The Friends of Gloucester Cathedral
REPORT OF COUNCIL
The Councll of the Frlends of GIOU￿ster 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 GIOU￿ster
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 offli￿r
offi￿ Adminlstrotor
Cothedral Architect
ObJects and Actfvltles
The objects of the Friends of Gloucester Cathed￿1 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 definI￿on, 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
And￿W 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 exatni￿ott 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￿￿¢￿ta￿vAlner,s &tutsment
I have Lwlgtal thy ￿9r￿iD￿tiolL I confimi tIMt no n￿￿rial ￿￿tter8 l)ave com0 to ￿Y ￿tt￿tion in
connection with the cxamination 8ivitig ¢aus¢ to bdivvethat in ally material res￿.
l. Accou* yere no¢ kept iti resp￿ ofthe ch8rity 88 rw11￿1 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 COt￿em1ng the form a￿l 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 ￿}d￿View. whioh is not attwttey eonside￿I as p8rt
I have no con¢¢rn8 and hav¢ Con￿ acr088 no Oth￿ in cOnn￿tion with th¢ ¢xamiTr*ion to which
Hazlewo(Ml8 LI￿, Wind8orHowe. Bay8hill Roal Chelt• GL50 3AT
i+ Pt)
Page17

F￿￿NDs OF GLOUCKSfLR CATKLDRAL CIO
FOR YEARINDnD 31 DECthtBER 2025
21)25
2024
INCOME FROM
Donations and IyAag
Oth¢r tradillg activittes
1nve8ttu￿t ioc(#n¢
106317
6239
11765
51998
7263
14491
116
73868
Rai8ing fimd8
Ch￿TtAble ￿tiVItie8
5476
6525
185945
216206
Othtt cost8 of charitable
adivitieg
206028
Net gaitidOo8s) on
171
INBT BXPENDITURB)
(16292) (156148)
RE￿Ne￿￿￿oN OF FUNDS:
17widg ly(M￿t fo￿ard
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 a￿unt8
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 y￿￿R 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 A￿epted 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 I￿St 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 me￿llrea 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 lI￿t
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 TTh￿t that a distribution will be made. or when a distribution is received
from the estate. R￿elpt 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 r￿ognISed 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 fut￿8 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.
Pa￿110

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
furth￿ce of the'general objectivc8 of the CIO. Witbin this fund th¢ CIO has designate41 au.
Restrict￿ funds are those giv¢lland available for a sp￿lfi¢ purpose only.
Fixed &58¢t8
D¢pr￿l&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¢pr￿lated
$0 tlw¢ is no charge in t￿￿¢ accounts.
InveSt￿ents are at njarket V8lue at the Ye￿ en(L
'Grants payable are payments made to the Cathedral in th¢ furthcrance of thc Ch￿1￿￿¢
objectives of the CIO. Thegrant8 accouEtted for when apprufftl byth¢ Coll￿1L Any
unpaid at the year ￿have becn includ￿1 as liabilltic8.
Dot]atio
and le
acAe5
.2025
2024
. Subscriptions
Gift Aid ￿ refimd
Donations
Legacie& .
27101
6213
9672
28114
6006
1328
16550
L*ga¢i¢s inchmle a Trstricted amount of £IOOOO forthe purÈN)s¢ of oon8erving the fthic rfG1ou￿tsr
Cathknal including the ¢loi8ter8 and garth and the work of tho StOn￿80￿,S Y￿ This ha8 been Slknt
on tho cloi&tsrr{Mrfwo￿.
tment in¢om¢
2025
2024
(?uo*d inve8tments
Int¢r49t ￿1vable
l¢Y158
11932
55
18iU
2025
2024
Bvent and eXC￿S1Ong
Ittv￿10￿Managff'S f¢es
2891
3691
2834
Pagcl 11

TIIE FRIKNDS OF GLOUCESThR CATllKDRAL CIO
N(xfES TO THE ACCOIiNfS
FOR THK YKAR ENDKD 31 DI1￿MBER 2025
2024
Choral 8¢hOl￿bip$
CloiBter roof wod(s (8ee note 3)
Fa￿10 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 Bxaml￿ti0ts fee
7582
1795
588
8570
1627
64
No m￿nber8 of th¢ Counoil or Bxe¢uttv¢ Committeo or any persou roll[￿ted with IMS receiv
or 18 due to reetive any ranunffation for the ￿ dIr￿Y or indire￿Y 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 ACCO￿8
FOR THE YEAR KNDKD 31 DECKiIABKR 2025
FixeAI A88ets
Cost
A8 &t 31 De£anbu 2(Y24 and 31 De(￿ber 2025
D￿￿ciati0Th
AS Ot 31 D￿￿mber 2024 alld 31 Del￿lber 2025
Nrt BookVaiu¢
A8 Ut 31 D￿embet 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