REGISTERED COMPANY NUIABER: 03123592 (En8land and Wales) REGISTEREO CHARITY NUMBER: 1051168 of the Trustees arKI Flnanclal Stateffents for the Year Ended 31 December 2025 The Hereford Cathedral Per ual Trust DJH Audit Limited Statutory Auditors 2 WyevJle Buslness Park Klngs Acre Hereford Herefordshire HR4 7BS
The Hereford Cathedral Per etual Tntst Contents of the Flnancial Statement5 for the Year Ended 31 December 202 Chairman's Report Report of the Tru5tee5 4 to 13 Report of the Independent Alttts 14 to 16 Staternent of Financial Actiwities 17 Balance Sheet 18 to 19 Cash Flow Statemeni 20 Notes to the Cash Flow Ststement 21 Notes lo the Financlal Statements 22 10 32 Detafled Statement of FinaKlal Actlvrtks 33
The Hereford Cathedral Per tual Trust Chair's Re for the r ended 31 Decemter 2025 This 15 my 5eYenth report to the G0Venr5 sirKe bel elected Chair of the Hereford Cathedral Perpetual Trust I'the Trust"). If all goes to plan, it will a150 be my last. The Rt HOTh Philip Dunne ha5 a8reed to take over ihe chair ai the AGM this coming July and I shall leave the board. Philip became a DirectOTITrustee at the last AGM and is already well involved. The late Sfr Thorna5 Dunne KG KCVO JP, Philip's father, was a founder of the Trust. It 15 apt that Philip can continue In hls father's footsteps. We are very grateful to our Paire, the Klng and other members of the Royal Famlly who have attended events tonnected to Hereford Cathedral. The TIu5t's priffle %oal has always teen to build up and run a capital fund for Investment to produce a predlclable Income for the benefit of ihe Chapter of Hereford Caihedral in perpetuity. as it5 name suggests. It is just as well Lhal the Trust takes a l¢)ng-term vlew because each year has seen a sKcessioD of political upheavaLs that grow 5teadlly rnore apocalyptlc. As I write the Middle East appears to be emerging from Its tum)olll. By tlme It Is read. who knows what 11 have happened. We are pleased by the performance of our investment mana8eTS who follow a policy of seeking long term quality. The Cathedral continues to a beacon of Ilght to the LliO5e for the Chri5tiaTr faith, rnusic and cultwe of the hi£hest wallty. There have been two very impNtsnt retirements. Andrew Piper, the Precentor, retired last August to Sotner5et afr tnore than 22 year5 in Hereford. The title means "the one who sings before" but that is a small part of the job. Andrew led on liturgy or how the services are wt logether, be they the regular services or the countle55 special services that he SeMbLed 50 brilliantly. He also led on the management of the fabric of the building. Indeed. he was on the nati1 cathedral fabric ad¥Asory commlttee. )naihan Roberts has taken over much of Andrew's role with the title of sUcntor. He w11 take over as Precentor In due COUT5e. He ha5 already Shown himself to be a worthy successor. Geralnt Bowen, Director of 1C retfjred after hls Last perfomiance of J S Bach's Chrfstmas Oratorlo at the end of JaTruary. Geraint was at Hereford as Director of Music for 27 years. 2025 saw the 297th Three Choirs Festival in Hereford under his direction and wa5 a tiiwnph. Day after dayi the cholr undef hls baton produced top quallty muslc and wl11 continue so io do. Geraint's successor is Andrew Reld ¥yho was Direetor Of IJ57¢ at Little St. Mary's Church in Cambridge. He has a formidable cuniculum vitae Includlng Managing Director of Harti50n & Harrison, the organ blder and restorer. Thi5 15 forluitW5 because the Lovely Father Willis orsan in the Cathedral is in need of a complete restoratlon Including the blts at the base, last restored at the end of the nineleenth century. We need £2rn for that job. I see that last year. I Sa E1.5m. That sèem5 to be the pattern with such projects. Meanwhile, OUT Assistant Director of Mu5fc and OrgaTrlst, Peter Dyke, cLdUCted a beautlful St. John's passi during Fbly week. Peter Is also a ltsng-rtandlng musical genius who held the fort until Andrew Reid arrived alonqside his usual extensive dutie5. The exceptional music that the Cathedral produce5 day by day would not be possible thout the contrfbjiion fr¢)m the Trust. Hereford is very proud of Its music. The Music Patron's scherne ha5 enabled those who could not otherwise afford it to join the Cathedral School and Joln the chofjr. Last year. I talked about the nave r¢)of project. Its SCO expands and then contrac15 as the potential c05l5 become clearer. The current project includes replacing the nave roof, redecoratTng the nave teiling and redoing the heatinB for the whole cathedral. It Icy)ks a5 if we will need to raise £830,000 to match a possible lottery bid of £7.45m so an C8.3m project. Thi5 is a forrnidable targeL and all help will be welcome, especlally as I have agreed to lead the tearn In ralslng It after I leave the Trust. The organ project Iwhich cannot take place until the nave projert is complete due to the impact of dustl, is in addition to these figu. The Funds for the refurbishmènt of the Morth Door and the move of the Ft to the centre of the west end, both r#)w completed aThJ excellent, were rai3ed ¢hrough the fund. The Trust has inCaSed its gfdnt to Chapter to 1420,C¥XS in the current year, from £4(KJ,CW in the year before. Thi5 IS onsiderably more than our Investment income and we depend on annual donaticffls from Indlviduais and fundlng bodies alon8side events to avtsld delts and erosion of our capital. This we achieve and we are very Srateful to all who d£ate and help th event5. Chapter is Currently focused on increanI income to eliminate its struttUTal deficit rather than drastic cost cutting wth all the darnage that could cause. In spite of strong heaobn'nds - removal of the Llsted Places of Wor5hlp VAT rebate, Natlonal Insuran Increases, no national fvnding and the like, Chapter have reduced its deficit impresslyely and plan to
achieve sustainability by the end of 2027. The Hereford Cathedral Per ual TTUSt Chair's Re for the ar ended 310ecernber 2025 The Trust aims to help a5 mLKh a5 possfble by increa5in8 wr 8rant with¢xrt ¢r05ion of capltal. The day-lo-day running of the Trust is now entirely In the hands of the Chapter stsff. Chapter have appointed a new Chief Finance Officer, RTchard Deane, whose department have taken over the accountin8 and sovernante tsf the Trust. Fund. raising retnains in the hands of the Development department led by Etnrna Maggs. The Tru5tee5 thank the Chapter stsff for all they do. Our relatIC4hip is a good one. Turn¥n4 to performance durlng the year, the lollovAng tsble surnmarises the financial performance of the Trust. Y•ar Ended 31st December 2025 Unre5trfcted Re5trlcted Restrlcted Restrlrted Restrlcted Rts¢rlcted Choral Fabrk Educatlortr Oryan Muslc Patron Total RevÈnuÈ Acctyjnt Income Legacie5 Donaiions Events General Giants Inve5trnenl Distribution Other Income 120.101 16,077 18.3fyJ 240,015 18,011 19,424 18,IKX) 36,492 216.528 16,077 92,020 281,Q68 46,420 41,053 27.3C(S Total revenue Income 394,493 105,484 19,424 45,300 4,500 36,492 605.692 Expenthture Grants to Chapter Runnlng c05t5 Support from unrestricted fund5 285,496 76,708 96.5(K) 102,343 2.736 18.C¥XI 26,ClJO 165 528,339 79,609 Total Expendlture 362,204 99,236 102,343 18.CKIO 26.165 607.948 Revenue 5urplu51ldeficiti 32,289 6,248 82,919 27,300 4.500 10.327 12,2551 Capttal Legacy incorne Unrealised Gainslllossesl Capital drawdown 85,( 320,521 59,361 160,9391 111,3601 85,OC 375,066 172,2991 3,474 -1,342 Total Capltal mov•ment 344,582 48,001 3,474 1.342 387,767 Net moyèment of lunds NAV at 1st January 2025 NAV at 31st December 2025 376.871 54.249 5,404,404 885,259 5.781,275 939,508 86.393 339,304 252.911 25.958 41,282 67,240 4.500 10,327 385,512 6,670.249 10.327 7.055,761 4.500 The Trust made a surplus on its Unrestricted and Resiricted Choral Revenue Account. These reserves form the 10Tr8-term capltal of the frust of £6.720.783 1£5,781,275 * É939.5081. Thfjs is a very satisfaciory result. The Tiust does nol alm to mak¢ largo surpluses, but this result 8lves the Trustees confklence to increase the grant ¢0 Chapter fot the year thOut Jeopardiglng futurè yèars.
The Heref¢Yd Cathedral Per tual Tnjst Chair's Re rt for the ar ended 31 December 2025 The Capital Account increased by £302,767. Unrealised capital gain5 are always welcorr, but we have recently seen how voLatile they can be. Readers may be interested in reading the annual accounts for Chapter which can be found the Cathedral webslte. The Trust heid a full programrne of events. Thanks to the generosity of the William Adlington CadFAry Trust, peTforman¢es of J.S. Bach'5 Chri5t[[S Oratorio and St John's Passlon in early 2026 and St Matthew Passion in 2025 were held to full houses. The Advent service was heid in December at the Guards Chapel in London, led by Hereford Cathedral's world cia Cholr. We were honoured by the presence of PiRH The fmjke and Duchess of Gloucester. We are very gratef to all who glve to the Trust, both to ihe Income and Capital funds and we remember with gratitude those who have Left such generw5 legacies. In the year, the Trust recefved É85,OCtI in legacies which have been taken to capiial. l thanked Georgina Miller lasl year and she may have th¢yJght that she would spend more tlme with her dogs she ha5 been vital in carrying us through 2025 while Chapter fiThance has also undergone a change in leadership from the retiring Liz h4A)rawiecka to Richard Deane. I thank Georgina again. The Trust's administratlon is now entirely In the care of Chapter and the relationship is very strong. We have two new Trustees. Philip Dunne and Patrica Churchward. Philip was the Mernber of Partiament for Lvdiow in Shrop5hire, part of the Hereford iliKe5e, and before an entrepreneur and in bankinE. Patriaa Is a150 an eDtrepreneur and ha5 built a formidable venue busine55 in HefordShire. The Trust has a broad range of skills to brfng to bear and it is an honour and pleasure to work with them. We have formalised a number of committees to focus on certain aspects. At tlme of wrltlng, these cornmittees are= it Committee Charles de Rohan Ichalrl, Phllfp Dunne, Rlchard Banks, Nat Hone Invertment tommlttee Rlchard Banks Ichalrl, Phllip Dunne, Prince Charles de Rcthan. Nat H¢Jne Noninatlons committee Katheri Garnier Ichairl, Philip Dunne, Nat Hone Risk CoFllmittee Fiona Galliers-Pratt (Chairl, Philip Dunne, Nat Hone Marketing cornmittee Patritha Churchward Ichairl, Philip Dunne l arn very grateful to all the Tru51ee5 foT their great contribution. It is the intention ol the Tru5tee5. led by the Nominations committee to fctU5 on how we manage the Membership (called In the artlcles our Governors and from whom the TrLL5tee5 must be chosenl to help develop the Trust. In conclusion, the Trust ha5 enjoyed a year. we need to build capital further to prowde sustainable help for the beneflclary. I hope that. alongside an excellent set of Trustees, I will leave the Trt in good 5hapÈ and In good hands. Nat Hone DL Chair 31 Page
The Hereford Cathedral Per ual Trust Re rt of the Trustees for the ar ended 31 December 2025 The Trustees, who are also dlrectors of the charlty for the purposes of the Companie5 kt 2Ci16J present their rewt with the financial statements of the charity for the year ¢nd¢d 31 December 2025. The trustees have adopted the provisk)ns of AcctsJntin4 and Reporting by Charities: Statement of Recommended Practice aFfJlicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Repthlic of Ireland IFRS 1021 leffttt?ve 1 January 20191. Tr Trust" throu8hout this report refer5 to the Hereford Cathedral Perpetual Trust being both a registered company and reglstered charlty, en whose affalrs for the year ending 31st December 2025 is the subject of this report. The TnJs¢ Is reglstered th the Fundrai5ins Regulator and is a corporate Member of the Instltute of Fundralsing. OBJECTIVES AND AcrivrriES Charttablè ObJèrtlve5 The Charttable objectives as set out ?n the Memorandum and Articles of Associatk)n of the Trusi are as follows: The object for which the Trust Is estobllshed Is to pmmote the rellslous and chthtoble work of the Clwrch of Enslond by providins support for all, or ory, of the chorltoble purFoses to whlch the copltulor revenues of the Chopter of the C¢ithedral Church of the Blessed Vlrsln Mory and St Ethelbert In Herelord fthe Cothedral J are oppllcable inclvdlng especlally-. l. The promotlon ¢md mointtnttnte to o hish stttndard of thornl servltes of the Church tsl England An the Cdthedrdl (whet1[ simple or Elaborotel In such woys a5 the Board of GovernoTS Ats absolute d15cretTon thNnk fSt iFKludins (but ¥thoUt prejudlce to the sEnerollty of the foresolrjg),. promotlon ol rellglous, muslcol ond secular educatlon of puplls otte18 ony School in which the doctrines of t1 Church of Enslond 15 given perforTTJance of the chorol 5ervice5 of the Church of Enslond Ss obseryed,. and olso the repolr, molntenonce ond renewal ol the orsons ol the Cotheérol the ocquisition and molnterJÉ(e of It5 muslcal bLvk5 fftanu5cripts.- und the employment ololl staff includAng lay clerks, In connectlon wAth the Choral Services of the Cothedrol,- ond Z. The preservatlon, molntenonce on¢Y devel(wment Ol the Cothedrol senertslly. The Board has agreed the fdlowing more detalled definitlon of the e(kKation i*)Jectives set out In the Memorandum of A550ciation'. To support the educotlonol ond 1nterpretotlor( work of the Cathedrol amongst people of all oses, In all areos of Its missron ond minlstry, uslns the rewrce5 of the whole Cothedrol Foundation. This would Fnclude. but not exclusrvely, work with schwls. colleges and nIr$It[e5.' ad(Alt educ¢7tTon. Sunday Schcol. Individuols. lomily sroup5. Vi5Ntor5 cnd pilsrlms- creating access and opportunities rn the Librory dnd Arthrves ond ossocrated exhibitionj providrrjs interpretatlve rnaterlals In promotiny the cathedrol and Its mission,. tmd reldtlns Chrrsti(uJity to contemporory s¢xiety. 4 IPage
The Herefd Cathrat Per ual Trust rt of the Trustees for the ar ended 31 Dember 2025 08JECTIVES AND ACTNITIES Icontlnuedl Operations The Trust fulfits Its charftable objettive by thè prOwsic of funding seThlces to thecathedral Chapter. The Cathedral Chapter is the le8al entity which owns and is responsible for the Cathedral and associated propertie5. Their charitable ¢Jbjective is to proclaim the Gospel of Chrfst In the Clty and .£eSe of Hereford and In the wider world, by seNng and Irtsplrlfig all those wlK> encounter the Cathedral and Its Ct)mmunfty. The Trust provides funding and 5erwces in Ihe fdlowing ways: The Trust 15 building a lon8-term investment fund lthe 'Capital Fund") the income frorn which will provide a stable income to the Trust. This wll contribute to a revenve surplus that can be granted to the Cathedral Chapter. Addltlons to Ihe Capital Fund come malnly from legacies a1 glfts. The exact nalure of the Capital Fund 11 depend on the wishes of the donor. For example. they may wlsh their glft to be used for a spetlfic purpose. They may wish the wft tts be treated as an end¢)wment. The Trust is flexible to accommcmjate a wlde range of d(*r requlrements as Long as It tan do so eflldently. The Trust 15 very grateful to its regular dr5. It seeks lo increase the nurnber of don¢xs and ensure that donors are properly informed on how their (k)nats"on is used and feel part of the Cathedral community. The Trusi holds events to raise money for the revenue account. It also provldes assistance to Chapter for its own fundraising. The Trust also helps to rafse the proflle of the Cathedral and its ¥vorks to the wider c(¥nmunity, both nationally and Intemationally. a result, Hereford Cathedral has supp(wters all arnd the world. The Tru51 provides other assistance to Chapter including supporting project development, craftlng projects sultsble for external IuwKling and in prornoting the Chapterf5 acliYitie5 and own prograrnmes through the Magazine Out of the Clolsters. The Trust contiTrue5 to wnaintaTn c105e relation5 wlth other cathedraLs, natlonal b¢dles Involved In the management of cathedrals, hetage organlsatlon, government, Whitehatl and various Royal Households. The Trust, in partnership with Chapter, a8rees an annual fun(lin4 plan. This includes revenue suprx>rt of the Choral Foundation and Education Department, along wth unrestricted fundlng in supwt of Staff and core revenue costs. the goal of maintaining, if not increasing, this suppcrt in the future. The Trust a150 find5 funding for Cathedral events. In general. these will be smaller sums (less than E10,0001 and the èntire 5urn, other than clearly identtfiable costs. Is passed onto the Chapter. Such a case is the grant from ihe W A Cadbury Chatable Trust in support of the annual Holy Week performance of one of J S Bach's Passions. Public benefit As a charlly w15tered In England and Wales, the Trust reports In accordance wlth the Charlty Comm1ssion for England and Wales'5 guidance on public benefit and the Charities Act 2011. The Trust has continued to work c105ely with the Chapter, and fundir44 has been provided to suprKJrt the Choral Foundation, educational work of the Chapter and a nurnber of fabric project5. All the projects have included the enga8ernent of the general public, a5 well a5 helping to protert our Shar heritagè. Volunteers When regulations allow, the Trust LW volunteers in two ways. Members of the Trustee body provide strategic, management, financial and other expertise, joined by other members of the eoard of Governors and co-opted inthdual5 in different areas of the Trust's work. A wlder boe of volunteers helps wth various fundraising events. 51 Page
The Herefor(J Cathedral Per ual Trust rt of the Trustees for the ar ended 31 December 2025 ACHIEVEMENT AND PERFORIA4NCE FundralslrvA The Trust raises f15 primarily throtyah institutions, trusts and foundations together with event.based fundraising and some individual donations. The Trust does not engage in cold-calling or street-based fundraising or use third party fundralser5 and all actlvitles undertaken are directly rncffiitored and controlled by the Trust's staff. It ha5 not received any cornplaints In the year In connection the propriety gf its fundraising. The Trust is aware of the nee(1 to protect potentially vulnerable donors and in the small number of cases where this is applicable it dces 50 through their familie5. The Trust 15 registered %*iih the Fundraising Regulator and is a corporate member of the Institute of Fundralsln8. Legadès Subject to the she5 of the donor. Legacie5 will bè Invested in thè Capital Fund under the 8uidarKe of the Investment Managers in consultation with the Trustees. Any legal restriction on a bequest will be honoured, although should there be concern over the nalure or the extent of the restriction and ¥thether the Trust can honour the conth'tions. this will be clarified with the Executors before the glft is deposited. In the event of a bequest bw'n8 received wth conditions laid out in a Letter of Wlshes, thlswfll be hMoured as far as possible by the Trustees and the Executors kept inforrned. The legacy prograrnme manages the relationship with potential benefactor5, appropriate professlonals the Executorts and familles of ihose Indlviduals from whom we have received bequests. The Trust is a member of the Church House Good LeEary Practice Group. whlch provfdes polky, best practlce advlce, theological thlnklng and prtical support to dloce5an fundlng offlcers and the church in general. The group of a dozen members Meets up to three tir each year. FINANCIAL REVIVII Inyestment Polfcfes The Tru5lees have wide w)wer5 01 investment. Slnce 1998, Its investments have been mana8ed by Cazenove Capital. a tradlng arm of Schroder & Co Llmited, on a discretionary ba515. Rather than running a discrete portfolio of directly held Investments, the Trustees agreed wlth Cazenove that the funds shId be invested in co-mingled funds managed by Cazenove suitable for charltles and held for the long-terrn. The Cazenove Responslble IltI-ASSet Fund IRMAFI opened In February 2020 and was the onlyholdlng at Cazenove Capital until 3111 March 2025. After taking advice from an external consultant, on 1st April, a change in inve5trnent policy was implemented that allowed a rnore flexible rnix of equlty and debt. Equity investments, accounting for some 85% of the )rtlollo, are made through the 5throder WM Global Sustalnable Eqvlty Fund. The balance15 In gllts and bond fund5. Cash awaiting di5bur5ernent for Major projects is held in a nurnber of Interest-bearlng bank accojnts or ln a suitable cash fund. as approprtate, normally th the Church of England's Ceniral Board of Finae. Cazenove Capfjtal and Schroders have a deth"cated and welL-re50urced re5pon5ible investmenl team. They have achleved an A+ ratlng from ihe UN Ptlnc(ple5 for Responsible Investment IPRII In each of the last five years. Schroders are a speclal adviser to the Carbon $(lOsUre Proleci- a fwndlng member of the institutional Investor grwp on clirnate change,. a mernber of ihe UK Su51ainable inve5trnent and finance association and the European Sustainable Investment Forum. All Investrnents in Conwanies made by Cazenove on behalf of the Perpetual Trust are subject to their rigorous responsible Investment and corporate govemance policies. Both academic research and our own eXpIenCe Show that StrLg ESG management often delivers superior long-terrn return5. The appraisal of ESG factors 15 integrated In our Stock and fund selection pr(Ke55.
The Hereford Cathedral Per tual Trusl Re rt of the Tru5tee5 for the T ended 31 Decernr 2025 FINANCIAL REVIEW InYe5tment Policles Icontlnuedl caz0Ve,S corwate governance and responsible investment functions have been in existence sirKe 1998. A dedicated stttion of their website sets out related policies, voting records. research reports and responsible inve5trnent review5. For further Information (¥1 responble investment, please go to: https'.//www.schroder5.comlen/sustainabilitylcorporate.responsibilityl For rnore fjnfomatlon on the funds, please go to: https-Ilwww.cazenovecapltaL.comlyk/thariti¢sJour-funds/ Trurtees trKJnitor lon8.term performance carefully. At least 0e a year, representatives of the Trustees meet with the adSOr$ along with repre5entatfves of the M9ppa Mundl Tnjst, who also use Cazenove Capital and wlth the Chapter, who are a150 Trustees of two other charities, and their separate advisors. Representatlves of the diocesan iThvestrnent comrnittee are a150 invited as are trust representatlves to the dicKese review meetin8. This enables Trustees to revlew the performance of its investments compared to other investment managers. The Trust hold5 total funds of f7.IXm, of which £1.27m are restricted for specifi.c pwposes whereas the balan of £5.78m is both unre5trlcted ard lar8ely held in investments whlch are relatively liquld. The polky of the Trustee5 is to build a Capital Fund with a view to the fund providing an increasing am¢)unt of reliable Income over the I8 tertn. The Trustees have designated the Invested unrestricted fund5 to reflect this intention. The balance of the unre5lricte¢ fuThds represents oper)¢Fonal working capital. The Tmstees a conient with the fund POSItn and the designated fund 15 held in ielatlvely Ilquid inve5trnent5 hence could be called upon in the event of any 5hort-tenn redurtion in working capital. For that Teason. the Tru5tee5 Co[1er a small unrestrtcted worklng tapltal balance to be adequate. It should be noted that tlE net current asset pIllOn a5 at 31 Decernber 2025 included accrued income from Cazenove of É61,00012024.. 160,OCQI. L¢4acie5 A total of £85,012024.. E103,5101 wa5 re£o8nised in the form of known legacie5 and added to the Capital Fund. The Trust is very grateful to have the followlng legacles frun the followlng estates.. - The late Geraldine Cornba - The late Beryl HaughtoTh There were no legacies accrued at the end of the financial year. 7 IPage
The Hereford Cathedral Per tual Trust Re for the of the Trustees ar ended 31 December 2025 FINANCIAL REVIEW Svbstantlal Ifts We are grateful to the followtng trusts, foundallons and companies for their generosity= The Burley Weydon Trust The Claire Hunter Chaiitable Trust The Croft Trust The Elmlty Foundation The Gerefa Charitable Trust The Giiandtr Foundation The HawtlK)rne Charitable TILL%i The Harley Charfty The Jordan Foundation The Leadershlp Trust The Louls Nlcholas Reslduary Charttable Trust The h'lling Trust Pontrllas Developments Ltd The Provincial Grand Lodge of Herefordshire The GM MorrIs Charttable Trust The Mumford Ikmorial Trust The Tabor Chariiable Trust The W.A. Cadbury Trust In addition, we are grateful to those individuals who have generously donated rnonies trj the Trust, during the year. Investment Performance The maiket Yalue of the Trust's Investment portfollo Ilncludlng cash held for Investment) at 31st December 2025 atnounted to £6,288,090 12024.. £6,112,991). As of the date of appr¢)val, wr investrnent funds have improved since the year end. Financial Position Details of the financial perfomwKe and financial position of the Trust are set out in the following aCCjnt5 on page5 17 to 32. For the year ended 31 December 2025, net incune before investment gains and losses amounted to £10,44612024." r*t IrKom¢ £319,2691. Grant funding amounting to £528,339 12024.. E559.5111 wa5 made durfng the year. In 2025 the Tru5t'5 8r055 iOrne was £618,39412024.. E972.9)71. Total expenditure fcf the year £607,94812024.. £653,238), which included grants to the Chornl Foundation of £96,500 12024: £174,OLXJI. £18.[ 12024- £18,(x))i iowards Education and £285,496 12024: c158,0) toward general Chapter runnlng costs and £102,34412024-. £21)).5111 of fabrlc contrfbut5ons are included In Note 7. Prlnclpal fundlng sources The Statement of Financial Aciwities 5urnmari5es the incorning resource5 and fund5 expended, and these are analysed between unrestrkted funds and restricted fund5. Restrirted funds, including the Choral Investment Fund, are ftmd5 subject to speciflc usage declared by donots. Unrestrlcted funds are expendable at the discretion of the Tru5tee5 in furtherance of the objectfves of the Trust. 8 IPage
The Hereford cathedral Per ual Trust Re rt of the Tru5tee5 for the ar ended 31 December 2025 FUTURE PLANS The Trust will continue to develop its link3 Wth supporter5 - local, natk)nal and Intematlonal. It wlll contlnue to strengthen its relatlonships vAih grant making bc¥Jies and bring on board charitable and corporate 5UPPOrters. The Trust's focus 11 remain on.. - Growins its Capital Fund held in investrnents to provide a secure long lerrn income rtream Supporting the revenue incorne of the Chapter through vadous annual regular and one.off grants STRUCTURE. GOVERtr4ANCE AND NAGlIE1r Governing document The Trust is a company limited by guarantee and Thot h3ng any share capltal. The Trust was incorporated on 8th November 1995 as company number 3123592 and is registered with the Charity ComrnIOn th charfiy number 1051168. The Trust operates in accordaKe wth its MerrKJrandurn and Articles of A550ciatTOn as amended by written Resolution effective 1st June 21N)8 and pursuant to the con5enl of the Charity Cornrn?5sion pursuant to sect5 64 Charlties Act 1993. CharFty constltutlon The MmuM number of named Govemors Imembersl is one hundred. A rnaxirnum of elght g0vemS plus the Dean of Hereford Iby vlrtue of her offkel are the Tnjstees. The TfV5tees man3Ee the sIneSS of Trust. IndIdualS may be invited by the Trustees to become Goyemors. The Trust seeks to malntaln an appropriate mix of skilt5 and experience an¥)ng the Trustees. especlally in the areas of finance, ttsiness and governance, combined th an understan(ling of the role and mission of the Cathedral. Recrultment and appolntment of newTrustee5 Trustees Iwho are elected by the Governorsl are recruited from time to time to provlde the skilb needed to manage the Trl and to broaden network of professional and personal coThtacts. The composition of theTrusiee body Is rewewed perioctically. Trustee5 rnust be Governors Inmbersl of the Trust. Organtsatknrl structure A Board of Trustees manage the trust. Until 15 June 2rKJ8 certain powers were delegated to the Councll of Management; on that date, by Wtten resolution of the Members, the Council of Management was replaced by the Executive, whose members are the Trustees. The Trustees are responsible for the overall strategy and financial commitments of the Trust and are supported In thts by the Cathedral Chapter administration who manage the day-to-day operatlons of the Trust. Commlttees consistlni of Trurtees, and Co-op individuals with special experlise, are appointed from to time to admlnister speclfic areas of work on behalf of the Trustees. Wnile the Chapterfs Finantt and Risk Cornmlttee only have a staiutory dvty to athse the Chapter on Its account5 and risk, the Trust shares many of Its documents Inot least Its annual accounts and investment Tep)rtsl with the CO7ttee tg help belter inforffl the whole cathedral family on its flnanclal position. A separate Invertment group. led by a mernEer of the finance and rfsk tommlttee also coordlnates an annual meeting with the Inveslment mana8er5 for the Chapter assoclated charlties, the Mappa Mundl Trust and the Perpetual Trust. The Dlocesan eoard of Finance is atso inwted to attend as to enable a brtsad wew. The meeting is held in Hereford. Approximately six months later, an informal meeting is held in London with each of the Investment managers to maintain an awarene55 of the then 51tuation. If a si8nificaTrt glft Is to be Investeé, such as a large legacy, a separate meeting may be held, either In person or by telephone. Regular reports, both In print and electronic are regularly re(eived by variou5 Tru5tee5 and the Cathedral Chapter finance department. 91 Page
The Herefd Cathedral Per ual Trust Re rt of the Trustees for the i ended 31 December Z025 STrUCTURE, GOVERNANCE AND MANAGEIAENT Inductfon and tralnlng of new trustees An induction and training programme is arranged for new Executive members, tailored to meet their individual needs. It typlcally includes Trustee re5ponsibilitle5 and govemance. governing documents, the role5 of the Trust and Chapter, the work of the Cathedral, current commitment5 and future plans. 14ew Trusiees meet fellow Trusiees and Cathedral peryjjnnel. Key management remuneratlon The remunefatlon of key managernent is dethded by the Board of Twstees. Related partle5 The Very Revd Sarah Brown became Dean on 2nd October 2021 and assumed the ex-offldo place on the board. She Is a Trustee of ihe Trust and Chalr of the Catheijral Chapter, the Trust's beneficlary. During the yearl processes are in place where all srants to Chapter are rectyded, along with identlfying any payrnents likely lo be made before the next Trustees, meetin8, $0 Trustees are aware of what has been paid to the Chapter during each period. kny payments are cCfIrMed in a¢fvance. wherever Fwible. Rlsk MIal•ment The Tru5tee5 continue to monitor the rnalor rkS ¥thich the Trust face5 and seek to redu those risks. At present In thls uncertain economic climate there are risks with fundraising. Lower IOrne frcm investments affects the Trust and also the ¢Jtsnors to wM the TnJ5t applie5 for gTanl5. There is a risk that the Trust is unable to raise sufficient funding to meet the aspirations of the Chapter to cover ils own running c05t5. A major risk is the performance of theTrust investment portfol10a¢ the income from it. Comments on thls arecontalned In the Financial Review.
The Hereford Cathedral Pe ual Trust Re rt of the Trustees for the ar ended 31 DeCeMr 2025 REFERENCE AND ADMINISTRATP4E DAlLs Rgllstervd Company nurnber 03123592 (England and Wales) Reglstered Charlty numb•r 1051168 Resi5tered offl 5 College CLoisLer5 Tl Close Hereford Herefordshire HR12NG Trustees The Very Revd Sarah Brovm Julia Budd (resigrd 181071251 Prince Charle5 de Rohan Fiona GallIe-Pratt lappointed 071021251 Katherine Gamier DL Nkk Haryey Iresigned 181071251 Nat Hone DL Richard Banks Patricia Churchward lapFointed 181071251 Rt H] Phlllp D(ne lapwlnted 181071251 Patron HM Kln8 Charle5111 Vlc&Pre5fdents The Lord-Lieutenant of Hereford5hire (Mr Edward Harley CBEI The Lord-Lieutenant of Shropshire Imrs Anna Tumerl The Dowager Countess of Damley CVO Sir Thomas Dunne KG KCVO (deceased (J1011251 Slr AlgenM)n HebÈr-Pèrty KCVO Audftors DJH Audit Llmited Statutory Authtor5 2 Wyevaie BLIneSS Park Kin8s Acre Hereford Hereford5hire HR4 7BS
The Hereford Cathedral Per ual Trust rt of the Tnjsiees for the r ended 31 December 2025 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Tru5tee5 (who are aixi the directors of The Herefd Cathedral ptuaL Trust for the purposes of company lawl are responsible for preparing the Rew)ri of the Trustees and the finarKial statements in accordance with applicable Law and United Klngdom Atcountfng Standards (Unfted Klngdom Generally Accepted Accountine Prarticel. Company law requires the Trustees to prepare flnanclal statements for each flnarKlal year which give a true and falr view of the state of affairs of the charitable company and of the incorning resource5 and applicatlon of resources, Includlng the Income arKI expenditure, of ihe charitable company for that period. In preparing those financial statements, the Trustees are requlred to Select suitable accotjnting policie5 and then apply them corristentiyj observe the methods and principles in the Charity SORP,. make judgements and estimates that are reasonable and prudent. prepare the financlal staiernents on the golng concem basls unless It Is Inapproprlate to presume that the haritable cornpany wtll continue in bu5ine5S. The Tr$te are rewnsible for keeping proper accounting Tecord5 which disc105ewth reasonable accuracy at any tlme the financial position rjf the charitable company and to enable them to ensure that the financial statements comply vAth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable cornpany and hence for tsking reable steps for the prevention and det¢ction of fraud and other irregularitie5. In $0 far as the Trustees are aware= there is no relevant audli information of whlch the charitable company'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 infomation and to establish ihat the auditors are aware of that infomatlon. ACKNOWLEDGEAIENTS The Trust greatly appreciate5 the very generou5 SUPPOrt of many indiwiijuals, Tnjsts and organisations, the c105e co-operation th Chapter and the work of the Cathedral volunteers. It owes a partlcular debi of gratltude to its staff. Thls rep(wt has been prepared in accordan wlth the speclal pmwislons of Part 15 of the Companies Act 2006 relatin8 to small companies. Approved by order of the bwd of Trustees ...... and signed C its behalf by- MrNHone-Tr
Re rt of the Inde ndent Auditors to the Trustees of The Hereford Calra1 Per ual Trusi Oplnlon We have audited the financial statements of The Hereford Cathedral Perpetual Tru51 tharftable tompanrfl for the year ended 31 Decernber 2025 which cornprise the Staternent of Financial Activilie5. the Balance Sheet, the Cash Flow Siatement and note5 to the financial statements, irKludin8 a Summary of significant accountln8 PK)Ilcles. The Ilnanclal pOrtIng frarnework that has been applied in their preparation 15 a1)cable Law and Llnited Kingdorn AecountlnB Standards (United Kingdom Generally AccepLed Accounting Practice). In cHJr opinion the h"nanaal statements: give a true and fair view of the state ol the charitable cofflpanls affair5 as at 31 December 2025 and of Its Incomfrng re50urce5 and application of resource5. intluding its income and expendlture, for the year then ended- have been properly prepared in accordan with United Kingdom Generally Accepted AccrAJnting Practice- and have been prepared in accordance wlth the requirements of the CompaDie5 Act 2CKJ6. Basls for oplnlon We conducted wr audit in accordance wth Intemational Standards on Auditing IUKI IISA5 IUKII and applicable law. re5pon5ibilities under those standards are frther deS£bed in the Auditors, resptsnsibillties for the audit of the flnanclal 5tatement5 5ectlon of r report. We are independent of the charitable company in accordaKe with the ethKaL requlrements that are relevant to our audit of the financial staternent5 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical fe5pon5ibilitie5 in accordance with these requlfements. We believe that the audlt edeThCe we have obtaIr Is sufflclent and appr4srfate to provide a ba515 f¢ Jr opinion. Conclu51on5 relatlng to goln8 concern In auditing the finala1 statements, we have concluded that the Trustees, use of the goir¢ tontern basis tsf acC¢tIng in the preparation of the financial statements ls approprfate. Based on the work we have performed, we have not identified any material uncertalntles relatlftg to events or conditions Ihat, individually or collectively, may cast signiflcant doubt on the charltsIe company's abllity io contlnue as a gofng oncern for a riod of at least twelve mthS from when the flnaKSal statements e authorfsed for issue. Our responsibllltles and the respTh)slbtlltles of the Trustee5 With respect to going concern are described iTh lh¢ relevaTh¢ s¢ctlons of thls POrt. Other Informatlon The Trustees are responsible for the other Informatlon. The other Information cornpri5e5 the inforrnation included in the Annual Report. other than the financbal statements and out RetM)rt of the Indepepdent AtI5 thereon. Our op1n1on on the flnancial statements does not cover the other inlormation and, except to the extent OtheSe explicitly stated in our report, we do t express any form of assurance conclusion rhereon. In connection with our audlt of the financial Statements. our re5pon5ibility is to read the other information and, in dolng so, conslder whether the other Information 15 rnaterially inconsistent with the flnanclal statements or our knowiedqe obtained in the audlt or othe¢iYlse appears to be materlally rntsstated. If we identify such material inconsistencies or apparent Material mlsstatements, we are reqred to delermine whether thi5 give5 rise to a material mi55tstement in the flnanclal statements ihemselves. If, based on the work we have perfortned, we conclude that there Is a materlal misstatement of this other inf0mtIOn, we are ¥equlred to repDrt that fact. We have nothlng to report in this regard. Mattgrs on whlch we are requlrèd to rport by ¢x¢¢ptlon We have nothing to report in respect of the following mattets where CharTtie5 {AcCot5 and Reports) Regulations 2tQ8 reouire5 U5 to report to you if, in our opinion.. Informatlm given in the Rewrt of the Trustees is incon51SteTht in material respect th the fInala{ statements: the charitable company ha5 not kept aéequate accouniln8 records., or the flnancial statement5 are Trot In agreetnent wlth the accounting records and returns. or we have not recefved all the information and explanations we require for our athllt.
rt of the Indè ndeni Auditots to the Trustees of The Hereford Cathedral Per ual TrLL5t Responslbllltles of TNstees As explalned mtsre fully in Statement of Tru5tees' Responsibilities. the Trustees (who are also the direetLvs of the tharitable company for the purposes of company lawl are responsible lor the preparation of the financial 5latements and for being satisfied that they ¥rive a irue and fair ew, and for such iniemal control as the Trustees determine 15 necessary to enable the preparnti¢)n Df financial statemenrs that are fe from maierial misstarement, whether to fraud or error. In preparfni the financial statements, the Trustees are reSPS1b1e for assesslng the charftabie C(pan¥S ablllty to contfjnue as a golng concem, disc105ing, a5 applicable. rnatter5 related to going concern and LIng the going concem ba515 01 accountlng Unl ihe Trustees either intend to liquidate the charitable cotnpany OT Lo cease operations, or have rK> fealistic aitemative but to do so. Qur re5ponslbllltle5 for the aud(t of the flnandal statements We have been appointed as audltors under Sectlon 144 of the Chthtles Act 2011 and report In CordanCe with the Act aThJ relevant regulations rnade or hav1ng effect thereunder. Our objectives are to ctstain reanable assurance al%)Lrt wheih2r the finala( statements as a whole are free from materSal tn155tatement, whether due to fraud or error, and to Iue a Report of the Independent Auditors that includes our op1n1. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI 1[ always detect a material mis5talernent when il exists. Mi55talernent5 can arise from fiaud or error and are considered material If, Ind5vidually or in the aggregate, they could reasthably be expected to influence the econ1¢ decisions of users taken on the basis of these financial statements. The exient to whlch our prLKedures are capable of detectin% irregularities, irKludinR fraud 15 detailed telow.. How the audit wa5 con51dered capable of detertfn8 Irregularltles Includln8 fraud Our approach to identifying and a$s7n9 the Sk$ of material mlssratement In respect of Irre8ularitles, lficlvdlng fraud and [n-COmpliae with laws and regulations, was as follows.. The engagement partner ensured that the en4a4ement team collectively had the appropriate competthce, capabilities and skllls to Identlfy or reeognlse non-compltance wlth appllcable law5 and regulatlons- We idenrifie<l the la and regulatlons appllcable the charlly Ihrough dlscusslons wlth rePreSenle5 frem the Trustee5 and the Cathedral Chapter Development and FlnarKe department who rnanage the Trust and from our knowledge aThd experience of the charity sector; We focused speofic law5 and regulation5 which we coThsidered Thay have a direct rnaterial effKt on the accounts or the activfties of the charity. These Included but were not Ilmited io the Chatltfjes Ac¢ z011, Accountlng and Reportlng by Charttle5.' Statement of Recornmended Practice applicable to charities preparing their accrAJnts in accordance with the Financial Reporting Standard applicable to the United Kingdorn and Rewblic of Ireland IFRS 1021 leffectiye 1 January 20191 and 5afegL*arding relulations.. and We assessed the extent of compliance with the laws aThJ regulation5 identified above thrwgh making enquirie5 of representalt¥es frotn the Ttee5 and rewew of fflinute5 of Trustee5' meetings. We assessed the susceptibility of tIE group and parent charity5 accounts to Material rnis5taternent. includin8 obtairbing an understandlng of how fraud tnighl occur, by= Maklng enqthrle5 of repre5entative5 frorn the Tru5tee5 JS to where they ¢on5idered there wa5 SU5ceptibility to fraud, Ihèir knowledge of actual, 5U5pected and alleged fraud- aThd Considering the internal controls in place to mitigate To address the risk of fraud through management bias and override of controls. we: Perfomied analytical procedures to identlfy any unusual or unexpected reLaLShIps. Tested and reviewed journal ente$ to idÈntlfy uthusual transactlMs' Carried wt substantive testing of expenditure including the authorisation thereof., Asse55ed whether judgements and assumptions made In detemiinlng the accouniinl estlmates were itwjlcatiye of potential bi.. and Inve5ligated the ratlonale behind sigftlflcant or unusual transactions. In sponse to the risk of irregularities and n-cOmpLIance wlth laws and regulatfons, we designed procedures which Included, but were not limited to.. Agreeing accounts disclosures to underly¢ng supwilw documentatlon., Reading the Minute5 of meetings of Trustees,. and Enqulring of to actual and potentlal Iltlgatim and clalms.
of the Inde ndent huditors to the Trustees of The Hereford Cathedral Per tual Trust There are nrent Ilmltations in Jr audit procedure5 described above. The nKsre removed that law5 and regulatlon5 are from financial transactions, thè less likely it 15 that we w)uld frcome aware of non-cornpliarKe. Auditing siandard5 aix) Ilmlt the audit wocedures requlred to Identrfy non-compl1ae th laws and regulations to enquiry of the Trustees and other management and the insprtion of regulatory and legal correspttle, if any. Material rnisstaterrents that arise due to fraud can be harder to detect than tts)se that arise from error as they may InS1ve dellberate concealment or collu510n. We did not Identlfy any IrregUlatIeS, Includlng fraud. A further description of ojr respons(bllltfes for the audlt of the accounts fs lttated on thc Financial Reporting Council's websile at www.frc.org.uklauditorsresFKJnslbllltles. Thls descripiion forms part of our audltorfs report. A further descrtptlon of wr reswnsibilitie5 for tIE audlt of the flnanclal slaternents is located on the Financial Reporting Council's website at www.frc.org.uklaudltorsresponslbaiities. This description foms part of our Report of the Independent Auditors. Use of our report Thfs report is made sdely to the charltabie compatys Tntstees, as a ty, In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulati¢)n5 2C#)8. Our audlt work has been undertaken so that we mlght state to charttabie convanS Trustees tho Matters we are required to state to them in an audltors, report and for no other purpJ*. To the fullest extent peffltted by law, we do not Kcep¢ or assume responsibilily to anyone other than the chaNiable company and the charitable companys Trustees as a body, for our audit work, for this report, or for the opinions we have formed. H kndiE Lka for and on half of DJH Audlt Limited Statutory Audltor5 Eligible to act as an audltor In lernis of Sectlon 1212 of Companles Act 2ct 2 Wyewdle BUneSS Park Kings Acre Hereford Herefordshire HR4 7BS Date: ...
The Hereford Cathedral Per tual Trust Statement of Financial Activitie5 for the Year Ended 31 December 2025 31.12.25 Total funds 31.12.24 To1 nds Unrestricted fvnd5 kestrKted funds Notes INCOAIE AND OWMENTs FROM Donations and legacles 223,401 170,147 393,548 706,981 Other trading activitie5 Investment Income 16,077 179.076 16,077 208,769 13,829 251,697 29.693 Total 418,554 199,840 618,394 972,507 EXPENDuRE Ralslng fvnds 45.196 2.9)1 48,¢J97 27.369 Charftable acttvltl•s Grant making Support fQ5ts 285,497 31,511 242.843 528,340 31,511 559.511 66.358 Total 362,204 607,948 653 238 Net gains on investsnents 320,520 54,546 375,066 240,868 INCOAIE 376,870 8,642 385,512 560.137 RECONCIUATION OF FUNDS Total fuftds txwghi forward 5.404,404 1.265,845 6.670,249 6,110,112 TOTAL FUNDS CARRIED FORWARD 5 781 274 1 274 487 7 055 761 6 670 249 The notes form part of t financial Statents
The Hereford Cathedral Per ual frust Balance Sheet 31 December 2025 31.12.25 Total funds 31.12.24 Total fu$ Uniestrfcted funds Restrfcted funds Notes FIXED ASSErs Investments 13 5,292,691 995,399 6.288.090 6,112,991 CURRENT ASSETS Debtor5 Cash at bank and in hand 14 88,618 421.855 3.952 359,735 2,570 781,590 98,984 499,207 510,473 363,687 874,160 598,191 CREDITORS Amounts falling due thin ore year 121,8891 I84,6) I1,489) 140,9331 cURREp ASSETS 488,584 279,087 767,671 557,258 TOTAL ASSETS LESS CuRREtr LIABILMES 5,781,275 1,274.486 7,055,761 6,670,249 A55rrs 5,781,275 1,274,486 7 055.761 6,670,249 FUNDS Vnrestricted funds: General Fund (Reven} General Cap1tal Fund 16 295,229 5.486.046 262.940 5,141,464 5.781,275 5.404,404 Restricted funds: Organ Fund (Reven) Edu¢aiion Fund IRevenuel Fabric Fund IRevenuel Choral Funds IRevenuel Font Project Fund (Revenue) Choral Capitsl Fund Ethjcation Capital Fund Fabric C)pStal Fwd sic Patron Funds {Revenl 44,537 194,16Z 6,248 17,237 195,854 81,227 885,259 Z4,045 62.223 933,260 22,703 58,749 1.274 486 TOTAL FUNDS 7.055,761 6,670 249 The notes form part of these financial statements
The Hereford Cathedral Per al Trust Balance Sheet - ctinUed 31 Decernber 2025 The tharitable cornpanyi5 entitled to exemption ffom audit under secti 477 of the Companies Act 2(YJ6 for year ende 31 Decernber 2025. The members have Th)r éeposlted notlce, pursuant to Sectkn 476 of the Companies Act 2W6 requlring an audit of these flnancial statements. The Trustees acknowledge their re5pon5ibilitie5 for ensutlng ihat the charttable conpany keeps accoLmting records thai cThN)ly wlth Settlons 386 and 387 of the Companles Act 20(WJ and preparin8 financial staternents which glve a true and falr vtew of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Section$ 394 and 395 and whh othemse comply with requirements of the Companies Act 21J16 relating io financial statements, so far a5 applicable to the charitable company. These flnanclal statements have keen audited under the requirements Of Sectlon 145 of the Charfttes Act 2011. The fin al ststements were approved by the Board of Trustees and authorised for issue and were signed on its behalf by.. MrNHrmeJ ste The notes form part of these financial statements
The Hereford Cathedral Pe tual Tru5l Cash Flow statement for the Year Ended 31 December 2025 31.12.25 31.12.24 Notes Cash flows from opw)tlw actlvbtl•s Cash pnerated from operatlons 126,3531 64,135 Net cash Iu5ed inllprowded by i)peratin£ actiwties 126.3531 64,135 Cash flows from Investlng a¢tlvfjtfes Purchase of fixed asset investments Sale of fixed asset lnve5trnts Interest recelved Dividend5 recwved 15,381,389) 5,582.356 16.286 192,483 186.6521 10,207 6,057 245,640 Net cash proded by inve5tiny activities 175 252 Chanp in cash and cash equl¥alents In the rey)rtlng perlod Cash and cash equivalents at the Wnnlng vf th• reporting perfod 282,383 239,387 499 207 259 820 Cash and cash equlvaients at rh* end of the reportlng perlod 781 590 499 207 The notes form part of these finarKial statements 20 IPage
The Hereford Cathedral Per ual Tnjst Note5 to the Cash Flow Staternent for the Year Ended 31 December 2025 RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPEPATIMG AcnvmES 31.12.25 31.12.24 N•t Incom• for tht rèporting perlod las per tht Stat•m•nt of Flnancial 385,512 560,137 Adjustments for: Gain on investments Interest recelved Dlwdends received Decreasellincreasel In debtors IKrease In credltor5 1375,0661 16.2861 1192.4831 6,414 1240,8681 16,0571 1245,6401 125,7931 22,356 Net cash (Ltsed Invprtsvldod by op¢ratlon$ 126 3531 ANALYSÈS OF CHANGES IN FUNDS At1.1.25 Cash flow At31.12.25 Net cash Cash at bank and In hand 499,207 781,590 The notès fomi part of these ftmncial ststements
The Hereford Cathedral Per ual Trust Notes to the Financial Statements fDr the Year EtKIEd 31 DeceThber 2025 ACCOUNTING POUCIES Basi5 of preparin8 the financial statements The financial ststements of the charitable company, whlch Is a public benefli entlty der FRS 1Q, have been prepared in accordance with the Char1ti SORP IFRS 1021 AcCJntIng and Reportlng by ChatIes.. Staiement of Recommended Practlce appilcable to charttles prepadng ihei¥ account5 in accordance the Flnancial Reporting Stsndard applicable In the UK and RepyblK of Ireland IFRS 1021 lelfeciive 1 January 20191., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2tl%. The financlal statements have beÈn prepared under the historical cost convention, th the exception of investments which are InclLhJed at markei value. as modifled by Lhe revaluatlon ot certaln assets. The principal area of judgement atKI estirnation utKertainty reLate5 to the a55e55tneTrt of legacy Income recelvable in Ilne the policy set out below. Golng Concern The Trustees assesswhetherthe use of wn8 concern is appropriatei.e. whether there are aw materlal uncertalntles related to events or conditions that may cast signlflcani doubt on the abllity of the company to contlnue as a going corKem. Trustee5 make thls assessnnt Sn Pect of a period of at least one year from the date of authorisation for issue of the financial statements. The charitable company has the contlnued support of Its bankers and funde and have concluded that the cornpany has adequate resrceS io contlnue In q)eratlonal exfstente for the foreseeable future and there are no materfal weertalnties about the charitys ability to continue a5 a going concern. thus they contlnue to adopt the going concuTr basis of accounting in preparing the financial staLemenl5. The board will continue to M1¢¢1 and revlew the athvltles aThJ wovfde stre4)g and clear governance. Income All income Is recognised Tn the Staternent of FinarKial Activities once the charity ha5 entitlement to the funds. it is probable that the inc¢Nlle will be received and the a¥)Unt can be rneayJred reliably. Incornefrom government and other grants. whether'capital, grantsor'revenue. grants, is recognised when the tharity has entitlerneTht to the funds, any performance conditions attached to the grants have been n*, it is probable that the Income wll be re7Ved and the arnount can be rneasured reliably and 15 not deferred. For Legacle5. entitIL¢n¢ Is taken a5 the earlier of Ihe date on which elther: the tharity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorl51 to the Trust that a distributioTh will be made, or wheTh a dlstribution 15 recelved from the estate. Receipt of a legacyj In whole or In part, Is only considered probable when the amount can be measured rellably and the charity has been notifled of the exeojtor's intention to rnake a di5tribJtion. Where legacies have been notified lo the charity, or the charity is aware of the grantlng of probate, and the criteria for itKorne recognition have not teen rnet, then the legacy Is treated as a contln8ent asset and d15c105ed If materlal In the notes to the accounts. Interest on funds held on deposit 15 irKluded when receivable and the amouni can be measured rellabty by the harity- thi5 is rnallY upcm nDtification of the interest paid er payable by the Bank. Expendlture Llabfjlltles are recognised as expenditure a5 scon as there is a legal or constructFve ctJligatTon commltting the thatY to that expenditure, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligatlon can ffleasur reliably. Expenditure15 accounted for on an accruals basis and has been classified under heèdings that 388regate all cost related to the category. Whe costs cannot be directly attributed to particular headings they )ve been allated to artilIeS on a bas15 conslstent with the we of resourtrs. Grant5 offered subject to condltions which have not been met at the year-end date ale noted a5 a cornrnitrnent but noi accrued as expenditure.
The Hereford Cathedrnl Per iual Tru5l tes to the FInala1 Statements - c¢)ntlnued for the Year Ended 31 December 2025 ACCOUNnNG POUCIES- cont1nd Taxation The charity l5 exempt frorn corF)ration tax on its charftable actlvitie5. Fund a¢countln¢ Unrestr5cied funds be used in aecordance with the charitable objectives at the disueiion of the Trt. Restricted funds can only be used for particular re5tricteé purrrt)se5 Within the objects of the tharity. Re5trietion$ arise when specified by the donor or when funds are raised f¢Y particular restricted purpose5. Further explanation of the nature and purpose of each fu 75 incIed in the [te5 to the finarKial staternents. Penslon costs and other post-retirement benefits The charitable cornpany operate5 a defined contribulion pension scheme. Contriblan$ payable to the eharitable ompany5 EnsIon 5cherne are charged tg the St)l¢ment of Flnanaal tltIeS in i1 perfcxj to whlch they reiaie. Tan8lble flxed assets Tangible fixed assets costing more than (1,( net are capitalised and are stated at cost. Depreciation is charEed by equal annual In5talments commencing with the date of acquisition at rate5 estimated to write off their cost or Valuation any residual value over the expected useful lives whKh are a5 follow5.. Fixtures and Fittings - 4 years Investrnent5 Investments are stated at market valLE as at the balance sheet date. The statement of financial actTYities include5 the net 8aln5 and l¢Mes arlsln8 revaluaiion and élsposals throughoLrt the year. The Trustees invest ihe charlty's investments on a total return basi5. The investrnent objective 15 to achieve long- term capital growth and Income In order to support the charily'5 activitie5. Wth a target tUrn of 4%. The Trustees do not élstingulsh between Intome and tapital when making sFendin8 declslons from the itwe5trnent portfollo, and rewew anrvjally the level of drawdown that is sustainable in light of investment perfomiance, Inflation, and the charftls planned expendlture. D•btor5 Trade and other debtOf5 are recognlsed at the settlement amount due. Prepayments are valued at the arrnt prepaid. Cash at bank and In hand Cash ai bank and cash In hand includes cash and term highly liquld Investmerits th a short matuthry of three rTh)nths CY less fr the date of qUisItiOn or openlng of the deposit or similar accowt. Creditor5 and provisions CredlLor5 aTrd provi5ioThs are iecognlsed ere the charlty has a present obligation resulting from a pa51 event that will probably result in the transfer of lunds to a thlrd party and the arnount de to settle the obligation can be measu or estimated re11ably. Creditors and provisi5 are normally recognised at thefjr seitlement amount. Pensfon costs and other ptsst-retlrement beneflts The charltable c(xrpany operates a defined contribution Fen5ion 5cherne. Contrlbutions payable to c]ritable crPanIS pension scherrE are charged to Statemeni of Financlal Acilvltles in the period to which tw relate. 23 IPage
The Hereford Cathedral Per etual Trust Notes to the Flnanclal Staternents - c(mtinued for the Year Ended 31 December 2025 DONATIONS AND LEGACIES 31.12.25 Toial funds 31.12.24 Total fund5 Unrested fund5 Re5trTcted funds Grants rknnations Gift aid Legacles IB,3 112,158 7,943 73,no 92.475 3,952 92,020 204,633 11,895 514,3thJ 76,585 12,586 103 510 170 147 OThER TRADING ACnVITIES 31.12.25 Total fund5 31.12.24 Total fdS Unrestricted fund5 RestTlCted fund5 Evènts INVESTMENT INCOME 31.12.25 Total funds 31.12.24 Total funds Unrestrlcted funds Restrfcted funds Dividend incorne. Icazenovel Interest receivable 162.790 29.693 192,483 245,640 251697 RAISING FUNDS R)Isin¥ donatlons and le8acle5 31.12.Z5 Total fund5 31.12.24 Total fund5 Unrestricted funds Restrkted fuThd5 Direct fundraising expen5e5 165 241Paqe
The Hereford Cathedral Per ual Trust Notes to the Flnancial StaieN*nts. continued for the Year Ended 31 December 2025 RAISING FUI4DS- contlnued Investment mana8•rn•nt costs 31.12.25 Total funds 31.12.24 Total funds Unre5trlrted funds Re5trfcted funds Portfolb nianagement Aggregate amounts CHARrrABLE AcfiviTES COSTS Grant fundlng of actlvltles Isee note Support costs (see note 8 71 Totals Grant maklng Support costs 528,340 528,340 559 851 GRANTS PAYABLE 31.12.25 31.12.24 Grant makir 528,340 559 511 The total grants pald to Instltutkjns during the year was as follows.. 31.12.25 31.12.24 Fabri¢ - Deanery and canonical propertles Choral l Music - Ctrh)ral Foundatfon grants Education - Educatlon grant Music Patron Grant Other - General Chapter runnlng costs 102.344 96,500 la,]0 26,(1)O 209,511 174,¢J)O 18,10 559 511 25 1 Page
The Hereford Cathedral Per tual Trt Notes to the financial Statements- contlnued fw the Year Ended 31 Decernber 2025 SUPPORT co¥rs Goveman costs Managernent Totals Grant rnakin8 Support costs 2.iV)O 18,079 2,090 29,421 11.342 20.169 11,342 NET INCOAWIEXPEMDITUREI Net IroMe/(eXPendflure Is stated after charglngllcredltlngl.. 31.12.25 31.12.24 Audltors. iemunÈrntlon 10. TRUSTEES. REMUNERATION AND BENEFrrs There were no Trustees, remuneratlon orother beIftS for the year ended 31 December 2025 rKtrfor the year ended 31 December 2024. Trwttts. •xp*nses There were no Trustees. expenses paid for the year ended 31 Decernber2025 nor for the year ended 31 December 2024. STAFF COSTS 31.12.25 31.12.24 Wages and 5alarie5 Other pension costs 16,002 average mnthly number of ernpioyees durfjng the year was a5 follows.. 31.12.25 31.12.24 Adminlstratfjon No ernptoyee5 recelv¢d emolurnents in excess of £60,OtKI. The kry management personnel of theTru5t tomprise the unremunerated Trustees and the Develcprnent and Finance departments of the Cathedral Chapter who have now taken over all the day to day running of the Trust (hence no employeesl- The total employee benelits of the key management per50Thnel of the Trust, InCIlIng employerfs penslon and national insurance contritrArtions, were CNil12024.. £Nill. 26 Ipage
The Hereford Cathedral Per ual Trust Notes to the Flnanclal Statements - Continued for the Year Ended 31 December 2025 12. ColARATIVEs FOR ThE STATEIAENT OF FINANCIAL AcnviTIES The below figure5 relate to the year eThJed 31 December 2024. Unresrrlcted funds Resthcted funds Total funds INCOME AND ENDOWMENTS FROM Donatlons and legacies 134,778 5n,203 7(h,981 Other tradlng attiwties Inve5trnent income 13.829 213.294 13,829 251,697 38,403 T+)tal 361,901 610,606 9n,507 EXPENDITURE OM Raising funds 25,702 1.667 27.369 Charltsble actlvltles Grant maklng Support costs 158,C¥)O 66,358 401.511 559.511 66,358 Totsl 250,060 403,178 653,238 Net gain5 on investments 204,296 36.572 24).868 NET INCOME 316,137 55.8071 244,000 55.807 56Q,137 Transfers between funds Net movement In funds 260,330 299.807 560.137 RECONCILIATION OF FUNDS Total fuThJs brujght loard 5,144,074 966,038 6.110,112 TOTAL FUNDS CARRIED FORWARD 6 670 249 13. FIXED ASSET INVESTMEtrITS List investmeThts MARK VALUE At 1 January 2025 Additions Di5P05aLs Revaluations 6,112,991 5,382,389 IS,582.3561 375,066 At 31 Decernr 2025 6,288.090 NEf BOOK VALUE At 31 Llecember ZOZ5 6,288,0 At 31 December 2024 6 112 991 27 IPage
The Hereford Cathedral Per al Trust Noies to the Flnanclal siatements- continued for the Year Ended 31 Decernber 2025 13, FIXED AssEf INVESTMEi¥fs . continued There were Th) direct Investment assets Outslde the UK. Intern&i1(al exposure Is athleved In fjnvesiments In a Glct)al Fund. Cost or valuatkn at 31 December 2025 is rePsented by.. Listed inVeStts Valuatlon In 2025 The historical cost value of investment at the year-end was £5.369,700. 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.25 31.12.24 Trade debtor5 Other debtors Prepayrnents and attr income Accrued incom¢ 1,627 14,238 11,895 1,806 CREDrroRS: AAIOUNTS FALLING DUE WIThIN ONE YEAR 31.12.25 31.12.24 Trade creditors Other crlitorS kcruats and deferred income 3,055 90 2,293 95 AccTuals aThJ deferred irKome irKlude amounts th to the Cathedral for Fabric and Font expenditure ovtstand1r at the year end. 28 1 Page
The Hereford Cathedral Per tual Trust Noies to the Financial Statements - continued for the Year Ended 31 December 2025 16. MOVEMENT IN FUNDS Net rTh)verrEnt in funds Transfer5 between fund5 At 31.12.25 At 1.1.25 Unrestrlrted funds General Fund (Revenue) General Capital Fund 262,940 5.141.464 53,549 323,322 121,2601 295,229 5,486,046 5.404.404 376.671 5.781,275 Restricted fund$ Organ Fund IRevenuel Education Fund (Revenue) Fabric Fund IRevenuel Choral Fund5 (RevenTr Font Project Fund (Revenue) Choral Capital Fund Education Capital Fund Fabric Capital Funé ISIC Patron Funds IRevenuel 4.500 27,300 11,6921 15,1121 181.2271 59,361 11,3421 13,4741 10.327 17,237 195,854 44,537 194,162 6,248 11,360 81,227 885,259 24,045 62,223 111,3601 933.260 22,703 58,749 10,327 1,265.845 8.641 1,274,486 TOTAL FUNDS 6,670.249 385,512 7,055,761 Net movement in funds, irKIded in the atrM)ve are as follows.. Incomins resources Resources expended Gains and Movetneni In fund5 Umestrlcted funds General Fund IRevenuel General Capital Fund 418,554 1362,2031 12,8021 323 322 53,549 418,554 1362,203 320,520 376,871 Restrlcted funds Organ Fund (Revenuel Education Fund IRevenue Fabric Fd (Revenuel Choral Funds IRevenuel Font Pioject Furbd IRevenuel Choral Capltal FuTrd Education Capir)l Fund Fabric Capital Fund Muslc Patron FurKf5 (Revenue) 4,500 45.300 19,425 94.124 118.0)01 27,3LKI 11,6921 199,2361 181.2271 181,2271 59,361 11,3421 13,4741 10,327 59.362 11,3421 13.4741 126.1651 199,840 245 7451 TOTAL FUNDS 607,9481 375,C*6 385.512
The Hereford Cathedral Per ual Trust Notes to the Financial Statements - continued for the Year Ended 31 Decernber 2025 16. MOVEMENT IN FUNDS - ujntlnued Comparatlv•s for movèmènt In fund5 Net Ivement in funds Transfers between funds At 31.12.24 At1.1.24 Unrestricted funds General Fund (Revenue) General Capitsl Fund 196.699 4,947,375 111.841 204,296 145.6001 10,2071 262.940 5,141,464 5,144,074 316,137 155,8071 5,404,404 Restrirted funds Educaiion Fund (Revenue) Fabric Fund (Revenuel Choral Fund5 (Revenue) Font Project Fund IReveNel Choral Capltal Fund Educatlon Capital Fund Fabric Capital Fund 22,195 4,313 19,087 253.764 165,8071 124,0451 162,2231 65,807 17,237 195,654 81,227 858,303 61,227 885,259 24,045 62,223 36,956 110,(K(11 24,045 966,038 244,(X)O 55,807 1,265,845 TOTAL FUNDS 6,110,112 560,137 6 67D,249 Comparative net movement in fund5, included in the above are a5 f[oW$.. Incomlng resources Re50urce5 expended Gain5 and 1055e5 hk)vement In funds Unrestrlcted funds General Fund (Revenue) General Capital Fund 361,1 250,11601 111,B41 361,9)1 1250,0601 204,296 316,137 Restrkted funds Education Fund IRevernl Fabric Fund (Revenuel Choral Funds IRevenuel Choral Capital Fund 37.194 463,552 109,860 118.L)JOI 209,5111 1175,6671 11071 12771 19,087 253,764 165,8071 403 178 TOTAL FUNDS 653 2381 240.868 Unrestrlcted Funds The Tru5tee5 have designated the greatei part of the unre5tdcted funds as a long-term fund represented by investrrnts. The balarKe of the unrestricted fund repre5eThts the 4)eratlonal worklng capltal of the Trust. 30IPage
The Hereford Cathedral Per ual Tru5l Notes to the FinaKial Statements - contlnued f¢)r the Year Ended 31 Derthr 2025 16. MOVEME1 IN FUNDS . contlnued Restrkted Funds The Fabrfc Fund has been e5tab115hed to prowde finaal 5UPPDrt for the rnaintenance of the fabric of H2reford Cathedral. A slgnificant element of the fund wll be uUli5ed durfng 2025. the retThainlng balance belng carried forward to spend on future projects, as appropriate. The Choral Funds comprise a fund establis to provide financial support to the Choral Foundatlon of Heref¢Yd Cathedral in rela0 to promotion of the reli8lOUS, rnUSTcal and secular education of pupi15. the repair, maintenance and renewal of the organ of the Cathedral and the acqulsltloTh and malntenance of its muslcal bLx)k5, fflanu5cdpts and the ernployrnent of all staff including lay clerks in connection vAth the Choral Services of the Cathedral. Wfihln the chal Funds, the Choral Investwt Fund forrns part of the investment portfolio held. The fund has been establlshed to generate income to suptM)rt cal FwThJation of Hereford Cathedral. Galns and 1055e5 on the investrnent are reflected in the fund balance. The Education Fund is use(1 to assist the Cathedral in rUTrThi it5 educaticfi programme wth 15, colleges and universitfjes, along Mth adull sector. Transfers between funds Transfers between fund5 made relate to lil pmjects subsidised by the unrestricted fund liil the transfer between the long-term Investment fund and the worklng capltal fund made to order to show the lonE-tem) Invennt fund separately. 17. CONTrNGENT UABILifiES The Charity have been nOtifd that a legacy received in 2019 could be rKalled due to the distribution of the legacy being challenged. The value of the legacy amourbted to C21,121.n, due to the uncertalnty of whethÈr the balance needs to be returned, the TnJstees have toncluded that it is appropriate to coniinue to recogni5e the balance in the tinancial staternents at 315t December 2025. 18. RELATED PARTY DISCLOSURES During the year, £1,9(K) 12024: £7,3LKII irt IlDnatiS wa5 received frrAn flve Trustee$ 12024.. six Trustees) of The Hereford Cathedral Perpetual Trust. Chapter of Hord Cathedral The Dean of Hereford Is both a Trustee of Hereford Cathedral Perpetual Trust and chalrs the Chapter of Hereford Cathedral. The present Dean, The Very Revd Sarnh Brown ha5 been a Trustee slnce 2 October 2021. Nat Hone, a frustee and Chairman of the Perpetual Trust. ts on the Chapter'5 Flnance CornrnTttee. During the year É528,33912024.. £559,5111 of grants were made to the Chapter of Hereford Cathedral. Detalls of the 8rants can be fwnd in note 7. At the year- end £84,Éth) was due to the Chapter12024.. £23,WI. ring the year £62512024.. £3401 of goods aThJ seryiw were purchasèd from Chapter of Hereford Cathedral. At the year-end £15712024.. £Nill was outstandlng. Hereford Cathedral Enterprlses Limttèd Hereford Cathedral Enterpnses Limited Is a wholly owned Subsidiary of Hereford Cathedral of which the Dean of Hereford 15 a Tru51ee. thjrini the year £2,10712024: £3781 of g¢)ods and 5eMces were wrchased from Hereford Cathedral Enterprises Ltd. At the year-end £132 12024.. £Nill was outstsnding.
The Hereford Catldral Per tual Trust Notes to the Financial Statements - ¢oAtinued for the Yèar Ended 31 tlecember 2025 18. RELATED PARTY DISCLOSURES- continued Hereford Cathedral Enterprtses collected £12,432 of Income on behalf of The Hereford Cathedral Perpetual Trust during the year, at the year end the whole balance wa5 outstanding. G Mllltr- Company Secretary During the year G Millei was paid £7,54112024: C2,8931 on a self-employed basis fi financlal support for thecharity. At the year-end Enll 12024: £374) ¥vas outstandlng.