##
##
##
|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|
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|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||||||
##
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##
##
##
|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|
##
##
##
|12|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|
##
##
##
|13|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.|||||||||
##
##
##
|15|Creditors: amounts|falling due within one year|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|