Charlty Roglstratlon No. 1118272 THE BENNE PAIN CHARITABLE TRUST TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Prepared by= Brachers LLP Somerfield House 59 London Road Maidslone Kent ME168JH 571BEN6003.1
THE BENNETh PAIN CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustegs Mrs K Bannlsler MrA S Palmer Mrs C A Vlzzard Charlty number 1118272 Prlnclpal addross SomerField House 59 London Road Maldslone Kent ME16 8JH Independent examiner M Wilkgs FCA Azgts Audll Servlces Globe Htsuse Eclipse Park Sittingbourne Road Maidstone Kent ME14 3EN Solicitors Brachers LLP Somerfield House 59 London Road Maidslone Kent ME16 8JH Investment advlsors Tilney Asset Management Llmited 6 Cheslertleld Gardens Mayfalr London W1J5BQ
THE BENNErr PAIN CHARITABLE TRUST CONTENTS Page Trustge5' r&port Indepondenl examlnerfs report ststem6nl of financial 8cllvllles Balance sheet Notes to the accounts 7-11
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUARY 2022 The Trustees present their rgport and the unaudited financial stalemenis of the charlty for thg ygar fjndgd 28 February 2022. The Irusle8s have adopted the provisions of Ihe Slalemenl of Recommanded Pra¢ll¢g ISORPI"Accounling Reportiw by Charities" IFRS 1021 in preparing the annual rgpgrt and flnanclal slalements of Ihg charity. The flnanclal 8talemonts have bsen prepared In accordance wlh the accounting policjes set out in the notes lo thè accounts and comply wlth the charills govaming document, the Charities Act 2011 and AecoLJnting and R&pOn0 by Ch8rllles.' Slal6menl of Recommended Practice applicable lo chaThlies preparing thalr a¢counls In a¢cordan¢e t th6 Fln8ncial Reporting Stsndard applicable in the UK and Republic Df Irdand publlshed In Octobor 2019. Objects of the charfty and actlvltle8 for the publlc beneflt The charity's object is to hold the trust fijnd and income thar60f In ordèr lo donal& the income OT capital, as the trLJStees see fit, for the benefit of charitable causes. Thè Irusteas a¢¢epl appli¢alions from individuals and organisations. Eh application is considered in r6latSon to th$ oblacl of the charity. Thè trustees have regard to the guidance contained in thfj Charlty Comml$$lon's guidance on public benefll when reviewing and implementing the trust's aims and oble¢tives In the plannlng of grants and donations, and there has been no charKJe in these during the year. Achlevements and perfomiance During the year ended 28 February 2022, the trustees received varfous grant appll¢allons leading lo the approval of eleven charitable donations amounting to £34,50012021'. donations lotalled £40.0001.These are sel out al note 2 to the accounts. Rovlaw of flnanclal posltlon Tho results for the year are sot out on page 5. Total income for the year amounted to £28,67912021'. £31,4951 representin9 a gross rèium of 1.SDA on the closing value of the inveslmenls. Charitable grant payments of £34.50D war8 agreed In Ihg ygar12021.. £40,000). Aft8r ac¢ounllng for other Costs whlch amounted 10 £28,088 for the year12021'. £30,9031, the charity In¢urr6d n81 exp8nditure tsf £33,909 before recognislng n81 Investment portfolio gains and losses and this is acceptsble lo the Irusloes In th18 Snstance due to the amoul of unrestricted funds available. Unrealisod galn8 of £20,603 and realised gains of £2,2W on dlsposals arlsing from the investment portfollo, were also recognlsed In the year, resulting In a nel decrease in overall unrestricted fund value of £11.016. The value of the trusl fund investment portfollo. Including cash held for rolnvestmenl of £11,45812021'. £71.5761, amounted lo £1,906.590 as a128 February 202212021.. £1,998,2231. Thg unrgslrlclgd fund balanca reprasants the amount availabl8 for general charitable purposes at the iscrelion of the Iruslegs. Golng concern The Trustees have consldered the Impact ol the Covld Pandemlc on thg charfty's funds and operations. They b&lieve adequate steps have been iak8n to mitigat& tha axlgnl ol any adverse Impact and has no ¥eason lo 11gvg they Cannot mgel their Ilabilillgs as they tsll due Includlng grant commitments. Page I
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2022 Rgserves lincluding Re¥ow$ Poli¢yl Al 28 Fgbruary 2022, the charity's unreslrlct&d r8s8rves amounted to £f,992,35512021: £2.003,3711. The Iruslees. intention is to keep a balan of income sufficient to provlde enough funds at all tfmes to 6nable them lo approve an anticipated level of applications each year. whllsl also Consldering polenfjal falls In Income welds and interest rates in the current economic cllmate. The trustees also requlre funds lo make one-off distributions for Ljrgent cases frorn the reserves. At 28 Fgbruary 2022 th& fre& reserves of tha chadty werg £97,22612021'. £76,724). The Iruslees belleved the rgservgs poslllon ol the charfly al 28 February 2022 to be saUsfa¢lory. D8sSgnaled funds al 28 February 2022 lolal £1.895,13212021.' £1.926,6471- seo note 7 for dg18lls. Investment pollcy Tho trusl&6s have wide powers of investment in Bccordanc& wlth thè govornlng Inslrum8nt Ilhe charitable trust deed) and the provisions of the Charities Aot. In conlunetlon wllh tho charity's investment advisors, the trust6es approach the investment of funds in a cautious m8nn6r th tha Intgntéon ol maintaining the Yeal value of the capital of the fund where possible, thus producing a r6alisll¢ In¢ome from tha capital which can then be dlstrlbuted. Where appropriate, the trusteès may dlstribut8 eapll81 In furthtsrance of the oblects of the charlty. Rlsk management The Iruslees have revsewed the major risks lo which the charity is exposed and systems have been established lo mitigate these risks. All grants have lo be approved by all trustees. The funds invested and those held on deposit are subject to th& compliance procedures of both the investment manager and Brachers LLP. The Trustees have consldered the Ilkely Impact of the Covid PandemSc on the ¢hartty's funds and op8rallons. They believe they have takpn adequate steps lo mltigate the Bxtent of any advgrse impact and havg no reason to believe that commltted grant fundlng obligations al 28 Febwary 2022 wlll not be fulfllled. structure. governance and manag&m&nt The Charity was gslablished by a deed oftrusl dated 26 Aprfl 1994, as arrended by 8 deed of name chang8 dalgd 20 December 2011. The trust was reglslwed as a charlly on 7 March 2007 INQ 11182721- On 7 April 2008 the resldLJary capital and1ncome funds from two dlscrellonary Wlll Trusts (The MISS Wlnifred Rae Bennfjll Wlll Trust and The Mlss Dorls Ellnor 8gnnell Will Trust) were transferred lo the charity, thOut reslrfction as lo tho usfy of th6$9 funds In acGordan¢g wlth the provisions of Ihose Wlll Trusts. Delalls of the trustees who served during the year are sel out balow. The Irustges ¢omprlse professionals with appropriate ski11s to properly manage the trust assets and apply those ass61s in accordan¢g with the trust dged, glvan Ihelr knoedge of the local area. Mrs K Bannister Mr A S Palrner Mrs C A Vizzard Any changes in Irustaes are subject to formal approval by all Iruslees In office. Page 2
THE BENNErr PAIN CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022 Approved by the Irusteo8 and signed on Ih&ir behalt. Mrs K Bannister Trustee Dated-. |1- 12_- 20I2_ P8ge 3
THE BENNETT PAIN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BENNETT PAIN CHARITABLE TRUST I report lo the Iruslfjes on my 8xamlnation of th8 accounts of the Bennett Pain Charitable Trust for the year ended 28 F&bruary 2022. which are sel out on pages S 10 11. Re$ponsibilitles and basi$ of report As the charity trusloes of the Trust you are responslble for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 (the 'Acl'l. I report in respect of my examination of the Tnjst's accounts carrled out under section 145 01 the 2011 Act and in calrying out my examinallon I have followed all the applicable Directions glven by the Charlty Commisslon under section 14515llbl of the Act. Indepondent examlner's statement I have completed my examinaliDn. I confirm that no material mallers have come lo my attention in connection with the examination giving m8 cause to believe that in any malgrfal respect.. acGounling records were not kept In respect of the Trust as requlred by section 130 of the Act; or 2. the accounts do not accord wllh those records,. or 3. the accounts do not comply with the applicable requirements Concernlng the fomi and content of accounts sel out in the Charities (A¢¢ounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, whlch 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 lo enable a prop9r understanding of tho accounts to be reached. M Wllkes FCA Azets Audll Sorvicos Globe Hous8 Eclipse Park SSIUngbourne Road Maldslone Kent ME14 3EN Dated.. 19 Decetnber 2022 Page 4
THE BENNETh PAIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2022 Unrostrlcted Funds Year ended 28 February 2022 Unrastrl¢tod Funds Year ended 28 February 2021 Notes Income from: Investment Incom6 Deposit account and other interest 28.679 31,478 17 Totsl Income 28,679 31,495 Expgndlturé on: Charitable activities Costs of ralslng funds Other costs 34,500 15,814 12.274 40,000 14,158 16,745 Total 9xpgndlturg 62,588 70,903 Ngt gxpenditur 133.9091 139,4081 Other recogn18ed galn8 and108898 Net galns on Investments 22,893 248,603 Net movement in funds 111,0161 209,195 Total funds brought forward 2.003,371 1,794,176 Total fund$ ¢arrigd forward 1.992,355 2,003,371 Page 5
THE BENNErr PAIN CHARITABLE TRUST BALANCE SHEET AS A T 28 FEBRUARY 2022 Unrestrfotsd Funds Unr8$trlcted Funds 28 February 2022 28 Febru&ry 2021 Notes Flxod oS8ets Investments 1,906,590 1,998,223 Current assets Debtor8 Cash at bank and In hand 95 88.190 9,428 88,285 9,428 CredStor6: omounts f4111ng du& wlthln one year {2,5201 14,2801 Nèt curront As$ot8 85,765 5,148 Not assets 1,992,355 2,003,371 Charlty funds Iricted fun Designated funds Gen#ral funds 1,895.132 97,223 1,926,647 76,724 Total unreslrfcled funds 1,992,355 2,003,371 Approved by the Trustee8 on 19- 52-20Z2 Twslee Page 6
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUAR Y 2022 1 Accountlng pollcle8 1.1 Ba8ls of preparatlon The Bennett Pain Charitable Trust is a charity regislered with the Charlty Commlssion in the United Klngdom IEngland & Wales) {N° 11182721. The address of the reglstored offic8 Ss Somerfiald House, $9 London Road, MaidslDne, Kent. ME16 &JH. Tho financial slalemenls have b9en prepared in accordance with Accounllng and Reportlng by Charities.. Slatgmenl of Reoorllmended Pr8ctice ISORP} applicable lo charltles preparlng thelr a¢¢ounls in a¢¢tsrdance with the Financial Reporting Standard applicable In the UK and RepLJblic Df Ireland IFRS1021 issued in Oclob9r 2019. the Financial Reporting Standard applicable In the Unlled Kingdom and Ropublic of Ireland IFRS1021, the Charities Act 2011 and UK Generally Accoplgd Praclico. Thg charity constitutgs a public b8nelil entity as defined by the SORP. The charity has opted nol lo prepare a cash fjow statement for tha finan¢Sal pgriod, as pemTritted by the 2019 Statement of Recommended Practice. The financial statements have been prepared lo glve a'lrue and falr vlow, and have departed from the Charities (Accounts and Reportsl Regulations 2008 only lo the extent wquir6d to provlde a 'lrue and falr view.. This departure has Involved follong the A¢¢ounling and Repong by Charl8$.. Slalemenl of Recornmended Practice applicable lo charfues preparing their accounts In a¢¢ord8nce wlth the Flnancial Reportlng Standard appllcable in the UK and Republlc of Ireland IFRS 1021188ued In October 2019. The financial statements are prepared on a gc)Iny concom b8s1s under the historical cost convention, modified to include certain items at fair valLJe. Th6 flnanelal ststements are presented in sterling whSch Is the functional currency of the charity and roundad lo thé neartsst £. The signlficant accountlng pollcigs applied in tha preparallDn of these financial slalomenls are sel out below. These policies have been conslslenlly applled lo all years presonled unless othermse stsled. 1.2 Funds structura Tha funds held by tha eharlty ar& unreslrf¢ted funds which can be used in accordance wlth Ihe charflabl8 oblectlvos al the dSserellon Df the Tru81ees. Deslgnaled funds comprlse funds whlch hav& been set aslde at the discretion of the Trustee for spfjclflc wrposes. The purposes an¢J uses of the deslgnated funds are set out in the notes lo the flnanclal slalemenls. la Inrne rocognltlon Donations, legaciss and other forms of voluntary incomg are re¢ognlsed as Income when rec8ivable, except insofar as they are incapabls of financlal measurement. Income from investments Is recognlsed on an accruals bas18. Page 7
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y 2022 1.4 Expenditurg rgcognitlon All expenditure is accounted for on an accruals basls and has bogn classlfigd undar headSngs that aggregate all costs related lo the category. Grant &xptsndllur&18 recognlsed when awar(led to the recipient. The expense Is Included on an ccruals basls In the year in whlch a legal or constructive Dbligalion lo pay the grant arises. Costs of raising fund$ are Ih08a investment management fees for both income generation and caplial maintenance. Charitsble 8¢1ivlfjes Include expendllurg assoclaled with makirvJ of grants and donallons and include both the dlroct costs and indlrgcl ¢0s18 relan lo these activities, on an accruals basls. Irrecoverablts VAT18 ¢hargod agalnsl tho category of resourcè axpended for which f(was incur¥ed. 1.5 Investments Inv8slm8nts are racognSsed al falr value whSch Is nomially tho transaction price excluding transaction costs. Subsequenlly they are mgasured al falr valuo wllh ¢hanges rocognised in'nel gainsllosses on inv¢stments' In the Statement of Financial Ac¢lvlUas ISOFAI If shares arg publicly traded or their fair valu8 can Othe&s@ be measured reliably. Realised galns and losses arlslng on dlsposals are recognised In the SOFA when th& procaeds are receivable. 1.6 Grants payable Grants payable are included on an accruals basis and are charged in th6 y&ar In whlch there Is a legal or constructive obligation lo pay the grants. 1.7 Debtors and credltors receSvablelpayablg wlthln one year Debtors and ¢redSlors wlth no slated interest rale and recelvable or payable wllhln ona year ar8 recorded al IransaclSon prlce. Any losses artslng from Impairment are recognlsed In expendlture. 1.8 Taxatlon The charity is an exempl charity within the rlleaning of Schedule 3 of th& Charlues A¢t 2011 and is considered to pass the lesls 591 out in Paragraph 1 Schedule 6 Finance Act 2010. 1.9 Golng Concern The financlal slalements have begn prepared on a golng concem basis as the trustees believe that no malerlal uncertalnlles 8xlst. The trustees have considered the level of funds held and the expeoled level of Income and expendlture for 12 rnonlhs from authorising these financlal statements. Th&y believe the anticlpaled expendlture w(11 be adequately fijnded given the existing level of reseryes for thè charity lo be able to conllnue as a golng concern. 1.10 Judgementg and kay sources of estlmatlon un¢&rtalnty Accounting estimates and judgements are Continually evaluated and are based on hlslorlcal experlen¢e and other factors, Including expectations of future events Ihal are believed to be reasonable under the CArcumstances. The trustees believe tho impact ol Ihg Covid Pandemic will not be significant on th8 charills operauons al the lime of approving these Ount5. No olherjudgemenls or key assumptions were made In the preparation of these accounts. Page 8
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y2022 2 Expondllurg Total 2022 T¢>tal 2021 Charltable activiti68 Grants to in$titutions:111 grants) Age UK M81dstone Bl8cklhom Trust British Trauma Assodatlon Bullercups Goal Sanctuary Changeling Theatre Dogs for Good Dandelion Time Chllds Vision Chartty Home-slart South Wesl Kènt Howard De Walden Centre Street Soccer Foundation 21 Togglher 5,000 5,000 5,000 2,000 5,000 1,000 5,000 5,000 5.000 2.000 5,000 5,000 500 2.000 The British Limb Ex-service 2.00 Team Tulsham Young Llves Foundallon 5.000 10.000 34,500 40,OCK) Reconclllatlon of grants payable: Commitments unpaid al 28 February 2022 Commltmenls made In the y&ar Grants pald In the year 2,000 34.500 136.50O} 2,ODO 40.OfKJ 140,0001 Commitments unpaid at 28 February 2022 (Note 61 2,000 Costs of ralslng funds.. Invgslmenl managers. fees 15,814 14,158 other costs.. Legal, administration and accountancy f86s Independent examlnallon fee LEI fee Irrgcov8rabla wllhholding tax 9.407 2.520 72 275 14,047 72 12,274 16,74S Page 9
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY2022 3 TruBte9s and relatod party tronsaction Number of employo There were no employees durlng the year. Related party transactions None of the trustees, or any person connected wlth thèm, r8¢elvgd any remuneration or expenses relmbursed in their capacity as Iruslee. Durtng the year the trust was charged £8,927 {2021.' £14,047) for day lo day adminislralion and accountancy services by Brachèrs LLP, 8 firm of solicitors. One of the Trustees, Ms K Harrington. was employgd by Brachers LLP and a second trustee, Anthony Simon Palmer, Is a Consultant al Brachers LLP. 4 Investments 2022 2021 Ll8t8d InStmntS. Market value al 1 March 2021 Additions al cost Dlsposal proce9ds Realised gain on disposals Unrealised Ilossvgain on revaluation 1.926,647 159.852 1214,2801 1,689,882 399.708 1411.5461 2.290 20,e03 82,249 166,354 22,893 248,603 Market value at 28 February 2022 1,895.132 1.92e.647 Cash for investment 11,458 71,576 Market value at 28 FebTuary 2022 1,906.590 1,998,223 Historical cost al 28 February 2022 1,558,344 1,611,095 The portfolio was compr05ed as follows.. Equllles Fixed Inlgrast Securitlgs Real Assots Absolute Relum Other Cash 1,246,035 193,961 139,843 143.2e8 172.025 11,458 1,052,886 268,687 148,397 87,368 132,544 71,247 1,906,5 1,761,129 No investments comprised more than 5% of the total market valu6 of Ih611s16d Investments portfc4io, al 28 February 2022. Tho Portfollo compdsad Equities, Fixed Interest Securities and cash. Page 10
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 5 D&btors 2022 2021 OthBr debtors 95 6 Credltors.. amounts falllng duD wlthln ono year 2022 2021 Grants payable INol8 21 Other credllors 2,000 2.280 2,520 2,520 4,280 7 Deslgnatsd fund8 The Income funds of the charity include the following designated funds which have bèen set a$lde out of unreslrl¢led funds by tho Irusteos for sp6clfi¢ pury)os&s'. 1 March 2021 New Deslgnatlons released 28 February 2022 do$lgnatlons Invoslmonl fund 1,926,647 182,745 1214,2601 1,895,132 1 March 2020 New dg8lgnatlon8 De$lgnatlon$ released 29 February 2021 Inveslmerbt fund 1,689.882 648,216 1411,4511 1,926,e47 Investment fund- th&s8 funds ara Inv6slgd to maxmi5e total return and generale Income. Page 11