2024-12-31-accounts

Annual Report and Financial Statements For theyear ended 31 December 2024 for the Cathedral Church of the Blessed Virgin Mary in Truro. Cornwall charity Number 1207821 Truro Cathedral sacred space, Common giwnd

Truro Cathedral Contents Page Reference arKI administrative information Annual report Statement of the Responslbilltle5 of the Chapter 13 Independent auditors, report 15 Statement of financial activities Balance Sheet 20 Cash flow statement 21 Notes 22 Malor gbfts and grant5

Truro Cathedral Reference and administrative information Forthe y8ar ended 31 D8C8mb8r 2024 Registered Charity Number 1207821 from 12, Aprll 2024 The Chapter (Board of Tru5tee51 The admSnlstratlve bodyls the Chapter lactSng on behalf of the corporate bedy of Truro C&thedral. The member5 of the Chapt durlng the period 1 january 2024 to the dateof approval of tho annual report and flnantlil stAtemÈnt5 were as follows.. The Reverend Canon A Bèshforth The Reverend Canon H Dhvie5 The Roverendllames R Perry D Sknnnard Canon Pastor Honoiary Canon Senioi Non-Executpie Metnber Chaptercanon Chapter Canon The Very Reveiend. 5 Robln50n Dean Ilnteriin Dean from 9 N4wernber 2022, PeimnenL Dean frorn 21 january 20241 Actlng Canon Precenrorappolnted 15 March 2025 Chapter Canon appointed 16 April 2025 ChaptÈr Canon appolnted 16 Aprll 2025 Chapter Canon appointed 16 April 2U25 chapter Lanon appointed 16 April 2025 AppoFnted 16 April 2025 The Reverend Canon Swallace S McLachlan P Newberry T Willièms D Rowland T Pethybridge Flnance. Audlt & Rlsk Commlttee R ttobin50n The Reverend Canoll A Bashforth I klarvey M HÈwson The Reverend Canonl Routh E Winser T PÈthybridgè Twllllams Chalr Appainted t6 May 2D25 Appointed 16 May 2025 Appuiiiied 16 Mdy 2025 Appainted 16 May 2025 Appointed 11 lune2025 Appointed Jl lune 2025 Fabrlc Advlsory Commlttee P Scott A Banner H 8oox P Holdpn A Le Page P Newberry A PreslDn-lone5 The Reverend L Walker S 81aylock l Hud50 Chair ConsultaniArchaeologist A(fvisoi non-voLing Archlteci Advisor non-votlng

Truro Cathedral Reference and administrative information Forthe yearended 31 December 2024 Anotherway Communlty Governance Thevery Reveren(J. S Roblnso L Nelson A O'Byrne C Hogger L Mtsr8an-Lundie Chair, appointed 2 Aprll 2025 Appoinied 2Apiil 2025 AppolntÈd 2April 2025 Appolnted 2ApYll 2025 Appolnied 2Aprll 2025 Nomlnatlons Commlttee Or P McGovern C Batt Slr E Bolliho I Will*ams M SÈlwood Chair, appointeLI 16ApFiI 2025 AppointÈd 16April 2025 ppoinied 16 Aprll 2025 Appolntèd 76April 2025 Appolnted 16 Aprll 2025 Appointed 16 April 2025 AppolntÈd 16 April 2025 Appointed 11 lune 2025 AppDinted 11 lune 2025 S Bri>wn T Wllliams D Rowland Safeguarding Management Commliree l Hoskln8 I Pomery (Law IndÈpondentChalr, èppolnted 29lafjuary2025 Appolnted 29lanuary 2025 AppDliitÈd 29lanuary 2025 Appolnted 29lanuary 2025 Appolnted 291anuory 2025 Appolnted 29lanuary 2025 Appoiftted 2914nuary 2025 Apptrlnted 29lanuary 2025 Appainied 2913nuary 2025 Appolnted 29laiiuary 2025 Appolnied 29lanuary 2025 S O'Nelll l AnderSOn-Be￿nt S Wallace R Murphy The Very Rever@nd. S Roblnson fvl Brooke T PethybrtdEe Jlames Health and Safety Commlttee The Very Reverend. S Robinson S (YNEIII l Raymer 18ray C Moody S Brown Chair, appoinred 29lanuary 2025 Appolnted 291anuary 2025 Appo1nied 29lanuary 2025 Appoinied 29 January 2Q25 Appolnied 29lanuary 2025 Appolnted 16 April 2025 Buildlng5 and Property Commlttee C Hallatn AppDintpd 16 Aprll 2025 Appolnted 11 lune 2025 R Perry

Truro Cathedral Reference and administrative information Forlhe year ended 31 December 2024 Muslc Fundralslng Commlttee S Mcl achlan D Skinnard S Sawyer E Win5er I Willlams H Wagsiaff E Hunr Appolnted 11 lune 2D25 Appolnted 11 lune 2025 Appointed 19lune 2025 Appolnted 19ILtrnÉ 2025 Appointed 19lune 2025 Appointed 19lunÈ 2D25 AppolntÈd 19lune 2025 Address 05d Cathedral School Cathedral Close Truio lornwallTRI 2FQ Bankers Barclays Bank plc 14 Kin8 Street Truyo TRI 2RB AuiEltors Haysmac LLP 10 Queen sireei Place London ECAR IAG Investments Managers CCLA lTrve5tment ManageTnent Limited OneAngel Lane London EC4R 3AB Consultaiit Surveyors Vickery Holrnan Wa15ingham House Newham Quay Trvro TRI 2DP ConsultantAr¢h5tects Ixaak Hudson, Dittrich Hudson Vasetti Architects 9 8ath Buildings MontpellÈr BS6 SPT Chlef Operatlng Otitcer S O'Neill Dlrector of Muslc Anderson-8esant Chiet Flnanclal Orncey l Mayhew

Truro Cathedral Annual, Report For lh8 year end&(131 December 2024 Annual Report Strutture. KtsveYn8nte, and management The Governing 5tdtute is Truro Cathedral CDnstltutlon and statutes dated 1 FÈbruary 2001, rÈvisÈd March and September 2004 and March 2006. Due to the Cathedr31s' Measure 2021 leadln8 to the Charlty Comml55ion registratlon dated 12 Aprrl 2024 the Constliution and Sialutes were again reviewed Internally and via publlc consulr3tlon. Trtsro Cathedral became a re8lStered charliy on 12 April 2024 Charity number 1207821. Role of the Cathedyal In the Dlotese The Cathedral Church ofthe 81e5sed Virgin Mary Truro is the Seat of the Blshop and 3 cÈntre olChristi3n worshlp and mlsslon. Amorjg It5 obje<tives, It values highly its purpose of encoui-38ing a Ilving falth In God by Interpretlng the Christlan Gospel througl) the Cathedral buildings itself, its history, irs 53lnis, 115 worship, preaching, teaching and through its work in the wider communlty. Any review of actlvities and achlevemen(s during the financial ye3r ending 31 December 2024 should be l.ead againsl thai background. Organlsatlonal structure and managemeni of the Cathedyal Under the Constitutlon and Statutes, the Body Corporate of the Cathedral has, a Chapter and 3550clated committees includlrig flnance anrl a College of Canons. The Chapier and committees make up ihe body raipnraie known as'Thecorporate Body of the Cathedral Church of the Blessed Vlrgin Mary in Trijro, I'Truro Cathedral'l with perpetual succession and a comrnon seal tD be knDwn 35 the Common SEal of the Caihedral. In 2003 the Chapter es¢abli5heiJ the Executive to run tlTre cathe[S￿al on it5 behalf, delegating the shared responslblllty for operatlonal matters. Thls was Changed to be known as the Senior Management Team SMT, in 2023. Rlsk Management The Cathedral has a wrltten assessmeni of the rlsks to whlch it may be exposed. and thi5 is reviewed regularly. It Is satisfied that Systems arÈ Iri plate to mitigate Èxposure to malor risks. Risk Intome & Coshflow- 5nsufficlent funds to mÈÈtexpendlture needs Mitigation Regular revlews of the flnancial position, cashflow projections. Fui)dralsin& Glvlng and Events revenues 311 good l improving. TCL being wound up. Flnanclal récovÈry plan in dÈvelopment. Departmental budget responsibility. Financial foreiasting sy5terr place. Budgeis are monitored by Ihe finance committee. Departmental budgets are In place. Budget autonomy revoked 10 senlor level. Regular Inve%tment Informatlon from CCLA raislng awarenes5 of Limescales. Inforrnation sheet developÈd for use ￿th future donors to music endowment fund.

Truro Cathedral Annual, Report For Ihe y6Bf Bnded 31 D6cembBr 2024 Rlsk managemeht continued Staff & VoluntÈÈrs hufflan re50urc irtsuffltient RÈEular mÈetinES bètweÈn linÈ managers and subordlftates. ¥ree and open discussion weliomed. MulLiple routes of communication available. co113boraiive working to flnd ihe best uses of Ilme. Agreed prtoritie5 and Support available where appropriate. A stronger Ilne on 8dherencÈ to worklng hou¥$ Èntouraged, out of hours working dixouraged. In consuliatlon wSth the Actlng Dlocesan Bishop. clerlcal capacitywas sou8ht an(J Implemented postthÈ suspenslon of A resldentiary canon. Aspecis of the role description of the svspended residentiarycanon are belngfulfilled bythÈ additlonal clerlcal support and by lay rnembÈrg of thÈ team. intludlng a ternporary re-organisation of pastoral caTe and safegvarding responsibillties. G<wer￿arn(È strurtJrÈ Rlsk of not delivering strate8ic objective Monthly reviews at SMT of progress toward5 oblectwes forthe yearwith supplementary reports to each Chapter meetlng. EéLlI obl*illve lias deslgnaied owner511ip. The owner ensure5 pfDgress through good working 5y5tem5 wllh tolleagues and subordinates. Insufficient capacity Bt SMT level to progress Organisatlonal objÈctivÈs The Chapter The Chapter ensures (he Cathedral serves the commLÉnity. Bishop, 3r¥d diocese by.. Settlng policy and dlrecilon. Settlng key oblect¢ves. Approving srralpgy. Monitoring performar)ce and Compllance and reportlng on btsth in the Annual Report. Appolntlng the Chlef Operating Officer and other Executwe members and determlning their remuneTation (non- Ihapter membor5 anlyl. Contributing to the appointfflent of a new Dean Chapter's Investment powers Under the Cathedrals Measure 2021 the ChaptÈr m8y Invest the Cathedral's fundg In any of thÈ following.. Land. Funds admirEiStered for the Central Board of Finance of rhe Church of England by CCLA Investment Managemeni L(d. Investments in whlch trustees may invest under the general power of investfflent in the TTU5tee Act 2000. The Improvemeni or developmenr of property belonging 10 the Cathedral, except that endowment fund5 rnayllot be used to Improve or clevelop the Cathedral Itself and lis anclllary bulldlngs. Vplunteprs We currently have 175 volunteers. An estlmate of hours peryear would be rougl)ly 5,000 and this iniludes welconiers. gulded tours, £hapl8lns and seNÈrs and lty assistants for servlces and evenis stewards for events.

Truro Cathedral Annual, Report For the year end6d 31 D&c8mber 2024 The Senlor Mana8ementTeam ISMTI IformerlyThe Executlve} They kÈy rÈsponslbilitlès of IhÈ SMT arÈ'. Prnpo.%lng kpy nhlp.ctives. Developing sir31egy and ta£tks In lighi of the set oblectlves. Operailng a11 servlces wlthln the sirategic and policy framework. The SMT Is made tsp of the Dean, two Resldeniiary Canons. the Chlef Officers and other senlor leaders.The activStles ar the Cathedral are grtsuped Into fniè dÉp3rtm@nts. Worshlp, Education, Property Ènd Operatlons. Smaller tomrnittÈÈs and workin8 groups arÈ establlshed as requlrÈd to carry Dut spetilic prolecis. The ChlÈf Offlcers report 10 the Dean, The Chapter regularly assesses the performance of ihe SMT. The Cathedral performance Is measured on an annual bas15 frorn january each year. The Chapter agrees anr*ual oblectlves for the Cathedral wilh the Dean and the Chlef Officers and apprové5 It5 Ènnuèl budget In the precedlng November. The ColleEe of Cahons Thls bodybrlngs oplnlon and quesrionsfrom 3c¥oss Cornwall.11 is deslgned to en5UTe Ihat the Cathedral hearsfrorn parlshes In all parts of the dlocese. It also has a formal role In the appolnrment of Ihe Diocesan Blshop. The FÈnance. Audit & Risk CoTnmlttee This comtnittee repoi15 directty to Chapter to assist In their rolÈ of setting flnantla1 dlrettion and mtsnltoring performan£e. Members are selected for the1r financial or industri&l experience. li monitors the financial perforrn3nie of Ihp Cathedral by rev￿WIng monthly managemeni accounts and investment perloitnance. The FabrlcAdvlsory Comrnlttee Thls tommittee ha5 two separate, bui Ilnked, funciions. The first Is to act as an ecclesiastical plannSng authority, eFk5uring that aitions taken by Chapter take due naiicè of the irnportancÈ of such an Iconlt bulldlng Js the Caihedral. The Ee.cond is to provide advlce and expertise on Fnatter5 relating to buildings, treBSure5 and so on. RelatlonshSp between the Cathedral and related partle5 In Note 25 to thèse financlal statements there are summèrles of Lhe Statements of Flnan£lal Act5vllles of The FrSend5 of Ti'uro C8thedi'81 IFI'lendsl and Truro CaLhedral School Limiied. Related party flnancial 518tements appeal. as a fe4uirÈmÈnt of the'GuidÈllnes' EovÈrning our actDuntlng procÈsses accordance wltli The Measure Isectlon 2713nd are subject to exteTnal scrutiny. The arnounts coming tD the Cathedral from thesp entities are dptailed at note 26 to the flnanclal siaternents. These amounrs Bre reporied in rhe financial 5t8ternents be£ause the Chapter. although not In absolute coriLrol of these bodles, does exerclse some coniyol, and has use of the resoui-ces Lhey provlde for the support of the mlsslon and Ilfe of the Cathedral. Cathedyal actlvlties. achlÈvements. and performance TFU¥O Cathedral 15 admifi$5traisvely organise(t into five departrnent5'. Worship, Music, Education & Theology. Pastoral arkd Opexations. A report fiorn Ihe head of depaTtmenL follows the introduction byihe Dean.

Truro Cathedral Annual Report For Ihe year end&cl 31 D8cemb8r 2024 Intidduttltsn- IThÈ VÈry RÈverend Slmon Roblnson. De8n otTrurol Welcome to ihls annual report forthe yearendin8 3151 December 2024 Truro cathedral Is an Itonlt place of wor%hlp and encounter, bullt tts the glory of God by the people of Cornwall foT everyone who lives ID and loves Cornwall, a 5acied an antlÈnt land with a strong and clear Identity. It Is a prlvllege to worship here. to work here and to lead the tathÈdYal in the mlsslon of God. At our core Is worship and prayer, our prSmary purpose and the life blood that holds u5 as a diverse communlty together. Tnjro tathÈdral Is of course the Sum of its parts and every person who gathers here ha5 50methlng to offer God's mission. be It as a consiesation membÈr, as a tÈ8m member, an employeè, a volunteer and as a vlsltor. This annual report represents the work of the cathedral over the pasi yéar. It Ig a disti11atlon 2nd a sumrnary of OUT work. Tlie rEpoit lilghliglirs ach1evemenls and areas forftirihp.r fncu.£, The.rp. arp manynf hnlh. Thp report also Iniludes the annual aicounts whlth Share the IlnÈnclal posltion of the cathedral. somcthing that we must all be mlnded io as we seek to Serve God and build our commLJnal Ilfe of wor5hlp. prayer, outieach and encounter. We are noi wllhoui challenge. to S3y anything other would be disingenuou5. However.we hèveevery opportunitythrough belng reallsllc, thraugh cÈreful plènnlng and housekeeplng 3nd Ehrough m3k¥ng efficiencie5 whe.re we can of addressing those th3llÈngÈs be they mlssional, capacity or Ilnan£131 challenges. At the core of nurrurlng our communal life must be an ever increasing growth of tOTifidente. Confident In the promlses of God f¢und In the Ilfe. deèth. resurrection and ascension oflesus Christ. Confident in each other, as WÈ bring all that we are ta God's mi5slon here and tonfldent In our calllng, ourlolntvocation boih individuallyand together to be salt and IIBht in the world, to bring rnanyto faith in the Lard Je5115 Chii5tèttd to be È place ofwelcome, encounier and engagement for every person who steps through the great doors of the cathedral. LlfÈ is of courso a jDurney of learnlng, and l am constaiiily le3rning8boul howro be 3 Dp.an. That learningjoijrney isnne in which rny 5et15e ofilarity of whatwÈ are and of howwt should be Is also Increaslng. Wlih thls in mlnd and havlng been the substantive Dean for just over one year I share the followingwth Yo￿.. I belleve that T¥uro caihedral needs to builcl A new energy captured in vision, values dnd purpose. bulldln8 on what Is good from the past and ijiscarding anything whlch is rro longer benefici81 to our Ilfe. A new enrhuslasm formed by the Holyspirit for rhe revitalization of thè mission of God A nÈw eificloncy In Its operalltsnal Ilfe. rhe step5 that the cathedral needs to go through and to some extent FS 31rèady golng through are.. Bulld 8 new vlslon not slmply by talking about it but living It in word and action. Deflne and plan the improvement actions, the output5 and the success criteria. If we lail to plan. we 5irDplyp16n to fail. Bulld the tèam and a new aitltudè (o collaboraLlve pracilces Cre31e new and more efficient ways of woiklng parlliularly how decision5 are made 8nd how confllct Is engaged with Nuriuie and love the new culture Evaluate outputs and outcomes Arnend the action plan realigning prioritie5 based on the evldence of where we have got to ai)d what we need to do next. A11 of this Is sound5verygrand. It15 about havlng a plan, a map, a <lear journey that is iompelling3nd atthe same tlme open to thÈ flexibilitywhith comÈs from Ilvlng tO8eiher as a community £alled io wor5hlp God anif se￿Q thÈ wholè of Cornwall. Hlgh up the Qulre of the Cathedral Is a constant reminder in stone and In the Ilves of those who save IhelT lives that Christ may be known in Èvery gènerètion are Ihe words tl)at The Lord is my sirengih and tny shield., We have a tathedral that needs to tling to thls truth. bÈ refreshed by Ihis Iruih. m8nlfesi th15 Lrulh and lead other5 Lo the truth of God's love and mercy found in Our Lord jesus Christ. My genulnè thanks go to every person, no matter who you are for your part in rnaking Truro cathedr31 a tathedral for the Who￿ of Cornwall. Thankyou In Chrisi The Very Reverend Slmon Roblnson Dean ofTruro

Truro Cathedral Annual Report For Ihe ygar ended 31 0ec8fftber 2024 Muslc Department- IHead:JamesNmdersoTrBesanti 2024 ha5 been a wondprful and varled year for TnU5iI-tnaking in Truro, detnon5trating the excellence and breadth of opportunities the departtnent offers to those it has the privilege to edviate. and the posltpie itnpact thi5 work ha5 In the cotnrnunity and further afield. At the start of 2024, we were pald a vlslt from siar organlst Afina Lapwood and ihe ChDlr of Pembroke College, C3mbrldge. They sang Evensong jolni wlih ourglrl Ihorlsters and adults for Eplphany, sSn8lng Inuslc Includlng Kodalys Allssa Bre￿5 and judith BinghanY5 Lol The 5tBr. Itwa5 a very inspiring acia5ion, and Anna even kindly gave 59trbe of our bLSdding chorister orgènists an itnpromptu le550DI january also featured the boy chori5ter5' annual'cushion Concery lied in wilh the cathedral'5 Chori51er Experlence Day. We welcomed a fecord number of 18 young singers to thls fun eveni, and ihls resulted In a healthy round of boy chorSsterrecruiiment for September 2024. On Sund8y21 january, we led The Very Reverend Simon Robinson's installation asthe l)ean of Truro,. the choir 54n8 Dobrinka Tabakov¥s atfn05pheric fruro C¢intiiles written for us a fewyearsago. We are verygrateful for Dea 5iffl0rf5conlinuin8 5UPPOrt and commitfflentto rnusicat the caihedral. In March. Ihe boy chorSsters and adulis headed up the A30 10 Exeier for day of joint sÈrviies Wlth ExÈtÈr CaihÈdral Choir. In between the serviie5, the boychor15ters ofeaih cathedral tested outtheir ski115 onthe football pitch,. while Exeter Cathedral won Ihe juniDr chorister football fflatch 5-2. Ihe Senior gatne was drawn 2-2. 50 we're looking to build on th15 fora future rernaichl We san8 music bystanford (whose anniversary we rnarked In 20241 and Wesley, someLime organisi of Exeier Caihedral. Another hQhllght In March was Eveftsong vmih Saxophone on Monday 18 March, where we were joined by Noah Gamble, a talented young saxophonist, who improvised aver the Iholr's singing all in5plred bylan Garbarek's fatllOU5 reiordlng5Wlth the Hilliard Ensemble. We sang some partlcularly movlng music durlng Iloly Week and over Easter, partlcular hlghll8hts for me belng Balrstow's The L6ment&tlon, Sanders. The Reprooches and Lotti's Cruclfjxu& ThesÈ performances wÈre very mÈmorablÈ and I was VÈryEf8teful to the whole ieam for such grÈat tommittnÈntand skill. On the first May bank holiday. the boych0ri5ter5 and adult5 headed up to Salisbury Cathedral for a lo￿8 day-trip. cultnlnatln8 in Even50ngat 5.30prn as part of their5tanford Centenary Fe5tival.The choir 5an8 Stanford'5 caniicle5 in A, and hisanLhem For lo. /ralseuA and theverylargecon8re8arion had a rare opportunlty 10 hear the cholrfssinglng. Back InTruro, Exeiercaihedral Choirjoined us agaSn, Ihls tlme to sing wlth ourglrl chorlsiers and adulis In a speciacularlolnt servlce'rem8tch'. Our Sumtner Concert in lune featured Handel'5 iconii Zadok the Prlestlwhiih sorne of the girl choristers had sung at the Coronation the previous May), and anthews by Byrd, Gibbons. Mozart, Elgar.ludith Weirandlonathan Harvey. Harvels piece, Come Iloly6hos¢ allowed us to Use thÈ 5pacp crpativÈly, with choriste15 mDvlng aroutTrd in encircling pattern5 while singl￿g this captivating Bnd tiance-like tnu51c. july 15 always a bittersweei time, a5 we celebraie the achlevements of cholr members who are movlng on ro pasiure5 new. Tlie choral scholars of the 23-24 academlc year were a partlcularly successful cohori, who have all used the sprlngboard of Ihelr scholarshlp to galn prosii8lous 8ppolntmenis. Alex Davlson and CÈlla Stoddart-Hunkln took up thÈ roles of Lay Vlcar at Rlpon and ExÈtÈr Cathedrals rèspÉctively, Sam Chlche5ter-Clark moved to read Musli at The Queen's Collpge Oxford with a chDral 5tholarship, and Samuel Lyne-Hall and Niio Shaw gained places to 5ludy at The Royal College of Musli and the Royal Northern College of Music respective5y,' Jerry Mead (organ scholarl Teturned to the USA to becorne the A55iStant Director of Music at Trinity Episcopal Cathedral, Little Rock, Ark3ns35. We arevery proud of Ihem, and of our iommiiment to tsuilding the careers of sin8er5 and organisis

Truro Cathedral Annual Report For Ihe year ended 31 D8c&mber 2024 After the end of the cholr year, the boy choristers and adults headed to St David5 In PÈmbrokeshlre for 4 days of slnglng and activitie5. We sang a concert as part of St Davlds Caihedral's summer conceri serles,which will remain one of ffly Most ÈlÈttric memories of the yearfs singing. ThÈ thorlsters were always keen tO8et a8ame of football goin& and the director of tnusic even SlOTed a goall WÈ vislted Whiiesands Bay, played Poohslicks. and went coasteerlng along the dramatic cliffs. The boys really sUPPOrted Èath oiher as a team and showÈdg¢Èatcourage and bravery In this. Ouf leaving head choristers a150 had tlmÈ for a Ilttle Welsh cake trÈatl On the lasr day we visited a bu8 farffl, finding out about all dlfferÈnt types of I creature5, andwiththe QPPDrtunityto mÈetsomÈ up.close 100.Thankyou so much to everyone who made the tour50 special, e5peclallyourwondÈrful support from Truro School stsff, led by Annabel Gregory. The boys and back low were wonderful amba55adors for Truro for Cornwall. Inluly, WÈ had thegood newsthatihe Cathedral Mu5icTru5tand the Tanner Trust genÈrously awarded Truro Caihedral a grant of £30,000. The grant Is spread over 2 years from SepternbeT 2024 Augusi 2026 and wlll part-fund Ihe exi51in8 role of the a55i5tant director of music. WÈ are very grateful for ihi5 grant, allowlng us to enga8e more widely with our local CQFntnunity in a new oulieaih projeit lotal schools. Sharlng our love of singing will enrich Cornwall's already vibrant tDUSlC scene, whllÈ also nourlslilng our own tradlLlon. We began our new choir year on Sunday 8 September, with thÈ Cathedral's patronal fesi1val. WÈ welcomed and In51alled 8 fania5tic new probationer choristers, 6 head chorlstÈrs 4 thoral scholars, 1 organ scholar. and Benlamln Larham a5 our newtenor layviiar. In theoitoberhalfterm. ourgirl chori5ter5wÈnt on tour, slnglngat St Paufscarhedral, Stlohn's College, Cambridge. Royal Holloway. and St GÈorgÈ's Chapel, Wlndsor Casile. The glrls had a brllllant workshop wlth Rupert Gough and The Cholr of Roy81 Holloway, worklng on our ensÈmble skllls In Byrd's Slngjoyrul￿and Justorum 8nim8e. Wevi51ted thÈTaiÈ Modern b@fore putting our work hats on for our Evensonglolnt wilh St Paul's Caihedral Choirf5 Vicars Choral. We sang Howells, 61oucesterSenqreand Bairstov/s eplc anihem Blessedclty, heaven￿s￿le li was a privile8e to work with St Paul's, Direttor of Muslc, Andrew Carwood, and an honour to slng In sucli 8 prÈsilglous venue. We sang Even50ng joint with The Choir of Stlolin's College, Catnbridge and formÈrTruro dlrectoref muslc, Christopher Gray, and then travellpd to perform in St Geor8e's Chapel, Windsor CasilÈ on the flnal day. We were very lucky 10 have Luke Bond lassisi3ni director of rnusic at Wind50r and formÈrly of Trurol playlng the organ for u5. It Was agaln 8 great[r￿p, and l amverygrateful to Rachelvaughan forall hÈrorganlsatlon and support, all the staff for thÈlr help, and mosi importantly to the 8ir15 who represented the CathÈdr8150 well in place5 of such national slgnlflcance. A bll closer to home, our boy choristers and adult5 a150 V151ted 5tithians parish church for a Sunday evÈnson& 11 was greai io get out and meet tnembers of the tommunlty and share our love for 5ingin8. In November, we led ihe Caihedral's retnembering of the departed at All Souls and Remembrance, with settings of the Requlembyboth Fauré and Duruflé's. One of thegreat aspect50f ourtiadition Isthe rÈsponslbl11ty 10 lead the CaLhedral Ihrou8h all the differeni tones of the seasons. Wlth sorrow and solemniiyaswell as celebraiion and joy. Decetnber w35 a pariicularly varied month, whiih Saw thÉ Iholr engage with audiences near and far In many different gui5e5. On AdvÈnt SLJnday. wo had the great pleasure of broadc65ting iarols live on BBC Radio 3 froffl St Michael's Mount, wlilch we travelled to by 6tnphlblous craft. We sang rnU5ic Includlng thÈ world prernlère ofA Com15h Ghristlnos C8rolby PlÈrs Connor Kennedy, commlssioned for us ID 2024. Then. later in the rnonth, IhtrrisiÈrslolnÈd thÈ Gabrlell Con50ri and hiindreds of local school IhildrÈn for a big proleci concÈrt In the Cathedral.."Gabrieli Roaf'.We then of course sang our usual Chrlstmas concerts and services, alongside a new seNlce destgnÈd foryoung familie5, 10 packed congregalions In thÈ Catliedral, and the boy Ihoristers and adults performed thplr annual iontert al the Tresanion Hotel in St Mawe5. It wa5 a150 great to gÈi oui on tho steps of Hi8h Cr05s ihroughout

Truro Cathedral Annual Report For Ihe year ended 31 December 2024 December, sln8ln8 carols iogether wsih crowds In Truro as p8rt of the tlijrfs late-nSght shopplng. It ha5 been an action-paiked and ÈnÈrgÈtltyÈarwith the Iholr, as alongside all our aitiwtiesweworktoward5 ever hi8herst3tFdards ofsinging. Underlylng 11 of what WÈ do Is our dally rouiine, rÈhearsing with the Ihorister5 every weekday tnorning in teitn time al 8'.ODam. and singlng sÈvÈn sÈrwitÉs a week. Our tnu51c can be listened to by anyone. of any faith. at no charge- an incredibly valuable cotnrnunity offering and one that that relles entirely on teamwork to traln and nurture our muslclans, and to support all of this behlnd the scenes. l amvery lucky In Ihlsregard io work wlth such a dedlcated groupof slngers. organlsts, wlth partiiular thanks ioAsslsiant Dlrecior of Muslc AndrewWy8lt, slnglngteachÈrs, asslstants (both Staff andvolunteer51, ch0ri5ter parents and choir 5upponers. The Caihedral Cholroffers an outst8ndlng educatlon, ants Is bÈaton of mu511-maklng In Cornwall.. l am therefore very gratÈful to Èvery slnglÈ sponsor and donor who helps tnake this possible. My thank5 80 to the Duke of Cornwall's 8ÈnÈvolÈnt Fund, thÈ HèadSÈy Trust, the Worshipful Cotnpany of 5adOlers. the Cathedral Mu51c Trust, and ihe T3tinÈr Trust. I would also like to personalty thank judith Field. the cathedral's Fundraisin8 Lead, for her work In securlng grants from thÈ above trusts. and chorlster parent Sarah McLaihlan for adfflinisterin8 the Sponsor a Chorisier scheme and the Yrienc15 and patrong scheffle. Truro Caihedral Music (fcml. Thankyou to everyone who coniinues to contrlbute In sklll. tlrne, or ihrou8h fiTranclal suppori towards rhls ama25ng tradltlon, unlque In Cornwall. 2025 wlll see IntrÈasÈd fundrai51nE efforts as well as more work oui In rhe comrnunlty. and I look forward to Èverythlng the tomlng month5V4iII brln& James Anderson-Be5ant. Head of Muslc Department 10

Truro Cathedral Annual Report For Ihe y8ar gnd8d 31 Decgmber 2024 Edutatlon &TheoloBy Department- IHÈad.. The Reverendcanon Alan Bashforthl In 2024 the person who oversaw our work In educ8llon moved on 10 a new post. Thls has meant thai capaclly for work Inthe fleld of educatlon has bèen Ilmlted. Even glven thls though, we continue to workwlth 51hools and colleges and other partnèr5 in the field of education. of teaching the faith and of rnusiial outfeach, One aspect of our edutation work ha5 been the creation of a newoutreach rnusic project into two local primary schools. We workvery closely with Truro School and Truro Prep School wlth our muslcal parinershlp, someLhlng whlch Is of great mporiance ar)d Is a great sirength. The Reverend Canon Alan Bashforth Safe8uardln%. IHÈad'. ThÈRÈverendCanon Alan tyashforthl In 2024 ourwork in safeguarding conilnued io be developed. Key to ihls Importaniaspeitof our Ilve5 Is ihe collaborailon and parinership wilh ihe Dlocese of Truro. Key moment ihroughout Ihe year Included the Annual Safeguardlng confÈrencÈ, ajoint tonfÈrÈnce led by the Dioiese of Truro and Truro Cathedral. The 2024 theFne for th15 Itnportant. publlc conference wa5 Trauwna Infortned approaches to our life and work. The conference was aiiended by Parish Safeguardln8 Officers, Ihurchwardens, clergy, or6in3nds, lay leaders, as well as dlocesan and caihedrèl staff and volunteers who took part alon2sldÈ professional partners from other agencles. The tonferentÈ wlll drew on lesson5 frotn evolving re5PQnses in 5Ihools and wilhin Tespon5e5 to dofflestic abuse. The Loud FencÈ was agaln an Irnportant part of oursafeguardlng work. This Is a mosi movlng acknovAed8meni of abuse and space foy anyone 10 leave thelr thoughis. hopes, fear and wlshÈs. Informatlon aboui The Loud FÈntÈ can bÈ rÈad at k12 2411111 Truro cathedral and the Diocese of Truro took part in a 518nificant audit of safeguarding pracliie5, COtnmi55ioned by the Church of England and led by INEQE. an orEaTrisation with a specialisrn in asse551n8 the quality of safe8uardin8 practices. Information about the INEQE audit can be found ai the following links 24 WÈ continue towork towards Ènsuring that Èvery rÈiommÈndation made is tnet. The cathedral Board of Trustees (The Chapter) agreed to review and revisit both the operational or8ani5ation of safeguarding and the governance aTrangernent5 in 2024. Thi5 work will continue into 2025. Truro Caihedral Is worklng wlth Ihe Dlocese of Truro In Ilsienlng to ancs learnlng from the volces of vlctlms and survlvors of 3busÈ. Thls too will bÈ an ongolng plÈtÈ of vÈry Important work. WÈ bÈllÈvÈ that we must lÈarn frtrrn the vÈry livÈd experience of those who have been hurt and traumatlsed by the action5 of the churih. Finally, throu8hout the year the ongoin8 cycle of safeguarding ir31ning has iontinued wih many sraff. tearn members and volunteers refreshlng thelr tr8inln8 or undertakin8 new tralnlng for the first tlme. TheReverendCanonAlan Bashforth 11

Truro Cathedral Annual Report For the year endgd 31 D&Ggmbor 2024 Operatlons DepaYtment- (Head: Chlef Operatlng Offker. sean O'Nellll My rale retnalned as Chlef Op￿ratIng Offlcer, responslble for the non-worshlp aspects of the cathedral. Yhroushout 2024 the cotDTDe￿[lal events prDgramme iontlnued to see growth, welcomlng the return of regular botsklngs and add5nB nume¥ous new organlser5 and attendee5. Throughout rhe year, we hosted 110 cornrnercial events earh with attendante of bÈtwÈen 20D and 1500. For many attendlng, It was thelr firsr visfit to the cathedral. Due to the long lead tlmes For largÈ'home-Erown' events, we were not able to tspltalise In the year on the success of Gala In late 2023 as we needed to ensure Its success before investing In other home-grown show5topper events. Two of these were organlsed for 2025, Luxmuralls and Mars= War & Peace. The planned activities programmÈ from 2023 saw further delay In part dtse to absence w¢thln the operatlons team and the ¥efurbsshmeniofSI Maryls Alsle. which wa5 iniended to be the primary locatlon for the activitie5 prograrTrrne. The programme h85 again been caTrled forward to 2025. Its dellveryls an Important part of thè oblecilves of the fundlng secured to renovaie Sl Maryls Aisle. The team was stable throughout Ihe year seelng only small changes, Wlih the growih of ihe commerclal evenis progra￿rne the strain on our cort>municatlons team grew yet wa5 rnanaged wlthln èx15tlng resourie5. A thange of voltjnteer manager has reinvigor8ied our volunieer ieam and seen 3n Influx of new volunteers. The absence of the operations m8nÈger due to 3 long perlod of slckness absence In the year was challenglng and has caused some resldual challenges wlth Ihe workload for the COO, Howewer, in the year we have invested in the team and rDade progress on the roll-out of conslstent and robust trainlnE whlch we wlll continue to apply and updaie in the Coming year5. Our work on maintaining propertie5 saw iniprovements to mana8ernent and control with a planned tnaintenance programme £n p18ce. Alihough there Is plenty of historlc catchiag up to do on rnalntenance not prevlously undertaken. we h3ve n)ade great strides in ensurin8 compliance 3S 3 priortty. Woi'k in the futurè wll seek to bring n)alntÈnante to dale which In iurn wlll reduce ihe amouni of roacLive work needed. In 2024 we wÈlcomed the Dlocese of Truro tD the Old Caihedral School. whlch by Lhe end of ihe year had entered a lease arrangemeni with us for the first floor of the building. We have enjoyed the closer work%ng relationships between Ihe cathedral and Diocesan teams. Work contlnues oli upiJBiÈS and Iinprovemenisto polScy, procedure, SySLeins and processes. Where we find that one 15 la£kingwhen a decision15 called forii drives the documentation. We aspireto build a full sulte ofstandard operatlng poliiie5 and procedures. Through OUT varied prograrnme of worshlp, events and iotllrnunity artiwties the iathedral's rpputation aiioss Cornwall contlnues to grow well and ¥egularly engages new audience5, m3ny who may othèThvisè not havts vlsited. Coniinued deve1opmentof relationshlps and p3rtnershipstook pl8ce throughout the yea¥with the cathedr?12alning a posllive repuiatlon For broadenlng Ils reaih and appeal. These relatlon5hlps ald the cathedral In embeddlng Itself at the heart of Truro and the surrounding areas. Some of the most regular partners we work with currently include Truro City Couniil, Ihe Mayor of TrurD. Cornwall Playhouse, the ftoyal Cornwall Museum. ASONE Hub, and Truro 81D. O'Ndll thlef Dperatlng Oftlrer 12

Truro Cathedral Annual Report For the year ended 31 December 2024 Flveyear Summary of keyfl8ure5 2020 2021 2022 2023 2024 £'ODQ E'OOO £'ooo Net loutgoingllincoming resources 30.7 271.2 115.41 11631 (743.81 Investment and property 8alns/llossesl 183.51 67.7 15.91 133.41 0.39 I￿le35e11de{reaSèl in funds 152.81 328.9 121.31 1196.41 1143.41 Total funds at the year end 2,303.8 2,642.6 2.621.3 2,424.3 2,379.2 Fln3nclal revlew sectlon The Cathedral seneiated net i￿(Dr￿e durin8 Ihe yeai of £1,524,478 12023.. £f,761,1621. However, this included £611,890 of restricied income12023.. E1,003.7371.The Cathedra5 made Bn unrestricted operating5urplu5 of £117,866. Reserves Pollcy Re5eTve5 are neeiled to maintain the level of the Cathedral's current artlvllles and to Ènable the completion of long- teym projects. Mainlainlng unrestricted reserves protects the cathedral from 8 sudden drop In income and enables a period of restructurlng and lon8-term planning to t)e implerllenred. The Chapiert5 alm Is to bulld up unrestricted "freÈ rèsÈrvÈs" to at least Ihe cosi of elghi monihs ordlnary actlvitles. so that they 3re avallable to ensure the cathedral's operations can contlnue. Where specifk futtjre fundlng tieeds are Idonllfled, the Chapter has the disireiN)n 10 set side free funds for de518nated purposes, whlch are d1511osed a5 De5IgnatEd Fund5. The Chapter conslder the approprlare level offree reserves required in the shortterm as at 31 Decewber 2024to be at le8sI F834,140. Thls is based on an esiimate of on-going unrestricted expenditure for a minirnum period of elght months. The turrentvalue trf unrestrlcted reserves as at 31 December 2024 Is £52,340whlch is belowthe appropriate level. Plans have been put in place to genÈratÈ operating surpluses to brlng them to the retommended level. Recrultment and appolntment of new charlty trustee5 The chapter of Yrur(¥ CathÈdral Is thè body coyporaie under the Caihedrals Measure 2021s2121. Members of ihe Chapter Bre rhe cathedral's trustees. Eliglbility crlteria for rnember5hip and the comp051tion of ihe Chaptpr are set out In the c8thedral Constituiion.There are 8- 12 trustees.. the Dean and iesidentiarycanon5 are execLStive trustees, and tlie remaiiidei. of ihe Cliapter dre non-execuLlve trtssiees. One ol rhe non-execuLive irusiee5 is appointed by tlie ishop. The remainill8 nQn-execvtive triJ5teÈs are rettulted, and 8t loast two thlrds of the non-executlves must be lay person5. The Caihedr31s Measure 2021515 requires the cathedral to have a NomlnatlOn5 Commlttee to advise It on the recrultment of non-execuiive members and ro make recommendaiions re.83rding the skills. knowledge and experieftcÈ of, diverslty amonE, members of the Chapter. Following the award of charitable status to the cathedral In April 2024, an Interlm Nomln8tlons Commlttee was appointed. Ir advl%ed the Chaprer on a recruitment campÈign for new mÈmbeYs in Èarly 2025. The trusteeships were a£lvertised publlcly.. an application pack was published. and applicaiions were Invited. Sevemteen applicatiOT15 were rètolvod, and tandidatos wtre shorillsied by ihe Inierim Noniinatioi)s Commlltee-. Intewlews were conducted.. live provisional offer5 af appollltmenl were iiiade. Offers were iuiiflrmed fullowliig completlon of safer recruitment processes in<luding DB5 check5 and safe8uardin8 tTaining. Arrangements fo settlng pay and remuneratlon of the Charltys key management personnel Rate5 of payare reviewed annuallyand revlÉwed bythe Chapter. Benchmarklng Is only undertaken when a new role is created or a request for a review is Tecelved. 13

Truro Cathedral Annual Report For lh6 year ended 31 December 2024 Poll£les and procedures for the Inductlon and tralnlngof trusteÈs The cathedral Is ai the Stage of developing policle5 procedure5 Èhat relate to rhe Inductio￿ and training of trustees. Historicalty, training ha5 been provided on relevant toplis as they3r15e. An Inductlon plan was created for ihe new trustees recrulted In 2025. They were provlded wlth an Inductlon day and resources based on the Assoclatlon of EnEllsh C8rhedrals' Inductlon checkllst for Chapter members. The Inductlon day Included a speaker who Isan Èxperienced trustee at another cathedral IprovldÈd by thÈ AECI and brieflngs from thÈ Dean. Chlef Operating Officer. Head Df MaFketing and Cotntnunliatlans and Directar of Muslc. Resource5 5upplled to the new trustees included the Report and Financial 5tatetDeDts and link5 to Charity Comrn1551on guidance iniludin8 CC3- The E55ential Trustee. Key pollcies Such a5'5afe8uarding' 6nd'Conflict of Intere5V were a150 clr£ulaied, tQ8ether with key link5 e.8. to the Charity Governance Code. A skills audit will be completed in August 2025. Fundra151ng Yruro Cathedral do not employ a profe55icTral fund raiser or iomtnefci41 paniilpator. Fundraising15 governed by a newly established 5ubcornmittee of Chapter, the Music fundr615ing COFntnittee. and through B part tlffle etnployed fundralsin8 lead. In addition. Ihe Friend5 of Trvro Carhedral, an a550ciared charity I note 26 & 271, are a group of people who support thelr Cathedral byfund raSsSng forvltal projects. InvÈstmént pollcy Chdpier's Itwe511Tieiit pollcy Is iu produce a b3lanced lofflbliiatlo￿ Df capltal 8rowtli an(J Incoffle return wlili an acieptable level of risk. The cvrrent Investment oblectfves are to achleve the best ¢lnaiiclal rdtt of return whlle pr@seMnB the cèpltal value of the assetS￿th a mlnlmum level of rlsk, to maximlse the growth ofthe funds held In Invesiments. To ffleetthe5e objpctives. rhe portfolio Is curtently invested in man38ed fund5 held byinvestment nKna8erswth a proven track Tecord and h6ve a Socially responsible aad ethical ItwestffleTrL policy. Chapier's Investment pollryls moniiortd and revlewed regularly bythe Finance Committee. Investment Property Truro Cathedral own5 property to house the clergy and to use as offices. Other property owned by the cathedral 15 hèld for Investrnent purposes 3nd rented out on 8 cornmerci81 basis where possible to generate funds toward5 the operation of the cathedral. Public Beneflt The Cathedral become fully registered wilh the Charlly Comrnission In Aprll 2024. Thls date Is at the start of the timÈframe of thi5 report and the Cathedral ha5 reported in 4ccordance with the CharityComrni55ion for Ensland and W3le5 guideline on public J)enefit an the Charities Act 201 I for the year ended 31 December 2024. The Cathe<lral not only serves the communlty daily In Its rellgSous and tharitable work but Is &n active resource of natlonal Importance In the promotlon of r@Itgion. music, educaiion, hlstory and arthitetturÈ. The èarliÈi' sections of Ihls report dÈscrlbÈ thÈ cathedral's actfvlties durinE 202312024 and the Impatt rhey have had. Complalnts During the year the 16 complalnts were reCe￿ed. Future plans The Cathedral Chapter have agrped an Interirn aclion plan for the years 2025-2027. This plan is detailed and ¢Jdrp55es 6 key ihemes in the life of the carhedral and drives operaiicnal developmeni. The theme5 are as follows.. 11 Building the l￿fe of the caihedral.. 21 Delivery misslon.. 31 Influenclng the world,. 41 Belng cusiodians,. 5IWalklng wlrh the diverse communities of Cornwall 61 Belng a well-governed 13thedral. Each theme 15 broken down In relevant actlons and projects whl£h nieet the themes objectives. 14

Truro Cathedral Annual Reporl Foi the year ended 31 DeGembfjr 2024 statement of the T¥UStees' Re5pon51bilitle5 Thè members of the Chapter, as Trustees. are ressxinslble for prep3rlnE Ihe Trustees'Annual Report èncs the financial statpme.ntq In acr.nrdancp. wlth applicable lawand Unlted Klngdorn Accounllns SEandard5lUnited Klngdorn Gellerally Accepted Accountin¥ Praitltèl. The law requlres the Tru5tte5 to prepare flnanclal Statements for each flnanclal year whlch they must not approve unless they are satisfied that they give a true and fairmew of the State of affairs of the charitablÈ entlty and of the Incomlng resources and appllcatSon of resources. Includlng the Income and expendlture, ofthe charity forthat period. In preparlng these finanilal SfaternentS, the fTUStee5 are requlred to.. selett suiiable ac£ouniing pollcles and ihen apply them conslsrefttly,. ' ob5ewe the method5 and prlnciple5 in the Charitie5 SORP State whether appllcable UK accounting standards have been followed. sublectto any material departvres di5c105ed and explained sn the financial saretnents'. and prep8rÈ the fintntiÈl siatements In accordante with the accountlng policles set out In the notes to these financial statements and on the 80ing concern basis unless it is InapprOp￿tate to pTÈgume that thÈ charltablÈ Company wlll continue In buslness. obsepje the melhods alld princlple5 In the Charite5 SORP. The f¥u5tees are re5poTrsible for keeping adequate accounting record5 Ihat disclose with reasonable atturèty at any tlme the flnancSal positlon of the Charliy ènd enable them to ensure that the finan£lal sratement5 comply wilh the Charitie5 Act 2011.the ChaTityIAc¢ounts Ènd Repartl ftÈgulÈtlons 2008 aftdthe provlslons ofthe Ch8rltWs constltullon. They are also responsible for safeguardlng the as5ers of the charity 3nd the group alld, hence. for takin8 reasonable £teps for the prevéntion and dÈtèttltsJJ of fraud 3nd othÈr IrrÈgularitlÈs. Informatlon provlded to the Auditors A5 far as each of ihe irustees ai the lime of Ihe Irusiee5' report 15 approved 15 aware- . theTe15 no relevant Inforrnatlon of whlch the audltor5 Ère unaware., and * they have iaken all relevant steps they ought to have taken t¢ make themselves aware of the any relevatht audit information and to establlsh that the audltors are aware of that Infortnation. The repo¥t of the Truslees and financial st3ternents were approved by the Chapter In their tapacity as TrustÈÈ Thevery R lend. Simofi Itobia50n- Dean ofTruro Dat¥. 110 201E) 15

Truro Cathedral Independent auditors. report to the Chapter Forthe year ended 31 0gcen?ber 2024 We have audited the financi81 staternents ofThe Cathedral Church of the 2le55ed Virgin Maryin Truro for theyearended 3t Oecernber 2024 whlch comprise the Starement of Flnan£lal Actlvlties, 8alan<e sheer, statemeni of Cashflows ancs ¢he otes to the financial statements, includn8 a summary of the si8nrficant accouFlting policies. The financlal reportlng framework Ihat has been applied in their preparation is applscable law 3niJ Uniied K1nEdoin Accountlng srandards, Includlng Flnanclal Reportlng Standard 102ThÈ Financlal Reportlngstandard appllcablÈ In the UKand RepLbllcof Ireland Iunited Kingdom Generally Aicepted Aciaunting Practice). In our opÈrtion the flnancial 5tattrments'. glve a true and fairvlew of the state of the charlws affalrs at 31 December 2024, and of the Incomlng resotsrces and applicaiion of resources, for the year ihen ended., have been properly prepared In accordantÈ ￿th Unlted Kingdom GenerallyAtcepted Accountlng PrartlcÈ. have been prepared in accoi"dance with the requirements of the Charities Act 201 I. asls for oplnion We have been dppolnied as 8udlEor undersettlon 144 of the Charitles Att 2011 and report In actordance wlth the Art and rÈlevant fÈEulatlons madÈ or having effÈtt thÈreunder. We tonduitÈd our audit In actordance wlth InternatiorF31 Standard5 OTI Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities undeT those staiidards are fuither described in the Auditorfs respon5ibilitie5 for the audit of the financlal statemenis section of our report. We are independent of the charlty In aicord3nie with Ihe ethlcal requlrement5 that are relevant to our dudlt of tlie fSndllLl31 ststements In the UK. Sncludlng the FRC'S Ethlcal Standard, and we have fulflllÉd our oiher ethical re5pon51bllit1È5 in accordance wlth these requlrements. We belleve that the audlt evldence we havts obtalned Is sufflcient and appropiiare to provide a basls for otsr opinion Concluslon relatlng to golnB roncern In audiilng Ehe financial statements. we have concluded Ihai Lhe rrustees'use of thegolngconcern basls of accountlng in the preparatlon of the financlal st8ie.menis Is appropriate. Based on Ihe work we Iiave performtd, we have not Ideniified any m8terlal untértainiies r@lating to events or condstions that, individually or tollÈctlvÈly. may tast slEnificant doubt on the charity's abllity to continue a5 a going concern for a period of at least twelve tnonths frotn when the financial statements are authorised for issue. Ourre5ponsibiliLies and the respon51bilitles ofthe trustees wlih re5pe£t togolng con(ern are descrlbed In ihe t-elevat)I sections ol rhls repori other Informatlon The trustees are rèsponsible forthe other Informatlon. The other Information comprises the information iTrLluded in the Annijal Report. Our oplnlon on ihe flnancldl statements does not cover the othtr lfiformatlon and, except to the extent elhe￿se explicitly stated in our report. WÈ do nat express any form of assurance conclu510n thereDn. In connection wlth our audlt tsf thÈ flnancial stèiements. our responslbllity Is to read the olher Information and, rn dolng so, consider whÈthÈr the other Informatlon is MatÈrIal￿ff intonslsient wlth thÈ ftnantlal SiaiÈmÈnts or our knowledge obtained in the audit or otherwise appears to be m3terialEy rnisslated. If we identify su<h m3teri31 incon515tence5 or apparent material mlssiatemenis. we are required fo rtetermlne whether there Is a maierlal misstaiement in the financial statements or 8 materlal mlsstatoment of the other informatlon. If. bised on tho work WÈ havÈ pÈrformed. we conclude th&t there is a rnateri31 misstaternent of thi5 Other inforrnation, we are required to repori tha( fact. We have noihlTrgio repor[ In thls regard. 16

Truro Cathedral Independent auditors. report to the Chapter Forth6 y6Ar6nd6d 31 De¢emb&r 2024 Matters on whlch we are rèqulred to rèpoyt by éxteptlon We have nothln8 to report In respectof the follo%￿ng matters In relaiion to whlch the Charltles (Accotsnts and Reporisl Regulatlons 2008 requlré us to Yeport to you if, in our oplnion.. adequate accountlng retords have not been kept by the charlty. sufflclent attounting Tecords have not been kept., or the charity financial statements are not in agreementwlth the accountlng records and ieiurns-, or we have not recewed all the Information and expI3natlons WÈ iÉqulrÈ for tsur audlt. Re5pon51bllltles of trustees for the flnanclal statements As exp181necS more fullyln tho trusteÈs' responsibilities 5tatemenÉ Iset out on page 12. the trustee5 ale responsible for the preparation of the flnancial 5taternents and fo¥ being sat15fied that they give a t¥ue and fair vlew, and for such internal control as the trustees deiermlne is necessary to enable the preparatlon of flnant181 statementsth8t are free from rnaterial mi55taiement.whether due to fraud or error. In preparlng thÈ fln8nclal 5tatÈmÈnis, the trustees are responsible for assessing the tharllys ability to continue as a galn8 coniern, disclosin8, as applicable. maiters related 10 8olr)g concern ar)d uslng the golng concern basis of accounting unless the trustees esLher intend to liquidate the charSty or to cease operations, or have no rÈillstlc alternaiive but to do so. Auditoy's respon5ibllrtles for the audlt of the flnanclal statements Our oblettlves are to obtaln roa50nable a55tJranie about whelheT tho financlal slaternents a5 a whole are free from materlal mlsstatement, whethÈr due to fraud or error. ané to Issue an avditar'5 report that inilude5 our opinion. Reasonable assurante Is a hlgh level of a55urance butls not a guarantee that an audit conducted in accordance w*th ISA5 (UK will always detect a Material missraiement when it exists. Misstatements can arise from ffraud or error and are considered materlal If. Indlvldually or In the aggregaie, they could reasonably be expected to Influente the economic decisions of users taken on the basls of these fln8nclal siatements. Irresularitles, includins frautf, are instances of non-iompllance with laws and regulations. We design procedures in line wlih our responsibilitie5, ovillned above, to deteci m31erial misstaiements in reSp￿t of Irregul8rltles. Including fraud. The exieni to which our procedures are capable of detectlng Irre£ularitles, IncludlnE fraud Is detalled below. 8a5ed on our understanding of the Cliarily and its clrcuin5tanie5, we iilentified that the principal r15ks of noncornpliance with laws regulation5 related to the requlremenis of the Ch3riiles kt 2011 and the Cathedrzls Measure 2021, and we considered the exient to which non-compliance mlght havÈ a materlal effett ort the finaniial statements. We è)50 tDnsldered those law5 and regulatlons th3t have a direct Inipact on the PTephration of the flnancial statemènts such 8$ IntDmÈ tèx, payroll tax and sÈ1È5 tèx. We evaluated m3nagement'5 incentives and opportunities for frauduleni manipulation of the financlal statements lincludir)g the risk of override ofcontrolsl and determined that the prlntlpal rlsks were related to maTraEement bias In accounting estimatÈs and manual accounting journals. Audlt procedures pÈrformÈd by the ènsagemÈnt team included= Inspectlng correspondence wirh lax 8Uthorlrie Di5CU5slon5 Wlth mdnagement Including COn￿deratIon of kntswn tsr su%pected instantés of non-tompliancè wilh laws regulation fraud,. Ev3luBlin8 management'5 controls de%gned to prevent and deteit Irregulariiies.. Identlfying and iestlng journals, In pariicular jour'nal entr1È5 posled wlih unusual account combltsatlon5. postings by unlssual users or with unusLJal de5criptions,- and ChallÈn8ing a55umptlons and judgements rnade by managerTEent in their critical account¥ng eslimates. 17

Truro Cathedral Independent auditors, report to the Chapter For Ilie y&ar end6d 31 DeG8niber 2024 BÈtause of the InhérÈnt Ilmilatlons of an audll, there Is a rlsk that we wlll not detect all Irregularitles, including those leadlng to 3 material misstateffient the fiTiancial statement5 or n0￿complI￿nCe w4th regulatlon. Thls rlsk increases Ihe more thai cornpliance wlth a law or regulation is rÈrnovÈd from the events and transactlons reflected In the fln3ncial statements, as we will be le55 Ilkely to betome aware of Instances of non-compllance. A further descrlptlon of our responslbS1itles for the audit of the finaTrcial statements is loiated on the Flnanilal RÈportln£ Councll's w@bsiie at.. Thls de5criptlon forms parr of our auditor's report. Vse of ourreport Th15 reporr Is m8de solely to the ch8rltys trvstees, as a bodyi In accordance with sef lion 144 of the Charlt1ts5 Aci 2011 d regulatlon5 madÈ under sectlon 154 of thai Act. Our audit work has been undertaken so Ihat we might st3tÈ to tho tharlty's trustees those maiierswe are requlred Lo state to Lhem in an AiJdirar'4 rp.port and for na other PllTpilSe. To the fullest extent pÈrmltttd by law. we do r￿t accepi or assume responsiblllty 10 anyone other Ihan the charltys trustees as a body for our 3uiSlt work. for this repDrt. or for the opinions we have forrned. Haysmac LLP Statutory AudStDr 10 Quee￿ Street Plaie London EC4R IAG Date.. 2811012025 Hay5Mac LLP is ÈllgiblÈ to att as an 8uditor In terms of section 1212 of the Companles Act. 18

Truro Cathedral statsment of financial activities Forlhe year ended31 December 2024 Unresirlcted geTieral funds Designated fund5 Re5trFcted funds Endowment funds Total 2024 Total 2023 Notes Income and endowments from: Donat¥on5 and legacies Grants iri support of mlsslon Chdritable 429,771 65.659 2Q,698 514128 505,552 43.000 587,975 630.975 678,985 217,440 217.440 407,277 Other Iradlng 57,360 15.707 73,067 58,401 InvÈstmÈnt5 Other income Total Intome 81,203 2.446 2.099 1.120 83502 1566 52,971 57,976 788,220 124.366 611,892 1.524.478 1.761,162 Expenditure on.. Raising funds 202,389 S.Q07 147.509 354,905 184,313 Min*siry Cathodral and precinc upkeep Educatlon and outreach 121.682 235.478 300,056 657,216 666,482 329.617 279,832 609A49 950,0?5 22,667 24,044 A6.711 59,813 Total expendlture 676.355 240.485 751,441 1.66B,281 1,860,623 Net Incomè/lèxpÈn dlturel before Investment galns Unrp.alised 8alns1llos5esl on Invesiments Tl 1,866 1139,5491 1143.8021 199,4631 397 397 133.4541 Net incomelleKpendit uiel for thÈ year GYo55 transfers between fund5 111,866 1139,1521 1143.4051 1132.9171 20 1207.1241 71.751 Net movement In funds Reconclllatlon tsf funds.. Funds brought forward 195,4581 144,3681 13,5791 1143.4D51 1132,9171 147,798 417,299 1,897.591 60.000 1522.688 2.655.605 Fund5 cavried foNard 52,340 372.931 1,894,012 60.000 1379.283 2.522,688 19

Truro Cathedral Statement of financial position As al 31 December 2024 Notes 2024 2023 Flxed assets Tangible 355ets Inve5trnent5 12 14 1,657.964 848,574 1.590,561 848.179 rotal fixed as5et5 2,506,538 2.438,740 Current a55et5 StDcks Debtors Cash at bank and In hand 41.657 184,159 124,954 16 496,514 131.025 Total current a55ets 350,769 627.539 Llaljllltles due wlthln one year CredllOJS 17 1294,7241 1334,7831 Net CLsrrent assets 56.045 292,756 Total assets less current 2.561583 2,731,496 Li4bilitles dtse after MOYÈ than one year Credltors 1183,3001 1208,8091 Net assets 2,379.283 2,522,687 Funds Unrestrltted fund5 Designated fund5 Restrlcled funds 52,340 372,931 1,894,012 60.000 147,796 417.299 1,897,592 60.000 19 Endowment funds 21 Total funds 22 2.379.283 2,522,687 Ap Chaptei. 3nd authorised for i55ue on the ThÈ Deb RÈvÈr@nd Slmon Ru wro Inson The Revere reylames Senior Non-ExecutwÈ Member 20

Truro Cathedral Cash flow Statement Fortheyearended31 December2024 2024 2023 Nores Cash flows from operatlng a¢tivltles Net cash generated fromllused inl operatlng artwities 23 100.167 1187.4181 Cash flows from InvestlnB actlvltles Rents rÈtÈhJed ftÈt of costs Investment Income recelved net of costs PL5rchase of propety, plont and equlpment 78.554 4.746 181,8981 46.974 5,YJ8 Net cash provlded by invesilng aCt￿li1eS 1.402 52,972 cash flowsfrom flnantlng actlvltlÈs'. Repayments of borrowing Addltlonal borrowlng received 1107.6401 164,0561 82.500 18,444 Net cash (used inllprovided byfinancing activities 1107,6401 Change In cash and cash equlvalents In the reportlng period Cash Ènd ¢25h eqyivalents at thÈ beEinnlng of the reporting perlod 16.0711 1116,0041 131,025 247,029 Cash and cash equlvalents at the end of the reportlnB perlod 124.954 131.025 Ne¢ )ebtAn?Iy51$ A5 at ljanuary 2024 cashflow Non-cash rnovements As at 31 December 2024 cash Loans Total 131.025 1328,4851 1197,4601 16,0711 116,545 110,474 124,954 1220.8411 195.8871 18,9011 18.9011 21

Truro Cathedral Notes (lorn7Nng part of (he financial slalemenls) 1 Accountlng Pomcles The following accounting PDlicles have been applied ion515tentty In dealing with item5whlch are ied,, . Thè exe(utor5 h6ve estsbli5hed there are Sufficient a55eis In the estate to pay the le8acy,- and I condii10Trs &ltached io the legacyhave been fulfilled or are wlthln the Caihedral's conirol. Voluntary IncomÈ and Erants recÈlvabl@ are rÈtognlsed on a retèwablp basis in the appropriate f¢Jnd excepi where thè donor has specified thatthe donation orgrant relates to a future period orthat certaln pre-condliions musi be rulfilled before use. 22

Truro Cathedral Notes (foriningparl ofihefiiiancialslaleiiieiit5) Accountancy Pollcles contlnued Income from activitlesgeneratlng funds. Include giftald donatlons from and recharges to the subsldlarycotnpanyand hirÈ of the Cathedral and offices. Income from property and invesiments tncludes rental Income and divldend Income. Donated servlces 8nd facllltles tJona¢ed servÉces or facllitie5 are re£o8nised as Income when the Cathedr31 has control over the itern. any conditions 8ssoclated wlth the donated Item have been met and the receipt of economlc benefli from the use by the Cathedral of the Item Is probable and can be measured relièbly. On recelpt, donated sendces and facllltles are recognised on the bas15 of thevaluÈ of the glftto thecèthedrèl whlch Ig the amount thè Cathedral would have been willlngto pèy on the open ma¥ket,' a corrÈsponding amount 15 thèn recognised in expend¢lure in the period of reteipt. In accordance with rhe Chariries SORP IFRS 1021 general volunieer tlme is not r￿OgnISed wiil)in the finaMci81 statements. Expendlture Expendlture Is accounted foron an accruals basis and hès been classlflei8 under headlnÈs that aggregate all£ostrelated to the c3tÈ80ry. E%pÈndlture is rÈtOEnisÈd when there is a legal orconsifuttivÈ oblisatlon to make paymont to È thlrd party. it is probabte thatsettlement wll be required and the amourFt ol the obligation can be mea5uwed reliably. Ralslng funds Costs of raislng fund5 are those costs Inturred In fundralslng Ènd thè tOSÉs rel8iir*g to major prolÈct appéak. Expendlture on mlsslon Expenditure on rni55ian include5 all expenditure a5soiiated with the pre5ervalion of the-Cathedr21 and includes both direct and suppori cosis. Repalrs. restoratÈtsn and malntenance of the Cathedral and other bulldlngs The ¢05t of repairs. restoration and mainten3nce of the Cathedral 15 thaTked to thè stÈtemÈni Of financl81 actlvitiÉs in the year incurred. Provision for the cost of any repaiTS is rnade where there is a quantifiable legal obligatlon to incur the expendlture èt the bhlance sheei dale. Allotatlon of support costs Support cosrs arethose that asslstihe work of Ihe Cathedral but do noi dlrectlyrepreseni charliable actlvltles. Where Support CD5ts cannot be dlrectlyatlribulable to a partScular headins they have been allocated to activitiEs based Dn the direct cost they sUPPOrt. subject to adju5ttnents for non-recyrring itern5. The an8ly515 of these costs 15 included in nore 9. Opeyatlng leases Renta15 payable under operaiing lease5 are charged to the staiernent of financial 3Ctivitie5 on a 5traight-line basis over the period of lease. Taxatlon Voluntary income iniludes recoverable tax undeT giftaid. Irretoverablè VAT Is èllotated to the approprlate expense heading. 23

Truro Cathedral Notes (foi'ijiingporl ofihefiNai7cralslaleiiienls) FIKed a55et5 deprerlation Tanglble flxed assets are stated at C05t or valuation les5 accumulated depreciatlon. Cost Iniludes costs rslreci attrlburable to maklng the asset capable of operating as Intended. D2prÈclatlon Is provldÈd by the CathÈdr31 to wrlte off the tost less estlmated resldualvalue of tangible fixed assets byequal instalrnents overtheire5timated useful @tonomic Ilves 3$ follow Equlpment and plant Cornpvter equipment 3-20 year5 3 years items under £SIXI are not capltallsed and are expensed ￿thIn the period in which they were incur¥ed. Non-InvÈstMÈnt wopÈrtlÈs No depre£lation Is provlded on non-inve5trneDt land or buildings, The Chapter has a policy and prattlte of regular mantenance and repalr such that lis buildings are kepr in a continual State of sound repair. Accordingly, the Chapter conslders Ihat the uselul Economlc Ilves of these assets are so lon8 and thelr resdual values are so high. thar thelr dÈpreti8tlon would not be materlal. An impairrnent review is perforrned on ah annual basls on property whlch Is not subject to depreclation or whose unexpired l¢fe is estifnated at more Lhan 50 years. Properly transactlons are recogn15ed in the accounting period in which completlon occurs. The Cathedyal. Its anclllary bulldlngs and the Inventory No value attrlbuted to the Cathedral, its anclllary bulldlngs anfs the inventory as at 31 De£ember 2024. Investment propertles Investmeni propeTtles are measured. ai falrvalue ai each reporrlng datewiili changes reco8ni5ed in'nei gainslllossesl on ¥nvestmÈnts' In tho statement of flnanclal activifies. Refer to note 14 explainlng adlvstment5 m3de to iftrvestmÈnt property dtsrlng thè p@rlod. Investments Invesiments are recogn15ed Ini1131ty at falr value which 15 normally the ti-an5aition price excluding transaction 105ts. Subsequently thoy are measured at fair value wilh changes recognised in 'nei gain5111055esl on InvestTnents' In the 5tateTnent af financial activitles if the shores ate publlcly traded or thelr f8lr value can otherwlse be measured reliably. For qyoted 5hare5. the falr valu* Is deemed to be the quoted bld prlce as at the balance sheet date. Investments in sub5idiarie5 are mea5urÈd at tosl lés5 impairmént. 24

Truro Cathedral Notes (foi'iiiingpai'lofihefiiiaiicial slfiteijieiits) Stock5 Stocks are slated at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlement amottnt due after anytradè dlstounÉ offerÈd. prep2ymÈnts are valued at the 3mout)I prepald net of anytrade discounts due. cash at bahk artd In hahd Cash at bank and cash In hand Includes cash and short term hlghly Ilquld Inve5trnent5 a Short matuwity of three months or less fTom the date of acquisltion or openlng of the deposli or slmllar account. Creditor5 and prthvi51011$ CrÈdltoYs and provlslons are recognised wherethe Cathedral has 8 present obligation resultlng from a pastevent that will probably result in thÈ transfer of funds to a thlrd party and the èmount due to seitle Ihe obligo(ion Can be. measured or estlmated rellab1y. Creditors and PTOViSiQnS are normally recognlsed at thelr settlement amount after allowng for anytrade discounts due. Employee beneflts When employee5 have rendere<J 5ervlie to the Cathedral, short terTn employee benefit5 to whiih the employees Hre entiiled are re£ognlsed ai Ihe undiscounted amount expected to be paid in exih6n8e lor that servire. Terrnination benefits are recogni5ed imrnediately a5 att Èxpense when the Cathedrol Is domonstrabty commltted to terminate the employment of an ernployee OT to provide terminatlon bÈnÈfilS. Penslons The Cathedral participates in a (lefined beneflt scheme for t1*r￿ vla the Dlocese of Truro and operatÈs a delined contribuiion Scheme for lay staff. The assets of the schÈmes are held separately from rhose of the Caihedral In IndependentW admlnistered funds. The amount charged against income represents the contriburions pèyable to the schemes in respectofthe 31countlng perlod. 25

Truro Cathedral Notes (forming part of the financial slatemenlsj Herltage assets Herltage assets are recognlsed on the balance sheet and Inltlalty measured atcostwhen purchased oi If dot)ated, thelr valuatltsn, where prÈcrical. Where information on the c05t or valuation of heritage a55et5 15 not available or the c05t of providing such ir¥formation signific3ntEy outweighs any benefit to the users of the financial statements then heritage assets are not reco8nlsed on Ihe balance sheet. A reglsier of all assets held by the Cathed¥al Is avallable and the asseLs Lhemselves are access5ble to the publlc wilh prior agreÈment. HÈrTiagè assets are to be held for the foreseeab￿ future. 2 Judgements and kÈystsurtes of ¢stlma¢lon uncertalnty In the applicaiion of the Cathedral's accounting policies, the Chaptermembers are required to make judgements, estlmates and assumptlons about the carrying amount of assets and Ilabilltlesthat are not readlly apparent from other sources. ThÈ estSmatÈs and assoclated assumptions are based on hlstorlcal ÈxperlencÈ and other factors as relevant. Actual result5 may diffÈr from these e5timatE5. The estimates and underlylng assumptions are reviewed on an ongoing basis. Revislons to accounilng esrimates are re£ognlsed In the period in whlch ihe esrimate Is revlsecl where the revlslon affecrs only that period, or In the period of the revlsion and future periods where the revision affects both current and future perlods. The key estlmat@S and assumptlons made In these accounts arÈ'. Freehold propertie5 are valued at the trustees, estimate whlch 15 based on tostlmarket valijation adjusted by published index to reflect changes since the135t valuation. Investment propertie5 are valued at trustee5' e5tirnate which 15 based on the m05t recent market valuation completed by the property management company. 3 Funds Fund5 arp divided between Endowtnent. Re5tTiiled, Unrestricted and De518nated. The Permanent Enijowment Fund is represented by 3 grant fi'orn Frlends of Cathedral Muslc. whlch Is to meet the costs of supporling the Choro15chol4rship fund. The Restricted F•Jnds may only be applied for particular purpeses. Brlef descr4ptlons of the maln funds ère.. Property Fund.. this Is made up of propÈr11È5 totnprising thÈ Cathedral 1105e. Fabric Fund. Ihls may OTily be applied toward5 repalrs and major works of refurblshment to the fabrlc of the Cathedral. Dean Lloyd Fabrlc Fiind.. rhls has been sei up for. expendlture on rhe fabrlc of the Cathedral. Cathedrtsl Roof fund.. fund for purposes of the renovaiion of ihe cathedral roof. Insplre Cornwall fund.. thls Is a fund forthe purposes of the renovatlon of the Cathedral Spires. Other Resirirted Funds.. Incl￿de funds, whlth have been EivÈn for v3riou5 specific purp05e5. The U￿reStrICted FundsarethDse,whlih can be 3pplledforaTry of the purposes fa¥whlch the Chapierwas established. The only unrestricied fund Is the Common Fund (hrough which are passed all the regular items of Income an<J expendiiure relatlng to the day-to-day running of the Cathedral. The Oeslgnated Funds represent unrestritted fund5 set a51dè by the Chapterfor Part￿VIar purposes orto matih the value of capital assets. If In dué touise they are ntst requirÈd, thÈy may be transferred back to the Common Ftsnd. De51gnated Fund5 aTe'. Properly Fund.. Ih¢5 is made up of properries occupied by Cathedral clergy and siaff. Cathedral Muslc Fund.. set aslde for the malntenance of the choral trad51ion. Stewarl and Hllda lenkin Thank5glvlng Futtd.. Set aside far the malntenance of worshlp and fabiic of Truro Cathedral. Bailey Fund.. set aside for a future project

Truro Cathedral Notes (forming part of the financial slatgments) 4 Income UnYestrl¢ted Fund5 DeslEnated Funds Restilcted Fund$ To¢412024 Ttst412023 Donatlon5 and legacres CDngreEatlanal cDllei¢ion5 6nd giving Don￿lDn5 from Frlends and lotal trusts 150.594 56,079 918 207.591 227,W3 15.605 0(￿r donations 148,657 7,580 12,844 169,081 237,043 Legacles 130,520 2,(M)O 6.936 139.456 25,WO 429,771 65,659 20,698 516.128 505,551 Grants In SLJPPO*t of mi5SlOll Church Commissioners grants National Lottery Heritage FutKI grants Othergrants 423.184 423.184 144,235 108.417 43,000 164,791 207,791 426,333 43,ODO 587,975 630.975 67B,985 Charges and fees ari51ng In the course of rhe mlsslon Facilityand other fees 217,440 217,440 407.277 Tyading and fundyaising Charges to vlsitors LÈtting of cathedral and Oth￿rb￿lIdI￿8s Event incorne 7,231 7,231 654 20,018 20.018 24,542 30,111 15,707 45.818 20,629 Gr055 frotn shop, ieslaurant and Dthe¥ 12,576 57,360 1S707 73.(67 58.401 27

Truro Cathedral Notes (fomiing part of the financi81 st8lam6nts) 4 Income contlnued Unrestrlcted Fund5 Deslgnated Fund$ estrltted Funds Total 2024 Total 2023 Investtnent5 Income from investtnent property Income from otller nvestments Interest recelvable on short term dèptrslts 78,553 7B.553 46.973 2,099 1099 2,910 1650 1650 2.088 81,203 2,099 83.302 52.971 Other Income otherltern5 1446 1,120 3.566 57,976 Total Income 788.22 124,366 611,892 1,524.478 1.761,162 28

Truro Cathedral Notes (fofftiing part ol (he f￿8￿¢181 stalemenls) 4 Income tontlnued 2023 iletail Unre5trltted fund5 DE5ignated funds ReSt*￿ted fund5 Total 2023 Dokatlonsand loga¢les Congcegatlonal calleaionsand grrflng DoDations from Frlwds and 157,417 58.226 12,260 227.903 15,605 15,605 orher don8ii¢ns 140,585 8.969 87.489 237.043 Legacles 15.000 10,000 25.000 313,OD2 77.195 115,354 505.551 Churth CommlwDner5Erants Natlonal Lortery Herltage grants Truro Cathedral School Limlle All churches Trustgrints Governtnent 8rants St MaW5Aisle roof Choir and Chorlstersgranis oihergrantS 144,235 144,235 108,417 108,417 38.000 388,333 426.333 640,985 678.9B5 Chargesandfees ar151ngln thtcouyse ofthe mls$lon F8cKityand Other fe 161,940 245,337 407.277 Chaige5 to visitors Leiiing of cathedral and other buildings Evern Income Gr05s Income frotn shop, restaurant and 654 654 24.542 24,542 20,629 20.629 11576 12.576 37,772 20,629 58,401 Income from inveslmenr prapeity Income from other invesLments 46,973 46.973 1%49 2061 3,910 term deposit 1088 2.088 50.910 2061 52,971 other Income other items 57,976 57,976 Total Income 621,6QO 135.824 1,003.737 1,761.t61 29

Truro Cathedral Notes (fom)ing part of the financial sta18n￿nts) 5 Costs of ralslng funds Unrestricted funds Designated funds Restricted funds Yotal 2024 Total 2023 Ralslng fijnds Gr05s costs of shop, re5taurallt antl 103,359 103.359 C05t of fundFa151n8 and lettin85 Support cosis Inote 91 60,257 38,773 4,048 959 101521 44.988 166,826 84.720 138,098 46.214 202,389 5,007 147.509 354.905 184312 2023 Detall UniesLricied funds DEsi8naied fui)ds Restilcted Total 2Q23 Ralsingfunds Cosi of fundraising and letting5 Support costs Inote 91 84,073 24.331 1,913 554 5&112 21,329 138.098 46.214 108,404 2,467 73,441 184.312 6 Expendlture on charltable Dlrect Support Total Total costs Inote 71 costs 2024 2023 (note 91 Mlnlstry Cathedr￿1 and preclnct5 Jpkeep Educaiion and ouireaih 497.281 60,959 35,036 159,935 148.4190 l J.676 657.216 609,449 46,711 666,482 950,016 59.813 993,276 320.100 1.313,376 1,676,311 2023 Detail Dlrect 5uppoit Total costs 2023 costs InotÈ 71 (note 91 Mln15try Calhedral and pretlnct5 Ltrpkeep Educatlon and outreach 490.207 692,841 45,929 176,275 257,175 13,884 666.482 950,016 59.813 1,235,153 447,334 1.674311 Total Irrecoverable VAT included above was E36,300 (2023.. £47.5831. The gr05S Costs of Shop, restaurant ancf other tradlng aciivltSes represents the net loss followlng ihe closure of Truro Cathedral Llmlted. 30

Truro Cathedral Notes (lorming part of Ihe financial stalemenlsj 7 Dlrect Costs of charltable attlvltles Total Total 2024 2023 Mln15try Clergy Silpends and worklng Èxp￿sÈS Clergy hDU51ng (0515 Clergy support cosis Serwces and muslc 190.794 41.283 1.278 263.926 187.925 23,145 167 27&970 Totsi mlnlstry dlreci costs 497,281 490.207 Cathedral and precinils upkeep Major repairsand resloration Mailltenallie and inlerior upkeep Cathedral Insurance Preclncts, securlty &gardens upkeep 82,261 316,297 59,428 396.614 236.900 56,098 2.973 3,229 Total cathedr471 and pre¢lncts upkeep costs 460.959 692,841 Educatlon and outreach Cholr sihoal c051s Edutational actDiitl@s 35.036 43,932 1,998 Total education and out¥Èach costs 35.036 45,930 Toial direct C05tS 993,276 1.228,978 31

Truro Cathedral Notes (fomjing part of Iho financial slalemenls) Grants pald Analysts of Granis ade 2024 2023 Number ndiwiduals Total Tota1 From unre5trlcted funds.. Truro Caihedral Flower Gulld 2,000 2.000 iooo Choral Scholar5 Total from unrÈstrlttÈd funds.. 31 9,536 9.536 24,891 From restrlcted funds.. Choral Scholars 51 10,873 10,873 3,136 Total 32

Truro Cathedral Notes (forming part of the finanGial $tat&ments) 9 Support C051s Costsof rai￿ng fuiids ltharitable attlvltles Total staff costs and tralnlng 48,311 10,776 6,736 7.672 182,534 40,718 25,450 28,988 230,845 57,494 32,186 36,660 Qther pr@mlses costs Admini5tr3tiori costs Flnance and IT costs Governance costs 11,225 42,410 53,635 84,720 320,100 404.820 2023 Det&ll C0515 of ralsing lunds Charitable Total 2023 Staff c95t5 and tralnlng 25,952 5,966 3,7?.0 2,657 251,202 277.154 63,714 39.733 28.374 orhei. premises c05(S Adminlstratioii cost5 Finance. and IT costs Governance £osis 36,013 25.717 7,919 76,653 84,572 46.214 447,333 493.547 Support cost5 are stated aft@r tharglng audltfees of £19,90012023.' £22,000). Support costs are allocated on the ba515 of dlrect expenditure in each 3Ctwity. 1D Employees and office holders Total 2024 Clergi Lay staff Wages ènd salhrles. Including stlpends Soclal securlty tosts Penslon costs 76.114 10,657 23,117 109,8LIB 520.872 43,064 17,429 681,465 696.986 53.721 40.546 791.253 2023 Detall Total 2023 Clergy Lay staff Wages and salarles, Sncludln8 stipends Social security c05t5 Penslon costs 115,868 10,013 39,502 165,383 510,198 29,002 16,417 55S.617 626.066 39.015 55.919 721.000 33

Truro Cathedral Notes (fom7ing part of Ihe financial slatemenlsj 10 Employees and office holdevs ctsntinued Theaveiage 5tsff numbers durillg theyear wÈre as follows... Headcount Full time equlvalent 2024 2023 2024 2023 Fundra151n8 Charltable actlvltl LWJ staff Support and adr￿n[StratK>n 16 21 38 25 39 14 26 26 Clergy Emolumeiit5 over £60K ThÈ nurnber of staff with ¥Èmuneraiion excluding e¥npknyer ppn51Dn contributlon of E60,000 above wa 2024 2023 £60.001 to £70,000 £70W01 to £80.000 Included within staff cost5 are payfflents to mernbers ¢>f Chapter ufider the Cathedrals Measure 2021 and the Cathedral constituflon. The romunoraLloi) of. and pension prDvislon for, tleYlc31 members of Ihe Chapter are pald In aicordantewlth scales lakldown8nnually bythechurch CornmisStoners,AT£hb15hops' CounLII aiidtliechurch ofF.n8lBnd Pen510Ds Bofjrd. supplement to these sttles are pald. The paymenis during the ye3rwere a5 fullows.- RÈmuner&Uon PeTr5ion Total 2024 The Reverend A835hfonh. Canon Pastor The Reverend S Gr5ffiihs,Cannn Precentor The Very fteverend Simon Robliison, Dean ofTruro 32,416 9,850 41,751 78,017 6.810 1.786 15,247 23,843 39,226 5,636 56.998 101,860 2023 Detall RÈffluneratiun PÈnsion Total 2023 The Reverend A B351iforth, Canon Pastor Thevery Reverend R Bush, Dean The Revereiid S Grlfflths, Canon Precenlor The Very Iteverend Sitnon Robinson, DÈan ofTruro 30.363 16,171 27,796 39,477 114,807 7,127 3,707 7,127 37,49D 19,878 34.923 39.477 131.76B 17.961 "rhe above members of Chapter are housed In propertles provi¢Jetf by Chapter and some houslng cosrs ale met on thÈlr behalf. 34

Truro Cathedral Notes (lorming part of Ihe financial slalemenlsj 10 Etnployees andotflre holders ulntlnued In addltlon, 2 12023.. 31 members of Chapier were relmbursed £4,659 12023.. £6.1331 in exper15es durlng the year. All expenses rel3ted to travel and 5ubs15tence. telephone, hospltalSty'and other adm1n5strot￿e expenses. At the year end £Nil12023: £NIII was owed to the mÈmbÈrs of Chapter and includÈd in credltors. 11 Cost of key management personnel The keymanagement ￿rsonnel ofthecathedral con515t ofThe Eyecutlve Comrnittee, TheeFnployee benefits of key tnanasetnent perstsnnel total £223,76812Q23'. £238,102). 12 Tan8lble Ilxed assets Cathedral Land & uiloSi¢78S Plant & equipment Total Cost At beglnnlnE of year Additions 1,551,796 71.176 291.045 10,722 1.842,841 81.898 At e￿d of year 1,622.972 301.767 1.924.739 Depreclatlon Ar beglnnlng of year Charge for year 252,280 14.495 252,280 14.495 Ai end of year 266.775 266.775 Net book value At end of year 1,622,972 34.992 1.657.964 At be8inning of year 1,551.796 38,765 1,590,561 Durl*Yd theyear, assetswere Èran5ferfed from Truro Cathedral Limitpd to the chaptÈr, thesÈ a55Èts wèrÈ brought ithio tlie accounts ai net bookvalue £71,176. 13 Herlta£È Assets stared in the aciouniing policies. no value has been plaied on the Calhedral, Its anclllary builoliTr8s and the itetns in inventory Pre￿[ell under 5eition 24111 of ihe Cale of Cathpdrals Measure 2011. The Cathedr81 buildings aTethe Cathedial, Chapter Hou5eandCathedr31 Shop. ThÈ Cère of CèthÈdrÈls Measure 201 I requlres cathedrals to keep an inventory of all lterr￿ considered to be of architeituial, rch3Èologlcal, artistlc or hlsto¢lc IntÈrosi In the wssession of the cathedral Ihurch. Primarlly L11$5 consist of Ihe Yillis" Organ, varlous paintlngs and other Small item5. No additions to the inventory in the last louYyÈars have MÈL thÈ dÈfinltlon of 3 herlt3ge asser and there have been no transaciions invo￿¢ng herit6ge a5seis in the Same period. 35

Truro Cathedral Notes (forming part of the finan¢i81 $18lem$nlsJ 14 Investments cathedral Unllsted Investments Investment property InvesÈmentln subsldlary Total 2024 Cost At beglnnlng of ye8r Transfer Net movement In markei value 43,178 805,(x)D 848.179 396 396 At of yÈar 43.574 805,000 848.574 The property known as the Old Cathedyal School, The Chantry and The Tardls were valued on S, Septembei. 2023 by Scott BurridEe Ctsmmerclal LLP. There hove been no materlal mov@ments In the valutttion of these propèrtlÈS SlntÉ this date. It 15 The ChaptÈr's poliiyro rÈvaluÈ InvèsrmentpropertyÈvÈryfkve yÈaTS. Itlsthèchapter'g polltyto obtain a p*ofessionalvaluÈtion every five years and the trustees will perform an 3nnksal assessment to determine whether the¥e are circumstances thai would mearb an Interlm professional valuation Is needed Including changes to ihe properiles or tenancles or changes 10 market iondillofts. Included withln Investment property Is a long leasehold propÈrty wlth a value as at 31 DÈcembÈr 2024 of £I0.000 12023.. £to,0001. Unlisted investments is represented by 28,259 un115 held In rhe CCLA Investment Fund. 2023 Detall Cathedral Investrneni property Investrnenl in subsidi6ry Total 2023 invÈ5ttnents Cost At beginnin8 of year Ti'an5fer Net movement In market value 44,632 405,000 432,000 132,0001 449,633 432,000 133,4541 11,4541 At end of year 43,178 805,000 848,179

Truro Cathedral Notes {foffMing part of Ihe financial slalemenlsj 15 Truro Cathedral Llmlted- Durlng the year Truro Cathedral Llmlted wa5 closed and the a55et5 were transferred and fully Integrated Into the Cathedrals accounts. The Cathedral's whollyowned tradlngsubsldlary, Truro Calhedfal Llfflited is inwrpDrated Fn EngldnEt Walp5 Itotnpany number 049173721 and historically pald all of Its taxable proflts to the Cathedral via glft aid. The table below di5c105e5 the Irading ie5ults of the subsidiary. 2024 2023 Turnover Cost of sales and admlnist¥ative expenses Admlnlstrailon expenses 101.231 141,J721 1134,7381 Net profitlllossl Retained losses brought forward Gift aid to Calhedral 175,0791 134,3101 Retalned1osses carryforward 1109,3891 2024 2023 The assets and l¢abilitse5 of the subsidiary were.. Rxed assets Current asset5 78.816 54.483 1242,6871 LiabilillÈs duÈ after more than onÈyear 1109.38BI Aggregate Share capit61 and reserves 109,388 16 Deljtors 2024 2023 Amounts owèd byTiuro Cathedral Ltd Trade debtors Other dobtors Prepayments and aicrued Incorne Glft Ald Control 213,358 31.653 138,097 75,628 196,W2 11.157 10.724 3,252 184,159 496,514 37

Truro Cathedral Notes (IomFing part of Ihg fin2nual sl2t8mentsJ 17 Liabillties due withln one year 2024 2023 Trade credltors Taxatloll and 50clal 5eiuTity Value added L3X oiher credltors Accruals anis deferred lTrcome Mortgzge 55,481 17.625 51.988 14.568 1.167 9,762 9.706 174.371 137,602 37.541 119,676 294.724 334.783 18 Llabllltles due after more than one year Cathedral 2024 2023 Mortgage 183,300 208,809 The balanie comprlses five loans. The firsi loan. for E181,839 in relaLion io the Cathedral nave roof repalrs, cominenced December 2015 and had an Initlal repayment holiday of 24 months. The loan carries interesi rates of 2.3% above tho base rato *e5pectlvely. The second loan for £30,000 commenced durlng 2020 and 15 repayable over S years. This l(>an is iTrterÈst free. and no setLJrity15 hÈld. The third han of £75,(X]D is in relatlon to thÉ St Marys Aisle due to be repaid over 1 year. th15 loan Is Interest free. The fourth loan of £7.500 Is in relation to the Transforming M15sion Truro project. no interest is p3yable on Ihe loan and is rep8yable 1 year from the date of drawdawD.The fifth loan of E34,146 Is guaranteed by the UK Government as part ofthe Bounce Balk Loan Scheme IBBLSI. These loans are repayable asfollows.. 2024 2023 Iii oneyear or less BetweÈn one and two years Between two and ffveyears In flveyears or more 37,541 23.602 56.189 103.509 119,676 3B,232 24,329 146,248 220.841 328.485 ThÈ above ageing reflects the significant repayfnent of borrowing in 2024 followin8 the receipt of fund5 from Ihe sale of a properly. 38

Truro Cathedral Notes Iformin% part of the financial statements) 19 Unrestrlcted & Deslgnated funds beglFtnlng ofyear Income Expenditure Galns Transfers At end of year Cathedral DÈsIEnated funds Property Fund Cathedral Music Fund Stewan & H¢ld3lenkin 417.297 144,3681 1196.1171 372.929 124,366 71,751 417.299 124,366 1240.4851 71,751 374931 Common Fund 147.798 565,097 788,223 912,589 1676,3551 1916.8401 1207.3241 1135,5731 52.342 425.273 For detalls of transfÈrs plèasÈ sÈe notè 20. 2023 Det•ll UnrostrlctÉd funds At bÈElnfiinE of year IncomÈ EkpÈndlturÈ Gain5 TransfÈrs At end of year Group Deslgnated funds Property Fund Cathedral Music Fund Stewart & Hilda Jenkln 447.140 129,8431 1255,2111 417.297 135,825 119,386 447.142 135,825 1285.0541 119.386 417.299 Common Fund 60.077 712,244 1594,3211 1128,5931 49,407 507.219 848,069 1879,3751 19,2071 466,706 At beginning ofyear IncomÈ ExpÈnditurÈ Gains Transfèrs Aten of year Cathedral Deslgnated funds Propelty Fund Cathedral Music Fund 5tÈwart & Hllda lÈnkln 447.140 129,8431 1255,2111 417,297 135,825 119,386 447.142 135,825 1285,0541 119,386 417.299 Common Fund 94,388 541,530 621,600 757,425 1439,5971 1724,6511 1128,5931 19,2071 147.798 565.1)97 39

Truro Cathedral Notes IforminR part of the financial statements) 19 Unrestrlcted funds contlnued The Pfoperty fund cornprise50fall the propertièsoutsidÈ of thÈ Cathedral Close. Cathedral fflu5k fund Intomè re[e￿ed specifically for muslc and cDst5 1￿Curred in the provlsion of Tnu5ic at Truro Cathedral 15 collected in the Cathedral music fund. StÈwart Bnd HildalÉnkin ThanksElving Fund Is for Ihe malnienance of worshlp and fabrii ofTruro Cathedral. The comfflon fund has all Ihe regular lie￿￿ of Iniome and expenditure ielatingto the day-to-day runnlnB of the Cathedral. 20 Restil£ted fttnds At beginning of year Cathedra Incom Expendlture G*nsrtlossl T¥ansfers At end ofyear Property Fund Fabric Ajnd Dean Uoyd Fabrit fund Caihellral Roof fund National Lottery Herita8e Fund Church Commi5slonÈrs Other Re51ricted Fund5 1,388,796 117,0(M)I 1,371.796 4,277 121,972 1.096 5,541 189 17.000 27.007 121.972 1.096 12,946 768 13.714 140,000 28,504 1,897,591 415,275 190,308 611,892 1415,2751 1336,1661 1751,4411 140,000 218,427 1.894.012 20B 397 135.573 135.573 The propertyfund Include5 311 the properties comprising Ihe Caihedral C105e. Fabric Fund is set up to support repairs and major works of refurblshment to Ihe fabrlc of the Cathedral. ThÈ OÈan Lloyd Fabrlc fund Is sei up for expenditure on the fabric of the Cathedral. Any repaifs and majorworks of refurb15hment to the fabrii would be frorn the fabrli fund. Cèihedral Roof fund 15 Set up for. purposes tsf ihe renovatlon of the cathedral roof. Fuiore rDof implovements fund Is specifically for Ilie future renovaiion of tl)e CaÈhe£lral roof. The Church Comm15sloner5 funds the slippnd5 and on-c05t5 of the Dpan and two Re5identlary canons and coniribules towards thÈ salary costs of lay staff oLher sinalleramouniswhlcli liave been given for vaiiou5 5peiifii purpv5es rnake up the other rÈstrlcted funds. Tronsfets UnreSt￿cte<l hsnds Des18nated funds Restrirted funds Total 2024 Fabrli Fund Truro Caihedral Music Fund Designared Fund Propertles Restricted Fund Propertles Cathedral 5ust3inabiliryFunds other Restricied Fund5 Other Designated Funds General Fund 71,751 71.751 135,573 135.573 1207,3241 1207,3241 1207.3241 71,751 135,573 40

Truro Cathedral Notes Iforming part of the financial statements) 20 Restricted fvndscontinued ThÈ above transfers represent support provided towards projects that have needed addltional flnance to cover thelr full costs. In som Instances this Is where apportlonment of shared overhead costs have not been met bythe fundèr. 2023 Detall Cathedral beglnnlng ofyeaT Expendltijre Transfe At end of year Pioperty Fund Fabili Fund The Deèn Lloyd Fabrlc fund Cathedral Roof fund Inspire Cornwall Fund Naiional Lottery Heritage Fund Chwih Commls5ioners Other Restricted FU￿￿5 1.388,795 20,917 1.388.795 4.277 1.814 118,4541 121,972 121.972 1,061 16001 12.083 35 8.057 863 1.096 116.6641 9,207 12.946 140,000 369.847 140.000 224506 992.969 11,134,310) 2,054,Q75 1,003,738 11.150,9741 118,4541 9.207 1.897.592 21 Endowment Fund Cathedyal Atihebeginningatld endoftheyear 60.000 This fund is represented by a gran¢ from Friends of Cathedral Muslc, whlch is to meet the costs of supportln8 ihe Choral Stholarshlp fund. 41

Truro Cathedral Notes IforminA part of the financial statements) 22 Net assets by fund Unrestrlrted & De5iEoed Restricted Ernd0￿ment Total 2024 Tanglble assets Irkvestrren(5 14et Current a55et5 Non-curreni Ilabiiiiles 1,08),168 10.QOO 1482,5941 1183,3001 425,274 576,796 838,574 478,642 1.657.964 848.574 56.045 1183,3001 2.379,283 60,000 1.894,012 60,000 Unrestricted & Desi8natÈd RÈstrlcted Endi)wment Total 2023 Tanglble asseis Invesirnenrs Current asset5 1,013,765 53,179 76,172 1334,7831 1208,8091 599,524 576.796 795.000 491,367 1.590,561 848,179 627.539 1334,7831 1208.8091 2.522.687 60,(M)O Non-currenr liabiliiies 1.863,163 60,000 23 Reconclllatlon of net Income to net cash ftow from ope¥atlng actlvltles 2024 2023 Net incomellexpe¥tditLrel for the reporting period las per the SOFA) 1143,4061 1132,9171 Adjustmenis for.. Depreciaiion charges and profit OF losson d15posal IGalnllLosses on Investmenis Loss on rpva1ualtan of property Loss tran5fercf asSEt5 fromTCL 14.495 16,420 13971 1,454 32.QOO 109.389 183,3021 11.7431 321.356 141.657 Incotne from property and InvÈ5tments Intere51 payable Ilncie35eYDecfea5e In debtor5 Increase in siock 152.9711 115,2121 1135,4011 IntrÈasel(DÈtiÈasel Ftt creditors Net cash generated by/lused inl operating ac£¢vitle5 165,5681 99.209 100,167 1187.4181 An arnount of E60,00015 held In an endowment fund and the capital is not available for use. 42

Truro Cathedral Notss {formin% part of the financial statements) 24 Penslon schemes ClerBY Staff I clergy 5taffaTe paid bythe Church Commissioners. partlcSpatlng in the Church of England Funded Penslons Scheme for stipendlary clergy.Truro Cathedral is not responslble for paying the Sllpends and pension contrlburions for thÈse Indwidua15 and according￿ makes no adlustments in irs finarcial statements respect of rhe penslon scheme deficlt Ilablllty a5 requlred by FRS 102. Laystaff Truro CathÈdral participates ITF the Pension Builder Scheme s￿l￿On of the Church Workers Penslon Fund for lay staff. Theschemeisadministereil bythe Churchof England Penslons Board,whlchholdsthe assetsof theschÈmegsÈparately from those of the Truyo Cathedral and the othor p3riitlpating employers. The Church Workers Pension Fund hasa 5eciion known as the Deflned Beneflls. Schen*, a deferred annuiiy sectlon known as Pension Bullder Classic and B cash balanie 5ectton kaown as Pension Builder 2014. Church Workers Penslon Fund ICWPFI EMPLOYER p3rlicipates in the Pension Builder scheme sectlon of CWPF for lay staff. CWPF Is administered by the Church of England Penslons Board, whlth hold5 the CWPF a55etS 5eparatelyfrotn those of the Employer and othei partlcipating employers. CWPF has two sections.. The Oeflned Beneflts Scheme The PÉn510n Builder Scherne, which has two subsection% a deferred annuity sectior) known as Pension Builder Classlc. and, a cash ba13nte sectlon known as Pension 8uildèT 2014. Pènslon Bullder Schème Both sections of the Pension Builder Scheme are Classed as defined benefit schemes. PÈn51on Builder Classic p¥oviiles a pension, accumulated from contrlbutions paid and converted Into a deferred 8nnulty durlng ÈmploymÈnt basÈd on t@rrn5 set and reviewed by the Church of EnglatFd Pension5 Board frotTr tlrtse io tlme. D15cretion3ry increase5 may also be added. depending on investment rel￿rI)S and other factors. Pension Uullder 2014 is a cash balance scheme th3t provldes a lump sum whlch membei's use to provide beneAis at retlremeni. Penslon contrlbuiions are recorded In 8ciount far each mefflber. Dlscretlonary bonuses may be added befor& retlrement, dÉpendlng on Iwe5trnent ieturn5 and other factor5. The account, plus any bolluses declared is payable. unreduced, frosn age 65. There is no sub-dbJislon of asset5 between employers in each seciion of the Penslon 4)ulldEr Scheme, The scheme Ss consldered to be a multl-Èmployer stheme as descilbed I￿ Sectlon 28 of FRS 102. ThIs15 bpiause It 15 not possible to attrlbute the Penslon BLJildÉr Siheme'5 assets and Ilablllties ta speclfic ernployer5 and means that contribution5 are aciounted for as if rhe Scheme were 3 defined contribution xlierne. The pensions costs charged to the SOFA In the year are the conirlbutlons payable 2024.- É40,54612023'. £20,519) Avaluatlon of the Ponslon Bullder SchÈmÈ Is tarrlod out once everythreÈ yÈar5. The tn05t recentvaluation was carried out as at 31 Dele￿ber 2019. ThÈ next valuation 15 due as at 31 December 2022. 43

Truro Cathedral Notes (formin% part of the financial statements) 24 Ppnslon siheme5 continued A valuaiion of the Pension Builder Schemp 15 carried out onte every three years. The most recent valuatlon was tarrSed out as at 31 Oecember 2022. For the Pensltsn Bullder Classlc section. the valuation revealed a svrplus of £34.8m on the onEolnE assumptions used. At the most recent annual review effectwe l January 2025. thÈ Board those to grant a dls£retlonary bonus of 6.746 to both pensions not In payment and penslons in payment In respect of se￿ice prior to April 1997,. Ènd a bonus on perFsions in payrnent ITT respett of post Aprll 2006 servlce so that the pension increase was 2.7% Iwhere usually it would be calculated based on iTrllatlon up to 2.5961, Thls followed Improvements in Ihe fundlng Posifton over 2024. There Is no requlrement for deficit payment5 at thè turrÈnt time. The nextV8luatlon Is due os at 31 December 2025. For the Penslon Bullder 2014 seclion, the valuatton revealed a surplus of £8.5tn on the ongolng assurnptlons used. ThÈre 15 no rÈqulremen¢ for deficlt payments at the current time. The legal struiture of the scheme Is such ihat If another employer fa115. EMPLOYER could becorne responsible for pay&ng a share of thÈ falled employeVs pÈnsion Ilabl111ies 25 Commltments As pari of its supportfor the Cathedr31 Choir, the Chapter has agreed to pay the school fees tharged byTruro School In respecL of a nurnber of chorister5. If Chapter wÈre ttr retrult no further chorlsters, the rotal commitment would be £190,25212022.. £262,885). 26 Assoclated Entltles not rontrolled by the Chapter The accounts ofthese enrities may be5ummari5ed a5follows-. Tyuro Cathedral Sthool Ltd The Friends of Truro Cathedral 31 July 2024 31 Oecember 2024 Income and Expendlture Gr055 Iniome 1,887 16,252 Nei Ideflclt115urplus before payment5 to Cathedral Amouni payable to Caihedral 163,3761 11,gQ6 NÈt IdÈflcltVsLJrplus after payments to Cathedral Balance Sheet Gr055 a55e15 84,571 23,856 17.5471 The Truro Cathedral School Llmlted account5 wereihe subject of an unqualified aud*t report. The Friend5 Of Truro Cathedral (counts dld not requlre a stèiutory audit. 44

Truro Cathedral Notes {forminR part of the financial statements) 27 Related party tran$actlon5 The Frlends of Truro Cathedral The Frlends of Truro Cathedral dona￿￿ a total of £NIL12023.. £12,664) to the Cathedrol for speclftc purposes connetted with musicand othe¥ faclllUe5. 28 Operatlng lease5 flnanclal commltments. At 31 Decptnber 2024, the8roup had outstandin8 CETrrnrnlrtneTrts forfuture fflinimum lease payments under non-iaTrcel be oper6tiD8 lease5 which fall due as follow5.' Cathedral 2024 fjroup 2023 other operating lea5e5 Within oneyearofthe balance slieet date In the second to flfth y@ars Inclusive of the balanTr sheet date 3.651 3,651 5.477 9,128 9.128 12,779 45

Truro Cathedral Notes IforminR part of the financial statements} 29. Major Glfts and Grants The iapltal prolÈtt to repair and refurblsh St Maryls Alsle commenced in May2023. The WOfkwa5funded by. The Duke of Cornwall'5 Bellevolent Fund,. HB PJlen Charltsble TrusL Cornwall Hlstorlc ChurchesTrusi', Benef3ctTrust', Dulverton Trust,, BÈrn3rd 5unlÈy Foundatlon., Friend5 of Trijro Cathedral,. Wolfson Foundaiion., The Gdrfield Westun FOundat￿n UK Shared ProspÈrSty Fund tOBetherwith le86clÈs from Mrs Gr￿e HolrTrp5 Le28Cy Mr5 PenTry Evans Legacy The Trustees would like lo expre5S their heartfElt thanks to all ihe fuiiders of thls major projecr to protect preserve ihe oldest part ofthe cathedral. aiid to the Diocese of Truro for their loan to rnan4gÈ thÈ prtslÈcVs cashflow. In rEcent year5, Sranis have been also awarded for rhe fabric, music, operational 105ts and missittn of the Cathedral. Our grateful ihank580 to the Chur(h Comtni55ioner5 for England. The F-riend5 of Truro Cathedral The Williams Church Music TrusL C8ihedral Muslc Trusr,. ousÈlÈy Churcli Music Trus[ 8ÈnefaitTrust', Cholrsihools, Assottatlo Historii England,. National LoLtery Heritage Fund Iculturtr RÈiovÈry Fund for Htritagel., The Saddlers'company, The Mercers, Compary., The Duke of Cornwalls Benevolent Fund.. co.op Loial Comtnunity Fund,. Nrttional LDttery Community Fund Police and Criffle CotDmi5slonÈrfs Communlty Grant Scheme. Comwall's support for it5 18thedral isvital. Truro Cathedral deepWappreiiare5 the mDnetary and Intangible value of the thousan(k of hours of IIME 8ivÈn froely by volunieÈrs every year. Exeiutors notified the Cathedral of three lo8a£le5 durli)8 2023, and we ihankthose people very rnuch ft>r rernembering the Caihedral In IheirWIIIs. The Cathedral Is also very 8rateful to every rnernber of the congregalion, vi%ltor and Individual who Contrlbutes financlally, Includlng supportersof Truro Cathedral Music &nd'5ponsDf a Chorislerf and evpryone involved in fundraising even15 such as the summer contert programme.