HEREFORD CATHEDRAL THE CATHEDRAL CHURCH OF THE BLESSED VIRGIN MARY AND SAINT ETHELBERT IN HEREFORD ANNUAL REPORT OF THE CHAPTER AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024
HEREFOIIO CATHEDRAL ANNUAL REPORT ANO ACCOUNTS FQRTHEYEAR ENDED 31 OECEMBER 1024 CONTENTS Annual Report of the Chapter Ito14 5tsternent of Chaprerfs Re5ponslbilitye5 in relaOn to the Account$ 15 Independent Auditorfs Report 16to 18 Consolldaied Starement of Financlal Activ*ues 19 ConsoJi&ted and Chapter Balance Sheets 20 Consolidated Ststenwnt of Cash Flows 21 Notes on the Financlal Statements 22to47
HEREFORD CATHEDRAL ANNUAL REPORT OF THE CHAPTER FORTHEYEAR ENDED 31 DECEMBER 2024 Le8al Name". The cathedr Chureh of the essed Vir&n Mary and St Ethejbtrt ID Hereford Workin¥ Name: The Chapter of Hereford Cathedrnl (also referred to as "The Chap") Governin8 InstrumenL' Constitution and Statute5 pursuant to the Cathedral$ Measure 2021 Ila5t amended June 20231 The Chapter. The Very Reverend Sarah Brown The Revd Canon Anijrew Per The Revd Canon james Pacey Canon Dr Duncan Jones Canon David Howell Canoft Marc Leppard Canon Beni3min Pardoe Canon Clire Withbold MBE Canon Parrick Nu8ent Dean of Herefor Canon Precentor Canon Chancellor Lay member15afeguarding lead and Senior N0n-Exe¢Uve Member) Lay member Lay member (retired 31" October 2024} Lay member Lay member Lay member (Finance lead- appoin*d 8° December 20241 Visitor. The Rit Revd Richard jackson 18i$hop of Hereford) Chitf Op¢Tating Officer and Chapter Cle. Mr Christopher Milton {Rettred 31° October 2024) Mr Marc Leppard {App04nted I" November 2024) Chief Financial Offlc•r. Mr5 Elizabeth Morawiecka ACA Architectr. Mr Robert Kilgour Robert Kilgour & Associate5 4 Park Lane Bewdley, Worcerter5hlre DY12 2EL Dire¢tor of Mysic-. Mr Gernint Bowen knlw¢ologigt Mr Richard Morriss
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2024 Finance, Audit and Risk Committee (a5 at 31 December 2023): CanoTh Mwc Leppard (Chair The Very Revd Sarah Brown {Dean of Hef0rd) The Revd Canon Andrew Piper {Represent&tive of Chapter) The Revd C2noTh lames Pacey {Representative of Chapter Mr Doug Barrat {RepresentatSve of the Friend$ of Hereford Cathtdnl) Mrs Tamsln Cliye DL (Representatlve of Hereford Mappa Mundi Trust) Mr jonathan EvaThs {Invesmentsl Mr Nat Hone DL (Representative of Hereford Cathedral Peryietual Trust) Mr Rob Haydn lones (Propertyl Finance CommSttèe {from 16 Aprll 2024): Canon Marc Leppard Canon Paddy Nugent The Revd Canon Andrew Piper The Revd Cinon james Pac&y Mr5 Tamsln Clive DL Mr jonathan Evans Mr Nat Hone DL Mr Rob Haydn lones Mr Nevllle Pritchard {Chair- RepresenTative of Chapier untll 315t Ottober 20241 {Chair- liepre5entative of Chapter from 8° December 20241 (Representative of Chapter (Representative of Chapter (Lay Member} {Lay Member} (Lay Member} (Lay Member} (Lay Member} Audit & Risk Committee (from 16 April 2024): lan Davies Canon Marc Leppard Canon D3vid Howell Mr Paddy Nugent (Chair {RepresentatiYe of Chapter- retlred 31" Ortober 20241 (Representative of Ch8prerl (Lay Member until 8" December 2024 when appointed as Representhtive of Chapter) Fabrlc AdYls0ry Commlttee (as at 31 December 2024): The Lord Lisvane KCB DL ICh&rl Lt Col Andrew Eame$ (CFCE llominated member) Mrs Victoria Harley (Chapter nominated member) Mrleffrey Haworth ICFCE nominated member) The Rt Revd Christopher Hill ICFCE nominated member) Mrs Judith Lei8h ICFCE nominated member) Mrs Victoria Stevens ICFCE nominated member) Mr Nlcholas Thompson ICFCE nominated member) (CFCE nominated member) Principal Offic*: 5 College Clolsters Cathedral Close Hereford HRI ING
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2024 Bankers: Uoyds Bank PIC B HI Town Hereford HRI 2AE CCLA Investmert Management Ltd Senator Hous 85 Queen Victorfa StreeL London EC4V 4 Auditors: Hazlewoods LLP Chartered Accountants Stavertofi Court Staverton Cheltenham GL51 OUX Investrnent advi5eT5: kathbones Investsnent Management Ltd 8 Fin5bury Qrcus LoTrdon EC2M 7AZ Solicitory u$ed durin8 th¢ year. Humfy5 & Symonds snt john'5 Charnbers I Saintlohn Street Hereford HRI 2ND Keystone Law 48 Chancery Lane London WC2A IJF HCR HewitsOIIS Thorpe House 29 Broad Street Hereford HR4 9AR
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS , FOR THEYEAR ENDED 31 DECEMBER 2024 ' STRUCTURE. GOVERNANCE AND MANAGEMENT The Constitutlon The Cathedral Church of the Blessed Vir&n Mary and Saint Ethelbert in Hereford Is the seat of the Bishop and a centre of Christtan worship aTrd mlssion. A livlng community with t history stretching back to the seventh ceThruryb It Is one of nlne ca¢hedraSs of the Old Foundation whose constitution remained undisturbed by the Reforniaon. The Cathedral has at the centre of its life & datly pattern of prayer whlch Informs the work and deeisioftknmaknng of its communlty. The Cathedral is the mother church of the Diocese of Hereford and a respon5ibllsiy to support and nurture the life of the Diocese. The Blshop of the Diocese. who is sustained ir daity prayer and welcomed as Chief Pastor to share In the Cathedrnl's life and worshlp, cin cari upon the resources of the Cathedral to assist and support the episcopal ministry. The Cathedral is also a cerntre of msssion to whlth people come for entourègement and eduCa0Th. and it5 resources are used to further the life and witness tsf the whole Chrlsuan church. From the eaAies¢ tymes the knbrary and Cathedrnl School were an +ntegrg1 part of the Foundation of the Cathedral. The prayers of the Cathedral and the psalms are still regularly Sung by the choristers and lay derks of the Foundation. Mlnlsiry to a large regular coNxrerdtlon, for whom the Cathedrdl takes the role of parish church, is ofgreac Importance in the decbslon-mIng of the Chapter. The Cathedral also ?ttrdCts many tourists and pilgrims each year. whose need5 in terms of welcom¢ Pasto care, exPlaatIOn and hospitality are part of the Concern of the Cathedral communiry. Service to the City of Hereford and to the communit¥05 of HerefonJ5hire and South 5hropshirè, whi¢h seE the Cathedrnl as a 5pirltual centre and a settlng for large events. is also irnportAnt In the life of the Cathedral. The Cathedral is a building ol 8reat antlqtsity, and the Chaprer has particular lewslttive responsibility for the rare of the historic fabrlc as well a5 the C3thedral's other treasu$. There is a preclou5 sense of joint ownership amon%th05e who live in the vicinlty, and the Chapter and Cathedr31 comMnity are seen 85 guardians of rhi5 heritag& The Cathedro1$ Measur• 2021 and rtgiStration as a charity Following the wassing of the Cathedrals measre 2021, the Con$ttution, Statutes. SLructure and governan arrangements of the Cathedral were reviewed 2nd revised, with public consultation. The new Consritution and StatsjS were approved by the ChL4rch Commlssloners and came into force on I I july 2023, Ind on 25 Ottober 2023 the Cathedrdl Wds registered as a charity by the Charity Commi55ion for En8land and Wales, with the registered charSty number 1205397. It is now under the du31 oversSght of the Church ComnNssioner5 and the Charlty Commission, Consolidated finan¢lal statements The consolidated fiFRThcial ststements relate to the Chapter of Hereford Cathedral (the parent undertaking). Hereford Cathedrdl Enterpr¢se5 Limited and Tomson's Charlw {subsidiary undertaklngsl. Separately audited financial 5tatemeDts have been filed wth the Restrar of Companies and the Chartry Commlsslon in re$peci of the 5ubsidiarie5. All financial 5tatement5 are made up to 31 December. The con501idated financial statements include all tran5attions, a55ets and Ilabillties for whtch the Chapter 15 responsible In law. They do not Intlude the accounts of group5 that owe their rrAin affillatlon to ?nothEr body nor those that are informal gathering5 01 Cathedral member& Th¢ Corporation of the Cathedral The CorpoTrtlon of the Cathedral con51Sted undl I I luty 2023 ofthe members of the Cathedral Coundl. the Chapter nd the College of Canons of the Cathedral. Subsequent to that date the Corporation con515ts only of the Chapier of thÈ Cathedral. This body corporate has perpetual succession and a common seal.
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FORTHEYEAR ENDED 31 DECEMBER 2124 The Cathedral Chapter The Chapter directs ind oYeJsees the worship and mission of the othedral, its governance and the adMinisu70Th of its affwrs. The Chapter seek5 to promote the Chri5ti4n lalth throu worship. outreach and the encour4ernent of prayer and study. Under the new Consrr£utyon. the Chaprer consists ofr. The Dean chair and executive member. The Residentiary Can0Tr5 (appotnod by the Os'shDpI as executive member5; ond At least five and up to nint persons lof whom at leasr rwo-third5 shall be lay) appointed by the Bsshop after COll5ultavon the ChaptÈr, actyng as nonexecutive mernbers. One of those Is the Senior Non-Executive Member and Chr5 meeuw in the absence ofthe De3n. Each such appointment 15 for an In1 temi of three years but may be renewed by the Bishofv wh the prior appro1 of the Chapter. for a fijrther remi or temis of Dffice. In accordance with the CathedTzls Measure 2021, the Chapter must appoint a Chief Operating Officer and a Chief FinancTal Officer, and these chief officers must attend eaeh rneeting of the Chapter. The Chapter is also supported by & commitree strue[u comprising a Nominations Committe& a finance Committee. an Audit & Risk Committee and such other committees as the Chapter may deci¢Je to forni. RsttiOn with the Charity Commlssion. which 15 the joint regu5ator of the Cathedrdl alongside the Churth Commissioners. prodeS an additionaj layer of accountsbility d clarifies the role and duties of Chaptsr members as Charity trustees. .The remuneration and pension provisions for clerittl members of the Chapterare paid by the Church Commisstoners in accordance with scales laid down annually by them, the Arthbishop'5 Council. and the Church of EnEland Pensions Board. The lay members of Chapter weive no reFnunerdtion. The College of Canons The College of Canon5 meets annlY to Pron ènd 5UPPOrt the mi55ion rninisty of the Cathedral In the Diocese by drnwinx on the Experience of its rnembers. The principal and historic role of the College of Canon5 15 that in the event ofa vacancy in the See, the College is summoned bythe Dean to eleeL the Bishop in the manner laid dowTh by the Appointment of Bishop5 Act 1533. The Bishop The Bishop has the princtp21 seat and dilty in the Cithedral. After consukavon wlth the Chapter. and subject to the provisions of the Ststutes. the Bishop may officiats in the Cathedral arLd use it ill hi5 work of teathing and mission, for ordinavons and synods antj for oiher diocesan occasions and purpose5. The Deart The Dean is appointed by che Crown. and is the prncipal dignirary of the cathedral ifter the Bishop. The Dean is Chair of the Chapter. It Is the duty of the Dean, as Chtir and on behalf of the Chapter, ro govern 3nd dirert the life and work of the cathedral.
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 1024 The Flnance Committ¢¢ and other Chapter Committees Finonce and Audit & knk Commtt£ees The Finance, Audit & Risk Committee of the Chapter consisted of the Dean 3nd such other persons, including at least two person5 having financial and investment experience, a5 the Chapter may frorn time to time appoinL The Committee advised the Chapter in connection with its re5ponsibili(ie5 in the field of financSal and Investment management Under the new Measure and new Con5LltuEion. the Finance, Audit and Rlsk Committee wa5 divided in 2024 into two separate committees. the Finance Committee and the Audit & Rlsk Committee. These have taken over the responsibilities of the previous combined Flnance. Audit & R15k Cornmittee, and first met on 16 April 2024. The Finance Committee has met 4 [ne$ durifig 2024 and the Avdit & R45k Committee ha5 met 4 times. NomMErtsons Committee The Nominations Committee asSiSt5 in findlng. recruiong and rnductyThg Chapter and Chaprer commrttee fflember5. alld ensurring that their members have the right nNX of sklll$. knowledge and expertise. Other Chapter Committee5 The Chapter may establish such other committees as it chinks fit and. subject to the Law and this cOntOn and the Statutes, may delegate any of its [werS and discreuons to such £ommlt¢ees. Member5 Df each such commlttee shall be such person or persons, having relevant experience and expertise. as the Chapter nuy from time to time appolnt. The Chapter may at any urne disband any committee other than the NonNnawon$ Commlttee, the Finance Commlttee, the Audlt & Rtsk Committee and the Fabric Advi50ry Committee. Policits and Procedurts for Induction and Training of Trusteès All new Chapter members are provided with documentatlon includlng the Cathedral's Constitution and Statutes, a Charity Commission welcorne note and CC3 documenL Ihe Cathedrals Measure 2021. the Care of Cathedrals Measure 2011. They also receive the relevant role description. the Chapter Code of Condurt the mort recent Annual Repon and relevant finance tjocuments, the orrdnisation tharL and recdve a tour of the cathedral on a working day to meet cithedrdl managers, staff and volunteers. Their indurtion also requires them to read, complete and slgn relevant governance le documents. Tralnlng orpnised by Ihe Association of Enslish Cithedrdls Is offered and Ihey receive approprlath safegutrdiTh¥ tralning for thelr role. In¥eitm¢nt Poweri: Under the Cathedrals Measure 2021 the Chapter may Invest the cathedrdl's ftJnd5 In any of the followill il Land b} In¥e5trnent or deposlt fund5 cl Investments ITh which trusree5 may invest under the geTheral power of Investment In the Trustee Att 2000 dl The improvement or development of property beloTh&ng to the Cathedral. Prtncipal rfjks and rilk management The Chawr reviews the financi21 ind bu5ine$$ rlsks to the cathedral at meetings of the Finance. Audit and Rlsk Comrnittees, and in SepMber 2024 reconfirmed it5 approval of Ehe Financ¢al Procedure5 to mitirate them. The Chapter contlnualty reviews the malor physical. financial and litiwous risks to which It Is exposed. monitor5 existing arrdngement5 and implements suitable wrttten policies taking the advice of quanfied consultant5 a5 necessary. The Chap¢er's aetEons are considered carefully in the light of potential reputational d5k. VISION AND PUBLIC BENEFIT In 2019, following eXnsive consultatior* bmth volunreers. Staff, congregation. fvnders other Stakeholders, the Chapter published a fe-year 5trate8y Vision 2020 focused OTh key area5 of ¢he Vdthedral's life. Work be8an in 2023 on developing and itnplementillg i Trew strategi to replace it, be&nnin¥ with consulta¢lon and definitlon of the Cathedral. four new Values of Lov4 Grncq Integrity ar Service.
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FQRTHEYEAR ENDED 31 DECEMBER 2024 Key scrate*c prioriue5 have been identlfied ak Telling God's story Excellence in music, Ittuw, theologiol learni hospitality and beauty in the bullding ApproachabllTty and wetcorne for 1 Communication5 lintemal external} Staff and volunteers- one team. one nvssion Looking OUardS to serye Sustainability & re511ience. A rEfreshed Mission an and Strategc Plan IrKorpordting key missionai, tommerrial. financial 2nd people prioriues were developed and approved by Chapter in 2024 and the Vision for 2020 has now been retired with aspects of this subsumed Into the sntw"c plan. The Chapter believe5 that by promoting the work of rhe Church in the Diocese of Hereford in these ways. it helps promote the whole mission of the Church {pastDr. evangeliKi4 social and eMenicall and in doing so provides benefits to the public by. providing facililles for Publ worship, pastoral care and spiritual, rnOr and intelleciual devdopmenL both for its members and for anyone who wishe5 to benefit from whai rhe Church offer5., and promoting Christian fdlues and seNce to the benefit of individua15 and society a5 8 whole. ACTIVITIES. ACHIEVEMENTS AND PERFORMANCE Worship In pursuit of $ prlmary charlrable objeLt of "advancing the Christtan religion in aeeordante the faith and practice Df thE Church Df England. in p3rricu13r by furthering the mission of the Church of England" the cathed provided four seThi¢Ès each Sunday and three services every weekday, atl open to all who wish to join or experieThce worship. Ye5treaming of the Sunday Eu£h2riSt and other rnoj(Jr swwce5 also cofitinued. enabling pirtscipaoon by remote congregati¢)n5 in care horrE5 and abroad. The Cathedral w75 deJi8hted to receive 3 Vlslt irs February 2024 from Their Royal Highnesses the Duke arsd Duche55 of Gloucester who spent ume looknng ar the arthitecturaj and musical heritage of the cathedral as well as a vislt to the Mappx Mundi and Chained Library Exhibition. In additiOTr to the daily round of worship. special services in 2024 Induded a memorial sernlce for one of the member5 of the SAS Imske Sadler MCI. the hosting of the 80 anniversary celebration of Herefordshire Federation of Young Farmers Clubs. hostlng and recordlng of the BBC Hereford and Worcester carol service, administration of thè 5•<rnmemts of baptism and confirrnatyon by the Bishopi the instsllation of new member5 of the College of Canons. licensing of two mifior Canons {Succentor and Pastor), ordination of five new priests. fNÈ new deacons, and the admission of Dew MEberS of the Order of St Ethelbert which celebr&tes the 5eNce of lay church rrÉmber5 throughout the diocese of Hereford. More infomial worship with young particTrwts so grew in numbers, with Messy Church. the Cathedrdl toddler Foup {cathed Seedling51 and Lego Club all expandingthrough the year the Setdlrnp entountering [thenOmen Qwth during the year hang to move Into College Hall. Advent carol Services in Hereford and the Guards, Chapel in London ronded off the ecclesiasti year, before Chri5tm2s begn in earnest with the Donkey SErvic& a highlight for local schools and a roaring success welcoming chIldn from lool schools. The Christingle family seNce was also packed. and the two FeStiS of Lessons and Caro15 Colltsnued to attratt capacity congreptions. The Midnitht Mass on Chri5tma5 Eye apin received SIlficant attendance and did nothrng to reduce the number of communieanrs on Christmas Day. Overall the Cathedral saw a 25% increase ip attendance at Christmas 5erMce5 compared to the previous year. We were also delightrd to have a Toddler5. carol SeCe for the firrt time thi5 year which welcomed & huge ftumbEr of toddlers and their families to slng caro59 and hear the Christmas story.
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS ' FOR THEYEAR ENDED 31 DECEMBER 2024 Hereford Cathedrdl boasts a fulty established Sntlo5ive choir, open to all, wlth male and ferTrale adult 5inger5 and a mixed top line of boy and yrl choristers, 1 locally recruited. The Cathedt71 choir Sings eht services each week during terrn time and the week5 leadin8 UP to Chris¢rnas and Easter. A5 well a5 intensive tttition of the chort$ters, one orpn Scholar and three choral Scholars each year tre granted scholarships and provlded with accommodation to enable them to spend a year training at the Cathedral. developing thelr muslcal &'fts and learning the professlonal sks11s required of musicians. Chapter has continued to keep under review how to pre5etve this unique ehordl tradition allve, by reviewtng music Outreach p055ibilitle5. costs and funding opportunityes. helped by the creatlon of a new Development Department The introduction of VAT on school fee5 ha5 P05ed a fvrther challenge EO Increasing school fees and has led to more demand for additional bursarial suppcirr from the Cathedral. The Cathedral was extremEIy eased to have been awarded a grani of £20,500 rowards our music support progranvne from the Cathedral Mu51C Tr$1 and we are very grateful to them and EO our fvnders, irbcluding the Perpetual Trusl and the Friend5 who &'ve u5 grants wwards che choir. Wlth their help, Chapter has InsdDJted changes to fees support with ? flxed fees grant for new chorister5 from 2024 and a new bursary scheme to 5UPPOrt parents of choristers which has been exter51vely used. Chapter will be seeking further support throu8h a music patron5 scheme in 2025 to support this tridition. A mixed adult Cathedral Voluntsry Choir prowdes further opportunlues for members from across the dlocesa to learn 2nd enjoy eachedral music, wlth w51ting cholrs from all p3rt5 of the UK and abroad profitlng from the opportunity to lead worship at Hèreford when neither choir 15 in residence. A number of music highllghts took place during the year iThclu&ing the Cathedrdl Cholr worklng wth the nationally acclaimed Fretwork viol con$ort of 16th and 17th century repertoire in memory of Tim Symons, the Cathedral Voluntsry Cholr travelllng to Bawdria in April to 51ng serviee5 rn the Friedenskirthe in Eckenhaid and the Lorenzksrche in NrThbe the Choirfs performance of Bach's ChrstMaS Oratorio in December, an orchestral eucharist IHaydyD'S Hell1nesse) and a specal honour for the Cathedral Choir to $lng service5 in Bayeux Cathedral and L'egti5e Saint Plere In Caen, NornTrndy as pan of the InEerna¢ional D-Day eommemoratlons. In addiuon, we held a number of concerts Induding a special standing-room %xly Gèla Orrdn Concert perfornied by lahn Challenger as part of the Spaee & Other Wodds season in September afid Peter Dyke took the Willis organ Beyond the Final Fronuer as he performed a concert of sci-fi themed music. We look forward to h05tlng rhe Three Choirs Festival in 2025. The choir 15 recogni5ed as world-cla5s, and Chapter Is determined to find a way to preserve this u7d[On. The Cathedral also dellghted to welcome a choir of 47 pupils from years 2 to 6 from St Thoma$ Cantilupe Primary School for a speciat Evensong. Sodal Concern The Cathedral remains free to enter at all times. allowing anyoTre to spend tirne in prayer or rdection between Services, wlih a Day Chaplain present to offer pastoral 5UPPOrtto any visitor or pllgrrim who ask5 for prayer or counsel. In winter month5 In parricular. the homdess and vulnerable often Spend mLTrch of the day in the Cathedral to keep warni and safe. In 2024, we started to donate unused café food to VenntL¥re to use in thelr Merton House for the homeless ènd we Jnder5tand that chls h3s proved popukar and provides nutririou$ and delicious We1k3ced food and drink5 to residents and their children. The 8ereavement Café e5tabli$hed in 2022 tontinues w go from stren8th to $tren8th. Safe8uarding is a crltiol part of the mission of the Cathedral and slgnlfic2nt efforr and care is taken ro ensure we maintain appropriate culrure. awareness and handling ol safeguarding concerns. Chapter has a Specific committee that reviews safeguarding matter5 run by an independent chalr. Chapter recelves an update on safeguardingat each meet+ng. Various training event5 were conducted during the year. The Cathedrdl ha5 a 5eNce agreement wlth the Diocese to ensure safeguardin¥ concems are 2ppropriately handled. The cathedr has a designated 5ale8uardlng leid who also parucipates In the Dloce5an Safeguarding Advisory Panel to Cothordinate effort and resources with the Diocest. The Cathedral s0 provided sraff and trustees for it5 re12ted Almshouses Chartty, whose objectives are the provlslon of almshouses in Hereford antj Ledburyb and the relief of poverty generally. The charity 15 now a separate Charirthe Incorporated Orgnisatlor+, named the Hereford Cathedral Almshouses Charity. duly re&'srered in February 2023 wth re$[ered Trumber 1201828. Th purpose of the change was w enable wider acUvitles to be envigged, such as the IncorporaOn of further almshouses and activities ftsr the rdief of poverty Tn the area. ThSs Included support for other charitle5 such as VennEure's Street pastor Hnd Fresh Start activlties. Further details are reponed In the accounts of that charity.
HEREFORD CATHEDRAL ANNUAL AEPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 1024 Learning for all The Cathedrai'5 Life and Leaming programme contineS apace and we are indebted to both the hard work¥ngmember5 of our cathedrnl Str&ff and our rich variety of speakers who have en3bled it to happen. As part of our academic prograrnmE and plannin& the Chancellor eonvened the first 'Hereft)rd Cathedral Academic Faculry.. a roup of academics within the ¢athEdral who advise and have input IAto the planning of the cathedral'5 Life and Learning programme. As well a5 our re8ular pattern of lecture$. we have sou8ht to develop the ongosng nurture of the [th life of both the congre8ation and our newcomer5. The Lent lunch progrdmme was well attended. exploring Sam VVell5' book A Cros5 in the Heart of God: a Challenn¥ and provocativetext that y¢elded some deep refiectyons un the nature of the cross. We were delIghd EO prepare sever3] carididates for baptisms of variotss ages, and toward5 the end of the year. we trialled our first 'pub theolo, sesslon.. an Inform gathering tte people could speak about issues relaiing ro faith an(5 life Tn a relaxed settsng. It proved very 5llcces5fv1 and will be rolled out regularly for 2025. As part of our deliberate effort fo share the Story of faith with those who not yet be acqUWnd li we were tho delighEed to stage the first prodLkctyon of The Hereford Passion which played to two 5eJl out audien$ In Lenr and was supported by The Last Cuppa.. a 0UP that met for Several week5 to tslk about isslles and question5 ra15ed by the production, an Initiative we shared wth SL Perer s and St. lame5' Church in Hereforij . Plans are now afoot for The Hereford Natiwty ITh 2025 and The Hereford Mysteries in 2027. As part of our response to the Space themed Light Show we offered a number of different events exploring the theme of 5pac4 rarw.ng from academic talks to a space themed organ reciol with reflections. Also part of the cathedral's 'Space and Other Worlds. theme. we were also very excTrted to welcome13rge numbers to'Narnia Week,: a series of events exploring C S Lewis, Chronicles of Narnva. The week included a letture by fornier Archbishop DT. Rovdn Williams as well as an Interacrlve Narnia storytelling event around the Cathedral (Comple with the vant Leomintter Lion.) khool visit nurnber5 have continued to rise s¥nce the low point of the pandemk, and in 2024 were the highest on record. In parricular, there is a growing link with Hereford Sixth Form College. wth more groups srudying the Mappa Muftdt and visiting the Ched Library and Reading Room, followed by a seri25 of work experience placements. New workshops on pilgnmage and the link5 between science and relsglon have also proyeij popular. The programrne for fami1Se5 ha5 flourished in 2024. The toddler group changed day and relocated to the cloisters- first to Old Chapel. and then on to College Hall when it rapidly outsrew the Space in Old Chapel. The new, longer formal with more toys, refreshments and Space ha5 been extrernely popular and we now welcome up Eo 30 children each week. Lego Club has also thrived. with 20 children attending every fortnight Messy Church ha5 continued to attratt at)OLtt 100 children each s&s$ion. with increasing number5 returning. What has been parricularty pleasing his been how families are now cr055ing over to attend different events and there is a sense of a growing tommunity. The library and archives are thrTving, with a 44% increase fn wsits from the previous year. perhaps a result of the introducoon of A-board outside the entrance. Interest in manu5criprs continued co son but there was also an increase in borrowing and in archive consultatyon. A postal loan seryice was launched to expand the potsntyal reach for the hlghly speciall$ed lendlng collecuon. The archlvsst a150 a5SiSted volunteers in developing new speci1St tours by providing rdevant texts and acces5 to items from the archives and historic book collection.. she is $0 assisting with tours $0 visitor5 can see medievl stwned a55 fra8ments up close. The library and archives team a150 cufdted three exhibitions.. Illuminate. Master of the knbrary and Seeds of Eternity. Master ofthe Library rdTh duriTrg the summer months and was accompanied by a new line of rnerchandise. Over 800 ms were sold by the end of the year. and the hope is it will be 3 long-term addition to the shop offering found exclusNety at the cathed. Heritage and Environmttntal Conservation The Cathedral'$ 5ecgThd charitable object is.to care for and conserve the fabric and strutture olthe Cathedral Church building, and to preserve It in order to tell the stories k)f the building and its wtne5S to the faith for over 900 years. The Cathedral is committed to doTng all we can to sifeguard the building for futurÈ generation5 and thanks to our dedlcared. sknlled staff and volunteers we run in annual prowamme of planned mainrenancq prFofiti5ing each year areas ol the Cathedr in need of rentsvation.
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2024 2024 Saw planned work tske place in a number of key area5. Over the summer vital repairs were rnade to ¢he paving in the Chapter FIoLbse Garden which had become uneven due to Datural wear tear, creating an Increasingly h3zardov5 Surface. A detslled 3D laser scanning 5uryey was used EO help determine which paving 51abs needed to either be re-bedded or replaced. Thi5 projett ha5 been generously supported by The Friends of Hereford Cathedrnl who kindly provided the lursds to both PServe the fdrden's hittoric character and irnprove accessibillty for our visitor5. Another landmark project which Saw completion this year was the addiuoTr of a new draught lobby in the entrance cg the Booth Porch. CoThstruction work commenced in June 2024 to install auromatic &ass doors in the entrance to the medleval porch, creating an wr lock to protect the interior of the cathedral fmm the fierce winds which often gather outside. This proiecL generously fijnded by The jordan Foundation. aims to help reduce heat10$5 from the core of the cathedral and also prwde a far more wtlcomtng and brighter entrance Into the bulldin¥. MainEenance of the bullding and estate 15 an ongging task. We hid Thyo collapses in the medleval wall separating the Bishop's Pilace and the Cathedral and storms impleted on sections of the nave roof with a pirapet falling thrtsugh the nave roof and Eo the Cathedral Ck15e. Fortunately no-one was injured. Among other works Induded the completion of improvements and the rental of 21 Broad Strerf to a comrnertial hair-dressing bu$ine55, and renovations to 4 Harley Courr and a 511cces5ion of other work5. The CaThedral prioritises health and Safety and because it Is a major vene for events takes fire and security very seriously. We upgraded our Intruder alam15 in 2024. During the year, we had five evenu that required diplomatic police security liaison. We are also extremely gr&telul for the support from Simon Hudson. our stone mason, who helps In the upkeep of thi5 magnificenr bullding. Visitor$ Ind tourlsm The third charitable objert ol the Cathedral, after mission and malntenance, is "to advance any other Charable purpose$ whlch are ancillary to the furtherance tsf the purposes" and the development of income-genernting activlties to support the Cathedral's mi55ional, musical fabric requ1ments which continued unabated during 2024. 120,4 Yisitors represented a new record for visitor numbers and a 9% increase over 2023, which were also refletted in gruwing sales in the shop of13% and in the café of 17%. Visitor donations Increased over 19% over the year with generous dOnaOn5 yven to the Cathedrnl of 197,954 in 2024. It cosrs the cathedral over £8000 a day to meet our Costs 50 these generous donavons are extremely welcomed. Over 31000 vlsltors paid to see the Mappa Mundi & Chained Llbrary &¥hibitlon. generdung an upnft of tlcket sales of 21%. Three temporary exhibitions were Installed by the Library and Archives team during the year,. 11lumint7.' Lei there be light on illurninated manuscripts. Moster of the Librory exploring the people who shaped the fortune$ of the Chiined Librnry and Seeds of EteTlJity'. Celebrutlng rhe work o(Thom05 Troheme on the 350th anniverst7ry of hi& deoth celebrates the sevenTrenth century poet & spiritual writer Thomas Traherne. On one weekend in November. the Cathedral's thirteenth cenwry Becket Reliquary went on display. During the weekend there was a private evening event, discu$sing the 5fgnlficance of the rellquary vthich attracted visitors frorn the county and beyond. 'The Cathedral event's programme contiUeS to expand in variety and popularity. Our hlghlight of 2024 was the sellout 'Space' Light and Sound Show which welcomed 7,200 vlsltors to the Cathedral over four nig)ts. This brought in over £33,000 net profit and much ltscal interesL sptsnsorship. and medla coverage. A5 well as this we hosted event5 from the Chapter House Theatre Company and local popular band the 'Hey Yahs,. which broubt In a new audience who we hope to welcome back In the summer of 2025. Income from group travel parties and guided tour5 of the cathedral. tower and garden5 increased byover 2024, thanks to the launch of new group travel paekage5 and the public tour offer being welkpublicised. The Cathedral and the Mappa Mundi & Chned Library Exhibition, respectively, were rewarded with a TriPG&isor fruveller's thojce award for the third year. We also celebrnted four decades of our volunteer photographer Gordon Taylor M8E LPRS with an exhibition of his favourite images and a celebration of the 60 afinlversary of Hereford Cathedral 8roderers. i tsam of dedi¢ared volunteers who creat& repalr and restore embroidery work across the Cathedral. 10
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FORTHEYEAR ENDED 31 DECEMYIER 2024 The Cathedral depends OTh 5YPPOrt from a pass5onl and ame group ofvolunteers wtrthoutwhom much ofthe Work of the Cathedr21 would be imFK)ssiblL We have over 300 volunreers in are such as bell-rin'nS garden. events steward5, flower guild. broderers, welcorners, tour guides etc and the¢r support OF the cathedr is $0 appreciated. We orpni5ed a Volunteers. tea party in lune 2024 to Say thank you to otyr many committed volunteers. We wll be working in 2025 to refresh our voluntrer stratw ensuring we a communioating effecuvelyb recnrNng and retainlng our prized volunteers who do $0 much to keep the cathedral runntn& Fundraising and Future challenge$ The Cathedr41 was graf1 for the generous 5UPPOrt received from the congregation. donors and its funding partner5. the Hereford Cathedral Perpe¢ual Trus¢ the Hef0rd Mappa Mundi Trust and the Friends of Hereford Qthedral in 2024. However. further fiJnding will need to be sought in 2025 and 2026 as we look ro undenake a full restoration of the Cathedral s nave roofand also insdl i new, energ*efficient heating system in the cathedraj. Thts combined pro6ett ts forera5t to cost £4.5million and will be rhe primary focu5 of the Development Team for the nextffive ye. The effects of Clima change and extreme weither events are having a $i1ficIAt irTPtt on the cathedral and wader esrate. An instrument which is partiwlarly senSIVe ro the extreme change5 in temperattjre is our historic PdtherWillTS orgn which 1$ now in et need of repair. Every day the dam¥ng effects of wind, ra6n. frosL heat and pollution pose a serious threat to the future fabric of Hereford Cathedral. In latr 2024 a medieval wall. dating from the 14th century. rollap5ed r8dY due to the levels ofrasnfall we experienced Dverthe tourse ofthe year, and many other areas of exposed stonework show si5 of r4pid deterioration. Whilst some of these repairs can be covered by our insurance policy, addOal fvnijing will need to be secvred to pay for the excess on our policy, espeaally as the frequency of these claims is increasrn& Herèford Cathedral extends its grateful thanks to the following funders who have 5UPPOrted its work and ministry in 2024. Benefatt Trust Cathedral Music Trust The Church of En8knd Cathedral Su5tsin2bility Fund The Hereford Municipal Charirses Herefordshire Counol UK Shared Prosperity Fund The Ouseley Church Music Trust The Passion Trust Friend5 of Hereford Cathedrdl Hereford Cathedral Perpetuaj Trust The Mappa Mundi Trutt The c¢)ntEats0n 0[HeOrd cathedr and who &"ve regulaAy through the Pan"sh Giving Scheme Please may we also thank the following lod businesses who kindly supported our first ever Light Show this year- The Wye Clinic, AK Industries, ETL Sy5terH5. The Beefy Boy& CJ Bayliss, Gabbs Soliritory john h.nch Computer5. and Dole Foads for their generous donatyon of granges for our annual family Christin&4e Servi
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FORTHEYEAR ENDED 31 DECEMBER 1024 We remember and thank the foll¢)wln8 Individua15 who kindly left a legacy to Hereford Cathedral in thelr WMI:. lean Cooper- legacy lor GiAs Chornl Fund Dr Graham Housam Iunrestrictedl Rees Page- Chrlstoper Ellot Dtvle5 legacy Rurh Mas5ey- legacy lor new music folder5 for Cathedr81 Choir Rev Frances Hancoek Le8aty Iunrestrlctedl Ruth Mohan legacy Iursrestrictedl Mrs Rollason legacy IUnrestri¢ted) Durlng the year. no signfficant complaints were received by the cathedral, or any person acdng on its behalf, ab¢)ut acuvities by the cathedral or by a person on behalf of the fdtheijral for the purpose of fundraisin& FINANCES At the start of 2024. an operating deficit of £173,000 was btsdgeted for the year, a further improvement on the operating deficit in 2023 of £278,000. By the end 012024. we had 2n operdting deficit of £185,OOOp just 112,000 worse than bud8eL despite the Challengn8 rargets for the year. The Cathedral was grdteful for th2 5LSPPOrt received from the congregation. donors, leptors and its funding partners In rhe Hereford Mappa Mundl Trus¢ the Friends of Hereford cathed and the Hereford Cathedral PerpeEual TrusL all of whom were all able to increase their grants to Chapter n 2024. Chapter wovld specifically like to thank the Perpetual Tru5twhich not only Snereased its grant but also agreed to fund the buSld out of our Development Department and with the Herelord Mappa Mundl Trustto fund development of a new customer relwonship rn3nagement {CRMI system in 2025. Despite some relief in enew costs towards the end ol the year, however. the Cathedral's operating costs rose more sharply than Income as minimum wage increases and increased staffing to match busines5 growth fed through. Spendlng on capital projects was slightly above budget by £35,000, largely as a result of the delay5 to 4 H2rley Court and 21 Broad StreeL These figures indude the activities of the tradlng subsidiary Hef0rd cathedr Enterprises Ltd. and InveSents belonglng to the Tomson'5 Chirity, which was established to malntaln scholarshlps for chorlscers. The costs of the Efdding aCTlVlties amounted ro £447,320 in 202412023.. £532,18812nd are Ineluded in the total Raising Funds figure of £1,108,699. along with the cost of work5 on the inve5Ement propertse5 arnountyng to £120,174 during the year (see Notr 31. The 2024 results agin reflett the long-term commitments made in contributing to school fees for cathedrnl choristers from Hereford Cathedral School, and changes Sn the choir's membership meant an adjts5tment to the provision of £19,150, leavlng a total provision at 31 Derember 2024 of £576.943, a5 set out In more detall In Note 12 to the accounts. Chapter has reviewed its strategic plan 3nd prioritles to focu5 on mainulnlng the mission, improvtng the commercial income received by the cathedral and reviewing its c05t-base. Chapter is determlned to balance the mi51ional llftd Commerc1 aspects of Cathedral and to actively reduce luture deficit5. On the bajante sheet. the total net assets of the Cathedral increased from £9.79 mlllion it the end of 2023 to LIO.44 m+lllon at the end of 2024. driven by the net galn on investmen[$ of £399,433 {2023'. gain of £99.1 ISI as well as the net 8wA on investment property of £391,60912023: Ios5 of £425.0(101. Unrestrirted funds it 31 December 2024 were £2.18 millton (2023.. £2.23 mlllionl- Unrestricted net cutrent assts OF the group at the yearnd were £295,82912023.. £408,862) which 15 equal to approxlmatsly 1.7 (2023: 2.1 l rnonths of unrestritted expendithre. Total return on investment property amounted to a return of £5TI,513 12023.. ne84llYe £303,632) after associated profes$iollal fees and other expenses. The totsl retyrn on other Invesrments amounted to £367.192 P023: £229,669), 12
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2024 RESERVES POLICY The rathedral's re5erve5 policy was revrewed and approved on 18 April 2023. t¢ 1$ the pO¢Y of the cathedr to nwintain three month5. operational expenditure at any one time as liquid re5erve5 for the day-ttrday ministry. eduration and oueach acDvities together with the basic upkeep of it5 buildings and precincts. As at 31 December 2024, the consolidated reserves held were £1 0,441.301 {2023= £9.794.385). As a minimum, a proport¥on olinvestments equal to the ServeS above rnust be held in unrestricted invesEfflents adequate liquidity enaUing thern to be drnwn down within a weelL At 31 Decen)ber 2024. £033 milllon of those investments are held in Short Term investments whith be uallY drawn down to fUd fubJre budgeted deficits. The sale of 3 Cross Street early in the yetr provided an additioThal cash erve to delay the draw down of these short-term funds. In addition to Generdl Funds, Note 15 to the AcCOTrts de15 the resources available hdd as Resrrieted Funds. The Restricd Funds include some whose capital can be utilised and others where only d)e illcome 15 a¥12b1 INVESTMENT POLICY The Chapter adopted on 25 july 2023 a wsed Investment Policy. The Firrance Committee conslders &nrJ monitors the most appropriate approach to invetting funds and makes recornmendati0fi5 to the Chapter for decision. The priry purpose of the investment portfolio 15 to generate income to SUPPOrt the cathedrdl'5 activitie5. the objettive being to ma¥wTh the real lue of the portfolio while maximi5ing income. The cathedral has set an ethic21 investmetht direction, which follows guidance ven by the Church Commi55ioner5 and excludes dirett inYe5tment5 in arniament4 alcohol. tobacco, 8bling, pornography, hi &llreSt rdte lendin¥ and human embryonic cloning. In order to manage investment risks. Chapter Invests in a mixed portfolio of a$5ets managed by the appoinred inVE5tment manager. induding UK and oYer5eas equitse5. goVernrTt and corporatr fixed income investments and a low proportion of aernative investments and cash. OTHER ORGANISATIONAL RELATIONSHIPS The notes to the accounts list our organisational relationships and their financial artimtyes for the yw. In pursuit of its objettNes, the Chapter liaises WFth the appropriate ow¥4ni5auons to fvnd 5pecffic recurrent acDvlues or projects as it feels appropriate. HEREFORD CATHEDIIAL SCHOOL Hereford Cathedral School 5$ a 5epar&te leg and financial entyty from the Chapter of Hereford CathEdrnl and w its results are not included within these consolidatrd accounts. In prdCUC4 however, the relationship btheen the cthedrni and the khool is longstsnding and extends beyond the Cho matters. AUDITORS The audltors Hazlewoods LLP were appointed in 2023 follovAng an open tender proce5$. 13
HEREFORD CATHEDRAL ANNUAL REPORT AND ACCOUNTS FOR THEYEAR ENDED 31 DECEMBER 2024 5 Year Summary of Key Flnancial Ratlos - Consolldated Financial Statements F? Year Summary of Kéy Flnanclal Ratlos- Coniolldated Flnanclal Stateménts 2024 2023 2022 2021 2020 Donations and legacles as a % of total Income 45% 41% 33% 55% Cathedral and pre£intts upkeep a5 2 % of totat expenditure 25% 36% 42% Inve5tmeiit Ilo$sesll8ains as & % of total Investments (excludlng property) 8.1% 2.2% 115.7%) 13.1% {1.9%1 14
HEREFORD CATHEDRAL STATEMENT OF CHAPTER'S RESPONSIBIUTIES IN RELATION TO THE Accoufrrrs FORTHEYEAR ENDED 31 DECEMBER 2024 The Chaptw 1$ respOnsie for. preparingand publi5hingan annual report and audired accolbnts which give a true and tslr vlew of the fiTrancial actitieS for eath financial year and of the 3S5ets. liabilities and funds at the end of each financi year of the othedral and its connecEed ente5-, 5tatyngthat they have corrplied in all material respert5 with these regulations or descrilxng which re8u12lloris have not been complied with and '¥ing reosorts for the non.compliance', selectyng suitable atcounting policie5 and then apYIng them consi5tently-. making judgements and estimates that are reasonable and prudenr keeping proper accounting records from which the financiaj posiu.on ofthe cathedral can be ascertained with rea50fiable accuracy at any time.. and safeguarding the assets ofthe Cathedr and taklng reasonable Steps forthE prevention and derett¢on of and other Irregularities. App¥Dved by the Chapter on 17 2and signed as authorised OTh the4r behalF br. The Very Reverend Sarah Brown- Dean of Hereford 15
HEREFORD CATHEDRAL
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF
HEREFORD
FOR THEYEAR ENDED 31 DECEMBER 2024
Oprnion
We have audited the financAI Statements ofHereford Cathedral forthe year ended 31 December2024 whlch comprt5e
the Consolidate¢J Financi21 Statement of Financial Advitles, the Consolidated and Cathedral Balance She2ts, the
Con501idated Qsh Flow statement and the note5 to the financial statements. Incltsdlng a summary of Signl¢ant
accOunng policies. The fin#nrial reporring Ir2mew¢rk that h35 been applied in their preparation is appllcable law and
United Kingdom Accounting St2ndards. Including Financial Reporting Standard 102 The Financial Reporting Standard
appllcable In the UK and Republic of Ireland {Unlted Kin8dom Generally Accepced Accounting Pr2cty
HEREFORD CATHEDRAL INDEPENDENT AVDITOR'S REPORT TO THE MEMBERS OF THE CATHEDRAL CHAPTER OF HEREFORD FOR THEYEAR ENDED 31 DECEMBER 2024 {continued) Matters on which we are required to report by exception We have nothingto report in respect vfthe following matters in raO[l to wh¥ch we Portt¢ you if, in our opinion.. adequate accounting records have not been kept by the Cathedt71; or sufficient accoulltin8 records have not been kept by the cathed., the Cathedral's fir$ane1 5taternents are not in weement with the accoLfnvng recorés: or we hive not retelved all the +nformaUon and explanations we require for our audit. Re$ponyibilities of the members of Chapter A5 expla+ned more fully in the Chapter Re5ponsibilitie$ sratemenr Set out on page 14. the Chapter 15 responsible for the preparation of the financi 5Yatemertrs and for being satisfied that they gye a true and fair view, and for suth Ènternal control as the Chapter determine is necessary to enable the prepardtion of financi statements that are free from rnateri missr2tsmenL whether due to fraud or error. In preparing the financial statements, the Chapter is responsible for assessing the Cithedrzl and the group's abilry to continue as a yping concern. disclosiw as applicable, matt¥s rtsd to going concern and using the going toncern ba515 of accountyng unless the Chapter elther intends to liqtsidate the Cathedral or to cease opelxuons, or have no rl$tiC attemarNe but to do so. Auditorfs responsibilities for the audit of the financial statements Our objecuves a to obtain reaSOnate assuran about whether the financial staterneThts as a whole are free from material tni$5ratemenL whether due to frauij or error. and to i55tJe an auditor's report that includes our opinson. Reasonable assurance is a high level of as5uTrnce but is not a guarantee that an audit coThdutted in aceortfjanee with ISAS IUKI will aayS detett a material misstatement when St exists. Misststements can arise fraud or error and are considered rnaterial if, individually or in the awerdte. they could reasonaY be expBcted to infjuence the ecoTromic deci510n5 of user5 t3keTh on tht basis ¢)f these financial 5ratements. Extent to with the oudrt wus capable of detecinz if£A0e5. Indudtng froud Irregularltses, includingfraud. are in5tance5 of fjon-compliance with laws and regulation5. We design procedures sn line with our respoftsibilives oudined abov& to ¢Jetett material mi55r2tements in respect of irrelaritIeS Including fravd. The extent to which our procedure5 are capable of detecting irregulartrles. includinz fraud is dthled below: We considered the nature of the charity's industry and fits control ertvtronment and wievrfed the eharitl$ docurnenTrtion of their polTcie5 and procedures relating to fr7ud and rompliance wlth laws and regulations. We ako quired of management about their own identsfication and assessment of the risk5 of irregularitie5. We obtaifted an understanding of the leral and regulatory framework that the charity operths In and Identsfied the key laws 2nd regulations that had a dlrecL effec£ on the determination of material amounts ané disclosu5 in the financ xt3tements. nClUdIng the LIK Chames Acr 2011 and rax leg"slat(on, and those that do not have a direct effett on the financiaj statements but compli2nEe whith may be fundarnental to the charity's thility to operaie or to avoid a material penaky. We dlsoJ5sed amonx the audst engagement team regarding the opportun¢tie5 and incentives that may exist within the OrpniOn for hud and how and Whe fraud might occur in the financial statements. In comrnon with all audits under ISAS IUKI. we are also required to perforni specific procedures to wptsnd to the risk of management override. Ill addre55ing the risk of frnud through management overrfjde of contrds we tested the approprriatene5s OF journal entries and other adjustmeDts-, a5se5sed whether the judgments made in accountlnl e$timates are indicative of a potentyal bia5,' and evaluated the business rationale of any significant trdn5actions that are unusual or outside the normal course of business. 17
HEREFORD CATHEDRAL INDEPENDENT AUDITORIS REPORTTO THE MEMBERS OF THE CATHEDRAL CHAPTER OF HEREFORD FOR THEYEAR ENDED 31 DECEMBER 2024 {contlnued) In a¢Jdition to the above, our procedures to respgnd to the risks Identified included the follgwln reviewing financial 5tatemeTrt disclosures by testing to SUPPOrtlng d¢xumentation to assess compliance with provisions ol relevant laws and regulation5 described as havlng a dlrert effect OTr the financial starements., perforniing analyu'cal procedure$ to Identify any unusual or unexpetted relatiornshlps that nuy indirdte risks ol material mi55t3tements due to fraud., enquiring of management concerniag attual and potenal l1tlgaon afid claims and instances of non- Complian w4th laws and regulations,. and reading minutes of meen85 of those charged wlth gtsvernance. Our audit procedure5 were designed to respond to risks of materlal mi5Statement in the financSal Mtements, recognising that the risk o* not detecting a materizl missrdtement due to fraud is higher than the Tr5k of not de¢etting one reSulng from error, as fraud May Involve delibernte concealwent by, for example, forgery1 misrepresentations or through Collusion. There are Inherent limitation$ in the audit procedltres performBd aThd the fvrther remoyed non- compliance with law5 and regulavons is from the events and transactiDTrs reflected in the finantial ststement5, the less likely we are to become aware of tL A further description of our re$pon$ibilitie5 for the audit of the financlal st&tements is located on the Flnancial Reporting Council's webslte at., re This description fomis part of our audltor's report. Use of our report This report is rnade 501ely to the Cathedral Chapter. a5 a body. Our audit work his been undenaken 50 thatwe might stste to rhe Chapter those matter5 we 3re requlred to state th them in an Auditorfs reptsn and for no other purpose. To the fvllest extent permit by l#w, we do not accepi or a55ume responsiblllty to anyone other than the Cathedrdl and the Cathedral Chapter as a body. for our audit worl for thls reporn or for rhe oplnions we have formed. 30.05.2025 Scott Lawrence FCA DChA (Senior Statutory Audltorl For and on beha¢F of Hazlewood5 LLP. Statutory Auditor. Chékenham
HEREFORD CATHEDRAL CONSOLIDATED STATEMEKf OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2024 Unrestrlrted R¢stricted Endowment Totsl Funds Funds Funds 2024 Totsl 1023 Note lThcome and endowm¢•ts from: DonanS and legacies Grants in stspport of rnission Charitable activstye5 Trading and fvndrrising InvesvnÈnts Other income 667.436 41,629 21997 676,734 294,022 163.012 591,849 334,684 100,Mo 1.359.285 1,121(516 376,313 361851 24,598 23.581 696,975 681.471 380,451 373.152 163,012 185.896 20,241 13.2519 73.130 Total 1,865.830 961.674 173.130 3.IJ)D.634 2.7q99B Expenditure on: Raisin8 funds Ministry Ctthedral and pretintrs upkeep Education arsd outreach Other 1.084.310 451,778 526.047 139,6S6 8,083 598,871 269.036 264 4.080 16,306 36.529 1.108.699 951557 1,087,178 890,956 795,083 1,075.036 139,920 104.146 4.080 3.900 Totsl 1201,791 880,334 51835 3,134,960 3,026,595 Net (expendsture)lineome before iainsl(10sses) (335,9611 81,340 120,295 1134.326} C177,597) Neig•ins listod invesDnenL% 65,8Q8 31913 300.712 399.433 99.115 Netgainsll105ses) oa inve$tmert property &BIO 384.999 391,809 1425,0001 Net (¢4¥enditureyÉncom 1263,3431 114.253 806,CQ6 656.916 1603,4821 Tran$lèrs betw¢en funds 223.787 151,6911 1171095} Net105se5 on revalu3woTh of tangible assets {10,ODOI 110.rxioi (40,0001 Net movemtttt In fuftdg 149,556 61561 633,911 646,916 (643,4821 Jrtds brought forlwdr 1233.334 484,480 7.07&571 9,794.3B5 10,437.867 Funds carried fon¥*rd 1183.T18 547.041 7.710,482 10,441,301 9,794,385 The xccompznyt'ng notes fonn Fart of the financial 511ternents. 19
HEREFORD CATHEDRAL CONSOLIDATED AND CHAPTER BALANCE SHEETS FOR THEYEAR ENDED 31 DECEMBER 2024 Consolldatrd Ch•pter Total 2024 Total Total 20Z4 Total 2023 Note Flxed assets Investm•nts Property Investments 4,670,iX)0 4.490.001 4,959,815 4,602.781 4,670.000 4,rf90. I 3,180.049 2.927,467 9.629,815 9.092.782 7,850.049 7,417.468 Tangiblè frxed •s$ets Property Other 400,000 4,019 410,000 5,516 4(KS.OQO 650 410,000 650 404.019 415,516 400.650 410,650 Total rued assets 10,033,834 9308,298 8,250.699 7,828,118 Current ayset5 Stocks Debtot¥ Cash S2.393 313.752 942,763 46,168 191,327 856,620 10 345,096 900,017 219.832 819,002 Totil ¢urrent assets 1,308,908 1,094,115 ,245.113 1,038.834 Cr•dltors: amounts due Mthln one year 1324,498) <250,234) f266,027) {190,171} ProvlIlos. amounts du• wlthln one year 12 1161,371} 1160,3251 (161.3711 {160,3251 Nèt current •sits 823,039 683.556 817,715 688.338 ProvlsStsn5: amounts due after one y•ar 12 1415,5721 {397,4691 1415,5721 (397,4691 Tts net usets 10.HI,301 9,794,385 ,652,842 8,118,987 Funds General De5ignafed property fund Tradlng 5ubsidrary Restrirted.. Chapter Restrirted.. Tomson'5 EndowmenL' Chapter EndDwment' Tom50n'$ 1147,872 2,155,659 24.452 74.978 11.454 2,697 545,547 482,958 1,494 1,522 5.934.972 5,405,393 1,775,510 1,671,178 2,147,871 2.155.658 24.452 74.978 17 15 15 16 545,547 482,958 5,934,972 5,405,393 10,441,301 9,794.385 8.652J42 8.118,9B7 The acetsmpanyitlg notes form part irfthe financial sratements. Approved and aL¢¢hori5ed for i55ue by the Chlptsr onZ7*yx<and 5Ygned on Its behalf by, The Vory R¢v¢tend Sarah Brown- D•an of Hertford 20
HEREFORD CATHEDRAL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Totsl funds Cash I1*$ from operating artivities (note 20) Net cash used in operaiin8 acvvsties (396,Q511 1732.176) Cash flrpws from investing a¢tivitie$ Renl ceIved Other invÈ5rmeni Incorr received Purchase of n&ble fixed asseES Purthase of invesunents Proceeds from sale of investment5 Proceeds from sale of investment properry 518,163 113,773 121,368 130,554 15,9891 (2.799,6111 1861.998 11,761,474) 1.791.732 220.¢)00 Net cash provided by investingaLtvitie5 482.194 308,320 Change in cash afhd cash equivalents in yèar 86.143 1423,856} Cash and cash equivalents at the bep'nning of the year 856.620 1.280.476 Cash and cash equiTrtlent5 at tha end of the year 941763 856,620 The accOmpanng note¥ forn part of the financkil ststernertts. 21
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnu?d) FOR THEYEAR ENDED 31 DECEMBER 2024 Prlnclpal Actounttslg polltles Basls of xcountlng The consolldated fin3nclil statements have been preparnd ID accordance with applicable accountinR stsndArds and the guidelines on Accounting and Repor¢in8 by the A5so¢lation of EDBlish Anglican Cathedrals ?nd pre5crfbed by the Church Commissionw5 under Settion 30 of the CathedraLs Mea5ur< 2021. The consolldaied financial statements have also been prepared in acccrdance with Accounting and Reporting by ch3ritlE5.' Statement of Kecommended Practice applKablÈ to charitie5 P?rIng their tnancial sratements In accordance with the Financial Reporti#g Standard applKabte In the UK and Republic ol Ireland IFRS 1021 (effective I linuary 20191- {ChèriS SORP IFRS 102}l. the FirM1Kl Rorting Strnrd applicable ITr the UK and Repubuc al Ireland IFRS 1021 and the CofflpaniesAtt 2006. The consolNlated fillancial 5taterrMts have been prÉparÈd undEr the hi5wrid cost accountin£ rtS exwtfor the Yuat)n ol investment assets which Irè Shown at fair value. Basls of preparation Herelord Cathednl mtets the definition ol a public benefit enlty wder FRS 102. Assets and Ikabllities ore Initialty reCOgned at historical cost or trancts0n unles5 otherwise stated in the rel¢Yant a¢couTh¢ing policy notes. Estlmates and ludgwn¢nts The princi1 arv4 ol e5MayOn and judgmeni having 3 material effect of these fTnJncial sta¢ernents relates to the Yaluation of pr¢perty. Going conc•rn The $te¥ents have been prepared on a going concern basis as the Chawr belie¥e that no materlll L+ncenairt&1 exlst in connection with the CathÈdrals abillty to opèrate lor the fL¥e5eeable future,The Chapter has tonsidered the level of lund$ held and the expected level ol incume for twelve monih$ from authori$ing these fir4ncial ststements.The budgetèd lrtcome afid exPdItre is suffieientwith the level of reseryes for ihe Charity tts be able to contit)ue a5 3 80in8 concern. Consolldated Iln¥Jnclal stst•mtnts The coogolldated fiN3ncial statements rela to thE Chapter Df Heref¢xd Caihedral l¢he parent undertaking), Hereford Cathedral Enterprise5 Limited and T¢msons ChJnty Isubsidièry unden¥b'ng51. separate audited financial statements ha¥e b2en filed with the Reiistrar of cpanieS Ind the Charity Commission in respect ol the su6sididries.All firiancial are made up to 31 December. The consoltdatèd finanoal statemerlts Include all tran53£wtTris.assets 2nd Iktybillties for whlth the Ch8Pter is responsible in Iw. They do not include rho accounts of youps that owe their fflain affiliation to anoiher b¢dy fior those that are informal gatherings of Cathedral members. Ftsnds Unrestricted lunds represent the funds of the Chapter that are not $ubj¥t to Iny restrictvJns regardlng their use and are available fcr appll¢ation on the 8en¢rnl purposes of the Ch3pi¢rand Hereford Cathedrdl Enterprise5 Limited.Fursds dèsl8n&ted lor a partycuTar purpose by the Chapter are al30 urbre5tricted. Restricted funds are subjert (0 4)ecific co[00S laid dowll by the donors as to how they may bt u%ed.The5e are ltsced i note I S to the flnancial statements. End¢thfflert ld5 are capiEal donation5 whlch hwe been Iderrified by thè dtsnori as elther perManrt or expendAble,Th•5e are Ibted on note 16 to the accounfs. Thlrd party and non<ash receipts and payments and donAted assets Ind servic*$ Where amottnts are payable on behalf of the Chapr8r by third parttes, for example the Cbwch Commissioners, these are di5clo$ed uTrder both incorne and expendiwrt.Where assets ind servlces are donated to the Ch4pter the value is Included in the appropriate classification of income and expenditure. 22
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (contlnutd) FQRTHEYEAR ENDED 31 DECEMBER 2024 Princip accounting poli¢i¢s (contlnued) Taurion Income 15 Shown ner dvalue addÈd tax.InputUeadded tsx is reclaimable on apÈrcentsg¢ basis 5ubjetttts partll exernptyoTr rules.All irrecoverdble value added tax Is Included und¥ the appr¢pria cla55rficatyon of ÈxpendiDJre.All recovenble incDmÈ tLX is included undtr the appropriate classificatson of income. Income and endowments rEceivable Collections and d¢)IOn$ art r2coETrised when recei¥ed by or on behalf of the Chapter. Grants and IEzacie5 to the Chapter are a£ccunted for a5 soon as the Chaptsr is nothed of rts entidementand the amount due prowded thai receipt is ¢on5idtrEd to be probab. Dfvidends and intér25t are accoted for wher5 rEceable. Tax recovÈr&le on income 15 recogntsed in the same aceouning year. l income i4 allo(aEed to ftleyarstfunds according to any rEMrfcDon5 placed Its tsse. Expenditu I WJre K8 accounted for on an accrua15 bisis and has been da%$ed under hÈadirg5 that awÈgate all costs reted to the rategory. Included within support costs are goYerThance co5 vlhith ire those costs 0Clad with rneetynK the consDtuti¢nal and stswtory requirernents ol the charity and include the audit fees and eosts linked w the strategic nsan4Ernent of the charity. Support Cosrs are alloratsd b8sed on the foll¢xviTrK rdtio5'. Cost of gETherdring Thd$ Ministry Cathedrdl aTrd preancts upkeep Education and outrEach 28% io% The t0(All0n of51gPDrt Costs 15 coti415renr wth pri¢x >vrs and in the cf Chapter rea50nAbiy refiects the proporJon of time and expen related to the dlffertnt areas of acttwty acro55 the Cathedral orywisaoon. Investments Irwestments are recognised Init at knr value whith is normalty the tr7n5aCtion price exduding transacyon c05ts. &*bsequentty they 3re measured at fair value vrith ¢hanges recoed in.net 8ain51 Ilosse$l Dn invesDnents" In thE 5tatemerst of financial actr¢ities rfthe shares are Public traded or thwr tsir value on othtrw55e be m&45ufE rbty.other inve5rments are mEaStsr at cost less Impairneryt Investment properties In accordance with 5EcDDn 16 of FRS102 (The Fmancial Reporunz Sondard applioble for England at¥d Wa1È51. InvestrReni properrie5 are rpgulady reviewed and revalued and not 5ubiert to a depredauon charge.The Cathedr41 Sth00l is valued the b351s Of its current use and the nature ol the lon%-term la5. The calnjlatyon ol open market ¥alue would not be representsve ¢1 the true worth of the buildinxs under their current usage. 23
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2024 PrOhc4p 4ctounting policles {contInU> Tan%lble Itx¢d as$•ts No deprèciation 1$ provided for the freehdd properties owrted by the Chapter 2nd caffied on the lance Sheer becau the ee•nornlc life cl the propertles Is judged to be ltsnxer than SO years and the Chaprer's policy is w malntain and repair the propertyes to ensure thatthey retaln thEirvalu¢ in sue Eo the chaprer.ln order to CLynplywith accountirig leyshtion.the Chapter ha5 CondUcd in ImpaiTrnent thiew.The Chapter con5ider5 that the net realisable ¥31ue of the propertles in the balance Sheet Is not les5 Ihin their carrn1 ¥alue and expects to hold the prop¥ties for more thaTr 50 yeaTS. Ir Is therelore the opinion of the Chapter th•t the asts are nct hnp3ired and there no Feqtsirement tts ¥dju5t the yue at whlch the propertes clrrled i the balan 5hegL Fixed assets of É2,OJO or more are recorded rt crJ# wlth Items below thls value written off an acwisition. 0epreci4ty¢n is calculated $0 3S to wrsre off the cost of a tsTrble fixed asse4 les5 its ¢smITed residual v4loE, over the usefill ¢conoml£ IWE of that as5e¢ as lollows'.- Rxwres and Equipment 4yea Stocks Su¥ck¥ are valued at the lower ol cost and net reallsable ¥alLE. Cost 15 computéd on a first in tr$t M basi& Net MILble WAIUE Is based on estlmated selling pritt less the e5tyfflated c05t of disP0581. The Charity operntes a dÉfird contrknutioth 5theFne. The a55ets of the $cherne are held indepen&ndy ol the Chapter. CDntributions charged to the profit and Ios5 account Is they be¢orne payable in accordante 1th the wles of the scheme. H*rits8e Bss•t5 and inventory The Chipter has conpiled an Invenrary of all thms consiOÉred to be of architÈetUraLarchaeolle1I.artisYC iTrd historfc intere ITr the PSe$S1On of the Cathedrnl ChurTh. In aceordance with theAcc¢)untlng and Reporting Re8u13tiL)n$ for En8lp5hAn8lican CathEdrats,Tho fdlue Is In the balance sheet to the Cathedral 45 it is an ina14enablÈ and histor bulkllftgfor which no reliable cost inforMaON orconventional ValuaOn basis ks gyallable. SimilArly,Tho value 1$ aTributed to item5 included in the inventory prepared under Sl 3111 of the C3re of Cathedrdls Me15ure 19YO a5 being of architettural, ar¢haeolo8ical, artlstic, or hi5¢0ric InEere$i in TrAew of the that It 1$ Impossible tt) provide a rellable measure of elrher their c05t or WdltsÈ. The Chapter aretharged wlth protÈtting and preserv4ng the inventory and to housethem ITh suiubty secure preT1115P5 in Hereferd and allow the pub15r apprq)riate access. havinK ryd both to thelr security ond to their age and condmon. Hwt4e assets are not routiAeW acquired or disposed of by the Charlty and there hawe b¢en no dlsposI4addiuons or translers of any suth items during the year, Ftrther Irrformation 1$ lin In Nore 19 to the acceunts. 24
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {¢¢)ntinued) FORTHEYEAR ENDED 31 DECEMBER 2024 Principal accounting pollcSe% (con¢inuod) Leasing Commitments Rentsls pa¥d under #peraung leas8$ are charged to the statement of thrAncial positton on a srrlsht.hnÈ ba5rs over the period of the Sease. DEbtors Trade and other debtor5 are recOlSed at the setdement amount due alter tsade dCOUnt offered. Prepaymersts are vatsJed ¥ the amount prepaid net of any trade dlscounts received. Cash at bank and in hand Cash at baDk and cash In hand includ25 cash and short terrn highly Iv4uid inVestmts wth a short rnatiriry ol three months or le5$ from the date of 3cquisityon or openlng of the deposit vrsirnilar accounL Creditors and provisions CdItorS and provlslon$ re reco8nised where the charity has a present obfwdtson resulting frDm a past BveTrtthatwill probably resul¢ in the trJn5fer of tunds to a third party and the amctjnt due to sede the obligation can be measured cr estimated reliknty- Creditors and provisions are norTn31fy recoznised at their sttdement amount after alItin£ lor anytrade discounts d4Je. Provision fop Chorist•T Sthool hes On the appoiThtmenE of a new chorister, Chapter makes a commitsnEnt to w a proportion of the 5choot fee5 for the thorI5ter to attend Hereford Cathedrt1 SchDoI whi15t thry sinx in the Cathedral choir, or until Year 8, whith ew 15 law.ThE full fuwre Cost of the commitment 15 recognised in the year thaithe c¢outt Is Issued to the <h0ri5trr y4rents and is Valued at the Current sthool fee rates and o¥r the period of the ccntracL Fitbartcial Éltstruments Cla$5ificLtion nancial 3ssers and financial liabilrles tre recognised whpn the (athedTrl b0M2 a pary to the corJtraLxual provisions of thE IT15trumenL Financi liabilities and e4uity insfJyments 3re classrfied accordtng to the substance of the contractual an3nzements enEered into. An equiv Insrrumwt is any that evidences a residual interest io the assets of the c2thedTrl after deduet4nK Retoznitiofi and mewrement I rinanci3I assets lbIllieS are Initity measured at tran5acritin price linduding transaction costsl,ex<eptlor those fmancial 05$ets Cla55th a5 at fair Wae through prDfiE or I0.which are inTralty tTrea5ured atfrair value (which is norm?lfy the tran5attion Pri excluding transaction costsl. unless the aTrangemeni conitiwtes a financing transact¢an. If an arrdngemEnt constitutes a finanong transacfSon,the finan081 asset or financial liabillty is rIsed at the pr8set)t value oftheluwre paents discounted 81 a fflarket rate ol interest for a Similar debt in5trurnEnL Fin3nc&il assets and IMbilitie5 are only offset In the bilance sheEt when. and onty when there ests 3 legalty enforblE right to set off tht recogned amounts and the cathedral inrends etther ro setrte on a net bas, or w reallse the assei and see the lbIlity simultsneou51y. Financial assets are derecogni5ed when and only when al the contrartud rihts to the th flow5 from the finarKrdl a55et expiwp or are settled.bl the c3thedr31 rran51ers to another pary sub5tsnually of the risks and rewards of ownership of the fin3ncL as¥e¢ Dr cl the cathedrnl. despite having retsined some. but not all, signrficant risks and ttwards of vrtnership, has translerred control of the asset to another party. Financia1 liabi1thÈ5 are dercoEned when the obl0 specrfied in the contrdet is diseharyed.cancelled or ey4irè5. 25
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {cot)tinued) FORTHEYEAR ENOED 31 DECEMBER 2024 1coMe and •ndowmenti- 2024 Donatlons and legacies 2024 Total Funds Unrnstrlcted Fund5 R•strirted Funds Endowment Fund5 Conlreti0n11 ¢tsllettions and giving Donatson5 Tgx recovernble under Grft Aid Income from The Friends of Hereford Cathra1 Mappa Mundi Trust Herefr>rd Cathedral Perpetual Tru$1 - Revenue grants Projett srnnts Legacies 159,468 121591 46,069 139.820 3,962 44,022 3,783 21,000 115,604 163.430 166,613 49.852 160.820 115.604 164.SOO 5,000 29,988 180,840 221.8B8 750 345,340 226,888 130,738 100,000 Total 667.436 591,849 loo,000 1,359,285 Gr4nt5 In support ¢rf m1551on Church Commissiothers gr311ts Other revenue and capital grants 334,684 334.684 41,629 41.629 Totsl 41.629 556,sn 376,313 Charltable activltle$ F#cilrcy and other fee5 22,997 1.601 24.598 Tfadin8 and fundraislng Charges to vlsiwrs Gr055 income of shopi and other atuvi¢S FUndr*Ing events Letting$ tsl Cathedrnl and other buildins5 194,291 386,381 27,335 68,n7 1,232 192.516 386,381 46,3H 68,727 19,009 Tot•1 676,734 20,241 696,975 Investment income Income frorn investment properv Income from other In¥estments 238,337 55.685 238.337 142,114 13,299 73,130 Totsl 294.022 13,299 73,130 380.451 Qther In¢om• Sundry 163.012 163,OlZ Total Incom¢ 1,865.830 961,674 173,130 3,000,634 26
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 Income and endowments- 2023 Oonations and lezaci•s 2023 Total Funds Llnrestrfrted Funds Re5trirted Funds Endowment Futtds Con2rerdtional Co1CtIOnS and wving Donatiotts Tax recoverable under Gift Aid Income from The Fri¢nd5 Qf Hereft)rd Cathedral Mappa Mundi Trust Hereford Cathedral Perpetual Trnst Revenue %rnnts - ProjErt grants Legac$ 151.473 107.098 39.547 B,800 2.259 20.418 3.204 21.000 317.718 153,732 127.526 42.751 29.800 317,718 164.750 5.000 28.163 180.826 345J76 5,000 99,943 71,780 Total 504.831 545.435 71.780 1.121046 Grants In 5UPPOrt of mission Church Commissioners grants Other revenue and capital grants 299,988 9.954 299,988 62,863 52.909 Total 51909 309,942 362,851 Chritble artivlties Facility and other faes 5.803 17.779 23.582 Trading ond fuvdrni5ing CharyÈ5 to 5or$ Gross income o15hop, and other actr4ities Fyndr4ising eyents Lettin%5 of Cathedral and other buildings 164.098 430,633 17.433 60,612 275 164,373 430,633 25,853 60,612 8,420 Ttstsl 671776 8,695 681.471 Investment Income Incorne from investment property Incornefrom other investrneTrts 221,3n 70.887 221,372 151,780 14.309 66.584 Total 291259 14,309 66,584 373,152 Other income Sundry 185,696 200 185,896 Total income 1.714,274 896.360 138,364 1748,998 27
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {continued} FOR THEYEAR ENDED JI DECEMBER 2024 EXpendItre 1024 1024 Totsl Fundi Unrertrlcted Fund5 R•strl¢¢•d Funds dowment Fund5 RiJlng funds Cost of facilities to visi¢or$ Gross cost of $hop, refecwry and other services Fundraising costs IDve5unen¢ propeny c05U Investment m#nagernent fe85 Support COSts 4,491 447,320 136,136 220,428 10,248 265,587 4.491 447.320 141452 220.428 28.341 265.667 6.216 1.787 80 16.306 Total 1,084,310 &083 16,306 1,108.699 Ministry Clergy stipend5 and worng expenses Cleoy housiftg c¢$ts Clergy &upport Costs Services and musi Support costs 1,970 30,013 21.600 265,956 132.239 144,803 146.773 30.013 25.486 742.740 142,166 3,886 440,255 9,927 36,529 451,778 598,871 36,529 1,087,178 Cathedral Pmcincts upkeep Major repairs ènd r¢storation Mainrenance and intenor upkeep Cathedral ir5urance Precincts security and yrdens upkeep Support costs 152,513 113,204 66,668 34,515 159,147 268.935 421.448 113.204 66,668 34,595 159.168 526.047 269.036 795,083 Education outreach Education•1 acrivitie5 Archive5 and library Charitable and other givin8 Support COStS 56.66S 18,536 56,66S 18,536 180 64.539 64.275 264 Totsl 139,656 264 I39.0 Oth•r Èxpgndltsjre Sundry 4.080 4,08D Total expendIre 1201.791 880,334 51835 3.134.960 28
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 ExpendlturÉ 21123 2023 Unr*strirted RèstYtt¢ed Fund¥ Fundj Endowment Fund5 Rai54ng fund$ Cost of facilities to visFtors Gr05S Cost of shop, refertory and other sleeS FundraisiTrg co5r5 Inve5trner¥t property costs Inve5trnent management fees Support COSIS 3,887 SJ2.188 48.300 100,004 4.067 240.147 130 4,017 532,188 49.743 100.004 21,225 245.380 1,443 i.n6 5,233 15.432 Total 928,593 8,532 15,432 951557 Ministry Clerw stipends and workn.ng expenses Clerzy housing costs Clergy support tOSts Seryices and music Support ¢o$rs 554 25,081 19,630 161153 13ZO81 113.168 113,n2 25.081 19,630 597.564 134,9S9 388,155 1878 46,986 339,859 504.201 46.896 890,956 Cathedral and precincts upkeep Major r¢p4irs and restoration Maintenance 2nd interior upkeep Cathedral Insurance Precincts security and gardens upk¢ep support Costs 520,972 155.532 61498 24,535 168,103 137,371 1,642 6S8,343 157,174 62.498 25,255 171.766 720 3,663 931.640 143,396 1,075.036 Education and OtreaCh Educational attivityes Arehive5 and library Charitable and other gNing Support costs 41.590 114.22n 41.590 195 14.422 60.037 1,308 61.345 Total 88.416 15,730 104.146 Other expendrture &Jndry 3,9ao 3,900 Totat expendlture 1288.508 675,759 61328 3.026.595 29
HEREFORLI CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 Expendltur• (COntued> Ttstal Funds 2024 Tot41 Funds 2023 Éxpenditure includ¢s: Auditors remunerdtion for.. Audit of the Cathedral Other serYlces18ubsidiary audk and taxation) 16.250 7.850 15,500 7,500 24.100 23,OOQ Staff cort% SaL?es and $tipend5 Social security cosr5 Pensitrn$ costs 1.238,722 1.093,196 95.759 79,148 97,459 1,445,895 1,268,B03 No ¢mplDyee earned more than £60.ofpJ kn the cutTent or prior >par. Re5tyirted ILtnd salary cow include the $alarie5 of the der£y member5 ol the Adminlstrativè ChoNtr.Th¢se are p31d by the Church Commis510ner5. The salaries are In-IEcordance with stales laid down by Church Comm$[9Ders, the Arthbishop$' Coundl and the Church d England Pettsiws èoard. Dwing the ar, 312023.. 31 rnembers of the Chaptrr received reimbursements d Èxparyses to¢llini £3,88912023-. £S541, relIn¥ to mlleaze and cLr$e$. The aver4e weekly nbbr of pild staff of all the gntitiB5 included In thÉ Con$¢lited attounts ¥va$ as folws.. 2024 2023 Numbers •rnployed Clergy Administration,verger5.5ecurtty and cleaners 'uryy and choir Library Education Lay clerks 20 Totsl Cathedral employees HerEford Cathedral Enterprlse$ Ltd 40 22 36 2Q 62 56 The totsl lull time equivalepr sraff ¥v* 4412023.. 421. During the year Cnll {2023.. £nill paid in respect of rmn2c payments. The remuntration of the members of the Chapter durin8 the year as follow Stipehdlsalary Appr•ntlt•$hip levy 2024 Social curity P•n$ion tontributlon$ Ttstll 2024 2024 2024 2024 Precentor IA fiperl Chancellor Q Pawl Dean IS BrowThl 34,498 35,475 41,751 147 162 205 2.789 3,207 4,436 6.BlO 6.810 8,511 44,244 45,654 54.90S 11 l.T24 514 10.432 21133 144,803 30
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2021 Expenditur• {¢ontinued) Stipendlsalary ApprÈntite$hip leyr 1023 Social security Pension ntributions Toul 1023 2023 2023 1023 Precentor IA Piper) Ch3ncelbr IJ Paceyl DaATr IS Brown) 31619 14.251 39,477 134 50 169 1455 753 3.396 7,127 3.828 42.335 18,882 86.347 353 6.604 19.864 Volunteers Over 3C(2013.. over 3QO} voluateers oftr time Talr ru the ChaptEr in numerous capacities in varying degrees. Support COSL5- 2024 2024 Totat Fund5 Unrewicted Funds RestrittÈd Endowrnont Funds Funds Ral4ng fut)ds 40% MInrry 22% thedr31 and Precincts upkeep 28% Education and outreach I 165.587 132,239 159.147 64.275 265A67 142,166 159.168 64,539 9.927 264 621.248 10,292 631.540 Support costs- 2023 2013 Total Funds Unrestricted Funds Rtstrirted Endowment Funds Funds R3iwng funds 40% Miryisiry 22% Cathedrdl and Precincts upkeep 28% Edtjouon and outrwh 10% 240.147 132,081 168.103 60,037 S3 2078 3.663 1,308 245,380 134.959 171.766 61,345 600.368 13.082 613,450 Fixed Assets 2024 Tor41 Funds 2023 Total Fund5 Con501idated and Chapter. InvJtmerbt PrnpErty Valuation At I january RevaluatioTrs Disposals 4,+90,1 399,999 (220,0001 4,915,001 1425.0001 At 31 December 4.670,000 4.490,001 InvesEment properries have b&n vatued on an open market basis on 31 December 2024 by 8ruton Knowles LLP Chartered surveyor5.who are the propry advisors contracted ty the Cathedral. 31
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (rontinued) FORTHEYEAR ENDED 31 DECEMBER 2024 In¥eslm¢nty 2024 Totsl Funds Cort$olldated: L15ted investmet At I lanvary Additlon5 Disposals Gains 4,602.773 1,761.474 11,791,732} 398.393 At 31 D¥ember 2024 4,970.908 Clsh Investments at mark wdlue 31 December 4,959,815 Chapter: Llsted STWOStments At I january Additions Di$p05als Gains 2,927,460 1,246,327 11.226,3201 251379 At 31 December 2024 3,199.846 Cash 119,n7) InvestmeNts at market TrAlue 31 December 3,180,049 Nonllinvestment prtsp*rtr•s and Improvernents- Consolidated Chapter 2024 Total Funds At I laryuary Revaluation 410.000 11 0.0001 31 December 400.000 Non-investsnenr pmperty tomprises". 2024 St Ethelberi& Housewvsed by rnu5rc scholar$ 400.OOD 32
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 Tangible ftted ssts- other 2024 Total Fund5 Con501idated:Cost At l January Addiiions 27.897 At 31 December 27.897 DÈprecition Accumulaied at l January Charge for the year 21381 1.497 At 31 tkcember 13.878 Net book T4alue At 31 Decembèr 4,019 At I january 5.516 2024 Total Fund5 Chapter: Cost At I13nuary Additions 5,138 At 31 Decefflber 5.138 Depreriation Accumulated 2t I january Charge for the year 4,488 At 35 December 4.488 Net book vlue At 31 Oeeember 650 At I january 650 Sto¢k5- Con501idated 2024 Total Fund5 2023 To Funds Good5 for re5aie 51393 46.168 33
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 10. D¢btor5 • aMots falllng de withln one year 2024 Total Funds 2023 Total Funds Con$olldatpd: Trade debwrs Prepayment5 and acwed Income Other debtors The Hereford M)ppa MvndiTnJst Herelord CathedralAlm3hcuses 26279 210,339 36,709 23,063 15.362 38,407 121.980 19.539 313,752 1511,327 Chapter-. Trnde debtors Prepayments and acuued income Other debtor5 Hereford Cathedral Entetprw5 knmltÈd Totn50n% Charity The Hereford Mapp3 MundiTrust Hereford CathEdralAlmshDus 2£,¢)02 210.339 13,702 40.428 16.200 23,063 15,362 36.781 104.938 648 41,926 16.ODO 19,539 345,096 219.832 Credltops- am¢unts fallin¥ due within one year 2024 Total Funds 1023 Toral Funds Consolldate¢l. Trdde cre¢Jitors Other taxation iTrd social SeLWrity Other creditors uals and deferred it*ome 138,935 34.463 20,102 130,998 n.ioo 29,576 36528 112,030 324.498 250,234 Ch•ptsr: Trade ¢redttors Other %ax3ti(Jn and Soc1 Secur Other creditors Accruals ènd deferred Incorne 57,874 17,319 8,858 106,120 16,966 3.145 124.783 266,027 * DefeTred income relates to imounts reeÈW before the rend. in rehtlon to due to be hek4 after the yeBrken Movernents In defefftd Inccme during the year Iconsoliditsd Bnd Chapter) are as follows.. Delerred income brought f¢)ry4ard Amounts released in the year Amounts deferred in the YÈ 9.120 9,1201 386 IS51 8,789 Deferred in<ome carried forwvd 9,120 34
HEREFORD CATHEDRAL NOTE5 TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 310ECEMBER 2024 I I Provisitins Amountsfallin8 due within oney•ar. 2024 rorat Funds 2023 Total Funds Consolidated: Due withln one year 160,325 2024 Total Funds 2023 Tota Funds Chaptw. Due within Dne year 16Q.325 Amountslxlling after one year.. 2024 Total Fund5 2023 Totsl Funds Constslidated: Due between 2-5 years Due after S years 398.8B5 16,687 351784 44.68S 415.572 397.469 2024 Total Funds 2023 Totsl Fund5 Chapter. Due btheeth 2-5 Oue after 5 years 3518,885 16.687 351784 44.685 415,572 397,469 2024 1023 Total Funds To FLmds strnm of proS1Ol ConsrAldat•d and Ch3Pter. ProYi5ions at l January Addiuonal Pls1onS durifr4 the year Amounts luedrtedl I charxed durlnl the year 557,793 683,863 1126.0701 Provisions as at 31 December 576,943 S57,793 Provisions relate to the estimatsd fuwre obligxion ifi relatson to fÈe5 for the Cathedrdf5 thoristers, based upon contracts Sied between the Cathedr313nd these chorisrÈrs. The provision olculated on the ba515 that this contract will be frjlfilled ITh full.The expe¢red mI¥ of these fvwre payrnqnts d0$ above. 35
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2024 IJ. Subsldlarls rhe ltsllowing subsidrdries have been consolidated In the a¢counts of the Chapter of Hereford Cathedral. Hereford C&thEdral Enterprises Limited Is Inelvded unrestricted funds and Tomson'$ Charity is ineluded in trIcted lunds. A summary of the trading results is shown below. Accotsnts have be2n filed wlth relevant reKulJtory bodies, Hévalord Cathedral Enterprises LlmTr¢èd (¢ompony number 023J5994)- Th¢ Chapter own5 the whole ofthe issued Share capital of Hereford CathedrJl Enterpri$e5 Limited. a company incorporated In Englènd. Tho printlpal actiWdte5 01 tho Comwany are running an exhib[On di¥Jlaying the Mapp4 Mvndi and Chained LibrdryF a Shop and a cafe. ¢0 ift surpluses to the ChJp¢ee5 %eral fund. ts) Tom50ns Charity (charity number 218S73) - The Charity is e5tabli5hed to mainuin chorlsrerthlps at the Hereford Cathedral School In the Clty of Heretord for boys rexldent in the Diocese ol Hernford. The Trustee5 of the charity are the Chapter of Herelprd Clthednl. Hor•ford C4th¢dral EnterPriS Limited Tomson'$ Chmrity 1024 2023 2024 2023 Pront & I055ttlitnt of Iln•wbCtal xti¥&tl•* Turnoverllnwme ¥penrtiture 671986 1664,2291 581,339 IS81.2951 35.641 177,3551 43,9( (76,24 Net rE¥uIt before galnsl{Ioiy¢5) 8.757 43 132.3391 Inve5Ement gainslllossesl 146,014 52.923 Not prollt l surplu$l(doficlt) 8,757 43 104,300 20,$84 Note.. the Trxable profit ol Hereford Cathedral EnteTprises Lirnited is paydbk ts the Chapter under a Deed OICeant. No Suth payment is required th rospett of 2024 due to pre¥lou5 losses. Assets Llabllltlès lQ4,138 192,6841 gB,778 196.0811 ,799,419 122,4151 1,694,614 Funds 11.454 1697 1.777,004 1,672,704 36
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENT5 (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 Alated Entltles The followng ent[e$ are related to the CPApter of Hereford Cathedr4J. by a number of common trustees but their results are not consolidated in these accounts. (yl Hereford Mapp Mundi Trust Hereford Hereford Mappa Cathedral Mundi Perpetu Trust Trust Hereford Friends of hiends of Roger R¢)ger Cathedr41 Hereford Hera Mynors Mypors Perpu21 Trust mshouse Charw mshouse Char Cathedral Cathedr21 2024 2Q23 Fund 2024 hjnd 2023 2024 2023 2024 2023 2024 2023 Tot41 Income 253,831 243.523 9n.507 487.327 89.681 Is886 1.039 244.753 27021 Nrt (expÈndbbJre) I Income before gnl05$e9 324.177 198,35n 319,269 59.5ty1 157251 54.704 775 I,Q26 1337.3941 Donations to the Chapter 115,604 317.718 555,695 350,576 29.(0 29.800 150 Nd Incomè from th¢ Chapter 23,063 19.539 Nll 5.798.651 5.470,400 &711.182 6,128.690 781.170 826.lQ9 56,741 50,896 11,947,912 11,153.968 Net a55ets 5,767.885 5,443,708 6.670249 6.110.293 771269 819179 56.674 50.836 11,840,757 11,019,Q24 Amount owd to Chapter at the year end 16.2f 15.708 238 11031 Nil 15,362 Hereford Mappa MundiTrLt5t The trust operated for the benefit ol the care and ron5er¥arion of the M¥pa Munth and Chained knbr4ry, residual hjnds betng applied for the benefit of the Chapter.The funds are notunder the conTrol of the Ch3prer.The mlority of thè £aplul is held a$ permanent d0ment ind as such Can[t be SP)L Hereford Cathedral Perpetua1Tnt The trust Is i Charitable Company operating f¢r the bert of the Chapter but is not under its corrtrol.The accounts >Ear eThd 15 31 December.aThl it ha5 an unqualrfied audit reporL Friends of Hertford Cathedral The Friends of Hereford Cathedral operate for the beTrÈfit olthe ChaptÈr but are not under its coThtrol.The figures for 2021 a5 Set out abDve arE fnjm the drdftaccoyTrts. An independent exaD3ination fyres will be cortluded Roger or5 CathodraF Library Book Fund (Roger Mynors Fund) The fvnd operates hr the beneft of the CathedrAI Libnry but is not under its cDntrol.It 1$ separatety reystered with the Char Comrni55ion buL due to its size. Is ntx required ro its accourrts Externalty 5crutinised. Iv) Th• H•rnford Cath•dralAlmshouse Charity ofst KatheriThe and St Eth••rt (Ah)shouse Charlty) Thts Is an alrnshouse tharity thich retain5 its surplus.TheTrnK2Ès ol the tharity art alscTr metnber5 of the Ch3pter of HerEford Cathedrdl.The Chaptw as trusteE holds iidÈ to propeite5 recorded ifi the firHn£ial statements of the Chlty. Other re5ated parti•$ The Cathedral administer5 the Sinct3ir MemvrialTrusK an unregistered chanw gf Svhich the and Precentor of the Cathedrnl are Trustees. TheTNst is far the berteftt of irtdMdu*l <hori5ters ol the cath?d rather than the Cathedr31 itselL 37
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {continued) FORTHEYEAR ENDED 31 DECEMBER 2024 15. R•str1¢¢•d funds. 2014 Atl lanLb•ry 3D24 Exp•ndltur• Gthlng 1 losses Trsfer1 Atjl D•t•mbe 2024 Choral FoundEdort- oth Cholr Tour- other Volufjtary Choir Churth CammIs¢t - Stypends for Cler . Other Stipen Ubrary Mapp3 Mundl Tru5tee- Ilbrary Tornson's Charlty- chorthr fees 65,$38 7,342 1,057 2Q7,310 13,070 679 6.S19 103,264 2,061 2,914 1,178 144,803 192,335 4.408 115.&14 64frJO 1144,B031 12.0781 1190,2571 3,712 17B,2001 164.8001 215,93? 21,4eo 244.421 (37,4041 8,441 3,621 3B,639 0,558 3,000 8,441 3.621 35.433 11.770 Osbome M3ou$crlptConvyaJon knd DE3n'5 Fund Ralnbow Fund Clo$4 Fweci Nurwnberg-voluntsry Ch&r Organ REcIt31x Wedgbury Muslc Choristershlp- burwy Fund Booth Porth ProlECt Font projert Rower Fund IT projectl web51te Hcpf- E3Stern Range St Matthvw Passlon IHcpf) Shrlne boakler sh98e projett Orihestral Eu¢har15t GAiYlckThearre Plaque Nonh A1512 Roof Prolect Chordl & Orran Scholars nd 793 216 IB,0621 15$) S.744 17,262 459 10,975 205,795 1,283 5,943 14,0581 15,587) 39.412 8.921 14,9211 46,166 9,380 42,033 18.ml 1231.0861 14051 15,7821 1751 40,056 25,291 24.924 25.802 322 10, 4388 11,0001 9.000 20.535 200 17.7051 2.Y99 751 3.423 369 4,132 14701 12.6191 3,670 4.474 369 4,131 77,063 10.250 14.9671 71,780 Total Chw•r: 482,958 1,026.134 1876.2541 32,913 1120.2051 545,546 Tomson's Ch)rlty- Ihcorne fund Inr£r2roup 1,512 340 164,8001 168.8801 64,800 66,513 1,495 Totsl ConsolldtBd.. 484,480 961,674 1880,3341 32,913 151,6921 547,041 38
HEREFOIID CATHEDRAL NOTES TO THE FINAf4CIAL sfATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 1024 15. R•$trirtd fithdg- 2023 Atl January 2023 Incom• Ey4bgDdl¢ur• Guil0555 Tran5f•rs Atjl December 2023 Choral FoLmdatioTh- Dther ChairTwr- other Voluntsry Cho5r Church Commi%SKYffj - AdmlnSstradc . stiPd5 Ubrary Mappa Mundl Trustee 4ibrAry salartes Mapp3 mdI Trusree- thodst¥fees ung W¢Jrw Mu51C Osborne Manuscript Conversation Fund Rozer f4ynors Book5 D24n's Fund Ranbow Fund C105e Prolert Or83n RecItS edgbury Music Booth Porch ProleLt Fonr pr¢lett Frid$ of HerÈford Cathedr21 Rower Fund IT prqett I wthite De3n'5 Art Projett HCPT. Eè¢ern Rar Matrhew Passion (Hcvri Shr4ne boDWet &age projert Orchestral Euthanrt Garrick Theatre Hague Hereford cathed PrytU Tru5L- other Other projects 159.199 7,330 3,442 14.875 1377,8031 1.858 167.409 65.53B 7.342 1.057 (701 (1.3151 1113.16BI 195.617 5.341 1195.617) 210S35 190DI 963 215.939 6,971 8,Hl 317.718 1132.6S31 1192.0361 8.441 17.896 114.2751 3.621 150 37.426 10.227 Iini 144 437 38.839 10.558 28.533 8.698 30.292 16,479 14,944 251 la59 8,445 11,000 2,464 14.0651 P91 16.3601 39.412 8.921 25.191 24.924 14,4411 1.977 288 Z13 io.DJo 2,731 L099 3.076 4.187 369 10,000 8,388 2.7?? 751 3.423 369 13,472 IZ3251 (3.6951 1.931 180.826 1180.8261 4,132 4,132 Tot*1 Chapt•r. 575,351 89&182 1671,859 3 J77 1320,0931 482,958 Tcffl5ons Charity- income fun41 Inwgroup elirnlnatlon 1,074 13.9001 4.170 Total ConsolidAt•d: $76,425 896,360 1675,7591 3,377 484,480 39
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (coned) FOA THEYEAR ENDED 31 DECEMBER 2024 15. R05tr1cted lunds (contlnued) Restricted funds &re sublett to speclftc condition3 laid down by the donor5 as to how they may be used. Transfers between fund5 arise where actlvate5 have been sUPPOrted by monles Induded in other fvnds. Choral Foundation- The Choral Foundation is re$trlcted to expendltstrre ift support of the music and Siturgy and draws income from the Hereford Cathedral Perpetyal Trust, and miscellaneous private dOnaOnS. Tomson's Charity- The Charity exlsts to provlde InanCI support for choristers at Hereford Cathedral School. Only the Income from the capltal m*y be spenL Lrbrary Fund- Represents fvnds dontted to help cover the cost of the malntenance equipment specifically rel8tiTrg to the Library and knbrdry building. Organ Fund- Funds donated help tover the cott of the maintenance of the Cathedr21's organs. Recita15 are held each year to assisi wSth the specific fund raisin& Dean'5 Fund- The Dean's Fund drew it5 income from the Farninth•m Bequest, Di¥posal offund5 IS wholly withiTr the Dear4'$ wft and targely used LO fund aesthetlc prolect5 whlch would otherwise not materla115 Church Cornmission•rs- The Church Cornmissioners eover the Stypend5 of the Oean and re5identiary canons and an element to a5si3r with the Chapterfs chantel liabblity In the Diocese ind beyond lthe Chapter retaln chancel liability lor 37 churches). They also meet a proportion 111 5UPPQrt of Admtn15tration s•larle& The Close Project- Following the tompletyon of the aose ProSett In 2011 a retention was held dinst uncompleted remedTral work. Other proltcts- The other resrricred fvnd5 on the loregof'ng page relite to the named funded projects shown. 40
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS {¢ontinutd) FOR THEYEAR ENDED 31 DECEMBER 2024 ifj. Endowments- ConxTrlidated Chapter 2024 At l January 2024 ltttome Expondiiure Gainsliossas Transftrs Atjl Decemb•r 202 brdry Endovmjent Choristerthip.. permanent Choristership.. 2xpeTrdable Girk, Choir Pendable endowment Lady Chapel Other dOwMets Uornedy property) Wyeside CartDns Bakpyard No I Ca5de SL Nts 7 Fmrs Si No 77 East St No 4 Harley Court No 5 Hadey Court Ok4 Deanery FetTers St No 1-3 Other endowment fvnd$ 3.712 1926 (9391 15511 21,987 IQ354 201865 9161 71.836 41.205 105.&05 476 25,111 136,5291 I IQ281 IL657 1346,060 75,fl)O 50.wo 1,075.QOO S00.QOO 550,LbJO 985.Ih]O t,04) 8QQOO Ill357 15.0001 49,999 115.OODI 170,000 Ir 1.09QOC 33QOOD 370,WJ 985,QOO 870mO 875.C•JO Total Chapter. 5.40S.393 137A30 144,3601 539.697 1103.5831 5.934.971 Tomson's Charlty 1.671.178 35.3 (8.4751 146,014 168.5121 1.775.505 Consolldated 7.076571 173.130 ,711 Iin0951 7,710,482 Endowment funds are capital donation5 which have been identified by the donors a$ either permanent or expendable. 41
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2024 16. Endowments- Cgnsolidthd and Chapttr 2023 At l January 2023 Income Expenditur• Gainsllo$9•s Trdrtrfeps At31 D¢c•mber 20Z3 L¢brary Endowment ChortSLership'. perrnanent Chori5rershlp.' expeiidèble Girls. Choir expendable endow7nenr Lady Chapel Other endt)svments Ifomrly properyl Wyeside Cnon$ Bakeyard No I Castle St. No 7 Fer$ S( No 77 East St No 4 Harley Court ND 5 Harley Ctsurt No 3 Stl¢hn St Old De2nery Ferrer$ 5t No 1-3 179.055 141)04 4,$42 (8221 16531 3,583 145421 115811 71,836 2,739 344 13,590 71.836 41.2D5 65.362 14&.8961 1.221.402 80,OW 14251 113,590) 1,230.043 80.000 I,110,ooo 360,QQO 4CO,QOO I120.(} 13QOODI 13aOODI 1.0g0,QQO 330.000 370,QOO I,100,ooo %000 111S,OtrJl 190,OCQI 985,000 870,000 Total Ch4pt•r. %749,961 94,634 153,*11 1365,5061 119.7151 405,393 Tom50n's Charity 1,651,Q42 43,73 1&3471 S1923 160,1701 Consolidated 7.401,003 13&3 16132B) 1312.5831 187,B851 7,076.571 42
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL ¥fATEMENTS {¢ontinued) FORTHEYEAR ENDED 31 DECEMBER 2024 17. Vnrestrirted Funds- 2014 Income (Expendknrel Gain51 Ios5e5 Tm5fers 31 Detber 2024 2024 C¢nsotirJated 2,133.334 1,865.830 (2.201.791) 61618 123.787 2.183,718 2230.636 1.503251 11.847.969) 61618 213.787 2.171323 Unrstrieted Funds- 2023 I january 2023 Income (endItUre) Gain511055&4 Ttsnder% 31 Dectrnber 2023 Consdidargd 2.460.439 .714.274 (2.28BS081 IS&6791 403.808 2.233.334 Chapter 1457.782 ,132.939 11.707.213) 15&6791 403.808 2.230.637 Analysis of tonwlidated ntt assets between fi5nds- 2024 Unrestrlrt¢d Restricted Endoment Fund Funds Fund Not¢ FI¥ •$5Ets lrtvestmer Prop InvE5tsnEThts 560.000 .339.502 4.110.0 3.328.689 4.670,000 4.9S9,815 291.624 1.899.502 291,624 7.438.689 9.629.815 Tamybl• fixed assets Proper Other 400.000 4,019 4.019 404.019 1.019 Total 5Stts 1303.521 291,624 7.438.689 10.033,834 Currev4t as$¢ts stks Debtars Cash 51393 313.752 361,768 52.393 313,752 942.763 309202 271,793 Total curr•m¢ a$5e n7.913 309,202 271,793 1.30&108 creiEr due thIn one year 127117131 153,7651 1324.4981 PrD¥inI due thIn 12 Net currnnt asmts 295.819 255.417 271.793 823.039 Pro¥tslons due after one year 12 14155ni 1415.5ni Total n•t asstts 2.183.778 547.041 7.710.482 10.441.301 43
HERÉFORD CATHEDRAL NOTES TO ThE FINANCIAL STATEMENT5 (contInU) FOR THEYEAR ENDED 3 I DECEMBER 2024 18 Anatysis of consolld4t•d n•t $8¢$ b•tween lunds- 2023 Unr•stri¢ted Aeytricted Erbdowment Fund Funds Fund To¢41 2023 Note Fixod assets Investments Property Inve5trnMts 765,000 1,041,425 3,n5,001 3.230,482 4A90.001 4,601.781 330,874 I,B06.425 330074 4955.4B3 9,092,7fl Tanglblt Ilx¢d *81•ts Proper 410.000 5.516 410.1)JJ 5,516 115.516 Total nx•d a$$eti 1221,941 330A74 6,?55,483 9,50&298 Current a¥••ts Stocks D£btor5 Cash 46.168 46.168 191.327 856.620 581.926 153,606 121,088 Totll cknyrent 4si•ts 819.421 153.606 121,088 1.094.115 Credltors due thIn year IISO.2341 P50,2341 Prov151ons due wlthlnotsÈy¥r 12 1160,3251 1160.3251 Net CuTrt •5see4 408.862 153,606 121,088 683.556 Prov151ons due afrer one yeHr 1397,4691 1397,4691 Totsl net as¥rf1 1233.334 484,480 7,07&571 9,794.385 44
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continvgd) FOR THEYEAR ENDED 31 DECEMBER 2024 18 Anatysls of Chapter-only n•t assets betwèen fuftds- ItsZ4 Unrestrirted R¢strict•d Endowmwrt Funds Funds Funds Totsl 1024 Notè Fry¢d 4558ts Property Irwestrnet 560,MO 1.339,502 4,110,CI#J 1,548,923 4.670,OCQ 3.180.049 291.624 1.899.502 291,624 5.658, 7,850,049 Tanwble fixed assets Property Other 4(kl,fpJO 650 650 400,650 400,650 Total ftxtd assets 1300,152 291.624 5,658,923 8,250.699 Current a55Ets Debtor5 10 345,096 336.633 345,096 900.017 285,293 278.091 Total currert ats 681.n9 285,293 278.091 ,245,113 Credrtors due within one ye¥ (232,6151 131,3701 (2,0421 1266,027) Provision5 du2 within one year NEt current a55ets 287,743 253,923 276.049 817,715 Prov55ion5 dtse after one year 12 1415.5721 {415.5721 Total net a5W 1172.323 54&547 5.934.9n 8,651842 45
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 18 Analysts of Chwemnly net assets betw•en funds (cont4nued)- 2023 Unrestricted RÈstrltted Endowment Funds Funds Fund$ Totsl 2013 Not¢ Fixed assets Propeity Investments 765,OC<J 1,041.424 3,725,001 1,5SS,169 4.490,tyJI 2,927.467 330,874 IB06,424 330,874 5,280,170 7,417.468 TanEibl• tsed as*ets Property Other 410,0 650 410.000 650 410,650 410,650 Tot Ilxed assets 2.217,074 330A74 5,280,170 7A28.118 Current aysets Débtors Cash 219,832 541,695 219,832 819.002 152.084 12S223 Totsl ¢urrnnt a¥5ets 761,527 151094 125,223 1,038,834 Creditor5 due withln one year 1190,1711 ProYi8ions due within cffje ytar 12 1160,3251 1160,3251 N¢t ¢urrent assets 152,084 125,223 688.338 ProvlsKsns due after one year 12 1397,4691 1397,4691 Total net assets 2,230,636 482,95B S,405,393 8.118.987 46
HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (continued) FORTHEYEAR ENDED 31 DECEMBER 2024 19. Herltage Assèts not r8cognis•d on th• b4ln¢e sheet A5 detsiled ITh the accounting pOlke$, the Chapter and its ststutory inventory indudlng ere5 Consid to be of architectyjral, arChae0E1C&1, arristic or historic 11)tere5¢ are Thoi induded on the balan shee¢ hent4e assets art inwrod. There haye been no addIticS or disposa of heritage ets in the year. 1ftfDrr[iDn connectson Irfh the Cothedral and ts Gn¢thry bullthro5 ildittg work w35 begun on the Cathedr41 im aboLrt 1107 and cOnnued unol 1158. Thereafter thwe has been rÈgular rep&r and improvement wort% carried OUL The College ClorS were oriynauy private dwdling5 housing the vicars ChoTrl priests who sang i the Cathed Choir. The CIoi5ters date from 1475. The Cathedral and CIoi5t2r5 are excluded Irom the balance sheet as conventional v&uation approach Eack sufficienr rel1ab4lty.Th is in accordance wtth the QthÈdralAEcountyng RegUlaO5.The cathed is currentty insuftd for in ex¢esS 01 £3èm_ ReconcllStion of nrt inu)me to net cash oufflowfrom operatinx attlyityes 20Z4 Totsl Funds 2023 Total Funds Net expÈndlrure as p¥ the Sttementof Financk31 Acti¥e$ Adjusted for. Receipt of new end¢)wrnant Investrnent income Property and invesm)eThi man3¥ement Costs Deprecia¥¢Jn £harges Increase in sroc Ilntrea5elldEcrea5e in debtsys Increaselldecreasel in creditors and Pro51015 Movement in investment cash 1134.3261 (277,$971 1380,4511 148,515 1,497 16,2251 I122.4) 97,364 1373.1521 121,219 5.3SI 1169.9891 pi.rL61 Nt ush outhow from opertion5 1396,0511 (732.1761 21. Qbligation5 under operatin% leases Thé offv¥we minimum lease payments a5 follows.. 2024 2021 Con501idat¢d Conx>lidated and Chaptér and Chapter Amounts tjue in under one year Amounts due between 1-5 years 16.8QO 10,287 22,221 Total oblrxat10ts5 und¢r operatin8 leass 31.971 32,508 The amount recogn+sed as an expense dunng the year wa5 £11,3n (2023- £11,4261. 47