2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1201828 Report of the Trustees and Financial Str￿Ments for the Year Ended 31 December 2023 for The Hereford Cathedral Almshouses Charity {Charitable Incorporated Organisation)

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Report of the Trustres I to4 Statement of Financial Actiwues Balance Sheet Notes to the Financial Statements 7t08

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustee5 present their report with the financial statements of the Charity for the year ended 31 December 2023. The Charity wa5 registered with the Charity Commission on 3 February 2023 as i Charitable Ineorporared Organisation {CIOl which will in due course be merged with the Hereford Cathedral Almshouse Charity of St Katherine and St Ethelbert {regstered charity number 218575). with the intention of taking over the activities of that thariry. The tru5¢ees have adopted the provisions of Accounting and Reporting by Charitie5.. sta￿ment of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financiaj Reporring Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition, I january 2019). OBJECTIVES AND ACTIVITIES The objectivès of the Charity In accordance with its Constitution, the objects of the CIO are la} the relief of poverty by the provision of almshouse accommodation for poor persons with a preference for persons resident in the Diotese of Hereford. and Ibl rdieving either generally or indiwdually persons who are Tn need, hardship or distress by providing grants. items and seNce5 to individuals in need andlor charities or other organisations working to support such persons. Background and principal activities At the end of 201 l. the charities of Saint Katherine's Hospit21 and The Hospital of Saint Ethelbert merged into one charity, Hereford Cathedral Almshouse Charity of St Katherine and St Ethelbert {registered charity number 2187571. The trustees believed the merger of che two charities would provide sufficient combined inVes￿d funds to continue the process of providing supported accommodation for elderly and vulnerable people. The TruS￿e of the combined charity was the Chaptsr of Hereford Cathedral. During 2022-2023 work was undertaken to set up this Charitable Incorporated Organisatyon ICIOI, known as the Hereford Cathedral Almshouses Charity, and to prepare for a merger and transfer of assefs. liabilities and all operations from the Hereford Cathedral Amshouse Chirity of St Katherine and St Ethelbert (registered charity number 2185751. The intention of setting up the new CIO was to allow expansion of the trustee body to include more speciili5ed sk"]Ils. to enable the charity'5 activlties to extend to new or ¢xher almshouses, and to improve govemance by providing a degree of separation from the previous charity's sole Tru5w the Chapcer of Hereford Cathedral. which had itself also rey5tered as a charity during the year. The new CIO nevertheless retains close link5 with Hereford Cathedral. an active Christian church. and is run and governed by Christian5 motivated by the gospel to provide for those in need. Beneficiaries are not neceswily required to be people of ￿1th but the ethos and operation of the Charity are rooted in the gospel of Jesus ChrisL There are 21 alrnshouse units avwlable for oceupation in Hereft)rd and Ledbury. A Sm￿1 monthly charge is made for the occupation ofthe almshouses which, together with the property and investment Income, allows the tru5¢ees to provide high level of maintenance of che building and almshouses. as well as providing other support for the residents. Vacancies for almshouses are advertised locally, and applicants are assessed by the trustses a￿1n$t a number of criteria. the fflost significant of which are financial need and a history of lool service to the community. The trustees responded to an approach by the trustees of Coningsby's Hospital, another Hereford 21mshouse charity with seven aJm5house units, and considered a request that che charity be merged with the Hereford Cathedral Amshouses Charity. The merger was agreed in principle and the Coningsbls Hospital trustees have begun work towards Charity Commission approval for the merger. This work was still in progress at the end of the year. Public Benefit The Charity aims to alleviate poverty by the prowsion ol almshouse accommodatson and in relieving eith¥ generally or individually persons who are in need. hardship or distress. Grant-making Grants are made to other institutions or indiwduals where the need is consistsnt with the Charity's objec FINANCIAL REVIEW Review of activities during the year The Charity was registsred on 3 February 2023 and the trustees met on 24 March, 14 November and 18 November 2023 to consider matters related to the transfer of ittl￿tieS and assets from the previous charity. Documenr2ti0n

was prepared for the merger of the ty40 charities and the subsequent transfer of assets. Due primarily to delays in opening a bank account for the CIO. those documents were eventu￿ly signed after the year-end on 23 January 2024. and no assets were transferred during the financial year to 31 December 2023. The former Hereford Cathedral Almshouse Charity of Sc Kacherine and St Ethelbert was closed by the Charity Commission on 17 September 2024. Funds The Sotement of Financial Acuvities shows chac during the year to 31 December 2024 che Charity had no income and expenditure, nor any fund5. Investment policy and perfom)ance During the financi￿ year to 31 December 2023 the Charity held no eash, property or investments. Reserves policy The Charity will in future maintain a reserves policy to ensure sufficient funding for future repairs necessary 10 mainrain the historic almshouse accommodation and for any improvements to the Charity's invescment properties necessary to Secure increasing returns on investmenL Consider&uon is being given to the option5 for best use of any future hjnds to further the Charity's objective5 beyond the annual expendjture of the income. Risk & Risk Management In deterniining the charitable a£tiwty undertaken the trustees have had due reDrd to the guidance of the Charity Commission as required under Section 17 of the Chirities Act 2011. Risk management policies from the merging regIs￿red charity will be adopted in full fr¢)m the date of the merger. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity Is controlled by its governing documenl L Constitution dated 3 Februiry 2023. and is a charitable incorporited organisatyon. Recruitment and appointment of new trustees Appointed trustees are recruited through open advertisement in the local community. Three members of the Chapter ol Hereford Cathedral are au¢omatically appointed ex-officio trustees of the Charity. Organisational structure The Charicy is managed by k Board of Trustee5. The trustees are responsible for the overall Strate￿ and financial commitsnents of che Charity and are supported in this by suff provided by Hereford Cathedral, and an Almshouses ￿liS0n Officer lor the Ledbury almshouses, who oversee the day-to4ay operation5 of the Charity at that location. Induction and training of nèw trustees New trustees are briefed on their dutie5 as trustees as appropriite, read Charity Commission guidance and attend courses covering the responsibilities of trustees. Related parties The Chapcer of Hereford Cathedral (registered charity no. 12053971 shares a minority of trnstees with the Charity and provide5 the Charity with office, fabric and management support under a Services AgreemenL Rent Policy The Charity does not charge ren¢ but applies a Monthly Maintenance Payment charge for residents. The trustees will consider ind agree the charges annually for each forthcoming year having regard to inflation and other relevant faciors. Residents have already been informed ol planned increases in the Monthly Maintenance Payment paid to the Chariry up to the end of 2024. These were communicated to residents in 2020 by the former charity to enable them to plan 2ccordingly and apply for housing benefit where appropriate. Repairs and Maintenance Policy Following each quinquennial review for all properties, the trustees will consider and agree priorities and formulate a works programme to carry out the necessary repair5. Work is ongoing to improve the dr2in4e and struttures it St Katherine'5 Hospital. to provide a safer and more comfortable environment for residents.

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Chjrity number 1201828 Principal address 5 College Cloisters The Close Hereford Herefordshire HRI 2NG Trustees The Trustees of the Charity during the year are llsted below.. The Very Revd S Brown The Revd Canon A Piper Canon Dr D lones Lady Susan Dirnley Mrs julia Stee15 Mrjeremy Wilding Mrs Barbarn Grltton {until 28 September 20231 Auditors Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Solicitors Burges Salmon LLP One Glass Wharf Bristol, BS2 OZX Bankèrs Lloyds Bank plc 8 High Town Hereford, HRI 2AE Investment Advisers Rathbone Investment Mas)agement Ltd 8 Finsbury Circus London, EC2M 7AZ Investment Powers The trustees have wide power5 of investmenL

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The truscees are responsible for preparing the Report of the Twstees and the financial statements In accordante with applicable law and United Kingdom Accounung Standards (United Kingdom Generally Accepted Accounting Practice). including Finantial Report(ng Standard 102 "The FinaTrcial Reporting Standard applicable in the UK and Republic of Ireland. The law applicable to charities in England and Wales, the Charities Att 201 I, Charity (Accounts and Report51 Regulation5 2008 ind che provisions of the rrusc deed requires the trustees to prepare financial statements for each financial year which &Ye a crue and fair view of the State of affairs of che charicy and of the incoming resources and applicatyon of resource5, including the income and expenditure, of the charityfor that period. In preparing those financi￿ statements. the trustees required to.. sdett suitable accounting policies and then apply them con515tendy observe the methods and principles in the Charities SORP.. make judgements and estirnate5 that are reasonable and prudenL and prepare the financi￿ statsments on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The tru5tee5 are responsible for keeping proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial 5tacemencs comply with the Charities Att 201 I, the Charity {Accounts and Reports) Regulations 2008 and the provisions ol che trust deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps for the prevention and detrctyon of fraud and other irregulariries. Approved by order of che board ol trustees on 28 May 2024 and signed on its behalf by.. The Very Revd S Brown- on behall of che Trus￿e$

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 31.12.23 Total Unrestricted Fund5 Notes INCOME AND ENDOWMENTS FROM: Charitable artivities Investment income Social housing Total EXPENDITURE ON: Raising funds Charitable activities Social housing Total Deficit before ocher gainslllosses} Net1105sllgain on investments Net1105sllgain on investsnent property NET (EXPENDITUREYINCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY BALANCE SHEET AT 31 DECEMBER 2023 31.12.23 Note5 FIXED ASSETS Tangible assets INVESTMENTS Investments Investment property CURRENT ASSETS Debtors Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestrictsd fvnds TOTAL FUNDS The notes form part ol these financial statsments. The financial statements were approved by the Board of Trustees on 28 May 2024 and were signed on its behalf by.. The Very Revd S Brown - on beh￿1 of the Trustees

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statement5 of the Charity. which is a public benefit entity under FRS 102, have been prepared ¢n accordance with the Charitie5 SORP IFRS 1021 'Accountyng and Reporring by Chariues.. Statement of Recommended Prattice applicable to charities preparing their 2ccounts in accordance with the FiDancial Reporring Standard applicable in the UK and Republie of Ireland IFRS 1021 {effecuve I linuary 20191,. Financi Reporrin¥ Standard 102 The Financial Reporring Standard applicable in the UK and Republic of Ireland, and che Charities Act 201 l. The financial statements have been prepared under the historic￿ cost convention with the exception of investments which are included at marke¢ value, as modified by the revaluatyon of certain assets. However during the financial year to 31 December 2023 the Charity had no income. expense5, assets or The financial statements have not been audi￿d. Going concern Post year-end, on 23 january 2024, the Charity ￿reed to mergewith the Hereford Cathedral Almshouse Charity of St Katherine and St Ethelbert Irew'stered charity number 218S75} and began rhe process of transferring assets and attivities from that chiricy. Accordingly. the financial statement5 have been prepared on a basis other than going concern. Income Atl intome is r￿OgnIsed in the Sratement of Financial Activities once the Charity has entitlement to the funds. it is probable thac the income will be received, and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or Construttive gbligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under heidings that aggrega￿ all cost related to the citegory. Where costs canngt be direttly attributed to particular headings, they have been all¢xated to actyvities on i basis Consistent with the Use of resources. Governance costs include those cosis a$50ciated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strat￿£ managemen¢ of the Charity. Support costs are general and overhead costs which are not specific to governance. costs ofgenerating funds or direct charitable actyvities but which enable chese actyvities to be undenaken. These costs include office management Costs and are allocated 50=50 over costs of generatyng funds and charitable activities based on time spent supporting these functyons. Gr2nts offered Subject to eonditions which have not been met at the yew-end dite are noted as a commitment but not accrued as expenditlbre. Tangible fixed assets Where housing property has been financed wholly or pwdy by housing association or similar grants, the cost of propery ha5 been reduced by the amgunt of the grant received. No provisions for depreciation of housing and non-hou5ing properties have been made. Section 17 of FRS 102 requires all non-rnvestment properries to be depreeiated over their anticipated useful lives. However, the housing properties are not depreciated because their useful lives are considered ¢0 be well in excess of l 00 years and any depreciation charge5 would be immaorial. To introduce a depreciauon charge would not add to the true and fair view presented in the accounts. Non-housing propertyes are classed as investment properries and are shown at thwr market y￿ue a5 at the balance sheet date.

THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued Investménts Investments are srated at market Yalue at the balance sheet da￿. Any gain or loss on revaluation or sale 15 taken to the Stacement of Financial Aetivitie5 ISOFAI. Cash at bank and in hand Cash at bank ind cash in hand includes cash and short_term investments with a shon maturity of three months or less from the dats of acquisition or opening of the deposit or similar account. The Charity was not financially attive untyl 2024 and its bank account was not opened until january 2024. Debtors Trade and other debtors are recognised at the setdement amount due. Prepayments are valued ac the amount prepaid. Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount dve to settle the obligacion can be [ne￿ured or estimated reliably. Creditors and provisions are normally recognised ac their setdement amounL Taxation The Charity is noc generally liable to corporntion tax on its surplu5. The ch￿lty is not regstsred for Value Added Tax purposes. Fund accounting Unrestricted funds can be used in accordance with the charitable objeciives ac the discrecion of the truS￿e$. Restricted fvnds can only be used for parcicular restricted purposes within the objeets of the Charity. Restriciions arise when specified by the donor or when fund5 are raised for particular restricted purposes. RELATED PARTY DISCLOSURES Three tnjstses ol the Charity are also members of the chaP￿r ol Hereford Cathedral, which itself is a charity. POST BALANCE SHEET EVENTS Post year-end, on 23 linuary 2024, the Charity agreed to merge this new CIO with the Hereford Cathedral Alrnshouse Charity of St Katherine and St Echelbell {regis￿red charity number 2187571 and begn the process of transferring assets and attivities from that charity. Once the cransfer of assets and actiwties was comple the litter charity was dissolved and removed frorn the Regstsr of Charities on 17 Septsmber 2024, and the merger registered wth the Charity Cofflrni55ion.