Registered Charity No: 1010301
THE HERGEST TRUST
REPORT AND FINANCIAL STATEMENTS
For the year ended 31 December 2025
The Hergest Trust
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Information | 1 |
| Report of the Trustees | 2 - 3 |
| Archivist’s report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 – 10 |
The Hergest Trust
REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025
The Hergest Trust was established under a Settlement Deed dated 17 March 1992, which determined the objects and powers. The Hergest Trust is registered with the Charity Commission for England and Wales as Charity Number 1010301 .
| Trustees | Elizabeth Christina Banks CBE DL (RHS nominee) |
|---|---|
| Richard Michael Banks | |
| Edward Joseph Banks Sarah Hordern |
|
| William Ferdinand Banks | |
| Rhys Grifth | |
| Principal Ofce | The Hergest Estate Ofce Ridgebourne Road |
| Kington Herefordshire |
|
| HR5 3EG | |
| Bankers | CAF Bank Limited |
| 25 Kings Hill Avenue Kings Hill West Malling |
|
| Kent | |
| ME19 4JQ | |
| Registered Charity Number | 1010301 |
Page 1 of 10
The Hergest Trust
REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025
The Trustees present their report along with the financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 7 and 8 and comply with the charity’s Trust Deed, the Charities Act 2011, as amended, and the reviewed Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2015).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees who held office during the year are shown on page 1. No Trustee receives a fee for the service they provide to the charity, all time spent is donated free of charge. Any new Trustee required is selected and vetted by the serving Trustees as to their suitability and then in exercise of the powers given to them by the Trustee Act 1925 (as amended) appointed by Deed to be a Trustee jointly with the continued Trustees. Induction and training for trustees is provided when relevant.
OBJECTS AND ACTIVITIES
The primary purpose of the trust is to care for the archives and collections of the Banks family of Kington, Herefordshire and to make their contents available to scholars and the general public. These collections are the property of the Trustees under a gift from the Settlor. Grants for other purposes are not currently made.
ACHIEVEMENTS AND PERFORMANCE
The archives continue to be maintained in accordance with the Charity’s objectives. The charity does not actively fund raise. Details of recent activities are given in the Archivist’s report. The Trustees’ plan for future periods is to continue to maintain the archive and the Hergest Croft Studio where the archives are held and to take opportunities to make them available to a wider public.
FINANCIAL REVIEW
The Charity’s principal source of income is from its investments, which amounted to £20,654. During the year the Trustees spent £18,511 (2024 - £20,804) on the expenses, investment management and administration cost of the Charity.
RISK MANAGEMENT
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
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Physical damage to the archives and the areas in which they are stored. The Landlord maintains insurance on the premises and the policy covers reparable damage to the collections for the benefit of the Trust.
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The investments comprise a material part of the charity. Accordingly, there is an investment policy set by the Trustees
Page 2 of 10
The Hergest Trust
REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2025 (CONTINUED)
INVESTMENT POLICY AND PERFORMANCE
Under the terms of the Trust Deed, the Trustees have wide powers of investment at their discretion. The current investment policy is to maintain a balance of income and capital growth, with an income bias. The Trustees will continue to review the performance of the portfolio.
RESERVES POLICY
The capital is an expendable endowment and at this time the Trustees do not consider a specific Reserve Policy necessary. At the Balance Sheet date the free reserves of the charity amounted to £54,892.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
Law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year.
In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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prepare the financial statements on a 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 to enable them to ensure the financial statements comply with the Charities Act 2011, as amended, the Charities SORP and the provisions of the trust deeds. 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.
Approved by the Trustees and signed on behalf by:
MRS E BANKS Trustee
Date
Page 3 of 10
The Hergest Trust
THE ARCHIVIST’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
PUBLIC USE OF HERGEST TRUST ARCHIVES
Group visits: 0 Visitors 10 Kington Museum: Wendy Jones, Nicky Roberts, Duncan Fallowell – Huntington ECB with 3 visitors to Field Barn from Hereford Cathedral; Jessica Middleton and daughter researching. Stone House: Gladestry once in the ownership of James Watt, purchased for him by James Crummer. The Watt ledgers show details of daily expenditure and purchases of trees from Scotland to be planted in Herefordshire. Katherine Moore, Kington-based painter Additionally: Katherine Owen researching various subjects including Sea Scorpion fossils , Badlands and James Watt, Commins and the Alfred Russell Wellace connection; Rowan – Garden catalogue and plantings
MEETINGS
0
CONSERVATION
Weekly recording of r/h and temperature in 3 muniment rooms and studio. Steve continues to check daily and empties the water collection tanks. The recordings show how very damp and wet the year has been. Cabinet drawers checked for woodworm; banker’s boxes checked for insect debris.
LOANS
No changes. National Museum of Wales’s loans renewed by ECB
SECURITY
No changes.
DISASTER PLAN
No changes
ON-GOING
Dr. Marged Haycock, Editor, Emeritus Professor Welsh History, Aberystwyth advises that the New History of Radnorshire’s publication date has been put back until 2030 and will now run into several volumes.
The ECB kindly arranged for the final boxes of WHB’s photographic albums to be taken to Richard Greenley’s. It remains possible that Richard Wheeler will publish a book in future on WHB’s photographs.
ACCESSIONS
WHB’s cameras and other photographic equipment, including an electronic enlarger, and slides have been sent to the studio, superficially cleaned, boxed temporarily and placed in Muniment Room 1 on the wooden dresser.
CATALOGUING AND BOX-LISTS
On-going.
Page 4 of 10
The Hergest Trust
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 DECEMBER 2025
| Note INCOME Investment Income 3 Gift Received 11 Gift Aid 11 TOTAL INCOME EXPENDITURE Investment Management Costs 4 Expenses and Support Costs 5 TOTAL EXPENDITURE NET INCOME BEFORE GAINS ON INVESTMENTS Gains on Investments Unrealised Gains 6 Realised Gains 6 NET INCOME NET MOVEMENTS IN FUNDS BALANCE BROUGHT FORWARD BALANCE CARRIED FORWARD |
Expendable Endowment £ Income £ 2025 Total £ 2024 Total £ - 20,654 20,654 16,162 - 10,000 10,000 - - 2,500 2,500 21,250 - 33,154 33,154 37,412 - 849 849 2,487 - 17,722 17,722 18,317 - 18,571 18,571 20,804 - 14,583 14,583 16,608 70,855 - 70,855 6,246 - - - 16,514 70,855 14,583 85,438 39,368 70,855 14,583 85,438 39,368 507,657 40,309 547,966 508,598 578,512 54,892 633,404 547,966 |
|---|---|
CONTINUING OPERATIONS: all of the charity’s activities relate to continuing operations.
TOTAL RECOGNISED GAINS AND LOSSES: the charity has no recognised gains and losses other than those shown in the statement of financial activities.
Page 5 of 10
The Hergest Trust
BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2025
| NOTE FIXED ASSETS Investments 6 Tangible Fixed Assets 7 CURRENT ASSETS Cash at Bank 8 LIABILITIES Creditors: amount falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS LIABILITIES Representing: UNRESTRICTED FUNDS Expendable Endowment 10 Income 10 |
2025 £ 2024 £ 576,112 505,257 2,400 2,400 |
|---|---|
| 578,512 507,657 55,505 40,919 (613) (610) |
|
| 54,892 40,309 |
|
| 633,404 547,966 |
|
| 578,512 507,657 54,892 40,309 |
|
| 633,404 547,966 |
Approved by the Trustees and signed on their behalf by:
MRS E BANKS Trustee
Date
Page 6 of 10
The Hergest Trust
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements have been prepared in accordance with the 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 (The FRS 102 Charities SORP), and Charities Act 2011.
(b) Going Concern
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).
(c) Fund Structure
Unrestricted Funds comprise those funds which the trustees are free to use in accordance with the charitable objects.
The Expendable Endowment Fund represents those assets/capital which are held for the longer term for the Charity, in accordance with the terms of the Trust Deed. The Expendable Endowment Fund can be used in accordance with the objects of the Charity and is included in the Unrestricted Funds. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that fund. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund.
(d) Income
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has or will be made such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:
Grants and Donations Receivable
Grants and donations are recognised in the SOFA when conditions for receipt have been complied with.
Investment Income
Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief.
Page 7 of 10
The Hergest Trust
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)
1. ACCOUNTING POLICIES (CONTINUED) (e) Expenditure
- Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
Costs of generating funds
The costs of generating funds consist of custodian and transaction fees.
Costs
Costs comprise all costs involving the maintenance of the archives and the compliance with regulation and good practice.
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(f) Fixed Asset Investments Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
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(g) Tangible Fixed Assets Tangible fixed assets, which are stated at cost or estimated value at the date of acquisition, comprise pamphlets, books and leaflets which are considered as assets retained for the charity’s own function use, distinct from being retained for investment purposes. No depreciation or impairment is necessary as the Trustees consider that the estimated useful life is indefinite, and its value will not decline.
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(h) Realised and Unrealised Gains and Losses All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
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(i) Financial Instruments Cash and creditors Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.
Creditors
Creditor’s receivable or payable within one year of the reporting date are carried at transaction price. Creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value.
2. REMUNERATION OF TRUSTEES
In the financial year ended 31 December 2025, none of the trustees received any remuneration. No expenses were reimbursed to any of the trustees.
Page 8 of 10
The Hergest Trust
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)
3. INCOME
| Income from investments Interest on cash deposits NVESTMENT MANAGEMENT COSTS Multrees custody fees & investment related administration fees SFIM management fees & transaction charges |
2025 £ 2024 £ 19,998 16,162 656 - 20,654 16,162 2025 £ 2024 £ 306 697 543 1,790 849 2,487 |
|---|---|
4. INVESTMENT MANAGEMENT COSTS
5. EXPENSES AND SUPPORT COSTS
In furtherance of the Charity’s objectives including internal maintenance of the Hergest Croft Studio where the archives are housed.
| Hergest Croft Studio Staf Costs RFTMS Charity Administration fees Bank Charges |
Income £ 2025 £ 2024 £ 9,127 9,127 10,881 7,224 7,224 6,300 1,311 1,311 1,076 60 60 60 |
|---|---|
| 17,722 17,722 18,317 |
All staff costs relate to the employment of Heather Pegg as the Charity’s archivist.
6. FIXED ASSET INVESTMENTS
| Market Value Brought Forward Less: Disposal Proceeds Add: Acquisitions at Cost Realised gains on investments Unrealised gain on revaluation Cash for Investment Market Value Carried Forward Historical Costs at 31 December |
2025 £ 2024 £ 501,897 397,540 - (94,604) - 176,201 501,897 479,137 - 6,246 70,855 16,514 572,752 501,897 3,360 3,360 576,112 505,257 373,788 373,788 |
|---|---|
Page 9 of 10
The Hergest Trust
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (CONTINUED)
7. TANGIBLE FIXED ASSETS
| Books and Pamphlets 8. CASH SFIM Income CAF Current Account CAF Gold Account 9. ANALYSIS OF LIABILITIES RFTMS Charity Administration Fees SFIM Management Fees Multrees Custody Fees 10. FUND ANALYSIS Investments Tangible Fixed Assets Cash at bank Liabilities |
2025 £ 2024 £ 2,400 2,400 2025 £ 2024 £ 633 493 20,909 16,992 33,963 23,434 55,505 40,919 2025 £ 2024 £ 344 306 144 127 125 177 613 610 2025 £ 2024 £ 576,112 505,257 2,400 2,400 55,505 40,919 (613) (610) 633,404 547,966 |
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11. RELATED PARTY TRANSACTIONS
In January 2025, Mrs Banks made a gift of £10,000. Gift aid amounting to £2,500 was reclaimed on this gift, making a total of £12,500. As at 31 December 2025, this amount remained in the income account.
Page 10 of 10