The Friends of Gloucester Cathedral REPORT OF COUNCIL The Councll of the Frlends of GIOUster Cothedral CIO presents its report with the Financial Statements of The Friends of Gloucester Cathedral for the year ended 31 December 2025. Reference and Administrative Information Charity Name: ' The Friends of Gloucester Cathedral CIO {'the FrlerTrds'l Charlty Number: 1199707 Reglstered OffKe: The Friends of fjloucester Cathedral 12 College Green. Gloucester GLI 2LX Telephone: 01452 528095 Emall: office.administrntor@fogc.co.uk Patron: His Royal Highness the Duke of Gloucester President: The Hon Hugh Tollemache Chair: Antony Wilton-steer BA IOxoThl Honornry Secretary: Robert Ingram MA {Oxonl Honordry Treasurer: Tim Watkins FCA Office Administrator.. Claire saunde BA Cathedral Archltect: Antony Feltham-King RIBA, GradDiplConsA& AABC Independent Examiner: Andrew Harris, Hazlewoods, Windsor House, Bayshlll Road, Cheltenham, GL50 3AT Bankers: Lloyds Bank, 19 Eastgate Street, Gloucester GLI INU Investment Managers: JM Finn and Co, St Brandons House, 31 Great George St, Bristol. 8SI 5QD STRucfuRE. GOVERNANCE AND MANAGEMENT The management and operation of the Friends are governed by a Constitution. A copy of the Constitution and supporting policies is on the Friends, website or available from the Friend Page I
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. ' Trustees ond Members of Council The full list of Members of Council and Trustees of the CIO as at 20th April 2026 are: Antony Wilton-steer Matthew Clayton Ally Hardy Robert Ingram Brian Johnson David Mccoubrie Feliclty Read Tim Watkins Ex-officlo members of Council and also CharityTrustees: The Very Reverend Andrew Zihni The Reverend Canon Craig Huxley-jones Dean of GIOUster Nomlnated member of Chapter The following may be invited to attend Council Meetings but are not Council Membersnrustees: Barry Mcmaster Claire Saunders Antony Feltham-fing Chief Operating offlir offi Adminlstrotor Cothedral Architect ObJects and Actfvltles The objects of the Friends of Gloucester Cathed1 CIO are set out in its Constitution approved by the Charity Commission in 2022. The Chaptsr of Gloucester Cathedrdl Identifles particular financial needs and applies to the Friends for grants. The Council considers grant applications and makes grants which accord with the charitable objects. Statement on Publlc Beneflt The Trustees are aware of the Public Beneftt provi5ion5 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 benefft is achieved by providing financia l and other support and assistance to ensure the material well-being and to extend the spiritual influence of Gloucester Cathedral wlth a particular focus on fabric and music. The building and the music are accessible to all members of the public. Admission to the Cathedral is free. GiftAid We are grateful to all Friends who have signed Gift Aid declarations. We have been able to reclaim £6.213 from HMRC in 20251£6,006 in 20241. Once a gift aid declaration has been Page 2
signed, there is no need to prepare a fresh one, unless there is a change of address. This 15 an important source of income for the Friends, and we would encourage all tsx-paying members to particlpate. It would be a considerable loss If the Frlends were denied gift aid reclaims. If you cease to be eligible for gift ald, please let us know. Further information and advlce can be obtained from the office101452 5280951 or office.administrator@fogc.co.uk, Legacles Over the years legacies hwe been a vltal and significant source of income for the Friends. They have contributed signlficantly to the grdnts 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 wlll wish to consult your solicltor about your wlll, but further information can be obtsined from the Friends, office. We are extremely grateful to members who have remembered the Friends in their wills: In 2025 we were notified of legacies totslling nearly £58,000 from: Miss Sylvia Coppen-Gardner Pamela Cottle Miss Nancy Lockwoc Mr Allan Saunders Miss Maureen Stone 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 Resuftsfvr the Year Very much like in 2024 the seneral economic and geopolitical environment remained uncertain in 2025 with continuing international volatility from the ongoing conflicts in Ukraine and the Middle East and the still relatively new government in the UK finding it hard to cement political direction with the rise of "multi-party politic5 . Despite these worries global stc£k markets had a very positive year wlth the UK sE100 index gaining by just over 21%. It is worth remembering that, despite being the most quoted UK based stock index, the FTSE 100 Index Is a poor gauge of how the UK domestic economy is performing. this 15 because over 75% of the combined revenue5 of the constituent companies of the SE1{X) are generated overseas. Inflatlon continued to run at a relatively high, if more modest. level meaning that costs across the board continued to rise. The Cathedral's costs are dominated by three areas: salaries, building costs and energy prices and these areas continued to be a Challenge in 2025 not least as the Cathedral has little control over these expenditures which are either set at national level or are at the mercy of global market prices. The Cathedral's overall income has stsbilised in 2025, but has not kept pace with the rising general cost base. Visitor numbers have risen to 302,0 in 2025 from 297,LM)O in 2024 which is encouraging given the national trends across the heritsge sector. The average Page 3
donation per visitor has fallen however, from £1.67 In 2024 to £1.51 in 2025, which has led to an 8% drop in visitor income. In 2025 we committed to a £120,000 grant in support of the Cloister Roof Works, which 11 be paid out In instalments over 2026 and 2027. We were also pleased to support the restoration of the Historic Tower Viewing Deck with a grant of almost £23,000. We paid out our usual music grant, this year just over £43,OCtJ, to support the Friends, girl and boy choristers, as well as the Cathedral Organ Scholar and other valuable music work. As noted above, after some modest growth in 2024, global stock markets experienced strong gains in 2025. Thls resulted in a net gain on revaluation of the Friends, investments of £54,860 and we were also able to generate Investment income of £11,765 from our savings. Our net expenditure for 2025 was £16,292 after making grants of £185,945. Please bear in mlnd that grants may include amounts that were pledged in 2025 and therefore needed to be included in our Grants and Donations number for the 2025 accounts but might not be paid oirt until future years. Donations of £9,672 were received in 20251£1,328 in 2024} and we are very grateful for the generosity of our donors. Legacy income in 2025 totalled £63,331 compared with £16,550 in 2024. We are extremely thankful to those who have left the Friends a legacy and also to thelr families for whom, by definIon, dealing wlth a legacy comes at a difficult time. These figures can fluctuate significantly from year to year. Subscriptions {excluding gift aid) decreased from £28,114 in 2024 to £27,101 in 2025. Some life memberships can make a big difference to these figures. Events and Excursions generated a surplus of £3,348 in 2025 compared with £3,572 in 2024. We are especially grateful to the Cathedral Guides and stsff who have worked with us on events. General expenditure on office support and governance showed a reduction in costs to £14,607 in 2024, compared wth £15,456 in 2024. Grants paid or committed to the CathedTrl in 2025 as follows, totalling £185,9451£216,206 in 2024). 2025 £43,218 £22,727 £120,000 Music grant Tower viewing Deck Cloister Roof Works Reserves Pollcy The Trustees have set a Reserves Policy which requires that reserves be maintained at a level which ensure5 that the Frlends, core acttvlty could conilnue durlng a period of unforeseen difficulty for the Cathedral, and that a proportion of reserves be maintained.ln readily realisable form. The Trustees have adopted the fol lowing Fiolicy which was last reviewed in September 2025.. Page 4
o distribute all amounts received 05 general gmnts ond donations to the Cathedral. The Charity relies and depends on the Chupter to advise on projects and specific needs thot meet the objects of the Charity and that require funding. In the event of there being no pmjects to support then surplu5 fund5 will be carriedforward to be usedfor future grants. the Charity selects the projects it wishes to support there may be occasions where leve15 of reserves are held with a view to suppoffjng afuture need ond these will be noted ot the time. A sum of £359,000 should be established os a stratsgic reserve ond£25.000 should be conslderedas an opemting reserve. These amounts shall be revlewed onnually.. In addition, Council has reviewed 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 £SO,000 over and above the amount needed to meet known liabilities, to enable the Friends to react to shorter term Cathedral emergencies. Investment Pollcy The Trustees have adopted the following policy which was last reviewed in September 2025: o invest in the stock marketfunds which are not likely to be required in the neur fvture for gmnt purposes, bearing in mind that equities are less liquid thL7n cash and there is a c05t involved in buying and selllng equitie5. The investment of ony sum in exces5 of £25,000 sholl be referred to Council. except placing monies in the Friends, dep051t account.. The Friends follows ethical investment policies promul8ated by the Church of England and engages J. M. Finri & Co. as investment managers. All policies of the Friends are reviewed triennially. Statement OA Trusteerf ResponSI.11tfeS The Honorary Treasurer maintains an overview of the financial affairs of the Charity, ensuring its financlal viability and is responsible for maintaining proper books and prc(edures, with the assistance of the office administrator, for the preparation of income and expenditure accounts and a balance sheet. Proper bc()ks are such records as are necessary to give a true and fair view of the state of the Friends, financial affairs and to explain transactions. The Trustees are responsible for safeguarding the assets of the Friends and for taking reasonable steps for the prevention and detection of frdud and other irregularities. The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law, United Kingdom Accounting Standards 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 systems are sufficient to mitigate those risks. Independent Examlner AndW Harris, Hazlewood5, Wind50r House, Bayshill Road, Cheltenham, GL50 3AT was reappointed at the AGM on 12 July 2025. We are very grateful to him for undertaking this work at a substantially discounted fee. Page 5
On behalf of the council: Tony Wllton-steer Chair 20 April 2026 Page 6-
JM)KPKNDENf EXAMINER)S REPORT TO THE TRUSTEES OF THE FIIIENDS OF GLOUCKSTER CATHEDRAL CIO I rnport to tb¢ ohaLIty Irustc&8 on my examlnation of the accout of the clwity for the ended 31 2025 whioh are set out onpag¢s 8 to 13. A8 the cIwity's In you are re8pon8ibl¢ for th¢ prcparatioo of the in accordanoe with the ll1r of the Clwities Act 2011 (theAct). J report IL re8pe( of my exatniott of the charAty'8 a(YAJunts caITI out under 8ectiott 145 of the A¢t aDd iti wryitig out my.cxaminthn I have followal all the applioablo Direcli(w giv by th¢ Charity Cou]mi88ionunth 8edion 145(5Xb) of the Act, Inde¢tavAlner,s &tutsment I have Lwlgtal thy 9riDtiolL I confimi tIMt no nrial tter8 l)ave com0 to Y tttion in connection with the cxamination 8ivitig ¢aus¢ to bdivvethat in ally material res. l. Accou yere no¢ kept iti resp ofthe ch8rity 88 rw111 by lon130 of the Alll. or 2. Tho acc4)utts do llot acLX)rd wIththo ttcord8' or 3.. The accounts do not comply with the appli(}1# r¢qLDmeDts COtem1ng the form al contatt of a¢count8 8eÈ out in the ChaTitie8 (Accounts w]d R¢port8) Regulattons 2008 Ott tball any r¢qturemott¥thxt the aCCow we a 'tsue }dView. whioh is not attwttey eonsideI as p8rt I have no con¢¢rn8 and hav¢ Con acr088 no Oth in cOnntion with th¢ ¢xamiTr*ion to which Hazlewo(Ml8 LI, Wind8orHowe. Bay8hill Roal Chelt• GL50 3AT i+ Pt) Page17
FNDs OF GLOUCKSfLR CATKLDRAL CIO FOR YEARINDnD 31 DECthtBER 2025 21)25 2024 INCOME FROM Donations and IyAag Oth¢r tradillg activittes 1nve8ttut ioc(#n¢ 106317 6239 11765 51998 7263 14491 116 73868 Rai8ing fimd8 ChTtAble tiVItie8 5476 6525 185945 216206 Othtt cost8 of charitable adivitieg 206028 Net gaitidOo8s) on 171 INBT BXPENDITURB) (16292) (156148) RENeoN OF FUNDS: 17widg ly(Mt foard 421825 577973 FUNDS CARRIED FORWARD The note8 Set out on paw 10 to 13 fomLP81t of th05e aLuunts Page18
THE FIUENDS OF GLOUCESTER CATHEDRAL CIO BALANCE SHEET AS AT 3A DECKMBER 2025 Noto$ 2025 2024 FIXED ASSErs INVEsfMENTS io 449896 366092 CURREKf ASSETS Debtors and prqiaymellts Cash at bank and in hand Dewsit account8 Current aunt8 11 37393 29973 32271 88177 15659 78177 133809 Creditor8 and aLwual8 12 122540 076 NEf CURR ASSETS/(LIABILITIES) 44363 55733 T(YfAL ASSETS LESS Unrestricted income fund Approved by the Council on: 20 April 2026 and signed on its behalf by. ANTHONY WILTON.STEER TIM WATKINS The note8 Set out on p&ge8 10 to 13 forn) part of these ac¢ouDts Page19
THE FRIENDS OF GLOUCESTER CATHIDRAL CIO NOTES TOTHE ACCOUN'rs FOR THE yR ENDED 31 DECEMBER 2025 l. Status The Friends of Gloucester Cathedral 18 a Charitable Incorporated Organisation (CIO). olicie8 a) Basis of rdtion The accounts (financial ststements) have been prepared in accordance with Accounting and Rq)orting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance witb the Financial Reporting Standard applicable in the UK and Rq)ublic of Ireland (FRS 102) and the Ckwities Act 2011 and UK Gcnerally Aepted Prnctice. b) Goin concerrt After n&ing enquiries, the trustees are not aware of any material uncertainties that cast doubt on going concem and Ilave a reasonable expectation that the CIO will be able io continue its activities for the foreseeable firture, and at ISt twelve months from the date of approval of these accounts. Accordingly. they bave continued to adopt the going conceth basis ill the financial statements. c} Income Income 18 recognised when the charity bas entitlement to the fund8. Monetary donations and gifts are included in the period in wbich the CIO is entitled to receipt and the amount be mellrea with reasonable certainty. tn¢ome is deferred only when the CIO h&8 to fidfil conditions before becoming entitled to it or where the donor has specifLed lIt the income is to be expended in a future period. For legacies, entitlement 18 taken as the earlier of the date on which either. the Cto is aware that probate has been granted, the estate been finalised and notification has be£n tnade by the exeLllrtorfs) to the TTht that a distribution will be made. or when a distribution is received from the estate. Relpt of a legacy. in whole or in part. is only con8idered probable when the amount can be measured reliably alld the clkarity has been notified of the executor's intention to make a distribution. cnditurc Liabilitie8 are rognISed as resources expended a8 800n as tILere is a legal or constructive obligation comniitting the CIO to tbe expenditure. All expenditure is accounted for on arl accnthls basis and has been classified under headings that awegate all costs {including irrecoverdble VAT) related to the category. Costs of generating fut8 include all c08ts associated with generating voluntary incom¢ including im¢8thient manager's fees. Ch&itabl¢ activities include all grants made, support costs and governa[ costs, being costs Incurr in fulfilling theFrietLds' objcctiVC8. Pa110
FIOTES TO THL ACCOtiNTS FOR YEAR EM)ED 31 DECKMBER 2025 unnBtrlot fiTlld8 are funds which 8xe 8vail&ble for use at Ihe di8¢r¢tion of tho trL]Stc#s in furthce of the'general objectivc8 of the CIO. Witbin this fund th¢ CIO has designate41 au. Restrict funds are those giv¢lland available for a splfi¢ purpose only. Fixed &58¢t8 D¢prl&10n is provided at a rate of 500/0 in orts to writ¥ off ccmwtvr equipment over its Useful life using the strdight lino mthd. The coinpts ¢qUTpment has been folly d¢prlated $0 tlw¢ is no charge in t¢ accounts. InveStents are at njarket V8lue at the Ye en(L 'Grants payable are payments made to the Cathedral in th¢ furthcrance of thc Ch1¢ objectives of the CIO. Thegrant8 accouEtted for when apprufftl byth¢ Coll1L Any unpaid at the year have becn includ1 as liabilltic8. Dot]atio and le acAe5 .2025 2024 . Subscriptions Gift Aid refimd Donations Legacie& . 27101 6213 9672 28114 6006 1328 16550 Lga¢i¢s inchmle a Trstricted amount of £IOOOO forthe purÈN)s¢ of oon8erving the fthic rfG1outsr Cathknal including the ¢loi8ter8 and garth and the work of tho StOn80,S Y This ha8 been Slknt on tho cloi&tsrr{Mrfwo. tment in¢om¢ 2025 2024 (?uod inve8tments Int¢r49t 1vable l¢Y158 11932 55 18iU 2025 2024 Bvent and eXCS1Ong Ittv10Managff'S f¢es 2891 3691 2834 Pagcl 11
TIIE FRIKNDS OF GLOUCESThR CATllKDRAL CIO N(xfES TO THE ACCOIiNfS FOR THK YKAR ENDKD 31 DI1MBER 2025 2024 Choral 8¢hOlbip$ CloiBter roof wod(s (8ee note 3) Fa10 md rn&intcnanG¢ North Naye 43218 121MX)O 40206 . 150(K)O 26(X)O 22727 eost of ehaTitable activttie 2025 2024 Bank chfjrges 153 827 2924 738 195 780 2750 938 N¢wslett¢rs . .4642 AdmtAistrative as8i81Allce Annllalreport aad meeling tndwdetst Bxamlti0ts fee 7582 1795 588 8570 1627 64 No mnber8 of th¢ Counoil or Bxe¢uttv¢ Committeo or any persou roll[ted with IMS receiv or 18 due to reetive any ranunffation for the dIrY or indireY from the CIO'8 fimds. ' 8. Net ain8 on inv 2025 2024 Profitl(10&8} on disposol of inyesttlleot a&qds UJ]realiAed profit ottrevaluation of itiv4gtm¢nt assets 10471 4860 (4039) 12210 P&ge | 12
THJZ WRiENDS OF GLOUCESIKR CATHRDRAL CIO NOTES TO THE ACCO8 FOR THE YEAR KNDKD 31 DECKiIABKR 2025 FixeAI A88ets Cost A8 &t 31 De£anbu 2(Y24 and 31 De(ber 2025 Dciati0Th AS Ot 31 Dmber 2024 alld 31 Dellber 2025 Nrt BookVaiu¢ A8 Ut 31 Dembet 21Y24 and 31 Dec*mbw 2025 2025 366092 564461 119983 33986 (91039) {244565) 54 12210 AddItio N¢tunrealised inv¢Blment gain 0088) Makn value 8t end ()f yeat 2025 2024 Fixsl illtrfd¥t alld Bonds Equities attd Fulld8 62553 14 387343 86 59870 16 306222 84 2025 2024 11. Debtor8 Taxatto L¢gaoiey due 1683 34365 1345 2015 23000 4958 2025 2024 12. CreAitorJ and . Grants payablo . 120000 540 760(M) 2076 Pago113