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 aCade1￿lcs. 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. nill￿be1. 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