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[e￿nce 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
(Ap￿Inted 1 Decern￿r 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
DeCeM￿r2025.
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 p￿dged 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 cc￿tinU0S 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 i￿O￿1ng 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 c￿pter 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 ValUat￿n 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 t￿t 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 sUt￿cOMMItt¢¢ 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￿ SUt￿cOMmitt&• 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 prUd￿t..
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 U￿lted 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 al￿rdance 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 $¢¢li¢n of our report. We are indepen¢Jent of the Charity in accordance with the elhi¢al
requirern8nts that are relevant to our audit of the financial statements in tha UK, including the FRC'S Ethical
Stsndard and w& have fulfill8d our other ethical responsibilities in aeeordance with these requirements_ W8
believè that the audit evidenc8 w& havè obtsined is sufficienl and approprialo lo provide a basis for our opinion.
Conclugiong r•latlny to going COn￿M
In auditiThJ thg financial statemenis, we havg ￿nClU¢J¢d th8t lh8 trustee5 use of the go5ng COr￿[n basis of
accounting in the preparation of Ihe financAal SlateN￿nts is appropriate.
Based on th& work have performsd. wg have not identified any material un¢¢rtainties relating to events or
conditions that. individually or collectively, may cast signifi¢antdoubt on the charitys abih'ty to wnlinue as a going
concem foi a period ol at least twelve rnonth$ from whgn the ortginal flnancia statement were aut￿Jr1Sed for
issue.
Our resp)nsibilitiès and the ￿S[￿nSIbilItI&s of Ihg trusts95 wilh re5￿Ct 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$95 the information included
In the 8nnual rew)rL other than the financial st8tement5 and our auditor's report the￿tr￿. Our opinion on the
financial statèments does not cover thg othgr information and we do not èxw¢s$ 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 c*itained 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 re￿rn$., or
we h3Ye Th)t received all the informatlon and explanations we require for our aud
Our objectives are to obtain reaS(￿able a$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$. Thls de8crrption forms part of our audltors
report.
Re5ponJibilitie3 of trustees
As explained more fully in Ihe Trustèès, Responsibilities Ststement sot out on page 5, the trustees are
responsible for the preparation of th¢ Financial Statements which give a true and f8rr view, and for such internal
control as the trustees dgtormino Is necessary to enable tho proparatlon of Financial Statements that are free
from material misstatement. whether due to fraud or error.
In prepariro the financial st8t8mènts, thè trustees are responsible kna5Sgssing thg charity's a￿lIty to conUnu6 8$
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 Pr￿edureS 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 cO￿dered thè opportunitie3 and Incentives that may exlst vlthln the
org8ni88lion for fraud and K1ents'fied the greatest potential for fraud lo be in re￿lIOn 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 finar￿181 $￿eMents. The key laws and regulations we ¢onsideTed in this contexi I￿lud￿ the
Charities Act 2011.
As a resull of performing the abov&. Sn response to the risks identified, we %Jid not identify any key audit rnatters
related to the potential risk of fraud or non-eompliance with laws and regulations. In addition to the atove, our
procedures to rospond to rSsks idenllfied the following..
reviewing the financial statement disclosures and testing lo supporting documentation to asstrss compliance
th provisions ol relevant laws and regulations d&s¢ribed as havSng a direct effect on the financi81 statetllents.,
enquiring of management concerning actual and wtential litigalh)n claims,.
performing analytical Fwoceduros to identify any unusual or unexpected relab'onships that may indicate iisks ol
material misstatem&ntdu& to fraud.,
reading minutes ol meeln9s ofthose charged wth governance., and
in addressing Ihe risk of fraud through management override of controls, testStYJ the 8ppiopri8tsnes8 of journal
entries and othei adjustments., assesslng whether the judgernenis mad8 in making accounting eslimates are
indicative of a potential bias,. and evaluating the rationalg of any signifKant tr￿s￿tionS Ihal are unusual or
outside the normal course of the charitys work.
Wè also communicated relevant identified laws and r8gulalions and tx)tèntial fraud risks to all engagem&nt town
members 8nd remained alert to any Ind￿atiOnS of fraud or non-eomplian¢? with laws and regulations througkwjt
tho audit.
There are inh8renl limitations in our audit procedums d83cribeil abov8. The more renw)vd that laws and
r￿la￿On$ 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
resp￿sibIlitY 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 fur￿8
65,969
68.258
134.227
34,081
Recondllatlon of fund¥
Tot81 funds tfoughl foNMrd
Total funds L￿rr￿d 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 p￿partd 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 tranSact￿rn 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$&n preparail to give a 'true and fair, vi￿4 and have departed
from Ihe Charities (Accounts and R&portsl Ragulations 2008 onty to the extent requireiF to provide a 'truo
fair view,. This departure has involved followirKJ Accounting and Reportlng by Charib'es preparing th￿r
counts in accotdarKe with the Financial Reporting Stsndard applicablo in the UK and Republic of I￿land
IFRS 1021 rather than the Accountsng and Reporting by Charities.'Staternent of Recommended Practice
offective from 1 Aprfl 2005 which has slnce been withdr8wn.
Basls of rA•paratlon
The charity meets the definitlon of a publlc benefit entity und8T FRS 102. Assets and liabilities are IniL"alty
recognised al historical wst or transact¥)n value unless otherwise stated in the relevant accounting pollcy
rtotes.
Golng concern
Thèsè finanttal statements have been prepared on a going concem basis.
Fund accounting pollcy
Unreslricled income funds are 98ngral fvnds that arg availabb for use at Ihe trustBes' discretlon In
furtherance ofthe objeclves of the charity.
Restricied funds are those donatgd for use in a parlicular area or for specific purposes, the use of which i
rostricled to that ar68 or purrx)se.
Further detsils of each fvnd are disclosed in note 13.
Income and •ndowm•nts
Donations and legacies including donations, kggaci8s and grants that provide COTe funding or are of a
general nature are recognlsed whère there 18 gntillem8nl. probabilf(y of receipt and the amount can be
measured with sufficient reliability.
Income from Government and othor grants. whelher'¢apltsl' grants or'rtvenue. grants, Is recognised whgn
th8 charity has entiuement to the funds, any performance cond5Ions attached to the grants have been met,
il is prOba1￿e that the income will be received and th6 amount Can t* mo8¥urgd reliably and is not deferred.
Income from gift ald 19 Ir￿lud￿d in the 3talemeni of financial aclivities at the same time as the glft to whlch
they relale.
Investment income 1$ 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 a￿ru818 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￿'vi￿eS and th￿tr
costs ofan indirect nature necessary to support them.
Grants payable are paymènts made to third Parties in the furtherance of the chariiable objectives. w￿re
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 w￿n 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.
In￿t￿nts
Fixed asset inveslments are Included al market value at the balance sheet data.
Realised gains and losses on In￿St￿ntS 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 cr￿lled or
charged to the statement of financl81 aetlwties based on the market value al the year end.
Page 13

Carll$le Cathodral Development Trnst
Notes to the Financial Statements for the Year Ended 31 December 2025
.. ¢onhnued
Donatlons and 18gacla8
unr8strl¢t￿ Rèstri¢ted Total Funds Total Funds
Funds
Funds
2025
2024
Donatson• and legaci
Gifts
48
48
or the donations and legacies income in 2024 £48 r¢l818d to unr98tricted fur￿5 and £200 related to
stricted luThls.
Invgstmont Incomo
Unrestricted Rutrlcted Total Funds Total Funds
Fund
Fund¥
2025
2024
Rent
R8charges of in$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 reSt￿ted and £31,5￿ were unrestricted.
Gov•rnance ¢o¥t8
2025
2024
AuditOTS remuneration
Accountancy f8es
Legal and prOfe￿lO￿al 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 8￿J.
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