CharKy R•8btratitin No. 1188978 E F BULMER TRUST TRUSTEES, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 E F BULMER TRUST REFERENCE AND ADMINisfRATIVE INFORMATION Trustees Mr Andrew V. MacL. Murray Ire-appolnted l August 20201 Mr Andrew J. Patten (re-appointed l August 20201 MT5 Gillian B. Bulmer Ire-appointed l AuEust 20201 Mrs Jocelyn S. HaNey Wood Ireslgned l August 20201 Mrs Penelopej. MacL Murray Irtrappointed l August 20201 Ms Su53n l. Bulmer Ire-appointed l August 20201 MrTimothy R. Bulmer Iwppolnted l August 20201 Chlef Operatln8Offlcer Mr Patrick Nugent Chorlty number 1188978 Linked Charlty E F Bulmer Benevolent Fund Unked Chority pumljer 214831 Prlnclpal addr Thè Fred Bulmer Centre Wall Street Hereford Hft49HP Kendall Wadley LLP Granta Lodge 71 Graham Road Malvern wOr￿stershIre WR14 2JS Bankers CAF Bank 25 Kin¥ Hill Avenue West Malling Kent ME194JQ Solk5tors Lambe Corner 36137 Brldge street Hereford HR4 9DI Investsnent #dvtso Investe£ Wealth & Investment Llmited 2 Gresham Stfeer London EC2V 7QN E F BULMER TRUST CONTEKrs P*8¢ Trustees. report Statement of trustees. res￿nsIbIlitieS Indeperdent auditors, ￿pOrt Statement of financlal activltSes Balance sheet Notes to the accounts 10-2A E F BULMER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2021 The trustees present thesr report and accourts fortheyear ended 31 March 2021. Theaccounts have béèn prepared in accordancewith the accounting policles set out in note Ito the accounts and comply wi(h the Charlty's Constttutlon re8iStered wlth the Charty Commission on 8 April 2020, the Charities Att 2011 and the Statement of Recommended Practice Accounting ond Reporting by Chorities applicoble to ¢horities prepuring their tttounts in occordantt with the Finoncitsl Reportino Stondurd upplitoble in the UK ond Republic of Irelqnd fFR51021 las amended for accounting periods commencin8 from l January 20191 I'the SORWI. The Charity Commission has Ilnked the E F BulmerTrust and the E F 8ulmer Benevolent Aind and directed thatthe E F 8ulmer Trust bethe reporting charity. In accordanre with modu5È 25 of the SORP. accounts have been prepared on a branch basis comblning the funds of the two charf(ie5. Objectlves •nd actNities The Trust holds a permanent endowment the Incomefrom which is forthe benefit of persons who have been employees of H P Bulmer Holdings PLC or it5 substdiary companies I"forrner Bulmer employees'l and their dependants, who are in need. hardshlp, or distress. If the income cannot in the opinion of thetrustees be applied forthe benefit of former 8ulmer employees, then the trustees may apply It to relieve other people in need, hardship or distress, and people in need who are skl convalescent, disabled or infirm by relievingthelr sufferingor asslstin8 their fecovery. The maln objectlves for the year wereto contlnue to provlde8rants to pensloners and other individuals and orgaftisations in accordance with the aim5 of the charitythrough an approprlate irivestment policy and runnithg the Fred Bulmer Centre. which provides office accommodation and support to other local charities. The prlmary aim of the trustee5 lsto ensure that money ￿ avallablefor the ￿lIef of former Bulmer employees and thelr dependants, who are In need, hardship or distress. The trustees decide at their quarterly meetiftgs what funds are available for other purposes and if any arè available. how they should be allocated. Grants of money are made available to any per50n, or groups of persors who have shown a need in ac£ordance with the Constitution. Thetrustees give prlorty to persons based in Herefordshire. In exceptlonal circumstances, the trustees will 5i1PPOrt a national appeal for general funding if it can be sh¢)wn that the money will directly benefit persons living In the local area. The trustees tryto ensure that any grart awarded will make a genuine and signlficant improvementto the workofthe group supported. This is normally achieved by a robust application process and some visits by the thief Operatin8 Officer to those requesting grants in orderto assess their real need5. Small groups who may have dlfficulty in 8alnln8 8rants from the large n*ional charitabletrusts afe normally given priority. Achie¥ements al￿ perfonnance Income is prlncipally derlved frorn In¥exments èrKI the reSU￿510rthe year are set out in the Statement of Financial Attivities set out on page & On 31 JU￿ 2020. the undertakin& liabilities, staff and unrestritted assets of the E F Bulmer Benevolent Fund were transferred to the E F BulmerTrust, a Charitable Incorporated Organlsatlon. The endowment fund remalns wbth the E F Bulmer Benevolent Fund, a linked charity. Administration polSues and procedures have continued to be reviewed durfngthe year and the trustees have continued to provide support forthe needs of former Bulmer employees and their dependants through finantièl assistance arid specific grants to alleviate hardship. The charity no longer manages attivities for former Bulmer employees. Grants have also beers made to other indlvidua15 in Herefordshi￿, and to organisations operating In Herefofdshlre In accordance with the Constitytion. E F BULMER TRUST TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Achlevements and perforniance {contlnuedl The perFormance of thÈ Investment portfolio is sètout in note 13 of the accounts. The trustees have reviewed Investment strategy and performance durin8 the year. Management of the portfolio is on a dlscretionary basis with a medlum risk balanced return between capitsl growth and a tsrget income. There have been significant market value fluetuations as markets reacted to the COVID-19 pandemic. but the year ha5 seen a Tever5al of the market va5ue105ses incurred in the prevlous year. However, investment income is reduced. The trustees conslderthatthe portfolio is appiopriately balanced to address risk and produce a retum to support the charitable objettives. During the year, the operation of the Fred Bulmer Centre has been reviewed. Buildin8 improvements have been made. policies upd*ed. and the Centre manager has been replaced. The operations of the Centre were significantly curtailed due to the impact of the COVID-19 pandemic, and the Centre was clrjsed for periods as ¥equired by Government restrittSons, during which time two members of staff were placed on furlou8h leave and job retention 8rant payments received. The charity received discretionary grants from local government to help offget the financial impact of the pandemic. Hnandal revlew The trustees fecetve re8ular information on the financlal perfomance of the tharity, which 15 feviewed at trustee meetinR5. The flnancial performance for the year is set out in the Statement of Financial Attivitles on page 8. which shows that the net incomlng reSour￿sth[syeèI amountedto £28,99012020out8orng£18,6651 belore Ilosses118alns on Investments. The Snvestment netgain in the year was £2,995.73412020 net105s of £2,332,728). Grants totalling £84,62712020 £353,6241 were commltted during the year as shown in Note 7 on pages 16 to 17. Payments to former Bulmer employees and penSK)nerstotalled £29,81312020 £52.1511. However fewer grants were made to institutions in the year d*Je to s18nificantly lower Investment income following the COVID-19 panilemic. 17 8rants were made to in5ttrirtlons totalling £37,39312020 48 8rants to institLrtions totallin8 £272,225). In addition, 19 grants were made to. or in fespett of, other individuals totalling £17,42112020 30 indtviduals received a total of £29,2481. At the balance sheet date, total reseNes amounted to £16,824.584 of whlch £15,544,680 was Endowment funds and £1,279.904 was Unrestritted funds. Re5eTves have Increased because of realised and unrealised gainson the investment portfol￿ a$ stock markets recovered from reactlon to the COVID-19 paTrdÈm￿. The trustees are well aware of the need to malntaln a sufFicient reserve to meet the charity's liabilftle5, in parttcular the needs of former Bulrner employees. Whilst the needs of this group will decrease over the longer term followlng the takeover of H P Bulmer Holdings PLC, they are HwaTe that the former employee5 and pensioners are an ageing group with consequently greater needs in future years. The trtsstees also anticipate that fvture Investment income Tequired to fund its core attivlties will remaln depressed followlng the COVID-19 pandemic. The tharity aims to retain unrestT¢cted funds, other thanthose held astanwble fixed wets. sufficientto Provide adequate workln8 capital to fund the costs of Its core attivities for up to ts¥elve months and takln8 Into account fvture risks to investment income. As at 31 March 2021. unrestrftted funds other than tangible fixed assets amounted to £887,156, of whith £394,015 was held in investments for longer temi income generation and £493,141 was held in liquid assets las analysed in Note 191. The trustees plan for a balanced bud8et in whlch grant makin8 is tailored in response to expected reduced investment income. Total budgeted costs, Includin8grants, forthe followin8twelve nM)nths are £298.000. The trustees intend that over the medium terrn the real value of thelr assets be maintalned by investment in o portfolio of cash, equities, bonds and altern*ive assets. Finarcial assistance lorthose in need is met by Income produced from the Investmenrs. The management of the fund515 performed by Inve5tet Wealth & Investment Limlted who report re8ularly to the trustees. E F BULMER TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 StructWe• 8ov•rngnce and management The trustees who served duringthe year are shown in the Reference and Admlnlstrative Information *the front of these counts. Dayto day atttvities are delegated to the Chlef Operating Officer and his staff. Remufteration for 411 employees IS Set by the trustees. Trustees are recruited by recommendètion and are appointed for a thre*year term. The charlty undertakes an indurtion process which Includes meetings with trustees and officers and provides support for instructlon on the Tesponsibillties of trustees Sn managing the charity. Board meetlngs are held Mot le5$ than four times a year. remotely or In person. A Code of Prattice is In place ￿88rdIng governance principles, and the trustees re8ulafly review governance arfangements and Charity Commisslon guidance. Activities have been condurted remotely due to social distancing requirements in response to the COVIO-19 pandemic. This is under regular review. The trustees have assessed the major ilsksto whlch the charlty is exposed, and are satisfied that systéms are in place to mitigate exposure tothese malor risks. A fully tomprehenslve Insurance policy in pl&e for the Fred Bulmer Centre. The Charlty is a charltable Incorpor*ed or8anisation, govemed by a Consistution re8iSteTed wf£h the Charlty Commission on 8 April 2020. The accounts Sncorporate the E F Bulmer Benevolent Fund, a linked charity, whsch is an unincorporated re8lStered charity, established by a scheme made on 22 May 2000 as amended by rèsolution dated 4 December 2018 as amended on 9 September 2019 and on 27 June 2020 which ￿plaCed the origlnal trust deed dated 16 December 193& The E F Bulmer Trust is theTru5tee of the E F Bulmer Benevolent Fund. Related partles Certain trustee5 are also trustees ol other charitable or8ani5ation5. Servlces may be a¢quired from these organisatlons which are secured on a full commerclal basis. Applications for fvndin8 may be made bythese organisations which are afforded the same duty of care and consideration a5those n7ade by other parties. Publk benefft The Trustees confirmthatthey have complied with the duty In settion 17151 of the Charitie5 Act 2011 to have due re8ard to thè Charity Commisslon's general guidance on public benefit,'Charlties and Public Benefit,. The charlty servesthe publlc benefit by bringin8relief from povertyto fomier Bulmer employees and pensioner5 and theÉr dependants by the issue of grants. The charity serves the public benefrt by both renting property to other small local tharities and. when the trustees are of the opinion that there are adequ*e fund5 to do so, i55uing grants to charitable or6anisations or groups existing for the relief of need. h3rdship. or dlstTess. 85 well as to individuals in need who are slck, convalesceylt. disableil or infirm by relievingtheir 5ufferingor asslstin8 thelr recovery from hardship or distress. Thefe are no signlficant restrlctions to the support provided by the Char￿ and in corisequence the activitles contlnue to deliver public benefit. Processe5 are in platèto ensurethatthe genulne needs of beneficiaries are met. Plans for the fvture The trustees intend to maintain an investment policy to balan￿ rlsk with a return sufficient to provide on*oing support to formèr 8ulmer employees and other local individuals and charities. and to continue to provide accommodatior and support to other local charities withln the Fred Bulmer Centre. On behalf of the board of trusiees Penelope J. MacL. Murray Trustee Dated.. 19 July 2021 E F BULMER TRUST srATEMENf OF TRUSTEES, RESPON51BILrriES The trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applitable to charities in EnglarÈd and Wales requlres the trustees to prepare accounts for each flnancial year which give a true and falr view of the state of affairs of the charity and of the incoming resources and application of resources of the charrtyforthat year. In preparlngthese actounts, the trustees are reoulred to.. - selett sultaNe accountin8 policie5 and then applythem con%stently- - observe the methods and principle5 in the Charities SORP- - make judgements and estimates that are reasonable and prudent: - state whether applicable acwunting standards have been followed, subjett to any material departures di5elosed and explained in the accounts,. and prepare the accounts on the going concern basss unless it is inappropriate to presume that the charity will continue In operation. The trustees are responsibleforkeeplng properaccounting recordsthat disclose wtth reasonable ￿cur3eV at anytlme the financial position of the charity and enablethem to ensure that the accounts comply wtth the Charities Att 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps forthe prevention and detett5on of fraud and other irre8u13ri£ies. E F BULMER TRUST INDEPENDEKf AUDrfoRS' REpoirr TO THE TRUSTEES OF E F BULMER TRUST Oplnion We have audlted thè flnancial statements of E F BulmeT Trust for the year ended 31 March 2021 which comprise the Statement of Financial Attivf(ies, the Balance Sheet and notes to the financlal statements, Including a summary of Signsficant accounting pollcies. The financial reportlngframework that has been applied in their preparation is applic3bl* law and United Kin8dom Accountln8 Standards Iunlted Kingdom Generally Accepted Accountin8 Practicel. In our opinion the financlal statements.. give a true and fair view of the state of the charl￿5 affalr5 as at 31 March 2021, and of its incomlng resources and applicatitsn of resources, for the year then ended. have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Prart¢¢e; and have been prepared in accordance wlth the requiremet)ts of the Charlties Act 2011. Basls for oplnlon We condurted our audft in accordance with Intem*lonal Standards on Audf(ing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described the Auditorfs re5ponslb*litieg for the audit of the financial statements section of our report. We are independent of the charity in accordancewith the ethlcal requirements that are relevaTrt to our audr( of the financlal statements in the UK, includlngthe FRCS Ethlcal Standard, and we have fulfilled our other ethical Tesponsibilities in accordante with these requirements. We beliwe th* the audlt evidence we have obtained is sufficient and appropri*e to provlde a basls for our opinion. Concluslons relatlngto 8olr¥ con￿rn In auditing the ffnancial statements. we have concluded thatthe Trustees. use of the 8oin8 concern basis of ￿COUntIng in the preparatlon of the flnancial statements is approprlate. Based on the workwe have perfomied, we have not Identifled any material w)certaintie5 relatingto events or onditionsthat, indivldually or collectively. may cast 518nificant doubt on the Trusvs ability to continue as a going toncem for a perlod of at leasttwelve mnths from when the flnancial statements are authorised for issue. Our respon5ibllities and the responsibilities of the Trustees with respett to goirw contern are described In the relevant settsons of this report. Other Inforrnatlon The other informatton comprisesthe Information Included in thetrustee5' report, otherthanthefinancial ststements and our aud$to￿$ report thereon. Our opinion on the financial statements doe5 not coverthe other infomiatlon and, except to the extent otherwise èxplKitly stated in our report, we do not express any form of assurance conclusion thereon. In connectitin with our audit of the financlal statement5, our responsibillty 15 ts> read the other information and. ift dolng so, consider whether the other information is matwially inconststent with the financlal statements or our knowledge obtained in the audit or otherwise appears to be Material￿ misstated. If we Ident￿ such material inconsistencies or apparent material mlsststements, we are required to determine whetherthere i5 a material misstatement in the financial statements or a m*erial misst*ement of the other information. If. based on the Work we have perfomied, we tonclyde that there is a material mlsstatement of this other information. wè a￿ required to report that lart. We have nothlng to report in this regard. on vthkh we art Teq¥iredto rewt by Èxteptlon We have nothing to report in respect of the following matter5 in relation to whlch the Charities {Attounts and Reports) Re8ulatlons 2008 require us tr) reportto you if. sn our opinion.. the infomiation given in the flnancial statements Is in¢onslstent in athy material respert wlth the trustees. report,. or sufFi¢iÉnt accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not rttelved all the Information and explan3tions we require forour au¢JlL E F BULMER TRUST INDEPENDEMf AUDrroRS' REPORT (CONTINUED) TO THE TRUSTEES OF E F BULMER TRUST Responslblllties of trustees As explained more fully in the trustees, reskX)nsibilitie5 Statement set out on page 4, the trustees are iesponsible foT the preparation of financlal 5tatementswhich give atrue artd fairview. andforsuch Internalcontrol asthetru5tees determine is netessaryto enable the preparatlon of financial statements that are free from material mlsststement. whether due to fraud or error. In preparingthefinancial statements, thetru5tees are responsiblefor assessingthe char￿$ ability to continue a5 a going u>ncefr*, disclosing, asappllcable, matters relatedto 80ingconceTn and usin8the goTrn8concern ba5i50f accounting ¥nles5 thÈ trustees elther intend to liquidatethe charityorto cea9e operatlons, or have no realisti¢ atternattve but to do 50. Auditoes responsiblltles forthe audh of the financial ststements We have been appolnted as auditor undersettlon 145 of the CharitiesArt 2011 and rèport In xcordance with regulations made under sectlon 154 of thatAct. Our objectives are to obtaln 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 in¢lude5 our opinion. Reasonable assuran￿ is a high lèvel of assurance. but is not a guaranteethat an audr( conducted in accordance with ISAS IUKI will always detect a r￿aterIal misstatement when r( exists. Mi5Statements can arise from fraud or error and are considered materSal if, individually or in the aggregate. they could reasonably be ex￿￿ed to Influence the economic decisions of userstaken on the basis of the5efinancial statements. Irre8Lilarities, includin8 fraud, are instances of non 36,942 130,678 89.155 0.678 89.155 397,126 80.006 Total charitsble expenditure 219A33 219,833 477.132 Total resources expended 220393 35A03 255.796 514,074 Nèt Incomi￿{0UlgQ1n8I resources 58A 129AlI) 118,6651 G8ins/llossesl on investments 13 76.321 &919813 4995.734 12,332,7281 Net movement In fvnds ,n2 2090mZ 31124724 12,351,393) Fund balance5 at beginnln8of theyear U45,182 12.654,678 13,799060 16,151,253 Fund balante$ atend of the year L279.904 15.544MO 16024,584 13,799,860 E. F. BULMER BENEVOLENT FUND srATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 5 APRIL 2020 UNe51rieted Endty*ment Totsl Funds Fund$ 2020 Investment income 429.163 429.163 Incomlng resourcesfrom cht7ritsble artivit￿5.. Rental and servlce char8e Income Other income 56.632 9,614 9,614 Total Incomin8 resources from charitable artivities.. 66,246 66,246 Totsl Incomlng fesourc•s 495A09 495N09 Re50ur¢e5 èx nded Investment munugemEnt costs Charitable expenditutY.- Grants payaL71e & rekted costs Fred Bulmer Centre costs 3SA83 36,942 397.126 397,126 Total charitable expenditure 477,132 477.132 Total resour￿5 tyben(led 478,191 35J83 514m4 Net incomlnKlloiiWlnB) re50urces 17218 (35J83) 118.6651 ILosse5llgains on investments (4,5201 12328.2081 12332.7281 Net mo¥ernent In fythds 12J64ml) 12B51R931 Fund balance$ at be8inning of thèyear U32084 IS.0￿769 16.151,253 Fund ba￿nCeS atend olthe war 1,145.182 11654.678 13.799I60 E F BULMER TRUST BALANCE SHEEr AS A T31 MARCH 2021 2021 2020 Mxed assets Tangible assets Investments 12 392.748 15.665.812 397,415 12,869,115 ,058360 13.266,530 Current assets Debtor5 Cash at bank and in hand 4132 774A36 7.869 543,940 778.568 551,809 Credltoth amounts falllns due wlthln one year 15 In,5441 118,4791 Net current assets 766m4 533.330 Totsl a55ets less currentllabllltles I6￿24.5$4 13.799,860 Capit8lfvnds Endowment funds Ilncludln8 r¢t unreali5ed 8aln on maluaiion of £2.921WI2020£114,91711 18&19 ,54WO 12,654,678 lrtome fun¢k Unfesrrlcred fvnds Ilndudin8net unreolised gain on revaluatlon of £31.28512020hwcf £2,26711 19 79.904 1,145,182 16J24,584 13,799,860 These accounts are prepared in accordancewtththe Charlties Att of 2011 and flnancial Reportlng Standard 102 and SORP IFRS 1021. Although the Chafltles (Accounts and Reports) Regulations 2008 refeT to an earlier wtthdrawn SORP. these accounts follow SORP IFRS 1021 asthe applicable generally acwted accountln8 practice. The accounts were approved by theT￿L￿ee$ on 19 July 2021 /Jkn.(t'.&rf L.- Penelope J. MoeL Murrnv Trustee io E F BULMER TRusr NOTES TO THE AccouKrs FOR THE YEAR ENDED 31 MARCH 2021 Accountlng polkles s of pre￿a￿on The accounts have been prepared underthe historkal eostconventlon modffled to includethe revaluation of certaln fixed assets. The accounts have been prepared in accordance with appll¢able accounting Standards. the Statement of Recomrnended Practice Accountin9 ond Reportlng by Churiti85 Qpplicoble to chorlties prepuring thelr accounts in accordunce trvffh the Fin(JnciolReporting Stondord (Jpplicuble in rhe UKondRepublkof Irelund (FRS102) las amended for accountlng periods commencin8 from l January 20191 and the Charities Act 2011. At the directioti of the Charity Comrnisslon, the accounts consolidate the activities, assets and liabllities of the E F Bulmer Trust lthe'reportin8 charlw) and the E F Bulmer Benevolènt Fund Ithe'linked thariVI. Incornin8 resmrc All Incoming resources are accounted for in the pertod in which the charity Is entitled to receipt. Where payments are retelved from tenants in advance of services provided, the amounts are recorded a5 Deferred Income and Éncluded as part of cred￿0T$ due within one year. 1.3 Resour¢es expended Expenditure is Included ￿ an ￿r￿al5 basis and 55 allocated to the particular &tlvities to whlch they relate. Grants payable are charged in the year when the offer is conveyed tothe wcipient. Governance costs comprise of all costs invofvln8 the public accountability of the charty and Its cvmpliance with regulations and good practice. Support costs relatin8 to admlnistratlon are apportloned bets¥een charitable activities based on staff time. 1.4 Perslons Contributions made to a defined contributlon scheme in respert of the employee5 are charged to the Statement of Finandal Artlvtties asthey become payable. Tanglble ftxed assets and depreclation Tan8lble fixed assets other than freehold land are Stated at cost les5 depreclation. Depreci*ion Is provlded at rates calculated to write off the cost les5 estimated residual value of each asset over its expected useful lif4 as follows- Freehold buildin Flxtuies, flttings & equipment 2% on cost 20% on cort All fixed assets COStin8 ovei £100 are capttali5ed. 1.6 Investments Fixed asset investments are stated at marke[ value. Reali5ed galns or losses are calculated as the dlfference between sale proceeds and market value at the previous balance sheet date. All 8ain$ and losses whether realised or unreali5ed are taken to the Statement of Financial Artivities. li E F BULMER TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 (CODtln¥edl In¢ln8 Polkles Accumulated fvnds Unrestrlcted funds are avahlable for use atthe discretion of thetrustee5 in fvrtherance of the general objertives of the Trust. Endowmentfunds arecapital funds wherethere Is no powerto convertthecapitsl Into Income, and mustgenerally be held indefinltely. Debtors Debtors are stated at thelr recoverable amounts. Credllots Creditors are stated attheir settlement amunts. Nn3ncl?I Instruments In accordance wtth sectlon li of FRS 102, the charity has baslc financial instruments that are recognised In the balan￿ sheet when the tharlty becomes paty to the tontrartual provisions of the instrument. Baslc financial assets. whlch include debtors and cash and bank bala¢Kes, are inltially measured at transartion prSce includin8 transartion cost5 and are subsequently carried at amOrti￿ cost using the effecfive interest method. Hnancial assets classlfied as receivable withlrs one year are not amortised. Baslc financial liabilr(les. indvdin8 credltors and b3nk loans ale initially recognised at transattlon price. Flnancial liabilities classified as payable within one year are not amortised. tiabilr(ies are recognlsed when there is a measurable pre*nt obllgatlon for a likety transfer of economlc beneflts upon settlement. 1.11 Taxatlon The charity Is a registered charfry and as such is not generally Ilable to taxation. InvestmÈntincome 2021 2020 237.704 392,7CKI Dividends from listed investments Accumulated exce53 reportable incom• ofi offshore funds Interest receivable IA77 36.463 245.227 429,163 Rental and seF¥lce tharge Irmme 21A42 Y97 27,389 27.895 1,348 Rental income Room hire Servlce charge5 25.714 56,632 12 E F BULMER TRUST NOTES TO THE ACCOUNTS (copifiNUED) FOR THE YEAR ENDED 31 MARCH 2021 Other Income Other income In 2021 relates to job retention grant payments and discretionary 8rantsfrom local governmentto help offsetthe flnanclal Impart of the COVID-19 pandemit. In 2020the Income was the return of a grant previously awarded but unspent. Total resowces•¥pended Totsl Total Depredètlon Other Grarrts Costs 2021 2020 lanalysed belowl Costs of generatlnB funds Investment rnanagement costs 35363 35,963 Charitsble artivltles Graftts a able and r Direct actwities Costs Grants committed INote 71 Support costs sts 84,627 84,627 46,051 353,624 41,016 15,851 30.2 130,678 397,126 Total 15,851 30,2TrJ 84,627 Fre Bulmer Ce Direct activities costs Support costs reco 13,514 31,806 6.736 72,256 7,750 33,684 3.415 10.151 38,542 89,155 80,006 Total 37,099 13,514 52.950 13.514 68,742 84,627 I19￿3 477,la2 Total resources expended 514,074 52.950 104,705 84.627 255.796 Governance costs Includes auditor fees of £1.54812020 £1,548). Investment management costs are fee5 charged quarterly by Investec Wealth & Investrnent Llmited at a flat fate based uw)n the portfoltovaluatlon. 13 E F BULMER TRUST NOTESTO THE AccouMrs IcoNriNUED) FOR THE YEAR ENDED 31 MARCH 2021 Totsl resour¢e$ expended {contsnuedl The analysis of the prevlous yearfs balances was as ftJllows= other 6r¥nts Totsl Issued X*20 Costs of generall￿ funds Investment management costs 36.942 Charitsble acllvltles rants able and rel ted co Dirett artivtties costs Grants commltted (Note 71 Support costs 2.486 2,486 353,624 353.624 41,016 11,703 29.313 Total 11.703 31,799 353,624 397,126 Fred Bulmer Centr Diréct acttY￿leS costs Support costs costs 38.671 1,338 12.199 21,386 6,412 72,256 7.750 Totsl 40,0(Ya ,199 27,798 80,006 5L711 .199 59.597 353ffi24 477.13Z Total resources expended 5¥712 199 96539 353,624 514m4 14 E F BULMER TRusr NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Adi¥ltles undert4ken dlfectlv 2021 2020 Other costs relating to grants payable and related costs comprise.. Pensioners, outyngs 2,486 2,486 Other costs relattngto Fred Bulmer Centre tompri5e- Repalrs and maintenance Heat and light aeanin8 and refuse collectlon Telephone Photocopier expenses Posia8e and stationery Insurance Othef expenses 16.740 5,006 4.856 2,492 993 L975 L474 L036 131 1,008 670 1,210 5.151 5.774 31J16 21.386 15 E F BULMER TRUST NOTES TO THE Accoumrs IcopinNUED) FOR THE YEAR ENDED 31 MARCH 2021 <*ants payab Grants to Gr•ntsto Instltutlons Ibth4lduals Totsl 2021 Total 2020 Grants commttted 37393 47334 84￿27 353.624 17 grdnts to Snstitutions12020481 comprise- Acorns Childrens Hospice Artion Centres UK Actlon for Elders Trust Basement Youth Trust Breast Cancer Haven Bromyard CommunityTransport The CLD Trust The Cartshed Cultfvatin8 LearnSn8 and Natyjre Defence Medical Welfare Services ECHO EnviroAbility First Light Trust Hereford Community Farm Hereford Food Bank Hereford MS Therapy Centre Hereford and Worcester Army Cadet Force Charitable Trust Herefordshire Deaf Chlldren's Soclety Herefordshire Mlnd Herefordshire Ridin8forthe Disabled Herefordshlre Voluntary Or8anisatlons Support Service Hinton Community Assoclatio Homtrstart Herefordshire Hope Family Centre fe & Soul Kltchen Look UK Ma￿le.$ Centre Cheltenham Marches Family Network Megan Baker House National Autlstlc Society National Star The N*lonwide Commyniry Leamlng Partnershlp Parkinsons UK Phoenlx Bereavement Support services Relate Worcestershire Ride 2 Achieve Royal Agrlcultural Benevolent Institution St Peter's Church Turn2u5 Vennture West Mercla Wornen's Ald 5,¢X)O 5,000 s,o(x) 8,650 5,080 10,0 7,500 5,000 io,(KKJ 5,100 9,875 3,(KlO 5,000 S,0￿) 3,500 10.181 5,000 17,700 7,000 8,741 7,￿0 5.000 3.000 4,452 3,1J)O 11,8rx) 3,000 5,000 3,000 20,0(J) 16 E F BULMER TRusr NOTES TO THE AccoU￿rS IcoNtlNUED) FOR THE YEAR ENDED 31 MARCH 2021 6rants payable (contin¥ed) 2021 2020 Worcester Citlzens Advice Bureau Wye Play Other grarts lessthan £3.000 5,WO 4.000 18,146 IW3 37393 272.225 No grants to Institutions were commhtted but unpald at the year end. Grantsto indiv>duals comprlse: 2021 2020 Fin3nc¥al assistance and specific grants to former 8ulmer employees and pensioners Grants issued to other Individuals 8412020 981 iner 2020 Number Chlef Operatlng Officer/Administrator Fred Bulmer Centre staff Liaisor¥ to former 8ulmer employees ènd pensioners EMp￿fflent costs 2021 2020 Wages and salafies Soclal security costs Penslon costs $2248 51,133 579 $2,951 51,712 All staff a￿ employed on a part time basls and there were no employees whose annual emoluments were £60,OCK) or more. 19 E F BULMER TRUST NOTES TO THE ACCOUNTS {coiifiNUED) FOR THE YEAR ENDED 31 MARCH 2021 12 Tanglble r￿ed assets land and bulldln Flxtures. ffttlngs & equ1￿ent Totsl Cost At 6 April 2020 Additions 601,068 2.522 21,254 6,325 622,322 8,847 At31 Marth2021 27.579 63L169 Depredatlon At 6 AprS12020 Chèrgefortheyear 204,361 12,072 20.546 1.4V12 224,907 13,514 At 31 March 2021 216A33 2L988 238,421 Net bookval At 31 March ZQZI 387.157 S￿1 392.748 At 5 April 2020 396,707 397,415 No value ha5 been attributed to land. The movements in the previous year were as follows= Land and IldknKs Flxiures, I1ttln￿ & equlpment Total Cost At 6 April 2019 Addltions 60L068 20,368 621,436 At S April 2020 601 21254 622.322 DeprKlatk+n At 6 April 2018 Chaf8e for the year 192.340 12,021 20,368 178 212,708 12,199 At 5 Aprll 2020 204361 224,907 Net b)okvalu¢ At5 Aptl120ZO 396,707 397A15 At 5 April 2019 408,728 408,728 20 E F BULMER TRUST NOTES TO THE AccouKfs (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2021 13 Hxed asset In¥estments UTrrts￿rted Endowment fund hold1￿ fvnd Iwkllngs Totsl 2021 Total 2020 lanalysed below) Market value at beg¢nning of the year DSsposals Acqulsitions at cost Accumulated excess reportable income on offshore fund5 Chan8e in value in the year 321.175 1421.2681 417,633 12.547,940 12.525,2261 2.323,678 12,869.115 12.946,4941 2,741,311 14,750.535 19,985.1661 10,436.474 154 76.321 5,992 2.919,413 6,146 2,995,734 12,332,728) MatketVAluÈ at end olthe Y￿r 394.015 1527L797 15.665,811 12,869,115 The investment assets held are: UK flxed interest securities Overseas fixed interest securltles UK equlties, equity funds and property fund5 Overseas eouTty funds Alternative assets 59,881 14.442 139,358 128,252 52,082 2.333,1( 561,727 5,256,257 5,058,204 2.062.505 2,392,985 576.169 5,395.615 5,186.456 2,114.587 2,437,165 270.609 4.616,269 3,874,168 1,670,904 394m5 15271,797 15,665,812 12W.115 The analysis of movements and asset classes in the previous year wa5 as follows: Totsl 2020 Market value at beginnin8 of the year Disposals Acquisitions at cost Chan8e in value in the year 425,998 1423,7451 323,442 14,5201 14.324,537 19,561,421) 10,113,032 12,328.2081 14.750,535 19,985,1661 10,436,474 12,332,728) Marktt Value atend of the ￿aff 321.175 12.547,940 I2￿69.115 The Snvestrnent assets held are.. UK fixed interest securities Overseas fixed interest securities UK equltles, equity funds and property funds OveT5Èas equity funds Alttrnatlve a55ets ,677 6.704 116,026 96.919 410.849 2,376.488 263,905 4,500,243 3,777,249 1,630.055 2.437.165 270,609 4.616.269 3,874,168 1.670,904 321,175 12y7.940 I2￿69,115 21 E F BULMER TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 13 Fixefl asset In%estsMnts {contIn￿dI Unre5tflded EndowmErt iotsl Historical cost.. At 31 March 2021 362.730 12,349,957 12,712.687 At 5 April 2020 323.442 12.433.023 12.756,465 At 5 April 2019 368,864 8,914,816 9,283,680 The followsn8 Investments represent morÈthan 5% of the market value of Investments: zozi 2020 2021 2020 Vanguard Funds PIC S&P Allianz Glb Ir4vest Gilt Yield I Ilncl GBP Dis 5.72% 4.91% 896,258 420,792 631,555 672,823 2.69% 5.23% litsssesllgains on investments cornprise.. Ileali5ed on disposals Net Ilossesll8ains on revaluations in theyear 259,648 2.736,086 1863,4471 11,469,281) Change in value in the year 2,995,734 12,332,728) Gains realise(l on disposals include £36,081 arlslng upon the 8tft of unrestr￿e￿ investments from the E F Bulmer Benevolent Fund to E F Bulmer Trusr, whSch are linked charities. To maintaln administratsve control wtth investment management reportingof historical cost, this gain has not been transferred to gain on revaSuation on consolidation. 14 Debtors 2021 2020 Trade debtors Other debtors Prepayment5 and accrued income 2.368 6,142 1,278 449 ¥764 4.132 7,869 All dèbtors are due within one year. 22 E F BULMER TRUST NOTES TO THE ACCOUNTS IcopifiNUED) FOR THE YEAR ENDED 31 MARCH 2021 15 r￿dItorS. anwunts lallTrngdue wlthkn one year 2021 2020 Trade creditors Payments on ￿otsnt Other creditor5 Accruals and deferred Income 672 1,057 9.824 6,926 2J24 8,752 18,479 Other credbtors include £nil12020 £1.820I relatln8to incometax and £1,76412020 £6,￿) for grants awarded but not paid at the balance sheet date. 16 Commitments underoper¥ting lèases There were no commitments under non-cancellable operatinB leases at 31 March 2021 or at the prevlousyear end. 17 Related partles There were no tran5artion5Wlth related parties. Endowment funds Movement In funds Resources Inve5trnentS e￿￿Trded 88lnslllossesl Bal•rt¢e at ncomln¥ be8lnnlnB of resource5 BalaKe at end of th¢ vear Pernianentendowments 2021 12,654.678 5,992 135,4031 2,919,413 15y4.680 2020 15,018,769 135.8831 12.328.208) 12.654,678 The endowment fund is a capf(al fund and exists to generate income which Is utlllsed for grantsto indlvlduals, groyps or charitable oiganisations in the furtherance of the objects of the charity. Invesbnent income generated upon the endowment fund, otherthan 3c¢umulated excess reportablein¢ome on offshorefvndswhlch Isaccumulated, i5tsken to unrestritted fund. Thè Endowment Fund are funds of E F Bulmer Benevolent Fund, a linked charity. 23 E F BULMER TRUST NOTES TO THE AccouNfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 19 Anatysls of netassets between fvnds Unresvkthd funds Endowrnefit fvnds Total Fund balance5 at 31 March 2021 are repiesented by- 392,748 394,015 505,685 112,5441 392,748 15.665,812 778,568 lll.5441 Tanglblè fixed assets Inve5tmet)t5 Current assets Creditors: anM>unts fallin8 due within oneyear 15,271,797 272,883 1,279,904 15.544,680 I6￿14,584 Unrealised 8ains Included above.. On revaluation of investments 31.285 2,921,840 2,953,125 Reconciliatlon of movements in unreallsed gains Unreali5ed Ilogsesllgains at 6 April 2020 Eliminated on disposal In year Net gains on revaluations in year 12.2671 1,793 31,759 114,917 102,596 2,704.327 112.650 104,389 2,736.086 Unreallsed gains at 31 March 2021 31,285 2.921.840 2,953,125 Unreali5ed losses at the end of the yèar are expected to reverse. Fund balances at 5 April 2020 are representwl ty- Tangible fixed assets Investments 397,415 321,175 445,071 118,4791 397,415 12,869.115 551 {18N79} 12,547,940 106,738 Current assets Creditors: amounts fallin8duewithin onè year 1,145.182 12,654,678 13,799A60 Unrealised galns included In 5 April 2020 bal8nces= On revaluation of Investments 12,2671 114,917 112,650 Reconciliation of movements in unreallsed galns in the prevÉous year Unrealised 8ains at 6 Aprll 2019 Eliminated on disposal in year Net gains on tevaluations in year 5,466,855 5,409,721 13,827.7g)1 13,884,924) 11,467,014) 11,469.2811 57.134 157.1341 12,2671 Unfealised galns at 5 April 2020 12,2671 114.917 112,650 24