BINGHAM LIBRARY TRUST ANNUAL REPORT 2021-22 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 sixth 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: John Paddock – Research and Publication Officer 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. As of July 2022, these freehold titles are in the process of being transferred from the Foundation to the Trust. - 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. - 1.9 The Trust values the support and assistance received from Cirencester Town Council, the Corinium Museum and Gloucestershire Archives. **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 Following the COVID pandemic, the C-Hub, is now fully operational as a charity and community resource, along with 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 2021-22, the Trust regularly reviewed its finances and recognises the challenge ahead in maintaining each of the properties it is responsible for and ensuring that they are fit for purpose. - 3.2 Whilst continuing to adopt a policy of spreading its financial risk and growth across four primary investments, the Trust remains committed to reviewing its investment policy as part of a long-term strategic plan. - 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 value of investment funds held by the Trust, as of March 2022, was circa £441k compared to year end accounts in 2021 of £433k. - 3.5 - Cash at bank, in hand and in reserve at the year-end of March 2022 was circa £231k. - 3.6 During 2021-22, the Trust’s total expenditure was circa £179k; this was part met by income from investments and commercial/residential property of circa £131k. Expenditure exceeded income by circa £48k which was met from the general reserve. The estimated overspend and reliance on reserves was £50k at the beginning of the financial year. ## **4.** ## **Bingham Gallery and Conference Suite** - 4.1 The primary function of this space is as an exhibition gallery incorporating the annual Summer Exhibition. A review of the future use of the space is being conducted as part of the long-term strategic planning of the Trust; one option is to create a permanent exhibition space. - 4.2 Following COVID restricting access in 2020, the Trust was able to hold an in-person Summer Exhibition and reception in 2021 titled ‘Exploring Art’, exploring the mediums of art through the Trust’s collection. Art is not defined or confined, and is created in many ways through watercolour, oils, pastels, graphite, charcoal, pencil, mixed media, embroideries, and photographs. - 4.3 The exhibition included art created in the pandemic and with thanks to the Cirencester Camera Club and Civic Society the exhibition was made available online through YouTube. - 4.4 The Trust is always looking at ways in which it can promote and encourage members of the public to access the collection of art and photographs, including greater scope for innovation in the future. - 4.5 When the Gallery isn’t in use for the art exhibition and Trust events, it has been used for civic receptions and meetings of the Town Council and as a polling station for elections. ## **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 The Trust has therefore included a review of the Friends as part of its long-term strategy preparations and is considering a wider membership with opportunities to volunteer and support the work of the Trust. ## **6. Works of Art, Photographs and Archives** - 6.1 Further to purchasing a collections software package the Trust continues 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 2021-22, the Trust undertook a heritage asset review and is reviewing its acquisitions and disposal policy alongside its role in ensuring that local records and collections are conserved for future generations. ## **7. Strategic Plan** The Trustees commenced work on developing a strategic plan in 2020-21 and 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. A series of workshops has been held in 2021-22 to develop ideas and add detail to the key themes with potential opportunities for delivering a contemporary interpretation of Bingham’s legacy, seeking to sustain the Trust in the future and working in partnership with others in the practical outworking of our charitable aims. ## **8. C-Hub** - 8.1 We believe that the C-Hub is one way in which the Trust has responded to a contemporary interpretation of Daniel Bingham’s original purpose for Bingham House is being a community hub which meets local need. - 8.2 In 2021-22, as well as continuing to be available as a resource space for charities and community organisations to use in the evenings and on a Friday, the space has been used between Monday and Thursday each week, for two Department for Work and Pensions funded projects. - 8.3 The first of these projects was a partnership with Rotary, the Town Council, Cotswold District Council and World Jungle, helping to support young people not in education, employment or training find opportunities and develop skills. - 8.4 The second project is called Re-Start and is delivered by Standguide; this project supports people of any age who are on universal credit find employment. ## **9. Thank You** During 2021-22 our curatorial advisors David and Linda Viner stood down from their roles with the Trust to enjoy retirement together. The Trust, through this annual report, would like to acknowledge David and Linda’s commitment and contribution to the Trust, to say a very personal thank you on behalf of Cirencester for all they have done for and on behalf of the Trust and to wish them every happiness for the future. ## **10. In Summary** The Trust continues to maintain Daniel Bingham’s legacy on a day-to-day basis and deliver on the charitable purposes but is conscious of the need for a strategic long-term vision to ensure that the legacy continues for future generations beyond our lifetime, remaining relevant and effective in all that it does. **Andrew Tubb Clerk to the Bingham Library Trust** Bingham Library Trust Registered Charity Number 1163250 Report to The Trustees Year Ended March 31sl 2022 22 Bingham Llbrary Tvust R•port of th• Trust8•S Year Ended March 31st 2022 Principal Actlvitlgs The charitable purposes of the chanty are. for the beneffil of Cirence5ter WKI the surrounding areas to.. 1. Advance public education ty supporting lknry faclitated by womoting the appre¢iats"on ofArts. induding Music. and 2 Provide fa¢￿ille$ for recreatbon or leisure time occupat*)n. in the interests of S￿la1 welfare. the obie¢t of improving the conditions of life partKularly for people Ibve in OT Visrt Ihe area andlor people who havè particular needs by rèason of Iheir youth, age. infirnwty crt th"satrAlrty or poverty of soeial and economic circumstances The Trust operates its financial ath.wbes through a Company Lwnited by Gvaranlee. Bin￿arn Library Trust LinThted, company number 09317378. T￿ Twstees also serve as Dyectiys of the Limited Corr4Jany. Trusts￿ durlng th• Ymr Shidey Alexander {Chaifl Ailsa O'connor John FO￿eS Karen Fraser Andrew Lichnowski Joanna Noles Gary Sewn Appioved . C￿ behalf of all the irustees 23 Bingham Library Trust Ststem•nt of financid activiti•$ Y•ar End•d Uarch 31st 2022 2022 2021 Flental and Services Income 116.479 115.127 Direct Expenditure 183.1581 159,162) GTOSS Inwne l {Expenditurel Interest ond Investment Income 9.469 8.136 Other In¢ome 5.054 10,0(KJ Administrative Expenses {96.7571 (90.1191 Net Income l (Expenditure) 24 Bingham Library Trust Balan¢* s￿¢t Yoar Ended Ma￿h 31st 2022 2022 2021 Fixod Ass•ts Tangible Assets HeritsgeA5sets 11,534 206.335 13.570 ,335 Inv•stm•nts Investment Propety Investment$ 1,500.000 438.229 1.500,000 432,913 Total Flx•d As¥gts a Inv•slm•nts Curr•nt A$sots Debtors 5.671 230.839 8.365 Cash al bank and on hand 283.278 Tolal Current Assets Curr*nt Llabilitigs Amounts falling due wil￿'n one year {12,6031 120.B611 Total Curr•nt L5•bllltl {12,6031 {20.8611 Nèt Cwrent Ass•ts Tolal Assots Repr9$•nl•d by Unrestricted funds 441.776 490.687 Restricted funds 438.229 432 913 1,500.C4JO Endovm)enl frJnds 1,500.000 Total F￿￿$ Signed by...........-..-..-... . .... .. on behalf of all the I￿￿teeS Date.. 25 1 Rental and S•rvices Incme 2022 2021 Rental Incon 115.6SS 71,477 Hjring income Ser¥￿es Income 541 42,070 1.5tM) Community Hub 283 Total 11 47 2 Int•r•st and Inv•stment Incom• 2022 2021 Investm￿t income 9.467 ,121 15 Bank Interest Total 3 InV￿lment Property The Trust generates from commercial prernises comprising Bingham HoLsse, Dyer House and the Bingham Cottage. The Trusl also leases land to Gloueestershire Coursty Council in ie4)eel of the Cirencester Bingham Litrmary and parktrw tsciifoes to the Fleece Hotd: and has alk)tments. garages and rèsidential propertie$_ 26 4 Invostm¥nts The TrLtst ha$ a policy of spreadwy ts finanaal r¢sk and optsmi$ing growlh a¢ross four piimary in¥eslments'. 2022 2021 COIF- Invèsknenl lund Dep051t fund Barclays Blackrock Charilund {M&G Investments) 38.850 19.629 35.802 45.033 3.570 92.079 38,897 224,991 50,968 31.294 84,600 38.897 224.991 55.257 29.168 Total S Amounts falllng duo on• y•ar 2022 2021 Creditors 9.790 2.813 17.308 3.552 VAT Payable Total 27 The Trustees Bingham Library Trust Bingham House 1 Dyer Street Cirencester Gloucestershire GL7 2PP 19th August 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 2022. ## **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: 19th August 2022