REGISTERED CHARITY NUMBER: 703056 Report of the Trustees and Financial Ststements for the Year Ended 31 December 2024 for Hereford Mappa Mundi Trust
Hereford Mappa Mundi Trust Contents of the financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Ito4 Report of the Independent Auditors Sto6 Statement of Financial Activitie5 Balance Sheet Notes to the Financial Ststements 9t020
Hereford Mappa Mundi Trust Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Second Edition. effective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the Trust are: _ 11 The preservation for the benefit of the public of the Historic Libraries and the Mapp3 Mundi. 21 The provision of funds towards the cost of erecting a building to house and display the Historic Libraries and the Mappa Mundi. 31 The provision of support for all or any of the charitsble purposes to which the capitular revenues of The Chapter of Hereford Cathedral are applic3ble. ACHIEVEMENTS AND PERFORMANCE Net assets have increased by £324,177 to £5.767.88512023: have increased by £38,698 to £5,H3.7081. £5,023,354 of these a55et5 represent the endowment funds where the capital cannot be spent. The increase is due to net gains on investments over the year of £210,90812023'. net gain of £137,055) before deducting the investment management costs of £9,69912023= £9,077). All the investments are held in the Cazenove Charity Responsible Multi Asset Fund. Grants paid to Chapter decreased to £115.60412023 £317,718). Investment income for the year increased to £230.768 12023: £223,984). The perfom)ance of the assets dictates how much the Twst can grant to The Chapter in future since the available funds are calculated on a totsl return basis. The Statement of Financial Activities shows a surplus ot £113,269 12023: £98.357 deficit) before movement on investments. Further details of the financial position of the Charity are set out in the following financial ststements. In order to achieve the aims of the Trust, donations to the Chapter during the year totalled £115,60412023.. £317,718), of which £37,404 was for replacement for the alami system5 of the Mappa Building. £47,697 was for Library and Cataloguer's 5313ries. Other major donations paid to Chapter were an unrestricted grant of £23,063 from the roy31ties on use of the Mappa Mundi; and £4.000 towards conservation & book repairs. A full list of the grants to Chapter are in Note 5 to the accounts. The Trust will continue to strive to continue to maximise retums on investments in order to fulfil its commitments to the Cathedral. FINANCIAL REVIEW Investments Investments are managed by Cazenove Capital Management. The finance committee monitors performance on a regular basis. A "total return5" policy on investments has been adopted. Cazenove Capital Management continue to act as investment advisors and quarterly distributions totslling £199,196 have been made to the Trust during the year12023.. £196.7041, distributions being calculated on a total annual retum of 4% of the average of the previous three years, valuations on 30th June. Reserrfes policy The trustees aim. on an annual basis. is to distribute the totsl retum payments to The Chapter of Hereford Cathedral in accordance with the terms of the tnjst deed. Inevitably there are timing differences at the balance sheet date leaving fund5 awaiting distribution for specific projects.
Hereford Mappa Mundi Trust Report of the Trustees for the Year Ended 31 December 2024 Reserves pollcy Icontlnuedl As at 31 December 2024 the Trust had £743.77412023: £619,881) of unrestricted funds, of this £11.43212023: £11,432) has been allocated for the anticipated costs relating to the archaeological implications of the origin31 establishment of the Mappa Mundi exhibition. The remainin8 £732,342 12023: £608.4491 is intended to cover annual expenditure and for planned projects over the next few years. Funds The endowment funds are subject to specific trusts. Restricted funds are funds subject to specific usage declared by donors. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the Charity. During 2017 the Trustees agreed that unrestricted cash surpluses that had accufflulated over the years in the current account would be transferred to a separate investment fund with Cazenove called the°Hereford Mappa Mundi Free Fund" This fund mirrors the Tru5t'5 Other investmenL funds and is a sep<irate unrestricted fund and 15 also run on a 4% total retum basis. During 2017 the Trustees transferred £2cm),¢ of unrestricted cash to the °Free Fund.. At 31st December 2024 the value of the Unrestricted 'Free Fund" held at Cazenoves was £213,8761£205,906 at 31 December 20231. The trustees designated sufficient monies to cover the costs that were anticipated to be incurred in respect of the archaeological implications of the original estsblishment of the Mappa Mundi exhibition. This was based on the trustees, estimate of the costs, according to advice received. By 31 December 2024 the outstsnding financial liability of the archaeology project was estimated to be £11,43212023: £11,432). Public benefit In drafting this report, the trustees have complied with the duty in Section 17 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission. Future plans In the forthcomins year, the Trust will continue to support the Library and Archive staff 53larles together with providing grants for specific projects undertaken by the Cathedral. In 2025 the Mappa Mundi Trust is supporting the Chapter of Hereford Cathedral with unrestricted funding. The Trust continues to closely monitor the value of its investments and the endowment fund, particularly as these were significantly impacted in 2022 because of the Russian invasion of Ukraine and the recent market volatility since the appointment of the new president of the United States of America in January 2025. At 31st March 2025 the total value of investments held with Cazenove5 wa5 £5.229,512, a fall in value of £215,4075ince the year end. srRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controlled by its goveming document. a deed of trusL It constttutes an unincorporated charity with a sole corporate Trustee as explained in more detsil on the following page. The Trust's governing document is the Trust Deed dated 21 May 1990. The Trust is registered with the Charity Commission (Charity Number 7030561. Recruitment and appointment of new trustees Potential trustees are carefully selected from people who have a keen interest in the activities of the charity. Induction and training of new trustee5 After appointment all new trustees fill in relevant fonn5 for the Charity Commission and Companies House.
Hereford Mappa Mundi Trust Report of the Trustees for the Year Ended 31 December 2024 Risk Management The trustees have assessed the risks faced by the Trust and consider that investment management and performance pose the greatest area of risk. To mitigate this risk, regular meetings of the investment committee. chaired by Richard Jonathan Evans, tske place and reports and recommendations are made to the trustees. The appointment of investment advisors is considered to have further reduced the risk in this area. Damage or destruction of the historic collections is the other major risk; the Trustees have taken advice on security from relevant experts and appropriate insurance cover is in place. Settlor The Lord Bishop of Hereford Cathedral and The Chapter of the Cathedral Church of the Blessed Virgin Mary and SL Ethelbert in Hereford. Trust Fund The original Trust Fund consisted of £10 cash. The Historic Libraries and the Mappa Mundi were added by deed of gift dated 29 January 1991. Endowment Fund On 30 January 1991 an endowment of £2,IJX).(XK) together with accrued interest. was made by the National Heritage Memorial Fund. Should there be failure of the specified Trusts then the endowment fund but not the accrued interest must be returned to the National Heritage Memorial Fund. Building Fund On 30 JanLJary 1991 a private donation of £l.(XXJ,(XK) was made. subject to specified terms and conditions. Under the Gift Aid Scheme, the donation was supplemented by £333,333 of income tax recovery. The charity used this donation to partly fund the construction of the "Mappa Mundi Building" at Hereford Cathedral. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 703056 Principal address 5 College Cloisters The Close Hereford Herefordshire HRI 2NG Patron Canon Edward Harley LL OBE Trustees The Hereford Mappi Mundi Trust has 3 sole corporate trustee. The Hereford Mappa Mundi Trustee Company Limited. Reference to 'trustees" in this document refers to the directors of the corporate trustee company. The directors during the year and up to the date of the approval of the financial ststements are listed below: The Very Revd Sarah Brown The Revd Canon James Pacey (Resigned 14th May 2024}} The Right Revd Richard Jackson. Bishop of Hereford Peter Barber Prof Michelle Brown (Resigned 24th January 2024} Sarah Clay Tamsin Clive DL (Chairman) Sir Henry Cotterell Richard Jonathan Evans Claire Breay Giles Mandelbrote Michael Guy Edward Perks (appointed 14th May 20241
Hereford Mappa Mundi Trust Report of the Trustees for the Year Ended 31 December 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Icontinuedl Secretary Jennifer Dumbelton Auditors Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 OUX Bankers Lloyds Bank plc 8 High Town Hereford HRI 2AE CCLA Investment Mana8ement Ltd One Angel Lane London EC4R 3AB Investment Advisers Ca2enove Capitsl Management l London Wall Place London EC2Y SAU STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustee5 and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Pr3Cticel. The13w applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial ststements for each financial year which 8ive a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. of the charity for that period. In preparing those financial 5tstements, the trustees are required to select Sultable accounting policies aiid tl)ewi dpply them consi5tently- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudentr, prepare the financial statements on the 80ing concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2(M)8 3nd the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence fortsking reasonable steps for the prevention and detection of fraud and other irregularities. Appr ed by order of the board of trustees on 2nd June 2025 and signed on its behalf by: C/Ic4Q" Tamsin Clive DL - On behalf of The Hereford Mappa Mundi Trustee Company Ltd
Report of the Independent Auditors to the Trustees of Hereford Mappa Mundi Trust Opinion We have audited the fiiiawiLidl statements of The Hereford Mappa Mundi Trust for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet and notes to the f ir)ancial statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102 The Financial Reporting Stondard opplicable in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the chariws affairs as at 31 December 2024 and of the charity's net movement in funds for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect tlivreunder. We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Significant doubt or) the charity's ability to continue as a going concern for a period of at least twelve month5 from when the financi31 statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infonnation. The other infom)ation comprises the information included in the Tru5tees' Annu31 Report. Our opinion on the financial ststemer)ts does not cover the other information 2nd, except to the extent otherwise explicitly ststed in our report, we do not expres5 any form of assurance conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other inforniation and, in doing so, consider whether the other infonnation is materially inconsistent with the finaricial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incor)si5tencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statement5 or 3 material misststement of the other infomiation. If, based on the work we have performed, we conclude that there is a material misstatement of this Qther information, we are required to report that fact. We have nothing to report in thls regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to vthich the Charities IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion: adequate accounting records have not been kept by the d)arity; or sufficient accounting records have not been kept- or the charity financial statements are not in agreement with the accounting records and retums- or we have not received all the information and explan3tions we require for our audit. Responsibilities of trustees for the financial ststements As explained more fully in the tru5tees' responsibilities ststement set out on page 6. the tru5tee5 are responsible for the prep3ration of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to erbable the preparation of liiiÉlllLial 5tatetnents that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for a55e55ing the charity's ability to continue as a going concern. disclosing, 35 applicable. matters related to going concern and using the going concern basis of 3ccountir)g unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so.
Report of the Independent Auditors to the Trustees of Hereford Mappa Mundi Trust (continued) Auditor'5 re5pon5ibilltles for the audlt of the flnanclal statsments Our objective5 are to obtain reasonable assurance about whether the financial statements as 2 whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misststement when it exists. Misststements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of Iegular1tie5. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below= We considered the nature of the charity's industry and its control environment and reviewed the charity's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. We obtaiiied an uiiderstawidiiig of the le8al and regulatory framework that the charity operates In and identified the key laws and re8ulations that had a direct effect on the detemiination of materi31 amounts and disclosures in the financial ststements, including the UK Charities Act 2011 and tax legislation. and those that do not have a direct effect on the financial ststements but compliance with which may be fundamental to the charity's ability to operate or to avoid 3 material penalty. We discussed among the audit engagement team regardin8 the opwrtunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. In common with a113udits under ISAS IUKI, we are also required to perfonn specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of joumal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of 3 potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of busines5. In addition to the above, our procedures to respond to the risks identified included the following: reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant law5 and regulati011s described a5 having a direct effett on the financial ststements; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material mi5ststements due to fraud- enquiring of management conceming actual and potential litigation and claims and instance5 of non-compliance with laws and regulations. and reading minutes of meetin85 of those charged with govemance. Our audit procedures were designed to respond to risks of material misststement in the financial ststements, recognising that the risk of not detectin8 a material mi5St3tement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example. forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial Statements. the less likely we are to become aware ofiL A further description of our responsibilities for the audit of the financial ststements is located on the Financial Reporting Council's website at: wvvw.frc.o .uk/auditorsres nsibilities. This description fomis part of our auditorfs report. Use of our report This report Is made solely to the charity's trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charity's trustees as a body for our audit work, for this report. or for the opinions we have fomied. Scott Lawrence (Senior Ststutory Auditor) For and on behalf of Hazlewood5 LLP. Statutory Auditor Stsverton Court Staverton Cheltenham GL51 OUX
Hereford Mappa Mundi Twst Statement of Financial Activities for the Year Ended 31 Decetnber 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted fund Endowment funds Notes INCOME AND ENDOWMENTS FROM: Charitable activities Artefacts Donations 23,063 23,063 19,539 Investment income 16.549 36 214,183 230,768 223,984 Total 39.612 36 214.183 253,831 243,523 EXPENDITURE ON: Raising Funds Investment m3nagement fees Charitable activities Donations Other direct charit3ble costs Support Costs 9,315 9.699 9,077 115.604 9,219 115.604 9,219 317,718 9,125 5,960 Totsl 131.247 9,315 140,562 341,880 Net movement on investments 7 16,332 194,576 210,908 137,055 NEf IEXPENDITURE)I INCOME 175.3031 36 399,444 324,177 38,698 Transfers between fvnds 15 199.196 1199,1961 Net movement in funds 123.893 36 2(X).248 324.177 38,698 RECONCILIATION OF FUNDS Total fund5 brought fonvard 619.881 721 4,823.106 5.443.708 5,405,010 TOTAL FUNDS CARRIED FORWARD 743.774 757 5,023,354 5,767,885 5,443,708 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fomi part of the financial ststements.
Hereford Ma a Mundi Trust Balance Sheet l December 2024 2024 Totsl funds 2023 Total funds Unrestricted funds Restricted fund Endowment funds Notes FIXED ASSErs The Mappa Mundi and Historic Libraries at nominal value All Saints Chained Library at nominal value Investments io li 12 421.566 5.023,352 5,444,918 5,227,948 421.566 5.023,354 5,444,920 5,227,950 CURRENT ASSErs Debtors Cash at bank and in hand 13 6.305 346.671 6,305 347,428 17,455 224,995 757 352.976 757 353,733 242,450 CREDITORS Amounts falling due within one year 14 130.7681 130,7681 126,6921 NET CURREKt ASSEf5 322208 757 322,965 215,758 TOTAL ASSETS LESS CURRENT UABILITIES 743,774 757 5.023,354 5,767,885 5,443,708 NET ASSETS 743.774 757 5,023,354 5,767.885 5,443,708 FUNDS Unrestricted funds Restricted fund5 Endowment funds 15 743,774 757 5.023.354 619,881 721 4,823.106 TOTAL FUNDS 5.767,885 5,443,708 The notes form part of the financial ststements. The financial statements were approved and authorised for issue by the Board of Trustees on 2nd June 2025 and were signed on its behalf by= Tamsin Clive DL - On behalf of The Hereford Mappa Mundi Trustee Company Ltd
Hereford Ma a Mundi Trust Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entify under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021'Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Isecond edition. effective l January 20191., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the histOriC31 c05t convention with the exception of investments which are included at market value. as modified by the revaluation of certain assets. Going concern The accounts are prepared on a going concern basis, and. in the opinion of the trustees, there is no material uncertainty in connectiori with the charity's ability to continue to operate for the foreseeable future and a minimum period of twefve months from the approval of the financial statements. Income All income is recognised in the Statement of Financial Actrvities once the charity has entitlement to the fund5, It is probable that the income will be received. and the amount can be measured reliably. 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 3n accruals basis and has been classified under headings that aggregate 311 cost 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 yearend date are noted as a commitment but r)ot accrued as expenditure. Taxation The charity is exempt from tax on its charitsble activities. Fund accounting Unrestricted funds are held for the furtherance of the objects of the Trust and the management and administration thereof. Designated funds are held for the anticipated costs in relation to the archaeological implication of the original establishment of the Mappa Mundi exhibition. Restricted funds are applied for the purposes imposed by the donors. Endowment funds comprise investments, Managed on 3"total retvm basis", the Mappa Mundi and Historic Libraries and the All Saints Chained Library. Investment income is attributed to the endowment fund and a transfer made to unrestricted funds equal to 4% of the average value of investments over the previous three years. All bank interest is allocated to the appropriate fund. Heritage assets The Hereford Mappa Mundi Trust has a collection of historical books, part of which is contsined within the Chained Library, and the rest are throughout the cathedral as well as the Mappa Mundi. These are all held in 5UPPOrt of the Trust's primary objective of the preservation for the benefit of the public of historic libraries and the Mappa Mundi. The trustees consider that, owing to the incomparable nature of these historic items, conventional valuation appr03ches lack sufficient reliability and that, even if the valuations could be obtained, the costs would be onerous compared with the additional benefits derived by the Trust and users of the accounts. As 3 result, no value is reported for these assets in the Balance SheeL Further information is given in the notes to the accounts.
Hereford Ma a Mundi Trust Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 ACCOUNTING POLICIES - continued Investments Investments are stated at market value at the balance sheet date. Any gain or Ios5 on revaluation or sale is taken to the Statement of Financial Activities {SOFA). Cash at bank and in hand Cash at bank and cash in hand includes cash and short-term investments with 3 short maturity of three months or less from the date of acquisition or opening of the deposit or similar account Debtors Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amounL INVESTMENT INCOME 2024 2023 Deposit account interest Dividends and interest on investments 7,817 222,951 4,005 219,979 230.768 223,984 Deposit Account Interest & Interest on Investments 2024 2023 Unrestrirted fund&. Central Board of Finance of the Church of England 7,781 3.967 7.781 3,967 Restricted fund: Central Board of Finance of the Church of England 36 38 Endowment fund: Cazenove 486 7.817 4,491 INCOME FROM CHARITABLE AcfiviTIES 2024 2023 Artivity Artefacts Use of artefacts 23,063 19,539 23,063 19,539 io
Hereford M2 a Mundi Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 CHARITABLE ACTIVITIES COSTS Grant funding of activities (See note 51 Direct costs Total 2024 Artefacts 9.219 9,219 115,604 115.604 9,219 115,604 124,823 Grant funding of activities Prior year comparative Direct costs Total 2023 (See note 51 Artefacts Donations 9.125 9.125 317.718 317,718 9,125 317,718 326.843 GRANTS PAYABLE 2024 2023 Donations 115,604 317,718 The total grants paid to institutions during the year were as follows: 2024 2023 Chapter - Library salaries Chapter- Mappa Building Plant Replacement Chapter- Temporary Exhibitions Chapter- Library Laptops Chapter - Catalogue Software Chaptcr - Conservation & Book repairs Chapter - Royalties Chapter - Mappa Building Grants 47,697 45,294 240,945 2,000 3,000 1,440 5,500 19,539 23,063 37,404 115.604 317,718 SUPPORT COSTS 2024 2023 Governance costs 6,040 5,960 li
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Erided 31 DeceiTiber 2024 MOVEMENT ON INVESTMENTS 2024 2023 Net gain lllossl on investments Investment management costs 210,908 19,6991 137,055 19,0771 201,209 127,978 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneratlon or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees. expenses 2024 2023 Trustees, expenses 830 947 12
Hereford Ma a Mundi Trust Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES 2023 Unrestricted fund5 Restricted fund Endowment funds Total funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Artefact5 Donations 19,539 19,53Y Investment income 12,649 38 211.297 223,984 Totsl 32.188 38 211.297 243,523 EXPENDITURE ON Raising Funds Investment management fees Charitable activities Don3tior)s Other dlrect charitable costs SLbPPOrt costs 359 8,718 9,077 317.718 9,125 5.960 317,718 9,125 5,960 Total 333,162 8,718 341,880 Net movement on investments 10,623 126.432 137,055 IEXPENDITURE)/ INCOME 1290,3511 38 329,011 38,698 Transfers between funds 15 196.704 1196,7041 Net movement in funds 193.6471 38 132,307 38,698 RECONCILIATION OF FUNDS Total funds brought forward 713,528 683 4,690,799 5,405,010 TOTAL FUNDS CARRIED FORWARD 619.881 721 4,823,106 5,443,708 13
Hereford Ma a Mundi Trust Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 io. THE MAPPA MUNDI The Mappa Mundi COST At l January 2024 and 31 December 2024 NEf BOOK VALUE At 31 December 2024 At 31 December 2023 ii. ALL SAINTS CHAINED LIBRARY AT NOMINAL VALUE Total COST At l January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 12. FIXED Ass INVESTMENTS Cash and settlements pending Listed investrnents Totals MARKET VALUE At l January 2024 Additions Disposals Revaluations Movement on cash 5.205.420 22,528 5,227.948 19,4351 210.908 19,4351 210,908 15.497 5,444,918 15,497 38.025 5,406.893 At 31 December 2024 The investments are held in the Cazenove Charity Responsible Multi Asset Fund. 14
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Elided 31 DeceTnber 2024 12. FIXED Ass INVESTMENTS {continuedl Structure of the portfolio Market value 2024 2023 Cazenove Charity Responsible Multi Asset Fund 5,406,893 5,205,420 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors 6,305 17.455 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrua15 and deferred income 30,768 26,692 15
Hereford Ma a Mundi Trust Notes to the Financial Ststements - continued for the Year Ended 31 December 2024 15. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 At 01.01.24 unstrICted funds General fund Designated - Investment'Free Fund. Designated Fund - Archaeology 369,573 238,876 11.432 192,0301 16.727 199,196 476.739 255.603 11,432 619,881 (75.303) 199.196 743,774 Restrlcted funds Library Fund 721 36 757 Endowment funds The National Heritage Memorial Fund Investments 4,823.106 399,444 (199.1961 5,023,354 TOTAL FUNDS 5,443,708 324,177 5,767,885 Net movement in funds, included in the above are as follows: Income Expenditure Gains and losses Movement in funds Unrestricted funds General f und Designated - Investment°Free Fund" Designated Fund - Archaeology 30.844 8.768 1130,8631 13841 7,989 8,343 192,0301 16,727 39,612 11312471 16.332 175,3031 Restricted funds Library Fund 36 36 Endowment funds The National Heritage Memorial Fund Investments 214,183 19.3151 194.576 399.444 TOTAL FUNDS 253.831 1140.5621 210,908 324,177 16
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 15. MOVEMENT IN FUNDS- CONTINUED 2023 comparative figures Net movement in funds Transfers between funds At 31.12.23 At 01.01.23 Unrestricted funds General fund Designated Investment 'Free Fund. Designated Fund - Archaeology 476.965 225,131 11,432 1304.0961 13,745 196,704 369,573 238,876 11,432 713.528 1290,3511 196,704 619.881 Restricted funds Library Fund 683 38 721 Endowment funds The National Heritage Memorial Fund Investments 4,690.799 329,011 1196,7041 4,823,106 TOTAL FUNDS 5,405.010 38,698 5,443,708 Net movement in funds, included in the above are 35 follovrfs: Income Expenditure Gains and losses Movement in funds Unrestricted funds General fund Designated - Investment'Free Fund. Designated Fund - Archaeology 23,506 8.682 1332.803) 1359} 5,201 5,422 (304,0961 13.745 32,188 1333,162) 10,623 1290,3511 Restricted funds Library Fund 38 38 Endowment funds The National Heritage Memorial Fund Investments 211.297 18,7181 126.432 329,011 TOTAL FUNDS 243,523 1341.8801 137.055 38,698 The Designated Investment 'Free Fund. was set up from surplus unrestricted income that had accumulated in the current account. The fund is to generate unrestricted income on a total retum basis. The Designated Fund - Archaeology has been established to cover the anticipated costs in relation to the arch3eologic31 impliGltions nf the origin31 establishment of the Mappa Mundi exhibition. The Library Fund consists of donations to be used for library fittin85. The ftjnd is represented by monies held in the Central Board of Finance deposit accounL 17
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 15. MOVEMENT IN FUNDS - CONTINUED On 30 January 1991 an endowment of £2,1,[M)0 together with accrued interest was made by the National Heritage Memorial Fund. The fund is represented by investments and the costs of managing these investments is charged against this fund. For the purposes of Totsl Return accounting. the gift element of the endowment is considered to be the amount of £2,(M)O,OCM). The difference of £3,023.354 12023.. +£2,823.1061 between this amount and the actual value of the endowment at 31 December 2024 of £5.023.354 represents the unapplied Totsl Return. The value of the original endowment with CPI indexation at 31 December 2024 is £4.721,33912023: £4,402,283). The All Saints Chained Library, the Historic Libraries and the Mappa Mundi are shown at nominal values being regarded as inalienable assets. It is considered that significant costs would be involved in obtaining reliable valuations and that these would far OLrtweigh any benefits derived. Transfers between funds Investment income and the interest on endowment cash is attributed to the Endowment Fund and a transfer is made to the unrestricted fund equal to 4% of the average market value of investments at 30th June over the previous three years. The transfer is m3de on the 'totsl return basis.. During 2018 £2(K),IXJo was transferred from the Unrestricted General Fund to a newly created Unrestricted Investment 'Free Fund" with the investment advisors, Cazenove. 16. ENDOWMENT FUND TOTAL REfuRN Endowed Fund - Total Retum Year Ending 31.122024 Unapplied Totsl Return Endowment Totsl At the beginning of the reportin8 period Permanent Endowment Unapplied Total Retum 2,CKKJ,C(K) 2,¢M),CK)O 2,823,106 4,823,106 2,823,106 2,823,106 2.(KX),(XK) Movements in the reporting period Investment return - dividends and interest 214,183 214,183 Investment return -realised and unrealised gains & ILossesl Less.. Investment management costs 194,576 19,3151 194,576 19.3151 Total movements 4% tot31 return paid to Unrestricted funds Net movement in reporting period 399,444 1199.1961 2(KJ.248 399,444 199.1961 200,248 2,[Aj),() 3,023,354 5,023,354 18
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 16. ENDOWMENT FUND TOTAL RETURN - CONTINUED Endowed Fund - Total Return Year Ending 31.12.2023 Unapplied Total Return Endowment Total At the beginning of the reporting period Permanent Endowment Unapplied Total Return 2.CKNJ,(XK) 2,0(KJ,(K)O 2,690,799 4.690.799 2,690,799 2.690.799 2.IXKI.IKx) Movements in the reporting perfod Investment return - dividends and interest Investment return -realised and unrealised gains & Ilossesl Less- Investment management costs 211.297 211.297 126,432 18,7181 126,432 18,7181 Total movements 329.011 329,011 4% total retum paid to Unrestricted funds Net movement in reporting period 1196,7041 132.307 1196,7041 132,307 2.823.106 4,823,106 17. RELATED PARTY DISCLOSURES The controlling Trustee of the Hereford Mappa Mundi Trust is The Hereford Mappa Mundi Trust Company Limited. The directors of The Hereford Mappa Mundi Trust Company Limited are listed on page l. The Very Reverend Sarah Brown and the Reverend Canon James Pacey are members of the Chapter of Hereford Cathedral. The Very Reverend Sarah Brown. the Reverend Canon James Pacey, Tamsin Clive DL las the representative of Hereford Mappa Mundi Trust) are on the finance committee of the Chapter. During the year the charity made donations to the Chapter of £115.60412023.. £317.7181. The Chapter owns and controls Hereford Cathedral Enterprises Limited. During the year, The Hereford Mappa Mundi Trust charged Hereford Cathedral Enterprises Limited £23,06312023= £19.5391 for use of Artefacts and Hereford Cathedr21 Enterprises Limited charged The Mappa Mvndi Trust £242 12023.. £981 for thc supply of refreshments. At the end year Hereford Cathedral Enterprises Limited owed The Hereford Mappa Mundi Trust £4,43212023: £15.7841 for the use of Artefacts. At the end year The Mappa Mundi Trust owed £17512023.. £761 to Hereford Cathedral Enterprises Limited. There are no other related party transactions requiring disclosure in the financial statements. 18. HERITAGE ASSETS NOT RECOGNISED IN THE BALANCE SHEEr Chained Libra The Hereford Mappa Mundi Trust maintains a collection of approximately 1,5(X) books within its Chained Library. These date from c.81N) to 1885 and the oldest. most important book held is the 8th century Hereford Gospels. The chained library includes 229 medieval manuscripts and is the largest surviving Chained Library. Other Historical Libraries These consist of the music library, which contains a collection of books. printed sheet music and musical manuscripts dating from 1799 as well as the lower library containing theological books and manuscripts dating from before 18CK). a Mundi The Mappa Mundi is 3 13th century scholarfs interpretation of the world and is unique within British heritage. 19
Hereford Ma a Mundi Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Presentation and Mana ement Heritage assets are not routinely acquired or disposed of by the TrusL The public have acce55 to all heritage assets 6 days a week 20