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 gener￿lY or individually persons who are in need, hardship or distress by providing grants. I￿rn$
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 (r￿Stered 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
regiS￿red 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 truS￿e$ 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 fIn￿cIal need and a history of local Service to the community.
The trustee5 responded to an approach by the trustees of Coningsby'5 Hospital. Inother He￿f0rd 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 lndiwdu￿S 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 th￿r 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$5ets of £80.00012023
£140,000).
a loss of
The properties covered by the valuation are as follows:.
1-6 St Ethelbert'5 Hospital, Hereford (social ho￿SIng provlded by the Charity).,
1-16 S¢ Katherine'5 Hospital, Ledbury {social h¢u5ing provided by the Charity),.
17 St Katherine's Hospital, Ledbury (guest flat).
St Katherine's Chapel and Hall, Ledbury.,
No$. 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 rn￿n 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 Ho￿1 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 ex￿ffi￿O 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 trus￿e$ 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 man￿ement stspport under a Services AgreemenL
Rent Poll
The Charity does not Ch￿ge 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 sCa￿ments,
the trus￿eS 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 trus￿e$ 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￿ Sta￿￿ents 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 beh￿f 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 * gUaran￿e that an audit cOnduc￿d 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 Man￿ernent 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 Compli￿Ce 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 PO￿n￿al 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￿ liti￿tIOn and claims and instances of non-compli￿ce
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 Ma￿rial 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 ￿SPonSIbl11￿es 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
Unres￿Cted 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
C￿h 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 n￿e$ 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
IncrwdseIdecr￿sel in creditors
1.051,733
1535.0001
1560.9871
{141,2831
(69,8591
{10,3281
107.155
Net cash {vsed in) 0￿ratIng 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.. sta￿ment 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 R￿ster ol Charities.
The firsancial statements have been prepared on a going lon￿rn 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 MeasU￿d 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 obl1￿￿on 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 h￿dIngS. they have been Il¢xated to activityes on a basis consistent with the use of
resources.
Governance costs include those costs aSsocia￿d 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 $￿PPO￿ng 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 v￿ue 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 form￿lY 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 Carr￿Trg 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
regIS￿red charity.
During the year the tharity was charged £58.584 (Old Almshouse Charity 2023= £58.583} by The Chapter of
He￿ftsrd Cathedral in relation to staff costs and mana¥etnent expense5. There was a b￿ance outstanding at the
year-end due to The Chaptsr of Hereford Cathedral of £15.36212023: £nill.
19