## **Bennett Lowell Limited**
## **Accounts**
For the period ended 31 December 2024
Charity Registration Number: 1149726 Companies House Registration Number: 08228454
334342633
## **Bennett Lowell Limited**
## **Contents**
|**Reports**||
|---|---|
|Legal and administrative information|1|
|Trustees’ report|2 – 4|
|**Accounts**||
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 10|
## **Bennett Lowell Limited**
## **Legal and Administrative Information**
|**Directors/Trustees**|David Borthwick|
|---|---|
||Molly Borthwick|
||W Harold Borthwick|
||John Attree|
|**Principal Office**|5 Fleet Place|
||London|
||EC4M 7RD|
|**Charity Registration Number**|1149726|
|**Company Registration Number**|08228454|
|**Bankers**|C Hoare & Co|
||37 Fleet Street|
||London|
||EC4P 4DQ|
|**Solicitors**|Charles Russell Speechlys LLP|
||5 Fleet Place|
||London|
||EC4M 7RD|
|**Investment Manager**|Merrill Lynch Wealth Management|
||350 South Grand Avenue|
||27th Floor|
||Los Angeles|
||CA 90071|
1
## **Bennett Lowell Limited**
## **Trustees Report**
## **For the period ended 31 December 2024**
The Trustees (the Directors of the Company) present the statutory report with the accounts of Bennett Lowell Limited (the **Charity)** for the period ended 31 December 2024.
The results for the period are presented in the form of a Statement of Financial Activities, in order to comply with the Charities Statement of Recommended Practice under the Financial Reporting Standard 102 (SORP FRS 102) and with the Charities (Accounts and Reports) Regulations issued under the Charities Act 2011.
## **Constitution and Objects**
The Charity was incorporated on 25 September 2012 and is a Company Limited by Share Capital registered with the Registrar of Companies for England & Wales (registration number 08228454) and is a charity registered with the Charity Commission (registration number 1149726).
The Charity has issued one Ordinary share of £1, which is allotted and held by David Borthwick.
The objects of the Charity are such charitable purposes as the Trustees may in their absolute discretion determine.
The Charity supports a wide range of institutions for charitable purposes. The Charity makes grants to other organisations which are either UK registered charities or US tax exempt organisations, where the Trustees are satisfied that the donation will be applied for UK charitable purposes. The Charity does not make grants to individuals. The Charity has a particular focus on supporting arts institutions but its grants are not limited to this purpose.
## **Organisation**
The Trustees have all served during the financial period.
No policies and procedures have been adopted by the Trustees for the induction and training of Charity trustees. However, the Trustees are required to read, the Charity Commission guidance booklets on the role and responsibilities of Trustees.
## **Grant Making Policy**
The Trustees correspond and meet formally during the year to consider grant applications and to further develop the Charity’s focus.
The Trustees have reviewed their grant-making policy in light of the Equality Act 2010 and consider that it is compliant with the Act. The Trustees are satisfied that their policy does not unlawfully discriminate against applicants with protected characteristics or in any way contravene the provisions of the Equality Act 2010.
## **Achievements and Performance**
Charitable donations of £950,633 (2023: £822,338) were made during the year to the charitable organisations shown in note 6.
2
## **Bennett Lowell Limited**
## **Trustees Report**
## **For the period ended 31 December 2024**
## **Financial Review**
The Trustees are satisfied with the financial position of the Charity and confirm they have adequate assets available to fulfil their obligations.
## **Investment Policy**
Funds are currently held in cash accounts with C Hoare & Co, London and investments held by Merrill Lynch Wealth Management, Los Angeles. The Trustees make distributions from these funds on a regular basis subject to their reserve policy stated below. The investments made do not generate a dividend income and consequently the Trustees have adopted a process of gradual realisation of investments, to fund their donations.
## **Reserves Policy**
The policy of the Trustees is to retain sufficient cash funds to at least meet all future committed grants, with the intention to distribute its funds as reasonably and as soon as possible.
## **Risk Management**
The Trustees do not delegate their authority in respect of grant making decisions and they personally consider all submissions made to the Charity.
The Trustees recognise the Charity investment has been made in a single investment unit. However the investment vehicle is a collective investment, which holds numerous underlying company shares, which removes the possibility of stock specific risk, by avoiding individual company shareholdings.
## **Plans for Future Periods**
The Trustees aim to continue to support a wide range of charitable institutions through charitable donations.
## **Public Benefit Test**
The Trustees have read and are mindful of the public benefit statements issued by the Charity Commission and confirm that they have referred to the guidance contained therein when considering the Charity’s aims and objectives and in planning future activities and grant making policies.
3
## **Bennett Lowell Limited**
## **Trustees Report**
## **For the period ended 31 December 2024**
## **Trustees’ Responsibilities Statement**
The Trustees (who are also Directors of Bennett Lowell Limited for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law as advised by Charles Russell Speechlys LLP.
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
1. select suitable accounting policies and then apply them consistently;
2. observe the methods and principles in the Charities SORP FRS 102;
3. make judgements and estimates that are reasonable and prudent;
4. material departures disclosed and explained in the financial statements, and
5. prepare the accounts on the going concern basis unless it is inappropriate to presume that that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Bennett Lowell Limited does not carry out significant fundraising activities in accordance with the Fund-Raising Standards of the Charity Act 2011.
The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by the Trustees on:
> This day of 2025 and signed on their behalf by: 31 October --------------------------------------------- --------------------------------------------David Borthwick Molly Zothivicke
Director/Trustee – David Borthwick Director/Trustee – Molly Borthwick
4
## **Bennett Lowell Limited**
## **Statement of Financial Activities**
## **For the period ended 31 December 2024**
## **(Including the Income and Expenditure Account)**
|Note|**Unrestricted**
**£**|**Total**
**2024**
**£**|**Total**
**2023**
**£**|
|---|---|---|---|
|**Income**
Bank Interest
CAF Funds Reimbursement
**Total Income**
**Expenditure**
Charitable Donations
Support Costs
6
2
**Total Expenditure**
**Net Incoming/(Outgoing) resources**
**before other recognised gains or**
**losses**
**Gains and Losses on**
**Investment Assets**
3
**Gains and Losses on Currency**
**Exchange**
**Net Movement in the Year**
At 31 December 2023
**Balance as at 31 December 2024**|76,432
4,342
**80,774**
950,633
12,283
**962,916**
(882,142)
3,658,579
(3,087)
2,773,350
18,500,828
**21,274,178**|76,432
4,342
**80,774**
950,633
12,283
**962,916**
(882,142)
3,658,579
(3,087)
2,773,350
18,500,828
**21,274,178**|1,808
-|
||||**1,808**|
||||822,338
6,335|
||||**828,673**|
||||(826,865)
2,038,545
872|
||||1,212,552
17,288,276|
||||**18,500,828**|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
5
## **Bennett Lowell Limited**
## **Balance Sheet – Company Number 08228454**
## **For the period ended 31 December 2024**
||Note||**2024**||**2023**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Fixed Assets**||||||
|Investments|3||18,834,285||15,717,553|
|**Current Assets**||||||
|Cash at bank||2,439,892||2,933,274||
|Debtors|4|1||1||
|||2,439,893||2,933,275||
|**Current Liabilities**||||||
|Creditors – amounts falling due||||||
|within one year|7|-||150,000||
|**Net Current Assets**|||2,439,893||2,783,275|
|**Total Net Assets**|||21,274,178||18,500,828|
|**Funds**||||||
|**-**Unrestricted|||21,274,177||18,500,827|
|**-**Shareholder|||1||1|
|**Total Charitable Funds**|||21,274,177||18,500,828|
Audit exemption statement:
For the financial year in question the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Trustees:
> This 31 day of October 2025 ------------------------------------------ ----------------------------------------Davi Bothiveck Molly Borthwick Director/Trustee – David Borthwick Director/Trustee – Molly Borthwick
6
## **Bennett Lowell Limited**
## **Notes to the Accounts**
## **For the period ended 31 December 2024**
## **1. Summary of Significant Accounting Policies**
## **General Information and Basis of Accounting**
The Trust constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Trustees consider that there are no material uncertainties about Bennett Lowell Limited’s ability to continue as a going concern.
## **Investments and Investment Income**
Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Donations are included in the statement of financial activities on a receivable basis.
## **Resources Expended**
Direct charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the Charity and are charged to the statement of financial activities when approved by the Trustees.
Support costs include expenditure on general administration and management, and of compliance with constitutional and statutory requirements.
## **Realised Gains and Losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
7
## **Bennett Lowell Limited**
## **Notes to the Accounts**
## **For the period ended 31 December 2024**
## **1. Summary of Significant Accounting Policies (continued)**
## **Funds Accounting**
The Unrestricted fund represents funds available for the general charitable purposes of the Charity at the discretion of the trustees.
## **Foreign Currencies**
Asset and liabilities in other currencies at the Balance Sheet date are translated into sterling at the rate ruling on that date. Transactions during the year have been translated into sterling at the rate ruling on the date of the transaction. Currency exchange differences arising during the year are shown in the Statement of Financial Activities.
**2. Support Costs**
|**Management, Administration**|**Charitable**|**Support**|**2024**|
|---|---|---|---|
|**And Accounting**|**Activities**|**Costs**|**Total**|
||**£**|**£**|**£**|
|Professional Fees|1,400|10,129|11,529|
|Bank Charges|-|754|754|
||1,400|10,883|12,283|
The trustees have not received any remuneration or expenses during the year.
## **3. Investments**
||**US $**|**GBP £**|
|---|---|---|
|31 December 2023|19,540,062|15,717,553|
|Sales during the year|(686,086)|(541,847)|
|18,853,976|18,853,976|15,175,706|
|Gain/Loss on sales and revaluation|4,993,995|3,658,579|
|Value 31 December 2024|23,847,971|18,834,285|
8
## **Bennett Lowell Limited**
## **Notes to the Accounts**
## **For the period ended 31 December 2024**
## **4. Debtors**
The amount shown in the Balance Sheet represents the unpaid share capital of £1, in respect of the share issued to David Borthwick. This sum remained outstanding as at the Balance Sheet date.
**5. Share Capital**
The Charity has issued one Ordinary share of £1, which is allotted and held by David Borthwick.
9
## **Bennett Lowell Limited**
## **6. Donations**
During the period of the accounts, the following charitable donations were made:
||**US$**|**£**|
|---|---|---|
|240 Project||10,000|
|Cabinet of Wonders, Venice||22,000|
|Egypt Exploration Society|50,792|40,133|
|Glyndebourne||20,000|
|Grenadier Guards||5,000|
|National Gallery||100,000|
|National Gallery|126,560|100,000|
|National Portrait Gallery||150,000|
|National Trust||27,500|
|Natural History Museum||80,000|
|Old Vic||200,000|
|Royal Academy||100,000|
|Selwyn College||14,000|
|St James’ Church|64,500|50,000|
|Swan Sanctuary||6,000|
|The Virtual Doctor||1,000|
|Wallace Collection||25,000|
|**Total Donations**||**950,633**|
## **7. Creditors**
Amounts falling due within one year:
|Royal Academy Donation|**2024**
**£**
**-**
**-**|2023
£
150,000|
|---|---|---|
|||150,000|
10
INDEPEIYDENT EXAMINER'S REPORT TO THE TRUSTEES OF
BENNETh LOVELL LIMITED
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