Charity Registration No. 292437
THE HOWARD BULMER CHARITABLE TRUST
TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022
THE HOWARD BULMER CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees Mr Edward A. M. Bulmer Mr Sebastian D. M. Bulmer Mrs Hannah R. Lort-Phillips Administrator and accountant Damage Limited, Chartered Accountants Charity number 292437 Principal address Damage Limited, Chartered Accountants Barton House Newton St Margarets Herefordshire HR2 0QN Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 3JQ Investment advisors Cazenove Capital Management 12 Moorgate London EC2R 6DA Independent Examiner David Berkeley ACMA Apple Accountants 7a Harrow Road Hereford HR4 0EH
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THE HOWARD BULMER CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 3 – 5 |
| Independent Examiner’s Report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 11 |
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THE HOWARD BULMER CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their report and accounts for the year ended 5 April 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust Deed dated 17 September 1984, the Charities Act 2011 and the Statement of Recommended Practice, Accounting and Reporting by Charities , issued in March 2005.
The charity is responsible for the trust fund established by the Trust Deed under the will of Henry Howard Bulmer and the trustees have discretion to apply the income and the capital of the trust fund for such charitable purposes and objects as they from time to time decide. The trustees aim to distribute the net income of the charity, after taking account of management costs, to support charitable activities.
The main objectives for the year were to maintain the trust fund and to make grants.
Achievements and performance
The charity’s objects are met by making donations to registered charities at the trustees’ discretion. Three grants were awarded during the year as detailed in note 3 of the accounts. The charity will also organise meetings and events to promote education and wellbeing of people previously involved in Bulmer’s and the wider cider industry.
Income is principally derived from investments and the results for the year are set out in the Statement of Financial Activities set out on page 7. Details about the investment portfolio, and how it has changed during the year, are set out in note 7 of the accounts.
Investments are managed by Cazenove Capital Management. The holding in the Schroder Charity Multi-Asset Fund (CMAF) was sold during the year and reinvested in the Schroder Charity Responsible Multi-Asset Fund (RMAF), a multi-asset fund for charities that also considers social, environmental and governance factors, and screens for matters of general ethical concern. RMAF pools a range of asset classes with the aim of preserving the real value of capital over the long term and reducing exposure to significant equity market fluctuations. Expected annual total return generated is 4% per annum above long term inflation. Cash balances held by the investment manager and at CAFBank further mitigate against market fluctuation risk.
Financial review
The trustees receive and review regular information on the financial performance of the charity.
The Statement of Financial Activities shows that net incoming resources in the year amounted to £34,184 (2021 net incoming resources of £30,683) before gains and losses on fixed asset investments.,
The trustees are well aware of the need to maintain a sufficient reserve to meet the charity's liabilities in future years, taking into account the risks associated with relying upon future investment income to fund its objectives. The trustees mandate the investment manager to maintain a balance between income generation and capital growth.
The charity aims to retain sufficient working capital to fund the costs of is core activities for twelve months, plus any known future grant commitments. As at 5 April 2022, unrestricted reserves other than fixed asset investments (‘free reserves’) amounted to £81,771 and budgeted running costs for the following twelve months total £6,300 before grants. Investment values have been volatile due to the COVID-19 pandemic, economic uncertainties and international tensions, but have again increased over the year. The expectation is that the RMAF dividend will be maintained and the trustees anticipate continuing to make donations in the next twelve months, utilising existing free reserves.
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THE HOWARD BULMER CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Total reserves at the end of the year were £1,403,307 (2021 £1,307,939). There are no restrictions on the use of reserves, therefore the trustees may occasionally make more substantial donations requiring the use of reserves held in investments.
Structure, governance and management
The trustees who served during the year, or were appointed since the end of the year, are shown in the Reference and Administrative Information at the front of these accounts.
The charity is an unincorporated registered charity, established as a general Charitable Trust governed by the will of Henry Howard Bulmer dated 17 September 1984.
The power of appointing new trustees is vested in the surviving or continuing trustees under Clause 36 (1) of the Trustees Act 1925. Trustees are recruited by recommendation having regard to their general experience and knowledge. The charity undertakes an induction process which includes meetings with other trustees and the administrator and provides support for instruction on the responsibilities of trustees in the management of the charity. Professional advice is sought where necessary.
The trustees meet when required to consider grant applications and the management of the charity, with meetings conducted remotely when necessary for example during the COVID-19 pandemic. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to these major risks. The main risk relates to the investment portfolio. Cazenove Capital Management is the charity’s investment adviser, managing the portfolio on an investment advisory basis to maximise total return whilst mitigating exposure to market fluctuations. With Schroder’s RMAF, wider sustainability and governance issues of investments are now also addressed. Investment performance is regularly monitored by the trustees.
The operational risk that donations to charities are not expended for charitable purposes is mitigated by the donations policy, including careful selection of beneficiary charities and detailed review of applications. Where appropriate, the charity requires reports from beneficiary charities.
Public benefit
The charity serves the public benefit by making donations to charitable activities. There are no restrictions to the charitable support provided by the charity although the trustees have indicated that they are generally only likely to make grants to charities operating in Herefordshire. Through its donations policy, the charity has in place processes to ensure that the grants that they make meet genuine needs.
The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.
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THE HOWARD BULMER CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts 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 year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Plans for the future
The trustees intend to maintain an investment policy to balance risk with a return sufficient to provide ongoing income to allow donations for charitable purposes.
On behalf of the board of trustees
Edward A. M. Bulmer
Trustee Dated: 7 December 2022
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THE HOWARD BULMER CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HOWARD BULMER CHARITABLE TRUST
I report on the accounts of The Howard Bulmer Charitable Trust for the year ended 5 April 2022, which are set out on pages 7 to 11.
Respective responsibilities of trustees and Examiner
The Charity’s trustees are responsible for the preparation of the accounts. The Charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent Examiner’s statement
In connection with my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met.
Your attention is drawn to the fact that, because the law has not yet been changed, the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice issued in 2005 which is referred to in the Charities (Accounts and Reports) Regulations 2008, rather than 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).
No other matter has come to my attention in connection with my examination to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
David Berkeley
David Berkeley ACMA
7 December 2022
Apple Accountants 7a Harrow Road Hereford HR4 0EH
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THE HOWARD BULMER CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2022
| OR THE YEAR ENDED 5 APRIL 2022 | ||
|---|---|---|
| Notes Incoming resources Investment income 2 Total incoming resources Resources expended Investment management costs Charitable expenditure: Grants payable & related costs 3 Governance costs 5 Total resources expended Net incoming resources Net gain on fixed asset investments 7 Net movement in funds Fund balances at beginning of the year Fund balances at end of the year |
2022 £ 48,469 48,469 (3,265) (8,278) (2,742) (14,285) 34,184 61,184 95,368 1,307,939 1,403,307 |
2021 £ 47,993 |
| 47,993 | ||
| (2,908) (11,541) (2,861) |
||
| (17,310) | ||
| 30,683 212,516 |
||
| 243,199 1,064,740 |
||
| 1,307,939 |
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THE HOWARD BULMER CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2022
| Notes Fixed assets Investments 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Income funds Unrestricted funds (including unrealised revaluation gain of £65,534 (2021 gain of £25,015) detailed in Note 10) |
2022 £ 13,211 71,182 84,393 (2,622) |
£ 1,321,536 81,771 1,403,307 1,403,307 |
2021 £ £ 1,179,191 12,032 119,434 131,466 (2,718) 128,748 1,307,939 1,307,939 |
2021 £ £ 1,179,191 12,032 119,434 131,466 (2,718) 128,748 1,307,939 1,307,939 |
|---|---|---|---|---|
| 1,307,939 | ||||
| 1,307,939 |
These accounts are prepared in accordance with the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008, which refer to the Charities Statement of Recommended Practice (SORP) 2005. Although a new Charities SORP was issued to take effect from 2015 (subsequently updated), the trustees consider that until the law is changed to replace the 2008 Regulations, it would be inappropriate to depart from the Regulations simply to apply a new SORP. Accordingly, the presentation of this Report and accounts are based on SORP 2005, although where the trustees consider it appropriate, additional disclosures recommended in the 2019 SORP have been included on a voluntary basis.
The accounts were approved by the trustees on 7 December 2022
Edward A. M. Bulmer
Trustee
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THE HOWARD BULMER CHARITABLE TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022
- 1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention modified to include the revaluation of certain fixed assets, and in accordance with applicable accounting standards, the Statement of Recommended Practice, Accounting and Reporting by Charities , issued in March 2005 and the Charities Act 2011. Although a new Charities SORP was issued to take effect from 2015 (subsequently updated), the trustees consider that until the law is changed to replace the 2008 Regulations, it would be inappropriate to depart from the Regulations simply to apply a new SORP.
Incoming resources
All incoming resources are accounted for in the period in which the charity is entitled to receipt.
Resources expended
Expenditure is included on an accruals basis and is allocated to the particular activities to which they relate.
Grants payable are charged in the year when the offer is conveyed to the recipient.
Governance costs comprise of all costs involving the public accountability of the charity and its compliance with regulations and good practice.
Support costs relating to administration are apportioned between governance and charitable activities based on administration time. Administration of charitable activities includes the time taken to review grant applications, support and implement trustee decision-making, and assess the impact of grants.
Investments
Fixed asset investments are stated at market value.
Realised gains or losses are calculated as the difference between sale proceeds and market value at the previous balance sheet date.
All gains and losses whether realised or unrealised are taken to the Statement of Financial Activities.
Income funds
All funds are unrestricted funds, available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Debtors
Debtors are stated at their recoverable amounts.
Creditors
Creditors are stated at their settlement amounts.
Taxation
The charity is a registered charity and as such is not generally liable to taxation.
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THE HOWARD BULMER CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
| 2 Investment income Income from listed investments Interest receivable 3 Grants payable and related costs Grants payable Related support costs (Note 4) |
2022 £ 48,462 7 48,469 2022 £ 8,000 278 8,278 |
2021 £ 47,940 53 |
|---|---|---|
| 47,993 | ||
| 2021 £ 11,250 291 |
||
| 11,541 |
During the year, grants were made to Fauna & Flora International for Chuilexi conservancy (£5,000), The Police Community Clubs of Great Britain’s anti-bullying safety programme in more Herefordshire schools (£2,000), and Marches Family Network (£1,000). Related costs include the costs of reviewing grant applications. Grants in the previous year were made for the online exhibition programme Apples & People (£10,000), to support vulnerable families with young children (£250), and for a school anti-bullying safety programme (£1,000).
4 Support costs
| Administration costs Bank charges |
Grants payable and related costs Governance costs Total 2022 £ £ £ 268 2,416 2,684 10 86 96 278 2,502 2,780 |
Total 2021 £ 2,843 69 2,912 |
|---|---|---|
Administration costs, comprising fees and expenses, are analysed between activities based on the administrator's time. The charity has no employees.
The analysis of the previous year’s comparative figures were:
| Administration costs Bank charges |
Grants payable and related costs Governance costs Total 2021 £ £ £ 284 2,559 2,843 7 62 69 |
|---|---|
| 291 2,621 2,912 |
5 Governance costs
Governance costs comprise:
| Support costs (Note 4) Independent Examination fees |
2022 £ 2,502 240 2,742 |
2021 £ 2,621 240 |
|---|---|---|
| 2,861 |
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THE HOWARD BULMER CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022
6 Trustees and related parties
No trustees received remuneration nor reimbursement of expenses and there were no other transactions with related parties during the year.
7 Fixed asset investments
| Market value at start of the year Acquisitions at cost Disposals at opening book value Change in value in the year Market value at end of the year The investment assets held are Multi-Asset Funds Historical cost: At end of the year At beginning of the year |
2022 £ 1,179,191 1,256,002 (1,179,191) 65,534 1,321,536 1,256,002 1,154,176 |
2021 £ 966,675 - - 212,516 |
|---|---|---|
| 1,179,191 | ||
| 1,154,176 | ||
| 1,154,176 |
At the end of the year, fixed asset investments were held entirely in the Schroder Charity Responsible Multi-Asset Fund (RMAF), managed by Cazenove Capital Management. At the previous year end, fixed asset investments were held entirely in the Schroder Charity Multi-Asset Fund (CMAF). The disposal of CMAF realised a loss of £4,350 and there was an unrealised gain of £65,534 on RMAF during the year, a net gain on fixed asset investments of £61,184.
| 8 Debtors Dividends receivable Equalisation receivable Debtors are due within one year. 9 Creditors: amounts falling due within one year Accruals 10 Reconciliation of movements in unrealised gains and losses Unrealised gains/(losses) at start of the year Net gains/(losses) on revaluations in year Unrealised gains eliminated on disposal Unrealised gains/(losses) at end of the year |
2022 £ 11,844 1,367 13,211 2022 £ 2,622 2,622 2022 £ 25,015 65,534 (25,015) 65,534 |
2021 £ 12,032 - |
|---|---|---|
| 12,032 | ||
| 2021 £ 2,718 |
||
| 2,718 | ||
| 2021 £ (187,501) 212,516 - |
||
| 25,015 |
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