THE FIUENDS OF GUILDFORD CATHEDRAL (A CHARITABLE INCORPORATED ORGANISATION) TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 THE FRIENDS OF GUILDFORD CATHEDRAL coNrENrs Legal and Administration Infornlation Tr￿Stees, Report Independent Examiners Report to the Trustee5 of The Friends of Guildford CathedtaI Statement of Financial Activities Balance Sh¢et Notes to the Financial Ststements 9-17 THE FRIENDS OF GUILDFORD CATHEDRAL LEGAL AND ADMINISTRATION INFORMATIOIY FOR THE YEAR ENDED 31 DECEMBER 2025 Trnstees Revd Canon Stuart Beake (resigned 26 January 2025) Very Revd Bob co0￿r (from 26 JaIn￿ry 2025) Canon M Morris (resigned 10 Feb 2026) JS Allen (Chair) Canon M J D Bishop M Mulvany P Read (resigned 15 June 2025) Revd Canon A Townshend R Varghese (from 12 May 2025) CIO Registration number 250402 Registered Office The Cathedral Stag Hill Guildford Surrey GU2 7UP Independent Examiner Mrs Helen Lee MA BFP FCA 55 Wodeland Avenue Guildford GU2 4LA Investment Manager Charles Stanley & Co. Ltd 70-72 Chertsey Street Guildford Surrey GUI 4HL THF. FRIEIWS OF GUtLDFORD CATHEDRAL TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Tn￿teeS are ple&8ed to present their retK)rt together with the fllwicial slatements of the charitable incorporated organisation for year to 31 December 2025. The legal and administrative infornmtion set out on the inforn]ation page (page l), forn]s part of this report. The financial statements COEnply with current statutory requirements and the constitution Histo ob"¢etiv¢s and activities of the Trust The Friends of Guildford Cathedral was registered with the Cliarity Commissioners on the 22 July 1969. The Friends of Guildford Cathedral w&s incorporated on 19 November 1954. The charitable company was limited by guarantee and is governed by a set of Memorandum & Articles amended by Special Resolutions dat¢d 17 December 1968, 8 June 2008. 17 July 2017, 3 Octob¢r 2021 and 26 June 2023. In June 2024, the members at a g¢neral meeting voted unanimously to apply to the Charity Commission for conversion of the charitable company to a Charitable Incorporated Organisation. The application w&8 granted with effect from 26th June 2024. The aim of The Friends of Guildford Cathedral is: Advanc¢ Christian religion for the benefit of the public in accordance with the statutes affecting the Cathedral Church of the Holy Spiril Guildford, (the Cathedral) and Measures of the General Synod of the Church of England. To provide fiwnishings, emkllishments and equipment for the Cathedral. To advance education of the public ID religious fabric and assisting in the maintenance of the Cathedral. Public benefit When planning our activities for the year. the Tnts have considered the Charity Commission's guidance on public benefit and, in particular. the specific guidance for the advancement of religion. Mana emen risk and overnance arran ements The Charity is administered by a Board of Trustees (the Executive Committee). Trustees are appointed or confirnied at the AGM. There is a minimum of 5 Tn￿CeS up to a m&ximum of12. They retire by rotation and may serve for six years and shall only be eligible for reinted for two years and M Mulvany w&s re-appointed for three years. together with R Vargyhese (who had been apwinted by the Trustees during the year. and was required to Tesign at the following AGM). Trustees may be app)inted by the Board during the year (so long as the maximum number is not exceed¢d). Any trustee so appointed must retire at the next AGM. the members may fill any vacancies on the Board at the AGM. A trustee must be a member of the Friends. have a willingness to serve and be a fit and proper person. THE FIUEIYDS OF CUILDFORD CATHEDRAL TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2025 (continued) The Tntstees manage the day-to-day operations of the Charity through its Secretary and Honorary Treasurer. The Social Committee organises a programme of even￿ which are open EK)th to membeTS and non-members. The Chairnian ofTTUStees is tespoDsible lorthe induction of any new Tnth which involves awareness of a Trustee's responsibilities, the governing documenL administrative procedures and the history and philosophical approach of the Charity. A new Trustee would receive copies of the previous year's annual report and accounts and a copy of the Charity Commission leafiet 'The Essential Trustee: What you need to know,. The Trustees annually review the major strategic. business and operational risks which the Charity faces to ascertain that systems have been esLqblished io enable regular rqx)rts to be produced so that necessary steps can be taken to l¢ssen thos¢ risks. Procedures and oli for nt niAkin NoTninations for grdnts are elicited from the Cbapter of the Cathedral and considered by the Trustees. The Trustees always seek feedback on the actual use of the grants given. The explanations and feedback received are sufficient for monitoring the quality of the grants made. The Dean takes no part in decisions about grants. Aehievements and rforniance of tbe Trust During the year th¢ ¢haritsble company has been able to Continue its support for the Cathedral. The Social Committee raised £2.960 net (2024- £2,904) from ￿Cial activities to support the objectives ofthe charitable company. Grdnts of £56,760 were made in the year (2024 - £60,447). The Trustees have been very grateful for the work of the Secretary. Yvette WrighL for all her hard work during the year. including the Newsletters. and organising several successful social events. including the new Lunch Club. During the last two years, several long-serving trustees have stO(Kl down: Shirley Margaret Lloyd and Jonathan Neil Smith in the autumn of 2024 and Pauline Read at the 2025 AGM. Mary MO￿15 a]so stood down in FebrLWy 2026. All of these people have served the Cathedral in many ways (and continue to do so), but it is right that the Friends should record their imm¢ns¢ gratitude for all the work they have done, the value of which is imme&8urable. You will be missed. Financial review Total income for the year was £59.950 (2024 - £29,161). of which £45.144 (2024 - £14,500) came from legacies. Expenditure was £68,995 (2024 - £71,894), which included grants to the Cathedral amounting to £59,760 (2024 - £60,447) details of which are in note 9. This left a deficit of £9.045 (2024 - £42,733) before gains or losses on investments. Unrealised gain on inveslments w&$ £5.491 (2024 - £6,381). Income from investrn¢nts was £3.963 (2024 - £5,422). The market value of fixed ass¢t investments at the beginning of the year reflected the need to draw doHm fimds to make gryants to the Cathedral in the latter part of 2024. The receipt of legacies in 2025 allowed us to restore the FK>Sition somewhat by depositing £20,000 net. The balance at 3151 December 2025 w&$ £108.425. an increase of £26,306 on the previous year end. There was a corresponding drop in current asset inveslments following the closure of the CAF Bank 12 month notice account. THE FRtENDS OF GUILDFORD CATHEDRAL TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2025 (CODtinued) Althougb general income continued to decline in 2025 (the exceptions Ixing Legacies and Social Events), th¢ strong reserve position has enabled the trustees to respond positively to grant requests from Chapter. The net result was a decrease in funds of £3,554 (2024 - £36.352 decre￿). Fingneial review eont. At 31° December 2025 our reserves totalled £162.737 (2024 - £166.291) of which unrestricted fimds (free reserves, excluding designated funds set &side) totslled £133,506 (2024- £137.059). Reserves Our unrestricted reserves are al a significant level I￿aUSe of the previous inflow of legacy income. Our constitution does not pemiit or ¢n¢ourdge us to simply hand them over to the Cathedrnl Chapter. Following a review of reserves policy, it is the policy of the Trustees to maintain the free reserves of the charity, at a level which equates to at leasl twelve months running costs (£12,235 in 2025: £11,447 in 2024) and grants of ai least £50,(K)O, (where Yree reserves" are calculated &s net unrestricted current assets excluding current investment assets and sums sel aside. including designated funds). This provides sufficient funds to cover administrdtion and supwrt costs and to r¢sJx)nd to emergency applications for grants which might arise from time to time. Un￿StrICted funds were above this level throughout the year in order to comply with the policy. Invutments The investment wrtfolio is managed on a discretionary b&sis by Charles Stanley & Co. The Trust has chosen not to adopt formal ethical investment ￿)lICIes. In order to minimise risk and diversify opw)rtunity. the trustees have placed unrestricted assets in a variety of investment vehicles and bank deposit accounts. The tn￿teeS have set guidelines as to th¢ nomial proportions of the totsl to be held in Current or dep)sit accounts, invested lor illCOTne or invested for growth. Placement of funds lay within these guideline5 at th¢ end of 2025. The wlicy was reviewed but not changed in 2025. It is due to be reviewed again in 2028. Future lans The Trustees intend to continue providing grants to the Cathedral continuing the emphasis on the embellishment and mainlenance of the Cathedral fabric, fittings and fijmiture. They Consid￿ projects as they arise. There h&s been an increasing need to suptK)rt the operation of the Cathedral in recent years, while Chapter works towards a balanced budget. Trustce8 Rcs onsibilities The Trustees are responsible for preparing the Tntstees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting SLqndards (United Kingdom Geneially Accepted Accounting Practice). THE FIUENDS OF GUILDFORD CATHEDRAL TRUSTEES ANNUAL REPORT FOR YEAR ENDED 31 DECEMBER 2025 (eontinued) Charity law requires the Trustees to prepare fir￿ncIal statements for ¢a¢h year which give a true and fair view of the state of affairs of the cl]aritable incOr￿rat¢d organisation and of the incoming resources and application of resources, including the incotne and expenditure, of the organisation for the year. In pTrparing these financial statements. the TnLStees are ￿qUired to: select suitable accounting wlicies and then apply them consistently: observe the meth(xls and principles in the Charities SORP 2019 (FRS102)' make judgements and estimates that are reasonable and prudenL" state whether applicable UK Accounting Standards have been followe(L subject to any material departUTes disclosed and explained in the f￿h￿claI slatements" and prepare the fllwicial statements on the going Concern basis unless it is inappropriate to presum¢ that the Charity will continue in owation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the fllmncial tx)sition of the clwitable incory￿rated organisation. They are also responsible for safeguarding the a￿ts of the clwity and hence for taking re&sonabl¢ steps for the prevention and detection of fraud and other irregulariti¢s. The rewrt has been prepared in accordance with the Accounting and Reporting by Charities.. StateTnent of Recommended Prnctice applicable to charities preparing th¢ir accounts in accordance with the Financial Reporting Stsndard l 02. Thi5 annual report w&s approved by the Board of Directors and Trustees on 2* and signed on the￿ behalf by: Chair Joy Allen INDEPENDENT ELIMINERS. REPORT TO THE TRUSTEES ON THE UNAUDrrED AccouNfs OF THE FRIENDS OF GUILDFORD CATHEDRAL FOR THE YEAR EP4DED 31 DECEMBER 2025 I reportto the charity trust￿ on my eXamIr￿10n oftheaccowitsofthe charitsble incorporated organisation for the year ended 31 December 2025. which arc Set out on pages 7 to 17. R¢gp)nsibi]ities and b￿lS of rewtyrt As th¢ Charity tsijstees of the charitable incorporat¢d organisation you are responsible for the preparation of the accounts in accordance with thc r¢quirem¢nts of the Chariti¢s Act 2011 ('th¢ Art,) and the Charities Act 2022 where relevanL I report in respect of the ch8ritabl¢ incorporated organisation's accounts carried out under section 145 of the Act and in caTrying out my ¢xamination I have followed all the applicable Directions given by the Charity Commi&sion under section 145(5Xb) of the ACL IndepelldeDt ex*mitser'y statement I have completed my examin￿10n. I confirnt that no have come to my gttention in connection with the examination giving me cause to iKli¢ve that in any Materi￿ respect: accounting records were not k¢pt in respect of the compaTty a5 requir￿ by se£tion 130 of the ACL or 2. the accounts do not accord with those rec4)rds. I have no cOnc￿lS and have c4)me across no other matters in connection with the ¢xamination to which attention should be drnI￿ in this reix)rt in order to ¢nable a proper understsnding of the ac￿Unts to be reach￿j. Signed Helen Lee MA BFP FCA THE FRIENDS OF GUILDFORD CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2025 Notes Unrestricted Designated Funds Funds Total 2025 Total 2024 Income and endowments from: Donations and legacies Other trading activtties Investments 50.829 5.157 3,963 50.829 5.157 3,963 20,367 3.373 5,422 Total income 59.950 59.950 29,161 penditure on: Raising funds Charitable activities Other exp¢nditure 8.056 60.018 920 .056 60.018 920 6,558 63,766 1,560 Total expenditure 68.9)5 68.995 71.894 Net gains/{losses) on investments 12, 14 5,491 5.491 6,381 Net income l (expenditure) Transfers (3,554) (3,554) (36,352) (3.554) (3.554) (36.352) Reconciliation of funds: Total funds brought forward 137,059 29,232 166,291 202,643 Total funds carried forward 133.506 29,232 162,737 166,291 The noles on pages 9- 17 fonn part of these financia] statements. THE FIUENDS OF GUILDFORD CATHEDRAL BALINCE SHEET AS AT 31 DECEMBER 2025 Notes Unrnstricted Designated Fum(b Fll￿dS Total 202S Totsl 2024 Fixed A$5ets Investsn¢nts 12 79.193 29232 108,425 82.119 CurTertt Auets Debtors Current Asset Investment Cash at Bank and in hand 13 14 15 826 29.885 24,829 15257 51.886 17.561 29,885 24,829 55540 55.540 84,704 CurreDt Liabilitits Creditors.. amounts falling d within one year 16 (1228) (1228) {532) Net C￿rrettI Aknets 54.312 54J12 84,172 Totsl A&fets iesy Curren¢ Li4bilities 133.505 29232 162.737 166,291 Represent￿ by Funds Unrestricted Restricted Endowm¢nt 133.505 29232 162.737 166,291 Totsl 133Ji5 29232 162.737 166291 Trustees, re4)OTL8ibilities.' The member5 have Miuiyed the clwitabie inc•ed organisatson to obtain an audil of its accounts for the year in question. The tNstees acknowledge their res￿nsIbilitieS for e￿SUrIng th* th¢ ¢haritable incorpordted organisation keeps accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charitable incorwjrdted organisation as at 31 [k