BAIN CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
Charity Number 1103185
BAIN CHARITABLE TRUST
CONTENTS PAGE
| Pages | |
|---|---|
| Reference and Administration Details | 1 |
| Report of the Trustee | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Receipts and Payments Account | 6 |
| Statement of Assets and Liabilities | 7 |
| Appendix 1 | 8 |
BAIN CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS
| Corporate Trustee | HSBC Trust Company (UK) Limited |
|---|---|
| Current Directors of Corporate Trustee | J F Goldie-Scot |
| P M Spencer | |
| J Hewitson | |
| Trust Manager | A Cave |
| Principal Office | Forum 1 |
| The Forum Parkway | |
| Whiteley | |
| Fareham | |
| Hampshire | |
| PO15 7PA | |
| Independent Examiner | Frances Millar ACA |
| RSM UK Tax and Accounting Limited | |
| Highfield Court | |
| Tollgate | |
| Chandlers Ford | |
| Eastleigh | |
| Hampshire | |
| SO53 3TY | |
| Bankers | HSBC Bank plc |
| Forum 1 | |
| The Forum Parkway | |
| Whiteley | |
| Fareham | |
| Hampshire | |
| PO15 7PA | |
| Investment Managers | HSBC UK Bank plc |
| 1 Centenary Square | |
| Birmingham | |
| B1 1HQ |
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BAIN CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2024
The Trustee presents its report together with the financial statements of the charity for the year ended 5 April 2024, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the charity’s constitution and applicable law.
The purchase and sale of investments results from the day to day management of the investment portfolio by the Investment Manager. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets.
Structure, government and management
Bain Charitable Trust is an unincorporated trust and is constituted under the terms of the trust deed dated 18 March 2004. The trust is a registered charity (no.1103185).
The Corporate Trustee has appointed a designated Trust Manager to look after the charity. The Investment Manager reviews the performance and provides recommendations on the structure of the investment portfolios.
The power to appoint additional Trustees is vested in the current Trustee, and is exercisable in writing. Should new Trustees be appointed, the existing Trustee would take responsibility of their induction.
The Trustee has examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year was considered to be the variability of the investment returns.
Objectives and activities
The objectives of the charity are to pay or to apply the income and capital of the Trust for each charitable objective or purpose as the Trustee thinks fit, in accordance with the governing document.
The charity awards grants to charitable institutions. The Trustee reviews applications for grants when received and award grants at their discretion.
Achievements and performance
During the year 37 grants (2023: 8 grants) totalling £182,000 (2023: £65,000) were awarded to a variety of charitable institutions in accordance with the terms of the governing documents. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.
Financial review
The charity received funds under the terms of the trust deed. These funds generated investment income, which is used for the purpose of grant making, in accordance with the objectives set out above. The fund generated investment income of £90,538 (2023: £78,146) in the year to fund its charitable activities. The expenditure on charitable activities was £205,029 (2023: £87,856) of which £182,000 (2023: £65,000) was charitable expenditure in the form of grants to charitable institutions.
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BAIN CHARITABLE TRUST
REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024
Investment policy
In accordance with the governing document, the Trustee has the power to invest in such stocks, shares, investments and property as they see fit. The Trustee engaged HSBC UK Bank plc as Investment Manager. The policy is to adopt a low to medium risk investment strategy to protect, in absolute terms, the capital value of the fund whilst producing a sustainable and growing level of income, and also providing the potential for longer term growth of capital in real terms.
Reserves policy
The unrestricted funds, which are the free reserves of the charity, and which are represented by the income arising, are paid over to beneficiaries throughout the year. It is not the policy of the charity to maintain specific reserves.
The expendable endowment funds represent those assets which are held permanently by the charity and are principally investments. Income arising on the endowment fund can be used in accordance with the objectives of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The Trustee has the power to convert this fund into income.
Public benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustee considers how planned activities will contribute to the aims and objectives they have set.
Plans for the future
The Trustee intends to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making.
Related parties
The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc.
In addition to the fees shown on page 6, as a result of the acquisition and disposal of investments, the charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice.
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BAIN CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024
Statement of Trustee’s responsibilities in relation to the financial statements
The law applicable to charities in England and Wales requires the Trustee 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 those financial statements, giving a true and fair view, the Trustee 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; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them to ascertain the financial position of the charity and enables them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed.
The Trustee is 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 Trustee and signed on its behalf:
………………………………………..
HSBC Trust Company (UK) Limited
27 November 2024 Date: …………………………………
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BAIN CHARITABLE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF BAIN CHARITABLE TRUST
I report to the Trustee on my examination of the financial statements of the Bain Charitable Trust for the year ended 5 April 2024, which are set out on pages 6 to 7.
Responsibilities and basis of report
As the Trustee of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the Independent Examiner’s statement.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Frances Millar
Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant
On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY
19-Dec-2024 Date:………………………………
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BAIN CHARITABLE TRUST
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted Endowment funds funds £ £ Receipts Investment income 90,538 - 90,538 - Investment sale proceeds Proceeds from the sales of investments - 2,420,903 Total receipts 90,538 2,420,903 Payments Cost of generating funds Investment service charge - 31,742 Charitable activities Grants paid 182,000 - Other allocated costs 23,029 - Governance costs Independent Examiner's fee 2,904 - 207,933 31,742 Investment purchases Payments for purchases of investments - 2,372,960 Total payments 207,933 2,404,702 |
Unrestricted Endowment funds funds £ £ Receipts Investment income 90,538 - 90,538 - Investment sale proceeds Proceeds from the sales of investments - 2,420,903 Total receipts 90,538 2,420,903 Payments Cost of generating funds Investment service charge - 31,742 Charitable activities Grants paid 182,000 - Other allocated costs 23,029 - Governance costs Independent Examiner's fee 2,904 - 207,933 31,742 Investment purchases Payments for purchases of investments - 2,372,960 Total payments 207,933 2,404,702 |
Unrestricted Endowment funds funds £ £ Receipts Investment income 90,538 - 90,538 - Investment sale proceeds Proceeds from the sales of investments - 2,420,903 Total receipts 90,538 2,420,903 Payments Cost of generating funds Investment service charge - 31,742 Charitable activities Grants paid 182,000 - Other allocated costs 23,029 - Governance costs Independent Examiner's fee 2,904 - 207,933 31,742 Investment purchases Payments for purchases of investments - 2,372,960 Total payments 207,933 2,404,702 |
Total 2024 £ 90,538 90,538 2,420,903 2,511,441 31,742 182,000 23,029 2,904 239,675 2,372,960 2,612,635 |
Total 2023 £ 78,146 |
|---|---|---|---|---|
| 78,146 4,170,400 |
||||
| 4,248,546 | ||||
| 25,991 65,000 22,856 2,640 |
||||
| 116,487 4,169,262 |
||||
| 4,285,749 | ||||
| Net (payments)/receipts | (117,395) | 16,201 | (101,194) | (37,203) |
| Transfers between funds | 27,585 | (27,585) | - | - |
| Cash invested at 6 April 2023 | 111,309 | 6,673 | 117,982 | 155,185 |
| Cash invested at 5 April 2024 | 21,499 | (4,711) | 16,788 | 117,982 |
These unaudited financial statements have been subject to independent examination. See report on page 5.
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BAIN CHARITABLE TRUST
STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024
| Investments UK Collectives Overseas Collectives UK Equities Overseas Equities Alternative Investments Other Trust Assets Cash Total assets Liabilities Professional fees payable |
Unrestricted funds £ - - - - - - 21,499 21,499 2,494 |
Endowment funds £ 488,410 1,489,929 201,809 1,558,580 387,556 1 (4,711) 4,121,574 - |
Total 2024 Total 2023 £ £ 488,410 445,897 1,489,929 1,477,214 201,809 206,385 1,558,580 1,319,940 387,556 336,871 1 1 16,788 117,982 4,143,073 3,904,290 2,494 2,375 |
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|---|---|---|---|---|
27 November 2024
Approved by the Trustee and authorised for issue on ...................................... and signed on its behalf:
………………………………………… HSBC Trust Company (UK) Limited
These unaudited financial statements have been subject to independent examination. See report on page 5.
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BAIN CHARITABLE TRUST
APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS
| Institutions Number of grants Age Concern Cheshire 1 Alder Hey Children's Hospital League of Friends 2 BEEP Doctors (BASICS Cumbria) Ltd 1 Bolton Lads and Girls Club Limited 1 Bury Hospice 1 Clatterbridge Cancer Charity 1 CreateBolton 1 Disability Positive 1 Galloways 1 Homeless Support Project 1 Live! 1 MedEquip4Kids 1 Morecambe F.C. Community Sports 1 North West Air Ambulance 1 Prevent Breast Cancer 1 Pumping Marvellous Foundation 1 Queenscourt Hospice 1 Railway Children 1 Redeeming Our Communities 1 Rescare: The Society for Children and Adults with Learning Disabilities and Their Families 1 Ruby's Foundation 1 Ruby's Fund 1 Safety Net (UK) 1 Seashell Trust 1 Space 1 Space4Autism 1 The Douglas Bader Foundation 1 The Rosemere Cancer Foundation 1 The Rossendale Trust Limited 1 The Royal Aiforce Benevolent Fund 1 The Wingate Special Childrens Trust 1 Time Out Group 1 Ulverston Inshore Rescue 1 Walton Lea Partnership 1 WMUK 1 Zoe's Place Trust 1 37 |
Amount £ 4,625 8,625 4,000 4,000 4,000 8,625 4,625 4,625 4,000 4,625 4,000 4,000 4,000 8,625 8,625 4,000 4,625 4,625 4,000 4,000 4,625 4,000 4,625 8,625 4,000 4,000 4,000 8,625 8,625 4,000 4,625 4,000 4,000 4,000 4,000 4,000 |
|---|---|
| 182,000 |
These unaudited financial statements have been subject to independent examination. See report on page 5.
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