## **Manchester Cathedral**
Annual Report and Consolidated Financial Statements Year Ended
31 December 2024
## **Manchester Cathedral**
**Annual report and consolidated financial statements for the year ended 31 December 2024**
|**Page**|**Contents**|
|---|---|
|1 - 5|Legal and administrative information|
|6 - 12|Chapter’s report|
|13|Statement of the responsibilities of the Chapter|
|14 - 16|Independent Auditors' report to the Chapter|
|17|Consolidated Statement of Financial Activities|
|18|Consolidated Balance Sheet|
|19|Cathedral Balance Sheet|
|20|Consolidated Statement of Cash Flows|
|21 - 42|Notes to the financial statements|
## **Manchester Cathedral**
## **Annual report and consolidated financial statements**
**for the year ended 31 December 2024**
## **Legal and administrative information**
## **Legal and commonly used name**
The full legal name of the Cathedral is the Cathedral and Collegiate Church of St Mary, St Denys and St George in Manchester commonly known as Manchester Cathedral.
## **Contact Address**
Manchester Cathedral Cathedral Street Manchester M3 1SX Telephone 0161-833-2220
## **Constitution**
The Cathedral is an ecclesiastical corporation, governed by the Constitution and Statutes for the Cathedral, in accordance with the Cathedrals Measure 2021, confirmed by an Amending Instrument made on 9 January 2024. It is also a registered charity from 9 April 2024, charity number 1207769.
The Collegiate Church of Manchester was first founded in 1421 by Charter and Royal Licence from King Henry V. The College was dissolved by Act of Parliament in the reign of King Edward VI and was refounded in 1553 by Queen Mary. It was again dissolved in the reign of Queen Elizabeth I who thereupon granted it another Charter.
The Ecclesiastical Commissioners Act of 1840 enacted that the Warden and Fellows should be styled respectively the Dean & Canons. By order in Council dated 10 August 1847, it was ordered that the Collegiate Church of Manchester should be constituted and become a Cathedral Church and the Dean and Canons should be the Dean & Chapter thereof.
The finances of the Cathedral are governed by the Parish of Manchester Division Act 1850 and the Parish of Manchester Revenues Measure 1933 and other legislation. Annual revenues of the Chapter, being revenues derived from the capitular property in respect of which the Chapter is accountable to the Church Commissioners, are allocated under the 1933 Measure. Any surplus available for division, in accordance with the Measure, not divided within twelve calendar months after the end of the financial year in which the surplus has arisen, shall be applied in such manner as the Bishop of Manchester may approve. The Cathedrals Measure 2021 enables Chapter to adopt a total return approach to investments and allocate part of the unapplied return for purposes of the Cathedral.
## **Charitable Objects**
The charitable objects for all Church of England cathedrals are defined in the following mandated terms in the Cathedrals Measure 2021:
- (1) (a) to advance the Christian religion in accordance with the faith and practice of the Church of England’ in particular by furthering the mission of the Church of England;
- (b) to care for and conserve the fabric and structure of the cathedral church building;
- (c) to advance any other charitable purposes which are ancillary to the furtherance of the purpose referred to in paragraph (a) or (b).
- (2) In paragraph (1) –
“the mission of the Church of England” means the whole mission of the Church of England, pastoral, evangelistic, social and ecumenical; “cathedral church building” means, in the case of each cathedral, the buildings within the ecclesiastical exemption for that cathedral;
- “charitable purposes” means purposes within section 2(1) of the Charities Act 2011.
- (3) in furthering the objects set out in subsection (1), the Chapter must act for the public benefit within the meaning of section 4(3) of the Charities Act 2011
1
## **Manchester Cathedral**
**Annual report and consolidated financial statements for the year ended 31 December 2024** _**(continued)**_
## **Legal and administrative information (continued)**
## **Role in the Diocese**
The Chapter of Manchester plays an active role across the Diocese of Manchester supporting the work of the Bishop of Manchester.
## **Organisational Structure**
## **The Visitor**
The Visitor of the Cathedral is the Bishop of Manchester, the Right Rev Lord Bishop David Walker.
## **Body Corporate**
The members for the time being of the Chapter of the Cathedral are individually and collectively Charity Trustees and a body corporate with perpetual succession and a common seal.
## **The Chapter**
The Chapter consists of the Dean and Residentiary Canons (the ‘Executive Members’) and the necessary Non-Residentiary Canons (the ‘Non-Executives’) to ensure that the majority of Chapter members are NonExecutives. At least two-thirds of the Non-Executives must be Lay people. The Chapter must have at least eight members but no more than twelve or such larger number as necessary to comply with the rule that Chapter must have more non-executive than executive members.
The Bishop, after consulting the Chapter, must appoint one of the non-executive members who is not a residentiary canon and that member is the senior non-executive member of the Chapter.
The members of Chapter must appoint the other non-executive members who are not Residentiary Canons, but each appointment requires the prior approval of the Bishop.
Two of the non-executive members may be elected by the persons who are included on the church electoral roll of the Parish.
A non-executive member of the Chapter may not be appointed or elected for a term exceeding 4 years; but a non-executive member may be re-appointed. A non-executive member of the Chapter who has served two consecutive terms of office is not eligible to be appointed or elected as a non-executive member of Chapter until at least two years have passed since he or she last ceased to hold office.
New members of Chapter receive training arranged with specialist external providers including the Association of English Cathedrals.
All Cathedrals are required by the Cathedrals Measure 2021 to include in their organisational structure a Finance Committee, an Audit & Risk Committee, a Nominations Committee and a Senior Management Group.
## **The Cathedral Council**
Historically part of the Cathedral’s governing corporation, the Cathedral Council concluded its work and was formally dissolved as part of the Cathedrals Measure 2021 when the new Constitution and Statutes came into force.. This body will now be known as the Advisory Group that is not a committee of the Chapter. Its principal function is to advise the Chapter on the matters relating to the Cathedral which the Chapter may assign to it.
.
2
## **Manchester Cathedral**
## **Annual report and consolidated financial statements**
**for the year ended 31 December 2024** _**(continued)**_
## **Legal and administrative information (continued)**
## **Nominations Committee**
The Chapter must appoint the members and chair of the Nominations Committee. The committee must have at least four members. The Nominations Committee must advise Chapter on the recruitment of non-executive members; the recruitment of members of committees of the Chapter; the training needs of Chapter Members; the recruitment of members of an advisory body; and the procedure for the selection and approval of candidates for election as nonexecutive members. The Nominations Committee must recommend to the Bishop candidates for the role of the senior non-executive member.
## **Finance Committee**
The Finance Committee must keep under review the activities and management of the Cathedral in relation to such matters as the Chapter specifies in terms of reference for the Committee.
## **Audit and Risk Committee**
The Audit and Risk Committee must keep under review the activities and management of the Cathedral in relation to such matters as the Chapter specifies in terms of reference for the Committee.
## **Senior Management Team**
Members of the Senior Management Team are:
The Dean; each Residentiary Canon with responsibility for a department of the Cathedral; The Chief Operating Officer (the administrator of the Cathedral and Clerk of the Chapter) and a Chief Finance Officer and such other members of staff as the Chapter considers appropriate.
The function of the Senior Management Team are to ensure good management of the Cathedral. The remuneration of key management personnel is determined by considering local market conditions and the annual Lay Staff Salary Survey for Cathedrals produced by the Church Commissioners.
## **The Chapter**
Under the terms of the Cathedral’s Constitution and Statutes the Chapter, being the corporate body, is made up as follows:
The Very Reverend R M Govender MBE - The Dean of Manchester The Reverend Canon Dr I H Jorysz – Canon Precentor Ms C Norman – Senior non-executive member The Venerable K Smeeton - Archdeacon of Rochdale The Reverend Canon G R E Thomas - Canon Missioner Mrs G Winter Two lay persons appointed by the Bishop of Manchester - Canon P S Blinkhorn Dr A Lazz-Onyenobi Two lay persons elected by a meeting of the Cathedral community - Mr N Rank Vacant
3
## **Manchester Cathedral**
**Annual report and consolidated financial statements for the year ended 31 December 2024** _**(continued)**_
## **Legal and administrative information (continued)**
|**Advisors to Chapter**||
|---|---|
|Architect|Ms U Knox RIBA, AABC|
||Knox-McConnell Ltd|
||24 Victoria Road|
||Saltaire|
||BD18 3JR|
|IndependentAuditors|HaysMac LLP|
||10 Queen Street Place|
||London|
||EC4R 1AG|
|Bankers|Royal Bank of Scotland plc|
||St Ann Square Branch|
||1 Hardman Boulevard|
||Manchester|
||M3 3AQ|
||CCLA|
||One Angel Lane|
||London|
||EC4R 3AB|
|Investment Advisors|Castlefield Investment Partners LLP|
||9thFloor, 111 Piccadilly|
||Manchester|
||M1 2HY|
|Property Advisors|Yoke Real Estate Ltd|
||Suite 3, Harefield House|
||Alderley Road|
||Wilmslow|
||Cheshire|
||SK9 1P|
|Solicitors|Muckle LLP|
||Time Central|
||32 Gallowgate|
||Newcastle-upon-Tyne|
||NE1 4BF|
||DWF LLP|
||1,2 Scott Place|
||Hardman Street|
||Manchester|
||M3 3AA|
4
## **Manchester Cathedral**
**Annual report and consolidated financial statements for the year ended 31 December 2024** _**(continued)**_
## **Legal and administrative information (continued)**
Finance Committee Canon P S Blinkhorn - chair The Reverend Canon Dr I H Jorysz – Canon Precentor Mr A T O’Connor Ms H Platts Canon J Walsh OBE Mr J E Atherden FCA – in attendance The Very Reverend R M Govender MBE – in attendance Mr N Holland – in attendance Fabric Advisory Committee Prof E Bell - chair Mr J R Blakey Ms S Brown Ms K Gill-Faci Ms R Shrigley Ms M Stevenson Mr J Williams Mr N Holland – secretary Chief Operating Officer Mr N M Holland Chief Finance Officer Mr J E Atherden FCA Architect Ms U Knox RIBA, AABC Organist & Master of the Choristers Mr C Stokes B.Mus FRCO Hon.FTCL Sub-Organist Mr B Collyer MPerf, ARCO - appointed 1 September 2025 Mr G Woollatt B.MUS,ARCO – resigned 17 August 2025,
5
## **Manchester Cathedral**
**Chapter’s report for the year ended 31 December 2024**
## **Dean’s Review of Activities and Achievements**
## **Aims, Objectives and Achievements**
The mission and ministry objectives of Manchester Cathedral is informed by the following which was adopted in 2007:
## _**Led by the Holy Spirit we seek to:**_
_**be a sign** of the presence of God in the world as a sacred space for worship, prayer, hospitality and sanctuary_ .
In 2024 we achieved this with our regular services together with a number of special services. We celebrated the 30th Anniversary of the Ordination of Women to the Priesthood. As normal, from the last week in November through to the end of December 2024, the Cathedral hosted a total of 27 external Charity and Christmas Events. These events and services attracted thousands of visitors and worshippers to the Cathedral. Our summer holiday programme of weekly “Wiggle” worship for pre-school and primary school children commenced in August 2024. Our annual service for Year 6 leavers continues to bring in thousands of children into the Cathedral.
_**witness** to the inclusive gospel of Jesus Christ in word and deed._
Amongst other events in 2024, the Dean organised a multi-faith silent Vigil in response to Israeli strikes on a Gaza school site killing at least 80 Palestinian civilians. This silent vigil or prayer was attended by several civic dignitaries and members of the inter-faith community.
_**encourage and support** Christian pilgrimage, spiritual formation and Christian education_ .
In 2024 this included hosting a delegation from Washington DC USA from 29 July to 12 August who wanted to see the work undertaken by Volition Community, our Back to Work Charity. We hold an annual Headteachers service each autumn for the Church of England primary schools in the Diocese.
## _**be a place of excellence** in supporting the ministry of the Bishop, the diocese and its parishes, together with other churches in the city._
This was achieved in 2024 by hosting the Ordination of Deacons and Priests services in June. On 23 June 2024, the Cathedral hosted for the first time to a Special Memorial Service for ‘SEFF’ Innocent Victims and Survivors of Terrorism. We also host clergy training days in the Cathedral.
_**celebrate our diversity** as a city and diocese; and to engage prophetically for justice, peace and reconciliation in God’s world.’_
We actively celebrate diversity and strive to create safe, accessible spaces for all at the Cathedral. Through our ongoing commitment to encourage Interfaith Community Cohesion, the Cathedral hosted the 10th Anniversary Celebrations of Rainbow Surprise as a Charity 18 April 2024. This is a charity run at a local Anglican Church by a Muslim couple. We regularly collect food to support the charity. The Remembering Srebrenica Multi-Faith Event on 11 July 2024 gathered a large inter-faith congregation. The Challenging Hate Forum held a discussion in February entitled “A Vision for Peace in Light of Conflict”.
_**engage in critical theological reflection and action** in collaboration with other agencies and especially with the universities;_
This included Cathedral theological conversations, the annual Ferguson Lecture, the launch of the Cathedral podcast to engage with a wider audience and hosting an SCM group. Our annual poetry competition received 550 entries on the theme of eco poetry.
6
**Chapter’s report**
**for the year ended 31 December 2024** _**(continued)**_
## **Manchester Cathedral**
## **Dean’s Review of Activities and Achievements (continued)**
## **Aims, Objectives and Achievements (continued)**
## _**preserve and develop** our heritage_
In 2024 we achieved this by ensuring that regular maintenance was carried to the fabric of the building including repairs to the roof, windows and the heating system.
## _**celebrate human flourishing** through music and the arts._
In 2024 this was achieved by Manchester Cathedral Choir and Manchester Baroque staging a large-scale performance of JS Bach’s St Matthew Passion on 29 March 2024 – last performed in 2017. New Vision Events (New Event Organisation Partnership) brought headline performances by artists such as ‘Beverley Knight’, Ibiza Proms and ‘Bjorn Again’ to the Cathedral as a venue. The Cathedral also, over the year, played host to a variety of large Celebratory Gala Dinners in 2024, including the BSA Conference Dinner, Rothschilds 60th Anniversary Dinner, International Inner Wheel Friendship Dinner, Beaverbrook’s Gala Dinner, The Law Society and Barclays Spectrum Event, to name but a few.
Other activities and achievements:
Under New Cathedral Measures, Manchester Cathedral became a registered Charity on 09 April 2024. Work was undertaken to document the new policies in compliance with Cathedrals Measure 2021.
Along with the Church of England’s commitment to meeting Net Zero in 2023, training is now offered to the Cathedral’s congregation and wider community on Eco-Friendly Carbon Footprint Awareness.
## **Public Benefit**
The Chapter has had due regard to the Charity Commission’s guidance on public benefit and are confident that the Cathedral’s activities are delivering public benefit.
## **Plans for the future**
Our Vision 2035 document sets out our strategic and business plan. In addition, we continue to develop our National Lottery Heritage Fund project after receiving a successful outcome to our stage 1 application in 2025. This project includes fabric improvements, including level access and community outreach. We are also planning to renovate the Cathedral’s bells and add a further three bells to the existing ten bells in the tower.
7
**Chapter’s report for the year ended 31 December 2024** _**(continued)**_
## **Manchester Cathedral**
## **Financial review**
The consolidated financial statements include Manchester Cathedral together with its wholly owned trading subsidiary Manchester Cathedral Hire Limited.
## **Castlefield stock market investment review**
The twelve-month net portfolio return was +3.1% (2023: +3.0%) compared with the applicable benchmark return of +8.2% (2023: +7.6%). Stock market returns were positive in 2024, while the portfolio’s first and fourth calendar quarter returns were affected by investor concerns over fewer interest rate cuts being anticipated. Fixed interest total returns were positive for the portfolio, compared with a negative return for the index. Global stock market returns once again materially bettered UK stock market gains, again led by the US stock market and large technology stocks, and again to which the cautious exposure of the third-party global fund managers employed in the portfolio limited relative returns. Long-term (10 year) returns sat behind the benchmark, a result of the incomeseeking constraints of the portfolio asset allocation when compared with the unconstrained peer group benchmark, a feature which has required material exposure to the UK stock market at a time when global markets have performed substantially better.
A broad ethical investment policy is to be followed, taking account of the Church Commissioners’ ethical investment policy as far as practically possible, whilst acknowledging the overriding aim of maximising financial returns. The investment objective during the period under review was to focus on the maximising of income generation for distribution from the portfolio, with the permanent endowment status meaning that only the income return can be spent without Chapter opting to take an allocation of the Unapplied Total Return. The total income generated from the Castlefield investment portfolio was £142,918.
## **The Property Market**
2024 proved to be a reasonable year for the property market with investment volumes slowly improving and valuations stabilising. This helped deliver a market total return of 5.4%, largely from rental income and rental growth. This marks a significant improvement from 2023 and the start of a new cycle. Despite the stubbornly high interest rates, investment volumes rebounded to £45bn, an increase of 15% on 2023. Retail warehousing was the best performing sector over 12 months with an impressive total return of 12.2%. This was followed by industrials, which returned 8.3% and finally offices. A notable feature of the 2024 market was the continued strength of rental growth across all sectors, which increased by 3.7% over the course of the year and in doing so, outgrew inflation. Once again, industrials led the way at 5.7%, followed by offices at 3% and retail at 2%. This marked one of the longest sustained periods of rental growth since records began due to a continued undersupply of good quality property relative to demand.
## **Property Review**
The Cathedral’s portfolio consists of two directly invested commercial properties and three property funds.
The commercial property income fell in 2024 following negotiations with one tenant for a short lease extension on a reduced rental value. This resulted in a review and marketing campaign in late 2023 for the possible re-let or sale of this property. The result of this review eventually lead to a sale of the property in May 2025 but no decision to sell had been taken in 2024.
The property fund values fell 0.5% from the 2023 year-end value and yields worsened in 2024 resulting in a reduction in income of £18,713 (2023 - additional £22,461 of income). In 2023 the Chapter received £54,755 from the mines & mineral rights and advertising hoardings in the Newton Heath area of Manchester but this increased to £105,965 in 2024. The mines & mineral rights are a fairly recent addition to property income developed with the assistance of a firm of specialist solicitors.
8
**Chapter’s report for the year ended 31 December 2024** _**(continued)**_
## **Manchester Cathedral**
## **Financial Review (continued)**
## **Overall financial position**
The Cathedral financial statements for the year ended 31 December 2024 show a net deficit of £528,624 (2023 net deficit of £161,241), before taking account of gains or losses on the sale and revaluation of investments. The endowment net income amounted to £156,173 (2023 net income £589,388) being the net income generated from stock exchange and property investments. This was negatively affected by the major refurbishment of Cathedral housing in 2024.
The total funds of the Cathedral at 31 December 2024 amount to £11,885,035 compared to £12,853,671 at the end of 2023.
## **Income**
Income from donations and legacies amounted to £297,936 compared to £205,164 in 2023. Income from visitors continues to improve since the Covid-19 pandemic but have not yet reached the pre-pandemic level. Electronic forms of giving including contactless machines in the Cathedral continues to grow and amounted to £28,563 (2023 - £25,926) in the year.
Grants receivable in support of mission increased slightly from £351,531 in 2023 to £359,144 in 2024. This heading includes the stipends, employers’ national insurance and pension contributions for the Dean and two Commissioners’ Canons paid by the Church Commissioners as well as the Section 23 grant towards lay salaries. In addition, we received a grant under the Cathedral Sustainability Fund to partially fund the cost of two event assistants which aided our recovery from the pandemic. A further Sustainability Fund grant aided the appointment of a Digital Officer and improvements to our website. The total from the Church Commissioners amounted to £344,978 compared to £334,649 in 2023. Other revenue and capital grants amounted to £14,166 compared to £16,882 in 2023.
Charges and fees in the course of mission, which includes income from music concerts, dinners and religious events increased significantly in 2024. Income from these events amounted to £466,191 compared to £322,552 in 2023. This income is essential to the operation of the Cathedral.
Income from investments, including the income generated from the Capitular Assets, is the most significant area of income generation for the Cathedral. Total commercial property income, which includes commercial rents, mines and mineral rights and property fund income, decreased from £560,114 to £537,515 in 2024. Investment income within the endowment fund from the Stock Exchange portfolio and bank deposits fell from £171,275 to £155,182.
The Church of England (Miscellaneous Provisions) Measure 2014 received Royal Assent on 14 May 2014. This enabled Cathedrals to adopt the total return approach to investment. Chapter duly passed a total return resolution in accordance with the Measure and during 2024 allocated £500,000 to the Cathedral. The balance of the unapplied total return at 31 December 2024 amounting to £7,118,769 being applied for accumulation as part of the investments.
Total income amounted to £1,903,675 compared to £1,668,239 in 2023.
9
**Chapter’s report for the year ended 31 December 2024** _**(continued)**_
## **Manchester Cathedral**
## **Financial Review (continued)**
## **Expenditure**
Expenditure on raising funds, including visitor attraction costs and expenditure in the endowment fund increased in 2024 from £441,271 to £997,289. This was due to a major refurbishment exercise of Cathedral properties during the year which cost £410,838 and is charged to the endowment fund. Overall total expenditure for the endowment was £393,995 higher than in 2023
Expenditure on Ministry decreased slightly from £762,022 in 2023 to £760,945 in 2024. Ministry, including clergy stipends, national insurance and pension contributions, working expenses, clergy housing and support costs also includes £548,107 for services and music this year which compared to £531,848 in 2023. The services and music total includes salaries of the music department, choristers’ school fees, music expenses, vergers’ salaries, items for worship, concert expenses and an element of administrative support overheads.
Cathedral upkeep costs for 2024 amounted to £671,018. Cathedral insurance amounting to £94,996 (2023 - £93,150) continues to be a significant cost. General electrical repairs, security costs, heating repairs and cleaning costs, the cost of maintenance and interior upkeep continues to account for a large part of the total expenditure on cathedral upkeep. Our expenditure on gas & electricity again increased significantly to £192,362 from £161,959 in 2023 after our long-term energy contracts expired and new rates were much higher mainly due to the war in Ukraine affecting world prices.
Total expenditure amounted to £2,432,299 for 2024 compared to £1,829,480 in 2023
## **Other Recognised Gains & Losses**
Other recognised gains and losses, within the endowment fund, on the disposal and revaluations of stock exchange investments and property investments amounted to a loss of £380,415 (2023 loss of £614,195). This included a loss on the disposal and year-end revaluation of the stock exchange investments amounting to £368,448 together with losses on the property funds of £12,064.
The fair value review of investment properties at the year-end did not require any change to the carrying value (2023 a loss of £173,000). The overall loss is within the endowment fund.
The transfer from the endowment funds to unrestricted funds of £584,673 represents the transfer of funds from the Capitular Assets allocated under the 1933 Measure for use by the Cathedral of £84,673 plus a total return allocation of £500,000 due to the low surplus from the endowment fund. This reduction in surplus arose due to the major refurbishment of Cathedral Properties in the year.
Allocations within this section represent payments under the Parish of Manchester Revenues Measure 1933 to the Church Commissioners of £58,000, the Bishops Diversion to the Ancient Parish of £1,500 and £12,000 to Manchester Cathedral unrestricted funds.
Overall, there was a net decrease in unrestricted funds of £103,506.
Total funds reduced by £968,636 compared to a decrease in 2023 of £835,070.
10
## **Manchester Cathedral**
## **Chapter’s report**
**for the year ended 31 December 2024** _**(continued)**_
## **Going Concern**
The financial statements have been prepared on a going concern basis.
At the date of approval of these financial statements, the Chapter have performed an assessment of the charity’s cash position and forecasts which considers the period to December 2027.
At the date of these financial statements, the Chapter believes that the Cathedral has adequate cash resources to continue in operational existence until the end of 2027. As such, whilst uncertainty exists this is not material uncertainty in the context of the going concern assessment.
At the date of approval of these financial statements and having taken into consideration all of the aforementioned comments, the Chapter consider that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the signing of these financial statements. Thus, it continues to adopt the going concern basis in preparing the annual financial statements.
## **Reserves**
The Chapter has established a reserves policy to ensure that the Cathedral operates effectively and to ensure that sufficient funds are held for any unforeseen emergencies including pandemics, an unexpected large repair bill or to fund short-term deficits in a cash budget. The Chapter has determined that the level of unrestricted funds should be maintained at a level of three to six months of normal operational costs. This equates to between £500,000 and £800,000. The current level of free reserves amounts to £1,160,716 compared to £1,260,123 at the end of 2023. In uncertain times and with the hindsight of Covid-19, Chapter considers that a higher level of reserves is prudent as investment income can fluctuate significantly and donation income is unpredictable. The level of reserves is expected to be sufficient for the 12 months following approval of these financial statements.
## **Risk assessment**
The Chapter have a risk management strategy which comprises a review of the principal risks and uncertainties that the Cathedral faces; the establishment of policies systems and procedures to mitigate those risks identified and, the implementation of procedures designed to minimise or manage any potential impact on the Cathedral should those risks materialise.
This work has identified the following key risks:
- Financial sustainability as the major financial risk - This is managed by regular review of the Cathedral’s management accounts together with regular review of fundraising efforts against pre-determined targets.
- The risk of a major terrorist or protest attack – This is mitigated by working closely with the police and security services and strengthening the Cathedral’s security arrangements and putting in place staff training.
Attention has also been focused on other non-financial risks arising from fire, health and safety of staff and visitors to the Cathedral. These risks are managed by ensuring that robust policies and procedures are in place and regular awareness training for staff and volunteers working in these operational areas.
11
Manchester Cathedral
Chapter's report
for the year ended 31 December 2024 (contlnued)
Fundraising
Section 162a of the Chari(ie5 Act 2011 requires charities to make a statement iegarding fundraising activities.
Although we do not undertake widespread fvndraising from the general public, the legislation defines fund raising
as 'soliciting or otherwise procuring money or other property for charitable purposes.
Such amounts receivable
are presented in our accounts as 'voluntary income" and includes legacies and grants.
In relation to the above we confirm that all solicitab'ons are managed internally, wrthout involvement of commercial
participators or professional fund-raisers, or third parties. The day-to-day management of all income generation is
delegated lo the executive team, who are accountsble lo the Chapter. The Cathedral is not bound by any
undertaking lo be bound by any regulatory scheme.
We have received no complaints in relation lo fijndraising aelivilie5. Our terrns of employment require staff to
behave reasonably at all limes,. as we do not approach individuals for funds we do not have lo particularise this to
lundraising aGtivilies nor do we consider it necessary to design specific procedures lo monitor such activities.
Concluslon
We thank God for all that we have and are provided with to carry out the mission of Jesus to this city and Diocese.
May God's blessings continue lo be poured down on us and may we work for God's glory and praise always.
On behalf of the Cathedr81 Chapter
The Very Reverend R M Govender MBE
Dean of Manchester
30 April 2026
12
## **Manchester Cathedral**
**Statement of the responsibilities of the Chapter for the year ended 31 December 2024**
## **Statement of the responsibilities of the Chapter**
Chapter is responsible under requirements laid down by the Church Commissioners under the power given to them by the Cathedrals Measure 2021 for:
- Preparing and publishing an annual report and audited financial statements for each financial year which give a true and fair view of the financial activities for each financial year and of the assets, liabilities and funds at the end of the financial year of the Cathedral and its connected entities:
- stating that they have complied in all material respects with the regulations in “Accounting and Reporting Regulations for English Anglican Cathedrals prepared by the Cathedrals Administration and Finance Association in conjunction with the Association of English Cathedrals” or describing which recommendations have not been complied with and giving reasons for the non-compliance
- selecting suitable accounting policies and then apply them consistently;
- making judgements and estimates that are reasonable and prudent;
- keeping proper accounting records from which the financial position of the Cathedral can be ascertained with reasonable accuracy at any one time, and
- safeguarding the assets of the Cathedral and taking reasonable steps for the prevention and detection of fraud and other irregularities.
- preparing the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
In so far as the Chapter is aware:
- there is no relevant audit information of which the Cathedral’s auditors are unaware; and
- the Chapter has taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
13
## **Manchester Cathedral**
**Report of the independent auditors Year ended 31 December 2024**
## **INDEPENDENT AUDITOR’S REPORT TO THE CHAPTER OF THE CATHEDRAL AND COLLEGIATE CHURCH OF ST MARY, ST DENYS AND ST GEORGE IN MANCHESTER (MANCHESTER CATHEDRAL)**
## **Opinion**
We have audited the financial statements of The Cathedral and Collegiate Church of St Mary, St Denys and St George in Manchester for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Cathedral Balance Sheet, Consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 of the parent charity’s affairs as at 31 December 2024 and of the group’s net movement in funds 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 have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Chapter’s 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
14
## **Manchester Cathedral**
## **Report of the independent auditors (continued) Year ended 2024**
## **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:
- adequate accounting records have not been kept by the parent charity;
- sufficient accounting records have not been kept; or
- the parent charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees 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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charity’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 the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to UK financial reporting requirements and the Cathedral Measures, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Cathedrals Measure 2021, Financial Reporting Standard FRS 102 and other factors such as employment law, safeguarding and health and safety legislation.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in certain accounting estimates. Audit procedures performed by the engagement team included:
Tailored narrative here but consider the following
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Identifying and testing journals, in particular postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates
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.
15
## **Manchester Cathedral**
## **Report of the independent auditors (continued) Year ended 2024**
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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’s trustees as a body for our audit work, for this report, or for the opinions we have formed.
HaysMac LLP 10 Queen Street Place Statutory Auditors London Date: 08/05/2026 EC4R 1AG
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
16
## **Manchester Cathedral**
**Consolidated Statement of financial activities for the year ended 31 December 2024**
||**Unrestricted**|**Unrestricted**|**Restricted**|**Endowment**|**Total Funds**|**Unrestricted**|**Restricted**|**Endowment**|**Total Funds**|
|---|---|---|---|---|---|---|---|---|---|
|||**funds**|**funds**|**funds**|**2024**|**funds**|**funds**|**funds**|**2023**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income:**|**2**|||||||||
|Donations and legacies||179,486|118,450|-|297,936|154,839|50,325|-|205,164|
|Grants receivable in support of mission||2,499|356,645|-|359,144|2,282|349,249|-|351,531|
|Charges & fees arising in the||||||||||
|course of mission||466,191|-|-|466,191|322,552|-|-|322,552|
|Other trading income||17,359|500|-|17,859|9,726|2,080|-|11,806|
|Income from investments|**3**|17,491|15,054|692,697|725,242|21,941|12,810|731,389|766,140|
|Other income||37,303|-|-|37,303|10,518|-|528|11,046|
|**Total income**||720,329
|490,649
|692,697
|1,903,675
|521,858
|414,464
|731,917
|1,668,239
|
|**Expenditure on**:|**4**|||||||||
|Raising funds||407,651|53,114|536,524|997,289|298,742|-|142,529|441,271|
|Charitable activities:||||||||||
|Ministry||385,883|375,062|-|760,945|382,243|379,779|-|762,022|
|Cathedral upkeep||623,599|47,419|-|671,018|620,649|-|-|620,649|
|Education & outreach||3,047|-|-|3,047|5,538|-|-|5,538|
|Other expenditure||-
|-
|-
|-
|-
|-
|-
|-
|
|**Total expenditure**||1,420,180
|475,595
|536,524
|2,432,299
|1,307,172
|379,779
|142,529
|1,829,480
|
|**Net (expenditure)/income before**||(699,851)|15,054|156,173|(528,624)|(785,314)|34,685|589,388|(161,241)|
|**investment gains & losses**||||||||||
|Net (losses)/gains on investments|
**3**|(97)|-|(380,415)|(380,512)|(134)|-|(614,195)|(614,329)|
|Allocations|**8**|12,000|-|(71,500)|(59,500)|12,000|-|(71,500)|(59,500)|
|Gross transfers between funds|**8**|584,442
|231
|(584,673)
|-
|530,245
|-
|(530,245)
|-
|
|**Net movement in funds**||(103,506)|15,285|(880,415)|(968,636)|(243,203)|34,685|(626,552)|(835,070)|
|Total Funds brought forward||1,268,184
|736,721
|10,848,766
|12,853,671
|1,511,387
|702,036
|11,475,318
|13,688,741
|
|**Total Funds carried forward**||1,164,678
|752,006
|9,968,351
|11,885,035
|1,268,184
|736,721
|10,848,766
|12,853,671
|
17
Manchester Cathedral
Consolidated Balance sheet
as at 31 December 2024
Notes Unrestrleted Restricted Endont Total Funds Total Funds
2024
2023
FIXED ASSErs
Investment assets
Property
Property funds
Investments
11
11
12
2.126.000
2,462.240
2.574.394
2,126,000
2,462,240
3.253,712
2,126,000
2,474,304
4,143,524
679.318
679,318
7.162.634
7.841.952
8,743,828
Non-investm¢nt assets
Tangible fixed assets
13
3.962
2,695.000
2,698,962
2,699,174
Total flxed assets
883,280
9,857.634
10.540,914
11,443.002
CURRENT ASSETS
Debtors
Cash 8t bank and in hand
14
929.370
103.910
929,370
966,633
774,182
1,095,679
752,0
110.717
1.033.280
752.fxhs
110,717
1.896.003
1.869,861
LIABILITIES
Credltor8: amounts falllng
due wtthln one yaar
15
551,882
551.882
459,192
NET CURRENT ASSETS
481.398
752.01
110,717
1,344.121
1.410,669
TOTAL NET ASSETS
1.164.678
752,OC
9.%8.351
11,885,035
12,853,671
FUNDS OF THE CATHEDRAL
Endowment funds
Revaluatson reserve
Restricted funds
Unrestricted funds-
Designated
General
16
17
18
8.698,351
1.270,(KK)
8.698,351
1.270,000
752,006
9,578,766
1,270,000
736,721
752,0¢
3.887
1.160.791
3.887
1.160,791
3,887
1,264.297
TOTAL CATHEDRAL FUNDS
1,164.678
752.006
9.968.351
11.885,035
12.853.671
These financial statenEnts were approved by the Chapter on 30 April 2026 and signed on their behalf by.
The Very Reverend R.M. Govender MBE
Dean
Canon P.S. Blinkhom
18
Manchester Cathedral
Cathedral Balance shget
as at 31 December 2024
Notes unrestric Restricted Endowment Total Funds Total Funds
2024
2023
FIXED ASSETS
Investment assets
Property
Propety funds
Listed Investments
Investment in subsidiary
11
11
12
11
2.126.000
2.462,240
2.574,394
2,126.000
2,462.240
3,253.712
2,126,000
2.474,304
4.143,524
679.318
679.320
7,162,634
7,841,954
8,743,830
Non-lnvestment a88•ts
Tangible fixed assets
13
1.875
2.695.000
2.696.875
2,695,000
Total flxed assets
681.195
9,857,634
10,538,829
11,438.830
CURRENT ASSETS
Deblors
Cash at bank arKI in hand
14
719,989
57,744
719,989
920,467
689,331
1.046,603
752,c
110,717
777.733
752,006
110.717
1,640.456
1,735,934
LIABILITIES
Cr•dltors: amounts falllng
duo withln ono yfrar
15
417,993
417,993
405,680
NET CURRENT ASSETS
359.740
752,006
110,717
1,222.463
1,330,254
NET ASSETS
1.040.935
752.006
9.968.351
11.761,292
12,769,084
FUNDS OF THE CATHEDRAL
Endowment funds
Revaluation reserve
Restricted funds
Unrestricted funds-
Designated
General
16
17
18
8.698,351
1.270.000
8,698.351
1,270.000
752,006
9.578,766
1,270,000
736,721
752.006
3,887
1,037,048
3,887
1.037,048
3,887
1,179,710
TOTAL CATHEDRAL FUNDS
1.040.935
752.006
9.968.351
11.761,292
12,769,084
These financial staterynts were approved by the Chapter 30 April 2026 and signed on their behalf by".
The Very Reverend R.M. Govender MBE
Dean
Canon P.S. Bllnkhom
19
## **Manchester Cathedral**
## **Consolidated Statement of Cash Flows**
**for the year ended 31 December 2024**
|||**2024**|**2023**|
|---|---|---|---|
|||**Total**|**Total**|
|||**Funds**|**Funds**|
||**Note**|**£**|**£**|
|**Net cash used by operating activities**|**24**|(1,373,152)
|(1,027,771)
|
|**Cash flows from investing activities:**||||
|Interest and dividends||184,727|203,026|
|Property income||540,515|563,114|
|Purchase of investments||(430,939)|(207,099)|
|Sale of investments||952,303|232,092|
|Purchase of tangible fixed assets||(2,500)
|-
|
|||1,244,106
|791,133
|
|**Change in cash and cash equivalents in the year**||(129,046)|(236,638)|
|Cash and cash equivalents brought forward||1,095,679
|1,332,317
|
|Cash and cash equivalents carried forward||966,633|1,095,679|
The Cathedral has no net debt.
20
## **Manchester Cathedral**
## **Notes forming part of the consolidated financial statements**
**for the year ended 31 December 2024**
## **1. Accounting policies**
## **1.1. Accounting convention**
The financial statements are prepared under the historical cost convention as modified by the valuation of fixed asset investments.
The financial statements are prepared in accordance with:
a) The Financial Reporting Standard (FRS) 102: ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’,
b) The Accounting and Reporting Regulations for English Anglican Cathedrals prepared by the Cathedrals Administration and Finance Association in conjunction with the Association of English Cathedrals and specified by the Church Commissioners under Section 27 of the Cathedrals Measure 1999, as updated in February 2019. and
c) The Charities Statement of Recommended Practice (SORP) (FRS 102) second edition October 2019.
The accounts are presented in sterling, which is the functional currency of the Cathedral.
## **1.2 Going Concern**
The group financial statements have been prepared on a going concern basis.
At the date of approval of these financial statements, the Chapter have performed an assessment of the charity’s cash position and forecasts which considers the period to December 2026.
Chapter approved a deficit operational budget for 2024 of £199,427 prior to expenditure in the endowment fund on the refurbishment of properties for Cathedral use. The total deficit for 2024 of £528,624 including refurbishment costs, compared to a deficit in total funds of £161,241 in 2023. At the date of these financial statements, the Chapter believes that the Cathedral has adequate cash resources to continue in operational existence until at least the end of 2027. As such, whilst uncertainty exists, this is not material uncertainty in the context of the going concern assessment.
At the date of approval of these financial statements and having taken into consideration all of the aforementioned comments, the Chapter consider that the charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the signing of these financial statements. Thus, it continues to adopt the going concern basis in preparing the annual financial statements.
21
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **Manchester Cathedral**
## **1. Accounting Policies (continued)**
## **1.3 Basis of consolidation**
These financial statements consolidate the results of the charity and its wholly-owned subsidiary Manchester Cathedral Hire Limited on a line by line basis. The year-end of Manchester Cathedral Hire Limited is also 31 December 2024. A separate Statement of Financial Activities for the charity itself is not presented (Note 18).
## **1.4 The Cathedral and its inventory**
No value is attributed in the balance sheet either to the Cathedral and its freehold land or to items in the Inventory prepared under Section 24(1) of the Care of Cathedrals Measure 2011 as being of architectural, archaeological, artistic or historic interest. Any expenditure on the Cathedral building or inventory additions are shown separately in the Statement of Financial Activities.
## **1.5 Investment Properties**
The fair value of the Investment properties and Old Estates is assessed annually and any material change in value is adjusted for. Any surplus or deficit on the valuation of investment properties is included in the Endowment Fund. Investment properties were last formally revalued as at 31 December 2024 by Messrs Jones Lang LaSalle and Messrs Avison Young (UK) Limited.
Ground rents are capitalised at 4 2/3[rd] years purchase of gross rents receivable and are included within Investment Properties.
## **1.6 Property Funds**
Property funds are value at NAV (Net Asset Value) and are revalued annually.
## **1.7 Tangible fixed assets**
Properties held for Cathedral Use are measured initially at their historical cost and periodically revalued. The Chapter considers that the properties need not be depreciated as they retain a high residual value.
Fixed assets represent fixtures and fittings with an individual cost of over £2,000. Items costing less than £2,000 are written off in the year of purchase. Depreciation in respect of fixed assets capitalised is provided in equal annual instalments of 12.5% to 25 % of cost per annum.
## **1.8 Investments - listed**
Investments held as fixed assets are stated at market value at the balance sheet date.
## **1.9 Total Return approach to Investments**
In 2014 Chapter passed a resolution to adopt a total return policy in respect of endowed funds. This approach allows any increase in the value of an investment to be used as income. An exercise was carried out to determine the value of the original endowment. All endowed investment returns are designated as unapplied total return until Chapter decide how it is to be used. At each year end Chapter decide if some of the unapplied total return may be allocated to income. The Chapter have due regard to current and future requirements when making an allocation.
22
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **1. Accounting Policies (continued)**
## **1.10 Cash at bank and in hand**
This heading includes cash on deposit and cash equivalents with a maturity of less than one year.
## **1.11 Funds**
The Cathedral’s funds are analysed as follows:
Endowment funds are funds which are held for the permanent benefit of the Cathedral.
Chapter has adopted a total return approach to investments, the permanent endowment. Assets are invested to produce an investment return without regard to whether that return is in the form of income or capital appreciation.
Gains and losses on the sale of properties and investments and changes in the value of properties and investments, together with any related costs, are transferred to the Endowment Fund not available as part if the surplus for the year. Chapter may, however, determine which part of the unapplied total return may be applied as part of the surplus for the year.
Restricted funds are amounts received subject to specific conditions imposed by the donor/funder of the fund.
Unrestricted funds are unrestricted income, which is expendable at the discretion of the Chapter in furtherance of the objects of the Cathedral.
Designated funds are part of the unrestricted funds which Chapter may set aside to be used for particular purposes in the future. Chapter may reallocate such funds to unrestricted funds at any time.
## **1.12 Taxation**
The Cathedral is exempt from Income and Corporation Tax because of its charitable status.
## **1.13 Transactions with the Diocese**
Non-cash transactions with the Diocese of Manchester are not valued for inclusion in the financial statements. All cash transactions are included in the relevant heading.
## **1.14 Repair, restoration and maintenance**
Expenditure on repairs, restoration and maintenance are reflected in the statement of financial activities when incurred.
## **1.15 Pensions**
The Chapter operates a stakeholder pension scheme to all staff with three months or more service. Under current legislation all eligible staff are auto-enrolled in the stakeholder pension scheme after three months service. Such contributions are reflected in the statement of financial activities in the period in which they become payable. The majority of the salaried employees participate in the Church of England Defined Contributions Scheme, within the Church Workers Pension Fund.
23
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **1 Accounting Policies (continued)**
## **1.16 Key Judgements and Estimates**
Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements have had the most significant effect on amouts recognised in the financial statements:
## _Non-investment fixed assets_
Tangible fixed assets are depreciated to their residual value over their useful life. The useful life is based on managements estimate of the period that the asset will generate revenue and will be reviwed on annually for continued appropriateness. For non-investment properties the residual value is based on the management’s assessment of current prices. The carrying value will be trested for impairment when there is an indication that the value might be impaired.
## _Investment property_
Investment properties are subject to external professional valuation every 5 years. Between the external valuations the management assess whether there have been any material changes to the valuation.
## **1.17 Income**
Income is recognised in the statement of financial activities when a transaction or other event results in an increase in the Cathedral’s assets or a reduction in its liabilities. Income from collections and other donations is recognised when received by or on behalf of the Cathedral. Income from grants and legacies is recognised when the Cathedral has been notified in writing, any conditions related to entitlement have been met, it is probable that the income will be received and the amount can be measured reliably. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the Cathedral where this can be quantified and a third party is bearing the cost. The value of services provided by volunteers has not been included.
Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
Income from investments is included in the year in which it is receivable.
Commercial property rental income is included on an invoiced basis as raised on the normal quarter days.
Proceeds from the sale of property under the terms of the endowment, are credited to the Endowment capital.
## **1.18 Expenditure**
Expenditure is accounted for on an accruals basis and is allocated to categories in the Statement of Financial Activities – Raising funds; Ministry; Cathedral upkeep; education and outreach and other expenditure. Costs of shared support are allocated to the activity in proportion to the cost of the activity.
24
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**2.**
**Income - 2024**
**Un-**
**restricted Restricted Endowment**
**funds**
**funds**
**funds**
Donations and legacies
**£**
**£**
**£**
Congregational collections and giving
41,512
-
-
Donations
129,779
-
Tax recoverable under Gift Aid
8,195
-
-
Income from Friends and
Development Trust
-
118,450
-
Legacies
-
-
-
_______ ______ _
_______
179,486
118,450
-
_______ ______ _
_______
Grants receivable in support of mission
Church Commissioners - Stipends
-
133,231
-
Church Commissioners – Section 28 grant
-
11,726
-
Church Commissioners – Section 23 grant
-
95,460
-
Church Commissioners – CSF Grant
-
104,561
-
Other revenue & capital grants
2,499
11,667
-
_______
_______
_______
2,499
356,645
-
_______
_______
_______
Charges & fees arising in the course of mission
Facility and other fees
466,191
-
-
_______
_______
_______
466,191
-
-
_______
_______
_______
Other trading income
Gross income of refectory & other activities 17,359
500
-
______
_______
_______
17,359
500
-
_______
_______
_______
Income from investments
Income from investment property
3,000
-
537,515
Income from investments
14,491
15,054
155,182
_______
_______
_______
17,491
15,054
692,697
_______
_______
_______
Other income
Insurance claim
-
-
-
Other
37,303
-
-
_______
_______
_______
37,303
-
-
_______ __ __ ___
_______
**Total income**
720,329
490,649
692,697
**_______**
**_______**
**_______**|**2024**
**Total**
**£**
41,512
129,779
8,195
118,450
-
______ _
297,936
______ _
133,231
11,726
95,460
104,561
14,166
_______
359,144
_______
466,191
_______
466,191
_______
17,859
_______
17,859
_______
540,515
184,727
_______
725,242
_______
-
37,303
_______
37,303
___ ____
1,903,675
**____ ___**|
|---|---|
25
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**2.**
**Income – 2023**
**Un-**
**restricted Restricted Endowment**
**funds**
**funds**
**funds**
Donations and legacies
**£**
**£**
**£**
Congregational collections and giving
44,961
-
-
Donations
100,134
21,875
-
Tax recoverable under Gift Aid
9,744
-
-
Income from Friends and
Development Trust
-
28,450
-
Legacies
-
-
-
_______ ______ _
_______
154,839
50,325
-
_______ ______ _
_______
Grants receivable in support of mission
Church Commissioners - Stipends
-
132,015
-
Church Commissioners – Section 21 grant
-
-
-
Church Commissioners – Section 23 grant
-
88,263
-
Church Commissioners – CSF Grant
-
114,371
-
Other revenue & capital grants
2,282
14,600
-
_______
_______
_______
2,282
349,249
-
_______
_______
_______
Charges & fees arising in the course of mission
Facility and other fees
322,552
-
-
_______
_______
_______
322,552
-
-
_______
_______
_______
Other trading income
Gross income of refectory & other activities
9,726
2,080
-
______
_______
_______
9,726
2,080
-
_______
_______
_______
Income from investments
Income from investment property
3,000
-
560,114
Income from investments
18,941
12,810
171,275
_______
_______
_______
21,941
12,810
731,389
_______
_______
_______
Other income
Insurance claim
-
-
-
Other
10,518
-
528
_______
_______
_______
10,518
-
528
_______ __ __ ___
_______
**Total income**
521,858
414,464
731,917
**_______** **__ _ ____**
**_______**|**2023**
**Total**
**£**
44,961
122,009
9,744
28,450
-
______ _
205,164
______ _
132,015
-
88,263
114,371
16,882
_______
351,531
_______
322,552
_______
322,552
_______
11,806
_______
11,806
_______
563,114
203,026
_______
766,140
_______
-
11,046
_______
11,046
___ ____
1,668,239
**____ ___**|
|---|---|
26
## **MANCHESTER CATHEDRAL**
**Notes forming part of the financial statements for the year ended 31 December 2024** _**(Continued)**_
## **3 Investment income and gains**
|Property rental income
Property investment fund income
Dividends receivable
Interest receivable
Realised (losses)
Unrealised (losses)/gains (in endowment)
Unrealised gains (in revaluation reserve)
Total investment income
and (losses)/gains|**Property**
£
405,121
135,394
-
-
540,515
-
(12,064)
-
(12,064)
528,451
|**Equities**
£
-
-
137,471
-
137,471
(178,642)
(190,300)
-
(368,942)
(231,471)
|**Fixed**
**interest**
£
-
-
-
6,773
6,773
(271)
765
-
494
7,267
|**Variable**
**interest**
£
-
-
-
40,483
40,483
-
-
-
-
40,483
|**Total**
**2024**
£
405,121
135,394
137,471
47,256
725,242
(178,913)
(201,599)
-
(380,512)
344,730
|**Total**
**2023**
£
407,071
154,108
147,568
57,393
766,140
(4,687)
(609,642)
-
(614,329)
151,811
|
|---|---|---|---|---|---|---|
27
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**4.**
**Expenditure - 2024**
**Unrestricted**
**funds**
**£**
Raising funds
Costs of facilities for visitors
51,806
Costs of services recoverable
126,099
Costs of shop & refectory
15,827
General marketing costs
16,851
Costs of appeal & fundraising
197,068
Investment property expenses
-
Investment management expenses
-
407,651
Ministry
Clergy stipends and working expenses
10,594
Clergy housing costs
8,748
Clergy support costs
60,265
Services & music
306,276
385,883
Cathedral upkeep
Major repairs and restoration
6,771
Maintenance and interior upkeep
492,374
Cathedral insurance
94,996
Support costs
29,458
623,599
Education and outreach
Educational activities
1,088
Archives & library
Charitable and other giving
1,959
_______
3,047
Other expenditure
-
**Total expenditure**
1,420,180|**Restricted**
**funds**
**£**
11,483
-
-
13,181
28,450
-
-
53,114
133,231
-
-
241,831
375,062
-
47,419
-
-
47,419
-
-
-
________
-
-
475,595|**Endowment**
**funds**
**£**
-
-
-
-
-
447,817
88,707
536,524
-
-
-
-
-
-
-
-
-
-
-
-
-
_______
-
-
536,524
|**2024**
**Total**
**£**
63,289
126,099
15,827
30,032
225,518
447,817
88,707
997,289
143,825
8,748
60,265
548,107
760,945
6,771
539,793
94,996
29,458
671,018
1,088
-
1,959
_______
3,047
-
2,432,299|
|---|---|---|---|
28
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**4.**
**Expenditure – 2023**
**Unrestricted**
**funds**
**£**
Raising funds
Costs of facilities for visitors
59,004
Costs of services recoverable
63,195
Costs of shop & refectory
20,957
General marketing costs
26,858
Costs of appeal & fundraising
128,728
Investment property expenses
-
Investment management expenses
-
298,742
Ministry
Clergy stipends and working expenses
13,003
Clergy housing costs
26,703
Clergy support costs
58,453
Services & music
284,084
382,243
Cathedral upkeep
Major repairs and restoration
9,449
Maintenance and interior upkeep
478,417
Cathedral insurance
93,150
Support costs
39,633
620,649
Education and outreach
25
Educational activities
446
Archives & library
-
Charitable and other giving
5,067
_______
5,538
Other expenditure
-
**Total expenditure**
1,307,172|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
132,015
-
-
247,764
379,779
-
-
-
-
-
-
-
-
________
-
-
379,779|**Endowment**
**funds**
**£**
-
-
-
-
-
46,009
96,520
142,529
-
-
-
-
-
-
-
-
-
-
-
-
-
_______
-
-
142,529
|**2023**
**Total**
**£**
59,004
63,195
20,957
26,858
128,728
46,009
96,520
441,271
145,018
26,703
58,453
531,848
762,022
9,449
478,417
93,150
39,633
620,649
25
446
-
5,067
_______
5,538
-
1,829,480|
|---|---|---|---|
29
## **Manchester Cathedral**
## **Notes forming part of the consolidated financial statements**
**for the year ended 31 December 2024 (** _**Continued)**_
## **5. Employees**
## **Number of employees**
|The average monthly numbers employees
during the year were:
Clergy
Vergers
Music department
Event staff
Administration
**Employment costs**
Stipends
Wages and salaries
Employer’s national insurance costs
Other pension costs|**2024**
**Number**
3
2
5
2
8
_______
20
_______
**2024**
**£**
133,231
592,751
52,639
60,424
_______
839,045
_______|**2023**
**Number**
3
2
5
2
8
_______
20
_______
**2023**
**£**
132,015
544,384
50,607
42,300
_______
769,306
_______|
|---|---|---|
## **Emoluments of higher paid staff:**
One employee had emoluments in the band of £90,000 - £99,999 (2023 one employee in the band £100,000 - £109,999).
The remuneration of key management personnel (Chief Operating Officer, Chief Finance Officer and Director of Fundraising & Development) amounted to £250,967 (2023 - £234,608).
## **Pension Costs**
The Cathedral operates defined contribution pension schemes in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the Cathedral and amounted to £60,424 (2023 - £42,300). The Chapter contribute 10% of basic salary with no minimum employee contribution required.
30
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **5. Employees (continued)**
|**Remuneration of members of the Chapter**|||**2024**|**2023**|
|---|---|---|---|---|
||**Stipend**|**Pension**|**Total**|**Total**|
|||**Contribution**|||
||£|£|£|£|
|The Dean of Manchester -|||||
|The Very Reverend R.M. Govender|41,751|8,513|50,264|48,386|
|The Reverend Canon Dr I.H. Jorysz|22,135|4,601|26,736|-|
|The Reverend Canon G.R.E. Thomas|31,661|8,596|40,257|7,468|
|The Reverend Canon M.Z. Wall|-|(1,767)|(1,767)|29,174|
|The Reverend Canon J.N. Ashworth|5,701|1,350|7,051|36,667|
Employers National Insurance amounted to £10,188 (2023 - £9,828) and the apprenticeship levy amounted to £502 (2023 - £493).
The aggregate amount of expenses reimbursed by the Cathedral was as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Travel expenses|2,269|9,252|
|Entertainment|2,040|2,123|
|Telephone & internet|669|1,347|
|Expenses of office|1,994|281|
|Removal expenses|3,622|-|
||_____|_____|
||10,594|13,003|
||_____|_____|
Expenses were reimbursed to 2 (2023: 3) members of Chapter.
The stipend of The Venerable D Sharples, Archdeacon of Rochdale was paid by the Diocese of Manchester. Housing costs of the Venerable D Sharples are paid by the Chapter. As the majority of his time is spent on Diocesan matters no allocation of his stipend has been included in these financial statements.
The remuneration of and pension provision for clerical members of Chapter are paid in accordance with the scales laid down annually by the Church Commissioners, The Archbishop’s Council and the Church of England’s Pensions Board.
## **6. Irrecoverable VAT**
|Irrecoverable VAT
**7.**
**Auditors’ Remuneration**
Audit services|**2024**
**£**
23,242
_______
**2024**
**£**
63,636
_______|**2023**
**£**
24,442
_______
**2023**
**£**
53,901
_______|
|---|---|---|
31
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **8. Allocations**
Annual revenues derived from the capitular property in respect of which the Chapter is accountable to the Church Commissioners, are allocated under the Parish of Manchester Revenues Measure 1933.
Under that Measure, three allocations are made from the surplus earned on the Capitular Endowment Funds each year as follows:
|Manchester Cathedral
Church Commissioners
Bishop’s diversion to the Ancient Parish|£
12,000
58,000
1,500
71,500|
|---|---|
The allocation for the Cathedral of £12,000 has been transferred from the Endowment Fund to the Unrestricted Fund.
The net surplus from Capitular property and listed investments held in the Endowment Fund (after the above allocations) plus the additional Total Return allocation has been included in the transfer from the Endowment Fund to Unrestricted Fund and is calculated as follows:
|
Surplus transferred from Endowment funds (Note 16)
Additional Total Return allocation (Note 16)
Total gross transfer between funds
**9.**
**Income from Friends and Development Trust**
Donations from the Friends of Manchester Cathedral
Grant from Manchester Cathedral Development Trust||**2024**
£
84,673
500,000
584,673
_______
**2024**
**£**
90,000
28,450
_______
118,450
|**2023**
£
530,245
-|
|---|---|---|---|
||||530,245
|
||||_______
**2023**
**£**
-
28,450
|
||
||_______
28,450
|
32
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **Manchester Cathedral**
## **10. Support Costs**
Indirect support costs are allocated to each activity based on the percentage of support costs to total activity costs. The total support costs for the year amounted to £517,508 (2023: £423,570) and the percentage applied was 55.42% (2023: 55.61%). Support costs include the following:
|Governance costs (including audit & preparation of statutory accounts)
Staff costs
Training & recruitment
Health & safety
Information technology
Printing, stationery & telephone
Travel
Safeguarding
Legal & professional fees
General office costs|**2024**
**£**
70,264
278,421
1,328
8,105
22,421
24,046
23,853
7,500
31,529
37,897
________
517,508
________|**2023**
**£**
60,127
191,113
1,359
7,268
18,538
33,420
29,997
54
54,490
33,853
_______|
|---|---|---|
|||
423,570
_______|
33
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**11.**
**Investment assets**
**(a) Property**
_Consolidated_
Market value
At 1 January
Net decrease in valuation
At 31 December
_Cathedral_
Market value
At 1 January
Net decrease in valuation
At 31 December|**2024**
**£**
2,126,000
-
2,126,000
________
**£**
2,126,000
-
2,126,000
________|**2023**
**£**
2,299,000
(173,000)
2,126,000
________
**£**
2,299,000
(173,000)
2,126,000
________|
|---|---|---|
The fair value review of the investment portfolio as at 31 December 2024 was performed in conjunction with the Finance Committee and its advisors by comparison to the local property market. An independent valuation was carried out by Messrs Avison Young (UK) Limited as at 31 December 2023 for one of the investment properties. The other investments properties fair value assessment was considered to be reasonable in the light of recent marketing for potential sale, although no decision for disposal had been made as at 31 December 2024.
|**(b)** **Property Funds**
_Consolidated_
Market value
At 1 January
Market value revaluation (losses)/gains
At 31 December
_Cathedral_
Market value
At 1 January
Market value revaluation (losses)/gains
At 31 December
**(c)**
**Investment in subsidiary**
_Cathedral_
Subsidiary|**2024**
**£**
2,474,304
(12,064)
2,462,240
________
**£**
2,474,304
(12,064)
2,462,240
________
**2024**
**£**
2
__|**2023**
**£**
2,638,728
(164,424)
2,474,304
________
**£**
2,638,728
(164,424)
2,474,304
________
**2023**
**£**
2
_ _|
|---|---|---|
Subsidiary undertaking:
Manchester Cathedral Hire Limited – registered company number 08808544 100% shareholding
34
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **12. Investments**
_Consolidated and Cathedral_
|_Consolidated and Cathedral_|||||||
|---|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**||**Endowment**|**Total Funds**|**Total Funds**|
||||||**2024**|**2023**|
||**£**||**£**|**£**|**£**|**£**|
|Market value at 1 January|773,091||-|3,370,433|4,143,524|4,445,422|
|Additions at cost|-||-|490,513|490,513|248,983|
|Disposals at market value|(53,593)||-|(1,077,623)|
(1,131,216)|(236,779)|
|Change in cash pool|-|||(59,574)|
(59,574)|(41,884)|
|Revaluation (losses)|(40,180)||-|(149,355)|
(189,535)|(272,218)|
|Market value at 31 December|679,318||-|2,574,394|3,253,712|4,143,524|
||________|________||________|________|________|
||||||**2024**|**2023**|
||||||£|£|
|Analysis of investments at market value:|||||||
|UK equities & equity funds|||||1,868,734|2,384,407|
|UK fixed interest & fixed interest|funds||||346,174|380,605|
|Multi-asset funds|||||202,959|254,648|
|Property & infrastructure|||||193,756|204,173|
|Global equities & equity funds|||||522,194|602,859|
|Specialist funds|||||-|142,125|
|Cash held for investment purposes|||||11,207
|70,780
|
|Total investment manager holdings|||||3,145,024|4,039,597|
|Central Board of Finance – Deposit Fund|||||50,000|50,000|
|Central Board of Finance – Investment Fund Shares|||||43,933|39,134|
|Other|||||14,755|14,793
|
||||||3,253,712|4,143,524
|
Investments greater than 5% of the total portfolio include:
Greencoat UK Wind PLC – Ordinary shares of £0.01 Sarasin Funds ICVC – Sarasin Responsible Global Equity
35
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**13.**
**Tangible fixed assets**
**Unrestricted**
**Restricted**
**Endowment**
**(Fixtures &**
**(Properties held**
**Fittings)**
**for Cathedral use)**
**£**
**£**
**£**
_Consolidated_
Cost or revaluation
at cost
at valuation
At 1 January 2024
47,611
-
2,695,000
Additions
2,500
-
-
Fair value adjustment
-
-
-
At 31 December 2024
50,111
2,695,000
Depreciation
At 1 January 2024
43,437
-
-
Charge for year
2,712
-
On disposals
-
-
-
At 31 December 2024
46,149
-
-
Net book value
At 31 December 2024
3,962
-
2,695,000
At 31 December 2023
4,174
-
2,695,000
_Cathedral_
Cost or revaluation
at cost
at valuation
At 1 January 2024
-
-
2,695,000
Additions
2,500
-
-
Fair value adjustment
-
-
-
At 31 December 2024
2,500
2,695,000
Depreciation
At 1 January 2024
-
-
-
Charge for year
625
-
On disposals
-
-
-
At 31 December 2024
625
-
-
Net book value
At 31 December 2024
1,875
-
2,695,000
At 31 December 2023
-
-
2,695,000
|**Total**
**Funds**
**2024**
**£**
2,742,611
2,500
-|
|---|---|
||2,745,111|
||43,437
2,712
-|
||46,149|
||2,698,962
|
||2,699,174
|
||2,695,000
2,500
-|
||2,697,500|
||-
625
-|
||625|
||2,696,875
|
||2,695,000|
The properties held for Cathedral use are Chapter and other dignitaries’ private residences and the Manchester Cathedral Visitor Centre. These properties were independently revalued in December 2022 by Messrs Jones Laing LaSalle Limited in accordance with RICS guidance and subsequently assessed for fair value.
36
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**14.**
**Debtors**
_Consolidated_
Trade debtors
Manchester Cathedral Ventures Limited
Manchester Cathedral Visitor Centre
Other debtors
Prepayments and accrued income
_Cathedral_
Trade debtors
Manchester Cathedral Ventures Limited
Manchester Cathedral Visitor Centre
Manchester Cathedral Hire Limited
Other debtors
Prepayments and accrued income
**15.**
**Creditors: amounts falling due**
**within one year**
_Consolidated_
Trade creditors
Manchester Cathedral Ventures Limited
Other taxes and social security costs
Other creditors
Accruals and deferred income
_Cathedral_
Trade creditors
Machester Cathedral Ventures Limited
Other taxes and social security costs
Other creditors
Accruals and deferred income|**2024**
**£**
408,523
63,323
2,180
205,484
249,860
_______
929,370
_______
246,073
63,323
2,180
2,290
205,482
200,641
_______
719,989
_______
**2024**
**£**
119,400
5,375
95,282
36,230
295,595
_______
551,882
_______
108,628
2,875
47,540
36,230
222,720
_______
417,993
_______|**2023**
**£**
312,984
44,078
15
130,723
286,382
_______|
|---|---|---|
|||
774,182
|
|||_______
210,942
44,078
15
9,922
130,721
293,653
|
|||_______
689,331
|
|||_______
**2023**
**£**
135,906
2,500
88,866
42,084
189,836
|
|||_______
459,192
|
|||_______
121,586
-
60,811
42,084
181,199
_______|
|||
405,680
_______|
37
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**16. Endowment Funds**
_Permanent Endowment Funds_(the value of the trust for investment)
At 1 January and 31 December 2024
_Unapplied Total Return_:
At 1 January 2024
Movements in the year:
Investment return – dividends & interest
155,182
Investment return – property rental income
402,121
Investment return – property funds distributions
135,394
Total endowment income
Less Property costs, investment management and administration
Net endowment income for year
Investment return – realised & unrealised losses
Allocations under the Parish of Manchester Revenues Measure 1933
Unapplied total return allocation to income in the year (Note 8)
Net movements in the year
At 31 December 2024 Unapplied Total Return
Total Endowment Funds (including Revaluation Reserve (Note 17)|**2024**
**2023**
£
£
2,849,582
2,849,582
7,999,184
8,625,736
171,275
406,534
154,108
692,697
731,917
(536,524)
(142,529)
156,173
589,388
(380,415)
(614,195)
(71,500)
(71,500)
(584,673)
(530,245)
(880,415)
(626,552)
7,118,769
7,999,184
9,968,351
10,848,766
|
|---|---|
In 2014 Chapter passed a Total Return resolution. An exercise was carried out at that time to identify the original endowment value and subsequent gains/losses and expenses charged to the endowment to arrive at the total unapplied return by examining the financial statements from 1993 where the original endowment was stated.
The annual surplus on the endowment fund is transferred to unrestricted funds in accordance with the Parish of Manchester Revenues Measure 1933. Chapter’s Total Return resolution stated that the Total Return allocation would be determined each year having due regard for current income and to hold funds as part of the endowment to produce income returns for the future. Chapter has determined that for 2024, an additional £500,000 of the total unapplied return should be made available for application for the purposes of the Cathedral due to the low surplus on the endowment fund in the year and that the balance of the unapplied total return at 31 December 2024, amounting to £7,118,769 should be allocated for accumulation as part of investments.
Previous total return allocations were made as follows:
||£||
|---|---|---|
|2013|2,138,000|Repairs to the underfloor heating including installation of ground source heat pumps|
|2018|700,000|Essential repairs including the tower|
|**17.**|**Revaluation Reserve**|**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
||At 1 January 2024 and 31 December 2024|1,270,000|1,270,000|
The revaluation reserve comprises the cumulative effect of revaluations of property held for Cathedral use within the Endowment Fund. These properties are revalued to fair value at each reporting date.
38
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**18.**
**Restricted Funds - 2024**
**Brought**
**forward**
**£**
Fabric & Legacies fund (for Fabric repairs) 54,983
Boy Choral Scholarship fund
12,000
Music Fund
57,359
Choristers’ Education fund
59,470
Choir School Association
– Chorister School Fees
-
Ouseley Trust – Choristers School Fees
-
All Churches Trust
46,875
Church Commissioners
– Stipends Fund
-
– Section 23 Grant
-
– Section 28 Grant
-
– Cathedral Sustainability Fund
-
Friends of Manchester Cathedral
-
Education Mission Fund
42,191
Fund for Needy Families
(231)
Archives Donations Fund
8,362
Legacy – Mrs B. Evans - Music
100,000
Mission Funds
1,919
Manchester Cathedral Development Trust
– New organ project
30,429
– Hope Window
2,316
– Staff costs
-
Lighting
657
Sound system
1,500
Sharp St. Ragged School Disposals Fund 291,437
Manchester Airport Art Project
8,506
Sundry restricted donations
18,948
_______
736,721
_______
**Restricted Funds - 2023**
**Brought**
**forward**
**£**
Fabric & Legacies fund (for Fabric repairs) 54,960
Boy Choral Scholarship fund
12,000
Music Fund
57,359
Choristers’ Education fund
59,470
Choir School Association
– Chorister School Fees
-
Ouseley Trust – Choristers School Fees
-
All Churches Trust
25,000
Church Commissioners
– Stipends Fund
-
– Section 23 Grant
-
– Cathedral Sustainability Fund
-
Friends of Manchester Cathedral
-
Education Mission Fund
42,191
_______
Carried forward
250,980|**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
50
-
-
-
-
-
-
-
-
-
-
-
10,600
(10,600)
-
717
(717)
-
-
-
133,231
(133,231)
-
95,460
(95,460)
-
11,726
(11,726)
-
104,561
(104,561)
-
90,000
(90,000)
-
-
-
-
-
-
231
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,450
(28,450)
-
-
-
-
-
-
-
15,004
-
-
-
-
-
850
(850)
-
________
________
_______
490,649
(475,595)
231
________
________
_______
**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
23
-
-
-
-
-
-
-
-
-
-
-
10,100
(10,100)
-
1,000
(1,000)
-
21,875
-
-
132,015
(132,015)
-
88,263
(88,263)
-
114,371
(114,371)
-
-
-
-
-
-
-
________
________
_______
367,647
(345,749)
-|**Carried**
**forward**
**£**
55,033
12,000
57,359
59,470
-
-
46,875
-
-
-
-
-
42,191
-
8,362
100,000
1,919
30,429
2,316
-
657
1,500
306,441
8,506
18,948
_______
752,006
_______
**Carried**
**forward**
**£**
54,983
12,000
57,359
59,470
-
-
46,875
-
-
-
-
42,191
_______
272,878|
|---|---|---|
39
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
|**Restricted Funds - 2023**
**Brought**
**forward**
**£**
Brought forward
250,980
Fund for Needy Families
(231)
Archives Donations Fund
8,362
Legacy – Mrs B Evans – Music
100,000
Mission Funds
1,919
Manchester Cathedral Development Trust
– New organ project
30,429
– Hope Window
2,316
-– Staff costs
-
Lighting
657
Sound system
1,500
Sharp St. Ragged School Disposals Fund 278,650
Manchester Airport Art Project
8,506
Dean’s Pilgrimage
-
Sundry restricted donations
18,948
_______
702,036
_______|**Income**
**Expenditure**
**Transfer**
**£**
**£**
**£**
367,647
(345,749)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28,450
(28,450)
-
-
-
-
-
-
-
12,787
-
-
-
-
-
2,080
(2,080)
-
3,500
(3,500)
-
________
________
_______
414,464
(379,779)
-
________
________
_______|**Carried**
**forward**
**£**
272,878
(231)
8,362
100,000
1,919
30,429
2,316
-
657
1,500
291,437
8,506
-
18,948
_______
736,721
_______|
|---|---|---|
Transfers between funds represent costs incurred on the project to be funded from unrestricted funds or costs incurred in the previous year now transferred to the project cost. Restricted funds in deficit will be cleared by future grant income.
The key restricted funds are:
All Churches Trust – awarded by All Churches Trust for digital equipment.
The Sharp Street Ragged School Disposals Fund – Proceeds of the sale of the former school premises to be used for educational purposes.
## **19. Capital Commitments**
There were no capital commitments at 31 December 2024 (2023 - £Nil).
## **20. Commitments under operating leases**
The Cathedral’s commitments under operating leases for equipment is as follows:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Total payable within one year|4,417|4,705|
|Total payable during years 2 to 4|8,550|12,825|
|Lease payments recognised as an expense|4,705|4,502|
40
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **21. Connected entities controlled by the Cathedral and consolidated within the financial statements**
## **Manchester Cathedral Hire Limited (Company Number 08808544)**
This company is the wholly owned, trading subsidiary of Manchester Cathedral, which commenced to trade on 1 January 2015. The company carries out the non-primary trade of the Cathedral. The following table shows the information from the audited financial statements of Manchester Cathedral Hire Limited:
||**31 December**|**31 December**|
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Turnover|429,245|276,291|
|Overheads|153,088|81,705|
|Net profit for the year
Gross assets|276,157
259,923|194,586
148,022|
|Liabilities|(136,178)|(63,434)|
|Total net assets|123,745|84,588|
These figures have been consolidated within the financial statements of Manchester Cathedral on a line by line basis. The net profit from the company will be gift aided to Manchester Cathedral.
## **22. Connected entities not controlled by the Cathedral and not consolidated within the financial statements**
## **Manchester Cathedral Development Trust**
This organisation, which is a registered charity, was formed originally to raise funds during the 1991 Cathedral Appeal for the construction of offices and educational facilities for the Cathedral and in carrying out maintenance of the Cathedral.
Various projects, including refurbishment of the toilets, were completed in the Cathedral but the Appeal failed to raise sufficient funds for the additional offices and conference facilities. However, in July 2003 Manchester City Council completed the Cathedral Visitor Centre funded by the Millennium Commission and European Development Fund on behalf of the Cathedral. The Visitor Centre gives the Cathedral the educational and conference facilities originally envisaged by the Development Trust. The Development Trust loaned the Visitor Centre and Cathedral Ventures Limited funds to finance the pre-opening costs and to give the operation sufficient working capital. In 2009 the Cathedral appointed a director of fundraising and development and agreed a Development Project Masterplan. The major element of the project is to create a new heart for our City by the renewal of the birthplace of Manchester and Salford. The Development Project will focus on the Cathedral buildings and the public spaces around them.
The income included in the accounts of Manchester Cathedral is shown in note 7. The following table shows financial information included in the financial statements of Manchester Cathedral Development Trust:
|Development Trust:|||
|---|---|---|
||**31 December**|**31 December**|
||**2024**|**2023**|
||**£**|**£**|
|Gross income|114,045|13,119|
|Net income/(expenditure)|73,994|(25,691)|
|Gross assets|271,634|200,103|
|Total net assets|262,560|188,566|
41
## **Manchester Cathedral**
**Notes forming part of the consolidated financial statements for the year ended 31 December 2024 (** _**Continued)**_
## **22. Connected entities not controlled by the Cathedral and not consolidated within the financial statements (continued)**
## **Manchester Cathedral Visitor Centre**
This company, which is limited by guarantee, is responsible for the running of the Visitor Centre for the benefit of the people of Manchester.
## **Manchester Cathedral Ventures Limited**
This company is the wholly owned subsidiary of Manchester Cathedral Visitor Centre and manages the main commercial activities of the Visitor Centre including the letting of office space. Any profits will be Gift Aided to the Cathedral Visitor Centre Company.
## **The Friends of Manchester Cathedral**
The Dean chairs Council meetings of the Friends. Proposals for financial support for particular projects are submitted by the Chapter to the Friends’ Council. In the year ended 31 December 2024, the Friends have donated £90,000 (2023 - £Nil) to the Cathedral.
## **23. Consolidated Results**
The consolidated results for the financial year includes total income of £1,474,429 (2023 - £1,391,947) and a net decrease in funds of £1,244,793 (2023 net decrease £856,656) which is dealt with in the financial statements of the parent entity, Manchester Cathedral.
## **24. Cash flow**
|**Cash flow**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Reconciliation of net (expenditure) to net cash used|||
|by operating activities:|||
|Net movement in funds as per the statement of|||
|financial activities|(968,636)|
(835,070)|
|Adjustments for:|||
|Depreciation|2,712|2,087|
|Loss on investments|380,512|614,329|
|Deduct interest and dividend income shown in investing activities (net of costs)|(725,242)|
(766,140)|
|(Increase) in debtors|(155,188)|
(122,699)|
|Increase in creditors|92,690|79,722
|
|Net cash (used by) operating activities|(1,373,152)|(1,027,771)
|
42