Charlty registration numbor 511836 NEWCASTLE CATHEDRAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NEWCASTLE CATHEDRAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusleos T Glentc CM Pearson PH Taykx HE Cunniryham LTG R Brim5 N Shulka A Waddell J Haroey Ttr Vwy RevererKI LP Bats Charlty number 511836 R•gi8tsr¥d offl Cathedral Churc of St NictrKJla$ Newca$lJ8 Up Tyne NE1 1DF Indep•nd•nt •xamln•r RObsC Laidler Accounlants Limilod Femw(KxJ House FemwocJ Road JesnNMd Newc4sUe Up¢ Ty NE2 ITJ Inveslment advls¢)rs CCLA Investm8nt Manag8ment Ltd THE CF8 Church of ElarKI Funds 80 Cheapside EC2V 6DZ
NEWCASTLE CATHEDRAL TRUST CONTENTS Pa Independent examinerfs repNt Statemenl of financial activittas Balance sheet Notès to the fmantAal ststements 6-12
NEWCASTLE CATHEDRAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees pre8enl thelr annual report and financoal statements for the year ended 31 Dec*mber 2024. The finandal statements have beon prepad in accordance th the 8ccounb.ng policigs set out in note 1 to the financial statements and comply with the charity's goveming document, the Chaiilies Act 2011 and 'AcuJJnling and Reporb"ng by Charits&s.' Statement of Recommended PTactic& applicable to tharits'es preparing Ih8ir accourFls in accordance with the Financial Rewrting Standard applicable in the UK and Rewblic of Ireland (FRS 102)" leffeclive 1 January 2019). Oblèctlves and actMtle8 The Trust carries oul ils sole wrpose by raising fulS for Ihe benefft of the Cathedral and meets regularty so that it may be kept infOed of the Cathedrafs need5 and fijture plans. Publlc 8onofft The Tw5t has nefitted tho public by raising funds to help the Cathedral Church of Si Nicholas. In doing so Trustees ol the charity are helping to m8int8in arMJ improvo ono of the key religious and historic buildings In Newcasue upon Tyne for fvture generatsons. A¢hi•vBmonts and rtonan Charltablg actlvltlo$ previously reported. th8 TTUSt'6 fcrfw$ dunng 2024 has been on helping ihe Cathedral financially. includir4J resourrAng ¢tInUatIOn of the Lantem Inlllative (now called The Lantern Project). To thls end, a Gala Dinner was held in the Spring of 2024, 8imed at Ihe Cty's business communlty, and whith raised £30,000 toward$ the Calh8dral's runnirrfj oxls. A follow-up Dinner has alwdy been hebj in May of this year, wth a similar buslne88 focus. Whilst sums rais8d can bo variable. the Trusl's abilty lo provid8 a trthdge into th8 Cty's business communty 15 considered particularly valuable and a key area for fvture development. The Tru8t has been successful in Taising sufficient grants and donations to fund tho ongolng Work of the Lanl8m Project from June 2024 for a further three years {the budget bging a little over £300k and a significant uplift (over 200%) of the budget of the first three-year period). Thts uplift has been in r8(wnlUon ol the increasing support needs of the many people who find tsmselves on the margins of society and who are looking. induding lo the Cathedral. lor help. The additional funding has also allowed the appointment ol a Lanl8m oificer lo expand the Cathedral's capacity. The woject has matured way beyond cwiginal expectations lo the extenl il is now a fully integrated element of tho Catr8dral's offer lo tho peo of Newcastle. It has attracted new m8mbers of staff to come and work in it and who will help the proiect. within the Cathedral. evdve fvrther over the current >year period, responding lo the needs of Ihose needing help and struggling to find tt elsewhere. Wlth this In mind, Ihe Trust is very giateful for Ihe generosity of fts benefactors: The Charity of Sir Richard Whittingtr)n,' The Squlffjs Foundation: The Sir James Knolt Trust,. The Communlty Foundation" The Benefact Tfust" The Bart)our Foundation, National Lottery Awards For AJI.. The WA. H8ndley Charitable Trust: The Roy and Pixie Baker Charitable Tru$1 and The Hedley Denton Charftable Trust. Flnanclal r•vlew The Tnjsl's works is entirely dependenl on money raised through appeals and events. In th8 accounting peiiryj ended 31 De¢emb8r 2024 Ihe Tnjsl received ènlitlemgnl to £202,79312023: £56,860) in gratts. legacies and donations from charltsble trusts and individuals towards the funding of the deVepment programme for the Cathedral. During 2024, £91,708 {2023 £311,498) was either paid dirodjy by the Trust or through Ihe Cathedral for major elements of ts dev8knpTrt. All reserves are daswl as restrided by the trnst so Ihe policy of the IDJStees is to have no free reserve5.
NEWCASTLE CATHEDRAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Charlty Conslftutlon The Tnjst is a regISterj tharity. nLmber 511836. and is ujnstitirted under a Trust Deed dated 1 September 1981. Its sdè obpd is to raise fuThJs to assist the Chapter of lh8 Cathedr¥ Chtxth of St NictKla$ at Newcastle u1 Tyne in Carrng out its duty to maintsin imFrfove the fabit of the Cathedr4 Church of St Nthola& Professor J Gc#Jdard Canon S Har Canon DR 8dton T Glent Ml Spnggs Reverend J S&r CM Pearsc PH Taybr HE CunrNrtharn LTG R Brims N Shuka Awaddell J Hafdey {ResYJneJJ 15 Juty 2024) IResvJned 15 Juty 2024) (Resw 15 July 2024) (ReswJn8d 15 Juty 2024) New trustees are appcmnted by the existing trlee$ (all of vcduntarty) arKI swve a pervxl of three yews after whth they may seek reaFpyntmenL The Tn meets at three Th)nth inteNals. extra meetiros ' trustees. Risk managemenl The sole Pufpose of the Tntst is lo assist the cathed Chapter in Ihe restcKalion. imtYovewnL devewwrt, preservatp)n, repair. Maintenan and beaulification of the Calhedral to relwe p)verf by rdisiry furnls ft>r the Cathwjral and tr)slerring them to the Calwfal as request&J by the cathed Chapter. Careful acc4wntiNJ arKI pwvamml of minllnizes the risk of the Trust tJJmmitlFrNJ itsew tri fundiNJ tworml ils Capabilities. The Awa Trust
NEWCASTLE CATHEDRAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEWCASTLE CATHEDRAL TRUST I report to ts trustees on my examination of the financ181 statements of Newcastle Cafhedral Tst (tr charity) frK the year ended 31 [)ermber 2024. Responslblllties and basis of report As the trustees of the charity you are responsible for the preparation of the flnancial statements in accordan Yth the requirements of the Charities Act 2011 (the 2011 Act). l in re4)ect of my examination of the Cttarity's financiat statemenls carri1 out under section 145 of the 2011 Arl In carying out my 8xaminalion I have followed all the applicable Directions given by the Chanty Commission urHJer section 1495)(b) of the 2011 ACL Independent examlnerfs statement I have (xjmpteted my examination. l u)nfimi that no matters have come to my attention in )nneCtIOn wth the examination givin9 me cause to believe that in any material respect". a¢countiTh3 fecords were not kept in respect of the charity as required by section 130 01 the 2011 Actr. or the financial ststements do not accor(I with those records; or the financial statements do not c(npty with the applFcable requirements o)nceming the form and content of accounts set out in the ChaiFties (Accnunls and Re[s) Regulations 2008 other than any requiTrment that the accounts give a true and fair view which is rtot a matter c4)nsider•J as part of an indapendent examinalion. I have no concems and have cc¥ne across no olher matters in conneclton the examination to which attenti shoukl be drdwn in th1$ rewrt in order to enable a proper understanding of the finanual stsiements to be reached. Nlcholas Cunningham FCCA Robson Laldlgr Accountants Llmlted Femwood House Femwood Road Jes¥rond Newcasue upon T NE2 1TJ Dated: .14...fy.7f
NEWCASTLE CATHEDRAL TRUST STATEMENT OF FINANCIAL ACTNMES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 funds 2023 2024 Oonaltons and lega(ies Other traling activities Investmenls 202.793 43.750 2.645 875 Totsl Income 249,188 57.735 Expenthrturn on: Chaiitable activtbes 112,830 316.841 Total expenditur• 112.830 316.841 Net incomellexpenditurn) and movement in funds 136.358 {259,1(%) RecorTli0n ol funds: FurNJ balances at 1 January 2024 123.624 f.: 123,624 derive from conb'nuing a¢knies.
NEWCASTLE CATHEDRAL TRUST BALANCE SHEET ASAT 31 DECEMBER 2024 2024 2023 Notss CuTrent assets Debtors Investments Cash at bank and in hand io 11 5,199 28.180 124,833 165,827 96.627 262,454 ¢roditorg: amounts falling due wlthln one year 158.212 12 (2,472) (34,588) Net current assets 259,982 123.624 The fvnds of the charfty Restricted irMX)me funds 13 259,982 123.624 259.982 123,624 e financial ststements were approved by the tnistee$ on
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng pollcl•s Charlty Infomiathjn Newcastte Cathedral Tnjst IB an lmin¢(ypted iwity (dwrty 511836). Tho registered off Is based at the Cathedral Church of St Nichc4as. upw TyTh. NE1 1TJ. Charities Act 2011. FRS 102 Tr Financ4al Repcrfb'ng Standard applM2ble in the UK and Repubknc of Irelarmf rFRS 10T) and the Chafltie9 SORP 'AeccyJntsng armd ReForting by Charitss.. Ststement of Rèromtrnnded aFvlicabl8 lo charitw prepanrwJ their aco)unts in aC0)rd with th8 FinarKial Rep)rtirwJ StaThJard plirAbl8 in Il UK and Republi¢ of IreAand IFRS 102). (8ffocli¥o l Jarwry 20191. (thrity 15 8 Public Benefft Entity as defined by FRS 102. Th8 charlty has takon •fvantsgo ol the In tho SORP fty rJ)arlll88 N)t to propare o Ststemant of Cash Flows. The financial statements are pr8parad in st8rfing. Wh is funclM)nal cuThenw of the drIty. Mon8tary amounts in these anGl statements are round80 to the nearest £. The fInal81 slalernents have been prepared undor th8 historlcal cc£t cvenI10n. The [nCIpal arwuntlng a(Jpted arn set out bolow. 1.2 Golbw cOnM At th8 time of approvwwJ thè 51at8nN8nts. the trustees a reanIble expectakn Ihat thè ch¥ has odwate resourcos to (lir In operatbnal existen¢8 Ihe loreseeabl8 future. Tlw$ thè tru8leo9 1.3 Ch•rltable fund• Unrestricted lunds are avalab18 use al the discretirm of the Iwstees in lurtt)8fartt of thèir charitable Restricted fimds are subjact to conditicms ty thnorn ¢y granth as to they may be us8d. purpo arKI uses of restrlcled funds we 9et cyjl in tr notes to the fin¢11 stat8m 1.4 Income Income is rwnised thé ctwity is18gaMy enlrtled to Fl after any performan c(xMlitiMs ha¥8 been mèt, C88h d&tiOnS are recjwised on receipt. Olher donal)ns a rwnised 0e ts rtrity has been nofjfd of the datiOn, unless perfmnce conditlLMS require defeTral of the arrthinl. Income tsx recover8L6 in relatMM lo donatI(S reoived uTrJer Gift or of cx)venant is reLxKJnised at the tirne of the donation. Legacies are re(xyJnised on receipt or Othe rf the (alty has been tKslifiod of an impending thstribution. the atTh)unt is kn, and receipt is expe(aed. If Ihe amount is not knthvn, legacy is treated as a conttngent asset.
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng polldes {crMtlnu) 1.5 ExpendIrn Liabilities are r8cx)gniwJ as éxrAndltt#8 as sc)n as thef# ts a Cn81rY¢tI¥e CW8tic commitlirNJ the chanty to that expenditu. it is wobabk thal a transfer of ecorKfftiC benefits will be required settlement and the amount of the obligation be mea$ured reliatly. Expenditure is al)xn1&Y on an ec¢nJals basis and has been dassified under headings thal aggregate all c¥)st related to the category. Where cxjsts cannot be directy attributed to partiots headirJs they have aHocat8d to actNill on a basis consislent tt use of resource& Grants offered subject to CfMditKmS have not twi m81 al the year w¥J date are rK)ted as a cornmitinent bul not a(Lrued as eendIre. 1.6 Cash and cash •qufvalents Cash and cash equivalents inCde cash In haTrJ. deposits held al call with banks. Ott shM-tem) Ilquld inv6strnents rIginal malurities of three months c less. and bank overdrafts. Bank overdrafts are shown ¥thin b¢¥T in liatriltie& ' 1.7 Taxatlon Thè tharlty is exempt from tsx its cknrltable Klvllies. 1.8 InvMtm•nts Inv6strnents are ¥athMI (m an wirvj basis. The suthis or deficit on reVatIOn is shown Statsmgnt of Flnanclal Activltles. Cash at bank and In hand Cash at bank and cash in hand incajdes $h aThJ shcyt tem7 h4qhty Itquid investments wrth a stsjrt" maturity of thr8e m¢J)ths or less the date of acqUisits or Oping of the deposit or simlar acLxwnL Short Iwn debtorn and ¢r•dlto Oeblors aThJ crediti)r5 with no interest th 7htiid) aro T1VatIO paya8 ilhin c8 year are rKorded at Donatlons •nd 1oga¢l•s R•itrl¢t•d Restrlded lunds fvnd6 2024 2023 Donati{S aThJ gifts Gfants 117,460 85.333 4,402 52,458 202.793
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlon$ and legacl95 Icontlnued) Grant$ To1¥able for core a¢tlvltl•g The Charity of Sir Richard Wittinglon Sir J8m8s K}tt Tnmt National Lott8ry Communty Fund The Hedley Denti)n Charitabl8 Tru81 John Bell Fund Benefact Trust CLThmunlty Foundation 31,000 14,000 20.000 32,401 10,057 10,0(KI 8.333 10.000 85.333 52,458 Ineom• from oth•r lrndlnp •thltl•$ Rogtrlctad fund• 2024 Re8trlctod fun¢ts 2023 FurKlraising even16 43.750 R•8lrktad Rostrlct funds lund8 2024 2023 Interest receivable 2.645 875
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendltur• on charltabl• actlvltles ChaTltabbè actlvltl¢s 2024 Charltable a¢¥111 2023 Dlred coats Fund raising expenditure Insuranc• Sundri8S 16.076 1,244 1,638 1.537 1,114 18,958 3.283 Granl fijnding of activiues (see note 61 91.708 311,498 Share of gupport and gov•rnan cost• (s•e not• 7) Govemance 2.164 112,830 316,841 Anatysls by fvnd Restricted funds 112,830 316,841 Grants payablo Charitablo Charitabl actlvltie• •cllvltl•8 2024 2023 Grants lo ins1iluikS". St Nicholas Cathedral 91.708 311,498
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (coKnNUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 Support c<>sts 2024Supwt costs Govemance cosis 2023 Costs Indrfendt examiws 2,164 2,164 2.164 2.164 2.164 2,164 2.060 Trusteès. rnmuneration and b•neffts None of the trustees (or any petsons wilh them) Te(x4ryJ any remufierati or benefits from the dlanty duriro the year. TatIOTr Tho dTrty is exempt from tax31 ¢J) ils athities Wuse all ts inc¥Jme is appliwj frA charilaNe purn. 10 Debtors 2024 Amounts falung duo T*Athin year Trade debto 5.199 11 Cuffont asso1 Inveslmonts 2024 2023 165,827 28,180 10-
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Credltors: amounts falllng du? T*lthln one y•ar 2024 2023 Trade ueditors 312 2.160 16,928 17.660 2,472 13 Re8trlctod fvnds The restrict1 fvnd6 of the charity TrprISe the unexwnded batsnrS of donatkins and grants hdd on trust subject to specific condilicK)s by don0 as to how they may b8 used. At 1 January Ineomlng RMourc•• 2024 resourees •xpend•d Tr•n8f•r• At31 2024 21.325 46.530 Lanlem Initk8tiv&MovwvJ together fvnd Lighting project Cathedral House ReleiShMent (42.352) 25,503 42,299 177,658 (49,778) 170,179 25.(J)O (20.700) 123.624 249.188 (112.830) 259.982 Pr•vlous yoar. At 1 January 2023 Inwnlng R••our¢è8 re8oufcè$ exp•nded Tran•f•r• At31 2023 Genefal restricted fvnds Heritage Lottery Funds Lanlem Initiativ&Movww together fund Llghting project (4,523) {260.663) 24,484 (24,4841 21.325 274,843 47.887 46.067 {51,655) 42.299 382.730 57.735 316,841 123,624 11
NEWCASTLE CATHEDRAL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 R•strlctod funds General re$trl¢ted Fund8 The general restricted funds represeftt incy)me cdlected by the Trust for the purpose of maintsining St Nicholas Cathedral. Horftsgo Lottery Fund The Heritage Lottery Fund Trpresents InMe received towards Sl Nicholas Cathedral redevelopment prc•Jramme. Lantern Inltlatlve - Movlng on T¢)gethor Ftsnd This fund r8presents income received low8r(Js tha CathodrnY8 8OCi81 outr08ch project whith wlll h8v8 a spectal concem for marginalised and Vulnerab people induding rough sleeporn. Light5ng proJ•¢t This fijnd represents Income recelved lowards the Cathedrafg outslde Ilghtlng prohecl. Calhodral Houm rnfurbl8hm•nt This fund represents Incomg received Iowards Ihe refurblshment of Cathedral House 15 Rolat•d party tranMctlon• During the year grants of £91,708 12023". £311.498) were paid to Tho Cathedral Church of St Nleh¢*s. Included in creditors due within on8 year is an amount of £29512023: £16,491) du8 lo The C8thedr81 Church of St NKholas. The Newcasll8 Cathedral Trust and The Cathe(Iral Church of Sl Nicholas have a number of Trusteej in C4Nnmn. 12-