Charity Registration No. 1118272 THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2021 Prepared by.. Brachers LLP Somerfield House 59 London Road Maidstong Kgnl fvIE16 8JH 571BEN6003.1
THE BENNETh PAIN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trust905 Mrs K Bannister Mr A S Palmer Mrs G A Vizzard Charity number 1118272 Principal address Somerfield House 59 London Road Maidstone Kent ME16 8JH Independent examiner M Wilkès FCA Azets Audit Services Globe House Eclipse Park Sittingbourne R08d Maidstone Kent ME14 3EN Sollcltors Brachers LLP Somerfie1d Housè 59 London Road Maidslone Kent ME16 8JH Investment advisors Tilney A55et Management Limited 6 Chesterfield Gardens Mayfair London W1J 5BQ
THE BENNETT PAIN CHARITABLE TRUST CONTENTS Page Trustees, report Independenl examiner's report Stsletnent (>f fin8n¢i81 adivilies Balance sheet Notes to the accounts 7- 11
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUAR Y 2021 The Trustees present their report and the unaudited financial statements ol the charity lor the y8ar ended 28 February 2021. The trustees have adopted the provisions ol the Stalernent of Recommended Practice ISORPI Accounts"ng and Reporting by Charitles IFRS 1021 in preparing the annual rep)rt and financial 5taternenis of the charity. The financial staternents have been pPared in accordance wth the ac¢ounling policies set out in the note5 lo the accounts and cornply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Staternent ol Recommended Practicè applieable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicablg in the UK and Republic of Ireland published in October 2019. Obl•cts of th• charlty and actlvltlas for th• publlc benefit The charity's object is to hold the trust fund and income thereof in order to donate thè incom8 or ¢apit81. as the trustees see lit, for the benefit ol charitable causes. The trustees accepl applications from individuals and oigani5ations. Each application is considered in r81ation to the object of the charity. Th8 trustee5 have regard lo the guidance contained in the Charity Commission's guidance on public benefit when reviewing and irnplementing the trusfs aims and objectives in the planning of grants 8nd donats"ons, and there has been no change in these during the year. Achl8V8ments and perforrnanc8 During the year ended 28 February 2021. the trustees r8C8ived various grant application5 leading lo the approval ol eight chaiitable donzlions atnounting lo £40,00012020'. donations lolalled £41.8501.These arè Sel out at note 2 to the accounts. In addition to this, a further amount of £2,000 remains committed to ba donated to Demelza House.. this is due to be paid over in the year ended 28 February 2022. Ravlèw of financlal posltlon The resutts for the year are set out on page 5. Total incorne for the year amounted to £31,49512020.' £37,664118p18S8nting a gross return of 1.58/0 on the c105ing value ol the investments. Chariiable grant payments of £40,000 were agreed in the year12020'. £41.8501. After accounting for other costs which atnounted to £30,903 for the year12020'. £26.3131, the charity incurred net expenditure of £39.408 before recognisiry nel inveslrnenl portfolio gains. Unrealised gains of £166,354 and realised gains of £82.249 on disposals arisirTrg from the investment portFolio, wer& also recognised In the year, resulting in a net increase In overall Ljnrestricted fund value of £209,195. The value of the trust fund investment portfolio, including cash held for reinvestment of £71,57612020'. £71.2471, amounted to £1,998,223 as at 28 February 2021 12020.. £1,761,129). The unrestricted fund balance represents the amount available for general eharitable purposes at the discretion ol the trustees. G01119 Goncer The Trustees have considered the impact of the Covid Pand8mic on the chariws funds and operations. They believe adequate 5tep5 have been taken to mitigate the exlenl of any adverse irnpacl and has no reason to believe they cannot meet their liabilities as they fall due Including grant commitments. Page 1
THE BENNETh PAIN CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2021 Reserves (including Reserves Pollcyl Al 28 February 2021, the charilrfs unrestricted reserv88 arnounled to £2,003.37112020'. £1,794,176). The trustees, intention is lo keep a balanTr of incotne sufficient to provide enough funds 81811 limes to enable them to approve an anticipated level of application5 each year, whilst also considering potential fa115 in income welds and interest rates in th8 current econorric climate. The trustees also require funds to make one-off distributions for urg8nt cases from the reserves. At 28 Febru8ry 2021 the fr88 reserv9s of the charity were £76.72412020'. £104.2941. The trustees believed the reserves position of the charily at 28 February 2021 to be sats"sfactory. Designated funds at 28 February 2021 total £1,926.64712020.. £1,689,8821- see note 7 for details. Investment poll¢y The trustee5 have wde powers of investment in accordance wth the goveming instrutnenl Ilhe charitable trust deedl and the provisions ol the Charities Act. In conjunction with the charitrfs inve5tsllent advisors, the trustees approach the investment ol funds in a eautious manner wlh the int8nlion of maintaining Ihe real value of the capital of the fund where pos5ib18, thus producing a reali5ti¢ incorne from the capital which can then be di5tribuled. Wh8r8 appropriate, the trustees may distribute capital in furtherance of the objects of the ch8rity. Rlsk management The Irusiees have reviewed the major risks to which the charity is exposed and systems have b88n estsblished to mitigate these risks. Ml grants have to be approved by all trustees. The funds invested and those held on deposit are subject lo the compliallce procedures of both the investment rnanager and Brachers LLP. The Trustees have considered the likely Impact of the Covid Pandemic on the charity's funds and operatlons. They beliève they hav6 taken 8d8quate steps to mitigate the extent ol any adverse impaet and have no r8aSOEI to believ8 that committed grant funding obligations at 28 February 2021 VAII not be fulfilled. Structure. govarnanc8 and management The charity was established by a deed of trust datèd 26 April 1994. as arnended by a deed of name change dated 20 D8c8mb8r 2011. Th8 trust wa5 registered as a Charity on 7 March 2007 IN. 11182721. On 7 April 2008 the residu8ry capital and in¢ome funds from Iwo dis¢110nary Will Trusts (Th8 Miss Winifred Rae 8ennetl Will Trust and The Miss Doris Elinor Bennett Will Trust) were transferred to the charity. without strielion as to the use of these funds in aecordan¢e with the provisions of those Will Trusis. Det8ils of the truslees who $8rved during the year are sel out below. The trustees comprise professionals with appropriate skills to properly manage the trust assets and apply thos8 8ssets in aocordance wth the trust deed, given their knowledge ol the local ar88. Mrs K Bannister Mr A S Palmer Mrs C A Vizzard Any changes in trustees are subject to formal approval by all tiustee5 in offic8. Page 2
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Approved by the trustees and signed on their behalf.. Mrs K Bannlster Truslee Dated. 6 I ILI 21 Page 3
THE BENNETT PAIN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BENNETT PAIN CHARITABLE TRUST I report to the trustèes on my examination of the accounts ol the Bennett Pain Charitable Trust for th8 year ended 28 February 2021, which are set out on pages 5 to 11. R8sponslbilitles and basss of report As the charity truste85 of the Tru51 you are responsible for the preparation of th6 accounts in accordance with the requir8menis ol the Charities Act 2011 Ilhe'Acl'l. I report In respect ol my examination of the Trust's 2ecounts carried out under section 145 01 the 2011 Act and in carrying out my examination I have followed all th8 applicable Directions given by the Charity Commissioll under section 14515llbl ol the Act. Independent examlnerfs statement I have completed my examination. l eonlirm that no material matlers have come to my attention in connection with the examination giving me cause tts believ& th8t in any rllaterial respect.. accounting records were not kept in respect Of the Trust 85 required by section 130 of the Act,. or 2. th8 accounts do not accord with th058 r8cords,' or 3, the accounts do not comply with the applicable requirements conceming thè lom 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 fair view, which is not a matter considered as part ol an independent examination. I havè no concèrns and have come across no oth8r mallers in connection with the examinalion to which attention should be drawn in this report in order to enable a proper understanding of the accounls to be aChed, M Wilk8s FCA Azets Audit S8rvices Globe Hous Eclipse Park Sittingboume Road Maidslone Kent ME14 3EN Dated.. 14 December 2021 Page 4
THE BENNETT PAIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2021 Unrestricted Funds Year ended 28 Fèbruary 2021 Unrestricted Funds Year ended 29 February 2020 Notes Income from.. Inveslment income Deposit aGc(>unl and other interest 31,478 17 37,140 524 Totsl incomè 31.495 37.664 Expenditure on.. Ch8ritabl8 activities Costs of raising funds Other costs 40,000 14,158 16,745 41,850 14,182 12,131 Total èxpéndlture 70,903 68,163 Net expenditure 139,4081 130,4991 Othèr racognlsed galns and losses Nel gains on inveslTnents 248.603 35.809 Net movement in funds 209,195 5,310 Total funds brought forward 1,794,176 1,788.866 Totsl funds ¢arried forward 2,003,371 1,794,176 Page 5
THE BENNETT PAIN CHARITABLE TRUST BALANCE SHEET AS AT 28 FEBRUARY2021 Unrestri¢ted Funds Unrestricted Funds 28 February 2021 29 February 2020 Notas Fixed assets Investments 1,998,223 1,761,129 Current assets Debtors Cash al bank and in hand 3,609 33.538 9,428 9,428 37.147 Cr•dltors'. amounts falllng dua wlthin one year 14,2801 14.1001 Net current assets 5.148 33,047 Nat assèts 2,003,371 1,794,176 Charlty funds Unreslricled funds Designated funds General funds 1,926,647 76,724 1,689,882 104.294 Total unr&strict8d funds 2,(X)3,371 1,794,176 Approv8d by the Trusteos on 8 Dember 2021 Mrs K Bannlster Trustee Page 6
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUAR Y 2021 1 Accounting pollcies 1.1 Basis of pr8paration The Benll8tt Pain Charitab18 Trust is a charity r8gist8red wth the Charity Commission in the United Kingdom INV 11182721. The address of the registered office is Somerfield House. 59 London Road, Maidslone, Kent. ME16 8JH. The financial statements have been prepared in a¢¢ordance with Accounting and Reporting by Charities.. Staternent of Recornmended Practi ISORPI applicable to charities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 issued in October 2019. the Financial Reporting Standard applicable in the Unrted Klngdom and Republic of Ireland IFRS1021, the Charities Act 2011 and UK Generally Accepted Practic6. The charity constitutes a public benefit entity as dafinèd by th8 SORP. The Charity h88 Opted not to prapare 8 cash flow 5tat8rnent for the financial period. as perrnitted by the 2019 Statement of Recomrnended PractlC8. The financial staternents have been prepared to give a'true and lair view and have departed from tha Charilies IAccounls and Reports) Regulations 2008 only lo the extent required to provlde a 'lrue and fail view,. This departuie has involved following the Accounting and R8POrting by Charities.. Stalernent of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reportin9 Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. The financial statements are prepared on a going concem basis under the historical cost convention. rnodified to include cèrtain itèms at fail valua. Th8 fillanci81 stalernenls are presenled in sterling which is the fun¢lional currency of the charity and rounded to Ihe nearest £. The $gnIficant accounting policies applied in the preparation ol these financial statements are set out below. These policies have been cons5stently applied to all yèars prèsènted unless oth8rwise stated. 1.2 Fund5 Structur• The fund5 held by Ihe charity 3re unrestricted funds which can be used in accordance with the charitable obje¢live$ al the discrètion of the Trustees. Desionated funds comprise fvnds which have been set aside at the discrets"orTr of the Trustee lor specific purposes. The purposes and uses of the designated funds are set out in the note5 to the fin8noi81 statements. 1.3 In¢ome recognition Donations. legacies and other forms of voluntary incorne are recognised as income when receivable, except insolar as they are incapable of financial measurement. Incotn8 from inv8stmènts is r8cognis&d on an accruals bas15. Page 7
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 1.4 Expendllure re¢ognltlon All expenditure is 8CCOUnted for on an accruals basis and has baèn classified undèr haadings that aggregate all costs related to the category. Grant expenditure is recognised when awarded lo the recipient. The 8xpen5e 15 included on an accruals basis in the year in which a legal or constructive obligation to pay th8 grant arises. Costs of raising funds are th088 investment management fees lor both income generation and capital maintenance. Charitable activities include expenditure associated with the making of grants and donation5 and include both the direct costs and Indirect costs relating to th85e activities, on an accruals b8SIS. ITrecover8ble VAT is charged against the category of resource expended for whlch it was incurred. 1.5 Inveslment$ Investments are recognised al fair value whlch Is normally the transaction price èxcluding tran58otion costs. Subsequently they a measured at fair value wth changes recognised in 'net gainsllosses on inv85tment5' In the Statement of Financial Activities ISOFAI if shares are publi¢ly traded or their fair value can olherwise be measured reliably, Realised gains and losses arising on disposals are re¢ognised in the SOFA when the pred$ are Teceivable. 1.6 Grants payable Grant5 payable are included on an aecrua15 basis and are charged in the year in which there is a legal or constructive obligation to pay th8 grants. 1.7 Debtors and credltors recelvablelpayabl8 withln one year Debtor5 and ereditors with no staled Interest rate and receivable or payable within one year are recorded at transaction pric8. Any Ios58s arising from impairment are recognised in expenditure. 1.8 Taxatlon Th8 charity is an ex8mpt charity within the meaning of schedule 3 01 the Charities Act 2011 and is considered to pass the tests sel out in Paragraph 1 Sch8du18 6 Financ8 Act 2010. 1.9 Going Concern The financial 51at8merits hav8 been pr8par8d on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have Considefed the level of lund5 held and the expected level ol income and expenditure for 12 months from authorising these financial statern8nls. They believe the anticipated expenditure will be adequately funded given the existing level of reserves lor the charity to be able lo continue 85 a going concern. 1.10 Judgements and key sources of estimation uncertairrty Accountrng e5bmates and judgements are corilinually evaluated and are based on historical experience and otherf8Ctors, ificluding exp8Qtatiolls of future events that are believed lo be reasonable under the circumstances. The trustees believe the Impact of the Covid Pand8mic wll not be significant on the charity's operations at the tirne of approvin9 th8se accounts. No olherjudgements or key assumptions were made in the preparation ol these accounts. Page 8
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2021 2 Expènditure Total 2021 Total 2020 Charitable activities Grants to institutions.. Age UK Maid5tonè Blackthom Trust 8uttercups Goat Sanctuary Cross Roads Dandelion Time Heart ol Kent Hospice Howard De Walden Centre Riding for the Disabled Rotary Club Iconlributlc>n towards funding rnobility trikè) Team Tutsham Young Live5 Foundation West K8nt Mind 5,000 5,000 5,000 30,000 3,600 5,000 2,000 5,000 500 12501 5,000 10,000 1,000 5.000 40,000 41,850 Re¢onciliation of grants payable.. Cornmitments unpaid at 29 February 2020 Commitments made in the year Grants paid in the year 2,000 40.000 140.0001 15.000 41,850 154,8501 Commitments unpaid al 28 February 2021 INotg 61 2,000 2.000 Costs of ralsing funds: Investment managers. lees 14,158 14,182 Other costs: L8gal, administration and accountanoy fees Independent examination lee LEI lee Irrecoverable withholding tax 14,047 2,340 72 286 9,661 2,100 370 16,745 12,131 Page 9
THE BENNE PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2021 3 Tru$t8es and related party transa¢tlons Number of employees There were no employees during the year. Related party transactions None of the trustees, or any person connected with them, received any remuneration or 8XP8nSaS reimbursed in their capacity as trustee. During the year the trust was charg&d £14.04712020.' £9.6611 for day to day administration and accountancy services by Brachers LLP. a firrn ol solicitors. One of the Trustees, Ms K Harringlon, is etnployed by Brachers LLP and a seGond trLSSt8e, Anthony Simon Palmer. is a consultant at Bracheis LLP. 4 Investment5 2021 2020 Llsted inv85tm•nts'. Market value at 1 March 2020 Additions at cost Disposal proceeds Reali5ed gain on disposals Unrealised Ilossllgain ori revaluation 1.689,882 399,708 1411,5461 1,679,657 724,425 1750,0091 82,249 166,354 347,983 1312,1741 248,603 35,809 Market value at 28 February 2021 1.926,647 1,689,882 Cash for inve5ttnent 71,576 71,247 Market value at 28 February 2021 1,998,223 1,761,129 Historical cost at 28 February 2021 1.611,095 1,540,684 The Fk)rtfoqio was comprtssed as follows.. Equities Fixed In18rèst Securities R881 Assets Absolute Return Other Cash 1,284.672 200.690 136,339 157,095 147,851 71,576 1.052,886 268.687 148.397 87,368 132,544 71,247 1.998,223 1,761,129 No Investrnents ¢ompris6d more than 510 ol the loial rnarket value of the listèd investments portfolio, at 28 February 2021. The Portffolio comprised Equities, Fixed Int8r8St Sacurities and cash. Page 10
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2021 2021 2020 5 Debtor5 3,609 Other debtors 6 Credltors: amounts falllng due wilhln one year 2021 2020 Gran15 payable (Note 21 Other creditors 2.000 2.280 2,000 2,100 4.280 4.100 7 Oe51gnat•d funds The income funds ol the charity include the following designated funds which have been sel aside out ol unrestricted funds by the Irust8es for specrfic purposes". 1 Mar¢h 2020 New deslgnatlons Dgsl9nalion5 released 28 February 2021 1.926,647 Investment fund 1,889,882 648.216 1411,4511 1 March 2019 New d¢slgnatlons Designations released 29 February 2020 Investment fund 1,679,657 760.234 1750,0091 1,689.882 Investrnent fvnd- these funds are invest8d io maximise total return and generate income. Page 11