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:
01452 528095
Email:
office.administrator@fogc.co.uk
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
office.administrdtor@fogc.co.uk.
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