2022-03-31-accounts - E F Bulmer Trust

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Trustees			Mr Andrew V. Mach Murray	Mr Andrew V. Mach Murray
			Mr Andrew J.Patten
			Mrs Gillian B.Bulmer
			Mrs Penelope J.MacL.	Murray
			Ms Susan J.Bulmer (resigned		31July 2021)
			Mr Timothy R.Bulmer
Chief Operating		Officer	Mr Patrick Nugent
Charity number			1188978
Linked Charity			E F Bulmer Benevolent	Fund
Linked Charity number			214831
Principal address			The Fred Bulmer Centre
			Wall Street
			Hereford
			HR4 9HP
Auditors			Kendall Wadley LLP
			Granta Lodge
			71Graham Road
			Malvern
			Worcestershire
			WR14 2JS
Bankers			CAF Bank
			25 Kings Hill Avenue
			Kings Hill
			West Mailing
			Kent
			ME194JQ
Solicitors			Lambe Corner
			36/37 Bridge Street
			Hereford
			HR4 9DJ
Investment	advisors		Investec Wealth &Investment		Limited
			2 Gresham Street
			London
			EC2V 7QN

		Page
Trustees' report		1—3
Statement oftrustees'	responsibilities
Independent auditors'	report	S —7
Statement offinancial	activities
Balance sheet		10
Notes tothe accounts		11—22

				unrestrated	Endowment	Total	Total
				Funds	Funds	2022	2021
			Notes	6	6	E	E
Investment income				333,029	457	333,486	245,227
Incoming resources from	charitable
activities:
Rental and service charge	income			52,907		52,907	25,714
Otherincome				9,993		9,993	13,845
Total incoming resources	from
charitable activities:				62,900		62,900	39,559
Total incoming resources ~dd				395,929	457	396,386	284,786
Investment management	costs			1,031	39,391	40,422	35,963
Charitable expenditure:
Grants payable 8related	costs			157,660		157,660	130,678
Fred Bulmer Centre costs				98,997		98s997	89,155
Total charitable expenditure				256,657		256,657	219,833
Total resources expended				257,688	39,391	297,079	255,796
Net incoming/(outgoing)	resources			138,241	I38,934)	99,307	28,990
Gains on investments			13	26,583	929,404	955,987	2,995,734
Net movement in funds				164,824	890,470	1,055,294	3,024,724
Fund balances at beginning		ofthe year		1,279,904	15,544,680	16,824,584	13,799,860
Fund balances at end ofthe		year		1,444,728	16,435,150	17,879,878	16,824,584

FOR THE TEAR END	ED	5APRIL 2	022
				Unrestricted	Endowment	Total
				Funds	Funds	2021
			Notes	6	6	6
investment income			2	239,235	5,992	245,227
Incoming resources from	charitobie
activities:
Rental and service charge	income			25,714		25,714
Other income				13,845		13,845
Total incoming resources	from
charitable activities:				39,559		39,559
Total incoming resources				278,794	5,992	284,786
d d
Investment management	costs			560	35,403	35,963
Charitable expenditure:
Grants payable 8related	costs			130,678		130,678
Fred gulmer Centre costs				89,155		89,155
Total charitable expenditure				219,833		219,833
Total resources expended				220s393	35303	255,796
Net incoming/(outgoing)	resources			58,401	(29,411I	28,990
Gains on investments				76,321	2,919,413	2,995,734
Net movement in funds				134,722	2,890,002	3,024,724
Fund balances at beginning		ofthe year		1,145,182	12,654,678	13,799,860
Fund balances at end ofthe		year		1,279,904	15,544,680	16,824,584

					2022	2021
					E	E
	Dividends	from listed investments			331,415	237,704
	Accumulated		excess reportable	income on offshore funds	457	6,146
	Interest receivable				1,614	1,377
					333,486	245,227
3	Rental and	service charge income
	Rental income				32,934	21,842
	Room hire				18,103	2,797
	Service charges				1,870	1,075
					52,907	25,714

Other income
			2022	2021
			6	f
Rental ofcar parking spaces			758
Grant returned			6,000
Job retention	and discretionary	grants	3,235	13,845
			9,993	13,845

Total resource	s exp	ended
			Staff	Depreciation	Other	Grants	Total	Total
			Costs		Costs	Issued	2022	2021
								(analysed
								below)
Costs ofgenerating		funds
Investment
management	costs				40,422		40,422	35,963
Charitable activities
Grants a able and		related	costs
Direct activities costs
Grants committed
(Note 7)						130,377	130,377	84,627
Support costs	(Note	8)	14,827		12,456		27,283	46,051
Total			14,827		12,456	130,377	157,660	130,678
Fred Bulmer Centre		costs
Direct activities costs			38,935	13,708	39,913		92,556	79,004
Support costs	(Note	8)	3,295		3,146		6,441	10,151
Total			42,230	13,708	43,059		98,997	89,155
			57,057	13,708	55,515	130,377	256,657	219,833
Totalresources
expended			57,057	13,708	95,937	130,377	297,079	255,796

The analysis ofthe	previous	year's balance	s was as follows:
		Staff	Depreciation	Other	Grants	Total
				Costs	Issued	2021
					f	p.
Costs ofgenerating	funds
Investment
management costs				35,963		35,963
Charitable activities
Grants a able and	related	costs
Direct activities costs
Grants committed
(Note 7)					84,627	84,627
Support costs		15,851		30,200		46,051
Total		15,851		30,200	84,627	130,678
Fred Bulmer Centre	costs
Direct activities costs		33,684	13,514	31,806		79,004
Support costs		3,415		6,736		10,151
Total		37,099	13,514	38,542		89,155
		52,950	13,514	68,742	84,627	219,833
Total resources
expended		52,950	13,514	104,705	84,627	255,796

Activities undertaken directly
	2022	2021
	f	f
Other costs relating to Fred Bulmer Centre comprise:
Repairs and maintenance	22,483	16,740
Heat and light	4,348	3,464
Cleaning and refuse collection	4,049	1,975
Telephone	872	1,474
Photocopier expenses	755	1,036
Car park rental	1,372
Insurance	799	1,212
Other expenses	5,235	5,905
	39,913	31,806

Grants payable
		Grants to	Grants to	Total	Total
		institutions	Individuals	2022	2021
			6	E	E
Grants committed		91,678	38,699	130,377	84,627
All grants are made in		accordance with the aims ofthe charity.
27grants to institutions		(202117)comprise:
Bromyard Community		Transport			3,500
CLD Trust				4,050
The Cartshed				7,000
Community Action Ledbury				4,000
Encore Enterprises				4,695
Growing Local				3,560
Growing Point				6,000
Hereford Yoga				3,500
Herefordshire Headway				5,000
Herefordshire Mind					4,000
Herefordshire Riding	forthe Disabled			3,000
Home-Start Herefordshire				3,000
Kids Kitchen				5,000
Livability				5,000
Maggie's Centre Cheltenharn					3,000
Marches Counselling	Services			3,000
Midlands Air Ambulance				5,000
National Star				3,000	3,000
Phoenix Bereavement		Support Services		gp000	3,000
Royal National College				4,000
Vennture				4,000
West Mercia Women's		Aid			5,000
Yeleni Therapy Centre				3,000
Other grants less than		E3,000		12,873	15,893
				91,678	37,393

			2022	2021
			E	E
Financial assistance	and specific grants to former
Bulmer employees	and pensioners	68(202184) individuals	27,106	29,813
Grants issued to other individuals		20(202119)individuals	11,593	17,421
			38,699	47,234

Support costs
Grants	payable	Fred Bulmer	Tote I	Total
and related costs		Centre costs	2022	2021
				(analysed
				below)
Chief Operating Officer staff costs	8,155	1,812	9,967	10,329
Website, file-sharing, and publicity costs	487	487	974	312
Other administration costs	729	162	891	750
Pensioner support costs				455
Pensioner support staff costs				486
Governance costs (Note 9)	17,912	3,980	21,892	43,870
	27,283	6,441	33,724	56,202
The analysis ofthe previous year's balances was as follows:
Chief Operating Officer staff costs	8,451	1,878	10,329
Website, file-sharing, and publicity costs	156	156	312
Other administration costs	609	141	750
Pensioner support costs	455		455
Pensioner support staff costs	486		486
Governance costs (Note 9)	35,894	7,976	43,870
	46,051	10,151	56,202

Governance costs
		2022	2021
		6	6
Governance costs comprise:
Agocoted costs:
Chief Operating Officer staff costs		8,155	8,451
Website, file-sharing	and publicity costs	108	35
Other administration	costs	729	610
Direct costs:
Auditors remuneration		1,650	1,584
Accountancy services		7,975	6,944
Insurance			2,076
Professionalfees		3,275	24,170
		21,892	43,870

			2022	2021
			Number	Number
Chief Operating		Officer
Fred gulmer Centre staff
Employment	costs		2022	2021
				6
Wages and salaries			56,315	52,248
Socia I security		costs
Pension costs			742	703
			57,057	52,951

Tangible fixed assets
		land and	Fixtures,	Total
		buildings	fittings &
			equipment
Cost
At 1April 2021		603,590	27,579	631,169
Additions			972	972
At31March 2022		603,590	28,551	632,141
Depreciation
At 1April 2021		216,433	21,988	238,421
Charge for the year		12,072	1,636	13,708
At 31March 2022		228,505	23,624	252,129
Net book value
At 31March 2022		375,085	4,927	380,012
At 31March 2021		387,157	5,591	392,748
No value has been attributed	to land.
The movements in the previous year were as follows:
		land and	Fixtures,	Total
		buildings	fittings &
			equipment
Cost
At 6April 2020		601,068	21,254	622,322
Additions		2,522	6,325	8,847
At 31March 2021		603,590	27,579	631,169
Depreciation
At 6Apdl 2020		204,361	20,546	224,907
Charge for the year		12,072	1,442	13,514
At31March 2021		216,433	21,988	238,421
Net book value
At 31March 2021		387,157	5,591	392,748
At 5 April 2020		396,707	708	397,415

Fixed asset investments
					Unrestricted	Endowment	Total 2022	Total 2021
					fund holdings	fund holdings		(analysed
								below)
Market value at beginning	ofthe year				394,015	15,271,797	15,665,812	12,869,115
Disposals					(12,705)	(583,481)	(596,186)	(2,946,494)
Acquisitions at cost					12,424	452,632	465,056	2,741,311
Accumulated excess reportable			income on
offshore funds						457	457	6,146
Change in value in the year					26,583	929,404	955,987	2,995,734
Market value at end ofthe year					420,317	16,070,809	16x491,126	15,665,812
The investment assets held	are:
UK fixed interest securities					56,334	2,194,691	2,251,025	2,392.985
Overseas fixed interest securities					14,834	576,941	591,775	576,169
UK equities, equity funds and property				funds	160,377	5,843,737	6,004,114	5,395,615
Overseas equity funds					130,290	5,138,120	5,268,410	5,186,456
Alternative assets					58,482	2,317,320	2,375,802	2,114,587
					420,317	16,070,809	16,491,126	15,665,812
The analysis ofmovements	and	asset classes in the previaus year was as follows:
							Total 2021
							E
Market value at beginning	ofthe		year		321,175	12,547,940	12,869,115
Disposals					(421,268)	(2,525,226)	(2,946,494)
Acquisitions at cast					417,633	2,323,678	2,741,311
Accumulated excess reportable		income on
offshore funds					154	5,992	6,146
Change in value in the year					76,321	2,919,413	2,995,734
Market value at end ofthe	year				394,015	15,271,797	15,665,812
The investment assets held	were:
UK fixed interest securities					59,881	2,333,104	2,392,985
Overseas fixed interest securities					14,442	561,727	576,169
UK equities, equity funds and property				funds	139,358	5,256,257	5,395,615
Overseas equity funds					128,252	5,058,204	5,186,456
Alternative assets					52,082	2,062,505	2,114,587
					394,015	15,271,797	15,665,812

				Unrestdcted	Endowment	Total
Historical cost:
At 31March 2022				365,230	12,436,013	12,801,243
At 31March 2021				362,730	12,349,957	12,712,687
At 5 April 2020				323,442	12,433,023	12,756,465
The following investments		represent	more than	5%ofthe market	value of investments:
				2022	2021	2022	2021
						6	F.
Brown Advisory Fds US Sustainable			Growth	5.41%	4.74%	892,683	742,095
Vanguard Funds PicSSP				4.23%	5.72%	698,106	896,258
Gains on investments	comprise:
Realised on disposals						36,804	259,648
hlet gains on revaluations		in the year				919,183	2,736,086
Change in value in the year						955,987	2,995,734

Oebtors		2022	2021
		6	E
Trade debtors		6,376	2,368
P repayments	and accrued income	2,741	1,764
		9,117	4,132

Creditors: amounts	falling due within one year	2022	2021
		f	f
Trade creditors		60	968
Other creditors		1,340	2,824
Accruals and deferred	income	7,091	8,752
		8,491	12,544

Endowment	funds
				Movement	in funds
		Balance at	Incoming	Resources	Investments	Balance at
		beginning of	resources	expended	gains/(losses)	end ofthe
		year				year
				f	f
Permanent	endowments
2022		15,544,680	457	(39,391(	929,404	16,435,150
2021		12,654,678	5,992	(35,403(	2,919,413	15,544,680

Analysis ofnet assets between funds
		Unrestricted funds	Endowment	Total
			funds
Fund balances at 31March 2022 are represented		by:
Tangible fixed assets		380,012		380,012
Investments		420,317	16,070,809	16,491,126
Current assets		652,890	364,341	1,017,231
Creditors: amounts falling due within one	year	(8,491)		(8,491)
		1,444,72S	16,435,150	17,879,878
Unrealised gains included above:
On revaluation ofinvestments		55,087	3,634,796	3,689,883
Reconciliation ofmovements in unrea lised gains
Unrealised (losses)/gains at 1April 2021		31,285	2,921,840	2,953,125
Eliminated on disposal in year		(2,109)	(180,316)	(1&2,425)
Net gains on revaluations in year		25,911	893,272	919,183
Unrealised gains at 31March 2022		55,087	3,634,796	3,689,883
Unrea lised losses at the end ofthe year are expected to reverse.
Fund balances at 31March 2021were represented		by:
Tangible fixed assets		392,748		392,748
Investments		394,015	15,271,797	15,665,812
Current assets		505,685	272,883	778,568
Creditors: amounts falling due within one	year	(12,544)		(12,544)
		1,279,904	15,544,680	16,824,584
Unrealised gains included in 31March 2021balances:
On revaluation ofinvestments		31,285	2,921,840	2,953,125
Reconciliation of movements in unrealised	gains in the previous year
Unrealised gains at 6 April 2020		(2,267)	114,917	112,650
Eliminated on disposal in year		1,793	102,596	104,389
Net gains on revaluations in year		31,759	2,704,327	2,736,086
Unrealised gains at 31March 2021		31,285	2,921,840	2,953,125