REG15fERED CHARITY NUMBER.. 703056 Report of the Trustees and Financi31 Statements for the Year Ended 31 December 2023 Hereford Mapp3 Mundi Trust
Hereford Mappa Mundi Trust Coi)tents of the Financial Statements for the Year Ei)ded 31 December 2023 Page Reiiort of the Trustees Ito4 Report of the Indepviideiit Auditors 5t06 Stateiiieiit of Finaiicial Activities Balance Sheet Notes to the Financial StateJl)eilts 9t020
Hereford Mapp3 Mundi Trust Report of the Trustees for the Year Ended 31 December 2023 Th- I", Li<ie-s p-es.-1t 14orr repo.-t ....t. r4e fi11311Clci l .taifT.e'" e end?e 31 Dpcpwh. rri.'s-.ec< liaiye auop Led Ihe provisions o. AccoiJnLing and Rc,')Jr.-:n bv Ch<ifi lie< SL31pme5)l Df R mw-ndeu. P-.?r Lice LO c43ritieJ Jrtsparin 14e¥r accoiri-.I ciC=OrThanc "'th Ir,<s SinJr=131 Rc"?orrir- St,Ind3rd Jl'.c3blo ' Il thA U Jn;: Repurlir. of Ire13Dd IF?S 1021 ISecon¢. fdiri-. n. atT=CLiI'e L JaniJ2ri ?n19 OBJECTIVES AND ACTIVITIES Objectives 3nd 31mS Thc oh'ei LS of tl.. TrJsL are.. Th Dr"ese-aii0n -or rhe b=nefii nf r'es and Ihe. Mundi. TT)e provision n. iiids tO;-I2rd< ;he cgs, o. er<Thc+ip.t. 2 builliD. -ouce a-..d di<plau èhe HisLoric LIrarIeS 3p.d L7e MaDiiC ,le ou. ?1 ose5 to vJSic-:i Ilie -3PitDIE-, he -h.oPLcr o-. Hprttlor-. caihedi.pl ,Irp applicabl: CHIEVEMENTS AND PERFORMANCE jicrM3sed 30.59A I= j LLJ. 108 ;'20£L". 13K'e decreased ?-, ?/L [0 Aft:-.01iJi. KJ 82-. 3fill=t Je cotni -4p increAsKJ | 8C.J i J.: b=. t-. d.p.duc',Ine -l[ 1neEtp.n rpL7Y3g-m&i)': .• j 7 ;2022". F i08 hll t'- E.'n.JRSLi arts D.eld 'D -. id to Ch. 0-r Inr,"e25ed rp Cl1 7 7iri 1 j." ',2n}22.. -211,.611 The per',-rwi3n,-e c.f -_IIc" 3s<#-4 r.i--.i-.ei n- 2L'311341o fulds are ¥-35cL,52tee4 on ¢ LOt)I rtijrD b.- IncoTF ';or ch t,,,. Tr""sr c)D. L?J.984 IP.te-,r.eii t or Fip.3fiC.'313= curJliJ¢ j Dre Toiwern-. L .' niirJ<twe'." 131 Dos.,, -, e'50I"rfig l-.nanrial st?reT=p.ts. p,-qpi" LO ..vIIcil p iL,0.045 v.'.IE i or rDIrl- r. C)-:Io?Uifs.731ai-i-.s. he" Kpoar i.J-3lled -il i. 1 18 ,'2022.. r i id.660 Ilcjp. L IL.) 2QL ip,.'as ftJr l j4L - l-oryl ihe i Oy'-:I". .LL-q EfLinL ?1 rés r vètior. & 50- I i.,11 list ol ;he och pr arn Ir) In-.e * to Lhe ac=OJryLS "n £-r.'ve LO -ontli1Je ta maximise rLL,[1( on inKco{flE- iri oroer LQ fL,If il irs COTI ,mi'. T,Qi':t: rlNANCIAL REVIEW lii'estmens Tk -ce rammi-t-e TIDllltors perforia 121iCP "egulir b2s's. A 'tota', Dolici. on [nirtilr.ntS h3< èe-n ado?LTrKxA C3zefjc'.J ts1tr21 Ysnaser5enL r.pniinLie LO 3rt 3£ Jd'wi JO-, q i,'Id ou2rt=rly diS1-Ibuiiopp j to-2llin- .Ib" ha'.Je Seor maoc" LO 'he veal" ig,3i£". I r-'ii"rii'.Ition5 being =alculatrn: on, aVerae of the Pie'iiou< yC<lr- Jurne. ResrveS uolicv 3r.nu35 4?sp< '.5 -0 aiEt--?ii- ierms OT ce Lfusi (ieLd_ Ir',oTr A.- fo- <oe=jilC proje= '.. tntil :-tuff, Dal..Wl=S IC The Ci3Dtei' os Her<;'OVG fkna[,-Ir,-I I',I ice5 J -he b-IBIiC- 5hnet riate leakniT)'-
Hereford Mappa Muiidi Trust Repiort of the Trustees for the Year Ended 31 December 2023 Reserves policy Icontiftuedl As at 31 Dc'cci)Iber 2U23 tlie Trust Fiiid £619,88112ui2. £713.5281 of uni"iS(ricted fui)ds. of tl)is £1 1.43212022.. 111.4."4?1 MLIPPJ Muridi Lxhikiilion. The io-llTr£lll)Iiig &608.449 12022.. £702.096j 15 Illteiided to cover ai)nual trxpeiiditLJre aiid fol" FLinds Tho ?iiilow111riit fLinds Ji e tsubject to specifii trustc Rgstl IClLd luiids are funds subject to si)ecific usage decl(Jred by doiiors. Urii L)Ii iitrpd fLJiids are e'xpc'i)dable Jt tlip discretion ol tl)e tru5rc.cs in further311ce of tlie olJj?cls of the Ch.Irity. L)iJi'ii iu 2017 the Ti"uSteLS aEI eed that uiii.estr iclLd c(Jsh surpluses tlldt liad aicumulated over the yoars iri the cui"reiit LILCOLllIt Y(jUld be trdiislel I rcl to J %epJr3te investl)Iri)t fui)d kvlth Cazciiove callecl tho"Herelvi-¢ Md JJa Mui)cli Freè FLlnd" This fuiid liiii-i Oi S tlie Tr1151'5 Other iiivesliiieiit funds and is d seoaidre uni-é5tricied fLincl 21)d ig 3150 be i-liii 011 d 4 / totfil L'.tLiI-ii bisis. Dui-liig 2017 thL. TrLJSl¥eS 11-aiill{ l id F?.UU.OuO of tslii esll ILILd ia%li 10 the "Fi LL l-uiid" At 31st Dcciii IbLr 202o? Ilie VcilLie ol the Uiii estl ILtE:d 'FI"¥e Fuiid. held ai Cciz¢iioves wis 1205.906 l£gOO.840 at 3 1 Deceiiibpr 20221. Tlic. ti'llslees dc'sigliated sufficiL)Ilt Iiioiiies to CO'¥Lr the costs that i-veie anticiydled to be incuri'ed in £vSpei-i ol Ilie a,, cl Idiological iii)plii.atioiis ol the 01-Jgi.",dl eslablislinient ol Ilie IViapp<i Mundi exhibition. This t).7gecl oli Il)e, Ir115tees e.itil)Idl¥ of tlic. cost%. Jccoiding 10 3dvice I'eceived. By ?1 Decejiiber 2023 the outstaiidiiig finaiici31 liability ol tlic ILIL.vIObY Vl i)ject was tsÉiii)<Jted to be £1 1.42212022.. £11 k1321_ Public beiiefit li., cli dltii i& tliis reptirt. the tl LStLLS have romplied with the duly In Sectiuri 17 ot the Ch.2fities Act 20 i l. to havc. dut [L.¥[d t() l)Lll)lic bii)Llit £uidaiice published by tlie Charity CoiTrliiiis51011. Future plaiis f&i-liiooiniii£ year. the Ti-LJ5t will Coi Itiniie tn support thL' Lil)Idi y afTr.d Archive %tall salill-ies togelhei with i?roviding I d,'.'tf fo)r fiiJe( ific projeLts uiidt'.ridKeii l)¥, Ilie C_.Ithe.d:.al. In 2u24 tlie M3pi)3 Mundi I i u£t 15 5upI)ortiiip tIIL Chdlltei- ol Ai.'i-i(Oi Ll Qfillipcli-.Il ivilki tlii iuiidiiig nc'edf_-d tu seplace ihc- fil-e alill 11) SS15teiii. wliich wis Oi Igiiiall5J 11lslallL'd dui-liig thc. Cvi IStI Lictioii of tliL, librdl y 311d Imappcl bijilding. Tlie Ti Ll%t Coiitiiiues to closL,ly Inoriiloi- (l)c' v3lue uf ILS ifiVeStITrlLSlts and the c'i)clowiiiLlIt fuiid. Pat ticulafly as thcsc. wc'i e "IiiIIc31Itly IlTIv3(.1e.1& in 2022 beciiisl,. nf Il)e Ru%£idii iiiv3510n of UkrJii IL. At 31,: Marcli 2024 the toi.Il v3liJe ol investi I iei',ts FIL Id willi C,Izi"'iioves WdS F_5.380.707 ai) IlTIPl"Qvi'tl-IC-iir ul £152:759 Siiice tlie year p.nd. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document I he clir3riiy is coiiti ollcd by 115 govei i)11)g documei)t. .7 deed of tJ-U5t_ It Conslitutes ai) unincorporatL'd iliarity ivilh 3 501e Coi Pui ile I"riJEtee as explJiiiL.d in n)iJre det<Tril on the following PL4gc. The I i u5t'S OOVC-I Iliiie docLID)ent is tl)L, Ti-ust DeÈd dated 21 NA.as, 1990. The Trusl is i egistei.id vrfitli tl7e Charily Cofllllll55ion IC1131 ity Nunibcr 7U30)61. RecruitfTient and appointment of new trustees Putei Ili<il ti-u£toes al-e cai tfully selr.'cted Iruin ppuple vJl)v have a kei'ti intel Ist ir) the 3Ctivities ol the charity. Induction and training ol iiew trustees Altrf 31iyoiiiliiieiit all new ti tsytecg fill in relev.iiit foi iiis foi- tl)e Charity Coiiimission and Coii)p3111es House.
Hereford M3ppa Mundi Trust
Report of the Trustees for the Year Ended 31 December 2023
Risk M3natrement
hc -.r,':S LC?s h,31we Jssessed the risks laced bi, the T-. ijst ane r?llSlL4r&r th3t Ipbts", meiir Thi anaoement 3nd oc.rfprir31I:C DO
Hereford M.Ippa Muiidi Trust
Report of the Trustees lor the Year Ended 31 Decen)ber 2023
REFERENCE AND ADMINISTRATIVE DETAILS Icontinuedl
Secretary
Auditors
,]ileVOs LLP
Sl.avtri luii Coul t
GL51 OUX
8311kers
EJ 14i¥ti TOvi1
Hyl L.loi'd
HRI 2AE
CCLA Iiivesli Iiei)t MJn{Igpirieiit Ltd
Oi ie Ai I"L-
EC4R JAB
Investment Advisers
C.-ctyèi Inve CJi)It-)l Ma.-.3gen:ent
l LtJi Idol I W,Il I PlJcc'
C2V SAU
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The ri-uCtL*es are resiionsiblc for Pi t-odi'iiig the Rryolt ol rlie TrustL'es dE)d the fil idnci31 stdteiririiis 11) 3ccorddnce witli
JiJlii-(IlJle lavJ an(1 UFllted Kingdom AcriJuntii)g Stiiidard5 Iunitrcl Kingdom Gei)eiilly Acceptf..d Acrountirig Practllrl
Tlic lavw ,)opl ic3E)le to Llicirities iii Engliiid .IricI VaIl. th.e Ch.Irities Act 2011. Chai ity IAcctsunls aiid Rcijarlsl Re£ulatli)IlS
i0ii8 aiid tlTro' i)ruvisir)ns {)[ tliL' tl-i1St died ILiiuirps thc. tru%tee5 to prc'paiL' liiTr(Incial sLdio'iJiLiits fur c',icrJ liii{111(.-ial yeai viliiLII
..VL cl true ,iiid f.iii- vieiv of tlie slrthlp ol 3ff,iir_% ol the chaiity Jiid ot the illCOiniSi(F resoui CL% 31Id 31)plicatlDlI ol rproLlI-CQ"
41'e i-rQUii-c.d tu
seleLt 5Llitcible 3Liuunting policies 31)d iheii api)ly thini COnSkStpntly-.
nbsi I VL tlie methocls riiid ?rinciolL5 111 tho Clidi Itie£ SORP-.
IllciKe ILiclbJeinif)ts aiid gytin-ia:es tl)<Jt 3rc- rea
Report of the Independent Auditors to th.e Trustep5 of Hereford Mappa Mundi Trust
Opinion
-.si fo,- the ve2r efjo d 2
December" iOLi
•Jh,cT rom'"rise tle £r3tLmpn- of firh¢i..
.-tiV'tIOj. rh.e h-l)ntte s'-"
cnd i)OLei t,,p. -in3-.ri.Il [2;Me1)t% intli.'diiir
<Lirrm.1rv CJ,,
-.i21 re--lI)S Lh3t Yas been 3?plier 'n 14 -i,- prep3f¥3ri()n I":
3001ir31ile Id 3nd U iiiler K"'ngdorp P4.c:ountinc St-.nd31"ds. Ificludin- Financi31 R'eDortinfJ Siand2rd 02 Th= Finoncifj,
Rnportiyo f lonaord lJLiylicubip '.n tlip UK or£0 Republic o-: Ire19nd !UniLeJ
Kinodorn Generallki Accn
trcd Accoun EniT Pr3Ciice i
In ou,",
.'315-2;v•ent-
""iie ? '. ru e and rJir iiiei o- th Si3te o-, chJiitl' 5 affioirfE 2s 3-. Decemr)er zOL3 3nr. o-, I.
-,d- f?r the k'--;
pr?oerlv prey-
-rdaice i:;
rie1211i, ,ICCCPied Acrfjx UiYtin~ tTrr3CLicn" ,)n
-3ve Dee,- prpJored ip. arcorriaFpfo hA¢l:y4 th resurre1.< O- Lye hrI.. ies .£[ 2C I l.
ch3ri,ii s ner Tovemeni
Basis for opinion
vl., l)3ve &eeii 3DDointpd 3S 3Lidito" urid=r sp=tion If L o- ;4L f.
..tIS Ac= 2n11
-.eDorr :.? accorL3-,
elei'-nt rettL,l J410#S rri¢de or h3l",Pb eflettt the-. ebnde.- b,:
coyriu.ctcc ?ur 3udiL ln 3crordan=e irt.:
',I<As :'IJKI', and aprylic.Ible lav..
',h05e £L311d2rds 1re li'i-the-, aeEK i-jJr.r,
AuJiior % rthgDon5ibili ies for the Judit ol Lhr I'.P,3p.fiJl -:?.LtsflOPt¢ se--joii n-, Jur roJo-t l..VE are rnqe-eiden:. o- tTr.o -.l-.
"4at B."e relp..
. ?r..I :o ?ur eudii g .hp 4inLfjnci31 s."ateTI .e-r5 ID the U K. inf.ld..fft.-
-.nce -i liese -nnuirery.ciits
171 accorL-
-c 30prnpr12ts tc ?rcvide 3 SG515 frnr •Jr v%pini=
ce with t4-. Ac- 31icI
4e FRC s E-. 4". -] S:3Ilddrd. and
We belieb'e i13t aitdir eviaence
Conclusions relating to .going concern
tye i ir.3r,ci31
..JF_
c. Jrep-:", J L'.or',
th fi';3n.ciJl 5-:trNrIlj -.¢ 3PJ-Pir)riate.
-ointt conknÈrn basis Oi accoi.'n L inu j
'ho i.'.Jo-, k ive
',ra Jtsr.-.rrieeJ 11,'p h-
-jr collec'lyI¥. miv (dit-. i-
iel..Ji mon"Ili% l..c.m ivhen ;h.=
te.-ial urii-
C, £l-1ty-'-5 obilTEI' LO COI ItiD.uti
"ised lor i<jlJ
's event£ oi"
'i?o con(ri) i or & Lll-:
3t Ip3St
Ciir osDn- s.,hiliiiof ,Iiid -.ie rÈ
Rek)orl of the Iiidepei)deiit Auditors to the Trustees of Hereord Mappa Mundi Trust Icontinucdl Auditor'5 responsibilities for the audit of the financial statements Oiii obiPCtives al-e to obi.=4in i-e.lsoiThJblo Jssurai)ce libout whellier trie tinanci31 st.IteiiiC-Ilts J.£ a L'iliole are fi ce fi uiii 1113tei-ial 11)isst3teiiiriit, wlitll-ier due to f-3d or eiiof. dfi(I 10 issue cl? duditor's rcport tliat includes oiir oo)iiiioii. Re.ASoiiable 35SIii Lti lie 15 a liigh level of 355ur311cc but is siot a gi.'ar3111ee t-3t an aiidit coiiduited iii 2ccord3iice willi1SAs IUKI 1111 31bv3115 dLlèct cl 11)ateridl niisslall'iiient when li exi51S. frf,.-.ssliltei iiviits Cdli arise froin fi-3ud or ei iur aiid ai e con5idei-td Iiiaierial if. Ite. they could reasoiiail ly be expéctpd ta inFluence the eioiioii)IC decisioi)s c>f U5ri"s takeii oli li i L&:LJli,' ItlL%. 11 ILliidiiiL li,-iiill. ai p i1ist.Inces ot Iiofi-LOii)pli.tiocc J1113l.lS and regJlitlui i£ WL. des.. our i 1-'siJOI-:sibililies. i>utliiiLJa above. to cletec.I niatiryrial Inis%t,-IlL'IIIL'llts In respect of ii-rrEul2ritips. iriiludiiig li aud. Tlie exl¥iit lo wliiili our i)rocedui-rS Ii e Clpiible ol dett.-iting li cegularitic-s. ii)cliidiiig Ir(14Jd is dc'tailed below-. Wc- Coi Isidei ¥d the i)dlLJre ol the clidrity's inG'.Lgtri' aiid its conii ol enviroi)Ineiii and I'eviekved tnp ciiai-ity's docuniei Itotion OF tlieir poliCIC)s aiid Pi'oceeDIcJ< re13tiiig to fraud Ji-ld comi)liaiice with laiys aiid regulatioiis. We also ei-lqiiii-cd of Il Id:'.d"Ll I Ifllt 3bouL theii owi) idvi)iiticatlOll 311d assessiilii)t of il)e 1-'.5rf5 of -.ri rgLJ131 Ities. oijlaiiiéd ,11i uiidci-staiidiiin of the legJl ind rrgLilaior!, fi-31 IILivork rlia: the iharity opei-atcs in ai)d idei)rified the key rcgLildtFOllS ttriat had a direit pl4iect OD. the deiei-i)Iln3L.9n of riiiierial dniOUFlts iild disclosures iii tlie fii)ai)iiJl tlie UK Cljai Ities Act 2011 aiid tax IcgisiJtiOIi. Jiid thv>e. Ihat do ilot liave a dii-ect cffect 01) Llie Iii IdlliiL21 stdlteil lei ILS but Coil Ipliance with Kvhicli 11)ay be furidaiiieriial to the cl)ai ity s ibilit¥A to Opifdte or to avoid d iiiaterial Ll Id We disiLISCrol a,'I iuiig tlie 3ud.'t eilb.lgtl liLilt teain i egLlI-diii8 Ilie opportiiiiitieJ 31 Id incentives IliJi Illdy exis1 Witliiii tlie tsi w jl-i..f,Itiori for Ii.IUfl as)d hoiv and wlio're flid might orrLir in tl)e fii)ai)tiil slatr.ii)ci-Its. II) LUI 511 iluii witli 3113udi1S lliider ISAS IUKI. wc- .iie cil%0 reiiuii-ed 10 pei-foii)) sijoiific piocedui-es tu l Lsiiond to tho i-lsk ol mJiiJgen)I'iit ovpiride of coiitiols. tv.stc.d the IPlil-i)111 ialiiiesi ol jouriial ei liries a!icl other adjLlStniei-Its.- ,Isscssed wfr,pii)er the judBIiiLllts ii)ade Iii accotiiiliiig estiiii,Ates ai-c li i(IiLdtive of J polei Itl£il l).oS.- .3nd evJliJdtcd the busiiiess ratioiiale of any sig11fiCal It ti 3iisact105)S t112t 1.¥ ijiiusiial or OLltsidc' Il)e iivi iii.Il coul SÈ ol boSlI)ess. Ili &Lldilioii 10 tlie 3biive. OLlI- pi-oce(5LJI is to Ipspoiid 10 ihe risk5 idrlitified inilLJclod tliè folloiving-. .£iTrcial slrJtLnient disclosui'e% by lestiiirj to supporijiio docuint*it.Itiori to Ic sspsb con)i)liaiice with 111 ovisioiis ol i-elLV.)l)t ILIWS aiid I rPiil-tions desci-ii)vd as liaviiig a clirc'ct efle: t on tlie filidl Icial stdlLI)ienrs', Pel-i ufiiiii)b? atialytlL.Il pi uii-f5urtS to idei)tify any ui)uSL'al ur uiiexpeLttd rc.liliOiishiPS tliat Ilias iiidicate i-lsks of I IldtL?riJ L IiciuiI-ifiL) of i))311JgLlllCI It ioriceriiiiig act31 and potei)tial litig3tion arid claiiiis and instdl)ies ol nLin-coiiipliai-iie witli lalvs di Id i L%ulatllJi-IS.' and l Lailii)g Iiiiiiiiie5 of ii)evlii)gs of tliose cl)<irged witli gov¢'i Ilallce. Our ,4i1(liL Pi vce(Jures INerp desi¥iicd to l-isyond to risks of Illdtcrial misstat¥r))eiit in the finiiiiial stclteiiiei Ils. i ecvonising 11 iat the i-lsk of riot dc.lecting i 111.Ilcrial misst.ItvniLlIt Ilije to fi.lud 15 higlier thin Ilie I Isk of i)ot detecting oiic i esuItlFig li oiii Ll-i 01-, ,Is li aiid ii-ldv Iri01Ve dLlibei-dlL COlbLral1iirllt by. foi cy.-i)Iplc. loi ggry. ii)JsrepreseJ Itatlolls or -hi'OULh collii£ioil. Tliei e .1re .nliti-ent liniititlijris in tkiL Biidit prorpiluips Iierlui-i) Ivd ciiid tlie fui tl)er rei-llvvcd i)ori-c.rJn)iili.Ai)rp with 13ws 2nd i- ji'iilatlQlis is froiii Ihc eveiits ai Id Ii'aiiyaclions rellecred iii the liii<incial slalenieiits. the Ic-ss likely we arc to beioii-ie .?Wdl e A liJi-11 lei Ilesci-lplioii of our i espoi)sii)ilitie5 lor the .ILJdit ol -Fie final Icidl siairii ii-qts is Iocdiec o.n the Fiiiai)cial Reportll'.L Couiicil s w¥l)SiLe at- 1,1¥5,. .ki.iL)ilIlui 51 iitri I. Ililll-'-.is. Tliis descriptLVI I foI-1l1s part of our,4ud.,101-'S i-eiiol t. Use ol OLJr report Tlii.% i-i.'i)i)l-t is 11 Icltlp. solely IrJ trip cliarily s ti-usLLes. a5 3 Ovdy. in accordance with seclion 144 of the Chai-ities Act 2011 dl)d ri'gulilii)l)s 11 i.icle ijnder sectioii 154 of that Act. Our audii bv05'k has beeii ui)dEI trfikeii so that we might Stare lo tlIL' chBrity's rru5ttLS tIIosP I I Icltlc'rs we are i-equii£.d to stale 10 tb.eiii iii AudiLor's report and for iio oth(r PLllaOSe. To the fLillest exteiii PEI Iiiillpd by law. bvp du Iiol accept Oi assunie rLSPuiisirJiliiy Iu 31iyoI ie othèf th.: iiidil Woi'k. foi" this reyort. or for IlTre opii)ioiis we h.Ive ttsi"n'.ed. tl)e chaiity's trusteis ds a body foi" our Ci)tt LLlbVI eiiie (Stilior Stali itory Auditor) roi" .?iid 01) bLhdlf ol Hazlewo¢ids LLP, SILltutory liuditor StaVrIVIl Coijrt GLSI OUX 3010512024
Hereford MaDpa Trtsiundi Trust Statement of FiN3nci31 Activities for the Ye3.- Ended JI December 2023 ro<t'."Ir" E*P.c'.:m,eni 0-311_iieJS i ol?.1 fund. INCOME AN- ENDOWMENTS FROM.. Charitable 3Ctivities Ar-,e 3C'i I"Ik kS.-ry.en-. Ircme i) J7 Total 88 EXPENDITdRE ON". R3iging Fundg Ch3rit3ble activities LJG'I.It, 4e" dirrnc- ihJr,.ta,. )LIDJO-. l knuS"5 gStE Total .880 Net m?vement on investment5 i.O)i NET IEXt)ENDITUREI.' INColE Transfers betvJeen furds Net movement in funds 19 j.64 1.. lJ2.?ai RECONCILIATION OF FUNDS Tot211 unds broutsht fovN3-d TOTAL FUNDS CARRIED FORWARD b23.-0 j.Lk43. 108 05,?'0 CONTINUING OPERATIONS tiiic exp= -.Js arisorn
Hereford Mappa Mundi Trust B313nce Sheet At 31 December 2023 202J Total fLJiids 2022 Tot.Il fiincls Urii-esti-lctrd fuiTrds Resiricted fund Eridotrvii-iént Notes FIXED ASSETS The Nlipijd Muii£li aiid Histoi *( io All $311)Is C113111e(l Lihrary at li 12 404.844 4.823.104 5,227.948 5.08a 90J 4.823 106 5.227.950 J.084.907 CURRENT ASSET5 oc'[1.s 13 17.455 224.274 17.455 224,995 10.664 342.205 721 241_729 721 242.450 352,969 CREDITORS year 14 126.6921 126 6(221 132.8661 NET CURRENT ASSETS 21 J.037 721 215,758 320,103 TOTAL ASSETS LESS CURRENT LIABILITIES 619.881 721 4.62J.106 5.A14J 708 NET ASSETS 619.B81 721 4,823.106 5.443,708 J.40J.010 FUNDS LJiirLSii ILle.d luncls 619,881 721 4.823.106 713.J28 682 4,(?90.799 TOTAL FUNDS J.443.708 5 405.010 Tl?e Ii., Idi Ici31 stateiiièiils iwei"c' ai)P(uved aiid aut!)oriSvd for isstie by the Boar"d ol Ti ijstpes on 14 NA,ay 2024 iiid ivtrre iieo, 011 its DehiAII hy-. Tai liS11 I CIIVL DL - Oi) brliall of The H.eJ L lord MapF)a Muridi Trusteè Cr)IliPdny Ltd
Hereford KJ1app3 Mundi Trusl
Notes to the Financial St3tements for the Year Ended 31 December 2023
ACCOUNTING POLICIES
Basis of prep3rin¢ the financial statemenL£
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-corfrincY IVI-'Tr thr f113rities <ORg 'FR< j(.,:
n¢ R=por.'IntT Ctri3fi Lies". 5". alcmen,. f#f ReceI..)er.ejC1
-lice Jpplic<iblc p. Crior.-rie£
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-ip1 Rnijortinp S", :ne..-
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.d -d(oil
nlfertive
Janijariw 201a;.
Re=,oriin- 5;3ndard 1 02 'TiTre Fin3nri?l R-
aPli£3bl.- in lJrf 3nd R-o',Jlic o,: Irpla-r. Li,
hp-,;riE.s Ac:, 2011_ Tl
-ts Jreoaroo ui.
-he 4istor',c?I cos- coniien,, jcn Illl L
PXC-DrioD ol sn%ie!tm¢nts vvp.jcn cr= ir)cliJrted i" 31"et V31Ltr_ a5 flfudif-ed b'rf 'he '"eK'311JXtIo'"
is i gupl-c
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coJii-s p.rts prewareii
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Hereford Mappa Mui)di Trust Notes lo the Financial St3tements for the Year Ended 31 December 2023 continued ACCOUNTING POLICIES- Contined Investniei)ts Ii)vesLii)Èiit¥ ai e 5*-4&L.d at n-iai kpt viliie 3t Ilie bal.i.ict slieet (idte. Ai)y Lain oi. loss on fevciluatioii 01- salc is takei I lo Ill SldLf',l)rilt of Fil ILII ICIII Aclivilies1SOFAI Cash at bank and in hand Icss li 0111 tlie dcite Of arquisition or Ovelliiig ol ttrie deposit Dr sini&lar aicouiit. Debtors Ti.Re4e ciiid otliei- di"btors ire [([gi115ed at tlie SLtIlLlI)L"l)r ainourit due. Pi-eyaymeiilr 31-L' valued at tlic call iijuni Crc.ditors 3nd provisions '.11 d P<llty and tlie 31110unt due lo selllc the oblig.ItlOii cali be IllrLiSLlI trcl 01 estllllLitvcI relii)lJly. Criditoi-s .Iiid Pi Olli'.)101)5 al'e iioi nially reCogf1sCd at Ilieir sL.Ilic'iiieiit dll)ULJlIt. INVESTMENT IIocoME 2023 2022 UtlJUSlt accoiiiit iiitLI L"SI OIvid?Ilils ai Id siitLk L5( un irivgsliiicnis 4.On5 219.979 94.£ 213.672 223.Y84 214.617 Oep051t Account Interest & Interest on Investments 2023 2022 Unrestricted funds.. CL'I'.tl <11 B03rd ol l-ilTrdl Ice of thp Churcii ol Englarid J.91)7 933 3.967 123 Restricted fund.. Cei It5 al B011 d ul Finance of Ihe Ch.knich of EJ":gliiiid 38 12 Ei)downient fund= C.72ii)uvc 486 34 4491 979 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Acttvity Artef.iCIs Use ul ii tef&4Cts 19.539 19.267 19.Jf29 IV.267 io
Hereford Mappa Mlindi Trust Noies to the Financial Statements for the Year Ended 31 December 2023 continued CHARITABLE ACTIVITIES COSTS Gr3ni-:uncing S=e no;e 5,: Artei3Ct< Don3tion¢ 17 118 Gr¥[ '1 ijnding grjor l'ear cow..,0LIve Direr.I £022 iiee note 51 Ar-e-. 3C:. < DETrnL-LiTrIIS 9.24f3 -47 ofJl GRANTS PAYABLE 2023 2022 Th- lot¢1 -r3t5 P3id -0 ini[',fL',t.oYi dil-: inc tho xieuf i':ei= ag i.Ilov.'s'. 2023 202 Chapter lI4r3rx. )313rie£ fl=.titer- -'po3 BJildi-: P13ni Repl?cemnnL n4a'Trtcr - Ttsmcor,)rv Exili_i-;" 3Ptor Libr3rki L3PtoDs 3",alo-ue Softk'Q3rn onsoriw= 8-0Tr( r-bai-:- Roi'orLIPS Prooert,i. Rep2ir- 240.CA5 2.OCIj 1.440 ChcDte", 7).000 il-,.718 SUPPORT COSTS 2023 2022 Cjoveri 13nce cos.s
Hereford Mappa Mundi Trust Notes to the Financial Statement5 for the Year Ended 31 December 2023 - continued NET MOVEMENT ON INVESTMENTS 2023 2022 Nct gaiii 1IIoss1 ort invp5tn)ei)Is IIivcsti))eiit 1113ndgeii)ent Costs 137.OJS 19,0171 1580,6731 19.4881 127.978 r90,1611 TRUSTEES. REMUNERATION AND BENEFITS ThLI L Wei'e iio eTiiployees dui Ing tlie year or the pi"evious yeai" Tliprc were iio tl Llsttts. reniuiieralion or othc'r beiiefits for tlic year elided 31 Deceiiibei 2023 iior loi tlie ye3r eiirlcd 31 Decpriil)Lr 2022 Trustees, expenses 2023 2022 Ti"LlStecs' pxpc"11ses 947 1,014 12
Hereford M3pp3 Mundi Trust Notes to the Financi31 St2tements for the Ye3r Ended 31 December 2023 continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIE5 2022 UnrDE-r',r'?d 4oSL."1CLC.H ic.o"dmeiit otes INCOME AND ENDOWMENTS FROM Ch3rit3ble activtties Arfc',3C; Fo5ic Sor.. eli, RoN'- 10.267 Donari?ns Iniie<tmeiit.'nrcme 12 ?PS 220 2 j4/.17 Tot31 26.787 205.2iO 23J.95? EXPENDITURE ON Rai sing Fund5 ii.E.orN eli,. rr.In-, ement feo Charitable actiiiities Doi".-:tlgn< .4Ar) ,13rit3ble ro5- SupoorL Total 18.fj Net movement on inve%ttnents 'JoO.672; NET IEXPENDITUREII INCOME ISil..J/LI Tr3nsfnrs betiveen fund5 Net movement in funds RECONCIL5ATION OF FUNDS Total i unds brought forw)rd 931 j.220 23 TOTAL FUNDS CARRIED FORWARD 4'C'3 01.3
Hereford Mappa Mui)di Trust Note5 to the Financial Statements for the Year Ended 31 December 2023 - continued io. THE MAPPA MUNDI The M,.IiJP3 Muiidi COST Ai l J.11)Lldr v 2023 .Iiid 31 Decc'i)IbcJr 2023 NET BOOKVALUE At 3 1 1)erfvi IilJtrl- 2C,23 Ar ' l Oeiéii)boi IU22 ii. ALL SAINTS CHAINED LIBRARY AT NOMINAL VALUE Tot.Il COST At 1 laiiLJai"y 2013 3nd 31 DeceiiibLr 2u23 NET BOOKVALUE Al 3 l Defj.p.n)her 2023 At 3 l Deciiiiber 2022 FIXED ASSET INVESTMENTS C.Isli arid l isted Totals MARKET VALUE Al l Jiiiuary 202-1 5.077.363 7.542 J.084.905 ":SPvSIIs 18,9981 137.Q55 18,9981 1-17,0.fj5 14.986 ,(.[171}t on Cdsll 14,986 At 21 Deceiiibtr 2022 5,205.420 22.528 5.227.948 The investii)eJitS 21"e held iii the C¢izei)Ove chai.kty Re5ponSible Multi Assct Fuiid_ 14
Hereford Mappa Mundi Trust Notes to the Financi31 Statements for the Year Ended 31 Decomber 2023 continued 12. FIXED ASSET INVESTMENTS Icontinuedl Structure of the portfolio MarKet Kfaluie 2023 2022 Cazenove Ch3rity Trespornsible lrf.Lilti A<spt fuiyd 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 th- d:5tors 14_ CREDITORS.. AMOUNTS FALLING DUE WITHIN. ONE YFAR 2023 20.2 Arc-J31< dthlth-roHL IICO",.
Hereford Mappa Mundi Trust Notes to the Financial Statements for the Year Ended 31 December 2023 - continued 15. MOVEMENT IN FUNDS Net Iiiovi:ii)ent iii funds Tr31)slrrs bplwccii l(Jnils At 01.01.23 At Jl.12.23 Unrestricted funds 476.965 22i.131 11.432 li04.0961 13.745 196.704 369.573 2i8.1476 11,4J2 I Idteil - Iiivestfiirnt 'Free Fund" De5igi iatpd Fuiid Arili.ieology 713.528 1290.3511 196.7U4 619.881 Restricted funds LibiJry Fuiid 683 38 721 Endowment funds Tlic Nclt101131 Heritagi MeiF501 lil Fund 4.6(?0.799 329.1111 1196.7041 4.823.106 TOTAL FUNDS .40i.010 38.698 5.44J.708 Net Iiioveiiieiit in ftsiids. iiicluded iii the above al-e as follo¥v%'. Incoine ExyLiicliture Gains ai Id 10sSèb Movviiièiit Iii fiinils Uiirestricted funds 1332,8u31 13591 5.201 5.422 1204.0961 12.745 Oes," ,iated I livLSiiiient 'FI"ee Fund" dted Fl"Id - Ari1i3¥ology 8.682 1333,1621 10.623 1290.3511 Restricted funds 38 38 Endowment funds TIIL, Ncltioiial HeritLibTrC Meiiiui 131 Fuiid 211,297 18.7181 120.432 329.011 TOTAL FUNDS 243.523 (341.8801 137.055 3¥.698 16
Hereford Mappa Mundi Trust
Notes to the Financi31 St3tpmcnts for the Year Ended 31 Decembpr 2023 - continued
li.
MOVEMENT IN FUNDS- CONTINUED
2022 -ornporotii'p rilyures
Ne- =vernen-.
funds
Tr3ncfpr>
eii.'JPtsii Tunds
Unrestricted funds
ener31-.uni
20 1.1?40
Inv-stFp.=n.t 'cre Func,
.n?t=d F,Jnd
rclitseolotry
gli IJI
51
1.6>3,;
706_1 9G
1191.i71j
198.900
Restricted funds
031
48:.
Endowmeni funds
I le Ni Lional Herit3CTe Memr4ri31 Fund
.2Lg 24L
8.QOO;.
TOTAL FUNDS
oV=mn.l IN funds. incSudtG 11 -Pbe ab-k1 3re GC r
jtr.cowe
Vr'..'eme4,
Ios90
,ds
UnrestrTCted funds
cril-LJnd
j 1 3.2AI}I
'Free FLId-
122.9111
Des1-
oted IiJnd - Arcb,-
.289:
Restricted funds
Libi ciry FurTd
2601
Endowment funds
Th., IN'.i'.ionJl Heritagn Msryc.r',21 r.,
4?5.66L',
TOTAL FUNDS
2J?.¥ j?
IIS,-.660j
',i80.013'
.'eqimep.I "Fre
-t <Jccrnun- Th-
s set I i? OT l J-rl,'K un0$[rIcied inr
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TY- DesiBn3ted FrJnd Arc .3eolotr,
hj
-stabl.':led -_o
,Jer
e anti=IDate.J co
Herefoi"d Mappa Mundi Trust Notes to the Financial Statement5 for the Year Ended 31 December 2023 - continued 15. MOVEMENT IN FUNDS- CONTINUED Oli JO l¢iiiuary 1991 ali ei)dLiw£iierit of £2.OuO.000 logethei" viith acci",'ed intiiest ivas rriade by tl)e N,ItlUllfil Hei itJbiP Ide51)oriJl Fui)d. Tlie, fuiid is I r.'pi pspiiied l)y .nvestiiieiits aiid the cvs15 ol Iiianagiiig these Iiivcsti)Ivi)t¥ is il 13rgrd .3g3iSlSI tli'.s uncl. Foi- the Pui Puses of Torijl Reruri) accr)viitiiig. tlic. gilt clc"iiitiit ol Ilie eiiduwiiieiit is coiisidvrvd lo be tlie aiiioui)i 01 £2,OCIC) [0. The differerice of 12 823.106 12022.. -12.690.799) bi..tbVPLlI this Llll IOLlI)t Ii Id the actu,Il vJlue ol tl)e endow£ii¢.iit clt 31 Dc-cenibei- 2023 of £4.823,106 I-eiii-esiiits the ui)apyliecl Tutal Tlic valLJe of tlic. Oi igiEiaS ei Idoiwii)ent with indcxation at 31 Deceiiiber 2023 is 14.402.28J12022 £4.052.69 11. The All S.Iii)Is Cliaiiied Libi.2ry. tlie Hitttsiic Libidries diid the Ivlappa Mundi ail sl)owii at 1101S)11131 valLILS k)i=iiiE rLb¢ll(It:d ,Is iiialitri).Ible .)SSL"ts. 11 is con%idered that s.'giiificant 10Sts woald be ii)volveo iri tsl)+aiiiiiig ruliable Vdliialitsi Is aiid that these ViOLild fai outweitsli .iiiy beiiefits dei-ived. Transfers between funds Iiivi'%tiiient 11)COi I Iv and tlie intri-rst (Jil C-Iidoi'ii ieiil C3ili is al(1 Ibiiied to tlie EiidovJii ILilt Fuiid ciiid 3 tl cll 1sfrei- is .{ II ILli"Il IuTid equal to 4YJ ofr the avei¢l8e nio1.ket value of iniicstllieiits at 30,; JunL ovei the i)rL VIOUS Ihi ie ye.11 s. The tl LiiisfLI IS Iiidlle on tlic 'toial rrtui li basis" Duiiiig 2018 £200.OuO w(IS tiaiisfei-ILd fi-vl)) tlTre Uiireiti ILtY(I (Jeiitial Fuiid to a licivly iitdttrd Uiii-LSLI-Icted Iiivestll Iy.[)I 'FI-Le Fiiiid" Ivith tlio illVL"btiiieiit advisoi s. Ccizeiiove. 16. ENDOWMENT FUND TOTAL RETURN Endowed Fund - Tot21 Return Year Ending 31.12.2023 Uiiapplied Total Returii Endowment Tot31 At the beginnsi)£ of the reporting period 2.OtN).000 2.000,nr)(I 2.691),799 2.690.799 2.690.799 4.6'10,799 Movenierits in the reporting period 211.297 211.297 i vC"Stii)eiit return -ieilised Ji Id uiii ialised g4l111S &11055esl Lebb.. In'/es111)L)Iit 11-:a-iÈeriEent Costs 126.432 126.432 18.7181 18.7181 32y.oii 329011 4 /, tot,il i turi) P<)Id. to Uiii Pstrthilpd furids Net iiioveineiit iri reporting period 1196.7041 132.307 111}6.7041 132.-i07 2.OuO.QLIO 2.823.1(16 4.823,106 18
Hereford Mapp3 Mundi Trust ote£ to the Financi31 Statements for the Year Ended 31 December 2023 - cotjtinued 16. ENDOWMENT FUND TOTAL RETURN - CONTINUED Endowed Fund - Total Return Year Ending 31.12.2022 Unappli-d Tot31 Return Endowmen¢ Total At the becrinnino of the reDortinu period .t E-,,dO,.l )ienL 2.000.eog Jn3Dtyljtsc Toi31 R>tJ-. 220 2r/. Movements in the reporting period ID'Je5 Lment .=tLirn ,-'Jestrneii L tu'rn -rn-Ii ied and I pn-, eJlj<ed ?1ir'J &.losces, 'j33.664', Inl'e5tn1t m31l3sew.Sni rncts ii: To Lcil Tovem=r,t¢ C/: LOt.Il -.turn J2id ".0 b-,..eE;ri-..i= liti IIC8 9,701 Net movcment in rpportinu period 17. RELATED PARPI DISCLOSURE Th rorirrollinp f -_i., HprF.Tr)r,q 1-.13Dpa 'Ijdl T-J- 'J iJio. TriaiT Comp,?ni, Limilci Th- Jire=tors c-- Th-. q..,-elorL IK'i¥a J¢ 1"4undi i-: i.51 iomoanb Li?i=e." ali listed Gn i. -. v Reve-,= .ILh-. dril. Fue Fevg-, riD-. Esrfktatii'e Il. Wè:e.-o.e. Vi4DD¢ 01JndI Tru- Lions to .41 e fi2rL£.r o.. £ -, 3c-V ar e-> n- _k.e CK,tiiiLtr.r o- -)riSin 4e ','.***cr. roTimli.. ee or +. The C',:.IDter .'J.'nS ono r?nLrplt A.erei orc. CJ-hedral YLJI Idi T-U>t char~er kl orel . 4 c,-cfoi": C-thN.Jr-.: Eli-: erprisec I IWItO =h3r-. nd -.rp-.1$r.S Limited. Durinr th= Veai.. T-e = :l¢,d K131) J3 .j?C .'29 V3pLJ X/ur.ei Tri r3r¥". ¥h1-h C?..- 13ti;lrnlrnrli 179 113$ Lhp Iovic-. ins è r.oll.-c+iK%r !- bornkf pririte,, -¥"L f.iJ-i= and iyLlSlC?I WanLisoric.ts ical S9- 3na nJiius=:io-5 .3-. i~ from ore 1803.
Flc"reford Mappa Muiidi Trust Notes to the Fiiiancial SEatements for the Year Ended 31 December 2023 - continued 18. HERITAGE ASSETS NOT RECOGNISED IN THE BALANCE SH£ET- CONTINUED M<iiJP<i Mijndi Tlie fvlappa MLJiidi is a 13111 ceiltury scholir's iiilL'I PI'Lt(Ition oi (lie ivui-ld aiid is uiiiquc within Britlsh hpi itage. Pi èseiitdtioii ,Ind M.11-ia Hei"it.Igè Li55etS <71 e iiol i ouiiii¥ly acfjuired or disposLd of by the Trust. Tlie piJl)lii l)Jve JCCVSS to all hei Il.Ig? asSC'ts 6 days a iNeek. 20