BAIN CHARITABLE TRUST
Trustee’s Report
and Unaudited Financial Statements
for the period ended 18 March 2025
Registered Charity Number 1103185
BAIN CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 MARCH 2025
INDEX
| Charity information | 1 |
|---|---|
| Trustee’s report | 2 |
| Independent examiner’s report | 4 |
| Receipts and payments account | 5 |
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 MARCH 2025
BAIN CHARITABLE TRUST
CHARITY INFORMATION
Corporate Trustee
Ludlow Trust Company (Southampton) Limited (formerly HSBC Trust Company (UK) Limited)
The directors of the corporate trustee, company no 106294, during the period under review:
Emma Chee (Resigned 1 March 25) James Coyle (Resigned 24 April 24) Jenny Goldie-Scot (Resigned 1 March 25) James Hewistson (Resigned 1 March 25) Paul Spencer (Resigned 5 December 24) Gary Collins (Appointed 1 March 25) Walter Coxon (Appointed 1 March 25) Christopher Thurlow (Appointed 1 March 25) Matthew Wickers (Appointed 1 March 25)
Principal office
Yarmouth House 1300 Parkway Solent Business Park Whiteley PO15 7AX
Charity registered number
1103185
Independent Examiner
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Banker and investment manager
HSBC UK Bank Plc 8 Cork Street London W1S 3LJ
Page 1
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 MARCH 2025
BAIN CHARITABLE TRUST
TRUSTEE’S REPORT
The Trustee present its report and financial statements of the charity for the period ended 18 March 2025, 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 GOVERNANCE AND MANAGEMENT
Bain Charitable Trust in 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 portfolio.
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 for 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 investment returns.
During the year under review the administration of the charity was undertaken by Ludlow Trust Company (Southampton) Limited (formerly HSBC Trust Company UK Ltd) in capacity as trustee.
OBJECTIVES AND ACTIVITIES
The Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the Trustees may in their absolute discretion think fit.
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 no grants (2024: 37 grants totalling £182,000) were awarded to a variety of charitable institutions in accordance with the terms of the governing document. No grants were awarded to individuals in either year.
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 £100,512 (2024: £90,538) in the year to fund its charitable activities. The expenditure on charitable activities was £28,179 (2024: £205,029) of which £nil (2024: £182,000) was charitable expenditure in the form of grants to charitable institutions.
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.
Page 2
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 MARCH 2025
BAIN CHARITABLE TRUST
TRUSTEE’S REPORT
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 FUTURE PERIODS
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
During the year under review, the Corporate Trustee, formerly (see page 1) HSBC Trust Company (UK) Limited, was a wholly owned subsidiary of HSBC Holdings plc. The Investment Manager, HSBC UK Bank Plc, is also a wholly owned subsidiary of HSBC Holdings plc. In addition to the fees shown on page 5, 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.
STATEMENT OF TRUSTEE’S RESPONSIBILITIES
The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustee 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 of the charity for that period. In preparing these financial statements, the trustee is required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 proper 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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 trustee and signed on their behalf.
Chris Thurlow on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date 05 January 2026
Page 3
BAIN CHARITABLE TRUST
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 18 MARCH 2025
INDEPENDENT EXAMINER’S REPORT
Independent Examiner's Report to the Trustee Bain Charitable Trust
I report to the charity trustees on my examination of the accounts of the charity for the period ended 18 March 2025.
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 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 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 Act.
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 cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records.
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 accounts to be reached.
Geoffrey Frost BSc(Hons) FCA Date 15 January 2026 Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Page 4
| Charity Name | No (if any) | No (if any) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Bain Charitable Trust | 1103185 | |||||||||
| Period end date 06-Apr-24 18-Mar-25 Receipts andpayments accounts For the period from Period start date To ~~es ee~~ ~~ee~~ |
CC16a | |||||||||
| Section A Receipts and payments | Section A Receipts and payments | |||||||||
| Unrestricted funds |
Restricted funds |
Endowment funds |
Total funds | Last year | ||||||
| to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | to the nearest £ | ||||||
| A1 Receipts | ||||||||||
| Investment income | 100,512 | - | - | 100,512 | 90,538 | |||||
| Forex | 8 | - | - | 8 | - | |||||
| Other income | 786 | - | - | 786 | - | |||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| Sub total(Gross income for AR)101,306 |
- | - | 101,306 | 90,538 | ||||||
| A2 Asset and investment sales, | ||||||||||
| (see table). | ||||||||||
| Investment sales | - | - | 2,033,083 | 2,033,083 | 2,420,903 | |||||
| - | - | - | - | - | ||||||
| Sub total - | - | 2,033,083 | 2,033,083 | 2,420,903 | ||||||
| Total receipts 101,306 |
- | 2,033,083 | 2,134,389 | 2,511,441 | ||||||
| A3 Payments | ||||||||||
| Investment service charge | - | - | 33,105 | 33,105 | 31,742 | |||||
| Grants | - | - | - | - | 182,000 | |||||
| Other allocated costs | - | - | - | - | 23,029 | |||||
| Independent examiner's fee | 3,000 | - | - | 3,000 | 2,904 | |||||
| Management fees | 25,179 | - | - | 25,179 | - | |||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| - | - | - | - | - | ||||||
| Sub total 28,179 | - | 33,105 | 61,284 | 239,675 | ||||||
| A4 Asset and investment | ||||||||||
| purchases, (see table) | ||||||||||
| Investmentpurchases | - | - | 1,925,754 | 1,925,754 | 2,372,960 | |||||
| - | - | - | - | - | ||||||
| Sub total - | - | 1,925,754 | 1,925,754 | 2,372,960 | ||||||
| Total payments 28,179 |
- | 1,958,859 | 1,987,038 | 2,612,635 | ||||||
| Net of receipts/(payments) 73,127 - 74,224 147,351 (101,194) A5 Transfers between funds 26,493 - (26,493) - - A6 Cash funds last year end 21,499 - (4,711) 16,788 117,982 Cash funds this year end 121,119 - 43,020 164,139 16,788 ~~a2222~~ |
16/12/2025
CCXX R5 accounts (SS)
5
| Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | |||
|---|---|---|---|---|---|
| Unrestricted Restricted |
Endowment | ||||
| Categories | Details | funds funds |
funds | ||
| to nearest £ to nearest £ |
to nearest £ | ||||
| B1 Cash funds | - - 43,020 121,119 - - - - - 121,119 - 43,020 Capital accounts Income accounts Total cash funds ~~===~~ |
||||
| (agree balances with receipts and payments | (agree balances with receipts and payments | ||||
| account(s)) | OK OK |
OK | |||
| Unrestricted Restricted |
Endowment | ||||
| funds funds |
funds | ||||
| Details | to nearest £ to nearest £ |
to nearest £ | |||
| B2 Other monetary assets | - - - - - - - - - - - - - - - - - - ~~===~~ |
||||
| B3 Investment assets | Fund to which asset belongs Cost (optional) Current value (optional) Endowment - 4,120,003 - - - - - - - - Details Listed investments ~~—~~ |
||||
| B4 Assets retained for the charity’s own use |
Fund to which asset belongs Cost (optional) Current value (optional) - - - - - - - - - - - - - - - - - - Details ~~ca~~ |
||||
| Fund to which Amount due |
When due | ||||
| Signed by one or two trustees on behalf of all the trustees B5 Liabilities |
liability relates (optional) (optional) - - - - - Date of approval Signature Print Name Chris Thurlow On behalf of Ludlow Trust Company (Southampton)Limited Details 05 January 2026 ~~aoe~~ |
||||
| CCXX R6 accounts (SS) | 6 | 16/12/2025 |
CCXX R6 accounts (SS)