and legacy gifts. We are grateful for their continued support of Cathedral music through their annual award of £7,350 in support of The Friends’ Chorister, and £7,333 in support of The Friends’ Choral Scholar and £10,666 in support of The Friends’ Organ Scholar.

In addition to support from the Association of Friends’, we are grateful for all the generous grants received from Trusts and organisations within the year, some of whom have asked to remain anonymous so are not listed. These include: A H Worth Charitable Trust , who gave £3,000 in support of chorister sponsorship; Benefact Trust for their annual award, this year being £18,813; DCMS Listed Places of Worship Scheme , from whom we received a total of £3,463; Denby Transport , who donated £6,000 without restriction; The Ancaster Trust, who donated £500 in support of building conservation and repair; Chattertons Solicitors and Wealth Management , who made a number of conditional donations throughout the year totalling £3,993; The Baronial Order of the Magna Charta , who gave $12,000 in support of the Wren Library repairs; The Bergne-Coupland Trust , who gave £2,000 in support of the Chapter House repairs; The Cathedral Music Trust , who awarded £20,000 in support of the Cathedral’s new Singing Partnership Lead; The Choir Schools ‘ Association , who gave £2,500 in support of music outreach; The Church Commissioners’ Cathedral Sustainability Fund , who pledged up to £148,000 in support of the new Director of Estates and Facilities role, as well as an additional award of up to £120,000 in support of the development of the Cathedral’s HR resource; The Kochan Trust , who gave £2,000 in support of Chorister Sponsorship; The Masons Company Charitable Trust , who gave £1,500 in support of stonemasonry outreach to young people; The McCorquodale Charitable Trust , who gave £2,000 without restriction; The R M Jolly Charitable Trust , who gave £40,000 in support of the Wren Library repairs; The RAF Church Collections’ Trust , who gave £2,000 in support of Chorister Sponsorship.

We are incredibly grateful for all those who have supported and continue to support the Cathedral.

MINISTRY

Work has continued to deliver and develop liturgical and musical activities towards the Cathedral’s prime purpose of the ‘seat of the Bishop and a centre of worship and mission’.

The Liturgy and Music Delivery Plan and the Liturgy and Music Development Plan 2022-25 outlined the way that this vision is delivered. Progress against these plans is summarised below.

PRIORITY 1 : Regular routine of prayer and worship offered for and on behalf of the diocese The pattern of prayer and worship has continued, with a settled pattern now in place. The established pattern was supplemented with a move to having an early communion service each day from Monday to Friday from Advent 2024 onwards, and the addition of prayers for Healing after Wednesday Evening Prayer once a month. The year has been a time of continued recovery following the pandemic (20202022). The monthly pattern of varied ‘After Hours’ services has continued to develop.

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The chart below highlights this year’s data (Jan - Dec 2024) in comparison to 2019 (pre-COVID) and 2023:

General attendance 2019 2023 2024
YTD Av. Attend. at SundayEucharist 167 145 156
YTD total attendance+ 39,974 32,283 35,298
YTD attendance: Sunday+ 16,814 13,195 14,012
YTD attendance: Weekday 23,160 19,088 21,286
YTD attendance: Evensong 20,595 18,614 20,537

The following charts illustrates the trends relating to attendance at the festival of Easter and Christmas with some recovery in numbers since COVID in 2019.

Easter 2019 2023 2023 2024 2025
Palm Sunday 180 213 176 185
MaundyThursday 174 108 113 152
Good Friday 169 132 152 161
Three Hours 116
NR		 120 111
Easter Vigil 395 425 274 284
Easter Eucharist 566 375 510 585
Easter Evensong 97 240 155 231
TOTAL: Easter attendance 1,131 1,118 990 1,124
TOTAL: Easter communicants 736 582 595 626
CHRISTMAS ATTENDANCE 2019 2023 2024
Christmas Carols A 1,240 900 860
Christmas Carols B 2,293 1,950 2,000
FamilyCarols 285 - 880
Midnight Mass 700 780 850
Christmas Eucharist 500 380 650
Christmas Evensong 140 117 127
EpiphanyCarols(NB: following year) 167 122 168

PRIORITY 2: Serving the diocese

A key part of the cathedral’s work is delivering services that support the life of the diocese and the work and ministry of the Bishop of Lincoln. The following special services took place during the year:

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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In addition to these regular services, the 14th September saw the cathedral welcome Dr Simon Jones to his new ministry as Dean of Lincoln. The following special services were also hosted by the cathedral on behalf of the diocese:

PRIORITY 3: Serving the civic community

Opportunities for wider community gathering to celebrate and/or commemorate has largely been achieved through partnerships with the Lord Lieutenant, High Sheriff, other civic dignitaries (such as the Mayor of Lincoln or Chairman of the county council), or other organisations (such as Scouts and Guides).

Special services held during 2024-25 included:

IMPLEMENTING THE LITURGY AND MUSIC DEVELOPMENT PLAN

The Liturgy and Music Development Plan (2022 – 2025) outlined the following 8 areas for development:

1. To continue pre-Covid recovery of the weekly schedule

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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2. Development of the Choral Foundation so that it is fully resourced in its work contributing to the daily pattern of prayer for the diocese through a weekly pattern of 8 choral services and supporting the liturgical ministry of the bishop and diocese through special services held in the cathedral and promoting opportunities for worship to wider groups within the county and diocese.

Work on development of the choral foundation is ongoing, and possible only thanks to the work of the Cathedral Music Fund Council and its fundraising activities. The main area of work is focused on achieving full recruitment of choristers. January 2025 saw the launch of a new scheme funded by the Cathedral Music Trust to provide regular outreach activities in local schools. This is already bearing fruit in increase numbers of participants in ‘Ready, Steady Choir!’ and increased levels of attendance with ‘Be a Chorister for a Day events and subsequent auditions. The next stage of development in this area, again funded by the Cathedral Music Trust, is to develop activities for parents and young children – which was started in September 2025.

3. Developing existing/additional opportunities for worship (such as Sacred Space) and exploring new possibilities (such as Messy Cathedral).

As reported above, the pattern of worship has continued to be enhanced by the development of ‘After Hours’ as a monthly opportunity for worship in a range of styles.

4. Intentionally engaging visitors in the spirituality of the building and the life of prayer and worship that it supports.

This area of activity has been enhanced by the Canon Missioner with the following practical outworkings taking place over the past twelve months.

5. Exploring ways in which the cathedral can contribute to the training of organists and musicians – both to support the long-term future of the cathedral’s choral foundation and the liturgical life of parishes in the diocese.

The key approach in this area has been the development of three pyramids: for (a) choristers; (b) young singer; and (c) young organists. This strategy framework has informed the development of provision for organ scholars and has been key to our bid for funding to support outreach in local schools. A number of choristers (and ex-choristers) are receiving organ lessons from members of the cathedral’s Music Department, with some attending national courses to encourage their development.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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6. Building on the existing work, to promote organ music and performance at the cathedral . Work to develop this is still needed, although the cathedral established pattern of organ recitals is continuing.

7. Contributing to the ongoing training and resourcing of musicians and clergy in support of the wider work of the diocese (especially in collaboration with the College of St Hugh). The Precentor has been involved with teaching of courses in the College of St Hugh/Lincoln School of Theology. With the changed provision following the transfer of formal training to St Hild Lincoln this work now needs to be reviewed.

8. Increasing, through its worshipping and musical profile, the presence of the cathedral in the wider community.

Following the six-day commemoration of the anniversary of the 400th death of William Byrd that took place at the beginning of July 2023, the main profile-raising activity was the recording and issuing of a CD of music sung by the Cathedral Choir.

CATHEDRAL AND PRECINCTS UPKEEP

Lincoln Cathedral is among the largest cathedrals in the country – third by footprint behind Canterbury and York. The Cathedral is included in its entirety on the Heritage England at Risk Register and is the only Church of England Cathedral that has received a listing of this extent. In addition to the Cathedral building itself, the Chapter are responsible for an estate that encompasses 81 historic properties that are known as the Cathedral Close, as well as an off-site quarry being progressed as a housing development.

We have continued to make progress with the on-going maintenance programme on the estate including repairs and restoration to 17 James Street, 20 Minster Yard, 23 Minster Yard, and 2 Exchequer gate. A 30-year planned maintenance programme was compiled for the Close properties to develop a planned maintenance approach to our estate. 17 Minster Yard was marketed for office suites to generate additional income with one new letting secured in 2024.

Glazing work has been completed on two of the Medieval Lancet windows and works continues to conserve the many windows within the Cathedral.

Major Phase One works to the Chapter house were substantially completed and scaffolding work commenced to start Phase Two with planned completion in 2027.

Design work was undertaken to specify repairs to the Wren Library including a new ceiling to the library area, new air source heat pumps and new ceiling/lighting to the north cloister area. The project was tendered with a view to starting the project in the new financial year.

We are fortunate to have many talented crafts people, and we have looked to strengthen the team making resources available to recruit in the new financial year in particular building up the Glazing Team and providing training programmes for apprentices through funding from the Cathedral Workshop Fellowship (CWF), both as tutors and hosts.

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EDUCATION AND OUTREACH

School Visits

This year we hosted 70 (2024: 91) Schools and 5,871 (2024: 4,795) pupils. We continue to receive feedback which is consistently excellent from both teachers and pupils, praising our staff and volunteers for their engagement. In 2025 we applied to renew our Sandford Award and we were successful in October.

We have received very positive feedback throughout the year and highlights from the feedback which have received is included below:

We also hosted a Competition for schools: Primary School Literacy Poetry competition ‘The Wonder of Trees’.

Family School Holiday Events and Activities

Our family school holiday events and activities are becoming more and more popular, with a lot of repeat visits, as well as new families. Again, our themes link with the Church calendar, national events and partner events. Our Visitor Experience team members have informed us that some families come because of the children’s experience on a school trip which is wonderful. Apparently, a boy recently gave his family ‘a Guided Tour’!

In addition to events and activities during the school holidays, we also provided Family trails and competitions, which have also been very popular with visitors. The Family Backpacks are also very popular. With four new ones introduced this year.

Our new partnership event with Lincs Kids was very successful and we plan to repeat this year. Positive feedback was received from all of these events.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

The chart below displays the number of visitors to the Learning Centre during the year.

Student Placements and Work Experience

During the year in Education, we hosted four (2024: 1) Work Experience placements and three (2024: 8) University Students.

Lectures

The range of annual lectures has been expanded, with the addition of lectures named after Robert Grosseteste (early October) and Edward King (early March). This means that the annual programme now includes: The Edward King Lecture on Pastoral Theology; The Robert Grosseteste Lecture on Faith, Science and Philosophy; and The St Hugh’s Day Lecture.

In 2024/5, these lectures were given by the following people;

The Grosseteste Lecture in October was in partnership with the College of St Hugh and explored the challenges presented by the development of AI in today’s world. This was delivered by Professor Mark Harris from the University of Oxford.

Exhibition Gallery, Collections and Library

The Exhibition Gallery is well established as part of the visitor route. The focus has been on developing new and engaging interpretation and exhibitions within the Gallery. Volunteer researchers have been developing a new Cathedral Timeline which will become part of the new interpretation for 2025. The Gallery continues to host four exhibition per year, which have included modern art, as well as historical artefacts to widen the audience and reach.

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In Summer 2024, the Discovery Centre hosted a costume exhibition in its first use as a temporary exhibition space, this proved very successful and future opportunities are being explored.

Work continues to update and maintain the Collections Catalogue (CALM and CALM-View) with the addition of the Works Archive and new images of a number of collections currently unavailable to the public. This has driven a greater number of enquiries from within and outside of the Cathedral organisation. This work will continue.

An application to the National Archives was made for a two-year cataloguing project for the Dean & Chapter Archive (approx. £50,000) unfortunately we were unsuccessful. We will be re-submitting an application in January 2026. This project would see the Cathedral’s most important archival collection finally catalogued in its entirety and accessible for further academic research and public access.

In the past year, we have hosted two placements: two Lincoln University Conservation Students and a Bishop Grosseteste University History Student. We will also be hosting three work experience placements.

The Treasury is currently closed, however we were able to open as part of the city wide Heritage Festival. The space is currently awaiting new interpretation to ‘repurpose’ the central case before the room can be re-opened.

The LARC (Library Archive Research Centre) Project, was well received by the National Lottery Fund and first steps have been made to develop the project through the Close Management Plan and Cathedral & Close Conservation Plan. The project would see a suitable space for collections storage and dramatically increase accessibility, raising the profile of the Cathedral's national and international important collections.

Library

While the Wren Library has been closed for essential repair work, and the books have been in storage, we have concentrated our attention on the rest of the library collections in Exchequergate and in the two Reading Rooms. Arts Society volunteers have cleaned and checked all of the modern reference books in one of our Reading Rooms and the shelves in Exchequergate have been given protective linings. Our conservation program with Hull Bindery continues, with between 10 and 15 rare early printed books being conserved each year at a cost of approximately £6,000. A full condition survey of the manuscript collection has now been completed by Chris Woods, the Director of the National Conservation Service. Manuscripts requiring conservation have been highlighted.

Volunteers continued to create suitable packaging for fragile items, and both staff and volunteers are editing corrupted records in our library management system (CALM). We have also augmented the information in existing records as well as cataloguing uncatalogued sections of the library collection. Our Reading Rooms, opened throughout the week, and we have seen increased global demand from researchers.

Carefully selected items from the library have been displayed in the Exhibition Gallery. To further enhance the visitor experience, new library information boards and expanded visitor information has been produced ready for when the Wren and Medieval libraries re-open in 2026.

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PEOPLE

The Precentor, Canon Nick Brown, held the post of Interim Dean between 26 December 2023 and 13 September 2024. The Very Revd Dr Simon Jones was installed as Dean of Lincoln on 14 September 2024. During the course of the financial year, the following appointments were made to posts within Senior Leadership Team: Mel Tettey (Chief Operating Officer), Ann Treacy (Chief Financial Officer), Mark Wheater (Director of Estates and Facilities) and Ben Webb (Commercial Director).

Canon David Dadswell resigned as a non-stipendiary residentiary canon in December 2024, and Simon Parkes resigned from Chapter, and as chair of the Cathedral’s Finance Committee, in March 2025.

Following an extensive recruitment process, five new members of Chapter were appointed in January 2025 (Dr Hilary Hamnett, Martin Hickerton, Prof Amy Livingstone, Andrew Long, and Neil Rhodes), bringing with them experience and expertise in a number of different areas, thereby strengthening the governance of the cathedral. Andrew Long has been appointed as chair of the Finance Committee, and Neil Rhodes will serve as Chapter’s safeguarding lead.

In May 2025 we were delighted to learn that His Majesty The King would be Patron of the Cathedral’s Fabric Fund.

Volunteers

The Cathedral is hugely dependent on the many people who volunteer to support the work and the opening of the cathedral on a daily basis. We greatly value the considerable time and expertise given by all the Cathedral committee members for which we are extremely grateful.

Sustainability

The Cathedral have an environmental plan which outlines key actions/projects as we work towards Net Zero Carbon . Examples of projects which have been implemented are:-

Sustainability considerations are embedded in all of our future projects to minimise our impact on the environment.

Media Coverage

The media landscape in Lincoln has changed significantly during the last 12 months with both The Lincolnite (an online news service) and Siren FM (a community radio station) closing. BBC Lincolnshire reduced the number of programmes produced in Lincolnshire, and other local newspapers made significant cuts to their staff. This has meant that we have had to focus on other ways of reaching our local audience to promote services and events and to share news.

The announcement and subsequent installation of The Very Revd Dr Simon Jones as the new Dean of Lincoln provided us with excellent opportunity for very positive local and national coverage of the Cathedral.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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In September, filming took place in the Cathedral for the Channel 5 programme ‘Britain’s Greatest Cathedrals’, hosted by the Revd Pat Allerton. Each of the episodes focussed on three Cathedral’s and Lincoln’s content focussed on the Romanesque Frieze, the Dean’s Eye Window and the historic graffiti. Following the broadcast of the programme, the welcome team reported that they had had several conversations with people who said that they visited because of seeing the Cathedral on the programme.

Our events programme continued to bring tens of thousands of new visitors to the Cathedral during the year, but also generated a great deal of positive news coverage across the region. In particular, this year the Peace Doves installation, the Table for the Nation, Luxmuralis, and The Snowman have all generated considerable press interest which has been supported by paid print and social media adverts.

We now also produced quarterly What’s On leaflets which are widely distributed and have proved a valuable asset in promoting services and events throughout the year.

In December 2024, BBC Look North brought comedian and actor Lloyd Griffiths to the Cathedral where the former Grimsby Minster chorister sang O Holy Night accompanied by Cathedral Organist Jeffrey Makinson. This was then broadcast at the end of their last programme before Christmas. There was excellent media coverage, not only on the Look North programme, but also on social media.

FINANCIAL REVIEW

The Statement of Financial Activities (‘SoFA’) shows a net loss before gains on investments of £1.3m (2024: £0.36m gain).

The year has seen increased legacy receipts, but as a highly variable income stream year-on-year, such receipts are £36k higher in the current financial period than in the last. Other changes within our activities, noticeable within Notes 2,3 and 4 of these financial statements, include reduced fundraising income and expenditure for events but higher visitor income. This reflects a fundamental change in the events programme for the year which did not reprise a ‘theatre in the nave’ ticketed event or the Flower Festival and instead enhanced income through the visitor experience.

Fundraising efforts continued within our Music Fund with total income during the year amounting to £418,211 (2024: £219,184). With substantial legacies of £262,477 received in the year. £129,091 (2024: £60,869) was used to directly support Lincoln Cathedral’s annual choir and organist costs.

Income sources are now substantially less weighted towards voluntary income, being 26% (2024: 26%) of total income. In line with our strategic aims, other sources of income have been grown during the year with particular emphasis on our trading and visitor activities as well as maximising investments.

There continues to be an exceptional challenge in relation to the upkeep and repair of the Cathedral and our estate, which comprises predominately grade I and grade II listed buildings. Whilst these buildings are iconic the cost to maintain and renovate both the cathedral and the properties far out ways what we are able to generate in income.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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To fund the on-going close properties external maintenance programme, as identified from the Cathedral’s 2019 quinquennial inspection, we are utilising finite restricted funds. We believe that such investment will achieve better financial sustainability for the future, maximising return on our investment properties while maintaining the historic character of our Cathedral Close.

Overall, there has been little market movement impacting the value of our investment properties. Chapter are of the opinion that commercial property valuations have remained static during the year. The high base rate of the Bank of England has put a constraint on house buying. The house price index has quoted an uplift of 2.5% on values and due to the unique nature of our portfolio any increases are likely to be extremely low or non-existent for the year. Based on this evidence and the full valuation which will be taking place on our investment properties at the end of 2025 it is felt appropriate to not increase the investment property values.

Investments have shown a gain in the period in relation to capital values, which increased slightly in the year by £140k. Investments were changed in year to spread the risk over two investment houses rather than one. This decision was taken to ensure that the Cathedral’s risk of exposure is reduced by having two investment portfolios. We are optimistic moving forward that the changes made will enable us to see both increases in income and capital growth.

The unrestricted fund shows net movement in funds for the year of (£272k), (2024:£113k) net movement of designated funds of £4k (2024: £3k). Restricted funds net movement of (£689k) (2024: £750k) and net movement of £224k, (2024: £2.5m) on the endowment fund.

We remain hugely grateful for the generous support we receive during from both grant funding and generous donations with this support we would be unable to maintain the glorious building we call Lincoln Cathedral.

RESERVES POLICY

The Chapter consider that they should hold sufficient reserves in the unrestricted funds to fund working capital and potential liabilities identified from its review of major risks, and to cover shortfalls in unpredictable voluntary income. An acceptable range of free reserves is three to six months of fixed operational costs, less ‘reasonably certain’ income for Lincoln Cathedral. This currently equates to a range of £1m - £1.9m of unrestricted fund reserves.

The unrestricted fund, excluding designated funds and unrestricted funds of subsidiaries, stood at £1.6m at 31 March 2025 (2024: £1.9m). The unrestricted fund is considered broadly to equate to the free reserves of the charity with all but a small proportion of the investment assets held by the fund being realisable within a short timeframe, in the case of unforeseen circumstances.

A small number of designated funds are held, as described in note 21, representing specific projects and/or working capital requirements for specific ongoing activities. Designated funds are reviewed each year to ensure the funds are utilised as appropriate.

The level of reserves as at 31 March 2025 are considered to be in line with the requirements of the reserves policy, representing around six months of budgeted base operating costs not otherwise met by restricted fund reserves. The economic outlook remains challenging and the use of reserves is likely within the short-term which will reduce free reserve levels further.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Reserve levels will continue to be closely monitored to ensure an adequate level of capital is maintained to support the future work of the Cathedral.

INVESTMENT POLICY

During 2024/2025 the investment policy of the Cathedral was updated to reflect the objectives in relation to investments and these are detailed below:-

Lincoln Cathedral seeks to fulfil the following investment objectives:

The investment objective for short term reserves is to preserve real capital value with minimal levels of risk, ensuring high liquidity of assets in order to meet short term cash flow needs.

During 2023/2024, it was agreed that the investment assets of the charity were to be divided between two fund managers to further diversify the portfolio and reduce counter-party risk. This was actioned during March 2024 and completed during the financial year. This took longer than anticipated due to some shares being held previously in the Charity Property Funds which are not liquid funds. All transfers have now been finalised.

PRINCIPAL RISKS AND UNCERTAINITIES

Chapter and the Senior Leadership Team regularly review the major risks that the Cathedral faces and look at ways to either tolerate or treat the risks based on their severity. The top risks identified, and plans put in place are around:

Detail Risk Control & mitigation Key management activities
Failure to comply with
changing
legislation
and regulations e.g.
Charity commission,
Health
&
Safety,
Financial,
Safeguarding,
Employment Law.		 Critical Experienced team with
access to the correct
support mechanisms i.e.
Croner. A new contract
awarded to Avensure for
HR advise. Training in
place and attendance at
relevant conferences to
ensure that we keep up to
date.		 Developing new employee handbook
and publish and implement policies
consistently.
Developing
further
Induction programme and continuous
development for staff/volunteers to
keep
update
with
legislation
requirements
Reviewing and refreshing all TORs for
executive groups, governance boards /
committees. Improving data record
keeping
e.g.
SharePoint
filing
restructure and physical records to
ensure easy access to dedicated
personnel
as
required,
facilities
compliance recording system

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Detail Risk Control & mitigation Key management activities
There is a risk the
Cathedral
fails
to
control
costs
and
meet income targets,
particularly
in
its
unrestricted
budget,
leading to a risk of
deficits
and,
potentially,
more
significant
intervention.		 High Regularly monitoring of
financial
performance
and position. Financial
forecasting and budgets
done for a five year
timeframe.
Financial
controls
in
place
to
approve
and
report
unbudgeted
or
unforeseen expenditure.		 Management accounts produced on a
monthly basis and reviewed by the
Finance
committee
and Chapter.
Finance committee with appropriately
skilled membership and terms of
reference to provide oversight and
constructive challenge.
Inadequate
funding
and
resources
to
deliver
the
Cathedral’s
operational
commitments
or
capitalise on future
growth opportunities		 Critical New
Commercial
Director now in post and
new COO to drive the
financial activities of the
Cathedral
forward.
Stewardship Campaign
to be launched in 2025 to
increase regular giving.
Fundraising plans drawn up annually
Focus on commercial income growth
and
opportunities
e.g.
property
income,
fundraising,
potential
to
reconfigure chapter house access
could
increase
more
revenue.
marketing of community rooms etc
Monitoring
contracts
for
sub
contractors for works to gain better
value
for
money
Close
tracking
of
financial
performance
Failure to adequately
maintain
The
Cathedral and Close
Properties
and
resource
required
repairs.		 Critical Repairs are being carried
out with the support of a
legacy.
Rents
have
increased
but
further
work
is
required
on
repairs to be able to
support		 New QI of the Cathedral and estate
plan
for
the
close
properties
Driving
forward
planned
and
preventative maintenance, scoping of
capital
works
and
lifecycle
replacement works now taking place.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Lincoln Cathedral is the seat of the Bishop of Lincoln and a centre of worship and mission for the city and diocese. The Cathedral is a place founded on daily prayer offered to God for and on behalf of the diocese, and:

The Cathedral is an ecclesiastical corporation.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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CONSTITUTION AND STATUTES

The Cathedral’s Measure 2021 has been adopted by the Cathedral. The Measure initiated substantial change to the governance of English Cathedrals and how they are regulated. In December 2023 the Cathedral achieved Certificate Date 1 as part of the Cathedral’s Measure process and on the 12[th] March 2024 became a charity regulated by both the Charity Commission and Church Commissioners, governed by a new Constitution and Statutes under the Cathedrals Measure 2021.

Historically part of the Cathedral’s governing corporation, the Cathedral Council was formally dissolved upon adoption of the Cathedrals Measure 2021 the College of Canons formal role within our body corporate ceased.

ORGANISATIONAL STRUCTURE

Visitor

The Bishop is the Visitor of the Cathedral. As such, Chapter must hold a special meeting at which it must consult the Bishop on the general direction and mission of the Cathedral, and the bishop may seek the advice of the Chapter on any particular matter. Before deciding who to invite to a special meeting (apart from the members of the Chapter and the Bishop), the Chapter must consult the Bishop.

Body Corporate

Under the Cathedral’s Measure 1999 The Chapter, Cathedral Council and College of Canons together formed the legal entity of Lincoln Cathedral. Now, the members for the time being of the Chapter of the Cathedral are individually and collectively Charity Trustees and a body corporate with perpetual succession and a common seal.

The Chapter

The Chapter is the governing body of the Cathedral responsible for leadership, policy, strategy and vision. Chapter also directs and oversees the Cathedral’s administration. The Chapter consists of the Dean, our Residentiary Canons and at least four lay persons, one of whom must be the chair of the finance committee. The Dean is appointed by the Crown and acts as Chair of Chapter.

The Chapter meets regularly, with the Chief Operating Officer, Chief Financial Officer and a Minute Secretary in attendance.

To support the Chapter’s work, all cathedrals are required by the 2021 Cathedrals Measure to include in their organisational structure a Finance Committee , an Audit & Risk Committee , a Nominations Committee , and a “Senior Management Group”, at Lincoln Cathedral this is the Senior Leadership Team .

Appointment and Induction of new Chapter Members

New Chapter members are carefully selected to provide a balance of skills to meet both anticipated challenges ahead and strategic direction and development. All Chapter members are given appropriate induction and opportunities for relevant training. Work continues to develop formal systems of induction to ensure consistency.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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Committees

The Chapter is supported in its work by several committees:

Finance Committee

The Lincoln Cathedral Finance Committee is a non-executive advisory committee of the Chapter. In this role, Chapter delegates to the Committee the financial advice and strategic recommendations with regard to expenditure, income and fundraising and investments. The Committee takes the role as a critical friend, providing expert and supportive advice.

The Finance Committee is in turn supported by

Audit & Risk Committee

The Audit & Risk Committee is a non-executive advisory committee of the Chapter who assist Chapter in its oversight of the integrity of decision-making, review the quality of external audit and to review internal controls, ensuring robust risk management.

Fabric Advisory Committee

The Fabric Advisory Committee assist the Chapter in the care and conservation of the Cathedral as required by section 4 (1) of the Care of Cathedrals Measure 1990, as amended by the Care of Cathedrals (Amendment) Measure 2005, helping to formulate proposals for works. This includes any continuous programme of repairs, conservation of adornments, provision of safety precautions, conduct of surveys and assessing priority of works.

Remuneration Committee

Principle purposes of the committee include considering and recommending to Chapter:

Further work has been undertaken throughout the year on defining governance structures and demarcation of board structures.

Senior Leadership Team

The Senior Leadership Team (‘SLT’) is the senior management group of the Cathedral and is responsible for the day-to-day operational management of the Cathedral under the oversight of the Chapter.

The SLT chaired by the Chief Operating Officer, normally meets fortnightly and is accountable to Chapter.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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The Chief Operating Officer reports to the Dean and is responsible for the day-to-day operations of the Cathedral, ensuring that there is adequate resourcing for the Cathedral to achieve its mission and strategic priorities and to ensure legal, and financial compliance.

RESPONSIBILITIES OF CHAPTER

Chapter Responsibilities Statement

The Cathedral Chapter is responsible for preparing Chapter’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires Chapter to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, Chapter are required to:

Chapter are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Constitution and Statutes. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Investment Powers

Under the Cathedral’s Measure 2021 the Chapter may invest the Cathedral’s funds in any of the following:

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

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REFERENCE AND ADMINISTRATION INFORMATION

FULL NAME

The Cathedral Church of the Blessed Virgin Mary of Lincoln (commonly known as Lincoln Cathedral) Charity number 1207411);

CATHEDRAL OFFICE

Chapter Office, 4 Priorygate, Lincoln, LN2 1PL

VISITOR

Bishop of Lincoln, The Rt Revd Stephen Conway

CATHEDRAL CHAPTER TRUSTEES

The Very Revd Dr Simon Jones, Dean (Appointed 14 September 2024)

The Revd Canon Nicholas Brown, Precentor and Subdean (Interim Dean: 26 December 2023 – 13 September 2024)

The Revd Canon Rowena King, Canon Missioner The Revd Canon Carolyn Bailey (Appointed 9 July 2024) The Revd Canon David Dadswell (Resigned 31 December 2024) Canon Amanda (Harvey) Dowdy (Resigned 7 October 2025) Canon Simon Parkes (Resigned 11 February 2025) Canon Mark Suthern Canon Stuart Welch Professor Amy Livingstone (Appointed 13 March 2025) Dr Hilary Jane Hamnett (Appointed 13 March 2025) Martin Hickerton (Appointed 13 March 2025) Neil Rhodes (Appointed 13 March 2025) Andrew Long (Appointed 13 March 2025)

Finance Committee Canon Simon Parkes, Chairman (Resigned 11 February 2024) Andrew Long (Appointed 13 March 2025)

Peter Denby Caroline Killeavy (Resigned 17 September 2025) John Lockwood MBE DL Neil Rhodes Edward Strange

Fabric Advisory Committee Professor Clifford Price, Chairman

Dr Mike Ashton

Judy Burg Professor John Chilton Dr Kate Giles Hannah Harte Professor David Stocker Simon Walters Dr Paul Williamson

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025

Audit & Risk Committee Neil Rhodes (Resigned 13 March 2025) Marc Jones (Appointed 3 June 2025) Martin Hickerton (Resigned 13 March 2025 Janis Daly (Appointed 3 June 2025) Richard Mazur (Appointed 3 June 2025) Tony Tomlinson Other Professional advisors Auditor BHP LLP Albert Works 71 Sidney Street Sheffield S1 4RG Bankers National Westminster Bank Plc 225 High Street Lincoln, LN2 1AZ Chattertons 1 Flavian Road Lincoln, LN2 4GR

Approved by order of Chapter and signed on their behalf by:

Signer ID: 9X2E5PMEP6... The Very Reverend Dr Simon Jones Dean of Lincoln 16 December 2025

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

Opinion

We have audited the financial statements of The Cathedral Church of the Blessed Virgin Mary of Lincoln (the ‘parent entity) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the entity balance sheet, the consolidated cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent entity 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that Chapter’s use of the going concern basis in 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 entity'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 Chapter with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Chapter’s Annual Report, other than the financial statements and our auditor’s report thereon. Chapter are responsible for the other information contained within Chapter’s Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Chapter

As explained more fully in the Chapter’s responsibilities statement, 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 Chapter determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Chapter are responsible for assessing the group’s and parent entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Chapter either intend to liquidate the group or parent entity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed auditor under section 151 of the Charities Act 2011 and report in accordance with that Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

We assessed the susceptibility of the group and parent entity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilties-for-the-audit-of-thefi/description-of-the-auditor%£2%80%99s-resposiblities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees’, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Signer ID: MMITLPRPJQ...

Nicola O’Sullivan (Senior Statutory Auditor) For and on behalf of BHP LLP One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH

Date: 17/12/2025 GMT

BHP LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Total Total
Unrestricted Funds Restricted Endowment Funds Funds
General Designated Funds Funds 2025 2024
Note £’000 £’000 £’000 £’000 £’000 £’000
Income and
endowments from
Donations & legacies 2 268 - 824 - 1,092 991
Grants 2 321 - 14 - 335 403
Charitable activities 3 70 - - - 70 83
Other trading activities 4 2,024 14 29 - 2,067 1,847
Investments 5 1,116 - 396 40 1,552 1,813
Other income 6 211 - 7 - 218 197
------------------ ------------------ ---------------- --------------- ------------------- -------------------
Total income 4,010 14 1,270 40 5,334 5,334
------------------ ------------------ ---------------- --------------- ------------------- --------------------
Expenditure on
Raising funds 7 2,116 - 339 13 2,468 1,978
Charitable activities:
Ministry 8 1,068 - 296 - 1,364 762
Cathedral and
precincts upkeep 8 928 10 1,640 - 2,578 2,054
Education and 8 205 - 40 - 245 179
outreach
------------------ ------------------ ---------------- --------------- ------------------- --------------------
Total expenditure 4,317 10 2,315 13 6,655 4,973
------------------ ------------------ ---------------- --------------- ------------------- --------------------
Net income/(expenditure)
before investment (307) 4 (1,045) 27 (1,321) 361
gains/(losses)
Net gains/(losses) on
investments 15a/b 50 - 327 (237) 140 2,990
------------------ ------------------ ---------------- --------------- ------------------- -------------------
Net income/(expenditure) (257) 4 (718) (210) (1,181) 3,351
Transfers between 13 (15) - 29 (14) - -
funds
------------------ ------------------ ---------------- ----------------- ------------------- -------------------
Net movement in funds (272) 4 (689) (224) (1,181) 3,351
Total funds brought
forward 2,099 269 21,030 31,636 55,034 51,683
------------------ ------------------ ------------------ ------------------ -------------------- --------------------
Total funds carried
forward 20 1,827 273 20,341 31,412 53,853 55,034
========= ======== ========= ========= ========== ==========

All activities derive from continuing activities. The notes on pages 36 to 62 form part of the financial statements. Details of comparative figures by fund are included in note 29.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Total Total
2025 2024
£ £
Total income (excluding endowments) 5,294 5,267
Total expenditure (excluding endowments) (6,642) (4,969)
------------------- -------------------
Surplus of income over expenditure in the year before transfers (1,348) 298
Net gains/(losses) on investments 377 562
------------------- -------------------
Net income/expenditure for the year (971) 860
Other comprehensive income:
Transfer of fixed assets to restricted funds - -
------------------- -------------------
Total comprehensive income (971) 860
========= =========

The Income and Expenditure Account is derived from the Statement of Financial Activities with movements in endowment funds excluded. All income and expenditure is derived from continuing activities.

31

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN CONSOLIDATED BALANCE SHEET AT 31 MARCH 2025

Note
Fixed assets
Investment assets:
Property
15a
Investments
15b
Non-investment assets:
Property
16
Equipment and plant
17
Total fixed assets
Current assets
Stock
Debtors
18
Cash at bank and in hand
Total current assets
Liabilities due within one year
Loans
Creditors
19
Net current assets
Total assets less current liabilities
Liabilities due after one year
Total net assets
The funds of the Cathedral
Endowment funds
20
Restricted funds:
20
Unrestricted funds
20
General funds
Designated funds
Total cathedral funds		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
2025
Total Funds
2024
£'000
£'000
£'000
£'000
£'000
-
-
22,807
22,807
23,995
1,646
18,170
5,865
25,681
23,118
1,646
18,170
28,672
48,488
47,113
-
1,364
2,728
4,092
2,904
24
201
-
225
421
24
1,565
2,728
4,317
3,325
1,670
19,735
31,400
52,805
50,438
114
-
-
114
121
398
347
-
745
682
325
892
27
1,244
4,343
837
1,239
27
2,103
5,146
-
-
-
-
(6)
(407)
(633)
(15)
(1,055)
(544)
(407)
(633)
(15)
(1,055)
(550)
430
606
12
1,048
4,596
2,100
20,341
31,412
53,853
55,034
-
-
-
-
-
2,100
20,341
31,412
53,853
55,034
-
-
31,412
31,412
31,636
-
20,341
-
20,341
21,030
1,827
-
-
1,826
2,099
273
-
-
274
269
2,100
20,341
31,412
53,853
55,034

The financial statements were approved and authorised for issue by the Chapter on 16 December 2025 and signed on their behalf by:

Signer ID: 9X2E5PMEP6... Signer ID: SIYR28KJ0Y... The Very Revd Dr Simon Jones Mr Andrew Long Dean Chair, Finance Committee

32

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ENTITY ONLY BALANCE SHEET AT 31 MARCH 2025

Note
Fixed assets
Investment assets:
Property
15a
Investments
15b
Non-investment assets:
Property
16
Equipment and plant
17
Total fixed assets
Current assets
Stock
Debtors
18
Cash at bank and in hand
Total current assets
Liabilities due within one year
Loans
Creditors
19
Net current assets
Total assets less current
liabilities
Liabilities due after one year
Total net assets
The funds of the Cathedral
Endowment funds
20
Restricted funds:
20
Unrestricted funds
20
General funds
Designated funds
Total cathedral funds		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
2025
Total Funds
2024
£'000
£'000
£'000
£'000
£'000
-
-
22,807
22,807
23,995
1,646
15,123
5,865
22,634
20,109
1,646
15,123
28,672
45,441
44,104
-
1,364
2,728
4,092
2,904
14
201
-
215
412
14
1,565
2,728
4,307
3,316
1,660
16,688
31,400
49,748
47,419
37
-
-
37
70
302
341
-
643
684
175
646
27
848
4,032
514
987
27
1,528
4,786
-
-
-
-
(6)
(348)
(639)
(15)
(1,002)
(427)
(348)
(639)
(15)
(1,002)
(433)
166
348
12
526
4,353
1,826
17,036
31,412
50,274
51,773
-
-
-
-
-
1,826
17,036
31,412
50,274
51,773
-
-
31,412
31,412
31,636
-
17,036
-
17,036
17,972
1,553
-
-
1,553
1,896
273
-
-
273
269
1,826
17,036
31,412
50,274
51,773

The financial statements were approved and authorised for issue by the Chapter on 16 December 2025 and signed on their behalf by:

The Very Revd Dr Simon Jones Mr Andrew Long Signer ID: 9X2E5PMEP6... Signer ID: SIYR28KJ0Y... Dean Chair, Finance Committee

33

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
£’000 £’000
Net cash inflow / (outflow) from operating activities (see below) (1,142) 243
Cash flows from investing activities
Rent received net of costs (92) 131
Investment income net of costs 532 875
Purchase of plant and equipment (1) (1)
Proceeds from the sale of investments 1,598 12,307
Purchase of investments (4,021) (12,211)
--------------- ---------------
Net cash provided by / (used in) investing activities (1,984) 1,101
Cash flows from financing activities
Receipt of endowment 27 62
--------------- ---------------
Net cash provided by / (used in) financing activities 27 62
--------------- ---------------
Change in cash and cash equivalents in the reporting period
(3,099) 1,406
Cash and cash equivalents at 1 April 4,343 2,937
--------------- ---------------
Cash and cash equivalents at 31 March 1,244 4,343
======= =======
Reconciliation of net income/(expenditure) to net cash flow from operating
activities
2025 2024
£’000 £’000
Net income/(expenditure before investment gains for
reporting period (1,321) 361
Adjustment for:
Depreciation charges 197 200
Income added to endowment capital (40) (67)
Income from property and investments (1,512) (1,747)
Investment property costs & management fees 1,093 784
(Increase)/decrease in stock (7) (5)
Decrease / (Increase) in debtors (63) 793
(Decrease)/Increase in creditors 511 (76)
--------------- ---------------
Net cash provided by / (used in) operating activities (1,142) 243
--------------- ---------------
Analysis of cash and cash equivalents
2025 2024
£’000 £’000
Cash in hand 483 892
Notice deposits (less than 3 months) 761 3,451
--------------- ---------------
1,244 4,343
--------------- ---------------

34

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

ANALYSIS OF CHANGES IN NET DEBT

1 April Cash Other 31 March
2024 Flows Changes 2025
£ £ £ £
Cash and cash equivalents
Cash 892 (409) - 483
Deposit accounts 3,451 (2,690) - 761
--------------------- ------------------ ------------------------ ---------------------
Borrowings 4,343 (3,099) - 1,244
Debt due within one year (6) - 6 -
-------------------- ------------------ --------------------- --------------------
(6) - 6 -
-------------------- -------------------- --------------------- --------------------
Total 4,337 (3,099) 6 1,244
=========== ========= =========== ===========

35

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

____________________

1. ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements and estimation techniques are as follows.

a) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments and investment property, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Cathedral meets the definition of a Public Benefit Entity under FRS102.

The accounts are presented in sterling, which is the functional currency of the cathedral, and rounded to the nearest £000.

Consolidation

The accounts consolidate the results of the Cathedral and its subsidiaries. Further details are provided in Note 26. The results of the subsidiaries are consolidated on a line by line basis.

In addition, the Cathedral is connected with various entities that do not meet the criteria for consolidation. Further details are provided Note 27.

b) Income

All income is included in the Statement of Financial Activities (SOFA) when the Cathedral is legally entitled to receive it as income or capital respectively, ultimate receipt is probable and the amount to be recognised can be quantified with reasonable accuracy.

36

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2025

1. ACCOUNTING POLICIES (continued)

donated items have been met, the receipt of economic benefit from use by the cathedral of the item is probable and that economic benefit can be measured reliably.

c) Expenditure

Expenditure is recognised as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on repairs, restoration and maintenance of the Cathedral is charged as incurred. Expenditure on Investment property is charged against revenue unless the work results directly in an increase in the value of the property.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Expenditure is classified under the following activity headings:

Costs of raising funds. These are the costs of trading activities, investment property costs, visitor facilities and fundraising events.

Resourcing ministry and mission includes costs associated with the Cathedral clergy as well as services and music costs.

Cathedral and precincts upkeep consists of major projects and restoration of the Cathedral’s fabric as well as the Cathedral’s maintenance and upkeep.

Education and outreach includes relevant costs as well as running costs of the Wren Library.

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

Education and outreach includes relevant costs as well as running costs of the Wren Library.

Support costs are those functions that assist the work of the Cathedral but do not directly undertake either charitable or fundraising activities. Indirect support cost allocation is based on an approximate split of staff time estimated as follows:

37

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

Raising funds 35% Ministry 30% Cathedral & precincts upkeep 30% Education & Outreach 5%

d) Cathedral and Inventory

Heritage assets include the Cathedral and ancillary buildings and the items in the inventory prepared under section 24(1) of the Care of Cathedrals Measure 2011. No value has been attributed to these assets acquired before 31 December 2018, because information on their historic cost is not available.

Items donated to the inventory since 1 January 2019 are valued in the year of acquisition and shown as a heritage asset unless there is sufficient information available to reliably estimate the value of the asset.

The Heritage Assets are deemed to have indeterminate lives and the Chapter do not therefore consider it appropriate to charge deprecation on acquisitions. Expenditure which is required to preserve or prevent deterioration of the Heritage Assets is recognised in the Statement of Financial Activities when it is incurred.

e) Tangible fixed assets

Property

The endowment property, which excludes the Cathedral itself, includes both investment and noninvestment property. Investment property is included at fair value as at 31 March 2025. Chapter considers that appropriate professional guidance has been sought to recommend reasonable estimates of fair value.

Non-investment property is carried at cost.

The Quarry is stated at the cost to acquire access which was obtained in 2008. The access is the land known as 51 Riseholme Road. In the opinion of the Cathedral’s administrative body the residual value of the land is such that no write down is deemed necessary.

Depreciation is not charged on the basis of immateriality. The Cathedral has a policy of regular maintenance to maintain properties at their existing value and, given the locale of the Cathedral Close, high residual values are expected.

Tools and Equipment

Purchases of tools and equipment (including office equipment) of less than £10,000 are written off in the year of purchase within the fund to which they relate.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful economic lives on the following basis:

Equipment & plant 18 – 50% straight line Freehold buildings 0%

38

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

Lincoln Minister Shops Limited assets are an exception to this, with all assets recognised and depreciated in line with their treatment for tax purposes.

All other investments are stated at fair value. Realised gains or losses are recognised in the Statement of Financial Activities when investments are sold. Unrealised gains and losses are accounted for on revaluation of investments at the year end.

g) Financial instruments

Chapter make estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions will have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year and are around property valuations.

Property values are subject to judgement on their state of repair, future rental yield and estimated costs to sell.

39

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

l) Creditors and provisions

Creditors and provisions are recognised where the Cathedral has a present obligation resulting from a past event that will probably 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.

m) Employment benefits

When employees have rendered service to the Cathedral, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The entity contributes to a defined benefit plan (CEFPS) for the benefit of some of its employees. A liability for the entity’s obligations under the plan is recognised net of plan assets. The net change in the net defined benefit liability is recognised as the cost of the defined benefit plan during the period.

Contributions under defined contribution plans are expensed as they become payable.

n) Corporation tax

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

o) Operating Leases

The Cathedral has entered only into operating lease arrangements for the use of certain assets, the rental for which is charged in full as expenditure in the year to which it relates. Where rent free periods are given as part of an operating lease, the impact of this rent-free period is reflected in the Statement of Financial Activities over the shorter of the overall lease term or first break clause whichever is shorter in time.

p) Funds

Unrestricted funds or general funds are available to spend on activities that further any of the purposes of the Cathedral.

Designated funds are unrestricted funds that Chapter have decided, at their discretion, to set aside to use for a specific purpose. Such designations may be set aside from time to time according to policy decisions.

40

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

Restricted funds are donations which the donor has specified are to be solely used for areas of the Cathedral’s work or specific projects. This would include monies raised for a specific campaign.

Endowment funds are restricted in that there is now power to convert the capital into income. They must be held permanently (unless they become expendable by petition or prior design) and cannot be disposed of, although the constituent assets may change over time.

q) Reserves Policy

The target free reserves (net of fixed assets and investments) is currently set at an amount equivalent to three months’ gross expenditure from unrestricted funds estimated at £1.5m.

r) Going Concern

Having reviewed the funding facilities available to the charity together with future projected cash flows, the trustees have an expectation that the charity has adequate resources to continue its activities for the foreseeable future. Trustees are aware of the longer term sustainability of the Cathedral and are putting in place measures to ensure that there is a long term financial and operational strategy in place to support the organisation in the future. They do consider that there were no material uncertainties over the charity’s financial viability at the date of signing the accounts. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements.

41

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

2. DONATIONS AND LEGACIES

Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Donations & legacies
Congregational giving 72 - - 72 78
Donations 136 206 - 342 288
Tax recoverable 14 - - 14 30
Income from Friends 31 24 - 55 22
Legacies 15 594 - 609 573
----------------- ------------------ ------------------- ------------------ ------------------
268 824 - 1,092 991
======== ========= ========= ========== ==========

In the year ended 31 March 2024 £276k was attributable to the unrestricted fund, and £715k was attributable to the restricted funds.

Grants

Grants
Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Church Commissioners’ 236 - - 236 151
Other revenue and capital grants 85 14 - 99 252
----------------- ------------------ ------------------- ------------------ ------------------
321 14 - 335 403
======== ========= ========= ========== ==========

In the year ended 31 March 2024 £183k was attributable to the unrestricted fund and £220k was attributable to the restricted fund.

3. CHARITABLE ACTIVITIES

Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Facilities and other fees 40 - - 40 54
Magna Carta 30 - - 30 29
----------------- ------------------ ------------------- ------------------ ------------------
70 - - 70 83
======== ========= ========= ========== ==========

In the year ended 31 March 2024 all income was attributable to the unrestricted fund.

42

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

4. OTHER TRADING ACTIVITIES

Total
Unrestricted Restricted Endowment Total Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Charges to visitors 845 10 - 855 837
Gift Aid on entrance charges 126 - - 126 123
Income from fundraising events 233 19 - 252 289
Gross income cathedral shop,
restaurant and conferencing
centre 820 - - 820 574
Cathedral publications 14 - - 14 17
Close property maintenance - - - - 7
------------------- ------------- ------------- ------------- -------------
2,038 29 - 2,067 1,847
======== ======== ======== ======== ========

In the year ended 31 March 2024 £1,808k was attributable to the unrestricted fund and £39k was attributable to restricted funds.

5. INVESTMENT INCOME

NVESTMENT INCOME
Total Total
Unrestricted Restricted Endowment Funds Funds
Fund Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Dividends receivable 230 371 40 641 886
Interest receivable 9 25 - 34 50
Rents receivable 877 - - 877 877
----------------- ------------------ ------------------- ------------------ ------------------
1,116 396 40 1,552 1,813
======== ========= ========= ========== ==========

In the year ended 31 March 2024 investment income of £1,071k was attributable to the unrestricted fund, £675k attributable to the restricted fund and £67k attributable to the endowment fund.

6. OTHER INCOME

Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Other items 211 7 - 218 197
____ ____ ___ __ __
211 7 - 218 197
========= ========= ========= ========== ==========

In the year ended 31 March 2024 £197k was attributable to the unrestricted fund.

43

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

7. RAISING FUNDS
(2025) Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2025
£’000 £’000 £’000 £’000
Cost of facilities for visitors 295 - - 295
General marketing costs 100 - - 100
Investment property costs 852 119 - 971
Investment management costs 47 75 13 135
Cost of fundraising 271 - - 271
Gross costs of Cathedral shop, café and
conferencing centre 490 - - 490
Cathedral Publications - - - -
Outside contracts – Close property
maintenance 7 - - 7
Allocated support costs (note 10) 54 145 - 199
----------------- ------------------ ------------------- ------------------
2,116 339 13 2,468
----------------- ------------------ ------------------- ------------------
RAISING FUNDS
(2024) Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£’000 £’000 £’000 £’000
Cost of facilities for visitors 261 - - 261
General marketing costs 91 - - 91
Investment property costs 619 128 - 747
Investment management costs 7 27 4 38
Cost of fundraising 232 11 - 243
Gross costs of Cathedral shop, café and
conferencing centre 449 - - 449
Cathedral Publications 11 - - 11
Outside contracts – Close property
maintenance 7 - - 7
Allocated support costs (note 10) 36 95 - 131
----------------- ------------------ ------------------- ------------------
1,713 261 4 1,978
----------------- ------------------ ------------------- ------------------

44

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

______________

8. CHARITABLE ACTIVITIES
(2025) Unrestricted Funds Restricted Endowment Total Funds
General Designated Funds Funds 2025
£’000 £’000 £’000 £’000 £’000
Ministry
Clergy Stipends and expenses 153 - 2 - 155
Clergy housing and support 131 - - - 131
Services and music 730 - 179 - 909
Support costs 54 - 115 - 169
------------------- ----------------- ------------------ ------------------- ------------------
1,068 - 296 - 1,364
Cathedral and precincts upkeep
Major repairs and restoration - - 1,347 - 1,347
Maintenance and interior upkeep 769 10 36 - 815
Cathedral insurance 99 - 147 - 246
Support costs 60 - 110 - 170
------------------- ----------------- ------------------ ------------------- ------------------
928 10 1,640 - 2,578
Education and outreach
Library and archives 46 - 19 - 65
Educational activities 151 - - - 151
Charitable giving - - 1 - 1
Support costs 8 - 20 - 28
------------------- ----------------- ------------------ ------------------- ------------------
205 - 40 - 245
------------------- ----------------- ------------------ ------------------- ------------------
Total charitable activities 2,201 10 1,976 - 4,187
========= ======== ========= ========= ==========

45

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

8. CHARITABLE ACTIVITIES
(2024) Unrestricted Funds Restricted Endowment Total Funds
General Designated Funds Funds 2024
£’000 £’000 £’000 £’000 £’000
Ministry
Clergy Stipends and expenses 131 - - - 131
Clergy housing and support 50 - 2 - 52
Services and music 333 - 129 - 462
Support costs 38 79 - 117
------------------- ----------------- ------------------ ------------------- ------------------
552 - 210 - 762
Cathedral and precincts
upkeep
Major repairs and restoration 12 - 695 - 707
Maintenance and interior 920 20 154 - 1,094
Cathedral insurance 131 - - - 131
Support costs 43 - 79 - 122
------------------- ----------------- ------------------ ------------------- ------------------
1,106 20 928 - 2,054
Education and outreach
Library and archives 62 - 16 78
Educational activities 63 - - - 63
Charitable giving - - 20 - 20
Support costs 5 - 13 - 18
------------------- ----------------- ------------------ ------------------- ------------------
130 - 49 - 179
------------------- ----------------- ------------------ ------------------- ------------------
Total charitable activities 1,788 20 1,187 - 2,995
========= ======== ========= ========= ==========

46

Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

9. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS (2025)

Activities Grant
Undertaken Funding of Support Total Costs
Directly Activities Costs 2025
£’000 £’000 £’000 £’000
Raisings funds 2,269 - 199 2,468
Charitable activities:
Ministry 1,195 - 169 1,364
Cathedral and precincts upkeep 2,408 - 170 2,578
Education and outreach 217 - 28 245
------------------ ------------------ ------------------- ------------------
6,089 - 566 6,655
========= ========= ========= ==========

ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS (2024)

Activities Grant
Undertaken Funding of Support Total Costs
Directly Activities Costs 2024
£’000 £’000 £’000 £’000
Raisings funds 1,847 - 131 1,978
Charitable activities:
Ministry 645 - 117 762
Cathedral and precincts upkeep 1,932 - 122 2,054
Education and outreach 161 - 18 179
------------------ ------------------ ------------------- ------------------
4,585 - 388 4,973
========= ========= ========= ==========

10. ANALYSIS OF SUPPORT COSTS (2025)

Cathedral &
Raising precincts Education Total
funds Ministry upkeep & outreach 2025
£’000 £’000 £’000 £’000 £’000
Human Resources 20 16 16 2 54
Office costs 78 67 67 11 223
Finance 62 53 53 9 177
Governance 39 33 34 6 112
------------------- ----------------- ------------------ ------------------- ------------------
199 169 170 28 566
========= ======== ========= ========= ==========

ANALYSIS OF SUPPORT COSTS (2024)

ANALYSIS OF SUPPORT COSTS (2024)
Cathedral &
Raising Precincts Education Total
funds Ministry Upkeep & outreach 2024
£’000 £’000 £’000 £’000 £’000
Human Resources 68 58 58 10 194
Office Costs 43 38 38 6 125
Finance 2 2 2 - 6
Governance 18 19 24 2 63
------------------- ----------------- ------------------ ------------------- ------------------
131 117 122 18 388
========= ======== ========= ========= ==========

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THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

11. STAFF COSTS
STAFF COSTS 2025 2024
£’000 £’000
Office Holders & Employee costs during the year were as follows:
Salaries and stipends 2,039 1,837
National insurance contributions 177 150
Pension costs 123 104
Termination payments 7 27
----------------- -----------------
2,346 2,118
========= =========
The average number of fte’s employed by the charity during the year
were: 2025 2024
Number Number
Residentiary Canons 2.0 2.5
Chapter Office 9.9 11.1
Raising Funds 2.0 2.0
Trading 3.3 3.0
Visitor services 5.7 5.7
Vergers & Interior Upkeep 4.8 4.5
Music & Services 9.0 8.7
Library & Education 3.3 3.5
Works Department 21.7 19.6
----------------- -----------------
61.7 60.6
========= =========

During the year to 31 March 2025 the average number of staff was 93 (fte 61.7) (2024: 86 (fte. 60.6).

The number of unpaid volunteers during the year was approximately 635 (2024: 575). A reliable estimate of the monetary value of their work cannot be made.

2025 2024
Number Number
The numbers of staff whose emoluments (including benefits in kind but excluding
Pension contributions) amounted to more than £60,000 were as follows:
£70,001 - £80,000 1 1
======== ======

Pension payments of £4,229 were made in 2025 in respect of the above individual (2023: £4,753).

Remuneration of key management personnel

Key management personnel are deemed to be those having authority and responsibility, delegated to them by the trustees, for planning, directing and controlling the activities of the Cathedral. During 2025 they were the members of the Senior Leadership Team. During the year significant change took place within the Senior Leadership Team with the overall numbers ranging from three to the final number of five employees.

Remuneration, pensions and expenses for the number of employees amounted to £334,818 (2024 : £461,315).

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THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

11. STAFF COSTS (Continued)

Trustees’ emoluments

Trustees received travelling and out of pocket expenses, totalling £13,558 (2024– £15,646) in respect of duties as Dean, Precentor and Missioner with travelling expenses of £104 being paid to one (2024: 2) other Trustee.

The following table gives details of the Trustees who were in receipt of housing provided by the Cathedral during the year and who were in receipt of a stipend and pension paid by the Church Commissioners. These are paid in accordance with scales laid down annually by the Church Commissioners, Archbishops’ Council and the Church of England Pensions Board.

Stipend Pension
The Very Revd Dr Simon Jones £28,688 £4,573
The Rt Revd Nicholas Brown £41,380 £6,699
The Revd Rowena King £36,757 £7,135

In line with Section 26 of the Cathedral Measure 2021, the Dean, Precentor and Canon Missioner are allocated and occupy a cathedral owned house. The office holder reimburses for their private use of light and heating costs only. During the year, clergy housing costs amounted to £84,205 (2024: £16,824) and £2,887 (2024: £2,779) was reimbursed. Of this, £361 (2024: £2,097) was owed by one office holder as at 31 March 2025 (2024: 4). No amounts have been written off during the period (2024 : Nil).

In respect of the year ended 31 March 2025 the following aggregate expenses were incurred by the Cathedral in respect of 5 (2024: 2) members of Chapter:

2025
£		 2024
£
Clergyhousingexpenses reimbursed 4,017 2,858
Relocation expenses reimbursed 1,473 9,639
Travel,hospitalityand conference costs 4,890 2,882
Books,equipment and sundryservice costs 3,178 267
Total 13,558 15,646

These expenses include those reimbursed to members of the Chapter as well as similar payments made direct to third parties.

12. PENSIONS

Salaried Staff

Church Workers Pension Fund (CWPF) – Pension Builder 2014

Lincoln Cathedral participates in the Pension Builder Scheme section of the CWPF for salaried/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. The Church of England Defined Benefit Scheme has been closed to new members since 31 March 2002. Lincoln Cathedral now has no members of this scheme.

CWPF has two sections:

Pension Builder Scheme

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

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred

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12. PENSIONS (Continued)

annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

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

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

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable of £108,600, (2024: £88,704).

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, Lincoln Cathedral could become responsible for paying a share of the failed employer’s pension liabilities.

13. ANALYSIS OF TRANSFERS BETWEEN FUNDS

Unrestricted Funds Unrestricted Funds Restricted Endowment
General Designated Funds Funds
£’000 £’000 £’000 £’000
From Unrestricted Fund to Restricted (29) - 29 -
From Endowment to Unrestricted Fund 14 - - (14)
_____ ______ ______ _
15 - 29 (14)
======= ======= ======= =======

During the year transfers relating to money owed from the previous year were transferred during 2024/2025. These payments relate to profit from the subsidiaries in the previous year and has no impact on the profit for the financial year. Please see Note 20.

14. HERITAGE ASSETS

As stated in the accounting policies, no value has been placed on the Cathedral and ancillary buildings and the items in the inventory prepared under section 24 (1) of the Care of Cathedrals Measure 2011. Cathedral buildings are the Cathedral, chapter house, cloisters and libraries.

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_________________

14. HERITAGE ASSETS (continued)

The Care of Cathedrals Measure 2011 requires cathedrals to keep an inventory of all items considered to be of architectural, archaeological, artistic or historic interest in the possession of the Cathedral church. There have been no additions in the year,

15. TOTAL INVESTMENT ASSETS - GROUP

15. TOTAL INVESTMENT ASSETS - GROUP
2025 2024
£’000 £’000
Investment properties – 15a 22,807 23,995
Investments – 15b 25,681 23,118
----------------- -----------------
Total investment assets 48,488 47,113
========= ========

15a. INVESTMENT PROPERTIES

15a. INVESTMENT PROPERTIES
2025 2024
£’000 £’000
Market value at 1 April 2024 23,995 21,956
Disposal proceeds - (694)
Transfers from non-investment property - 530
Transfers to non-investment property (1,188) -
(Loss)/Gain on revaluation - 2,203
----------------- -----------------
Market value as at 31 March 2025 22,807 23,995
========= =========

The investment properties were revalued by Savills a RICs registered valuer as at 31 March 2021. The valuations were undertaken in line with the definition of Market Value as defined in the RICS Red Book, as detailed below:

Market Value (MV) is defined in IVS 104 paragraph 30.1 as:

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”

For the 2024/2025 valuations Chapter have deemed that a revaluation would be inappropriate. Chapter have considered the market conditions by reviewing the RICS UK Commercial Property Monitor Q1 2025 headline which reads “Market conditions remain generally subdued although faint signs of improvement are visible in some areas”, therefore Chapter has deemed it appropriate not to revalue the investment properties. Chapter have instructed Savills a RICs registered valuer to carry out a full re-valuation of the properties as at the 31 December 2025 and it was felt that as the house price index is quoting a 2.5% uplift in prices it is considered that it was more appropriate to wait for the full revaluation at the end of the 2025 and then review the values of the properties.

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_________________

15b. FIXED ASSETS INVESTMENTS

Consolidated
Unrestricted funds
Rothschild New Court Fund
Investors in People
Investment cash
Cazenove Charity Sustainable Fund
Charities Property Fund
Restricted Funds
Rothschild New Court Fund
Investment cash
Charities Property Fund
Cazenove Charity Sustainable Fund
Endowment funds
Rothschild New Court Fund
Investment cash
Charity Property Fund
Investors in People
Cazenove Charity Sustainable Fund
Consolidated total		 At 1 April
2024
Additions
Disposals
Transfers
Change
in
Market
Value
At 31
March
2025
£'000
£'000
£'000
£'000
£'000
£'000
856
97
-
266
50
1,269
-
-
-
14
-
14
27
-
-
-
-
27
-
-
-
336
-
336
28
-
(28)
-
-
-
911
97
(28)
616
50
1,646
7,714
-
-
(197)
164
7,681
424
2,395
-
478
-
3,297
1,172
-
(1,172)
-
-
-
7,310
-
-
(281)
163
7,192
16,620
2,395
(1,172)
-
327
18,170
1,667
788
-
(266)
(153)
2,036
25
67
-
-
-
92
401
-
(398)
(3)
-
14
-
-
(14)
-
-
3,480
674
-
(336)
(81)
3,737
5,587
1,529
(398)
(669)
(237)
5,865
23,118
4,021
(1,598)
-
140
25,681

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THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

_________________

15b. FIXED ASSETS INVESTMENTS (continued)

Entity
Unrestricted funds
Rothschild New Court Fund
Investors in People
Investment Cash
Cazenove Charity Sustainable Fund
Charities Property Fund
Restricted Funds
Rothschild New Court Fund
Investment cash
Charities Property Fund
Cazenove Charity Sustainable Fund
Endowment funds
Rothschild New Court Fund
Investment cash
Charities Property Fund
Investors in People
Cazenove Charity Sustainable Fund
Entity total		 At 1 April
2024
Additions
Disposals
Transfers
Change
in
Market
Value
At 31
March
2025
£'000
£'000
£'000
£'000
£'000
£'000
856
97
-
266
50
1,269
-
-
-
14
-
14
27
-
-
-
-
27
-
-
-
336
-
336
28
-
(28)
-
-
-
911
97
(28)
616
50
1,646
6,615
-
-
(197)
164
6,582
337
2,357
-
478
-
3,172
981
-
(1,172)
-
-
(191)
5,678
-
-
(281)
163
5,560
13,611
2,357
(1,172)
-
327
15,123
1,667
788
-
(266)
(153)
2,036
25
67
-
-
-
92
401
-
(398)
-
(3)
-
14
-
-
(14)
-
-
3,480
674
-
(336)
(81)
3,737
5,587
1,529
(398)
(669)
(237)
5,865
20,109
3,983
(1,598)
-
140
22,634

16. NON-INVESTMENT PROPERTY

Total Total
Unrestricted Restricted Endowment Funds Funds
Funds Funds Funds 2025 2024
£’000 £’000 £’000 £’000 £’000
Balance sheet value at 1 April - 1,364 1,540 2,904 3,434
Acquisitions - - - - -
Disposals - - - - -
Transfers - - 1,188 1,188 (530)
------------------- ----------------- ------------------ ------------------- ------------------
Balance Sheet value at 31 March - 1,364 2,728 4,092 2,904
========= ======== ========= ========= ==========

All non investment properties are held on a freehold basis and are used as follows:

Quarry Cathedral Use Trading Total
£’000 £’000 £’000 £’000
Balance sheet value at 1 April 170 2,377 357 2,904
Transferred from investment property - 1,188 - 1,188
Transferred to investment property - - - -
------------------- ----------------- ------------------ -------------------
Valuation as at 31 March 170 3,565 357 4,092

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========= ========

=========

=========

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

_________________

17. TANGIBLE FIXED ASSETS - EQUIPMENT AND PLANT

Unrestricted Restricted Endowment Total Funds
Consolidated Funds Funds Funds 2025
£’000 £’000 £’000 £’000
Cost at 1 April 170 880 - 1,050
Additions 1 - - 1
Disposals - - - -
Cost at 31 March 171 880 - 1,051
Depreciation at 1 April 120 509 - 629
Depreciation for the year 27 170 - 197
On disposals - - - -
Depreciation at 31 March 147 679 - 826
Net book value at 31 March 2025 24 201 - 225
Net book value at 31 March 2024 50 371 - 421
Unrestricted Restricted Endowment Total Funds
Entity Only Funds Funds Funds 2025
£’000 £’000 £’000 £’000
Cost at 1 April 124 880 - 1,004
Additions - - - -
Disposals - - - -
Cost at 31 March 124 880 - 1,004
Depreciation at 1 April 83 510 - 593
Depreciation for the year 27 169 - 196
On disposals - - - -
Depreciation at 31 March 110 679 - 789
Net book value at 31 March 2025 14 201 - 215
Net book value at 31 March 2024 41 371 - 412

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THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

18. DEBTORS

Debtors due within one year 2025 2024
Group Entity Group Entity
£’000 £’000 £’000 £’000
Trade debtors 122 59 189 165
Amounts due from group undertakings - 39 - 44
Tax recoverable 80 80 32 41
Legacy debtors 67 67 217 217
Prepayments and accrued income 476 398 244 217
Total debtors 745 643 682 684

19. CREDITORS

Creditors due within one year
Trade creditors
Amounts owed to group undertakings
Accruals and deferred income
Taxation and social security
Other creditors
Loans
Total creditors		 2025
Group
Entity
£’000
£’000
593
478
-
185
390
277
51
41
21
21
-
-
1,055
1,002		 2024
Group
Entity
£’000
£’000
208
191
-
-
250
153
52
50
34
33
6
6
550
433

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THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

20. SUMMARY OF FUNDS (2025)

Unrestricted funds
General fund
Lincoln Minster Shops Ltd
Lincoln Cathedral CIO
Designated funds
The Dean Christine Wilson
Fund
Theological Society
Lincoln Cathedral Publications
Organists Recital Fund
Charities Fund
Other designated funds
Restricted
Fabric Fund
Library
Library Manuscript
Lincoln Cathedral Choir
Association
Lincoln Cathedral Community
Association
Seamen's Chapel
Airmen's Chapel
St John the Baptist Chapel
St. Anne's Chapel
Cathedral Choir Visits Fund
Soldiers' Chapel
George Skelton Memorial Fund
Fleming Day Trust Fund
Harries Legacy
Silverware and Chalices Fund
Alfred Griffin Legacy Fund
Lincoln Cathedral Connected
Culture Recovery Fund
Entity only subtotal
Lincoln Cathedral Music Fund
Endowment funds
Endowment Fund
HLF Catalyst Endowment Fund
Music Endowment
Consolidated total
Entity only total		 Brought
forward
1 April
2024
Income
Expenditure
Gains &
(losses)
Transfers
Carried
forward
31 March
2025
£’000
£’000
£’000
£’000
£’000
£’000
1,896
3,091
(3,642)
50
158
1,553
155
686
(491)
-
(124)
226
48
233
(184)
-
(49)
48
2,099
4,010
(4,317)
50
(15)
1,827
148
-
(10)
-
-
138
3
-
-
-
-
3
110
14
-
-
-
124
3
-
-
-
-
3
3
-
-
-
-
3
2
-
-
-
-
2
269
14
(10)
-
-
273
13,839
734
(1,678)
151
29
13,075
448
106
(133)
76
-
497
3
-
-
-
-
3
14
-
-
-
-
14
23
-
-
-
-
23
9
-
-
2
-
11
80
-
-
15
-
95
19
-
-
7
-
26
19
-
-
4
-
23
6
-
-
-
-
6
32
-
-
5
-
37
40
-
-
5
-
45
29
-
(1)
5
-
33
130
-
(1)
18
-
147
2
-
-
-
-
2
1,637
10
(117)
-
-
1,530
1,627
-
(158)
-
-
1,469
15
-
(15)
-
-
-
17,972
850
(2,103)
288
29
17,036
3,058
420
(212)
39
-
3,305
21,030
1,270
(2,315)
327
29
20,341
29,510
40
(13)
(237)
(14)
29,286
2,022
-
-
-
-
2,022
104
-
-
-
-
104
31,636
40
(13)
(237)
(14)
31,412
55,034
5,334
(6,655)
140
-
53,853
51,773
3,995
(5,768)
101
173
50,274

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20. SUMMARY OF FUND MOVEMENTS (2024)

Unrestricted funds
Unrestricted fund
Lincoln Minster Shops Ltd
Lincoln Cathedral CIO
Designated funds
The Dean Christine Wilson
Fund
Theological Society
Lincoln Cathedral Publications
Organists Recital Fund
Charities Fund
Other designated funds
Restricted
Fabric Fund
Library
Library Manuscript
Lincoln Cathedral Choir
Association
Lincoln Cathedral Community
Association
Seamen's Chapel
Airmen's Chapel
St John the Baptist Chapel
St. Anne's Chapel
Cathedral Choir Visits Fund
Soldiers' Chapel
George Skelton Memorial Fund
Fleming Day Trust Fund
Harries Legacy
Silverware and Chalices Fund
Alfred Griffin Legacy Fund
Lincoln Cathedral Connected
Culture Recovery Fund
Entity only subtotal
Lincoln Cathedral Music Fund
Lincoln Cathedral Quarry Ltd
Endowment funds
Endowment Fund
HLF Catalyst Endowment Fund
Music Endowment
Consolidated total
Entity only total		 Brought
forward
1 April
2023
Income
Expenditure
Gains &
(losses)
Transfers
Carried
forward
31 March
2024
£’000
£’000
£’000
£’000
£’000
£’000
1,602
2,767
(2,892)
25
394
1,896
170
574
(450)
-
(139)
155
214
261
(159)
-
(268)
48
1,986
3,602
(3,501)
25
(13)
2,099
157
-
(9)
-
-
148
3
-
-
-
-
3
104
17
(11)
-
-
110
3
-
-
-
-
3
3
-
-
-
-
3
2
-
-
-
-
2
272
17
(20)
-
-
269
13,031
1,280
(880)
386
22
13,839
511
36
(119)
20
-
448
3
-
-
-
-
3
14
-
-
-
-
14
25
20
(22)
-
-
23
9
-
-
-
-
9
78
5
-
(3)
-
80
19
2
-
(2)
-
19
19
1
-
(1)
-
19
6
-
-
-
-
6
31
2
-
(1)
-
32
37
1
-
2
-
40
28
2
-
(1)
-
29
122
3
(1)
6
-
130
2
-
-
-
-
2
1,654
77
(131)
37
-
1,637
1,766
-
(139)
-
-
1,627
31
-
(16)
-
15
17,386
1,429
(1,308)
443
22
17,972
2,885
219
(140)
94
-
3,058
10
-
-
-
(10)
-
20,281
1,648
(1,448)
537
12
21,030
27,172
-
(1)
2,339
-
29,510
1,869
67
(3)
89
-
2,022
104
-
-
-
-
104
29,145
67
(4)
2,428
-
31,636
51,684
5,334
(4,973)
2,990
-
55,034
48,405
4,280
(4,224)
2,896
416
51,773

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

21. DESCRIPTION OF FUNDS

General Fund the unrestricted fund is the Cathedral’s general fund available for any
of the cathedral’s purposes without restriction after allowing for
designated funds.
Lincoln Minster Shops Ltd the shareholder funds held within the trading subsidiary.
Lincoln Cathedral CIO
 the funds held within the charitable organisation.
Designated Funds The designated fund are those funds which have been set aside out of
unrestricted funds by Chapter or the Donor for a specific purpose over
whose use and purpose Chapter has discretion.
The Dean Christine Wilson Fund to support the welfare and training and professional development of
cathedral staff to include the support of work-related mediation,
counselling and other work specific therapies.
Theological Society to support education lectures.
Lincoln Cathedral Publications a working capital account designated for publication projects and the
production of choir recordings.
Organists Recital Fund a working capital account for organ recital events.
Charities Fund to support third party charity works.
Other Designated Funds immaterial amounts set aside for specific purposes in the future.
Restricted Funds These are funds subject to specific conditions or trusts, imposed by the
donor or the terms of a specific appeal or legacy which can only be used
for that purpose.
Fabric Fund for the purpose of maintaining and preserving the fabric of Lincoln
Cathedral.
Library Fund for the purpose of running and maintaining and preserving the fabric of
the Lincoln Cathedral Wren Library.
Library Manuscript
 restricted income for use in respect of specific manuscripts.
Lincoln Cathedral Choir monies received in support of the Lincoln Cathedral Choir.
Association
Lincoln Cathedral Community
Association formed under Section 9 (3) of the Cathedrals Measure 1999 the
association supports the mission of the Cathedral as well as giving
c25% of its income to the diocese and other charities.
Lincoln Cathedral Consort Choir funds raised to support the voluntary choir’s costs.
Seamen’s Chapel for use against costs incurred in respect of the Seamen’s Chapel.
Airmen’s Chapel for use against costs incurred in respect of the Airmen’s Chapel.
St. John the Baptist Chapel for use against costs incurred in respect of the St. John the Baptist
Chapel and specifically for the Retro Choir Recording project.
St. Anne’s Chapel for use against costs incurred in respect of the St. Anne’s Chapel.
Cathedral Choir Visits Fund monies raised to support Cathedral Choir visits and tours.
Soldiers’ Chapel for use against costs incurred in respect of the Soldiers’ Chapel.
George Skelton Memorial Fund for use against music department costs in respect of choir school fees.
Fleming Day Trust Fund for use against costs incurred in respect of the Fleming Day Chapel.
Harries Legacy is for the benefit of clergy widows and orphans of the Diocese.
Silverware and Chalices Fund the provision of silverware in the sanctuary.
Alfred Griffin Legacy Fund for the preservation of Lincoln Cathedral buildings.
Lincoln Cathedral Connected a project to improve the Cathedral’s setting and visitor experience
match funded by the National Heritage Lottery Fund (NHLF).
Culture Recovery Fund funding to support cultural organisations through impact of the covid-
19 pandemic; balances now represent fixed assets in use which have
now been fully depreciated in 2025.
Lincoln Cathedral Music Fund funds held to create a permanent foundation to support Lincoln
Cathedral’s choir, organist and organ.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

21. DESCRIPTION OF FUNDS (continued)

Other Restricted Funds

During the year a full review of the funds held has taken place with small balances transferred and used for their specific purposes where it was identified that the previous expenditure had been funded by the unrestricted fund.

Endowment Funds

the income from the endowment fund is applied to support the unrestricted fund.

HLF Catalyst Endowment Fund for the purpose of repair work necessary for the conservation of the Western and Central Towers as planned for 2037 when the fund will become expendable.

Music Endowment

the income from this endowment fund may be applied in support of music at Lincoln Cathedral.

22. CAPITAL COMMITMENTS

At 31 March 2025 the Cathedral had capital expenditure commitments authorised but not contracted for of £NIL (2024 - £NIL), and no expenditure contracted for but not yet due in 2025 (2024 - £NIL).

23. POST BALANCE SHEET EVENTS

There were no post balance sheet events

24. CONTINGENT LIABILITY

There are no contingent liabilities known to the Trustees at the date of signing the accounts.

25. RELATED PARTY TRANSACTIONS

The Senior Leadership Team (SLT) are considered to be the key management team of the cathedral who are supported by various other members of the Cathedral staff.

There is one member of key management who has children within the Cathedral choir, along with his deputy. As part of the arm’s length agreement with all choristers, instrument lessons are reimbursed, and choristers receive a ‘pocket money’ for their services. During the year £320 (2024: £1,031) expenses were paid in respect of 2 (2024: 2) children and £17 (2024: £1,496) of chorister pocket money.

In addition to housed clergy members (note 11) Cathedral owned properties which were occupied by one member of SLT and two members of Cathedral staff. The arrangements for these two members of staff were at open market value and dealt with at arm’s length totalling £28,671 (2024: £25,200) for the period.

In addition to the above administrative services were provided by the spouse of the Revd Canon Nicholas Brown, a Chapter member, such services were provided on the equivalent rate to the previously employed post holder of £2,114 (2024: £2,332) during the period.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

26. CONSOLIDATED ENTITIES

The following entities have been consolidated within these financial statements:

Control Entity Purpose
100% Lincoln Minister Shops Ltd To operate the trading activities of Lincoln Cathedral and
contribute surpluses in support of its objectives
100% Lincoln Music Fund To support the provision of Music at Lincoln Cathedral
100% Lincoln Cathedral Learning To support the mission and wider charitable purposes of Lincoln
Arts Culture an Events Cathedral
(Lincoln Cathedral CIO)

The Cathedral provides administration services to and receives donations to its trading subsidiaries.

During the year, an administrative fee of £133,531 (2024: £133,531) was charged to Lincoln Minister Shops Limited. The Cathedral received the following gift aid donations from its trading activities:

2025 2024
£ £
Lincoln Minster Shops Limited 124,132 138,848
Lincoln Cathedral CIO 48,501 266,453
Lincoln Cathedral Quarry Limited - 10,274

Lincoln Cathedral Music Fund contributed £160,666 (2024: £129,090) towards the cost of the Cathedral’s music provision. Of this £50,255 (2024: £43,789) specifically relates to the funding of choral scholars.

Lincoln Cathedral CIO contributed £49,667 (2024 :£254,903) towards the Cathedral’s mission and £4,238 (2024: £11,550) towards the costs of the Cathedral’s fabric restoration.

Amounts due from these entities as at 31 March 2025 were £39,000 (2024: £43,860), amounts due to these entities totalled £185,170 (2024: £337) and represent short term balances from usual operating activity.

Lincoln Cathedral Quarry Limited was dormant and dissolved on 31 October 2023.

27. NON-CONTROLLED ENTITIES

The following entity is not controlled by the Cathedral but is principally for its financial benefit and has been summarised below for information.

The Association of Friends of Lincoln Cathedral

The Association of Friends of Lincoln Cathedral makes grants as funds permit to the Dean and Chapter of Lincoln Cathedral towards the worship, maintenance, preservation, improvement or repairs of the fittings, ornaments, furniture and monuments in Lincoln Cathedral, and the furthering of schemes to set forward its beauty, safety or utility.

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

27. NON-CONTROLLED ENTITIES (continued)

31 December 2024 31 December 2023
£’000 £’000
Gross Income 80 61
Expenditure:
Fundraising events 5 6
Contribution to Lincoln Cathedral - -
Other grants 27 16
Administrative and miscellaneous expenditure 8 10
40 32
Net (expenditure)/income
 40 30
Total funds
 396 356

The above is an extract from independently examined accounts for the years ended 31 December.

28. AUDITOR’S REMUNERATION

The financial statements include the following amounts in relation to auditor’s remuneration.


Audit services
Other assurance services
Other financial services
Accounts Preparation
Corporation Tax computation
Funded by:
Restricted Funds
Unrestricted & designated funds		 2025

£’000
34
-
10
1
45
10

35		 2024
£’000
36
6
2
-
44
16
28

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025

29. PRIOR YEAR COMPARATIVE STATEMENT

Total
Unrestricted funds Restricted Endowment funds
Unrestricted Designated Funds Funds 2024
Note £ £ £ £ £
Income and endowments
from
Donations
Donations & Legacies 2 276 - 715 - 991
Grants 183 - 220 - 403
Charitable activities 3 83 - - - 83
Other trading activities 4 1,791 17 39 - 1,847
Investments 5 1,071 - 675 67 1,813
Other income 6 197 - - - 197
-------------------- ------------------ ---------------- --------------- -------------------
Total income 3,601 17 1,649 67 5,334
-------------------- ------------------ ---------------- --------------- -------------------
Expenditure on
Raising funds 7 1,713 - 261 4 1,978
Charitable activities: 8
Ministry 552 - 210 - 762
Cathedral and precincts
upkeep 1,106 20 928 - 2,054
Education and outreach 130 - 49 - 179
------------------ ------------------ ---------------- --------------- -------------------
Total expenditure 3,501 20 1,448 4 4,973
------------------- ------------------ ---------------- --------------- -------------------
Net income/(expenditure)
before investment
gains/(losses) 100 (3) 201 63 361
Net gains/(losses) on
investments 15 25 - 537 2,428 2,990
------------------- ------------------ ---------------- --------------- -------------------
Net income/(expenditure) 125 (3) 738 2,491 3,351
Transfers between funds 13 (12) - 12 - -
-------------------- ------------------ ---------------- ----------------- -------------------
Net movement in funds 113 (3) 750 2,491 3,351
-------------------- ------------------ ------------------ ------------------ ---------------------
Total funds brought forward 1,986 272 20,280 29,145 51,683
-------------------- ------------------ ------------------ ------------------ ---------------------
Total funds carried forward 19 2,099 269 21,030 31,636 55,034
========= ======== ========= ========= ==========

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Document ID: 475f854a7323db0377d2f29e1d747af584a2f10dd01ae9d8fa2bee3dab5c0ed8