Bishop admits '˜cash flow crisis' at Peterborough Cathedral

Financial experts are being brought in to look at the finances at the Cathedral during a Bishop’s Visitation, organised by Bishop Donald Allister.

He said: “The Cathedral is going through a cash flow crisis. It is taking too long to pay some bills, and paying the staff at the end of the month has been a close thing twice recently.

“I have decided to hold a formal Bishop’s Visitation of the Cathedral. This gives me the power to bring in outside experts to report and advise: I am asking suitable people to investigate and report to me on the financial management and the overall governance of the Cathedral.

“A Visitation also gives me the power to give specific directions to the Cathedral Chapter and staff which they must follow: I will not hesitate to do that if I think it necessary.

“I had already discussed the possibility of a Visitation with the Dean. He assured me of his goodwill and full agreement to this course of action, and that the Chapter would be happy to co-operate.

“The purpose of the Visitation is to solve current problems and prevent future ones, and the Cathedral leadership recognises that. I am grateful to the Church Commissioners, who have responded speedily and generously to my requests for advice, support, and financial backup in this situation.

“The Cathedral plays such an important role in the City and in the Diocese. I am fully confident that the current issues can be dealt with, and that we can put in place the right financial and management structures for a secure future.”

A Cathedral spokeswoman confirmed all bills and wages were being paid.

Dean of Peterborough, the Very Rev Charles Taylor, who earlier today announced he will be retiring later this year, said: “While the fundraising for Peterborough 900 continues apace, the cash flow for sustaining the day to day operations has become critical for a variety of reasons.

“With direction and temporary financial support from the Church Commissioners, new structures and strategies are being put in place to meet short, medium and long term sustainability, The Bishop will also be making a formal Visitation, which is to be welcomed.

“In consultation with the Bishop and the commissioners, I have concluded, for the love of the Cathedral and its community, that my particular gifts and ministries are not best suited to this area of expertise. So that new arrangements can be put in place speedily to lead this next phase of the Cathedral’s development, I have decided to retire from the Deanery on Sunday, October 2 this year, and I have submitted my resignation to the Bishop with that effect.”