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 s*aretnents'. 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 Charit*e5 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, includ*n8 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 RepL*bllcof 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 o*tsr 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
incon515tenc*e5 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 <on5idered material
in relatlon to the flnanclal statements.
8asisof accounting
Truro Cathedral Is a reElstered charitywlth number 1207821. ThÈ flnanclal statements ha￿ been prepared uTrderthe
hlstorlcal cost conventlon as modSfled by the revtluatlon of Investment5 to market value and in compliance with
Actountln8 and Reporcing by Charitles-. Statement of Recomrnended Practice applicable to charltles preparing the5r
flnanclal 5tatement5 in aicordanie with the Finandal Reporting Standard FR$ 102 1"FR5 1027 and the Charitle5 Act
2011.
The flnan£lal statements are prepared In sterllng whlch Is the funcLional curreniy of Ihe Caihedral aftd Is rounded
to the nearest£l.
Golng concern
As at the 31 Decernber 2024, unrestricted general funds is In a deflclt pos5iion follow￿nE the recelpt of various grants
and donatlons and stood 8t £6,57312023'. surplus E147,7981.
Having con51dered budgets, cash flow forecasts and Ilkely income sLreams. the Chapier Is confldenL Ihat thÈ Cathedral
will be able to rneei its liabiliries as they fall due for IlTre foreseeable future. therefo¥e ihe Chapter belleves thatthere Is
no mèterlal untertalnty relatlon to the Golng Concern.
Income
All Irbcomlng resourtÈs are included on the StatemeFFt of Financial Activitie5 when the Cathedral 15 legally entitled to
the income, the amoutii c8n be measured rellably. and It Is probable tha¢ ihe Income wlll be recelved.
Voluniary income iomprises all Incomlng resources frorn donations,sponsorshlp a￿0 members.
Granls recelvable'comwlses all Ir)comlng iesources frDm gr8nts and Is retogn15ed on a recelvable ba515,
Legacles accounted foras lfitome where thÈrÈ is cléar entyvÈment, rhe arnountscan be measured reliably., and
recelpi15 probable. Receipi15 prob&ble when..
confi￿8[10n ha5 been recepied from the represenratwes of the esiatelsl that probate has been grar>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
ma*ntenance 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 res*dual 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 &
De5iEo*ed
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¥tditL*rel 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.