Registered Charity Number: 1173809 The Bransford Trust TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
The Bransford Trust CONTENTS Page Report of the Trustees Report of the Independent Auditors 8-11 Consolidated Statement of Financial Activities 12 Consolidated and Charity Balance Sheets 13 Consolidated Cashflow Statement 14 Consolidated Notes to the Cashflow Statement 15 Notes to the Financial Statements 16-26
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 The trustees present their report and audited consolidated financial statements of the "charity" The Bran5ford Trust (CIO charity number 1173809) and its subsidiary for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. STRU URE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a constitution. and constitutes a Charitable Incorporated Organisation ICIOI. Recruitment and appointment of new trustees New trustees are invited by existing trustees b35ed on personal recommendations. All new trustees on appointment receive training and an induction to the role of a charity trustee. They are subject to the usual credit and DB5 checks if deemed necessary. Decisions are made by majority Vote at trustees meetings. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1173809 Principal address C/0 Royal Porcelain Works Severn Street Worcester Worcestershire, WRI 2NE Trustees Mr C A Kinnear OBE M r D Sutcliffe Mr5 L Freeman MrA Freeman Mr A Kinnear Mrs C Kinnear
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 (Continued) Audltors Richards Sandy Audit Services Limited Thorneloe House 25 Barbourne Road Worcester, WRI IRU Listed Investment Managers Canaccord Genuity Wealth Management 41 Lothbury London, EC2R 7AE Investment Property Managers (commercial property) GJS Dillon 7 Roman Way Business Centre Berry Hill Industrial Estate Droitwich Worcestershire, WR9 9AJ Investment Property Managers (resldential property) Morgan Aps The Estate Office Upper Court, Lulsley Worcestershire, WR6 5QW Bankers Handelsbanken 2. floor Brook Court Whittington Hall Worcester, WR5 2RX Solicitors Harrison Clark Rickerbys 5 Deansway Worcester, WRI 2JG Trethowans LLP l London Road Salisbury Wiltshire, SPI 3HP Accountants PSG Bowdens LLP Unit 14 Craycombe Farm Evesham Road Fladbury Worcestershire, WRIO 2QS
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 {Continuedl oBJEIVEs AND ACTIVITIES Objectives and aims The charitable objects of The Bransford Trust include relief of poverty, relief of sickness, advancement of education, promotion of the arts, culture and heritage, advancement in the lives of young people and other charitable purposes for the public benefit. The main activities u ndertaken to achieve these purposes are providing su pport for charitable initiatives through grants and the use of facilities at Royal Porcelain Works. which is owned by the charity. Public benefit The trustees confirm that they have compSied with the duty in section 17151 of the 2011 Charities Act to have due regard to guidance issued by the Charity Commission on public benefit when deciding on the charity's activities. Organisation Royal Porcelain Works Limited (company registration number 08629931) is a wholly owned trading subsidiary of The Bransford Trust. Fundraising activities The Bransford Trust does not engage in any fundraising activities (as defined by section 162A of Charities Act 2011). ACHIEVEMENT AND PERFORMANCE Grants totalling £440,17512024 - £484,650} were awarded in the year and a further £nil {2024- £23,000) was paid from previous year's awards. A full schedule of grants is given in note 7 on page 21. The Trustees continue to build closer relationships with beneficiaries to get a better understanding of their needs and activities, this has enabled us to initiate collaboration between beneficiaries for their mutual interest. The change in management of the Henry Sandon Hall has seen additional use by beneficiaries and other groups in the local community. FINANCIAL REVIEW The results for the year and financial position of the charity are as shown in the annexed financial statemerbts. The trustees consider the state of affairs of the Trust to be satisfactory. Investment income is £791,32712024 - £719,616) and the costs of raising funds, including management of listed investments, are £146,84912024- £162,808), Net income for the year amounted to £1,562,199 12024 net income of £84,440), with donations and investment income being spent on charitable activities and investment management. Donations of £1,656,25012024- £322,500) have been received into the Trust this year, with the donors significantly increasing their contributions this year to support the charity's purchase of an additional investment property. Expenditure on charitable activities is £755,301 (2024- £839,042>. Net revaluation losses on investments were £97,487 {2024- net gains of £110,808).
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 {Continued) The portfolio had a p051tive year as increased income generation offset the dip in the capital value. Whilst stock prices in the technology sector continued to rise through 2024, they began to slow towards the end of the year as investors Sought better value in the wider market. The start of 2025 saw rallies across the majority of non-technology related sectors, helping to boost asset values. However, following Donald Trump's imposition of global trading tariffs, markets have fallen significantly due to ongoing uncertainty. We expect this to be a temporary phenomenon as tariff negotiations remain ongoing. Although this has subdued the portfolio's capital valuation, income generation remains sustainable. The principal funding source is income from the charity's investments, along with the trading activities of Royal Porcelain Works Limited and some periodic donation5. The net assets at 5 April 2025 were £21,291,962 (2024- £19,827,250). RESERVES POLICY The charity holds investments totalling £16,046,705 (2024 - £14,658,364) for the purpose of generating investment income used to fund the activities of the charity. Because of the volatility in the value of nve5tmentS the charity has not set formal limits on the amounts to be held in such investments. In addition, the charity holds freehold property and related assets totalling £3,944,248 {2024 - £4,034,826) which the charity rents to both local charitie5 and other organisations undertaking activities in l ine with the aims of the charity. Free reserves excluding amounts held in fixed assets was £1,301,00912024 - £1,134,060). The charity holds free reserves in order to manage the day to day cash flow. Due to the charity's primary source of income being investment income, which can potentially fluctuate significantly from year to year, the charity has not set any formal policy in regard to the level of free reserves the charity aims to hold at any given time. The trustees consider the reserves of the charity to be satisfactory. FUTURE DEVELOPMENTS The trustees regularly review the strategy and aims of the grant procedures and will continue making grants to causes with particular emphasis on education, music, the arts and the welfare and benefit of sick and young people. INVESTMENT POLICY The Bransford Trust has no restricted funds and a total return approach is used for the management of its investment portfolio. The trustees are required to use income before they use capital and have appointed Canaccord Genuity Wealth Management as investment managers. They are tasked with preserving the Trust's capital investments and producing an annual distributable income of at least 2Yo above inflation derived from investrnent income and gains excluding directly held property, They manage a mixed portfolio of equities, fixed interest and corporate bonds and cash. Canaccord Genuity Wealth Management provide quarterly updates and an annual report for the trustees and attend the full tru5tees' meetings to present details of the investment performance, including an overview of the general economic climate. The appointment as investment managers to the Trust is reconfirmed by the trustees annually.
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 (Continued) The trustees engage local property experts Morgan Aps and GJS Dillon to manage the residential property portfolio and the commercial property portfolio on their behalf. All income is generated from assets which are unrestricted. Sufficient assets are held in quickly realisable investments to cover any unexpected drop in income or cash requirement. The investment policy has been achieved in the year. GRANT MAKING POLICY The trustees meet twice a year to review the financial performance of the Trust and consider requests for grants. Additional "fast track" awards and grants up to £2,000 each may be approved by each trustee between trustee meetings. These awards must be ratified at a subsequent full trustee meeting. These awards and Erants are limited so that no trustee may approve more than £6,000 per annum in aggregate by means of this"fa5t track" process. The trustee5 regularly review the strategy and aims of the grant procedures and will continue making grants to causes with particular emphasis on education, music: the arts and the welfare and benefit of sick and young people. RISK ASSESSMENT The trustees have assessed the major risks to which the charity 15 exposed, and are satisfied that Systems are in place to mitigate exposure. The biggest risk to the charity is the risk of unfavourable movements in the market price of their holdings of listed investments which may cause a significant fall in the value of listed investments as well as a reduction in the level of income generated bythese investments. The trustees mitigate this risk by relying on advice from their investment managers in managing their holdings of listed investments. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustee5' Annual 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 charitie5 in England & Wales requires the trustees to prepare financial statements for each financial 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. 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 Charities SORP IFRS 102}- make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unle55 It 15 inappropriate to presume that the charity will continue in operation.
The Bransford Trust REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025 (Continued) The trustees are responsible for keeping properaccounting records that disclose with reasonable accuracy at any time the fir7ancial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible forsafeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. So far as the trustees are aware, there is no relevant audit information of which the charit¢s auditors are unaware, and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. ON BEHALF OF THE BOARD OF TR EES Tru5tee- C A Kinnea BE th Date., 29 September 2025
The Bransford Trust REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BRANSFORD TRUST Opinion We have audited the financial statements of The Bransford Trust and its subsidiary for the year ended 5 April 2025 which comprise the consolidated Statement of Financi31 Activities, the consolidated and charity Balance Sheets, the consolidated Statement of Cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standurd opplicable in the UK t7nd Republic of Ireland {United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements: give a true and fair view of the state of the Eroup's and parent charity's affairs as at 5 April 2025, and of the group's incoming resources and application of resource5, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going conrn In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the group and parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respert to going concern are described in the relevant sections of this report.
The Bransford Trust REPORTOF THE INDEPENDENT AUDITORSTOTHE MEMBERS OF THE BRANSFORD TRUST (Continued) Other information The other information comprises the information included in the Report of the Trustees, other than the financial statements and our Report of the Independent Auditors thereon. The trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respett with the trustees, report; or sufficient accounting records have not been kept; or the financial Statements are not in agreement with the accounting records; or we have not received all the information and explanations we required for our audit. Responsibilities of the Trustees As explained more fully in the Trustees, Responsibilities Statement (set out on page 6), the trustees are responsible for the preparation of financial statements that give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financia I statements, the trustees are responsible for assessing the charitvs ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic a Iternative but to do so.
The Bransford Trust REPORTOF THE INDEPENDENT AUDITORSTO THE MEMBERS OFTHE BRANSFORD TRUST (Continued) Audltorfs responsibllities for the audit of the flnancial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objertives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework; inquired of management, and those charged with governance, about their own identification and assessment of the risks and irregularities, including known actual, suspected or alleged instances of fraud; and discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. As a result of these procedures we Consider the most significant laws and regulations that have a direct impact on the financial statements are the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective l January 2019), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, the Companies Art 2006 (and related legislation), the Charities Act 2011 (and related legislation), laws and regulation regarding VAT, including partial VAT exemptions and regulations relating to the employment and payment of staff including, but not limited to, the Employment Rights Act 1996, the National Minimum Wage Act 1998 and the Pensions Act 2008. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements, which included reviewing the financial statement disclosures, reviewing the calculations of VAT returns (including ensuring that only input VAT on qualifying expenditure has been claimed) and sample testing of monthly payroll records for the calculation of gross wages, payroll taxes and pension costs. Because of the inherent lim itations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 10
The Bransford Trust REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE BRANSFORD TRUST (Continued) A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsrespon5ibilities. This description form5 part of our auditorf5 report, Use of our report This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Mellssa Jean Godwin ACA ACCA Richards Sandy Audit Services Limited (Statutory Auditor) Thorneloe House 25 Barbourne Road Worcester WRI IRU Date: i&.10. LS li
The Bransford Trust CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Notes 2025 2024 Total unrestrlcted funds Total unrestricted funds INCOME FROM: Donations Other tradi ng activities Investment5 1,656,250 16.772 791,327 2,464,349 322,500 44,174 719,616 1,086,290 Total EXPENDITURE ON: Raising fu nds Charitable activities Total 146,849 755.301 902,150 162,808 839,042 1,001,850 NET INCOME 1,562,199 84,440 Net gains/(losses) on investment assets Listed investments Investment property 12 12 182,612) 114,875) 140,942) 151,750 Net movement in funds 1,464,712 195,248 RECONCILIATION OF FUNDS Totsi funds brought forward 19,827,250 19,632,002 TOTAL FUNDS CARRIED FORWARD 21,291,962 19,827,250 12
The Bransford Trust BALANCE SF4EETS AS AT 5 APRIL 2025 The Group 2025 The Charity 2025 Notes 2024 2024 FIXED ASSETS Tangible assets Investments 11 3,944,248 4,034,826 3,944,248 4,034,826 16,046.705 14,658,364 16,109,706 14,721,365 19,990,953 18,693,190 20,053,954 18,756,191 12 CURRENT ASSETS Stock Debtors Investments 15 55,978 369,092 55,978 63,675 500,000 599,910 1,219,563 16 444,880 172,267 500,000 532,329 1,204,596 17 Cash at bank and in hand 1,208,257 1,633,327 1,196,683 1,641,563 CREDITORS: amounts falllng due within one year 18 (332,318) 1,301,009 21,291,962 185,503) (331,508) 1,134,060 1,310,055 19,827,250 21,364,009 (85,548) 1,119,048 19,875,239 NET CURRENT ASSETS/{LIABILITIES} NEf ASSETS FUNDS Unrestricted income funds 21,291,962 19,827,250 21,364,009 19,875,239 21,291,962 19,827,250 21,364,009 19,875,239 TOTAL FUNDS th The financial statements were approved bythe Board of Trustees on 29 September 2025 Signed on behalf of the Board of Trustees Trustee- C A Kinnear OBE 13
The Bransford Trust CASHFLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025 Notes to the cash flow 2025 2024 statement Cashflows from operating activities: Net cash provided by/lused in) operating activities 973,202 (359,042) Cashflows from investing activities: Income from listed investments Bank interest receivable Proceeds from sales of listed investments Purchase of listed investments Purchase of investment property Cash invested into current asset investments Cash withdrawn from current asset investments Net cash provided by/lused inl investing activities 566,903 54,070 2,416,590 (2,403,074} (1,575,000) 549,128 4,709 2,589,394 (2,445,260) 1500,000) 500,000 (440,511) 197,971 Change in cash and cash equivalents in the year 532,691 (161,071) Cash and cash equivalents at the beginning of the year 803,896 964,967 Cash and cash equivalents at the end of the year 1,336,587 803,896 14
The Bransford Trust NOTES TO THE CASAFLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income/(expenditure) for the year (os per the statement offinancial artivities) 1,562,199 84,440 Adjustment5 for: Depreciation charge Listed investment income Bank interest receivable {Increase}/decrease in stock {Increa5el/decrease in debtors Increase/ldecreasel in creditors Net cash provided by/(used in) operating activities 90,578 1566,903) (54,070) 90,578 1549,128) (4,709) 1305,417) 246,815 973,202 36,934 {17,157) {359,042) ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash at bank and in hand Cash investments 1,208,257 128.330 1.336,587 599,910 203,986 803,896 Total cash and cash equivalents ANALYSIS OF CHANGE5 IN NET DEBT Asat5 April 2024 Cash flows in year Asat5 April 2025 Cash at bankand in hand Cash investments 599,910 203,986 803,896 500,000 1,303,896 608,347 175,6561 532,691 {500,0001 32,691 1,208,257 128.330 1,336,587 Current asset investments 1,336,587 15
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ACCOUNTING POLICIES Basis of preparation The Bransford Trust meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019) (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the U K and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared on a going concern basis under the historical c05t convention, except for listed investments and investment properties which are measured at fair value. The financial Statements are presented in sterling which is the functional currencyof the charity rounded to the nearest pound. Consolldation The consolidated financial statements incorporate those of The Bransford Trust and its sole subsidiary Royal Porce13in Works Lim ited. All intra-group transactions, balances and u nreal ised gains on transactions between the Bransford Trust and Royal Porcelain Works Limited have been eliminated on consolidation. Any unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the relating assettransferred, The accounting policies of Royal Porcelain Works Limited are not considered different from those of the consolidated financial statements. Royal Porcelain Works Limited has a financial year end of 31 March 2025 and thefinancial results of Royal Porcelain Works Limited are adjusted for the effects of any significant transactions or events that occur between 31 March 2025 and 5 April 2025. Exemption from preparing individual charlty cash flow statement As permitted by the exemptions within FRS 102 and Charities SORP IFRS 1021, a separate cash flow statement for the charity's individual results has not been prepared. Income Income, including grants receivable and donations, is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Rents receivable are recognised on a straight-line basis over the term of the lease. Interest income (incl ud ing i nterest receivable on fixed interest listed investment bonds) is recognised for all interest-bearing instruments on the effective interest rate basis. Dividends are recognised in the income statement when they are declared. Donated goods If at receipt it is practical to assess the fair value of donated goods, then donated goods are recognised in income at fair value at time of receipt. Where it is impractical to assess the fair value of donated goods, they are not recogni5ed in the financial statements until they are sold. 16
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Expenditure Expenditure is incl uded on a n accruals basis. Liabilities are included in the accounts as soon as recognised. The cost of raising funds includes investment management costs. Charitable activities costs include Erant funding and support costs which are all allocated to charitable activitie5 a5 this is the predominant activity. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer 15 conditional, such grants being recognised as expenditurewhen the conditions attaching are fulfilled. Grants offered subjectto conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Governance costs comprise the costs of internal and external audit, any legal advice forthe trustees, and all the costs of complying with constitutional and statutory requirement5, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. Grants payable Grants payable are recognised as a liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably, and there are no conditions attaching to its payment that limit its recognition. Where a grant commitment is payable over a period of more than one year, a liability is recognised for the full amount of the constructive obligation unless conditions apply to payments falling due after the reporting date. Where payments for later years are subject to performance-related condition5, the donor charity may be able to legitimately withdraw from its commitment if a particular condition attaching to the grant is not met. Where a condition remains within the control of the charity, then the charity retains the discretion to avoid the expenditure and therefore a liability is be recognised. Tangible fixed assets Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows.. Freehold buildings Freehold land Fixtures, fittings & equipment 2% on cost not depreciated IO% on cost In the individual accounts of The Bransford Trust, freehold land and buildings rented to it5 subsidiary Royal Porcelain Works Limited, which Royal Porcelain Works Limited uses for trading purposes (rather than renting out to third partie5 under operating leases), are classified as tangible fixed assets. Investments Quoted investments are stated at market value and investment prcpety is revalued annually. Increases/(decreasesl on revaluations a re tra n5ferred to/(froml the Statement of Financial Activities. Investment property is valued annually either by an independent professional valuer or by the trustees on an open market basis. 17
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Stock Stock is measured at the lower of cost {or valuation for donated stock) and net realisable value. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument. Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost Using the effective interest method unless the arrangement constitutes a financingtransaction, where the transaction is measured at the presentvalue of the future receipts discounted at a market rate of interest. Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operation5 from suppliers. Accounts payable are classified as current liabil ities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Government grants Government grants are recognised under the performance model. Grant5 that does not impose specified future performance-related condition5 are recognised in income when the grant proceeds are received or receivable. Grants that imposes specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability. Defined contribution pension schemes The Bransford Trust operates a defined contribution pension scheme. Contributions payable to The Bransford Trust's pension scheme are charged in the period to which they relate. Accumulated funds Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 18
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 Significant judgements and key sources of estimation uncertainty The areas where accounting policies of The Bransford Trust cause significant estimates or judgements in their application are: the point of recognition of grants issued (see note 71; the trustees, valuation of the investment property (see note 121; and the depreciation pol icies applied to tangible fixed assets {see note 111. Estimate5 and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances, DONATIONS INCOME 2025 2024 Donations from C A & B Kinnear Donations from others Gift Aid 1,323,000 4,000 329,250 1,656,250 258,000 64,500 322,500 OTHER TRADING AcfiviTIES INCOME 2025 2024 Hall and room hire Other trading income 16,185 587 16,772 30,046 14,128 44,174 INVESTMENT INCOME 2025 2024 Rent from investment properties Income from listed investments Investment cash interest received Bank interest receivable 170,354 560,321 6,582 54,070 791,327 165,779 543,643 5,485 4,709 719,616 19
The Bransford Trust NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 RAISING FUNDS EXPENDITURE 2025 2024 Direct costs of trading subsidiary Investment management costs Property management costs Property repairs 32,359 92,843 19,627 2,020 146,849 41,784 90,334 23,613 7,077 162,808 CHARITABLE ACTIVITIES EXPENDITURE 2025 2024 Ro al Porcelain Works: Professional fees Wages and salaries Marketing Site management Depreciation 62,488 25,773 92,008 49,809 34 93,774 90,578 272,613 76,478 90,578 308,907 Grants a roved in ear note 7 440,175 484,650 ort costs: Legal & professional fees Administration costs Bank charges 17,428 16,774 386 22,609 14,254 1,132 Governance costs: Auditors, remuneration re external scrutiny Accounts preparation 4,750 3,175 755,301 4,590 2,900 839,042 20
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 GRANTS Commitments Approved at 514124 in the year Paid in Commitments the year at 514125 Maymessy CIC The Elgar Festival Kori Youth Choral Worcestershire Star Scheme Worcester Theatres Charitable Trust Ltd Worcester Mela Malvern Youth & Community Trust (The Cube) Museum of Royal Worcester Clocktower Foundation Worcester City Council Severn Arts 40,000 37,450 30,000 30,000 25,000 25,000 23,000 20,000 20,000 15,000 10,340 10,000 10,000 10,000 10,000 10,000 10,000 10,000 9,050 9,000 8,000 7,055 6,000 5,000 (15,000) (22,000) 25,000 15,450 30,000 20,000 25,000 110,000) 125,000} 18,0001 110,0001 15,000 10,000 20,000 10,000 10,340 {5,0001 110,000) Myriad Centre Onside Independent Advocacy St Pauls Hostel Three Choirs Festival Ltd Worcester Warriors Community Foundation Worcestershire Community Foundation Ltd The Monday Night Club Worcester Paint Festival Megan Baker House Ltd All Sorts of Performing Arts CIC Youth Community Media Mercian Regiment Museum Iworcestershire) Trust Headway Worcestershire Worcestershire Chinese Association Other grants under £3,000 10,000 Iio,000} iio,0001 iio,0001 10,000 iio,0001 11,3501 14,000) 14,000) 17,055) {6,000) 7,700 5,000 4,000 5,000 3,969 3,791 42,520 12,469} 13,791} 122,320) 1,500 20,200 440,175 1195,985) 244,190 NEf INCOME/(EXPENDITURE) This is stated after cha rgi ng/lcrediting}' 2025 2024 Depreciation Auditors remuneration 90,578 4,750 90,578 4,590 21
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 TRUSTEES REMUNERATION, BENEFITS AND EXPENSES No trustees received any remuneration or other benefits or expenses for the year ended 5 April 2025 or the year ended 5 April 2024. 10 STAFF COSTS 2025 2024 Gross wages Social security costs Employer's pension costs {defined contribution schemes) 24,333 48,000 369 1,440 49,809 1,440 25,773 The average number of employees for the year was I12024- 11. No employee received remuneration of £60,000 or above for the year ended 5 April 2025 or the year ended 5 April 2024. 11 TANGIBLE FIXED ASSETS The group and the charity Freehold land & buildings Fixtures. fittings and equipment Total Cost: At 6 April 2024 Additions At 5 April 2025 4,371,295 88,319 4,459,614 4.371,295 88,319 4,459,614 Depreciation: At 6 April 2024 Charge At 5 April 2025 380,977 81,746 462,723 43,811 8,832 52,643 424,788 90,578 515,366 Net book value At 5 April 2025 At 5 April 2024 3,908,572 3,990,318 35,676 44,508 3,944,248 4,034,826 Included in freehold land and buildings of the charity is property rented to Royal Porcelain Works Limited, the charity's subsidiary, with net book value of £3,008,57212024- £3,071,568). 22
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 12 INVESTMENTS The Group Listed Investments Freehold Pro ert Cash Total MARKET VALUE At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 11,530,128 2,403,074 (2,416,590) (82,6121 11,434,000 203,986 (75,656) 2,924,250 1,575,000 14,658,364 3,902,418 {2,416,5901 {97,4871 16,046,705 114,875) 4,484,375 128,330 uoted Investments Investment Pro ert The investments are held: 2025 Total 2024 Total Fixed Interest Equities Alternative Investments Portfolio Cash Investment Property 5,506,285 4.787,845 1,139,870 128,330 5,506,285 4,787,845 1,139,870 128,330 4,484,375 16,046,705 4,805,329 5,252,498 1,472,301 203,986 2,924,250 14,658,364 4,484,375 4,484,375 11,562,330 The Charity Listed Investments Freehold Pro ert Subsidia Undertakin Cash Total MARKET VALUE At 6 April 2024 Addition5 Disposals and transfers Revaluations At 5 April 2025 11,530,128 2,403,074 12,416,590) 182,612) 11,434,000 203,986 175,6561 2,924,250 1,575,000 63,001 14,721,365 3,902,418 (2,416,590) {97,4871 16,109,706 {14,875) 4,484,375 128,330 63,001 The investments are held: uoted Investments Investment Pro ert Subsidiar Undertakin 2025 Total 2024 Total Fixed Interest Equities Alternative Investment5 Portfolio Cash Investment Property Subsidiary undertakings 5,506,285 4,787,845 1,139,870 128,330 5,506,285 4,787,845 1,139,870 128,330 4,484,375 63,001 16,109,706 4,805,329 5,252,498 1,472,301 203,986 2,924,250 63,001 14,721,365 4,484,375 63,001 63,001 11,562,330 4,484,375 23
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 INVESTMENT PROPERTY VALUATION The trustees have undertaken the year end valuations of both the residential and commercial investment properties. These valuations are based on an independent professional valuation of the residential investment properties carried out by Morgan Aps Sales & Lettings LLP in April 2025 and an independent professional valuation of the commercial investment properties carried out by GJS Dillion in April 2022. 13 SUBSIDIARY UNDERTAKING The Bransford Trust ha5 a wholly owned subsidiary, Royal Porcelain Works Limited. Available profits are gift aided to the charity. The summary financial performance of the subsidiary is: 2025 2024 Turnover Cost of sales Gross profit Administrative expenses {Loss)/profit for the financial year 74,218 (37,359) 36,859 (60,921) (24,062) 89,108 {53,688) 35,420 {64,368) (28,9481 The aggregate of the assets and liabilities was: Assets Liabilities 108,570 {117,6171 {9,047} 158,895 {143,880} 15,015 Net assets 14 PARENT CHARITY The consolidated statement of financial activitie5 includes the results of the ch3ritVs wholly owned subsidiary. The summary financial performance of the charity alone is: 2025 2024 Gross income Expenditure Net incomellexpenditurel Net gains/(lossesl on investments Total funds brought forward Total funds carried forward 2,434,587 1848,330} 1,586,257 197,487) 19,875,239 21,364,009 1,042,836 1929,4451 113,391 110,808 19,651,040 19,875,239 15 STOCK Group 2025 Charity 2025 2024 2024 Goods held for resale 55,978 55,978 24
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 16 DEBTORS Group 2025 Charity 2025 2024 2024 Trade debtors Other debtors Amounts owed by Royal Porcelain Works Ltd 25,069 344,023 51,119 12,556 1,649 334,896 108,335 31,088 4,556 136,623 369,092 63,675 444,880 172,267 17 CURRENT ASSET INVESTMENTS Group 2025 Charity 2025 2024 2024 Fixed term investment bonds 500,000 500,000 500,000 500,000 18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Charitv 2024 2025 2024 Trade creditors Grants payable- See note 7 Other creditors VAT Accruals Deferred income 6,665 244,190 405 6,837 32,346 41,875 332,318 14,075 6,644 244,190 405 8,003 30,391 41,875 331,508 18,568 1,254 4,597 32,596 32,981 85,503 1,254 4,194 30,896 30,636 85,548 Deferred income Deferred income relates to investment property rental income received that relates to the next financial year. All deferred income at the end of the prior year was released to the statement of financial activities in the current year. 25
The Bransford Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 19 OPERATING LEASE COMMITMENTS At the year end The Bransford Trust had minimum lease income under non-cancellable operating leases fall due as follows: Group 2025 Charity 2025 2024 2024 Within one year Between one and five years After five years 102,413 79,383 76,550 67,339 44,413 19,425 37,800 27,756 181,796 143,889 63,838 65,556 20 RELATED PARTY TRANSACTIONS Duringthe yearThe Bransford Trust purchased insurance under normal marketconditions totalling £3,135 {2024- £16,650) from Sutcliffe Insurance Brokers Limited, a company in which D Sutcliffe is a director and shareholder of its parent company. Duringthe yearthe charity received £5,00012024- £12,090) from Bransford Court Farm LLP, a partnership that Mr C A Kinnear OBE is a designated partner of, in regard to recharged wage costs. At the year end Bransford Court Farm LLP owed the charity £nil (2024- £3,600). During the year Mr C A Kinnear OBE and Mrs B Kinnear donated £1,323,000 {2024 £258,000) to the charity, on which gift aid of £328,250 (2024 - £64,500} has been claimed. 21 PRIOR YEAR ADJUSTMENT Following a change in accounting policy to now classify short term highly liquid investments with a short maturity of three months or less within cash as a cash equivalent, the comparatives have been restated to reclassify £250,000 from current asset investment to cash at bank. 26