ELY CATHEDRAL TRUST REGISTERED CHARITY: 264803 REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ELY CATHEDRALTIIUST Price Bailey CHARTERED ACCOUNTANTS ELY CATHEDRAL TRUST INDEX PAGE Charity Particulars Tru5tee5' Annual Report Statement of Trustees. Responsibilities Auditors, Report Statement of Financial Activities Balance Sheet io Statement of Cash Flows li Notes to the AccoLJntS 12-22 ELY CATHEORAL TRUST CHARITY PARTICULARS Patron: The Late H.R.H. The Prince Philip. Duke of Edinburgh KG, Kr Trustees: Mr David Green (Chairman) The Very Reverend Mark Bonney DL lex officio, Dean of Elyl Canon Paul Evans Mr Peter Garside Mrs Jane Lewin-srnith DLIP Mrs Isobel Newport-mangell Mr13n Pathnson The Reverend Canon Sir Ralph Waller KBE Corrèspondente Address: The Chapter House The College Ely Cambridgeshire CB74DL Investment Managers: CCLA 80 Cheap5ide London EC2V 6DZ Principal Bankers: Barclays Bank PIC I Churchill Place London E14 5HP Audltors: Price Bailey LLP Chartered Accountants and StatutoryALJditor5 Tennyson House Cambridge Business Park Cowley Park Cambridgeshire CB4 OWZ Cathedral Staff: Chief Operating offi.cer & Chapter Clerk-jonathan Bell FCA DChA Chief Finance Officer- Alison Binstead FCA ELY CATHEORAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2025 The Trustees present their report and audited financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 12 and comply with the Charity's Trust Oeed, applicable Accounting and Reporknng by Charitie5= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland. published in October 2019. const[tu￿On and objects Ely Cathedral Trust is constituted under a trust deed dated 16 October 1972 and is a registered charity, no.264803. The objechve of the TrLJSt 15 primarily to pay or apply the income of the Tru5V5 fundsto.. The repair and maintenance of the fabric of the Cathedral,. The repair and maintenance of the organ and other appurtenances of thecathedral.. The support and advancement ol the Cathedral choirs,. The repair and maintenance of Secular buildings in the vicinity of the Cathedral and occupied or used for ecclesiastical or other charitable purpose5 connected with the Cathedral., and The repayment of sums borrowed and applied for the benelit of the Cathedral. The Trustees may further pay or apply the income of the Trusys funds in furtherance of all or any of the following objectives: Such charitable purposes connected with the Cathedral as the Trustees shall from time to time determine in their absolute distretion.. Such other charitable purposes or such charttable foundation5 as the Trustee5 not being less than seven in number shall from time to time by deed executed with their unanimous consent declare. The Trustees shall have power from time to time in their absolute discretion rfthey shall so think fit to pay or apply any part or parts of the whole of the capital of the Trust in any manner in which they are authorised to pay the income thereof. The Trustees measure their performance by way of ensuring the Trust is able to finance the Cathedral's needs both in the short term and the longerterm. The Trustees have considered the Charity Commission's guidance on public benefit and they consider that the charity IS fulh"Iling its obligations in this respect when reviewing the Trust's aims and objective5. in planning future achvitie5, and sethng the grant making policy forthe year fullils the Trusys public benefit purpose as it helps ensure that the Cathedral is able to operate. Organisation Trustees are appointed by the Cathedral Chapter. The Trustees who have served during the year and since the year end are set out on page l. The Trustees meet at least three times a year to review policy and operations. The organisational structure for day-to-day decision making is under the control of the Chairman of the Trust in consultation with the members and assisted by the Chief Operating Officer and Chief Finance Officer of the Cathedral. This arrangement is monitored by the meeting5 of the Trustee5 which are arranged at suffi.ciently frequentinterval5. New Trustees are appointed with the specific needs of the Trust in mind at the time of the vacancy, in terms of skills. experrise. experience and knowledge of the relevant field of acrivity and advice which the Trustees need. New Trustee indtjction involves the provision of a copy of the governing documents, minutes of prior meetings and a formal tour of the Cathedral and associated entities. When necessary. Trustees seek help from one or more of its external and professional advisors. ELY CATHEORAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2025 Grant-making The Trust has established a grant-making approach to achieve its objectives for the public benefit. While Trustees are routinely inforrned of the Cathedral's need5 by Chapter. and would consider any requests Ljnder exceptional circumstances during the financial year. a procedure is in place that after Chapterfs annual budget review, Trustees are presented with formal requests from the Chapter for grants for the following linancial year. Trustees consider these reque5t5 and the capacity of the Tru5t'5 funds to do 50. during 3 meeting of the Board of Trustees and advise Chapter accordingly. FSnanclal revlew and 5nvestment pollcy The detailed resLJlts forthe year ended 31 December 2025 are Set out on page 9 of the accounts. The Trust did not fund any exceptional large fabric projects this year. There was a signifi.cant decrease in the value of the investment portFolio15.3%lto the year ended 315t December 2025. Investment strategy is set by the Trustees and reviewed annually, with Trustees aiming to achieve a balance between income generation and capital growth. cognisant of the risk profile of investments and respecting the èdviee of investment managers. On IO, October 2025 the Trustees approved a transfer of £2.CMJ).(KKI from the CCLA investment fund to the CCLA Deposit Fund. This reflected discussions and concerns among the Trustees of 3 significant possibility of a reduction in the value of the portFolio. This could mean units would have to be sold to support need in the Cathedral in a weak market and Trustees were keen to avoid this possibility. The Trustees have invested the av3rlable funds with CCLA in their CBF Investment Fund. The fund airns to generate capital appreciation and rising income while choosing investments that are in line with The Church of England's Ethical Investment Advisory Group guidelines. It has a diversth.ed portfolio with substantial investments in equities both in the UK and overseas. The benchmarks for the fund are set as general long term objectives of.. achieving an average annual total return in excess of inflation over the course of 3 business cycle.. maintaining the true value of income after inflation., and limiting volatility to 75% or less of that of the UK equity market. The fund managers also use a composite comparator index in order to help us to compare performance over the shorterterm. This index is composed of seven other indices covering equities, property and h.xed income in5trument5 in the geographical rnarkets in which they invest. The Trust continues to seek to strengthen its assets while meeting its obligations and appropriate fundingrequests. Funds pollcy It 15 the policy of the Trust to maintain 5uffi"cient funds to cover management, administration and 5UPPOrt costs and to respond to requests from Chapter to meet the cost of projects approved by the Trustees in line with the Trust's objectives and to manage the endowment funds in the long term. These costs are met by unrestricted income in the Trust. Total unrestrirted re5erve5 at the start oltheyear were £3,095.991 with a carried forward balance of £3,197,590. Fundraising Standards InformationCA162A The Trust raises some funds from the ptjblic. The Trust undertakes fundraising though our intern31 resources and we do not commission a professional fundraiserlcommercial parhcipator for these- The Trust is not subject to an undertaking to be bound by any voluntary scheme for regulating fundraising.or voluntary standard for fundraising in respert of achvate5 on behalf of thecharity,. The Trust monitor5 fundraising activitie5 via the Trustee board- The Trust received no complaints about activthes for the purpose of fundraisin8,' ELY CATHEORAL TRusr REPORT OFTHETRUSTEES FOR THEYEAR ENDED31 DECEMBER2025 The Trust has adopted principles of GDPR legislation and also has safeeuarding policies to protect the dataof vulnerable people and other members of the publicfrom= al Unreasonable intrusion on a persons. privacv.. bl Unreasonable per515tent approache5 forthe purpose of 501iciting or otherwise procuring rnoney orother property on behalf of the charity- cl Placing undue pressure on a person to give money or otherproperty- Risk Managèmènt The Trustees have examined the m3jorstr3tegic. business and operational risks which the charity faces and confirm that Systems have been established to enable regular reports to be produced so that the neces53ry Step5 C3n be taken to lessen these risks. The principal risk faced by the Trust lie5 predominantly in the performance of investments, with the possibility of insufficient funding being available to meet the needs of the Cathedral. A secondary risk is that an economic downturn could jeopardise the generation of legacies. donations and subscriptions which continue to fuel the Trust's capability to meet its comnitment5. The Trustees consider variability of returns on investments to constitute the charivs major linancial risk. The Trust manage5 these investment risks by retaining expert adviser5 and operating an investment policythat prtsvides for a high diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. Future plans The Trusvs immediate objechve is to meet its agreed planned grant5 of £651,87012024-£671,2261. ELY CATHEORAL TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES Trustees. responsibilities in relation to fina￿lal5tateMents The Trustee5 are responsible for preparingthe Trustees, Annual Report and the h"nancial statement5 in accordance with applicable law and Untted Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The lèw applicable to charities in England & Wales requires the Trustees to prepare financial statements for each thnancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistentlv.. observe the methods and principles in the Charthe5 SORP 2019 IFRS 1021- make judgements and estimates that a￿ reasonable and prudent- state whether applicable accounting standards have been followed.. prepare the financial 5tatement5 on the going toncern basis unless it is inappropriate to pre5umethat the charity will continue in operation. The Trustees are responsible for keeping pmper accounting records that disc105e with reasonable atcuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 5tep5 for the prevention and detection of fraud and otherirregularities. Statement of disclosure to auditors In so far as the Trustees are aware lal there is no relevant audit information of which the charitvs auditors are unaware.and Ibl the Trustees have taken all step5 that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charit￿$ auditors are aware of that information. Approved by the Trustees on 11 AIrtIL £oz 6 and signed on thelr behalf by Mr DGrÈen: **��������������������** **��** **������������������������������������������������������������������** � ## **��������** ������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������������������������� ����������������������������� ���������������������������������������� - ��������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������ - �������������������������������������������������������������������������������������������������������� - ��������������������������������������������������������������������������������� ## **������������������** ��������������������������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������� ## **�������������������������������������������������������������������������������������** ���������������������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������������������������������������� ���������������������������������������������������������������������������������������������������������������������� ��������������������������������������� ����������������������������������������������������� ## **�����������������** �������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� ����������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������� ���������������������������������� ������������������������������������������ ELY CATHEORAL TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF ELY CATHEDRALTRUST Matters on which we are required to report byexception We have nothing to report in respect of the following matters in relation to which the Charities IA£count5 and Report51 Regulations 2008 require us to report to you if. in ouropinion- the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or the charity has not kept adequate accounting records- or the financial staternents are not in agreement with the accounting records and returns,. or we have not received all the information and explanation5 we require for ouraudit. Responsibilities of trustees As explained more fully in the trustees, responsibilities ststement set out on page 5, the Trustees are responsible for the preparation of financial statements which give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that ale flee frtsm material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin& a5 applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financialstatements We have been appointed as auditor under Section 144 of the Charities Art 2011 and report in accordance with the act and relevant regulations made or having effect thereunder. Our objechves are to obtain reasonable assurance about whether the h"nancial statements a5 3 whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditorf5 report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material rnisstatement when it exists. Misstatements can arise from frèud or error and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these linancialstatements. Irregularitie5, inclLJding fraud, are in5tance5 of non-compliance with law5 and regulation5. We design procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charity and how it operates and considered the risk of the tharity not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial Statements. This included those regulation5 directly related to the financial statements. ELY CATHEORAL TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF ELY CATHEDRALTRUST The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following.. Reviewing minute5 of Board meetings, reviewing any Corresponden￿ with the Charity Commission, agreeing the financial statement disclosures to underlying suppothng documentation. enquiries of management of the charity. We have a150 reviewed the procedure5 in place for the reporring of any incidents to the Trustee Board includin8 serious incident reporting of these matters as necessary with the Charitycommission. Managementoverride.- To address the risk of management override of controls. we carried out testing ofjournal entries and other 3dju5tments for appropriatenes5. We reviewed system5 and procedures to identify potential areas of management override risk. We also a55essed management bias in relation to the accounting policies adopted and in determining 5ignih.cant accounting estimates, including treatment of legacies and the valuation of investments, and a retrospective review of estimates from prior pefiods. Because of the inherent limitations of an audit, there is a risk that we will not detect all irre8tJlarities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that tompliante with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be les5 likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.//www.frc.org.uk/Our-WorkJAuditlAudit-and-assurancelStandards-and-guidance/Standards-and-guidance- for-auditor5/Auditors-responsibilitie5-for-audiVDescription-of-auditor5-responsibilitie5-for-audit.aspx. This description forms part of our auditorfs report. We communicate with those charged with governance regarding. among other matters. the planned scope and timing of the audit and Significant audit tindings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitvs Trustees as a body, for our audit work. for this report. or for the opinions we haveformed. Price Bailey LLP, Chartered Accountants & StatutoryAuditors, Tennyson House Cambridge Business Park Cowley Park Cambridgeshire CB74JU Dated.. 27 April 2026 Price Bailey LLP is eligible to act a5 an auditor in term5 of 5echon 1212 of the Corrhpanies Act2006. ELY CATHEORAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER2025 Unrestricted General Fund 2025 2024 Restrirted Endowment Funds Funds Total Total Note Income and endowmentsfrorn: Donation5 and legacies Investments 154.921 85,146 26.348 93.997 131.973 147,573 313.242 326,716 412,301 332,763 Total Income and endowments 240.067 120.345 279.546 639.958 745,064 Expenditure on: Charitable activthe5 310.692 338.748 73.370 722.810 756.286 Total expendlture 310.692 338.748 73.370 722,810 756.286 (Losses) l Gains on Investments 1127.7761 1130.4131 1189.8571 1448.0461 258,911 Net lexpenditurel l income for the year 1198.4011 1348.8161 16.320 1530.8981 247,689 Transfers between funds 300,OCM) 1300,0001 Net movement in funds 101,599 1348,8161 1283,6811 1530,8981 247,689 Reconclllatton of funds- Total funds brought forward 3,(Y)5,991 3,418,954 5,366,861 11,881,806 11,634,117 Total fvnds ¢arried forward 3,197,590 3,070,138 5,083,180 11,350,908 11,881,806 All income and expenditure derive from continuingactivities. The statement of financial activities includes all gains and1055es recognised during theyear. The notes on e5 12 to 22 form rt of theseaccounts ELY CATHEORAL TRUST io. BALANCE SHEET ASAT31 DECEMBER2025 2025 2024 Nots FIXED ASSETS Inve5tment5 9,121,519 11,570,791 CURRENT ASSETS Debtors Investment Fund Deposits & Cash at Bank 132,030 2,163,903 82,651 278,343 2.295.933 360.994 LIABILITIES.. Creditors.. Amounts fallinÉ due within one Year 66.544 49.979 Net Current Assets 2,229,389 311,015 ASS￿5 11,350,908 11,881.806 CHARrrY FUNDS: Unrestricted fund5 General fund Restricted funds Endowment funds 3.197,590 3,070,138 5,083,180 3,095.991 3,418,954 5,366,861 Total Fund Balances 11.350,908 11.881,806 Thè finantlal statemènts were approved by the Board of Trustees on 14 Al¢IL ts21 and signed on thelr behalf by Mr D Green: The notes on es 12 to 22 form art of these3ccounts ELY CATHEORAL TRUST ii. STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2025 2025 2024 Note Cash flows from operatingartivities: Net cash used in operatingactivities 13 1573.1291 1381.4831 Cash flows from investingactivities: Oividends. interest and rents from investments 326.716 332.763 Withdrawal of fixed asset investments 2,000,000 Net cash provided by investing activities 2.326.716 332,763 Cash flows from financlngactlvltles- Receipt of endowment 131.973 7,617 Net cash provided by financingartivitie5 131,973 7.617 Change in cash and cash equNalents in the reportingperiod 1.885,560 141,1031 Cash and cash equwalents at the beginning of the reporhngperiod 278,343 319,446 Cash and cash equivalents at the end of the reportingperiod 14 2,163,903 278,343 The notes on es 12 to 22 form art of theseaccounts In order to formalise the governance structure of the charity and create a separate legal identity, the Trustees have decided to transfer the operations to a Charitable Incorporated Organisation (CIO). The intention is that this Charitable trust will cease once it’s operations, assets and liabilities are transferred into the new CIO in a period of less than one year from the approval of the financial statements for the year ended 31 December 2025. For this reason, the financial statements have been prepared on a basis other than going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. All assets and liabilities are to be transferred to the new CIO at their carrying amounts. ELY CATHEORAL TRUST 13. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER2025 ACCOUNTING POUCIES-Icontinuedl Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure Is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings= Costs of raising funds includes support costs for fundraising and eventorganisation,. Expenditure on charitable activities includes grants made, governan￿ costs and an appothonment of support costs. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant. as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditions are outside the control of the charity. Investment Fixed Assets Investments are a form of basic financial instrument and a￿ initially recognised at their transactr'on value and subsequently measured at their fair value as at the balance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options. derivatives orother complex financial instruments. The main form of h"nancial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors. Investment income. gains and losse5 are allocated to the appropriate fund. Funds Restricted Funds are funds which have been given for particular purposes or projects. The Trust's Restricted Funds are restricted to providing grants for the maintenance of the Cathedral and other buildings relatedto it and for the advancement of the Cathedral Music. Endowment Funds represent fund5 which must be held permanently by the Charity to generate income to be applied for the purposes for which the Endowment was created. Details of these funds are set out in note The Trustees have accounted for the permanent 21st Century fund to account and report income and capital return5 and charitable expenditure on a total return basis. The original unapplied total return wa5 the amount of the fund over and above the base level of endowment as calculated at 29 April 2021 when the basis was adopted. The Trustees agreed this base level should be the value of the endowment as calculated as the original arnount received uplifted for inflation linked to CPI totalling £1.973M. The total return each year remains part of the endowment fund, until it is transferred to the general fund and becomes "applied total return~ The transfer is shown in the table in note 8 and on the SOFA. The indexation uplift for 2025 is 3.55% perThe Office For National Statistics. Unrestricted funds are funds given for no parkncular purpose or projects. to be spent as Trusteesdecide. Cash and cash equivalents Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturitv of three months or less from the date of acquisition or opening of the deposit tsr %imilaraccount. Debtors Other debtors are recognised at the settlement amount due. ELY CATHEDRAL TRusr 14. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2025 ACCOUNTING POUCIES-Icontinuedl Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instrumènts The Charity only ha5 financial a55ets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initialfy recognised at transaction value and subsequently measured at their settlement value. At the balance sheet date. fixed assets are recorded at market value (note 5 which details the unrealised 8ain51 and all other a55ets and liabilities are recorded at C05t (which is their fairvaluel. Estimates and jud8ements Estimates and judgements are continually evaluated and a￿ based on historical experience and Dther factors, including expectation5 of future events that are believed to be reasonable under the circumstances. Although these estr"mates are based on thetrustee's best knowledge of the amount, events or actions, artual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimate5 and judgements. INCOME FROM DONAMONS AND LEGACIES 2025 2024 Gifts Legacies 94.262 218,980 67,774 344,527 313.242 412,301 Income from donations and legacies in 2025 was £313.24112024.. £412.3011 of which £154.92112024.. £199,896) wa5 attributable to unrestricted fund5, £26.34812024.. £204,788) was attributable to restricted fund5 and £131,973 12024- £7,617) was attributable to endowment funds. INCOME FROM INVESTMENTS 2025 2024 Investment fund- dividends and interett 326.716 332.763 326.716 332.763 Income from investments in 2025 was £326.716 12024.. £332.7631 of which £85.146 12024= £82,697) was attributable to unrestricted fund5 lincluding de5ignatedl. £93.99712024.. £95,4931 was attributable to re5trirted funds and £147,57312024.. £154,573) was attributable to endowment funds. ELY CATHEDRAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 OECEMBER2025 15. CHARITABLE A￿1VITIEs 2025 2024 Grants to Ely Cathedral (note 111 Support costs and governance Fundrai5in8 COStS 699,706 19,878 3,225 733.347 15,932 7,007 722.809 756.286 The Trust has no direct employee5. ExpenditLJre on charitable èctivitie5 in 2025 wa5 £722.80912024.. £756.2861 of which £310,69212024.- £375,556) was attributable to unrestricted funds, £338,74812024: £314.7751 was attributable to restricted funds and £73,370 12024.. £65,9551 was attributable to endowment funds. The grant's analysis is given in Note 11. All of the amounts are granted to Ely Cathedral. The support costs figures above relate to printing postage statr'onery. Trustees indemnity insurance and other office costs of £7.15912024.. £3,752) and audit fees of £12.72012024: £12.1801 which are allocated to charit3bleexpenditure. FIXED ASSET INVESTMENTS 2025 2024 Market value at l January 2025 Disposals Addition5 Loss in year 11,570,791 12.000.000) 11,311,880 1449,2721 258,911 Market value at 31 December 2025 9,121,519 11,570,791 All investments are held in the CBF Church of England investrrbent fund incomeshare5. Investments at fair value comprise: 2025 2024 Equities- UK Overseas equities Property l other assets Cash 789,012 5,752,032 2,351,525 228,950 1,057,570 7,361,337 2,959,808 192,076 9,121,519 11,570,791 The historical cost of investments is £4.803.92212024..£5.850.2231. DEBTOR5 2025 2024 Accrued income Legacy Gift3id Ely Cathedral Enterprise5 Limited 79,651 46.311 3.068 79,651 3,000 132,030 82,651 ELY CATHEORAL TRUST 16. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER2025 CREDITORS - Amounts Falling Due Within Oneyear 2025 2024 Trade creditors Accruals Ely Cathedral Chapter 1,973 10,320 37,686 12.720 53,824 66.544 49,979 FUND RECONCIUAMON Balance at l January 2025 Balance at ai December 2025 Galnsl IIos5esl Transfers Income Expenditure Unrestricted Funds General Fund 3.095.991 240.(￿7 1310.6921 1127,7761 300,000 3,197,590 Total Unrestricted Fund5 3.095.991 240.067 1310.6921 1127,7761 300,000 3,197,590 Restrirted Funds Maintenance of the Fabric Fund Music Fund 485,861 2,932,552 23.281 97.064 1153,1801 116,3661 1185,5681 1114,0471 339,596 2,730,001 Visitor Facilities Fund 541 541 Total Restricted Funds 3.418.954 120.345 1338.7481 1130.4131 3,070.138 Endowment Funds 21" Century Endowment Friends of Cathedral Music Chorister5hip Tony 81yth Chorister5hip James Tilly Choristership 3,388,640 93,178 1117,8531 1300,0001 3,063,965 72.794 2.(K)2 4.500 121,712 13.5701 12.9011 68,325 4,500 121,712 Octagon Choristership Ouseley Trust Choristership Sinclair Choristership Rawlinson Fund Choristership Garlield Weston Chorister5hip Lantern Choristership Quanea Choristership 220.433 184.844 162.030 330.254 465.421 2(￿.288 336.157 6.061 5.083 4.455 9.080 12.799 11.433 9.243 14.2001 18.1131 14.21X)I 16.8561 114.3001 16.2241 114.31XJI 110.6471 114.3(X)1 117.3681 14.2(K)I 17.0921 114.3001 112.8031 214,181 178.871 145,961 314.387 446,552 206.429 318.297 Total Endowment Funds 5.366.861 279.546 173.3701 1189,8571 13CM).(￿l 5.083,180 Total Funds 11.881.806 639.958 1722.8101 1448.0461 11.350,908 ELY CATHEORAL TRUST 17. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER2025 FUND RECONCIUATION Icontinuedl balan￿ at l January 2024 Balance at 31 Detember 2024 Gainsl Ilossesl Transfers Income Expenditure Unrestricted Funds General Fund 2.821.826 282.593 1375.S561 67.128 300.000 3.095,991 Total Unrestrirted Funds 2,821,826 282,593 1375,5561 67,128 300,000 3,095,991 Restrirted Funds Maintenance of the Fabric Fund 415.838 2.941.859 391 202.166 97.965 Iso 1141.6(KTrl 1173.1751 9.457 65.903 485.861 2,932,552 541 Music Fund Visitor Facilities Fund Total Restricted Funds 3.358.088 3￿.281 1314.7751 75.360 3.418,954 Endowmènt Funds 21" Century Endowment Friends of Cathedral Music Choristership Octagon Choristership Ouseley Trust Choristership Sinclair Choristership Rawlinson Fund Choristership Garfield Weston Choristership Lantern Choristership Quanea Choristership 3,513,334 l(K),490 74,816 1300,0001 3,388,640 74.￿2 214.608 180.714 158.889 329.752 455.991 194.025 332.888 2.117 6.138 5.169 4.545 8.CK)O 13.044 13.166 9.521 15.COII ls.ooii 15.COII 15.0011 113.6501 113.6501 1S.(M)11 113.6501 1.676 4,688 3.962 3.597 6.152 10.036 4.098 7,398 72.794 220,433 184,844 162,030 330,254 465,421 206.288 336,157 Total Endowment Funds 5.454.203 162.190 165.9551 116.423 13tKJ.iXM)1 5.366,861 Total Funds 11.634.117 745.064 1756.2861 258.911 11.881,806 The Trust now has nine endowed funds, eight of which are to support Ely Cathedral Choristers: The Friends of Cathedral Music Choristership, Octagon Choristership, the Ouseley Trust Choristership, the Sinclair Choristership and the Rawlinson Fund Choristership. Garfield Weston Choristership, Lantern Choristership and Quanea Choristership were each Set up to fund chorister5hip5. The ninth fund is the 21st Century Endowment Fund and its purpose is to maximise income for when Ely Cathedral needs further extensive major restoration. See further details below.. ELY CATHEORAL TRUST 18. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 310ECEMBER2025 FUND RECONCIUATION (continued) Permanènt Endowment Una Total return Total Balance at 31 December 2024 2,442,141 946,499 3,388,640 Investment returns (dividend and interest) Investment returns Irealised and unrealised gainslllossesl Indexation of the capital in permanent endowment for investment 93.178 1117,8531 93,178 1117,8531 87,917 187,9171 Net movement before application ot income 87,917 1112,5921 124,6751 Unapplied total return allocated to income inthe period 1300,(K)01 1300,0001 Net movement in the year 87.917 1412.592) 1324,6751 Balantè at 31 Oètèmber 2025 Trust for investment/permanent endowment Unapplied total return 2,530,058 2,530,058 533.907 533.907 Balance at 31 December 2025 2.530.058 533.907 3.063,965 During 2021, Ely Cathedral Trust took advantage of Section 4 of theTrustsAct 2013 to adopt a total return approach to the permanent endowment of the 21st Century Fund. The Trustees met and unanimously agreed this on the 29th April 20213$ being in the charity's interest. Due to the number of professionally qualified accountants and lawyer5 Wlthin the group, Trustees were comfortable that a5 a body they had the experience and the experhse to take the decision on the basis of information and advice received without the need forformal external professional advice. This approach has been limited to this one fund and will not apply to any other endowment funds held by the charity. The assets held that represent the value of the original endowment were established including any additional amounts that were not the result of the investment. There is no existing Charity Commission Order on this fund. ELY CATHEORAL TRUST 20. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2025 10. TRUSTEES, REMUNEIiATION During the year, no Trustee received nor waived any remuneration12024- nill. Nil expenses were reimbursed to the Trustees in the year12024- nil). 11. RELATED PARTY DISCLOSURES In accordance with the Trusvs objecrives. it makes grants to Ely Cathedral to 3SSlSt with restoration and maintenance, maintenance of the Choir5 and reimburses the Cathedral for management and administration costs incurred on its behalf. During the year the following transartion5 took placewith Ety Cathedral, all payable5 were re5trirted in the current and prior year.. 2025 2024 Grants expenditurè Choristers Other grants to Ely Cathedral Fabric and maintenance grant 258,585 287,942 153.180 239,130 302,230 191.987 Total 699.707 733.347 The amount owed by Ely Cathedral Trust at 31 December 2025 to Ely Cathedral Chapter totalled £53,82412024- £37,6861. The amount due to Ely Cathedral Trust at 31 December 2025 from Ely Cathedral Enterprises Limited totalled £3,000 12024- £3.0001. In addition. 9 Trustees12024.. 91 gave donations to the Trust during the year of £4.92012024-£4,0801. There were no other related party trnnsactions12024- nill. 12. CONTINGENT ASSETS As at 31 December 2025 the Trust was aware of legacies valued at £Nil 12024-. £260,0001 which have not been recognised in these accounts as they have not met the income recognition criteria as ntsted in accounting policy Ilcl. At 31 December 2025 the Trust had an interest in I12024- 11 estates, which 15 subject to 3 life interest and is not included as a value due to the inherent uncertainty in valuing this type of estate. ELY CATHEORAL TRUST 21. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2025 13. Retontiliatlon of net intome to net cash flow from operatlngactlvitles 2025 2024 Net income for theyear per the statement of financial activities 1530,8981 247,689 Adjustments for: Gifts of endowment 1131.9731 17,617 Loss / (Gain) on investments 449,269 1258,9111 Dividend5, interest and rents from investments 1326.7161 1332,7631 Ilncreasel I decrease in debtors 149,3761 59,041 Increase / Idecrea5el in treditors 16,565 188,9221 Net cash used in operatingarti¥ities 1573,1291 1381,4831 14. Analysis of changes in netdebt At ljanuary 2025 Cash flow At 31 December 2025 Cash in hand 56.967 58,358 115.325 Cash held as part of the investment portFolio 221.376 1,827.202 2,048,578 Totsl 278,343 1,885,560 2,163,903 ELY CATHEORAL TRUST 22. NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER2025 15. Comparative Statement of Financial Acti¥ities (see paBe91 Unrestrrcted General Fund 2024 Restrirted Endowment Funds FurKIs Total Note Incorne and endowmentsfrorn- Donation5 and legacies Investments Tran5fer5 frorn endowment 199.896 82.697 2￿.788 95.493 7.617 154.573 412,301 332,763 Total income and endowments 282.593 3tM).281 162.190 745.064 Expenditure on: Charitable activitie5 375.556 314.775 65.955 756,286 Total expendrture 375,556 314,775 65,955 756,286 Gains / (Losses) on Investments 67.128 75.360 116.423 258,911 Net lincomellexpendrture forthe year 125,8351 60,866 212,658 247,689 Tran5fer5 between funds 3(K>.(VX) 131K).QUII Net movement in funds 274.165 60.866 187.3421 247.689 Reconciliation of funds: Total funds brought forward 2.821.826 3.358,088 5.454.203 11.634,117 Total funds carried forward 3.095.991 3.418.954 5.366.861 11.881,806