2025-12-31-accounts - The Cathedral Church Of The Blessed Virgin Mary Of Lincoln

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ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN

Registered Charity - 1207411

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Contents	Page Number
Annual report
Mission Statement	3
Constitution Objects	4
Strategic Review	5
Progress in the Year	5 -19
Financial Review	19-21
Principal Risks and Uncertainties	21-22
Structure, Governance and Management	23-26
Reference and Administrative Information	26-27
Independent Auditors’ Report	28-31
Statement of Financial Activities	32
Income & Expenditure Account	33
Consolidated Balance Sheet	34
Entity Only Balance Sheet	35
Consolidated Statement of Cash Flows	36
Analysis of Changes in Net Debt	37
Notes to the Financial Statements	38-64

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 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.

To proclaim the Good News of the Kingdom
To teach, baptise and nurture new believers
To respond to human need by loving service
To seek to transform unjust structures of society, to challenge violence of every kind and to pursue peace and reconciliation
To strive to safeguard the integrity of creation and sustain and renew the life of the earth

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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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The Trustees have pleasure in presenting their annual report and audited consolidated financial statements for the period ended 31 December 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 have been prepared for a period of nine months from 1 April 2025 to 31 December 2025. The Trustees considered it more appropriate and in keeping with the majority of Cathedrals in the Church of England to change the year ending from 31 March to the 31 December. This reporting period is covering a period of nine months with a full 12 month reporting being in place with effect from 31 December 2026. The comparative periods which are contained in the accounts (including the related notes) are not entirely comparable. The Trustees have the legal authority to be able to make this change.

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), Lincoln Cathedral Learning, Arts Culture & Events CIO (Charity number 1175597), 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:

to advance the Christian religion in accordance with the faith and practice of the Church of England, in particular by furthering the mission of the Church of England -
to care for and conserve the fabric and structure of the Cathedral Church building -
to advance any other charitable purposes which are ancillary to the furtherance of the purposes referred to above

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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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STRATEGIC REPORT

VISION AND STRATEGY

A new five year vision was agreed in the last financial year. Over the past nine months departments and teams have been considering how they will contribute to achieving this.

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

be a visible sign of God’s presence, proclaiming the good news that, in Christ, God is with us;
operate as one cathedral with one all-embracing mission, with the worship of God and the Christlike welcome of all at its heart;
live out its seven values to enable a culture of mutual flourishing among all its members;
be known as ‘our cathedral’ by increasing numbers of people in the city, county and diocese, engaging with a larger and more diverse group of people;
conserve its built heritage in a sustainable way to hand it on to future generations;
be ambitious in the planning and delivery of all activity, and take pride in striving for excellence in every aspect of the cathedral’s operation.

While it is too early to measure outcomes in most of these areas, a 25% increase in congregational attendance at Christmas services in 2025 suggests that progress is being made towards being known as ‘‘our cathedral’ by increasing numbers of people’.

PARTNERSHIPS

Initiating and strengthening external partnerships is one of the strands of the cathedral’s 2030 vision. In the last financial period this has been achieved in a number of ways, including increased attendance at the Baby Loss Awareness Week lantern procession to the cathedral (run in partnership with the local NHS Trust), a new partnership with St Barnabas Hospice for the cathedral’s Advent Carol Service, the first Civic Carol Service (run in partnership with the Mayor of Lincoln and, in 2025, supporting SSAFA), and the sponsorship of Christmas trees in the cathedral by local businesses and individuals.

Alongside these initiatives, we are continuing to strengthen partnerships with key local stakeholders. This includes engagement with local authority–run events, which not only raise the cathedral’s profile but also generate commercial benefits. Other city partnerships are being developed and reinforced, including Lincoln BIG, the University of Lincoln, Lincoln Bishop University, and important community pillars such as Lincoln City Football Club, its charitable Foundation, and the Fans’ Trust. These collaborations support the Cathedral’s role at the heart of the city, enhance community engagement, and contribute to sustainable income generation.

PROGRESS IN THE YEAR

RAISING FUNDS

To enable us to maintain our wonderful Cathedral during the period we held events to support the costs of maintenance and ongoing repairs. These events 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 period.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Commercial Activity, Venue Hire and Visitor Experience During the Period

Alongside the review and refinement of the events programme during 2025, the wider commercial function has continued to focus on strengthening income generation, enhancing visitor experience, and maximising the value of activity delivered across the Cathedral estate.

A key area of progress has been the introduction and development of secondary revenue streams across both internal events and venue hire client events. This has primarily taken the form of a new bar and refreshments offer, alongside the introduction of a pop-up retail shop at selected events where the audience and theme align strongly with the offer. This initiative has proven successful, generating additional income while also creating further paid shift opportunities for employees seeking flexible or supplementary work. These secondary income streams have complemented events such as The Snowman, orchestral screenings, and other large-scale performances, as well as enhancing the commercial return from private and corporate hires.

Venue hire activity continues to benefit from a more considered approach to client experience, with added-value offers such as catering and retail opportunities helping to increase overall event yield. This aligns with the broader objective of focusing on sustainable projects that deliver strong returns while remaining manageable for a small team.

Visitor experience and engagement remain central to the commercial strategy. Throughout 2025, the Cathedral has actively participated in a wide range of city-wide events and initiatives, working closely with local partners to tailor the visitor offer to specific audiences and event themes. This collaborative approach has been influential in driving increased footfall and spend. A particularly strong example was the Steampunk Festival weekend, which delivered a significant uplift in admissions, retail, and café revenue. This partnership-led model will continue into 2026 and is expected to play a critical role in achieving visitor growth against the challenging backdrop of reduced destination-level promotion following the cessation of trading by Destination Lincolnshire.

During the summer, the Cathedral also collaborated with Lincoln City Football Club and the Lincoln City Foundation to deliver a temporary exhibition celebrating the shared heritage and enduring connection between the Cathedral and the football club. This exhibition attracted new audiences, strengthened community engagement, and demonstrated the value of creative partnerships in broadening the Cathedral’s reach.

Together with the refreshed events programme - including revised staple events, new orchestral performances, and the introduction of initiatives such as the Midsummer Prom - these developments reflect a more integrated commercial approach. By aligning events, venue hire, retail, catering, and visitor engagement, the Cathedral is well positioned to continue building sustainable income streams and enhancing the overall visitor experience into 2026 and beyond.

Visitor Numbers and Admissions

In April 2025, the Cathedral increased its standard admission fee to £12.50 in order to help address the Cathedral’s operating deficit. During the remainder of the year, the Cathedral welcomed 91,613 visitors, of whom 63% were paying visitors. The remaining visitors comprised returning visitors, including Gift Aid pass holders, members, and Friends of Lincoln Cathedral.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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An admission ticket includes a guided floor tour led by one of our expert volunteer guides. Visitors are able to explore the full ground floor of the Cathedral, including its chapels and chantries, St Hugh’s Choir, the historic Chapter House, and the Visitor Centre. The Visitor Centre incorporates a discovery area with tactile exhibits and an exhibition gallery displaying relics that interpret the Cathedral’s rich history.

The Visitor Experience offer is broad and designed to appeal to a wide range of interests. In addition to the standard floor tour, visitors can book a number of enhanced experiences, including the Roof Tour, which provides access to historic roof spaces and views across the Nave from Banks’ View, where the naturalist Sir Joseph Banks is reputed to have sketched. The Tower Tour offers 360-degree views across the city from the central tower. Specialist tours are also available, exploring historic graffiti, stained glass, architectural symbolism, and the history of the Cathedral’s exterior and surrounding Close.

Provision for families and younger visitors remains an important part of our offer. Explorer backpacks, children’s trails, and additional holiday activities are provided to ensure an engaging and educational experience for visitors of all ages.

Lincoln Cathedral continues to operate as both a local and international visitor destination. We continue to work collaboratively with other attractions across the city to share information and support a positive visitor experience, and we actively facilitate press visits and promotional activity to support Lincoln’s wider visitor economy.

The Cathedral has long offered free admission to students in Lincoln. In recognition of the financial and wellbeing challenges faced by students, this offer has now been extended to all UK students. We continue to develop partnerships with local universities and colleges, encouraging students to engage with the Cathedral as a place of sanctuary, exploration, and reflection away from the pressures of daily life.

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 have continued to offer pre-event meals to our customers and look forward to expanding this as we continue with this partnership.

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 was undertaken, 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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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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. -

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, raises money to support the Cathedral through events like the annual Carols by Candlelight concerts 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 £1,000 in support of the conservation of a statue of St Hugh; Benefact Trust for their annual award, this year being £15,803; Daniella Draper , who donated £365 in support of building conservation; DCMS Listed Places of Worship Scheme , from whom we received a total of £24,000; Denby Transport , who donated £4,500 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 £7,475; The Cathedral Music Trust , who paid £10,000 in support of the Cathedral’s new Singing Partnership Lead; The Kochan Trust , who gave £2,000 in support of Chorister Sponsorship; Lincoln District Scouts , who gave £820 in support of building conservation; The McCorquodale Charitable Trust , who gave £2,000 without restriction; Seedcorn Trust , who donated £250 in support of providing volunteer lanyards;

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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MINISTRY

Work has continued to deliver and develop liturgical and musical activities towards the Cathedral’s prime purpose as 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 addition in advent 2024 of an 0830 Holy Communion (Monday to Friday) has enriched the daily pattern of worship. The Prayers for Healing and Anointing after Wednesday Evening Prayer once a month is proving popular and expands the cathedral’s sacramental ministry. Other forms of worship are offered through Stillpoint and the Lectio group. The monthly pattern of varied ‘After Hours / Sacred Space’ services has continued to develop under the Canon Missioner’s remit since Canon Dadswell’s retirement in December 2024. Attendance has increased with the development of better communication.

The chart below highlights this year’s data (Jan - Dec 2025) in comparison with previous years. The 2019 (pre-COVID) figures remain for now as a useful recovery benchmark:

Attendance	2019	2023	2024	2025
Total attendance at all services	19,974	32,283	35,298	38,158
Total attendance on Sundays	16,814	13,195	14,012	14,867
Total attendance at SundayEucharist	-	-	8,590	8,862
SundayEucharist average	167	145	156	170
Total weekdayattendance	23,160	19,088	21,286	23,291
Total attendance at WeekdayEvensong	20,595	18,614	20,537	21,974

The following charts illustrates the trends relating to overall attendance at pre-Easter, Easter and Christmas services including the same 2019 benchmark:

Easter	2019	2023	2024	2025
Palm Sunday	180	213	176	185
MaundyThursday	174	108	113	152
Good Friday	169	132	152	161
Three Hours	116	-	120	111
Easter Vigil	395	425	274	284
Easter Eucharist	566	375	510	585
Easter Evensong	97	240	155	231
Easter communicants	736	582	595	626

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Christmas attendance	2019	2023	2024	2025
Carol Service 23rdDecember	1,240	900	860	1,400
Carol Service 24thDecember	2,293	1,950	2,000	2,000
Crib service	285	-	418	660
Midnight Mass	700	780	850	1,110
Christmas DayMorning	500	380	650	838
Christmas DayEvensong	140	117	127	136
Total	5,158	4,127	4,905	6,144

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:

Racial Justice Sunday Service
Commissioning of Headteachers
Chrism Eucharist
Diocesan Church Schools’ Festival
Ordination of Priests
Ordination of Deacons
Farewell service for the Bishop of Grimsby
Annual Lay Ministry Service
Welcoming the Bishop of Härnösand
Installation of Canons at St Hugh’s Day Evensong
Diocesan Church Schools’ Carol Services
Commissioning of the Mothers’ Union Diocesan President

The cost of services to support the diocese, that is met from cathedral funds, is equivalent to approximately £12,000. This is a direct contribution made by the cathedral to support the life and work of the diocese and of the Bishop of Lincoln .

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 2025 included:

27[th] January – Commemoration of Holocaust Memorial Day
25[th] February – Evensong attended by the High Sheriff and members of the legal profession
6[th] March – Service marking the inauguration of the new Greater Lincolnshire Combined Mayoral Authority

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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23rd March – Evensong to mark the Festival of Chaplaincy
27th April - St George’s Day Service for Lincoln District Scouts
8th May – City of Lincoln service to mark VE Day
11th May – County service to mark VE Day
18th May – Evensong to mark the 80th anniversary of Christian Aid
6th May - Evensong attended by the new Mayor of Greater Lincolnshire
15th August – Act of Remembrance on VJ Day
21st September - Battle of Britain Service
19th October - County Harvest Service
26th October – Evensong for Trafalgar Day attended by Sea Scouts and Marine Cadets
9th November - The County Remembrance Sunday service
2nd December – Mayor’s Civic Carol Service (for the first time)
17th December - NHS Carol Service

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

This was completed during the year and the recovery plan was largely delivered and completed in the previous year.

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 increased 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.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Baby Loss Awareness – lantern walk to cathedral, spaces for reflection and candle-lighting in cathedral
St Barnabas Hospice – Light up a Life – memorial tags for the Tree of Life available in the cathedral
Advent Carol Service (partnership with St Barnabas Hospice – a new venture)
Steam Punk – displays in cathedral and bespoke guided tours during the festival
YMCA White Ribbon Campaign – display in Morning Chapel for 10 days
Scouts’ Peace Light
Interpretation of the Nativity with prayer cards

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.

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 had 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 now needs to be reviewed as the Precentor left the Cathedral during the year.

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

The main profile-raising activities in the year were:

30[th] Anniversary of Girl Choristers – Messiah and Evensong
Summer Proms
Advent Carol Service

Business Plan for the Music Department 2026-2030

This business plan sets out a five-year framework for the Cathedral’s music programme, encompassing Early Years provision, Ready Steady Choir, Cathedral Choir and Back Row, Youth Choir, Cathedral Consort, and organ. The plan aligns with the Cathedral’s mission to achieve world-class choral music, nurture young talent, engage families and underrepresented groups, support city-wide music-making, and ensure financial sustainability and safeguarding excellence.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Strategic Vision

To establish the Cathedral as a national leader in choral and organ music, delivering excellence in performance, education, inclusion, and community engagement, while maintaining the highest standards of governance and safeguarding.

Implementation and Review

The plan will be implemented in phased stages across five years, with annual reviews to monitor progress against objectives. Key milestones include:

Year 1–2: Strengthen Early Years and Ready Steady Choir, consolidate governance, further embed schools’ outreach and scholar programme.
Year 3–4: Expand touring, recordings, and partnerships.
Year 5: Review outcomes, publish impact report, set direction for next five years.

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 on 18 Minster Yard, 6 Pottergate/13/13A Minster Yard, and new boilers across several properties. New commercial lettings have also been secured at Exchequergate Arch and 17 Minister Yard.

A major refurbishment of the Wren Library was completed in December including new heating and cooling via air source heat pumps, along with new ceilings and a lighting system . The library will now be monitored for a period of six months to ensure that the climate is suitable before the books are returned.

Chapter House Phase 2 is well underway and a new gutter has been installed along the entire length of the Chapter House.

It is proposed to develop a Cathedral/precinct masterplan to outline our strategic objectives for the estate over the next year.

Work is also underway to submit a planning application to develop the former garages at Pottergate South for residential development. Outline planning permission for the former Quarry site for 74 houses has been secured.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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EDUCATION AND OUTREACH

School Visits

Between April 2025 and December 2025, we hosted 88 schools (31.3.2025: 70) and 5,549 (31.3.2025: 5,871) pupils.

We were successful in receiving a second Sandford Award for Lincoln Cathedral. This is awarded from 2025 to 2030. The prestigious national award for quality and excellence in Heritage Education was received by the Education Manager in the OBE Chapel at St. Paul’s Cathedral on 20[th] November 2025.

From September we introduced new tours which are designed to align to the new Locally Agreed Religious Education Syllabus, incorporating religion and worldviews. These tours are already being taken up by schools in 2026. The Tudors were also added as a workshop visit for Key Stage 2 and Key Stage 3.

We have had an increased number of SEN schools attending with excellent feedback being received.

Our latest resource is a giant floor plan of the Cathedral which is proving to be a very useful educational tool and can be used in lots of ways to accommodate different ages and abilities. This idea was copied by several of the Education officers who visited our Cathedrals Plus conference day on 14 July 2025.

During the year we have again received extremely positive feedback from both teachers and students.

Family School Holiday Events and Activities

During the year we hosted family events for every school holiday, plus the city-wide Festival History Weekend in May, Nativity Day on 6[th] December and The Snowman themed activity on 13[th] December.

Our regulars, and new families often tell us they appreciate the calm friendly atmosphere and warm welcome that we provide here at the Cathedral.

In addition to events and activities during the school holidays, we provided Family trails and competitions. The Family Backpacks remain very popular.

To ensure there is something visible for families in the Cathedral, we provided ‘pick up and do’ family activities in the North Transept throughout the year (unless an event dictated that the space was not available). The themes have regularly changed. We have also asked thought-provoking questions that visitors are invited to answer and display on the boards.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

The chart below displays the number of visitors to the Learning Centre during the year ended the 31 March and the period ended 31 December 2025.

----- Start of picture text -----
Visitors to the Learning Centre
700
600
500
400
300
200
100
0
Easter Holiday History Festival May Holiday Summer Holiday October half- Nativity Day The Snowman
activities Weekend activities activities term activities Crafts
----- End of picture text -----

Key : Blue refers to year ending 31 March 2025

Amber refers to nine months ending to 31 December 2025

Student Placements and Work Experience

During the year in Education, we hosted two (31.3.2025: 4) work experience placements. We had several new Learning Volunteers, who have brought valuable skills to the team. There will be further training in early 2026 for these new members.

Other News in Education

Prince Edward, Duke of Edinburgh explored the Learning Centre as part of his visit to the Cathedral on 9[th] October 2025. He chatted with the team for some time with great interest in the school workshops content and resources.

The ‘Art of Music’ photography exhibition curated by Sally Bleasdale was displayed in the Chapter House from October to the end of December with an accompanying trail through the Cathedral to find the carved artworks photographed in the exhibition. The artworks are currently on sale within the Cathedral.

Lectures

There are currently three public lectures each year at the cathedral. Two have taken place during the last nine months:

Robert Grosseteste Lecture on Science and Theology: The Revd Prof Mark Harris (University of Oxford) on ‘What does Artificial Intelligence mean for Christians’.
St Hugh’s Day Lecture: Prof Diarmaid MacCulloch Kt (University of Oxford) on ‘Unsettling many settled facts: histories of sex, marriage and Christianity’.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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Exhibition Gallery, Collections and Library

The Gallery continues to attract visitors through a series of temporary exhibitions. The 1536 Inventory display (May–July 2025) was particularly successful, combining collaboration with local artists and shared promotion via social media and heritage publications. It was noted by the Visitors Team that the public were specifically asking about the display and where to find it.

The Gallery Timeline is scheduled for installation in January 2026, once final feedback from the working party is complete, and will be a great addition to the space.

Next year will feature two major exhibitions: one on the Norman history of the Cathedral, developed with local partners and the British Museum as part of the Bayeux Tapestry outreach, and another highlighting rare medical books and manuscripts from the Christopher Wren Library, Exchequergate, and the Dean & Chapter Archive, in partnership with the historic British medical society.

Collections and Archive

Cataloguing work within CALM continues, with architectural plans and boxed archives completed and appraisal of remaining deposits underway. Conservation priorities identified in the Annual Inventory Report are being addressed with support from Conservation MA and BA students.

A funding application for a two-year cataloguing project of the Dean & Chapter Archive will be submitted to the National Archives in March 2026, with a decision expected in July 2026.

Student and volunteer involvement is now critical to sustaining progress. In 2025, one placement was hosted; for 2026, two are confirmed. Three volunteers are contributing to housekeeping and cleaning projects, one is assisting with exhibition development, and two are engaged in collections research. Their collective effort is not simply helpful, it is essential. These volunteers provide the capacity to manage both behind-the-scenes operations and public-facing engagement. Without their contribution, the Curator would be unable to maintain momentum across the many demanding areas of responsibility, from conservation and cataloguing to exhibitions and visitor interpretation.

The Treasury is now permanently open following insurance changes. While heating repairs are pending, wall cases provide sufficient environmental buffering. The central case will soon feature decals interpreting the Treasury and plate collection, timed to coincide with the Gallery Timeline.

The Library Archive Research Centre (LARC) remains paused until completion of the Close Management and Conservation Plans, anticipated to receive National Lottery funding in early 2026.

A highlight was the collaboration with Lincoln Arts Centre, promoting its Alice in Wonderland production alongside the newly discovered Lewis Carroll letter and menu. The find attracted national coverage from BBC Radio 4, Church Times, English Cathedrals, and BBC News Online.

Library

The Library Re-opening Working Group has met throughout 2025 to plan operations, displays, volunteer roles, and interpretation. Preparations are also underway for celebratory re-opening events, alongside cleaning, environmental monitoring, and the return of books.

May Warren our Special Collections Librarian is building a new volunteer team, including University of Lincoln students and younger recruits, who, together with the existing volunteer conservation team, are enhancing housekeeping and systematically cleaning storage spaces and books.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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During the autumn term, May has welcomed many students from the University of Lincoln and Lincoln Bishop University, including two new sessions: one on using cathedral libraries and archives for those in the creative arts, and one about finding traces of early modern women in cathedral libraries.

Research enquiries for both the Library and Collections are rising, with more internal requests from volunteers, staff, and the Works Department.

The Collections Emergency Plan is now in its final stages. This session, led by the Collections, Library, and Conservation Team, will finalise details and establish a clear process for emergency kits to be implemented by the new Facilities Manager. After many years of effort, the successful integration of this plan into the Cathedral’s overall Emergency Plan was made possible through the invaluable support of the Emergency Consultant.

2025 marked another year of transition for the Collections, Archive, and Library teams. Alongside continued progress on library projects, we saw the retirements of Julie Taylor and Claire Arrand and welcomed new team member May Warren. Looking ahead, 2026 promises to be a landmark year, offering an opportunity to showcase the care and dedication invested in the Cathedral’s collections. Our goal is to share with the public the remarkable stories and unique objects that define our heritage, fulfilling a long-standing vision to establish the Cathedral as a recognised centre for history and research. This ambition will be strengthened by the arrival of a new Librarian and Chancellor in the New Year.

PEOPLE

The Revd Canon Dr Nick Brown, Precentor, was appointed to a Residentiary Canonry at St George’s Chapel, Windsor, and left the cathedral, following a period of sabbatical, at the end of August 2025.

An external review of the Liturgy Department, conducted by The Very Revd Andrew Nunn, Dean Emeritus of Southwark, informed SLT and Chapter’s decision not to replace Canon Brown with a Precentor and, instead, to appoint a Chancellor to this Residentiary Canonry, who would become the first director of the cathedral’s Library, Archive and Research Centre. The Revd Canon Dr Kevin Walton has been appointed to this post, and will be installed in April 2026. The Liturgy Department is now run by the Succentor, The Revd Darren McFarland. The Revd Canon Prof Peter Neil has replaced Canon Brown as Master Governor of the Hospital of the Holy and Undivided Trinity at Retford.

Ben Webb was appointed as the Commercial Director and joined the cathedral in March 2025.

Mel Tettey, Chief Operating Officer, was installed as Chapter Clerk on 28 September 2025. The five new non-executive members of Chapter, appointed in the last financial year, were installed as canons on St Hugh’s Day, 17 November 2025, alongside six clergy from around the Diocese.

There have been no changes to the Senior Leadership Team in the past nine months, although Mark Wheater, Director of Estates and Facilities, gave notice that he would be leaving the cathedral in February 2026. With input from a number of internal and external stakeholders, his post has been reconfigured, and the cathedral will be recruiting a Director of Fabric and Estates during 2026.

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.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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SAFEGUARDING

Following the INEQE safeguarding review, a key recommendation was the appointment of a dedicated Safeguarding Officer to strengthen oversight, consistency, and assurance across safeguarding practice. In response, in July 2025 the Cathedral appointed a Safeguarding Officer Sophie Bamber through a shared arrangement with the Diocese.

This shared appointment reflects best practice in ensuring professional safeguarding expertise, alignment with diocesan safeguarding frameworks, and appropriate independence, while also providing the Cathedral with direct access to specialist advice and operational support. The arrangement aims to supports robust safeguarding governance, clear escalation routes, and effective collaboration, while remaining proportionate and sustainable for the Cathedral’s size and risk profile.

Sustainability

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

Air Source heat pumps installed as part of the Wren Library project
Sourcing new stone locally from Dunston Quarry, Lincoln.
Quoda Net Zero Report outlining potential mechanical service improvements to the Cathedral.

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

Emergency Plan

The Cathedral’s current emergency plan was updated last year and training was carried out during February 2026.

External Communications and Media Coverage

Throughout the last nine months we have continued to receive a good range of positive press coverage. News releases from the Cathedral have been well received, with stories about Rachael Wragg being named traditional craftsperson of the year, the discovery of an invitation and table plan written by Lewis Caroll, and the visit of Prince Edward to the Cathedral performing particularly well.

In 2025 Lincoln Cathedral had a marquee at the Lincolnshire Show for the first time after a two-year break. Working in partnership with the Diocese of Lincoln, the two days were an excellent opportunity for both networking and promoting the Cathedral to the general public. The return to the show was very well received.

As a result of a conversation held at the Lincolnshire Show, during the summer, BBC Lincolnshire and Humberside broadcast their afternoon show from the parvis at the West Front of the cathedral. This gave us a great opportunity to put a range of different cathedral voices on air including the Succentor, stonemason Rachael Wragg and needlework volunteer Jane Drummond. The interview with the latter led on to additional press coverage for the needlework guild’s work on the national Circle of Life project.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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The online media production company History Hit has recorded at the Cathedral twice this year, once for Ray Mears’ Folklore Heroes, when Ray spoke to curator Fern Dawson, about Robin Hood. The second visit was from Professor Suzannah Lipscomb who filmed part of a programme about Henry VIII’s wives.

The Cathedral was also used as a location by a small-scale film production company called Quivalon, who filmed the pilot for a proposed TV series.

On a more local scale, the Chapter Letter has been rebranded to become the Cathedral News. As well as a new look it now features a wider range of news of interest to the Cathedral community. It is now also sent to all members of the community roll to help foster better communications across the whole community.

In 2025 we have begun to produce more of our own videos for social media. The content, which has been filmed both in-house and by a professional videographer, includes promotional videos for Wallace and Gromit in Concert, the Steampunk weekend, and our Christmas offerings, as well as a digital Christmas card featuring a message from the Dean and a performance by our Choral Scholars. Video content such as this helps to increase our online presence and grow and develop new audiences.

FINANCIAL REVIEW

The Statement of Financial Activities (‘SoFA’) shows a net loss before gains on investments of £949k (31 March 2025: £1.3m loss).

The accounts are for a period of nine months and the comparative amounts presented in the accounts are not entirely comparable due to the shorter year end. It makes comparing activity difficult to compare with what has happened previously. 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.

There was less fundraising activity for our Music Fund with total income during the year amounting to £110,755 (31 March 2025: £418,211). This is substantially less than last year due to a substantial legacy of £262,477 being received during 2024/2025. £35,852 (31 March 2025: £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 20% (2025: 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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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 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.

During the year a full revaluation was carried out on our properties which has seen the values increase by £3,879m. This is a good increase since the last valuations were carried out in 2021 and brings the value of the properties more in line with market values.

Investments have shown a gain in the period in relation to capital values, which increased by £1.7m (31 March 2025: £140k). The decision was taken previously to spread the risk across two investment houses to ensure that the Cathedral’s risk of exposure was reduced. We are pleased that we have benefited both from the changes around the investments and the increase in their values during the last nine months. We continue to be optimistic moving forward that the changes made will enable us to see both increases in income and capital growth.

The unrestricted fund shows a net movement in funds for the year of £492k, (31 March 2025: £272k) net movement of designated funds of (£13k) (31 March 2025: £4k). Restricted funds net movement of (£102k) (31 March 2025: (£689k) and net movement of £4.3m, (31 March 2025: £224k) on the endowment fund.

We remain hugely grateful for the generous support we received during the year from both grant funding and generous donations without 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 £2.0m at 31 December 2025 (31 March 2025: £1.6m). 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 20, 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 December 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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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 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 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:

Safeguard assets and manage risk within accepted risk appetite
Manage cash balances to ensure that there is sufficient liquidity to meet working capital requirements
Maximise returns on short term holdings
Ensure compliance with the Church of England guidance for ethical investments
Ensure that borrowings are at competitive market rates with due consideration to security

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.

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 recordingsystem.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 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.
There is a risk that the Cathedral may not fully formalise or maintain an effective safeguarding governance framework with the Diocese, leading to ambiguity in roles, responsibilities and decision-making protocols. Failure to achieve clarity and effective cooperation could impair the Cathedral’s ability to make timely and appropriate safeguarding decisions, resulting in potential regulatory scrutiny, reputational damage, financial consequences and failure to prevent harm to children & vulnerable people which is key.	Critical	Ongoing work to agree and document a formal safeguarding framework with the Diocesan Safeguarding Officer. An internal safeguarding management group has been put in place. Regular updates to Chapter on safeguarding and a permit item on each agenda.	Establishing regular scheduled meetings and reporting channels between Cathedral and Diocese safeguarding leads. Strengthening internal oversight through Senior Leadership Team monitoring of safeguarding governance arrangements.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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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:

nurturing and sustaining a variety of worshipping congregations;
supporting diocesan life and episcopal ministry; and
enabling civic and community celebration and commemoration

The Cathedral is an ecclesiastical corporation.

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 under the Cathedrals Measure 2021.

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 .

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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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.

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

Investment Advisory Group, who advise and provide oversight on the Cathedral’s investment strategy, policies and performance.

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:

Terms and conditions of employment, remuneration and succession planning of staff and the procedures, policies and benchmarks through which these are determined.
Establishing and keeping under review a remuneration policy and its appropriateness, including pay structures and their annual review; and
Changes in remuneration for members of the Senior Leadership Team as well as housing and benefits for residentiary clergy with due consideration of up-to-date information about remuneration in other institutions of comparable scale and complexity.

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

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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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.

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.

Investment Powers

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

Land
Funds administered for the Central Board of Finance of the Church of England CCLA Investment Management Ltd
Investments in which trustees may invest under the general power of investment in the Trustees Act 2000
The improvement or development of property belonging to the Cathedral, except that endowment funds may not be used to improve or develop the Cathedral itself and its ancillary buildings unless a total return approach under the Church of England (Miscellaneous Provisions) Measure 2014 has been adopted.

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:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP 2019 (FRS102)
Make judgements and estimates that are reasonable and prudent
State whether applicable accounting standards have been followed
Preparing the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business.

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

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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.

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

The Revd Canon Nicholas Brown, Precentor and Subdean (Resigned 31 August 2025) The Revd Canon Rowena King, Canon Missioner The Revd Canon Carolyn Bailey Canon Amanda (Harvey) Dowdy (Resigned 7 October 2025) Canon Mark Suthern Canon Stuart Welch Canon Professor Amy Livingstone Canon Dr Hilary Jane Hamnett Canon Martin Hickerton Canon Neil Rhodes Canon Andrew Long

Finance Committee Canon Andrew Long Peter Denby John Lockwood MBE DL Canon Neil Rhodes Edward Strange

Fabric Advisory Committee Professor Clifford Price, Chairman Dr Mike Ashton Judy Burg Professor John Chilton Dr Kate Giles Hannah Harte

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THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025

Fabric Advisory Committee	Professor David Stocker
(continued)	Simon Walters
	Dr Paul Williamson
	David Sheriff
Audit & Risk Committee	Marc Jones
	Canon Dr Hilary Hamnett
	Janis Daly
	Richard Mazur
	Tony Tomlinson
Nominations Committee	Canon Mark Suthern
	Mr Simon Crookall
	Canon Martin Hickerton (Appointed 18 November 2025)
	Revd Pauline Commins (Appointed 29 October 2025)
	The Venerable Justine Allian-Chapman (Resigned 30 September
	2025)
	Revd Sonia Barron (Resigned 1 July 2025)
Other Professional advisors
Auditor	Sumer Auditco Limited
	One Waterside Place
	Basin Square
	Brimington Road
	Chesterfield
	S41 7FH
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 30 March 2026

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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

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 period ended 31 December 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:

give a true and fair view of the state of the group’s and parent entity’s affairs as at 31 December 2025, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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:

the information given in Chapters’ Annul Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

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:

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the group and parent entity through discussions with Chapter and other management, and from our knowledge and experience of the Cathedral sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent entity, including the Accounting and Reporting Regulations for English Anglican Cathedrals (December 2018), the Cathedrals Measures 2021, safeguarding legislation, health and safety requirements including fire safety and data protection laws;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

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

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.

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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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 Sumer Auditco Limited One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH

Date: 13/04/2026 GMT

Sumer Auditco Limited were appointed as auditor to the charity following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regularity requirements.

Sumer Auditco Limited 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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 DECEMBER 2025

		Unrestricted Funds	Unrestricted Funds	Restricted	Endowment	Total Funds	Total Funds
		General	Designated	Funds	Funds	31 December	31 March
						2025	2025
	Note	£’000	£’000	£’000	£’000	£’000	£’000
Income and
endowments from
Donations & legacies	2	464	-	451	-	915	1,092
Grants	2	213	-	42	-	255	335
Charitable activities	3	15	-	1	-	16	70
Other trading activities	4	1,694	-	22	-	1,716	2,067
Investments	5	896	-	401	8	1,305	1,552
Other income	6	136	-	55	-	191	218
		------------------	------------------	----------------	---------------	-------------------	-------------------
Total income		3,418	-	972	8	4,398	5,334
		------------------	------------------	----------------	---------------	-------------------	--------------------
Expenditure on
Raising funds	7	1,535	-	208	14	1,757	2,468
Charitable activities:
Ministry	8	669	-	227	-	896	1,364
Cathedral and
precincts upkeep	8	748	-	1,790	-	2,538	2,578
Education and
outreach	8	108	13	41	-	162	245
		------------------	------------------	----------------	---------------	_______	-------------------
Total expenditure		3,060	13	2,266	14	5,353	6,655
		------------------	------------------	----------------	---------------	-------------------	--------------------
Net income/(expenditure)
before investment		358	(13)	(1,294)	(6)	(955)	(1,321)
gains/(losses)
Gain on revaluation of
properties	15a	-	-	205	3,674	3,879	-
Net gains/(losses) on
investments	15b	134	-	987	597	1,718	140
		------------------	------------------	----------------	---------------	-------------------	-------------------
Net income/(expenditure)		492	(13)	(102)	4,265	4,642	(1,181)
Transfers between	13	-	-	-	-	-	-
funds
Other recognised
gains/(losses		-	-	-	-	-	-
		------------------	------------------	----------------	-----------------	-----------------	-------------------
Net movement in funds		492	(13)	(102)	4,265	4,642	(1,181)
Total funds brought
forward		1,827	273	20,341	31,412	53,853	55,034
		------------------	------------------	------------------	------------------	------------------	--------------------
Total funds carried
forward	20	2,319	260	20,239	35,677	58,495	53,853
		=========	========	=========	=========	==========	==========

All activities derive from continuing activities. The notes on pages 38 to 64 form part of the financial statements. Details of comparative figures by fund are included in note 29.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

	Total	Total
	31 December	31 March
	2025	2025
	£	£
Total income (excluding endowments)	4,390	5,294
Total expenditure (excluding endowments)	(5,339)	(6,642)
	-------------------	-------------------
Surplus of income over expenditure in the year	(949)	(1,348)
Gain on revaluation of properties	205	-
Net gains/(losses) on investments	1,121	377
	-------------------	-------------------
Net income/expenditure for the year	377	(971)
Other comprehensive income:
Transfer of fixed assets to restricted funds	-	-
	-------------------	-------------------
Total comprehensive income	377	(971)
	=========	=========

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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 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 31 December 2025 Total Funds 31 March 2025 £'000 £'000 £'000 £'000 £'000 - - 26,578 26,578 22,807 1,492 17,770 6,405 25,667 25,681
	1,492 17,770 32,983 52,245 48,488 - 1,441 2,759 4,200 4,092 14 412 - 426 225
	14 1,853 2,759 4,626 4,317
	1,506 19,623 35,742 56,871 52,805
	108 - - 108 114 637 194 - 831 745 491 847 - 1,338 1,244
	1,236 1,041 - 2,277 2,103 - - - - (163) (425) (65) (653) (1,055)
	(163) (425) (65) (653) (1,055)
	1,073 616 (65) 1,624 1,048 2,579 20,239 35,677 58,495 53,853 - - - - -
	2,579 20,239 35,677 58,495 53,853
	- - 35,677 35,677 31,412 - 20,239 - 20,239 20,341 2,319 - - 2,319 1,827 260 - - 260 273
	2,579 20,239 35,677 58,495 53,853

The financial statements were approved and authorised for issue by the Chapter on 30 March 2026 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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN ENTITY ONLY BALANCE SHEET AT 31 DECEMBER 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 31 December 2025 Total Funds 31 March 2025 £'000 £'000 £'000 £'000 £'000 - - 26,578 26,578 22,807 1,492 14,518 6,405 22,415 22,634
	1,492 14,518 32,983 48,993 45,441 - 1,441 2,759 4,200 4,092 5 412 - 417 215
	5 1,853 2,759 4,617 4,307
	1,497 16,371 35,742 53,610 49,748
	35 - - 35 37 577 159 - 736 643 193 602 - 795 848
	805 761 - 1,566 1,528 - - - - - (35) (424) (65) (524) (1,002)
	(35) (424) (65) (524) (1,002)
	770 337 (65) 1,042 526 2,267 16,708 35,677 54,652 50,274 - - - - -
	2,267 16,708 35,677 54,652 50,274
	- - 35,677 35,677 31,412 - 16,708 - 16,708 17,036 2,007 - - 2,007 1,553 260 - - 260 273
	2,267 16,708 35,677 54,652 50,274

The financial statements were approved and authorised for issue by the Chapter on 30 March 2026 and signed on their behalf by:

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

	31 December 2025		31 March 2025
	£’000		£’000
0BNet cash inflow / (outflow) from operating activities (see below)	(2,013)		(1,142)
1BCash flows from investing activities
2BRent received net of costs	250	(92)
3BInvestment income net of costs	466	532
4BPurchase of plant and equipment	(335)	(1)
5BProceeds from the sale of investments	3,230	1,598
6BPurchase of investments	(1,498)	(4,021)
	--------------	---------------
7BNet cash provided by / (used in) investing activities	2,113		(1,984)
8BCash flows from financing activities
Receipt of endowment	(6)	27
	--------------	---------------
9BNet cash provided by / (used in) financing activities	(6)		27
	--------------		---------------
10BChange in cash and cash equivalents in the reporting period
	94		(3,099)
11BCash and cash equivalents at 31 March	1,244		4,343
	--------------		---------------
12BCash and cash equivalents at 31 December	1,338		1,244
	=======		=======
Reconciliation of net income/(expenditure) to net cash flow from	operating
activities
	31 December 2025		31 March 2025
	£’000		£’000
13BNet income/(expenditure before investment gains for
14Breporting period	(955)		(1,321)
15BAdjustment for:
16BDepreciation charges	126		197
17BIncome added to endowment capital	(8)		(40)
18BIncome from property and investments	(1,297)		(1,512)
19BInvestment property costs & management fees	615		1,093
20B(Increase)/decrease in stock	(6)		(7)
21BDecrease / (Increase) in debtors	(86)		(63)
22B(Decrease)/Increase in creditors	(402)		511
	---------------		---------------
23BNet cash provided by / (used in) operating activities	(2,013)		(1,142)
	---------------		---------------
24BAnalysis of cash and cash equivalents	31
	December		31 March
	2025		2025
	£’000		£’000
25BCash in hand	356		483
26BNotice deposits (less than 3 months)	982		761
	---------------		---------------
	1,338		1,244
	---------------		---------------

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

ANALYSIS OF CHANGES IN NET DEBT
	31 March	Cash	Other	31 December
	2025	Flows	Changes	2025
	£	£	£	£
Cash and cash equivalents
Cash	483	(127)	-	356
Deposit accounts	761	221	-	982
	---------------------	--------------------	--------------------	--------------------
Borrowings	1,244	94	-	1,338
Debt due within one year	-	-	-	-
	--------------------	--------------------	--------------------	--------------------
	-	-	-	-
	--------------------	--------------------	--------------------	--------------------
Total	1,244	94	-	1,338
	===========	=========	===========	===========

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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.

i) Legacies – Entitlement is taken as an when notification has been made by the Executor(s) that a distribution will be made, when a distribution is received from the estate or when probate has been granted depending on which is earlier. Receipt of a legacy, in whole or part, is only considered probable when the amount can be measured reliably and the cathedral has been notified of the executor’s intention to make a distribution. Where legacies have been notified but cannot be reliably measured the legacy is treated as a contingent asset and disclosed if material. Where a legacy is subject to the interest of a life tenant the legacy would not be recognised as income until the death of the life tenant.
ii) Events & Services – Income received in advance of events or services is deferred until the criteria for income recognition.
iii) Rent and investment income – Income received is recognised as income when receivable. iv) Interest and dividends - Income received is recognised as income when receivable.
v) Grants – Grants received which are subject to pre-conditions specified by the donor which have not been met at the year-end are included in creditors and carried forward to the following year.
vi) Donations other than grants are recognised when receivable.
vii) Donated Goods and services – Donated professional services and donated facilities are recognised as income when control exists over the item, any conditions associated with the

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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.

viii) Gains on disposal of fixed assets for the Cathedral’s own use (i.e. non-investment assets) are accounted for as other income. Losses on disposal of such assets are accounted for as other expenditure.
ix) Third Party receipts and payments – Where funding is provided by third parties (e.g. the funding by the Church Commissioners of stipends and associated payroll costs of the Dean, the Commissioners’ canons or other clerical or lay staff) these are shown as both income and expenditure.

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.

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:

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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 December 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%

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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.

f) Investments

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

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
h) Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies, trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

i) Debtors - Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
j) Stock – stock is stated at the lower of cost or net realisable value after making due allowance for obsolete and slow moving items.
k) Cash at bank and in hand – Cash at bank and in hand includes the cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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) 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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

2. DONATIONS AND LEGACIES

				Total	Total
	Unrestricted	Restricted	Endowment	Funds	Funds
				31	31
				December	March
	Funds	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Donations & legacies
Congregational giving	53	-	-	53	72
Donations	128	112	-	240	342
Tax recoverable	2	-	-	2	14
Income from Friends	20	15	-	35	55
Legacies	261	324	-	585	609
	-----------------	------------------	-------------------	-----------------	------------------
	464	451	-	915	1,092
	========	=========	=========	==========	==========

In the year ended 31 March 2025 £268k was attributable to the unrestricted fund, and £824k was attributable to the restricted funds.

Grants

Grants
				Total	Total
	Unrestricted	Restricted	Endowment	Funds	Funds
				31	31
				December	March
	Funds	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Church Commissioners’	115	-	-	115	236
Other revenue and capital grants	98	42	-	140	99
	-----------------	------------------	-------------------	----------------	------------------
	213	42	-	255	335
	========	=========	=========	==========	==========

In the year ended 31 March 2025 £321k was attributable to the unrestricted fund and £14k was attributable to the restricted fund.

3. CHARITABLE ACTIVITIES

				Total	Total
	Unrestricted	Restricted	Endowment	Funds	Funds
				31	31
				December	March
	Funds	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Facilities and other fees	15	1	-	16	40
Magna Carta	-	-	-	-	30
	-----------------	------------------	-------------------	-----------------	------------------
	15	1	-	16	70
	========	=========	=========	==========	==========

In the year ended 31 March 2025 all income was attributable to the unrestricted fund.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

4. OTHER TRADING ACTIVITIES

					Total
	Unrestricted	Restricted	Endowment	Total Funds	Funds
				31	31
				December	March
	Funds	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Charges to visitors	715	8	-	723	855
Gift Aid on entrance charges	107	-	-	107	126
Income from fundraising events	231	12	-	243	252
Gross income cathedral shop,
restaurant and conferencing
centre	641	-	-	641	820
Cathedral publications	-	-	-	-	14
Close property maintenance	-	2		2	-
	-------------------	-------------	-------------	-------------	-------------
	1,694	22	-	1,716	2,067
	========	========	========	========	========

In the year ended 31 March 2025 £2,038k was attributable to the unrestricted fund and £29k was attributable to restricted funds.

5. INVESTMENT INCOME

NVESTMENT INCOME
				Total	Total
	Unrestricted	Restricted	Endowment	Funds	Funds
				31	31
				December	March
	Fund	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Dividends receivable	194	395	8	597	641
Interest receivable	12	6	-	18	34
Rents receivable	690	-	-	690	877
	-----------------	------------------	-------------------	------------------	------------------
	896	401	8	1,305	1,552
	========	=========	=========	==========	==========

In the year ended 31 March 2025 investment income of £1,116k was attributable to the unrestricted fund, £396k attributable to the restricted fund and £40k attributable to the endowment fund.

6. OTHER INCOME

OTHER INCOME
				Total	Total
	Unrestricted	Restricted	Endowment	Funds	Funds
				31	31
				December	March
	Funds	Funds	Funds	2025	2025
	£’000	£’000	£’000	£’000	£’000
Other items	136	55	-	191	218
	____	____	___	__	__
	136	55	-	191	218
	=========	=========	=========	==========	==========

In the year ended 31 March 2025 £211k was attributable to the unrestricted fund and £7k attributable to the endowment fund.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

RAISING FUNDS
(31 DECEMBER 2025)	Unrestricted	Restricted	Endowment	Total Funds
	Funds	Funds	Funds	2025
	£’000	£’000	£’000	£’000
Cost of facilities for visitors	234	-	-	234
General marketing costs	86	-	-	86
Investment property costs	468	24	-	492
Investment management costs	46	63	14	123
Cost of fundraising	266	-	-	266
Gross costs of Cathedral shop, café and
conferencing centre	389	-	-	389
Cathedral Publications	-	-	-	-
Outside contracts – Close property
maintenance	2	-	-	2
Allocated support costs (note 10)	44	121	-	165
	-----------------	------------------	-------------------	------------------
	1,535	208	14	1,757
	-----------------	------------------	-------------------	------------------
RAISING FUNDS
(31 MARCH 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
	-----------------	------------------	-------------------	------------------

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

______________

CHARITABLE ACTIVITIES
(31 DECEMBER 2025)	Unrestricted Funds		Restricted	Endowment	Total Funds
	General	Designated	Funds	Funds	2025
	£’000	£’000	£’000	£’000	£’000
Ministry
Clergy Stipends and expenses	102	-	-	-	102
Clergy housing and support	6	-	-	-	6
Services and music	516	-	131	-	647
Support costs (note 10)	45	-	96	-	141
	-------------------	-----------------	------------------	-------------------	------------------
	669	-	227	-	896
Cathedral and precincts upkeep
Major repairs and restoration	-	-	1,584	-	1,584
Maintenance and interior upkeep	636	-	114	-	750
Cathedral insurance	63	-	-	-	63
Support costs (note 10)	49	-	92	-	141
	-------------------	-----------------	------------------	-------------------	------------------
	748	-	1,790	-	2,538
Education and outreach
Library and archives	45	-	21	-	66
Educational activities	57	-	-	-	57
Charitable giving	-	13	3	-	16
Support costs (note 10)	6	-	17		23
	-------------------	-----------------	------------------	-------------------	------------------
	108	13	41	-	162
	-------------------	-----------------	------------------	-------------------	------------------
Total charitable activities	1,525	13	2,057	-	3,596
	=========	========	=========	=========	==========

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

CHARITABLE ACTIVITIES
(31 MARCH 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 (note 10)	54	-	115	-	169
	-------------------	-----------------	------------------	-------------------	------------------
	1,068	-	296	-	1,364
Cathedral and precincts
upkeep
Major repairs and restoration	-	-	1,347	-	1,347
Maintenance and interior	769	10	36	-	815
Cathedral insurance	99	-	147	-	246
Support costs (note 10)	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 (note 10)	8	-	20	-	28
	-------------------	-----------------	------------------	-------------------	------------------
	205	-	40	-	245
	-------------------	-----------------	------------------	-------------------	------------------
Total charitable activities	2,201	10	1,976	-	4,187
	=========	========	=========	=========	==========

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

9. ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS (31 DECEMBER 2025)

(31 DECEMBER 2025)
	Activities	Grant
	Undertaken	Funding of	Support	Total Costs
	Directly	Activities	Costs	2025
	£’000	£’000	£’000	£’000
Raisings funds	1,592	-	165	1,757
Charitable activities:
Ministry	598	157	141	896
Cathedral and precincts upkeep	2,299	98	141	2,538
Education and outreach	139	-	23	162
	------------------	------------------	-------------------	------------------
	4,628	255	470	5,353
	=========	=========	=========	==========

ANALYSIS OF EXPENDITURE INCLUDING ALLOCATION OF SUPPORT COSTS (31 MARCH 2025)

(31 MARCH 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
	=========	=========	=========	==========

10. ANALYSIS OF SUPPORT COSTS (31 DECEMBER 2025)

			Cathedral &
	Raising		precincts	Education	Total
	funds	Ministry	upkeep	& outreach	2025
	£’000	£’000	£’000	£’000	£’000
Human Resources	17	15	15	2	49
Office costs	54	46	46	8	154
Finance	51	44	44	7	146
Governance	43	36	36	6	121
	-------------------	-----------------	------------------	-------------------	------------------
	165	141	141	23	470
	=========	========	=========	=========	==========

ANALYSIS OF SUPPORT COSTS (31 MARCH 2025)

ANALYSIS OF SUPPORT	COSTS (31 MARCH	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
	=========	========	=========	=========	==========

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

STAFF COSTS	31	31
	December	March
	2025	2025
	£’000	£’000
Office Holders & Employee costs during the period were as follows:
Salaries and stipends	1,720	2,039
National insurance contributions	210	177
Pension costs	115	123
Termination payments	-	7
	-----------------	-----------------
	2,045	2,346
	=========	=========
The average number of FTE’s employed by the charity during the period	31	31
were:	December	March
	2025	2025
	Number	Number
Residentiary Canons	1.0	2.0
Chapter Office	10.0	9.9
Raising Funds	2.0	2.0
Trading	3.8	3.3
Visitor services	6.2	5.7
Vergers & Interior Upkeep	3.9	4.8
Music & Services	10.6	9.0
Library & Education	2.8	3.3
Works Department	24.0	21.7
	-----------------	-----------------
	63.3	61.7
	=========	=========

11. STAFF COSTS

During the period to 31 December 2025 the average number of staff was 92 (FTE: 63.3) (31 March 2025: 93 (FTE. 61.7).

The number of unpaid volunteers during the period was approximately 330 (31 March 2025: 635). A reliable estimate of the monetary value of their work cannot be made.

	31	31
	December	March
	2025	2025
	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:
£60,001- £70,000	2	-
£70,001 - £80,000	-	1
	========	======

Pension payments of £5,379 were made in the period to 31 December 2025 in respect of the above individual (31 March 2025: £4,229).

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.

Remuneration, pensions and expenses for the number of employees amounted to £320,909 (31 March 2025: £334,818).

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

11. STAFF COSTS (Continued)

Trustees’ emoluments

Trustees received travelling and out of pocket expenses, totalling £7,785 (31 March 2025– £13,558) in respect of duties as Dean, Precentor and Missioner with travelling expenses of £68 being paid to one (31 March 2025: 1) 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	£32,715	£5,913
The Rt Revd Nicholas Brown	£14,795	£2,640
The Revd Rowena King	£26,632	£4,731

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 £5,764 (31 March 2025: £84,205) and £2,542 (31 March 2025: £2,887) was reimbursed. Of this, £Nil (31 March 2025: £361) was owed as of 31 December 2025 (31 March 2025: 4). No amounts have been written off during the period (31 March 2025: Nil).

In respect of the period ended 31 December 2025 the following aggregate expenses were incurred by the Cathedral in respect of 4 (31 March 2025: 5) members of Chapter:

	31 December 2025 £	31 March 2025 £
Clergyhousingexpenses reimbursed	2,542	4,017
Relocation expenses reimbursed	-	1,473
Travel,hospitalityand conference costs	4,395	4,890
Books,equipment and sundryservice costs	848	3,178
Total	7,785	13,558

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.

CWPF has two sections:

1.the Defined Benefits Scheme
2.the Pension Builder Scheme, which has two subsections;
a. a deferred annuity section known as Pension Builder Classic, and,
b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

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 £85,811, (31 March 2025: £108,600)

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 2026, the Board chose to grant a discretionary bonus of 10% to both pensions not yet in payment and pensions in payment in respect of post April 1997 service so that the pension increase was also 10% (where usually it would be calculated based on inflation up to an annual cap of 5% for pensions in payment in respect of service prior to April 2006 and 2.5% for pension sin payment in respect of service post April 2006. This followed improvements in the funding position over 2025. There is no requirement for deficit payments at the current time.

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 Church of England Pensions Board has agreed that some employers could use assets in the DBS of the CPWF in lieu of contributions to Pension Builder Classic and/or Pension Builder 2014.

The next valuation is due as at 31 December 2025.

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
Transfer of profit from Lincoln Minister Shops	(194)	-	-	-
To the Unrestricted fund	194	-	-
Transfer from Library fund for Wren Library works	-	-	(338)	-
To the Fabric Fund reimbursement of Wren works	-	-	(338)
	_____	______	______	_
	-	-	-	-
	=======	=======	=======	=======

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

_________________

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.

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
	31	31
	December	March
	2025	2025
	£’000	£’000
Investment properties – 15a	26,578	22,807
Investments – 15b	25,667	25,681
	----------------	-----------------
Total investment assets	52,245	48,488
	=========	========

15a. INVESTMENT PROPERTIES

15a. INVESTMENT PROPERTIES
	31	31
	December	March
	2025	2025
	£’000	£’000
Market value at 1 April 2025	22,807	23,995
Disposal proceeds	-	-
Transfers from non-investment property	170	-
Transfers to non-investment property	(278)	(1,188)
(Loss)/Gain on revaluation	3,879	-
	-----------------	-----------------
Market value as at 31 December 2025	26,578	22,807
	=========	=========

The investment properties were revalued by Savills a RICs registered valuer as at 31 December 2025. 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.”

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

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15b. FIXED ASSETS INVESTMENTS

Consolidated Unrestricted funds Rothschild New Court Fund Investors in People Investment cash Cazenove Charity Sustainable Fund Restricted Funds Rothschild New Court Fund Investment cash Cazenove Charity Sustainable Fund Endowment funds Rothschild New Court Fund Investment cash Cazenove Charity Sustainable Fund Consolidated total	At 1 April 2025 Additions Disposals Transfers Change in Market Value At 31 December 2025 £'000 £'000 £'000 £'000 £'000 £'000 1,269 - (307) - 105 1,067 14 - - - - 14 27 266 - - 20 313 336 - (247) - 9 98
	1,646 266 (554) - 134 1,492 7,681 616 - - 509 8,806 3,297 - (2,545) - - 752 7,192 542 - - 478 8,212
	18,170 1,158 (2,545) - 987 17,770 2,036 - (48) - 88 2,076 92 - (83) - - 9 3,737 74 - - 509 4,320
	5,865 74 (131) - 597 6,405
	25,681 1,498 (3,230) - 1,718 25,667

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

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15b. FIXED ASSETS INVESTMENTS (continued)

Entity Unrestricted funds Rothschild New Court Fund Investors in People Investment Cash Cazenove Charity Sustainable Fund Restricted Funds Rothschild New Court Fund Investment cash Charity Property Fund Cazenove Charity Sustainable Fund Endowment funds Rothschild New Court Fund Investment cash Cazenove Charity Sustainable Fund Entity total	At 1 April 2025 Additions Disposals Transfers Change in Market Value At 31 December 2025 £'000 £'000 £'000 £'000 £'000 £'000 1,269 - (307) - 105 1,067 14 - - - - 14 27 266 - - 20 313 336 - (247) - 9 98
	1,646 266 (554) - 134 1,492 6,582 348 - - 397 7,327 3,172 - (2,422) - - 750 (191) - - 191 - - 5,560 729 - (191) 343 6,441
	15,123 1,077 (2,422) - 740 14,518 2,036 - (48) - 88 2,076 92 - (83) - - 9 3,737 74 - - 509 4,320
	5,865 74 (131) - 597 6,405
	22,634 1,417 (3,107) - 1,471 22,415

16. NON-INVESTMENT PROPERTY

					Total	Total
	Unrestricted Restricted			Endowment	Funds	Funds
					31	31
					December	March
	Funds	Funds		Funds	2025	2025
	£’000		£’000	£’000	£’000	£’000
Balance sheet value at 1 April			1,364	2,728	4,092	2,904
Acquisitions	-		-	278	278	-
Disposals	-		(170)	-	(170)	-
Transfers	-		247	(247)	-	1,188
	-------------------	-----------------		------------------	-------------------	------------------
Balance Sheet value at 31 December	-		1,441	2,759	4,200	4,092
	=========	========		=========	=========	==========
All non-investment propertes 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		3,565	357	4,092
Transferred from investment property		-		278	-	278
Transferred to investment property		(170)		-	-	(170)
		-------------------		-----------------	------------------	-------------------
Valuation as at 31 December		-		3,843	357	4,200
		=========		========	=========	=========

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

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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	171	880	-	1,051
Additions	9	326	-	335
Disposals	(16)	-	-	(16)
Cost at 31 December	164	1,206	-	1,370
Depreciation at 1 April	147	679	-	826
Depreciation for the year	11	115	-	126
On disposals	(8)	-	-	(8)
Depreciation at 31 December	150	794	-	944
Net book value at 31 December 2025	14	412	-	426
Net book value at 31 March 2025	24	201	-	225
	Unrestricted	Restricted	Endowment	Total Funds
Entity Only	Funds	Funds	Funds	2025
	£’000	£’000	£’000	£’000
Cost at 1 April	124	880	-	1,004
Additions	-	326	-	326
Disposals	-	-	-	-
Cost at 31 December	124	1,206	-	1,330
Depreciation at 1 April	110	679	-	789
Depreciation for the year	9	115	-	124
On disposals	-	-	-	-
Depreciation at 31 December	119	794	-	913
Net book value at 31 December 2025	5	412	-	417
Net book value at 31 March 2025	14	201	-	215

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

18. DEBTORS

Debtors due within one year Trade debtors Amounts due from group undertakings Tax recoverable Legacy debtors Prepayments and accrued income Total debtors	31 December 2025 Group Entity £’000 £’000 129 49 - 31 98 96 262 262 342 298 831 736	31 March 2025 Group Entity £’000 £’000 122 59 - 39 80 80 67 67 476 398
		745 643

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	31 December 2025 Group Entity £’000 £’000 220 169 - 56 310 207 99 68 24 24 - - 653 524	31 March 2025 Group Entity £’000 £’000 593 478 - 185 390 277 51 41 21 21 - -
		1,055 1,002

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

20. SUMMARY OF FUNDS (December 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 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 2025 Income Expenditure Gains & (losses) Transfers Carried forward 31 December 2025 £’000 £’000 £’000 £’000 £’000 £’000 1,553 2,591 (2,465) 134 194 2,007 226 596 (389) - (194) 239 48 231 (206) - - 73
	1,827 3,418 (3,060) 134 - 2,319 138 - (13) - - 125 3 - - - - 3 124 - - - - 124 3 - - - - 3 3 - - - - 3 2 - - - - 2
	273 - (13) - - 260 13,075 840 (2,020) 798 338 13,031 497 17 (4) 64 (338) 236 3 - - - - 3 14 - - - - 14 23 - - - - 23 11 - - 1 - 12 95 1 - 3 - 98 26 - - 2 - 28 23 - - 1 - 24 6 - - - - 6 37 - - 1 - 38 45 - (3) 1 - 43 33 - - 1 - 34 147 2 - 4 - 153 2 - - - - 2 1,530 2 - 69 - 1,601 1,469 - (108) - - 1,361
	17,036 862 (2,135) 945 - 16,708 3,305 110 (131) 247 - 3,531
	20,341 972 (2,266) 1,192 - 20,239 29,286 8 (14) 4,031 - 33,311 2,022 - - 240 - 2,262 104 - - - - 104
	31,412 8 (14) 4,271 - 35,677
	53,853 4,398 (5,353) 5,597 - 58,495
	50,274 3,461 (4,627) 5,350 - 54,652

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

20. SUMMARY OF FUND MOVEMENTS (March 2025)

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 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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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. 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 covid19 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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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 December 2025 the Cathedral had capital expenditure commitments authorised but not contracted for of £NIL (31 March 2025 - £NIL), and no expenditure contracted for but not yet due in 31 December 2025 (31 March 2025 - £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 £735 (31 March 2025: £320) expenses were paid in respect of one (31 March 2025: 2) child and £70 (31 March 2025: £17) 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 £28,800 (31 March 2025: £28,671) for the period.

During the period from 1[st] April 2025 to 31[st] December 2025 no administrative services were provided by the spouse of the Revd Canon Nicholas Brown, a Chapter member (31 March 2025: £2,114). During the period, a donation of £6,500 was received from Denby Transport, which P Denby is a director and also a member of the Finance Committee.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

THE CATHEDRAL CHURCH OF BLESSED VIRGIN OF MARY OF LINCOLN NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 31 DECEMBER 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 £100,148 (31 March 2025: £133,531) was charged to Lincoln Minister Shops Limited. The Cathedral received the following gift aid donations from its trading activities:

	31 December 2025	31 March 2025
	£	£
Lincoln Minster Shops Limited	194,530	124,132
Lincoln Cathedral CIO	48,501	48,501

Lincoln Cathedral Music Fund contributed £112,500 (31 March 2025: £160,666) towards the cost of the Cathedral’s music provision. Of this £35,852 (31 March 2025: £50,255) specifically relates to the funding of choral scholars.

Lincoln Cathedral CIO contributed £48,501 (31 March 2025: £49,667) towards the Cathedral’s mission and £Nil (31 March 2025: £4,238) towards the costs of the Cathedral’s fabric restoration.

Amounts due from these entities as at 31 December 2025 were £31,890 (31 March 2025: £39,000), amounts due to these entities totalled £56,609 (31 March 2025: £185,170) and represent short term balances from usual operating activity.

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.

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

27. NON-CONTROLLED ENTITIES (continued)

	31 December 2025	31 December 2024
	£’000	£’000
Gross Income	94	80
Expenditure:
Fundraising events	1	5
Contribution to Lincoln Cathedral		-
Other grants	39	27
Administrative and miscellaneous expenditure	11	8
Net (expenditure)/Income	43	40
Total Funds	439	396

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

28. AUDITOR’S REMUNERATION

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

	31 December 2025	31 March 2025
	£’000	£’000
Audit services	34	34
Other assurance services	-	-
Other financial services
Accounts Preparation	9	10
Corporation Tax computation	1	1
	39	45
Funded by:
Restricted Funds	3	10
Unrestricted & designated funds	36	35

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a

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

29. PRIOR PERIOD COMPARATIVE STATEMENT

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

Document ID: 8a4fd742059b1a12f258f72f8b0d92167c73566ddb415b721f6f97840e7c997a