BINGHAM LIBRARY TRUST ANNUAL REPORT 2020-21 11141 METWOAK- TRAINING- SUPPOFIT **Charity Name:** Bingham Library Trust Limited ## **Charity Registration Number:** 1163250 ## **Company Number:** 09317378 **Registered Address:** Bingham House, 1 Dyer Street, Cirencester, GL7 2PP ## **Trustees:** Shirley Alexander David Fowles Karen Fraser Andrew Lichnowski Joanna Noles Ailsa O’Connor Gary Selwyn ## **Aims and Activities:** For the benefit of Cirencester, to advance public education & the arts/music. Also to provide facilities for recreation or leisure, in the interests of social welfare, to improve life for people who live in or visit the area and/or people who have particular needs by reason of youth, age, infirmity, disability, poverty or social and economic circumstances. The main activities of the Trust are outlined within this report. ## **Articles of Association:** The company was incorporated on 18[th] November 2014; the Articles of Association being amended by Special Resolution on 23[rd] February 2015, removing the words ‘and culture’ from its charitable purposes. The Trust’s filing history as a company limited by guarantee can be found via: https://beta.companieshouse.gov.uk/company/09317378/filing-history ## **Public Benefit** The Trust in publishing this annual report confirms, under the Charities Act 2011, that it has complied with, and had due regard for, the ‘public benefit requirement’. The beneficial aspects of what the charity does can be evidenced and benefits the wider public of Cirencester. ## **1. Introduction** - 1.1 This is the fifth Annual Report of the Bingham Library Trust; following its first full year of operation in 2016-17. - 1.2 The work of the charity was previously overseen under the sole-trusteeship of Cirencester Town Council and subsequently new governance arrangements were established with a company limited by guarantee and a new Charity. - 1.3 The management service arrangement with Cirencester Town Council was extended for a further four years in 2019; this is now overseen by a formal service level agreement which was drawn up and signed in 2020-21. - 1.4 The Trust is supported by several specialists commissioned on a consultancy basis: David and Linda Viner – Research and Publication Officers Helen Timlin – Exhibitions and Interpretation Officer and Collections Officer - 1.5 A joint resolution was signed in 2017 between Cirencester Town Council, acting as sole Trustee of the Bingham Library and Art Gallery Foundation, Charity no. 311488, and the newly formed Bingham Library Trust Limited Charity no. 1163250, Company no. 09317378. - 1.6 The signed resolution, which forms part of the public record, confirms the decisions made by the respective organisations noting that the day to day management and full responsibility for all property assets and permanent endowment, held in the freehold title of the Bingham Library and Art Gallery Foundation, has been transferred to the Bingham Library Trust Ltd, until such time as the law permits that consideration may be given to the freehold titles being transferred. - 1.7 Income derived from these properties is used for their upkeep and maintenance, with any net income being used for the benefit of the newly formed Trust’s charitable purposes. - 1.8 All cash and investment holdings held in the name of the Bingham Library and Art Gallery Foundation or Cirencester Town Council, acting as sole trustee, were transferred to the newly formed charity and company limited by guarantee with effect from the 2016-17 financial year. ## **2. Property Assets** - 2.1 Day to day management of commercial premises comprising Bingham House, Dyer House and the Bingham Cottage is carried out by Cirencester Town Council on behalf of the Trust. - 2.2 The Trust also leases land to Gloucestershire County Council in respect of the Cirencester Bingham Library and parking facilities to the Fleece Hotel; and has allotments, garages and two residential properties in Purley Road. - 2.3 The principal income generated from these properties is used towards the upkeep and maintenance with any surplus being used and/or invested for the long term benefit of the Trust. - 2.4 Whilst current commercial tenancies remain viable and provide the Trust with a secure income stream, the Trust continues to remain mindful of the risk from the impact of COVID on changing working patterns. - 2.5 During the COVID pandemic, there was restricted and limited access to the C-Hub, a charity and community resource, and the wider community use of Bingham House which includes research accommodation and collections storage, as well as being the home of the Town Council, Cirencester Band and Corinium Radio. ## **3. Finance** - 3.1 During 2020-21, the Trust regularly reviewed and responded to the financial impact of COVID and was flexible to the needs of its tenants. - 3.2 Whilst continuing to adopt a policy of spreading its financial risk and growth across four primary investments, the Trust is committed to reviewing its investment policy in 2021-22. - 3.3 In seeking to extend its investment portfolio in the long term, the Trust will consider options including investment in an ethical fund which directly benefits any of its aims and objectives such as the arts, as well as considering a growth strategy and the outputs it wants to achieve through investment. - 3.4 The estimated value of investment funds held by the Trust, as at March 2021, was circa £383k compared to year end accounts in 2020 of £409k. - 3.5 Cash at bank, in hand and in reserve at the year-end was circa £250k. - 3.6 During 2020-21, the Trust’s total expenditure was circa £147k; this was part met by income from investments and commercial/residential property of circa £133k. Expenditure exceeded income by circa £14k which was met from the general reserve. - 3.7 Please note that the above figures are subject to the year-end preparation of the accounts. ## **4. Bingham Gallery and Conference Suite** - 4.1 The primary function of this space is as an exhibition gallery incorporating the annual Summer Exhibition. - 4.2 Unfortunately, due to the impact of COVID, the Trust was not able to hold an in-person exhibition in 2020 but did make the most of online technology with a digital exhibition: titled ‘Treasures from the Collections’ various paintings, drawings, photographs, ephemera and original documents were shared and celebrated on-line and could be viewed as a PowerPoint presentation through the Trust’s website at www.binghamlibrarytrust.org.uk/exhibitions/ - 4.3 The Trust is always looking at ways in which it can encourage members of the public to access the collection of art and photographs, and whilst during the 2019 was able to open the information centre at the same time as the exhibition, providing access online during 2020 provides greater scope for innovation in the future. - 4.4 When the Gallery isn’t in use for the art exhibition and Trust events, it is used for civic receptions and meetings of the Town Council and for election station check terminology. As part of preparing a strategy for the future the Trust will be reviewing how the gallery is used and future options for its use. ## **5. Friends of the Gallery** - 5.1 For many years the ‘Friends of the Gallery’ have been an important asset for the Trust and a valuable resource for stewarding the public opening of the Gallery. However, it is becoming increasingly challenging to attract new volunteers to support the work of the Trust. - 5.2 In 2019, the Trust commissioned the employment, through the Town Council, of an exhibition steward to support the Friends and in 2021-22 the Trust will be reviewing the Friends and options for introducing a membership scheme to promote and raise awareness of volunteering opportunities. ## **6. Works of Art, Photographs and Archives** - 6.1 Further to purchasing a collections software package the Trust continued to embark on a wide ranging digitisation project, to increase public access to its collections via on-line media. - 6.2 The heritage assets of the Trust include oil paintings, watercolours, photographic collections and books, with formal archive storage and office accommodation for the curatorial work being provided at Bingham House. - 6.3 During 2020-21, the Trust acquired, ‘Christmas Market at Cirencester’ by Nelson Rooke, dated 1953 and a group of seven works by the artist Tony Klitz, who lived in Cirencester during the 1970s. ## **7. Strategic Plan** The Trustees, in commencing work on developing a strategic plan have identified three key themes and/or pillars which are at the very core of the Trust’s work – property, partnership and public. - Property – using the property endowed and managed by the Trust to enable the delivery of the vision and mission statement; - Partnership – to lead and collaborate with others; - Public – access to learning opportunities through books and the arts, creating a sense of community through the C-Hub at Bingham House, proactive collection of local archives. ## **8. C-Hub** - 8.1 In response to an idea for a local resource centre, born out of the Cirencester Charities Conference held in 2013, the Bingham Library Trust continues to provide a space for charities and community organisations to use. Known as the C-Hub, it is based on the 2[nd] floor at Bingham House. - 8.2 In developing the C-Hub, the Trust has agreed to partner with the Cirencester Rotary Club and engage with young people up to the age of 30; the aim being to network and provide peer support but also to build on the corporate social responsibility work in the town, linking young people to volunteering and project opportunities and vice versa in raising the profile of local need and local charities. - 8.3 Building on our youth engagement work, we are delighted to be partnering with the Town Council, Cotswold District Council, World Jungle and the Department for Work and Pensions in establishing a youth hub at Bingham House which will support young people not in employment, education or training. Both initiatives hope to launch in 2021-22. ## **9. In Summary** With a forward look and focus on the preparation of a long-term strategy the Trust’s aim is to ensure the lasting legacy continues for future generations beyond our life time. In addition to thanking the Corinium Museum and Gloucestershire Archives for their continued support and assistance, I would like to use this opportunity, on behalf of the Trust, to formally acknowledge and recognise the significant contribution made, over the years, by Linda and David Viner, not only in respect of the Trust but also in the life of the wider community of Cirencester. **Andrew Tubb Clerk to the Bingham Library Trust** BINCHAM LIBRARY TRUST MANAGEI MEI NT ACCOUNTS PERIOD ENDED 31 MARCH 2021 REGISTERED CHARITY NUIVIBER: 1163250 BINGHAMLIBRARY YRUST.. REPORT OF THE DA￿cToR TRUSTEES FOR THE PERIOD EL¥DED 31 MARCH 2021 . Thc Dii'ector Trusiees are pleRsed to W￿nt rnanagetnenEaccounts for tli¢ twelve month period etth¢d 31st March 2021. Prittcipal Adivitie5 Forthe b6nefit of Ciyenccstcr. to advaThGc ￿lbliC ¢duuLtion & the art51musio Also to piy>vidc facilities for r¢G1¢atio￿ OF l¢isuir, in the intei¢sts of social wlfar¢, to snipTOVC lif¢ forp¢ople ivho liv¢ in or visit the aiEa andlorpewle have pat'licularn¢¢ds by reason tsf youth, og¢, infirmity, disability, p)veity o¥ social alld ecorÉornic circumstalltss. Results The resiilts for the comiiatty set oiitin the StateJn¢nt of Financial Activittes on p2ge 3. Dlreetor Trustees ThE dir¢ctor trusiee$ wkn seryed the trust during the yèarw¢r¢ ￿ follows.. 8htrley At￿e Alexallda. . John Antliolly David Fowl￿ frvrn Novetthv 2020 KaTen FTrsu, ttom NovEmbBr2020 ' Mark Harris, uiitilNoYember 2020 A]thw Lichllowski JoanJ]a Noles Ailsa O'connor, fm]n NDVErn￿r 2020 Gary selwyn . Thc tr]stha5 no sh￿e wital 8ttd accordi[￿Y￿0 tr05th.has alliThtrr65tth¢r¢iL . Approved ..Zw" Date ott . Pagc2of6 INC.HAM'I.tRRARY TRUS SI'ATEMENT OF fi lNANC.IAI. ACTIVITILS FOR THE PERIOD ENDED 31 MARCH 2021 2021 resL4ted 2020 Notes R¢Trlal and s￿Vic&s Income 115,127 137.355 Direct Expettditure 162,857) .166,402) Gros$ IncoD]e l jExpendlture) 52270 70953 Ini¢Te5t and Inveslment Income 8,l39 13,672 Oth¢i' In¢ome 10,000 175 Administrative Expenditur¢ 186,424) {67,489) Net Income l{Exptndllllrel (16,015) 17,311 The Noies onpuge 5t7nd6f￿.w1Wi'l0j{fvt.¥¢*1fttrIOg￿IIg￿iOCco￿lllS PAge3 of6 BIN AM LIBRARY TRu&r BALANCE,SHFFT FOR IHLV PERIOD ENDÈD 31 MARCH 2021 2021 slated 2020 Notes FIXED ASSRTS Tangible Assets Heritage Assets 13,570 206,3.15 15,965 206,335 INVESTMENTS Propety Finallcial 1,500.000 432,913 1,500,QQO 347,188 2,152,818 2,069,488 TOTAL FIXED ASSETS & INVESTMENTS CURRENT ASSETS Debtoi Cash at Bank and in Hand 8,365 283.280 294.946 291,645 CURRÉNT LIABILITIES Amot]nts falling duewithin on¢ye&i' 295,461 (20,8601 {11.050 ￿￿T CURRENT ASSET8 270,785 284.405 TOT.AL CURRENT ASSRTS 2,423.603 2253,893 REPRESLI NTED BY Unr&%ti'icted I,unds Restricted Funds Pry)perty Fllnd% 490,690 431913 1,500,000 509,522 347,188 l.5(K>,IX)O TOTAL FUNDS 2,423,603 2356.710 The tI￿Stee8 have reviewed these ￿Anagement reports on die dale below and they are signed on Iheir behalf by.. Approved ... Registered ch￿lty Number 1163250 /5" J-£1 * The iwe$liMenlpFopei'lia¥aiY nol ciwig￿lI￿ ihe ofihe Binghun? Libi'uiy Trusl,. Ihe legalpi'oce5S foi. Ihe ii'anrfei. offi'eeholdiiilgs is bging fflY'L7Kged. TIK 7)'wl isfiilly iesponsib1eJ￿. ih¢sÈN'o￿r11es imdei. a h'fftisfei. weep)ienifFOlX the Biiighoin librÉry nndtti'ig£711eiyfouFdaiioN 0￿dIEs1ed in ihe n'usl's assel regE.flei'. iFolÉs onpage 5 and6for1￿paI.I ofihese inttnugemenl ac¢oiitsis Page4 ofo BANGHAlWt LIBRARY TRUST NOTES 'I'O 'I'IIE TrIANAG'Li TrILNT REPORTS FOR THC PERIOD ENDED 31 MARCH 2021 I. DEBTORS 21121 2020 I'rade Debtors Acaued Incoine 7,990 375 8,365 515 515 2. CREI DITORS 2021 2020 Trade CrecTiiO VAT 17,308 3,552 20,860 8,500 2 J56 11.056 3. MOVEIWJENTS IN UNRESTRICTI4D FUNDS 2021 2020 ' Brou8ht Forward 506,705 489,394 Ino)mel(Expendtturel for ihe period 116,0151 17.311 R¢venu¢ Reserves Carried flo￿Vard 490,690 5C6.705 4. FIXED ASSET INVESTMENTS - Listed Investmellts MRrl£¢t VMIu¢ At IstApril 2020 Revaluatlons 347,188 At 31sl March 2021 432,913 Page 5 of 6 BINGHALVI LIBRARY TRUST NOTEI S TO TIIE MANAGII MENT REPORTS FOR THf PKRIOD KNDED 31 MARCH 21121 FIXfiD ASSET INVESTMENTS {Contlnuedl Holdlngs (UiiÉtsl CDst V¥lue 2021 Value 2020 29.517.748 Sh&irs 4,728.440 Shares 1.981.000 Units 64.118.301 Share5 45,033 3&850 3,570 35,802 19.629 55,257 84,399 29,168 224,992 38.897 55,633 70.090 23,683 158,885 38,897 COIF Investment Fund Chai'rfund BarGlay5 Wealth COIF Deposil Fuftd Total Listed Investments Value 432,913 347,188 5. MOVEIIIEwrs IN RESTRJcfKD FtINDS 21121 2020 Brought FiofwqTd 347,1811 419,035 Rcvaluation 67,￿8 171,847) Other movem¢nl in iwts't¢ted funds Restri¢ted l unds CaiYi¢d fonvaixl 432,913 347,188 Pa8e6of6 The Trustees Bingham Library Trust Bingham House 1 Dyer Street Cirencester Gloucestershire GL7 2PP 14th January 2022 ## **Independent examiner’s report to the trustees of Bingham Library Trust (Registered Charity No.1163250 )** I report to the trustees on my examination of the accounts of the Bingham Library Trust (the Trust) for the year ended 31st March 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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. IAC Audit & Consultancy Ltd. Registered in England No 09753929 VAT Reg No 220 6715 38 23 Westbury Road , Yarnbrook, Wiltshire, BA14 6AG Email: admin@audit-iac.com Tel:01225 775511 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. Signed: Kevin Rose ACMA Date: 14th January 2022