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
oBJE￿IVEs 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 con￿rn
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