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 rela￿On 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¢U￿ve Member)
Lay member
Lay member (retired 31" October 2024}
Lay member
Lay member
Lay member (Finance lead- appoin*d 8° December 20241
Visitor.
The Ri￿t 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 He￿f0rd)
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
s￿nt 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 Refornia￿on. 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 eduCa￿0Th. 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-m￿Ing of the Chapter. The Cathedral also ?ttrdCts many tourists and pilgrims each year. whose need5
in terms of welcom¢ Pasto￿ care, exPla￿atIOn 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￿$. There is a preclou5 sense of joint ownership amon%th05e
who live in the vicinlty, and the Chapter and Cathedr31 comM￿nity are seen 85 guardians of rhi5 heritag&
The Cathedro1$ Measur• 2021 and rtgiStration as a charity
Following the wassing of the Cathedrals meas￿re 2021, the Con$t*tution, Statutes. SLructure and governan
arrangements of the Cathedral were reviewed 2nd revised, with public consultation. The new Consritution and Statsj￿S
were approved by the ChL4rch Commlssloners and came into force on I I july 2023, Ind on 25 Ottober 2023 the
Cathedrdl Wds registered as a charity by the Charity Commi55ion for En8land and Wales, with the registered charSty
number 1205397. It is now under the du31 oversSght of the Church ComnNssioner5 and the Charlty Commission,
Consolidated finan¢lal statements
The consolidated fiFRThcial ststements relate to the Chapter of Hereford Cathedral (the parent undertaking). Hereford
Cathedrdl Enterpr¢se5 Limited and Tomson's Charlw {subsidiary undertaklngsl. Separately audited financial 5tatemeDts
have been filed wth the Re￿strar of Companies and the Chartry Commlsslon in re$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 adMinisu7￿0Th 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 Ch￿r5 meeuw in the absence ofthe De3n. Each such appointment 15 for an In￿1￿ temi of three
years but may be renewed by the Bishofv w￿h the prior appro￿1 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. R￿st￿tiOn with the Charity Commlssion. which 15 the
joint regu5ator of the Cathedrdl alongside the Churth Commissioners. pro￿deS 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 ann￿￿lY 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 di￿lty 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$. knowledge and expertise.
Other Chapter Committee5
The Chapter may establish such other committees as it chinks fit and. subject to the Law and this cOn￿t￿￿On and the
Statutes, may delegate any of its [￿werS and discreuons to such £ommlt¢ees. Member5 Df each such commlttee shall
be such person or persons, having relevant experience and expertise. as the Chapter nuy from time to time appolnt.
The Chapter may at any urne disband any committee other than the NonNnawon$ 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 Sep￿Mber 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 eX￿nsive consultatior* bmth volunreers. Staff, congregation. fvnders other Stakeholders, the
Chapter published a f￿e-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 OU￿ardS 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
e￿Menicall 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 ME￿berS 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 ha￿ng to move Into
College Hall.
Advent carol Services in Hereford and the Guards, Chapel in London ro￿nded off the ecclesiasti￿ year, before
Chri5tm2s begn in earnest with the Donkey SErvic& a highlight for local schools and a roaring success welcoming
chIld￿n from lool schools. The Christingle family seNce was also packed. and the two FeSti￿S of Lessons and Caro15
Colltsnued to attratt capacity congreptions. The Midnitht Mass on Chri5tma5 Eye apin received SI￿lficant 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
Se￿Ce 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 e￿ht 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￿$1 and we are very grateful to them and EO our fvnders, irbcluding the Perpetual Trusl and the Friend5 who &'ve u5
grants wwards che choir. Wlth their help, Chapter has InsdDJted changes to fees support with ? flxed fees grant for
new chorister5 from 2024 and a new bursary scheme to 5UPPOrt parents of choristers which has been exter*51vely
used. Chapter will be seeking further support throu8h a music patron5 scheme in 2025 to support this tridition.
A mixed adult Cathedral Voluntsry Choir prowdes further opportunlues for members from across the dlocesa to
learn 2nd enjoy eachedral music, wlth w51ting cholrs from all p3rt5 of the UK and abroad profitlng from the opportunity
to lead worship at Hèreford when neither choir 15 in residence. A number of music highllghts took place during the
year iThclu&ing the Cathedrdl Cholr worklng wth the nationally acclaimed Fretwork viol con$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 N￿rThbe￿ the Choirfs performance of Bach's
Chr￿stMaS Oratorio in December, an orchestral eucharist IHaydyD'S Hell1￿nesse)
and a spec*al 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 We1k￿3￿ced 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
Incorpora￿On 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 contin￿eS 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$. we have sou8ht to develop the ongosng nurture of the [￿th life
of both the congre8ation and our newcomer5. The Lent lunch progrdmme was well attended. exploring Sam VVell5'
book A Cros5 in the Heart of God: a Challen￿n¥ and provocativetext that y¢elded some deep refiectyons un the nature
of the cross. We were delIgh￿d EO prepare sever3] carididates for baptisms of variotss ages, and toward5 the end of
the year. we trialled our first 'pub theolo￿, sesslon.. an Inform￿ gathering ￿tte￿ people could speak about issues
relaiing ro faith an(5 life Tn a relaxed settsng. It proved very 5llcces5fv1 and will be rolled out regularly for 2025. As part
of our deliberate effort fo share the Story of faith with those who not yet be acqUWn￿d li we were tho
delighEed to stage the first prodLkctyon of The Hereford Passion which played to two 5eJl out audien￿$ 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 Ch￿￿ed 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$ion. with increasing number5 returning. What has been parricularty pleasing his been how families are now
cr055ing over to attend different events and there is a sense of a growing tommunity.
The library and archives are thrTving, with a 44% increase fn wsits from the previous year. perhaps a result of the
introducoon of A-board outside the entrance. Interest in manu5criprs continued co ￿ s￿on￿ but there was also
an increase in borrowing and in archive consultatyon. A postal loan seryice was launched to expand the potsntyal reach
for the hlghly speciall$ed lendlng collecuon. The archlvsst a150 a5SiSted volunteers in developing new speci￿1St 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 P￿Serve 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 ven￿e 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 Char￿able
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 requ1￿ments 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 dOna￿On5 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 conti￿UeS 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 & Ch￿ned 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 gra￿f￿1 for the generous 5UPPOrt received from the congregation. donors and its funding partner5.
the Hereford Cathedral Perpe¢ual Trus¢ the He￿f0rd 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 $i￿1ficIAt irTPtt on the cathedral and wader
esrate. An instrument which is partiwlarly senSI￿Ve ro the extreme change5 in temperattjre is our historic PdtherWillTS
orgn which 1$ now in ￿￿e￿t 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 si￿5 of r4pid deterioration. Whilst some of these repairs can be covered by our
insurance policy, add￿O￿al 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¢)n￿tEats0n 0[He￿Ord 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 Challeng￿n8 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 He￿f0rd cathedr￿ Enterprises Ltd. and InveS￿ents
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 ass*ts OF
the group at the year*nd 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 ou￿each 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 fU￿d 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 AcCO￿Trts
de￿15 the resources available hdd as Resrrieted Funds. The Restric*d 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
pri￿ry 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, 8￿bling, pornography, hi￿ &ll￿reSt rdte lendin¥ and human embryonic cloning. In order to manage
investment risks. Chapter Invests in a mixed portfolio of a$5ets managed by the appoinred inVE5tment manager.
induding UK and oYer5eas equitse5. goVernrT￿*t and corporatr fixed income investments and a low proportion of
a￿ernative investments and cash.
OTHER ORGANISATIONAL RELATIONSHIPS
The notes to the accounts list our organisational relationships and their financial artimtyes for the yw. In pursuit of
its objettNes, the Chapter liaises WFth the appropriate ow¥4ni5auons to fvnd 5pecffic recurrent acDvlues or projects as
it feels appropriate.
HEREFORD CATHEDIIAL SCHOOL
Hereford Cathedral School 5$ 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$ respOnsi￿e for.
preparingand publi5hingan annual report and audired accolbnts which give a true and tslr vlew of the fiTrancial
acti￿tieS for eath financial year and of the 3S5ets. liabilities and funds at the end of each financi￿ year of the
othedral and its connecEed ent￿e5-,
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 ap￿YIng 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
2￿and 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 Sign￿l¢ant
accOun￿ng 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<el.
In our opinion, the financi21 statemenis:
ve a true And fair vlew of the state of the Cathedrdl's and the group's affair5 as at 31 December 2024 and
their net rngvement In fund5 for the year then ended,.
have been properly prepared In accordan￿ wrth UThTted Kingdom Generally Accepted Aceounting Prattice:
and
have been prepa￿d in accordance wlth the regulation5 specified by thE Church Commlssioners under the
powers ￿"ven to them by secotsn 30 of the Cathedra15 Mea$ure 2021.
Basis hr opinion
We condurted our audit in accordance with Internationat Standards on Audit*n8 {UKI {15As IUK}l applieable law.
Our wponslbilities under those 5tandard$ are further described in the Auditor's responsibilities for the audlt of the
financial statements secuoTh of our report. We are l￿dePendent of the 8roup in accorijance with the ethical
requirements rhac are relevantto aur audir of the financi31 statemenr5 In the UK, indudin8 the FRC'S Éthical Standard,
and we have fulfilled our other ethical re$pDnsibiliies in accordance with these requirements. We believe that the
audlt evidence we haye obtained is sufflcient and appropriate to provide a ba515 for our opinion.
Concluslon5 relating to going concern
ID auditing the financial statements, we have concluded that the Chapt*s use of the going concern ba$15 of xcounting
In the preparatlon of the financial statements is appropriate.
Based on the work we have performed. we have not iijentified any Materi￿ uncertalntie5 relating to ever>ts or
conditions that IndividLAlly or collectively, may cast significdfit doubt on the group's ability to cont6nue u a going
concern for a period of at le*5t tr4elve month5 from when the financial Statements are auihori$ed for issue.
Our re5ponslbilldes and the responsi￿lItIeS of the Chapter wlth respettto golng concern are desthbed In the relBvant
sections of thls report
Other informatlon
The Chapter are responslble for the other Information. The other information comprises the informatoon 5nduded In
the annual repor¢ tsther than the statemen(s and our autJitor'5 report thereon. Our opinion on the financlal
statement5 does not cover the other informauon and, excepr to the extent otherwise explicidy statrd In ovr reporL
we do not express any form of a55urance conclusion thereon.
In connertton with our audit ol the financrdl statements, our responslbllity is to read the other information and, In
doing so, consider whether the other informatyoTh 15 materially ir5con515teFit wlih the fina#eial statrments or our
knowledge obtained in the audit or otherwise appears to be materially mi$$tated. If we identify such material
Snconsi5tencie$ or apparent material MIS$ta￿rnents, we are required to detemine whether there Is a rThaterial
m15Statement in the financial statements or a material mi5$tatement of the other inlormation. ￿, based on the work
we have perforn)ed. we conclude that there 13 a material mlsrtatement of this other infomatior*. we are requSred to
reporr that lacL We have nothing 10 report in this re¥drd.
16

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 r￿a￿O[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 r*tsd 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
r￿l$tiC attemarNe but to do so.
Auditorfs responsibilities for the audit of the financial statements
Our objecuves a￿ to obtain reaSOnat￿e assuran￿ about whether the financial staterneThts as a whole are free from
material tni$5ratemenL whether due to frauij or error. and to i55tJe an auditor's report that includes our opinson.
Reasonable assurance is a high level of as5uTrnce but is not a guarantee that an audit coThdutted in aceortfjanee with
ISAS IUKI will a￿ayS detett a material misstatement when St exists. Misststements can arise fraud or error and
are considered rnaterial if, individually or in the awerdte. they could reasona￿Y be expBcted to infjuence the ecoTromic
deci510n5 of user5 t3keTh on tht basis ¢)f these financial 5ratements.
Extent to w*ith the oudrt wus capable of detecinz if￿£￿A0￿￿e5. Indudtng froud
Irregularltses, includingfraud. are in5tance5 of fjon-compliance with laws and regulation5. We design procedures sn line
with our respoftsibilives oudined abov& to ¢Jetett material mi55r2tements in respect of irre￿laritIeS Including fravd.
The extent to which our procedure5 are capable of detecting irregulartrles. includinz fraud is dthled below:
We considered the nature of the charity's industry and fits control ertvtronment and wievrfed the eharitl$
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 disclosu￿5 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
Orpni￿￿On 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 poten￿al l1tlga￿on afid claims and instances of non-
Complian￿ w4th laws and regulations,. and
reading minutes of mee￿n85 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 reSul￿ng 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:
Dona￿nS 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$ets
Property
Other
400,000
4,019
410,000
5,516
4(KS.OQO
650
410,000
650
404.019
415,516
400.650
410,650
Total rued assets
10,033,834 9308,298
8,250.699 7,828,118
Current ayset5
Stocks
Debtot¥
Cash
S2.393
313.752
942,763
46,168
191,327
856,620
10
345,096
900,017
219.832
819,002
Totil ¢urrent assets
1,308,908 1,094,115
,245.113 1,038.834
Cr•dltors: amounts due Mthln one year
1324,498) <250,234)
f266,027) {190,171}
ProvlIlo￿s. amounts du• wlthln one year
12
1161,371} 1160,3251
(161.3711 {160,3251
Nèt current •si*ts
823,039
683.556
817,715 688.338
ProvlsStsn5: amounts due after one y•ar
12
1415,5721 {397,4691
1415,5721 (397,4691
Tts*￿ net usets
10.HI,301 9,794,385
,652,842 8,118,987
Funds
General
De5ignafed property fund
Tradlng 5ubsidrary
Restrirted.. Chapter
Restrirted.. Tomson'5
EndowmenL' Chapter
EndDwment' Tom50n'$
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 accOmpan￿ng 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- {Chèri￿*S SORP IFRS 102}l. the FirM1K￿l R￿orting Strn￿rd
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£ r￿tS exwtfor the Y￿uat￿)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 reCOgn￿ed
at historical cost or tran￿cts0n unles5 otherwise stated in the rel¢Yant a¢couTh¢ing policy notes.
Estlmates and ludgwn¢nts
The princi￿1 arv4 ol e5￿MayOn 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 exP￿dIt￿re 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 c￿panieS 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 $ubj¥t to Iny restrictvJns regardlng their use and are
available fcr appll¢ation on the 8en¢rnl purposes of the Ch3pi¢rand Hereford Cathedrdl Enterprise5 Limited.Fursds dèsl8n&ted
lor a partycuTar purpose by the Chapter are al30 urbre5tricted.
Restricted funds are subjert (0 4)ecific co[￿*￿00S laid dowll by the donors as to how they may bt u%ed.The5e are ltsced i
note I S to the flnancial statements.
End¢thffler*t l￿d5 are capiEal donation5 whlch hwe been Iderrified by thè dtsnori as elther perMan￿rt or expendAble,Th•5e
are Ibted on note 16 to the accounfs.
Thlrd party and non<ash receipts and payments and donAted assets Ind servic*$
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.Input￿Ueadded 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¢)I￿On$ 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 acco￿ted for wher5 rEce￿able. 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 W￿￿Jre K8 accounted for on an accrua15 bisis and has been da%$￿ed under hÈadirg5 that awÈgate all costs re￿ted to
the rategory.
Included within support costs are goYerThance co￿5 vlhith ire those costs ￿0Cla￿d with rneetynK the consDtuti¢nal and
stswtory requirernents ol the charity and include the audit fees and eosts linked w the strategic nsan4Ernent of the charity.
Support Cosrs are alloratsd b8sed on the foll¢xviTrK rdtio5'.
Cost of gETherdring ￿Thd$
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 reco￿￿ed 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 r￿￿bty.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 la￿5. The calnjlatyon ol open market ¥alue would not be
represents￿ve ¢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 CondUc￿d in ImpaiTrnent thiew.The Chapter con5ider5 that the net realisable ¥31ue of the propertles in the balance Sheet
Is not les5 Ihin their carr￿n1 ¥alue and expects to hold the prop¥ties for more thaTr 50 yeaTS. Ir Is therelore the opinion of the
Chapter th•t the as*ts are nct hnp3ired and there ￿ no Feqtsirement tts ¥dju5t the y￿ue 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 $0 3S to wrsre off the cost of a tsTr￿ble fixed asse4 les5 its ¢s￿mITed residual v4loE, over the usefill
¢conoml£ IWE of that as5e¢ as lollows'.-
Rxwres and Equipment
4yea
Stocks
Su¥ck¥ are valued at the lower ol cost and net reallsable ¥alL*E. Cost 15 computéd on a first in tr$t M basi& Net MIL￿ble WAIUE
Is based on estlmated selling pritt less the e5tyfflated c05t of disP0581.
The Charity operntes a dÉfir*d contrknutioth 5theFne. The a55ets of the $cherne are held indepen&ndy ol the Chapter.
CDntributions charged to the profit and Ios5 account Is they be¢orne payable in accordante ￿1th the wles of the scheme.
H*rits8e Bss•t5 and inventory
The Chipter has conpiled an Invenrary of all thms consiOÉred to be of architÈetUraLarchaeol￿le1I.artisYC iTrd historfc intere
ITr the P￿Se$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 inforMa￿ON orconventional Valua￿On
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$ li￿n 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 srr*lsht.hnÈ ba5rs over the period of
the Sease.
DEbtors
Trade and other debtor5 are recO￿lSed at the setdement amount due alter tsade d￿COUnt 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 inVestm￿ts wth a short rnatiriry ol three months or
le5$ from the date of 3cquisityon or openlng of the deposit vrsirnilar accounL
Creditors and provisions
C￿dItorS 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 alIti￿n£ 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¢ou*tt 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$5ificLtion
nancial 3ssers and financial liabilrles tre recognised whpn the (athedTrl b￿0M2￿ a pary to the corJtraLxual provisions of thE
IT15trumenL Financi￿ liabilities and e4uity insfJyments 3re classrfied accordtng to the substance of the contractual an3nzements
enEered into. An equiv Insrrumwt is any that evidences a residual interest io the assets of the c2thedTrl after deduet4nK
Retoznitiofi and mewrement
I rinanci3I assets l￿bIllieS are Initi￿ty measured at tran5acritin price linduding transaction costsl,ex<eptlor those fmancial
05$ets Cla55th￿ a5 at fair Wa￿e 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 rI￿s￿ed at the pr8set)t value oftheluwre pa￿￿ents 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 e￿sts 3 legalty enfor￿blE right to
set off tht recogn￿ed amounts and the cathedral inrends etther ro setrte on a net ba*s, or w reallse the assei and se￿e the
l￿bIlity 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 der*coEn￿ed when the obl￿￿0￿ specrfied in the contrdet is
diseharyed.cancelled or ey4irè5.
25

HEREFORD CATHEDRAL
NOTES TO THE FINANCIAL STATEMENTS {cot)tinued)
FORTHEYEAR ENOED 31 DECEMBER 2024
1￿coMe and •ndowmenti- 2024
Donatlons and legacies
2024
Total
Funds
Unrnstrlcted
Fund5
R•strirted
Funds
Endowment
Fund5
Conlre￿ti0n11 ¢tsllettions and giving
Donatson5
Tgx recovernble under Grft Aid
Income from The Friends of Hereford Cath￿ra1
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 Co1￿CtIOnS 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
Ch*rit*ble artivlties
Facility and other faes
5.803
17.779
23.582
Trading ond fuvdrni5ing
CharyÈ5 to ￿5￿or$
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
EXpendIt￿re 1024
1024
Totsl
Fundi
Unrertrlcted
Fund5
R•strl¢¢•d
Funds
dowment
Fund5
R*iJlng funds
Cost of facilities to visi¢or$
Gross cost of $hop, refecwry and other services
Fundraising costs
IDve5unen¢ propeny c05U
Investment m#nagernent fe85
Support COSts
4,491
447,320
136,136
220,428
10,248
265,587
4.491
447.320
141452
220.428
28.341
265.667
6.216
1.787
80
16.306
Total
1,084,310
&083
16,306
1,108.699
Ministry
Clergy stipend5 and wor￿ng expenses
Cleoy housiftg c¢$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 ir*5urance
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 expendI￿re
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 s￿leeS
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 O￿treaCh
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• (COnt￿ued>
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$' Coundl and the
Church d England Pettsiws èoard.
Dwing the ￿ar, 312023.. 31 rnembers of the Chaptrr received reimbursements d Èxparyses to¢*llini £3,88912023-. £S541, relI￿n¥ to
mlleaze and cL￿r$e$.
The aver4e weekly n￿bb￿r of pild staff of all the gntitiB5 included In thÉ Con$¢li￿ted attounts ¥va$ as fol￿ws..
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 ￿rm￿n2￿c￿ 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 Tal*r￿ 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%
MIn￿rry 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
S￿3
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.
Inv*Jtmerbt 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$olldated:
L15ted investme￿t*
At I lanvary
Additlon5
Disposals
Gains
4,602.773
1,761.474
11,791,732}
398.393
At 31 D¥ember 2024
4,970.908
Clsh
Investments at mark* wdlue 31 December
4,959,815
Chapter:
Llsted STWOStments
At I january
Additions
Di$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 *ss*ts- other
2024
Total
Fund5
Con501idated:Cost
At l January
Addiiions
27.897
At 31 December
27.897
DÈpreci*tion
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 v*lue
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 • aMo￿ts falllng d￿e 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 Soc￿1 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 ￿r￿end. 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 pro￿S1O￿l
ConsrAldat•d and Ch3Pter.
ProYi5ions ￿ at l January
Addiuonal P￿ls1onS 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
Si￿ed 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 d￿￿0$￿￿ above.
35

HEREFORD CATHEDRAL
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THEYEAR ENDED 31 DECEMBER 2024
IJ. Subsldlarl*s
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$e5 Limited. a company incorporated In Englènd. Tho printlpal actiWdte5 01 tho
Comwany are running an exhib[￿On di¥Jlaying the Mapp4 Mvndi and Chained LibrdryF a Shop and a cafe. ¢0 ift surpluses to the
ChJp¢ee5 %￿eral fund.
ts)
Tom50n*s Charity (charity number 218S73) - The Charity is e5tabli5hed to mainuin chorlsrerthlps at the Hereford
Cathedral School In the Clty of Heretord for boys rexldent in the Diocese ol Hernford. The Trustee5 of the charity are the
Chapter of Herelprd Clthednl.
Hor•ford C4th¢dral
EnterPri￿S Limited
Tomson'$ Chmrity
1024
2023
2024
2023
Pront & I05￿5t￿t￿litnt 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 OIC￿e￿ant. 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
A*lated 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 He￿ra Mynors Mypors
Perp￿u21
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
Is8￿86
1.039
244.753
27021
Nrt
(expÈndbbJre)
I Income
before
g￿n￿l05$e9
324.177
198,35n
319,269
59.5ty1
157251
54.704
775
I,Q26
1337.3941
Donations to
the Chapter
115,604
317.718
555,695
350,576
29.(￿0
29.800
150
Nd
Incomè from
th¢ Chapter
23,063
19.539
Nll
5.798.651
5.470,400 &711.182 6,128.690
781.170
826.lQ9
56,741
50,896
11,947,912
11,153.968
Net a55ets
5,767.885 5,443,708 6.670249 6.110.293
771269
819179
56.674
50.836
11,840,757
11,019,Q24
Amount
ow*d to
Chapter at
the year end
16.2f
15.708
238
11031
Nil
15,362
Hereford Mappa MundiTrLt5t
The trust operated for the benefit ol the care and ron5er¥arion of the M¥pa Munth and Chained knbr4ry,￿￿ residual hjnds betng
applied for the benefit of the Chapter.The funds are notunder the conTrol of the Ch3prer.The mlority of thè £aplul is held a$
permanent ￿d0￿ment ind as such Can[￿t be SP￿)L
Hereford Cathedral Perpetua1Tn￿t
The trust Is i Charitable Company operating f¢r the ber￿t 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 Ch￿lty.
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
Tr￿sfer1
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,$38
7,342
1,057
2Q7,310
13,070
679
6.S19
103,264
2,061
2,914
1,178
144,803
192,335
4.408
115.&14
64frJO
1144,B031
12.0781
1190,2571
3,712
17B,2001
164.8001
215,93?
21,4eo
244.421
(37,4041
8,441
3,621
3B,639
0,558
3,000
8,441
3.621
35.433
11.770
Osbome M3ou$crlptConv*yaJon knd
DE3n'5 Fund
Ralnbow Fund
Clo$4 Fweci
Nurwnberg-voluntsry Ch&r
Organ REcIt31x
Wedgbury Muslc
Choristershlp- burwy Fund
Booth Porth ProlECt
Font projert
Rower Fund
IT projectl web51te
Hcpf- E3Stern Range
St Matthvw Passlon IHcpf)
Shrlne boakler
sh￿98e projett
Orihestral Eu¢har15t
GAiYlckThearre Plaque
Nonh A1512 Roof Prolect
Chordl & Orran Scholars ￿nd
793
216
IB,0621
15$)
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 Consolld*tBd..
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•$trirt*d fithdg- 2023
Atl
January
2023
Incom• Ey4bgDdl¢ur• Guil￿￿055￿5 Tran5f•rs
Atjl
December
2023
Choral FoLmdatioTh- Dther
ChairTwr- other
Voluntsry Cho5r
Church Commi%SKYffj
- AdmlnSstradc
. stiP￿d5
Ubrary
Mappa Mundl Trustee 4ibrAry salartes
Mapp3 m￿dI Trusree- thodst¥fees
ung
W¢Jrw Mu51C
Osborne Manuscript Conversation Fund
Rozer f4ynors Book5
D24n's Fund
Ra*nbow Fund
C105e Prolert
Or83n RecIt￿S
edgbury Music
Booth Porch ProleLt
Fonr pr¢lett
Fri￿d$ 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 (con￿￿￿ed)
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$trlcted to expendltstrre ift support of the music and
Siturgy and draws income from the Hereford Cathedral Perpetyal Trust, and miscellaneous private
dOna￿OnS.
Tomson's Charity- The Charity exlsts to provlde InanCI￿ support for choristers at Hereford
Cathedral School. Only the Income from the capltal m*y be spenL
Lrbrary Fund- Represents fvnds dontted to help cover the cost of the malntenance equipment
specifically rel8tiTrg to the Library and knbrdry building.
Organ Fund- Funds donated help tover the cott of the maintenance of the Cathedr21's organs. Recita15
are held each year to assisi wSth the specific fund raisin&
Dean'5 Fund- The Dean's Fund drew it5 income from the Farninth•m Bequest, Di¥posal offund5 IS
wholly withiTr the Dear4'$ 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 ￿dOwMe￿ts 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
I￿r
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$9•s Trdrtrfeps
At31
D¢c•mber
20Z3
L¢brary Endowment
ChortSLership'. perrnanent
Chori5rershlp.' expeiidèble
Girls. Choir expendable endow7nenr
Lady Chapel
Other endt)svments Ifom*rly properyl
Wyeside
C*non$ Bakeyard
No I Castle St. No 7 Fe￿r$ 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 Det￿ber
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
Unr*strieted 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 Endo*ment
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
st￿ks
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
cre￿iE￿r￿ due *￿thIn one year
127117131
153,7651
1324.4981
PrD¥￿i￿nI 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 Cu￿￿Trt •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 a￿ts
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• b4l*n¢e sheet
A5 detsiled ITh the accounting pOlk￿e$, the Chapter and its ststutory inventory indudlng ￿e￿re5 Consid￿￿ to be of
architectyjral, arChae0￿E1C&1, arristic or historic 11)tere5¢ are Thoi induded on the balan￿ shee¢ hent4e assets art
inwrod.
There haye been no addItic￿S or disposa￿ of heritage ￿ets in the year.
1ftfDrr[￿iDn ￿ connectson Irfh the Cothedral and ts Gn¢thry bullthro5
ildittg work w35 begun on the Cathedr41 im aboLrt 1107 and cOn￿nued unol 1158. Thereafter thwe has been rÈgular
rep&r and improvement wort% carried OUL
The College Clo￿￿rS were oriynauy private dwdling5 housing the vicars ChoTrl* priests who sang i* the Cathed
Choir. The CIoi5ters date from 1475.
The Cathedral and CIoi5t2r5 are excluded Irom the balance sheet as conventional v&uation approach Eack sufficienr
rel1ab4lty.Th￿ is in accordance wtth the QthÈdralAEcountyng RegUla￿O￿5.The cathed￿ is currentty insuftd for in ex¢esS
01 £3èm_
ReconcllS*tion of nrt inu)me to net cash oufflowfrom operatinx attlyityes
20Z4
Totsl
Funds
2023
Total
Funds
Net expÈndlrure as p¥ the St*tementof Financk31 Acti¥￿e$
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 Pro￿5101￿5
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
N*t ush outhow from oper*tion5
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 leas*s
31.971
32,508
The amount recogn+sed as an expense dunng the year wa5 £11,3n (2023- £11,4261.
47