Charity number: 1128984
THE BEN BATHURST MEMORIAL TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE BEN BATHURST MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the financial statements | 9 - 15 |
THE BEN BATHURST MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
| Trustees | G Hervey-Bathurst |
|---|---|
| R Peters | |
| P Svennilson (appointed 10 August 2020) | |
| W Johnstone (appointed 10 August 2020) | |
| Charity registered number 1128984 Principal office The Estate Office Eastnor Ledbury Herefordshire HR8 1RD Accountants Bishop Fleming LLP Chartered Accountants 1-3 College Yard Worcester WR1 2LB |
Page 1
THE BEN BATHURST MEMORIAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2020 to 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Objectives and activities
a. Policies and objectives
Our main objectives and who we try to help are described below. All of our charitable activities focus on enabling Armed Forces personnel and are undertaken to further our charitable purposes for 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.
The principal object of the charity is to provide medical insurance and assistance and the relief of poverty to Armed Forces personnel.
b. Strategies for achieving objectives
We aim to meet our objective by means of the following activities:
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Promoting the efficiency of the Armed Forces of the Crown.
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Provide health insurance for servicing military personnel.
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Preservation of health and the relief of sickness among serving members of the Armed Forces and their dependants.
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Relief of those in need, by reason of ill health or financial hardship among serving members of the Armed Forces and their dependants.
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Such other charitable purposes as the Trustees in their absolute discretion think fit.
c. Activities undertaken to achieve objectives
We aim to achieve our objectives by:
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Making grants to individuals.
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Providing other financial assistance.
Achievements and performance
a. Review of activities
We have continued to achieve our objectives of supporting members of the Armed forces by providing health insurance and support. Income was received by donations, and we achieved a deficit of £131,854 after market value adjustments to the investment portfolio (2020: £155,324 surplus); and a deficit of £105,713 before market value adjustments to the investment portfolio (2020: £110,542 surplus).
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THE BEN BATHURST MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance (CONTINUED)
b. Investment policy and performance
We have maintained our policy of investment of investing surplus funds in a readily realisable form and at 31 March 2021 £580,484 (2020: £687,881) was on deposit with C. Hoare & Co earning a return of £NIL (2020: £NIL).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission. The Trustees believe that approximately £100,000 is required to ensure the charity can run efficiently and continue to meet its objectives in the event of a loss of significant income streams, for approximately 12 months. This figure is based on commitments to members, and other stakeholders, and also takes into account costs of winding down the organisation if necessary. At 31 March 2021, free reserves amounted to £1,051,134 (2020: £1,182,988) which is sufficient to meet the charity's requirements for the next 12 months.
Structure, governance and management
a. Constitution
The Ben Bathurst Memorial Trust is a registered charity, number 1128984, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Policies adopted for the induction and training of Trustees
New Trustees undergo orientation of the services that the charity provides to allow them to understand the diversity of the organisation. In addition to this, Trustees undergo training on an ongoing basis as required.
d. Organisational structure and decision making
The Trustees of the Charity who held office during the financial period and at the date of this report are set out on Page 1.
At Trustees' meetings, the Trustees agree the broad strategy and areas of activity for the charity, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the process of handling of applications is carried out by the Trustees.
Page 3
THE BEN BATHURST MEMORIAL TRUST TRUSTEES, REPORT ICONTINUEO) FOR THE YEAR ENDED 31 MARCH 2021 Structure, governance and m•n•gemenl {CONnNUEDI . Rl¥k management The Trustees have assessed the m4or risks to whKh the charity exposed. in partKular those related to the opeialions and finances of the charty, and are $8tisfd that systems and procedures are in place lo mrtigale our exposure lo the major risks. Pl•n8 for futur• p•rlod• The otrtlook for the next 12 months is urKertain and wll doubt bring a number of challenges Economic uncertainlie$ and rising costs will inevrtably impact negatNety on our actNrts, and renewed efforts will be required lo secure an¢J maintain prNnary Ulte$ of funding. We aim lo develcp and change wherever appropriate $0 8$ to best serve our members in which they require. STATEMENT OF TRUSTEES. RESPONS181UTIES The Twslees are responsible for preparing the Tiuslees, report and the financ4ql slalements in accordance with appluble law and Unrted Kingdom Accounling Standard5 Iuniled Kingdom Geneially Actspled Accounting Praclieel. The law appluble lo thanlies in England & Wa requires the Truste8S to pr8paro financial slalomgnls for oach financial whKh give 8 true and fair vw of the state of affairs of Ihe Charrty and of its Incoming resourcos and applicalion of resources, including rts income and expendrture. lor that period. In preporing these financkgl statemenls, the Trustees are required lo". selecl suitab a¢¢ounling poIleS arnl then apply them ccffjsislenlty; ob¥erve the methods and principles of Ihe Charrties SORP IFRS 1021.. make judgments and 8ecounling estimates that are reasonable ond prudent.. $IBte whether applicable UK Accounting Standards {FRS 1021 have been foll¢xved, subject to ony material departures disc105ed and expkined ir the financ1 slalements.. prepare the financ1 slalemenls w Ihe going concern basis uns rt is inappropriate to presume tw the Charity will continue in business The Twstees are responsible for keeping adequate accounting recortls Ihal are suffleI lo show and explain the Charity's transactions and disclose wrth reasonable accuracy at any lime the fin8nckql posrtion ol the Charity and enab them lo ensure that the financ1 Stslemenls comply wlh the Charit*s Act 2011, the Charty IAccounls and ReFortsl Regulations 2008 and Ihe provisions of the Trust deed. They are also responsible fo¥ safeguarding the assels of the Charty and hence l¢y taking reasonable steps for the prevention and deleclion of fraud and other irregulanties. Approved by order of the memters of the board Trustees and sryned on their behalf by. G Heri Truste Date.. at R Pete Truslee Page 4
THE BEN BATHURST MEMORIAL TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BEN BATHURST MEMORIAL TRUST ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2021.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form 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 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 to enable a proper understanding of the accounts to be reached.
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THE BEN BATHURST MEMORIAL TRUST
INDEPENDENT AUDITORS' REPORT TO THE OF THE BEN BATHURST MEMORIAL TRUST (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
This report is made solely to the Charity's Trustees in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees for my work or for this report.
Signed: Dated: 6th October 2021 Andrew Wood FCCA DchA
BISHOP FLEMING LLP Chartered Accountants 1-3 College Yard Worcester WR1 2LB
Page 6
THE BEN BATHURST MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 27,000 27,000 132,714 132,714 (105,714) (26,140) (131,854) 1,182,988 (131,854) 1,051,134 |
Total funds 2021 £ 27,000 27,000 132,714 132,714 (105,714) (26,140) (131,854) 1,182,988 (131,854) 1,051,134 |
Total funds 2020 £ 305,000 |
|---|---|---|---|
| 305,000 | |||
| 194,458 | |||
| 194,458 | |||
| 110,542 44,782 |
|||
| 155,324 | |||
| 1,027,664 155,324 |
|||
| 1,182,988 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
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THE BEN BATHURST MEMORIAL TRUST BAL4NCE SHEET AS AT 31 MARCH 2021 2021 2020 Note Flxed assets Inveslmenls 447.692 473,833 447,692 473.833 Current assets Debtors Cash at bank and in hand 24,688 23.004 687,881 805.172 710,885 Creditors.. amounts lalling due wrthin one year 10 {1.730) (1.7301 Net current a•iets 603,442 709.155 Total assèts l•¥¥ current1SabllStl•s 1,051.134 1.182,988 Ngt aJset8 excludlng penslon 1.OS1.134 1,182,988 Total net a•i•ts 1,051.134 1,182,988 Charfty fund8 Reslricled funds Unre$lri¢ted fLtnds 12 12 1,051,134 1,182,988 Total funds 1.051,134 1,182,988 The financial statements were approved and authorised for woue by the Trustees 8nd Signed on their behalf by.. G Her¥oy-Bathurnt Trustee Oale.. R Petern Trustee rMq(4 The notes on poges 9 10 15 fom part of these financial statements. Page 8
THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The Ben Bathurst Memorial Trust is an unincorporated charity, registered in England. The registered office is The Estate Office, Eastnor, Ledbury, Herefordshire, HR8 1RD.
The prinicipal activity is operating as a registered charity, as detailed in the Trustees' report on pages 2 to 4.
The charity's presentational and functional currency is GBP, and the financial statements are rounded to the nearest GBP.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Ben Bathurst Memorial Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 GOING CONCERN
The trustees have reviewed budgets and forecasts for a period of 12 months following the date of approval of the financial statements and are of the opinion that the financial statements are correctly prepared on the going concern basis. The charity continues to hold health cash reserves and has a strong balance sheet. The trustees have considered the going concern of the business in light of challenges faced in relation to COVID-19 and feel that the charity is well structured to respond to these challenges for the foreseeable future. The trustees therefore continue to adopt the going concern basis in preparing these financial statements.
2.3 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. ACCOUNTING POLICIES (continued)
2.4 EXPENDITURE (CONTINUED)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.6 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2021 £ Donations 27,000 TOTAL 2020 305,000 |
Total funds 2021 £ 27,000 305,000 |
Total funds 2020 £ 305,000 |
|---|---|---|
4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Unrestricted funds 2021 £ Direct costs 132,714 TOTAL 2020 194,458 |
Total funds 2021 £ 132,714 194,458 |
Total funds 2020 £ 194,458 |
|---|---|---|
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Assisting members of the Armed Forces 2021 Expenditure on Governance 2021 £ £ Direct costs 130,974 1,740 TOTAL 2020 192,742 1,716 ANALYSIS OF DIRECT COSTS Insurance Other charitable expenditure Travel and accommodation costs 6. INDEPENDENT EXAMINER'S REMUNERATION Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2021 £ 132,714 194,458 Total funds 2021 £ 98,811 19,660 12,503 130,974 2021 £ 1,740 |
Total funds 2020 £ 194,458 |
|---|---|---|
| Total funds 2020 £ 85,220 47,310 60,212 |
||
| 192,742 | ||
| 2020 £ 1,716 |
7. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL).
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL).
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 1 April 2020 Revaluations AT 31 MARCH 2021 NET BOOK VALUE AT 31 MARCH 2021 AT 31 MARCH 2020 |
Listed Investments £ 473,832 (26,140) |
|---|---|
| 447,692 | |
| 447,692 | |
| 473,832 |
Market value is determined with reference to the share price at the year end date. A loss on investments of £26,140 (2020: £43,969 gain) have been recognised in the Statement of financial activities for the year in relation to market value movements in share price and foreign exchange movements for investments held.
9. DEBTORS
| DUE WITHIN ONE YEAR Prepayments and accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income |
2021 £ 24,688 24,688 2021 £ 1,730 |
2020 £ 23,004 23,004 2020 £ 1,730 |
|---|---|---|
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
11. FINANCIAL INSTRUMENTS
| FINANCIAL ASSETS Financial assets measured at fair value through STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 April 2020 £ UNRESTRICTED FUNDS General Funds - all funds 1,182,988 STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 April 2019 £ UNRESTRICTED FUNDS General Funds - all funds 1,027,664 |
income and expenditure Income £ Expenditure £ 27,000 (132,713) Income £ Expenditure £ 305,000 (194,458) |
2021 £ 580,484 Gains/ (Losses) £ (26,141) Gains/ (Losses) £ 44,782 |
2020 £ 687,881 |
|---|---|---|---|
| Balance at 31 March 2021 £ 1,051,134 |
|||
| Balance at 31 March 2020 £ 1,182,988 |
12. STATEMENT OF FUNDS
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2021 £ Fixed asset investments 447,692 Current assets 605,172 Creditors due within one year (1,730) TOTAL 1,051,134 |
Total funds 2021 £ 447,692 605,172 (1,730) |
|---|---|
| 1,051,134 |
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THE BEN BATHURST MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Fixed asset investments Current assets Creditors due within one year TOTAL |
Unrestricted funds 2020 £ 473,833 710,885 (1,730) 1,182,988 |
Total funds 2020 £ 473,833 710,885 (1,730) 1,182,988 |
|---|---|---|
14. RELATED PARTY TRANSACTIONS
During the year payments of £NIL (2020: £19,861) were made to Eastnor Castle Enterprises, of which G Hervey-Bathurst is a partner. All transactions were in relation to the beneficiaries of the Trust.
15. CONTROLLING PARTY
The Ben Bathurst Memorial Trust is under the common control of the Trustees.
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