REGISTERED COIAPANY NUMBEK CE024725 REGISTERED CHARrrY NUMBEK. 119328J Re rt of the Trustees and Unaudited Financial Statements for the Period 12023 to 31 Jul 2024 fc The Old Herefordian Fund CIO Thjme Widgery AccJntsy Ltd Chartered Accountants 2 Wyevale Business Park Klngs Ac Hereford Herefordshire HR4 7BS
The Old Fkbrefordian Fund CIO Contents of Financial Strtents for the Perlod 6 ri1223 to 31 Jul 2(T24 Refere and Administrative DetaTIs Rewrt of thè Trusteès Independent Examlnerfs ReF¥Nt Statement of Flnanclal Actmtles Balan Sheet Notes to the FIncIaL 5tstements 7 to 12 Detailed Statement of FinarKial tIvitIeS 13
The Old Herefordian Fund CIO Reference and Admlnlstrative Details or the Perlod 6 rll 2023 to 31 Jul 2024 TRusfEES NCBolt R Ell15 J A Goldsmtth RA Hammonds GLKernp C R Potter DrLASeal J R Sheldon P H Williams R J Blnner51ey Ico-optedl REGisfERED OFFICE 2 Wyevaie BuslrEs5 Park Kings Acre Hereford Herefordshlre HR4 78S REGisfERED COIAPANY NUMBER CE024ll5 REGisfERED CHARrrY NUMBER 1193285 INDEPENDENT EXlINER Thome Widgery ACcJntancY Ltd Chartered Accountants 2 Wyevaie BUSI$ Park Klngs Acre Hereford Herefordshlre HR4 7BS SOLICITORS Eversheds 115 Coknore Row Birmingham B3 3AL BANKERS Barclays Bank UK PLC Leicester LE87 28B Page 1
The Old Herefordlan Fund CIO Re rt of the Trustees for the peric 6 2023 to 31 Jul 2024 The trustees prent thelr rekx)rt the flnanclal statements of the Charltabie Incorporated Organlsatlon ICIOI for the ended 31 July 2024. The trustees have adopted the provis1cS of Accountlng and Reporting by Charities: statement of Recommended PrKtice aFplicable to charities preparing their accounts in accordance with the Flnanclal ReFY)rtlng Standard appllcable In the UK and Rewblic of Ireland IFRS 1021 leffectlve 1 January 20191. OBJEcfivES AND AcrivlEs Objectlves and alms The objects of the CIO are to carry out the wishes of Arthur ZimMemnn.S bequest of hi5 estate to The Old Herefordlan Club, 'to used as to trth capltsl and Interest for the trenefit of Hereford Cathedral 5chcM)l as the Old Herefordlan Club should in its absolute diKretion think fit". To that end the original The Old Herefordian FunsJ" was set up in 1975 as a Registered Charity. more recently, duriTra 2023, the assets and Ilabllltle5 were (k)nated to 7he Old Herefordlan Fund CIO.. The maln %%ey that the now CIO, achleves its objectlves Is through provision of grants to the Hereford Cathedral h1. In addition, the Charity leases property to Hereford Cathethal SchcKJl. Publlc benefft In drafting thi5 report. the trustees have ccfflplied with the duty In SectTOn 4 of the Charitie5 Act 2011, to have the regard to publlc nefIt gthdarKe wblished by the Charity CommIssi(. ACHIEVEMEi¥f AND PERFORM4NCE Charltable artfvltles During the year, the asset5 and liabilities of The Old Herefordlan Fund (Charity) were transferred to The Old Herefordian Fund ICIOI. reglstered number 1193285. Regular contact 15 rnaintsined with the Heathnaster and the Bursar of Hereford Cathedral ScFK)ol, as b%pll as with the Chalmian of Govemors. Durlng the slxteen month perwjd a total of E208.CIJ] Iyear to 5 il 2023: £156,Q)01 was donated to tPE Hereford Cathedral School. Detalls of Indlwdual grants can be In the note5 to the acCots. The Trustees. pollcy remalns to malntaln free reryes at a level that equates to approxlmately three m(th$ of unrestrlcted charltabie e4Enditure . an amount that ha5 proved sufficient to wovlde for the wgoing bursary grants, whlch by thelr nature are long-temi c(xnmitments, whlle leavlng 5ufflcient fund5 to cover support and govemance costs. The Chaiity Ct))wnlsslon reglstered the new CIO In January 2021, and the Charfty, now tIE Old Herefordlan Fund CIO, wlth a new Registratlon Number. assets and liabilithe5 of the original charity were transferred thring 2022.23. FINANaAL REVlf+V Flnandal posftlon The results for the Feriod can seen in the statement of flnanclal actlvltles. Free reseryes a E112k 15 pril 2023:£41 kl at the period end. Re5erve5 poll The re5eryes of the CIO are split tetween those that are restricted and unrestrKted as to use. Unresthrted fund5 appear to be at a high level, holVer the closing balance cornwises over £3.4 mllllon of investments in shares and property which are held to generate inccrfTre, lCh is then used to fulfil the objects of the CIO. FWURE PLANS The CIO 11 contlnue wlth Its supry)rt of The Hereford Cathedral Sch(x>l durfng the ¢omlng year. together with reviewing Its investments to ensu they a achleving an appropriate rate of retum, thin the risk constraint of a charitable organisation. Page 2
The Old Herefordian Fund CIO Re rt of the Trustees for the Pedixl 6 rll 2023 to 31 Jul 2024 STRucfuRE, GOVERNANCE AND MANAGEAIEKr Goyernlng document The CIO Is controlled by Its qovemlng dttument. Recruftment and appolntment of new trustees The maximurrt numter of Trustees is twelve, Presidents of the Club (being The Old Herefordian Ciubl will serve as Trustees for the Fericxl of their office. This has been initiated to maintain the close links ben the Club and the CIO as the method of app)fntlng twstees Iles wlth Truses of CIO dlrKdy. ftent aprxjlntments have beetl made wSth the Intentlon of Increaslng the e¥perfe and experttse avallable to the Fund and of lod¢ing to the future as older tW5tees retire. If at any tlme nurnter of Trustees falls below four, new Trustees must be appolnted untll t1r numter is at least fr. Ory4ni5atlonal strurture The trust is administered by the Trustees. The Trustees have wi¢ FX)wers of Investment. InthKtlon and traInl of new tnjrtees app)Intment , new Trustees are glven a brieflng ab)ut the CIO and Its wrpjse. They rneet with the Board as soon as is practKabLe and are signposted to the Charity Commission gUIdae relevant to their role. Appr¢)ve ia.lii l.Z.(k....................... order of tFr board of tru5tse5 9n ..... and signed on its iehalf by.. R A Hammonds . Trustee Page 3
Inde ndent Examinerfs Re The Old Herefordlan Fund CIO to the Trustees of Indepenthnt examlnerfs re[rt to the tN5tees of The Old Heftsrdlan Fund CIO I report to the clwrlty trustees M my examlnatlon of the ¥¢ounts of The Old Herefordlan Fund CIO It CIO) for th period ended 31 July 2024 Responsibilities and basis of report s the charity tntstees of the CIO y¢yJ are spOnsIble for the preparation of the accounts In accordance wbth tFt requirements of the charle5 Act 2011 Ilhe Act'i. I reFQrt in re¥ect of my examinati¢m of the CIO'S attots tarrted ¢t under Sectfon 145 of the Act and in carrying out my exaMatIon I have followed all applicable Directions given by the Charity Commisslon unr Sectlon 1451511bl of the Act. Int*ndent examlnefs statement I have cc#npleted my examlnatlon. I conflmi that no materfal matters have cfme to my attent1 In connectlon wlth examinati¢ giving me cause to telieve that In any matsrlal spect. 1. accwnting records were not kept in resFect of the CIO as requlred by Sectlon 130 of the kt; or 2. the accwnt5 do not accord wTth those records; or 3. the accounts do not comply applicable reqrements coKernlng the form and ¢ontent of aCCots t out In Charities Ikcounts and Reports) Regulation5 20)8 otlrr than any reouirement that the acCCnts gfve a true and falr vlew vthich Is not a matter tonsldE¥rÈd a5 part of an independent examination. I have no corterns and have acr055 no other rnatter5 in Connecti th examination to vthich attention should be drawn In thls reF(rt In order to enable a proper Lmderstanding of the accounts to reached. Mr Kevin Tong The Instltute of Chartered ACCJntants In England and Wales Thome Widgery Acc(MJntarq Ltd Chartered Accountants 2 Wwale Buslne55 Park Klngs Acre Hereford Hereford5hlre HR4 7BS Page 4
The Old Herefordian Fund CIO Statement of Flnancial ActMt(es for the Period 6 .12023 to 31 Jul 2024 Period 6.4.23 to 31.7.24 Total funds Year Ended 5.4.23 Total funds Unrestrfcted Restrfjcted fund fund Notes INCOME AND ENtM)WMEKfs FROM DDnatl(m5 and lerdcles 40.(XK) 3,482,109 Investrnent Inco 265,077 278,435 Totsl 265.077 53,358 318 435 EXPENDuRE ON Raising funds 4,813 159 4,972 5,131 Charitable actfvltles Grant 208,CQO 156,( Other 15,644 15,644 23,149 Total Z20 457 8,159 Net sas/(lo$Se$I on Investments 162 420 114,45n MEf INCOME 217,927 34,312 252,239 3,407,199 RECONauATION OF FUMDS Total funds tnught fotward 3,303.745 103,454 3.407.199 TOTAL FUNDS CARRIED FORWARD 35216n 137 766 3 659 438 3407 199 The note5 form part of the* financial statements Page 5
The Old Herefordian Fund CIO Balance Sheet 31 Jul 2024 31.7.24 Total funds 5.4.23 Total funds Unre$trlcted fund Restrkted fund Notes FIXED ASSErs Investments Listed Investment5 Investment proFerty 1,063.541 2 345 5Ci) 137,766 1,201,307 1,020,049 2,345.5QJ 3,4(9.041 137,766 3,546.807 3.365,549 CURRENT ASSETS Cash at bank 115,631 115,631 44,150 CREDITORS AM(nts falllng due vAthln Cl year 10 13,1XXII 13,1XQl 12,51Xll NEf CURREKf ASSErs 112 631 112.631 TOTAL ASSEfs LESS CURRENT UABILMES 3,521,672 137,766 3,659,438 3,407.199 NET ASSErs 3,521,672 137,766 3,659,438 3,407,199 FUNDS Unrestrlcted funds: General fund RestrKted funds: Number One Fund 3,521.672 3,303,745 137 766 TOTAL FUNDS 3 659 438 The financial were approved by the Board of Trustees authorised for issue on . and We slgned on Its behalf by: R A Hammon(is- Trustee The notes fomi part of these fInala1 statements Page 6
The Old Herefordian Fund CIO Note5 to the Financial staterrnts for the Period 6 il 2023 to 31 Jul 2024 ACCOUNTING POLiaES Bas15 of preparlng the flnandal statements Tl flnanclal statements of the CIO, which is a public berfit entity under FRS 102, haye been prepared in accordance the Charftle5 SORP IFRS 1C121 'Accountlng and Reporting by Charities.. Staterront of Recommended Practlce appllcabie to charitles preparing their accounts tn accordance wlth the Financial Reporting Standard applicable in the UK and Republ1¢ i)f Ireland IFRS 1021 leffectlve l January 2019),, Flnanclal Reporting Standard 102 The Flnanclal Reportlro Standard applleabie In the UK and Rewbllc ol Ireland and the chariti Act 2011. The finarKial staterllents have been prepared under the historical cost convention, with the exceptlon of Investments vthlch are Included at market val, as modlfled by the revaluatlu) of certaln assets. Goln8 concem The trustees assess whether use of golng conrn Is appropriate l.e. ther there are any materlal uncertainties relatèd to event5 or conditions that may cast slgniflcant dbt on the ability of the to CIO continue a5 a going concern. The trustees make thi5 assessrnent in resFect of a period of at Least one year from the date of authorisation for issue of the financial statements and have concluded that the CIO has adequate resources to continue in operatIcal existen for the foreseeable fubjre and there are no material uncertainties about the CIO'S ablllty to contlnue as a golng c¢Mcern. thus they continue to adopt the going concern basis of aceixlnng In preparing the financial statements. The Trustees have consldered tl future of the organisation in light of the cuffent economic pressures and f1 that due to the nature of its income streams, they will not be adversely affected. However If It were to be affecd, sav(ngs In expenditure can made In the short to medlLm term. Lkn to these factS, Trustees belleve organlsatltsn Is a 4olng ccrtem for the foreseeable future of at Least twelve tnonths frcm date of signing these financial statements. IrKome All income is reCOlSed In the Statement of Financial Actiwtie5 once the charity has entitlement to funds, It Is probable that the Income wll be received and the amcwnt can be rneaslred reliably. Expenthture Llabflltles are recognised as expenditure as soon as there Is a legal or constructive obligation c¢Jmmitting the charlty to that exFenditure, it is probable that a transfer of economic bfits requireil In settlement and t amount of the thllgatlcn can be measured rellably. Expenthture Is accounted for on an accruals basls and ha5 been classified under headlngs that aggregate all cost related to the category. Where costs cannot be directly attrtbuted to particular heading5 they have been allocated to activitie5 on a basis crmsistent with the use of resources. Grants offered Subject to conditions which have not teen met at the year end date are noted a$ a commitment but not aCCrd as exFendlture. Investment property Investment property is sho1 at m05t recent valuaticfi. Any aggregate surplus or deficit arising frcm changes In fair va is recognlsed In Statement of FInclaI Actmtles. Taxation The charlty Is exempt frcffi corpcfatIt tax on its charttable actfvltles. Fund accountlng Unrestricted funds can be used In ¢dance wlth the ¢harltabie objective5 at the dixreticn of the trustees. Restrkted funds can only be used for particular strfcted pUS wlthln the objects of the charlty. Restrktlon5 arise when Specified by the do or when funds are raised for partlcular restrlcted wrposes. Further eypianation of the nature and purFose of each fund Is Included in the notes to the flnanclal statements. Page 7 continued...
The Old Herefordian Fund CIO Note5 to the Flnanclal Statements - continued for the Period 6 A -12023 to 31 Jul 2024 INvEsTMEk INCOME Period 6.4.23 Year Ended 5.4.23 31.7.24 Rents received Insurance income Portfollo Investment inccffie 236.020 205,924 230 278 435 RAISING FUNDS Investment managernent Costs Perlc* 6.4.23 Year Ended 5.4.23 31.7.24 Portfolio management GRAi¥fs PAYABLE Period 6.4.23 Year Ended 5.4.23 31.7.24 Grant The total grants pald to 1nstltut1cS durlng the Ferlod was as foll. Perfod 6.4.23 to 31.7.24 Year Ended 5.4.23 Hereford Cathedral School - MusTcians' Grant Hereford Cathedral sc01 - Additial Pwrsary Hereford Cathedral School - Chorister5 Grant Hereford Cathedral School - Bursary Fund Number One Fund - Choristers Bursary 10.ts)0 33,)0 10.C4JO 147,000 10, 33,1 10,( 97,CXXI Page 8 continued...
The Old ref0rdian Fund CIO Note5 to the Financial Statements - contin for the Perlod 6 rll 2(r13 to 31 Jul 2024 NEf INcOMEI(EXPENDuPEl Net itKomellexFendlturel Is ststed after charglngllcrethtlngi,. Period 6.4.23 to 31.7.24 Year Ended 5.4.23 Examlners12024I and audltor$120231 lees TRUSTEES. REMUNERATION AND BENEFITS There %re no trustees, remuneratlon or other beneflts f the perfLxI ended 31 July 2024 nor for the year ended 5 Aprll 2023. There were no trustees, expenses paid frx the pericJ ended 31 July 2024 nor for the year ended 5 Awil 2023. COMPARATIVES FOR THE STATElAEl OF FINANaAL ACTivmES (YEAR TO 5141231 Unrestricted fund Restrictsd fund Total funds INCOME AND ENtX)WMEIITS FROM tknnatI5 and legacles 3.365,685 116,424 3,482.1C Investment Income 223 827 Tt)tal 3581 n8 3 705 936 EXPENDITURE ON Raisiry funds 5,131 5,131 Charltable actMrl•s Grant 150,OQJ 156,COJ Other Total Net gaknsll1055esl on investments INCOME 3,303,745 103,454 3,407,199 TOTAL FUNDS CARRIED FORWARD 3.303.745 Page 9 contlnwl...
The Old Fref0rdian Fund CIO tes to the Finala1 Statements - contin)ued for the Perlod 6 ril 2023 to 31 Jul 2024 FIXED Ass Ik¥VEsfMEIITS Llsted Investments A{ARK VALUE At 6 Aprll 2023 Additions Dlsposals Revaluations 1.020,049 76,838 {58,(IXJI 162 420 At 31 July 2024 1 201 307 BOOK VALUE At 31 July 2024 1 201 307 At 5 Aprll 2023 The CIO holds a mlx of UK and world%de Investments. Cost or valuatfon at 31 July 2024 15 represented by- Listed Investments Valuaticn in 2024 1 201 307 INVESTMENT PROPERTY FAIR VALUE At 6 Aprll 2023 and 31 July 2024 BOOK VALUE At 31 July 2024 At 5 April 2023 Inyesbment Fwrties consists of: 2024 2023 29, 30. 30a Castle Street 2 CastLe Street Zimmeman Bulldtng. Church Street Belvedere Lane The Moat 475,C 288,C(() 812,(KK) 475,((XJ 288,OJ) 812,(OJ 720,1 Hlstorical cost - for infomiation only 1 451 873 1 4518fJ Page 10 continued...
The Old Herefordian Fund CIO tes to the FinarKial Statements - contin for the Perlod 6 12023 to 31 Jul 2024 INVE¥fMENT PROPEKfY- contlnued Investment propetty was transferred frcth The Old Herefordfan Fund Icharftyl durlng year ended 5 Aprll 2023. 10. CREDITORS: Ah¥JUNTS FALUNG DUE WITHIN ONE YEAR 31.7.24 5.4.23 Accruals and deferred income MOVEMEirr IN FUNDS Net movement In funds At 31.7.24 At 6.4.23 Unrestrlctèd General fund 3,303,745 217,927 3.521,672 Restrlcted funds NLwnber One Fund 103,454 34.312 137,766 TOTAL FUNDS 252 239 3 659 438 Net mcverrent in funds, included in above are as follows: Incoming resources Resources exFtnded Gains and losses knvernent In funds Unrestrlctèd furKIs General fund 265,077 {220,457) 173,307 217.927 Re5trlrted funds Number One Fund 53.358 18,1591 110,8871 34,312 TOTAL FUNDS 318 435 228 6161 162 420 252 239 Comparatfves for movement in funds Net movement In funds At 5.4.23 At 6.4.22 Unrestrlcted funds General ld 3.303.745 3.303.745 Restrkted fund5 Number One Fund 103.454 103,454 TOTAL FUNDS 3,407.199 3.407 199 Page11 continL*d...
The Old Herefordlan Fund Cto Note5 to the Flnanclal Statsments- continued for the Period 6 A 2023 to 31 Jul 2024 IA0VEME1 IN FUND5- continued Comparatlve net movement in fLTrnd5, included in above are as follows: IoMIng resource5 Resources expended Galns and hVernent In funds Unrestrlcted fund5 General fund 3.581.728 1178.2801 {99,7031 3,303,745 Restrlcted funds Number One Fund 124,208 I6,Cl 114.7541 103.454 TOTAL FUNDS 114,4571 3,407,199 Unrestrkted funds Unresthcted funds cryTrprises over É3.4 Milli of investments in shares and property. The incLvne and capttal of the fund can be utlltsed to fulfil objects of the CIO. Restrlcted funds The Number One Fund wa5 established to provide Choristers Bursaries in line with ttr original dcmrfs wishes. 12. RELATED PARTY DISCLOSURES There %%pre no reLited party tran5actsons dwing year. Page 12