Charfty Registratlon No. 1197950 BH TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL sfATEMEri FOR THE YEAR ENDED 5 APRIL 2025 BUSINESS ADVISORS 6th Floor Kings House 9-10 Haymarket London United Kin8dom SWIY 48P
BH TRU CONTENTS Page Company information Trustees, report Independent examiner's report Statement of financial activities Statement of financial posion Notes to the financial ststements 7-12
BH TRUSr LEGAL AND ADMINIRATIVE INFORMATION Trustees J Lin8wood J Hamlyn J Goodman Charity number 1197950 Reglsternd ollke Landseer StLtdlos IOA Cunningham Place London NW8 8JT Independent examlner Robert Keen TCGroup 6th Floor King'5 House 9-10 Haymarket London SWIY 4BP Investmént Advisors Rathbones Investment Management Llmlted Port of Liverpool Building Pier Head Livefpool L3 INW
BH TRusr TRUSTEES, REPORT FOR THE YEAR ENDED S APRIL 2025 The trustees pent their report together with the financial statements for The BH Trust for the year ended 5 April 202S. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the chaflty's trust deed, the Charities Act 2011 and kcounting and Reporting by Charities: Ststement of Recommended Practbce applicable to char5ties preparlng their h"n3ncial ststements in èccordante with the Financial Reporting Standard 3pplicablÈ in the UK and Republic of Ireland IFRS1021' leffeth.ve l January 20191. Structurei go¥emance and management The Trvst is governed by a Trust deed and wa5 registered as a charity by the Chartty Commission for England and Wales on 17 February 2022, CIO number 119750. The Trust was estsblished by an initial gift from Jane Hamlyn in 2022. Jane Hamlyn 15 the first member of the charyty and Serves a5 Chairperson of the Board of Trustees. There are two additional trustees. Jonathan Goodman and James Lingwood. Rlsk manat*ment The Trustees have assessed the risks to which the charity is exposed. in particular those relatin8 to its finances and the operations of the organisations to which it makes grants. The Trustee5 believe that by ensuring contfols exist over its investments and through operating a prudent level of 8rant-makin& there are no signifi.cant risks. Objecti$ and aCtivhle5 The objective of the Trust are to further such charltable purposes and to benefit such tharitsble activities as the trustees think h"t. Grant-maklng Pollcy At the annual trtjstees, meetln& the trustees agree on the amount the Trust will 8rant to organisaions over the coming year, and the organisatfons who will ceIve these grants. The administration of grants 15 0rseen bv Jame5 Lingwood on behalf of the Twstees. Grants are made to or8anisations nomlnated by the trustees. The Trust is not open to unsolicited applicaknons. In the year ended April 5 2025, the Trust made Èrants to the following organisations,. Petals Charity, The Restsrt Project. The Trussell Trust, The Drawing Room and The Courtauld Instttute. In reviewing our ath"vitt"es for the year and our plans for the future, we have had regard to the tharlty Commi55ion's general guidance on public benefit. nanclal revlew The Trust is reliant on the Fncome from its investments managed by Rathbones. The totsl income in the year ending S April 2025 w35 £52.41012024- £41,947>. The balance sheet shows total funds of £1,549,94512024- £1.582,7061. Investment pollcy The Trust's investment strategy is to continue with the investmènt5 giftpd by Jane Hamlyn. The obpctrve 15 to maximise totsl return by investin@ in 3 medium to low risk portfolio. There are no restrictions on the charity's power to invest.
TRU5TEES' REPORT {CONIINUEDI FOR ThE Y£4RENDED5APR112025 ReseF¥• poIi¢y All fund5 hehl bythe charity are unre5tr1rted. and not deslgned lOrSpe purptssès. The charhy make3 donalions to a range of chariites on an annual basls and the trustees have Indioted to some of these charlties Its irtention tts make dona¥on at a slmmar level for the next twoyear5. The tre$, pollcy ts to maAa8e finandal rwurce5 In 5uth a wty as to prrNlde for the ¢ommltm•)ts made, and to malnlaln free re5er¥es 5uffident to enable fvrther COMtMent to be made in Ilne with their l of 8ivin& Pl•ns fortho lutur• The plans foi 2025126 are-. To ConnUe to support arts drleS Inthe UK To ¢ontlnueto support tharmès Inthe UK that allevlate poverty The tru5tee5 in offi¢e dUrI1heyeaf were a5 follty•ts'. J ngwoOd J Hamtyn J Goodman TheTrustees' report was appro*d by the Board ofTrustees. Tfustee Dated.. 27 January 2026
BH TRU INDEPENDEP4T EXAMINER'S REPORT TO THE TRusfEES OF BH TRUSY I report to the trustee5 on my examination of the linanclal st)tement5 of BH Trust Ithe charity) for the year ended 5 April 202S. Responsibilitie5 and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in a¢cordance with the requirements of the Charitie5 Act 2011 Ithe 2011 Act). I report in respect of my examination of the charitvs financial statements carried out under 5e(tion 145 of the 2011 Art. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Art. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connecb(M With the examination giving me cause to believe that in any material respect.. accounting records were not kept In respect of the charity as required by 5ethon 130 of the 2011 Act: or the financial statements do not accord with those records- or the financial statements do not comply with the applicable requirements concernin8 the fom and content of ccount5 Set out in the Charities IAccounts and Reportsl Regulations 2008 other than any requirementthat the accounts give a true and fair view which is not a matter considered as Part of an independenl examination. I have no concerns and have come across no other matter5 in connection with the examination to whrh attention should be drawn in this report in order to enable a proper understsnding of the financial ststements to bè reached. Robert Kèen FCCA 6th Floor King's House 9-10 Haymarket London SWIY 4BP Dated.. 3 February 2026
BH TRUSr STATEMENT OF FINANCLAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUI FOR THE YEAR EAIDED SAPRIL 2025 Unre#rfcted funds 2025 Total 2024 Notes IoMe and endoTAm•nts from: Donations 2,833 49,427 150 7,700 34,247 Investments Other income Total Income 52,410 41.947 E¥ endlture on.. Charitsble activitie5 45,105 45,703 Totsl charltable expenditure 45,105 45.703 Net 8ain5 on investments io 140,0661 78,638 Net lexpenditurellincome forthé yearl Net loutgoin¥llincomlng resources 132,7611 74,882 Fund balantes at 6 April 2024 1,582,706 1,507,824 Fund balances at S Aprll 202S 1,549,945 1,582,706 The statement of financial activities includes all Bain5 and10sses recognised in the year. All income and expenditure derive from continuing acknvities.
BHThT STATEMENTOF FINANCIAL POSITION ASAT5APRIL2025 2025 Investments li 1,543,833 1.559,058 Debtors Cash at bank and in hand 12 1,758 7,954 9.712 43,048 Cr4dltorn' arnountsf4Mk¥ dwe wlthlTr 4>n•yr 119,4rJ)I Net ojrrent assets 6.112 Tot¥1 •5sets le ¢wrr•tt lbIll¢S 1,549.945 1582.7 Imomefunds Unrestricted funds-#enèr41 l.S49.94S L582,706 1.549345 1,582,706 The financkl statements were approved bytheTru5tees on 27 January 2026
BH TRusr NOTESTO THE FINANCIAL STATEMEFirs FOR THE YEAR EfiDED SAPRIL 2025 Ac<ountin8 polkles Charlty Infomiatlon BH Trust is a Char¢table Incorporated Or8anisation reBisterèd in England and Wales. The reBislÈred address is Landseer Studios, IOA Cunningham Place. London, NW8 8JT. Details of the principal activity are recorded in the Trustees Report. 1.1 Accountin8 convention The financial statements have been prepared in accordance with the charf(Vs constitutr'on. the Charitie5 Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi¢e applicablè to charities preparing their accounts in accordance with the Financial Reporting Standard applicable inthe UK and Republic of Ireland IFRS 1021" leffectjve l January 20191. The charity is a Public Benefit Entlty as defined by FRS 102. The chatY has taken advantage of the provisions the SORP for tharities applying FRS 102 UpdatÈ Bulletin I not to prepare a Ststement of Cash Flows. The financial statements are prepad in sterling. whlch is the funcknonal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal aoUnting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the fOeeable future. Thus the trustees continue to adopt the going concerrb basis of accounting in preparing the fi.nancial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustee5 in furtherance of their charitable objectives. 1.4 InfomlnR resources Income 15 reco8nised when the charity is legally entitled tg It after any performance conditions Iwve been met, the amount5 Can be measured reliably, and it is probable that income will be received. Income is derived from donations and investment income. Cash donations are recognlsed on receipt. Other donatlons are re¢o8nised once the charity has been notified of the donation, unle55 performance condm.ons require deferral of the amount. Income tsx recoverable In relan.on to donations receivèd undei Gift Aid or deeds of Covenant is reco8nised at the time of the donation. Interest and dividend income is included when reivable by the Charitsble Incorptsrnted Organisation.
BH TRusr NOTESTO THE FINANCIAL 5fATEMENTS (CONTINUED) FOR THE YE4R ENDED 5APRIL 2025 Accounting polities IContlnued} 1.5 Rèsources expended Expenditure 15 recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economlc benefits will be required in 5ettlemeni. and the amount of the obligation and be measured reliably. Resources expended are recognised in the period in whid) they are Incurred and accounted for on an accruals basis. Governance costs are those incurred in connection with administration of the charity and compliano with Constitutional and statutory requirements, including legal. audit fees and the costs of board MeetirS. Where possible costs a allocated directly to the activities to which they relate. Support Co5 a allocated between charitable activities based on the apportionment of direct costs. Gfant expenditure is recognised when committed. 1.6 Hxed a$s•t Inv•stm•nts Flxed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently meaSUd at fair value at e3¢h reporting date. Changes in fair value are recognised in net incofflellexpenditurel for the year. Transaction costs are expensed as incurred. 1.7 Cash and cash equlvalents Cash and c35h equivalents include cash in hand. deposlts held at call with banks, other short-term liquid investments with original maturities of three months or les5, and bank overdrafts. Bank overdrafts are shown wlthln borrowings current liabilities. 1.8 Financial instruments The charrty has elected to apply the provisions of Section 11 '8asic Financial In5truments'. Financial instruments a recognised in the charitv's balance sheet when the charlty becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented In the financlal statements, when there is a legally enforceable right to set off the recognbsed amounts and there is an intention tosettle on net ba515 or to realise the asset and settle the liability simultaneouslv. Baslcflnoncial q55ets Basic financial assets. which include debtors and cash and bank balances, are initially MeaSud transaction prbce includin8 transaction costs and are 5ub5equently carried at amorbsed c05t using the effective interest method unless the atrangement constitutes a Ilnancing transaction, Whe the transaction is measured at the present value of the futurè reeeipts discounted at a market rate of interest. Financial assets ¢la$5ified as receivable wrthin one year are not amortised.
BH TRusr NOTES TO THE FINANCIAL STATEMENTS IcoiifiNUED) FOR THE YEAR EIVDEOS APRIL2025 Accountlng pollcles Icontlnuedl Boskfinunclal Ilublllties Basic financlal liabilities, Includln8 creditors and bank loans are initrally reco8nised at transaction price unless the arrangement constt"tutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classiNed as payable within one year are not amom"sed. Debt instruments are subsequently carrled at amorkn'sed cost, Using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinay course of operations from suppliers. Amounts payable are classifled as CL}rnt liabiliti.es if payment is due within one year or less. If not, they are presented as non-current liabillties. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognkloft offinondttlllubllltles Financial liabilitie5 are derecognised when the charllvs contractual obligations expire or are discharged or can11ed. Donatlons Unrestricted funds general 2025 Total 2024 Donations and glfts 2,833 7,700 Investments UnrÈstricted funds general 2025 Totsl 2024 Dividend income from listed investments Income from unlisted investment5 Interest receivable from listed investments 24.067 14,165 11,195 19,476 14,771 49,427 34,247
BH TRUST NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EPIDED 5 APRIL 2025 Other Income Unrestricted Unrestrlrted funds funds 202S 2024 Other income 150 Charitable acti¥fties Charitablt Charltable Expenditure Expènditure 2025 2024 Grant funding of activities Isee note 61 Share of support costs Isee note 71 29.000 16,105 25,OlXI 20.703 45.105 45.703 Grants payable Charitable Charitsble Empendlture Expenditure 2025 2024 Grants to instrtulion515 grants).. The Trussell Trust Bold Tenden¢ies- CIC Camden Art Centre The Fruitmarket Gallery The Showroom Gallery Bridwell Organic Gardens The Restart Projert Petsls Charitv The Drawing Room The Courtauld Instr"tute io,( 5,000 5.OC4) s,oc 5,000 2,500 2.500 2.500 10,000 3,000 3,500 29,000 25,C 10-
BH TRusr NOTESTO THE FINANCIAI STATEMENTS ICONTINUEDI FOR THE YEAR EAIDED5 APRIL 2025 Support costs Support sls 2025 2024 Accounts and audit fees Legal and professional Investment management fees 4,600 11,400 12,2431 11,546 11,505 11,505 16,105 16,105 20.703 Analysed between Charitable activikn'es 16,105 16,105 20,703 Trustees None of the trustees lor any persons connected with them) received any reMUneraon or benefits from the charity during the year. Durlng the period expenses were reimbursed to the Trustees amountin8 to £nil in respect of travellng, subsistence and other expensès. mployees There wère no employees during the current or prior period. 10 Net galnslllossesl on investments Unrestrirted funds general 2025 Totsl 2024 Revaluation of investments Gainlllossl on sale of investments 137.9111 12.1551 46,231 32,407 {40,0661 78,638 11
BH TRUST NOTESTO THE FINANCIAL sfATEMEP(rs {coNriNUED FOR THE YEAR EhlDED 5APRIL 2025 11 Flxed awt Investments Usted Unllsted Investments lrniestments Cash In portfollo Totsl Cost orvaluation At 6 April 2024 Ad¢Jitlons Valuation changes Cash in portfolio Disposals 1,547,585 139,086 137,9111 11,473 1,559,058 141,919 137,9111 16,048 1135,2811 2,833 16,048 1135,2811 At 5 April 2025 1,513,479 2,833 27,521 1,543,833 Carrylng amount At 05 April 2025 1,513,479 2,833 27,521 1,543,833 At OS AprTrl 2024 1,547,585 11,473 1,559,058 12 Debtors 2025 2024 Amounts falllng due wlthln one year: Othèr debtors 1,758 Creditors: amoun1$ falllng due vAthin ohe year 2025 2024 Trade creditors Accruals 10,200 9,2( 3,6 3,600 19,4C 12-