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 sU￿cOmmIttee a￿sts ￿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
f￿Used 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 O￿nty, 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 Cont￿butiOn towards the day lo day aCtI￿￿e$ 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. v￿th 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 rese￿85 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
A￿pted 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 AC￿nting Practice
applicable to smaller entib"&s' and
have b￿n 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. indi￿d￿al￿ 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 responsibil￿eS 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 6x￿ptIon
In the light of the kno￿edge 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 e￿or 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 Identi￿ng 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
i￿egUlaritIes-
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 Mil￿ate risks of fraud or nonrycOm￿13n￿ 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 nOr￿COMplIanc￿ 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 A￿lIOrS
22 April 2025
Dodd & Co Al￿r( 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 lo￿ard
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 Othe￿Se 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 I￿land 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 prO￿rtIo$
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 I￿￿￿￿e$ 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 pa￿ents receiv&J in the year totalled £19.50012023- £16,250).
The Chapter gives administrative support to the TrusL
13 Anal￿1$ 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
Resou￿9$
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