| Contents | Page | ||
|---|---|---|---|
| Report ofthe Trustees | 1-5 | ||
| Independent Auditor's |
Report | 6-9 | |
| Statement ofFinancial | Activities | (including | |
| Income and Expenditure | Account) | 10 | |
| Balance Sheet | |||
| Notes to the Accounts | 12-20 |
| INCOME AND ENDOWMENTS | INCOME AND ENDOWMENTS | Note | Unrestricted | Restricted | Total | Total |
|---|---|---|---|---|---|---|
| FROM: | funds | funds | 2021 | 2020 | ||
| Donations and legacies |
275,471 | 113,500 | 388,971 | 3,263,768 | ||
| Charitable activities |
117,646 | 3,733 | 121,379 | 87,437 | ||
| Investments | 165,021 | 165,021 | 10,708 | |||
| Total income and endowments | 558,138 | 117,233 | 675,371 | 3,361,913 | ||
| EXPENDITURE ON: | ||||||
| Expenditure on raising funds |
(17,820) | (17,820) | (14,607) | |||
| Expenditure on charitable activities |
(242,845) | (60,840) | (303,685) | (216,877) | ||
| Total expenditure | (260,665) | (60,840) | (321,505) | (231,484) | ||
| Net income / (expenditure) | 297,473 | 56,393 | 353,866 | 3,130,429 | ||
| Transfers between funds |
113 | (113) | ||||
| Other recognised gains/(losses): |
||||||
| Revaluation ofireehold property |
45,424 | 45,424 | ||||
| Gains/(losses) on revaluation |
ofinvestment | |||||
| assets | 348,417 | 348,417 | 101,633 | |||
| NET MOVEMENT IN FUNDS | 691,427 | 56,280 | 747,707 | 3)232,062 | ||
| Reconciliation offunds: |
||||||
| Total funds brought forward |
4,852, 195 | 274,584 | 5,126,779 | 1,894,717 | ||
| Total funds carried forward | 5,543,622 | 330,864 | 5,874,486 | 5,126,779 |
| FIXEDASSETS | Notes | 2021 | 2020 | ||
|---|---|---|---|---|---|
| Tangible fixed assets | 1,246,608 | 987,063 | |||
| Investments | 4,345,663 | 3,831,693 | |||
| 5,592,271 | 4,818,756 | ||||
| CURRENT ASSETS | |||||
| Stocks | 34,260 | 39,078 | |||
| Debtors | 10 | 31,603 | 17,089 | ||
| Cash at bank and in | hand | 230,868 | 260,990 | ||
| 296,731 | 317,157 | ||||
| Creditors: amounts | falling due | (14,516) | (9,134) | ||
| within one year |
|||||
| Net current assets | 282,215 | 308,023 | |||
| Total assets less current liabilities | 5,874,486 | 5,126,779 | |||
| NET ASSETS | 5,874,486 | 5,126,779 | |||
| Restricted funds |
12 | 330,864 | 274,584 | ||
| Unrestricted funds |
|||||
| General fund | 13 | 4,600,253 | 3,854,213 | ||
| Designated fund —maintenance |
and | ||||
| repairs | 238,370 | 338,407 | |||
| Fair value reserve | 704,999 | 659,575 | |||
| TOTAL CHARITY FUNDS | 5,874,486 | 5,126,779 |
(2020:anil). Expenses paid to the trustees in the year totalled KNil (2020: 3. AUDITORS REMUNERATION |
KNil). | |
|---|---|---|
| 2021 | 2020 | |
| Auditor/accountants remuneration comprises: |
||
| Audit services | 2,820 | 3,420 |
| Management accounts, other and soibvare transition Payroll bureau services including furlough claims |
3,138 2,340 8,298 |
5,406 2,145 10,971 |
| 4. DONATIONS AND LEGACIES |
||
| Church Street Charitable Trust |
15,000 | |
| NACM - archive of cider pomology The Herefordshire Community Foundation —Becket Bulmer fund Miss AG Bulmer |
2,500 14,589 |
2,500 14,651 175,150 |
| PCC Holy Trinity Church Gillian Bulmer Charitable Trust |
2,500 | 4,000 3,033,272 |
| Community Art Project —Herefordshire Council John Ellerman Foundation |
84,000 | 377 |
| THE APPLE WORLD —Hereford City Council THE APPLE WORLD —Art Fund with Weston Loan Programme |
3,000 14,025 |
|
| THE APPLE WORLD —HEINEKEN | 400 | |
| Apples &People exhibition programme —Howard Bulmer Charitable Trust |
10,000 | |
| Apples &People exhibition programme -other grants Ms Susan Bulmer —gift of Becket's Orchard &other cash donations HEINEKEN |
12,000 260,000 3,000 |
|
| Sundry donations and gift aid |
382 | 1,393 |
| 388,971 | 3,263,768 | |
| 5. CHARITABLE ACTIVITIES |
||
| Museum shop, cafe, room hire and orchard income Museum admissions |
35,196 16,379 |
48,222 9,714 |
| Covid-19 grants | 69,804 | 29,501 |
| 121,379 | 87,437 | |
| 6. INCOME FROM INVESTMENTS |
||
| Listed investments income |
89,676 | 84,025 |
| Realised profit/(loss) on the sale ofCazenove Investments |
75,345 | (73,317) |
| 165,021 | 10,708 |
| 7. EXPENDITU |
RE ON CHARIT | ABLE ACTIVITIES | ||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Governance costs: |
||||
| Museum director salary and bookkeepers charges Telephone and internet costs Auditor/Independent examiners remuneration Legal and professional fees Depreciation ofplant and machinery Bank charges |
41,931 1,561 8,298 14,665 3,391 1,207 |
40,882 1,543 10,971 8,998 2,454 604 |
||
| Administrative costs: |
||||
| Premises costs Motor and travel costs |
84,148 138 |
44,321 398 |
||
| Printing, stationery and advertising Exhibits and equipment Impairment ofIreehold property Depreciation of freehold property Sundry expenses |
5,317 56,003 20,424 16,000 2,490 |
4,824 33,628 16,000 2,235 |
||
| Staff costs: | ||||
| Wages and salaries Social security costs Pension costs |
42,192 885 |
48,246 992 781 |
||
| Redundancy pay |
5,035 | |||
| 303,685 | 216,877 |
| 2021 | 2020 | ||
|---|---|---|---|
| Governance | staff | 2 | |
| Other staff | 11 | ||
| 13 |
| 8. TANGIBLE FIXEDASSETS |
|||
|---|---|---|---|
| Freehold | Plant and | Total | |
| property | machinery | ||
| COST OR VALUATION | |||
| Balance at I October 2020 | 1,040,000 | 145,958 | 1,185,958 |
| Additions | 250,000 | 3,936 | 253,936 |
| Revaluations | 25,000 | 25,000 | |
| Balance at 30 September 2021 | 1,315,000 | 149,894 | 1,464,894 |
| ACCUMULATED DEPRECIATION |
|||
| Balance at 1 October 2020 | 104,000 | 94,895 | 198,895 |
| Charge for the year | 16,000 | 3,391 | 19,391 |
| Revaluation adjustments |
|||
| Balance at 30 September 2021 | 120,000 | 98,286 | 218,286 |
| NET BOOK VALUE | |||
| At 30 September 2021 | 1,195,000 | 51,608 | 1,246,608 |
| At 30 September 2020 | 936,000 | 51,063 | 987,063 |
| 9. FIXEDASSET INVESTMENTS |
||
|---|---|---|
| 2021 | 2020 | |
| Market value at I October 2020 | 3,831,693 | 930,216 |
| Net gains/(losses) on revaluation at 30 September 2021 Eliminated on disposal Purchased in year Investments donated by The Pippin Trust |
348,417 (470,910) 636,463 |
101,633 (1,108,211) 1,203,567 2,704,488 |
| Market value at 30 September 2021 | 4,345,663 | 3,831,693 |
| Historical cost as at 30 September 2021 | 3,724,712 | 3,633,915 |
| 9 FIXEDASSET IN |
VESTMKNTS -continued | ||
|---|---|---|---|
| . |
2021 | 2020 | |
| UK Equities | 296,470 | 296,468 | |
| International Equities |
1,159,446 | 996,180 | |
| UK Bonds | 299,211 | 416,014 | |
| International Bonds |
392,663 | 207,778 | |
| Portfolio Funds | 583,491 | 485,135 | |
| COIF Charity Funds | 1,614,357 | 1,430,093 | |
| Unlisted Securities - at cost |
|||
| f25 Hereford Co-operative 4%loan stock |
Housing Ltd | 25 | 25 |
| 4,345,663 | 3,831,693 | ||
| 10. DEBTORS |
|||
| Amounts falling due within Trade debtors Other debtors |
one year: | 887 30,716 |
17,089 |
| 31,603 | 17,089 | ||
| 11. CREDITORS |
|||
| Amounts falling due within one year: Trade creditors Taxation and social security payable Accruals Other creditors |
6,708 730 6,910 168 |
1,745 820 6,420 149 |
|
| 14,516 | 9,134 |
| andgrants held on trusts to b | e applied for specific | purposes: | |||
|---|---|---|---|---|---|
| A GBulmer | Museum | Archive of | Collection | Community | |
| Education Fund |
Development Fund |
Cider Pomology |
Fund | Art Project |
|
| Fund | |||||
| Balance at 1 October 2020 | 323 | 202,692 | 25,726 | 1,032 | 113 |
| Received during the year | 6,233 | ||||
| Transfers (to)/ from general fund Cash expended |
(323) | (5,628) | (113) | ||
| Balance at 30 September 2021 | 202,692 | 26,331 | 1,032 |
| 12. RESTRICTED FUNDS |
-continued | ||
|---|---|---|---|
| THE APPLE | John | Total | |
| WORLD | Ellerman | ||
| exhibitions | Foundation | ||
| Balance at 1 October 2020 | 31,357 | 13,341 | 274,584 |
| Received during the year Transfers between funds |
27,000 | 84,000 | 117,233 (113) |
| Cash expended | (28,391) | (26,498) | (60,840) |
| Balance at 30 September 2021 | 29,966 | 70,843 | 330,864 |
| At I October 2020 | 3,854,213 | |
|---|---|---|
| Incoming resources | 558,138 | |
| Outgoing resources Transfers from restricted |
funds | (213,487) 113 |
| Transfer from designated | fund - repairs | 52,859 |
| Gains on investment assets |
348,417 | |
| At 30 September 2021 | 4,600,253 |
| 15. ANALYSIS OF GRO |
UP NK | T ASS | ETS | BETWEEN F | UNDS | ||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | |||||
| funds | funds | ||||||
| Fund balances at 30 September 2021 are | represented | by: | |||||
| Tangible fixed assets Investments |
1,246,608 4,142,971 |
202,692 | 1,246,608 4,345,663 |
||||
| Current assets | 168,559 | 128,172 | 296,731 | ||||
| Current liabilities |
(14,516) | (14,516) | |||||
| Total net assets | 5,543,622 | 330,864 | 5,874,486 | ||||
| Unrealised (gains) included above Unrealised (gains) included above |
on tangible fixed assets on investment assets |
(704,999) (521,316) |
|||||
| Total unrealised (gains) at 30 September |
2021 | (1,226,315) | |||||
| Reconciliation ofmovement in unrealised |
(gains) and losses on | ||||||
| freehold property and investment |
assets: | ||||||
| Unrealised (gains) at 1 October 2020 |
(832,474) | ||||||
| Net (gains) arising on revaluation | ofinvestment | assets in the year | (348,417) | ||||
| Revaluation offreehold property |
in the year | (45,424) | |||||
| Unrealised (gains) at 30 September 2021 |
(1,226,315) |