CHARITIES COMMISSION Carlisle Cathedral Development Trust Registration number.. 512527 Annual Report and Financial Statements 31 December 2024 dOdd&co
Carllslè Cathedral Development Trust Contents Ref8renc6 and Admlnistralive Details Trustees, report Trustees. responsibilities Independent audilorg. report statement of finan¢181 activities 10 Balanc& sheet Notes to the finandal statements 12
Carlisle Cathedral Development Trust Reference and Admlnlstrative Details Charlty name Carlisle C8thadral Development Trust Charlty r¢glstratlon number 512527 Prlnclpal offlcé Cadisle Cathedral Office West Walls CARLISLE CA3 8UF Reglstered offlco Carlisle Cathedral Office Wesl Walls CARLISLE CA3 8UF Trustees R Platt C H&nsman (Resigned 21 May 20241 J Nixon D Allen J Coulthard M Reid Folheringham J D Brewster R J Crossley l M Thompson Bankers Virgin Money Jubilee House NEWCASTLE NE3 4PL Audltor Dodd & Co Aud(t Limited FIFTEEN Rosehill Montgomeryway Rosehill Estate CARLISLE CA12RW Investment Managers Ralhbones Investmant Management George House 50 George Square GLASGOW G2 1EH Page 1
Carlisle Cathedral Development Trust Trustees, Report for the Year Ended 31 December 2024 The Trustees present thelr report v*th the audited ffinandal accwnts of the Charity for the year ended 31 December 2024. The financial ststements have been prepared in accordance the accounting policies set out in the notes to the accounts and comply with the charity's governing document, tho Chariiles A¢1 2011 and Accounting and Reporting by Charities- Statement of Recommended Practice applicable in the UK and Republic of Ireland. In preparing the accounts the Irustees have complied with Ihe duty in seclion 4 of the Charities Act 2011 to have due regard lo public benefit guidanca published by the Charity Commissi¢)n. GOVERNANCE The Charity is an unincorporated organisation and its governing document is its trust deed. which was created on 11th March 1982, v8ried on 16th December 1993 and subsequently on 23rd May 2023. Trustees are appointed by the Board of Trustees, and the Irusi deed stales that there musl be al least eight truslaes in offic4 al any tim8. Trnstees. Powarn of Invèstment A Finance sUcOmmIttee asts trCh currently consists of five membérs tho, undor the guidance of thelr appointed brokers, R8thbones Investment Management, make all decislons on Ihe investsnent and r8inveslm6nt of funds. Organlsatlon Structuro The Board of Trustees meet annually. Thay have delegaled the day-to-day njnning of th6 Development Trust lo the D8velopmenl Trust Commlttee comprising nine trustees of vthom six shall be elected. The Flnance Sutpcommittee oversees the finan¢e$ and investments of Ihe Trust as Menti(ed above. Ralated Partles Tha Charity has an ongoing conneclion lo the Chapter of Carlisle Cathedral. with the Charity's operations being fUsed on development and supporung the Calhedral. Trust••s RSsk AS8•M8nt The Committee of delegated Trustees meet on a regular basis and as part of ongoing business Considers the risks that the Trust faces. The main risk is that more funds are pledged to the Cathedral Ihan can be raised. The Trustees address this issue by carèfully considering the level of funds that can be raised before making a pl8dge of funds. OBJECTIVES AND ACTIVITIES C8disle Cathedral Development Tnjsl has been established to fonn an ongoing part of the life and work of the Cathedral and to assist in its fund-raising for the development of the Cathedral's lrfe and worship, the improvement of ils facilities and the maintenance and restoration of its buildings. Th• Trust alms to asslsl the Chaptsr to- Maintain the Cathedral as a F4ace of prayer and worship; Prowde for the resloration, care and development of Ihe fabric and faciltknes of the Cathedral and Its precinel.. Foster and promote the Cathedral in the life of the dictese. the aty and the Onty, lift the awareness of the public al large to the mlssion. vK¢rship and lrfe of the Cathedral: Enhance the ministy of welcome - to the ¢cffimunity of the city and the county. to wsitors and to tourists: Nourish the importance of the Cathedral in the culture and heritage of the city and county and of the nation as a whole. Page 2
Carlisle Cathedral Development Trust Trustees. Report for tha Year End8d 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Abbay Grounds and Propertles The Trust ntInueS to make a granl to Ihe Cathedral towards the cost of repairs, mainlenance and restoration for residential properties and the precincts. Muslc Appfjal The trust continues to make a grant to the Cathedral lo support music and choirs at thé Cathedral. Church Houso The calh6dral offic6 pays to the Trust 8 quarterly rental for use of the premlses and several c4r parking spaces. FINANCIAL REVIEW Total Fund• The total funds for the year increased by £34.081. made up of net incoming resources of £1,917 and f681ised gains on investments of £32.164. Unrastrlcted Fund• Common Fund The maln sourc8 of Income for the Common FurKI Is the retum on Its Investment portfolKJ and rental Incom6. Annual grants are made lo the Chapter and are an Importanl ContbutiOn towards the day lo day aCtIe$ of the Cathedral. The Common Fund balance de¢ased during the yèar lo £741,182. Th1$ decrease arose due to recognlsed gains on the year end investment valuation of £17.957 wth a net decrease in resources during the year of £19.277. Church House Funds incre8$8d durlng the year to £174.674. In¢orpor8ting Church House, the United Refonn Churth and Car parking., the pryJperties are currendy In fvll occupan¢y. Rentals ore collected during the year and distribLrted. as deemed appropriate, on a quartedy basis. A small proportion of colle¢ted rental is retained in order to provide for repalrs to the properties. R•strlct6d Funds Mu$l¢ Fund The Music Fund, vthich now incorporates the Garraw8y Fund, was established in 1999 to provide bursaries. and instrurnentsl and singing lessons for the Cathedral choristers. and granls and tuition for thoral and organ scholars. Tho reslricted fvnd balance Increased during the year. vth year end funds totslling £522,646. An increase of £30.974 over the year. The nel oulgoing resourees totalled £16.767 with recognised gains on the year end valuation of inveslments lolalling £14.207. Fratry Fund The Fratry Fund was tablished in 2012 to raise finan¢e towards the Fratry Pr4ect "Bringing Unlold Stories to Life for Everyone". The restricted fund balance at the year end was £223. While the TTUSt had intended to dose thus fund, there are still several regular pawnents being made inlo the fund. A final deasion on closure is yet to be taken. Page 3
Carlisle Cathedral Developmént Trust Tru8t888' Report for the Year Ended 31 December 2024 Ro8orvo8 The rese85 of the Trust are prln¢lpally made up of the Inv8slments that are held in order lo eam Investment income. The Trust does not hold additional resetves for any length of tim& as all money raised, after property eXpend1tLJ, Is handed over to the Cathedral. Frea reserves al the year end were £17.558. m8de up of current 8SS8ts of £23,7051e$s creditors of £6.147. Investment Powers The Finance Sublommiitae of the Trustees monitors, in conjunction wilh ils stockbrokers, Rathbones Investment Management, the inv8slm8nts of the Trust. In accordance with the policy sel éown by the Trustees the Committee has powers, after $6eking advice from the stockbrokers, to buy and sell inveslmenls. It meets regularfy lo review requests from the Cathedral Chapter and to review its strategy in the light of current circumslan¢6s roporting lo the Trust Execulivo Committee. Ea¢h year tho Finance Sub-committee holds a meellng wllh Ralhbones lo seek Ihelr overall assessment of the portfollo. Approvad by the Trustees on 22 April 2025 and slgned on thelr behalf by.. rA J Nixon Trustee Page 4
Carlisle Cathedral Development Trust Trustees. Responslbllltles In relatlon lo the Financlal Statements The trustees are responslble for preparing the Trustees, ReF)Ort and the financial stalemenls in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Iruslees to prepare financial statements for each finanaal year which give a true and fair view of the stale of affairs of the charity and of th6 incoming resources and application of resources of the charity for ihat period. In preparing these fin8nual stalemenls. the trustees are required to.. select suitable a¢¢ounting polici8s and then apply tham consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slat8 whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained in the financial stalemenls,. and prepare Ihe financial statements on the going concem basis unless it is in2ppropri8le to presume th81 the charity will continue in business. The trustees ara responsible for keeping proper accounting records that disclose with reasonable ac¢uracy at any time the financial poslllon of the charity and enable them to ensure Ihal the financial statements comply wth the Charities Act 2011 as amended by the Charities Ael 2022, the Charity IAecounts and Reports) Regulations and the provisions of the Injsl deed. They are responsible for safeguarding the assets of the charity and h8nc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 5
Independent Auditors. Report to the Trustees of Carllsle Cathedral Development Trust Opinion We have audited the financi81 statements of Carfisle Cathedr81 Development Trusl for the year ended 31 December 2024. sel out on pages 10 to 20 1¢h comprise the Statement of Financial Actimties, the Balance Sheet. and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial ReF)orbng Standard 102 IFRS 102) The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Apted Accknunting Practice). In our opinion the financial ststem8nts'. give a Irue and fair view of the state of the chariWs affairs as at 31 December 2024 and of its incoming resources and application of resources, fw the year then ended.. have been propedy prepared in accordance United Kingdom Generally Accepted ACnting Practice applicable to smaller entib"&s' and have bn prepared in accordance the requirements of the Charities Act 2011 as amended by the Charities Act 2022. Basls for oplnlon We conduded our audit in accordan bmth International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. (Xtr responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our reF)Ort. We are independent of the Charity in accordance th the ethical requirements that are relevant lo our audit of the financial stslemenls in the UK, including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilit*s in accordance these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate tts provbde a basis for our opinion. Conclusions relating to golng concern In audity'ng the financial statements, we have conduded that the tnjslees use of the going ¢oncem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not idenlffied any material uncertainties relating to events or conditions that. indidal or collectively. may cast significant doubt on Ihe chariws ability lo continue as a going concem for a pericxl of al leasl hvdve months from en the original finanual statement were 8Uthorised for issue. Our responsibilities and Ihe responsibileS of the trustees with respect to wing concem are described in the relevant sections of this reporL Othér inforniation The Iruslees are responsible for the other infomab'on. The other information comprises the infomalion induded in the annual report. other than the financial stslements and ¢)ur auditor's report thereon. Our opinion on the financial statements does not cover the other infonnalion arKJ we do not express any fomi of assurance conclusion thereon. In connection wth our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so. consider whether the other infomation is materially in¢onsistent wth the financial statements or our knovAedge obtained in the audit or otherwse appears to be materially misststed. If we identify such rnaterlal inconsisteneies or apparent material misstatements. we are required to detemiine whether there is a materi81 misstslemenl in the financial statements or a material misstatement of the other infon7)ation. If. based on the work we have performed, we condude that there is a materi81 misstatement of Ihis other infom18tion, we are required to report that fact. We have nothing to report in Ihis regard. Page 6
Independent Auditors, Report to the Trustees of Carllslè Cathedral Development Trust . continued Matters on whlch wo aro roqulrod to report by 6xptIon In the light of the knoedge and understanding of the Ch8rity and its environment obtained In the course of the audit, we have not identified material misstatements in the Trustees Annual Report. We have nothing lo report in respect of the followng rnatte where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion-. the information given in the Finanual Statements is inconsistent in any material respect with the Trustees. Report.. or sufficient accounting records have not been kept- or the Financial Statements are not in agreement with the accounting records and relums.. or we have not received all the infomiation and explanations we require for our audit. Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free fmm maleri81 misstatement, whether due to fraud or error, and to issue an 8uditorfs report that includes our opinion. Reasonable assurance is a hlgh level of assurance, bul it is not a guarantee that an audll conducted in accordance wlh ISAS {UKI will always delecl a material misstslemenl then il exists. Misstatements can arise from fraud or eor and are considered maleri81, if indiwdually or in aggregate, they could reasonably be expected to infiuence tha economic decisions of users taken on the basis of these financial statements. A further decision of our responsibililies for the audit of the financial statements is located on the Financial Rèporting Council's website al www.frc.org.uklauditorresponsibilities. This description fomis part of our auditors report. Responslbllltles of trustees As explained More fully in the TnJstees' Responsibilities Ststement set out on page 5. Ihe trustees are responsible for the preparation of the Financial St818ments which give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of Financial Statements that are free from material misslalement, whether due lo fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend lo IiqLsidate the company or to cease operations. or have no realistic alternalive but lo do so. Page 7
Independent Auditors. Report to tho Trustees of Carlisle Cathèdral Development Trust .. continued Audltorfs rosponslbllltles forthe audlt of the flnanclal statements We identify 8nd assess the risks of material misstatement of the financial statements. ether due to fraud or error, and then design and perfom audit procedures responsive to those risks. induding obtaining audit evidence that is sufficient and appropriate to provide a basis for our ownion. In Identing and assessing risks of material misstatement in Pect of irregularities. induding fraud and non-complianix wth laws and regulations we considered the following: resulls of our enquiries of management aly)ul their own identrfication and assessment of the risks of iegUlaritIes- any matters we identifie(I having obtained and remewed the charitys documentstion of their polioes and procedures relating to.. idenl1.ng, evaluating and M[1ng wth laws and regulations and ether they are aware iof any inslances of non-compli8nce', - detecting and responding to risks of fraud and ether they have any knowledge of any actual, suspected or alleged fraud- - the intemal controls estsblished to Milate risks of fraud or nonrycOm13n laws and regulations.. the matters discussed among the audit leam regarding how and ere fraud might 0(ur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opporbjnities and incentives that may exist wthin the organisation for fraud and identified the greatest polential for fraud io be in relation to management override which. in common all audits under ISAS {UKI. we a required to perfomi spectfic procedures lo reswnd to thi5 risk. We also obtained an understanding of ihe legal and regulatory framework thai the company operates in. focusing on provisions of those laws and regulalions that had a direct effect on the determinao'on of material amounts and disclosures in the financial ststemer¢ts. The key laws and regulations we considered in this context induded the Charities Act 20118$ amended by the Charities Act 2022. As a result of performing the above. in resF(snse to the risks identified. we did not identfy any key audit matters related lo the polential risk of fraud or non-compliance with laws and regulations. In addition to the above. our procedures lo respond to risks identified the following.. reviewng the financial stalemenl disdosures and testing to supporting dot>Jmentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial stslements-, enquiring of management conceming actual and potential liligalion claims.. perfom)ing analytical procedu io identify any unusual or unexpected relationships that may indicate risks of material misslalemenl due to fraud., reading minutes of meetings of Ihose charged with govemance., and in addressing the risk of fraud through management override of controls. testing the appropriateness of joumal entries and other adjustments. assessing vthether the judgements made in making accounting estimates are indiealive of a potenlial bias,. and evaluating the rakn"onale of any significant transactions that are unusual or outside the nomal course of the charivs work. We also communicated relevant identified laws and regulations and polential fraud risks to all engagement team members and remained alert to any indications of fraud or nOrCOMplIanc with laws and regulations throughout the audit. Use ofthls rnport This report is made solely lo the trustees of Carfisle Cathedral Development Trust. as a t4Jdy. Our audit Wofk has been undertaken so that we rnighl state lo the Imslees those mallers we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlenl pemiitted by law, we do not accept or assume responsibility to anyone other than Carfisle Cathedral Development Trust and its twstees, for our audit work, for this report or for the opinions we have fonned. Page 8
Independent Auditors. Report to the Trustees of Carlisle Cathedral Development Trust .. continued FIFTEEN Rosehill Monlgomery Way Rosehill Eslate CARLISLE CA12RW Dodd & Co ALrdit Limiled Chartered Accountsnts & Registered AlIOrS 22 April 2025 Dodd & Co Alr( Limited is eligible to act as an auditor in terrns of section 1212 of the Companies Act 2006 Page 9
Carlisle Cathedral Development Trust Statement of Financial Activities for the Year Ended 31 December 2024 Unrestrfctod Restrlcted Total Funds Total Funds Funds Funds 2024 2023 Note Income Donalions and legacles Investments 48 20) 2.653 57,680 22.216 79.896 81.329 Total income 57.728 22.416 80.144 83,982 Exp•ndltur• Charitable activities 51.131 27.096 78.227 87,104 Total expenditure 51.131 27.096 78.227 87.104 Galnslllosses) on investment assets 17,957 14,207 32.184 21,044 Nel in¢om6116xp6ndilurel 24,554 9,527 34,081 17.922 Transf•rs Translers between funds (19.123) 19,123 Net movement In funds 5,431 28,650 34,081 17.922 Ro¢onGlllJtlon ol funds Total hjnds brought loard Totsl fvnds cathed forward 910,425 915,856 494.219 1.404,644 1,438,725 1,386,722 1,404.644 522.869 The notes on pages 12 to 20 form an integral part of these financial statements. Page 10
Carlisle Cathedral Development Trust Balance Sheet as at 31 Docember 2024 2024 2023 Nota Flxed assets Investments 1,419,125 1,390,029 Current assets Debtors Cash at bank and in hand 10 8.851 19,592 28,443 8.777 19,397 28.174 Credltors: Amounts falllng due wlthln one year {8,8431 113,5591 Net curront a$$ots 19,600 14,615 Net assets 1,438,725 1.404,644 The funds of tho Gharity: Rastrlcted funds 522,869 494,219 Unrestricted funds Unrestricted income funds 915,856 910,425 Total charlty funds The financial statements have been prepared in accordance the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 102). 1.438.725 1.404,644 Approved by the Board on 22 April 2025 and signed on ils behalf by: J Nixon Tnjstee The notes on pages 12 to 20 form an integral part of these financial statements. Page11
Carlisle Cathedral Development Trust Notès to the Flnan¢lal Statements fortha Year Endad 31 December 2024 Accountlng pollclas ststoment of cornpllance The accounts {finan¢ial statemenlsl have been prepared under th8 historical cost convention with items recognised at cost or transaction value unless OtheSe slated in the relevanl nolelsl lo thase accounts. The financial statements have been prap8red in accoréance with the second adilion of tha Ch8ri1i&s Slat&ménl of Recommended Practice issued in October 2019. the Financial Reporting Stsndard applicable In the Unlted Klngdom and Republic of Iland IFRS 1021 and tha Charftlas Act 2011 as amended by the CharitSes A¢1 2022. The accounts lfinan¢lal slatementsi have been prepared to glve a 'lrue and falr, vlaw and h8V8 departed from tha Ch8rilie$ {Accounls and Reports) Regulations 2008 only lo the extent requlred to provide 8 'lrue and fair view.. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordanc6 with the Flnancial Reporting Standard applicable in the UK and Republ1¢ of Ireland IFRS 1021 rather than the Accounting and Reporting by Charilies.'Stalemenl of Recommended Practice effective from 1 Aprtl 2005 sthich has sinc8 been thdraWn. Basls of prèporatlon The charity meets the dafinilion of a public b8n8fi1 enlily under FRS 102. Assets and liabilities are initially recognlsed 81 hlstorfcal ¢osl or transaction value unless otherwse stsled in the relevant 8¢¢ounting pollcy notes. Golng concorn Thase fin8n¢ial statements have been prepared on a golng con¢em basis. Fund accountlng poll¢y Unrestricted income funds are general funds that are available for use al the trustees, dlscrelion In furtherance of the objectlv&s of the chadty. Resiriclod funds ara those donated for use In a partl¢ular area or for spe¢lfic purposes, the use of bthich Ss restricted lo that area or purpose. Further details of each fund are disc4osad In note 13. Incomo and endowments Donations and legacies including donations, legacies and grants that provide core funding or are of a general nature are recognlsed whero there Is enlitlemenl, probability of r8¢81pl and the amount can be measured with sufficlent rellablllty. Income from Government and other grants, whelher'capilal. grants or'revenue, grants, is recognised when tho charity has enlillement lo the funds. any performance conditions attached lo the grants have been mel. il is probable that the income will be received and the amount Can be measured reliably and is not deferred. Income from glft ald is included in the statement of financial activilles at the same time as the gift lo which they re18te. Investment income is recognised on a receivable basis. Page 12
Carllsle Cathèdral Development Trust Notes to the Financial Statements for the Year Ended 31 December 2024 . continu8d Exp•ndlture Llabilitles are recognised as swn as there Is a legal or constructive obligation committing the charity to the 8xpenditure. All expenditure is accounted for on an accwals basis and has been dassified under headings that aggregate all costs rolated to the category. Ch8ritable expenditure cLNnprlses those costs incurred by the ¢harity In the dellvery of Its 2ctivitles and sermces for its beneficiaries.11 indudes both costs that can be allocated dire¢Uy lo su¢h activlties and those costs of an indirect natur6 necessary to SUPFWt them. Grants payable are payments made to third parties In the furtheranc6 of the charltat4e oblecllves. Where the charity gives a grant conditions for its payment being a specific levd of seNice or output lo be provided. such grant$ are only recc*Jnised in th8 SOFA on¢e the recipent of the grant has promded the spe¢lfic Se¢0 or output. Grants payable wlihout perfomancé conditions ar6 only recognlsed In the accounts whén a commllm8nt has been made and there are no conditions lo bts mel lating to the grant vthich remain in the control of the charity. Provisions for grant$ are made when the intention lo make a grant has been communi¢aled lo the recipient but Iher6 is unc6rtalnty about either th61Smlng of the grant or the amount of grant payatle. Support costs supp( costs Indude central functions and have been allocated to actiwty cost categodes on 8 b8$1$ consislenl with the use of resources. for example, allocating property ¢ts by floor areas, or per Capita. stsff costs by the lime spent and other costs by their usage. l assats wlth an exp6cted useful lif8 exca8ding one year ar8 capitalised in the balance sheet. Cash and C•$h Equlval•nts Cash and cash equivalenls comprfse cash on hand and call deposlts. and other short-leTh highly Ilquid investments that are readily convertible to a known amount of cash 8nd a subject to an insignificant risk of change in value. Inv•$tmènt prOrtIo$ Investrnent properties are induded in th8 accounts al fair value. No dèpreciation is charged on Investment propertle$ In Ilne FRS102. Investment properties were valued by Michael Trffin MRICS during the year ended 31 December 2020 on behalf of Walton Goodlandlchartered SuNeyofsI. The Board hav& rewewed the value of investment properties and consider these to be at fair value. Investments Fixed asset inveslments are included at markét value at the balance shael dale. Realised gains and losses on investments are calculated as the difference between sales proceeds and their markel value al the start of the yéar. or their subsequent $1. and are Charged or credited to the statement of the financial activilies in the period of disposal. Unrealised gains and losses represent the movement in market values during thè year and are ¢xedited or charged to the statement of finanryal activities based on the market value at the year end. Page 13
Carlisle Cathedral Devèlopment Trust Notes to the Financial Statements for the Year Ended 31 December 2024 . continued Donatlons and legacles Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Donations and lagaciès Gifts Tax recoverable 48 200 248 2,637 16 2,653 48 21X) Of the donations and legacies income in 2023 £48 related to unrestricted funds and £2,605 related to restricted fijnds. Investrnent Incomo Unr•$trlctod Restrfcted Total Funds Total Funds Funds Funds 2024 2023 Rent Recharges of insurance and dectricity Dividends Interest 32.600 6.274 18.473 333 32,600 6,274 40,592 430 32,367 11.926 36,381 655 22,119 97 57.680 22,216 79.896 81,329 Of the investment income in 2023 £60.058 related to unrestricted funds and £27,046 related to reslricted funds. Page 14
Carlislo Cathedral Development Trust Notes to the Financial Statements for the Year Ended 31 December 2024 4 Expendlture Mu$lc Fraty Common fund Church House slte Total 2024 Total 2023 Dlrect costs Grants payable lo inslitulio 22.118 2,607 16,875 14.625 56,225 53,427 Support costs Establishment costs Repairs and mainlenan¢e Cost of Iruslee meelings Accountsncy fees Auditors. remuneration L&gal and professlonal costs Interest payable 6.817 5,830 6,817 5,830 50 1,680 1,600 5,995 30 22,002 10,564 8,195 1.680 1,600 3,624 30 6,984 4,714 1,600 8,578 26 33,677 2,371 2,371 12,647 24.489 2,607 23.859 27,272 78,227 87.104 Pagè 15
Cartisle Cathedral Development Trust Notès to the Flnanclal Statements for the Year Ended 31 December 2024 Of the expenditure in 2023 £60.058 related to unrestricted funds and £27.046 related to restricted funds. Grants mad• Unrestrlcted Rostricted Total 2024 Tolal 2023 The Chapter of Carllslo Calhedral Admin grant Rent grant Fratry project Music fund Choristar grant 12,000 19,500 12,OC 19,500 2.607 17,963 4,155 56,225 12.000 16,250 3.968 16,877 4,332 53,427 2.607 17,963 4,155 24,725 31,500 In 2023, £25,177 of grants were made restricted and £28,250 w&re unreslricled. Governance costs 2024 2023 Auditors remuneration Accountancy fees Legal and professlonal fees 1,600 1,680 5,995 9.275 1,600 4,714 8,578 14,892 T$t098. remuneratlon and 8xpenses No trustees expenses were paid during the year or the prior year. Page 16
Carlisle Cathedral Development Trust Notes to the Flnanclal Statements for tha Year Ended 31 Decamber 2024 . continued Taxatlon The regisler8d charity Is ex&mpl from 18x81ion on income and galn5. Invo$tm•nt$ hold as flxod assot$ Investment propertlos Llsted Invetstmants Total Markat value As at 1 January 2024 Revaluailon Additions Dlsposals As at 31 December 2024 433,954 956,075 32,164 33,496 136,564) 985,171 1,39J,029 32.184 33,496 136.5641 1.419.125 433,954 Not book valu• As at 31 December 2024 As at 31 December 2023 433,954 433,954 985,171 956,075 1.419.125 1,390,029 Al investment assets were held in the UK. 10 Debtorn 2024 2023 Trade debtors Other debtors 900 7,951 8,851 1,707 7.070 8.777 11 Credltors.. Amounts fallSng du8 wlthln one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 24 770 24 12.765 13,559 8.819 8,843 Page 17
Carlisle Cathedral Development Trust Notes to the Flnancial Statements for the Year Ended 31 December 2024 .. continu8d 12 Related partles Controlling entlty The charity is controlled by the trusleos. Related party transactions During the year the Trust made grants to the Chapler of the Cathedral of £56,22512023 - £53,427) as detailed in note 5 of the accounts. This Ie$ grants of £2,696 {2023 - £8,059) whith had been awarded but which were unpaid at the year end. During the year, Church House which is owned by the TrusL was rented lo Ihe Chapter of the Cathedral. rent paents receiv&J in the year totalled £19.50012023- £16,250). The Chapter gives administrative support to the TrusL 13 Anal1$ of funds Other recognised galns I losses At31 December 2024 At 1 January 2024 Incoming Resources expended Transfers General Funds Common fund Church House slte 742,502 18.830 {18.984) 119,1231 17.957 741,182 167,923 910,425 38,898 57.728 132,147) {51.131) 174,674 915,856 119,1231 17,957 Restricte d Funds Music fund Fratry ftjnd 491,672 22.133 {24,489) 19.123 14,207 522.646 2,547 494.219 283 22.416 {2.6071 127,0961 223 522,869 19.123 14.207 1.404.644 80.144 178,2271 32,164 1.438,725 Page 18
Carlisle Cathedral Development Trust Notes to the Flnancial Statements forthe Year Ended 31 December 2024 . continued Prlor perfod At1 January 2023 Other recognised gainsllosses At31 December 2023 Incomlng rèsources Resou9$ oxponded General Funds Common Fund Church House site 730,330 159.320 889.650 15.602 44,440 60,042 (24,221 (35.837) 160.058) 20.791 742.502 167,923 910.425 20.791 Réstrlctèd Funds Music Appeal Fralry Project 493.104 3,968 497.072 21,393 2,547 23,940 (23,078} 13,968} 127,046) 253 491,672 2,547 494.219 253 1,386,722 83,982 187,1041 21,044 1,404.644 14 Transfers Transfers were made from the Common Fund to the Music Fund where expenditure of a mstricted nature has been made from unrestricted funds or where expenditure from a $tricted fund is in ex¢e$s of income. Page 19
Carlisle Cathedral Devèlopment Trust Notes to tho Financial Statements forthe Year Ended 31 December 2024 . continued 15 Net assets by fund Unrestricted Funds Restrict8d Funds Total Funds 2024 Total Funds 2023 Investments Current assets Creditors: Amounts falling due within one year Net assets 898,298 23,705 520,827 4,738 1,419.125 28,443 1,390.029 28.174 16,1471 915,856 12,696) 522,869 18.8431 1,438,725 113,559) 1,404,644 Prior period Unrestricted Funds Restricted Funds Total Funds 2023 Totsl Funds 2022 Investments Current assets Creditors.. Amounts falling due within on6 year Nel assets 881,894 34,031 508,135 15,8571 18,059) 494,219 1,390.029 28.174 1.373.196 43.923 {5,5001 910.425 113,5591 1,404,644 130,3971 1,386,722 Page 20