Charity Commission Carlisle Cathedral Development Trust Rogistration numb•r.- 512527 Annual Report and Financial Statements 31 December 2025 dOdd&co
Carfi$le Cathedral Developmont Trust Contents Re[ence and Administrdtiyè Detsils Trustees. rèport Trustees, rèsponsibilities Independent auditors, report Statement of financial actwities 10 Balan sheet Notes to the fjnancial stateme*)ts 12
Carllsle Cathedral Dgvelopment Trust R&f•rence and Administratlve Details Charity nam• Carlisle Cathedral Devèlopm8ntTrust Cttarlty r•glstratlon numbor 512627 PrSnclpal Catlisle Cathedral Office Westwalls CARLISLE CA3 8UF R•glstered offi Carflsle Cathedral ofnce We$lWa115 CARLISLE CA3 8VF Tru$t••g R Platt J Nixon D Allen J Coulthard M Reid Foth8ringham J D Brewstsr (Resigned 30 June 20251 R J Crossley l M Thomp¥on M Everitt (ApInted 1 Decernr 20251 (Apwinted 10 June 20251 N DeMasS Bankers Vi¥gin Money Jubilee Hous& NEWCASTLE NE34PL Auditor Dadd & Co Audit Limited FIFTEEN Rosehill )nigomery Way Rosehill E3taie CARLISLE CA12RW Inv•stm•nt Managers R8thbon¢s Invèstmenl Managemgnl George House 50 George Squar8 GLASGOW G2 1EH Page 1
Carlisle Cathgdral Developmgnt Trusl Trustees. Report for the Year Ended 31 Decembor 2025 Th8 Tru5t8e5 prgsgnl their report with lh& audlt¢d financial accounts of the Chaiity for ihe ye8r ended 31 DeCeMr2025. The financial statements hav8 been prepared in accordance wlh the accounting policies set oul in thè notes to the accounts and comply wth the charity's governing dtseument, the Charitses Act 2011 and Accounting and Reptsrting by Charitie5'. Slaternenl of Recommended Practi applicablo in the UK and Republic of Ireland. In pr&paring the accounts the trustees have complied wth the in sèction 4 of the Charities Act 2011 to have due regard to public bentrfit guidance published by the Charity Commission. GOVERNANCE Thè Charfty Is an unin¢orporated organisation and its govemiTrJ document is its twst deed. which was created on 11th Maich 1982, varigd on 16th December 1993 and $ubsequendy on 23rd May 2023. Trustees are appolnted by the Board of Trustees, and the trust deed states that th8r8 must bg al least eight Erustees in office at any lime. Trustees. Powers of Inv•stm•nt A Finance Sub-committee exlsts whkh ¢urrently consists ol five memb8rs w, undèr the guidance of thelr appointed brokers. Rathbones Investment Management. make all decision5 on the investrnenl and reinvestment of lunds. Organlsadon Structure The Board of Trustees meet annually. They have delegated thg day-t04Jay running of lh& D&vgloprngnt Trust to th8 Developm8nt Trust Committee comprfsing nine truslees of whom six sh811 be elected. The Finance Su&Committèe oversees the finances and investments ol the Trust as mention¢d abovg. R•lated Partl•s Th6 Charty h88 an ongoing connecthin to Ihg Chapter of Carlisle Calhedral. with the Chartty's operations being focused on development and supportlng the Cathedral. Tru$teeB Rl8k Assèssment Thg Cornmittee of delegated Trustees meet on a regular bass and as part of ongolng business considers th risks that the Trust faces. The rn8in risk is that more fvnds are pdged to thè Cathedral than can be raised. The Trustees addre55 this issue by carefully nSidering the level ol funds that can È¢ raised b8for8 making a pledgg of lunds. OBJECTIVES AND ACTIVITES Carlisle Cathedral Developmenl Trust has been established to form an ongoing part ol the life and work ol (he Cathedral and to &ist in its fund-raising for the development of the Cath&dral's Ilfé and worship, the Improvement of its facilities and the m8lntsnance and restcfation of its buildings. Th• Trust alms to as51¥tt Chapter to: Maintain the Cathedral as a pla¢e of prayer and worship: Provide for th6 rastoration, care and develtsprTTenl of the f8bri¢ and facilibes of the Calhodral and its precinct., Foster ancj promote the Cathedral in th& lifè of Ihe diocese, the city and the county. lift the awar9neBs of the public at1org¢ to th8 mission, worship aThJ life of th8 Cathedral.. Enhance ministy of welcome - to the communlty of th? city and the county. to visitors and to tourisls.. NourSsh the importance ol the Cathedral in Ihe ¢ullur¢ and horitage of the cty and county and of th nation a8 a whole. Page 2
Carlisle Cathe¢lral D8velopment Trust Trusto•5' Roport for the Year Ended 31 De¢ember 2025 ACHIEVEMENTS AND PERFORMAMCE Abb•y Grounds and Propertl•s The Trusl cctinU0S to make a grant to tho Cathedral toyrfards the cost of repalts, Maintenance and restoi¥lion for residenlial properties thg precincts. Music App•al The trust wntinue5 to make a grant to the Cathedral to svtwort musi¢ an(1 choirs at the Cathedral. Church Hous• The cathedral office pays to Ihg Trust a quarterfy rent81 foi u8e of the premisès aThY several car parking spaces. FINANCIAL REVIEW Total Funds The total funds for the year Increased by £134227. made up ol net iO1ng resources of £3.331 and gains on investments of £130,8%. Unrestrlcted Funds Common Fund The maln source of lftcome for the Comrnon Fund is the retum on its investment portfollo 8nd wnlal income. Annual grants a made to the cpter 8nd are an important contrébulion towards Ihe day to day activiti83 of the Cathedral. The Common Fund balance increased during the ygar to £796,388. This In¢rea8e arose due to gains on the year end invgstment valuadon of £60.295 byith a nel decrease in resources during the year of £5.089. Chtsrch Hou¥• Fund8 increased durfng th¢ year to £185,437. Incorporating Church House. the United Reform Church and Car parking., the properfy'es are currently in full occupancy. Renta15 are collected during the yeaf and distributed. as deemed appropriate. on a quarterfy basis. A small proportion of collected rental is r8t8inèd in order to provide for repai¥s to the propwbes. R85tri¢ted Funds Mu¥lc Fund Thg Music Fund, which now Incorporates th8 Garraway Fund. was establlshed 1999 to provide bursaiies, and inslmrnental and singing lessons for th8 Cathedral choristers. and grants and tuithon for choral and organ scholars. The restrl¢ted fvnd balance increased during the year, wth year end funds totalling £591,127. An in¢rease ol £68,481 over the year. Thgre was 8 decrease in re8ource$ of £2,120 wilh galn¥ on the year end ValUatn ol Snvestments totslling £70,601. Fr•ty Fund rhe Fraty Fund was estsbllshed In 2012 to raise finBn¢8 towards the Fr8try Prolecl"BriThJing Untold Stories to Lrfe for Everyone.. Th¢ re3lricted fund balance at thè yèar end was £nll. ThSs fund has now beon ¢19sed. Page 3
Carlisle Cathedral Dpv¢lopmgnt Trust Trustees. Report for the Yeav Ended 310•combor 2025 R•s8r¥•s Th8 reserves of Ihe Trusl are princlpally madtr up of the investments tt are held in OTder lo e8rn irwestrnent incorw. The Trust does not h)Id additional reserves for any Igngth ol time as all monèy ralsèd, after property oxp¢rnlitur&, 15 handed over io Ihe Cathedral. Fre¢ rg89rves 81 the year end weie ne9ative by £232, made up of current gssets of £9.008 less credilors of £9,240. Inv•sth)wt Powws The Finance sUtcOMMItt¢¢ of the Trustees monltors, in conjunction with its stockbrokers, RathtK&nes Investment Management, the invèstmènts of thè Trust. In accordance wlh the policy Sel down by the Trusiees the Committee has powers, after seekin9 advice from Ihe stockbrokers, to buy and sell investrn8nts. 11 meets règularly lo review requests from tre Cathedial Chapter and to review its stratègy in Ihe light of current clreumslances repoKting to the Trust Executive Committe¢. Each year ihe Finan SUtcOMmitt&• holds meeting with Ralht#)ne6 10 seek their overall assessmgnt of th& portfolio. Approved by the Trustees on l L Mylobnd 3igne¥l on their tehaw by.. xon Tr ee P8ge 4
Carlisle Cathedral D•voloprnerrt Trust Truytees. Responslbllltles In r•lation to the Flnanclal Statements Thè trustee5 are responsible for preparing the Trustees, Report and the finanaal statomonts in accordance with appllcab18 law and Unitsd Kingdom Accounting Standards. The law appli¢able to charities in England and Waks requirès thè trustees to prepare financial statements for each financral yeaT which give a true and fair view of Ihe state of affairs of the charity and of the incoming resour¢es and 8pplicalion of resources of the charity for that P8ri0d. In wepaTirvJ these financial statsmgnts, the trustees are required to.. sèlèct suitsbb accounllng policies and then apply them con$lslèntly', obserye the methtN4s and principles in the Chariti'es SORP., rnake judgements and estimates that are reasonable and prUdt.. stato whèther applicable accounting standards have bgsn fdloh*d. subject to any malgri31 departure8 disclosed and explained in the financial 5taternents.' and prepare the financjal statements on the ooing eoncèm basis unless il is inappropriate to presume thal the charity wll continue in busine85. The trustees are SF)n¥ib1e for keeping proper accounting records th8t disdose with reasonable accuracy al any time the finxncial position of the charity and enable them lo ensure that the financial stat&m6nts comply with the Charlties Act 2011, the Charity (Accounts and Repartsl R8gvlalions and the prowsions of the trust deed. They 8r¢ responsible for safeguarding the asseis of th& charity and hence for taking reasonable steps for thè preventhjn and detection of fraud and other irregularities. Page 5
Ind•pendent Audltors. Réport to the Trustees of Carllsle Cathedral Development Trust Oplnlon We have xudited the financial statements of Carli519 Cathedral Development Trust for Ihe year ended 31 Decernb¢r 2025, sel out on pages 10 to 20 which comprise the Statemenl of Financial Activities, the Balance Sheet, and the related notes. The financial reporting fraTnework that has been appllod In their Preparats'on is applicable law ènd Ulted Kingdom Accounting Standards, including Financial Reporting Standard 102 IFRS 1021 The Financial Rèporting Standard applicab in the UK and Republic of Ireland (United Kingdom Gen6Tally Acc8pled Accounting Pracleel. In our opinion the financial statements.. give a tmè and fair view of tho state of th¢ ¢harllVs affairs as at 31 December 2025 and of its incoml¢)g resources and application of resources, for the year then ended- have been properly preparèd in alrdance with Uniled Kirodom Gonorally Accepted Accounting Pr8Cti¢¢ applicable to srn8ller entities,. and have been wepared in accordance th8 r8quir8ments of the Chariti&s Act 2011. Bo$1• ft+T opinion We conducted our audil in accordance with Iniernational Standards on Audlfjng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilit foi th8 audtt of th8 financial statements $¢¢li¢n of our report. We are indepen¢Jent of the Charity in accordance with the elhi¢al requirern8nts that are relevant to our audit of the financial statements in tha UK, including the FRC'S Ethical Stsndard and w& have fulfill8d our other ethical responsibilities in aeeordance with these requirements_ W8 believè that the audit evidenc8 w& havè obtsined is sufficienl and approprialo lo provide a basis for our opinion. Conclugiong r•latlny to going COnM In auditiThJ thg financial statemenis, we havg nClU¢J¢d th8t lh8 trustee5 use of the go5ng COr[n basis of accounting in the preparation of Ihe financAal SlateNnts is appropriate. Based on th& work have performsd. wg have not identified any material un¢¢rtainties relating to events or conditions that. individually or collectively, may cast signifi¢antdoubt on the charitys abih'ty to wnlinue as a going concem foi a period ol at least twelve rnonth$ from whgn the ortginal flnancia statement were autJr1Sed for issue. Our resp)nsibilitiès and the S[nSIbilItI&s of Ihg trusts95 wilh re5Ct to golng cyJn¢¢m are d88cribed in t relevant sections of Ih5s report. Oth•r Information The trustees are re8ponsible for the olhÉr Informatlon. The other information compri$95 the information included In the 8nnual rew)rL other than the financial st8tement5 and our auditor's report thetr. Our opinion on the financial statèments does not cover thg othgr information and we do not èxw¢s$ any form of assurance condusion ther60n. In connection with our audlt of the flnancial statements, our responsibilily is to rèad the other information and. in doing 50, consider whethe¥ th$ ofher inforlnaton is Tnalorially inconsistent wlth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstsled. If we identify such m81wial In¢onsistgncies or apparent malerlal mi5Statem8n18, we are required to detemine whether there is a material misstatèmant In the )Snancial slatements or a material rnisstalement of the olher infortnalion. If, based on the work we hav& p8rform8d, we ¢xnclude that there Is a materlal rnisslaten*rrt ol this othér information, we a required to report that fact. We have nothing lo report In thi$ rggard. Page 6
Independent Audltors. Report to the Trustees of Carllsle Cathedral D•v•lopment Trusl .. continu8d Matt•rs on whlch w• •rè rÈqulrÈd to report by •xc•ption In the lighl ol the knowledge and understanding of the Charlly anLI Its envlronmgnt citained in the course of the avdil. we have not identified material mlsstattrments in the Trustees Annual Report. W& havè nothing to report in respect of the following matters wtEre the Charities (Accounts and RepcKtsI Regulations 2008 requires us to roport Ict you rf, in our opinion- the inforrnation gNgn in the Fln8llCI81 Statements Is inconslstent Sn any malerlal respect with Ihe Trustees, Report,. or sufficiant accounting rèeords have not been kepl; or the Flnancial Statoments are not in agreement wlth lh& accotsnting iecortts and rern$., or we h3Ye Th)t received all the informatlon and explanations we require for our aud Our objectives are to obtain reaS(able a$surance at4)ut wheiher the financial statèmants as a vh)k are fre& from material Misstatement, wh¢lher due lo fraud or error. and to issue an audilorfs report that includes our opinion. Reasonable assurancè is a high level of assuranc8, btAI it Is not a guarantee that an audit conduct in accordance wtth ISAS IUKI wll alway5 detect a material misstatement when rt exlsts. Misstatements can aris8 from fraud or error and ar& considered material, if individually or in aggiogate. they could Teasonably be expected to influencethe economic decisi()n$ of u3ers taken on the basis of these financial statèmÈnls. A further decislon of our restK)nsibllthes for the audit of the financial st*efflenl3 18 located on the Financxal Reporting Councll's webslto at www.frc.org.ukJauditorresp¢MSibili'8$. Thls de8crrption forms part of our audltors report. Re5ponJibilitie3 of trustees As explained more fully in Ihe Trustèès, Responsibilities Ststement sot out on page 5, the trustees are responsible for the preparation of th¢ Financial Statements which give a true and f8rr view, and for such internal control as the trustees dgtormino Is necessary to enable tho proparatlon of Financial Statements that are free from material misstatement. whether due to fraud or error. In prepariro the financial st8t8mènts, thè trustees are responsible kna5Sgssing thg charity's alIty to conUnu6 8$ a golng concern, dlsdosing. as applicable, matters related lo going concem and using the going concern basis of accounting unless the trusiee5 81ther intend to liqumlate the company or to ¢o8s¢ op¢ralK)ns. or have no realisti¢ alt8rnative but to do so. Audltor'8 rèspon8lbllltl98 forthe audlt ef th• flnan¢lal statements We have been appointsd as audltOT under secion 144 of the Charitie8 Act 2011 and rep)rt in accordance vAth regulations made undor soction 154 of that Act. Page 7
Independent Auditors. Report to the Trustees of Carlisle Cathedral D•volopmgnt Trust .. continugd We identify and assess tho risks of materfal misstatement of the financial siatements, whether due lo fraud or error, and then design and perform audit PredureS respctnsive to those risks, including obtalning audit evidence that is sufflc18nt and appropriate to provide a basis for our opinion. In Identlfying and assessing risks of material misstatemént in réspect of Irregularities, incltyjing fraud and non-complianco wllh laws and r¢gulalK)n5 we considered the following= results of our ¢nquirio9 of managernent about thelr own identth¢atlon and a88essment of the risks of iNegularities', any matters we identsfied hamng obtsined and reviewed the charitvs documentstion or thèir Policies and procedures relating to.. identifying, evaluats'ng and complying th laws and regulations and wheiher they arg abvdre iof any instances of non-wmplian¢e', - detècting and resrx)nding to risks of fraud and vthether they have any kn¢)wledge of any actual. suspected or alleged fraud., - th8 intem81 controls estsblished to mitigate risks of fraud gr non-compliance with laws and regufabons,. thè matters discussed among the audit team regarding how and where Iraud might occur in the financial sl¥tements and any potenbal indicators of fraud. As a result of these procedvres, we cOdered thè opportunitie3 and Incentives that may exlst vlthln the org8ni88lion for fraud and K1ents'fied the greatest potential for fraud lo be in relIOn to managemenl overri¢Je whlch. in (ximmon with all audits under ISAS IUKI, we a requlred to rf0M speofic procedures to respond to W$ also obtained an urKlerstanding of the legal and regulatory framework Ihal the company operales In. focu*ng on provisions of those 18ws and regulations that had a direct effect gn the det8rmination of material amounts and disclosures in the finar181 $eMents. The key laws and regulations we ¢onsideTed in this contexi Ilud the Charities Act 2011. As a resull of performing the abov&. Sn response to the risks identified, we %Jid not identify any key audit rnatters related to the potential risk of fraud or non-eompliance with laws and regulations. In addition to the atove, our procedures to rospond to rSsks idenllfied the following.. reviewing the financial statement disclosures and testing lo supporting documentation to asstrss compliance th provisions ol relevant laws and regulations d&s¢ribed as havSng a direct effect on the financi81 statetllents., enquiring of management concerning actual and wtential litigalh)n claims,. performing analytical Fwoceduros to identify any unusual or unexpected relab'onships that may indicate iisks ol material misstatem&ntdu& to fraud., reading minutes ol meeln9s ofthose charged wth governance., and in addressing Ihe risk of fraud through management override of controls, testStYJ the 8ppiopri8tsnes8 of journal entries and othei adjustments., assesslng whether the judgernenis mad8 in making accounting eslimates are indicative of a potential bias,. and evaluating the rationalg of any signifKant trstionS Ihal are unusual or outside the normal course of the charitys work. Wè also communicated relevant identified laws and r8gulalions and tx)tèntial fraud risks to all engagem&nt town members 8nd remained alert to any IndatiOnS of fraud or non-eomplian¢? with laws and regulations througkwjt tho audit. There are inh8renl limitations in our audit procedums d83cribeil abov8. The more renw)vd that laws and rlaOn$ ar8 from financial transacbons, the less likely it 15 that we would become aware of non compliance. Audltlng standards also Ilmlt thtr audit procedures required lo identify non-eomplian¢e wlh laws and regulats'ons to enquiry of the trustees and other mana9ernent and the inspection of regulatory and kgal corr8spondenc8. if any. Material misstatements that arlse due to fraud can be hardei to detect than thosè that arise from error as they may inyolve deliberate concealmentor collusion. A fulher description of OUT respjnsibilities for thè 8udil ol the financial 5talements is localed on the Finanelal Reporting Council's website at hI.1r¢.0fg.ukIaudItQr8re5F)nSIblIItIe$. This description forms port of our auditor8 report. Page 8
Independent Audilor5' Report to Ihe Trustees of Carlislè Cathedral Developmènt Trust ofthls report Thi5 report is rnade sdely to the trustees of Carlisle Cath8dral Developmenl Trust. as a body. Our audlt work has en undertaken so thal we might state to ihe trustees those matters we are required to stale to them in an auditor's report and for no other purpose. To Ihe fullest extent peTfflitted by law, we do not accepl or assume respsibIlitY to anyone other than Carlisle Cathedral Development Tru3t and its trustees, for our audit work. for this report OT for the opinions we have formed. ,JJ , 6. AJ,l é kj FIFTEEN Rosehill Montgomery Way Rosehill Estate CARLISLE CA1 2RW D(Kld & Co Audit Limited Chartered Accountants & Registered Audit$ Dodd & Co Audit Limitad is 6ligibl& to aci as an auditor In terms of section 1212 of the Companles Act2006 Page 9
Carllsle Gathedral Development Tru$t statement of Flnanclal Activities for the Year Ended 31 Dg¢•mber 2025 Unrestrlcted Restrl¢ted Total Funds Total Fund$ Funds Funds 2025 2024 Incom• DcThtions and leg8ues Investments 48 248 61,634 61.682 22,404 22.404 79,896 80.144 Tot81 ir¢ome 84,086 ExpgTrdltur• Charitabb actniitses 56.008 56.008 24.747 24,747 80.755 80,755 78,227 78,227 Total experKliture Gainsllk)ssesl on investment assets 60,295 70,601 130.896 32.164 Net incDmellexpendlturè} 65.969 68,258 134,727 34,081 TranofoTS Transfèrs tr*tween fu¥ Net m¢)vement in fur8 65,969 68.258 134.227 34,081 Recondllatlon of fund¥ Tot81 funds tfoughl foNMrd Total funds Lrrd forward 915,856 981.825 522.869 1.438.725 1.404,644 591,127 1,572,952 1.438,725 The note5 on pages 12 to 20 form an integral part of these financial statsments. Pagp10
Carllsle Cathgdral Development Trust Balance Sheet as at 31 DeGember 2025 2025 2024 Fix•d assets Investments 1,571,259 1.419,125 Curr•nt assots Debtors Cash al bank and in hand 10 9,013 1,920 10,933 8,851 19,592 28,443 Cr8dltors: Amounts falllng duo wlthln 19,2401 18,8431 Nèt current assèts 1,693 19,600 N•t assets 1,572,952 1.438,725 The fund5 of lh8 charfty: Rg¥trfctod funds 591.127 522,869 Unrestricte(I funds Unrestricted incolme funds 981.825 915,856 Total charity funds The financial statements have been ppartd in accordance with the Flnandal ReportiTrJ Standard applicable in the UK and Republic of Ireland IFRS 1021. 1,572.952 1.438,725 Approved by 1he Board IIW026 and signed on its by.. Trust The notes on pages 12 to 20 form an integral part of these )7nanGial 8tatements. Page11
Carfisl• Cathedral Dgvelopmgnt Trust Notes to the Financial Statements for the Year Ended 31 December 2025 Accountln9 polld•¥ Statement of compliance The CoUnts (financial statements) have be8n prepared under the historical cosl ¢onvenlion wth items recognlsed at cost or tranSactrn value unless othewse stated in the relevant notelsl to the8e accounts. The finaneial sl#i¢ments have been prepared in accordance Mth the second edition of the Charities Statement of Recornrnend8d PT8Ctice issued in October 2019, the Financial Rep(ting Standard applicable In the United Kingjom and Rapublie ol Ireland IFRS 1021 and the Charilies Acl 2011. The accounts Illnancial statements) have b$&n preparail to give a 'true and fair, vi4 and have departed from Ihe Charities (Accounts and R&portsl Ragulations 2008 onty to the extent requireiF to provide a 'truo fair view,. This departure has involved followirKJ Accounting and Reportlng by Charib'es preparing thr counts in accotdarKe with the Financial Reporting Stsndard applicablo in the UK and Republic of Iland IFRS 1021 rather than the Accountsng and Reporting by Charities.'Staternent of Recommended Practice offective from 1 Aprfl 2005 which has slnce been withdr8wn. Basls of rA•paratlon The charity meets the definitlon of a publlc benefit entity und8T FRS 102. Assets and liabilities are IniL"alty recognised al historical wst or transact¥)n value unless otherwise stated in the relevant accounting pollcy rtotes. Golng concern Thèsè finanttal statements have been prepared on a going concem basis. Fund accounting pollcy Unreslricled income funds are 98ngral fvnds that arg availabb for use at Ihe trustBes' discretlon In furtherance ofthe objeclves of the charity. Restricied funds are those donatgd for use in a parlicular area or for specific purposes, the use of which i rostricled to that ar68 or purrx)se. Further detsils of each fvnd are disclosed in note 13. Income and •ndowm•nts Donations and legacies including donations, kggaci8s and grants that provide COTe funding or are of a general nature are recognlsed whère there 18 gntillem8nl. probabilf(y of receipt and the amount can be measured with sufficient reliability. Income from Government and othor grants. whelher'¢apltsl' grants or'rtvenue. grants, Is recognised whgn th8 charity has entiuement to the funds, any performance cond5Ions attached to the grants have been met, il is prOba1e that the income will be received and th6 amount Can t mo8¥urgd reliably and is not deferred. Income from gift ald 19 Irludd in the 3talemeni of financial aclivities at the same time as the glft to whlch they relale. Investment income 1$ ro¢ognlsgd ork a r8ceivable basis. Page 12
Carlislo Cathedral Development Trust Notes to the Financlal Statements for the Year Ended 31 December 2025 . continued exp•ndltur• Liabilities are recognised as soon as Ihgre is a legal or constructive obligation committlng the charity to the expendilure. All expenditure is accounted for on an aru818 basis and has been classified under headings that aggregate all costs rekted to th6 category. Charitable expèndlturè ¢xmpris85 those costs incurred by Ihe charmy in the delivery of its ac¢tvrtles and services for ils beneficiaries. It includ85 both costs that can b& allocated direclly to such ac'vieS and thtr costs ofan indirect nature necessary to support them. Grants payable are paymènts made to third Parties in the furtherance of the chariiable objectives. wre charity gives a grant with condrtlons for lis payrnenl belng a specific level of service or output to be provided, such granis are only recognised in Ihg SCFA once the reciFienl of the grant has prowdod thè specific service or oulput. Grants payable without rf0m7an¢e conditions are only recognised in the accounts when a commitment ha$ bo¢n mado and there 8re no cmditions to be n*t relat1 to the grant which remain in the wntrol of the charity. Provisions for grants are rnade wn inlenlion lo make a grant has been cornmunicated to the reapient but there is uncertainty abiut either the timing of the granl or thg arrount of grant payable. Support CO8ts Support o)sts include central futxtions and have been albcaled lo activity cosl calegories on a bas1$ consistent with the use of resources, for èxample, allocatiro propety costs by floc areas, or per capita. siaff costs by ihe bmè 5Pgnt and othgr costs by their usage. All assets Yith an eywcted usoful lile exceeding t)ne year are capitalised in the balance sheeL Cash and Cash Equlvalonts Cash and cash equivalents comprfse cash on hand and call deposits. and other sh)rt4erm highty liquid investments that are readily convertlblts to 8 known amount of cash and are subject lo an insignificant Tlsk of change in value. Inv•stm•nl prop•b119S Investment properties arè includg(J in the accounts at fair value. No depreclation is Charged inv&slrngnl proport in linè wlth FRS102. Investment propwWe5 were revalued by Michael Trffin MRICS during the ye8r endwj 31 December 2020 on b¢h¥lf of Walton Goodlandlchartered Sutveyors). The Board have re$Wed the value of investment prO[rtIeS and con8id8r these lo be at lair value. Intnts Fixed asset inveslments are Included al market value at the balance sheet data. Realised gains and losses on InStntS Calculated as th8 difference befvKen sales woceeds and their rnath8t value at the start of year. or th¢lr ¥ubsequenl cost. and are charged or credited lo the staternenl of Ihe finanual acuvitles in the perlod of dlsposal. Unroalisg¢J gains and k)sses reprèsent Ihe In market values during the year and are crlled or charged to the statement of financl81 aetlwties based on the market value al the year end. Page 13
Carll$le Cathodral Development Trnst Notes to the Financial Statements for the Year Ended 31 December 2025 .. ¢onhnued Donatlons and 18gacla8 unr8strl¢t Rèstri¢ted Total Funds Total Funds Funds Funds 2025 2024 Donatson• and legaci Gifts 48 48 or the donations and legacies income in 2024 £48 r¢l818d to unr98tricted fur5 and £200 related to stricted luThls. Invgstmont Incomo Unrestricted Rutrlcted Total Funds Total Funds Fund Fund¥ 2025 2024 Rent R8charges of in$urance and electricity Dividends Interest 35.833 8,780 16,686 335 35.833 8,780 38,983 442 32,600 6,274 40,592 430 22,297 107 61,634 Z2,404 84.038 79,896 or the investment income in 2024 £57,680 related to unT¢¥tri¢led funds and £22,216 related to restricted funds. Page 14
o000) 88%- ¢No -lijli}I
Carllslfr Cathodral Development Trust Notss to the Flnanclal Slatements for the Year Ended 31 Decembgr 2025 Of the expenditure in 2024 £51,131 rglatsd to unreslrict8d funds and £27,096 related to restricted funds. Grants mad• Unr•strlcted R•¥tri¢t•d Total 2025 Total 2024 Th• Chapter ol C•rlls1è Cathedral Admin grant Rent grant Fratry project Music fund Chorister grant 12.000 19,500 12.000 19,500 223 17,977 4,320 54,020 12,000 19,500 2,607 17,963 4,155 56,225 223 17,977 4.320 22.520 31.500 In 2024, £24,725 of grants were made reStted and £31,5 were unrestricted. Gov•rnance ¢o¥t8 2025 2024 AuditOTS remuneration Accountancy f8es Legal and prOfelOal l*s 4.240 1,700 9,698 15.638 1.600 1,680 5,995 9,275 Trustg95' r8mun•ratlon and expenses No trustsas 8xpenses were paid during the year or the prior year. Page 16
Carlisle Cathedral Dovalopment Trust Notes to the Flnancial Statements for the Year Ended 31 December 2025 . continued Toxatlon The register Charity Is èxèmpt from tsyation on incorne and gain5. Investments hgld a5 fix assets Inve8im•nt PTQVrtI•s Listed invostmgnts Total Market value A5 at 1 January 2025 Revaluation Ad(fitions Di$SalS As at 31 Dg¢ember 2025 433,954 985,171 130,896 121,520 1126,5701 1,111.017 1.419.125 130,896 147,808 1126.5701 1.571,259 26,288 460,242 Not book val As * 31 Decembei 2025 As at 31 Decembef 2024 460,242 433,954 1,111.01T 985,171 1.571.259 1,419.125 All inv&strn8nt assets re held in th$ UK. 10 Debtors 2025 2024 Trade debtors Other debtor8 3.560 5.453 9.013 900 7,951 8,851 11 Creditor4: Amounts falllng du• within onè ygar 2025 2024 Trade creditors Accruals and deferred income 24 9.216 9,240 24 8,819 8,843 Page 17
Carlisle Cathedral Development Trust Notes lo the Flnanclal Statements for the Year Ended 31 December 2025 continugd 12 Relat•d parti Controlllng entlty The charity is controlled by the trustee5. Related party transactlons During Ihg year the Trust made grants lo the Chaptgr gf Iho Cathedral of £54.020 12024 £56,225) as (ktailed in note 5 of the 8ctx)unts. Thi8 inchjdes grants ol £nil12024- £2,696) which had been awarded but which were unpaid at the year 8J. During the year, Church House which 18 owned by Ihe Trust. was rentsd to the Chaptèr of Ihè Cathedral, rent payments received in the year lolalled £19,50012024- £19,500). 13 Anatysi$ of fund$ other r•¢ognl$ed garns I loBses At31 Dècember 2025 At l January 2025 In¢omlng r•sour¢•s R•sourcès •xp•nd•d G•n•ral Fund¥ Comrnon fund Church House site 741,182 174,674 915.856 19.729 41,953 61.682 124,8181 131,1901 156,0081 60,295 796,388 185,437 981.825 60,295 Rostrkt•d Funds Music fund Fralry fund 522,646 223 522,869 22.404 124.5241 12231 124,747) 70,601 591,127 22,404 70,601 591,127 1.438.725 84,086 180,7551 130.896 1,572,952 Page 18
Carlisle Cathodval Developmont Trust Notss to the Financial Statements for the Year Ended 310ecember 2025 . ¢onfynued Prlor p8rlod In¢omlng resour¢oS Resourcés expond•d Ixher recognised galns1106SeS At31 December 2024 January 2024 Transfers G•n•ral Fund$ Common Fund Church House site 742,502 18,830 118.9841 119,1231 17,957 741.182 167.923 38.898 132,1471 174,674 910.425 57,728 151,1311 119,123 17,957 915,856 R•strlet• Funds Musl¢ Appeal Fratry Project 491,672 T2,133 124,489} 19,123 14,207 522,646 2,54T 494,219 283 12.6071 127.0961 223 22.416 19,123 14,207 522,669 1.404,644 80,144 178,227 32.164 1,438,725 Page19
Carllsle Cathedral Development Trust Not95 to tha Financial Statement$ for tho Year Endgd 31 December 2025 14 N•t ass•ts by fund UnM#triet•d Funds Restricted Fund$ Total Funds 2025 Totsl Funds 2024 Investments Current ass¢t$ Creditors.. Amounts falling due within one year Nel assets 982,057 9,008 589,202 1.925 1.571.259 10,933 1,419,125 28,443 19,2401 981,825 19,2401 1.572.952 18.843) 1,438.725 591.127 Prlor p•riod Unro¥trict Funds Restricted Funds Totsl Fund 2024 Total Funds 21123 Investments Current assets Creditor5.' Amounts falling due 1th1n one year Nèt assèts 898.298 23,705 16.147) 915,856 520,827 4,738 I2.6) 522,869 1,419,125 28.443 18,843) 1.438.725 1.390,029 28,174 113,5YJi 1,404,644 Page 20