2024-12-31-accounts

Charity Registration Number: 1207820

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

KNOWN AS

SHEFFIELD CATHEDRAL CHAPTER

ANNUAL REPORTS AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CONTENTS

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Page
Reference and administrative information 2 - 3
Chapter’s annual report 4 - 15
Independent auditor’s report 16 – 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20 – 21
Chapter balance sheet 22 – 23
Consolidated statement of cash flows 24 – 25
Notes to the accounts 26 – 50
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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

REFERENCE AND ADMINISTRATIVE INFORMATION

Address

The Cathedral Church of St Peter and St Paul Church Street Sheffield S1 1HA

Cathedral Chapter, Cathedral Officers and Council during 2024

Members of the Cathedral Chapter

The Very Revd Abigail Thompson, Dean The Revd Canon Justin Dodd, Canon Missioner The Revd Canon Geoffrey Harbord JP, Interim Canon Precentor ( resigned 31 August 2024) Mr Neil Riley, Senior Non-Executive Member (Appointed by the Bishop) ( joined 24 March 2024) Canon John Biggin (Appointed by the Bishop) Mrs Angela Rees (Churchwarden, elected by congregation) Mrs Sally Holding (Churchwarden, elected by congregation) Mrs Pam Liversidge, DL, OBE (Appointed by the Bishop) The Revd Canon Julie Upton (Appointed by the Bishop) (appointed 1 January 2024 ) Canon Jack Cooper (Appointed by the Bishop) ( resigned 15 April 2024)

Minor Canon

The Revd Daniel Wyman, Minor Canon precentor ( appointed 24 November 2024)

Curates

The Revd Emily McDonald (appointed 1 July 2024)

Honorary Minor Canons

The Revd Captain Ian Maher, CA The Revd Dr Casey Strine

Honorary Cathedral Evangelist

Captain Michael Collyer, CA

Honorary Cathedral Readers

Professor Peter Ashworth Ms Eunice Coates

Cathedral Wardens

Mrs Angela Rees (Elected at APCM) Mrs Sally Holding (Elected at APCM)

Honorary Treasurer:

Canon John Biggin

Chief Operating Officer:

Mr Jason Carr

Architect:

Mr Clive England BA (Hons), DipArch, RIBA, Thomas Ford & Partners

Archaeologist:

Ms Liz Humble, MCIfA, IHBC

Director of Music / Master of the Music:

Mr Thomas Daggett

Cathedral Safeguarding Advisor:

Ms Sian Checkley (Diocesan Safeguarding Advisor)

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

REFERENCE AND ADMINISTRATIVE INFORMATION - Continued

Members of the Fabric Advisory Committee during 2024:

Mr Michael Hannon (Interim Chair) Professor John Chilton Mr Graham Williams The Right Revd Dr Timothy Ellis Mr Richard Taylor Ms Emily Green Mrs Emma Paragreen Bankers : Barclays Bank 2-12 Pinstone Street Sheffield S1 2HN Auditors: BHP LLP One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH Fund Managers: CCLA Investment Management Ltd 80 Cheapside London EC2V 6DZ

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT

Congregational Life – Dean’s Report

It’s our people that make this place so special – our staff, volunteers, congregation, clergy, day chaplains, musicians all help to give this place flavour and colour – we are nothing without each of you.

There were some significant arrivals in 2024, not least Daniel Wyman our Minor Canon Precentor who was licensed just before Christmas. Also, Emily Macdonald who became the Cathedral Curate following her ordination to the diaconate in June. Our link with the Ministry Experience Scheme continued and we welcomed Bradley Coates in 2024 for a year’s placement here. We are blessed to have welcomed Genevieve Langdon as a placement curate who has contributed huge amounts to the Mission Team (ably led and inspired by our Canon Missioner, Justin Dodd) and most recently to the Diocesan Triennium bid which will allow the Cathedral to lead some significant resourcing of churches in the most economically deprived parts of our Diocese. We were delighted to welcome back Anjali Jacob, a former Ministry Experience Scheme Intern as the Youth and Children’s Chaplain and we were also supported in our Comms team by Ella Hulford and Samuel Olokun.

Work with schools has seen a significant injection of energy and activity following the appointment of Charlotte Roberts as our Schools Engagement Co-ordinator. Young people from schools across the region are now a weekly feature in this place!

The Schools Singing Programme is now brilliantly supported by new Choral Directors Caroline Slade and Jonathan Pinto and one of the great joys of 2024 was the first schools coming to lead the music at our midday Eucharist. Thanks to our Director of Music Tom Daggett’s careful nurturing of relationships, our first school partnership at Prince Edward’s School has now developed to such an extent that their school choir has come to sing on a number of occasions – most prominently and movingly at the annual Civic Service, alongside our wonderful Cathedral Choir, when Lord Mayor Jayne Dunn began her year of office. They were subsequently invited to visit the Lord Mayor’s Parlour where they had a delicious tea and sang once again for the Lord Mayor.

Our commitment to being ambitious about the extent to which we really are a place for all people led to a far greater range of events including an extraordinary fashion show in April championing the work of young black designers in Sheffield which saw a number of collections drawing on the history and faith of this place- including a set of wedding dresses modelled on images of the Virgin Mary, dancers with angel wings and a set of street wear that included a spectacular bomber jacket with the biblical words ‘in bread alone’ emblazoned across the back. Our good friends, the Sheffield Community Gospel Choir, performed at this, and also supported our Christingle later in the year. During Black History month we supported a worship service led by David Bussue, Associate Pastor of the Church of God of Prophecy, one of the longest-established Black Majority Churches based in the Park Hill area of Sheffield.

Our energetic events manager Emma Gittins has overseen an eye watering array of concerts, silent discos and multiple other events throughout the year helping to bring in income and open our doors ever wider to the people of this city and region. 2024 began with a surprise success – whoever thought that needlework would create such a buzz! The Threads through Creation exhibition in 2024 brought in many more people than expected and the pieces on display were quite sensational. It will be a great joy to welcome another of Jacqui Parkinson’s exhibitions during the summer of 2025 – Threads Through The Cross. Emma also oversaw a number of important Diocesan events during the year – best of all the annual Breathe Deep Conference which saw the largest group of young people attending the daylong event in the Cathedral ever.

Lent and Easter are always deeply significant times, and in 2024 we once again offered Spiritual MOTs throughout Lent to those who wished to come and spend some time reflecting on their spiritual journey with one of our priests. The Legal Service was held during Lent, and the High Sheriff, Jaydip Ray was keen to ensure that our regular, growing congregation was not displaced by this annual service – attended by members of the legal profession, police, university staff and many other dignitaries in full regalia. It was a moving sight to see high court judges sitting in close proximity to members of the congregation from all walks of life and a number of dogs, large and small, curled up down aisles and across feet. The Kingdom of God feels close at hand in these moments when the gathering in this place reflects so fully the diversity of our beautiful city.

Holy Week saw the largest number of worshippers for many years. The Chrism Mass was uplifted by the choir singing the Chilcott Jazz Mass which seemed to have a unifying effect on Christians from across this diocese of many different traditions. As the Resurrection was proclaimed at the Easter Vigil, 42 candidates were baptised and/or confirmed and the fireworks from the roof shouted the Good News from our roof to the whole city. It was spectacular!

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Congregational Life – continued

And some of our faithful members went to glory – amongst them dear Joan Tolley and Mary Williams. Rest in peace, dear friends…

Throughout all of these notable occasions, the Cathedral is quietly supported by an unbelievably dedicated team. I am deeply, deeply grateful to every volunteer, especially as they have had to manage for so long without a dedicated staff member looking out for them, our team of Chaplains led by the Revd Ann Walton and the Revd Ian Owers, our Minor Canons the Revd Ian Maher and the Revd Dr Casey Strine and Associate Priest the Revd Dr Richard Walton, the Cathedral Chapter who give so generously of their time in governing this place, the College of Canons, our whole staff team led so gently and kindly by Jason Carr who consistently rise to the occasion in an incredible variety of ways, the award winning team, led by Ruth Maher-Heslip in the 1554 coffee shop who create their own warmth and welcome for so many visitors every single day of the week. Much of our work, of course, is underpinned by the generous financial support of the Church Burgesses, and we are deeply grateful to them for the good relationship we share and all the things that their funding makes possible here.

I would also like to pay particular tribute to our bellringers led by Stephen Hall and supported by Simon Reading. The potential for different groups in Cathedrals to become isolated and sometimes difficult and obstructive is very great – it was therefore a wonderful thing to see following an unfortunate diary clash when a peal of bells was interrupted because of the need for silence prior to a Memorial Service, that the bellringers grasped the opportunity to come and educate the whole staff team on the mechanics of bellringing. It was a fascinating presentation and undoubtedly deepened understanding as well as forging some great friendships. The annual Ascension Day party for the bellringers has become a tradition, and an opportunity to say thank you for the skill and beauty they contribute to our worship.

In the spring of 2024, I took part in a challenging interfaith trip to Poland with the March of the Living Foundation to visit Auschwitz and other concentration camps and to learn more about the Holocaust. It left me pondering many different perspectives and understanding several political viewpoints, very different to my own, in a new way. Since then, I have had a growing and powerful sense that God is calling Christians across the world, urgently, to model a peaceful way of living. We are beautifully placed to do this together here at Sheffield Cathedral because of our huge diversity. I know, having talked to many of you at different times, that a very wide variety of views are held in this place – about religion, politics and all the other bits of life. Yet I see a healthy willingness to listen to different views, an openness to allowing our own position to be questioned, a joyfulness in encountering those differences, courageous debate and an overriding sense that love is present here at Sheffield Cathedral as we live and worship together.

I am grateful for all of this and each and every one of you. I am humbled to follow the One who turned over tables and healed the sick alongside such beautiful souls. Thank you, all of you, and God bless you.

Abi Thompson

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Structure, governance, and management

Governing Statutes

The Cathedral is governed by the Constitution and Statutes for Sheffield Cathedral which came into effect on 12th January 2024 and were drawn up under the Cathedrals Measure 2021. Under the new Cathedrals Measure, the Cathedral also became a registered Charity in April 2024 and is now co-regulated by the Church Commissioners and by the Charity Commission. Chapter members are now also Charity Trustees and a new Nominations Committee has been formed to help shape the membership of Chapter and the other committees of Chapter.

The Cathedral and the Diocese of Sheffield

The Cathedral Church of St Peter and St Paul in Sheffield is the mother church of the Diocese of Sheffield and the seat of the Bishop of Sheffield. It is a centre of worship and mission for the Diocese of Sheffield, and the Parish Church of the City of Sheffield.

The Cathedral Chapter

Chapter have now formally become the Board of Trustees. It remains the role of the Chapter to ensure that the Cathedral is an effective centre of worship and mission for the Diocese of Sheffield. The Chapter remains the legal body responsible for the administration and governance of the Cathedral.

A new body, the Nominations Committee has been established in 2024 and is the lead body for new appointments to Chapter and its committees. New Chapter members are given copies of the Cathedrals Measure, the Care of Cathedrals Measure, the Cathedral Constitution and Statutes, and the Strategic Vision and associated documents. In addition, there is a national training course for new Chapter members delivered through the Association of English Cathedrals (AEC), and all new members are encouraged and supported to attend the course. Under the new measure, a new Chapter role of Senior Non-Executive Member (SNEM) has been created and the Bishop of Sheffield has appointed Mr Neil Riley to this role in Sheffield Cathedral.

The Bishop, as Visitor, may give directions to the Chapter, the holder of any office, or to any person employed by the Cathedral which will, in his opinion, better serve the observance of the Constitution and Statutes.

The College of Canons continue to receive the annual report and audited accounts of the Cathedral, elect the Diocesan Bishop, and discuss any matters concerning the Cathedral, as may be raised by any of its members.

The Chapter met 10 times during 2024 including an Away Day. The APCM took place on 28 April 2024.

The Cathedral Chapter is very grateful for the time, effort and support given by all those who serve voluntarily on its statutory bodies, and for all those who so generously support its work and mission, in particular the Church Burgesses Trust and Law Clerk to the Trust, Mr Ian Potter.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

OBJECTIVES AND ACTIVITIES

Review of Chapter’s Priorities in 2024

Chapter continues to work to ensure that the Cathedral is a place for all people and that the financial position of the Cathedral is such that it can best serve the City and Diocese of Sheffield. The Cathedral has continued through 2024 to run a varied and diverse programme of commercial activities to help achieve both ambitions. A few highlights of this work are summarised below:

Threads Through Creation

Through January to March the Cathedral hosted twelve spectacular textile panels created by the artist, Jacqui Parkinson, entitled Threads Through Creation. The display was free to access and saw thousands of visitors come and enjoy the vibrant interpretation of the creation story. The exhibition was accompanied by a series of theological sessions delivered by the Revd. Dr Casey Strine the Cathedral’s Minor Canon Theologian. The 1554 Gift and Coffee Shop also experienced higher than expected footfall and income through the period of its installation.

Markets

Throughout 2024 the events team have continued to facilitate very popular craft and vintage markets in the Cathedral Nave which brings a large footfall of people through the doors. This year saw the addition of a partnership with Little Hummingbirds, further enhancing the market offer.

The Gift (Christmas Lightshow)

In early December 2024 Chapter hosted the world premiere of The Gift, another collaboration with Luxmuralis who have now delivered a series of lightshows in the Cathedral. The Gift built on the success of the 2023 show which allowed the external projections to be free to view with ticketed access to the immersive experience in the Cathedral itself. Around 8,000 people came into the Cathedral over the week with each show being prefaced with carol singing on the Cathedral forecourt.

Christmas Tree Festival

This was run through December and again had engagement with 30+ businesses, many of whom offered sponsorship, charities and not for profit community groups. This year’s festival brought in a lot of visitors, generated thousands of votes and money for local causes.

Silent Disco’s

Some of the biggest events of the year for the Cathedral Chapter are the Silent Disco’s delivered in partnership with “Silent Disco’s in Incredible Spaces”. These events see thousands of people in the Cathedral and testimonies from these evenings give praise to the fantastic overall experience, feeling of safety and freedom, as well as the joy of dancing and singing along to their favorite songs.

Roundabout Steel Roses

In the autumn of 2024 Chapter partnered with Roundabout for an epic installation of thousands of steel roses in the Cathedral. Each rose representing the life of a young person supported by the Roundabout Charity. Many visitors came through the doors to see the installation and there was also the opportunity to purchase (and personalise) a rose to further support this wonderful charity.

Musical Programme

The Cathedral continued its varied musical programme with performances throughout the year from classical orchestra’s brass bands, choirs and more. The Cathedral hosted several classical orchestras, providing audiences with the opportunity to experience timeless masterpieces in a stunning setting. Brass bands brought a vibrant and energetic atmosphere to the Cathedral showcasing the talents of local and visiting musicians. Choirs played a significant role in the Cathedral’s musical offerings, with performances ranging from the traditional choral works to contemporary pieces. The programme of candlelit concerts was a standout feature of the year with audiences experiencing captivating music in an extraordinary setting.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Staff

Chapter would like to record its thanks to all members of staff at the Cathedral for their continued hard work and dedication to the Cathedral. We would also like to record our thanks to the members of the team who have moved on in 2024.

Worship

By Statute the Cathedral celebrates the offices of Morning and Evening Prayer and offers the Eucharist each day.

During Holy Week - The normal Holy Week pattern of services were held.

PLANS FOR FUTURE PERIODS

Chapter priorities for 2025

where the Cathedral is being called in the coming 5 years Chapter have landed on a set of three key priori�es which are:

2. To develop and embed a na�onally renowned Schools Singing Programme reaching the most economically deprived places across the Diocese of Sheffield.

3. To deepen our partnerships, priori�sing our rela�onship with the Archer Project, working together to serve the most vulnerable members of our community.

It was important to Chapter that this strategy should not be a dry document full of meaningless numbers, but should try to encapsulate something of the warmth, welcome and holiness that people tell me that they encounter in this place. So at the beginning of this annual report we’re going to share with you the le�er from the Dean that forms the opening of our new strategy, which is our a�empt to sum up what we think we’re about, and what already exists here.

Bishop’s annual Lent Lecture. The trams, buses and bikes roll in and old friends greet each other. Coffees are clutched and laughter resounds around the ancient stones. The Bishop of Sheffield stands at the door welcoming those in his care and I stand alongside him, determined to ensure that each understands the Cathedral to be a place that belongs to them and feels like home.

Out of the blue a young woman rushes through the doors holding a shoebox. She comes directly to me and opens the box to reveal a pigeon, clearly injured. The bird had flown into the window of her shop. Her boss has told her that she doesn’t have �me to care for it, and so spontaneously she ran to the Cathedral. ‘Will you look a�er it please? I couldn’t think where else to come….’

As the day goes on, I check regularly on the bird. Early signs are posi�ve, but as �me passes, it’s clear that it is ge�ng weaker. I stand staring at the bird, uncertain what I should do. I am suddenly conscious of a man standing next to me. ‘Do you want me to sort it for you sweetheart’ he says gently. ‘Do you think it’s got a chance?’ I ask. ‘I don’t think so’ he said. ‘Are you sad?’ he asks me. ‘Yes’ I reply, swallowing the lump in my throat. ‘I’ve done some terrible things in my life,’ he replied ‘but the sight of a dying bird s�ll brings tears to my eyes.’ The man touches my hand and says ‘you stay here and say a prayer, and then I’ll come back when you’ve gone and do what needs to be done.’ He smiled kindly at me and went on his way down to the Archer Project for some food. Later I find out from Tim, the Chief Execu�ve of the Archer Project that this man has spent most of the last twenty years in prison for mul�ple violent offences. To me, though, he was someone who I shared a holy moment with as a bird breathed her final breaths.

Children from an estate on the east of the city who are part of the Cathedral Schools Singing Programme arrive to sing for the Civic Service and happily pull cassocks and surplices over their heads. Proud parents with prams and toddlers watch on smiling, while the rows of people wearing heavy gold chains and an array of glorious ou�its shed tears at the simple joy of the sound of young voices, carefully rehearsed, blessing an important moment in the life of our city.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Easter Day and the whole community gathers for a celebra�on of the Eucharist, the Holy Mysteries that sustain all that happens in this precious place. ‘The body of Christ’ I repeat over and over again as hundreds come to receive that life giving food. People from every na�on, represen�ng a range of poli�cal views, gay, straight, trans, old and young, complicated, straigh�orward, meek, confident, clever, kind, confused, sick - each solemnly holding out their hands to receive the bread of life and cup of salva�on. The final hymn and fanfare strikes up, and gold confe� is flung into the air as people cheer, children squeal and dogs bark in a shared celebra�on of the Resurrec�on of Jesus Christ.

The simple joy of the sound of young voices singing. Death and life held together in one space, and for a moment a glimpse of heaven. A mee�ng place and a place of learning. A place where the fragile find rest and the skills and passions of every person are valued.

REVIEW OF ACTIVITIES

General

The outputs of the Cathedral were achieved through incurring the following costs in 2024:

• Ministry - £776,855 (2023: £619,899) (including clergy costs, music costs, and other associated costs of worship)

• Education and Outreach - £40,132 (2023: £116,206)

• Cathedral and Precincts upkeep - £514,137 (2023: £481,333) (including maintenance, repairs, restoration, insurance, utilities, and some salaries)

• Support costs included within the above activities - £464,811 (2023: £478,702) (including travel and subsistence, training, public relations, legal and professional costs, office accommodation, salaries, and office expenses)

Income to meet these costs depended upon financial support from several key areas, principally:

• Grants from the Sheffield Church Burgesses Trust - £502,373 (2023: £491,259) (funding towards the running costs and maintenance of the church, support of worship and administration, and one-off grants)

• Grants from the Church Burgess Educational Foundation - £10,000 (2023: £nil) (funding towards Education & Outreach)

• The Church Commissioners - £265,873 (2023: £257,458) (funding for clergy pay and some lay staff costs)

• Congregational collections and giving - £136,753 (2023: £122,209)

• Income generated from facility fees, investments, legacies, other grants etc. - £346,585 (2023: £219,090)

The Cathedral business activities for generating funds produced a surplus of £49,294 (2023:surplus £45,873).

Public benefit

Chapter has had regard to the Charity Commission guidance on public benefit, particularly their specialist guidance for faith-based charities. It is Chapter’s clear understanding that the Cathedral’s engagement and service of the whole community abundantly fulfils the criteria.

Pay policy for Senior Management Team

The level of pay of the Senior Management Team was decided upon on recruitment at Chapter level and is based on the individual’s role and responsibilities.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Management of risk

Risk management is fundamental to Chapter’s approach to all its activity. Chapter achieves this through regular review of a risk management framework. Risks are considered and reviewed regularly and Chapter is responsible for ensuring that actions necessary to mitigate these risks are properly carried out. Key risks include:

• financial control during a challenging time for all charitable organisations;

• the loss of key members of staff and their attendant knowledge of the Cathedral;

• significant deterioration of the Cathedral fabric; and

• loss of public trust.

Chapter works closely with the Cathedral Architect, the Cathedral Surveyor, appointed by the Church Burgesses Trust to mitigate building risks.

Sheffield Cathedral Enterprises Ltd

The Cathedral’s wholly owned subsidiary company Sheffield Cathedral Enterprises Ltd operates the 1554 Coffee and Gift Shop, both within the Cathedral. The Company’s trading results are consolidated in the unrestricted funds and are subject to a comment within the financial report for 2024.

1554 Coffee Shop and Gift Shop began 2024 with a conservative budget that was set to show a slow growth throughout the year. The business had impressive turnover across the coffee shop and gift shop, but ongoing challenge of inflation and increased labour costs resulted in a small trading surplus in 2024.

The main purpose of the Company is to support the Mission of the Cathedral and to achieve a trading surplus in financial support to the Cathedral. Both these objects have been well achieved and thanks go to all those working and volunteering in a result which is not only very satisfactory for 2024, but which provides an excellent base for the future.

Relationships with other organisations

Cathedral Archer Project (CAP)

Tim Renshaw, BEM, CEO:

The Archer Project experienced another year of growth and increased demand for its services in 2024.

The Archer Project served a total of 24,445 meals in 2024. From the previous year, this was an 8% increase in breakfasts from 12,296 to 13,273 and a 29% increase in lunches from 8,667 to 11,172. The Project supported 1,223 individuals, up from 1,086 in 2023, reflecting the growing need for the Project’s services.

A total of 27 individuals were supported as Partner Volunteers in our Partnership Programme, and over 200 therapeutic activities were facilitated at the Project, including animal therapy, cake making and a discussion group.

The Archer Project had a successful year with regards to fundraising. Events included our annual golf day, which was held in early September, joined by 19 teams, including a team of Sheffield Cathedral Staff. The event was a great success and enjoyed by all participants. The annual Archer Project Fire and Ice Charity Ball was held in November raising over £25,000 to allow the Project to continue its crucial work.

Our Christmas Carol Service was once again a success with The Archer Project Choir led by Tom Daggett, the Cathedral Director of Music returning to sing for another year.

The relationship between The Archer Project and Sheffield Cathedral continues to go from strength to strength. Both teams worked closely in the launch of the Sheffield Choir With No Name and are also co-designing a Saturday service for people moving away from homelessness. This will start in 2025. Looking forward to 2026, there will be a collaborative fundraising effort to take on the Camino Trail.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Despite the continuing challenges around the growing number of beneficiaries accessing the centre. The Archer Project has continued to demonstrate resilience and commitment to supporting people experiencing homelessness in Sheffield and the wider region.

The strong partnership with Sheffield Cathedral has been instrumental to this and we look forward to continuing this vital collaboration.

FINANCIAL REVIEW

Reserves Policy

The Chapter policy is to maintain sufficient unrestricted reserves to cover 6 months normal expenditure. In 2024 we spent £1,286k out of unrestricted funds. On 31 December 2024 free reserves amount to £594k. Free reserves are the unrestricted general fund balance excluding designated funds, revaluation reserve and tangible fixed assets.

Investment Powers, Policy, and Performance

The Cathedral’s investments are currently managed by CCLA Investment Management Limited. The Chapter’s policy has been to use our investments ethically, in accordance with the expectations for ethical investment set by the General Synod of the Church of England Ethical Investment Advisory Group.

Investments held in our Unrestricted Funds produced an income of £19,546 (2023: £14,624). During the year there was a increase in value of £2,998 (2023 increase: £9,342).

Investments held in our Endowment Funds produced an income of £4,693 (2023: £4,433). During the year there was a increase in value of £3,144 (2023 increase: £11,813).

Investments held in our Restricted funds produced an income of £4,243 (2023: £2,881). During the year there was an increase in value of £3,498 (2023: increase £9,882).

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Review of financial performance

Below is detailed a summary of figures for the Cathedral over the last 5 years.

----- Start of picture text -----
2020 2021 2022 2023 2024
Statement of Financial Activities £’000 £’000 £’000 £’000 £’000
Total income Unrestricted 465 427 629 1,100 1,265
Funds
Restricted Funds 932 759 928 445 508
Endowment 5 5 4 4 5
Total 1,402 1,191 1,561 1,549 1,779
Total expenditure on Unrestricted 1,041 1,025 1,165 1,194 1,286
generating funds, Funds
mission and Restricted Funds 121 173 156 437 517
governance Endowments - - - - -
Total 1,162 1,198 1,321 1,631 1,802
Net gains / (losses) Unrestricted 6 32 (30) 9 3
on investments Funds
Restricted Funds - - 3 10 3
Endowments 11 25 (27) 12 3
Total 17 57 (53) 31 10
Net income / Unrestricted 80 11 90 (112) (45)
(expenditure) after Funds
transfers between Restricted Funds 162 10 119 45 23
funds Endowments 16 30 (23) 16 8
Total 258 51 186 (51) (14)
Other recognised Unrestricted - 111 (91) 100 -
gain/(losses) Funds
Restricted Funds - - - - -
Endowments - - - - -
Total - 111 (91) 100 -
Net increase/ Unrestricted 80 122 - (12) (45)
(decrease) in Funds
funds Restricted Funds 162 10 119 45 23
Endowments 16 30 (23) 16 8
Total 258 162 96 49 (14)
2020 2021 2022 2023 2024
Balance Sheet £’000 £’000 £’000 £’000 £’000
Net Assets Unrestricted 2,294 2,416 2,415 2,403 2,359
Funds
Restricted Funds (32) (22) 97 142 164
Endowments 154 184 162 178 186
Total 2,416 2,578 2,674 2,723 2,709
----- End of picture text -----

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Review of financial performance - continued

The Consolidated Statement of Financial Performance states that the net movement of Cathedral Funds for 2024 is a deficit of £14k, this includes the gain on the value of investments of £10k. The net effect on cash reserves is therefore a total net deficit of £24k.

The above net deficit of £24k includes income of £5k from our music endowment funds and £19k from restricted funds, leaving a deficit of £48k within our unrestricted funds, which are used to support our operations within the Cathedral.

The 2024 consolidated budget for Unrestricted Funds indicated a deficit of £40k. The above mentioned deficit of £48k includes the one off unbudgeted loss on the sale of property (see below) of £17K, resulting in an underlying deficit of £31k, which provides a positive variance of £9k against the forecasted budget. This is a very satisfactory result when considering the financial pressures experienced by everybody in 2024.

The policy of Chapter is to make progress in the development of additional funds by using the facilities of the Cathedral whilst maintaining the requirement of the Cathedral to be a Place for All People. The net income generated from the activities was £41k compared with the budget of £31k. This result includes the net contribution from the Christmas light show amounting to £10k. Although less than the contribution from this event in 2023, the 2024 lightshow still saw over 8,000 visitors to the Cathedral for this event.

Congregational and visitor giving is a key element of our income and is monitored very carefully. During the year the congregation and the number of visitors have both significantly increased and the total income achieved was £143k, 17% higher than the equivalent figure in 2023. There is a determination to grow this figure significantly in ensuing years.

Our major donor, The Sheffield Church Burgesses Trust, continued to provide very generous and vital financial support to the Cathedral, in total £502k, despite its own difficulties in generating income.

The Church Commissioners have also continued to support the Cathedral. The annual grant was also augmented by sustainable grants of £33k to provide temporary help as we develop our staff team for the future. It should be noted that these sustainable grants have limited time periods, usually of up to three years. We will continue to pursue such sustainable grants as we further develop our cathedral team.

The development of our Schools Singing Programme has progresses during 2024. The team delivering the programme has been augmented by the addition of 2 Choral Directors and the income from the contribution from Schools, together with donations received has covered the relevant costs. The financial future of this programme is supported by the growth in take up by schools and further donations.

The general expenses have been well controlled within the constraints of the annual budget during a year of necessary growth of the organisation in support of its strategy.

Our thanks go to all staff who have demonstrated their loyalty and responsibility during a year of change. Thanks also go to all our volunteers who are so essential to the proper running of the Cathedral and all its operations.

It should be noted that our expenditure takes into account the provision for the annual repayment of the loan from the Diocese of Sheffield in the amount to £27,500 plus interest on the outstanding balance of £13k. The balance of the said loan on 31 December 2024 is £243k.

Our wholly owned subsidiary company is Sheffield Cathedral Enterprises Ltd consisting of the 1554 Coffee Shop and the Cathedral shop. The total turnover for the year amounted to £315k, 20% higher than in 2023. Gross Margins on the sales has been held at 59%, although the cost of direct labour is marginally higher at 35%, compared with 33% in 2023. The final net contribution of the Enterprise business at the end of 2024 was £9k. Our thanks go to the management and staff for their contribution in achieving this result.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

Review of financial performance - continued

The policy of Chapter is to provide housing for our Dean and Residentiary Canons. During 2024, Chapter decided to purchase a new property to house our Canon Missioner which was more modern and therefore more energy efficient, cutting down on the cost of maintenance and running expenses. The property was purchased in July 2024 using the designated funds held at 31 December 2023. Chapter also sold the former property which housed the Canon Missioner, with the intention to buy an additional property of the same caliber for the incoming Residentiary Canon. Due to some structural deficiencies, there was a small deficit compared with the net book value of £10k and legal expenses of £7k, thus giving rise to a special expenditure item within the unrestricted expenditure of £17K. Chapter competed on the purchase of the new property in April 2025 using the funds from the sale of the other property which are held in the designated funds at the end of 2024.

The Consolidated total assets of The Cathedral on 31 December 2024 amount to £2,709k compared with £2,723k in 2023. Of this figure £2,359k is held in unrestricted funds. Within this figure the value of Property and Fixed assets amount to £1,317k leaving £1,042k from which must be deducted the designated funds of £538k leaving £504k to support the operations of the Cathedral. This figure falls short of the policy whereby we are attempting to hold funds representing 50% of normal annual expenditure.

The unrestricted cash balance on 31 December 2024 is £874k of which £538k is designated and cannot be used to support the operations of the Cathedral leaving a net cash balance of £336k.

The Chapter Finance Committee meets 10 times a year and is attended by the Dean, Chief Operating Officer, Finance manager and the Treasurer. At these meetings financial reports are considered and any variations from budget are noted and any necessary action taken. Such reports are submitted to Chapter.

The Cathedral annual accounts are prepared in accordance with the requirements of Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

The general state of the Cathedral Fabric is considered, by the Cathedral Architect, as being sound. The report did not identify any immediate work over the next 3 years. Routine requirements will be incorporated within the relevant budget.

Statement Confirming Review of Major Risks

The Chapter has carefully assessed the major risks to which the Cathedral is exposed, in particular those related to the operations and finances of the Chapter and is satisfied that systems are in place to mitigate the Cathedral’s exposure to major risks.

The Cathedral Community Resource Centre and the maintenance of the Cathedral Archer Project are monitored closely to ensure that they are sustainable concerns, and that the Cathedral is not exposed to undue risk. A new lease agreement has been signed with the Cathedral Archer Project, which is mutually beneficial, while further reducing the level of risk to the Cathedral.

The Finance Committee monitor all financial and associated risks. The outcomes sought by funding bodies are kept under regular review by the Finance Committee and Senior Management Team, and accurate monitoring evidence is retained, for audit by outside agencies if required.

The Strategic Framework is being used to guide Chapter’s priorities and decision-making processes.

The risk register is reviewed regularly by the Senior Management Team and the Chapter. The register is carefully reviewed and updated with particular attention given to emerging risks. Mitigations for each risk area are documented, and Chapter focus their monitoring on the residual risks.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

THE CHAPTER’S ANNUAL REPORT - Continued

The Chapter’s Responsibilities Statement

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

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

In preparing these financial statements, Chapter are required to:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP 2019 (FRS102)

• Make judgements and estimates that are reasonable and prudent

• State whether applicable accounting standards have been followed

• Preparing the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business.

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

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

Signed on behalf of the Cathedral Chapter on

18/06/2025 GMT

Signer ID: XLJTALOPN2...

The Very Reverend Abigail Thompson Dean of Sheffield

Signer ID: FVWASEQTSB...

Canon J Biggin Lay Treasurer

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHEFFIELD CATHEDRAL CHAPTER - Continued

Opinion

We have audited the financial statements of Cathedral Church Saint Peter and Saint Paul in Sheffield, (the ‘parent charity’) and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise which comprise the consolidated statement of financial activities, the consolidated balance sheet, the Chapter balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and parent charity’s affairs as at 31 December 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity 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 Chapter’s 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 and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of Chapter with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in The Chapter’s Annual Report, other than the financial statements and our auditor’s report thereon. Chapter are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHEFFIELD CATHEDRAL CHAPTER - Continued

Matters on which we are required to report by exception

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

• the information given in The Chapter’s Annual Report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Chapter

As explained more fully in The Chapter’s Responsibilities Statement, Chapter are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as Chapter determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Chapter are responsible for assessing the group and 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 Chapter either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1513 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

• the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the group and parent entity through discussions with Chapter and other management, and from our knowledge and experience of the Cathedral sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and parent entity, including the Charities Act 2011, safeguarding legislation, health and safety requirements including fire safety and data protection laws;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing legal expenses; and

• we ensured identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHEFFIELD CATHEDRAL CHAPTER - Continued

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

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

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

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance; and

• enquiring of management as to actual and potential litigation and claims.

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

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

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

Signer ID: CULLXCAPAB...

Nicola O’Sullivan (Senior Statutory Auditor)

For and on behalf of BHP LLP, Statutory Auditor

One Waterside Place Basin Square Brimington Road Chesterfield S41 7FH

Date: 18/06/2025 GMT

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

Notes Income and endowments from: (3) Donations and legacies Grants in support of ministry Charges and fees arising in the course of mission Trading and fundraising Investments Total income Expenditure on: (4) Raising funds Ministry Loss on property disposal All other ministry Education and outreach CAP insurance monies All other education and outreach Cathedral and precincts upkeep Expenditure (5) Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments (7) Net income/(expenditure) Transfers between funds (14b) Other recognised (losses)/gains Non investment property revaluation (8) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds £ 199,819 431,526 94,003 521,016 19,546 1,265,910 471,722 10,000 410,729 - 30,222 363,515 1,286,188 (20,278) 2,998 (17,280) (27,500) (44,780) - (44,780) 2,403,488 2,358,708	Restricted funds £ 14,405 489,655 - - 4,243 508,303 - - 356,126 - 9,910 150,622 516,658 (8,355) 3,498 (4,857) 27,500 22,643 - 22,643 141,707 164,350	Endowment funds £ - - - - 4,693 4,693 - - - - - - - 4,693 3,144 7,837 - 7,837 - 7,837 178,159 185,996	2024 Total funds £ 214,224 921,181 94,003 521,016 28,482 1,778,906 471,722 10,000 766,855 - 40,132 514,137 1,802,846 (23,940) 9,640 (14,300) - (14,300) - (14,300) 2,723,354 2,709,054	2023 Total funds £ 131,522 854,784 81,772 459,212 21,938 1,549,228 413,339 - 619,900 77,695 38,511 481,333 1,630,778 (81,550) 31,037 (50,513) - (50,513) 100,000 49,487 2,673,867 2,723,354

The Cathedral has neither discontinued any of its operations nor acquired new ones.

The statement of financial activities includes all gains and losses recognised in the year.

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2024

Notes Fixed assets Investment assets: Investments (7) Tangible fixed assets: Non investment property (8) Equipment and plant (9) Total fixed assets Current assets Stock Debtors (10) Cash at bank and in hand (11) Total current assets Liabilities due within one year Creditors (12) Net current assets Total assets less current liabilities Liabilities due after one year Loans (13) Total net assets The funds of the Cathedral (14) General fund Revaluation reserve Designated funds - Music fund - Deanery fund - Houses Chester Lecture Music endowments Cathedral Hall Church Burgesses Trust Cathedral Development Project Cathedral Gateway Project Yorks & Lancs Regiment fund Choir Tour Fund Choral Tuition William Rowley Charity Sam Hiller Memorial fund Organ fund Community Covenant Friends of Sheffield Cathedral David Hepher Painting Restoration HMS Sheffield Flag Tony Elwis Legacy Benefact Trust (nee Allchurches Trust) Ministry Experience Scheme Benefact Trust Transformational Grant Total Cathedral funds	Unrestricted funds £ 234,012 1,250,000 67,084 1,551,096 36,452 94,163 873,967 1,004,582 (194,970) 809,612 2,360,708 (2,000) 2,358,708 1,910,946 - 7,227 27,002 413,533 - - - - - - - - - - - - - - - - - - - - 2,358,708	Restricted funds £ 156,344 - - 156,344 - - 258,423 258,423 (35,000) 223,423 379,767 (215,417) 164,350 - - - - - - - - 3,315 (242,915) 24,232 109,723 20,140 10,844 11,144 68,842 23,318 1,747 19,783 1,500 791 15,000 18,813 1,599 76,474 164,350	Endowment funds £ 140,510 - - 140,510 - - 45,486 45,486 - 45,486 185,996 - 185,996 - - - - - 26,111 123,323 36,562 - - - - - - - - - - - - - - - - - 185,996		2024 Total funds £ 530,866 1,250,000 67,084 1,847,950 36,452 94,163 1,177,876 1,308,491 (229,970) 1,078,521 2,926,471 (217,417) 2,709,054 1,910,946 - 7,227 27,002 413,533 26,111 123,323 36,562 3,315 (242,915) 24,232 109,723 20,140 10,844 11,144 68,842 23,318 1,747 19,783 1,500 791 15,000 18,813 1,599 76,474 2,709,054	2023 Total funds £ 521,226 1,425,000 80,958 2,027,184 31,477 82,146 1,064,532 1,178,155 (233,068) 945,087 2,972,271 (248,917) 2,723,354 1,849,259 100,000 7,227 27,002 420,000 25,064 117,765 35,330 3,315 (270,415) 25,764 106,159 20,140 14,246 11,000 68,851 10,456 1,747 19,783 1,500 791 15,000 35,290 80 78,000 2,723,354

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CONSOLIDATED BALANCE SHEET - continued AT 31 DECEMBER 2024

The financial statements on pages 19 to 50 were approved by the Cathedral Chapter on and are signed 18/06/2025 GMT on its behalf by:-

Signer ID: XLJTALOPN2... The Very Reverend Abigail Thompson Dean of Sheffield

Signer ID: FVWASEQTSB...

Canon J Biggin Lay Treasurer

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD CHAPTER BALANCE SHEET AT 31 DECEMBER 2024

Notes Fixed assets Investment assets: Investments (7) Tangible fixed assets: Non investment property (8) Equipment and plant (9) Total fixed assets Current assets Stock Debtors (10) Cash at bank and in hand (11) Total current assets Liabilities due within one year Creditors (12) Net current assets Total assets less current liabilities Liabilities due after one year Loans (13) Total net assets The funds of the Cathedral (14) General fund Revaluation reserve Designated funds - Music fund - Deanery fund - Houses Chester Lecture Music endowments Cathedral Hall Church Burgesses Trust Cathedral Development Project Cathedral Gateway Project Yorks & Lancs Regiment fund Choir Tour Fund Choral Tuition William Rowley Charity Sam Hiller Memorial fund Organ fund Community Covenant Friends of Sheffield Cathedral David Hepher Painting Restoration HMS Sheffield Flag Tony Elwis Legacy Benefact Trust (nee Allchurches Trust) Ministry Experience Scheme Benefact Trust Transformational Grant Total Cathedral funds	Unrestricted funds £ 234,012 1,250,000 33,666 1,517,678 574 92,026 832,460 925,060 (145,091) 779,969 2,297,647 - 2,297,647 1,849,885 - 7,227 27,002 413,533 - - - - - - - - - - - - - - - - - - - - 2,297,647	Restricted funds £ 156,344 - - 156,344 - - 258,423 258,423 (35,000) 223,423 379,767 (215,417) 164,350 - - - - - - - - 3,315 (242,915) 24,232 109,723 20,140 10,844 11,144 68,842 23,318 1,747 19,783 1,500 791 15,000 18,813 1,599 76,474 164,350	Endowment funds £ 140,510 - - 140,510 - - 45,486 45,486 - 45,486 185,996 - 185,996 - - - - - 26,111 123,323 36,562 - - - - - - - - - - - - - - - - - 185,996		2024 Total funds £ 530,866 1,250,000 33,666 1,814,532 574 92,026 1,136,369 1,228,969 (180,091) 1,048,878 2,863,410 (215,417) 2,647,993 1,849,885 - 7,227 27,002 413,533 26,111 123,323 36,562 3,315 (242,915) 24,232 109,723 20,140 10,844 11,144 68,842 23,318 1,747 19,783 1,500 791 15,000 18,813 1,599 76,474 2,647,993	2023 Total funds £ 521,226 1,425,000 51,299 1,997,525 792 80,077 1,024,933 1,105,802 (189,420) 916,382 2,913,907 (242,917) 2,670,990 1,796,895 100,000 7,227 27,002 420,000 25,064 117,765 35,330 3,315 (270,415) 25,764 106,159 20,140 14,246 11,000 68,851 10,456 1,747 19,783 1,500 791 15,000 35,290 80 78,000 2,670,990

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CHAPTER BALANCE SHEET - continued AT 31 DECEMBER 2024

The financial statements on pages 19 to 50 were approved by the Cathedral Chapter on and are signed 18/06/2025 GMT on its behalf by:-

Signer ID: XLJTALOPN2...

Signer ID: FVWASEQTSB...

The Very Reverend Abigail Thompson Dean of Sheffield

Canon J Biggin Lay Treasurer

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024

	Note	2024	2023
		£	£
Cash flows from operating activities:
Net cash provided by/(used in) operating activities	(a)	(41,946)	(26,857)
Cash flows from investing activities:
Investment income received net of costs		28,482	21,938
Purchase of tangible fixed assets		(581,692)	(52,599)
Purchase of investments		-	(90,000)
Proceeds on disposal of tangible fixed assets		740,000	-
		__	_
Net cash provided by/(used in) investing activities		186,790	(120,661)
		__	_
Cash flows from financing activities
Repayment of loans		(31,500)	(31,500)
		__	_
Net cash (used in) investing activities		(31,500)	(31,500)
		__	_
Change in cash and cash equivalents in the reporting period		113,344	(179,018)
Cash and cash equivalents at the beginning of the reporting period	(b)	1,064,532	1,243,550
		__	_
Cash and cash equivalents at the end of the reporting period	(b)	1,177,876	1,064,532
		__	_

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CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024

(a) Reconciliation of net income to net cash flow from operating activities

		2024	2023
		£	£
Net income/(expenditure) for the reporting period (as per the SOFA)		(14,300)	(50,513)
Adjustments for:
Depreciation charges		20,566	3,633
Investment income		(28,482)	(21,938)
(Profit)/loss on disposals		10,000	-
Gains on investments		(9,640)	(31,037)
Increase in stocks		(4,975)	(9,399)
(Increase)/decrease in debtors		(12,017)	20,562
(Decrease)/increase in creditors		(3,098)	61,835
		__	_
Net cash provided by/(used in) operating activities		(41,946)	(26,857)
		__	_
(b) Analysis of cash and cash equivalents
Cash in hand		1,177,876	1,064,532
		__	_
Total cash and cash equivalents		1,177,876	1,064,532
		__	_
(c) Analysis of change in net debt
	As at 1		As at 31
	Jan 2024	Cash flows	Dec 2024
	£	£	£
Cash in hand	1,064,532	113,344	1,177,876
Debt due within one year	(31,500)	-	(31,500)
Debt due after one year	(248,917)	31,500	(217,417)
	__	__	_
	784,115	144,844	928,959
	__	__	_

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Page 25

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024

1. Accounting Policies

(a) Basis of preparation

The Cathedral Chapter prepares its annual financial statements on the basis of historical cost adjusted for the revaluation of land and buildings and the carrying of investments at market value.

The financial statements have been prepared, in accordance with applicable accounting standards, the ‘Guidelines on Accounting and Reporting Regulations by English Anglican Cathedrals’ issued December 2018, as specified by the Church Commissioners under section 27 of the Cathedrals Measure 1999 and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The consolidated financial statements comprise those of Sheffield Cathedral Chapter and Sheffield Cathedral Enterprises Limited, a wholly owned subsidiary. The results of the subsidiary are consolidated on a line by line basis.

The financial statements are prepared in £ sterling which is the functional currency of the Cathedral and rounded to the nearest pound.

(b) Going concern

Chapter have considered the impact of the current economic climate on the entity’s income and operating cost base. They have prepared forecasts of income and expenditure and cash flow for the period to 31 December 2026 which shows that they have sufficient reserves and cash to be able to continue for the foreseeable future. Chapter therefore continue to adopt the going concern basis of preparation for these financial statements.

(c) Fund accounting

Balances are split between unrestricted, restricted and endowment funds.

Unrestricted funds are expendable at the discretion of the Cathedral Chapter in furtherance of the objects of the charity. Unrestricted funds earmarked for particular projects are designated as separate funds.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are those where the capital must be retained and cannot be used as if it were income. Expendable endowment funds are those where the capital is usually retained but where it may apply the income.

For an explanation and analysis of each fund see note 14.

Trusts where the Cathedral Chapter acts as trustee and controls the management and use of the funds are included in the financial statements.

(d) Income

Income is included in the Statement of Financial Activities (SOFA) when the Cathedral Chapter is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

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Page 26

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

1. Accounting Policies – continued

(d) Income - continued

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

(e) Taxation

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

(f) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of resources. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Where costs cannot be directly attributed to particular headings they have been allocated or apportioned to activities on a basis consistent with the use of resources. Central support costs are apportioned on the basis of estimated usage of resources at the Cathedral.

(g) Cathedral buildings and the inventory

The Accounting and Reporting Regulations for English Anglican Cathedrals issued in December 2018 do not consider that the Cathedral building is a heritage asset. Accordingly, no value is attributed in the balance sheet to the cathedral and its ancillary buildings.

Similarly, the regulations consider that no value should be attributed to items included in the inventory prepared under S42(1) of the Care of Cathedrals Measure 2011 as being of architectural, archaeological, artistic or historic interest.

Material enhancements to the Cathedral, its ancillary buildings and the inventory are written off to the SOFA in the year incurred, in accordance with current best practice, as are the repairs, restoration and maintenance of the Cathedral.

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Page 27

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

1. Accounting Policies – continued

(h) Property

Property is included in the balance sheet at open market value. The increase or decrease in the value of properties at the year end is taken to the SOFA.

(i) Tangible fixed assets

Fixed assets other than property are included at cost less depreciation which is calculated to write off the cost of fixed assets, less their residual value, over their expected lives as follows:

Musical instruments and sound equipment	- 10 years straight line
Fixtures and fittings	- 5 years straight line
Plant and equipment	- 5 years straight line
Computer equipment	- 3 years straight line

Depreciation is not provided on freehold properties as it is the Cathedral Chapter’s policy to maintain the property in good repair. In accordance with FRS102, the members have performed an impairment review, and it is their opinion that the carrying values of the freehold properties are not higher than the recoverable amount.

It is the Cathedral Chapter’s policy not to capitalise items costing less than £1,000. The effect of this policy is not considered material to the accounts.

It is the Cathedral Chapter’s policy not to depreciate capital items in the year of addition.

(j) Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

(k) Debtors

• Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

(l) Cash and cash equivalents

Cash and cash equivalents consist of cash at bank and in hand.

(m) Creditors and provisions

Creditors and provisions are recognised where the Cathedral Chapter has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(n) Financial instruments

The Cathedral only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(o) Investments

Investments are included in the balance sheet at market value. The increase or decrease in the value of investments at the year end is taken to the SOFA.

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Page 28

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

1. Accounting Policies – continued

(p) Pension costs

The pension costs charged in the financial statements represent contributions payable by the Cathedral Chapter during the year.

(q) Critical accounting estimates and areas of judgement

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 Cathedral makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The key estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Non-investment property is included in the balance sheet at market value. This market value is subject to judgements made by an expert and by Chapter including, but not limited to, the state of repair of the properties, local knowledge and market conditions.

Support costs are allocated between funds on the basis of resource use. Any allocation to restricted funds must be in line with the terms of the funding and misallocation could materially affect the fund balances.

(r) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount

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Page 29

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

2. Prior year Statement of Financial Activities for purposes of comparison

Notes Income and endowments from: (3) Donations and legacies Grants in support of ministry Charges and fees arising in the course of mission Trading and fundraising Investments Other income Total income Expenditure on: (4) Raising funds Ministry Education and outreach CAP insurance monies All other education and outreach Cathedral and precincts upkeep Expenditure (5) Net (expenditure)/income before investment gains/(losses) Net gains/(losses) on investments (7) Net (expenditure)/income Transfers between funds Other recognised gains Non investment property (8) Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds £ 130,322 414,370 81,772 459,212 14,624 - 1,100,300 413,339 322,919 77,695 29,260 350,860 1,194,073 (93,773) 9,342 (84,431) (27,500) (111,931) 100,000 (11,931) 2,415,419 2,403,488	Restricted funds £ 1,200 440,414 - - 2,881 - 444,495 - 296,981 - 9,251 130,473 436,705 7,790 9,882 17,672 27,500 45,172 - 45,172 96,535 141,707	Endowment funds £ - - - - 4,433 - 4,433 - - - - - - 4,433 11,813 16,246 - 16,246 - 16,246 161,913 178,159	2023 Total funds £ 131,522 854,784 81,772 459,212 21,938 - 1,549,228 413,339 619,900 77,695 38,511 481,333 1,630,778 (81,550) 31,037 (50,513) - (50,513) 100,000 49,487 2,673,867 2,723,354

*Insurance monies of £80,270 were recognised within other income in 2022 and after payments of expenses, the balance of £77,695 was donated to CAP during 2023.

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Page 30

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

3. INCOME AND ENDOWMENTS

Unrestricted funds £ Donations and legacies Legacies 13 Congregational collections and giving (3a) 145,756 Master Cutlers donation 25,000 Income from appeals and fundraising 28,790 Other 260 199,819 Grants in support of ministry Church Commissioners 8,026 Church Burgesses Trust (15) 416,000 Church Burgesses Educational Foundation - Church Commissioners Sustainability Fund - Sheffield Diocesan Board of Finance 7,500 Benefact Trust - Cathedrals Music Trust - Benefact Trust Transformational Grant - National Schools Singing Programme - South Yorkshire Communities Grant - Ministry Experience Scheme - 431,526 Charges and fees arising in the course of the mission Facility and other fees 94,003 94,003	Restricted Endowment funds funds £ £ 14,205 - - - - - 200 - - - 14,405 - 257,847 - 88,873 - 10,000 - 32,900 - - - 18,813 - 15,832 - 28,000 - 25,000 - 9,470 - 2,920 - 489,655 - - - - -		2024 Total funds £ 14,218 145,756 25,000 28,790 260 214,224 265,873 504,873 10,000 32,900 7,500 18,813 15,832 28,000 25,000 9,470 2,920 921,181 94,003 94,003	2023 Total funds £ 9,000 122,209 - 313 - 131,522 257,458 491,259 - 62,754 8,650 21,875 6,668 - - - 6,120 854,784 81,772 81,772

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Page 31

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS – continued YEAR ENDED 31 DECEMBER 2024

3. INCOME AND ENDOWMENTS - continued

Unrestricted funds £ Trading and fundraising Events held in the Cathedral 206,482 Commercial trading operations 314,534 521,016 Investments Investments 19,546 19,546 3a. Congregational collections and giving Collections 40,944 Alms boxes 25,629 Donations 8,132 Patrons 2,388 Candles 17,726 Planned giving 38,522 Tax recoverable 12,415 145,756	Restricted Endowment funds funds £ £ - - - - - - 4,243 4,693 4,243 4,693 - - - - - - - - - - - - - - - -		2024 Total funds £ 206,482 314,534 521,016 28,482 28,482 40,944 25,629 8,132 2,388 17,726 38,522 12,415 145,756	2023 Total funds £ 197,984 261,528
				459,512
				21,938
				21,938
				31,814 26,151 5,979 2,823 15,760 28,830 10,852
				122,209

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Page 32

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

4. EXPENDITURE Unrestricted funds £ Raising funds Events and hospitality 165,885 Commercial trading operations 305,837 471,722 Ministry Clergy stipends and working expenses - Clergy housing costs - Services and music 240,845 Loss in property disposal 10,000 Support costs (4a) 169,884 420,729 Education and outreach Educational activities 797 Community Resource Centre 15,268 CAP Insurance monies - Support costs (4a) 14,157 30,222 Cathedral and precinct upkeep Maintenance and interior upkeep 103,084 Cathedral insurance (46) Utilities 79,775 Salaries 81,603 Support costs (4a) 99,099 363,515	Restricted Endowment funds funds £ £ - - - - - - 140,344 - 14,653 - 92,126 - - - 109,003 - 356,126 - 826 - - - - - 9,084 - 9,910 - 32,665 - 54,373 - - - - - 63,584 - 150,622 -	2024 Total funds £ 165,885 305,837 471,722 140,344 14,653 332,971 10,000 278,887 776,855 1,623 15,268 - 23,241 40,132 135,749 54,327 79,775 81,603 162,683 514,137	2023 Total funds £ 155,854 257,485
			413,339
			103,507 22,892 206,279 - 287,222
			619,900
			8 14,568 77,695 23,935
			116,206
			114,966 50,189 71,518 77,115 167,545
			481,333

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Page 33

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

4. EXPENDITURE – continued

Unrestricted funds £ 4a. Support costs Office expenses 45,491 Salaries 96,943 Other staff costs - Staff recruitment - Loan Interest 13,042 Public relations 7,985 Legal and professional 51,525 Travel and subsistence 5,533 Staff training 5,614 Depreciation 1,600 IT running costs 37,910 Bank charges 717 Audit fees 16,780 283,140 Total 2023 293,675	Restricted Endowment funds funds £ £ 16,000 - 139,939 - - - 5,680 - - - - - 1,343 - 1,226 - - - 16,033 - 1,450 - - - - - 181,671 - 185,027 -		2024 Total funds £ 61,491 236,882 - 5,680 13,042 7,985 52,868 6,759 5,614 17,633 39,360 717 16,780 464,811 478,702	2023 Total funds £ 76,936 235,631 21,252 16,717 12,535 11,126 31,957 9,085 8,718 1,600 36,081 774 16,290 478,702

5. Analysis of total expenditure including allocations of support costs

Activities undertaken directly £ Raising funds 471,722 Ministry 497,968 Education and Outreach 16,891 Cathedral and precincts upkeep 351,454 1,338,035 Total 2023 1,152,076	Grant funding activities £ - - - - - -	Support costs £ - 278,887 23,241 162,683 464,811 478,702	Total 2024 £ 471,722 776,855 40,132 514,137 1,802,846 1,630,778	Total 2023 £ 413,339 619,900 116,206 481,333 1,630,778

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Page 34

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

6. Cathedral buildings and the inventory

The Cathedral is a 900 year old, grade 1 listed building.

There were no inventory transactions in either year.

7. Investments

Group and chapter

Group and chapter
Unrestricted Restricted Endowment funds funds funds £ £ £ At market value 1 January 231,014 152,846 137,366 Investments additions - - - Net increase on revaluation 2,998 3,498 3,144 At market value 31 December 234,012 156,344 140,510	Total funds £ 521,226 - 9,640
	530,866

All investments are listed UK securities and comprise:

UK property fund UK investment funds	£ 68,823 462,043
	530,866

The historical cost of the investments is £354,297 (2023: £354,297).

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Page 35

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

8. Non investment property

Group and Chapter Freehold land and buildings Unrestricted Restricted Endowment funds funds funds £ £ £ At valuation 1 January 1,425,000 - - Additions 575,000 - - Disposals (750,000) - - Revaluation - - - At cost/valuation 31 December 1,250,000 - -	Total funds £ 1,425,000 575,000 (750,000) - 1,250,000

Unrestricted funds comprise 2 properties held for cathedral clergy housing.

The property acquired in the year is held at its market value as assessed by Riddle & Co. Surveys and Professional Services Ltd on 25 May 2024. The other property is held at current market value based on a valuation from Blundells Estate Agents on 17 May 2023, which Chapter does not believe has materially changed in value at 31 December 2024.

The historical cost of these properties is £1,296,000 (2023: £818,142).

9. Equipment & plant

Group Cost At 1 January Additions At 31 December Depreciation At 1 January Depreciation for year At 31 December Net book value At 31 December 2024 At 31 December 2023	Unrestricted funds £ 300,721 6,692 307,413 219,763 20,566 240,329 67,084 80,958	Restricted funds £ 11,032 - 11,032 11,032 - 11,032 - -	Endowment funds £ - - - - - - - -	Total funds £ 311,753 6,692 318,445 230,795 20,566 251,361 67,084 80,958

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Page 36

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

9. Equipment & plant - continued Chapter Unrestricted Restricted Endowment funds funds funds £ £ £ Cost At 1 January 243,259 11,032 - Additions - - - At 31 December 243,259 11,032 - Depreciation At 1 January 191,960 11,032 - Depreciation for year 17,633 - - At 31 December 209,593 11,032 - Net book value At 31 December 2024 33,666 - - At 31 December 2023 51,299 - - 10. Debtors Group Unrestricted Restricted Endowment funds funds funds £ £ £ Trade debtors 45,085 - - Prepayments and other debtors 49,078 - - 94,163 - - Chapter Unrestricted Restricted Endowment funds funds funds £ £ £ Trade debtors 45,085 - - Prepayments and other debtors 46,941 - - 92,026 - -	9. Equipment & plant - continued Chapter Unrestricted Restricted Endowment funds funds funds £ £ £ Cost At 1 January 243,259 11,032 - Additions - - - At 31 December 243,259 11,032 - Depreciation At 1 January 191,960 11,032 - Depreciation for year 17,633 - - At 31 December 209,593 11,032 - Net book value At 31 December 2024 33,666 - - At 31 December 2023 51,299 - - 10. Debtors Group Unrestricted Restricted Endowment funds funds funds £ £ £ Trade debtors 45,085 - - Prepayments and other debtors 49,078 - - 94,163 - - Chapter Unrestricted Restricted Endowment funds funds funds £ £ £ Trade debtors 45,085 - - Prepayments and other debtors 46,941 - - 92,026 - -	Unrestricted funds £ 243,259 -	Unrestricted funds £ 243,259 -	Restricted funds £ 11,032 -	Restricted funds £ 11,032 -	Endowment funds £ - -	Total funds £ 254,291 - 254,291 202,992 17,633 220,625 33,666 51,299 2024 Total funds £ 45,085 49,078	2023 Total funds £ 58,644 23,502
		243,259		11,032		-
		191,960 17,633		11,032 -		- -
		209,593		11,032		-
		33,666		-		-
		51,299		-		-
			Restricted Endowment funds funds £ £ - - - -
	94,163		-		-		94,163	82,146
			Restricted Endowment funds funds £ £ - - - -				2024 Total funds £ 45,085 46,941	2023 Total funds £ 58,502 21,575
	92,026		-		-		92,026	80,077

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Page 37

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

11. Cash Group Unrestricted funds £ CBF Deposit fund 466 Cash at bank and in hand 873,501 873,967 Chapter Unrestricted funds £ CBF Deposit fund 466 Cash at bank and in hand 831,994 832,460 12. Creditors due within one year Group Unrestricted funds £ Trade creditors 85,174 Deferred Income 14,453 Accruals and other creditors 91,343 Due to the Diocese - Bank bounceback loan 4,000 194,970 Chapter Unrestricted funds £ Trade creditors 74,386 Deferred Income 14,453 Accruals and other creditors 56,252 Due to the Diocese - 145,091	Restricted Endowment funds funds £ £ - 16,986 258,423 28,500 258,423 45,486	2024 Total funds £ 17,452 1,160,424 1,177,876	2024 Total funds £ 17,452 1,160,424 1,177,876	2023 Total funds £ 16,572 1,047,960 1,064,532 2023 Total funds £ 16,572 1,008,361 1,024,933 2023 Total funds £ 48,197 43,332 110,039 27,500 4,000 233,068 2023 Total funds £ 35,404 43,332 83,184 27,500 189,420
	Restricted Endowment funds funds £ £ - 16,986 258,423 28,500 258,423 45,486	2024 Total funds £ 17,452 1,118,917 1,136,369
	Restricted Endowment funds funds £ £ - - 7,500 - - - 27,500 - - - 35,000 -		2024 Total funds £ 85,174 21,953 91,343 27,500 4,000 229,970
	Restricted Endowment funds funds £ £ - - 7,500 - - - 27,500 - 35,000 -		2024 Total funds £ 74,386 21,953 56,252 27,500 180,091

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Page 38

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

12. Creditors due within one year- Continued

Unrestricted Group and Chapter funds £ Deferred income at 1 January - Resources deferred during the year14,453 Amounts released from previous periods - Deferred income at 31 December14,453	Restricted Endowment funds funds £ £ 43,332 - 7,500 - (43,332) - 7,500 -	2024 Total funds £ 43,332 21,953 (43,332) 21,953	2023 Total funds £ - 43,332 - 43,332

At the balance sheet date, the Chapter was holding funds for grants received in advance for the singing programme.

13. Creditors due over one year

Unrestricted funds £ Total - Due to the Diocese - Chapter - Bank bounceback loan 2,000 Group 2,000	Restricted Endowment funds funds £ £ - - 215,417 - 215,417 - - - __ 215,417 -	2024 Total funds £ - 215,417 215,417 2,000 217,417	2023 Total funds £ - 242,917 242,917 6,000 248,917

Diocese

The Diocese made a loan to the Cathedral for £550,000 for the purpose of the Development Project.

The loan term is 25 years and repayments have been made annually commencing 2018. Interest is charged on the balance at the rate equivalent to the Central Board of Finance Deposit Fund Rate. The Cathedral was given a holiday in the repayment of this loan in 2017 and no payment was made in 2016.

Loans due in more than one year fall due as follows:

Between 1 and 2 years Between 2 and 5 years After 5 years	Bank £ 4,000 2,000 - 6,000	Diocese £ 27,500 82,500 132,917 242,917	Total £ 31,500 84,500 132,917 248,917

Included within creditors is a Coronavirus bounceback loan of £6,000 (2023: £10,000) which is secured by way of government guarantee, with £4,000 (2023: £4,000) due within one year and £2,000 (2023: £6,000) due over one year.

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Page 39

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. Statement of funds

(a) Endowment funds – current year

Group and Chapter

At 1 January Income Expenditure Increase in market value of investments At 31 December Endowment funds – prior year Group and Chapter At 1 January Income Expenditure Increase in market value of investments At 31 December	Permanent Expendable Chester Music Music Cathedral Lecture Endowments Endowments Hall £ £ £ £ 25,064 101,659 16,106 35,330 574 2,564 880 675 - - - - 473 2,114 - 557 26,111 106,337 16,986 36,562 Permanent Expendable Chester Music Music Cathedral Lecture Endowments Endowments Hall £ £ £ £ 22,722 91,189 15,429 32,573 565 2,526 677 665 - - - - 1,777 7,944 2,092 25,064 101,659 16,106 35,330	Total £ 178,159 4,693 - 3,144 185,996 Total £ 161,913 4,433 - 11,813 178,159

Chester Lecture Fund

Income from this fund is to be used to fund an annual lecture. The capital within this fund is not available to the Cathedral.

Music endowments

Income from this fund is to be used to defray the expenses of the choristers and choir facilities. The capital within this fund is not available to the Cathedral.

Cathedral Hall Wostenholme Memorial Fund

Income and capital from this fund is to be used for the upkeep of the Cathedral Hall.

Endowment funds include unrealised gains of £64,184 (2023: £60,940)

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

(b) Restricted funds – current year Group and Chapter At 1 January 2024 £ Church Commissioners - Church Burgesses Trust - Church Burgesses Trust – Education 3,315 Cathedral Development Project (270,415) Cathedral Gateway Project 25,764 York & Lancaster Regiment 106,159 Choir Fund 20,140 Sing! - Choral tuition 14,246 William Rowley Charity 11,000 Sam Hiller Memorial fund 68,851 Organ fund 10,456 Community Covenant 1,747 Friends of Sheffield Cathedral 19,783 Painting Restoration 1,500 Church Commissioners – Fundraiser Role Employment Costs - HMS Sheffield Flag 791 Tony Elwis Legacy 15,000 Benefact Trust (nee Allchurches) 35,290 CSF-Fund 3 - Ministry Experience Scheme 80 Benefact Trust 78,000 CSF-Policy Officer - Total Restricted funds 141,707	Income Expenditure £ £ 257,847 (257,847) 86,373 (86,373) 10,000 (10,000) - - 200 (1,732) 2,634 (1,242) - - 50,302 (50,302) - (3,402) 79 - 1,530 (2,800) 14,205 (1,343) - - - - - - 15,302 (15,302) - - - - 18,813 (35,290) 10,951 (10,951) 5,420 (3,901) 28,000 (29,526) 6,647 (6,647) 508,303 (516,658)	Gains on 31 Transfers investments £ £ - - - - - - 27,500 - - - - 2,172 - - - - - - - 65 - 1,261 - - - - - - - - - - - - - - - - - - - - - - - - 27,500 3,498	At December 2024 £ - - 3,315 (242,915) 24,232 109,723 20,140 - 10,844 11,144 68,842 23,318 1,747 19,783 1,500 - 791 15,000 18,813 - 1,599 76,474 - 164,350

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Page 41

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

Restricted funds – prior year Group and Chapter At 1 January 2023 £ Church Commissioners - Church Burgesses Trust - Church Burgesses Trust – Education 3,315 Cathedral Development Project (297,915) Cathedral Gateway Project 25,564 York & Lancaster Regiment 101,153 Choir Fund 20,140 Sing! 3,031 Choral tuition 14,926 William Rowley Charity 10,678 Sam Hiller Memorial fund 62,606 Organ fund 9,456 Community Covenant 1,747 Friends of Sheffield Cathedral 19,783 Painting Restoration 1,500 Church Commissioners – Fundraiser Role Employment Costs - HMS Sheffield Flag 791 Tony Elwis Legacy 15,000 Benefact Trust (nee Allchurches) 25,000 Ministry Experience Scheme 1,760 Benefact Trust 78,000 CSF-Policy Officer - Total Restricted funds 96,535	Income Expenditure £ £ 257,458 (257,458) 85,539 (85,539) - - - - 200 - 1,297 (1,190) - - 6,668 (9,699) - (680) 78 - 1,506 - 1,000 - - - - - - - 37,737 (37,737) - - - - 21,875 (11,585) 6,120 (7,800) - - 25,017 (25,017) 444,495 (436,705)	Gains on 31 Transfers investments £ £ - - - - - - 27,500 - - - - 4,899 - - - - - - - 244 - 4,739 - - - - - - - - - - - - - - - - - - - - - - 27,500 9,882	At December 2023 £ - - 3,315 (270,415) 25,764 106,159 20,140 - 14,246 11,000 68,851 10,456 1,747 19,783 1,500 - 791 15,000 35,290 80 78,000 - 141,707

(1) Church Commissioners

Income from the Church Commissioners is restricted to being used to pay stipends, salaries and other emoluments of persons employed in connection with the Cathedral Church.

(2) Church Burgesses Trust

Income from the Church Burgesses Trust is restricted to being used to pay certain salaries and items of expenditure.

(3) Church Burgesses Trust – Education

Funding provided for the chorister’s singing lessons and tuition fees to enhance their musical education and skills.

(4) Cathedral Development Project

The Development Project raised funds for the now completed Community Resources Centre. The fund is currently in deficit as expenditure on the project has exceeded income received. This deficit is funded by a loan from the Diocese as referred to in note 13. A transfer is made each year from unrestricted funds for the annual loan repayment.

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Page 42

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

• (5) Cathedral Gateway Project

• The Cathedral Gateway Project is raising funds for the reordering of the Cathedral.

(6) York & Lancaster Regiment

• Funds provided towards the maintenance and upkeep of St George’s Chapel (the regimental chapel of the York & Lancaster Regiment) and the provision of flowers.

(7) Choir fund

This fund relates to monies raised by the choir and spent on choir activities.

• (8) Sing!

The Sing! projects aim is to make singing central to every primary school aged child’s life at home, at school and in the wider community. This is funded by the participating schools and the music hub.

(9) Choral tuition

Money to be spent on choral tuition.

• (10) William Rowley Charity

This fund is to be used for the repair and maintenance of the Rowley Window.

(11) Sam Hiller Memorial Fund The Ousley Trust granted money for a choral scholarship dedicated to Sam Hiller, an endowment was granted by the Friends of Cathedral Music to supplement this fund.

• (12) Organ Fund

This fund represents money which has been raised for the purchase of an organ.

(13) Community Covenant

Income from the ministry of defence is used to engage children in their heritage and acknowledge the armed forces in the centenary year of WW1.

(14) Friends of Sheffield Cathedral

Funds provided on closure of the Friends to continue their work supporting the preservation, maintenance and enhancement of the Cathedral and its ministry.

• (15) Painting Restoration

Money raised for the restoration of the David Hepher painting.

• (16) Church Commissioners – Fundraiser Role Employment Costs

Fund to cover the employment costs of the new Fundraiser role.

• (17) HMS Sheffield Flag

Funds given by the HMS Sheffield Association to pay for the installation of the Jack Staff and Union Jack from HMS Sheffield into St George’s Chapel.

(18) Tony Elwis legacy

A gift for the purchase of Cathedral vestments.

• (19) Benefact Trust (nee Allchurches Trust) Funding towards music activities.

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Page 43

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

(20) CSF-Fund 3

Post Covid-19 recovery fund – funding to provide staffing support to aid in the recovery post Covid.

(21) Ministry Experience Scheme

Development Grant from the Archbishops Council to Fund 2 Ministry Interns at the Cathedral for 1 year placement.

(22) Benefact Trust – Transformational Grant

Funding from the Benefact Trust to provide live streaming services throughout the whole of the cathedral, reimagining of the Heritage Area & the provision of an Education Officer.

(23) CSF-Policy Officer

Sustainability Funding for a Policy Officer to assist with the preparation of Documents for the new Cathedrals Measure.

Restricted funds include unrealised gains of £24,766 (2023: £21,268).

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Page 44

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

• (c) Unrestricted funds – current year

At 1 January 2024 £ Designated funds Deanery Fund 27,002 Music Fund 7,227 Houses Fund 420,000 454,229 General funds General funds 1,796,895 Revaluation reserve 100,000 Sheffield Cathedral Enterprises 52,364 1,949,259 Total unrestricted funds 2,403,488 Unrestricted funds – prior year At 1 January 2023 £ Designated funds Deanery Fund 27,002 Music Fund 7,227 Houses Fund 420,000 CAP fund 77,695 531,924 General funds General funds 1,835,174 Revaluation reserve - Sheffield Cathedral Enterprises 48,321 1,883,495 Total unrestricted funds2,415,419	Income Expenditure £ £ - - - - - (6,467) - (6,467) 951,376 (973,884) - - 314,534 (305,837) 1,265,910 (1,279,721) 1,265,910 (1,286,188) Income Expenditure £ £ - - - - - - - (77,695) - (77,695) 838,772 (858,893) - - 261,528 (257,485) 1,100,300 (1,116,378) 1,100,300 (1,194,073)	(Losses)/ gains on 31 Transfers revaluations £ £ - - - - - - - - 72,500 2,998 (100,000) - - - (27,500) 2,998 (27,500) 2,998 (Losses)/ gains on 31 Transfers revaluations £ £ - - - - - - - - - - (27,500) 9,342 - 100,000 - - (27,500) 109,342 (27,500) 109,342	At December 2024 £ 27,002 7,227 413,533
			447,762
			1,849,885 - 61,061
			1,910,946
			2,358,708
			At December 2023 £ 27,002 7,227 420,000 -
			454,229
			1,796,895 100,000 52,364
			1,949,259
			2,403,488

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Page 45

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

14. The funds of the Cathedral - continued

Deanery fund

This fund represents the balance of the sale of the Dean’s former house and is set aside for future works to the Deanery.

Music fund

This fund represents money set aside for supporting music within the Cathedral.

Houses fund

This fund represents the surplus of the sale of the Dean & Precentors houses to be used to for the purchase of a new property.

CAP fund

This fund represents insurance money set aside for the Cathedral Archer Project for the rebuild and design of the project after the 2020 fire in the domino hall. This balance was donated in the year.

Revaluation reserve

The transfer took place when the revaluation reserve was released following the sale of the property during the year.

Unrestricted funds include unrealised gains of £594,566 (2023: £591,578).

15. Church Burgesses Trust

The Church Burgesses Trust provides substantial support for the maintenance and insuring of the fabric of the Cathedral, the costs of divine worship and for administration.

In addition the Cathedral Chapter can apply to the Church Burgesses Trust for one off grants towards major repairs and improvements from time to time.

Details of income received from the Church Burgesses Trust is as follows:

Note Grant for maintenance, divine worship and administration One off grants Total support (3) Transactions with the Diocese Contributions paid to Diocesan Funds (included as charitable giving in the Statement of Financial Activities)	2024 £ 470,373 34,500 504,873 2024 £ -	2023 £ 455,909 35,350 491,259 2023 £ -

16. Transactions with the Diocese

At the year end there is an interest-bearing loan due to the Diocese of £242,917 (2023: £270,417) (notes 12 and 13).

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Page 46

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

17. Pension costs

The Chapter contributes to staff pensions in line with the auto enrolment rate. For staff who were employed before auto enrolment was implemented the Cathedral contributes 8%. Clergy pensions are paid by the Church Commissioners and so their pension arrangements are not relevant for disclosure in these accounts.

Pension contributions paid by the Cathedral Chapter amounted to £20,486 (2023: £20,047). No contributions were outstanding at the year end (2023: £Nil). This excludes clergy pension costs paid directly by the Church Commissioners.

18. Employees The average number of employees during the year was:- Clergy Lay and administration Songmen The total full time equivalent number of employees during the year was: Total staff costs, including clergy stipends, include the following: Clergy stipends (note 19) Salaries Employer’s national insurance Pension contributions Apprenticeship levy		2024 No. 6 31 5 42 21 2024 £ 95,670 674,251 56,404 44,420 432 871,177	2023 No. 6 26 7 39 23 2023 £ 78,104 583,036 45,343 36,083 375 742,941

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2024	2023
		No.	No.
In the band £60,000	- £70,000	1	1

Although clergy are classified above as employees for analysis purposes, they have self-employed status for tax purposes.

The total amount of employee benefits received by senior management personnel is £197,771 (2023: £170,861) which includes gross pay, employers’ national insurance and employers’ pension contributions. The Cathedral Chapter considers its senior management team to be the Dean, Canons and Chief Operating Officer.

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Page 47

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

18. Employees - continued

Total redundancy/termination payments made during the year amounted to £Nil (2023: £21,252) and related to staff redundancies including pay in lieu of notice.

19. Related party transactions

The remuneration and pension costs of the full time Residentiary clergy who are members of the Cathedral Chapter are given below. They are paid in accordance with scales laid down annually by the Church Commissioners, the Archbishops’ Council and the Church of England Pensions Board.

The Revd Canon A Thompson The Revd Canon J Dodd The Revd Canon G Harbord The Revd Canon A Thompson The Revd Canon J Dodd The Revd Canon G Harbord	2024 2024 Stipend Apprenticeship Levy £ £ 41,751 180 32,430 145 21,490 107 95,671 432 2023 2023 Stipend Apprenticeship Levy £ £ 39,659 182 7,853 39 30,967 154 78,479 375	2024 Pension £ 8,513 8,596 4,589 21,698 2023 Pension £ 8,909 - 7,127 16,036

The clergy stipends are fully funded by the Church Commissioners. These financial statements show the matching income and expenditure relating to this funding.

The above members lived in houses owned by the Cathedral Chapter during the year. Out of pocket expenses reimbursed to the above members during the year amounted to £5,092 which includes travel, subsistence and home office costs (2023: £1,944).

During the year 5 Chapter members donated £1,688 to the Cathedral (2023: 4 members: £1,890)

The charity also sold a property to Madeleine Lake, the daughter of Sally Holding, a Trustee of the charity. The property was sold at it’s market value, as determined by an independent valuation, and the transaction was conducted at arm’s length.

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Page 48

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

19. Related party transactions - continued

Cathedral Archer Project Ltd (CAP)

During the year the CAP occupied part of the CRC and the Cathedral received £37,885 (2023: £37,500) for the lease of the premises and a £12,442 (2023: £5,665) contribution towards the utilities cost. These charges are subsidised by the Cathedral and the amount representing a gift in kind from the Cathedral to the Project is estimated at £60,000. During the prior year, a donation of £77,695 was made by the Cathedral to the Project. This was in respect of an insurance payout received in the previous year.

Sheffield Cathedral Enterprises Limited

At the year end a balance was owed to the Cathedral from its subsidiary of £144 (2023: £142).

20. Operating lease commitments

Lessee

At the reporting end date the Chapter had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Photocopiers Within 1 year Over 1 year	2024 £ 6,304 4,203 10,507	2023 £ 6,304 10,507 16,811

Expenditure charged to the Statement of Financial Activities in respect of operating leases this year was £10,687 (2023: £10,494).

21. Capital Commitments

The Cathedral are in the process of purchasing a property. An offer to purchase was accepted in July 2024 and completion is due during summer 2025.

22. Contingent liabilities

The Gateway project has received funding from HLF. In accordance with the related agreements there are conditions in respect of the continuing use of the Cathedral Heritage Centre. Any change in that use could give rise to a possible claw back which will apply up to the year 2039.

The Cathedral Chapter has adopted strategies to ensure that the conditions will be met. In the opinion of the Chapter repayment of these funds will not be required and, accordingly, no liability for these amounts has been provided in these financial statements.

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Page 49

Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646

CATHEDRAL CHURCH OF SAINT PETER AND SAINT PAUL IN SHEFFIELD

NOTES TO THE ACCOUNTS - continued YEAR ENDED 31 DECEMBER 2024

23. Principal subsidiaries

The wholly owned subsidiary, Sheffield Cathedral Enterprises Limited (company registration no: 09481073), which is incorporated in the United Kingdom, pays all its taxable profits to the charity by gift aid. A summary of its results and assets and liabilities are shown below:

Income Expenses Profit Fixed assets Current assets Current liabilities Long term liabilities Net assets Represented by: Share capital Reserves	2024 £ 314,534 (305,837) 8,697 33,418 79,666 (50,023) (2,000) 61,061 - 61,061 61,061	2023 £ 261,528 (257,485) 4,043 29,659 72,353 (39,648) (10,000) 52,364 - 52,364 52,364

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Document ID: 031edfec0bf467c1dd5386e551694f8ee3dc9c5e6085acb8784d2471fdc99646