Charlty Reglstratlon No. 1118272 THE BENNETT PAIN CHARITABLE TRUST TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Prepared by: Brachers LLP Somerfield House 59 London Road Maldstone Kent ME16 8JH 571BEN6003.1
THE BENNEfT PAIN CHARITABLE TRUST LEGAL AND ADMINISTRATWE INFORMATION Trustees Mrs K Bannlsler Mr A S Palm&r bArs C A Vizzard Charity number 1118272 Prln¢lpal addrgss SoMerrld House 59 London Road Maidstone Kent ME16 8JH Independent examlner Jam85 Francis Ensors Incubator 2 The Boulevard Entefprise Cary)pus Alconbury Weald Huntingdon PE28 4XA Solicitors Brachèrs LLP Somerfield House 59 London Road Maidslone Kent ME16 8JH Investment advlsors Tilney Asset Management Llmlted 6 Ch8slerfiold Gardens Mayfair London W1J 5BQ
THE BENNErr PAIN CHARrrABLE TRUST CONTENTS Pag9 TrLrstees' report Independent examlneffs report Slalement of financial adivities Balance sheet Notes to the a¢counls 7-11
THE BENNETh PAIN CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trusleey present their report and the unaudited financial slatem&nls of the charity for the year ended 29 February 2024. The Irust68s hav@ adopted the provlslons of the Statement of Recommended PrACtice {SaRP) 'Accounling and Reporting by Charities {FRS 1021 in prepan9 Ihe annual reporl and financial slalements of the charity. The fin8ncial stalempnls have been pr8par8d accordance wllh (he aCuntIng policies set out in the notes lo the aGcounls and comply wlth the charlty'8 gov&rnSng documenl. Ihe Charilles Act 2011 and Acwunling and Reporting by Charities.. Slatemont of Recommended Practice applicable to Gharllles preparlng their accounts in accordance with the Financial Reporting Standard applicable in th& UK and Republic of Ireland publlshod In October 2019. OhJe¢t$ of th¢ charlty and actlvltlgs for tho publlc beneflt The charilvs object is lo hold the trust fvnd and income thereof in order lo donate the Income or capltal. as the trust(4es se8 fiL for the bgnelit of charltablo Causes. The trustees accept applications from individuals and organisalions. Each application is consid8r8d in relation to the object of the charfty. The Iruslees have regard to the guldance contained in the Charity Commission's guidance on public b8n8fS1 when reviewing and implementing the Irusl's aims and objectives in the planning of grants and donalSons. and there has been no chanog In these durino the v&ar. Achlevements and performance During the year ende(129 February 2024, th& lrnslees received various grant appllcallons leadlng lo the approval of eleven tha."ilable donallons amoLtntSng to £36,000 <2023.. donations lolalled £46,0001-These are set out al note 2 10 the accounts. Rèvi6w of financlal posltlon The results for Ihg year are set out on page 5. Total income for the yoar amounted lo £32.924 {2023'. £26.354) representing a gross retum of 1.77Yo on the closing valug of the investments. Charitable grant payments of £36,000 were agreed in the year12023- £46,000). After accounting for olli&r costs which amounted to £25,461 for the year {2023-. £31.6241, the Charity Incurred nel expenditure of £28,537 before re¢ognisSng nel inveslrnent portlollo 98lns and losses and this is acceplable to the trustees in this instance. Unrealised gains of £111,417 and realised losses of £34,072 on dlsposals aKising from the investment porffolio. were also recognised in the year, resultlng In a nel Increase in overall unrestricted fund value of £48,803. The valu8 of Ihe trust fund investment portft)lio, Including cash held for reinveslmenl of £42,605 {2023.. £27,745), amounted lo £1,857,249 as al 29 February 202412023.. £1,792.8331. Thg unreslriclod fund balance repr&s&nts the amount availabl8 for general charitable purposes 81 th8 dlscrellon of the trustees. Golng ¢on¢ern The Trustees have reviewed (he current posilion on the charity's funds and oporations. They believe adequate steps have been taken to miligale the exler)l of any adverse impact and has no reason to believe they cannot meet their liabilities as they fall due including grant commitments. Page 1
THE BENNErr PAIN CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Reservès Iln¢ludlng Reserve$ Pollcy) At 29 February 2024. the charills unrestricted reseTves amounted lo £1,888,01112023'. £1,839.2031. Tho trustees, intention Is to keep a balance of Incom8 sufflclenl to provlde enough funds al Bll limes to enable Ihem to approvè an anlicipatgd level of applications e8ch year, whilst also conslderlng polenllal falls In Income yields and Interest ralas In the curTenl economic cllmate. The Iruslees also r8qulre funds lo make one-off dlstributlons for urgent cases frorn Ihe reservos. At 29 February 2024 tho free reserve5 of the charlly were £73,367 (2023.. £74,715). The Ifuslees belleved the reserves posltKin of the charity al 29 February 2024 to be sallsfaclory. Deslgnaled funds al 29 February 2024 tota5 £1.814,64412023', £1,765,0881- see note 7 for detalls. Investment pollGy The trustees have wide powers of investment in accordance with Ihe goveming instrument {Ihe charitablo trust deed) and the provisions ol the Charities AGI. In Conjunction wlth th8 charitls investment advisors, the trustees appr08ch the inv8slm8nl of funds in a ¢aulious manner wllh Ihe intention of mainlainSng the real value of th8 caF4tal of the fund where posslble. thus producing a realistic income from the capllal which can then be distrfbuled. whe appropriate, the trustees may dlstribule capltgl In furlheranca of the obl8cls of the charity. Rlsk managem¢nt The trustees have reviewed the major risks lo which the charlty is exposed and syslerns have been established lo mitigate Ihese risks. All grants have to b8 appioved by all trustees. The furhds invested and those held on deposit are subl8ct to the compllance procedures of both the invesfm8nl manager and Brdche'.s LLP. Structurè, govemanc6 and management The charity was eslabli8hed by a deed ol Irusl doled 26 April 1994, as amended by a deed of name change dated 20 December 2011. The Irust was registered 88 a charity on 7 March 2007 {N° 11182721 On 7 Aprll 2008 the reslduary capllal and Incom6 funds from two discretionary Will Twsls (The Mtss Winifred Rae Bennett Will Trust and The Miss Doris Elinor Bennett Will Trusll wore Iransforred to the charity, without reStrIctOn 85 to the use of these fund8 In accofdance wllh thè provlsions of those Wlll Trusts. Details of the trustees who served during the year are set out belDW. The trustees comprise professionals with appropriate skills lo properly manage the Irusl assets and apply Ihose asse18 in accordance with the trust deed, given their knowledg8 of the local area. Mr8 K Bannister MrA S Palmer Mrs C A Vizzard Any ohanges In t8100$ are subject to formal approval by all trustees in offlce. Page 2
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Approved by the tsuslees and signed on thelr behalf.. Mrs K Bannister Trustee Dated.. l 7 I ITOTI iu Page 3
THE BENNErr PAIN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BENNErr PAIN CHARITABLE TRUST I report to the trustees on my examlF)atlon of the accounts of the Bennett Pain Charltable Trust for the year ended 29 February 2024, which are sel out on pages 5 ¥0 11. Rèsponslblllties and basls of report As the charity Irust88s of Ihe Trust you are responsible for thè preparallon of the accounts In accordance wllh Ihe qUIrementS of the Charities Act 2011 {Ihe 'Acl'l. I report in rtspect of rny èxamlnatlon of the Trust's accounts carried oul under secllon 145 of the 2011 Act and In carrying out my 6xamlnalion I have followed all the applicable Directlcjns given by Ihe Charlty Commlsslon under seclioii 14515){bl of the Aot. Independent examlnerfs statement I have completed my examinalion. I confirm that no material matters have come to my atlontlon In conneotion with the examlnation giving me cause lo believe that in any material respecl: accountlng records were not k6Pt In respect of the Trust as requlred by seciion 130 of the Act. or 2. the accounls do not accord with those records; or 3. the accounts do not comply will the applicable requlremènls conceming the form and contenl of accounts sel out In the Charilles (Accounts and Reports) Regulations 20D8 other Ihar) any requiremenl thal the accounts give a and falr vlew which is not 8 matter considered 8S part of an independent examlnallon. I have no concerns and havè come acros5 no olher matters in connection with lh8 examination (o which altenlion should be drawn In this report in or(ler lo enable a proper understanding of the acwunls to be reached. James Francis Ensors Accounlanls LLP Incubator 2 The Boulevard Enterprise Campus Alconburyweald Hunlingdon PE28 4XA Dated: 1144 b Page 4
THE BENNETT PAIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 Unrestricted Funds Yèar ended 29 F6bru8ry 2024 Unrestrlcted Funds Year onded 28 February 2023 Notes Income from: Investment incoine DgposII account and other inteSt 31,645 1,279 25,982 372 Totsl In¢ome 32,924 26,354 Expènditure on: Charltable activities Costs of raising funds Other costs 36,000 13,710 11,751 46,000 13,879 17,745 Total expgndlluro 61.461 77,624 Not oxpendlture 128,537} {51,270} other recognised galns and losses Net gainsl{losse5) on investments 77,345 {101,882) Nfrt rnovement In funds 48.808 (153,152) Total funds brought forward 1,839,203 1,992,355 Total funds ¢arrled forward 1.888,011 1,839,203 Page 5
TrIE BENNErr PAIN CHARITABLE TRUST BALANCE SHEET AS A T 29 FEBRUARY2024 Unrestrlcted Funds Unrestrlctod Funds 29 February 2024 28 Fgbruary 2023 Noto$ Flxed assets Inves,nienls 1,857,249 1,792,833 Current assets Debtors Cesh at b8nk and in hand 327 65,325 48,170 65.652 48,170 Crodltors: amounts falllrhg due wlthin on8 year 134,890} {1.8001 Not Guent assot$ 30,762 46,370 Net assets 1,888,011 1,839.203 Charity funds Unrestricted funds Designated fund General funds 1,814.644 73,367 1,765,088 74,115 Total unrestricted funds 1.888,011 1.839,203 Approved by the Truslees on l 7 11 Mrs K Bannlster Trustee Page 6
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUAR Y 2024 1 A¢¢ounllng poll¢le$ 1.1 Basls of preparatlon The Benn8U Pain Charitab58 Trusl is a ¢harily registered with the Charity Comwisslon in the United Kingdom (England & Wales) IN. 11182721. The addrèss of the regislered office is Somerfield House, 59 London Road, Maidstono, Kgnl, ME16 8JH. The flnancial statements have been prepared in accordance with Accountliyg and Reporling by Charities: Slatement of Recommended Practice ISGRPI applicable to Charities preparing Iheir accounts in accor(*ance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Issued In Oclober 2019, Ihe Financial Reportiiig Standard applicable in Ihe Uniied Kingdom and Republic of Ireland IFRS1021, tho ChaTlti8s Act 2011 and UK Generally Accepted PraGliGe. The charity constilules a public nefit enlily as defined by the SORP. The charity has opted not lo prepare a cash flow stalem8nt for the financial period, as pemitted by the 2019 Slalenienl ol Recommended Practice. The financial statements have been prepared lo glve a'lrue and fair view and have departed from the Charities {A¢¢ounts and R&portsl Regulalk)ns 2008 only lo the èxlenl required to provlde a 'lrue and lair vlew,. This departure has invofved following the Accounting and Reporting by Charities: Slalemenl of Recornmended Practice applicable to Ghariiies prepering their accounts In accordance wlth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019. The financial slalemenls are prepared on a going concern basis un(igr the hislorlcal cosl convention. modified lo include certain items at fair value. The financial statements are presented in sterling which Is the functional currency of the charlly and rounded to the nearest £. The 8ignilicant accounting policios applied in the preparation of those financlal statements are set out below. These policies have been consislenlly applied lo all years presented unless Othe$8 slated. 12 Funds structure Th8 funds held by Ihe charity are unrestriGlgd funds which can be used in accordanco with the charitable obleclives at the discietion ol the Trustees. Oesign8led funds compri88 funds which have been sel aslde at the dlscretlon of the Tnjstee for specific purposes. Th8 Purposes and uses of the designated funds ar6 Set out in th8 notes to tho fln8n¢lal $18lemenls. 1.3 Income rècognltlon Don811ons,18gacles and other form5 01 voluntary nCoMe are recognlsed as Incomo when reoelvable, Oxcept insofar as they are incapable of financial mgasur8menl. Income froTn investments is recognised on an accruals basls. Page 7
THE BENNEfT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUAR Y 2024 1.4 Expendlture recognltlon All expendilure is accounted for on an accruals basis and has be8n cl888lfled und8r headings that aggregate all C1$ relaled lo the category. Grarsl exp8ndilure is re¢ognised when awarded to th8 reclpient. The expense is included on an accruals basls in the year in which a legal or conslruclive obligation to pey the granl arises, Costs of ratslng funds are those investment management fees for both income generauon and capital maintenance. Charitable acllvilies Includ& expendilurg assoclated with Ihe making of granls and d¢)nalions and intlude both the direct costs and indirect costs relating to those aclivllias, on an accruals basis. Irr8coverabl8 VAT is charged against the category of resource expended for whi¢h11 was Incurred. 1.5 Inveslments Investments aw reco9nis&d al fair value which 1$ normally the Iransa¢tlon prlce excluding transacllon costs. Subsequ8nlly they are measured al fair valuo with changes recognised in 'ng1 gainsllosses on Investments, in the Stalernenl of Financial Activities (SOFA) If shares are publicw traded or thelr fair value can otherwise be me8sur8d reliably. Realised gBlns and loss85 artsing on disposals are recognised in the SOFA when the procbeds are recelvable. 1.6 Grants payabl Grar¢ls payable are inoluded on an accnJa15 basis and are charged in the year in which there is a189al or constructive obligation to pay the grants. 1.7 Debtors and ¢reditors receivablelpayal)le wlthln one year Debtors and creditors with no staled Interest rBte and recelvable or payable within or.e year are recorded at Iransaction prtce. Any losses orlslng from impairment are recognised in expenditure. 1.8 Taxatlon The charlty is an exempl charity thIn meanlng of schedule 3 of the Charities Act 2011 and (x)nsldered kn pass the18sls sel out in Paragraph 1 Schedule 6 Finance Act 2010. 1.9 Golng Concern The financial stalen)enls have b86n prepared on a going concern basis as th8 trustees beliève that no malerlal uncertainlies exlst. The trustees hnve con8idered the level of funds held ant5 the expected level of income and expenditure for 12 months from 2uthorislng Ih6s8 financlal 81atemenls. They belleve the anllclpaled expenditure will be a(Jequately funded given the existing level of reserves for the charity lo be able lo continue as a golng concem. 1.10 Judgement¥ and key sovr¢e$ of estimatlon unc8rtalnty A¢Gounilng estimates and judgements are continually evaluated and are bas6d on hlslorical expeyience and other factors, Indudino expectations of future events that are believed lo be roasonabla under the circumstances. Page 8
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED FOR THE YEAR ENDED 29 FEBRUAR Y 2024 2 Exp&ndlturè Total 2024 Total 2023 Charltable actlvltles Grants to inst5tlI0ns.' (11 grants) Age UK Maidslone Ballersga Blackthorn Tru$l Brilish Limbless Ex-servicemen's Asso¢latlon Brilish Trauma Assoclatlon Bullercups Goal Sanctuary Changèllng Theatre Childs Vlsion Charity DEC Earthquake appeal Heart of Kenl Hospice Howard De Walden Centre Kent Kidney Association M8idstone MENCAP Safvalion Army Safvallon Army - Ukralne Appe81 Space 2 be me The Brillsh Llmb Ex-S&Tvice Team Tulsham Ukralne Appeal 2,000 2,000 5,000 10,000 2,000 2,000 2,000 1.ODO 2.000 1.000 5.000 4.000 2.000 1.000 5,000 1,000 1,000 2,000 5,000 2,000 2.000 5,000 5,000 5,CiOQ 2,000 5,000 36,000 46,000 Reconclliatl¢n of gran1$ payable: Commilmehls unpald al 28 FebnJ8ry Commitments niade ir¢ the year Grants paid in the year 36,000 13,0001 46.DOO (46,0001 CoThmilmenls unpaid at 29 Febnjary (N'ote 6) 33,000 Costs of ralslng funds: Investment managers, f88S 13,710 13,879 other costs: Legal, adminislralion and accountancy fees Independent examination fee LEI fee rrecoverable withholding lax 9,619 1,890 72 170 15,705 1,800 72 11,751 17,745 Page 9
THE BENNErr PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024 3 Trustee$ end related party transactlons Number of employees There were no employoes during Ihe year. Related party transactlons None of the Iruslees, or any person connected with them, re¢eNed any remun6ralk)n or expenses reimbursed in their capacity as Iruslee. During the year the trust was chargèd £9,61912023- £15,705) for day to day admlnislralion and accountancy services by Bra¢hers LLP, a firm of solicilors. One of the Injslees Anthony Simon Palmer. 1$ a consultant al Brachers LLP. 4 Investments 2024 2023 Listed Investments: Market value al 1 March Additions at cost Disposal proe*eds Reallsed Ilossygaln on disposals Unraallsed gain/(loss} on revaluation 1,765,088 473,014 (500,803} 1,895,132 74,572 1102.734) 134,072) 111.417 29,361 1131,2431 77,345 (101.8821 Market value at 29 February 1,814.644 1,765,088 Cash for inv8slm6nl 42,605 27,745 Market valug al year end 1.857,249 1,792.833 Hlslorical cosl at year end 1.497,683 1,559,543 The Portfol was comprised as follows: Equilies Fixed Inte$l Socurities Real Assets Absolule Relum Other Cash 1,147,281 334,470 95,133 73,006 164,754 42,605 1,198,169 146.148 120,239 137,236 162,698 27,745 1,857,249 1,792,833 Loomis Sayles US Equily Leaders was the only investment th81 corryrised ol more than 5 10 of the total market valuè of the lisl8d invegtments portfollo, al 29 February 2024. The Portfolk) Gomprlsed Equities, Fixed Inlerest Securities and cash. Page 10
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED FOR THE YEAR ENDED 28 FEBRUAR Y 2024 5 Debtors 2024 2023 Other debtors 327 6 Credilors: amounts falllng due wlthln one year 2024 2023 Granls payable INole 2) Other creditors 33,000 1,890 1,800 34,890 1,800 7 Deslgnated funds ThÉ inci)me funds of the charity include the foll¢)wing designated funds whi¢h have been sel aslde out of unreslrlcled lunds by the Iruslees for specific purposes.. 1 March New designations Dgsignations r¢l¢a$ed 29 February 2024 2023 Investment fund 1,765,088 550,359 {500,803) 1.814,644 1 March 2022 New deslgnallons Designations released 28 February 2023 Investment fund 1,895,132 {27,310} 1102,734) 1,765,088 Inv88lment fund- these funds are invesled to maximise lolal retum and generate inwme. P8ge11