**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.
1. 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.
2. 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:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
- 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.
- **(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.
- **(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.
- **(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).
- **(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**|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
## 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