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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|||
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|||Page|
|---|---|---|
|Trustees'
report||1—3|
|Statement
oftrustees'|responsibilities||
|Independent
auditors'|report|S —7|
|Statement offinancial|activities||
|Balance sheet||10|
|Notes tothe accounts||11—22|
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|||||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|
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|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|
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||||||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|
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|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|
##
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|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|
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|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|
##
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||||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|
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|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||
##
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|9|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|
##
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|12|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|
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|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||
##
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|||||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|
|14|Oebtors||2022|2021|
|---|---|---|---|---|
||||6|E|
||Trade debtors||6,376|2,368|
||P repayments|and accrued income|2,741|1,764|
||||9,117|4,132|
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|15|Creditors: amounts|falling due within one year|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|
##
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|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|
##
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|19|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|