Chapter News - November 2023

On Wednesday evening, Chapter agreed the 2024 budget. Spending was set at £1.24million with a projected deficit of £129,000, but that figure includes an effective £45,000 contingency to enable the Cathedral to respond effectively during these inflationary times – so a deficit, without the contingency, of £84,000. As in previous years it is anticipated that through tight financial management, the deficit will fall within the year.

Over the past four years, Chapter has taken the necessary decisions to effectively manage the Cathedral’s finances through curtailing expenditure where possible and increasing revenue both from the generosity of congregational giving and commercial activities.  This work has enabled Chapter to significantly reduce the deficit even over these past year/eighteen months of hyper-inflation. This has been accomplished while still investing for the future.   Figures from the Annual accounts since 2016 highlight the progress made to date:

Revenue and Expenditure (‘000s)
	2016	2017	2018	2019	2020	2021	2022
Income	£1,191	£1,001	£ 964	£847	£1,059	£1,273	£1,055
Expenditure	£1,530	£1,422	£1,366	£1,203	£1,065	£1,207	£1,081
Surplus/Loss	-£ 339	£ 421	-£ 402	-£356	-£6	£66	-£26
Investment Gain	£151	£181	£62	£190	£47	£210	-£92
Surplus/Loss	-£188	-£240	-£340	-£166	£42	£276	-£118

COO Richard writes, “The steps taken by Chapter have enabled the Cathedral to meet the challenges of the last few years as we take practical steps to grow income to support mission. Our vision to secure the financial future of the Cathedral and its mission remain founded on four complementary pillars:

He continues, “Some examples include the investment in the Cathedral shop both in furniture and goods that has seen sales increase by 22% over what was budgeted for 2023 and we expect growth next year of another 30% - this is very much achievable because of the work we have done and the dedication of all our staff and volunteers. Further our range of services, events and visitor experiences are seeing more people and “new to the Cathedral” people coming into their Cathedral resulting in increased revenue.  I am grateful to the staff and volunteer team as well as the congregation as a whole for this progress that we have made together to help to secure a prosperous future for our Cathedral.”

 Update on 2023 budget outturn in January Notices.