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2025-10-21-accounts

THE HUGH MUMFORD CHARITABLE TRUST

Trustee’s Report

and Financial Statements

for the year ended 21 October 2025

Registered Charity Number 1192468

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

THE HUGH MUMFORD CHARITABLE TRUST

INDEX

Page
Charity information 1
Trustees’ report 2
Independent auditor’s report 4
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Accounting policies 10
Notes to the financial statements 12

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

CHARITY INFORMATION

Trustees

Hugh Mumford (Settlor) Kate Mary Mumford Ludlow Trust Company Limited (Corporate trustee)

Corporate trustee

The directors of the corporate trustee, company no. 12492064, during the year under review and to the date of approval:

Gary St John Collins (Resigned 31/03/2026) Walter Duncan Coxon Ali Reza Sarikhani Ziba Christina Sakine Sarikhani Christopher Ian Thurlow Matthew John Wickers John Stephen Dennis (Resigned 25/10/2024) Alexander Edward Mulroe (Appointed 01/04/2026)

Principal office

1st Floor Tower Wharf Cheese Lane Bristol BS2 0JJ

Registered charity number

1192468

Independent Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Investment manager and banker

Coutts & Co 440 Strand London WC2R 0QS

Page 1

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 21 October 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Hugh Mumford Charitable Trust is a registered charity constituted under a trust deed dated 21 October 2020, as amended on 2 June 2021 and 4 January 2022. The charity was registered on 23 November 2020.

The trust is controlled by the trustees (list provided on page 1). The power to appoint and remove trustees’ rests with the settlor trustee during his lifetime and subject to that this rests with the trustees.

On agreeing to become a trustee of the charity, the trustees must sign a declaration of willingness to act as a trustee of the trust before being eligible to vote at any meeting of the trustees. Trustees are thoroughly briefed by the existing trustees on the history of the trust, the day-to-day management, responsibilities of the trustees, the current objectives and future plans.

The charity is managed by the trustees, with all decisions taken by the trustees.

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to its investments and finances. The trustees believe, that by ensuring appropriate controls exist over key financial systems, including those operated by Coutts & Co and Ludlow Trust Company Limited, effective systems have been established to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The charity’s objects are: “The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of such Charities or such exclusively charitable purposes according to the laws of England and Wales in any part of the world as the Trustees may in their absolute discretion think fit.”

The charity’s activities are: “Access to sport in Cambridgeshire and East Anglia. Conservation, preservation and biodiversity in Cambridgeshire and East Anglia and wider UK.”

In pursuance of its objects, the charity’s income, and, at the absolute discretion of the trustees, its capital, is applied in making grants to charitable organisations.

In determining how the charity should pursue its objects, the trustees have had regard to the Charity Commission's guidance on public benefit.

Grant-making policy : Applications for help from the charity are made by applying in writing to the trustees. The applications are considered at regular intervals during meetings.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Incoming resources for the year amounted to £1,204,108 (2024: £159,140) comprising of income from investments of £178,279 (2024: £141,845) and transfers from endowment funds of £1,025,829 (2024: £109,645). Additions from settlors to the endowment fund during the year totalled £1,600,000 (2024: £1,000,000) and gift aid claims of £400,000 (2024: £250,000).

During the year under review the charity made grants in furtherance of the objects amounting to £1,065,000 (2024: £15,000).

At 21 October 2025 the charity’s total funds amounted to £6,352,414 (2024: £4,967,049) with free reserves of £338,566 (2024: £232,544). Given the availability of the expendable endowment fund the trustee does not consider that the charity needs to maintain any significant free reserves although they recognise that such reserves will arise from time to time.

Page 2

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

TRUSTEES’ REPORT

The trustees have continued their investment policy of holding funds in a mix of fixed interest securities and equities to provide income and maintain capital. In accordance with the trust deed, funds which are not required for immediate use, or which will be required for use at a future date must be placed on deposit or invested.

The charity’s investments are managed by Coutts & Co with the target of generating income and growing the investments above inflation. The trustee continually monitors the investment policy and performance against objectives and are content with the performance of investments during the period under review.

FUNDRAISING STANDARDS

The charity does not carry out any fundraising activities from the public with grants made from income derived from capital and capital withdrawals.

PLANS FOR FUTURE PERIODS

The trustee intends to continue the charity’s grant-making activity in furtherance of the charity’s objects.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPOINTMENT OF INDEPENDENT AUDITOR

During the year under review the charity exceeded the threshold for audit and appointed Blue Spire Limited as auditor to the charity. Blue Spire Limited have expressed their willingness to continue as auditor to the charity for subsequent financial years where the charity remains over the audit threshold.

Approved by the trustee and signed on their behalf.

Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

06 May 2026 Date

Page 3

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of Hugh Mumford Charitable Trust

Opinion

We have audited the financial statements of The Hugh Mumford Charitable Trust (the ‘charity’) for the year ended 21 October 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Other matter

The financial statements of the charity for the year ended 21 October 2024 were not audited, nor prepared on the accrual basis. We have prepared sufficient work in respect of the opening balances to confirm no material misstatements exist which could have an impact on the year under review.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

THE HUGH MUMFORD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 5

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

INDEPENDENT AUDITOR’S REPORT

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor Date 08 May 2026

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 6

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - investment managers fees
3
Charitable activities
4
Total
Gains/(losses) on investments
7
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11, 12
Total funds carried forward
11, 12		 Unrestricted
Funds
£
-
178,279
178,279
-
1,098,086
1,098,086
-
(919,807)
1,025,829
106,022
232,544
338,566		 Endowment
Funds
£
2,000,000
-
2,000,000
18,915
-
18,915
324,087
2,305,172
(1,025,829)
1,279,343
4,734,505
6,013,848		 2025
Total
Funds
£
2,000,000
178,279
2,178,279
18,915
1,098,086
1,117,001
324,087
1,385,365
-
1,385,365
4,967,049
6,352,414		 2024
Total
Funds
£
1,250,000
141,845
1,391,845
19,927
36,241
56,168
489,141
1,824,818
1,824,818
3,142,231
4,967,049

None of the charity’s other activities were acquired or discontinued during the above financial year.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 7

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

BALANCE SHEET AS AT 21 OCTOBER 2025

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Investment - loan note
8
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
9
Net current assets/(liabilities)
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Expendable endowment funds
11, 12
Unrestricted funds
11, 12
Total charity funds		 £
£
4,250,300
4,250,300
250,000
1,883,272
2,133,272
31,158
2,102,114
6,352,414
6,013,848
338,566
6,352,414
2025		 £
£
3,943,100
3,943,100
250,000
777,597
1,027,597
3,648
1,023,949
4,967,049
4,734,505
232,544
4,967,049
2024		 £
£
3,943,100
3,943,100
250,000
777,597
1,027,597
3,648
1,023,949
4,967,049
4,734,505
232,544
4,967,049
2024
4,967,049
4,734,505
232,544
4,967,049

The notes on pages 12 to 17 form part of these accounts.

These financial statements were approved by the board and signed on their behalf

Chris Thurlow on behalf of Ludlow Trust Company Limited Trustee

Date 06 May 2026

Page 8

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 OCTOBER 2025

STATEMENT OF CASH FLOWS

Note
Net cash flow from operating activities (see below)
Cash flow from investing activities
Investment income
Proceeds from sale of investments
Purchase of investments
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents carried forward
Reconciliation of net income to net cash flow from operating activities
Net income for the year
Adjusted for:
Investment income
(Gain)/loss on investments
Gain/(loss) on foreign exchange
Increase/(decrease) in creditors		 £
£
910,509
178,279
1,443,363
(1,426,476)
195,166
1,105,675
777,597
1,883,272
1,883,272
1,883,272
£
£
1,385,365
(178,279)
(324,087)
-
27,510
(474,856)
910,509
2025
2025		 £
£
1,194,564
141,845
3,067,831
(3,788,011)
(578,335)
616,229
161,368
777,597
777,597
777,597
£
£
1,824,818
(141,845)
(489,141)
-
732
(630,254)
1,194,564
2024
2024		 £
£
1,194,564
141,845
3,067,831
(3,788,011)
(578,335)
616,229
161,368
777,597
777,597
777,597
£
£
1,824,818
(141,845)
(489,141)
-
732
(630,254)
1,194,564
2024
2024
1,194,564

Page 9

THE HUGH MUMFORD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Hugh Mumford Charitable Trust is an unincorporated charity registered in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees'

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

During the year, the charity's gross income exceeded £250,000 for the first time, requiring the financial statements to be prepared on the accruals basis in accordance with the Charities SORP 2019 (FRS 102). In prior years the financial statements were prepared on the receipts and payments basis.

This represents a change in the basis of preparation rather than a change in accounting policy, as the receipts and payments basis does not constitute an accounting policy under FRS 102.

The comparative figures for the year ended 21 October 2024 have been restated from the receipts and payments basis to the accruals basis to recognise accrued income and expenditure at the transition date of 22 October 2023. The effect of this restatement is set out in note 13.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

● Raising funds; these include investment management fees charged by the charity's investment managers

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Page 10

THE HUGH MUMFORD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

ACCOUNTING POLICIES

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Current asset investments are short term highly liquid investments and are held at fair fair value. These include cash on deposits and cash equivalents with a maturity date of less than one year.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital (endowment) funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 11

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations by settlors
Gift aid
2. Investment income
Income from investments
Interest
Debenture loan interest
3. Investment management fees
Investment management fees
4. Charitable activities
Grants to institutions (see note 5)
Support and governance costs:
Ludlow administration fees
Independent examiner's fee (see note
6)
Auditor's fee (see note 6)		 Unrestricted
Funds
£
-
-
-
Unrestricted
Funds
£
80,791
72,488
25,000
178,279
Unrestricted
Funds
£
-
-
Unrestricted
Funds
£
1,065,000
29,786
-
3,300
1,098,086		 Endowment
Funds
£
1,600,000
400,000
2,000,000
Endowment
Funds
£
-
-
-
-
Endowment
Funds
£
18,915
18,915
Endowment
Funds
£
-
-
-
-
-		 2025
Total
Funds
£
1,600,000
400,000
2,000,000
2025
Total
Funds
£
80,791
72,488
25,000
178,279
2025
Total
Funds
£
18,915
18,915
2025
Total
Funds
£
1,065,000
29,786
-
3,300
1,098,086		 Unrestricted
Funds
£
-
-
-
Unrestricted
Funds
£
96,184
20,661
25,000
141,845
Unrestricted
Funds
£
-
-
Unrestricted
Funds
£
15,000
21,061
180
-
36,241		 Endowment
Funds
£
1,000,000
250,000
1,250,000
Endowment
Funds
£
-
-
-
-
Endowment
Funds
£
19,927
19,927
Endowment
Funds
£
-
-
-
-
-		 2024
Total
Funds
£
1,000,000
250,000
1,250,000
2024
Total
Funds
£
96,184
20,661
25,000
141,845
2024
Total
Funds
£
19,927
19,927
2024
Total
Funds
£
15,000
21,061
180
-
36,241

Page 12

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

5. Grants to institutions (one grant and England and Wales unless indicated)
2025
Total
Funds
No.
£
Cancer Research UK
15,000
Cirencester Rugby Club
-
2
50,000
University of Cambridge
1,000,000
1,065,000
6. Independent examiner's and auditor's fees
2025
Income
Capital
Total
Fund
Fund
Funds
£
£
£
Independent examiner's fee
-
-
-
Auditor's fee - audit
3,300
-
3,300
3,300
-
3,300
7. Investments
Market value brought forward
Cost of investments purchased
Disposals at proceeds
Gains/(losses) on investments
Market value carried forward
Analysis of investment holdings:
Listed investments
8. Investment - loan note
Cost value brought forward
Cost value carried forward
Analysis of investment holding:
Chestnut Inns Limited
Downing College Cambridge in the University of
Cambridge		 Income
Fund
£
180
-
180		 No.
Capital
Fund
£
-
-
-
2025
£
3,943,100
1,426,476
(1,443,363)
324,087
4,250,300
4,250,300
2025
£
250,000
250,000
250,000		 2024
Total
Funds
£
-
5,000
10,000
-
15,000
2024
Total
Funds
£
180
-
180
2024
£
2,733,779
3,788,011
(3,067,831)
489,141
3,943,100
3,943,100
2024
£
250,000
250,000
250,000

The loan note bears a fixed interest rate of 10% per annum, payable annually in arrears. The note is unsecured and the principal is repayable on 14 July 2026.

Page 13

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

THE HUGH MUMFORD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

9. Creditors

9. Creditors
Accrual - grant
Accrual - Investment management fees
Accrual - Ludlow administration fees
Accrual - Independent examiner's fee
Accrual - Auditor's fee		 2025
£
25,000
1,148
1,710
-
3,300
31,158		 2024
£
-
1,072
1,376
1,200
-
3,648

10. Related party transactions and employment costs

During the year under review, additions received from the settlors amounted £1,600,000 (2024: £1,000,000) with £400,000 (2024: £250,000) gift aids claimed.

The charity's corporate trustee, Ludlow Trust Company Limited, charged fees for the provision of administrative services of £29,786 (2024: £21,061), shown in note 4. At the balance sheet date £1,710 ( 2024: £1,376) is accrued and payable to the Ludlow Trust Company Limited. The fees are authorised under clause 6 of the trust deed.

The charity has no employees, all administration being carried out by the trustee. Other than the fees noted above no remuneration was paid or expenses reimbursed to any trustee or other related party.

There were no other disclosable related party transactions in the year under review or the comparative year.

11. Analysis of net assets between funds

Investments
Current assets
Current liabilities		 Unrestricted
Funds
£
-
368,576
(30,010)
338,566		 Endowment
Funds
£
4,250,300
1,764,696
(1,148)
6,013,848		 2025
Total
Funds
£
4,250,300
2,133,272
(31,158)
6,352,414		 Unrestricted
Funds
£
-
235,120
(2,576)
232,544		 Endowment
Funds
£
3,943,100
792,477
(1,072)
4,734,505		 2024
Total
Funds
£
3,943,100
1,027,597
(3,648)
4,967,049

12. Net movement in funds

12. Net movement in funds
Endowment funds
Unrestricted funds		 Period ended 21 October 2025
Total funds
brought
forward
£
4,734,505
232,544
4,967,049		 Total
incoming
resources
£
2,000,000
178,279
2,178,279		 Total
resources
expended
£
(18,915)
(1,098,086)
(1,117,001)		 Gains/
(losses) on
investments
£
324,087
-
324,087		 Transfers
between
funds
£
(1,025,829)
1,025,829
-		 Total funds
carried
forward
£
6,013,848
338,566
6,352,414

Page 14

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

THE HUGH MUMFORD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

12. Net movement in funds continued

Endowment funds
Unrestricted funds		 Year ended 21 October 2024
Total funds
brought
forward
£
3,032,586
109,645
3,142,231		 Total
incoming
resources
£
1,250,000
141,845
1,391,845		 Total
resources
expended
£
(19,927)
(36,241)
(56,168)		 Gains/
(losses) on
investments
£
489,141
-
489,141		 Transfers
between
funds
£
(17,295)
17,295
-		 Total funds
carried
forward
£
4,734,505
232,544
4,967,049

The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives.

13. First year preparation of accruals basis

As described in the accounting policies, these are the first financial statements prepared on the accruals basis and with the transition date being 22 October 2023. The comparative figures for the year ended 21 October 2024 have been adjusted accordingly from the receipts and payments accounts, as previously approved by the trustees, to accruals basis under SORP 2019 (FRS 102).

The principal adjustments to the comparative figures are accrued expenditure of £3,648 (2023: £2,916) and the recognition of investments at fair value, including unrealised gains/(losses). The brought forward funds at 22 October 2023 have been adjusted as follows:

Funds per receipts and payments accounts
Investments at fair value
Creditors - accruals
Funds at 22 October 2023 (accruals basis)		 Unrestricted
Funds
£
111,803
-
(2,158)
109,645		 Endowment
Funds
£
49,565
2,983,779
(758)
3,032,586		 Total
Funds
£
161,368
2,983,779
(2,916)
3,142,231

Page 15

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

14. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

The carrying amounts of the charity's financial instruments are as follows:
2025
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
4,250,300
4,250,300
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2025
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
80,791
Investment management fees
(18,915)
61,876
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Net gains/(losses) on investments
324,087
324,087		 2024
Total
Funds
£
3,943,100
3,943,100
2024
Total
Funds
£
96,184
(19,927)
76,257
489,141
489,141

Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.

Page 16

THE HUGH MUMFORD CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE PERIOD ENDED 21 OCTOBER 2025

NOTES TO THE FINANCIAL STATEMENTS

15. Comparative statement of financial activities
Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - investment managers fees
3
Charitable activities
4
Total
Gains/(losses) on investments
7
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11, 12
Total funds carried forward
11, 12		 Unrestricted
Funds
£
-
141,845
141,845
-
36,241
36,241
-
105,604
17,295
122,899
109,645
232,544		 Endowment
Funds
£
1,250,000
-
1,250,000
19,927
-
19,927
489,141
1,719,214
(17,295)
1,701,919
3,032,586
4,734,505		 2024
Total
Funds
£
1,250,000
141,845
1,391,845
19,927
36,241
56,168
489,141
1,824,818
-
1,824,818
3,142,231
4,967,049

Page 17