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 A￿lttts 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 G0Ven￿r5 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 LliO￿5e 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 af￿r 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 nati￿￿1 cathedral fabric ad¥Asory commlttee. )naihan Roberts has taken over much of Andrew's role with the title of sUc￿ntor. He w￿11 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 I￿J57¢ at Little St. Mary's Church in Cambridge. He has a formidable cuniculum vitae Includlng Managing Director of Harti50n & Harrison, the organ b￿lder 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, cL￿dUCted 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 F￿t to the centre of the west end, both r#)w completed aThJ excellent, were rai3ed ¢hrough the fund. The Trust has inC￿aSed 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 del￿ts 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 increa￿nI 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 relatIC4￿hip 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 gener*w5 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 He￿fordShire. 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 Tr￿t 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 otte￿1￿8 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 ￿nI￿r$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 Heref￿d Cath￿rat Per ual Trust rt of the Trustees for the ar ended 31 De￿mber 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 a￿1 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 d￿￿r5. 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 ar￿nd 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, he￿tage 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 Cha￿table 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 inth￿dual5 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 f￿15 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 pr￿tical 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 sh￿Id be invested in co-mingled funds managed by Cazenove suitable for charltles and held for the long-terrn. The Cazenove Responslble I￿ltI-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 Fina￿e. 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 eXp￿IenCe Show that StrL￿g 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 Decern￿r 2025 FINANCIAL REVIEW InYe5tment Policles Icontlnuedl caz￿0Ve,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 respon*ble 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 0￿e a year, representatives of the Trustees meet with the ad￿SOr$ 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 ar*d 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 I￿8 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 POSIt￿n 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[￿1￿er a small unrestrtcted worklng tapltal balance to be adequate. It should be noted that tlE net current asset p￿IllOn 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 aCC￿jnt5 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 i￿Orne 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 ￿NAG￿lIE1￿r Governing document The Trust is a company limited by guarantee and Thot h3￿ng any share capltal. The Trust was incorporated on 8th November 1995 as company number 3123592 and is registered with the Charity ComrnI￿On ￿￿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 M￿muM number of named Govemors Imembersl is one hundred. A rnaxirnum of elght g0vem￿S plus the Dean of Hereford Iby vlrtue of her offkel are the Tnjstees. The TfV5tees man3Ee the ￿sIneSS of Trust. IndI￿dualS 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, t*tsiness 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 Tr￿l and to broaden network of professional and personal coThtacts. The composition of theTrusiee body Is rewewed perioctically. Trustee5 rnust be Governors In*mbersl of the Trust. Organtsatknr￿l 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 W￿tten 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 CO￿7ttee 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 Heref￿d 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 cC￿fIrMed in a¢fvance. wherever Fwible. Rlsk MI￿al•ment The Tru5tee5 continue to monitor the rnalor r￿kS ¥thich the Trust face5 and seek to redu￿ those risks. At present In thls uncertain economic climate there are risks with fundraising. Lower I￿Orne frcm investments affects the Trust and also the ¢Jtsnors to w￿M 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 DeCeM￿r 2025 REFERENCE AND ADMINISTRATP4E D￿AlLs 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 (resigr￿d 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 BL￿IneSS 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 Heref￿d Cathedral p￿￿tuaL 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 re￿able 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 Cal￿ra1 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 a￿1)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 f￿rther 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 e￿deThCe we have obtaIr￿￿ Is sufflclent and appr4srfate to provide a ba515 f¢* ￿Jr opinion. Conclu51on5 relatlng to goln8 concern In auditing the fina￿la1 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 charl￿tsIe company's abllity io contlnue as a gofng oncern for a ￿riod of at least twelve m￿thS 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 A￿￿tI￿5 thereon. Our op1n1on on the flnancial statements does not cover the other inlormation and, except to the extent Othe￿Se 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 req￿red 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 inf0m￿tIOn, we are ¥equlred to repDrt that fact. We have nothlng to report in this regard. Mattgrs on whlch we are requlrèd to r*port by ¢x¢¢ptlon We have nothing to report in respect of the following mattets where CharTtie5 {AcCo￿t5 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 fIna￿la{ 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 f￿e from maierial misstarement, whether to fraud or error. In preparfni the financial statements, the Trustees are reSP￿S1b1e for assesslng the charftabie C(￿pan¥S ablllty to contfjnue as a golng concem, disc105ing, a5 applicable. rnatter5 related to going concern and L￿Ing 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 rea￿nable assurance al%)Lrt wheih2r the fina￿la( statements as a whole are free from materSal tn155tatement, whether due to fraud or error, and to I￿ue 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 econ￿￿1¢ 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-COmplia￿e 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