REGISTERED CHARITY NUMBEIL. 1201828 Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for The Hereford Cathedral Almshouses Charity {Charirable Incorporated Organisation)
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Repor¢ of the Trustees I to5 Report of the Independent Auditors 6t08 St&tÈment of Financial Activitie5 Balance Shee¢ 10 Cash Flow Statement Notes to the Cash Flow Statsment 12 Notes to the Financial Ststements 13 to 19
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Thè trustees present their report with the financial 5tatsments of thè Charity for the year ended 31 December 2024. The rrustees have adopted the provisions of Accounting and Reporting by Charitie5= Statement of Recommended Prattice applicknle to charities preparing their accounts in accordance with the Financi Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition, I january 20191. OBJECTIVES AND ACTIVITIES The objèctives of the Charitable Incorporated Oraganisation (CIO) In accordance with its Constitution, the objects of the CIO are (al the relief of poverty by the provision of almshouse accommodation for poor person5 Wlth a preference for persons resident in the Diocese of Hereford, and {bl relieving either generlY or individually persons who are in need, hardship or distress by providing grants. Irn$ and sernices to irÈdividuals in need andlor charityes or other oryanisations workn'ng w support such persons. Background and principal activities At the end of 201 I, the charities of Saint Katherine's Hospital and The Hospital of Saint Ethelbert merged into one charity. Hereford &thedr&l Almshouse Charity of St Katherine and St Ethelbert (rStered charity number 218575}. The crustees believed the merger of the two charities would provide sufficient combined invested funds to contynue the process of providing supported accommodation for elderly and vulnerable people. The Trustee of the combined charity was the Chapter of Hereford Cathedral. During 2022-2023 work was undertaken to Set up this Charitsble Intorporated Owdnisation ICIOI, known as The Hereford Cathedral Almshouses Charity, and to prepire for a merger and transfer of assets, liabilities and all operauons from the Hereford Cathedril Almshouse ChariEy of St Katherine and St Ethelbert (regstered charity number 218575}- The intention of setyng up the new CIO was to loW expansion of the trustee body to include more specialised skills, to enable the charity's activities to extend to new or other almshouses. and to improve governance by providing a degree of separation from the previous charity's sole Trustee, the Chapter of Hereford Cathedr. which had itself a159 regiSred a5 a charity during the year. The new CIO neverthele55 retain5 close links with Hereford Cathedral, an active Christian church. and is run and governed by Christian5 motivated by the gospel co provide for those in need. Beneficiaries are not necessarily required ¢0 be people of faith but the ethos and operation of the Charity are rooted in the gospel oflesus ChrisL There are 21 almshouse units ayailable for occupation in Hereford and Ledbury. A small monthly charge is made for the occupation of the almshouses which, together with the property and investment iFbcome, allows the truSe$ to prowde a high level of maintenance of the building and M$houSe$, as well as providing other support for the residents. Vacancie5 for almshouses are adverrised Socally, and applicants are assessed by the trustees against a number of crtteri the mos¢ significant of which are fIncIal need and a history of local Service to the community. The trustee5 responded to an approach by the trustees of Coningsby'5 Hospital. Inother Hef0rd almshouse charity with seven ilmshouse units. and considered a request that the charity be merged with the Hereford Cathedral Almshouses Chariry. The merger was agreed principle and the Coningsby's Hospital trustees have begun work towards Charity Commission approval for the merger. Th*s work was still in progress at the end of the year. Public Benefit The Charity aims to alleviate poverty by the provision of alm5hou5e accommodauon and in reliwng either generally or individually persons who are in need. hardship or distre5S. Within the scope ofthe Charity's purpose5 for the reliefof 'need, hardship or distress. the trustees &'ve financi support for agencies working among the needy and vulnerable in the city of Hereford. Grant-making Grants are made to other in5titutyons or lndiwduS where the need is consistent with the charity's objetts. FINANCIAL REVIEW Revièw of artivities during the year The Chancy was reg"5tered on 3 February 2023 and the subsequent trnnsfer of assets and liabiliues from the former Hereford Cathedrnl Almshouse Charity of St Katherine and St Ethelbert took place on 23 January 2024. The fornier Hereford Cathedral Almshouse Charity of St Katherine and St Ethelbert was closed by the Chari Commission on 17 September 2024.
Investment policy and performance The trustees have considered the most appropriate policy for investing funds and consider that thr current mix of investment propertyes and investments at Rathbone Investment Management Ltd meet their requirements lor both Income and capital growth. Investments are held for long term and the trustees continuè to monitor performance on a regular basis. The market value ofthe Charity's investment properties at 31 December 2024 amounted to £3,575,000 (Old Almshouse Charity 2023.. £2,960,000) and its investment portfolio (including cash held for inve5tmen¢) at 31 December 2024 amounted to £7,129,615 (old Almshouse Charity 2023.. £6.601,4041. Re$Èrv¢s policy The Chariry will in future mainrain a reserves policy to ensure sufficient funding for future repairs necessary to maintain the historic almshouse accommodation and for any improvement5 to the Charity's investment properties necessiry to secure increasing returns on investment. Consideration Is being given ¢0 the options for best use of any future lunds to further the Charity's objec¢ives beyond the annual expendlture of the income. The Charity's reserves consist of three main areas, the purpose and impact of whith are shown below.. l. Propèrty Reserves - These are physical assets (like buildings or land). used direttly to deliver the Charity's ¢bjectives. 2. Liquid Ke50urces- Cash or easily accessible funds set aside to cover three rnonths of operatyng expenses. This provide5 a financial buffer for short-tsrm uncertain¢ie5 or emergenclés, ensuring continulty of the attivities of the Charity. 3. Investments - Capital is retained and invested to generate investment income. The income from these investments 15 used to maintsin the properties, reducing the need tts Use CP4Pital funds for the Charity's running costs. This policy supports the longevity of the chirity in the following ways: Preservation of capital.. By not spending the capital tied up in property or investments. the Charity maintains its asset base. Sustainable income.. Investment returns provide a steady income stream. particulady for property upkeep. Operdtional stability.. Liquid reserves ensure the Charity can weather short.term financial challenges. Review of activities during the year Details of the financial position of the Charity are set out within thesé financial statements. During the year 2024, on averag< 20 out of 21 almshouses were occupied for the financial year. One almshouse in Ledbury was converted to provide a space for offite use, medical checks and pastornl care. To avoid disturbance to rèsiden¢5 and their Ènvirons. a second almshouse ffat was used as a site office during the extsnsiye repair works in progress. The trustees agreed to continue the funding eontrdct for the daytirne street pastors work ofthe charity Vennture among vulnerable. homeless and needy people in Hereford city centre. Vennture was provided with £5,000 in 2024 to deliver this role. In addition, the trustses granted £SO.00012023: £64.0001 to the charity Vennture to assist with the operating costs of its Fresh Start progrdmme. intsnded to help homeless and poor people find 74 way into a new life of employment and self-sufficienq. Payment ot both funding streams Is subjett to satisfactory report5 from and liaison with Vennture staff and the trustees. The Charity negotiated a new lease of St Katherine's Hall to the Ledbury-based charity LEAF (Locally Encouraging All to Flovrish) to provide a community ser¥ice5 hub. For the year ended 31 December 2024, net income before investment Pin51llossesl amounced to a Ios5 Qf £44,254 (old Almshouse charity 2023.. loss of £337.3941. The trv5tees arrnnged for a desktop revaluation of all thelr properties at 31" December 2024 by the professional valuers, Bruton Knowles. This revaluation at the year.end gave rise to an unrelised gain on rhe investment properties of £61 5,000 12023 a loss of £90,000) and unrealised losses on the tangible fixed a$5ets of £80.00012023 £140,000). a loss of The properties covered by the valuation are as follows:. 1-6 St Ethelbert'5 Hospital, Hereford (social hoSIng provlded by the Charity)., 1-16 S¢ Katherine'5 Hospital, Ledbury {social h¢u5ing provided by the Charity),. 17 St Katherine's Hospital, Ledbury (guest flat). St Katherine's Chapel and Hall, Ledbury., No$. 4 & No 6 St Ethelbert Stree¢ Hereford. including ground-floor and upper fla Hidelow & Copley Farm. Acton Beauchamp, Hereford5hire.' Land at Lyde & Almshall, Hereford.
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Funds The Statemen¢ of Financial Actiwtyes summarises the income and expenditure and these are analysed between unrestritted funds and restritted funds. Re5tritted funds are ndS subject to specific usagÈ declared by donors. Unrestricted funds are expendable at the discretion of the trustees in furtherince of the objects of the charity. Risk & Risk Management In determining che charitable attivity undert2ken the tru5tres have had due regard to the guidance of the Charity Commission a5 required under section 17 of the Charities Att 2011. Risk management policies from the merging registered chancy have been adopted in full from the date of the merger. The rnn risk rhe charity fices is poor return on investsnent assets. The trustees feel this is mitigated as mentioned above. Without the investment income, the properties would not be able to be maintained to an appropriate 5tsndard. The trustees keep this under review at all times and have 2ppo&nied an independent person to oversee the mirjagement of the investments by Rathbones and report to the trusoes at least once a year. The provision of funds to Vennture for the purchase of the Mer¢on Ho1 is subjett to a lep1 mortgage to allow a clawback should the projett to convert into accommodation not go ahead. FUTURE PLANS The almshouse5 will continue to be suitably mainuned. Trnstees con5*dered and approved funding further struttural improvements during 2024 to the properries at St Katherine's which 11 improve safety and reduce environmental impacL The Charirl also agreed. subjett to Charity Commission approv being received by the trustees of CoTringsby's Hospital, to merge with that H05Pital. being another almshouse charity in Hereford with seven unirs of accommodation. This will enable the Hospital to continue its work on a more secure footing. Lwl and financial due diligence is being undertaken before forrn Steps are taken. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is controlled by its goveming documenl a Constitullon dated 3 February 2023, and is a charitable incorporntÈd organisation. Recruitment and appointment of new trustees Appointed trustees are reCntI through open advertisement in the lod community. Three members of the Chapter of Hereford Cathedral are automatically appointed exffiO trustees of the Charity. Organisational strutture The Charity is managed by a Board of Trustees. The trustees are re5pon5ible for the overall strydtegy and financial commitments of the Charity and are supponed in this by staff provided by Hereford Cathedral, and an Almshouses Liaison Officer for the Ledbury almshouses. who oversee the daY-daY operations of the Charity at that Iccation. Induction and training of new trustees New truse$ are briefed on their duties as trustees as appropriate, read Charity Commission guidan and attend courses covering the responsibiliues of trustee5. Related parties The Chapter of Hereford Cathedrydl {re&stered charity no. 1205397) shares a minority of trustees with the Charity and provides the Charity with offi£< fabric and manement stspport under a Services AgreemenL Rent Poll The Charity does not Chge retlL but applie5 1 Monthly Main£enance Payment charge for residents. The trustees will consider and agree the charges annually for each forthcoming Ye having regard to inflation and other relevant factor5. Residents have already been infornied d planned Fntreases in the Monthly Maintenince Payment paid to the Charity up to the end of 2024. These were communicated to residents in 2020 by the former charity to enablè them to plan accordingly and apply for housing benefit where appropriats.
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Repalrs and Maintenance Policy Following each quinquennial rewew for all properties, the trustees will consider and agree priorities and formulate a works programme to carry out the necessary repairs. Work is ongoing to improve the drainage and Structures at St Katherine's H05Pital. to provide a safer and more comfortable environment for residents. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1201828 Principal address 5 College Clois¢ers The Close Hereford Hereford5hire HRI 2NG Trustees The Trustee of the Charity during the year are listed below- The Very Revd S Br¢)wn The Revd Canon A Flper Canon Dr D lones Mrs julia Steels Mrjeremy Wilding Mrs Barbara Gratton Auditors Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Solicitors Burges Salmon LLP One Glas5 Wharf Bristol. BS2 OIX Banker5 Lloyds Bank plc High Town Hereford, HR12AE Investment Advisers Rathbone Investment Management Ltd 8 Finsbury Circus London, EC2M 7AZ Investment Powers The trustees have wide powers of inve5tmenL
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial staternents in accordance with applicable liw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practyce}. including Financial Reporring Standard 102 'The Financial Reporting Standard applicthle in the UK and Republic of Ireland-. The law applicable to charioes in England and Wales, the Chirities Att 201 I, Charity (Accounts and Reporrsl Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements tor each financial year which gye i true and fair eW of the state of affairs of the charity and of the incoming resources and applicatyon of resources, including the income and expenditure. ofthe charity for that period. In preparing those finantial sCaments, the truseS are required to= 5elett suitable accounting policies and then apply them consistendy- observe the methods and principles in the Charities SQRP,. make judgements and estimates that are reasonable and prttdenL and prepare the financial stttements on the going concern basis unless it is inappropriats to presume that the charity will continue in business. The truse$ are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financi Staents comply with the Charities Att 201 I, the Charity (Accounts and Report51 Regulations 2008 and the provision5 of the tntst deed. They are also responsible for safeguarding rhe assets of the charity and hence for taking reasonable s*ps for the prevention and detectyon of fraud and other irregulariue5. Approved by order of the bcyard of truscees on 3 lune 2025 and signed on its behf by. The Very Revd S Brown- on behalf of the Trustee5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY Opinion We have audited the financial statement5 of The Hereford Cathedral Almshouses Charity for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheeL the cashflow statement and ote5 to the financial statement& including a summary of significant accounting policies. The financial reporting framework that has been applied in their prepardtion ts applicable law and United Kilhgdom Accounting Standard$, including Financial Reporting Standard 102 The Financial Reporting Standard appltcable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Pratticel. In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of the charity's net movement in fund5 for the year then ended.. have been properly prepared in actordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been app04nted a5 iuditor under Section 144 of thè Charities Act 201 l and rèport in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the financial statements settson of our report. We are independent of the charity in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FKC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibiltstyes in accordance with these requirements. We believe that the audit evidence we have obtained is s¢Jfficient and appropriate ¢0 provide a basis for our opinion. Other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. Our opinion on the financial statsments doès not cover the other information and. except ¢0 the extent otherwise explicidy s¢ated in our repor¢, we do not express any form of Jssurance conclusion thereon. In connettion with our audit of ¢he financial statrments, our responsibility is to read the other inf0rn7auon and, in doing so. ton5ider whether the other information is matsr4ally inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencses or apparent matertal mi5Statements, we are required to determine whether there is a material mi5s¢atsment in the financial statements or a material misstatement ofthe other information.11, b&sed on the work we have performed, we conclude thit there is a ma¢erial misstatsrnent of this other information. we are required ¢0 report that facL We have nothing to report in this regard. Mattèr5 on whlch we are required to report by exception We have nothing to report in respect of the following matters in relador7 to which the Charities IAccoun¢s and Repor¢51 Regulations 2008 require u5 to report to you il, in our opinion: adequate accounting records have not been kept by the charity.. or sufficient accounting records have not been kepi or the charity financial statements are not in weement with the accounting records and returns,. or we have not received all the information and explanityons we require for our audiL Responsibilities of trustees for the financial $tatemÈnts As explained more fvlly in the trustees. responsibilities Statement set out on page 5. the trustees are responsiblÈ for the preparation of the financial statements and for being Satisfied chat they &ve a true and fair view. and for such internal ontrol as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi5s¢atemenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosins as applicable. matters related to going concern and using the going concern basi5 Of accounting unless the trustees either intend to liquidate the charity or to cease operations. or haye no realistic alternative but to do so.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY (CONTINUED) Audrtor's responsibilities for thè audit of the financial statements Our objettives ire to obtain Onable assurance abour whether the financial statsments as a whole are free from miterial misstacemen4 whether due to fraud or error, and to issue an auditor's reporc chat includes our opinion. Reasot7able assurance is a high level of assur&nce but is not * gUarane that an audit cOnducd in accordance with ISAS IUKI will always detett a material ¥ni5Ststement when it exists. Mi55tatements can arise from fraud or error and are considered matsrial if. indiwdually or in the ¥ggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extent to whith the oudit was cupuble of detetting irreguldrities. including froud Irregularities. including fraud. are trnstante5 of non-compliance with laws regulations. We design procedures in line with our responsibilities, oudined above, to detsct material mi5Ststements in respecc of irregularities, including Ud. The extent to which our procèdures are capable of detecting irregularities, including fraud is detailed below: We considered the nature of the charity's industry and its control environment and reviewed the charity's documentation of their policies and procedures relaung to fraud and compliance with liws and regulations. We a150 enquired of Manernent about their own identification and assessment of the risks of irregularities. We obrained an understanding of the legal and regulitory framework that the charity operates in and identified the key laws artd regulations that had a dirett effect on the determination of material amounts and disclosures in the financial statements, including the UK Charioes Att 201 l and tax lew'slauon, and those that do not haye a dirett effett on the finantial statements but CompliCe with which may be fundamend to the charity's ability to operats or to avoid a material penalty. We discussed among the audit engagement tsam regarding the opportunities and incentives that may exist within the Owdnisauon for fraud and how and where fraud might occur in the financi Statements. In common with all audits under ISAS IUKI, we are $ts required to perfomi specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of eontrols, we tested the appropriitenes5 of journal entries and other adjustments.. assessed whether the judgments made in accounting estyrnatss are indicative of a POnal bias.. Ind evaluatsd the business r&tionale of any significant transaction5 thit are untssual or outside the nornial course of business. In addition to tho above, our procedures to Ptsnd to the risks identified included the followi. rewewing financial statement disclosures by ting to supportyng documenration to asses5 compliance with provisions of relevant laws and regulation5 described as having a direct effect on the finincial statsrnents., performing anily¢ical procedures to identify any unusual or unexpetted relationships that may indicate risks of matsrial misstatements due to fraud.. enquiring of management concerning actual and Potenti lititIOn and claims and instances of non-complice with laws atid regulations.. and reading minutes of meeting5 Qf those charged with governance. Our audit procedures were designed to respond to risk5 of miterial misstatement in thefinancial statements. recognising that the risk of not detsctyng a Marial misstatement due to fraud is higher than the risk of not detetting one resulting from error. as fraud may involve deliberate concealment by. for example. forgery, misrepresentations or through co15usion. There are inherent limitation5 in the audit procedures perforrned and the further removed non-compliance with laws and regulauons is from the events and transartions reflected in the financial statements, the les5 likely we are to become iware of IL A furthÈr description of our SPonSIbl11es for the audit of the financial statements is located on the Financial Reportyng Countil'5 website aL' wvM.frc.or&uklauditorsre5ponsibilities. This de5criptyon forms part of our auditor's reporL
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY {CONTINUED) Use of our report This report is m&de solely to the charlty's trustees. as a body. in iccordance with section 144 of the Charities Att 2011 and regulatyons made under settion 154 of that Act Our avdit work has been undertaken so that we Might sute to the charicy's trustees those mitters we are required to State to them in &n Auditor's report and for no other purpose. To the fullest extsnt permitted by law. we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit worl for this POr or for the opinions we have formed. Scott Lawrence (Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor Staverton Court Staverton Cheltenham GL51 OUX
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Total Total Unrestricted Unrestrirted Funds Funds Notes INCOME AND ENDOWMENTS FROM: Charitable activities Invesrment intome S¢xial housing 211.142 33,611 Total 244,753 EXPENDITURE ON: Raising funds Charitable activitie$ Social housing 57,240 231.767 Total 289.007 Deficit before other gainsl{losses) Net {loss}Igwn on invesTmen Net {loss}Igain on investment property 144,254) 560.987 615,000 12 NET (EXPENDITURE)IINCOME 1.131,733 IL05sIIGain on revaluation of tan&ble fixed asse(s 10 {80.0001 Net movement in funds 1.051,733 RECONCILIATION OF FUNDS Funds transferred into thè Charity 10.789.024 TOTAL FUNDS CARRIED FORWARD 11,840,757 CONTINUING OPERATIONS Al income and expenditure arisen from continuing actyvitie& The notes form part of these financiil statements.
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY BALANCE SHEET AT 31 DECEMBER 2024 31.12.24 31.12.23 Notes FIXED ASSETS Tangible assets INVESTMENTS Investments Investment properry 1,150,0 7.129.615 3.575.000 12 11.854.61S CURRENT ASSETS Debtors Cash at bank 10,328 81969 93,297 CREDITORS Amounts falling due within one year 14 {107.1551 NET CURRENT ASSETS {13.8581 TOTAL ASSETS LESS CURRENT LIABILITIES 11,840.757 NET ASSETS 11,840.757 FUNDS UnresCted funds 11,840.757 TOTAL FUNDS 11,840,757 The notes forrn part of these financial statements. The financial statements were approved by the Board gf Trustees on 3 June 2025 and were signed on its behalf by.. The Very Revd S Brown - on behall of the Trustees Io
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 31.12.24 31.12.23 Notes Cash flow5 from operating activtties: Cash generatsd from operations {158,5691 Net cash (used in) operating activities {1 58.5691 Cash flow5 from investing artivities: Purchase of fixed asset investments Sale of fixed asset investments Rental intome received Movetnent on cash in investments Dividends received 12,006,243) 2,004,032 69.859 34.987 141,283 Net cash provided by inve5tin8 activities 243,918 ChangÈ in cash and cash equivalents in the reporting period Ch and cash equivalènts transferred into the Charity 85,349 {2,380) Cash and cash equivalents at thè end of the rèporting period 82,969 The ne$ form part of these financial s¢atemet)
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.12.24 31.12.23 Net income for the reporting period (as per the statèment of financial activities) Adjustments for: Net lossesl(gains} on property revaluations Net Igainsl on fixed asset investments Dividends received Rental income received Decreasellin£rea5e) in debtors IncrwdseIdecrsel in creditors 1.051,733 1535.0001 1560.9871 {141,2831 (69,8591 {10,3281 107.155 Net cash {vsed in) 0ratIng artivities {158.569) 12
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of préparing the financial statements The financial 5tatrments of the charity, which is a public benefit entity under FRS 101 have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporring by Charities.. stament of Recommended Practyce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectyve l January 2019}', Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and rhe Charities Act 201 l. The financial statements hive been prepared under the historic cost convention with the exception of investments which are included at market Yalu< 35 modified by the revaiuatyon of certain assèts. Going concern On 23 january 2024, the Charity agreed to merge with the Hereford cathed Almshouse Charity of St Katherine and St Ethelbert {registered charity number 218575) and began the process of transferring assets and activities from that charity and this was completed before 31" December 2024. The Hereford Cathedrdl Alrnshouse Charity of St Katherine and St Ethelbert (registered charity number 215751 was dissolved and removed from the Rster ol Charities. The firsancial statements have been prepared on a going lonrn basis continuing the work of the previous charity. Income All income is recognised in the Ststement of Financial Attivities once the charity ha5 entidement to the lunds, it is probable that che income will be received. and the amount can be MeasUd reliably. Expenditure LiabiliDes are recognised as expenditure as soon as there is a legaI or construttiye obligatyon iommitting the chariry co that expenditur4 it is probable that a transfer of economic benefit5 will be required tn setdement and the amount of the obl1on can be measured reliably. Expenditure is accounted for on an accruals basi5 and has been classified under headings that ag8regate all cost related to the category. Where costs cannot be direttly attribvted to particular hdIngS. they have been Il¢xated to activityes on a basis consistent with the use of resources. Governance costs include those costs aSsociad with meeting the constytutional and statutory requirements of the tharity and include the audit fees and Costs linked to the strntsgic management of the charity. Support costs are general and overhead costs which are not specific to governince, costs ofgenerating funds or dirett charir3ble actyvities but which enable these actyvities to be undertaken. These costs include office management costs and are allocited 50..50 over costs of gÈnerdting funds aftd charitable acuvities based on time spent $PPOng these functyons. Granrs offered subject eo conditions which have n¢X been met at the year-end date are noted as a commitment but not accrued as expendirure. Tangible fixed assets Where housing property ha5 been financed wholly or pardy by housing association or similar grants. the cost of properry has been reduced by the amount of the grant received. No provi5i9ns for depreciation of housing and non-housing properries have been mad& Settion 17 of FRS 102 requires all non-investment proptrries to be depreciated over their anticipated useful lives. However. the housing properties are not depreciited because their useful lives are considered to be well in excess of l 00 years and any depreciation charges would be immaterial. To introduce a depreciation eharge would notadd to the true and fair wew presented in the accounts. The property valuations were made by Brutorb Knowles. chartered surveyor5 and property consultants, as at 31 December 2024. on an open market value for existing use basis. 13
HE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Non-housing properties are classed as investment properties and are Shown at thelr market value as at the balance sheet date. Investments Investments are stated at mirket value at the balance sheet date. Any gain or loss on revaluation or sale is taken to the Ststement of Financial Actyvities ISOFAI. Investment property and fixed asset property waluations were made by Bruton Knowles. chartored surveyors and property consultants, as at 31 December 2024, on an open market value for existing use basis. Cash at bank and in hand Cash at bank and cash in hand includes cash and short-term investments with a short maturity of three morhths or less from the date of acquisition or opening of the deposlt or similar account Debtors Trade and other debwrs are rtcogn15ed at the seulement amount due. Prepayments are Ydlued at the amount prepaid. Creditors and provislons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result irÈ the transfer of lunds to a third party and the amount due to setde the obligation dn be measured or estimated reliably. Creditors and provisions are normally recognised 1¢ their setdèfflen¢ amount Taxation The charity is notgenerlly liable to corporation tax on its surplu& The charity is no¢ rewstered for Value Added Tax purposes. Fund accounting Unrestritted funds can be used in accordance with the charitable objecuves at the discretion of the trustee5. Restritted funds tan only be used br partlcular restritted purp05es within the objects of the charity. Restrictions arise when spectfied by the donor or when funds arè raised for particular restritted purposes. Further expl&nition of the nature and purpose of each fund is included in the notss to the financial 5tatement$. RELATED PARTY DISCLOSURES Three trustses of the Charity are also members of the Chaptsr af Hereford Cathedral, which itself 15 a registered charity. INVESTMENT INCOME 31.12.24 31.12.23 Property Wayleave Investments 69,709 150 141.283 211.142 14
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 INCOME FROM CHARITA8LE ACTIVITIES 31.12.24 31.12.23 Activity Social housing Social housing 33,611 RAISING FUNDS 31.12.24 31.12.23 Investment property costs Investment management cost 23,636 33,604 Total cost of raising fund5 57,240 CHARITABLE ACTIVITIES COSTS Grdnt funding of activityes Support costs (See no 71 {See note 8} Dirett costs Totals Social housing- 2024 I91.3) 34.167 6.3C 231,767 Social housing- 2023 GRANTS PAYABLE 31.12.24 31.12.23 Social housing 34,167 The total grants paid to institutions during the year were as follows: 31.12.24 31.12.23 Vennture 34.167 34.167 SUPPORT COSTS Governance costs Social housing- 2024 6,300 SOCI housing- 2023 15
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 3 5 DECEMBER 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remunerdtyon or other benef1¢5 for the year end¢d 31 December 2024 nor for the year endtd 31 December 2023. Trustees, expenses Trustees, expenses for the year ènded 31 December 2024 were £nil {2023.. £nil). 10. TANGIBLE FIXED ASSETS Freehold properry AT VALUATION At I lanuiry 2024 Keyaluation in the yèar 1.230,000 180,0001 At 31 Décernber 2024 i. I so.000 NET BOOK VALUE At 31 December 2024 1,150.000 At 31 December 2023 The property vkluavons were made by Bruton Knowles, chartered surveyor5 and property consultsnt% a5 at 31 December 2024. on an open market vue for existing use basis. If the freehold properties had not been included at a valuation they would have been included under thÈ historical cost convention a5 follows.. 2024 2023 His¢oric cost (transfer vatue at I" january 20241 1,230,OCII 10. INVESTMENTS Cash and settlements pending Listed Ènvestments Totals MARKET VALUE Investments transferred to the Charity Additions Disp05als Revaluations Movement on cash 6.493,442 2.006,243 12,004.0321 560,987 107.962 6.601,404 2,006,243 12.004,032} 560,987 134,987) (34.987) At 31 December 2024 7.056,640 72.975 7,129.615 16
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 INVESTMENTS {continued) Historical cost of investments {excluding cashl £6.105.163 (Old a1rn5house charity 2023-. £5.855.7641 All investments are listed on a recognised stock exchange and are held in the United Kingdom. The 870 units in SPDR Series Trust S&P SOOETF was valued at £390.939 acthe year-end and was the only holding where the value over 5% of the total market value of investments. INVESTMENT PROPERTY Investment Property Freehold Land Freehold Building Total Cost, valuation or nominal value Investment propery transferred to the Chariry Revaluacion in the year 1030,000 930,0 2.960,000 805,000 1190,0001 615,000 At 31 December 2024 2,835,000 740,000 3,575,000 Rèprèsented by. Nominal value Cost Reviluatson 2.834.994 739.996 3,574,990 2.835,000 740.000 3.575.OCM) The land and build5ngs werÈ formlY revalued by Bruton Knowles le5tate agents. valuers and surveyor) at 31 December 2024. The trustees are not aware of any Materi change in the current CarrTrg value. 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 10,328 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade creditor5 Accruals and delerred income 20.715 86,440 107,155 17
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 15. OPERATING LEASE COMMITMENTS The following operating lease paywnent5 are committed to be piid within the next five years: 31.12.24 31.12.23 Not later than one year Later than one year and not latsr than Ive years Latsr than five year$ 291 800 1.091 16. MOVEMENT IN FUNDS Net At 1.1.24 movement in fund$ 2024 At 31.12.24 Unrèstricted funds General fund Major Repairs Designated Fund 10,737,183 51,841 1.051.159 574 11.788,342 52.415 TOTAL FUNDS 10.789,024 1.051,733 11,840.757 Net movement in funds, includÈd in the above are as follow5: 2024 Income Expenditure Gains and Movement in losses funds Unrestricted funds General fund Major Repairs Designated Fund 244.753 {284,3141 14.6931 1,090,n I 5,266 1,051,159 574 TOTAL FUNDS 244.753 1289.007} 1,09S,987 1.051,733
THE HEREFORD CATHEDRAL ALMSHOUSES CHARITY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 17. MOVEMENT IN FUNDS - continued Net movement in fvnd5 2023 At 1.1.23 At31.12.23 Unrestricted funds General fund MGicr Repairs Designoted Fund TOTAL FUNDS Net movement in fvnds. included in the t7boYe ore os follow5.- 2023 Income E¥PendiuJre Goins losse5 Movement in fufr7ds Unrestrirted funds Generol fund Major RePoir5 Designoted Fund TOTAL FUNDS The Generydl Fund exists to 5UPPOrt the day to day running costs of the charity and ha5 designated for other purposes. The Tnaior rewr reserve provides funds to meet the fijture major repairs through an annual transfer. at a level determined by periodic rewew by the Charity Comrni55ioners and trustees. 18. GRANT COMMITMENTS During the year the Trustees weed to pay £50,000 over a of 12 months to Vennture for their Fresh Start programme. Under this agreement the charity paid grants to Vennture totalling £29.167 during the year, with the balance of £20,833 to be paid during 2025. RELATED PARTY DISCLOSURES Some of the trustees of the charity are s0 members of Chapter of Hereford thedral, which itself is a regISred charity. During the year the tharity was charged £58.584 (Old Almshouse Charity 2023= £58.583} by The Chapter of Heftsrd Cathedral in relation to staff costs and mana¥etnent expense5. There was a bance outstanding at the year-end due to The Chaptsr of Hereford Cathedral of £15.36212023: £nill. 19