We are pleased to present the Annual Report and Financial Statements for the year ended 31st March 2025. Since our founding in 2002, the Herefordshire Community Foundation (HCF) has served as a trusted channel for charitable giving and impactful grant-making. To date, HCF has proudly awarded £7,802,315 in funding across 4,337 individual grants - supporting grassroots initiatives that enrich lives and strengthen communities across Herefordshire.
A Successful Year of Giving
We remain proud to be Herefordshire’s leading independent grant-maker. In 2024-25, HCF continued to demonstrate strong performance, with £604,247 awarded in grants to community groups and individuals – compared with £748,110 in 2023–24. Our grants spanned a wide range - from a £60 award from the HCF Care Fund for emergency dentistry care for a homeless individual, to £18,000 to Herefordshire Green Network from the Green Oak Fund. In total, HCF issued 552 grants, comprising 164 community grants and 388 individual awards.
Supporting Care-Experienced Parents: Baby Steps
One of our proudest achievements this year was the launch of Baby Steps, an innovative programme supporting care-experienced parents and parents-to-be (aged 16–25). Thanks to £150,000 funding over three years via UKCF from the CCLA LAMIT Care Leavers Fund - matched by our Iron Fund - Baby Steps is the first initiative of its kind in Herefordshire. Led by HCF, it brings together community organisations and Herefordshire Council to ensure brighter futures for young families who, by definition, lack the breadth of family support which most young families can rely on.
Household Support Fund: Easing the Cost-of-Living Crisis
Partnering with the Talk Community Team at Herefordshire Council, HCF distributed £136,538 from the Household Support Fund. The funding helped 285 households with energy costs and essential white goods. Support was targeted at elderly residents, people living with disabilities, and low-income families with young children - those most vulnerable to rising living costs.
The Iron Fund: Flexible and Far-Reaching
We gratefully acknowledge a generous donation of £1million to the Iron Fund - which has been our flagship programme for the past eight years. In 2024–25, £70,932 was awarded across 42 grants (compared with £171,340 across 95 grants in the previous year). The Iron Fund also supported our Community Warm Spaces initiative, helping heat shared spaces. It also provided food provision during winter – benefitting 6 projects across Herefordshire.
George’s Fund: Nurturing Childhood Wellbeing
In 2024, we delivered the second round of grants from George’s Fund, a memorial fund honouring the short and special life of George Price. Ten grants totalling £38,476 were awarded to projects encouraging children aged 3–11 years to connect with nature and build emotional resilience. This fund has been a shining example of how a memorial fund can generate benefit from tragedy.
Investing in Children’s Mental Health: The ELSA Programme
The Mental Health Fund supported the training of Emotional Literacy and Support Assistants (ELSAs) across 85 primary schools, at a total cost of £24,500. ELSA is a nationally accredited early intervention programme equipping teaching assistants to support children’s emotional wellbeing. Our goal is to ensure every primary school in Herefordshire has at least one ELSA.
Emergency Flood Relief for Flood Victims
Following widespread flooding across Herefordshire during the winter, we issued 77 awards to affected households and 3 schools and 1 sports centre totalling £24,250 through our Emergency Relief Fund. This compares with 11 awards totalling £4,237 in the previous year.
Andrew Basnett Memorial Fund
We were pleased to work with the Basnett family and Hereford College of Arts (HCA) to launch the Andrew Basnett Memorial Fund, honouring the life and artistry of blacksmith Andrew Basnett. The first award supported the inaugural Andrew Basnett International Blacksmithing Masterclass, aimed at nurturing emerging talent in the field.
High Sheriff Fund: Strengthening Safer Communities
We were pleased to work with High Sheriff, Patricia Churchward, to award ten grants totalling £30,000 from the High Sheriff Fund. Established in 2016, the fund supports initiatives that promote law and order, and foster safer communities across Herefordshire.
Heaton Legacy
We were deeply grateful for the legacy gift of £250,000 from the estate of Stuart Michael Heaton. In 2012, Mr Heaton established the Heaton Fund with HCF to support good causes in and around Ledbury. Thanks to his generosity, this legacy will continue to benefit communities across Herefordshire for years to come.
Bridging the Digital Divide
To address digital exclusion, HCF distributed 19 laptops to community projects such as Burghill Talk Community Hub and Ledbury Refugee Support. These devices have helped recipients access advice, education, employment resources and online services.
Charity of the Year Recognition
We were thrilled to be named Charity of the Year 2024 by Herefordshire Means Business. It was truly uplifting to receive this recognition from our local business community - a testament to the collaborative spirit that drives our work.
Creating a Legacy of Giving
HCF enables individuals, families, and businesses to establish named or anonymous charitable funds tailored to the causes they care about - at far less cost and administration than setting up a standalone charity. We manage everything from vetting and distribution to claiming Gift Aid, making impactful philanthropy simple and efficient.
We also offer memorial funds that honour loved ones by continuing their legacy through lasting support for local causes. For many, this provides comfort and purpose at a time of loss.
A Call to Herefordshire Businesses: Join Business for Good
We are particularly keen to grow our Business for Good Fund, which brings together enterprises of all sizes - from sole traders to multinationals - to collectively drive positive change across Herefordshire by each making an equivalent donation commensurate with their size. By pooling donations, the business community supports local projects and improves the lives of local people. Get in touch to learn how your business can be part of this impactful initiative.
A Note of Thanks
I am pleased to record my thanks to our dedicated trustees and staff for another successful year. I am equally grateful to our partners and grantees for their commitment to supporting our local communities. Together, we continue to build a stronger Herefordshire.
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "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 objects for which the Foundation is established are:
To promote any charitable purposes for the benefit of the community in the County of Herefordshire and in particular the advancement of education, the protection of good health both mental and physical and the relief of poverty and sickness;
To promote other exclusively charitable purposes in the United Kingdom and elsewhere which are in the opinion of the Trustees beneficial to the public including the community in the County of Herefordshire;
To match the wishes of donors, corporate or individual, to community needs, to encourage local philanthropy for the public benefit, and to enable donors to use the resources of the Foundation to achieve more effective giving;
To seek donations to endowment funds, individually tailored to the donor’s wishes or, for smaller amounts in a pooled endowment fund;
To seek donations to flow-through funds for those who wish to see a more immediate impact from their generosity;
To enable its donors to take full advantage of all external aid to the sector including donation matching and gift aid;
To establish links with the voluntary, business and statutory sectors in order to ensure the best possible use of resources within these sectors.
Public Benefit
The Trustees seek to ensure that the activities of each of the Funds under the umbrella of the Foundation meet ‘Public Benefit’ tests in accordance with the following Charity Commission guidance:
Know what the Fund was set up to achieve – this is known as the Fund's 'purpose'.
Identify how the Fund's purpose is beneficial – this is the 'benefit aspect' of public benefit.
Know how the Fund's purpose benefits the public or a sufficient section of the public – this is the 'public aspect' of public benefit.
Identify how the Fund's purpose will be delivered – this is known as 'furthering' the charity's purpose for the public benefit.
The Trustees, having reviewed the objectives and activities of the Foundation and its constituent Funds and, having given due consideration to Charity Commission guidance above, are satisfied that the Foundation business is properly conducted for the ‘public benefit’.
The Funds
The Foundation manages a number of sub-funds that fall into two broad categories – Endowment and Flow-through. Although all the funds belong to the Foundation, they are ring-fenced and operate separately in accordance with the wishes of the donor.
Endowment Funds are long-term capital funds with the aim of increasing their value by judicious investment applying their income to the charitable purpose of the sub-fund.
Flow-through Funds tend to have a limited life with the goal of distributing the whole sum donated in accordance with the goals of the donor.
Our approach to fundraising
In order to carry out its activities, the trustees have considered The Charities (Protection and Social Investment) Act 2016. The charity complies with the Code of Fundraising Practice. It has received no complaints on fundraising activity and does not undertake fundraising in a way that might intrude on any person's privacy or take advantage of vulnerable people. The majority of the charity's fundraising activity is derived from grant funding and contract opportunities via grant making trust, public agencies and prime contractors. It does not carry out either directly or through other professional agencies, direct marketing or face-to-face approaches to individuals vulnerable or otherwise.
This was another exceptional year for Herefordshire Community Foundation. HCF has now distributed nearly £8 million in terms of grants awarded since it was established in 2002. In the period 2024-2025 HCF gave out 552 grants, 164 to charities and 388 to individual beneficiaries.
Financial markets continued to remain turbulent but the Foundation has benefited from sound investment which has resulted in the growth of our funds again this year.
The Foundation remains as a significant benefactor for the County of Herefordshire.
Principal funding sources
Income for endowment fund building comes from donations. Income from donations combined with dividend and interest income is used for grant making. The administration (unrestricted fund) income comes from a contribution from each fund and from unrestricted donations.
Investment policy and objectives
All endowment capital is invested in the COIF Charities Investment Fund, run by CCLA Investment Management. To quote from their web site:
"CCLA is one of the UK's largest charity fund managers according to the latest Charity Finance Survey. Managing investments for charities, religious organisations and the public sector is all we do. Based in the City of London, with an office in Edinburgh, we are largely owned by our clients funds."
Investments continue to perform within or above the guidelines as agreed by the Investment Committee and set out in the Foundation’s Investment Policy.
Reserves policy
The total reserves of the charity increased by £1,473,291 to £9,374,550 from £7,901,259. Restricted funds increased from £369,243 to £599,264 and Endowment funds increased from £7,343,260 to £8,592,914 in the year. The Trustees continue to seek further funding for marketing and endowment fund development activities.
The Foundation aims to retain sufficient free reserves to provide adequate working capital to fund its administration and fund development activities for at least six months, taking into account committed income. The Trustees are satisfied that the net assets of the Foundation are adequate to fulfil the obligations of the Foundation. Free reserves currently amount to £156,279 (2024 - £166,768), the Trustees are satisfied that free reserves are more than sufficient for a minimum of six months development activities
Grant-making policy
HCF supports charities, grassroots community groups and social enterprises to make a positive difference in their communities
All grants made must promote charitable purposes and are awarded in accordance with HCF’s charitable aims and objectives.
Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
Quality Accreditation
The Foundation holds the latest Quality Accreditation awarded by the UKCF. These exacting standards are endorsed by the Charity Commission and cover the key areas of Definition and Governance, Finance and Risk, Donor Services and Development, Grant Making and Community Engagement and Communications. Community Foundations must hold this quality accreditation to manage publicly funded grant programmes. The foundation continues to hold the latest Quality Accreditation (QA5).
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Fund Director has carefully controlled administration costs that are funded by direct donations and internal transfers from the individual funds managed. Trustees regularly review the risk assessment profile, in line with Charity Commission recommended guidelines.
The Trustees plan, during the next twelve months, to:
Continue to make grants to support local communities for the public benefit and in accordance with the wishes of donors
Seek to extend its Endowment and Flow-through Funds for individuals and corporate givers
Raise the profile of the Foundation in the County
Actively encourage local philanthropy for local benefits
Develop a range of donor 'vehicles' designed to meet the ever-widening range of charitable aims of prospective donors
Enable existing donors to achieve more effective giving
To identify ways and work with smaller businesses who wish to create a collective fund
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Incorporation as a company limited by guarantee took place on 24th June 2002 and registration as a charity occurred on 5th December 2002.
Trustees
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Recruitment and appointment of Trustees
The Board aims to achieve representation across the different areas of the County; to maintain a wide range of interests within the voluntary and community sectors and to ensure that key skills, such as fund development, financial and legal knowledge, are provided within the Trustee group.
Organisational structure
The Trustee Board is the strategic decision-making body of the Foundation. It employs a part-time Director, who carries out the day-to-day management of the Foundation. Grant panels are established as appropriate for the assessment of grants and their recommendations are submitted to the Board for final approval. At the current stage of development, active participation by Board members is required to advance fund development, the website and the profile of the Foundation within Herefordshire. The remuneration of key management of the charity is set by the board.
Induction and training of new trustees
All Trustees are provided with an induction to the work for the Foundation and opportunities to attend training and development events are provided.
Related parties
The Foundation is affiliated to and acknowledge the support of the United Kingdom Community Foundation (UKCF).
There are occasions when the Foundation is asked to support a beneficiary of other charities and may receive funds for management from charitable projects which a certain member of the Trustees have an interest. At all times these transactions are within scope of its objects.
In accordance with the company's articles, a resolution proposing that Kendall Wadley LLP be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Herefordshire Community Foundation for the purpose of company law, 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).
Company Law 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, including the income and expenditure, of the charitable company for that year.
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; and
- 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 adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Opinion
We have audited the financial statements of Herefordshire Community Foundation (the ‘Charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).
In our opinion, the financial statements:
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 Auditor's 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 UK, including the FRC’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.
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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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 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.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and their attitude to risk ascertained.
- an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over-ride or fraud is made.
- it is ensured that the engagement team have, collectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the charity.
As a result of the outcome of our risk review:
- we establish processes to test the outcomes of our assessment which include, a review of Board minutes, analytical review, the relevance and accuracy of significant accounting estimates, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error.
- an understanding of the legal and regulatory framework as applicable to the charity is obtained together with knowledge of the procedures put in place by the charity in order to comply with the same.
- it is established if there have been any instances of non-compliance with applicable laws and regulations, where there are such breaches, a full understanding, including gathering of relevant documentation appertaining to the event is obtained and assessed.
It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Kendall Wadley LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Investments
Investments
Other income
Herefordshire Community Foundation is a private company limited by guarantee incorporated in England and Wales (Company number: 04468139) and a charity registered with the charity commission in England and Wales (Charity number: 1094935). The registered office is The Fred Bulmer Centre, Wall Street, Hereford, HR4 9HP.
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties about its ability to continue. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 are allocated on the portion of the asset’s use.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified. Notifications give the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Assets costing more than £150 are capitalised.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stock consists of donated laptops for distribution to beneficiaries. Laptops are valued at a flat rate of £84.
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
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.
Liabilities are recognised when there is an obligation at the balance sheet data 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 and services it must provide.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Grants
Other income
Resources expended on charitable activities
Resources expended on charitable activities
Rent and service charge
Postage and stationery
Sundry expenses
Fees, subs and training
Bank charges
Computer running costs
Grants paid out
Charis voucher and donation fees
Travel and entertaining
Event and marketing
Fund raising expenses
Audit fees are for the audit and preparation of the statutory financial statements.
In this or the previous year none of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. None of the trustees were reimbursed expenses in this or the previous year.
The average monthly number of employees during the year was:
The Charity considers its key management personnel comprise the management and admin team. The total amount of employee benefits received by key management personnel was £138,969 (2024 - £117,431).
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Transfers in the year relate to management fees for the funds.
The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.
Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
The Foundation manages a number of different types of funds. They fall into two main groups :–
Endowment funds where the donations are held as capital and the income is distributed as grants in accordance with the wishes of the donor.
Flow-through funds where the whole donation is distributed as grants over a set period, usually five years or less.
Endowment funds are further divided into three groups:-
Unmatched Endowment funds received no matched funding from Government apart from Gift-Aid. The Foundation manages one such fund, invested with CCLA Investment Management Limited. Fees are charged to capital.
Grassroots Endowment funds received matched government funding under a now closed Grassroots Endowment Match Challenge scheme in addition to Gift-Aid. The Foundation manages nine such funds, invested with CCLA Investment Management Limited. Fees are charged to capital.
Community First Endowments receive matched government funding under a current scheme in addition to Gift Aid. Such funds are invested with CCLA Investment Management Limited in accordance with the rules of the scheme. Fees are charged to income. The income is supplemented by capital gains in excess of inflation.
There follows a brief description of the charitable objects of each fund grouped as above.
Unmatched Endowment Funds (no additional government funds)
Becket Bulmer
To promote the cultural advancement of the people of Herefordshire in particular through the theatre, music and arts, enhance the education of young people, the improvement of the environment and the support of disabled people. In addition to support Hereford Cider Museum and award an annual bursary to the Hereford Police Male Choir Young Musician of the Year. Approximately 8% of the value of the Becket Bulmer Fund was matched through the Grassroots Endowment Match Challenge, a government scheme that ran from 2008 to 2011.
Richard Bulmer
To help under-25’s living in and from Herefordshire to further their artistic aspirations with particular emphasis on music and travel.
John Morgan
To promote activities which raise environmental awareness and which benefit the environment with emphasis on the Kington area.
Hergest
As for John Morgan but also to support the artistic endeavours of residents from Kington.
Glencora
To promote activities that benefit the environment, enhance the lifestyles of the older generation and further the arts with particular emphasis on music. Priority given to applications from the Ledbury/Colwall area.
Coneygree
To support the activities of community/voluntary groups in Ledbury and the twenty-three surrounding parishes to provide care and fellowship to individuals and rehabilitate those with mental or physical health problems through their activities. There is a special focus given to groups working with older people.
CPRE (Herefordshire)
To support groups that protect the countryside.
HCF Care Fund
To fund any Herefordshire emergency or requirement which needs an immediate response. The emphasis should be on individuals, the homeless, poor or needy such as replacement clothing for a family after a house fire, or an essential home appliance for an individual or family needing urgent rehousing after domestic abuse.
Judith Shrimpton Fund
A fund created to benefit such organisations and activities in Herefordshire and the West Midlands whose aim is to relieve the needs of people with disabilities of any kind and to help individuals lead a lifestyle of their choice.
HCF Sports Fund
A currently inactive fund but established to raise money for sport in Herefordshire.
Much Marcle United Fund
A consolidated group of old charities for the benefit of the people of the Ancient Parish of Much Marcle. Specifically, to support organisations and community groups that work in support of the wider community. Grants for individuals will be considered for education or welfare issues.
Charlotte Emma Ballard Trust
A fund created to support children living in Ledbury.
Charles & Anna Saunders Family Trust Fund
A fund created to help people who are working to better themselves through hard work.
HCF Mental Health Fund
It has been a long-time priority of HCF to provide a fund dedicated to addressing mental health issues throughout Herefordshire. Thanks to a legacy left to the Foundation and a large, very generous, corporate donation, the HCF Mental Health Fund has now been set up and the Foundation is currently collaborating with local organisations and providers, including the NHS, to ensure the funding will be targeted where it is most needed.
Community First Endowment Match Challenge (a government scheme that offered £1 for every £2 endowed)
Jack Hughes Fund
Established by the Herefordshire County Proficiency Tests Committee to support the rural communities across the county, initially with rural education requirements and skill enhancement opportunities.
Bulmer Gilmour
To support voluntary and community groups in Herefordshire, with emphasis on families.
H.E.C.
Herefordshire Education Fund. To support education, including Bursaries for the under-25’s.
H.C.F.
Herefordshire Country Fair. A fund using any available surplus from the annual Country Fair to support the rural community in Herefordshire.
Joanies
This fund, covering England and Wales, has a wide-ranging, community-based focus but particularly welcomes applications from organisations working with young people aged 11 to 25 and is especially interested in projects that lead to employment, accreditation, further education, training and integration. It looks for innovation and entrepreneurship and for strong evidence of how closely applicants consult young people in developing their service, and for any community involvement or local financial support.
Hereford College of Arts
A fund created to support the arts in Herefordshire, including bursaries for students at the Hereford College of Arts and an annual Brian Hatton Award to the Herefordshire Young Artist of the year.
Castle Sychrov Endowment Fund
The primary aim of the fund is to benefit Herefordshire, particularly in relation to activities that support young people aged 5-21, whether in relieving hardship, funding education and training needs, or appropriate youth projects. Funds may be directed to individuals or communities.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
See the previous note for the narrative regarding the nature of funds.
At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year donations of £1,128,376 (2024; £501,227) were received from trustees without conditions. There were no other related party transactions in this or the previous year.
The Charity had no material debt during the year.