REGisfERED C(WANY NUMBER: 03123592 (England and Wa￿)
REGisfERED CHARITY NUMBER: 1051168
of Twstees and
Financial Statwnwts
for the Year Ended 31 Decemkr 2024
The Heref￿d
at￿r
Trust
Thorne WM*ry kcountancy Ltd
Chartered Accountants
Statutory AAKlitors
2 Wyevale Business Park
Kings Acre
Hereford
Herefordthi
HR4 7BS

The Heref(￿d Cathedral Per tual Twst
1 Cecemter 2024
Contents of the Financlal Statements
for the Year Ended 31 t*mber 21J24
Chaiman's Rewt
I to 3
ReFrf)rt of the Trustee5
4 to 12
Report of the Independent A￿ditorS
13 to 15
Statement of Financial ktfvities
16
Balan￿ SI￿et
17 to 18
Cash Flow Statement
19
Notes to the Cash Flow Statement
20
Notes to the Financial Statement5
21 to 30
Detailed Statement of Financial ktivities
31 10 32

The Hereford Cathedral Per
tual Trust
CHAIR'S REPORT
for the
ar ended 31 Decemter 2024
This is my sixth rewt to the Gover￿￿5 Sin￿ beir¥ elected Chair of the Herefo￿ Cathedral Per￿tUal Trust I'the T￿￿t-).
The TTu5t'5 prime g(Ail 15 to txAid a cawtsl fimd for In￿￿tment to prothKe a predictable irKome. So, we tend
to look at world affairs in that light. My previous re￿ have refe￿ed to world turnw)il and horror. It seems to have got
worse. In additlon to wars, old and rEw, we now have ecoThJmK instability.
The stock market5 have teen volatile but ccmsidered over the longer tenn, remarkably resilient. Infiati￿ was our concem
but that has been Managed well {the recent tariff war may change thi5).
The Trustees have steadfastly kept their eye5 on the distant Iw)rizcfft. A retM)rt was cc#nmissioned to review our investment
icy. This has confirrned that a V￿11-diVersIfled, intemational ewity Portfolio of well managed companles by respected
p)rtfolio managers have achieved our inVest￿Ent objective of inflation plus 4% over a 11X) year plus time horlzon, spannlng
worse turmoll than we are seeing t(*Jay. h44)re is said in TnIs￿e retM)rt ab￿L cwr investment wlicy.
The Tn￿t'S ￿r￿ficiary is solety Chapter of Hereford Cathedral in ￿da￿e with its charitsbie d)jective% The
Cathedral continue5 to be a beac(￿ of light to the DicKe* for the Christian faith, rnusic and culture of the highest quality.
Imwrtant occasions are marked by s￿Clal services throuthrArt the year. One such should be singled out. On May 2￿1 this
year, a service of thanks8iviTha was held for the life of Sir Th￿naS t￿nne KG KCVO JP. c￿e of the Trust's founding fathe
who died on 6 January this ypar. One cannot Iwerstate the contribjticm made by Sir Thomas to the communities that he
Served. It is doubtful that thi5 Trust w(￿Id exist WIth￿t his invoLvement from its in￿ptI.on. We thank God for his service.
Their Royal Highnesses, the Duke and thjchess of GIou￿ster hOt￿red the Cathedral in February last year by a visit. The
choir sang Servi￿ in 6ayeux Cathedral and L'eglise Sait Pierre in Caen as part of the 80th anniversary of D.Day. Back In
Herefordshlre. the Cathedral has a c￿tInUoUS pr(wamme of Servi￿. concerts. cultural events, esF*cially in connect7
with t1￿ Mappa Mundi, chained library and the many wonderful artifacts. Of partKular joy to this chair of trustees was the
perf0rnm￿e of Bach's MattheN'S pa￿On in March this year (with many thanks to the William Adlington Cadbury Trust for
their SFonsor5hip). We are very fortunate to be able to prothce such a high standard of performance for this and all that
the Cathethal does.
Last year, referen￿ was mats to difficultle5 In ￿cruItMent for the dwirfs trEbie tine. Althwgh th'5 15 likely to contin
longer terrn, in 2025 recruitment has been a pleasant SUryYi5e in the (wality and quantity of applKants.
The North dwr {BLKJth porch) w0j￿t is finiS1￿d and is m￿h m(Ye welcLNning to visitors than ￿fOre while also keeping
the heat in. The move of the font from the 5￿th aisle to Its rightful place at the ￿ntre of the nave at the West end is
underway. Both wojects have been finarKed funds raised by the Trust for the purw5e.
It IS SU88ested that readers may be interested in readwig the annual aCc￿nts f￿ Chapter vthich can be found on the
Cathedral vthite.
Cathedral faces considerable challerqes.
The fabric of the Cathethal never stops demanding attentx)n. The roof of the nave keeps the rain out by dint of
rnastK aFpiied by the Cathedral architect. The ceiling of nave has suffered from previous rain ingres5 and hEII as being
darkened by dirt from when the GurTV5, the lovely but not efficient heaters ￿rnt coal. Tlw were converted to gas but
there is a threat that ttw will not pass motsrn gas regulations. So, a big nwlti-milllon-p￿nd project 15 underway to put
the nave r(x)f into trM)th ralnproof and treautiful or<kr and f￿d a way of wam)ing the building without ruing the planet.
The Father Willi5 organ is creaking. In partkular, wcwxlen ￿undbOard 7n which the pipes sit through which wind is
directed, a￿ splitting, wlth Unf￿tUnate con*querKes. At times. depenthnt on the atm05pheric conditions, parts of the
organ bec(%ne unplayable. The solution is a c(￿Plete dismantling of the organ to reach parts that have not received
attention Sin￿ it was rebuilt at the end of the 19th ￿ntUry. This WTII be a very expensive project, currently estimated at
£1.5m.
As dlfficult is the funding of day to day running of the Cathedral. Costs have been going up. Regulation makes this worse.
Income has not kept pace. The Cathe(tral is running at a defKit, and this is projected to continue wIth￿t six figure
increases in income or threase5 In expenditure. It is hard to imagine cuttir4 costs that would not undermine crucial parts
of what the Cathedral does and cut fjnc(￿e in the pr￿e5& The current situation is unsustainable. The Cathedral does not
have Un￿$triCted re*rve5 to maintain such deficits for very Long.

The Hereford Cathedral Per
tual Trust
CHAIR'S REPORT
c¢)ntinued
for the ear ended 31 December 21T24
The Trust has increased its grant to Chapter to £4KN),I)Xl in the current JEar, from £350,CK)J in the year tefore. This is
considerably more than our investment income we derEnd on annual thnation5 from individua15 and funding bod7e5
alongside events to avoid deficits and erosion of ow capital. We are very grateful to all who th)Date and help with event
As a result, we are ￿dgetIng tetter than breakeven. We have told Chapter that we aim at least to maintain thi5 level of
grant for the next two years. This is trj wpport Chapterfs strategy of f(Lu5 increasing 7￿c￿e laThl recruiting the
reS￿rCeS to achieve this}, rather than (trastK cost cuttir8 with all the damage that could cause. If, at the end of 2027,
Chapter is still on an unsustainatAe path. a very different ayoach will be required.
As signalLed last year, reswnsits'lity for fvnd-raisiThJ for the Trust is now in the hands of the Develow)ent department and
they should be thanked for their hard work. They understand that a Trust deficit would undem)ine the sustainability of
our grant to Chapter and are committed to avoiding s￿h an wtC0￿￿.
A change in the way that we administer the TNst is in train. For some years, this has teen in the hands of Georgina Miller
who joined the Trust at a difficult tiTh￿ for relations between Chapter and ￿ Trust. Since then. much has changed and
there 15 a muth clearer understanding of bthat the relationship bet￿￿en the Trust as a major Funder and Chapter as the
501e beneficiary should be
inde[￿n￿nt entities. Meanwhile. Georgina would like to retire from the role of thing
everything bar fund-raising. We have decided, bar last minute issues, to wt the administrati(ffi of the TNst back into the
hands of the finance department of Chapter. The Trustees would like to thank Georgina for the years of hard work and
dedication that she has put into the Twstee. This chair is partKularly grateful for the wwds of athfce and warning that
Georgina has given him. May she and her dogs contiNR to thrNe in their new horne.
The T￿￿t will focus on its Charilabie Objective5 as errtxth in its °Perpetual". These are set (￿t clearly in the
Trustee report.
Much of the grant is made unrestricted so that ttrE Chapter may use it to fund the general njnning of the Cathedral. &xne
of the grant is made specifically to supwrt the nwsic and, separately, the ethcation programme. The ultimate goal is to
create a fund large enough to provide investment irKome that would cover the cost of the vffjnderful music and education
programmes so guarantee their future in perpetuity. Thi5 release other funds within Chapter to cover the general
running exFEnses.
Turning to the perforMa￿e thring the ￿ar. the following tsbie sthnmarises thè fIna￿la1 ￿rfOnn3n£È of thè Trnst.
Year Ended 31st December 2024
Unrestrfcted
Restrlcted Restrlcted Restrlcted
Choral
Fabrk
Educatlon
Total
Revenue Account
Income
Legacies
Donatfons
Events
General Grants
Investment Incowe
Other Income
I￿oMe invested in capital
41,010
76,968
13,K29
16,K
213.294
62,5
1,052
103,510
89,170
13,829
514,3CX)
251,697
10,956
194
60,￿ 4￿,(￿X?
38.403
37,CK¥)
(62,￿￿1)
124,152}
186,652)
Total revenuè Ir£omè
361.901
109.862
401,052
13,042
885,857
Ex ndlture
Grants to Chapter
Running costs
&Jpport from un￿striCted funds
158.(￿)
92.(*JO
65.￿5
174,(MJl
1,667
I65.￿5}
209,510
18,(KMJ
559,510
93,T27
Total Expendlture
315,865
109,862
209.510
18,000
653.237
Revenue 5urplu51(deflclt)
46.036
191,542
(4,958
219,813
Invested into capital
Unrealised Gainslllossesl
Transfer tr￿tween funds
Total Capital movement
62,500
12771
24,152
(107)
86,652
240,868
204.296
36.956
214.296
26.956
62.223
24,045
340,324
Net nM)vement of funds
NAV at 111 January 2024
NAV at 315t December 2024
260.330
5,144,074
5.404.404
253 765
85,540
339,304
560,137
6,110,112
6,670,249
858,303
885.259
22,195
41,282

The Hereford Cathedral Per
ual Trust
CHAIR'S REPORT
cOntin￿d
for the
ar ended 31 Decern￿r 2024
The Trust made a yjrplus on Tts unrestricted Revenue kcount of £74.885 tefore suppcrting restrirted choral fund by
£65,805 which is a satisfactory result. The Trust d￿$ not aim to make large surpluses IAJt the general revenue reserve that
has been Ixjilt gives the Trustees Confiden￿ to increase the grant to Chapter for the next two years.
The Capital ALcwnt Increa￿ by £340,324 ir£iuding a gew(ws legacy of £62,5LhJ. Unreall*d capltal gains are
always V￿lcoMe, we have recently seen how viAatile tlw can be.
The Tn￿t held a full iyogramme of events. Thanks to the generosity of Edward and Taffl5in Clive, another sl￿￿5SfUl and
fun clay shoot was held at Whitfield. Thanks to the generosity of the William Adlington Cadtwry Trust. ￿rfOrMa￿e$ of
J.S. Bach's Matthew Passion were held to full hc￿seS. The now weil-established Advent service was held in December at
the Guards Chapel in LorKI(m, led by Hffefc*d Cathedral's class Choir.
We are very grateful to all who ￿'ve to trt Trt￿t, both to the IrKthne and Capltal fund5 and we rememEer V￿th gratitude
those who have left generws legacies.
The TNstees have ￿en joined by FIc￿a Galliers-PratL FiTh*'s ca￿r started as a Gratknte Trainee at tPe Bard¢ of England
before becoming an equity analyst at various financial security firn￿, ending at a high level ￿fore doing research for a MP
and an executive search firm. kn recently. ￿ vRs treasurer and trustee of Age UK Hereford. We are very pleased to
have Fiona join the Trustees.
Two more Trustees (with a third r*)55ible) have ac￿pted invitations to join the Trustees at the forthcoming AGM. Up to
now, the queue to replace the chalr has been Short irKleed talt the current chair has agreed to stsy for one more year
confident that m￿h better successor wlll be lurkjng within the new Trustee gr￿P after the AGM.
Two Trustees will ￿ leaving at the AGM. NKk Harvey Joi￿ the Trust￿ having preV￿$1Y served on Chapter. brlnglng
his entrepreneurial experience to a world not know for that attri￿te. Julia &Jdd, a scion of the London executive Search
world. was immediately ￿nCed crf) by Chapter to help them WTth variiws recruitments. The chair and Trustees cannot
thank th￿) enough for the time and dedication that they have brwght to the Trust.
The Trust has a broad range of skills to brlng to tr￿ar and it 15 an honour and pleasure to work with them. There is always
rocwn to broaden further. We have formalised a numter of comittees to focus on certain aspects. At tirrE of writing*
these cornrnittees are:
Audit Committee
PriKe Charles de Rthan (Chair). Rkhard Banks, Nat Hone
Investwent ccffimittee Richard Banks (Chair), Prin￿ Charles de Rthan, Nat
NominatiTh)s committee Julia Budd Ichair), Nat H(r*, KatherirE Gamier
Risk Committee
Katherine Garnier (Chair), Ficffia Galliers-Pratt. Nat Hor
l am very grateful to au the Trustees for their great c￿til￿XrtI(￿ and Ge￿gina Miller, Lwr executive offi￿r rlms the
Trust single handed. As mentioned a￿Ve, she is leaving and we shall miss her.
Itls the intention of the Trustees, led by the Nominati￿)$ conwnittee to f(Kus on IN)w rnanage the l*lembership {calLed
In the artlcles our Governors and frcrfn whcwn tIE Trustees must te Ch￿nI to help develop the Trust.
In conclusion, the Trust is in a healthy ￿￿Tt70n needs to ￿lId fixther to W￿￿de 5U5talnabLe help for its beneficiary.
Nat Hone DL
Chair
3 1 Page

The Hereford Cathedral Per
tual Trust
rt of the Trustees
for the Year Ended 31 Decemker 2024
The trustees who are also directors of the charity for the purp)ses of the C(*npanies Act 2CQ6, wesent their report with
the financial statements of the charity f(K the year ended 31 December 2024. The trustees have adopted the provi5ion5
of Accounting and Rep)rting by Charities: Staternent of Recommended Practice applicable to charitles preparing their
accounts in aCc￿danCe with the FirkirKial RerMxtw)g Standard appiicabie in the UK and Republic of Ireland {FR5 1021
(effective 1 January 2019).
The Trust" throughout this report refers to the Hereford Cathedral Perpetual Trust being trf>th a reglstered company
and registered charity, on whose affaits for the JEar ending 315t December 2024 Is the subject of this report.
The Trust is regjstered with the Fundraising Regulator and is a ¢￿Wate wember of the Instltute of Fundraising.
OBJECTIVES AND AcnvmES
Charltable Objectives
The Charitable objective5 as set out in the l•kn(xanthrn and Articles of Association of the Trust are as follows:
The object for which the Trust is established is to prLYTh)te the rellsl¢w5 ond charitable work of the Church of Enyland
ty providins support for all, or ony, of the charitoble purKX)ses to which the C¢Witular revenues of the Chopter of the
Cathedral Church of the Blessed Wirsin Mary aKI St Ethelbert in Hereford (-the Cathedrol") are applicable i￿luding
especially:
1. 7he promotion and mainten0￿e to a hith standard of chorol serv7ces of the Church of Ensland in the
Cathedral (whether simple or elaborate) in such woys as the Bcord of Governors in its absolute dlscretion think fit
including (but withwt prejudice to the generality of the foresoins)." pr(¥notion of religious, musicol and secular
educotion of pupils attendins ony school in ￿lch the dc<trines of the Church of Ensland is siven and perfom?ance of
the choral services of the Church of Ensland is observed,. and olso the repoir. maintenance and renewal of the orsans
of the Cothedral the acquisition rt￿Intenance of it5 musical bcK*s and monuscripts," ond the employment of all
staff includins loy clerk5, in connection with the Ch(Yal Services of the Cothedrol," and
2 The preservation. maintenance ond develwnent of the Cothedral generally.
The Board has agreed the foliowiTr3 rn(we tstailed definition of the education objectives set (Ajt in the hkm(randum of
Association:
To support the educatiLv701 and interpretational work of the Cathedrnl omongst people of all ase5, in all oreas of its
mi55ion and ministry, U5inS the resources of the whole Cothedral Found3t1￿.
This would include. but not exclusively. work with schools, colleges and universitie5" (Klult ethKation, Sunday School,
individua15. fomily sroups, visitors and pllsrims. creatirs access and opwtunities In the Llbrary and Archives cnd
associated exhibitiL¥7." providins interpretative materiats in womotins the cothedrol o)d its mission. Imd relotlny
ChristiGnity to C¢Thtemporary sc(iety.

The Hereford Cathedral Per tual Trust
t of the Trustees
for the Year Ended 31 December 2024
OBJEcnvES AND AcrivrtlES (contIn￿d)
Operations
The Trust fulfils its charitable objective by the trovisi(m of funding and services to the Cathethal Chapter. The Cathedral
Chapter is the legal entity which own and are resprM)sible fsx the Cathedral and a$￿￿lated properties. Their charitable
objective is to pr￿laIM the Gospel of Christ in the City and Dbxe* of Heref￿d and in the wider world, by serving and
inspirGng all th￿ who encrwnter the Cathedral and Its community.
The Trust provides fundfn4 and Services in the ft￿low?1w ways:
The Trnsi is building a long-temi investment furKI lthe-capital Fund) income fr￿ which will provide a stable income
to the Trust. This will Contri￿te to a revenue surplus that can ￿ granted to the Cathedral Chapter. Additions to the
Capital Fund c(Jne mainly from legacies and gifts.
The exact nature of the Capital Fund will depend the wishes of the For Example, they May with their gift to
be used for a specific wrwse. TW rnay wish the gift to be treated as an en&)wment. The Trust is flexlble to
accommodate a wi(k range of donor rewirements as long as it can do so efficiently.
The Trust is very grateful to its regular donors. It seeks to increase n￿lber of donor5 and ensure that dcyhys are
properly inforrned C￿ how their d￿at1(￿ is used and feel part of the Cathedral community.
The Twst holds events to raise mcrfKy for the revenue account. It a150 provides assistance to Chapter for its own
funthaising.
The Trust also helps to raise the profile of the Cathethal and its works to the wider community, LK>th nationally and
internationally. As a result, Hereford Cathedral ha5 SUPPlrtefS ali ar￿nd world.
The Trust provides other assistance to Chapter includkng suip)rting project development, crafting projects suitable for
external funding and in promoting the Chapter's activities and ovm programmes through Out of the Cloisters. The Twst
continues to maintain close relations with other catredrnls. natiffial bodies involved in the management of cathedrals,
herftage organf5ation. wrfernmenL Whitehall and varlous Households.
The Trust, in partnership wtth Chapter, agrees an annual funding plan. This I￿ludeS revenue suptKsrt of the Choral
Foundation and Education Department, along with unrestricted funding in wpkM)rt of staff and core revenue costs, wlth
the goal of maintaining. If not increasing, this suprmxt in the fvtu￿.
The Trust also finds fundlng for Cathe(tral events. In gewal, these will be &ry7alier sum5 (less than £10,(KX)) and
entire sum, other than clearly identifi'able costs. is passed onto the Chapter. Such a case Is the grant from the W A
Ca(￿ry Charitable Trust in suppfft of the anrn￿l Holy Vleek perfOrrnan￿ of one of J S Bach's Passions.
Public benefit
As a charlty re815tered in England and Wales, the Trust rewrts in ￿c￿danCe with the Charity Ccffimission for England
and Wales. guidance on public benefit and the Charities Act 2011.
The Trust has continued to work closely with the Chapter and fundry has been proVi(￿d to support the Choral
Foundation, eOJcational work of the Chapter arKI a Nwnber of faTrNic wojects.
ALI the projects have included the engag￿nt of the general public, as htil as TrElping to protect cwr shared heritage.
Volunteers
When regulations allow. the Trust uses Volunteers in two ways. Alanbers of the Trustee provide strategic,
management. financial and other expertise. joined by other memters of the Board of Govemors and co-opted individjals
In dlfferent areas of the Trust's work A wider base of volunteers helps with vari(ws fundraising events.
5 1 Page

The Hereford Cathedral Per tual Trust
t of ttrE Trustees
for the Year En(kKd 31 DeCeM￿r 2024
ACHIEVEMEKf AND PERFORlk4PKE
Fundralslng
The Trusty fundraises primarily thr￿jgh institutions, tNsts and foundaticffis together with event-based fundraising and
Some individual donations. The Trust not engage kn cold-calling or street-ba5ed fundraising or use third party
fundraisers and all activities undertaken are directly rn(￿1tr￿ed and controlled by the Trust's staff. It has not received
any complaints in the year in cimnection with the prowiety of its fundrai5in8. The Trust is aware of the need to protect
tentiaiiy vulnerable donors and in the small number of cases where this is applicable it doe5 $0 through their farnilies.
The Trust is registered with the Fundraising Regulator arKI is a corp)rate trember of ttre Institute of Fundraising.
Chief Executive is a150 a memi*r of the Institute.
Subject to any specific wishes connected with a i￿￿t, the first £10,LIXI of any legacy will te taken to the Revenue
Account ￿ order to m￿t ttre costs of runnlng the legacy programme and in meeting any immediate financial needs. The
balance will ￿ invested in the Capital Fund under the guidance of the Investment Ilonagers in consultation with the
Trustees.
Any legal restriction cffi a bequest will be honoured, althwgh Should there te corKern over the nature or the extent of
the restriction and whether the Trust can hOn￿r the cthditk)n5. this vriii be clarified with the Lxecutors before the gift
is dep)sited. In the event of a bequest teing recelved with conditi(￿5 laid out in a Letter of Wishe¥ th15 will te hOn￿red
as far as w)55ible by the Tnjstees and the Executors kept inforn￿d.
The legacy programme manages the relationship with FL)tential benefactors, approwiate professionals and the Executors
and families of those indivithals from we have received bequests.
The TTUSt 15 a mernt*r of the Cl￿rch H￿se Good Legary Practitr Grajp, vthTch provides wjlicy, best practi￿ a(fvice,
theological thinklng and practical supkx)rt to diocesan fijnding officers and the church in general. The gr￿P of a dozen
memb&rs meets up to three times eath year.
FINANCIAL REVIEW
Investrnent Policies
The Trustees have wide power5 of investment. Since 1998, its investments have been managed by Cazenove Capital,
trading ami of Schroder & Co Lirnited, on a discretionary basls. Rather than running a discrete portfolio of dtrectly held
investThEnts. Trustees agreed with Cazeni*e that the funds shcwld be invested in co.mingled funds managed by
Cazenove suitable for charities and held for lry-te￿.
The Cazenove ReS￿￿s7b1e Multi.Asset Fund {RhlAFI Oper￿ in Felffup￿ 2020 and is the ￿lY holding currently at CaTrnove
Capital.
RhlAF alm5 to provide inc(Kne and capital growth in excess of the c￿SuMer Price Inthx +4% per annum (net of fees) over
rolling ten-year perlods, bjt with strict ESG wiicies. Ph14F is also designed SFecifically for charitie5 and 15 authorised
and approved by the Charity Commission. The Furmd currendy has eX1￿)sUre to 23 un￿rL￿n8 holdings. The Fund has an
explicit responsible investment wlicy. vAth screening aligned with c(MTrn￿ tharity c1x￿rn$ and environmental, s￿la1
and govemance analysis, engagement and voting emttdded into equity investment Pr￿esS.
Cash awaitin8 disbursement for major projects is held in a nUM￿r of intere5t-tearing bank accwnts or in a suitable cash
fund, as apwopriate. nc*mMlly with the Church of Engianrfs Centrnl Board of Finance.
CaTrnove Capital and Schroders have a dedicated and y￿11-r￿AwrCed respr￿SIble investment team. Tlw have achieved
an A+ rating from the UN Principles for Re¥￿SIble Investment (PRI) in each of the last five yEars. schrock￿rs are a speaal
adviser to the Carbon Disclosure Project. a founding mernber of the instTtutional investor sroup on climate change. a
member of the UK Sustainable invest￿nt and tinar￿e as￿latiOn and European Sustainable Investment Forum. Ail
investments in crxnpanies math by Cazenove cm behalf of the Perpetual Trnst are subject to their ri8orous re¥x)nsibie
investment and COr￿ate governance wlicie5. Both aca(kniic research and own experience show that strong ESG
management often delivers superior iong.tsmi returns. The appraisal of ESG f¥tors is integrated in our stock and fund
selection process.
6 1 Page

The Hereford Cathedral Per tual Trust
Re
rt of the Trustees
for the Year Ended 31 Decemter 2￿4
FINANCIAL REVIEW
Investment Pollcles {contIn￿d)
Cazenove's corp(xate goVerna￿e and reswisibie investment furKtions have been in existence Sin￿ 1998. A dedicated
section of their website sets out related wlicies, voting records. re*arch retM)rts and responsible investment revie%y5.
For further infom)ation on reswnsible investment, Ple￿ go to:
https: 1lwv4w.schroders.com/en15U5tainabilitylcorFxxate-re¥M￿$ib]lityj
For more infomiation on the RKAF, please go to:
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Tru5tee5 monitor long-tem Performan￿ carefully. At Least once a year. rewesentatives of the Trustee5 meet with the
advisors along w(th representatives of the Mappa A￿nd7 Trust. who also use Cazenove Capital and with the Chapter, vtho
are also trustees of two other charities, and their separate athisors. Representatives of the diocesan investment
committee are also invited as are tIUSt representatives to the dic£ese review meeting. This enable5 trustees to review
the perfomnce of its investments cornpared to other investw*nt managers.
The Trustees C{￿MISSiOned a full extemal review of Investments and investrnent w)Iky durlng 2IT24.
Reserves
The Trust holds total funds of £6.67m, of which E1.27m are restricted f(x specific wrtK>ses whereas the balance of £5.4m
Is both unrestricted and largely held in investffEnts vknich are relatively liquid.
The rM)licy of the Trustees is to Ixtild a Capital FuTrJ WTth a vie*1 to the fund prowding an InC￿a$ln9 amount of reliable
income over the long tem. The Trustees have thsignated the invested unrestricted funds to reflect this intention. The
balance of the unrestrKted funds represents operaticffial wcrfking capital.
The Trustees are content with the fund wsitiffi and the tsignated fijnd 15 I￿ld in relatively liqjid investments hence
could be called upon in the event of any thort-term rethction in WC￿king capital. For that reasrm, the Trustees consider
a small unrestrlcted working capital balance to be a(￿ate.
It should be noted that the net current asset p)sition as at 31 DeCeM￿r 2024 included acctved inc(xne frrjn Cazenove of
£50,411J) Q023: £58, 5(KII.
Legacies
A total of £103,51012023: £28,239) wa5 recogn75ed in the fofm of known legacies, of which £62,5C(I was added to the
Capital Fund.
The Trust is very grateful to have the fdiowing iesacies from the following e5tate&"
- The Late David Bateman
- The Late David ￿lIe
- The Late Es￿r Price
- The Late Mrs M llhite
There V￿re no legacies aCcrt￿d at the end of the flnancial star.
71 Page

The Hereford Cathedral Per tual Trust
of the Trustees
for the Year Ended 31 December 2024
FINANaAL REVIEW
Reserves (contlnued)
Substantial ifts
We are grnteful to the followlng trusts, f(￿ndatIOnS and c(¥npanies for their gerErosity
The Croft Trust
The Elmley FO￿datiOn
The Hawthorne Charitable Trust
The Harley Charity
The Provlnctsl Grand Lodge of Herefordshire
The h*Corqui)Jale Charltable TNst
The I￿rnfOrd h*morial Trust
The Pilling Trust
The RowLands Twst
The Wllling Adlington Cadfr￿ry TNst
GM Morrison Charitable Trust
Gerefa Charitable Trust
Pontriias Developments Ltd
SR & PH ￿utha11 Charitable Trust
Tabor Charitable Trust
The CLaire Hunter Charitable Trust
The Liyjise Nicholas Residuary Charitable Trust
The Jordan F(xJndation
In addition, we are extremely qrateful to th0￿ indivi{k￿lS who have generC￿S1Y donated monies to the Trust, (*Jrlng the
year.
Investment PerfomMKe
The market value of the Trust's investment rAYtfollo (induding cash held for investment) at 31st December 2024
amcwnted to E6,112,99112023: E5,795,678l.
Flnancial Posttlon
Details of the financial perfomance and fTnancial position of the Trust are set out in the folloMng accounts on page5 18
to 30.
For the year ended 31 Decwnter 2024, rEt inc￿ne tefore ir•vestn*nt gains and1055e5 amounted to £319,269 {2023: net
expenditure £59,319). Grant funding aM￿nting to £559,511 12023: £351,250) was rnade during the year.
In 2024 the Trust's gross TncorrE was £9n,507 (2023: £487.326).
Total expe￿Ilture for the year was £653,238 (2023: £428.(Ki7). vthich I￿lUded grants to the Choral Foundation of
£174,(￿ 12023: £180,￿) £18,(QO12023: £18.IJJ)) toward5 Education and £158,C(Q (2023: £152,750) toward general
Chapter running costs and £209.511 of fabric Ccffitril￿ts(￿$ are Incl￿ in Note 7.
Prlndpal fundlng sour
The Statement of Financial Activities summarises the incoming resources and fund5 ex￿r1ded and these are analysed
between unrestricted funds and restrKted furhjs. Restricted funds. including ￿ Choral Investment Fund, are funds
subject to specifK usage declared by donors. Unrestricted furK15 are expendable at the discretion of the Trustees in
furtherance of the objectives of the Trust.
8 1 Page

The Hereford Cathedral Per tual Trust
Re
rt of the Trustees
for the Year Ended 310ecemkr 21n4
FUTURE IUNS
Subject to the current review, the Tnjst will cont1rn￿ to develop its links with supporters
local, national and
internati(xJal. It will continue to Strengthen its relationships with grant making t￿leS and bring on t￿)ard new charitable
and corwfate supp)rters.
The Trust's fiKUS wfll rernain on:
- Growing its Capital Fund held in investments to WOVKk a Secure I￿4 term inccffie stream
- Supp)rting the revenue income of the Chapter thrwgh various annual regular and one-off grants
Fundlng its own structure and staffing
srRUCfURE. GOVERNANCE AND IAANAGEMEKr
&)verning document
The Trust 15 a company limited by guarantee and not having any share capital. Tr Trust was incorporated on 8th
NOvem￿r1995 a5 company number 3123592 and is registered Y￿th the Charity Commission with charity nuM￿¥r 1051168.
The Trust operates in accordance with its Alernorandum aThJ kniicles of A5￿Ciati(￿l as amended by written Resolution
effective 1st June 2(X18 and wrsuant to the c￿￿1t of the Charity Ccffjmission puryjant to Section 64 Charities kt
1993.
Charfty corstftutkln
The maximum nUrn￿r of named Govemors {memLErsl is Iwndred. A maximum of eight governors plus the Dean of
Hereford (by virtue of h15 office) are the Trustee& The Tntstees manage the I￿51neSS of the Trust. Individuals rnay be
Invited by the Trustees to bec(Mne G0ven￿r5.
The Trust seeks to maintain an appropriate mix of skills and e￿rience among the Tru5tee5. especially in the areas of
finance, business and governance, combined with an understanding of the rde and mission of the Cathedral.
Recrultrnent and appolntment of new trustees
Trustee5 (who are elected by the Governtrs) are recruited from time to time to provide skilb needed to manaqe the
Trust and to broaden the network of professional and r￿r5(K￿l contact& The composition of theTrustee body is reviewed
pericdicalty. TNstees must be Govemors (meM￿rS) of the Tntst.
Organtsatlonal 5tructwe
A Board of Trustees manage the tn￿. Until 15 June 21))8 certain wwers were delegated to the Council of Management.
on that date. by written resolution of the Ilanbers, the COU￿11 of Managetrent was repLaced by the Executlve,
whose members are the Trustees.
The Trustees are re5pJnsible for the overall strategi ar￿ financial commitments of the Trust and are supported in this
by the Chief Executive vtho manages the day-to-day operati(ms of the Trust. Committees consisting of Trustees, and co-
opted individuals with special expwtise. are ap￿inted fr(￿n time to time to administer specific areas of V￿rk on behalf
of the Trustees.
While Chapter's Flnance and Risk Committee (￿lY have a statUt￿Y to athise the Chapter on its accounts and
risk, the Trusi shares many of its documents {not leasr its annual accounts and investment re￿rts> with the c(Thmittee
a5 to help better inforni the whole cathedral family on its fina￿la1 FKJSitiC4). The Trust Is able to norninate one Trustee,
normally the Chairman, to ￿ a memter of the committee.
A separate investment grwp, led by a rnemter of the finaKe and risk cw1mltt￿ alxfy cwrdinates an annual meeting
with the investment managers for the Chapter and asS￿lated charities, the hAawa Mundi Trust and the Perpetual Trust.
The Di(tew Board of Finance is a19) invited to attend as to enable a broad view. The meeting is held in Hereford.
Approximately slx months Later, an infonnal meeting is held in Lon(k)n with each of the investnxbnt managers to rnaintain
an awarene55 of the then situation. If a significant gift is to be invested, such as a large legacy, a separate meeting may
be held, either in Ferson or by teleFthone. Regular rewts, t()th in print and eiectronK are regularly r￿1ved by various
Trustees and the Chief Executive.

The Hereford Cathedral Per tual Trust
Re
t of the Twstees
for the Year Ended 31 Decemier 2￿4
srRUCTURE, GOVERNAN￿ AND lAANAc￿4EKr
Inductlon and tralnln8 of new trustees
•kn induction and training w09ramn￿ is arranged for new ExeoJtTve ￿￿M￿r$, tall￿ed to meet their individual Deed5.
It typically includes Trustee responsibilitie5 and govemance. goveming d￿Uments, the roles of the Tw5t and Chapter,
the work of the Cathedral, current commitments and future plank New Trustees meet fellow Trustee5 and Cathedral
Key management rernw*ration
The reffUnerati￿ of key management 15 (kcided ty the Board of Trustees.
Related partles
The Very Revd Sarah Brown becanE Dean 2nd October 21J21 and aswrned the ex-officio place on the board. replaC￿g
The Revd Ca￿n Indrew Pl￿r. Her conflicts ¥e as previwsiy that she is a ￿Ember of both the Trustees of the Trust and
Chapter.
During the year, processes are in place where all grants to Chapter are recorded in the Chief Executive's rewrt to
Trustees, along with ii*ntifyin8 any paY￿￿ntS likely to Lt made befcre the next Trustees. meeting, 50 Trustees are
aware of what has been paid to the Chapter during e&h r*r10￿ Any payments are confirmed in advance W￿reVer
possible.
Risk rnanagement
The Trustees continue to mC￿ltOr the major risks the Twst faces and seek to rethre those risks. At present in
thi5 uncertain eCL￿OrniC clirnate there are risks With funthaising. Lower inCc￿e frcffl investments affects the Trust and
also the donors to vthorn the Trust aFplies for grant& There is a risk that the Trust is unable to raise sufficient funding
to meet the aspirations of the Chapter to cover its ovm running costs.
A major risk is the perfOrrnan￿ of theTrust investrnent pxtfolio and the I￿Orne fr(￿ it. CoThwnents on this are contained
in the FinarKial Review
10 1 Page

The Hereford Catredral Per tual Trnst
Re
rt of the Trustees
for the Year En&¥d 31 December 2024
REFERENCE AND ADMINisfRATIVE DEfAILS
Reglstered Company number
03123592 (England and WaLes}
Re815tered Charlty nUrn￿r
1051168
Reglstered offl¢e
5 College Cloisters
The Clo
Fkreford
Herefordshire
HR12
Trustees
Revd Canon Sarah Brov
Julia Budd
Charles De Rohan
Fiona Galliers-Pratt lapwinted 07102125
Katherine Garnier
k Harvey
Nat Hone
Richard Banks
Patron
HM King Charles111
VlctrPresidents
The Lord-Lieutenant of Herefrxdshire {Mr Ethvard Hath CBE)
The Lord-Lieutenant of Shropshire {WKs Anna Turner)
The Dowager Countess of Darni￿ CVO
Sir Thomas t)unne KG KCVO {de￿Sed 6th January 2IT25)
Sir Aigemon Heber-Percy KCVO
Key management personnel
Georgina Milier (unit ￿lY 2024)
Company Secretary
Ge(￿gina Milier
Audltors
Thorne Widgery Accountancy Ltd
Chartered kcountants
Statutory AKlitors
2 Wyevale PAJslne5s Park
Kings Acre
Hereford
Herefordthlre
HR4 7BS
Solkltors
Far￿r & Co LLP
66 LincoLn's Inn Fields
WC2A 3HL
Gabbs Solicitor5
14 Broad Street
Hereford
HR4 9AP

The Hereford Cathedral Per
ual Trust
rt of the Trustees
for the Year Ended 31 December 2024
REFERENCE AND ADMINisfRATNE D￿AlLs
Advlsers
Cazenove Capitsl hlanagement
12 Street
Lond
EC2R 6DA
Bankers
Lloyd5TBS pic
8 High Town
Heref￿d
HRI 21£
The Central Board of Finance
Senator House
85 Queen Victoria Street
Lonthn
EC4V
srATEI•ENT OF TRU5fEES RESPONSIBIUTIES
The trustees (who are a150 the clirectors of Ttr￿ Hereford Cathedral Perpetual Tnjst for the wrwses of compary lawl
are responsible for preparing the Report of the Trustee5 and the financial statements in accordance with applTcable law
and United Kingd(Mn ACC￿nting Standards (United Kingdjn Generally *£cepted A£counting Prxtice).
Company law requires the twstees to wepare financial statements for each fina￿la1 year which srive a true and fair
view of the state of affair5 of the charitable company and of the inc(Kning reS￿rCeS and application of resources,
including the incorne and e￿ndIture, of the tharitable company that ￿riod. In preparing those financial
statements, the trust￿ are rewired to
select suitable xcwntlng policies and then apply them cTr)sistentty"
observe the methods and principle5 in the Charity SORP:
make judgements and estimates that a￿ rea%￿able and
prepare the fina￿la1 statements on the 80in8 COr￿ern basis unless it is inapwopriate to presume that the
charitable company will continLE in iw5ine55.
The trustees are re1X￿5]bLe for keeping prow acc￿￿tIng records which disclose with reasonable accuracy at any time
the flnanclal wsltion of the charitable C￿1panY arKI to enable them to ensure that tlE financial statetnent5 comply with
the Companie5 kt 21X)6. They are also reSF￿s1b1e for safeguarding the assets of the charitable company and hence fc
taking reasonable Steps for the prevention and detection of fraud and otttr irregularitie5.
In so far as the trustees are aware:
there is no relevant audit information of vthich the chwitabie ccmpany's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
inf￿rnatIOn and to establish that the auditors are aware of that information.
The Trust greatly apweciates the very generws 5VPPKrt of many indivithals, Trusts and organisations, the cl
co-operation with Chapter and the work of the Catredral v(Aunteers. It owe5 a partKuLir debt of gratitude to its staff.
Thi5 reF#Yi has teen prepared in accordance with the st￿claI w0visi￿$ of Part 15 of tke Cc#npanies Act 20Lb relating
to small companles.
Ig. Vii
Approved by orthr of the Lxmrd of trustees on............. ...._.....
. and s18ned on its behalf ty.
htrNHo
ru5tee
12 1 Page

Re
rt of the Inde dent AudStors to the Trustees of
The Hereford Cathethal Per tual Trust
Opinion
We have audited the financial statements of The Hereford Cathedral PerrEtual Trust (the 'charitabie company'l for the
year ended 31 December 2024 which comrxi* StateffEnt of Fina￿la1 ktivitie5, the Balance Sheet. the Cash Flow
Statement and notes to the financial statements, including a summary of significant acc(￿ntIng polldes. The flnanclal
reportiTrJ framework that has teen applied in their preparati(m is applicable law and United King(k)m Accounting
Standards (United Kingdom Generally Accepted Accounting Practi￿).
In our Opinic￿ the fInar￿la1 statements:
give a tr￿ and fair view of the state of the charitable companys affairs as at 31 December 2024 and of its i￿orning
resources and application of reS(￿rCes, including its irKome and exFenditure. for year then ended"
have been properly prepared in accordan￿ WTth United Kingdom GeT￿rallY Accepted kcounting Practice. and
have teen prepared in accordance with the requ7rements of the Companies Act 20CK>.
Basfs for oplnfon
We conthcted our audit in accordance with lrternational Stsndards on (UK) (ISAS (UKII and applicable law.
resw)nsibllities un(kkr those standards are further descrited in ttre Auditors. reswnsibllltles for audit of the flnanclal
statements section of our report. We are in(kpendent of the charitable company in accordan￿ with the ethical
requirements that are relevant to our audit of the financial statements in the UK, incLuding the FRC'S Ethical Standard,
and we have fulfilled our otlEr ethical reswn5ibilities in accordance with these requirement& We believe that the
audit eviden￿ we have obtained is suffkient and approwiate to provKle a basis for our opinion.
Concluslons relatlng to golng concern
In auditing the financial statements, we ha* corKluded that tTUStees Use of the going Con￿rn basis of acc￿nting
In the p￿paratIOn of the financial statements is apwopriate.
Based on the we have perfixmed, we have VKIt identified any material u￿ertaintieS relating to events ￿ conditions
that. indivithally or collectively, may cast significant doubt on the charitaLle company'5 ability to continue a5 a going
concern for a period of at least tV￿l¥e months from kn the financial stateffÈnts are authorlsed for155ue.
Our resp)nsibilities and the reswjnsibilities of the tw$¢￿$ with re¥tct to going concern are described in the ￿levant
sections of this report.
Other Infornwtlon
The trust￿5 are responsible for the ottEr inf￿ati(￿. The other infomation comprises infonnation included in the
nual Rewrt, other than the financial statements and Retx)rt of the Independent Auditors thereon.
Our opinion on the financlal ststements thes r¥)t cover the other inforniation and, eX￿pt to the extent otherwise
explicitly stated in our re[￿, W￿ ths not express any fonn of assuran￿ conclusion therecw).
In connection with our audit of the financial statements, our respjnslblllty Is to read the other infO￿atIon and, in doing
x), consider whether the other inf(￿Mation is materially irronsistent with the financial statements or our knowledge
obtained in t1￿ audit or otherwise appears to be materially misstated. If we identify such material incon515tencle5 or
apparent material misstatements, we are rewired to deterrnine w￿ther this gives rise to a material misstatement in
the financial statements themselves. If, based on the work we have wfomed, cO￿lUde that there is a material
misstatement of this other informatlon. we are re(pJired to repcrt that fact. We halt nothing to report in this regard.
Matters on which we are requfred to report by exceptlon
We have nothing to rewrt in resttct of the following matters vthere the Charities (ACc{￿nts and Retyxts) Regulations
2(X)8 rewires u5 to rewt to you if, in our opinion".
the infcThat1C￿ given in the PEwrt of the Trustees is 1￿C￿5}Stent in any material reS￿l with the financial
statements. or
the charitable company ha5 not kept adequate acc￿ntI￿ records; or
the financial statements are not in aweement with the accwnting re¢￿d$ and retum5: or
we have not received all the information and explanatic￿S we re(yire for wr audit.
13 | Page

Re rt of the Inde dent Audit(Ys to the Trustees of
The Hereford Cathethal Per
ual Trust
Responslbllltles of tntstees
As explained more fully in the StaterrEnt of Trustees. P£sp)nsibilitie4 the trustees (vtho are alx) ttrE directors of the
charitable company for the purwses of company law) are reSP)nsib￿ for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is
r￿ceSSary to enable the preparation of financial statefflents that are free frcffl material misstatement, whether due to
fraud (Y e￿or.
In preparing the financial statements. the trustees are reS￿nSIble f￿ assessing the charitable companls abilTty to
continue as a goln4 Cor￿ern, disclosing, as applicable, matters related to going concem and using the goin8 concern
basis of accountlng unless the trustees either intend to liquithte the charitable company (Y to cease operations, or have
no realistic alternative but to do so.
Our responslbllftles for the audtt of the flnancTal statements
We have been appointed as audit(xs under secti￿ 144 of the Charities kt 2011 and rep)rt in accordance with the Act
and relevant regulations made or havi￿ effect thereunder.
Our objectives are to obtain reasonable a$sura￿e aiwt whether the finarKial statements as a whole are free fr¢yn
material mi5stateNEnt, whether due to fraud or error, and to issue a Re￿rt of the Indepenthnt Auditors that includes
our opinion. Reasonable assurance is a high level of aswrarKe but is not a guarantee that an audit confknted in
accordance vAth ISAS (UK) will always detect a material mIsstate￿Ent when it exists. Misstatements can arise frc*m
fraud or error and are considered material if, individually or in the aggregate, tw could reasonably be expected to
InflUe￿e the economic decisions of users taken on the basis of these firkincial state￿nts.
The extent to whKh our pr￿thre$ are capable of detectiThJ irregularities, including fraud Is detalled below:
In identifying and assessing risks of material mi5StatenEnt in respect of irregularities, including fraud arKI non-
compliance viith lav+S and regulations, we considered the following:
the nature of the irKlustry and sector, control environment and twsiness perfornHnce
results of our enquiries of management ab￿t their ovm ilkntif1catio￿ and assessment of the dsks of
irregularities
any matters we Identlfied having obtained and reviev￿d the pcAlcles and proCe￿re$ relatin8 to:
identifylng. evaluating and c(xnpiying with laws and regulations and vthether they V￿re aware of any insta￿e5
of non-compliance
detecting and resp)ndin8 to the risks of fraud and whether they have knth¥iedge of any actual, suspected or
alleged fraud
the internal controls established to mitigate risks of fraud or rrf)n-ccThpliance with laws and regulatlons
the matters discus*d am￿9 the audit engagement team aThl involving internal specialists, regarding how and
where fraud might occur in finarKial statements and arry wtential indicators of frnud
As a result of these wocedures. we crffj51thred the Oppo￿Tt￿ that may exist within the organisatlon for fraud and
identified the greatest p)tential fcr fraud in inc(#YE, vthich was fdi5ed as a key audit matter in the current year. In
common with all UK audits. we are also required to [Erf￿M specific prc(ethJres to reswnd to the risk of management
override.
We also obtained an untsrstanding of the legal and regulatory fraff*wcKk organisation operates in, f(xusing on
provisions of those laws and regulations that had a dfrect effect on the detemiination of material amounts and di5cIosure5
in the flnancial Statements. The keys la￿￿ and regulations we considered in this context include the Ccrfnpanies Act,
Charities Act and Charities SORP and tax legislation.
In addition, we considered pro￿s1On5 of other lav￿ and regulations that do not have a direct effect on the financial
statements compliance with vthich may be fundamental to the Organisati￿.5 ability to OFerate. Trse include health
and safety.
In addition to the above, wr[e￿re$ to res￿)Id to risks identified Include the following:
reviewlng the financial statements disclosures and testing to supwrting dtxumentation to assess compliance
with provisions of relevant laws and regulations descrit*d as having an effect in the financial statements
enwiring of management corKernwig Ktual and potential Litigati￿ claims
performlng analytical procedures to identify any ufwsual or unexpected relationships that may IndKate risks of
material misstatenEnts due to fraud
reathng minutes meetings of those charged with governance
in addressing the rfsk of fraud through management override of controls. testing the approprlatene5s of journal
entries and other adjustments. assessing with t￿1r judgements math in making accwnting estimates are
indKative of a potential bas" and evaluating ts t￿51￿ ratiimale of any significant transaction5 that are
unusual or outside the Fb)rmal cowse of t￿Siness.
14 1 Page

Re
rt of the Inde
dent A￿ditrA5 to the Trustees of
The Hereford Cathedral Per
ual Trust
We alx) corn￿￿1n￿ated relevant laws and regUlatiL￿s and p)tential fraud rfsks to all engagement team memters,
including internal specialises and remained alert to any indications of fraud or fMJn-c￿Pl7an(e laws and reguLatiLms
throughout au(lit.
A further de￿riptiOn of (Mjr reSp(￿SibilitIeS for the audit of the financial statements is I{￿ated on the Fina￿la1 Re￿￿Ing
Councils website at Vh¥w.frc.￿g.uk/aUd7tor5re¥nnsibllllleS. This description forrns part of ￿r Report of tl
Intspendent Auditor5.
Use of our report
This report ls made s(Aely to the charTtable Com￿n￿S tnjstees, as a trf)ty, In accordance with Part 4 of Charities
{Account5 and Rep￿ts) Regulations 21J)8. 1)Jr audit work has been undertaken so that we might state to the charitable
companys trustees those matters we are required to state to t￿1 in an authtor5' report and for no other purpose. To
the fullest extent pemiitted by law, we th) not accept or asyjme resFonsibility to any(M)e otlEr than the charitable
company and the charitable cofflpanls trustees as a l￿dy, for our audit work, for this report, or for the opinions we
have fonned.
Lka
for and on LEhalf of Thorne Widgery Acc￿ntancY Ltd
Chartered Accountants
Statutory Auditor5
Eligible to act as an auditor in terms of SectKJn 1212 of the Companies Act 21XY)
2 Wyevale Business Park
K7ngs Acre
Hereford
Herefordshire
HR4 7BS
Date:
15 | Page

The Hereford Cathedral Per
tual Trust
Statement of Financial Activities
for the Year Ended 31 Decemlxr 2024
31.12.24
Total
funds
31.12.23
Total
funds
u￿eStrICted
funds
Restricted
funds
Notes
INCOIAE AND ENDOWMEKfs FROM
Donations and legacEs
134,778
572.203
706,981
231,760
OtsEr trading activities
InVeSt￿￿nt incw
13,829
13,829
251 697
11,346
Total
361.901
610.606
EXPENDITURE ON
Raising funds
25,71fl
1,667
27,369
30,053
Charltable actfvltles
Grantrnaking
Support costs
158.(KK)
401,511
559,511
66.358
351,250
Total
250,(H)
653 238
Net gains on investnEnts
204296
169.518
NEf INCOME
Transfer5 between funds
316.137
55,W7)
244,LKN)
560,137
228,837
16
Net movement In funds
260.330
299.807
560,137
228.837
RECONauAnoN OF FUNDS
Total funds brought forward
5.144.074
966,038
6,110,112
5,881,275
TOTAL FUNDS CARRIED FORWARD
5,404,404
1,265,845
6,670,249
6 110 112
The note5 form part of these financial statements
16 1 Page

The Hereford Cathe¢tral Per
tual Tnjst
Balance Sheet
31 December 2024
31.12.24
Total
funds
31.12.23
Total
funds
Unrestricted
funds
Restricted
funds
tes
FIXED ASSErs
Investments
13
5,141,464
971,527
6,112,991
5,795,678
CURRENT ASSETS
Debtors
Cash at bank and in hand
14
n,984
230,889
26,lJ)O
268,318
98,984
499,207
73,191
259,820
303.873
294,318
598,191
333,011
CREDITORS
Amounts falling due within one year
15
{40.933
(40,9331
(18,577)
NEf CuRREtr￿ ASSErs
262.940
557.258
TOTAL ASSEfs LESS CURREKf LIABIUTIES
5.404.4(
1,265.845
6.670.249
6,110.112
NEf ASSErs
5,404,404
1,265,845
6,670,249
6 110 112
FUNDS
Unrestricted funds:
General Fund (Revernje)
General Capital Fund
16
262,940
196,699
4 947 375
5 144 074
Restricted funds:
Education Fund (Revenue)
Fabric Fund (Revenue)
Font Project Fund (Revenuel
Choral Capital Fund
Education Capital Fund
Fabric Capital Fund
17,237
195.854
81,227
885,259
24,045
22,195
4.313
81,227
858,303
1 265 845
966 038
TOTAL FUNDS
6 670 249
6 110 112
The charitable company Is entitled to exemption from audit under Section 477 of the Companies Act 2(N)6 for the year
ended 31 Decemter 2024.
The mernbers have not deposlted notice. pw5uant to secti(￿ 476 of the Co￿VanieS Act 2￿6 requiring an audit of the
flnancial statements.
The trustees ackJ)ovAedge their re¥￿nsibIlit￿5 for
la)
ensuring that the charftabie company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2(M)6 and
preparing fInar￿la1 statements whKh give a tNe and fair view of the state of affairs of the charitable company
as at the end of each financial year and of its surplus or deficit for eKh financial year in accordance with the
requirements of Sections 394 and 395 and vthich otherwise comply with the rewirements of the Companies Act
21116 relating to financial staternents. so far as applicable to the charitable ctynpany.
Ib)
The notes fomi part of these financial statements
17 | Page

The Hereford Cathedral Per
tual Trust
Balance S￿t - continued
l December 2024
These financial statements have t￿7 audited un(kr the re<wirements of Section 145 of the Charities Act 2011.
The flnanclal statements were approved by the Board of Trustees and authorised for Issue on
. and were signed on its behalf by:
The notes fonrs part of these financial statements
18 1 Page

The Hereford Cathedral Per
tual TnJ5t
Cash Flow Statement
for the Year Ended 31 DecemtEr 2024
31.12.24
31.12.23
Nrtes
Cash flows from operatlng actlvltles
Cash generated from operations
64,135
2(Kl,718)
Net cash provided tyl(u5ed in) operating activities
2LI) 718)
Cash flows from Investlng artivitie5
Purchase of fixed asset investments
Sale of fixed asset irwestNents
Interest received
Divi(Ènds retrfved
186,652)
10.207
5,984
245 713
10,171
1,339
242 881
Net cash hxovided by investing Ktivities
175.252
254,391
Change in cash and cash equfvalents in
the reporting period
Cash and cash equlvalents at the
beglnnlng of the reportlng perbd
239,387
53.673
Cash and cash equivalents at the end of
the reportln8 perlod
499 207
The notes fomi part of these financial statements

The P￿￿f0rd Cathedral Per tual Trust
Note5 to the Cash Flow Statement
for the Year Ended 31 December 2024
RECONCIUATION OF NEf INCOME TO NEf CASH FLOW FROM OPERATING AcllviTIES
31.12.24
31.12.23
Net Income for the reporting F)eriod (as per the Statement of Financial
Actlvltles)
Adjustments for:
Gain on investments
Interest received
Dividends re￿)Ved
Increase in debtor5
Increase/ldecrea5e) in credittKs
560.137
228.837
1240,868)
(5,9841
(245.713)
(25,793)
1169,518)
{1,3391
1242.881)
112,416)
Net cash provlded byl(used In) operatlons
2Q) 718)
ANALYSIS OF CHANGES IN FUNDS
At1.1.24
Cash flow
At 31.12.24
Net cash
Cash at bank and in hand
259 820
239 387
259 820
239 387
Total
259 820
239 387
499 207
The notes form part of these financial statements
201 Page

The Hereford Cathe(tral Per tual Trust
Notes to the Financial Statements
for the Year Ended 31 Decemter 2024
ACCOUtrmNG POLICIES
Basls of preparfng the financial staternents
The financial statements of the charitable c(ffnpany, which 15 a public benefit entity under FRS 102, have been
prepared in accordaKe with the Charities SORP (FRS 1021 AcC￿ntIng and Reporting by CharitEs: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Finandal
Rep)rting Standard applicable in the UK Republic of Ireland {FRS 102) (effective 1 January 2019).. Financial
RerKirting Stsndard 102 The Fina￿la1 Retyxting SLmdard applicable in UK and Republic of Ireland. and the
Companies Act 2(K16. The financial statements have been wepared ￿￿er the historical cost convention, with
the exception of investment5 whith are inclu(kd at market value. a5 modified by the revaluation of certain
assets.
The principal area of judgement and estimation u￿ertaintY relates to the as5e5y￿t of legacy Inc(me
eivable in line wlth ￿ Fdicy set out LEISM.
G)Ir8 cOn￿rn
The trustees assess whether use of going cO￿n is appropriate i.e. vthether there are any material
uncertaint￿5 related to events or conditions that may cast significant doubt on the ability of the company to
continue as a going concem. The trustee5 make this assessment in respEct of a ￿riod of at least one year from
the date of authorisation for issue of the financial statements. The charitsble company has the contin￿d support
of it5 bankers and funders and have c(mciuded that company has a&quate resources to continue in
operational existence for foreseeable future and there are no material uncertainties abujt the charit¥s
ability to continue as a going ccfftcern, t￿S W ccmtinue to athpt the going concem bas15 of accounting in
preparing the financial statements.
The board MLi contiwe to NKJnitor and revEw the activitie5 and pro￿de strcmg and clear governance.
Income
Ail Incomels recognised in the Statement of Financial Activtties once the charity has entitlement to the funds.
it is probable that the inccffie will be received and amwnt can be measured reliably.
Income from government and other grants, vthether 'capital' grants or'revenue. grants, is recognised when the
charity has entitlement to the funds, any perfoThaFKe c￿ditIonS attached to the grants have been met, it is
obable that the income vlill be received and the arn￿nt can be measured reliably and is not deferred.
For legacies, entitlenEnt is taken as the earlier of the date on either: the tharity is awa￿ that probate
has teen granted, the estate has been f￿alised arKI notification has been made by the executorlsl to the Trust
that a distribJtic￿ will be made. or vthen a diStri￿tIOn is received fr￿n the estate. ReceTPt of a legacy. in whole
or in part, is (mly C¢￿51￿red probable when the amount can be w￿aSured reliably and the charity has been
notified of the executor5 intention to rna￿ a diStri￿tion. Where legacies have teen notified to the charity, or
the charity is aware of the granting of probate. and the criteria for It￿Orne recognitiC￿ have not been met, then
the legacy is treated as a contingent asset and disclosed if material in the notes to the acC￿Jnts.
Interest on funds held on de￿$It is irKluded receivatle and the amount can be rreasured relialAy by the
charity. this15 normally u￿n notification of the interest paid or payable by the Bank.
Expendfture
Liabilities are recognised as expenditure a5 soon as there 15 a legal or constructive obligation committing
charity to that exFencliture, it is probable that a transfer of econ¢￿iC benefits will be rewired in settlement
and the amount of the obligati(m can te ThEasured reliably. Expenditure is accounted for on an accruals basis
and has teen classified under headings that aggregate all cost related to the category. Where costs cannot be
directly attributed to partKular ￿adingS they have been all(Kated to activities on a bas15 conslstent with the
use of reS￿rte$.
Grants offered subject to conditifms whKh have not been met at year end date are noted as a commitment
t not accrued as exptY)dittJre.
Taxatlon
The charity is exempt from c0rwat1L￿ tax on its charitsble activities.
21 | Page
continLEd...

The Hereford Cathedral Per tual Trust
)tes to the Financial Statement5 - contIn￿l
for the Year Ended 31 Decemker 2024
ACCOUNTING POLiaES - contlnued
Fund accountlng
Unrestricted funds can be used in accordance with the charitable objectfrrfes at the dlscretlon of the trustees.
Restricted funds can only be used for particular restricted wrposes within the objects of the charity. Restrictions
arise when specified by the don(x or when funds are ral￿d for particular restwted purposes.
Further explanation of the nature and purpo* of each f￿d is inclu¢*d in the notes to the financlal Statements.
Penslon costs and other p0St￿et1reMent beneflts
The charitable company operate5 a defirEd contr1t￿tIOn pension sctreme. Contributions payable to the
charitable ctxnpany's pensicm scheme are charged to the Statement of FinarKial ktivitie5 in the Feriod to which
they relate.
Tanglble flxed a55ets
Tangible fixed assets costing fflore than £1,OQ) Tret are capitallsed and are stated at cost.
Depreciation is charged by equal annual instaiments comencing viith the date of acquisition at rates estimated
to write off their cost or valuation less any residual value over the expected useful lives which are as follows:
Fixtures and Fitting5 - 4 years
Investments
Investments are stated at market value as at the ikilance sheet date. The statement of financial activities
includes the net gains and losses arisir4 on revaluati￿ and disposals throughout the year.
Debtors
Tra(* and other debtors are recognised at the settlement an￿nt ￿. Prepayments are valued at the amwnt
prepald.
Cash at bank and In hand
Cash at bank and cash in hand ir￿LU￿ cash and short tern) highly liwid investments with a thort maturlty of
three months or less fr¢￿ the date of ac(wisition or O￿ning of the detK)5it or slrnllar account.
Creditors and provisions
Creditors and provlsions are reco4nlsed vthere the charity has a present obllgation resulting fr￿• a past event
that will probably regjlt in the transfer of funds to a third party and the amujnt due to settle the obligation can
be meayjred or est7mated reliably. credit(￿5 and pr(Nisi{￿S are rKThially recognised at thelr settlement amount.
Penslon costs and other p)st.retlrement beneflts
The d)aritable company operates a defined contribution pension scheme. C(Mtributions payable to the charitable
companys pension scheme are charged to the Statement of Financial ktivities in the period to which they
Late.
22 1 Page
c￿tInUed...

The Hereford Cathedral Per tual Trust
Notes to the Financial Statements - continued
for the Year Ended 31 DeCeM￿r 2024
DONATIONS AND LEGAaES
31.12.24
Total
funds
31.12.23
Total
funds
Unrestricted
funds
Restricted
funds
Grants
Donations
Glft aid
Legacie5
16.KK)
64.934
12,034
497.500
11.651
552
514,3LX)
76,585
12,586
103 510
89,9(M)
97,158
16,463
231 760
OTHER TRADING AcllviTIES
31.12.24
Total
funds
31.12.23
Total
funds
Unrestricted
funds
Restricted
fund5
Events
13.829
INVEsfMENT INCOAIE
31.12.24
Total
funds
31.12.23
Total
funds
Unrestricted
funds
Restricted
funds
Divi(k&nd income - {Cazenove)
Interest receivable
207,310
38,4)3
245.713
242,881
251 697
RAISING FUNDS
Ralslng donatlons and le8ades
31.12.24
Total
funds
31.12.23
Total
fund5
UnrestrKted
fund5
Restricted
funds
Dlrect fundraising exFenses
Promotional materials
Supwrt costs
16,951
16,951
16,774
75
23 1 Page
Contin￿1...

The Hereford Cathedral Per
tual Trust
Notes to the Financial Statements - contin
for the Year Ended 31 Decemter 2024
RAISING FUNDS - contlnued
Investment management costs
31.12.24
Total
funds
31.12.23
Total
funds
Unrestricted Restricted
funds
funds
Portfolio management
Aggregate amounts
25,702
1,667
CHARITABLE ACTIVITIES cosrs
Grant
funding of
activities
{see r￿te
7)
gjpport
costs (see
note 8)
Direct
Costs
Totals
Grantmaking
Support Costs
559.511
559.511
66.358
17,581
559 511
GRANTS PAYABLE
31.12.24
31.12.23
Grantmaking
559 511
351 250
The total wants paid to institutions during the year was a5 follow5:
31.12.24
31.12.23
Fabric - Deanery and canonical properties
Choral l Music - Choral F￿ndation wants
Education - Educati￿ grant
Other - General Chapter running costs
209.511
174,(MXI
18.C
180.500
18.{￿)
152 750
559 511
351 250
24 | Page
Contin￿1...

The Hereford Cathethal Per tual Trust
Notes to the Financial Statements - continued
for the Year Ended 31 Decemter 2024
SUPPORT cosrs
Governance
costs
anagekrtnt
Totals
Support costs
NEf INCOMEI(EXPENDITURE)
Net i￿OMe/(expendfjtUre)1$ stated after charging1(creditir￿).
31.12.24
31.12.23
A￿ditorS. remuneration
10.
TRusfEES' REMUNERATION AND BENEFrrs
There were no trustees, remunerati￿ or other benefits for the year ended 31 Decemter 2024 nor for the year
enthd 31 DeceM￿r 2023.
Trustees. expenses
There were no trustees, expen￿ paid for the year ended 31 DeCeml￿r 2024 nor for the year ￿ded
31 December 2023.
11.
srAFF COSTS
31.12.24
31.12.23
Wages and saiarles
SrKial securlty costs
Other pens1￿7 Costs
16,(1)2
17.733
The average monthly of empLow (kning year was as foiiovts:
31.12.24
31.12.23
Administration
No employees received emoluments In excess of c60,￿￿>.
The key management personnel of the Trust C￿l￿1Se the unranunerated trustees and the Chief Executive. The
total employee berefits of the key manage￿￿nt person￿1 of the Trust, incluth.ng employers pensirm and
natlonal insurance cC￿tri￿tIOns, were ENil (2023: CNil).
25 | Page
continued...

The Fkreford Cathethal Per tual Trust
Notes to the Financial Statements - continLEd
for the Year Ended 31 DecemtEr 2024
11
COMPARATIVES FOR THE sfATEAIEKf FINANCIAL AcnvmES
Unrestricted
funds
Restricted
fund5
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
1(16,530
125,230
231,760
Other trading activities
Investfnent IncoTh
11,346
206,(K)9
11,346
244,220
38,211
Total
163.441
487.326
EXPENDITURE ON
Raising funds
28,467
1,5e
30.(63
Charitable actMtle5
Grantmaking
Support costs
213,106
138,144
351,250
Total
288
77 139 730
Net gains on investments
169 518
NET INCOME
Transfers between ftinds
181,411
289 290
47,426
289,290
2Z8,837
Net movement In funds
1107.879
336.716
228.837
RECONCIUATION OF FUNDS
Total funds Lrought forward
5.251,953
629,322
5,881,275
TOTAL FUNDS CARRIED FORWARD
5 144,074
966,038
6,110,112
13.
FIXED ASSET INVEsfMEF￿s
Llsted
investments
AIARKEf VALUE
At 1 January 2024
Additions
Dlsposals
Revaluations
5,795,678
86,652
{10.207
At 31 December 2024
6 112991
BOOK VALUE
At 31 De￿mber 2024
6 112991
At 31 December 2023
5 795 678
There were no investrnent assets outsits the UK.
26 | Page
contin￿1..

The He￿f0rd Cathedral Per tual Tr￿t
Note5 to the Financial Statements - contin￿1
for the Year Ended 31 December 2024
13.
FIXED ASSEf INVEsfMEtrifs - continued
Cost or valuatlrm at 31 DeCem￿r 2024 is represented by.
Listed
Investments
valuati￿ in 2024
6 112 991
14.
DEBTORS: AHd)UNTS FALLING DUE WITHIN ONE YEAR
31.12.24
31.12.23
Trade debtors
Other debtors
crued inc(me
4,871
15.
CREDITORS: AIAouKfs FALLING DUE wrrHIN ONE YEAR
31.12.24
31.12.23
Trade credit(Ys
Social security and other taxes
Other credltor5
Accruals and deferred InC(￿e
2,293
5,422
95
96
16. MOVEMEPff IN FUNDS
Net
Transfers
between
funds
At
31.12.24
At 1.1.24
in funds
Unrestricted funds
General Fund (Revenue)
General Capital Fund
196.699
4,947,375
111,841
204,296
145,6001
(10,2071
262,940
5,141,464
5,144,074
316,137
(55,807)
5.404,404
Restrlcted funds
Education Fund (Revenue)
FabrK Fund (Revenue)
Choral Funds (Revenue)
Font Project Fund (Revenue)
Choral Capital Fund
Educatlon Capital Fund
FabrK Capital Fund
22.195
4.313
19.087
253.764
I65.￿7
124.(M51
(62.2231
65,￿7
17,237
195.854
81,227
858,303
81,227
885,259
24,045
36,956
(10,(KKII
24,045
1 265 845
TOTAL FUNDS
6 110 112
6 670 249
27 | Page
continLEd...

The Hereford Cathe(tral Per tual Trust
Notes to the Financial Statements - continued
for the Year Ended 31 DeCeM￿r 2024
16.
MOVEMElff IN FUNDS - contlnued
Net movement in funds, included in the ab)ve are as fdlows:
Incomlng
Resources
Galns and
105ses
l*lovement
in funds
Unre5trlcted funds
General Fund (Revenue
General Capital Fund
361,901
(250,(Y>OI
111,841
361,9)1
{250.0601
204,296
316,137
Restrlcted funds
Education Fund (Revenue)
Fabric Fund {Revenue}
Choral Funds (Reyewe)
Clwal Capital Fund
37.194
463,552
109.860
(18.(lJ))
Q09,511)
{175,667)
11071
12771
19,087
253,764
I65,￿7)
TOTAL FUNDS
653 2381
Comparatlves ftir movement in funds
Net
movement
in funds
Transfers
between
funds
At
31.12.23
At 1.1.23
Unrestrlcted fund5
General Fund {Revenue
General Capital Fund
5,251,953
35,608
145.803
{5,090,862)
196,699
4 947 375
5.251,953
181.411
1289,290)
5,144,074
Restrfcted fund5
Education Fund (Revenue)
FabrK Fund (Revenue)
Choral Funds (Revenue)
Font Project Fund (Reven￿)
Choral Capital Fund
9.595
3,2Lr2
535.298
81,227
12,6
1.111
22,195
4,313
1535,298)
81,227
33.715
824.588
TOTAL FUNDS
228,837
6 110 112
28 1 Page
tinued...

The Hereford Cathedral Per tual Trust
Notes to the Financial Statements - cOntin￿d
for the Year Ended 31 DeCeM￿r 2024
16.
hlOVEMEKf IN FUNDS - contlnued
Comparative net movement in funds, inClu￿d al￿e a￿ as fotlow&
InciNning
Res(wrces
Gains and
losses
hlovefflent
in funds
Unrestrlctèd fund5
General Fund {Revenuel
General Capital Fund
323,885
1288.277)
35.608
323,885
(288,277)
145,803
181.411
Restrlcted funds
Education Fund (Revenue
Fabri¢ Fund (Revenue)
Choral Funds {Revenue)
Choral Capital Fund
(18,1￿)
12,6(K)
1,111
121,730
(121.7301
139 730
TOTAL FUNDS
169 518
Unrestricted Funds
The Trustees have designated the greater part of the ￿reStrItted funds as a l(m8"temi fund rekyesented ty
investments. Within this amount they have further eaM)ar￿ 145,CW for Clergy H¢wsino. The balarKe of the
unrestricted fund ￿preSentS the 0￿ratIonal vffjrkwi8 capital of the Trust.
Restrlcted Funds
The Falxic Fund has been establSshed to provide finatKial Sl￿￿rt for the maintenance of the fabric of Hereford
Cathedral. A significant elemeni of fund wlll be utllised thrlng 2025, wlth Ihe remalnlng balance belng
carried forward to spend on futwe wojects, as apprwiate.
The Choral Funds c￿1prise a fund established to proYi¢* finarKial sutp)rt to the Choral FOundatiC￿ of Hereford
Cathe<tral in relation to promotion of the religiws, musical and secular education of pupils, the repalr,
maintenance and renewal of the organ of the Cathedral and the acwi5lt1￿ and maintenarKe of its musical
b(￿, manuscripts and ttrE employment of all staff including Lay clerks in connection with the Choral Seryi
of the Cathedral.
Within the Choral Fund5, the Choral Investment Fund forms part of the investment wrtfoiio held. The fund has
been established to generate income to supwrt the Choral Foundation of Hereford Cathedral. Gains and losses
on the investment are reflected in the fund balance.
The Education Fund is used to assist catI￿traI ￿ wnnwig its eknation programe viith schools, colleges
and universitie5, along with the adult sector.
Transfers between funds
Transfers between funds made relate to (il proiects subsidi*d by the unrestricted fund lii) the transfer between
the It)ng-tem investment fund and tl* working capital fund made to order to show long-tem investment
fund separately.
29 | Page
Contin￿1...

The Hereford Cathedral Per tual Trust
Notes to the Financial Statements - contin￿1
for the Year Ended 31 L)ecemter 2024
17.
coKnNGEKf LIABILMES
The Charity have been notified that a legacies received in 2019 could be recalled due to the distribution of the
legacy being challenged. The value of the legacy amounted to Q1,121.72, due to the uncertainty of whether
the balance needs to be returr*d. the Trustees have co[￿lUded that it is appropria* to continue to recognise
the balance In the fina￿lal 5tateff￿nts at 31st December 21TI4.
18.
RELATED PARTY DISCLOSURES
During the JEar, £7,3(J) {2023: £7,3Cfj) in <knations V•PS receI￿d from six trustees (2023: five trustees) of The
Hereford Cathedral Perpetual Trust.
Chapter of Hereford Cathedral
The Dean of Hereford is Ixjth a trustee of Hereford Cathedral Perpetual Trust and presides the Chapter of
Hereford Cathedral. The present Dean. The Very Reverend Sarah Bro*fft has been a trustee Sin￿ 2 OCto￿r 2021.
Nat Hone, a trustee and Chairman of the Perpetual TrusL rewesents the Trust, as Chair, on the Chapterf5 Finan
and Risk C￿mittee.
Dur￿8 the year £559,511 {2023: £351,250) of grants were Ma￿ to the Chapter of Hereford Cathedral. Details
of the grants can be f(￿nd in note 7. At the year- end £23,9I11 was due to the Chapter {2023: £Nil).
During the year £34012023: £326) of g(N)ds and *rvKes were ￿rCh￿d from Chapter of Hereford Cathethal. At
the year-end £Nil 12023: £Nill wa5 outstanding.
Hereford Cathedral Enterprlses Llmlted
Hereford Cathedral Enterprises Limited is a wholly owned subsidiary of He￿f0rd Cathedral of which the Dean of
Hereford is a Trustee.
Durng the year £378 (2023: £2451 of gThx15 and services purchased fr￿n Hereford Cathedral Enterprises
Ltd. At the year-end ENII (2023: £Nill vlas txrtstanthng.
G Mlller - Company Secretary
During the year G Miller was paid E2.893 12023: INill cfft a self employed basls fLY financial support for the
charity. At the year end £374 {2023: £Nil) was outstanding.
301 Page

The Hereford Cathedral Per tual Trust
Detailed Statement of FIna￿la1 Activitles
for the Year Enthd 31 December 2024
31.12.24
31.12.23
INCOME AND ENDOWIAEp¥rs
l)onatlons and legacies
Grants
Donations
Gift aid
Legacies
514.3LKI
76,585
12,586
103 510
97,158
16,463
706,981
231,760
Other tradlng actlvltles
Events
13.829
11,346
Investment Income
Dlvithnd income . ICazenove}
Interest receivable
245.713
242,881
251.697
Total Incomlng resources
9n.507
487,326
EXPENDITURE
Ralsfng donation5 and legades
Dlrect fundraising exFenses
Promotional materials
16,951
16,774
75
16.951
16,849
Investment management costs
Portfolio rnanagement
10,418
9,913
Charltable artfvltles
Wages
ial security
Pensi(￿S
Grants to institutions
16,LX)2
17,733
211
1,016
1,579
559 511
577,092
370,220
Support costs
Management
Insuran
Other profesSic￿al fees
Computer and software costs
Postage and statiorery
countartcy
Other overheads
1,734
21,613
3,566
10,684
3,492
2.734
12.595
42,250
24.645
This page (k)es rK)t form part of the statutory financial statements
31 1 Page

The Fkreford Cathedral Per tual Trust
Detailed Statement of FinarKial Activities
for the Year Ended 31 December 2024
31.12.24
31.12.23
Management
Governance costs
Auditors. rernuneratic
Sundries
6,31X)
227
Total resources expended
653 238
Net fncome
319.269
59.319
This page does not form part of the statutory financial statements
32 1 Page