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2025-12-31-accounts

Charity registration number 215663 (England and Wales)

THE FRIENDS OF HEREFORD CATHEDRAL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

THE FRIENDS OF HEREFORD CATHEDRAL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Wg Cmdr P J Hereford OBE
Dr B J Roderick
Mrs E Hillman
Mr D Owen
Mrs I Howlett
Mrs I Willmott
Very Rev'd S Brown
Mr P Griffiths
Mrs S Warner
Mr C Walker
Ms C Caldwell
Mrs G Jones (Appointed 14 June 2025)
Charity number (England and Wales) 215663
Principal address 5 College Cloisters
Cathedral Close
Hereford
Herefordshire
HR1 2NG
Independent examiner Hawkins Priday Ltd
5 Bridge Street
Hereford
HR4 9DF
Bankers Central Board of Finance of the Church of England
One Angel Lane
London
EC4R 3AB
Barclays Bank Plc
1/3 Broad Street
Hereford
HR4 9BH

THE FRIENDS OF HEREFORD CATHEDRAL

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Statement of financial position 8
Notes to the financial statements 9 - 17
Detailed statement of financial activities 18

THE FRIENDS OF HEREFORD CATHEDRAL

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities The Objects of the Charity

1) To encourage the community in general, and persons of the Diocese in particular, to interest themselves in Hereford Cathedral, its precincts, worship, music, history and education.

2) To maintain or assist in maintaining the fabric and furnishings of the Cathedral, and to supplement the resources of the Dean and Chapter available for such maintenance.

3) To undertake any such work as shall, in the opinion of the Trustees, improve and beautify the Cathedral, its precincts, worship, music and education, subject to the consent of the Dean and Chapter.

4) To receive subscriptions and donations and to raise funds for all or any of the objects of the Society and to expend them in such manner as the Society shall think fit.

5) To do all such things as are conclusive or ancillary to the carrying out of any of the Society's objects.

Aims of the Charity

To foster interest in the care and preservation of the Cathedral through the financing of particular projects and by involving members and others in activities arranged by the Friends in the diocese.

All our charitable activities are undertaken to further our charitable purposes for the public benefit.

Main objective for the year

The project to replace the paving of the Chapter House Garden was completed in year with the final payment of £12,014 being made; the overall cost of £131,820 coming in under budget by £16,180. This also absorbed the £90,000 project pledge set aside for Dean and Chapter to mark the 90th anniversary of The Friends. The annual Choral Grant was increased in year to £25,000 which together with several lesser grants brought the total to Dean and Chapter for 2025 to £44,326.

Charity's strategies

To maintain the investments of the Charity to provide adequate income to finance current and future projects.

Significant Activities

These are detailed in the 91st annual report to the members for 2024-25.

Public benefit

In drafting this report, the Trustees have complied with the duty in Section 4 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission. It does this by assisting in the work of the Cathedral (including worship, fabric, education).

Volunteers

All activities rely on the contribution of volunteers to take place. The volunteers are mainly the trustees but may also include other members of the charity.

THE FRIENDS OF HEREFORD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

By the nature of the Cathedral’s activities and the unpredictability of donations and legacies there is inevitably a variation in our financial and related achievements and performance year on year and 2025 followed the pattern for 2024 with our benefitting from legacies in excess of £80,000.

Our belief, that the careful husbandry of finances built up over the years should continue, was enhanced by the generosity of these legacies. These make a significant contribution to the long-term sustainability of the organisation and enable us to continue to offer assistance to Dean and Chapter in ensuring the long-term future of our Cathedral. The value of our investments remains steady at over half a million pounds, despite the stock market having a very bumpy ride during 2025 and continues to generate a comfortable additional annual income.

As stated previously, the Friends were able to assist the Dean and Chapter with grants of £44,326 during the year. This was principally through the Chapter House Garden Project and our annual commitment to the Choral Grant. In support of the outreach mission of the Dean and Chapter, the Friends matched the funding given to stage The Hereford Passion Play in 2024 by making a further grant of £6,000 to support The Hereford Nativity Play, both significant innovations to the annual programme of the Cathedral.

As well as providing financial support to the Cathedral, the Trustees arranged a number of events for members with a social and educational purpose. In addition to the residential pilgrimage to the Southwest, visiting Exeter and Wells Cathedrals, there was the usual excellent series of lectures laid on by the Events Team. The Friends’ Weekend Festival incorporating the Annual General Meeting in June took on its customary format with members coming from across the country and overseas. On the Friday members were entertained to a superb concert given by Paul Griffiths, Deputy Chairman of the Friends, sometime conductor from the Royal Opera House and his wife, Alison Martin, renowned harpist with the English National Opera. On the Saturday, the Lay Clerks gave their customary excellent choral concert of music both sacred and profane. A new initiative during the year was to offer free events/talks open to the public as a form of a ‘taster’ to attract new members. This form of recruitment has proved extremely successful with the Friends increasing membership by 104.

Control factors

By regular reporting to the Trustees the current financial position is adequately monitored.

Financial review

Results for the year

For the year ended 31 December 2025 net movement in funds amounted to £51,260 (2024: £(47,010)). Net assets amounted to £823,529 (2024: £772,269).

Details of the financial position of the Charity are set out in the following accounts.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Reserves Policy

At the balance sheet date the Charity held £823,529 (2024: £772,269) of unrestricted reserves. The Charity retains the level of resources to ensure that capital is adequate to provide income to meet its regular donations.

Free reserves amounting to £138,400 (2024: £82,955) enable the Charity to carry out its day to day activities. These were slightly more than we would have wished due to our expectation of paying the final instalment of the Chapter House Garden Project but for this to be slightly delayed.

THE FRIENDS OF HEREFORD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Principal Funding Sources and Investment Policy

The long-term aim is to follow a low-risk strategy consistent with protecting and enhancing the Charity's financial resources. Our investments are diversified as far as possible although during the year the Fixed Term Deposit with United Trust Bank matured and was reinvested in the Church of England Central Board of Finance (CBF). At the start of 2024, £90,000 had been set aside as a 90th Anniversary pledge to support a major project of the Dean and Chapter, and to cover this a further £100,000 had been invested in CBF Investment Fund Accumulation Units to be drawn upon when required. As it transpired, thanks to legacies, our funds in 2024/2025 proved sufficient to cover the pledge when called upon by Dean & Chapter without breaking into that investment which is now carried forward against whatever project may be identified in the future. It is the intention of the Trustees to set aside £250,000 to be pledged to Dean and Chapter for a future project to mark the centenary of The Friends organisation in 2032. Our core investments are in a range of stocks and shares funds held with the CBF and administered by the investment managers CCLA (Churches, Charities and Local Authorities). The advantage of this form of investment is a higher rate of return, but it is important to remember that these (Stock Exchange) investments are designed to last for at least 10-15 years, thereby giving the potential for long term capital growth as well as higher annual rates of return compared with cash deposits.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Future plans

It remains the policy of the Friends to continue its programme of careful financial husbandry in order to contribute to the work of the Cathedral, its precincts, fabric, worship, music, history and education. The Friends will continue to encourage wide participation in and support of the policy of the Dean and Chapter.

Structure, governance and management

The charity is controlled by its governing document which is registered with the Charity Commission and constitutes an unincorporated charity.

The Society was formed in the autumn of 1932, for the purpose of gathering round the Cathedral, in association with the Dean and Chapter, a body of supporters who were anxious to take some share in caring for it and preserving it for posterity. Regulations were revised in April 1949, amended January 1979 and June 2006 and revised further in June 2013. In 2018 the Council and the Executive Committee reviewed the constitution and governance and agreed on a rationalisation of the committee structure which will now have one committee to be known as the Board of Trustees. The constitutional amendments were carried nem. con. at a Special Meeting of the Friends, on 20 October 2018. The new Constitution came into effect immediately and the Charity Commission was informed of the changes. Finally, there were two minor administrative amendments to the Constitution implemented nem. con. at the Annual General Meeting on 11 September 2021.

The trustees who served during the year and up to the date of signature of the financial statements were: Wg Cmdr P J Hereford OBE

Dr B J Roderick Mrs E Hillman Mr D Owen Mrs I Howlett Mrs I Willmott Very Rev'd S Brown Mr P Griffiths Mrs S Warner Mr C Walker Ms C Caldwell Mrs G Jones (Appointed 14 June 2025)

Recruitment and appointment of new Trustees

Trustees are selected from those members of the Friends who are already closely involved in the work of the Friends and who participate in Cathedral and Diocesan activities.

THE FRIENDS OF HEREFORD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Organisational structure

The decision-making body of the Friends were until 20 October 2018 the Executive Committee and Council, but after that date, as stated above, there is a single body, the Board of Trustees, who have sole responsibility for the work and funds of the Friends.

The administration of the Friends is co-ordinated by the Secretary, with the Treasurer responsible for finances and accounts, the Events’ Secretary responsible for planning and arranging social events throughout the year, and the Membership Secretary for maintaining the membership records.

Charity Organisational Structure Presidents

The Rt Rev’d The Lord Bishop of Hereford The Lord Lieutenant of Herefordshire The Lord Lieutenant of Shropshire

Vice-Presidents

The Very Rev'd S Brown, Dean of Hereford

Honorary Vice-Presidents

The Very Rev'd M Tavinor Dean Emeritus of Hereford

Board of Trustees Officers

Chairman

Dr B J Roderick

Vice-Chairman

Mr P Griffiths

Hon. Treasurer

Wg Cdr P J Hereford OBE

Hon. Secretary

Mrs E Hillman (from June 2025)

Hon. Membership Secretary

Mrs E Hillman (until June 2025) Mr D Owen (from June 2025)

Hon. Events' Secretary

Mrs I Howlett

Catering Secretary

Mrs I Willmott

Elected Members

Mrs C Caldwell Mrs G Jones Mr C Walker Mrs S Warner

Induction and training of new trustees

The Trustees attend regular committee meetings and share in discussion and decision making at these meetings.

THE FRIENDS OF HEREFORD CATHEDRAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees' report was approved by the Board of Trustees.

Dr B J Roderick Trustee

Date: 26 March 2026

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 financial statements of The Friends of Hereford Cathedral (the charity) for the year ended 31 December 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mr Kelvin Paul Alexander FCCA Hawkins Priday Ltd Chartered Accountants 5 Bridge Street Hereford HR4 9DF

Dated: .........................

THE FRIENDS OF HEREFORD CATHEDRAL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Donations and legacies 2 86,906 48,957
Other trading activities 3 7,359 6,297
Investments 4 17,687 21,447
Publicity and events 14,395 12,980
Total income 126,347 89,681
Expenditure on:
Raising funds 5 5,558 4,328
Charitable activities 6 49,925 152,046
Other expenditure 10 418 877
Total expenditure 55,901 157,251
Net gains/(losses) on investments 11 (19,186) 20,560
Net income/(expenditure) and movement in funds 51,260 (47,010)
Reconciliation of funds:
Fund balances at 1 January 2025 772,269 819,279
Fund balances at 31 December 2025 823,529 772,269

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE FRIENDS OF HEREFORD CATHEDRAL

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

Notes
Fixed assets
Investments
12
Current assets
Trade and other receivables
13
Cash at bank and in hand
Current liabilities
14
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds
17		 2025
£
832
143,907
144,739
(6,339)		 £
685,129
138,400
823,529
823,529
823,529		 2024
£
3,119
88,737
91,856
(8,901)		 £
689,314
82,955
772,269
772,269
772,269

The financial statements were approved by the trustees on 26 March 2026.

.............................. Dr B J Roderick Trustee

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

The Friends of Hereford Cathedral is an unincorporated charity and its principal address is stated on the legal and administrative information page.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, with the exception of certain financial instruments which are included at their fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of its receipt.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Deferred income includes amounts received in respect of trips and events to be undertaken in the next financial year.

Subscriptions are accounted for only when they are received. Life members' subscriptions are taken into the income and expenditure account in ten equal instalments commencing in the year of receipt.

Investment income has been included on the date payable and bank deposit interest has been included on the accruals basis.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.9 Taxation

The charity is exempt from corporation tax on its charitable activities.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 6,182 468
Legacies receivable 80,724 48,489
86,906 48,957
Legacies receivable
Ms M D Cooley 10,000 -
Mrs F V Norgrove - 29,417
Mr J W J Hyde - 1,000
Ms J Pillar - 13,072
Mrs W J Chase - 5,000
Mr A Young 2,500 -
Mr G B Bray 2,000 -
Miss B S Haughton 60,000 -
Dr R J Parish 5,224 -
Ms V Scarisbrick 1,000 -
80,724 48,489

3 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Membership subscriptions and sponsorships 7,359 6,297

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

3 Income from other trading activities

(Continued)

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 14,373 14,668
Interest receivable 3,314 6,779
17,687 21,447

5 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Fundraising and publicity
Staging fundraising events 5,558 4,328

6 Charitable activities

Annual report
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)		 2025
£
1,433
44,326
1,096
3,070
49,925		 2024
£
1,588
146,258
1,161
3,039
152,046

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Grants payable

Grants to Dean and Chapter of Hereford Cathedral:
- Choral grant
- Gardens
- Toddler's group
- Flower Guild
- Nativity Play
- Educational Bursary
- Cafe Mundi chairs
- Chapter House garden
- Taylors' Exhibition
Donations to Churches		 2025
£
25,000
1,312
-
-
6,000
-
-
12,014
-
-
44,326		 2024
£
20,000
1,320
1,000
1,000
-
1,000
786
119,806
500
846
146,258

Commitments

A pledge of £250,000 has been committed to the painting of the Nave ceiling.

8 Support costs

Support costs
Printing and stationery
Postage
Accountancy & Independent Examiner's fees
Printing and stationery
Postage
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
435
-
661
-
-
1,974
-
435
-
661
1,096
3,070
1,096
3,070		 2025
£
435
661
1,974
435
661
4,166
4,166		 2024
£
474
687
1,878
474
687
4,200
4,200

Printing and stationery and postage have been allocated 50%:50% (2024: 50%:50%) between support costs and governance costs, which is considered an appropriate split according to usage.

Governance costs includes payments to the accountants of £624 (2024: £594) for independent examination fees.

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, but 3 of them were reimbursed a total of £1,891 expenses (2024: 5 were reimbursed £2,536).

Trustees' expenses

During the year the following Trustees were reimbursed the following expenses in relation to charitable expenses incurred on behalf of the Charity:

Nature of expenses

Nature of expenses
£
Mrs I Howett Event expenses 150
Mrs E M Hillman Postage 1,319
Dr B J Roderick Event & sundry expenses 422

10 Other expenditure

Unrestricted Total
funds
2025 2024
£
Financing costs 418 391
Other expenditure - 486
418 877
Gains and losses on investments
Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (19,144) 20,560
Sale of investments (42) -
(19,186) 20,560

11 Gains and losses on investments

12 Fixed asset investments

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Fixed asset investments (Continued)
Listed Cash or cash Total
investments equivalents
£ £
Cost or valuation
At 1 January 2025 604,314 85,000 689,314
Additions 204,297 - 204,297
Valuation changes (19,143) - (19,143)
Loss on disposal (42) - (42)
Disposals (104,297) (85,000) (189,297)
At 31 December 2025 685,129 - 685,129
Carrying amount
At 31 December 2025 685,129 - 685,129
At 31 December 2024 604,314 85,000 689,314
2025 2024
£ £
Investments at fair value comprise:
Investment Fund 283,884 191,758
Property Fund 39,616 38,781
UK Equity Fund - 104,339
Global Equity Fund 251,875 158,385
Investment Fund Accumulation 109,754 111,051
685,129 604,314

12 Fixed asset investments

Fixed asset investments revalued

All funds are held by the Central Board of Finance of Church of England and are valued as per the stock market at the year end.

The FTSE 100 at 31 December 2025 was 9931 (2024: 8173). Historical cost at 31 December 2025 was £512,242 (2024: £379,355).

13 Trade and other receivables

Trade and other receivables
2025 2024
Amounts falling due within one year: £ £
Other receivables 832 3,119

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Current liabilities

Notes
Deferred income
15
Other payables		 2025
£
4,365
1,974
6,339		 2024
£
7,007
1,894
8,901

15 Deferred income

Deferred income: Life membership
Deferred income: Trips		 2025
£
2,057
2,308
4,365		 2024
£
2,405
4,602
7,007

Deferred income is included in the financial statements as follows:

Deferred income
Life membership
Fundraising events and trips		 At 1 Jan
2025
£
2,405
4,602
7,007		 Released to
incoming
resources
£
(848)
(
4,602
)
(
5,450
)		 Deferred in
the year
£
500
2,308
2,808		 At 31 Dec
2025
£
2,057
2,308
4,365

Life membership subscriptions are released in ten equal instalments commencing in the year of receipt.

16 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January Incoming Resources Gains and At 31
2025 resources expended losses December
2025
£ £ £ £ £
General funds 772,269 126,347 (55,901) (19,186) 823,529

THE FRIENDS OF HEREFORD CATHEDRAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

17 Unrestricted funds (Continued)
Previous year: At 1 January Incoming Resources Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £
General funds 819,279 89,681 (157,251) 20,560 772,269

THE FRIENDS OF HEREFORD CATHEDRAL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Charitable activities
Subscriptions
Publicity and events
Investment income
Dividend income
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Events
Printing, stationery & postage
Annual report
Grants payable & donations
Governance
Accountancy
Printing, stationery & postage
Other expenditure
Total resources expended
Net gains/(losses) on investments
Net income/(expenditure)		 2025
£
6,182
80,724
7,359
14,395
14,373
3,314
126,347
5,558
1,096
1,433
44,326
1,974
1,096
418
55,901
(19,186)
51,260		 2024
£
468
48,489
6,297
12,980
14,668
6,779
89,681
4,328
1,161
1,588
146,258
1,878
1,161
877
157,251
20,560
(47,010)