REGISTERED CHARITY NUMBE￿. 1087627 REFIORT OF THE TRUSTEES AND UNAUDrrED FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 MARCH 2024 FOR G W BULMER (DECEASED) CHARITABLE TRUST Gibson lthitter Chartered Accountants and Chartered Tax Advisers Larch House Parklends Business Park Denmead Hampshire P07 6XP G W BULMER {DECEASEDI CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ofthe Trustees Indopendent Examlnerfs Report Stat•mont of Flnanclal Actlvltl Balance Sheot Cash Flow Statsment Not08 to tho Ca•h Flow Ststom•nt NoteB to tho Flnanclal Statements 9 to 14 G W 8ULMER (DECEASED) CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their report with the financial statements of the chanty for the year ended 31 March 2024. trustees have adopted ts provlsions of Accounting and Reporting by Charittes.. Statement of Recommended Practice appltsbl8 to charities preparing their accounts in accordance wlth the Flnancial Reporting Standard applrcable in the UK arKI Republic of Ire18nd (FRS 102) (effectsve 1 January 2019). OBJECTIVES AND ACTivrriES Objectives and aims The objecls of the Charity are such ch8Tttable objects or purposes as the TnJste8s shall from time to time think fft through making grant8 to approprlate instltutk)ns and indtviduaF8. Slgnlficant actfvltles The Charity has a policy of ensurlng a Stsb￿ Income Stream from invastments in order to wver ¢ore costs and to fund future grants, Publlc benofft Tha Irustees are aware of th8 Charity CommlssJon'8 advice on Charities and Public Benefft. The Trustees confim that they have referred to the gUIdar￿ contain8d in the Charfty Commission's general guldance on public benefit when reviewing the Trust's aims and objectives and In planning future activltles and setting the grant maklng policy for the year. The Tru81eos do not dt8cdmlnat• against any paty when con8iderirvJ thelr grant making pollcy. Granlmaklng pollcy The Trusfg grant maklng pollcy Ss deslgn•d to ach￿ tt8 obiocts for th8 PL￿11¢ benefit and to refiect the late Mr G W Bulm•rfs support of cancer charities and his keen inler88t in gardening and hortleulture. ACHIEVEMENfs AND PERFORMANCE Ch•rltable actlvftle8 Prlor to their recent retirement, the previou8 Trustees last met fomially In Aprll 2024, but tholr tsus then and since has continued to be on govemance and finances, rather than on possible grantsldonatknns. As a re8uIt, none V￿re made durfng the year8 2021r22, 2022123 nor 2023r24. Th• Deed of Varfation that Created the Tru8t created a charitable trust +JVW the resldue of the estate of the late Gordon Bulmer. It a190 created two lrfe interest settlements, whlch fall Inla residue upon the death of the respective Iwe tenants. The lrfe tenant of the Hona>fy¥ood Fund died on 18 November 2023 and the Trust ended, causing tt to fall into residue and as a result the asset8 of the Honeyth Fund becam? part of the Charitable Fund. FINANCIAL REVIEW Inveslment pollcy and objecllveg The polty of the Trustees Is to maintaln a l(yrt risk investment Strategy whilst maximising incrme. During the year the Trust fetumed realis&4 and unrealised profit relating to Investments of £26,094 (2023: loss £12,235) due to the current economic market. The Trustees have considered the performance of the Investments and are of the opinion that the perfonnance 18 satist*ory given the economic climate affecting the financial matkeis. Th8 increase in the assets of the charity for the ye8r was £883,179 (2023.. decrease £14,809}, giving net assets ofthe Charity at the year end of £1,122,499 (2023: £239.320). Page 1 G W 8ULMER (DECEASED) CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Reserves pollcy The trustees do not consider that the charity needs to retain sbgnificant levels of free resep4es as a grant making chanty. Th8 chanty calculates its free reserves as total unrestricted funds less the value of ts investrnent portfolio which is retained to generate funds to cover day to day operating c05t5 and also to accumulate funds to make futu￿ grant P8yment$. On this basis, at 31 March 2024, the chajity had free reserves of £22,624 (total unrestrfcted funds of £1.122,4991ess Investments and investrnent propety of £1,099,875). Free reserves in exce$$ of the res8rv8s policy are m&Je availabla for grants or wlll be re-invested to generate additional furKl$ for grants in the future. FUTURE PLANS The Trustees plan lo continue making grant8 in accordance with the objects of the Trust for the pubi¢ benefrt ba8ed on ttr￿ income from the investment8. Thè tru8tas>S will b• looking to wtnding up the trust In the next 5 years rf a Sultable project 55 found. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèmlng document The Trust was ctsated on 25 Nov8mber 1996 by deed of variatlon to the will of Gordon Wckhurst Bulmer who died on 17 July 1995. The Trust is govemed by its Trust Daed and is a registered charfty, number 1087627. Th• Trust does not actively fundraise and Seeks to continue the charitabl8 desired by ihe donor through careful stewardshlp of Its exlsting resources. Rocrultment and appolntment of naw tnt8to0s Appointment of Tru8tse8 is by the statutory of appointment ¥Jp1￿1 by the Vffjll Trust and is exerci8abla by tha pr&8ant Truste￿. Organlsatlonal structure The Trustees conslder requ•$tg on a quartety basis and make grants where appropriate. The day to day management of the Charity is performed by the Trustees. Under the of the Trust Deed the Tnjstees have the Fower to make such investments as they deem frt. All trustees give their time freely arKI no trustee remuneration was paid in the year. Oetails of trustee expen8e8 are di8clo8ed in the notes to the axounts. Rbk management The Trustees have assessed Ihe malor rlsks to which the charityls exposed, in partlcular those related to the operatlons and finan￿5 of the charty, and are satisfied that systems and procedures are in place to rnitlgate their ewsure to the major risks. The Trustees consider varlabilty ol Investment retums on the share investment to constitute the ¢h8rity'8 Ma1￿ financial rksk and recent extreme volatilty in the world stcck markets has demonstrated risk. The tNstees have delegated the day to day management of th8 Charty's investments to the investment managers, Cardale Asset Management Limited. The Trustees consider that Cardal8 Asset Management Limited's investment risk management tram*work and the balanced approach of wmbining caprtal appreciation with income retum for the Trust stabilises the resouw available for grant making. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 1087627 Prlncipal address CIO Blake Morg New Kings Court Tollgate, Chandlerfs Ford Easlleigh Hampshire SO53 3LG Page 2 G W BULMER IDECEASED) CHARITABLE TRUST REPORT OF THE TrUSTEES FOR THE YEAR ENDED 31 MARCH 2024 TnBt•es C J w1￿1n$on E St C Kellaway H E Bunker Pmshea Resigned 5 June 2026 Resigned 5 June 2025 Appointed 5 June 2025 Appointed 5 June 2025 Independent Examlner Gibson Whitter Chartered Accountsnts and Chartered Tax Adviser3 Larch House Pa￿landS Business Park Denmead Hampshire P07 6XP 8oll¢ltorn Blake Morgan LLP New Kings Court Tollgate Chandlers F￿d Eastl8rgh Hampshira S053 3LG Bankorn Bardays Bank plc 25 Jarms Street Harrogate North Yoth8hlrn HG11TQ Inv08tmont Managern Titan Weatth 101 WwJmore Streot. London, W1U1QU Approved ty order of the board oftNste88 On ..., and Signed on Its behalf by.. H E Bunker- Trustee Page 3 INDEPENDEKf EXAMINER'S REPORT TO THE TRUSTEES OF G W BULMER (DECEASED) CHARITABLE TRUST Independent exarninerfs report to the Irustses of G W Bulmer 1Dv￿aSed> Charltsble Trust I report to the charity trustees on my examination of the a¢¢ounts of G W Bulm8r (Dec&ased) Charitable Trust (the Trust) for the year end8d 31 March 2024. Responslbllhies and basls of report As the charity trustees of the Trust you are responslble for the preparat￿n of the accounts in accordanc8 with the ￿quireMents ofthe Charitw Act 2011 (Ihe ACV). I report in respect of my examination of tha Trust's accounts carried out under S8clion 145 of the Act and in carrying out my examination I have fdl¢ywed all apPI￿able DIr￿t￿)nS gwen by th8 Charity Commission under Seclton 145(5)(bl of the Act. Independent oxamlnerfs statsment Since your charity's gross income exceeded £250.000 your 8xamin8r musl ba a member of a listed body. I can c(mfirm that l am qualified to undertake th8 examination because l am a member of the Instrtute of Chartered Accountants in England and Wale5, whlch Is one of the listed bodies. I have campleted my examinati￿). I confim that no material matters have come to my attention in connection wtth the examinalion giving me cause to believe that in any Materi￿ respect.. accountlng rKords werè not kept in respect of the Tru8t a8 required by Section 130 of the Act., or the accounts do not accord with those records., or the a¢counls do not comply with th8 appli(xbl8 requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) RegulatKJns 2008 other than any requirement that the accounts glve a true and falr vlew which 18 not a mattar considered as part of an independent examination. I have no concems and have come across no other matter6 in connection with the examination to which attentlon should be drawn in this report in order to enable a proper understanding of the aCc￿unIS to be reached. Gavin Vthitter Gibson 14lfftrtter Chartered Accountants and Chartered Tax Advisers Larch House Parklands Business Park Oenmead Hampshire P07 6XP Page 4 G W BULMER (DECEASED) CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 MARCH 2024 31.3.24 un￿stricted funds 31.3.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donath￿S and legacies 866,989 Investment incoff 6,765 4,480 Total 873,754 4,480 EXPENDITURE ON Ralslng lunds 4,327 3,577 Charllable actlvllles Charltable acfvities 12,342 3,477 Total 16,669 7,054 Net gainsl(loss8s) on investments 26.094 (12,235) NET INCOMEI{EXPENDITURE) 883,179 (14.809) RECONCILIATION OF FUND8 Total fund8 brought forward 239,320 254,129 TOTAL FUNDS CARRIED FORWARD 1,122,499 239,320 The notes fomi part of these financial statements Page 5 G W BULMER (DECEASEO) CHARITABLE TRUST BALANCE SHEEr 31 MARCH 2024 31.3.24 UnreStr￿ed funds 31.3.23 Total furKIs FIXED ASSETS Inveslments Investments Investrnent property 10 11 366,345 733,530 217,069 1,099,875 217,069 CURRENT ASSETS Debtors Cash at bank 12 5,652 18,581 24.795 24,233 24,795 CREDITORS Amounts falling due wlthin one year 13 (1,609) (2,544) NET CURRENT ASSETS 22.624 22,251 TOTAL ASSETS LESS CURRENT LIABILITIES 1,122,499 239,320 NET ASSETS 1,122,499 239.320 FUNDS Unrestricted fund8 14 1.122,499 239,320 TOTAL FUNDS 1,122,499 239,320 The financi issue on .... ments were approved and authorfged for Issue by the Board ol Trustee8 and aUtho￿sed for r',its. . and were signed on its behav by: H E 8unker- Trustee F* M Shea - Trus The notes fotm part of these financial statements Page 6 G W BULMER {DECEASEDI CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 31.3.23 Cash flows from operatlng actlvltle• Cash generated from operations 817,639 6,441 Net cash provided by operating actlvitle5 817,639 8,441 Cash flows from Invastlng actfvltle8 Purchase offLxed asset investments Purchase of investment propety Sale of fixed asset investments Interest received Dividands rnc•iv•d (322,518) (733,530) 225,430 2,629 4,138 <258,342) 263,423 2,082 2,398 Net Cash 18,581 The notes fonn part of these financial statements PaJe 8 G W BULMER (DECEASED) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basls of preparlng tho flnanclal 8tstements The financial statements of the charity, which is a publK benefft entty under FRS 102, have been prepared in accordance wrth the Charilies SORP (FRS 102) Accounting and Reporting by Charities: statement of Rec(mmended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 The Financi￿ Rewrting Skndard applirAble in the UK and Republi¢ of Ireland, ar￿ the Charities Act 2011. The financial siatements have been Fyepared urKJer the historical cost convention. with the exception of Investments which are induded at market value, as fThJdified by the revaluation of certain as8ets. Incom All income is recognised in the Statement of Financial Actilfjties once the Charity has entitlement to the fund8. It Is probable that the incom8 wlll be recelved and the amount can be measured reliabty. Expendllure Llabllttles are recognlged as e>pendtture as goon as there 19 a legal or constructlve obllgatlon committing the charty to that expenditure. it is probabl6 that a transfer of econc¥nic benefrts will be raquir&d in settlement and the amount of tha obligation can be measured reliabiy. Expenditure 18 accounted for on an accruals basls and has been classmed under headings that aggregate all cost related lo the category. Where ¢08ts cannot be dlrecily attributed lo partrcular headings they have been allocated to activities on a b88is con818tenl ￿1th the use of resources. Inve8tm•nt property Inve8trMnt propety 1$ shown at most recent valuatlon. Any aggregate surplus or dar￿1t arising from change8 in falr value Is recognised in the Statement of Financial Actrviti68. Taxatlon The charlty18 exernpt from tax on tts charftable actlvitie8. Fund accounllng Unrestrictad funds can be u88d In ￿e0rdance ￿1th the charitsble obiectlves at the dlscretlon of tha Restricted funds can only be u8ed for particular restricted purposes wthin the objects of thè charity. Restrictions arise whèn Bpecified by the donor or when funds are raised ftjr partlcular reslrictth1 purpo88S. Further eXplanat￿)n of the nature and purp08e ol each fund 18 Induded In the notes to the financlal statements. Inve8trnents Ftxed a&8et Investments are a form of financial instruments and are Initsally rncognised at thelr transaction cost and subsequently measured at fair value at the Balance sheat date, unless fair value cannot be measured reliably in which case rt is measured al cost less imp8imient. Investment gains 8nd losses, whether realised or unrealised. are comblned and shown in the heading 'Galnslllos$e8) on Inv8Stments' In the ststen￿nt ol Flnancial Activities. Page 9 continued... G W BULMER (DECEASED) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - con15nued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donattons 866,989 INVESTMENT INCOME 31.3.24 31.3.23 Dividends from investment fijnd Deposit account interest 4,136 2.629 2,398 2,082 6,765 4,480 RAISING FUNDS Inveslmont management costs 31.3.24 31.3.23 Portfollo management 4.327 3,577 CHARITABLE ACTIVITIES COSTS Support costs (see nol8 6) Charitabl¢ acfvitb8 12,342 SUPPORT COSTS Governance costs Management Totals CharilabEe actvities 10,968 1,374 12,342 Support costs, included in the above, are as follows: Management 31.3.24 Charitable actwties 31.3.23 Total aciiviiies Management fee 10,968 1.937 Page 10 continued... G W BULMER (DECEASED) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2024 SUPPORT COSTS - contlnued Governanc• costs 31.3.24 Charltable actvities 31.3.23 Total activities Trustees expenses Accounlancy and legal fees 220 1,320 1,374 1.374 1,540 TRUSTEES. REMUNERATION AND BENEFITS Tfrffjre were no trustees, remuneration or other benefrt8 for the year ended 31 March 2024 nrK for the y￿r ended 31 March 2023. Tru8ts08' expense8 Duriro the year nll (31.3.23'. 1) trustees received relmbur8emenl of expen8e8 amounlng to £nll (31.3.23: £220). STAFF COSTS There wern staff c￿ts for the year ended 31 March 2024 nor for the year ended 31 March 2023. No employees recelved emoluments In exce88 of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund8 INCOME AND ENDOWMEKfs FROM Investment income 4,480 EXPENDITURE ON Raising funds 3.577 Charilablo activities Charitable actviiies 3,477 Total 7,054 Net galnsl(losses) on Investments (12.235) NET INCOMEI(EXPENDITURE) (14.809) RECONCIUATION OF FUNDS Total funds brought foThvard 254,129 Page 11 continued... G W BULMER {DECEASED} CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continu¢d FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES . contlnued Unrestricted fvnds TOTAL FUNDS CARRIED FORWARD 239,320 10. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE At 1 April 2023 Addrtions Disposals Revaluations 217,069 322,518 (199,336) 26,094 At 31 March 2024 368,345 NET BOOK VALUE At 31 March 2024 366.345 At 31 March 2023 217,¢A9 £123,102 {2023.' £78,956) of Investmenis are held overseas. Matarfal Investments Holdlng and Cornpany 31.3.24 31.3.23 1,14212023.. 748) SSGA SPDR ETFS Europ8 I PIC SPDR Bloom Gbl Agg Hdg UCITIS 527 (2023.. 345) SSGA SPDR ETFS Europe I PIC Spdr Bloom Sterling Corp Bond UCITS ETF 1,101 (2023: 719) Vanguard Fund8 PIC UK Gilt UCITS ETF Sold (2023: 18,485) Fidelty Investment Fund5 Fidelity Susl Moneybuilder Inc I GBP DIS Sold {2023: 21,824) Schroder Unit Trusts Stratsgic Bond Z Acc 4,030 {2023'. 2,624) Ishares11 PIC USD Tips UCITS ETF GBP Dis Hedged 800 {2023:Nil) SSGA ETFS Eurc4)e I PLC Dow Jones Real Estate 102,557 (2023: Nil) Titan OEIC Titan Gr￿rth T GBP Acc 1,19212023.. NII) Ishare Physi¢81 Metsls PLC Gold USD (GBP) Acc 31.945 20,996 17,￿7 27,246 18,691 12,911 14,808 16,811 19,518 13,168 20,796 120,217 40.731 11. INVESTMENT PROPERTY FAIR VALUE Addilions 733.530 At 31 March 2024 733,530 NET BOOK VALUE At 31 March 2024 733,530 At 31 March 2023 Page 12 continued... G W 8ULMER (DECEASED) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 MARCH 2024 12. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 31.3.24 31.3.23 Other debto 5,652 13. CREDITORS: AMOUNTS FALLING DUE ￿THIN ONE YEAR 31.3.24 31,3.23 Other creditors 1,609 2.544 14. MOVEMEPIT IN FUNDS Net movement In fundg At 31.3.24 At 1.4.23 Unre8trlcted fund8 General fund 239,320 883,179 1,122,499 TOTAL FUNDS 239.320 883,179 1,122.499 Net movement in funds, Includad in the above are as foll¢XS: Incomlng resour Resources expended Gains and MOV￿ent losses in funds Unrestrfctod fund8 General fund 873,754 (18,669) 28,094 883,179 TOTAL FUNDS 873,754 {16,669) 26,094 883,179 Comparatlvos for m(wement In fund8 At 31.3.23 At 1.4.22 in funds Unrestrlcted funds General fund 254,129 (14,809) 239,320 TOTAL FUNDS 254,129 (14.809) 239,320 Page 13 continued... G W BULMER IDECEASED) CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMEiifs- contlnued FOR THE YEAR ENDED 31 MARCH 2024 14. MOVEIIIETrif IN FUNDS - ¢ontlnu8d Comparative net movement in funds, Included in the 8bovg are a8 follows.. IrKoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 4.480 (7,054) {12,235> (14,809) TOTAL FUNDS 4,480 (7,054) (12.235) {14,809) 16. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 14