Registei'ed Charity Niini ber 1158061 HEREFORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATII D ORGANISATION cio REPORT AND FINANCIAL STATEMEI NTS FOR THI YEI AR ENDED 30 SEPTEMBII R 2024
HEI REI FORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION cio REPORT AND filNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEI PTEIVIBER 2024 Contents Page Repoit of the Trustees Independent Auditoi s Repoit 9-12 Stateinent of Financial Activities (incliiding Incoine and Expenditui'e Accounl) 13 Balance Sheet 14 Notes to the Account5 15-24
HEREI fiORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATCI D ORGANISATION cio REPORT OF THI TRUSTEES FIOR THE YEAR NDED 30 SII PTEMBEI R 2024 REFERENCE AND ADMINISTRATION INFORMATION The Trustees who acted dui'ing ihe year were as follows.. Mr D Bailey (resigned 29 July 2024) Mr J Bisset Mi. C Bulinei. Mr C Fail's Di. D Mai'sliall (Cliairinan) MrARoe Di. J Taplin Mrs H Thoina5 Mrs G Turner Mrs F Tyler Mi's C Ward Senioi. Management- Ms E Pimblett, Museuin Dii'ecloi. Registered office and operational addre55 21 Ryelands Street Heiefoi-d HR4 OLW Advisors Inde endent Auditor Jaines Hai'pei- FCA Haiyei. Sheldon Chartered Accountants Midway House, Heri'ick Way Staveiton Gloucestei'sliire G1516TQ Bankers CAF Baiik Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitoi's Laillbe Coriier Solicitoi's 36137 Bi'idge Street Hereford HR4 9DJ Investmeiit Advisors Cazenove Capital l London Wall Place London EC2Y SAU CCLA Investnienl Manageinei)t Ltd Senatoi- House, 85 Queen Victoi'ia Sti'eet Loiidon EC4V 4ET
HEREI FORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION CIO REPORT ofi THE TRUSTEI Ei S FOR THI Y[1 AR ENDED 30 SEPTEMBER 2024 The Ti'ustees present their annual I'eporl and financial statements of the ehai'ity foi. the year ended 30 Septeinbei. 2024. The Trustees have adopted the pi'ovisions of the Stateinent of Recoininended Practice (SORP) 'A¢counting and Repoiting by Chai'ities" (FRS 102) in pi'epai'ing the anniial report and financial staleiT]ents. The financial stateineiits have been pi'epai'ed in accordance with the accoiinting policies set out li) note I to the accoiints aiid Comply with Ilie chai'ity's trust deed, the Chai-ities Act 201 l and Accounting and Repoiting by Chai'ities.. Stateinent of Recoinmended Practice applicable to charities prepai'ing theii. accouiits in accordaiice witli the Financial Repot'ting Siaiidard applicable in the UK and Repiiblic of Ii'eland published on 16 July 2014. STRUCTURE, GOVERNANCE AND MANAGEMENT The Hei'eford Cidei. Museuin Ti'ust is a i-egistei'ed chai'ity (No. 1158061) governed by a declaration of Ti'ust dated 12 August 2014. The Ti'ustees IT]ay appoint new or additional Trustees and the following oi'ganisatioiis had Ti'ustee repi'esentatives as follows.. Bulinei's (oiie representative) National Association of Cider Make13 (one representative). The boai'd of Ti'iislees iiieets quarlei-ly and tliei'efoi'e has delegated soine decision-lnaking to Trustee coininittees whicli meet Inoi'e I'egulai'ly eithei. in pei'son or by videoconfei'ence. There al'e curi'ently five coininittees which, respectively, oversee finance, Inuseuin opei'ational Inatters, audience developinent, the building, and land manageinent. AIMS AND OBJECTIVES FOR THE PUBLIC BEI NEFIT The chai'itable object of the Hereford Cider Muselli Ti-u5t is to advance educatioii in the history of the cidei. and perry iiidustry and I'elated agricultural, orchai'ding and indu5tt-ial pi'ocesses by Inaintaining a museuin for the public benefit. Wliere Ilie Miiseiiiii Ivaiils lo be The vision is.. The MuseuiT] of Cidei., internationally acclaiined foi. its cornpi'ehensive collections and archive, will be the Nuinbei. l UK visitoi. attraction celebi'ating cider inaking and oi'chai-ds, showcasing theii. hei'ilage and importance to Hei'efoi'dshii'e, tlie UK, aiid the world. Hlli(ii ilie TrIiiseiiiii Ivniifs lo neliieve It aiiiis to inspii'e and educate the public with regai'd to cidei. Inaking, and its significance locally, nationally and internationally tlii'ough its l)ei'itage, its liistoi'y and its iinpoitant I'ole in the coiintryside and the town by the care and display of its Unique aiid extensive Collection, exhibitions and events, courses and leai'niiig, and with its own oi'chards stt'essiiig the leading woi'ld-wide pai't played by the area in cidei. Inaking, ils developii)ent and evolutioii Ihrollgh to tlie cui'i'eiit day. The Museuin will pi'ovide access to all, as well as ci'eating iinpoi-lant links within tl)e local coi)Iniunity, the bi'oader piiblic and with all tliose interested oi. active in the Inaking of cidei. and pei'ry thi'oughout the world
HEREI fi0RD CIDER MUSEUM TRUST CHARITABLE INCORPORATED ORGANISATION cio RII PORT OF THE TRUSTEEI S FOR THE YE* AR ENDED 30 SEPTEI MBER 2024 Wliiil Ilie Miiseiiiii Ivftiils lo be It will be a Celebration of cidei., cidei. Inaking, apple oi'chai'ds and their importance to Hei'efoi'dshii'e, tlie West of England, the UK, and the woi'ld. The collection will einbi'ace the divei'sity of cidei's and show how cidei. is intertwiiied with the landscape aiid Iiistory of Herefoi'dshii'e. The iinporlant ai'lefacts, buildings and orchai'ds in its care will be protected foi. futiire genei'ations and bi'ought to life foi. the widest possible audieiice iii vibi'ant and imaginative ways. The Miiseuin ivill be ali asset to oiii. local coi)Iinuiiity, the industry that we celebi-ate, the agriciiltui'al coiniiiuiiity who gl'ow cidet. apples, the ii)illions of people wlio ei)joy di'inking cidei- and evei'yoiie intei'esled in the social history and vallie of the laiidscape froiii wl)icli it coines. Objeclives A sei'ies of specific objectives will help to bring this about. In setting objectives and planning activities, the Ti'ustees have carefully considered the Charity Cominission's guidance on public benefit and in particular to ils suppleillentaiy public benefit guidaiice on advancing educatioii. Biiild a17d Iiioinlnin a iiniqiie colleclion associoled iviih ciclei. a17d apples both at the Museuin and of cidei- fiuit vai'ieties in its orchai-ds that pi'esei've heritage and tells the histoi'y, bringing stoi'ies to life and sliowcasing the assets that stand oiil as uniqiie aiid iinportant as identified in the consei'vation management plan and land sti?tegy. Cai-iiig for the niuseuin collection iii accoi'dance with inu5euin acci'editation standards and augmenting it with new, unique and i'elevant ai'tefacts, as well as fiirther cider fruit varieties iii the orchai'ds in liiie with the land strategy, the collection will be a resoui'ce accessible to visitors, Iiistoi'ians, horlicultui'a5ists and aCade1lcs. Jnci'e(7se aiidie17ce to bring the story of cidei. and apple trees to the widest possible audience, increasing income, awareness and recognitioii by being creative aiid iiinovalive in communications, exhibitions and events that show the significance of the collection to the story and place. The MllseuiT] is i'ecognised as an iiiipoi'tant asset for both local toui'isin aiid for the commiinity and will continue to roise its stature natioiially and intei'nationally. Ensiii'e financial viability by protecting capital inve5tinents, welcoining mol'e vi51toi's, attracting grant fundiiig and donations, making best use of the building and land to benefit local cominunities and identifying innovative ways to raise incoine sti'eains. Be a gi'eal place Io M>OI'k witl) Inotivated and ti'ained staff and volunteers who are provided opportunities to develop and grow within robust einployinent, health and safety, and safeguai'ding governance. A cenli'e of excelle17cefoi' Ihe 17isIoiyi a17d hei'itage of cidei'iiiaking and orchai'ds that offers expertise Ihroiigh the archive of cider pomology and othei. i'e50111'ces, encoui?ging leai'ning thi'ougli talks and courses, aiid acts as a hub and signpost to othei. experts in cider inaking, oi'chard habitat, social history and other related skills. Woi'k Mpiih olhep's, delivering in paitnei'ship with othei. oi'gaiiisatioiis whei'e this bi-ings synei-gies or opens access to a widei. audience, including sharing the collection thi-ough loans and digital niedia and participating in national and intei'nalional networks of expei'Èise for cidei., apples aiid orchai'ds. Inspii'e a iqyidep. niidie17Ge IhF'oiigh ediiealion a17d oiifi'each delivering ediicational activities and progi'ainine5 ill dedicated spaces in tlie Miiseuin and within schools, othei. edLicatioi)al establisl)ments, and tailored activities foi. other gi-oiips and oi'ganisalions. Be ai? nssel lo oiii. local coiiF17111p?ilJJ whei'e this aligiis with the chai'itable object, being seen as an iinpoi'taiit pait of a stt-ong local i)etwoi'k, boih because the Museuii) and in its oi'cliai'ds are places tlial can be used by local comniunilies and by Inaking the local iinpoi'tance of cider and apple ts'ees I'elevant to a wide l'ange of audieiices thi'oligh ci'eative engageinei)l. Invesl 117 Ihe long lei'ni, siistainablefiillip'e ensuriiig the building, land aiid collection are attractive and accessible, allowing for the in05t flexible and ci'eative uses of the Museuin's assets wl)ilst pi'eserving thein foi. futui'e genei'ations through care, generating incoine and coi)laining costs. At the saine tiine help with widei. global challenges by reducing cai'bon footpi'int, enhanciiig natui?l i'esoui-ces and iinpi-oving social iinpact.
HEREI foRD CIDER MUSII UM TRUST CHARITABLE INCORPORATfi D ORGANISATION cio RII PORT ofi THI TRUSTEI S FOR THE YEAR INDED 30 SEPTEMBER 2024 The Trustees gi'atefully acknowledge the support of staff, the Inany unpaid voluiiteers, and those who pi'ovide donations and Services fl'ee of charge to the Charity. ACHIEVEMENTS AND PERFORMANCE- HOW WE DELIVERED PUBLIC BEI NEFIT The Museuin is housed in the old Bulmei s factory iii Hei'efoi'd which is the birthplace of the largest cidei'inaker in tlie woi'ld. It also owiis 124 acies of orchard, n)eadows and pasture in Herefordshii'e, at Breintoii aiid Yai'pole. Tliis year has seen significant advances that have repositioned the Museum to strongly deliver against its objectives and to find its place in the world. Biiild ap?d ipiaintai17 a 1117iqzie colleclion associated ivi117 cidep. and apples The Museuin holds Full Accreditation status by the Arts Council, England, which is the UK standard foi. Inuseuins and galleries aiid defines the working pi'actices foi. collection cai'e. Beiiig the 01)ly AcciEdited Museum in the coiintry to focus upon the stoiy of cider and the apple, the MuseuiT) seeks to showcase and proinote the hei'itage of cidei. aiid orchai'ds across the United Kingdoin. The Museuin offers a unique coinbination of industrial heritage, unrivalled collections froin across the county, and cultural woith Set in a County that has a cenli?l i'ole in the history and pi'oductioii of cider. Hoiised in an historic factoiy building whei'e Inajor technical and scieiitific advances took place, the Miiseuim has a collection that coinbines agi'icllltui'al and industrial machinery aloiigside exquisite collections of glassware aiid al't works, and holds an extensive aichive of papers, linages aiid book5. Its collections al'e fuither enhanced by loans fi'oin others. The Museum sits in the centre of Hei'efordshire, a i-ui'al county tliat accounts foi. a sixili of all the cider pi'oduced in the world and is the largest Museiiin aiiywhere in the woi'ld dedicated to cider and its agi'icultural and social context. Dui'ing tlie year, accessiOi)s incliided woi'ks related to the Apples & People exhibition A Vai'ie41 of Ciiliiii'es includiiig Billy Apple cidei. cans sent froin New Zealand and fllrthei. apple Inodels Inade by Soinei'set artist Lottie Sweeney. The extei)sive collection of books and docuinents gifted by the late Gillian Buli)iei' wei'e added ii)lo the ai'chive. All assets doiiated to the Museiim are held by the Ti'iist aiid I'ecoi'ded in the Accession Registei.. The Trustees will not norillally dispose of any accessioned assets; however unwanted items may wari'ant disposal oi. dispei'sal from tinie to tiine, and such may be authoi-ised by the Tru51ees within the strict provisions of the Miiseuin'5 Access and Disposal policy. Jiici'ease aiidie17ce The Museum received a total of 9,956 visitors dui'ing the yeai. LIP from 9,236 visitoi's in the pi'eviou5 year, this despite disruption caused by tlie extensive biiildiiig woi'k diii'ii)g this yeai-. A further 677 people wei-e reached through specific oiiti'each events, with staff attendiiig the Flistoric Herefoi-d event at Hei'eford Town Hall and hosting visits fi'oin students at Hei-efoi'd College of Aits. To atti'act fiiithei. visitors, a new foi'inat brochiii'e was circulated to local veniies, the Museuii) now opens on Sundays and gives fi-ee enh'ance to children, and a i'egulai- pi'ograiy]ine of events was established. Ciii'atoi. teas, guided tours and craft activities took place. Marketing focus has shifted, with staff I'eceiving ti'aiiiing to enhance inai'keting commiinication skills. As a result, social Inedia engageinent and l'each increased. The parliiei'ship Apples & People exliibition pi-ogran)Ine coiitinued both online and with a high-profile exhibition al the Museuiii which included a lai'ge display of histoi'ic Inodel apples loaned by Royal Botanic Gai'dens Icew that liad not been seen togeiliei. by tlie public foi. sonie fifty yeai's. A Ilai'ieOI o Ctiliiii-es was opened by His Majesty's Loi'd-Lieuteiiant of Hei'efoi'dshii'e, Edwai'd Hal'ley CBE at a well-attended event. Desci'ibed by Countiy Life 11)agaziiie as 'Liiiinissable" the exliibition tenii was extended, attracting visitoi's fi.01 afai. includiiig froin the Royal Hoiticiiltui'al Society in London and Bii'ininghaiii's Chinese coininunity. E175111'efinancial )iiability Inci'easing audieiice through iinpi'oved expei'iences and enliancing I'etail pi'ofilability are important factoi's foi. the Museiiin as is piirsuing othei. oppoi'tunities to divei'sify incoiiie. Dui'ing the yeai., Midlands Museuin Developinent (raining was I'eceived specifically lookiiig at ways for the Museuin to genei'ate income froin widei. sources. Details of Ilie ts'aiisfoi'inative bequests in Gilliaii Buliner's Will wei'e confiiined during the yeai-, and £2,000,000 was received dui-ing the yeai. as parl of the Residiial Estate. This has enabled the Museliin to Inake significant inveslinenl ii) ils propeity diiring the year with planned I'epaii's and iiiiprovemeiits to tlie Miiseiii buildii)g, Inostly capitalised, and acqiiisition of fui'il)er orcliai'ds iii Breinton, west of Herefoi-d.
HEREFORD CIDER MUSEUM TRUST CHARITABLE INCORPORATII D ORGANISATION CIO REPORT OF THI TRUSTEEI S FOR THI YEI AR NDED 30 SEPTEMBER 2024 Having now pi'ogi'essed thi'ough tlie QuinqLiennial review of the Museiim building, and with a conservation manageinent plaii and land strategy in place, the Museum is now well positioned to transfoi-ill tlie visitoi. expei-ience and has appointed consultants to assist with developing the pi'oposition foi- potential fundei's. Be a gi-eal place lo woi'k During the yeai., with professional advice fi'oni the Museiiin's new HR pi'ovidei., staff conti'acts, job descriptions, and the employee handbook wei'e all updated, and payi-oll i'ecoi'dii)g and SUPPOTI moved online. Staff I'eceived training aiid furihei. collections volllnteei's joined the Miiseuin team. A ceF7fp'e ofe.rcellencefoi' Ihe hisloiy oncl hei'ilage of cidei'ipiaking a17d oi'chai'ds The Museuin lias hosted visitoi's fi'om ai'oiind tlie woi'ld including cider makers and apple enthusiasts fi'oin acro55 Eui'ope, USA, Austs'alia and New Zealand. The oiiline exhibition pi'ogi'ainine called Apples & People continued thi'oughout tl)e year, shai'ing stories about the apple and fostering new links for tl)e Museum with apple scientists, liistorians, and growei's around the world as well as ait institutions and othei. museums. The Museum plays a leading i'ole iii the consei'vation of cidei. fruit vai'ieties and its extensive collectioii of fruit trees has conlinued to grow under tlie giiidance of the trustees, land committee and througli diligent i-esearch and cal'e by the Museum's volunteer consei'vatoi. of fruit. Significant pi'ogress has been inade presei'ving and I'ecoi'diiig the archive and object collections, with iinproved access to the collections by better indexing. The Museuni held two exhibitions during the yeai., A Vfip'iety of Ciiliup-es and Macle oiil of Oi'chai'ds, and oi'ganised the Inteimational Cidei- and Perry Coinpetition. Togethei. with keynote speeches by various staff and trustees on cidei., apples and oi'chards, tliese all served to elevate the Museuin's status. Woi'k iviih oihei's The Museuin paitnered with tlie Bi'ightspace Foundation and National Ti'ust in Herefoi'dshire to delivei- the Apples & People exhibition progi'ainine. For its exhibition A Kai'iely ofcultures, pi'estigious apple arl loans were received fi'oin collections of the Royal Botanic Gardens Kew and the Ashilloleaii Miiseuin at the University of Oxford, the fii'st time an exhibition of this statui'e had been cui'ated at the Miiseum. Staff worked closely with lending institutions to enable tliis. Understanding of the history and biodivei'sity of the land owned by tlie Museum continued ihi'oughout the y¢ai' through i'eseai'ch by local expei'ls and involving the local coii)Inunity at Breinton. Detailed i-eseai'ch i'eports wei'e coinpiled by Shi'opshire Lichen Gi'oup, Herefoi-d5hire Fungiis Sui'vey Gi'oup, and Breinlon Histoi'y Gi'oup. In paitnei'ship with the National Ti'ust in Herefordshii'e, a strategic Land Choices process was undertaken. liiformed by this work with othei's, the Museuni is developing compi'ehensive plans foi. futui'e use and Inanageineiit of ils laiid in Bi'einton. The Miisellin participates iii Hereford Applefest, the natioiial Orchard Netwoi'k and the international Ciderlands netwoi'k of cider ciilture and toiirisin destinations. 117spiI'e a Ividei. aiidience r171'011g17 ediicalion and oiili'each A curriculuin-focllsed educatioii pi'ogi'ainine foi. local scliools was developed witl) grant fundiiig. Trialled dui'ing the yeai., it will be rolled out to a widei. nillbe1. of scliools. The Miiseiiiii also hosts ediicatioii-led Inonthly Ineetii)gs for forinei. cider industry einployees, with suppoit fi.01 the Floward Bulmei. Charitable Ti'iist, at whicli items fi'oni the collectioii and ai'chive are shared by the Museuin, which also collects tlie Ineinoi'ies of those who woi-ked in the industiy. Be assel lo oiii. local coiiiiiiiip7ity The Museuiii provides volunteei'ing opporliinities foi- local people including foi'inei. cidei. indusliy eiT]ployees. Meinbei's of Breinton History Group lielped reseai'ch the land tl)ere and fui'lhei. oppoi'tunities foi. the coininunity to visit and to volui)teei' al'e beiiig developed in the ongoing land strategy review. An events conimittee has been establislied that plans activities at the Museum to attract local people aiid eiicoui'age repeat visits.
HLI REFORD CIDII R MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION cio REI PORT OF THI TRUSTEES FIOR THE YEAR ENDII D 30 SE( PTEMBII R 2024 A Steinway Model D concert grand piano that is owned by the Museuin is housed in neai'by Holy Ti'inity Chui'ch. Whilst it is booked across the countiy, local gi-oups can hii'e at preferential rates, allowing thi5 excellent insli'uinent to be appreciated in Hei'eford. 11711esl in the1017g lei-iii, siislaiJ7ablefuliii'e The Miiseuin paiticipated iii a Midlands Museuin Development progi-amnie to help diversify, and therefore strengthei), iiicome sti'earns, and made significant investineiit in both the Museuin's building aiid land foi. the future. Extensive building woi'k to i-ectify issues identified in the Quinquennial review is now lai-gely coinplete, including I'eplaceInent of pait of the I'oof, re-establishinenl of a lai-ge usable Cellai. space in the foi'inei. Bii'dcage cellar, and additional carpai'kiiig in Ryelands Street. This should i-educe ongoii)g Inaintenance aiid iitility ¢osIs. During the yeai., two fuithei. lai'ge oi'chai'ds wei'e acqiiii'ed iii Bi'einton that link the Museuin's land togethei.. The land sth'ategy is exploi'ing tlie miiltiple valiies of its nalui'al capital and liow these can be utilised and enhanced, and a sustainability Sti'ategy is planned which will guide all developinents, including tlie use of I'enewable ei)ergy. FINANCIAL REVIEW Incoine has again iinpi'oved slightly, with Inore visitoi's coming to the Museuiii despite the disi'uption of building woi'k and a difficult economic backdi'op. The Ti'ustees al'e grateful foi. the donatioiis received in the yeai. particularly the ongoiIig siipporl received fi'om Ihe Becket Bulniei. Fund administered by Herefoi'dshii'e Coinmunity Foundation, fi-oin HEINEKEN towai'ds running costs, froin the Chui'cli Street Chai'itable Triisl towai-ds Inai'ketiiig to attract Inore visitoi's, fi'om Ms Siisan Bulmei. towai'ds the inanageinent of Becket's Oi'chai'd, from the NationRI Association of Cidei. Makers for tl)e Museum's ar¢liive, and froii) the Friends of Hei-efoi'dshii'e Museuins and Arts foi. I'eplaeeinent projection equipinent. These donations are ci'iicial to the Museum's loiig-terin flittire, as is investsnent incoiT]e which increased in the year due to Inai'ket conditions and with Inore fiinds received and invested during the year fi'om Gillian Bulinei s Will. As described in note 2 to the accounts, the value of in-kind tiine donated by Trustees on pi-ofessioiial sei'vices totalling £18,350 has been included in both donated incoine aiid chai'ilable expenditure this yeai. to properly reflect the ti'ue cost of operating the chai'ity. Opei'ating costs have inci'eased significantly agaiii this year reflecting the I'ise in tlie National Living Wage and genei'al inflationaiy pi'essiire. Preinises costs at'e l)igh due to uncapitalised buildiiig I'epair cost5. In addition, building works totalling £828,219 (2023 £141,981) that Ineet the ci'iteria desci'ibed in the accounting policies in note I to the accounts have been capitalised. Professional fees wei'e lowei. because the pievioiis yeai. included up fi-ont fees relatiiig to building woi-k. Net uni'estricted incoine on unresti'icted flinds totalled £100,616 (2023: net expeiiditui'e (£173,032)). The Ti'ustees will Inanage expenditiii'e at a pace that ensiii'es that thei'e is siifficient income froin inveslinents to iindei'pin the day-to-day activity of the Museuin, whilst taking active steps to diversify and iinpi'ove operational incoine. The Museiitm's pi'e-existing pi'opeities were i-evaliied on 30 Septeinbei. 2022 by Angu5 J Jackson MRICS of Jackson Preece Liinited (sui'veyoiE aiid coininei'cial agents). Tlie laiid is valiied on a coinparable open Iiiai'ket value basis and, becaiise of its specialist natui'e, the building is valued on a depreciated I'eplacenient cost basis. Those pi'opei'lies ti'ansfei'red to the Museuin under Gilliaii Biilmei s Will are valiied oil a coinpai'able open Inai'ket basis at the date of ti'ansfei. and those pi'operlies acquii'ed dui'ing the yeai. al-e held at cost, this also being Iindeipinned by pi'ofe5sional valiialion. As desci'ibed in iiote 17 to the aceoiint5, Inonies and land bequeathed to the Museiini in Gillian Buliner's Will have beeii deemed to be receivable on the date of hei. death and liave accoi'dii)gly been t]'eated as a pi'ioi. yeai. adjustinent in the accouiits. Cei'tain other laiid in Gillian Bulmei s Will, aiid a i'elated bequest, was appi'opi'iated by tlie Executoi's durii)g the yeai. aiid is ti'eated as income dui'ing the year.
HEREFORD CIDII R MUSEUM TRUST CHARITABLE INCORPORATED ORGANISATION CIO REPORT OF THE TRUSTEII S FOR THE YEI AR ENDED 30 SEPTEMBII R 2024 INVII STMENT POLICY AND PERFORMANCE The Ti'ustees may invest any Inonies held at theii. absolute disci-etion and its investinent portfolio is Inanaged by Cazenove Capital Managei)ient Liinited and CCLA Investinent Manageinent Ltd. An unrealised gain of £33 8,566 (2023.. £18,772) has been inade on tlie poi'ifolio in continued volatile i)Jai'kets. Duriiig the yeai., funds lotalling £2,000,000 were i-eceived by Cazenove as pait of the settleinent of Gillian Buliner's Will and invested in the poi'tfolio and cash instruinents and £1,448,583 withdi'awn to pay foi. biiilding work, laild acquisition, and opei'ating costs. KEI Y MANAGEMENT PERSONNEL REMUNERATION The Trustees considei. the board of Trustees and Museuin Director to be the key Inanagement personnel of the chai'ity in charge of dii'ecting and conti'olling the chai'ity aiid running and operating the cliarity on a day-to-day basi5. All Trustees give tlieir tiine fi'eely and no TL'UStee remuneration was paid in the year. As desci'ibed in note 2 to the accoiints, the value of in-kind tiine donated by Ti'iistees on pi'ofessional services lias been included in both donated incoine and charitable expenditui'e this year to propei'ly reflect the ti'ue cost of operating the chai-ity. Details of Trustee expenses and related party ts'ansactions are disc105ed in notes 2 and 16 to the accounts. RISI< MANAGEMEI NT Diii'ing the yeai. the Trustees I'eviewed operational risks which are prioritised in tei'ins of potential impact and likelihood of occuri'ence, and pi'ocedures have beeii pill in place to mitigate risks. The ti'ustees bring a l-ange of skills to oversee the Inanageinent of the Museiiin and there is a pi'ogramme of staff ti'aining. RESERVES POLICY The chai'itable objeclive of the Museuin is such tliat it I'eqliires the Inuseum building, its collection, and its land to be ii)aintained iii a way that presei'ves these assets for the education of Cuii'ent and futui'e genei'ations. Having beeii gifted significant inonelary donations by benefactoi's to ensui'e tliat tliis is possible, the trustees considei. these donations to be akin to expendable endowinents to support the Inuseum into the fiiture, invested to generate sufficient income to at least meet any shortfall of expected operating incoine to costs. Should the level of investments be sucli that income exceeds what is i'equired to cover opei'ational losses and other Inediuin terin coininitineiits, such sui'plus investinents will be allocated to specific projects to impi-ove operational incoine oi. reduce futui'e expenditui'e or wliicli otherwise deliver the Museiiiii's charitable objectives. The charity lias several i-esti'icted fiinds which are detailed in note 12 to the accounts. Such funds al'e only used in accoi-dance with specific resti'iclions imposed by the donoi. to flli'thei. a pai'ticular aspect of the Museuin'5 chai'itable objectives. PLANS FOR THE FUTURE Ongoing inve5tinenl lo transforin tlie Museuin expei'ience ai)d iiici'ease its statiire will 11)ake the most of the liisloi'ic building, the iiniqiie collections held by tlie Museuin, ai)d the land that it owns. The Museuin will be an asset lo our local coininunity, the industiy that we celebi'ate, the agricultui'al coinimunity who gl'ow cider apples, tlie millions of people who eiijoy drinkiiig cidei. aiid everyone interested in the social histoiy aiid value of the landscape fi'oin wl)ich it coines. Woi'king in partiiership witli others, fui'thei- exliibitions, eveiits, and digital eiigageinent is planiied to extend l'each, atti-act iiioi'e visitoi's, educate new audiences, and inci'ease coininiinity involvement.
HEREFORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION cio REPORT OF THI TRUSTEI Ei S FOR THE YEAR ENDED 30 SEPTEMBIR 2024 TRUSTEI ES RESPONSIBILITllI S IN REI LATION TO THE FINANCIAL STATII MENTS The Charity Trustees are i'esponsible for pi'eparing a Ti'iistees annual repoit and financial stateinents iii accoi'dance with applicable law and United Kingdoin accounting Standai'ds (Uiiited Icingdom Genei'ally Accepted Accounting Practice). The law applicable to chai'ities in England and Wales i'equires the charity Trustees to pi'epare financial slaleinents for each year which give a ti'ue and fail. view of the state of affairs of the charity and of tlie incoining resources and application of I'esources, of the charity for tliat year. In pi'eparing the financial stalenients, the Ti'ustees are required to.. select siiitable accounting policies aiid tlieii apply theii) consistently. obsei've the Inetliods and principles in the applicable Charities SORP. Inake judgenients and estimates that al'e reasonable aiid pi'udent. state whether applicable accounting standai-ds have been followed. subject to any Inalerial depaitui'es that must be disclosed and explained in the financial stateinents. prepare the finaiicial stateinents on the going concei'n basis unless it is inappropriate lo pre5uine that the charity will continue li) operation. The Trustees are I'esponsible foi. keeping proper accounting records that disclose wilh I'easonable accuracy at any tiine the financial position of the chai'ity and to enable thein lo ensui'e that the financial statements coinply with the Chai'ities Act 201 I, the applicable Charities (Accounts and Reports) Regulations and the pi'ovisions of the Trust Deed. They are also responsible for safeguai-ding the assets of the chai'ity and taking reasonable steps for the pi'evention and detection of fi?ud and other ii'i'egulai'ities. The Ti'ustees al'e i'esponsible foi. the Inaintenance and integrity of the cliai'ity and fiiiancial inforination iiicluded on the charity's website in accoi'dance witli legislation in the United Kingdoiii governing the preparation and disseniination of financial stateinents. On behalf of the Ti'iistees Dr D Mai'shall 16 May 2025
HEREI FORD CIDIR MUSEUM TRUST CHARITABLE ORGANISATION cio Independent Auditor's Report to tlie trustees of Hei'efoi'd Cider Museum Trust Year ended 30 Septeniber 2024 Opiiiion We have audited the financial slateinents of Hei'eford Cidei. Miiseuin Trust (the 'chai'ity') for the year ended 30 Septeinber 2024 which coi)Iprise the slateineiit of financial activities (including incoine and expenditure account), statement of fiiiancial position and the I'elated notes, iiicllidiiig a siiminary of significant accounting policies. Tlie financial I'eporting fi'amewoi'k that has been applied in their pi'eparation is applicable law and the Stateineiit of Recoinmended Pi'actice 'Accouiiting and Reporting by Chai'ilies" (revised 2005), aiid with FRS 102 The Fiiiaiicial Repoi'ting Standard applicable in the UK and Repiiblic of Ii'eland (United Kiiigdom Genei'ally Accepted Accounting Pi?ctice) and with the Charities Act 2011. n oui. opinion the financial statements.. give a true and fair view of the state of the chai'ity's affairs as at 30 Septeinbei. 2024 and of its incon)ing resoiirces and application of resoui'ces, includiiig its incoine and expenditui'e, for tlie year then ended. have been pi'opei'ly pi'epared in accordance with United Kingdorn Genei'ally Accepted Accounting Practice. have beeii prepai'ed in accordance with the requii'einents of the Chai-itie5 Act 2011. Basis for opinion We conducted oui. audit in accoi-dance willi International Staiidai'ds on Auditiiig (UK) (ISAS (UK)) and applicable law. Oui. i'esponsibilities undei. tliose slandai'ds are fuitl)er described in the auditor's i'esponsibilities for tlie audit of the financial stateinents section of oui. report. We are independent of tlie charity in accordance with the etbi¢al i'eqiiiremeiits thal are i'elevaiit to our audit of the financial stateinent5 in the UK, including the FRC'S Ethical Stai)dai'd, and we have fulfilled oiii. othei. ethical I'esponsibilities iii accordance with tliese I'equireinents. We believe tliat the audit evidence we have obtained is sufficient and appropriate to provide a basis foi. our opinion. Conclusions relatiiig to going concerii We have nothing to report in i'espect of the followii)g Inattei's in relatioii to which the ISAS (UK) i'equire lis to report to you where.. the tt'ustees, use of the going concern basis of accoiinting in the prepai'ation of the fiiiancial slateinents is not appi'opriate. oi. the triistees have iiot disclosed in the fiiiancial stateinents aiiy identified Inaterial uncertainties that Inay cast significant doubt abolit the charity's ability to continiie to adopt the going conceni basis of accounting for a pei'iod of at least twelve Inonths frorn the date when the financial stateinents are authorised for issiie.
HEREfiORD CIDER MUSEUM TRUST CHARITABLE ORGANISATION CIO Independeiit Auditoi s Report to tlie trustees of Hei'efoi'd Cider Museum Trust YeAr ended 30 Septembei. 2024 Otller infoi'niation The othei. iiifoi'inalion coinpi'ises the infoi'inalion included in the trustees report, other than tlie financial staleineiits and oui. audiloi s repoi't thereon. The tt'ustees are I'esponsible foi- the other iiiforination. Oiir opinioii on the finaiicial stateinents does Iiot cover the otlier inforinatioii aiid, except to the extent otherwise explicitly staled iii oui- repoi't, we do not expi-ess any foi'in of assurance conclusion thei-eon. In connection with oui- audit of tlie financial statements, oui. responsibility is to l'ead tl)e other inforination and, in doing so, consider whethei. the othei- inforinalion is matei-ially incoiisisteiit with the financial stateinents oi. our knowledge obtained ii) the aiidit oi. othei'wise appeal's to be niaterially Inisstated. If we identify siich matei'ial inconsisteiicies or appai'ent Inatei'ial inisstateineiits, we al'e requii'ed to deterinine whetlier thei'e is a Inatei'ial Inisstaleinent in the financial stateinents or a material inisstateiment of the othei- inforination. If, based on the woi'k we have perfoi'iiied, we conclude that Ihei'e is a Inaterial Inisstatement of this otlier inforination, we are i'eqiiii'ed to i'eport that fact. We have nothing to report in this I'egard. Opinions on other matters prescribed by the Chai'ities Act 2011 In our opinion, based on the work undeitaken in the coiirse of the audit.. the infoi'inatioii given in the h'u5tees' I'epoit foi. tlie financial year for which the financial stateinenls al'e pi'epai'ed is consistent with the fiiiancial staleineiits. and the trustees, I'epoit lia5 been prepared in accoi'dance with applicable legal requireinents. Matters on Ivhich ive al'e required to report by exception In the light of the ki)owledge and undei'standing of the cliarity and its environinent obtained in the coui3e of the audit, we have not identified material Inisstateinenls in the trustees, report. We Iiave nothing lo repoit in I'espect of the following tnattei's in i'elation to which the Chai'ities Act 201 I reqiiires us to report to you if, ii) oui- opinion.. adequate accounting recoi'ds l)ave not beeli kept. or retlims adequate for oui. aiidit have not been I'eceived froin bl'anches not visited by us. oi. the financial 5tateinents al'e not in agi'eeinent with the accounting I'ecoi'ds and i'etllrns. oi. cei'tain disclosui'es of ti'iistees, reiniinei'ation specified by law al'e not iiiade. or we have not I'eceived all the information and explanalions we I'equire for our oiidil. 10
HEREf<ORD CIDER MUSEI UM TRUST CHARITABLE ORGANISATION cio Independent Auditor'5 Report to tlie tru5tee5 of Herefoi'd Cidei. Museum Ti'ust Year ended 30 September 2024 Responsibilities of trustees As explained illoi'e fully in the tt'ustees, I'esponsibilities stateinent, the tl'llstees (who al'e also the directors for the pui'poses of coinpany law) al'e iespoIisible foi. the preparation of tlie financial stateinents and foi- being satisfied that they give a ti'ue and fair view, and foi. such internal control as the trustees deterinine is necessai'y to enable the prep81'ation of financial statements that al'e free fi'oin Inatei'ial misstatement, whether due to fi'aiid oi. ei'ror. In pi'epai'ing tlie fsnancial stateinents, tlie trustees al'e I'esponsible for assessing the charity's ability to Continue as a going concern, disclosing, as applicable, i)iatters related to going concern and using the going conceri) basis of accounting unless the tl'U5tees either intend to liquidate the chai'ity or to cease opei'ations, oi. have no i'ealistic alternative bul to do so. Auditor's responsibilities for the audit of the financial Statements Our objectives al'e to obtain i-easonable assiii'ance about whethei. the financial statements as a wliole are free froin inaterial misstateinent, whetlier diie to fi'aud or e11'0r, and to issue an aiiditor's report that includes our opinion. Reasonable assiirance is a higli level of assurance, bul is not a guai'anlee that an audit condiicted in accordance with ISAS (UK) will always delect a Inatei'ial Inisstateinent when it exists. Misstateiiients can ai-ise fi'oin fraiid oi- ei'i'oi. aiid are considei'ed inaterial if, individually or in the aggi'egate, they could reasonably be expected to influeiice the econoinic decisions of users taken oil the basis of these financial stateillents. As part of ali audit in accordance with ISAS (UK), we exercise professioiial jUdgIent and inaiiitain pi'ofessional scepticism thi'oughoul the aiidit. We also: Identify and assess the risks of material Inisslatenient of the financial stateinents, whether due to fraud oi. ei'i'oi., design and pei'foini audit pi'ocedure5 I'esponsive to Ihose risks, and obtain audit evidence tl)at is Sufficient and appropi'iate lo provide a basis for oui- opinion. The risk of not detecting a rnaterial Iiiisstateinent i-esulting fvoin fi'aiid is highei. than foi- one i'esultiiig froin ei-l'or, as fi'aiid Inay involve collusion, forgery, intentional oinissions, Inisi'epresentations, oi- the ovei'ride of interna5 cor)trol. Obtain an understanding of internal control i'elevant to the audit in order to design audit pi'ocedui'es that are appi'opriate in the cii'cuinstaiices, biit not for the pui'pose of expi'essiiig an opinion on tl)e effectiveness of tlie internal control. Evaliiate the appropi'iateness of accounting policies used and the i'easonableness of accounting estimates and related di5closiires made by the tl'U5tees. Conclude 011 the appropi'iateness of tlie ts'ustees, use of Ilie going concein basis of accolinting and, based on the audit evidence obtained, whetliei. a Inaterial uncertaiiity exists I'elated to events oi. conditions that Inay cast sigiiificaiit doiibt on the chai'ity's ability to contiiiue as a going coiicei'ii. If we conclude Ihat a Inaterial uncei'tainty exists, we are i-equired to di'aw attentioii ii) olli. aiiditoi-'s iepoit ¢0 tlie related disclosures iii the financial stateinenls oi., if siich disclosiires al'e inadequate, lo modify our opiiiioii. Our conclusions al'e based on tlie audit evidei)ce obtaiiied lip to the date of oiir audiloi s report. Howevei., fllture events oi- conditions iiiay cause the chai'ity to cease lo continue as a going concern.
HEREFORD CIDER MUSEUM TRUST CHARITABLE ORGANISATION cio Indepeiident Auditor's Report to the trustees of Hereford Cider Museum Trust Year ended 30 September 2024 Evaluate the ovei'all pi'esentation, structure and content of the financial slateinents, including the disclosures, and whether the financial stateinents represent the underlying transactions and events in a mannei. that achieves fair presentation. We cominunicate with those Charged with govei'nance regai'ding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the chai'ity's meinbers. Our audit work has been undeitaken so that we might state to the charity's members those Inatters we al'e I'equired to state to thein in an auditoi s report and for no other pui'pose. To the fullest extent perinitted by law, we do not accept or assume responsibility to anyone othei. than the charity and the charity's meinbers as a body, for our audit work, for Ihis report, or for Ihe opinions we have formed. James Haiyer (Senior Stattitory Auditor) For and on behalf of Hai'per Sheldon Limited Chaitered accountants & statutory auditor Midway House Staverton Technology Park Heri'ick Way, Staverton Cheltenhain, Glos. GL516TQ 16 May 2025 12
HEREFORD CIDER MUSEUM TRUST CHARITABLI 1Tr4CORPORATED ORGANJSATION cio STATLMEI NT OF FINANCIAL ACTIVITIE4 S INCLUDING INCOME AND EXPEI NDITURE ACCOUNT FOR THE YEI AR ENDED 30 SEI PTEMBII R 2024 INCOME AND ENDOWMEI NTS Note Uni'esti'icted funds Resli'icted funds Total 2024 Total 2023 Donations and legacies Cliai'itable aclivities Investinents 421,741 147,776 150,390 54,171 475,912 l47,776 150,390 31,418 135,897 130,569 Total income aiid endoivments 719,907 54,171 774,078 297,884 I XPEI NDITURE ON: Expenditui'e on i'aising fiinds Expenditui'e on chai'itable activities (30,094) (589,197) (196) (34,665) (30,290) (623,862) (33,048) (479,142) Total expenditiire (619,291) (34,861) (654,152) (512,190) Net incomel(expeiiditure) Trai)sfei's between funds 100,616 19,310 119,926 (214,306) 144,841 (144,841) Other recognised gains/(losses): Gainsl(losses) on revaluation of investinent assets 338,566 338,566 18,772 NET MOVEMENT IN FUNDS 584,023 (125,531) 458,492 (195,534) Reconeiliation of funds: Tolal flinds bi'ought foi'wai'd (i'estated) 8,531.466 183,344 8,714,810 8,910,344 Total funds carried foriyard 9,J 15,489 57,813 9,173,302 8,714,810 All iIicoine and expenditui'e derive fi'oin coiitinuing a¢livities. The stateinent of financial activities includes all gains and losses recognised during the year. 13
HEREI FORD CIDEI R MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION cio BALANCE SHEET riOR THI YEAR II NDED 30 SEPTEMBER 2024 FIXED ASSII TS Note 2024 2023 Restated Tangible fixed assets Investineiits 3,215,720 4,125,100 1,778,562 3,353,884 7,340,820 5,132,446 CURRENT ASSETS Stock5 Debtors Casli at bank and in hai)d 34,459 1,141,272 676,446 33,086 3,094,755 484,038 10 1.852,177 (19,695) 3,611,879 (29,515) Creditors: ainounts falling diie within one yeai. Net current assets 1,832,482 3,582,364 Total assets less ciirrent liabilities 9,173,302 8,714,810 NET ASSETS 9,173,302 8,714,810 Restricted funds 12 57,813 183,344 Uni'estricted funds General fund 13 8,260,490 7,676,467 Fair value resei've 854,999 854,999 TOTAL CHARITY FUNDS 9,173,302 8,714,810 Appi'oved by the Boai'd of Ti'iistees on 16 May 2025 and signed on ils behalf by: Dr D Mai'sliall The notes on pages 15 10 24 forim pai't of these accounts. 14
HEREI FORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATII D ORGANISATION CIO NOTEI S TO THE ACCOUNTS FIOR THE YEAR II NDED 30 SEPTEMBER 2024 ACCOUNTING POLICIII S (a) BASIS OF PREI PARATION AND ASSESSMENT OF GOING CONCERN The accounts (financial slateinents) have been pi-epared undei. the historical cost convention with ileins recognised at cost oi. ti'ansaction value unles5 oihei'wise stated in tlie relevant note(s) to these accounts. The fiiianoial slateineiits have beei) prepared in accoi'dance will) the Stateinenl of Recoiiiinended Practice 'Accounting and Reporting by Charities" (revised 2005) aiid with tS)e Fiiiaiicial Reporting Standard applicable in tlie UK and Republic of Ii'eland {FRS 102) issued on 16 July 2014 and with tlie Cliarities Act 2011. The Ti'usl constitutes a public beneFIt enlity as defined by FRS 102. The Triistees considei. that thei'e are no iatel.1al uiicerlainties abollt the Trust's ability to continue as a going concei'ii. The In05t significant ai'ea of adjustinent and key assumptions tliat affect iteins in the accoiints are to do with the valuation of stock. (b) FUNDS STRUCTURE Resti'icted fuiids al-e fiinds wliich al'e to be used in accordance with specific I'esti'ictions imposed by the donor oi. Ti'ust deed. Thei'e are several I'estricted funds and tlie piirpose of each is stated in note 12. Uiiresti'icted income funds coinpi'ise those funds which the Ti'iistees at'e fl'ee to use for any pui'pose in ftirthei'ance of the cliai'itable objects. Unrestricted funds include designated funds whei'e the Trustees, at their discretion, have cl'eated a fund foi. a specific puiyose. (e) INCOME RECOGNITION All income is I'ecognised once the charity has entitlement to the incoine, it is probable tliat the incoine will be received and the ainount of iiicoi)ie receivable can be Ineasured i'eliably. Donations are recognised wheii the Ti'ust has been notified in writiiig of both the ainount and settleinent date. In the event that a donation is subject to conditions that require a level of perforinance before tlie chai'ity is entitled to funds, the incoine is deferred aiid not recognised iintil eiihei. those conditions are fully inet oi. the fulfilmeiil of those conditions is wholly within the contt'ol of the charity and it 15 pi'obable that tliose conditions will be fulfilled in the I'epoi'ting pei'iod. Legacy gifts al'e i'ecognised on a case-by-case basis following tlie granting of pi'obate when the adininistratoi'lexecutor foi. the estate has coininuiiicated iii wi'itiiig both the amoiinl and 5ettleinent date. In the event tlie gift is iii the forin of an asset otliei. than cash oi- a financial asset traded on a i'ecognised stock exchange, recognition is siibject to the value of the gift being i'eliably Ineasui'able with a degi'ee of reasoiiable accuracy and the title to the asset having been ti'ansferred to the cliai'ity. Interest on fiinds lield on deposit is included wl)en I'eceivable and the ainount can be ineasiired i-eliably by the charity. this is noi-lnally iipon notification of the intei'esl paid oi. payable by the bank. Divideiids are I'ecognised once the dividend has beeii declai'ed and notification has been i-eceived of tlie dividend due. Tliis is noi'inally upon notification by our investiiient advisor of tlie dividend yield of the iiivesttnent poitfolio. Gi'ants al'e ci'edited as incoine in the year in which they are i'eceivable, subject to tlie following.. Grants i-eceived for specific purposes al'e accounted for as i'esti-icted fiii)ds. Grants al-e not i'ecognised as i'eceivable uiitil any conditioiis for i'eceipt have been coinplied willi. Whei'e donoi'_iinposed restt-ictions apply to the tiniing of the I'elaled expenditui'e as pi'e-condition foi. its iise the gi'aiit is ti'eated as defei'i'ed incoine until those I'estrictions al'e Inet. Gi'tints receivable in I'espect of expeiiditui'c on tangible fixed assets al'e Irealed as deferred incoiiie aiid amortised by equal iiistalinents on the saine basis as the depreciation cliarge applicable Éo the asset concerned. 15
Hli RifoRD CIDII R MUSEUM TRUST CHARITABLE INCORPORATII D ORGANISATION cio NOTES TO THE ACCOUNTS FIOR THE YEAR II NDEI D 30 SEPTEI MBLI R 2024 (d) XPEI NDITURE REI COGNITION Liabilities are i-ecognised as expenditui'e as sooi) as thei'e is a legal or constructive obligation coininitting the charity to tliat expenditiii'e, it is pi'obable that settleinent will be I'equii'ed and the aiiiount of the obligation can be Ineasui'ed reliably. All expenditui'e is accoiinted foi. on an aecruals basis. All expenses including siippoi't costs and govei'nance costs are allocated oi. apportioned to the applicable expenditure headiiigs. For iiiore infoi'inalion on this atti'ibution please refer to note (g) below. (e) IRREI COVII RABLE VAT Irrecovei'able V AT is chai'ged against the expenditui'e headiiig foi- which it was incurred. (fj ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support costs have been allocated between governance costs and otl)ei' support costs. Govei'nance costs coinprise all costs involving the public accoiinlability of the Chai'ity and ils coinpliance with regulation and good pi'actice. These costs incliide costs related to the statutoiy independent exaiiiination aiid legal fees togethei. with an appoitioninent of ovei-head aiid suppoi'l costs. (g) CHARITABLE ACTIVITIES Costs of chai'itable activities include gi'ants Inade, govei'nance costs and an apportionient of SLlPPOrt cost5 as shown in note 7. (II) TANGIBLI FIXEI D ASSETS AND DEPRECIATION Expenditure is ti'eated as a fixed asset addition when it pi'ovides an econoinic benefit to the chai'ity on ai) on-goiiig basis (i.e. foi. Inoi-e than one yeai.) because it helps to genei?te incoine oi- contributes to fui'lhei'iiig the chai'ity's objectives. Assets costiiig over £5,000 that i)ieet this test al'e be capitalised at historical c05t. The fi'eehold Iniiseuin building is valued on a depi'eciated I'eplacement C05t basis on a 5-year i-olling cycle. The next professional valualioii is diie in 2027. Othei. land is valiied 011 a fail. value basis iising the Inai'kel price that would be I'eceived to sell a coinpai'able asset in an oi'dei'ly Inanner at tlie measui'einent dale. Professional valuations take place evel'y 5 yeai's and is not depi'eciated as it has unliinited use] life. Plant and Inachinery is stated in the balance sheet at cost less depi'ecialion. Distillei'y equipinent include5 certain gifted iteins stated at replacement valuation at tiine of acquisition. The following l'ates of depi'ecialion al'e chai'ged. Freehold property- 2 % sti'aighi line Plant & Inachinery, fixtui'es & fittings, and office equipinent 200/0 Sti'aight line Piano- 20/0 Sti'aighi line (i) FIXED ASSET INVESTMENTS Iiivestinenls al'e a forin of basic financial insti'iiineiit and at'e initially i-ecogiiised at their ti'aiisaclion value and sub5eqiieiitly Ineasui-ed at theii. fail. value as at the balance sheet date using the closiiig qiioted Imai'ket pi-ice. Tlie stateinent of financial activities incliides the net gains and 1055es arisiiig 011 revaluatioii and disposals throughout the year. The Ti-ust does not acqiiire piit options. dei'ivative5 or other coinplex financial insti'uinents. The Inain foi'in of fiiiaiicial I'isk faced by the chai'ity is that of volatility in eqiiity inai'kels and inveslinent mai'kets due to widei. econoinic conditions, the attitude of investoi's to inveslineiit risk, and clianges iii seiitiinent concerning equities and witl)in pai'liculai- sectol's Ol. Slib sectoi-s. 16
HEREFORD CIDER MUSEUM TRUST CHARITABLE INCORPORATEI D ORGANISATION CIO NOTEI S TO THE ACCOUNTS FOR THE YEAR NDED JO SEPTEMBER 2024 (i) REALISED GAINS ATr4D LOSSES All gains and losses al'e taken to the Stalenient of Financial Activities as they ai'i5e. Realised gaii)s and losses on investinents al'e calculated as tlie difference between sales pi'oceeds and theii. opening carrying value or their pui'chase value if acqiiired subsequent to the first day of the financial yeai.. Unrealised gains aiid losses al'e ca5ciilated as the difference betweeii tlie fail. value at the yeai. end and thei2. cai'iying value. Realised and unrealised investinent gains and losses al'e coinbined in tlie Staleinent of Financial Activities. {1<) PEI NSIONS Eiiiployees of the charity al'e entitled to join a defined coiiti'ibulion 'inoney purchase, scheine. Tlie chai'ity contribiition is I'esti-icted to the contributions disclosed iii note 7. Thei-e wei'e no oiitstanding conti'ibiitions at the yeai. end. The costs of the defined conlribiition scheine al'e incliided within staff costs and charged to the unresti'icted funds of the chai'ity. The inoney purchase plan is inanaged by NOW Pensions and the plan invests the conti'ibutions niade by the employee and einployei. in an inveslinent fund to build lip ovei. the terin of the plan. Tlie pension fund is then conveited into a pension upon the einployee's noi'inal retii'einent age which is defiiied as when they are eligible foi. a state pension. The Triist has no liability beyond making its conti'ibutions and paying aci'oss the deductions for the employee's conh'ibiitions. The chai'ity inade £2,679 of conti-ibiitions to the pension plan operated by NOW Pensions on behalf of the einployees {2023'. £2,321). Foi. Inoi'e infonnation about the pension conti-ibutions I'efei. to note 7. (I) CONTINGENT LIABILITIES A contingent liability is ideiitified and disclosed foi. those gi?nts resulting fi'oni.. a possible obligation which will only be confirined by the occui-i'ence of oiie oi. Inore uncertain future events not wholly within the Ti'ustees, conti'ol. or a pi'esent obligation following a grant offei. whei'e settleinent is eithei. not considered pi'obable. or the amount has not been coininunicated in the gi'ant offei. and that ainount cannot be estiniated I'eliably. (m) STOCKS Stocks are slated in the balance sheet at the lowei. of cost and net i'ealisable value. C05t include5 all expenditure incui'i'ed in bringing those stocks to their pi'esent location and condition. (n) INALIENABLE OR HERITAGE ASSETS The Museuin's collection coinprises heritage assets Iield pi'incipally foi. their conti'ibution to knowledge and cultui'e. Most have beeii gifted over Inany years and these are not valiied in the financial stateinents as the Trustees are of Ihe opinion that no pi'aelical benefit would be achieved by atteinpting lo place a value on these assets, which are not held for resale. When heritage assets al'e occasionally pui-chased froin own fuiids, they al'e capitalised at cost biit not depi'eciated, although inipaii-jnent in valiie, diie foi. exainple to detei'ioi'ation of condition, is assessed annually. (o) OPERATING LEASES Rentals applicable to operating leases whei'e substaiitially all of the beiiefits and risks of ownei-sliip I'einain with the lessor al'e chai'ged to the stateiT]ent of financial activities as inciii'i'ed. (p) VOLUNTARY HII LP AND GifiTS IN KIND Tlie Ti'ustees gratefully acknowledge the Inaiiy hours of voliinlary help donated to the chai'ity each yeai.. No atteinpt has been Inade to quantify oi- value tliis assistance in tlie financial stateinents. 17
HEREFORD CIDER MUSEUM TRUST CHARITABLE INCORPORATED ORGANISATION cio NOTES TO THE ACCOUNTS FOR THE YEI AR ENDED 30 SEPTEMBER 2024 TRUSTEES, EXPENSES AND DONATED SERVICES Expenses paid to the Trustees in the yeai. totalled £121 (2023.. £156). Dui-ing the year, certain Ti'LlStees have volunteei'ed their time to undertake professional services in an unpaid executive capacity over and above theii. I'esponsibilities as li'iistees. These services woiild othei'wise have needed to be sourced extei'nally. To properly i-eflecl tl)e ti'iie cost of opei'ating the charity, tl)e Ti'ustees consider that, for the first liine, in-kind titne spent on siich pi'ofessional sei'vices should be valiied and bi-ought into the accounts as i'eqiiii'ed by module 6 of the Staleineiit of Recoininended Practice. The open market value of donated sei'vices is iiicluded as donated incoine and the cori'espoiiding cost included in expenditure on charitable expenditiire as eiihei. govei'iiance or administralioii in-kind sei'vices, as appropi'iale, and totals £18,350 (pei. note 4). AUDITORS REMUNERATION 2024 2023 Audilorlaccounlants I'einiinei'ation coinprises.. Audit services Manageinent accounts, other and softwai'e charges Payi'oll bureaii sei-vices 2,425 3,538 975 6,938 2,350 3,414 1,050 6,814 DONATIONS AND LCGACIES NACM - ai'chive ofcider poinology The Hei'efoi'dshire Comniunity Foundation - Becket Buliner fund PCC Holy Trinity Cliui'ch Ms Siisan Bulmei'_ donations for Inanageinent of Becket's Orchard HEINEIIEN Sundry donations and gift aid Ti'ustee donated services Gilliaii Bulinei. Dec'd - Orchai'd Maiiagement Re5ti'icted Fund Land at Breinton 2,500 15,752 2,600 15,095 4,000 5,000 3,000 1,723 5,000 3,000 2,139 18,350 54,171 375,000 475,912 31,418 CHARITABLE ACTIVITIES Miiseuin shop, café, rooin hire and oi'chard incoine Miiseuin adiiiissions Gi'ants 96,724 40,931 10,121 100,914 32,650 2,333 147,776 135,897 INCOMI FROM INVESTMENTS Listed investtet]tS ii)coine Realised (loss)/pi'ofil on the sale of Cazenove Invesliiienls 152,342 (1,952) 110,810 19,759 150,390 130,569 18
HEREFORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATEI D ORGANISATION cio NOTES TO THI ACCOUTr4TS FOR THE Yfi AR EI NDEI D 30 SEI PTEMBII R 2024 EXPENDITURE ON CHARITABLE ACTIVITIII S 2024 2023 Govei'nance costs: Museuin dii-ector and adininisti'ator salaries Telephone and intei'iiet costs Auditorlaceountants relune1.at10n Legal and professional fees Depreciation of plaiit aiid machinery Bank chai'ges 61,250 1,644 6,938 5,790 3,742 1,866 57,113 2,659 6,814 76,150 4,296 1,901 Adm inistrative costs: Pi'einises costs Moloi. and travel costs Priiiting, stationeiy and advertising Exhibits and equipimenl Depreciation of freehold property Sundiy expenses 337,926 704 20,180 35,210 19,440 2,832 154,220 1,418 12,067 26,850 16,600 4,970 Staff costs: Wages and salaries Social secui'ity costs Pension costs 116,692 6,969 2,679 106,198 5,565 2,321 623,862 479,142 The avei?ge nuinbei. of einployee5, lllostly einployed on a pait tiine basis analysed by function, was. 2024 2023 Governance staff Othei. staff 13 12 14 No einployees received total eimployee beiiefits (excluding eniployei. pensions costs) of more than £60,000. 19
HIREFORD CIDER MUSEI UM TRUST CHARITABLE INCORPORATEI D ORGANISATION cio NOTES TO THI ACCOUNTS FOR THL YII AR EI NDII D 30 SEI PTEMBER 2024 TANGIBLE FIXED ASSETS Freeliold pi'opeity Plant and machinery Total COST OR VALUATION Balaiice at l Octobei. 2023 (restated) Additions at cost or valuation 1,746,981 1,460,340 154,722 1,901,703 1,460,340 Balance at 30 September 2024 3,207,321 154,722 3,362,043 ACCUMULATED DEPRECIATION Balance al l October 2023 Chai-ge for the year 16,600 19,440 106,541 3,742 123,141 23,182 Balance at 30 Septeinber 2024 36,040 110,283 146,323 NET BOOK VALUE At 30 Septeinbei- 2024 3,171,281 44,439 3,215,720 At 30 September 2023 (restated) 1,730,381 48,181 1,778,562 Revaluation Freehold Pi'opeity was revalued to fair valiie on 30 Sepleinbei. 2022 by Angus J Jackson MRICS of Jacksoii Pi'eece Liinited (sui'veyors aiid coininei'cial agents). The laiid is valued on a coinparable open inRI'ket value basis and, because of its specialist iiatui'e, the buildiiig is valued on a depreciated replaceiiieiit cost basis. Additions since the last revaluation dale are recot'ded at cost oi., whei'e gifted, at professional valuation. If Fi'eehold Pi'operty had not been revaliied it would have been included at a historical cost of £1,330,528 with aggi'egate depi'eciation of £226,817 (2023: £495,188 histoi'ical cost with aggi'egate depi'eciatioii of £216,907). Fi'eehold pi'operty includes land valued at £1,400,000 (2023.. £1,150,000) wliich is not depi'eciated. FIXED ASSET INVESTMENTS 2024 2023 Mai'kel value at l October 2023 Nel gains/{losses) on revaliiation Eliinii)ated OI) disposal Pui'chased iii yeai. Mai'kel value at 30 Septeiiibei. 2024 3,353,884 338,566 (510,264) 942,914 3,992,493 18,772 (1,710,716) 1,053,335 4,125,100 3,353,884 Histoi'ical cost as at 30 Septeinber 2024 3,583,502 3.143,878 20
HEREI FORD CIDER MUSEUM TRUST CHARITABLI INCORPORATED ORGANISATION CIO NOTES TO THI ACCOUNTS r<OR THE YEAR ENDEI D 30 SEI PTIMBER 2024 FIXII D ASSII T INVESTMEI NTS - continued 2024 2023 UK Equities International Fqiiities UK Bonds 66,519 1,251,898 48,323 814,371 291,644 353,362 209.602 Iiitei-national Bonds 283,614 547,461 Poilfolio Funds 390.786 COIF Chai'ity Funds Unlisted Secui-ities - at cost £25 Herefoi'd Co-operative Hoiising Ltd 4 1 loan stock ,683,939 1,537,415 25 25 4,125,100 3,353,884 io. DEBTORS Ainoiints falling due within one yeai.: Ti'ade debtors Other debtors Restated 1,392 1,139,880 3,094,755 1,141,272 3,094,755 ii. CRII DITORS Ainounls falliiig diie within one yeai.: Trade creditors Taxation and social security payable Accriials Othei. creditors 12,427 18,328 3,005 7,646 536 6,683 585 19,695 29,515 12. RESTRICTED FUNDS The incoiiie funds of tlie Cliai'ity include i'estricted funds coinprising the following iinexpeiided balances of donations and gi'ants held on trusts to be applied for specific piirposes: Archive of Museliin Cidei. Devclopii)enl Poinology Fund Fund Collection John Ellerman Foui)dalion Fund Apples & People cxhibilions Balaiicc al l October 2023 Received diiring the ycai. Transfei's (to)I rroin genei'al fund Casli expended 1,789 143,052 1,032 16,755 18,383 (1,789) (143,052) (14,7231 (18,3831 Balaiice al 30 Sepleinber 2024 1,032 2,032 21
HEREFORD CIDER MUSEUM TRUST CHARITABLI INCORPORATEI D ORGANISATION cio NOTII S TO THE ACCOUNTS FOR THE YEAR NDEI D 30 SEI PTEMBER 2024 12. RESTRICTII D FUNDS- coiitinued West Midlands Museuin Devclopmciit Fund Tolal Oi'chard Manageincnt Fund Balance at l Oclobei. 2023 Received dui'ing tl)e year Transfers betivcen fund5 Casli expeiided 2,333 183,344 54,171 (144,841} {34,861) 54,171 (1,755) Balance al 30 Scpleinbcr 2024 578 54,171 57,813 The Archive of Cider Pomology Fund was established to record the Iiistory of poniology of cider, its Inanufactiire, and associated crafts with funds received fi'oin donoi's. These resti'icted funds have been fully speiit, dui'ing the yeai-, ai'chive costs including for the Museuin's archivist have been chai'ged to iinresli'icted fiinds. The Mu5euin Developi)ient Fund was established to be used towai'ds the developinent of the Museuin preinises and exhibits. During the yeai., tlie value of capital work that iinpi'oves or extei)ds the visitoi. offei'ing of the Museiiiii has been chai'ged to this resti'icted fuiid by transfei- to unrestricted fuiids, to tlie extent of restricted funds available, The Collection Fuiid was established foi. the restoratioii of the Museum collection exl)ibits. The John Ellerman Foundatioi) pi'ovided fiindiiig ovei- three years lo siippoi-t woi'k to ti7nsfoi.in the Museuin, including inci-eased curatorial capacity and parliiersl)ip deliveiy of the Apples & People exhibition pi'ogramme. Costs chai'ged during the yeai- relate to loans of woi'ks to exhibit, coininissions of apple Inodels and woi'kshops, and evaliiation. Apples & People contiiiued online dlli'ing the year togethei. with an exhibitioii called A l/ai'ie47 of Ciiliiii'es at the Museiim from October 2023 to Api'il 2024. Gi'ant funding had beeli I'eceived fi-oin the East Malliiig Ti'ust, the Woi'shipful Compaiiy of Fi'uiterers, the Johii Ellerinan Foundation, Howard Bulinei- Chai'itable Trust, Al't Fund with Weston Loan Pi'ogi'ainine, Herefoi'd City Council, Herefoi'dshii'e Couiicil, HEINEICEN, Becket Biiliner Fund adininistered by Hei'efoi'd5hire Coininunity Foui)dation, Ms Susan Buliiiei., tlie Fi'ieiids of Herefordshii'e Museuins aiid Arts and a private doiioi-. The Wesl Midlands Miiseuin Developmeiit Fund was to l)elp niake the Inuseuin and its website mol'e accessible. The funds were provided thi'ough the WMMD Siiiall Grant Scheine on behalf of Ai'ts Coiincil England and Arl Fund. The Oi'chard Manageinent Fund was established under the terins of Gillian Biilmei s Will foi. the inaintenance of oi'chai'ds bequeatlied. These fiinds al'e held in the bank account of the Ti'iisl and in investinents held by Cazenove. 13. GEI NERAL FUND At l Octobei. 2023 Pi'ioi. yeai. adjustment (note 17) Incoming i-esoui'ces Outgoing I'esoui'ces Gains on investinent assets Transfci. froni Museuin Developiiient Fund Ti'ansfei. from Ai'cliive of Cidei. Poinology Fund 4,340,579 3,335,888 719,907 (619,291) 338,566 143,052 1,789 At 30 septe1e1. 2024 8,260,490 22
HEI Rli FORD CIDLI R MUSEI UM TRUST CHARITABLE INCORPORATED ORGANISATION cio NOTES TO THE ACCOUNTS FOR THE YEAR ENDLD 30 SEPTEMBER 2024 14. CAPITAL COMMITMENTS There wei'e iio capital coniinitinents contracted foi. but not pi'ovided in the accouiits at the year end. 15. ANALYSIS OF GROUP NET ASSEI TS BEI TWEI [1 N FUNDS Unrestt'icted fiinds Restricted funds Total Fund balances at 30 Septeinbei. 2024 al'e i-epi-esenled by.. Tangible fixed assets vestinents Ciiri-enl assets Cui'i'ent liabilitie5 3,215,720 4,107,579 1,811,885 (19,695) 3,215,720 4.125,100 1,852,177 (19,695) 17,521 40,292 Total net assets 9,115,489 57,813 9,173,302 Uni'ealised (gains) included above 01) tangible fixed assets Uni'ealised (gains) iiicluded above on iiivestinent assets (854,999) (523,695) Total uni'ealised (gains) al 30 Sep¢embei- 2024 (1,378,694) Reconciliation of Inovement in unrealised (gains) and losses on freehold pi'opeity and investiiient assets.. Unrealised (gains) al l Octobei- 2023 Net (gains) ai'ising on revaliiation of investn)ent assets in the year (1,040,128) (338,566) Unrealised (gains) at 30 Septeinber 2024 (1,378,694) 16. RELATED PARTY TRANSACTIONS D Mai'shall (a Trustee) is also a directoi. of Dainage Liiiiited, ali Associate consiiltant with the Brightspace Foundation which is a partnei. with the Museuin and the Natioiial Trust in THE APPLE WORLD exhibition pi-ograinine. Whilst the exhibition at tlie Museum has fiiii5hed, the online exhibition pi'ogi'ainine Apples & People, which is inanaged by the Bi-ighispace Fouiidation, contiiiues. Becaiise the exhibition progi'aiiiiiie is beii)g inanaged in paitnei'sliip, soine ti'ansactions relating to the exliibitioi) pass between the Museuin, the Bi'ightspace Foiindation, and the National Trust. Poteiilial coiiflicts of interest have been declared and are avoided by an indepeiident Triislee repi-esenting tlie Muselllii on THE APPLE WORLD pai'lne2'ship pi'ogi'aiiiiiie boai'd. 17. PRIOR YII AR ADJUSTMEI NT AND RELATCD TRANSACTIONS REGARDING BEQUESTS Dui'ing the year ended 30 Septeinbei. 2024, lawyer5 l'epi'esenling the Estate of the late Gillian Bulinei., foi'iner ti'ustee and benefactoi., confii'ined that the Museuiii was a beneficiary in her Will dated I I, Aiigiist 2015. Gillian Buliiiei- died 011 4 May 2021 leaving specific bequests, land and pai't of the Residual Estate to the Museum. In additioi), pait of the land in Gillian Bulinei-'s Will, aiid a I'elated bequest, was appiopi'ialed by tlie Execiitoi's lo tl)e Museuiii 011 28 Febi-llary 2024 by exercise of Cy Pres Docli'iiie. 23
HEREI FORD CIDER MUSEUM TRUST CHARITABLE INCORPORATED ORCANISATION cio NOTES TO THI ACCOUNTS FOR THE YEI AR II NDED 30 SEt PTEMBER 2024 The value of the Estate bequeathed in Gillian Biilinei-'s Will, incliiding the Inajority of the Residiial Estate since i-eceived, has been ti'eated as due to the Museuin on the date of Gillian Buli)iei s death aiid thei'efore a pi'ioi. year adjustinent in the accounts. The value of the Estate appi'opriated to th¢ Museuin duriiig the year is included as incoine. Total Uni'esti'icted funds Restricted fund5 Valzie of rhe E.ylole beqiieai17ed 117 Gillian Btilippei s Will Land as valued by JacksoIi Pi'eece Liinited Specific bequests i'eceived with intei'est since the yeai. end Residual Estate I'eceived during the year Residual Estate I'eceived since the yeai. end Land i-ental oveipaid 260,000 270,857 2,000,000 800,000 5,031 260,000 270,857 2,000,000 800,000 5,031 Prioi- yeai. adju5tinent 3,335,888 3,335,888 Valiie of il?e Eslafe appi'opp-inted io ihe Arfiiseiiiii in iheyeai. Land as valiied by Jackson Pi'eece Liinited Specific beqiiests i-eceived with intei'est Since the yeai. end 375,000 375,000 54,171 54,171 Incoiiie recoi'ded in the yeai. 375,000 429,l71 3,710,888 54,171 3,765,059 It is understood that soiiie fiii'iher unquaiitified ainoiint of Residual Estate will be i'eceived by the Museuin once all legal Inatt¢i's have been coiicliided. 24