**Charity number: 289446** 

## **THE BOWERMAN CHARITABLE TRUST** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 



## **THE BOWERMAN CHARITABLE TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 12|
|**Independent auditors' report on the financial statements**|13 - 17|
|**Statement of financial activities**|18|
|**Balance sheet**|19|
|**Statement of cash flows**|20|
|**Notes to the financial statements**|21 - 36|





## **THE BOWERMAN CHARITABLE TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021** 

|**Trustees**|Mr D W Bowerman (Deceased)|
|---|---|
||Mrs C M Bowerman|
||Miss K E Bowerman|
||Mr J M Capper|
||Mrs A M Downham|
||Mr M Follis|
||Mrs J M Taylor|
|**Charity registered**<br>**number**<br>289446<br>**Principal office**<br>Champs Hill<br>Waltham Park Road<br>Coldwaltham<br>Pulborough<br>West Sussex<br>RH20 1LY<br>**Independent auditors**<br>Kreston Reeves LLP<br>Chartered Accountants<br>A2 Yeoman Gate<br>Yeoman Way<br>Worthing<br>West Sussex<br>RH12 2RG<br>**Bankers**<br>Barclays Bank PLC<br>PO Box 2915<br>Brighton<br>East Sussex<br>BN1 1SJ<br>**Solicitors**<br>DMH Stallard LLP<br>135 High Street<br>Crawley<br>West Sussex<br>RH10 1DQ<br>**Investment managers**<br>**and advisors**<br>BlackRock<br>12 Throgmorton Avenue<br>London<br>EC2N 2DL<br>**Investment managers**<br>**and advisors**<br>Close Brothers<br>10 Crown Place<br>London<br>EC2A 4FT||



Page 1 



**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

The trustees present their annual report together with the audited financial statements of the group for the year 6 April 2020 to 5 April 2021. 

## **Structure Governance and Management** 

The charity is unincorporated and governed by its Trust Deed dated 20 February 1984 as amended by deeds of variation dated 29 December 2000 and 11 June 2001. 

The power of appointing new trustees is vested in the existing trustees. When new trustees are appointed, they are given an induction and continue their training throughout their period of office. 

The Board of Trustees delegates the day to day running of The Bowerman Charitable Trust to an executive member of the Board, Mary Bowerman, who operates with the support of the Trust Administrator. All major decisions are taken by the Board of Trustees. 

Details of the relationship between the charity and its related parties are provided in the notes to the financial statements. 

The key management personnel are the trustees who are not remunerated. 

The Board usually meets four times each year. 

From time to time the trustees identify any specific training needs that they may have and make use of the publications available from the Charity Commission to assist in the understanding of their duties and responsibilities. 

The Trust has its roots in the Bowerman Memorial Trust (established in memory of the late David Bowerman’s parents) which changed its name at the end of 2000 to The Bowerman Charitable Trust, shortly after it received the substantial revenue from the sale of farmland at Holmbush, Shoreham and then later in 2013 from the sale of the farmland at Courtwick Park. The generosity and other person centredness of David Bowerman, as founder of the trust, created the ethos and operational strategy which facilitates and encourages the use of funds and facilities for the good of others. 

Over the years David and Mary Bowerman have given time, opportunity, practical and financial help to numerous causes near to their hearts.  The contribution to young musicians through the Concert Hall, recordings, scholarships and Champs Hill Records was and continues to be outstanding.  There have been large and small donations given to medical relief, social care, education, ex-offenders, local charities and particularly to support Christian work throughout the country and this remains a priority of Mary Bowerman with her sincere and up-to-date faith. 

## **Administration** 

In the early years after the Trust was set up in 1984, it operated largely from the unpaid input of trustees and volunteers. The work of the Trust has grown considerably over recent years and in April 2012, a Trust Administrator was appointed to enable assistance to be given to the trustees in the day to day operation of the organisation, the provision of reports, information and updates on key projects and issues to members of the Board, at and in between trustees meetings, attendance at Trustee meetings as well as the collection of important and relevant data. In July 2014 an Assistant Trust Administrator was appointed to further bolster the operational capabilities. 

At the end of 2019, one part-time member of staff retired and a re-organisation of the office staff was undertaken to establish a new part-time position with specific responsibility for administering concerts and events and for Champs Hill Records. 

The staff of the Trust is presently as follows: 

- Trust Administrator (TA) – management and oversight of all processes – 14 hours per week 

- Assistant Trust Administrator (ATA) – general organisational duties including supporting the TA and 

   - dealing with art sales, purchases, loans and exhibitions – 19.5 hours per week 

- Assistant to the Trustees (ATT) – organisational and administrative duties in connection with concerts and 

- events and Champs Hill Records – 15 hours per week 

- General Office Support (GO) – 5 hours per week 

- Hospitality – domestic management for visitors – 12 hours per week 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

- Gardeners and General Maintenance – two full time staff (37 ½ hours per week each) 

During specific events and concerts there is volunteer support provided to the extent required. 

## **Management of Risk** 

Risks might include the impact of changes in legislation, natural disaster and damage to information systems vital to the safe continuation of the fulfilment of the Charity’s aims and objectives. As part of their overall responsibility for the strategic management of The Bowerman Charitable Trust, the trustees review and monitor risk and ensure internal controls and procedures (including the development, implementation, and review of operational policies and procedures) are established which are designed to help manage and minimise risk. The Trust Administrator carries out ongoing activities of identifying, responding to, and managing risk, making reports as necessary to the Board of Trustees. 

The trustees have examined the major risks which the charity faces and confirm that systems have been established to mitigate those risks. The effectiveness of the risk management is regularly reviewed by the board as part of the Trust’s work to maintain quality. 

## **Aims Objectives and Activities** 

The charity’s Trust Deed states that the trustees shall hold the trust funds for use in such charitable purposes or to support such charitable bodies, associations or institutions as the trustees shall in their absolute discretion determine. 

The charity is located at Champs Hill, Coldwaltham, West Sussex. The site spans almost 40 acres and includes a domestic building; accommodation for visitors to the Charity; a conference centre also with accommodation; the music room, which also acts as the art gallery. The gardens and sculptures are all within the grounds as is a large campsite area. All these facilities are made available free for Charitable purposes although donations are usually made by visitors. The office is located on site and includes a Board Room where trustees meetings are usually held. 

The Bowerman Charitable Trust has hitherto been a grant making trust and the trustees wish this to continue. The policy will include the preservation of the capital investment which can then be utilised to further the aims and objectives. The distribution of revenue from investments will continue to be a policy objective. 

The trustees would particularly like to focus on the following areas of charitable giving: 

## **The Music Room** 

This facility is used for the furtherance of the following specific work of the Trust: 

- To enable the public to attend the live performance of high-quality classical music 

- To give opportunities for young musicians to gain experience in performing before a live audience 

- To encourage the performance of new music and existing music of merit that has not previously or regularly been performed in public 

- To enable young musicians to make CD recordings (via the Champs Hill Records label, operated by the Trust) or a CD Demo-Disc, for promotional purposes 

- To be used by registered Charities and other not for profit organisations to enable them to run fund raising events, usually music orientated; these are often supported with financial donations by the Trust 

- To display a selection of the Trust’s collection of pictures and sculptures, to host open days and specific forums to allow the public to view these items 

In May 2014 the Charity received The Chamber Music and Song award from The Royal Philharmonic Society. This award recognises the holistic support for chamber music and song which promotes excellence in performance, and through the charity’s own record label, Champs Hill Records, nurtures young talent, and explores unusual repertoire in a calm and reassuring environment, supporting established performers and emerging artists alike over the preceding 15 years. 

## **Concerts** 

Through the promotion of classical music concerts, the Trust can give opportunities to a large number of the general public to attend these events which are generally spread across three seasons. The public is invited to apply for tickets to attend these events for a recommended small donation. Attendance is at capacity for each concert and the trustees’ 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

policy is to encourage as many people as possible to have the chance to apply for as many events as possible: this is irrespective of the level of donation made at the time of application. 

During the year 21 concerts were planned – nine in the summer 2020 season; eight in the autumn 2020 season and four in the early spring 2021 season. All 21 concerts were cancelled due to adherence to government-imposed lockdown and social distancing. 

There continues to be no fixed ticket price and instead the charity relies on suggested voluntary donations of £15 per ticket for most evening events and a slightly lower donation of £12 for daytime concerts. Free admission for ticket holders is permitted. If the costs of any event are in excess of ticket donations, the shortfall is covered from the charity’s reserves. 

In addition, the local music events run by The Petworth Festival use the music room facility for three concerts, usually attended by over 450 people; the Trust makes donations to cover the artists’ fees. As indicated above, these did not take place in 2020 due to Covid-19 restrictions. Champs Hill hopes to host three Petworth Festival events in July 2021. Tickets have been sold on a reduced capacity basis. These Petworth Festival concerts will not be streamed. 

In Champs Hill’s own summer season (April – July 2021), two free streamed ‘taster’ concerts are taking place. The aim is to test the quality of streaming and the appetite of the general public to streaming as an alternative provision. A small invited audience of past volunteers has been invited to attend the two concerts as a ‘thankyou’ for past support. 

A full autumn 2021 programme of ten concerts is planned. Audience capacity for the autumn concert series will be determined in line with Government guidance. 

‘Live’ audience numbers will need be reduced if future concerts are to be streamed due to the necessary size and positioning of the recording equipment in the Music Room. In future, donations for streaming will be suggested to mitigate the reduction in live audience numbers (and consequential reduction in ticket income) as well as the additional cost of streaming (circa £1,000 per concert). 

A maximum of 50% capacity (80 tickets) has sold out for all Champs Hill concerts with a possible extension to 75% capacity if Government rules are relaxed. 

## **Charitable events** 

In order that use of the music room facilities reaches the widest possible arena, the trustees are keen to give opportunities to other charities to raise money and profile by offering them the use of the Music Room facilities to hold concerts and other events. The usual procedure is that the Trust provides the entertainment and refreshment, and the hosting charity/organisation invites donations for tickets and keeps the proceeds. 

During the year, four (including the three Petworth Festival concerts) such events were planned and, as with Champs Hill’s own concerts, were cancelled due to Covid-19 restrictions. The use of the facilities for these purposes remains a key objective for the future. 

## **Art** 

The Charity’s collection of pictures and sculpture has been developed over the last 25 years, evolving through purchases made with the aim of: 

- Supporting up and coming or struggling artists of merit 

- Acquiring works of art identified as being worthy of exhibiting to the general public, either because of rare and unusual qualities or, such as being from the specialist genre of Newlyn School artists, where the collection is considered to be of national importance 

- Promoting the collection to the widest possible public audience, locally through exhibitions and specialist group visits to Champs Hill, or nationally through a programme of loans to galleries 

- Using the collection for educational purposes through The Art Society (formally NADFAS), U3A and local school visits 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

The trustees are pleased to report the following successes during the year: 

- Pictures are regularly loaned (free of charge) to art galleries. In particular, pictures from The Newlyn School genre are loaned to The Pendle Gallery in Penzance, generally considered to be the home of The Newlyn School.  Since 1999 over 74 different paintings have been loaned to over 18 galleries across the country, for 41 separate exhibitions, which totals 174 loans 

- During the last year 6 paintings have been loaned to Penlee Gallery in Penzance for the ‘Newlyn School Interiors’ exhibition, originally planned from 21 March to 6 June, but delayed (due to Covid-19) until 20 July to 14 Nov and the gallery reported total visitor numbers of 5,644. 

Due to the impact of Covid-19 sadly the following were cancelled: 

- 11 Art Societies due to visit the special Sussex Connections exhibition 

- 3 special Art Open events including the Sussex Connections exhibition and the Portraits exhibition 

- Week of schools to visit to view and sketch the art exhibition, as well as exploring the gardens and outdoor art installations 

Over the years, the trustees have recognised that where pictures have substantially increased in value since purchase, these are sold and any profit is used for the continuation of the Charity’s work either as this relates to Art or in respect of its other key aims. Historically, both the purchase and sale of works has been delegated by the Board of Trustees to David Bowerman (trustee) whose experience has been supported by top professional advisers.  Due to the demise of David Bowerman and the pandemic, no purchases or sales were made during the year. 

Restrictions, imposed by both insurance and security considerations, mean an extensive loan programme has been limited as has the ability to schedule ‘Open Days’ at Champs Hill, other than those events where tickets are allocated on a pre-application basis. Despite these limitations the trustees regularly explore avenues to increase further the opportunities for the general public to view the art such as actively encouraging all visitors to Champs Hill (e.g. Garden Visits, Pines and Campsite group visits, attendance of concerts and other events) to see items on display. 

In September 2017, the trustees acknowledged the need to obtain independent confirmation of the authenticity and valuation of the paintings and other items held in the Art Collection which hitherto have been included as heritage assets within the financial statements of the Charity. Such a review was also considered appropriate in order to accurately analyse the level of purchases made in line with the aim of supporting unknown artists, typically where there has been no auction tradition and where such expenditures might more appropriately be classified as donations. Against this background the trustees instructed Bonhams to undertake a ‘mid auction market valuation’ on each piece within the collection and using the resultant information the trustees have been able to establish that over the past 20 years some £1M of expenditure is related to this aim, and this is reflected in the financial statements for the year ended 5 April 2017. 

Given the accounting policy is to hold the heritage assets at cost, the trustees recognised it was reasonable to raise an impairment figure to reflect the valuation as reported by Bonhams in September 2017. As a matter of prudence, the trustees decided to instruct that firm to make their assessment on a conservative mid-price basis and to include historical auction sales (where these are apparent) when formulating their opinion. Naturally, trends and fashions mean any judgement is market sensitive. 

In order to ensure that the end of year report and accounts include a fair valuation of the heritage assets, the trustees seek the opinion of a leading auction house as to the mid-market value of each piece of art and sculpture (it is recognised that each individual estimate is subject to the vagaries of the market and as such the only _true_ value is that achieved at an auction sale). While the trustees review the values each year, unless they become aware of any unusual or extenuating circumstances which may affect the art sector generally, or, an artist or genre specifically, the professional valuation assessment of the entire collection of heritage assets is undertaken every three years. 

As with all of the Charity’s activities, the trustees keep the future of the art collection regularly under review. They have no particular changes in mind at present beyond exploring further opportunities for additional loans and exhibitions. 

A further independent valuation of all the collection was undertaken in June 2021 and this showed no material change to the mid-market value of individual paintings and the collection as a whole. 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

## **Recordings – Champs Hill Records (CHR)** 

The Champs Hill Record label was established by and is operated by the Trust. It was set up to facilitate the recording of classical music with the following specific aims: 

- The promotion of talented young artists who are deserving of assistance in career development 

- To raise the stature of CHR by inviting some celebrated artists to record – this in turn helps raise the profile of the young musicians 

- To raise awareness of classical music amongst the public 

- To record and make known music that is rarely played and newly composed classical music 

- To make such CDs available to the public 

Last year saw a continuation of the strategic reduction in the number of new recordings made and hence a lower level of expenditure on this important part of the Charity’s work. Throughout this period the trustees have continued to review their approach to the Champs Hill Records label in general and to the types of recordings in particular with a move to focusing on recording opportunities for those very talented young musicians, including winners of six competitions (usually held every two or three years). Identification of those individuals or chamber groups, who the trustees feel will benefit, is undertaken in collaboration with the Royal College of Music and the Royal Academy of Music. There is also the opportunity for the trustees to listen to performances either at ‘audition concerts’ or at scheduled concert events where the public are also in attendance. 

All recordings made are by invitation-only by the trustees under the guidance of the Chief Executive of the Philharmonia Orchestra, Alexander van Ingen. 

Under the revised administration, which coincided with Covid-19 restriction, three recordings took place between August 2020 and 5 April 2021 (2019-2020: eight). Moving forward, around six recording per year will be the norm. 

During the year eight CDs were released (2019-2020: three). 

During 2020-2021 expenditure by the Trust in fulfilling these objectives amounted to £33,000 which was paid to Forte Business Services for organising three recordings (2019-2020: just under £58,000). This reduction in expenditure is in line with the revised strategy and consequential to the alteration of payments since the beginning of 2020; recording costs are paid in three stages contingent on completion of all technical and supportive aspects associated with each project, with final payment delayed until final release. 

The recording musicians benefit from the donation of 240 copies of the recorded CD which they may sell or use for promotional purposes. Any income derived from the sale of the CDs through the Champs Hill website or other means is minimal but is used by the Trust to further its work. During the year this amounted to £14,300 (2019-2020: £14,000). 

During the year Champs Hill recordings have, as in past years, received exceptional reviews from both the national press and from specialist music publications.  From August 2020, reviews are being archived digitally by Artium Media Relations (the company retained by Alexander Van Ingen to publicise Champs Hill Records releases). 

In the future the trustees will continue to explore supporting young musicians in a new way which may include the making of high quality music video recordings which can then be made available through a YouTube Channel and via other social media platforms as considered appropriate. 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

## **Other charitable uses of Champs Hill** 

## **A)  The garden** 

The garden covers 27 acres and is comprised of woodland and ericaceous planting.  A number of sculptures, including Trust commissions, are positioned within the grounds. The public are able to visit the gardens by appointment through the National Garden Scheme or made directly.  The trustees encourage group visits from the elderly, disabled, horticultural clubs and other charitable bodies.  At these events, refreshments are provided and talks are often included. No charges are made, but donations are often received.  Where groups are interested they are also encouraged to visit the Music Room to view the paintings on display. 

Champs Hill had planned to open the gardens on a Sunday in May and a Sunday in August as part of the NGS Open Gardens to raise funds for the National Garden Scheme, however, both dates were cancelled due to the pandemic. 

During the year there were several garden groups bookings that were cancelled due to lockdown and Covid-19 restrictions. 

The gardens would normally be visited by the public who attend the concerts, charity events, art open mornings, art groups and school group visits. In addition those staying at The Pines, The Campsite and The Cottage may view the gardens. However, due to the pandemic these visits could not take place. 

## **B) The campsite** 

This is in regular use during the warmer months by a variety of groups including Scouts, Girl Guides, Youth Groups, Duke of Edinburgh awards participants. In addition the school groups used the Campsite for forest school which included exploring, games and creating land art.  Basic facilities are provided.  No charges made, but donations are sometimes received. 

During the year 10 different group bookings were cancelled due to the pandemic.  As restrictions eased a group stayed in August.  Some enquiries were received from the Duke of Edinburgh’s Award scheme for the Autumn, however, these did not go ahead due to restrictions increasing again. 

## **C)  The Pines** 

This small conference centre is used throughout the year and is generally fully booked for at least a year ahead. It is largely used by Church Groups who use it for discussion, teaching, planning etc.  It can sleep up to 14 people and is self-catering.  No charges are made, but donations are generally made to The Trust. 

During the year 34 different group bookings were cancelled due to lockdown and the restrictions. 

As mixed group bookings were prohibited, the house was made available to some quarantining families as they returned to the UK from overseas. 

## **D)  The Cottage (No. 3 Ashurst Farm Cottages)** 

This small cottage is used regularly throughout the year for Christians involved in evangelism, discipleship and training in Christian service.  It is largely used by Church Groups or groups with a Christian ethos involved in serving the community, who use it for retreats and planning.  It can sleep up to three people and is self-catering. 

During much of the year the cottage was impacted by Covid-19 restrictions, however there were 5 separate bookings. 

## **E)  Monetary donations** 

The Trust makes monetary donations and grants to small charitable bodies a number of which are known to the trustees. Generally where funds are donated the benefitting organisations are geographically local (causes in Sussex and 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

London) which otherwise may get missed in the national perspective of charitable giving – the trustees desire that funds so granted will be used for specific purposes and projects but do not usually place a restriction on their application. Each of the trustees, in their own right, is involved in other voluntary and charitable activities and very aware of the needs that exist. 

Donations generally fall into the following categories:- 

- The relief of poverty and distress. These gifts are largely unplanned which gives the trustees the ability to respond to particular crises as they occur 

- The support and ministry of The Christian Church 

- The support of work amongst youth 

- The rehabilitation of offenders 

- The support of students in the arts and other worthy educational causes 

- To further the understanding and enjoyment of the arts 

- To further medical care and research 

- Enriching the lives of the disadvantaged 

- Student support for one student for a total of £10,000 (2020: £10,000) 

During the year charitable and other donations approved totalled £77,700 (2020: £84,000). 

The trustees are particularly pleased to provide some information to demonstrate how donations have benefitted the public: 

- A donation of £10,000 to a medical charity to assist with relocation costs of their operation necessitated by increased demand and scope of facilities to assist in the early diagnosis of disease 

- To a charity running sports courses and developmental skills training in London and the South East, £9,550 to assist with the cost of sports equipment and training costs 

- A further £500 to a local village shop association to bolster their Food Angels programme launched in March 2020 in response to the Covid-19 crisis 

- £10,000 to a local CAP Debt Centre to assist with payment of staff qualified to support and help people in need of debt counselling and management. 

## **Achievements and Performance** 

There has been very limited scope and opportunity to continue the provision of the activities of the Trust throughout the year in view of the Covid-19 restrictions. Where activities have been possible within UK Government guidelines, these have been delivered although on a restricted participative basis. 

The core activities of the Trust remain unchanged and during the lock-down period the Trustees were able to support all staff by retaining them on full pay without the need to seek support through the furlough scheme. When necessary, office staff worked from home and otherwise it was possible for some staff to work on the premises in a Covid safe environment. Maintenance of all facilities has continued during the year and some improvements have been completed, thereby taking advantage of the premises and grounds being closed to the public. 

- During the year the income from the sale of CDs and DVDs has totalled £14,000 (2020: £13,360) and been taken into the Trust.  The recordings are available for purchase via its website, www.champshillrecords.co.uk or directly at concerts. 

- The loan of paintings has continued thus extending the reach of the Trust’s ability to make works of art from the collection available for public view 

- The use of The Pines and The Campsite continued where restrictions allowed 

- The charity continued to invest in specialised investments designed for the charity sector and freehold properties which generated just over £158,000 (2020: £91,000) 

- The trust’s financial strength has allowed the giving of funds to various organisations and the provision of support to classical music students who would otherwise have struggled to finance their studies 

- Gifts to musicians in lieu of fees for performing at concerts that were postponed or cancelled due to Covid restrictions totalled £23,500. 

The trustees are pleased to report that there has been increased access to the Trust’s website during the year which has encouraged greater awareness among the public of the facilities and events available as wells as details of those 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

aspects of the Trust’s operations which had to be closed during the year. The availability of applications for tickets to concerts and events via an on-line platform, in return for a suggested donation or no donation, has proved very successful and has resulted in more efficient and effective administrative processes and cost savings. 

Appropriate systems and controls continue to be effective to meet data protection regulations which came into force in May 2018. 

## **Covid-19 Impact Statement** 

Following the onset of the Covid-19 pandemic, the trustees have followed UK Government advice and evaluated the impact of the lockdown measures on the Charity’s operations and future activities since 23 March 2020. They have carefully considered the content within the Charity Commissions publication _Matters of Material Significance reportable to UK charity regulators._ They consider there to be no such reportable matters. Since the imposition of lockdown, meetings have been conducted via a video conferencing facility either in whole or in part. 

During the year there has been no income from donations beyond a very few gifts from those able to make use of the Pines and some small gifts from the general public. Ongoing operational costs have been covered from the Trusts general reserves which remain substantial and of sufficient level to ensure the Charity continues to operate as a going concern. 

When possible and in line with easing of restrictions, the trustees have aimed to hold events and are pleased to report that since the end of the financial year, and up to September 2021 the following are planned, subject to government regulations: 

- there have been two recording sessions, 

- four garden visits and two NGS open garden events 

- sixteen art group visits 

- five live concerts with a reduced audience in attendance (two events were recorded and streamed via the website on a free to view basis) 

- ten live concerts are planned for the autumn 2021 season 

- 15 groups using the Pines 

- six groups using the Campsite 

The trustees continue to monitor the performance of the investment portfolios with Close Brothers and Black Rock. The trustees do not intend to make any adjustments to the holdings at this time. 

## **Going Concern** 

Despite the impact of Covid-19 and after making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 

## **Public Benefit** 

The trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives, and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives set. 

## **Financial Review** 

The financial statements comply with current statutory requirements, the charity's governing document, and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ effective from January 2015. 

The charity’s total income for the year was £363,127 (2020: £348,609) and its net expenditure before transfers was £1,331,285 (2020: net expenditure £1,447,150). During the year the parent charity received donations from its trading subsidiary of £NIL (2020: £NIL). The charity’s normal principal source of funding is dividends from its listed investments. 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

(Losses)/Gains on revaluations and disposals of investments assets for the year totalled £1,450,461 (2020: (£955,583)). The total accumulated funds increased during the year to £17,315,615 (2020: £15,994,330). 

The charity’s subsidiary company, BCTT2 Limited, reported a loss for the year ended 5 April 2021 of £1,129 (2020: £1,197) and had at that date net assets of £303,394 (2020: £303,523). 

## **Reserves Policy** 

The trustees do not normally regard the investments held by the charity as available for spending, but rather to earn income from which charitable donations are made.  The designated Investment Fund of £10,291,328 (2020: £8,750,610) reflects the value of the investments. The Charity is able to realise some of its listed investments which form part of the designated Investment Fund when necessary. 

Free reserves comprise the unrestricted funds less the designated investment fund and amounts tied up in the Charity’s fixed assets. At the end of the year free reserves were £3,844,754 (2020: £4,026,471). The trustees consider a reasonable level of free reserves to be held to be approximately two months’ expenditure at current levels and, as discussed in the plans for the future periods below, the trustees will review the investments and activities of the charity in order to move towards this level. 

## **Investment Policy** 

The trustees of the Bowerman Charitable Trust (BCT) have an Investment Policy relating to the Charity’s asset holdings. 

The aim of the investments made is to enable the Charity to fulfil its aims and objectives for the foreseeable future, and meet its obligations as and when they fall due by ensuring adequate liquidity whilst maximising income and minimising risk. 

The available assets are invested as detailed below. The split of holdings is regularly reviewed so as to ensure these levels are at an appropriate level to satisfactorily meet the requirements, as they might alter from time to time. 

- Property – held for the purposes of capital growth and to provide rental income. Additionally to fulfil the aims of the Charity as these apply to the provision of housing at low or no rent for individuals who are assessed by the trustees as being in need of such housing. Other property holdings are maintained for the fulfilment of the objectives as these relate to providing on-site accommodation for visiting musicians, and the hosting of classical music concerts and recitals for the benefit of the general public 

- Listed Securities – held for the purpose of income generation to allow the Charity, along with donations received, to meet its day-to-day obligations without recourse to capital holdings. The investment of these funds is with two separate providers (currently Black Rock and Close Brothers Asset Management) both of which are regulated by the Financial Conduct Authority 

- Cash Deposits – kept to a level to meet anticipated annual expenditure including donations made in line with the Charity’s aims and objectives. Such deposits are presently held with Barclays Bank which is regulated by the Financial Conduct Authority. 

The trustees apply the following considerations to the Charity’s investments: 

- the scope of the Charity’s investment power is unlimited 

- the objectives of the investments are to maintain and protect the underlying value, to generate income, and to keep risk at the lowest possible level whilst meeting these requirements 

- Funds are invested at the earliest opportunity with the Charity’s two main providers who make available quarterly reports on performance and deliver income on either a quarterly or six monthly basis 

- Professional fund managers are invited to meet with the trustees on at least an annual basis when the breadth and variety of securitised investments is reviewed. Presently these are split 70% in equities and 30% in fixed income holdings 

- there are no specific ethical considerations applied to securitised investments although the trustees remain sensitive to ethical concerns generally when agreeing the portfolio with the providers 

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**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

- the trustees collectively make investment decisions with the support and advice of professional investment managers when appropriate 

- the investment performance of the portfolios is reviewed at least annually in conjunction with the professional investment firms (presently Black Rock Investment Management and Financial Services, and Close Brothers Asset Management) to monitor against performance expectations and risk profile. 

This policy is kept under regular review; the trustees recognise that in order to fulfil their decisions to make donations as determined by them and in accordance with the Trust Deed, it is necessary to liquidate some of the capital assets from time to time and that such actions will, in the longer term, dilute the level of income generated from such holdings. 

## **Valuation of investment properties** 

In order to ensure the end of year report and accounts include a fair valuation of the investment property assets, the trustees adopt a policy of seeking the opinion of a local firm of FRICS accredited agents. While the trustees review the value each year, unless they become aware of any unusual or extenuating circumstances which may affect the property market generally, or specific local changes, they arrange for a professional valuation assessment of each of the investment properties every three years. 

The valuation due in summer 2020 was postponed in view of lockdown issues and instead was completed in May 2021. There were no material changes to the investment property valuations. 

## **Plans for Future Periods** 

The trustees will invest available cash to generate income which will be utilised to continue in the fulfilment of the Charity’s aims and objectives. The trustees set broad outline budgets for the medium term and have developed an investment strategy to assist in the provision of income to facilitate the Charity’s donation and sponsorship activities. 

The trustees continue to follow UK Government advice regarding the necessary measures which have to be implemented due to the Covid-19 pandemic. They hope to resume usual charitable activities, subject to government guidelines, as soon as it is practicable and safe to do so and will make all necessary adjustments to comply with health and safety. Due to this ongoing situation, the trustees have not made any specific plans for the future other than those outlined in the Covid-19 Impact Statement. 

The Board continue to consider grant applications and are actively seeking to assist organisations and individuals who have been severely impacted due to the Covid-19 issues. 

## **Constitution** 

The Bowerman Charitable Trust is a registered charity, number 289446, and is constituted under a Trust deed 

## **Method of appointment or election of Trustees** 

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed 

## **Statement of Trustees’ Responsibilities** 

The trustees are responsible for preparing the Trustees’ 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: 

- select suitable accounting policies and then apply them consistently 

- • observe the methods and principles in the Charities SORP 

- make judgements and estimates that are reasonable and prudent 

11 



**THE BOWERMAN CHARITABLE TRUST** 

## **TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2021** 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and  explained in the financial statements 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and 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. 

This report was approved by the board on                                                  and signed on its behalf by: 16 December 2021 

Mrs Janet Taylor On behalf of the Board of Trustees 

12 



## **THE BOWERMAN CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOWERMAN CHARITABLE TRUST** 

## **Opinion** 

We have audited the financial statements of The Bowerman Charitable Trust (the 'charity') for the year ended 5 April 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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. 

Page 13 



## **THE BOWERMAN CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOWERMAN CHARITABLE TRUST (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Matters on which we are required to report by exception** 

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

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the 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. 

Page 14 



## **THE BOWERMAN CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOWERMAN CHARITABLE TRUST (CONTINUED)** 

## **Auditors' responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 Auditors' 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: 

## _Capability of the audit in detecting irregularities, including fraud_ 

Based on our understanding of the charity and industry, and through discussion with the trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to Charity Commission, Charities Act and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Statement of Recommended Practice for charities. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the engagement team included: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud; and 

- Assessment of identified fraud risk factors; and 

- Review of cash expenditure to confirm no evidence of personal benefit; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and 

- Physical inspection of tangible assets susceptible to fraud or irregularity; and 

- Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions. 

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. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or 

Page 15 



## **THE BOWERMAN CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOWERMAN CHARITABLE TRUST (CONTINUED)** 

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

Page 16 



## **THE BOWERMAN CHARITABLE TRUST** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BOWERMAN CHARITABLE TRUST (CONTINUED)** 

## **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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

**Kreston Reeves LLP** Chartered Accountants Statutory Auditor Worthing 16 December 2021 

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 17 



**THE BOWERMAN CHARITABLE TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>**Total expenditure**<br>Net gains/(losses) on investments<br>**Net movement in funds before other recognised**<br>**gains/(losses)**<br>**Other recognised gains/(losses):**<br>Gains/(losses) on revaluation of fixed assets<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>**108**<br>**363,019**<br>**363,127**<br>**36,546**<br>**510,757**<br>**547,303**<br>**1,450,461**<br>**1,266,285**<br>**65,000**<br>**1,331,285**<br>**15,984,330**<br>**1,331,285**<br>**17,315,615**|**Total**<br>**funds**<br>**2021**<br>**£**<br>**108**<br>**363,019**<br>**363,127**<br>**36,546**<br>**510,757**<br>**547,303**<br>**1,450,461**<br>**1,266,285**<br>**65,000**<br>**1,331,285**<br>**15,984,330**<br>**1,331,285**<br>**17,315,615**|Total<br>funds<br>2020<br>£<br>70,065<br>278,544<br>348,609<br>38,587<br>692,112<br>730,699<br>(955,583)<br>(1,337,673)<br>(109,477)<br>(1,447,150)<br>17,431,480<br>(1,447,150)<br>15,984,330|
|---|---|---|---|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 21 to 36 form part of these financial statements. 

Page 18 



## **THE BOWERMAN CHARITABLE TRUST** 

## **BALANCE SHEET AS AT 5 APRIL 2021** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>11<br>Heritage assets<br>13<br>Investments<br>14<br>Investment property<br>12<br>**Current assets**<br>Stocks<br>Debtors<br>15<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>16<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Unrestricted funds<br>17<br>**Total funds**|**2,224**<br>**40,407**<br>**199,494**<br>**242,125**<br>**(44,521)**|**2021**<br>**£**<br>**3,179,533**<br>**3,582,690**<br>**8,270,788**<br>**2,085,000**<br>**17,118,011**<br>**197,604**<br>**17,315,615**<br>**17,315,615**<br>**17,315,615**|3,427<br>61,748<br>411,811<br>476,986<br>(42,665)|2020<br>£<br>3,217,249<br>3,582,690<br>6,730,070<br>2,020,000|
|---|---|---|---|---|
|||||15,550,009<br>434,321|
||||||
|||||15,984,330|
|||||15,984,330|
||||||
|||||15,984,330|



The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: 

................................................ 

## **Mrs J M Taylor** 

................................................ **Mrs C M Bowerman** 

## Date: 16 December 2021 

The notes on pages 21 to 36 form part of these financial statements. 

Page 19 



## **THE BOWERMAN CHARITABLE TRUST** 

|**STATEMENT OF CASH FLOWS**<br>**FOR THE YEAR ENDED 5 APRIL 2021**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Proceeds from the sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2021**<br>**£**<br>**(602,082)**<br>**363,019**<br>**606,391**<br>**(579,645)**<br>**389,765**<br>**(212,317)**<br>**411,811**<br>**199,494**|2020<br>£<br>(530,259)<br>278,544<br>653,460<br>(407,012)<br>**524,992**<br>**(5,267)**<br>417,078<br>411,811|
|---|---|---|



The notes on pages 21 to 36 form part of these financial statements 

Page 20 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **1. Accounting policies** 

## **1.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Bowerman Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1. 

## **1.2 Going concern** 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. There are no material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern. The impact of COVID-19 has been included in the charity's planning for the future and the going concern assumption takes this into consideration. 

## **1.3 Income** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## **1.4 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. 

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. 

Page 21 



**THE BOWERMAN CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **1. Accounting policies (continued)** 

## **1.5 Tangible fixed assets and depreciation** 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . 

Depreciation is provided on the following bases: 

- Freehold property 2% straight line Pianos and flute - 20% reducing balance - Fixtures and fittings 20% reducing balance 

## **1.6 Heritage assets** 

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. 

## **1.7 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

Investments in subsidiaries, recognised in the parent chariry's own balance sheet, are included at cost at the balance sheet with an impairment recognised where the fair value, based on the net assets of the subsidiary, is below cost. 

## **1.8 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. 

## **1.9 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **1.10 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

Page 22 



**THE BOWERMAN CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **1. Accounting policies (continued)** 

## **1.11 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 

## **1.12 Fund accounting** 

General funds are unrestricted funds which 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. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

## **2. Critical accounting estimates and areas of judgment** 

The preparation of the financial statements requires the trustees to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though, that actual outcomes could differ significantly from those estimates. 

Critical accounting estimates and assumptions: 

## **Investment property** 

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that may cause a material adjustment to the carrying amounts going forward relate to determining the fair value of the investment properties, which are sensitive to fluctuations in the property market. 

Page 23 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Music room, garden visitors, The Pines and other donations<br>108<br>Total 2020<br>70,065<br>**Investment income**<br>**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Rents receivable<br>49,129<br>Dividends from investments<br>313,890<br>Bank interest receivable<br>-<br>363,019<br>Total 2020<br>278,544<br>**Investment management costs**<br>**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Expenditure on investment management and property costs<br>36,546<br>Total 2020<br>38,587|**Total**<br>**funds**<br>**2021**<br>**£**<br>**108**<br>70,065<br>**Total**<br>**funds**<br>**2021**<br>**£**<br>**49,129**<br>**313,890**<br>**-**<br>**363,019**<br>278,544<br>**Total**<br>**funds**<br>**2021**<br>**£**<br>**36,546**<br>38,587|Total<br>funds<br>2020<br>£<br>70,065|
|---|---|---|
|||Total<br>funds<br>2020<br>£<br>36,993<br>241,021<br>530|
|||278,544|
|||Total<br>funds<br>2020<br>£<br>38,587|
||||



## **4. Investment income** 

## **5. Investment management costs** 

Page 24 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **6. Analysis of expenditure by activities** 

|Charitable donations<br>Music event promotion and recording<br>Property expenses<br>Music room expenses<br>Other expenses<br>Total 2020|**Direct**<br>**costs**<br>**2021**<br>**£**<br>68,777<br>71,416<br>188,942<br>3,328<br>-<br>332,463<br>497,875|**Support**<br>**costs**<br>**2021**<br>**£**<br>-<br>-<br>-<br>-<br>178,294<br>178,294<br>194,237|**Total**<br>**funds**<br>**2021**<br>**£**<br>**68,777**<br>**71,416**<br>**188,942**<br>**3,328**<br>**178,294**<br>**510,757**<br>692,112|Total<br>funds<br>2020<br>£<br>94,466<br>99,897<br>277,366<br>26,146<br>194,237|
|---|---|---|---|---|
|||||692,112|
||||||



## **Analysis of support costs** 

|Office expenses<br>Bank charges and interest<br>Depreciation<br>Auditor's remuneration<br>Accountancy fees<br>Total 2020|**Church**<br>**activities**<br>**2021**<br>**£**<br>117,177<br>781<br>37,716<br>16,500<br>6,120<br>178,294<br>194,237|**Total**<br>**funds**<br>**2021**<br>**£**<br>**117,177**<br>**781**<br>**37,716**<br>**16,500**<br>**6,120**<br>**178,294**<br>194,237|Total<br>funds<br>2020<br>£<br>132,253<br>848<br>38,836<br>16,500<br>5,800|
|---|---|---|---|
||||194,237|
|||||



Page 25 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **7. Charitable donations** 

|Religious donations<br>The Arts and music<br>Medical charities<br>Youth work and education<br>Student sponsorship<br>Other|**Grants to**<br>**institutions**<br>**£**<br>27,000<br>-<br>200<br>10,550<br>-<br>6,527<br>44,277|**Grants to**<br>**individuals**<br> <br>**£**<br>-<br>-<br>-<br>-<br>10,000<br>-<br>10,000|**Total**<br>**funds**<br>**202**1<br> <br> <br> <br>**£**<br>**27,000**<br>**-**<br>**200**<br>**10,550**<br>**10,000**<br>**6,527**<br>**54,277**|Total<br>funds<br>2020<br>£<br>14,645<br>27,277<br>6,210<br>400<br>10,000<br>26,333|
|---|---|---|---|---|
|||||84,865|



Page 26 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

|**.**<br>**Recipients of institutional grants include the following amounts greater**<br>**Religious donations:**<br>Arun Community Church<br>All Saints Wick<br>**The Arts and music:**<br>Yehudi Menuhin School<br>IMS Prussia Cove<br>Petworth Festival<br>**Medical:**<br>4 Sight<br>Mary How Trust<br>**Youth work and education:**<br>Coach Core Development<br>Elif Canserver<br>**Other:**<br>1625 Independent people<br>Emerging Futures|**than £5,000;**<br>**2021**<br>**£**<br>**10,000**<br>**-**<br>**10,000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**9,550**<br>**10,000**<br>**19,550**<br>**-**<br>**-**<br>**-**|2020<br>£<br>-<br>7,500|
|---|---|---|
|||7,500<br>10,000<br>7,000<br>7,050|
|||24,050<br>5,000<br>10,000|
|||15,000<br>-<br>-|
|||-<br>10,000<br>13,676|
|||23,676|



## **8. Auditors' remuneration** 

The auditors' remuneration amounts to an auditor fee of _£_ 16,500 _(2020 - £16,260)_ , and preparation of statutory accounts and other non-audit services  of _£_ 5,800 ( _2020_ - _£5,700_ ). 

Page 27 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **9. Staff costs** 

The average number of persons employed by the charity during the year was as follows: 

|Office<br>Property|**2021**<br>**No.**<br>**4**<br>**5**<br>**9**|2020<br>No.<br>4<br>5|
|---|---|---|
||||
|||9|



No employee received remuneration amounting to more than £60,000 in either year. 

Key management personal are considered to be the trustees. 

**. Analysis of staff costs** 

|Wages and salaries<br>Social security costs<br>Pension costs|**2021**<br>**£**<br>**130,825**<br>**7,175**<br>**15,143**<br>**153,143**|2020<br>£<br>126,515<br>6,663<br>15,268|
|---|---|---|
|||148,446|



## **10. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2020 - £NIL)_ . 

During the year ended 5 April 2021, expenses totalling _£_ 146 were reimbursed or paid directly to 1 Trustee (2020 - _£_ 1,866). 

Page 28 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **11. Tangible fixed assets** 

|**Cost**<br>At 6 April 2020<br>At 5 April 2021<br>**Depreciation**<br>At 6 April 2020<br>Charge for the year<br>At 5 April 2021<br>**Net book value**<br>At 5 April 2021<br>At 5 April 2020|**Freehold**<br>**property**<br>**£**<br>**3,331,754**<br>**3,331,754**<br>**198,491**<br>**34,965**<br>**233,456**<br>**3,098,298**<br>3,133,263|**Plant and**<br>**machinery**<br>**£**<br>**71,811**<br>**71,811**<br>**3,224**<br>**9**<br>**3,233**<br>**68,578**<br>68,587|**Fixtures and**<br>**fittings**<br>**£**<br>**116,597**<br>**116,597**<br>**101,198**<br>**2,742**<br>**103,940**<br>**12,657**<br>15,399|**Total**<br>**£**<br>**3,520,162**|
|---|---|---|---|---|
|||||**3,520,162**|
|||||**302,913**<br>**37,716**|
|||||**340,629**|
|||||**3,179,533**|
|||||3,217,249|



All tangible fixed assets are used for charitable purposes. 

Freehold properties include land with a net book value of £669,323 (2019: £669,323) which is not depreciated. 

The freehold properties are recognised using valuation as deemed cost on transition to SORP 2015 (FRS102). The valuation was performed in 2015 by Henry Adams LLP, a RICS external valuer. The basis of this full valuation was existing use market value subject to present occupations and the valuations were undertaken in accordance with the RICS Valuation standards. 

The historical cost of the freehold properties and land at 5 April 2019 was £2,310,526 (2019: £2,310,526). 

Page 29 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **12. Investment property** 

|**Valuation**<br>At 6 April 2020<br>Surplus on revaluation<br>At 5 April 2021|**Freehold**<br>**investment**<br>**property**<br>**£**<br>**2,020,000**<br>**65,000**|
|---|---|
||**2,085,000**|



The freehold investment properties were revalued in May 2021 by Henry Adams LLP, a RICS external valuer. The basis of this full valuation was existing use market value subject to present occupations and the valuations were undertaken in accordance with the RICS Valuation standards. The trustees consider this to be the appropriate fair value as at 5 April 2021. 

The market value at 5 April 2021 includes the following investments which individually exceed 5% of the total value of investments. 

|total value of investments.||
|---|---|
||Market Value|
||£|
|1 & 2 Ashurst Cottages, Coldwaltham|<br>345,000|
|4 & 5 Courtwick Cottages, Littlehampton|300,000|
|6 & 8 Pengelly Gardens, Wick|600,000|
|The Vicarage, Coldwaltham|870,000|



## **13. Heritage assets** 

## **Assets recognised at cost** 

|Carrying value at 6 April 2020<br>Carrying value at 5 April 2021|**Fine Art**<br>**£**<br>3,582,690<br>3,582,690|
|---|---|
|||
||3,582,690|



The Trust's heritage assets comprise a portfolio of fine art, which is exhibited to the public in the Trust's Art Gallery, with some loaned to other art galleries. All heritage assets are used for charitable purposes. 

Disposals in the year generated sales proceeds of £nil (2019: £nil). 

Page 30 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **14. Fixed asset investments** 

|**Cost or valuation**<br>At 6 April 2020<br>Additions<br>Disposals<br>Revaluations<br>**At 5 April 2021**<br>**Net book value**<br>**At 5 April 2021**<br>_At 5 April 2020_<br>**Principal subsidiaries**<br>The following was a subsidiary undertaking of the charity:<br>**Name**<br>BCTT 2 Limited<br>The financial results of the subsidiary for the year were:<br>**Name**<br>BCTT 2 Limited<br>**15.**<br>**Debtors**<br>**Due within one year**<br>Other debtors and prepayments<br>Accrued income|**Investments**<br>**in**<br>**subsidiary**<br>**companies**<br>**£**<br>**303,523**<br>**-**<br>**-**<br>**-**<br>**303,523**<br>**303,523**<br>303,523|**Listed**<br>**investments**<br>**£**<br>**6,426,547**<br>**579,645**<br>**(606,391)**<br>**1,567,464**<br>**7,967,265**<br>**7,967,265**<br>6,426,547<br>**(Loss) for**<br>**the period**<br>**£**<br>**(1,229)**<br>**2021**<br>**£**<br>**36,424**<br>**3,983**<br>**40,407**|**Total**<br>**£**<br>**6,730,070**<br>**579,645**<br>**(606,391)**<br>**1,567,464**<br>**8,270,788**<br>**8,270,788**<br>6,730,070<br>**Holding**<br>100%<br>**Net assets**<br>**£**<br>**(303,394)**<br>2020<br>£<br>47,364<br>14,384<br>61,748|
|---|---|---|---|



Page 31 



## **THE BOWERMAN CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **16. Creditors: Amounts falling due within one year** 

|Other creditors<br>Accruals and deferred income|**2021**<br>**£**<br>**12,521**<br>**32,000**<br>**44,521**|2020<br>£<br>10,311<br>32,354|
|---|---|---|
||||
|||42,665|



Page 32 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **17. Statement of funds** 

**Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Designated<br>investment funds<br>**General funds**<br>General Funds<br>**Total**<br>**Unrestricted**<br>**funds**|**Balance at 6**<br>**April 2020**<br>**£**<br>**8,750,610**<br>**7,233,720**<br>**15,984,330**|**Income**<br>**£**<br>**-**<br>**363,127**<br>**363,127**|**Expenditure**<br>**£**<br>**-**<br>**(547,303)**<br>**(547,303)**|**Transfers**<br>**in/out**<br>**£**<br>**1,540,718**<br>**(1,540,718)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**1,515,461**<br>**1,515,461**|**Balance at 5**<br>**April 2021**<br>**£**<br>**10,291,328**|
|---|---|---|---|---|---|---|
|||||||**7,024,287**|
|||||||**17,315,615**|



Page 33 



**THE BOWERMAN CHARITABLE TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **17. Statement of funds (continued)** 

## **Statement of funds - prior year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Designated<br>investment funds<br>**General funds**<br>General Funds<br>**Total**<br>**Unrestricted**<br>**funds**|Balance at<br>6 April 2019<br>£<br>10,152,678<br>7,278,802<br>17,431,480|Income<br>£<br>-<br>348,609<br>348,609|Expenditure<br>£<br>-<br>(730,699)<br>(730,699)|Transfers<br>in/out<br>£<br>(1,402,068)<br>1,402,068<br>-|Gains/<br>(Losses)<br>£<br>-<br>(1,065,060)<br>(1,065,060)|Balance at<br>5 April 2020<br>£<br>8,750,610|
|---|---|---|---|---|---|---|
|||||||7,233,720|
|||||||15,984,330|



The Designated Investment Fund represents the market value of the investments held at the balance sheet date net of any creditor in respect of major donations which are paid after the year end by realising investments. 

Transfers are made between the General Fund and the Designated Investment Fund in order for the Designated Investment Fund to represent this value at the year end. The trustees do not regard these investments as available for spending, but rather to earn income from which donations are made 

## **18. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2021**<br>**£**<br>Tangible fixed assets<br>3,179,533<br>Fixed asset investments<br>8,270,788<br>Investment property<br>2,085,000<br>Heritage assets<br>3,582,690<br>Current assets<br>242,125<br>Creditors due within one year<br>(44,521)<br>**Total**<br>17,315,615|**Total**<br>**funds**<br>**2021**<br>**£**<br>**3,179,533**<br>**8,270,788**<br>**2,085,000**<br>**3,582,690**<br>**242,125**<br>**(44,521)**|
|---|---|
||**17,315,615**|



Page 34 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **18. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Fixed asset investments<br>Investment property<br>Heritage assets<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>2020<br>£<br>3,217,249<br>6,730,070<br>2,020,000<br>3,582,690<br>476,986<br>(42,665)<br>15,984,330|Total<br>funds<br>2020<br>£<br>3,217,249<br>6,730,070<br>2,020,000<br>3,582,690<br>476,986<br>(42,665)<br>15,984,330|
|---|---|---|



## **19. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income for the year (as per Statement of Financial Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Dividends, interests and rents from investments<br>Decrease in stocks<br>Decrease/(increase) in debtors<br>Increase in creditors<br>Unrealised loss/(gains) on investments<br>**Net cash used in operating activities**<br>**20.**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**|**2021**<br>**£**<br>**1,266,285**<br>**37,716**<br>**(363,019)**<br>**1,203**<br>**21,341**<br>**1,856**<br>**(1,567,464)**<br>**(602,082)**<br>**2021**<br>**£**<br>**199,494**<br>**199,494**|2020<br>£<br>(1,337,673)<br>38,836<br>(278,544)<br>1,897<br>(12,702)<br>11,244<br>1,046,683<br>(530,259)<br>2020<br>£<br>411,811<br>411,811|
|---|---|---|



Page 35 



**THE BOWERMAN CHARITABLE TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021** 

## **21. Analysis of Net Debt** 

|Cash at bank and in hand|**At 6 April**<br>**2020**<br>**£**<br>**411,811**<br>**411,811**|**Cash flows**<br>**£**<br>**(212,317)**<br>**(212,317)**|**At 5 April**<br>**2021**<br>**£**<br>**199,494**|
|---|---|---|---|
||||**199,494**|



## **22. Related party transactions** 

## Trustees 

No trustees nor any persons connected with them received any remuneration during the year. During the year no trustees received any benefits in kind (2020: £nil). During the year there were no expenses reimbursed to trustees that require disclosure (2020: £nil). 

## Mr D W Bowerman (Deceased) and Mrs C M Bowerman 

## Trustees 

Mr D W Bowerman and Mrs C M Bowerman have a loan due to them from the trust. At the balance sheet date there was an amount due to them of £10,685 (2020: £8,106). 

## Mr D W Bowerman (Deceased) and Mrs C M Bowerman 

## Trustees 

Rent receivable includes £11,770 (2020: £11,770) receivable from Mr D W Bowerman and Mrs C M Bowerman in respect of freehold property owned by the trust. 

## Mr D W Bowerman (Deceased) 

## Trustee 

During the year wages were recharged from The Bowerman Charitable Trust to Mr D W Bowerman amounting to £8,654 and (2020: £10,133). 

## Courpark Holdings Limited 

## Related Company 

During the year wages were recharged from The Bowerman Charitable Trust to the related company amounting to £5,285 (2020: £7,101). 

## The Mary How Trust 

In previous years the Trustees have approved donations to The Mary How Trust, a registered charity, where Mr M Follis is also Trustee, however £nil was approved in this year but in 2020 £10,000 was. This amount remains in accruals as they have yet to transfer the money pending their premises move. 

Page 36