CHARITY REGISTRATION NUMBER: 1168096
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Unaudited Financial Statements
5 April 2025
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Financial Statements
Year ended 5 April 2025
| Page | |
|---|---|
Trustees' annual report |
1 |
Independent examiner's report to the trustees |
6 |
Statement of financial activities |
7 |
Statement of financial position |
8 |
Notes to the financial statements |
9 |
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Trustees' Annual Report
Year ended 5 April 2025
The trustees present their report and the unaudited financial statements of the charity for the year
ended 5 April 2025.
Reference and administrative details
Registered charity name THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO Charity registration number 1168096 Principal office 12 ROCK LANE WARMINSTER BA12 9JZ WILTSHIRE
The trustees
DR ROBINSON
MR PARKS
MR R C WRIGHT
MRS A M MAY
MRS H PARKS
MRS BIANCOLI
MRS F PEARSON
MS D H MILLER
Accountant
Chartered accountants
BISHOP JONES
9 Sadler Street
Wells
Somerset
ENGLAND
BA5 2RR
1
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Trustees' Annual Report (continued)
Year ended 5 April 2025
Structure, governance and management
The Charity is a Charitable Incorporated Organisation (CIO) governed according to the Constitution
dated 7th July 2016.
The Charity is run by a body of trustees, as detailed with the charity information page.
The Trustees meet formally four times a year, or more if necessary. They also communicate by
telephone and email between meetings.
The Charity recruits and appoints new Trustees by invitation. The current Trustees are however happy
to consider requests for appointment by any individual wishing to serve as a Trustee to the Charity.
Trustees are assisted in the day to day management of the charity by a Clerk but all decisions are
made by the Trustees as a body. To assist in decision making the Trustees take professional advice
from stockbrokers, accountants and solicitors as and when required. Trustees are not remunerated for
their services as Trustees, although should their professional skills be utilised in other capacities
charges may be levied if approved by the Board of Trustees.
The Trustees' powers of investment are the statutory powers contained in the Trustee Act 2000.
No person was a Trustee of the Charity in the sense of holding property on behalf of the Charity.
The Charity does not act as custodian trustee nor do any of its Trustees.
The Trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act
to have due regard to the guidance on public benefit published by the Charity Commission in
exercising their powers and duties.
The trustees who served during the year were as follows:-
R C Wright
F A Pearson
A M May
D H Miller
H Parks
K Robinson
W J Parks
J Biancoli
2
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Trustees' Annual Report (continued)
Year ended 5 April 2025
Objectives and activities
The object of the Charity is to promote such charitable purposes for the general benefit of the
inhabitants of the area of benefit, which is Warminster and the surrounding area. We make grants to
individuals and organisations who apply (in confidence) to us for help and in the judgement of the
Trustees meet our confidential criteria.
The Trustees invite and receive applications from members of the public. In addition applications are
considered from professional people or associations or other charities who are responsible for, or
know of, people or other charities whom they think may properly benefit from the Charity. The
Trustees then consider those applications, seek any further information that they need and then award
or decline to award a grant to the applicant, as they see fit.
In making awards the Charity's trustees have regard to the Charity Commission guidance on public
benefit. The Charity is a public benefit entity.
Achievements and performance
The organisation was formed in order to take over the activities of The Ernest and Marjorie Fudge
Trust for Warminster registered under charity number 298545.
In the year ended 5th April 2018 the portfolio of investments and the majority of the remaining bank
balances were transferred. A small residue of assets remains in Charity 298545 pending final closure.
In the same year the Charity also received donations from Warminster Community Services on the
closure of that organisation which increased the level of annual grants that can be paid.
The charity aims to distribute as much income as possible in each financial year whilst retaining
capital.The charity contines to regularly discuss how it can raise awareness of its objectives in the local
area, to encourage suitable applications.
3
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Trustees' Annual Report (continued)
Year ended 5 April 2025
Financial review
The Trustees' policy for the selection of investments for the charity is to seek medium-low risk
investments that would give a balance between income and capital growth and they have so instructed
their stockbrokers, to whom they have delegated their powers of investment. The Trustees are aware
of the risks associated with stockmarket investments and regularly review and discuss its
performance. The stockbrokers have instructions regarding the ethical considerations of the charity's
investment policy and have instructed the Stockbrokers not to invest in companies deemed to be
unethical.
The Trustees' policy for the purpose of determining the level of income reserves which it is appropriate
for the Charity to maintain in order to meet effectively the needs designated by its trusts is that, having
regard to the levels of income and outgoings of the Charity, it is for the time being not necessary to
maintain such reserves.
The Charity's funds were £1,849,151 as at 5th April 2025 (£1,883,804: 5th April 2024). All funds are
unrestricted. The charity is guided by their investment advisors in respect of the share portfolio and
have confidence in their ability to weather the current downturn in the financial markets and resultant
portfolio valuation.
The Trustees' policy for selecting individuals and other charitable institutions to receive grants out of
the assets of the Charity was to seek and where appropriate approve applications which would benefit
individuals within Warminster and the surrounding area, either directly or through approved institutions.
The Trustees look to make grants quickly and within the funds available which is subject to the
investment performance, and they maintain a reasonable buffer of funds on a monthly basis and to
compensate for some months where income may be reduced due to market conditions. Except in
exceptional circumstances the trustees make grants out of income only and aim to grow the value of
the share portfolio to maximise the grant making potential indefinitely.
Plans for future periods
Whilst applications from organisations are always welcome the charity has identified that less personal
applications have been received in recent years. As such, the trustees have made a consistent effort
over the past years to approach local doctors' surgeries and drop in centres to remind them of the
existence of the charity, its aims and objectives. The charity website is kept updated to ensure details
of the charity are accessible and the charity now runs and actively updates it's own Facebook page.
The charity continues to review and identify local charities which would benefit from support and offers
talks regarding the services the charity might be able to offer.
Trustees' responsibilities statement
The trustees are responsible for preparing the trustees' report and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial
statements for each year which give a true and fair view of the state of affairs of the charity and of the
incoming resources and application of resources, of the charity for that period.
4
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Trustees' Annual Report (continued)
Year ended 5 April 2025
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently; -
observe the methods and principles in the applicable Charities SORP; -
make judgments and accounting estimates that are reasonable and prudent; -
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; -
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charity's transactions and disclose with reasonable accuracy at any time the financial
position of the charity and enable them to ensure that the financial statements comply with the
Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of
the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 5 February 2026 and signed on behalf of the board of
trustees by:
MRS F PEARSON
Trustee
5
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Independent Examiner's Report to the Trustees of THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Year ended 5 April 2025
I report to the trustees on my examination of the financial statements of THE ERNEST AND
MARJORIE FUDGE TRUST FOR WARMINSTER CIO ('the charity') for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in
accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145
of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given
by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
MICHELE BISHOP
Independent Examiner
BISHOP JONES
9 Sadler Street
Wells
Somerset
ENGLAND
BA5 2RR
5 February 2026
6
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Statement of Financial Activities
Year ended 5 April 2025
| 2025 | 2025 | 2024 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 72,006 | 72,006 | 74,414 |
| Total income | 72,006 | 72,006 | 74,414 | |
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 5 | 8,147 | 8,147 | 10,568 |
| Expenditure on charitable activities | 6,7 | 33,964 | 33,964 | 83,265 |
| Total expenditure | 42,111 | 42,111 | 93,833 | |
| Net (losses)/gains on investments | 9 | (64,548) | (64,548) | 86,055 |
| Net (expenditure)/income and net movement in funds | (34,653) | (34,653) | 66,636 | |
| Reconciliation of funds | ||||
| Total funds brought forward | 1,883,804 | 1,883,804 | 1,817,168 | |
| Total funds carried forward | 1,849,151 | 1,849,151 | 1,883,804 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 9 to 15 form part of these financial statements.
7
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Statement of Financial Position
5 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 13 | 1,790,271 | 1,847,035 |
| Current assets | |||
| Debtors | 14 | 3,525 | 1,256 |
| Cash at bank and in hand | 62,699 | 44,553 | |
| 66,224 | 45,809 | ||
| Creditors: amounts falling due within one year | 15 | 7,344 | 9,040 |
| Net current assets | 58,880 | 36,769 | |
| Total assets less current liabilities | 1,849,151 | 1,883,804 | |
| Net assets | 1,849,151 | 1,883,804 | |
| Funds of the charity | |||
| Unrestricted funds | 1,849,151 | 1,883,804 | |
| Total charity funds | 16 | 1,849,151 | 1,883,804 |
These financial statements were approved by the board of trustees and authorised for issue on 5 February 2026, and are signed on behalf of the board by:
MRS F PEARSON Trustee
The notes on pages 9 to 15 form part of these financial statements.
8
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements
Year ended 5 April 2025
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is
unincorporated. The address of the principal office is 12 ROCK LANE, WARMINSTER,
WILTSHIRE, BA12 9JZ, ENGLAND.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities
SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such,
advantage has been taken of the following disclosure exemptions available under paragraph 1.12
of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the amounts reported. These estimates and judgements
are continually reviewed and are based on experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
9
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
3. Accounting policies (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or
commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or
through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or
endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity; it is probable that the economic benefits associated with the transaction will
flow to the charity and the amount can be reliably measured. The following specific policies are
applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. -
legacy income is recognised when receipt is probable and entitlement is established. -
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. -
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
10
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered, and is classified under headings of the statement of
financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. -
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. -
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are apportioned
between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair
value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in
income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable
amount of an individual asset, an estimate is made of the recoverable amount of the cash-
generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable
group of assets that includes the asset and generates cash inflows that largely independent of the
cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the cash-generating units that are expected to benefit from
the synergies of the combination, irrespective of whether other assets or liabilities of the charity
are assigned to those units.
11
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
4. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Income from listed investments | 71,487 | 71,487 | 74,277 | 74,277 | |
| Other interest receivable | 519 | 519 | 137 | 137 | |
| 72,006 | 72,006 | 74,414 | 74,414 | ||
| 5. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Portfolio management | 8,147 | 8,147 | 10,568 | 10,568 | |
| 6. | Expenditure on charitable activities by fund type | Expenditure on charitable activities by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Grant Making Activities | 31,292 | 31,292 | 79,744 | 79,744 | |
| Support costs | 2,672 | 2,672 | 3,521 | 3,521 | |
| 33,964 | 33,964 | 83,265 | 83,265 |
7. Expenditure on charitable activities by activity type
| Grant funding | Total funds | Total fund | ||
|---|---|---|---|---|
| of activities Support costs | 2025 | 2024 | ||
| £ | £ | £ | £ | |
| Grant Making Activities | 31,292 | – | 31,292 | 79,744 |
| Governance costs | – | 2,672 | 2,672 | 3,521 |
| 31,292 | 2,672 | 33,964 | 83,265 |
12
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
8. Analysis of grants
| 2025 | 2024 |
|
|---|---|---|
| £ | £ |
|
| Grants to institutions | ||
Minster Church |
– |
876 |
The Athenaeum Trust |
– |
10,160 |
Warminster Street Pastors |
– |
600 |
Warminster Chat Cafe |
– |
1,560 |
Warminster & District Link Scheme |
– |
1,324 |
Spotlight Theatre |
– |
775 |
Wessex MS Therapy Centre |
– |
5,000 |
Warminster and District Swimming Club |
– |
4,000 |
The Minster School |
1,400 |
– |
Other Small Grants to Organisations |
1,000 |
4,895 |
Warminster Community Workshop |
– |
1,200 |
Heytesbury & Codford Football Club |
– |
2,499 |
Smallbrook Volunteers |
– |
500 |
Youth Adventure Trust |
674 |
1,225 |
The Chapel of St Lawrence |
3,000 |
500 |
Horningsham Parish Council |
– |
1,074 |
Boreham WI |
– |
600 |
Horningham Primary School |
1,150 |
– |
South West Ambulance First Responders |
2,376 |
– |
| ������� | �������� | |
9,600 |
36,788 |
|
| Grants to individuals | ||
Grants to individuals |
21,692 |
42,956 |
| �������� | �������� | |
Total grants |
31,292 |
79,744 |
| �������� | �������� |
In the year there were 19 (2024: 26) grants to individuals and 7 (2024:20) grants to organisations.
9. Net (losses)/gains on investments
Unrestricted |
Total Funds | Unrestricted |
Total Funds |
||
|---|---|---|---|---|---|
Funds |
2025 | Funds |
2024 |
||
£ |
£ | £ |
£ |
||
Gains/(losses) on listed investments |
(64,548) |
(64,548) |
86,055 |
86,055 |
|
| �������� | �������� | �������� | �������� | ||
| 10. | Independent examination fees | ||||
| 2025 | 2024 |
||||
| £ | £ |
||||
Fees payable to the independent examiner for: |
|||||
Independent examination of the financial |
statements |
552 |
552 |
||
| ���� | ���� |
11. Staff costs
13
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
11. Staff costs (continued)
The average head count of employees during the year was Nil (2024: Nil).
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were
received by the trustees in respect of Trustees duties.
Where however Trustees provide additional services unrelated to their specific duties invoices
may be rendered for those services. A fee of £792 (2024: £792) has been accrued in respect of
the book-keeping associated with the financial statements for the year ended 5th April 2024. In
addition, one Trustee received £995 in respect of services as the Clerk to the Trustees
(2024:£1,772).
13. Investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
At 6 April 2024 |
1,847,035 |
Additions |
220,306 |
Disposals |
(218,590) |
Fair value movements |
(58,480) |
| ������������ | |
| At 5 April 2025 | 1,790,271 |
| ������������ | |
| Impairment | |
| At 6 April 2024 and 5 April 2025 | |
| Carrying amount | |
| At 5 April 2025 | 1,790,271 |
| ������������ | |
At 5 April 2024 |
1,847,035������������ |
All investments shown above are held at valuation.
Financial assets held at fair value
The value of all listed Fixed Asset investments are derived from the formal year end valuation
reports provided by the charity's stockbrokers.
14. Debtors
| 2025 | 2024 |
|
|---|---|---|
| £ | £ |
|
Other debtors |
3,525 |
1,256 |
| ������� | ������� |
14
THE ERNEST AND MARJORIE FUDGE TRUST FOR WARMINSTER CIO
Notes to the Financial Statements (continued)
Year ended 5 April 2025
15. Creditors: amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 7,344 | 9,040 |
16. Analysis of charitable funds Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 6 April 2024 | 6 April 2024 | Income | Expenditure | losses | 5 April 2025 | |
| £ | £ | £ | £ | £ | ||
| General funds | 1,883,804 | 72,006 | (42,111) | (64,548) | 1,849,151 | |
| At | Gains and | At | ||||
| 6 April 2023 | 6 April 2023 | Income | Expenditure | losses | 5 April 2024 | |
| £ | £ | £ | £ | £ | ||
| General funds | 1,817,168 | 74,414 | (93,833) | 86,055 | 1,883,804 |
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2025 | |
| £ | £ | |
| Investments | 1,790,271 | 1,790,271 |
| Current assets | 66,224 | 66,224 |
| Creditors less than 1 year | (7,344) | (7,344) |
| Net assets | 1,849,151 | 1,849,151 |
| Unrestricted | Total Funds | |
| Funds | 2024 | |
| £ | £ | |
| Investments | 1,847,035 | 1,847,035 |
| Current assets | 45,809 | 45,809 |
| Creditors less than 1 year | (9,040) | (9,040) |
| Net assets | 1,883,804 | 1,883,804 |
15