Charity Registratlon No. 1118272 THE BENNErr PAIN CHARITABLE TRUST TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2025 Prepared by: Brachers LLP Somerfield HoLJse 59 London Road Maidstone Kent ME16 8JH
THE BENNETh PAIN CHARITA8LE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs K Bannlsler Mr A S Palmer Mrs C A Vizzard Charlty numbor 1118272 Prlnclpal address Somerfleld House 59 London Road Maidslon8 Kent ME16 8JH Independent examinor James Francis Ensors Accountants LLP Incubator 2 The Boulevard Enterpris8 Campus ASconbury Weald Huntingdon PE28 4XA Solicitors Br2chers LLP Somerfield House 59 London Road Maidstone Kent ME16 8JH Investment advlsors Evetyn Partners 45 Gresham Street London EC2V 7BG
THE BENNErr PAIN CHARITABLE TRUST CONTENTS Page Trustees, report IrKJependent examiner's report Slalement of finan¢i81 acllvllles Balance sheet Noles lo the accounts 7-11
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY2025 The Trusle8s pres8nt their reF)Ort and the unaudited fin8nclal slalemenls of the charity for the y8ar ended 28 February 2025. rhe trustees have adopted the provisions oflho Slalemenl of Recommended Praclic8 (SORPI "Accounting and Reporling by Charilles. IFRS 1021 in preparing the annual report and flnandal stalaments of the charity. The financial statements have been prepared in accordance with the accounting pollcles Sel out In the notes to the accounts and comply with th8 charity's governlng docum8llt, the Charities Act 2011 and Accounting and ReporNng by Charities: Slal8ment of Recommended Practice applicable to charities preparlng théir accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland published In October 2019. Objects of the charlly and actfvitles for the publlc benefit The charity's object Is to hold the trust fund and Income Iher8of In order to donate th8 income or capital, as the Iruslees see lit, for the benefit of charitable causes. The trustees accept applications from Indlviduals and organisalions. Each application is consldered In relation lo the object of the charity. The Irusle63 have r8gard to the guidance contained in th6 Charity Commission's guldanco on public benefit when reviewing and implementing the trust's aims and obje¢llves in the planning of grants and donations, and there has been no change in Ihesa during the yoar. Achlevoments and performance During the year 8nded 28 February 2025, the trustees received various grant applicallons leading lo th8 appioval of twelve chartlable donations amounting lo £38,00012024'. donations totslled £36,0001.Thesa are S8t out 8t note 210 tha accounts. Rovlew of flnanclal posltion The results for thè year are sel out on page 5. Total incom8 for th8 year amounl8d to £38,61 $12024.. £32,924> reprèsénllng a gross return of 1.94V• on the closing value of the investments. Charitable grant payments of £38,000 were agraed in tho year (2024.. £36,QOOI. After accoun15ThJ for other costs which amounled to £25.476 for the year (2024: £25.4611, the charity incurred net expenditure of £24,861 before recognislng nel inveslmenl portfolio gains and this is acceptable lo the truslees in Ihls Inslanco. Ur)realised galns of £71,298 and realised galns of £103,429 on dispos81s arising from the investment portfolio, were also recogni5ed In the year, resulting in a nel increase In overall unreslricled fund value of £149,866. The value ot the trust fund investment portfolio, Includlng cash held for reinvestment of £28,816 (2024.. £42,605), amounted to £2,019,036 as al 28 February 202512024.. £1.857.249). The unrestrlcled fund balance represenls the amount available for general charltable purposes al the discrelion of the trustees. Golng concèrn The Trustees have r8viewed the cutTent position on the charity's funds and opeffttions. They believ@ adequate sleps have been taken to mitigala the extent of any adverse Impact and has no reason to b6li8vg they cannot moel Ih8ir liabllitles as they fall due Including grant commitments. Page 1
THE BENNETh PAIN CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 28 FEBRUARY2025 Reserveg {Includlng Rèsèrvas Pollcyl At 28 February 2025, the charlly's unrestri¢led reserves amounted to £2,037,877 (2024.. £1,888,011). The Ifuslees, IntentK)n is to keep 8 balance of Income suffident lo provide enough funds 81 all limes to enable them to approve an antr'cipaled level of applications each year, whilst also considerlng potential falls in incom8 eldS and interest rates In Ihe current aconomic climat6. The trustees also requlre funds to make one.off dislribulions for urgent cases from the reserves. Al 28 February 2025 the free reserves of the charity were £47,657 {2024'. £73,367). Tho trustees bellevgd th8 rese88 posltion of the charity at 28 February 2025 to be salisfaetory. Designated funds al 28 February 2025 total £1,990,220 (2024: £1,814,6441- see note 7 for delalls. Investment policy The Iruslees havo de powers of Investment in accordance with th& governing Instrument (the charitabl& trust deed) and the provislons of the Charllies Acl. In conjuncllon wilh th8 charity's investment advisors, the truslees approach th8 investment of funds In a cautious manner with the intention of mainlainlng the real valua of the capltal of the fund where posslble. thus woduciro a realistic income from the capllal which can then be dislributed. Where appropriate, the trustees may distribute capital in fLJrtheranc8 of the objects of the charfty. Rlsk management The trustees have reviewed th8 major risks lo whlch tha charity1$ 8xposed and systems have been established to mlllgale these risks. All grants have lo be approved by all trustees. The funds inve5t8d and those held on deposit are subJ8Ct lo the compliance procedures of both the investmenl manager and Brachers LLP. Structure, govèrnancg and managom8nt The charity was eslab115hed by a deed of trust dated 26 April 1994, as amended by a d8ed of name change dated 20 December 2011. The trust was regisl&rad a5 a charity on 7 March 2007 IN. 1118272). On 7 April 2008 the reslduary capital and income funds from two discretionary Wlll Trusts (The Miss Winifred Rae Bennoti Wlll Trust and The Miss Doris Ellnor Bennett Wlll Trust) were transferred lo the charity, wlthout restricllon as to the usé of Ihe8e funds In accordance with the Pfovisions of those Vvill Trusts. Details of th8 truslees who served during th8 year are set out below. Th@ trustees comprise professionals wlth appropriate skills lo properly manage the trust assets and apply Ihoso assols In accordance with the trust daed, given thelr knowledge of lh& local area. Mrs K Bannister Mr A S Palmer Mrs C A Vizzard Any ¢hang8s in Iruslees arg subject to formal approval by all trustees in office. Page 2
THE BENNETT PAIN CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2025 Approved by the Iruslees and signed on their behalf-. Mrs K Bannister Trustee Dated.. -l-a5 Page 3
THE BENNErr PAIN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BENNETT PAIN CHARITABLE TRUST I report to the trusleos on my examination of the accounts of Ihe Bennell Pain Charltable Trust for the year ended 28 February 2025. whltth are sel out on pages 510 11. Responsibiliti88 and basls of raport As Ihe charity Iruslees OF the Trust you are responsible for the preparation of the accounts in a¢Gordance wllh the requirements of the Charities Act 2011 (the 'Acl'). I report in SpeCt of my examinakn'on of the Trust's accounts carrled out under sectlon 145 of the 2011 Acl and In carrying out my examination I have followed all the appllcable Direcllons given by the Charity Cornmlsslon under section 14515)(b) of the Act. Indep8ndont examlner's statement I have comploled my examination, I confirm that no material rnallers have come to my altentlon in connection wlth the examlnalir)n givlng me cause lo belleve that in any material r8spe¢t: accountlng records We not kept in respect of thè Trust as required by secllon 130 of the Act; or 2. the accounts do not ac¢ord with those records. or 3. the accounts do not comply wlth the applicable requirements concerning tho form and content of accounts s81 out in the Charities IA¢counts and Reporls) Regulations 2008 oth6r than any requirement that the accounts give a 'true and falr vlew, whlch is not a matter considered as part of an ind&pgndenl examination. I have no concems and have come across no other matters In connection wilh the ex8minalion lo which attention should b& drawn in thls report in order to enable a proper understandlng of the accounts to be reached. James Francis Ensors Accountants LLP Incubator 2 The Boulevard Enlerprlse Campus Alconbury Weald Hunlingdon PE28 4XA Dated.. 311712•Z Page 4
THE BENNETT PAIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y2025 Unrestricted Funds Year ended 28 February 2025 Unrestricted Funds Year ended 29 February 2024 Notes Income from.. Investment income Deposit a¢¢ounl and olher Interest 36,039 2.578 31,645 1,279 Total income 38,615 32,924 Expendlture on. Charitable aclivilies Cosls of raising funds Other costs 38,000 14,699 10,777 36,000 13,710 11,751 Total expenditure 63,476 61,461 Net 8xpendltura (24.861) (28,537} Other recognl8èd galns and103ses Nel gains on Investments 174,727 77,345 Net movement in funds 149,866 48,808 Total funds brought forward 1,888,011 1,839,203 Total funds carrled forward 2,037,877 1.888,011 Page 5
THE BENNETT PAIN CHARITABLE TRUST BALANCE SHEET AS A T28 FEBRUARY 2025 Unrestricted Funds Unrestricted Funds 28 February 2025 29 February 2024 Notes Fixed assets Investments 2.019.036 1,857,249 Current assets Debtors Cash al bank and in hand 1,881 56,940 327 65,325 58.821 65,652 Creditors: amounts falling due wlthin one year 139,9801 134.890) Net current assets 18,841 30,762 Nel assets 2.037,877 1,888.011 Charity funds Unreslri¢led funds Designated funds General funds 1,990,220 47,657 1.814,644 73.367 Total unrestricted funds 2,037,877 1,888,011 Approved by the Trustees on Mrs K Bannister Trustee Page 6
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUAR Y2025 1 Accountlng pollcles 1.1 Basls of preparatlon The Bennett Pain Charitable Trust Is a charity gIstered with the Charity Commlssion in the United Kingdom (England & Wales) {N• 1118272). The address of the registered ofliGe is Somerfield House. 59 London Road, Maidslone, Kent, ME18 8JH. The financi81 statements have been prepared In accordance with Accounlln9 and Reporting by Charities.. Statement of Recommended Pracllco {SORP) appllcable lo charities preparing th8ir accounts in accordance with the Finanrjal Repoth'ng Standard applicab16 in the UK and R8publlc of Irèland {FRS1021 issued in O¢tober 2019. the Financial Reportlng Standard appllcable in th8 United Kingdom and Republic of Iraland (FRS102), the Charities Act 2011 and UK Generally Accèpted Practice. The charity conslllules a public beneflt 8nlily 8$ d8fined by the SOFiP. The charity has opted not lo prepare a cash flow statement for the financial period. as permitted by the 2019 Statemont of Recommended Practice. The financlal statements hav& been prepared to givè a 'true and fair vlew and hav6 departed from the Charitias (Accounts and R8poris} Regulations 2008 only to th8 8Xtenl required lo provide a 'lru8 and fair vi6w'. This departure has Involved following the Accounting and Reportlng by Charities.. Statem8nl of Recommonded Practtce applicable lo charities preparlng their accounts in accordanc& wllh the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued In October 2019. The financial statements are prepared on a going concern basis under the historical cost convention, modified lo Include certain items al fair value. The financial statements are presented in sterling whlch is the functional currency of th? charily and rounded lo the neare81 £. Thg sigrbifl¢ant accounting polici8s applied In the preparation of these flnancial statements are set oul below. These pollcies have been consistenlly applled to all years presenled unless olheTrvlse slated. 1.2 Funds structure The funds held by the Charity are unrgslrictad funds which can be used In accordance with the chadtabl8 objectives al Ihe dis¢r@lion of the Trustees. Designated funds comprise funds whlch have been sèl aside al thg discrglion of th8 Trustee for specill¢ purposes. The purposes and uses of the designal8d funds are set out in the notes to the finanGial slatemgnts. 1.3 Income recognllon Donations, legacies and other forms of voluntary income are rgcognlsed as income when rec6ivable, except Insofar as they are incapablo of financial measurem8nl. Income froTll investm8nts is recognlsed on an accruals basis. Page 7
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 1.4 Expendlture re¢ogllltlon All expenéilure is accDunled for on an ac¢ruals basis and ha$ been classified under headings that aggragate all costs related lo the cal8gory. Grant expondllur8 is recognlsed when awarded to the recipient. The expense is included on an accruals basls in lh8 year in which a leg31 or constructive oblig811on lo pay Ihg grant aris8S. Costs of ralsing funds are those Inveslmanl management f88s for bolh income generation and capllal maintenance. Charitabl& aclivilies include axpendilure assoclaled wlth the mak5ng of grants and donats'ons and include bolh the direct cosls and irKJire¢l costs relatlng to these actlvilias, on an accruals basis. Irrecoverable VAT is charged agalnsl the category of resourca expended for which it was Incurred. 1.5 Investments Investments are re¢ognised at fair value whlch Is nomially the transaolion prlce excluding transaction costs. Subsequently they are measured at fair value with changes recognlsed In 'nel gains110858s on Investments. in lh8 Statement of Financlal Activities (SoFA} if shares are publicly traded or their fair value can otherwise be measured reliably. Realised galns and losses arising on disposals are reoognised In the SOFA when th8 proceeds are receivable. 1.6 Grants payablo Grants payable are Included on an accruals basis and are charged in the year in whlch there is a legal or constru¢liv& obllgalion lo pay Ihe grants. 1.7 Debtors and Cfedltors recelvablelpayable wlthln ona yoar D8btors and creditors th no staled interest rale and receivable or payablè within one year are recorded al Iransactlon pricg. Any losses artslng from impairment ara re¢ogni8ed in exp&nditure. 1.8 Taxatlon The charity is an oxempt charity wSlhln the meaning of schedule 3 01 the Charili8s Acl 2011 and is conSided lo pass tho tests sel out In Paragraph 1 Schedule 6 Financa Act 2010. 1.9 Golng Con¢orn The financial statements have been preparod on a going concern basis as the Irustees believe that no material uncertalnlles exist. The trustees have considered the lav81 of funds held and the expected level of incom8 and expandllure for 12 monlhs from aulhorislng ihese financial slalem8nts. They believe th8 anlicipaled expenditure will be adaquately funded given the exlsling level of reserves for the charity to bg able to conllnue as a going concam. 1.10 Judgements and key source8 of estlmatlon uncertalnty Accountlng esbmates and judgements are continually evaluated and are based on historlcal experience and other f10[$, includlng 8xpeclations of future event5 that ara believed lo be reasonable under the ircumstances. Pag& 8
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025 2 Expendlture Total 2025 Total 2024 Charltablo activltlas Grants to Institutions:112 grants) Blackthorn Trusl British Llmbless Ex-SeNicemen's Association (BLESMA) 8irth Trauma Association Changeling Theatre Childs Vision Charity Dandellon Time Dogs for Autism Goodwill Caravan Heart of Kent Hospice Kent Kidney Palienls Association Maldslone Churches Wlnler Shelter Maidslone MENCAP Making a Difference lo Maidstone Preloved Reloved - Cancer & Beyond Salvauon Amy Salvation kny- Ukraine Appeal Space 2 be me Team Tutsh8m 10,000 10,000 2,000 2,000 2,000 1,000 1.000 5,000 1.000 1.000 5.000 5,000 1.000 1.000 5,000 1,000 1.000 1,000 2,000 5,000 5,000 2,000 5,000 38,0 36,000 Reconclllatlon of grants payable: Commitments unpaid al 29 February 2024 Commltmer)Is made in th8 year Grants paid In the year 38,000 36,000 13,0001 Commitments unpaid at 28 February 2025 (Note 38,000 33,000 Costs of raising fvnds: Investment managers, f88s 14,699 13.710 Other costs.. Legal, adminlslratlon and accountancy fees Independent examinallon lee LEI fee Ifrecoverable wthholding lax 8,470 1,980 144 183 9,619 1,890 72 170 10,777 11,751 Pago 9
THE BENNETh PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2025 3 Trustees and relatod party transactions Number of employees There were no employees during the year. Related party tran8aclions None of the Iruslees, or any person connected with them, received any remuneration or èxpenses reimbursed in Ihar capacity as trLSStee. During th8 year the trust was Charged £8,47012024- £9.619) for day lo day adrninSslratlon and accountancy seNices by Brachers LLP, a firm of solicitors. One of the trustees Anlhony Simon Palmer. Ss a consultant al Brachers LLP. 4 Investmènts 2025 2024 List8d Investments: Market value at 1 March 2024 Addlliorls at cost Disposal proceeds Reali5ed gain on disposals Unreallsed {lossygain on revaluation 1,814,644 378,525 (377,6761 1,765,088 473,014 (500,803) 1D3.429 71,298 (34,072) 111.417 174,727 77,345 Market valua at 28 February 2025 1.990,220 1.814,644 Cash for Investment 28,816 42.605 Market value al 28 February 2025 2,019,036 1,857,249 Hislorlcal cost al 28 February 2025 1.601,956 1,497,883 The portfolio was comprised as follows,. Equllles Fixad Interest Securiti8S Corporate Bonds Real Assets Absc4ute Ralum Commodlty Other Cash 1,272.612 175,233 164,298 89,633 73,960 158,398 58,086 28,816 1.147,281 334,470 95,133 73,006 164,754 42,605 2,019.036 1,857,249 Page 10
THE BENNETT PAIN CHARITABLE TRUST NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2025 4 Investments {¢ontlnued} The following investmenls comprlsed more than 50/0 of the lolal market valu8 of the listed investment portfollo at 28 February 2025. Fid8llty Sp6cial Values PLC ord GBP Dodge & Cox Worldwide US Stock Inc Fundsmlth Equity Inc Guardcap UCITS Fund Gbl Eqty i GBP ACC Natixis Intl {Luxl Loomis Sayles Global Growth Wisdomtree Physical Gold USD 5.70¥. 6.90Y. 6.60P 7.80% 5 Debtor8 2025 2024 Other debtors 1,881 327 6 Creditors: amounts falllng due within one year 2025 2024 Granls payable (Note 2) other creditors 38.000 1,980 33,000 1,800 39,980 34,800 7 Designated funds Tha income lunds of the charlly include the following designated funds which hav8 beèn sel asldg out of unroslricted funds by Ihe Irusle8s for speclllc purposes.. 1 March 21124 New deslgnatlons Deslgnations releasod 28 February 2025 nv8stment fund 1,814.644 553,252 (377,676) 1,990,220 1 March 2023 New deslgnations Designatlons released 29 February 2024 Investment fund 1,765.088 550,359 (500,803) 1,814.844 Investment fund - Ihese funds are Invested lo maximis8 total return and gengrat8 income. Page11