Charlty reglstratlon numbfrr 215663 THE FRIENDS OF HEREFORD CATHEDRAL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE FRIENDS OF HEREFORD CATHEDRAL LEGAL AND ADMINISTRATNE INFORMATION Trustges Mr DA Barrat Dr T D Roderi¢k Wg Cmdr P J Hereford OBE Dr B J Roderit* Mrs E Hi11man Mr D Owen Mrs l Htrwlett Mrs G Semple Mrs I Wllmott Very Rev'd S v Mr P Griffith5 Mrs S Wamer {Appoinled 10 June 20231 Charity number 215863 Prlnclpal address S College c1$TS Hereford Herefordshi HR1 2NG Indèpandent examlnar Hawkins Priday Ltd 5 Bridge Streot Hereford HR4 9DF Bankers Central Board of Finance of the Church of England One Angel Lane London EC4R 3AB Barclays Bank Pl 113 Broad Street Hereford HR4 9BH United Trust Bank One Ropemaker Street London EC2Y 9AW
THE FRIENDS OF HEREFORD CATHEDRAL CONTENTS Pagè Tru¥lees' report Independent examinerfs repc Stslement of finanaal activities ststement of flnandal postbon Notes io the financAal stslemer 10-18 Detalled statement of financial activities 19
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trusleos present their annual port and ffinal statements for thé year ended 31 December 2023. The financial StatemlS have been prepared in accordance with the accounting policie8 sel out in note 1 to the rinancial slalements and comply with the charitys goveming document, the Charttles Act 2011 and 'Accountlng and Reporting by Charities.. Statement ol R8commended Practice applicable lo charthe5 pr8paring their acGDunts in accordance with the Financial Reportrng Standard applicable in the UK and RepU1C of Ireland IFRS 1021. {ag amendèd for aecounling periods commencing from 1 January 2016). Oblectlves and actlvitie3 Thè Objècts ofthe Charlty 11 To encourage the community in general, and persons of th8 Diocwae in parlcular. to interest thpmselves in Hereford Cathedral, ils precincts, worship, music, history 8nd education. 21 To maintain or assist in maintaining the fabric and fumlshings of the Cathedral, and to 8upplement the r&source8 of the Dean and Chapter available for 5uth maintenance. 3) To undèrtake any such Work as shall, in the opinion of the Trustses, Improve and beautify the Cathedral, f(8 precincts, worship, music and edUtKIn, subpd to the consent ofthe Dean and Chapter. 4} To receive subscrlptions and donations and to raise fvnd5 for all or any of the objects of the Society and to expend them in such manner as the Sooety shall think fit. 5) To do all such thlngs as are conduwve or arrillary to the carrylThJ out of any of the Society's objects. Alms of the Charlty To foster interest in the eafe and preservabon of the Cathedral through the financing of particular projects and by involving members and others in actiwties arranged by the Friènds in the di¢JrAse. All our charitable adwilies are undertaken to further our chaTitable purpose5 for the public beneffil. Maln objectlve for the yèar The pledge Of £90,000 given to Dean and Chapter lo mark the 90th Anniversary of the lomiation of lh8 Friends remains in reserva. The Dean and Chapter have yel to idenb'fy a suitable major project. The annual Choral Grant was increased and now stands at £20:000 being the most signfficanl part ofth@ nèarly £37,000 granted lo D8an and Chapter in 2023. That apart, the Fnends ntinUe to support varrous current and fvlure projects of the Dean and Chapter. Charlty's strategles To malntsin the investments of the Charity to provide adequatè income to finance current and future projects. SlgnlFIGant ActivEiles These are detsiled in the 90th annual report to the members for 2023-24. Publlc beneflt In drafting this report, tha Trustees have Complied wlh the duty in SedTon 4 of the Charities Act 2011. to have due regard lo public b?nefil guidance published by the Charity Commission. It does this by assisting in the work of the Cathedral {including worship, fabrK, education). Volunteers All acliwt'es rely on the eontribulion of volunteers to take place. The volunteers arè mainly thè trustee8 but may also include other members ol the charity.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevements and pgrfonnancè By Ihg nature of the Cathèdral's aclivitieg and the UnprediablIty of donations and lega88 there Is Inevltabty 8 variation in our financial and related achi8vements and performance year on year and 2023 followed that pattem. The Events Team were delighted to be back lo presenting a full programme of lectures and visits including the annual rasidential pilgrimage, this year led by our new Dean in her'old stamping ground. of Pelerborough. The most significant event in the Fnends ye8r, apart from the Annual Frignds weekend of course, was lo h05t the Annual Conference of Friends of Cathedrals, Abbeys and Major Church8s, a biennial fo¥um for discussion and networking amongst represenlalives of 811 the Friend organisalions throughwt the UK. It was a spectacular Success. generally acclaim by the delegate8 as the best ever. Our belief. that the careful husbandry of finances bu1 up over the years should continue, certsinly paid off, bolstered during the year by some substsntial prowsion made by deceased Friends in their wlls. Thegè make a significant contribution lo the lon*lerm suslainabilty ol the organlsalion and enables us lo continue to Dffer assistance lo Dean and Chapter in ensuring the long-temi ftrture of our Cathedral. The value of our investments remains steady al over haff a million pounds, dèspite the stock mathet having a very bumpy ride duftng 2023 and continues lo g•n8rate a comfortafAe add51ional annual income. As stsl8d previously the Frietmls were able to assist Ihe Dean and Chapter with grants of nearly £37,000 durlng the year. This was prinapally throL5gh the annual Choral Grant of £20,000. The pledge of £90,000 ID Dean and Chapter lo mark the 90th Anniversary ol the Friends, Sooety remains in reserve pending the Dean and Chapter Idenllfying a suitable proj8cI. A new departure for the Friends was lo support the outreach mission ol the Dean aThJ Ghapler. The exciting initiative of thè Chancellor to stage a Hereford Passion Play in 2024 attracted £6,000. Support was given to the children's mission and also a rsary lo enable thildren from the diocese to visit the Cathedral. Further support was given to the sterling team Df volunteer gardeners for maten'als to maintain lh8 Cloister, Ch8Ptw House and Canons, gardens, and lo the volunteer flower ladies who decorate the Cathedral IhroughoLrt the year. As well as providing finand81 support to the Cathedral. the Truslees arranged a series of events for members with 8 social and educational purpose. As well as the residèntial pilgrimage to Eastem Abbeys and Cathedrals led by th& Dean who, before coming lo Hereford. was Canon Missioner al Peterborough Cathedral, there was the usual excellent sèries ef lèctures laid on by th8 Ev&nts Team throughout the year. Th8 Friends, Weekend Festival incorporating the Annual General Meeting in June look on its customary fomial with members coming from far and near lo renew old acquatnlances and the Annual ConfeTen¢e of Friends of Cathedrals, Abbeys and Major Churthes in October, mentioned above, was a resounding success. Control factors By regular reporttng to the Trustees the eurrenl financial p0sOn is adequately monitored. Flnanclal review Rèsults for the year For the year ended 31 December 2023 net movement in fiJnd5 amounted to £158.81712D22.. £54,028). N81 assets amounted to £819:27912022'. £fjSO.4621. Details of the financial position of the Chanty are $81 oui in the foll¢)wing accounts. 11 is the policy of the charity that unrèstricted funds wthich have not been designated for a speufic use should be maintained al a level gqLJivalent to befven three and six month's expend(ture. The Iruslees consider that reserves al this level wll et)sure that. in the event of a gnthcant drop in funding, they will be able to continue the charity's ojrrenl adivities while Consideratiort is given tQ Wdys in which additi.onal hJnd5 may be raised. This level of reserves has beèn maintained throughout the year.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves Policy Al the balance sh881 dale the Charity held £819,279 {2022.' £660,462) of unrestricted reservos. Th6 Charity retains the level of resources to ensure that capital is adequate to provide income lo meet its regular donations. 01 this figure, £583,754 12022.. £529,118) is held in fixed asset investments and £85,000 (2Q22= £DI in cash deposits. These investments generate income lo be used in support of the Dean and Chaplgr. Free reserves amounlirkg ID £1 $0,525 (2022.. £131,344) enable the Charity lo carry out ils day to day activitses. These were excessive at year ènd due lo our recent rpt of a substantial lagacy and th8 Treasurer and Fin8nce CDmmittee are acb'vely pursuing a suitable fom of short term investment lor these funds. Prlnclpal Fundlng Sources and Investmènt Pollcy The long-lem aim is lo follow a low-risk strategy conslstenl Vrfith protecting and enh8rriny the Charity's financial resou5. Our investments are therefore diversified as far as possible. About one fifth of the finantès are ojstomarily held in cash deposits, of which around a quarter is with the Central Board of Finan ICBFI. Al the start of 2023 and in antiapalion of th8 setb.ng aside of £90,000 as a 901h Anniversary pledge to support a major project ol the Dean and Chapter, we invested a furthèr £100,000 in CBF Investment Fund Accumulation Units to be drawn upon when project is raalised withoui having lo touol our main core invesiments. These investments are in a range of stocks and shares funds held vKth the C8F and administered by the inv25tmenl marbagers CCLA (Churches, Charities and Local Authorib'esl. The advantage of this fom of investment is 8 higher rdle of rtlum. bul it is important lo rernember that these (Stock Exchangel investments are desgned lo last for at least 1 fv15 years, thereby giving the potèntial for long teThn PIl81 growth as wdl as higha annual rates of relLtrn thmparad with cash deposits. The Iruslees have assessed the major risks lo which the chaity is exposed. and are satisfied that systems are in place lo mitigate exp0re to the major risks. Plans for future perlods Future plan$ 11 rem8ins the policy of the Friends to continue its programme of careful financial husbandry in order to contribute lo the WOTk ol the Cathedral, its precincts, fabric, worship, music. history and education. The Friends will conts'nue to encourage wide participab'on in and support of the policy of the Dean and Chapter. StruGture, governance and management The charity is controlled by its governing document thich is registered th the Charity Commission and conslilules an unincorpomtsd tharity. The sOetY was formed over 90 years ago: in the autumn of 1932. for the purpose of gathering round the Cathedral, in association with the Dean and Chapter, a body ol supporters were 8nxiou5 to lake some share in caring for it and preserving il for posterity. Regulatsons were revised in April 1949, amendèd January 1979 and June 2006 and revised further Jun8 2013. In 2018 the Council and tho Executive Committee reviewed the CO[tilU110n and governance and agreed on a rab'onalisalion of the committee structure which will now hav8 one committee to be kno as the 3oaid of Trustees. The conslilutional amendments were carried nem. con. al a Special Meeting of the Friends, on 20 October 2018. The new Conststution came into effect immediately and the Charity Commission was informed of the changes. Finally, there were ty minor administrativè amendments lo the Constittjtion implemented nèm. con. 81 the Annual General Meetsng on 11 September 2021.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trusle8s who served during the ye8r and up lo the date of signature of the finanaal stalemenls were.. Mr D A Barrat Dr T D Roderid( Wg Cmdr P J Hereford 08E Dr B J Roderick Mrs E Hillman Mr D Owen Mrs l Hett Mrs N O'Byme Mrs G Semple Mrs I Willmott Very Rev'd S Brown Mr P Griffith$ Mrs S Wdrner (Resigneil 10 June 20231 (Appointed 10 June 20231 Rg¢ruStment and appolntment of new Trustees Trustees are selected from those members of the Friends who are already dosely involved In the work of the Friends and who parttcipale In Cathedral and Diocesan actiwties. Nominations for all the officers and Iruslee vacancies are reeeived prior lo the AGM and are th8n eleded by majorty during tha AGM. The Dean of Herèford, as apwnted by Her8foTtI Cathedral, is an ex-officao trusleg.
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Organl$at]onal structure The decision-making body of the Friends were until 20 Oclober 2018 the ExeeutNe Committee and Council, but 8ftèr that date, as staled above. there is a single body. the Board of Tnjstees. WI have sole responsibility for th8 work and fijnds of the Fnends. The administration of the Friands Is co-ordinated by the Secrelary. wth thg Treasurer responsible for finances and accounts, the Events, Secretary responsible for planning and arranging social events throughout thè yèar. and the Membership Secrelgry for malnlaining the membership record5. Charlty Oryanl$ational Structsre Prosidonts The Rl Rev'd The Lord Bishop of Hereford The Lord Lieutenant of Herafordshire The Lord Lieutenant of Shropshire Vlce-Presldants The Very Rev'd S Brown Dean of Hereford Honorary Vlco4residents The Very Rev'd M Tavinor Dean Emeritus of Hereford Mrs J Chaso MBE (deceased) 8oard of Trustees Offlcers Chalm)an Mr D A Barrat IC8thChalrnian Dr B J Rodèrick Hon. Troasurer Wg Cdr P J Herèford OBE Hon. Secretary Dr T D Roderick Hon. Membershlp Sècrétary Mrs E Hillman Hon. Events. Secretary Mrs l Howlett Caterlng Secretary Mr D Owen {unll June 2023} Mrs G Semple (from June 20231 Elocted Member5 Mrs N O'Bym8 (unknl June 2023} Mrs G Semple (until June 2023) Mr D Owen (from June 2023) Mrs I Willmott Mr P Griffrths hArs S Warner (from June 20231 Ex-offlclo Trustee The Very Rev'd S Br(Y•vn Dean of Her8ford
THE FRIENDS OF HEREFORD CATHEDRAL TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inductlon and tralnlng of new truStS The Trustees attend regular committee meetings and share in discussion and decision making at these meetings. The trustees. reFX)rt was approved by the Board of Trustees. Mr D A Barrat Trusteo Date..
THE FRIENDS OF HEREFORD CATHEDRAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FRIENDS OF HEREFORD CATHEDRAL I report to the trustees on my examination of the finan21 statements of The Friends of Hereford Cathedral (the charity) for the year ended 31 December 2023. Rosponslbllltlès and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in acGordarKe with the rèqulrements of the Charrbe$ Art 2011 (the 2011 Acti. I repprt in respect of my examination of the Charits financial statements carried OLrt under sertion 145 of the 2011 Act. In carwng out my examination I have followed all the applicable Direction5 given by the Charity Commis&on under section 14515llbl of the 2011 Act. Independent oxamlnevs ststemènt Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Rgporting by Charities preparing theii accourTts in acwrdance wth thè Finanal Reporting Standard applicable in the UK and Republic of Irèland IFRS 1Q21 in preference to the Accounling and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 whlch 1$ refgrred to in the 8Xtant r8gulatims but has now been wtthdrawn. l understsnd that this has been done in order for financial statements to provide a and fair view In accordance with Generally Accepled Accountsng Practice effeebve for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have com8 to my attention in 0]nn[lOn with Ihe examination giving me cause lo believe that in any ma18rial respect.. accounting records were not kept in respect of the chaty as required by secuon 130 ofth8 2011 Act,. or the financial statements do not accord wth those records., or the finenaal statements do not comply swth the applicablè requirements wrKeming tho fomi and conlenl of accounts sel out in the Charib'es {Accounts and Reports) Regulations 2008 olh8r than any requirement that the accounts give a true and fair view is not a matter nSIdered as part of an independ@nl examination. I have no C0M$ and have come across no other matters in nntiOn wrf(h thè examination to whlch attention should be drawn in this report in order to enable a proper understanding of the flnancial slalgments to be reached. Mr Kelvln Paul Alexander FCCA Hawkins Priday Ltd Chartered Cerb'fi8dAccounlants 5 Bridge Street Hereford HR4 9DF Dated..
THE FRIENDS OF HEREFORD CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Unrestrlcted funds fund$ 2023 2022 Notes Income from: Donations and legacies Other trading acbwties Investments Publicity evènts 112.568 6,398 19.264 20,656 117,462 6,782 14,243 43,601 Totsl Incomo 158,886 182,088 Exp¢ndlture on: Ra1slng funds Charitable aclivits'es Other expenditure 10,992 43,101 612 25,748 24,D11 876 10 Total expenditure 54,705 50,635 Net galnslllosses) on investments 11 54,636 177,4251 Net Income and mov&m8nt In funds 158,817 54,028 Reconclllatlon of funds: Fund balances at 1 January 2023 660,462 6Q6,434 Fund balances at 31 Decomber 2023 819.279 660,462 The slalemenl of financial activtties includes all gains and losses recognised in the year. Al ineome and expéndituré derive from continuing activitiès.
THE FRIENDS OF HEREFORD CATHEDRAL STATEMENT OF FINANCIAL POSITION AS AT31 DECEMBER 2023 2023 2022 Notes Flxed assèts Investments 12 668.754 529,118 Current assets Trade and other rec8ivables Cash at bank and in hand 13 3.613 153.742 5,000 136.734 157,355 6,830 141,734 10,390 Current IlablllOS 14 Nel current assets 150,525 131,344 Total assots IBS currènt Il*biltti•s 819,279 660.462 The funds oftho charfty Unrestricted lurÈds 819,279 66Q,462 819,279 660,462 The financlal statements were approved by th& trustees on .......... MrD Barral Trustfye
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos Charlty Informatlon The Friends of H&reford Cathedral is an unincorporated charity and its prfncip81 address is 5talod on the legal and adminislralive inlDrmalion page. 1.1 Accountlng convèntlon The financial statements have been prepared in accordance with the tharity's goveming document, the Charllies Act 2011 and 'Accounts'ng and Reporbng by Charities.. Statemènt of Recommendod Practice appliGable lo charibes preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}. las amended for accounting periods Mmenc1ng from 1 January 20161. The chanty is a Public Benefft Ents'ty as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Updats Bulletln 1 not lo prepare a Statsmenl of Cash Flows. The financial statements have dèparted from the Charitses IAceount5 and Reports) Regulation8 2008 only to the extent required lo provide a ttue and frair view. This departure has involved following the Statement of Remrnened Practi for charities applying FRS 102 rather than the version of th& Slatemerrt of Recommended Practice which is referred lo in the R8gulats"ons but whith has since b80n withdrawn. The finanoal statements are prepared in sterting. which is the fiJnctional currency of the charity. Monetsry amounts in th8$e financial statements are rounded to the nearest £. The financial statements have been prepared und8r historic81 cost convention. with the exceplDn of Gertain finanal instruments which are induded at their fair value. The wincipal accounting PDliaes adopted are sel out below. 1.2 Going concern At the lime of approving the finanal statements. the trustees have a reasonable expeclation that th8 charty has adequate resources to conh.nue in operational exi81ence for the foreseeable fvluro. Thus the IrLL51ees continue to adopt the going OXJnrn basi5 of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discnb'on ol the trusteès in furtheran of their charitable objectives. Restricted funds are subject to speafic condTb"ons by donor8 or grantors as to how they may be used. The puiposes and uses of the $trIcted funds are set out in Ihe notes to the financial stslem&nts. Endowment funds are subjeL* to specrfic nditIonS by donors that the capital must be malntained by the charity. 1.4 Incomg Income is recognised when the charity is legally enltued to It after any perf0mlar conditions have been met, the amount5 can be mèasured reliably, and rt is probable that irthme will be reived. Cash donations are recognised on receipt. other donations are recognised once the charity has been noliflèd of the donaliorÈ, unless performan condib"on5 iequire defetraj ol the amount. Income lax recoverable in relation lo donations reiVed under GiftAid or dèeds of eovenanl is recognised al the time of tts receipt. Legacies are r8cognis8d on receipt or OtheThse rf the tharity has been nolifled of an impending dislributior¢, the amount is known. arKI rept is expected. If th8 amount is not known. the legacy is Ireal8d as a corntingent asset. 10-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles (Contlnuadl Deferred income include8 amounts rec*ved in r8spect of trips and events lo bg und8rtaken in th8 txI financi81 year. Subscriptions are accounted for only when they are received. Lrfe members, subscriptions are taken into the Income and expenditure account in ten equal instalmènls commencing in the year of r8C8ipI. Investment income has been induded on the date payable and bank depost interest has been included on the accruals basis. 1.6 Expgndlture Liabilikn'es are recognised as expendjra as soon as there is 8 legal or construth.ve obligat1on cornmlttlng thè charity to that expenditure, it is probable that a trdnsfer of economic benefits will be required in setllement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the eategory. Whère costs cannot b$ directly attfibuted lo particular headings. they have beèn allocated to activities on a b8sis consl816nt with the use ol resources. Grants offered subject to conditions which have not been met al the year end dale are noted as 8 commitm6nl bul not accrued as expenditur8. 1.6 Non-current Investments Fixed asset investments are initially measured at transaction prFce exduding transaction costs. and are subsequentty measured al fair value at each reporting date. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalènts Cash and cash equivalents include cash in harKI, deposrts held al call with banks, other short-lerm liquid investments wrth original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings In cuNent liabilities. 1.8 Flnancial Instruments Tho charity has elected to apply the provisions of Section 11 'Ba&c Finanoal Instrum8nts' and Section 12 'Olher Finanual Inslruments185ues' of FRS 10210 all of its financial instruments. Firnancial instruments are recognised in the charitys balance sheet when the charity becomes paty to the eonlraclual provisions of the instrumenL Financial assets and liabilities are offset: wth the net amounts presented in the flnancial statements, when there Is a legally enforc£able right lo sel off the recognised amounts and thwe is an intention to settle on a net basis or lo realise the asset and settle the liabillty simuKaneously. Baslc financial assets Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measurad at transaction prfice induding transaction costs. Financial assets das8ifi8d 38 r8ceivab18 Within one year are not amDrtised. 11
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclos Icontlnuodl Basic financial liabilities Basic financial liabilities, including tradè and other payab$ and bank loans a initially r8cognised al transaction price unless the arrangement consltiutes a financirtg transaction. Finanaal liabilities classified as payabl8 wlhin one yèar are not amortised. Trade payables are obligat'ons lo pay for goods or services that have been acquired in the ordinary course ol opèrations from suppliers. Amounts payable are dassified as current liabilib'es rf payment is due within one year or less. 1.9 Taxatlon The Charty is exempl from corporation tsx on ils chantsble aGtiviti¢s. Donatlons and legacl8s Unrestrlctad Unrestricted funds funds 2023 2022 Donations and gifts Legaaes receN8ble 368 112.200 3,030 114,432 112.568 117,462 Logacles rgcglvable Mr C Atffield Mr R Backhouse Ms J Stsplelon Dr R Parish Mr L Chase Mr L Moss Mrs J Bishop Mrs J Piller Mr E Parf(er 2QO 9,182 250 100,000 5,000 2,000 20,000 80,000 10.000 112,200 114.432 As at 31 December 2D23, the charity had been notiffed of one residuary legacy the value of whlch Is uncertain as the executor is taklng steps to liquidate the assets in the estate., hLwRver it is expected to be approximately £30,000. As al the year end of 31 December 2023. no further information has b8en received and SD this legacy ha5 not been prowded for. 12-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from othortradlng actl¥ft188 Unrestrlct&d Unrnstrlcted funds funds 2023 2022 Membership subriptionS 6.398 6,782 Income from Investments Unrèstrl¢ted Unrestrl¢ted nds funds 2023 2022 Incomè frorn listed investments Intere81 receivable 14,2 4,974 14,143 100 19,264 14,243 Expendlture on ra151ng funds Unrestrlcted Unreslrlcted funds funds 2023 2022 Fundralslng and publlclty staging fundraising events 10,992 25,748 Charftabl& actlvitlès 2023 2022 Annual report 1.378 1,252 Grant fundlng of actswtie¥ {see note 71 37,953 18,857 Share ol SUPPDrt Costs (see note 8) Share ol governance costs (see note 81 994 2,776 1.102 2.8QO 43,101 24,011 13-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable 2023 2022 Grants lo Dean and Chapter of Hereford Cathedral.. Choral grant Gardens - Refreshments - Todd18r's group Flower Guild Paving in Chapter House gar(len Easter Passion Play Educational Bursary Donations t¢ Churthes 20.000 453 15,000 720 47 2,000 1,000 1,600 6,800 6,000 1,000 1.100 1.090 37,953 18,857 A pledge has been made of £90,000 to Hereford Cathedral for a major project to be agreed th the Oean and Chaptèr. Currently the project is awaf(ing agfeemenl Iiefore the grant is made. Support costs Support Governance c¢)sls costs 2023 2022 Printing and stationery Postage 390 390 604 5S9 533 Accountsncy & Independent Examin8rfs fees Printing and stationery Postage 1,782 390 1.782 390 604 1.698 569 533 994 2,778 3,770 3,902 Anatysed between Charitable actiwlies 994 2,778 3,770 3,902 Printing and stationery and postsge have t*en allocated 50%'.50Vo12022'. 50%.50Yol between 8UPPOrt Lt81s and governance costs, which is considered an appropriate split according lo) usage. G0Veman costs indudes payments lo thè accountants of £594 {2022.. £5661 for independenl examinallon fees. 14-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trusteos None of the trustees lor any persons connectad wrth them) re¢Ved any remuneration during the yèar, but 5 of them were reimbursed a total of £4,375 expenses {2022.' 6 were reimbursed £2.9991. Trustees. expenses During the year the following Trust8eS WOTe reimbursed tho following expenses in relation lo charrtabl6 expenses incurred on behalf of the Charity: Nature of expenses Mr D Barrat Dr B J Roderick Mr P J Hereford Dr T D Roderick Mrs E M Hillman Refreshments & event expenses Refreshments & event expenses Event expenses Event expenses Postage. stsb'onery & event expenses 1,540 922 145 10 Othgr frxpondlture Unrostrlctsd fvnds Total 2023 2022 Financing costs Other expenditure 312 300 336 540 812 876 11 Galns and Eoss•$ on Investments Unrestrlctèd Unr•$tricted funds fund8 2023 2022 Gainsluossesl ariwng on.. Revaluation of investments 54,636 177,4251 12 Flxed a5S8t Invgstsnents 15-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 FLxed asset Investments Icontlnuedl Llsted Cash or cash Investm&nts equlvalents Total Cost or valuatlon Al 1 January 2023 Additions Valuation changes 529,118 529,118 85,000 54,636 85,000 54,636 Al 31 December 2023 583,754 85,000 6S8,754 Carrylng amount Al 31 December 2023 583.754 85,000 868,754 At 31 December 2022 529,118 529,118 2023 2022 Inveglmenls al fair valu8 comprise.. Inveslrnent Fund Property Fund UK Equity Fund Global Equity Fund Investment Fund Accumulation 187,468 38,567 103,007 149,055 1C5,657 171,347 41,089 93,099 129,721 93,e62 583.754 529,118 Flxed asset investments revalued All funds are held by the Central Board of Flnance of Church of England and are valued as per the stock market al the year end. The FfsE 1 OQ al 31 De¢emb&r 2023 wa5 7733 (2022= 7452). Historical cost at 31 December 2023 was £379.35512022'. £379,355). 13 Trade and other recelvables 2023 2022 Amounts falllng due wlthln one year. other receivables 3,613 6,000 16-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Current Ilabllltles 2023 2022 Notss Defeed income Other payable8 15 5,048 1,782 8.692 1,698 6.830 10.390 15 Deferr8d Income 2023 2022 Defee income.. Lrfe membership Dafetred income.. Trips 3,242 1,806 4,040 4,652 5,048 8,692 D8ferred incom8 is indud8d in the finanoal statements as follow8: Released lo incoming resources At1Jan 2023 Deferred in the year At31 Dec 2023 Deferred income Lrfe mernbership FLJndr8ising events and trips 4.040 11,1981 400 3,242 Life membership subs¢yipt'ons are released in ten equal in5ts1ments commencing in the year of receipt. 16 Related party transactlons There were no disclosable rekted party transactions during the yeaf (2022- none). 17 Unrestricted funds The unreslri¢teé funds of the charity comprise Ihe unexpended balances of donations and grants which are not subjed ID specific condib'ons by donors and grantors as to how they may be used. These Indude designated funds whith have been set a&de out of unrestricted fvnds by the tnsl88s for speafic purposes. At 1 January 2023 Incomlng Resources expended Gain$ and 10ss0S At31 December 2023 General funds 660.462 158.886 154,7051 54,636 819,279 17-
THE FRIENDS OF HEREFORD CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 q7 Unrestrfctod funds IContlnued} Prevlous year. At 1 January 2022 Incomlng Rosourc resou0$ expendod Galns and losses At31 Docomb8r 2022 General fijnds 606.434 182.088 150,6351 177,4251 68Q,462 18-
THE FRIENDS OF HEREFORD CATHEDRAL DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DEGEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons and legaclgs Oonations Legacies 368 112,200 3,030 114,432 Charltable actlvltlgs Subscriptions Publioty and evantS 6.398 20,656 6,782 43.601 lrtvestment Income Dividend incom8 Deposit account interest 14,290 4,974 14,143 100 Total Incomlng rnsources 158,886 182.088 EXPENDITURE Charltsblè actlvltle$ Events Printing, stationery & postage Annual report Grants payable & donations 10,992 25,748 1,102 1,252 18,857 1,378 37,953 Govemanco Accountancy Prtnting, slalionery & postage 1,782 994 1,698 1,102 other expendlturè 612 876 Total resourcos expended 54,705 50,635 Net galnsl{los$esl on Inv8slments 54.636 177,4251 N•t Incomelloxp8ndltura) 158,817 54,028 19-