2023-03-31-accounts - E F Bulmer Trust

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Trustees			Mr Joseph O. Cooke (appointed 1April 2023)	Mr Joseph O. Cooke (appointed 1April 2023)	Mr Joseph O. Cooke (appointed 1April 2023)	Mr Joseph O. Cooke (appointed 1April 2023)
			Mr Laurence 0.Harvey	Wood	(appointed	28January 2023)
			Mr Andrew V. MacL. Murray
			Mr Andrew J.Patten
			Mrs Gillian B.Bulmer (retires 31July 2023)
			Mrs Penelope J.MacL.	Murray
			Mr Timothy R.Bulmer (resigned 19August			2022)
Chief Operating		Officer	Mr Patrick Nugent
Charity number			1188978
Linked Charity			E F Bulmer Benevolent	Fund
Linked Charity number			214831
Pdncipal 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 Malkng
			Kent
			ME194JQ
Solicitors			Anthony Collins
			134Edmund Street
			Birmingham
			83 2ES
Investment	advisors		Investec Wealth &Investment		Limited
			2 Gresham Street
			London
			EC2V 7QN

			Page
Trustees' report			1-3
Statement of	trustees'	responsibilities
Independent	auditors'	report	5 —7
Statement of	financial	activities
Balance sheet			10
Notes to the accounts			11-22

FOR THE YEAR ENDE	D	32 MARC	H 2023
				Unrestricted	Endowment	Total	Total
				Funds	Funds	2023	2022
			Notes			6	6
Investment income				412,759	13,220	425,979	333,486
Incoming resources from charitable
activities:
Rental and service charge	income			65,465		65,465	52,907
Other income				4,654		4,654	9,993
Total incoming resources	from
charitable activities:				70,119		70,119	62,900
Total incoming resources ~dd				482,878	13,220	496,098	396,386
Investment management	costs			974	37,336	38,310	40,422
Charitobie expenditure:
Grants payable &related costs				235,248		235,248	157,660
Fred gulmer Centre costs				110,234		110,234	98,997
Total charitable expenditure				345r482		345,482	256,657
Total resources expended				346,456	37,336	383,792	297,079
Net incoming/(outgoing)	resources			136A22	(24,116)	112,306	99307
(Losses)/gains on investments			13	(31,587)	(1r146r677)	(1,178,264)	955,987
Net movement in funds				104,835	(1,170,793)	(1,065,958)	1,055,294
Fund balances at beginning		ofthe year		1,444,728	16,435,150	17,879,878	16,824,584
Fund balances at end ofthe		year		1,549,563	15,264,357	16,813,920	17,879,878

				unrestricted	Endowment	Total
				Funds	Funds	2022
			Notes	6	6	E
Investment income				333,029	457	333,486
Incoming resources from	charitable
activities:
Room rental and service charges				52,907		52,907
Other income				9,993		9,993
Total incoming resources	from
charitable activities:				62,900		62,900
Total incoming resources ~Rd d				395,929	457	396,386
Investment management	costs			1,031	39,391	40,422
Charitable expenditure:
Grants payable &related	costs			157,660		157,660
Fred Bulmer Centre costs				98,997		98,997
Total charitable expenditure				256,657		256,657
Total resources expended				257,688	39,391	297,079
Net incoming/(outgoing)	resources			138,241	(38,934)	99,307
Gains on investments			13	26,583	929,404	955,987
Net movement in funds				164,824	890,470	1,055,294
Fund balances at beginning		ofthe year		1,279,904	15,544,680	16,824,584
Fund balances at end ofthe		year		1,444,728	16,435,150	17A79,878

												2023				2022
								Notes
Fixed assets
Tangible assets								12					367,296			380,012
Investments								13				15,300,011				16p491,126
												15,667,307				16,871,138
Current assets
Debtors								14		17,091					9,117
Cash at bank	and	in hand								1p139,303				1,008,114
										1,156,394				1,017,231
Creditors: amounts			falling due within
one year								15		(9,781)					(8,491)
Net current assets												1,146,613				1,008,740
Total assets	less current liabilities											16,813,920				17,879,878
Capital funds
Endowment	funds							17,18				15,264,357				16,435,150
lincludmg net	unrealised			gain on	revaluation		of62,306,949(2022			63,634,796))
Income funds
Unrestricted	funds							1$				1,549,563				1,444,728
(including net	unreagsed			gain on	revaluation		of621,009(2022 655,067))
												16,$13,920				17,879,878
These accounts are			prepared		in accordance with				the Charities Act of2011and Financial Reporting						Standard	102and SORP
(FRS 102).Although				the Charities		(Accounts		and	Reports)	Regulations		2008 refer to an		earlier	withdrawn	SORP, these
accounts follow SORP (FRS102)as						the	applicable		generally	accepted accounting			practice.
										I'*rj i
The accounts	were		approved		by the Trustees			on	30SeptemberNC		2023

Investment in	come
			2023	2022
			f	E
Dividends from listed, investments			406,352	331,415
Accumulated	excess reportable	income on offshore funds	13,559	457
Interest receivable			6,068	1,614
			425,979	333,486
Room rental and service charges
Rental income			24,317	32,934
Room hire			38,130	18,103
Service charges			3,018	1,870
			65,465	52,907

Otherincome
			2023	2022
Rental ofcar parking spaces			1,518	758
Grant returned			1,628	6,000
Discretionary	and job retention	grants	1,508	3,235
			4,654	9,993

Total resources expended	Total resources expended
		Staff	Depreciation	Other	Grants	Total	Total
		Costs		Costs	Issued	2023	2022
							(analysed
							below)
Costs ofgenerating	funds
Investment
management costs				38,310		38,310	40,422
Charitable activities
Grants a able and	related	costs
Direct activities costs
Grants committed
(Note 7)					208,273	208,273	130,377
Support costs (Note	8)	15,512		11,463		26,975	27,283
Total		15,512		11,463	208,273	235,248	157,660
Fred Bulmer Centre	costs
Direct activities costs		40,753	13,956	49,216		103,925	92,556
Support costs (Note	8)	3,447		2,862		6,309	6,441
Total		44,200	13,956	52,078		110,234	98,997
		59,712	13,956	63,541	208,273	345,482	256,657
Total resources
expended		59,712	13,956	101,851	208,273	383,792	297,079

		Staff	Depreciation	Other	Grants	Total
		Costs		Costs	Issued	2022
					6	6
Costs ofgenerating	funds
Investment
management costs				40,422		40,422
Charitable activities
Grants a able and	related	costs
Direct activities costs
Grants committed
(Note 7)					130,377	130,377
Support costs		14,827		12,456		27,283
Total		14,827		12,456	130,377	157,660
Fred Bulmer Centre	costs
Direct activities costs		38,935	13,708	39,913		92,556
Support costs		3,295		3,146		6,441
Total		42,230	13,708	43,059		98,997
		57,057	13,708	55,515	130,377	256,657
Total resources
expended		57,057	13,708	95,937	130,377	297,079

Activities undertaken directly
	2023	2022
	6	6
Other costs relating to Fred Bulmer Centre comprise:
Repairs and maintenance	32,096	22,483
Heat and light	5,151	4,348
Cleaning and refuse collection	2,965	4,049
Telephone	765	872
Photocopier expenses	738	755
Car park rental	2,032	1,372
Insurance	859	799
Other expenses	4,611	5,235
	49,217	39,913

Grants payable
				Grants to	Grants to	Total	Total
				institutions	Individuals	2023	2022
				E	E	E	E
Grants committed				179,196	29,077	208,273	130,377
All grants are made	in		accordance with the aims ofthe charity.
37grants to institutions				(2022 27)comprise:		2023	2022
						E	E
Action for Elders						3,360
Aspire						6,000
Basement Youth Centre				Ross		8,000
Brain Tumour Support						4,394	386
CCP						5,000
CLD Trust							4,050
The Cartshed						14,211	7,000
Children Heard and	Seen					11,000
Cobalt Trust						5,000
Community Action	Ledbury						4,000
CRUSE						5,000
Dream Your Future	Families					3,875
ECHO						7,500
Encore Enterprises						4,330	4,695
Enviroability						5,000	2,500
Growing Local							3,560
Growing Point							6,000
Happy Days						3,059
Hereford Yoga							3,500
Herefordshire Headway						5,000	5,000
Herefordshire Riding		for		the Disabled		9,000	3,000
Holme Lacy Village	Hall					8,391
Home-Start Herefordshire							3,000
Kids Kitchen						5,000	5,000
Livability							5,000
LOOK						3,000
Maggie's Centre Cheltenham						5,000
Marches Counselling		Services					3,000
Midlands Air Ambulance						Sp000	5,000
MSTherapy Centre	Hereford					3,000
NAS Herefordshire						3,500
National Star							3,000
Phoenix Bereavement			Support Services			3,000	3,000
RA BI						3,040
React						3,171	2,811
Relate Worcester						3,000
Royal National College							4,000
Simpson Hall Burghill						3,988

yEAR ENDED 3	1MARCH 2023
payable				(continued)
			2023	2022
			6
South Marches District Scout Council			5,000
StJohn and Red Cross Defence Medical Welfare		Service	9,970
Vennture				4,000
Wye Play			5,000
yeleni Therapy Centre				3,000
Other grants less than f3,000			10,407	7,176
			179,196	91,678
Grants to individuals	comprise:
Financial assistance	and specific grants to former
Bulmer employees	and pensioners	59(2022 68)individuals	20,256	27,106
Grants issued to other individuals		24(2022 20) individuals	8,821	11,593
			29p077	38,699

Support costs
	Grants	payable	Fred Bulmer	Total	Total
	and related costs		Centre costs	2023	2022
					(analysed
					below)
Chief Operating Officer staff costs		8,532	1,896	10328	9,967
Website, file-sharing,	and publicity costs	404	404	808	974
Other administration	costs	795	177	972	891
Governance costs (Note 9)		17,244	3432	21,076	21,892
		26,975	6,309	33,284	33,724
The analysis ofthe previous year's balances was as follows:
Chief Operating Officer staff costs		8,155	1,812	9,967
Website, file-sharing,	and publicity costs	487	487	974
Other administration	costs	729	162	891
Governance costs (Note 9)		17,912	3,980	21,892
		27,283	6,441	33,724

Governance costs
		2023	2022
		E	E
Governance costs comprise:
Allocated costs:
Chief Operating Officer staff costs		8,532	8,155
Website, file-sharing	and publicity costs	90	108
Other administration	costs	795	729
Direct costs:
Auditors remuneration		1,650	1,650
Accountancy services		5,331	7,975
Insurance		1,150
Professional fees		3,528	3,275
		21,076	21,892

The average	nu	mber of employees during the year was:
			2023	2022
			Number	Number
Chief Operating		Officer
Fred Bulmer Centre staff
Employment	costs		2023	2022
			E	E
Wages and salaries			58,903	56,315
Social security		costs
Pension costs			809	742
			59,712	57,057

Tangible fixed	assets
				Land and	Fixtures,	Total
				buildings	fittings &
					equipment
Cost
At 1April 2022				603,590	28,551	632,141
Additions					1,241	1,241
At 31March 2023				603,590	29,792	633,382
Depreciation
At 1April 2022				228,505	23,624	252,129
Charge for the	year			12,072	1,884	13,956
At 31March 2023				240,577	2' 508	266,085
Net book value
At 31March 2023				363,013	4,284	367,297
At 31March 2022				375,085	4,927	380,012
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 1April 2021				603,590	27,579	631,169
Additions					972	972
At 31March 2022				603,590	28,551	632,141
Depreciation
At 1April 2020				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

Fixed asset investments
				Unrestricted	Endowment	Total2023	Tota I 2022
				fund holdings	fund holdings		(analysed
							below)
Market value at beginning	ofthe year			420,317	16,070,809	16,491,126	15,665,812
Disposals				(45,767)	(1,669,241)	(1,715,008)	(596,186)
Acquisitions at cost				44,683	1,643,915	1,688,598	465,056
Accumulated excess reportable		income on
offshore funds				339	13,220	13,559	457
Change in value in the year				(31,587)	(1,146,677)	(1,178,264)	955,987
Market value at end ofthe year				387,985	14,912,026	15,300,011	16,491,126
The investment assets held	are:
UK fixed interest securities				39,864	1,543,046	1,582,910	2,251,025
Overseas fixed interest securities				34,061	1,253,110	1,287,171	591,775
UK equities, equity funds and property			funds	130,439	4,743,826	4,874,265	6,004,114
Overseas equity funds				127,934	5,041,717	5,169,651	5,268,410
Alternative assets				55,687	2,330,327	2,386,014	2,375,802
				387,985	14,912,026	15,300,011	16,491,126
The analysis ofmovements	and	asset classes in the previous year was as follows:
						Total 2022
						6
Market value at beginning	ofthe year			394,015	15,271,797	15,665,812
Disposals				(12,705)	(583,481)	(596,186)
Acquisitions at cost				12,424	452,632	465,056
Accumulated excess reportable		income on
offshore funds					457	457
Change in value in the year				26,583	929,404	955,987
Market value at end ofthe	year			420,317	16,070,809	16,491,126
The investment assets held	were:
UK fixed interest securities				56,334	2,194,691	2,251,025
Overseas fixed interest securities				14,834	576,941	591,775
UK equities, equity funds and property			funds	160,377	5,843,737	6,004,114
Overseas equity funds				130,290	5,138,120	5,268,410
Alternative assets				58,482	2,317,320	2,375,802
				420,317	16,070,809	16,491,126


13	Fixed asset investments								(continued)
						Unrestricted	Endowment	Total
	Historical cost:
	At 31March 2023					366,976	12,605,077	12,972,053
	At 31March 2022					365,230	12,436,013	12,801,243
	At 31March 2021					362,730	12,349,957	12,712,687
	The following investments			represent		more than 5%ofthe market	value of investments:
						2023	2022	2023	2022
							If	E	6
	Brown Advisory Fds USSustainable				Growth		5.41St	831,846	892,683
	Gains on investments		comprise:
	Realised on disposals							21,265	36,804
	Net (losses)/gains	on	revaluations		in	the year		(1,199,529)	919,183
	Change in value in	the year						(1,178,264)	955,987
14	Debtors							2023	2022
								E	E
	Trade debtors							8,329	6,376
	Prepayments and accrued			income				8,762	2,741
								17,091	9,117
	All debtors are due within one year.

Creditors: amounts	falling due within one year	2023	2022
		6	E
Trade creditors		1,706	60
Other creditors		2,637	1,340
Accruals and deferred	income	5,438	7,091
		9,781	8,491

Endowment	funds
				Movement	in funds
		Balance at	Incoming	Resources	Investments	Balance at
		beginning of	resources	expended	(losses)/gains	end ofthe
		year				year
				6	E
Permanent	endowments
2023		16,435,150	13,220	(37,336)	(1,146,677)	15,264,357
2022		15,544,680	457	(39,391)	929,404	16,435,150

FO	R THE YEAR ENDED 31MARCH 20	R THE YEAR ENDED 31MARCH 20	23
18	Analysis ofnet assets between funds
				Unrestricted funds	Endowment	Total
					funds
	Fund balances at 31March 2023 are represented			by:
	Tangible fixed assets			367,296		367,296
	Investments			387,985	14,912,026	15,300,011
	Current assets			804,063	352,331	1,156,394
	Creditors: amounts falling	due within one	year	(9,781)		(9,781)
				1,549,563	15,264,357	16,813,920
	Unrealised gains included	above:
	On revaluation of investments			21,009	2,306,949	2,327,958
	Reconciliation of movements in unrealised		gains
	Unrealised (losses)/gains	at 1April 2022		55,087	3,634,796	3,689,883
	Eliminated on disposal in	year		(2,469)	(159,927)	(162,396)
	Net losses on revaluations	in year		(31,609)	(1,167,920)	(1,199,529)
	Unrealised gains at 31March 2023			21,009	2,306,949	2,327,958
	Unrealised losses at the end ofthe year are expected to reverse.
	Fund balances at 31March 2022 were 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)
				1,444,728	16,435,150	17,879,878
	Unrealised gains included	in 31March 2022 balances:
	On revaluation of investments			55,087	3,634,796	3,689,883
	Reconciliation ofmovements in unrealised		gains in the previous year
	Unrealised gains at 1April	2021		31,285	2,921,840	2,953,125
	Eliminated on disposal in	year		(2,109)	(180,316)	(182,425)
	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