Bedwngfield's Trust Charity Regtstrats'on Number. 1075413 Accounts for the year ended 30 September 2024
Bedingfield's Trust Accounts for the year ended 30 September 2024 Index Page 1-5 Trustee's Annual Report Independent Examiner's Report Statement of Financial Acb'vrties Balance Sheet 9 - 14 Notes to the Accounts (including Accounting Policies)
Bedingfield's Trust Accounts for the year ended 30 September 2024 Trustees. Annual Report The Trustees have pleasure in Submitting their Annual Report and Financial Statements for the year ended 30 September 2024. Objectives and activities of the Charity The object of Bedingfield's Trust shall be the advanment of legal education among the members and students of Gray's Inn (including legal research by members and students of Gray's Inn and making public the results thereof) with a view to SUPeMenting the Inn's contributs.ons to legal exllenCe a5 a memorial to the Testator. The Trustees hold the capital and incorne of the charity on Unrestricted Funds from vthich they may make donations towards such wholly charitable purposes as they in their absolute discretion think fit to meet with their objectives. The Trustees also have power to do such acts and things as may be necessary or desirable for that purpose. Without prejudice to the generality of the foregoing, the Trustees may apply the income and capital of the fund as follows.. in sponsoring readings (or lectures) on legal subjects gtven by practising barristers at Gray's Inn. to be known as Bedingfield's Readings. arranged in assctiation with Gray's Inn and in remunerating the Readers (or lecturers) The Trustees are requested {but wthout imposing any legally binding obligation upon them or restricting their discretion) regularly to consider sponsoring such readings and in providing scholarships for students and newly called barristers of the Inn to be known as Bedingfield's Scholarships. to be awarded in such a manner as may be agreed between the Trustees and Gray's Inn and in providing or assisting in providing continuing professional education for members of Gray's Inn by practising bamsters. Without restricting the wdth of their discretion the Trustees are requested to have special regard for those practising or intending to pracknse on the Wales and Chester Circuit when exercising their powers with regard to scholarships and continuing professional education. The Trustees may also from time to time make grants to the Barristerfs Benevolent Association out of the capital or income of the fund. The Trustees have complied wÈth the duty in s17(5) of the charib.es Act 2011 to have due regard to the Charity Commission's Public Benefit guidance when exercising any relewant powers or duties. Achievements and perfomiance Grant makin The Trustees have resolved to make a grant towards the provigon of scholarships and advocacy training by Gray's Inn. as detailed in the Notes to the accounts. Page 1
Bedingfield's Trust Accounts for the year ended 30 September 2024 Trustees. Annual Report Investments: The performance of the fund is monitored against a bespoke benchmark agrd by the Trustees, which is currently CPI +4 % and the ARC Sterling Balanced Index. The Investment Manager provides fegular reports to the trustees vtho review the performance of the portfolio and of the Investment Manager once a year. The value of the Trust's portfolio as at 30 September 2024 totalled £3.968,421, an increase from £3,709,470 as at 30 September 2023. The Trustees are satisfied wth the investment perforrnan, which has been reviewed in accordance with the Policy Statement. The Trustees do not propose to make any changes to their policies at this time and will continue to review the position. Financial Review Net income received from investments during the year totalled £131,503 (£131,961 in 20231 and £135,000 (£135,000 in 2023) was applied directly towards the charity's purposes. Costs for raising funds, consisting solely of investment charges. totalled £15.578 {£15,419 in 2023) and governance costs for the year were £5,892 (£9,486 in 2023). The SOFA includes net gains l (losses) arising on revaluations and disposals of investments throughout the year. After taking these into account, the net increase in funds for the year ended 30 September 2024 was £259,007 (decrease of £12,275 in 2023). Total Unrestricted Funds held as at 30 September 2024 were £4,093.327 an increase from £3,834,320 as at 30 September 2023, represented by investment assets and cash. The Trustees are satisfied they have sufficient funds to meet with their ongoing objecttves and will continue to regularly review the position. Reserves.. The Charity's investments provide income from which to make grants and the Trustees aim to distribute all or a very large percentage of the income net of expenses each financial year. The Trustees rewew the available income funds each year. not making multi-year grants and therefore do not maintain an amount of set reserves, viewng all funds held as free reserves available for applying towards the charity's activities. Investments= The Trustees have agreed wth the Investment Manager the objectives to secure a reasonable growth in income consistent with the long term preservation of capital in real tems. Investment decisions should be made based on views of the prudent person in accordance wtth the standard investment criteria relating to suitability and diversification. The Trustees wish to ensure that the objecttves outiined are achieved vrith an acceptable risk. This implies the need for diversification of investment of the Trust to include a range of assets including fixed interest stocks, UK and overseas shares. Page 2
Bedingfield's Trust Accounts for the year ended 30 September 2024 Trustees. Annual Report Investments comprise holdings in UK, large overseas listed companies, unit and investment trusts, including those investing in major international markets and also fixed interest securities. The portfolio may therefore include a proportion of medium-sized or smaller UK companies and have exFosure to international markets. Uninvested cash is held in client accounts at Rathbones Investment Management. Structure, Governance and Management The governing bcyJy of Bedingfield's Trust (registration no.. 1075413) are the Trustees of a Will dated 14 September 1995 which was proved by the Executors on 12 April 1996 as modified by a court order dated 3 November 1997. The power of appointing new Trustees is vested in the then current Trustees. Trustees are selected due to their connection with the current Trustees in accordan with their skills, experience and understanding of the obligations imposed on such an appointment. Bedingfield's Trustees shall not be less than thr nor more than six in number, a majority of whom shall not be members of Gray's Inn. There shall be a quorum of thr at any Trustees, meeting. The Trustees meet annually to rewew performance and make grants toardS provision of scholarships and advocacy training by Gray's Inn. The Board nominates Trustees to attend the interview process to select scholars they shall support. The Trustees ensure they are operating wthin the current guidelines by discussing any matters arising from updated Charity Commission practice and guidelines and, along with their own reading, they are guided by Rathbones Trust Company Ltd and Addleshaw Goddard, as their adwsors. The Trust's capital is mainly invested on stock markets. As the Trustees have unrestricted powers of investment under the governing deed, the Trustees have resolved to delegate the day to day management of the Trust's Funds to Rathtx)nes Investment Mana3ement Ltd. Risk assessment" The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or prOdureS have been established in order to manage those risks. After considering the areas of governance, operational, financial. environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's fund5. In order to mitigate this risk and in accordance wth s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager. which is reviewed at least once a year in line with investment performance. Page 3
Bedingfield's Trust Accounts for the year ended 30 September 2024 Trustees. Annual Report Reference and Administration details Registered No.. 1075413 Principal Address.. Clo R*hbones Investment Management, Port of Ltverpool Building, Pier Head. LiverF()ol L3 1NW Trustees who served during the year.. Robert walla Ham KC (Chair) Otren Mair Whitty James Francis Stewart Preece Andrew Timothy Morris Francis Roger Shackleton Solicitors & Administrators-. Addleshaw Goddard, 3 Sovereign Square. Sovereign Street Leeds LS14ER Accountancy: Rathbones Trust Company Limited, Port of Liverp)ol Building, Pier Head, LiverFM)oI L3 1 NW Independent Examiner: Kerry Roberts, clo Port of Liverpwl Building, Pier Head, Liverpool, L3 1 NW Bankers & Investment Managers.. Rathbones Investment Management Limited, Port of Liverpool Building, Pier Head, Liverp[ L3 1 NW Plans for the future The Trustees are satisfied that their current policies, including to donate the majority of net income received each year. are sufficient to meet their objecttves and do not expect these to be amended in the foreseeable future. Page 4
Bedingfield's Trust Accounts for the year ended 30 September 2024 Trustees. Annual Report Trustees. Responsibilities The Trustees are responsible for preparing the Trustees. Annual Report and Financial Statements in in accordance wth applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair wew of the state of affairs of the charity and of its income and application of reSoUrS for that year. In preparing these financial statements, the TrUStS are required to: select suitable accounting poli$ and then apply them consistently,. - observe the methods and principles of 'Accounting and Repo"ng 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) (the Charities SORP),. make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on the going cOnM basis unless it is inappropriate to presume that the charity wll continue in operation. The Trustees are responsible for. keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose wth reasonable accuracy at any time the financial position of the charity keeping adequate accounting records vrfhich enable the Trustees to ensure the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. - for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Declaration The Trustees declare that they have appyoved the Trustee's report above. As agreed and signed on behalf of the Trustees 4 July 2025 Robert Wallace Ham KC Trustee Date Page 5
Bedingfield's Trust Accounts for the year ended 30 September 2024 Independent Examinerfs Report Independent examinerfs report to the Trustees of the Bedingfield's Trust- charity no: 1075413 I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 30 September 2024, which a set OLrt on pages 7 to 14. Responsibilities and basis of report As the charity's Trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1.the Act"). I report solely to the Trustees in respect of my examination of the charity's accounts, carried out under section 145 of the Act and in carying out my examinalion I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the ACL Independent examiner's statement l am a member of an approved body subject to the provisions of the Revised Ethical Standard 2019 issued by the Financial Reporting Council {FRC). Ralhbones Trust Company has provided book keeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the book-keeper in any respect. I give due consideration to the FRC'S Revised Ethical Standard 2019 at all times. I have completed my examination. l confirm that no material matters have come to my attention in conneclion with the examination which gives me cause to believe that in any material respect.. the accounting records were not kept in accordan with secb.on 130 of the charib.es Act, or the accounts did not accord with the accounting records. or the accounts did not comply with the applicable fequirements conMing the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. zoz Kerry Robe MAA TMCSI C/0 Port of LNerpool Building, Pier Head. Live001 Date Parje 6
Bedingfield's Trust Accounts for the year ended 30 September 2024 statement of fwnancial activities Unrestricted Funds Total 2024 Unrestricted Funds Total 2023 Notes Income from: Investments 131,503 131,961 Total Income 131.503 131,961 Expenditure on: Raising funds Charitable activities 15.578 140,892 15,419 144,486 Total Expenditure 156,470 159,905 Net gains l (losses) on investrnents 283,974 15,669 Net movement in funds 259,007 112,275) Reconciliation of funds Balance brought forward at 1 October 2023 3,834.320 3.846.595 Balance carried forward at 30 September 2024 4,093.327 3,834,320 The notes on pages 9 to 14 form part of these accounts. P4e7
Bedingfield's Trust Accounts for the year ended 30 September 2024 Balance Sheet at 30 September 2024 Unrestricted Funds Total 2024 Unrestricted Funds Total 2023 Notes Fixed Assets Investments at Market Value 3.968,421 3.709,470 3.968,421 3,709,470 Current Assets Debtor Cash at bank and on deposrt 10 10,683 125.575 10,823 123,447 Total Current Assets 136,258 134,270 Liabilities Creditors- amounts falling due within one year 12 11,352 9,420 Net Current Assets l (Liabilities) 124.906 124,850 Total Net Assets at 30 September 2024 4.093.327 3,834,320 Funds of the Charity Total Unrestricted Funds 4,093.327 3,834,320 Funds at 30 September 2024 4,093,327 3,834,320 Approved by the Board of Trustees and signed on its behalf by: 4 July 2025 Robert Wallace Ham KC Trustee Date The notes on pages 9 to 14 form part of these accounts.
Bedingfield's Trust Accounts for the year ended 30 September 2024 Notes to the Accounts 1 Charity Infomiation Bedingfield's Trust 15 governed by a Will dated 14th September 1995 thich bfds proved by the Executors on 12th April 1996 as modified by a court order daled 3rd November 1997 and registered in England and Wales. Ils prinapal address is cjo Rathbones Investment Manageff*nt. Port of knverpool Building. Pier Head, Liverpool. L3 1 NW. The charity is a Public Benefit Entity as defined by FRS 102. Accounting Policies The financial statements have been wepared on an accwals basis and a going concem basis in accordan with 'Accounting and Reporting by Chartlies.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and UK Generally Accepled Acxounling Practice. The accounts are prePad in steding. which is the functiorkil currency of the tharity. Monetary amounts in these financial stslements are rounded lo the nearest £_ The accounts have been prepared on the historical rJ)sl convention. mdified lo include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in the SORP for Charibes applw'ng FRS 102 Update Bulletin 1 not lo prepa a Statement of Cash Flows. Going Concern The Trustees have assessed vthether the use of Going Conrn is appropriate and have concluded that the charity has adequale resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertaints.es about the charitys abilty lo continue as a going concem and thus the Trustees continue to adopt the 'going concem. basis of accounting in preparing Ihe financial statements. Charitable Funds The charity holds Unrestricted Funds which are available for use at the discretion of the charity in furtherance ol its charitable objectives unless the funds have been designated for other purposes. Income Income is recognised when the charity is legally ented to it after any perfomiance conditions have been mel. the amounts can be rrwsured reliatrAy and li is probable that income ryI1 be received. Cash donations are recognised on rlpL Olher donati($ a recognised On the charity has been notified of the donation. unless performance condltions require deferral of the amount. Income Tax recoverable in relation to donations received under Gfft Aid or deeds of covenant is recognised al the time of the donation. Legacies are recognised on reIpt or otherwise if the chanty has been notified ol an impending distribution. the amount is known and receipt is experAed. If the amount is not known. the legacy is treated as a contingerTt asset. All dividend income is recorded net and irNJudes tax deducted On when it is repayable to the charTty.
Bedingfield's Trust Accounts for the year ended 30 September 2024 Notes to the Accounts Expenditure Expenditure is recognised when the is a legal or constructive obligation for which it is more likely than not that a transfer of enOrTIc benefrt viill be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide funding to the rectpient by the reporting date and there are no conditions attached to Éts paent falling due after the reporting date. Provisions for liabilities must be recognised when etther the timing or the amount of future expenditure required to settle the obligation is uncertain. These are dislinguished separately on the balance sheet. If a transfer of reSoUrS is no longer required. prowsions are reversed and charged to the SOFA. Governance costs Governan costs comprise all costs involving publ accountability of the charÈty and sls compliance with regulation and good pra1. Investments Investments held in the fund are induded al their market value as follows= (a) Listed securities are valued at the mid market value njling at the balance sheet date. (b) Listed secuflties hekl in foreign currencies have been valued at the mid mafkel value and translated into their sterling equivalenls at the rates ruling al the balan sheel dale. (c) Gilts are valued at the mid market value mlirpj at the Balance Sheet date and include interest that has accwed up to that date. Investments are dassified as a fixed asset expt when dassified as a o]rrent asset where the intention of the Tnjstees is to dispose of the asset and not reinvest the proceeds. Other recognised Gains and Losses Realised gains and losses on investments are calculated as the differen belween sales proceeds and their market value at the start of the year. or their subsequent cost and are tharged or credited to Ihe Stalement of Financial Activities in the year of disposal. Unrealised gains and losses represent the movement in market values during ihe year and are credited or charged to the Statement of Finanaal Activtbes slI1ng from reval(sing investrnents to market value at the Balance Sheet date. Taxation The charity is not liable to income or capital gains tax on its charitable acttvities. Irrecoverable VAT is induded in the asset cost or the expense to which it relates. Cash and cash equivalents Cash at bank and in hand is held to meet short-temi cash commtlments as Ihey fall due rather than for inveslment purposes. Cash and cash equivalents indude cash in hand. deposits held at call with banks, other short-term liquid investments Yiith original maturrlÉes of three tTr)nths or less and bank overdrafts. Bank overdrafts are shown within borrcwngs in ojrrent liabiltties. Financial Instruments The charity has elected to apply the provisions of SectÈon 11 'Basic Financ2al Instruments. and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of its finanual instruments. Financial instruments are COgnised in the thartty's balance sheet the tharily become5 paty to the contractual provisions of the instrument. pa 10
Bedingfield's Trust Accounts for the year ended 30 September 2024 Notes to the Accounts Financial assets and liabilrties are offset. wrth the net amourrts pSented in the financial slatements, when there is a legally enforable right to set off the recognised amounts and the is an intention lo settle on a net basis or lo realise the asset and settle the Ik3bilty simuKaneousty. Basic financial assets Basic financial assets. which inctude debtors. cash and bank balances. are initially measured at transaction price inctuding Iransaclion costs and a subsequenlly (zrried at amortised cost using the effective interest rnethod unless the arrangement constitutes a financing transaction, ¥ere the transaction is measured at the present value of the future reip1S dis(x)unted at a market rate of interest. Financial assets classified as receivable within one year are not arTr)rti8ed. Basic financial liabilitie5 Basic financial liabilitie5. induding creditOT5 and bank loan5 are inttially recognised al transaction price unless the arrangement constitutes a financiro transaction. V•here the debt instrument is measured at the presenl value of the futu receipts discounted at a market rate of interest. Finan(aal liabilities classified as payable within one year are not amorttsed. Debt inslruments a subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligalions to pay for goods or Serv that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not. they are presented as non-ojrrenl liabilitEs. Trade creditors are recognised initially at Iran5action pri and subsequently measured at amortised cost using the effectrve interest method. DeTe¢ognition of financial liabilities Financial liabilities are decognised when the charrtS contractual obligations expire or are discharged or cancelled. 3 Critical accounting estimates and judgements In the application of the charrty's accounting polioes. the Truslees are reqUId to make judgements, estimates and assumptions about the Caing amount of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual results may drfter from these estimates. The eslimales and underlwng assumplions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is rewsed Whe the revision affects only that period. or in the pertod of the revision and future periods where the revision affects both current and future periods.
Bedingfield's Tntst Accounts for the year ended 30 September 2024 Note5 to the Accounts 4 Investment income 2024 2023 UK Equities Unit Trust Income Unit Trust Interest REIT Overseas Income Overseas Interest Bank Interest Gilt Inte$1 Excess Reportable Income Accrued Interest Non reclaimable tax deducted at source 71.621 12,609 5.284 5.307 25.853 5.625 4.288 1.817 1,018 797 (2.716) 69,902 16,454 6, 693 4.930 25,204 4.063 4,370 82 453 2,560 (2, 749) 131.503 131,962 5 Raising funds 2024 2023 Investfftenl Management fees 15,578 15,419 6 Charitable activities 2024 2023 Grdnt making.. Donations ¥nade- Gray's Inn Governance cosls (note 7) 135.0(K) 5.892 135,000 9,486 140.892 144. 486 The Trustees made a grant to Grals Inn to be applied Iulvards scholarships and continuing education by the Inn. 7 Govemance costs 2024 2023 Accountancy and compliance fees Independent Examination fees Solicitors fees 3.960 960 972 3, 960 840 4.686 5.892 9,486 8 Remuneration and Other Inforniation The charity has no employees and none of the Trustees have ceiVed any remuneration or repayment of out-of-pocket expenses durtng this or the previous financial year. Page 12
Bedingfield's Trust Accounts for the year ended 30 September 2024 Notes to the Accounts 9 Investsnents Value at 3LV09r2023 Purchases at cost Saes Realised Unrealised Value al proceeds Gainsl{losses} Gainsl(10s5e5) 3010912024 Listed.. Fixed Interest Investment Trusts & Propety Funds Overseas UK Equities Commodities 430.863 210.821 105.823 2.883 31,206 569,950 349. 773 1.410.180 1,447,650 71.004 72.125 143.770 212.4K2 10.468 301 6.826 855 1,593 56.110 137,1 29.091 18,050 334.059 1,622,634 1.361.600 80.178 212,338 3. 709.470 519,625 544.648 12.457 271,517 3,968.421 The following investments represenled nN)re than 5% of the charitys total portfolio as at the year. 2024 2023 JP Morgan Asset Managers (UK) 6.34% 8.04% 10 Debtor 2024 2023 Investment income receivable 10.683 10,823 10.683 10,823 11 Cash at Bank and on Deposit 2024 2023 Rathbones Investment Management 125.575 123.447 125.575 123.447 12 Current liabilities Creditors.. Amounls falling due within one year Ralhbones Trust Co Ltd Ralhbones Trusl Co Ltd - prior year Addleshaw Goddard LLP 2024 2023 4.920 5.460 972 4, 800 4, 620 11.352 9,420 Page 13
Bedingfield's Trust Accounts for the year ended 30 September 2024 Notes to the Accounts 13 Financial Instruments 2024 2023 Carryin9 amount of financial assets Debl instruments receivable within one year Deblor - Cash 10,683 125.575 10,823 123,447 136.258 134,270 Carying amount of financial liabilities Payable within one year Creditors 11.352 9,420 Instwments measured at fair value through SOFA Investments at value 3.968.421 3. 709.470 14 Related Party Transactions The Iruslees have considered personal or other intest$ in vthich as a result of a decision made where an individual may benefit finanoally or otherwtse. either rfirectly or indirectly. In order to comply with Iheir duties. the trustees confimi the person affecled does nol take part in any discussions relating to the iSSLte concerned other than to clarify facts. Amounts paid from the Bedingfield's Trust to any such charrtable organisations are disdosed in note 6. As at 30 September 2024 the Trustees had rbo Inte51 in any tharitable organisalion affected by the above. No olher disdosures are required for the reporting period. Page 14