SALISBURY CATHEDRAL TRUST ATEMENT OF ACCOUMS 31 MARCH 21125 Ixgal and Athninistrdlive Dthi15 Trustees, Repo lThJq)eTthni Examinerfs Report Ststemem of Fina￿18] Activities Balance Sheet ?. - 10. No*s io ihe A¢¢oun . terrtl Ch•ri Number: 2912 SALISBURY ATllED￿L TRU LEGAL ADiiINisfRATII'E IYFORII IATIO, FOR THE YEAR ENDEDJI MARCH 2025 Ro}Al PAtr• Hhl The Klng Trusttt5 And oifiters Tru.slee%'. Andre* Chri%li¢-Miller E (Chairman) The Very Re%'crend CanoTh Nick Papadopulos {Dean of Salisbury} Rupen Ediwdid4 Esq FCA The RevereMI Canon Kennah Padley Trust Direcior.. Mrs J Molnar Address The Chawer Office. 6 The Cli)se. Salisbury. WilithirL. SPI ?EF Rtglstered numbtr ?9125? Profe￿10￿81 Advlstrs Banke Lloyd% TSB Bank plc. 38 Blue Boar Row.. Sali%bury Soli¢iioTh: WilwThi AlexaThJra Htyjse. St John5 Sireei. SaliNbury Indcpendent Examiner% Ha￿maC LLP. 10 ￿￿een Street Plac¢. Londoii EC4R IAG LIS URY TRU TRu&fEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 Aims and Obieetiwes The ¢rusi's Work is eniir¢ly d¢peTKleni on dI)[￿lon5, legacics atxl invtyment incorne from its re51ricied an endowed fund& The Trust 5UPPOrts the resloratiM of Sal}s￿ry Cathedral and makes grants to The CaihgdFal for that PUry05C. HIEVEMENtS AND PERFORMANCE Charit&ble A¢tivitie5 In ihe financial year ihe ¢haTiiy did w auively fundraise fn)m ihe pllblic or run legacy campaigns or UTKlcrtake similar fundraising activities in its own right. The twgtces were tllough pleased to rtteive unsolicited gifts and le8acics frotn pcople who gencrcwtsly gjpwrt chan.ty During ihe year the TrLLSt made a grant of £75.th) to Salisbury Cathcdrdl. for tl* purposes of the repair of the fabric of Sali51MJry Cathedral. Investments The Tnjstees, investir*nt wlicy Was to m￿lmi$t the 10th] return C￿ the Ttusts investswlls. wbject to a rnedium degree of risk, by invesling ID an quity-based Charl￿ble common inv¢5tm¢N fund. The ermlowment fund5 continue to be invcstcd in common inve5twKnt fuTMI NAN IAL REVIEW The Tn￿ contain5 &￿t5 derived frorn gifts the rq￿1r a￿1 maintenaTKC of Salithry Cathedral (originally for the Spire Appeal} and are iherefort ffstric*d in use for the general obje¢¢s of the Trust. These asws are therefore held in a restricted fund known as the'Fabric Fun(r. In addition the Trnst holds capital &$ permanent endowment. derived frorn gifts wlKre the don¢x has 5PCCLfLed that oN]y thc income may bc spent. Revkw of fu￿￿￿￿1 tranJ*ctions The Fabric Fund received grants dDnatiotL5. income evcnts a￿j Icgacics of £42,84712024 £43,764) towards the main¢enance of Ihe Caihedral. The Endowmeni Fund is invested in M & G Charifund managed unils and income from these funds is accumulated in these units. sI￿e 2023 t]K a$5et$ of the Fabric fund have been invested in a dcposil account a￿j intcicst iN¢omc ftDm ihr drFw)sil is allo¢aird io the Fabri¢ Fund. Invesiment income of £32,010 (2024 £13,256) was uediied to the Fabri¢ Fund. and £9.245 {2024 £8.3021 was credited to the EndowTnent Fund. There were unrrdlised gains of£7.775 (2024 £1.774 losses} on the T￿￿1.$ inv¢4ments. Nel expenditure of £3,46512024 £19,894) w&s Charged to Fabric Fund and net inc(mK of £9.245 (2024 £8.3021 was crcditcd to Ihc Endowmcnt Fund. Taking into accwnt the changes in markd values of the invesun¢nis il Funds 1￿Case4 in iothl by £13.555 (2024 £13,366 redu¢(ion). Review of flnanclal posltlon At the end of ihe ￿ar the assets of the Tn￿1 amow)*d w £722,941 (2024 £709J86) of which U47.S46 (2024 £55 1,01 l) was held in the Fabric Fund and £175.395 (2024 £15&375) was perrnMt endowment. Reserves policy The Tn￿ee$, policy 1$ 10 retain a small bala￿t for the future ￿[2110￿ of the TTll￿ and, subject to thi& to draw on th¢ Trust's reserves for Brants to Salisiyjry Caihedral so as best lo &%sist tk Chapter wth Tepairing and maintaining Ihc C*hedral. PLANS FOR FUTU RIOD The Tru5te¢s have a￿ed to rnake further grants to the ￿￿dra] irt 2025Q6 up to £75,IM)O. This will l¢av¢ signifi¢ani proportion of the remaining ful￿S. Th¢ c*h¢dI￿.$ Works team is currently focussed on the maintenance of thcNorth Cloisler. where ihcre has been signifJc8nt Wediher damage to the Monework. and Tf5torin8 the iTnpres5ivc Edward Bumc-JoTKS W1￿]￿W in the 5ouih aisk. The tr￿￿ee$ are commiled to supporting these projecis over ihe nexi four year& The Tru￿ will ¢oniinu¢ to be dependent on donations and lesacics to enable future contributiorLS to the Cathedral's Fabric repair programme. This repon was approved by the ir￿¢¢5 on j I ,lil Lv & z f and signed on its behalf The RevereEwJ Canon Kenneth Padley Tn￿¢¢ SALISBURY CATHEDRAL TRusr TRtiSTEES' REPORT FOR THE YEAR ENI DED 31 fvIARCH 2025 The T￿￿e¢S pre%eni their annual report and the financial staternents of Salithury Cal￿ra1 Trusi for ihe year ended 31 March ?0?5. These have been Prepared to ¢Otnply with ihe Charitie5 Aci 201 l. the ¢haT11￿5 Iru%l deed and A¢couniing a￿4 Reporting by Charities." Siai¢meni of Re¢ommend¢d Pracii¢e applicable 10 charities preparing their accounts in accordaiice wilh the Financial Reporting Siandard applicable in UK and Republic of Irel1r￿ {FRS10?l {effe¢iive January ?019). TR UR VERNANCE IIANI AGEhlENr Constitulio The Chariiy eslablished by a Dttd o[Tru￿ dat¢d I l January 1985. This h&$ subsequenily b¢en amended by Chariiy CotnrniKThioners'.schem¢s dated 27 July 1995 and ?7 Maich 1996. ar￿ Supplemented by Declara¢ions of Tm51 (tsied 6 October 1995 and 7 December 1995. li is COn￿lI￿led as a charitable irust and is a regisiered charity AppoiNtment Inductio￿ of tr115tee5 T￿.0 of ihe irusiee% are appointed by Lh¢ Chapier of Sali%bury Cathedral and ihe ￿h¢r are ¢le¢id by exisiiii¥ truste￿. New Iru%tLf% are provided wilh inform311on relaling io the chariiy and the work of Salisbury Caihcd131 which it 5uppc?rLs. Organis8tiOn81 structure alld de¢ision-malKing Oi'erall reSp(￿$1b11lIY for ihe mil na¥einenl of ihe Charity wilh ik.'fru%teth. who med ele¢tToni¢ally during the couThe ofih¢ y¢aT. Day 10 dai managem¥ni and adminiqrJiirMi 1% del¢gDai¥d 10 the Dir¢eior. Related parties The Irusi h&% a very ¢lo%e relaiion4hip wih the Chwer of Salisbury Caihedral ivhich admini.sier% cathedral and provides iivo ofihe rtormally ihe tkan and ihe Canon Trcawrcr. Ri$k Jn4nagement The Trusiee% have conducted a review of Ihe major ri%ks to Mthich Ihe Trnsi is exposed and sysieffts have been e%iabli%hed 10 miiigate tho¥£ Ti%ks. Iniernal ri*k% ale Tninimi%ed by Ihe implemeniaiion of procedure% foT the auihori%aiion of all tran%aciions. Thcse procedllrcs are rtviewed pttidic211y 10 ensknre Ihey ￿]11 meei the needs of the Trust. Publi¢ ben¢fi¢ The Tru%iee5 confirn Ihai Ihey have compljed wilh ihc duty in ¥eciion l 7 {51 of the ChariiiL% Aci 2011 to have due regard 10 ihc public benefit guidance published by the Charity CommiK4ion. Prepar*tlon of accounts Charity law require% the Trustee¥ to prepare flnancial ￿ateMent£. for each fillancial year. in a¢toidan¢e iviih applicable law and United Kingdom Get￿ra1]Y Accq)itd Accourtiin¥ Praciict (UK GAAPI whieh &Dive a true and fair view of ihe ￿lait of affair5 of Trus1 and of the surplus or deficii of ihe Trusi for Ihai period. In preparing Ihese a¢couni8. the Tru.$1￿ are requiied to-. i) Seleei suiiable accouniing policic% atNI ihen apply ihtm Consi￿c￿lIy. ill Make jud¥emenl$ and t￿lMateS Ihat are rvasonable and P￿￿ent. iiil Folloii, applicable a¢countirJg #andards. wbject io any material departures disclosed and explained in Ihe accounis iv) Prepare the accounts on the 80ing toncem basi< unle%s li is inappropriate ¢0 prthtsme thai the Trus¢ will conttnll¢ ro operate. vl Observe Ihe mffllKKis and principals in ihe Chariiie5 SORP The Tfu4iees are resporn%ible for keeping proptt ac¢ouniing re¢otd% which dis¢lo%e i¥ith reasonable accuracy ai any iimc the financial position of ihe Trust and cn2ble Ihcm to ensure th21 ihe accounis comply with ihe proi'i%io￿￿ of the Chariiies Aci 2011. They are also rwsible for safeguarding the of Ihe Trust and hence for iaking reasonable sieps Ihe preven¢ion and dde¢ii(A) of frnid aThJ thher irregulariiies. OWEcfii'Es AND ACTIIIITIES Objects The Trnst's objects are the furtherance of religion and education. in particular by wving priorily to The repair and Improvement of Salisbury Cathedral and its coffltnt INDEPENDENf EXAMINER'S REPORT T THE TR SALISBURY CATHEDRAL TRUST FOR THE YEAR ENDED 31st MARCH 2025 srEE OF I report to th¢ TnLSt¢e5 on my examination of the xcounts of ihe Chatity for ihe year ended 31 March 2025, which are set out on pages 5 to I l. RESPECTIVE RLSPONSXBILITILS OF TRUSTEES AND EKIMINER The tru￿tt$ are resp)nsible the preparation of the accounis in accordance with the requitements of the Charities Aci 2011 ("the 2011 Act"). The irusm are ￿1sfIed ihai an audit is rquired for this year under section l44(2) of ihe Charities Act 2011 2011 kn) and ha￿ ¢h(6en in#e•J io hav¢ an indep¢ndent examination. I rq)ort Én respeci of rny examirraiiort of ihe Tntst% xcounts oui under sffli¢)n 145 ofthe 2011 Act. In carrying out rny exarninalion I have followcd the Tequirements of iht applicable Dirtttions given by ih¢ Charity Commission under sfftion 145 (5){b) of ihe 2011 Act. INDEPENDENT ELaMINER'S sfATEMENT I have ¢ompl¢ted my examination. I confirn ih* no matters have con* to my atterttson £i￿ng me Cause io believe Ihat in any maierial Tespeci: (l) a¢counting ￿ordS wer¢ not kept in resrKd ofthe Charity zs rcquhTvJ by 5ertion 130 ofthe 2011 Act" or {2) Ihe accounis do xcord with ihose recwd&" OT (3) the ￿countS do not comply with thc avylicablc rcquircmts wKeming ihe fomi and content ofxwjnts set out in the Charities (Account5 and Rcport5) RegulatiL*￿ 2008 other Ihan arty wuiMen¢ thai Ihe ac¢oun¢s give a.true and fair view" which is a matter considua ￿ part oran indepathit examination. I have no concerns and havc conjc acr05S TW) ￿her M￿terS in connection with the exarnination to which attemion should bc drawTL in this report in ordeT to enable a proper UTthrsAaThJin8 of ihe accounis ¢0 be Teached. Lee Stokes FCA Haysmac LLP 10 Queen Street Placc London EC4R IAG D#t¢.' 9 December 2025 LISBUR ' ATHEDRAL TR STATEIIEYf OF FIP*LNCIAL ACTIIIITIES FOR THE YEAR ENDED31 NL IARCH 2025 Fund . Fabtic Ethdowmeni nd T￿al ?0?5 T￿al 1￿cOme and end0￿MentS from: Voluntary income Donaiions EverJl¢ Legacies Grants rcccived Invcstfflent irKome 15.??? .1?5 18.IKN) 1.5(N) 15.?22 8.IY5 18.000 1,51X 41.255 ?5,523 6.085 9,?45 ?1.558 To(al Income 74,857 9.245 84.10) 65.37• Eipendlbjre on- Ch#rit#ble Actiiitie5 Furtherdnce ofmainienan¢e of Sali.%bury Caihedral Governanre C￿t5 75.(KM) 3.372 75.0(KJ 3.322 75,000 1.914 Total eypendilure 78.32? 78.3?? 76.914 h'ei Income I leApeNditure) befor¢ •nd losses OA In%'estme&is (3.465) 9.?45 5.7RO {11.59?) NET GAlIYSI{LOSSES) OYI 1￿,￿,EsTME￿TS unreali.sed gains'{ losses) on invemw￿nl* P*rf in¢om¢ I l¢xp¢ndltuYe 7.775 7.775 11.774) (3.4651 17,020 13,555 113,366} TrAn$fers betw.eeth funds et moi'tineDt in funds (3.465} lJ.555 {13,366} Fund bal*nees brollghi forwxrd 551.011 158.375 709.386 72? 752 Fund balance5 carried forwArd £547.546 £17i.395 £722.941 £709.386 RY CATHEDRAL TRUST BALINCE SHEgT S AT3A MARCH 2025 FIXED ASSEIS Invesunenis 175,395 158,375 175,395 158.375 CURRENT ASSETS Dcbtors Deposii a¢couni Cash at bank and in haT 11,592 578,653 36.759 571 621,648 7,677 627.lJ)4 629.896 CREDrroRS: falbmg due within one year 79.458 78.885 547,546 551,011 NET ASSETS £722,941 £709,386 Representing: ENDOWMENT FUNDS 175,395 158 J75 RESTIUCTED FUNDS Fabric Fund .10 547,546 551,01 TotA] F*nds £722,941 £709,386 Signed on behalfof the Tw*ees: The Revexend Ca￿n Kenneth ￿]ry Trustee Approved by th¢ Tn￿¢¢$ on 17 ,,kL 7¢ir SALISBURI. CATHED￿lL TRUST riOTES TO THE ACCOUP4T FOR THE YEAR ENI DED 31 .IIARCH 2025 ACCOUNTIIS G POLICIES B8515 of Aceountiog Ihe aceounts have tten prepared in accordance with the Chariiio A¢¢ 2011. Ihe 5￿tt￿ne￿i of Recommended Pra¢ii¢e on Accounting and Reponing by Charitie4 applicable Lo ehariiies preparing Iheir accounts in accordance wilh ihe Financial Reporting StaTwJard applicable ITh the UK and Republic of Irelar¥J IFRSIO?) (Second ediiion. eff¢cii%'e January 20191. The irus¢¢es ¢onsidcr there aTe no n￿terIal uncenainiies abotsi the Chatiiy s ability 10 ¢ontirtue as a going concern. The revieu. of wr fLnancial po%ilion. ￿t% leitls and future plarkq gives Trusi¢¢s ¢onfidenc¢ ihe charily remains a goin8 concern for Ihe fores¢eable [￿￿re. Asfets and liabilitie4 are inilially iecognised ai hi￿Or1eal cost or irarLwiion ￿luc llnle5s 51ated in the rele￿nI accouniing poliry Thje. Income All Intotning r￿￿Ul¢C￿ are included the Siaiemeni of Financial Aciiviii¢% when ihe ¢harily i¥ eniiilert 10 the income. Ils receipt is probable when the amount can be quanlified with reasonable accuracy. Legaeies Lega¢ies ar¢ Includcd wh¢n the chariiy i% adi'i%ed. by the ￿nal represeniaiive of an ¢5(￿¢. Ihai paymeni vill be made and Ihe amouni involved can be quaniified. Grant5 m8de GraDl4 are chargFed in ihc accounis on rhe earlier of ihe d￿e t￿Y are paid and ihe dale ai %4thich a (legal or consiruciivel obligation 10 pay them fiN comes IMO e¥i51ence. This 15 normally i¥then rhe conditions iiee£ssary for ilie payment of a ¥rant haie b¢¢Th m¢i by ihe Te¢Jpj•it. Otller expenditure Expendiiure 1% accounied for on an ac¢tual% b&siK Governa￿¢ ¢011% ar¢ ill¢4Lrred in con￿¢1]0￿ with the goirrnance of the chariiy. Siipport C041% are directly atiribuied io particular ¥iiviti¢s. are appornioned on the b&sis of the lim¢ and r¢sour¢es ynt on the variw% *livilic Fixed asiet Ini'esiments liive511neiii.fi are included ai elosing markei i'alu¢ • ihe balance %heei dale. Any gain or loss on revaluaiion 1.% iak¢n 10 Ihe Staiemeni of Financial Activilie Fund accollThtillg Where the charity receiv¢$ 3 d¢ywion for a spe¢ifi¢ purpose, it is shown sepataiely in a reslricted fu￿1. Where the re%tri¢iion is ihai the capithl cannot be speni, Ihks 1.% referred io art endoivtTreni fund. Invcsimcni income, gain_s artd lo>scs arising on reslricled fund5 are all￿died io Ihe appropriaie fur￿. IINIFESTNk IENT IliCOME 20?5 Incotne fiotn11sled inve￿Me￿i5 Ini¢rest re¢eii'able 9.245 3?,010 8.302 13,256 É41.255 21.558 ISBURY HED us NOTES TO THE ACCOUNTS CONTINUED FOR TUE YEAR ENDED 31 MARCII 2025 CHARrrABLE AcfiviTILS 2025 2024 Funhrdncc of maintena￿¢ of Salisbury Cathedral.. Gran¢$ io Salisbury Cathedral for its Major Repair Programme £ 75.(M)O £ 75.(XK) GOVERNANCE CO 2025 024 Office expensts Futmlraising expe[￿5 Independeni examinerfs fee 328 330 1.584 £3.322 £1.914 The charity minimal support co#S, these costs are allttated to dLaTitable activities. The Trnstees did receive any remune￿10￿ or r¢in￿ul$¢m￿[ of expenses during eiihw of these yea FIXED Ass￿ INVESTMENTS fKlowment Fund Market valu¢ as ai l April 2024 Income atcumulated Unrealised gains on revalu*ion 158,375 158,375 9.245 7,775 9.245 7,775 Markct valuc as at 31 March 2025 £175,395 £175.395 Cost at 31 March 2025 £155.027 £155,027 C05t at 31 March 2024 £155.027 £155.027 At 31 March 2025 ihe following inwesuKThs were held.. M & G CharifvThJ Accumulaiion Units 515.342 51 5.342 All of the above inv¢stm¢nts in maDag¢d fvnds. ALISBIJRY ATHEDRAL TRit5T THEA NT ED DEBTORS 2025 2024 Gifi Aid Tei(i¥ernble 011￿r Debt￿ 1.592 lo.￿) i71 £11.592 £571 7. CREDITORS: Amoun15 fall•*g due *iithi• obt lear 202 Sali4wry CaihLYhl Accruals 77.Y94 1.464 75.981 £79.458 £78.885 ANALYSIS OF NET kissEfs Bml'EEli FUNDS Fu￿1 balar￿ ai 31 MdrLh ll?) ate r9￿C￿L￿ted bv ilK. fdl(Ming aÉ lh￿ Ihe ¢apiidl ￿nI￿* ￿. s￿1 bw ih¢ incum¢ is al7ilabk fnryyHiing (w) thi. TtVM> thaniabl¢ purwks¥S. 10. RESTRICTED FUSDS TIK, Fabric Fund ]% to linancL fLIkn•iiMs and rcpairs io Salisbury Caihcdral. clo SALI RY CATHEDRAL TRUST ATEMENT OF FIYANCIAL A￿[VITI FOR THE YEAR ENDED 31 MARCH 21125 11. PRIOR YEAR CONSOLIDATED ￿ATEME1￿ OF FIN￿￿CIAL ACTIVITIES Restricted Fund- FalNic Note Endowment Fund Totsl 2024 IDcome And endov4men(5 from- ItscothiDg mourees from %ttter*ted fvttds Voluniary Irjwne DonaiioTk% Events Leg￿1¢$ Inves1ment i￿(￿¢ 25.523 6.085 12.156 13.256 25.523 6.085 12,156 21.558 8.302 Total Ineome 57.020 8.302 65.322 ExpeThditRre on: Ch￿It3b1¢ 8¢tlvltles Furthcrdnce of mainteltance of Salisbury C*hedral 75,INX 75,( Support costs 1.914 1,914 Total expenditure 76.914 76.914 Net Ittto￿t l {¢xpendlture) belore gal￿ losses on investments {l9.894) 8J02 {IlJ92) NET GAINSIILOSSFS) ON II¥VEsfMEiYrs Unrealised profil￿( losses) on inv¢#ments {1,774) (1.774) Nrt INcoTh l (expendlture) {19.894) 6J28 (13.366) Tr*n$feri berneen fllThds Net moveDWllt lu funds (19,894) 6.528 (13,366) Fu￿1 b*l*pce5 brought forward 570,905 151,847 722,752 Fund b*law¢e$ ¢arri￿1 forward £551.011 £158.375 £709.386