2024-12-31-accounts

The Friends of Gloucester Cathedral REPORT OF COUNCIL The Council of the Friends of Gloucester Cathedral CIO presents its report with the Flnanclal ststements of The Friends of Gloucester Cathedral for the year ended 31 December 2024. Reference and Administrative Information Charlty Name.. The Friends of Gloucester Cathedrdl CIO I'the Frlends,) arity Number: 1199707 Re8lstered Office: The Friends of Gloucester Cathedral 12 College Green, Gloucester GLI 2LX Telephone: [phone] Email: [e-mail] Patron: His Royal Highness the Duke of Gloucester Presldent: The Hon Hugh Tollemache Chair: Antony Wilton-steer BA Ioxonl Honorary Secrelary: Robert Ingram MA (Oxon) Honordry Treasurer: TIM Watkins FCA Office Administrator: Claire Saunders BA Cathedral Architect: Antony Feltham-King RIB& GradDiplConsA& AABC Andrew Harris, Hazlewoods, Windsor House, Bayshill Road, Cheltenham, GL50 3AT Independent Examiner: Bankers: Lloyds Bank, 19 Eastgate Street, Gloucester GLI INU Investment Managers: JM Finn and Co, Stockbrokers, St Brdndons House, 31 Great George St, Bristol BSI 5QD STRUCTURE, GOVERNANCEAND MANAGEMENT The management and operation of the Friends a re governed by a Constitution. A copy of the Constitution and supporting policies is on the Friends, website or available from the Frlends, Office. The governance of The Friends of Gloucester Cathedral CIO is vested In the Council, which exercises general control and management of the administration of the Charity. Page I

Trustees arnl Members of Council th The full list of Membets of Council and Trustees of the CIO as at 28 Aprll 2025 are: Antony Wilton-steer Matthew Clayton Ally Hardy Robert Ingram Sinclair Johnston Feliclty Read Tlmothy Watkins Chqir Ex-oflicio members of Council and a150 Charity Trustees: The Very Reverend Andrew Zihni The Reverend Canon Craig Huxley-jones Dean of Gl(wcester Nominated member of Chapter The followin8 may be invited to attend Council Meetings but are not Council meMbe￿￿rustees". Barry Mcmaster Chloe Bridgen Claire Saunders Chief Operating Officer Head of Development offi￿ Admlnistrator Cathedrul Archltect Antony Feltham-King Objects 0ndArtiv￿es The objects of the Friends of Gloucester Cathedrdl CIO are set out in its Constitution approved by the Charity Commission in 2022. The Chapter of Gloucester Cathedral identlfie5 partrcular financial needs and applies to the Friends for grd nts. The Council considers grant applications and makes grants which accord with the charitsble objects. St(rtement on Public Beneflt The Trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the relevant guidance provided by the Charity Commission from time to time. The Trustees are not aware of any Trustee receiving private benefit from the Charity's activities. The provision of public benefit is achieved by providing flnanclal and other supwrt and assistance to ensure the material well-being and to extend the spiritual influence of Gloucester Cathedral with a parttcula r focus on fabrlc and music. The bulldlng and the music are accessible to all members of the publlc. Admlssion to the Cathedral is free. GIftAld We are grateful to all Friends who have signed Gift Aid declarations. We have been able to reclaim £6.006 from HMRC in 20241£7,023 in 20231. Once a gift aid declaration has been signed, there is no need to prepare a fresh one, unless there is a change of addres5. This is an important source of income for the Friends, and we would encourage all tax-paying Members to participate. It would be a considerable loss if the Friends were denied gift aid reclaims. If you cease to be eligible for gift aid, please let us know. Page 2

Further informatlon and advice can be obtained from the office101452 5280951 or [e-mail]. Legacies Over the years legacies have been a vital and significant source of income for the Friends. They have contributed significantly to the grants we have been able to make to the Cathedral. We would be very grateful if you could consider leaving a legacy to the Friends in your will. You will w5h to consult your sollcitor about your will, but further Information can be obtsined from the Frlends, office. We are extremely grateful to members who have remembered the Friends in their wills. In 2024 we received legacies totslling £16,550 from: Carolyn, Lady Elwes Miss Marjorle Sumsion Audrey Workn)an Legacies make a tremendous difference to the work the Friends can do and we very much appreciate all these gifts, which we will put to very good effect. FINANCIAL REVIEW, ACHIEVEMENTS AND PERFORMANCE Resultsfvr the Year The general economic and geopolitical environment remained uncertain in 2024 with the electlon of Donald Trump, the change of government in the UK and the continued conflicts in Ukraine and the Middle East. Despite these worrles global markets remalned relatively stsble with the UK FTSEIOO index gaining by just over 5% in the year. Inflation continued to run at a relatively high, if more modesL level meaning that costs across the board continued to rise. As has been previously noted, the Cathedr31's c05t5 are dominated bythree areas: salaries, building costs and energy prices and these areas continued to be a challenge in 2024 not least as the Cathedrdl has little control over these expenditures which are elther set at national level or at the mercy of global market prices. The Cathedral's general incorne has continued to grow in 2024 but has not kept pace with the rising general cost base. Encouragingly, whilst Vlsitor numbers have dropped to 297,000 in 2024 from 309,000 in 2023, the Cathedral continue5 to outperform most of our peers in our sector in this regard. Pleasingly. the average donation per visitor is up from £1.43 in 2023 to £1.67 in 2024 which is industry-leading and has been led by a IO% increase in donations at the Welcome Desk. It is at times like these that the Friends can truly be the Cathedral's "Best Friend". In 2024 we paid a £56,000 grant to renew the Cathedral's fire alarm system and a150 the second £50,0 tranche of our commitment to support the In Tune organ and music carnpaign. We paid out our usual music grant, this year just over £40.000, to support the Friends, girl and boy chorlsters. During the year we also paid a total of £150,000 in general support grdnts. After a more stsble year in 2023, the st(xk market experienced some decent gains In 2024. This resulted in a net gain on the Friends, investments of £8,171 and we were also able to Page 3

generate investment income of £14,491 from our savings. Our net expenditure, of course mainly on grants, for 2024 was very similar to 2023 £156.148 {2023 £156,637). Please bear In mind that this number may include grants that were pledged in 2024 and therefore needed to be included in our Grants and Donation5 number for the 2024 accounts might not be paid out until future years. Donations of £1,328 were received in 20241£13,435 in 2023) and we are very grateful for the generosity of our donors. Legacy income in 2024 totalled £16,550 compared with £69,625 in 2023. We are extremely thankful to those who have left the Friends a legacy and also to their families for whom, by definition, dealing with a legacy comes at a difficult time. These figures can fluctuate significantly from year to year. Subscriptions {excluding gift aid) decreased from £29,497 in 2023 to £28,114 in 2024. Some life memberships can make a big difference to these figures. Events and Excursions generated a surplus of £3,572 in 2024 compared with £3,594 in 2023. We are especially grateful to the Cathedral Guides ar)d staff who have worked with us on events. General expenditure on oflice support and governance showed a reduction in costs to £15,456 in 2024, compared with £17.821 in 2023. Grants paid or committed to the Cathedrdl in 2024 as follows, totalling £296,6(M) {£158,235 in 20231, 2024 £40,200 £56,400 £50,000 £150,000 Music grant Fire alarm system Organ General support grants Reserves Policy The Trustee5 have set a Reserves Policy which requires that reserves be maintained at a level which ensures that the Friends, core activity could continue during a period of unforeseen dlfficulty for the Cathedral, and that a proportion of reserves be maints ined in readily realisable form. The Trustees have adopted the following policy which was last reviewed in April 2024: o distribute all umounts received t75 generul grants and donations to the Cathedral. The Charity relies and depends on the Chapter to advise on projects t7nd specific needs that meet the objects of the Charity ond that require funding. In the event of there being no projects to support then surplus funds will be corriedforwanl to be usedfor future gmnts. A5 the Charity selects the projects it W15hes to support there may be OCC051ons where levels of reserves are held with a view to supportlng afuture need and these will be noted at the time. A sum of £350,000 should be established us a stmtegic reserve and £25,000 should be considered as an operoting reserve. These amounts shall be reviewed annually." Page 4

In addition, Council has revlewed the Friends, cash position in view of the global situation and potential Stock market volatility. At the meeting on 31 January 2022 Council resolved to hold a cash contingency fund of £S0,OCQ over and above the amount needed to meet known liabilities, to enable the Friends to assist wth future Cathedral emergencies. Investment Policy The Trustees have adopted the followng policy which was last reviewed in May 2024: "To invest in the stock marketfunds which not likely to be required in the near future for grant purpose5 bearing in mind that equitie5 a￿ less liquid than cash and there 15 a cost involved in buying and selling equities. The investment of any sum in excess of £25,000 shall be reftrred to Council. except placlng monies in the Friend5, deposit account." The Frlends follows ethical investment policies promulgated by the Church of England and engages J. M. Finn & Co. a5 stockbrokers. Al policies of the Friends are reviewed triennially. Stfrtement of Trustee￿ RespI￿51b11It1es The Honorary Treasurer maintalns an overview of the financial affairs of the Charity, ensuring its fina ncial viability and is.responsible for maintaining proper books and procedures. with the assistance of the office administrator, for the preparation of i ncome and expenditure accounts and a balance sheet. Proper books are such records as are necessary to give a true and falr view of the state of the Friends, financial affairs and to explain trdnsactions. The Trustees are responslble for safeguarding the assets of the Friends and for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The Trustees are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law,. United Kingdom Accounting Stsndards and United Kingdom Generally Accepted Accounting Practice. The Trustees have considered the major risks to which the Charity is exposed. In their opinion the existing system5 are sufficient to mitigate those risks. Independent Examiner John Cartwright, Hazlewoods, Windsor House, Bayshill Road, Cheltenham, GLSO 3AT was reappolnted at the AGM on 12 July 2024. He has now retired. We are very grateful to him for undertaking this work over a number of Yea￿ at a substantially discounted fee. Andew Harris, also of Hazlewoods, has taken over the role of our Independent Examiner. On behalf of the council: Tony Wllton-steer Chair 28th April 2025 Page 5

INDEPEIWENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF GLOUCES'TER CATItEDIL4L CIO I report to the charity tn￿tee8 on my examinati(Trn of the accounts of the cl)arity for the Y￿ end￿ 31 Dcccmber 2024 which aTe set out on pages 7 to 12. Responslbil¥Él&s and basis ofreport As thc charity's tsust¢es you arc responsible for the preparntion of the accounts in accoTdanoe with the requircments of th¢ cE￿ItieS Act 2011 (the A¢t). I report in respect of my examination of the charity's accounts Carri￿ out under section 145 of the Act and in caTrying out my exarnination I bave follow￿ 811 the applicable Directions giv￿ by th¢ Charity Commission under section 145(5)(b) of the Act. lrtdependent ￿￿miner'S statement I have completed my ¢xarnination. l confirm that no material matt¢LE have come to my attention iti connection with the examination giving me cause to believe that in any material respcct.. l. AccoutLting r￿ordS wer¢ not kept in rwect of the cl]atity as reouir¢d by seLtiott 130 of the Act" or 2. Tbe accounts do not a￿ordwIth those records" or 3. The accounts do not comply with thc applicable requirettLcnt8 concerning the fom and content of acc4)unts set out in tbe Chariti&8 {Accounts and Rq)0rt8) Regulations 2008 other than any Tequiren]etrt tllat the accounts giv¢ a'tsue and fair view, wbicll is not a matter Consider￿ as part of an independent examin&tion. I hav¢ no ¢oncems and have come across no other matters in connection with the examination lo whi¢b attention should be drawn in this report in order to enabl¢ a proper Und￿Standing of the account8 to be reached. Jdwl Partner HazlewO￿lS LLP. WindsorHou8fj Bayshill Road. Cheltenham. GL50 3AT Date". Page 6

FRIEIWS OF GLOUCESTER CATHEDRAL CIO srATEMENf OF FINANCL4L A￿IV[riES FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 2023 INCOME FROM Donations and legacie8 Other trading activities Inveslmettt illcome Other 51998 7263 14491 116 119580 8053 22624 872 T(yfAL 73868 151129 EXPENDtruRE ON Raising fund8 Charitabl¢ activities ' Grants and donations Other costs of charitable activitie8 6525 8089 216206 314682 15456 17821 T(yfAL 238l87 340592 Net gaill810088) 0 Investhients 8171 32826 NEr rNCOMEI INEf EXPENDrruRE) (156148) (156637) RECONCILIATION OF FUNDS.. Fund8 brought forward 577973 734610 FLfNDS CARRIED FORWARD The notes Set out on page8 9 10 l2 forni part of th¢8e a￿o￿nts Page 7

THE FRIENDS OF GLOUCESTER CATHEDRAL CIO BALANCE SHEET AS AT 31 DECEMBER 2024 Note8 2024 2023 FIXED ASSETS INVESTMEKrs io 366092 564461 CURREKf ASSETS Debtors and prq)aymenls Cash at bank and in hand Deposit twounts Currelll accoullts 29973 43191 88177 15659 112620 17536 133809 173347 CURRENf LIAB TLITtES Creditors and accruals 12 78076 159835 NET CURREwf ASSETS 55733 13512 TOTAL ASSEfs LESS CURREKf LIABJLrriES Unrestrioted income fund Approvfyl by the Council on: 28 APRIL 2025 and signed on its behalf by. ANTHONY w￿TO￿.sTEER TIM WATKINS The nots8 set out oll pages 9 to 12 forn) part of th¢8e gcc4Trunts Page 8

THE FRIEIYDS OF GLOUCESTER CAI'HEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 31 DECEMBER 2024 Status On l January 2023 Th¢ Friends of Gloucester CaÉhthl challged its Status to that of a Clwitabl¢ Incorporated Organisation (CIO). 2. Ac4ountiti olicics a) Basis of The accounts (financial statements) have becn prq)ared ill accordance with Accounting and Reporting by Charities.. Statement of Rccommcnded Practicc applicable to charities preparing their accounts in accordatlce with the Finallcial Reportillg Standard applicable in the UK and Republic ofIreland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice. ern After nuking enquiries, the trustces arc not awarc of any matcrial uncertainties that cast doubt on going concen] and have a reasonable expectstion that the CIO will be able to Continue ils activities for the foTe8eeable future, and at least twelve months from the date of approval of thes¢ accounts. Accordingly, they have contillucd to adopt the goitig conccrn basis in the financial stat¢nMts. ) In¢ome Inc4)me is TeWgniS￿ when the charity bas etttit1eme￿ to the funds. Mon¢tary donations and gifts are included in the petiod ill whicll the CIO is entitled to rcceipt and the amount can be Measur￿ with reasonablc ccrtainty. Income is deferred only when the CIO has to fulfil conditions before becomillg tntitlcd to it or whcrc tbc donor has Specified that the income is to be expend￿ iti a fitture period. For l¢gaci¢s, ¢ntitlem¢nt is taken as the carlier of the date on which either. the CIO is aware tbat probats has been grauted. the cstatc has been finalised and notificAtion has be£n made by the exe￿tor(s) to the Trust that a distribution will be madc, or whcu a distribution is r￿e1Ved from the estate. Receipt of a iegacyj in whole or in part, is only considered probable when the amount Qan be measured reliably and the charity has been notified of the executor's intcntion to mak¢ a distributio Liabilities are recognis¢d as resources expend￿ as soon as there is a legal or construcLive obligation committing the CIO to the expenditure. All expenditure is accounteA for on an a￿rualS basis and has been cl88sifi¢d under beadings Ihdt aggregate all costs (includiug irrecoverable VAT) related to the cat¢gory. Costs of generating funds in¢lud¢ all costs assoc&a¢￿ with gerlerating voluntary incomc including investment manager's fees. Charitable activities illclude ￿1 ￿antS made. support C08ts and govemance cost5. b¢ing costs incurred in fulfLlling the friends, objectives. Page 9

THE FRIENDS OF GLOUCESTER CATHEDRAL CIO NOTES 10 THE ACCOUNTS FOR THE YbAR ENDED 31 DECEMBER 2024 e) Funds structure Unr¢stricted fLU￿S arc funds which are available for use at the discretion of the trustees in furtherdnce of the general objectives of th¢ CIO. Within this I'h¢ CIO Ilas desi￿alCd an Events and E4xcursions Fund. FIX￿ Assets Depreciation is provi(kd at a rate of 50/0 in order to write off computer equipment over its useful life usittg the straight line method. The computer equipment has b¢en fully dqircciat so tlwe is no charge in thesc accounts. g) Investsncnts Jnvestsnents shown at maTkct value at the year end. h) Grants able Grants payabl¢ are payments made to the Cathedral in the furtherance of th¢ charitable objeotives of the CIO. The grants are accounted for when approved by the Coun¢il. Any grants unpaid at th¢ year ¢nd have been included as liabilities. Donations and le cios 2024 2023 Subgcriptions Gift Aid ￿fUnd D0t￿lI0￿S Lcga¢ies 28114 6006 1328 16550 29497 7023 13435 69625 Lnvesth)¢n income 2024 2023 Quoted investments Interest r¢ccivabl¢ 11932 2559 19l93 3431 funds 2024 2023 Event and excursion8 Inv&qlment Manag￿.8 fees 3691 834 4459 3630 652 Page 10

THE FRIENDS OF GLOUCESTER CATHEDIL4L CIO NOTES TO THE ACCOUNTS FOR THK YKAR ENDED 31 DECEMBER 2024 6. Grants 2024 2023 Chornl Scholarships Boiler and Fir¢ Suppressallt Systcm Fabric and mailll¢nan¢ Fir¢ ￿arni North Nave Organ rq)aitB 40206 43235 65000 150000 56447 26000 150000 Oiher costs of charitable activities 2024 2023 rt ¢osts Bank charges Insurdn¢e 195 780 2750 938 32 134 737 2792 2069 125 Offic¢ expens¢s Rat¢s 4695 5857 Governall¢¢ ¢oyts Adminislrdtivc as8iStance Annual r¢port and tn¢¢ting Indq)elldent EX￿nin￿tion fee 8570 1627 564 9331 2081 552 10761 11964 Total No memlm of the Council or EX￿￿tiVe Committee or any person connthd with them baB received or i8 due to receive any remuneratiotL for the year direcdy or Indi￿tlY from the CIO'S funds. Net in8 on investments 2024 2023 Profitlooss) on disposal of investment asset8 Unr¢alis¢d profit/Ooss) on revaluation of investm¢nl 888¢ts {4039) 12210 13255 19571 8171 32 Page 11

FRIENDS OF GLOUCESTER CATHEDRAL CIO NOTES TO THE ACCOUNTS FOR THE YEAR EIYDED 31 DECEMBER 2024 Fixed Assets om As at 31 D￿ber 2023 and 31 December 2024 Deprc¢iation A8 at 31 D￿¢￿ber 2ff23 and 31 December 2024 Net Bwk Value As at 31 December-2023 and 31 December 2024 10. Inve8tments 2024 2023 Market valu¢ at start of year Additions DIS￿SaI9 N¢t unrealised investment gain (1088) 564461 576659 33986 81103 (244565) (112872) 12210 19571 Morkel valu¢ at end of year 16 Inve8tments li8t¢ on UK Stock Ex¢han 2024 2023 Fix¢d interest and Bonds Equitie8 and Funds 59870 306222 16 106690 457771 19 81 2024 2023 I l. Debtors Taxation Lega¢i¢s du¢ Other d¢btor8 2015 23000 4958 4415 4776 2024 2023 12. Creditors and ￿on￿[S Grants payable AccLua18 76000 2076 156447 3388 Pagc 12