REGisfERED COMPANY NUMBER: CE024725 REGISTERED CHARITY NUMBER,. 1193285 Re rt of the TTUStee5 and UnaL*Jited Financial Statements for the Year Ended 31 Jul 2025 for The Old Herefordlan Fund CIO Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevale Business Park Klngs Acre Hereford Herefordshire HR4 7BS
The Old Herefordlan Fund CIO Contents of the Flnancial Statement5 for the Year Ended 31 Jul 2025 Page Reference and Admlnistratfve Detalls Report of the Trustee5 2 to 3 Independent Examinels Report Statement of Financ7al Activities Balance Sheet Notes to the Financlal Statements 7 to 12 Detailed Statement ol Financial Actlvltles 13
The Old Herefordlan Fund CKI Referèncè and Administrative Detalls for the Year Ended 31 Jul 2025 TRUSTEES NCBoLt M R Ellls J A Goidsmlth R A Hammonds GLKernp C R Potter LASeal J R Sheldon P H Williams R J Binnersley Ico-optedl G A River5 REGISTERED OFFICE 2 Wyevale Buslness Parf( Kings Ac Hereford Hereford5hire HR4 78S REGISTERED COMPANY NUMBER CE024ll5 REGISTERED CHARITY NUMBER 1193285 INDEPENDENT EXAMINER Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevaie Business Park Kings Acre Hereford Herefordshlre HR4 78$ SOLICORs Eversheds 115 Colmore Row Bimingham B3 3AL BANKERS Barclays Bank UK PLC Lelte5ter LE87 2BB Page 1
The Old Herefordlan Fund CIO Rè rt of thè Trustéès for the Year Ended 31 Jul 2025 The trustees present thelr report wlth the fInala[ statements of the Charltable Incorporated Organ15atkn (CIO) for the perit)d ended 31 July 2025. The trustees have adopted the prowslons of kcountlng and Reporting by Charities: Statement of Re(mended Practlce applicable to charities preparing their accounts In accordance wlth the Flnanclal Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 leffectlve 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and alms The objectives of the CIO are to carry out the wishe5 of Arthur zimMiann's bequest of hls estate to The Old Herefordian Club, -to be used as to both capital and interest for the benefit of Hereford Cathedral khool as the Old Herefordian Club should in its absolute diKretion think fit" To that end the original The Old Herefordian Fund" was Set up In 1975 as a Reglstered Charity> more recently, dur5ng 2023, the assets and liabilities were donated to The Old Herefordian Fund Clo-. The main way that thè now CIO. a¢hieves its objecti$ is throush the prow5ion of grant5 to the Hereford Cathedral SchDJl. In addition, the Charity leases property to Hereford Cathedral School. Publlc benèfit In draftlng thfs rtrport, the trustees have tomplled wlth the duty In Se¢tlon 4 of the Charitfes Act 2011, to have due regard to publ1¢ benefit guldance published by the Charity Commlssion. ACHIEVEMENTS AND PERFORMANCE Charitable actlvities Regular contact Is malntalned wlth the Headmaster of Hereford Cathedral School, as well as %th the Chalrman of Governors. DLrdng the year a total of £166,000 (2024: £208,(J)0 - 16 month perfodl was donated to the Hereford Cathedral School. Details of the indivldual grants can be seen in the notes to the accounts. The TTUStee5' policy rernains to maintain free reserves at a level that equate5 to approximately three months of unrestricted charilable expenditure - an arnount that has proved sufficient to prowde for the ongoing bursary grants, which by their nature are long-term crynmitments, while leavFng 5trfficient funds to cover suprA)rt and governance Costs. The Chadty Commlsslon reglstered the new CIO in January 2021, and the Charityi now the Old Herefordian Fund CIO, th a new Registration Number. The asset5 and liabilities of the original charity were transferred during 2022-23. FINANCIAL REVIEW Flnandal posltlon The CIO'S result for the year reported net Income of E171,515 12024: E252,2391. Total fund5 Stood at £3,830,953 12024: £3,659,4381, of whlch £143,98512024'. £137,7661 was held In reslrlcted funds. The results for the perfod can be seen In the statement of flnandal athvltles. Free reserves are £18k 12024: 12024-E112kl at the period end. RtserY•s polky The reserves of the CIO are split bètwetn those that are restrfcted and unrestrtcted as to use. Unrestrlcted funds appear to be at a hlgh level, however the closin8 balance compri5e5 over £3.4 millTon of investrrnts In shares and property which are held to generate In¢ome, whlch fs then used to fulfll the objects of the CIO. FiTfuRE PLANS The CIO wlll contlnue with Its SUPPOrt of The Hereford Cathedral School during the comlng year, together wlth reeWIng Its Investments to ensure they are achleving an approprlate rate of return, wlthln the rlsk constralnt of a harltable organlsatlon. rRUCTURE. GOVERNANCE AND MANAGEMENT ¢ernIng document The CIO Is controlled by Its govemlng document. Page 2
The Old Herefordian Fund CIO Re rt of the TnJ5tees for the Year Ended 31 Jul 2025 STRUCTURE. GOVERNANCE AND IAANAGEMENT Recruftment and appolntment of new trus¢ee5 The maximum number Of Trustee5 15 twelve. Presldents of the Club Ibelng The Old Hef0rdIan Clubl wlll seNe as Trustees for the period of their office. Thi5 has been initiated to maintain the close links between the Club and the CIO as the method of appolntlng trustees Iles wlth the Trustees of the CIO dlrectly. Rècent appointments have been made with the intention of increasing the experience and expert15e available to the Fund and of lod(ing to the future a5 older tnJ5tees retire. If at any tlmè the number of TnJ5tees falls below four, new TTUStee5 must be appointed until their number is at least frr. Organlsatlonal structurè The trust is administered by the Trustees. The Trustee5 have wide powers of investment. Inductlon and tralnlnq of trustèès Upon appolntment , Thew Trustees are given a brieflng ab¢JJt the CIO and Tts purpose. They meet th the B¢>ard as soon as is practlcable and are signposted to the Charlty Cornrnission 8uidance levant to thelr role. Approve order of the board of trustees on ..-...-. 14.11 I l LQ..4S.......... and slgned on Its behalf by: R A Harnmonds - Trustee Page 3
Inde ndent Examinerf5 Re rt to the Tru5tee5 of Thè Old Herefordlan Fund CIO Independent examinerfs report to the ttee9 of The Old Herefordian Fund CIO I report to the chartty tnjstees on my examlnatlon of the accounts of The Old Herelordlan Fund CIO Ith* CIO) for the pemod ended 31 July 2025. Responslbllltles and basls of report s the charfty trustees of the CIO you are responsible for the preparatlon of the accounts In accordance wlth the requirements of the Charltles Act 20111'the Act'l. I report In respect of my examlnatlon of the CIO'S accounts carrled out under Sectlon 145 of the Act and In carrylng out my examination I have followed all applicable Directions given by the Charity cmisSion under Section 14515llb} of the Act. Independent examlner's statement I have completed my examlnatlon. I tonflmi that no matertal matters have come to my attentlon In connectlon wlth the examlnatlon glvlng me cause to belleve that In any materlal respect.. 1. accounting record5 were not kept In re5pert of the CIO as requfred by Sertlon 130 of the Act; or 2. the accounts do not accord with those record5- or 3. the accwnts do not Cornply wlth the applicable rèquiremènts concernlng fom) and content of accounts set out In the Charities IAcc(wnts and Reports) Regutatlons 2008 other than any requlrement that the accounts give a true and falr vlew whlch 15 rK)t a matter considered a5 part of an Independent exam1n)tlon. I have no concerns and have come across no other rnatters in connection with the examination to which attention should be drawn in this report in order to enablè a propèr understandlng of atctsunts to bè r•ach•d. ong The Institute of Chartered AccntantS in England and Wales Thorne Widgery Accountsncy Ltd Chartèred Accountants 2 Wyevale Business Park Kings Acre Hereford Hereford5hire HR4 7BS Date:........ 1.4.1.1 !.I.10.15........ . Page 4
The Old Herefordlan Fund CIO Statement of Financial Activities for the Year Ended 31 Jul 2025 Period 6.4.23 to 31.7.24 Total funds Year Ended 31.7.25 Total funds Unrestricted fund Restricted lund Notes INCOME ANO ENDOWMENTS FROM Donations and legacles Investment income 213.938 12,219 226,157 278,435 Total 213,938 12,219 226,157 318,435 EXPENDITURE ON Ralsln8 funds 3,3CIJ 62 3,362 4,972 CharlLibl• actfvltles Grant 160,000 166,( 208,CXJ) Other 5,451 5.451 15.644 Total 168,751 6,062 174,813 228,616 Net gains on invesiment5 119.708 463 120,171 162,420 INCOME 164.895 6,620 171.515 252.239 RECONCILIATION OF FUNDS Total funds brought fotward 3,521,672 137,766 3,659,438 3,407,199 TOTAL FUNDS CARRIED FORWARD 3,686,567 144,386 3,830,953 3,659,438 The notes form part of these financial statements Page 5
Thè Old Herèfordlan Fund CIO Balance Sheet 31 Jul 2025 31.7.25 Total funds 31.7.24 Total funds Unrestrfrted fund Restrfrted fund Notes FIXED ASSETS Llstèd InvÈstmÈnts Llsted Investments Investment property 1.322,643 2.345,5 144,386 1,467,029 2,345,500 1,201,307 2,345,500 3,668,143 144,386 3,812,529 3,546,807 CURRE1 ASSFrs Cash at bank 21,424 21,424 115,631 CREDITORS Amounts f)Iling due withln one year 10 13,000 13,IXQI 13.OCK)I Nrr CURRENT ASSErs 18,424 18,424 112,631 TOTAL ASSEfs LESS CURRENT LIABILMES 3,686,567 144,386 3,830,953 3,659,438 NET ASSETS 3,686.567 144,386 3,830,953 3,659,438 FUNDS Unrestri¢ted funds: General fund ReStCted funds". Number One Fund 11 3,686,567 3,521,672 144,386 137.766 TOTAL FUNDS 3,830,953 3,659,438 The charitable company is entitl*d to exemption from audit tmder Settion 477 of the Companies Act 2CQ6 for the year endtd 31 July 2025. The members have not required the company to obtain an audit of fts flnandal statements for the year ended 31 July 2025 in accordance with Settion 476 of the Companies A¢t Z(1)6. The trustees acknowledge their responsibilities for lal ensurlng that the charttable company keeps accountlng records that comply wfth Sectlons 386 and 387 01 the Companies Act 2006 and preparlng flnancial statements which give a true and fair view of the state of affalrs of the charftable company as at the end of each flnanclal year and of Its surplus or deflclt for each flnancial year In accordance th the requlrements of Sections 394 and 395 and which otherwise cornply with the requirements of the Companie5 Act 2006 relating to financial 5tstements, so f)r as applicable to the charitable company. Ibl The flnandal statements we approved by the Board of. Trustee5 and author15ed for Issue and were slgned on Its behalf by: R A Hammonds - Trustee The notes fom) part of these flnanc1al statements Page 6
The Old Herefordian Fund CIO Notes to the Finandal statements for the Year Ended 31 Jul 2025 ACCOUNTING POLICIES Basls of prepartng the flnanclal statements The finantiaL statements of the CIO, whlch Is a publlc beneflt entlty under FRS 102, have been prepared in accordance with the Charitles SORP IFRS 1021 Accounting and Reporting by Charities.. statement of Recommen¢Jed Practlce applicable to chathtles pr¢parlng thelr accounts in accordance with the Financial Reportlng Standard appllcable In the UK and Republlc of Ireland IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 The Financial Reporting Standard appilcable in the UK and Republlc of Ireland. and the Charitie5 Act 2011. The financial statements have been prepared under the historical cost convention, wlth the èxception of inv•stment5 which are included at market value, as modified by the revaluation of certain assèts. Golng concern The Trustees have considered the future of thè organisatiort in light of the current economic pressures and feel that due to the nature of its income streams. they 11 not be advèrsely affected. However if it were to be ffected, savings in expenditure can be made in the short to medlum term. Due to these factors, Trustees belleve the organisation is a goin8 concern for the foreseèablè futurè of at least twelve months from date ol slgnlng these financial statements. Income All Income Is recognlsed in the Statement of Financial Activities once the charlty has entitlement to the fund5. It Is probable that the Income will be received and the amnt can be measured reliably. Expendlture Liabilities are recognlsed as expertditure as soon as there is a legal or constriittive obli4atlon commlttlng the ¢harity to that expendlture, it is probable that a tian5fer of economic benefits wlll be requlrèd In sèttlèment and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basls and has been clas5ifie(l under headings that aggregate all c05t related to the category. Where costs cannot be dlrectly attributed to partlcular headings they have l)een allocated to activltle5 on a basis consistent Vlith the use of resources. Grants offered subject to conditions which have not been mèt at the year end date are noted as a commitment but not accnjed as expenditure. Illvtstmt property Investment property Is shown at most recent valuation. Any ag8re8ate surplus or deficit arisin8 from changes In fair value Is recognlsed In the Statemènt of Flnancial Activities. Taxatlon The charity is exernpt frorn corporatlon tax on Its charftable actlvltles. Fund accountin8 Unrestrlcted funds can be Ltsed in a¢cordan¢e with the charitable objectlves at thè discretion of the trustee5. ReSttted fund5 can only be used for particular restricted purposes withln the objects of the charity. Restrittions arlse when specified by the donor or when funds are raised for partlcular restricted purposes. Further explanat1( of the nature and purpose of each fund Is included in the notes to the financial statements. Debtors Tradè and other debtors are recognlsed at the settlement amount due after any trade dlscount offered. Prepayrnents are valued at the amount Prepaid net of any trade dfscoynts due. Cash at bank and in hand Cash at bank and cash in hand Includes cash and short lerrn highly liquid Investments wlth a short maturity of three months or less from the date of acquisiticffi or opening of thè dewsit or sim?iar account. Page 7 contlnued...
The Old Herelordian Fund CIO Notes to the Financial Statements - contlnued for the Year Ended 31 Jul 2025 ACCOUNTING POUCIES - contlnued Credltors and pr¢wlslon5 Creditors and provisions are recognised Whe the ¢harity has a peTht obligation resultTng from a past event that will probably result in the transfer of funds to a third party and the amount duè ts) sèttlè the obligati can be measured or éstimated reliably. Creditors and provisions are normally reco8nisèd at thèTr sèttlement amount after allowing for any trade dls¢ounts due. INVESTMENT INCOME Perfod 6.4.23 to 31.7.24 Year Ended 31.7.25 Rent5 received Portfolio investment income 191,244 34,913 236,020 42.415 226,157 278,435 RAISING FUNDS Inv•stm•nt rnana8em•nt costs Period 6.4.23 to 31.7.24 Year Ended 31.7.25 Portfolio management 3,362 4,972 GRANTS PAYABLE Period 6.4.23 to 31.7.24 Year Ended 31.7.25 Grant 166,C 208,iN]O The total grants paid to institutions during the year was as follows., Period 6.4.23 Year Ended 31.7.25 31.7.24 Hereford Cathedral School - hlusicians. Grant Hereford Cathedral School - Additlonal Bursary Hereford Cathedral School - Choristers Grant Hereford Cathedral 5clN)d - Bursary Fund Number One Fund - Chorlsters Bursary 10,C 33,1))O lo,)0 107,OJO lo,¢) 33,(XX) 10,IX)O 147,1 8.0)0 166,OC 208,(#JO Page 8 continued...
The Old Herefordlan Fund CIO Notes to the Flnanclal Statements - continued for the Year Ended 31 Jul 1025 NET INcOMEIIEXPENDuftEl Net incomellexpendlturel Is stated after charglngllcredltlngl: Period 6.4.23 to 31.7.24 Year Ended 31.7.25 Examlner$12025 and 20241 fees 2.760 2,700 TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneratlon or other beneflts for the year ended 31 July 225 nor for the perlod ended 31 July 2024. Trust¢*s' expenses There were no trustees. expenses paid for the year ended 31 July 2025 ncf for the period ended 31 July 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restrkte(I fund Total fund5 INCOME AMD ENDOWMENTS FROM Donatlons and legacies 40.O¢J) 40,OJO Investment In¢(xne 265.077 13.358 278.435 Total 265,077 53,358 318,435 EXPENDITURE ON Raising fund5 4,813 159 4,972 Charitable activittes Grant 200,CAXI 8,01 208,CKJO Other 15,644 15,644 Totsl 220,457 8.159 228,616 Net galnslllossesl on InVestntS 173,307 110,8871 162,420 Nrr INCOME 217,927 34.312 252.239 RECONCILIAnON OF FUNOS Total funds brought fOard 3,303,745 103,454 3.407,199 TOTAL FUNDS CARRIED FORWARD 3.521,6n 137,766 3,659.438 Page 9 continued...
The Old Herefordlan Fund CIO Notes to the Financial Statements- continued for the Year Ended 31 Jul 2025 FIXED Ass INvE¥fMEPs Listed investments MARKEf VALUE At 1 August 2024 Additions Dlsposals Revaluatlons 1,201.307 451,957 1337,9571 151.722 At 31 July 2025 1,467,029 BOOK VALUE At 31 July 2025 1,467,029 At 31 July 2024 1,201,307 The CIO holds a mix of UK and Worldwide investments. Cost or valuatlon at 31 July 2025 Is representeil by.. Listed Investments Valuation in 2025 1,467.029 INVESTMEKf PROPERTY FAIR VALUE At 1 August 2024 and 31 July 2025 2,345,500 Nrr BOOK VALUE At 31 July 2025 2,345,5LThI At 31 July 2024 2,345,SC#) Investment woperties consists of: 2025 2024 29, 30, 30a Cèstlè Street 2 Castle Street Zimmerrnan Building, Church Street Belvèderè Lanè The lknat 475,OCKI 288,000 812,000 S0,(KJOO 720,000 475,(O) 288,¢X 812,( 50,(KK 720,(D) 2,345,000 2,345,OCQ Hislorical CD5t- for informat*)n only 1,451.873 1,451,873 Investment property was transferred from The Old Herefordian Fund (Charltyl durfng the year ended 5 Aprll 2023. Page 10 continued...
The Old Herefordian Fund CIO Noies to the Finanthal Statements- continued for the Year Ended 31 Jul 2025 INVESTMENT PROPERTY . contlnued The Trustee's of the CIO conflrm that the value of Investment property Is materially correct. 10. CREDITORS: AhlOUNTS FALLING OUE WITHIN ONE YEAR 31.7.25 31.7.24 Accruals and deferred income MOVEMENT IN FUNDS Net movement in funds At 31.7.25 At 1.8.24 Unrestrfcted funds General fund 3,521,672 164,895 3,686,567 Rèstrlctèd funds Number &)e Fund 137,766 6,620 144,386 TOTAL FUNDS 3,659.438 171,515 3.830.953 Net movement in funds, Iluded In the above are as follows: Incoming resources Resources expended Gains and vement In funds Unrestrlrted funds General fund 213.938 1168,751 119,708 164.895 Restrlcted funds Number or Fund 12,219 16,0621 6.620 TOTAL FUNDS 226,157 1174,8131 120,171 171,515 Comparatfve5 for movement In funds Net movement in funds At 31.7.24 At 6.4.23 Unrestrlrted funds General fLtnd 3,303,745 217,927 3.521.672 Restrlcted funds Nurnber One Fund 103,454 34,312 137,766 TOTAL FUNDS 3,407,199 252,239 3,659,438 Pa4e11 continued...
The Old Hereforthan FLmd CIO Notes to the Flnandal Statements- contlnued for the Year Ende(131 Jul 2025 MOVEMENT IN FUNDS- continued Comparatfve net movement In funds, Tncluded in the atKJve are as follow5: Incoming resources Resources expended Galns and Movement In funds Unrgstrlcted funds General fund 265,077 1220,4571 173,307 217,927 Re5trlcted fund5 Number One Fund 53,358 18,1591 110,8871 34.312 TOTAL FUNDS 318,435 1228.6161 162,420 252,239 Unr•5trlrt•d funds Unrestricted funds comprises over £3.6 million of Investments in share5 property. The income and capital of the fund can be utlllsed to fulfll the objects of the CIO. Restrlcted funds The Number One Fund was establlshed to prnde Chorlsters Bursarles tn Ilne wfth thè orfglnal dontsrfs wishes. 12. RELATED PARTY DISCLOSURES Trustee J Sheldon, is also a trustee of the Hereford Cathedral School. Durlng the year the CIO recelved rental incom• of £191,244 12tr23: £236,020) and paid bursarie5 of £166,¢ 12024.. £208,CQOI to the Hereford Cathedral School. There were no balance5 outstanding at the year end. Page 12