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$
SOLIC￿ORs
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 fIna￿la[ 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 zim￿Miann'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 investrr*nts 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
re￿eWIng 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 He￿f0rdIan 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
fr￿r.
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 t￿￿tee9 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 c￿misSion 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 Acc￿ntantS 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
ReSt￿Cted 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 am￿nt 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.
Illvtstm￿t 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.
ReSt￿tted 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 p￿eTht 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 INcOMEIIEXPEND￿uftEl
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 2￿25 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 InVest￿ntS
173,307
110,8871
162,420
Nrr INCOME
217,927
34.312
252.239
RECONCILIAnON OF FUNOS
Total funds brought fO￿ard
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¥fMEP￿s
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, I￿luded 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 prn￿de 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