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 e￿or 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 I￿egular1tie5. 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
un￿strICted 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