REGISTERED CHARITY NUMBER: 229845
THE BINGHAM HALL
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
THE BINGHAM HALL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31sr DECEMBER 2024 The Trustees present their report with the financlal statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prattice applicable to charities preparing their accounts in accordan with the Finandal Reportlng Standard appllcabte In the UK and Republlc of Ireland {FRS 102) {effectlve I January 2019). OBJEcfxvES AND AcfiviTIES Objertlves and aims The main objective of the Trust Is to malntaln the Blngham Hall for use by individuals and clubs for lectures, ConrtS, drama, dance and other entertainments, flower shows and any other purposes which the Trustses may think fit and upon such terrns and conditions as they think appropriate. In addltlon, maintsin the Daniel Bingham Suite for use as a rifle range by the Cotswold Ritle Club as this is one of the oldest in the country. The Trustees believe that the wlde ranglng use of the Hall facilitbes for such varfed events pay due 3rd to and meet the publlc benefit test applied by the Charities Commlssion. ACHIEVEMENT AND PERFORMANCE Charltable artlvltles A year of considerable actlvlty, not least the completlon of the significant works and investment in Installing a new Ilghtlng and acoustlGS System for the maln Hall. Thls projert has been discussed for some tlme and Trustee5 decided to invest in this infrastructure in order that we could embra(t the m(KJem technology and provide a venue wlth approprlately professlonal lights and sound that enhance the experience of Ilve events In support of the grand settings of the Hall. Old embracing modem. Whllst there was significant disfuptson around Installatlon as expected, the Hall conwnued to provlde a venue for some existing events. as well as welcoming some hlgh-profile events throughout the year, ending with a live podcast for Yhe Rabbit Hole Podcasts" featurfng Earl Chades Spencer, Cat lamian and Richard Coles. In addition to thls, the Trust hosted, for the flrst dme a 'Xmas Party for all" at the Hall In December. whlch was sold out very quickly and provided a venue for local businesses, and individuals to have a festive meal and entertainmenL It was a very atmospheric and delightful eveningi SUPPOrted In the main by the localrty. Trustees a commltted to continuiTtg and developlng further thls appmach, In line wlth our founder Daniel Bingham's vision, of provldlng a venue for a varlety of differing events for the townspeople of Clrencester bylth the communlty at the centre. plte the slgniflcant Infrastructure works (includlng a major domestlc refurblshment projett), the Trust's core income held with a nomlnal 1.5% Increase. As always, a flnal mentlon to the Charttles Trustees and Staff. All thls work could not have been posslble without the continued guidan and advi of the Board of Trustees whlch was then translated into athvltles Implemented by the professlonal and dedicated tearn of the Trusvs staff for which l again thank them all unreservedly. FINANCIAL REVIEW Investment pollcy and objectives Under the Trust Deed, the Trust has the power to make any Investment whlch the twstees see fft. The Trustees have considered the most appropriate pollcy for Investlng fijnds and have found that COIF (Charities Official Investment Fund). Natyonal Savings. short tem fixed rdte bank investments and building society investment accounts generally meet the requirements of both income and capital growth. This strategy allows for ac$ to furtds on an immediate basis as well as the opportunity to attract a fair retum on monles invested in the short term. The trustees conslder the a$s[bIlIty of funds and retum on Investments to be satisfactory, glven the cOnnUed dimate of low Interest rates. Page I
THE BINGHAM HALL RepoRT OF THE TRUSTEES FOR ThE YEAR ENDED 31sr DECEMBER 2024 FINANCIAL REVIEW The Blngham Hall Trust derbves income from tw maln UrCes. the lettlng of the 23 propertks owned by the Trust and the htring OLrt of the Hall and associated rooms. Whilst the rentsl Income from properties guaranteed up to a point. the Income from Hall hlrfng is so. It Is therefo IMpant to ensure there are sufficknt funds available to tlde the Tntst In event of a tpOrary gap In Income, If e(isting sources of Income lost The oblectlve of the Hall, as outllned In the orfglnal Indenture, is to provlde accesslble Spa for the local tommunty and surroundlng parlshes for the furtherance of lelsure athvltle5, Includlng the maintenance of a rffle range. Income for these artlvltles Is to be ralsed through the hlrlng of the Hall and lettlng of the resldenual properties. The Income derlved from the resldentlal propertles are on tenancy agreements and provlde an amount of rtalnty. The Thjstees are mlndfvl that cash should be kept In rewve for speafic reasons and that cash balarS should not be only invested. However, the des1 to fiJnd major projects wlthout extemal fvnding is key to the Trustees thlnkbng this Is achleved thn)ugh sensible planning by the nanCe and BudIngS Commlttees for known events as well as unexpected Nu1Ments. The thallenge faang the Trustees Is a akln to a set of balance scales - on the one slde there Is a need to ensure the fabrtc of all the Tn$ prnISeS are malntslned to an acceptsble standard wth the ablllty to upgradelmodernlse as OppOrtyneS arlse. On the counter slde. the Trustees are requlred to ensure there Is suffident Income generated to ensure that these obJettlves can be met as well as ensurlng there is robust reserves poliry to mitigate any unforeseen everts. Income Is generated from all resldentlal propertles and the Hall and It's assoclated spa. The Income from resldentlal lettings can be seen as regular Income, with the occupancy rate remalnlng conslstenUv very hlgh. Income from Hall and assoclated space hlrfng Is less guaranteed. Pollcy The Flnance Comm(ttee have considered all of the sallert facts and consider It approprlate to ensure that a flgure equlvalent to an average of 6 months expenditure be r&alned In reserve to ensure that the main operatlons of the Trust can continue. HtrIer, should this level of resw4e be temporarlly brought under Pressu by a sbgnlficant repair project. the Ffjnan Committee wlll ensure an appropriate plan Is instigated to rePl1$h the balance to the agree4J level later than slx months of thls balance being reduced. Th15 pollcy Is rEvlewed annually by the Anan Commlttee to o)nsSder Its sultablllty tJklng Into account any changes to the Trusys buslness or infrastrurture or prevailing market condltions. Golng concern The Trustees have considered the forthcomlng perlod and a happy that due to the level of reserves In the chorlty and the tenancy agreements they have In Pla in regards to the Trsldentlal properties the golng concern princlple remains appropriate. Page 2
THE BINGHAM HALL REPORT OF THE TRusfEES FOR THE YEAR ENDED 31sr DECEMBER 2024 FUTURE PLANS The Trustees rnaIn ever mlndftjl of the objertives of the Bingham Hall Trust. which are regularly revlewed to ensure they remain aligned with the visions of our benefactor. Daniel Bingham. To add to that, the challenges of today are far dlfferent to those of the 1910's in respect of managing and malntalnlng an asset wlth dlfferlng aspects of needs and demands. Whitst thls vlslon has remalned constant, the challenges rtainlY have not, yet the Trust has responded robustly to the myriad of issues fad. Change and modemisatlon Can be a Challenge as eviden¢ed by the recent technological upgrades to Ilghtlng and acousbcs- but I am heartened that through sound govemance, discusslon and loglcal declslon making the Trust. it5 Staff and Trustees continue to worf( hard to retain Daniel Bingham's le9acy, moving the Trust for%Yard diligently. The plan for the ojrrent year Is to continue to promote the Main Hall with its new technology and to increase gradually the number and varfety of events h05ted. However, Trustees are also aware and revlewlng the needs to upgrade and maintaln the fabrfc of the bulldlng and the stock of sIdentIal properties. That is the plan, but as always, the Trust is aware there may well be other "unplanned" challenges that may appear, but the Board are ready and commltted to respond to these as they arise. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The governing document for the charity is the trust deed dated 16 March 1907, Recrultment and appolntment of new tN$tees The charity is constituted by a board of tnjstees and the hall staff. Trustees are appolnted by way of invitstion. Organisational structure Key officers of the charity are the followlng: Chaimian - Mr K Wlnmlll Vice Chatr- Mrs S Harrison Finan Committee Chalmian - Mr R Bowyer Buildings Committee Chairman - Mr A Franci5 Hall Manager- Mrs S King REFERENCE AND ADMINISTRATIVE DEfAXLS Reglstered Charlty number 229845 Prlnclpal addr King Street CIRENCESTER Gloucestershire GL7 IJT Trustees Mr K Winmlll Mr R Bowyer Mr P Rowe Mrs J D Jarvls Ms J Paris Mr P J Hooper MrA R Frdnas Mrs E Brereton Mrj W C Beaman Mr D Dunn MrA P Brown Mrs S Harrlson Mr A Webb Page 3
THE BINGIIAM HALL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31sr DECEMBER 2024 REFERENCE AND ADMINIsfRATIVE DYfAIIS Audltors Morris Owen Statutory Auditors 43-45 Devizes Road SWINDON Wiltshire SNI 4BG Banker4 Uoyds Bank PIC 14 Castle Street CIRENCESTER Gloucestershire GL7 IQJ Solldto Sewell Mullings Logle LLP 7 Dollar Street Cirencester Gloucestershire srATEMENT OF TRUSTEES, RESPONSIBILMES The trustee5 are re5ponslble for PparIng the Report of the Trustees and the financial statements in aco)rdance with applicable law and Unlted Kingdom ACCOUnng Standards (United Klngdom Generally A¢pted Accountin9 Practlce} ir¢cluding Financial Reporting Standard 102 The Flnancial Reporbng standarf appllcable in the UK and RepLtblic of Ireland.. The law appllcable to charities In England arbd Wales, the Charftles Act 2011, Charfty {Accounts and Report51 Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financlal year which give a true and falr view of the state of affair5 of the charity and of the incoming resources and application of resources, induding the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select sultable accounting policies and then apply them consistently. observe the methods and prinoples in the Charity SORP; make judgements and estimates that are reasonable an(J prudent. prepare the flnanclal ststements on the golng concem basis unless it is Inapproprlate to presume that the charlty will continue In buslness. The trustee5 a sponSIble for keeping proper account4ng records which di5dose with reasonable acojracy at any time the financial posltlon of the charity and to enable them to ensure that the financlal staternents comply wlth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provlslons of the trust deed. They are also responslble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertlon of fraud and other irregularities. Approved by order of the board of trustees on 23rd May 2025 and signed on its behalf by: Mr K Winmill - Trustee Page4
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF ThE BfNGHAM HALL Oplnlon We have audlted the flnancial statements of The Blngham Hall (the 'char(ty'} for the year ended 31st December 2024 which comprlse the Statement of Financlal Attivlties, the Statement of Flnancial Posltion and notes to the financial statements, includlno a summary of significant accounting policies. The finanaal porting frarnework that has been applied in their preparatlon Ss applicable law and United Klngdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). induding Finanaal Reportlng Standard 102 The Flnancial Reporting Stsndard appllcable In the UK and Republlc of Irelant1'. In our opinion the flnancbal statements: give a true and falr view of the state of the charity's affairs as at 31st December 2024 and of tts incomlng resources and application of resour$. for the year then entled,. have been property prepared in accordan with United Kingdom Generally Acceptsd Accounting Prdctice, including Flnaniial Reporting Starbdard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Charitles Att 2011. Basls for oplnlon We conducted our audtt In accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther dexrTbed in the Auditors, responslbilities for the audlt of the financial statements sertlon of our report. We are Independent of the charity in accordan wlth the ethical requirements that are relevant to our audlt of the financial ststements in the UK. including the FRCS Ethlcal Standard, and we have fulfilled our other ethical responslbilltles in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appmprlate to provide a basis for our opinion. Concluslons relatlng to going concern In audltlng the financial #atements. we have concluded that the trustees, use of the going concem basls of accounting In the preparation of the finandal statements Is appropriate. 8ased on the work we have performed. we have not Identlfied any material uncertalntles latIng to events or condltlons that, indlvidually or collectlvely, may cast significant doubt on the charity's ability to contlnue as a going concem for a period of at least twelve months from when the financial ststements are auth0ri5ed for issue. Our responsibillties and the responsibilitles of the trustees with respect to golng concem a described in the relevant sertlons of this report. other Informatlon The trustees a responsible for the other Infomation. The other infonnatlon comprises the information Included In the Annual Report, other than the financlal statements and our Report of the Endependent Audltors thereon. Our oplnton on the finanaal statements does not cover the other Infomiatlon and. except to the extent otherwise explicidy stated In our report, we do not express any form of assuran concluslon thereon. In connectton wrth our audlt of the financial statements, our responslblllty is to read the other Informatlon and, in (Joing so. conslder whether the other informatlon Is materially inconsistent with the ftnanclal ststements or our knowledge obtained in the audit or othetwlse appear5 to be rnaterially misstated. If we identfy such materlal incoTrsi5tencies or apparent material mi5Statements, we are reqUId to deterinine whether this gives rise to a mate81 mlsstatement in the financlal statements themselves. If, based on the work we have performed, we conclude that there Is a materlal misstatement of thls other Infomatlon, we are requlred to port that fatt. We have nothlng to report in this regard. Matters on which we are reoulred to report by exception We have nothing to report In respect of the following matters where the Charitles (Accounts and Reports) Regulations 2008 requires us to report to you if, in our oplnlon.. the infomiatlon given in the Report of the Trustees is inconsistent in any matertal respett wth the flnancial statements,. or sufficient accounting records have not been kept,. or the financial statements a not In agreement wlth the accounting records and returns; or we have not recelved all the Informatlon and explanatlon5 we requlre for our audfc. Page 5
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRusfEES OF THE BINGHAM HALL Responslbllltles of tStee5 As explained MO fully in the Statement of Trustees, Responslbilrties, the trustees are responsible for the preparation of the finanoal statements which give a tnje and fair view, and for such internal control as the trust determine is necessary to enable the preparation of finanoal Statements that are free from materlal misststement, whether due to fraud or error. In preparfng the financlal statements. the trust are responslble for assessing the charlty's ability to continue as a going concem, disclosing, as applicable, matters lated to going concern and using the golng cOnM basis of accounting unless the trustees either Intend to liquidate the charity or to cease operations, or have no lIstIC alternative but to ¢Jo so, Our responslbllltles for the audit of the financlal ststaments We have been appointed as auditors under Section 144 of the Charlties Act 2011 and report In accordance with the Art and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or emr, and to Issue a Report of the Independent Auditor5 that includes our opinion. Reasonable assurance is a hbgh level of assurance, but is not a guardntee thot an avdlt conducted in accordance with ISA5 (UK) will always detect a material misstatement when 6t exlsts. Misstatements can arise from fraud or error and are consbdered material If, Indlvldually or in the aggregate. they could reasonably be expecte(J to IntlUen the economlc declsions of users taken on the basss of these financial ststements. The extent to which our pnjcedures are capable of detertlng irregularities, indutling fraud Is detailed below- Our approach to Identifying and assesslng the rfsks of material misstatement In respect of irregularftles, including fraud and non-o)mpllance with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectlvely had the approprfate competen. capabillyes and skills to identify or recognlse non-compliano wlth appllcable laws and gulations through the audlt plannlng process; we Identiffied the laws and 9latIonS applicable to the charlty through discu55ions with trustees and other management, and from our commercial knowledge and experience of the charity sector. we focused on specific laws and regulations which we consldered may have a direct materbal effert on the financial statements or the operations of the companyi including the chatieS Att, general data protectlon regulations (GDPRI. employment, and health and safety leglslation we a55essed the extent of compliance with the laws and regulations identrfied above through making enquides of management and inspecting legal conEspondence- antl identified laws and wulations were communicated within the audit team regulady and the team remalned alert to Instances of n0n-comp1lan throughout the audit. Page 6
REPORT OF THE INDEPENDENT AUDrfoR5 TO THE TRusfEES OF THE BINGHAM HALL We assessed thls susteptibility of the charity's financial statements to material misstatement, including obtaining an understandlng of how frdud mlght occur by: maklng enqulries of management as to where they conSided there was susceptiblllty to fraud. their knowledge of actual, suspected and alleged fraud; and considering the infrrnal controls In place to mitigate risks of frau(J and nonompliance with laws and regulations. In response to addressing the risk of fraud due to management override of intemal controls we: perforrned analytical procedures to identify any unusual or unexpected latiOnShIpSY tested J"ournal entrres to identify unusual transactions- assessed whether judgements bnd assumptions made In detemilnlng the accounting estimates set out in note tsyo were indicative of potential bias; and investigated the rationale behlnd significant or unusual transacuon; In spOnse to the risk of Irregulafltles and non-compllance with laws and regulaon5. we designed prOdureS which included, but We not Ilmlted to.. agreeing finar¢clal statement disclosures to undedying supporting documentation; and reviewln9 mlnutes of Board meetings held for the existence of attual and potentlal Ilttgatlon and clalms Due to the Inherent limitations of an aud1¢ the Is an unavoidable rlsk that we may not have detected some material mlsstatements in the finanaal statements, even though we have propedy planned and perfornied our audit in accordance with audlfjng standards. For example, as wlth any audtt, there remained a higher rfsk of non-deteLtion of irregularlties. as these may involve collusion, forgeryi intentional omlsslons. mISp[EsentatIOn5, or the overrlde of Intemal controls. We are not responslble for preventing fraud or non-complian wlth laws and regulations and cannot be experted to detect all fraud and non-cornpliance wlth laws and regulations. Material misstatements that arFse due to fraud can be harder to detect than those that arise from error as they may Involve deliberate concealment or collusion. A further description of our responslbllltles for the audit of the flnanclal statements Is located on the nancial Reporting Council's website at www.frc.org.uk/audltorsrespDnslbillties. This description fornis part of our Report of the Independent Auditors. Use of our report This pOrt is made solely to the tharity's trustee5, as a body In accordance wlth Part 4 of the Charitles (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mlght state to the charity's trustees those matteTS we are required to stste to them In an auditors, report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responslblllty to anyone other than the charlty and the charity's trustees as a bodyi for our audtt worf(, for thls report, or for the oplnlons we have formed. MOlS Owen Statutory Auditor5 43-45 Devizes Road SWINDON Wlltshlre SNI 4BG 31.of. Page 7
ThE BINGHAM HALL STATEMENT OF FINAP4CXAL ACTIVITIES FOR THE YEAR ENDED 31sr DECEMBER 2024 2024 Total funds 2023 Total funds un$ttted Erkdowment fund5 fund Notes INCOME AND ENDOWMErirs FROM other tra¢Jing activities Investment income 258.248 12.174 258,248 11174 257,239 9,370 Total 270.422 270,422 266,609 EXPENDrruRE ON Charltable artlvltlgs Charitable attivities 315,707 315,707 239,2H Net gains on Investments 500,000 500.000 NEf INCOME/(EXPENDrruRE) (45.285) soo,000 454.715 27,365 RECONCIUATION OF FUNDS Total funds brought forward 448,777 6.800.000 7,248,777 7.221.412 TOTAL FUNDS CARRIED FORWARD 403.492 7,300,000 7.703.492 7.248,777 The notes forrn part of these financlal statements Page 8
THE BINGHAM HALL STATEMENT OF FINANCIAL posrrIoN 31ST DECEMBER 2024 2024 Trtal funds 2023 Total funds Unrestrfcted Endowment ftjnds fund Notes FIXED ASSErs Tangible assets Investments Investments Investment property 171,340 171.340 173.546 io li 300 2,300 7.300.000 7,300.000 2,300 6.800,000 173.640 7.300,000 7.473,640 6,975.846 CURRENT ASSErs Stocks Debtors Cash at bank and In hand 12 13 loo 30,088 211.333 loo 30,088 211,333 loo 23.404 284.989 241.521 241,521 308,493 CREDITORS Amounts falling due wfthln one year 14 (11,669) {11.669) (35.562) t4ET CURRENT ASSErs 229,852 229.852 272,931 TOTAL ASSETS LESS CURRENT LIABILITIES 403rt92 7.300,000 7,703,492 7.248.777 NEf ASSErs 403,492 7.300.000 7,703,492 7,248,777 FUNDS Unrestricted funtjs Endowment ftjnds 15 403.492 7.300.000 448.777 6,800,000 TOTAL FUNDS 7,703.492 7,248.777 The financial statements were approved by the Board of Trustees and authorfsed for Issue on 23rd May 2025 and were slgned on its behalf by: Mr K Winmill - Trustee Mr R Bowyer- Trustee The notes form part of these financial statements Page 9
THE B114GHAM HALL t40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sr DECEMBER 2024 CHARrrY INFORMATION The charfty 15 unincorporated, formed by a trust deed and registered at the Charity Commi5slon for England & Wales. The prbncipal place of buslness Is at King Street, cIrenSter GL7 IJT These financial statements are presented In Bthsh Pounds (GBP). whSch Is the charity's fijnttional and pntatIonal currency. ACCOUNTING POLICIES Basls of preparlng the flnan¢ial stthments The financial statements of the charity. which is a public benefit enttty under FRS 102, have been prepared in accordan wlth the Charltie5 SORP {FRS 102) 'Accounting and Reporting by Chadtles.. ststement of Recommended Practlce applicable to charitie5 preparing their accounts in accordance with the Finanoal ReportSng Standard applicable In the UK and Republic of Ireland (FRS 102) (effective l January 20191,, Financlal Reporting Standard 102 The Financial Reporting Stanijard appllcable In the UK and Republic of Iland, and the Charities Act 2011. The flnanclal statements have been prepared under the historical cost conventlon, with the exceptlon of Investments which are included at market value. as modified by the revaluation of certain assets. Flnancial reporting stsndard 102 - reduced disdosur¢ exemptions The charity has taken advanta9e of the following disclosure exempts'on in preparlng these flnanoal Statements, as pem)ltted by FRS 102 The Flnancial Reportlng Standard applicable in the UK and Republ1¢ of Ireland.: the requ1Ments of Section 7 Statement of Cash Flows. Income All Income Is gnised In the Ststement of Flnancial Activitles On the tharlty has entltlement to the funtls, It Is probable that the income will be r1Ved and the amount can be rneasUd lIably. Uabllltl abilities are cognised as expenditure as %ion as there is a legal or construttive obligation commlttlng the charity to that expendlture. It Is probable that a trdnsfer of economlc benefits will be required in settlement and the amount of the obligatlon can be measured reliably. Expeftdlture is accounted for on an accruals basis and has been classified under headings that aggregate all cost lated to the category. Where costs cannot be dlrectly attributed to particular headlngs they have been allocated to artlvltles on a basls consistent with the use of resources. Tanglble flxed assets Depreciation is provided at the followlng annual rates in order to wrtte off each asset over its estimated useftjl Ilfe, Fixtures and flttlngs 15% on reducing balance Investment properties The properties are stated at trustee5' valuation. based on the last fomial external market valuation obtslned and then uslng appropriate commercial indices to flett the movement to the current date. Stocks stocks are valued at the lower of cost and net reali5able value, after maklng due allowance for obsolete and slow moving Items. Taxatlon The charity is exempt from tax on its charitable activities. Page 10 continued...
THE BINGHAM HALL NOTES TO THE FINANCIAL sfATEMENTS- contlnu FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES - contlnued Fund a¢¢ounting Unrestricted funds can be used In accordance wtth the tharttable objettives at the dlscretion of the tnjstees. Restricted funds can only be used for particular restrfcted purposes withln the obJe¢ts of the charity. Restrirtions arise when specified by the donor or when funds are ralsed for particular restricted purposes. Further explanatlon of the nature and purpose of each fund Is included in the notes to the financial statements. Penslon ¢osts and other post-r•tlrement beneflts The charlty operates a deflned contrlbutlon penslon scheme. Contrlbuyons payable to the charlty's pension scheme are charged to the Statement of Financlal Activitie5 in the perlod to whlch they relate. Flnandal Instruments Short tem debtors are measured at trdnsaction pr1, less any impairment. Loans receivable are rneasud initially at falr value. net of transactfon costs. and are measured subseqLFenUy at arnortised cost using the effective Interest method, less any Impairnient. Short term trade credltors are measured at the trdnsattion prf. Other financlal Ilabllltles. Includlng loan5, are measured initlally at falr value, net of transactlon costs. and are measured subsequently at amortised cost uslng the effective interest method. The charftSes Investments consist of National Savings and Investment income bonds and a deposlt n a COIF. Both Snvestments can been wtthdrawn at any time and therefore are considered to be basic financlal Instruments under FRS 102 sectlon 11 and as such are initially measured at transactlon price and subsequendy at fair value. OThER TRADING AcfIvmES 2024 2023 Rent- Properties Lettlngs - Hall other income Events Income 167,783 70,606 122 19,737 178,587 78,652 258,248 257,239 INVESTMENT INCOME 2024 2023 Deposit account interest Il174 9,370 Page 11 conttnued...
THE BINGHAM HALL NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31sr DECEMBER 2024 AuDrroRS' REMUNERATXON 2024 2023 Fees payable to the charity's aut1itors for the audit of the charity's financlal ststements 7.875 7,500 TRUSTEES, REMUNERATION AND BENEFITS 2024 2023 Trustees, salarse5 Twstees, fees 2.659 1.000 2.426 1,000 3.659 3,426 Trustees. expensas The were no trustees, expenses pald for the year ended 31st December 2024 nor for the year ended 31st December 2023. STAFF cosrs The average monthly number of empEoyees during the year was as follows.. 2024 2023 Charltable artlvltles No employees recelved emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTIVITIES Unrestricted Endowment funds fund Total funds INCOME AND ENDOWMENTS FROM Other trading activities Investment Income 257,239 9.370 257,239 9,370 Total 266,609 266,609 EXPENDIfuRE ON Charitable activities Charitable actlvities 239,244 239,244 NEf XNCOME 27,365 27.365 RECONCILIAT1014 OF FUNDS Total funds brought forward 421,412 6.800.000 7,221,412 TOTAL FUNDS CARRIED FORWARD 448,777 6,800.000 7.248.777 Page 12 continued..
THE BINGHAM HALL NOTES TO THE FINANcfAL STATEMENTS- contlnued FOR THE YEAR ENDED 31sr DECEMFIER 2024 TANGIBLE FIXED ASSErs xtU$ and fltvngs cosr At 1st January 2024 Addltlons 276,463 15,552 At 31st Dember 2024 291015 DEPRECIATION At 1st January 2024 Charge for year 101917 17.758 At 31st t)ernber 2024 120,675 NEf BOOK VALUE At 31st Dember 2024 171,340 At 31st Dernber 2023 173,546 10. FIXED ASSEf INVESTMENTS Unllsted Investment MARKEf VALUE At 1st January 2024 and 31st December 2024 2,300 NET BOOK VALUE At 31st Dember 2024 2,300 At 31st December 2023 2,300 The were no investment assets outside the UK. All Investments represent cash investments held prtmarfly to provlde an investment retum for the charfty. The assets are valued at fair value. 11. INVEsfMEprf PROPERTY FAIR VALUE At 1st January 2024 Revaluatlon 6,800,000 500,000 At 31st December 2024 7,31XI.000 NEf BOOK VALUE At 31st December 2024 7,300,000 At 31st December 2023 6,800,000 The Bingham Hall is accounted for as an Investment property in accordar¢ce wlth Flnanclal Reporting Standard 102 Section 17. The remalnlng propertles conslst of a number of residential dwelllngs In Watermoor Road, Cirencester and King Stree¢ CireSter. Page 13 continued...
THE BINGHAM MALL NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31ST DECEMBER 2024 11. INVEsfMENT PROPERTY- contlnued All investment propertles held by the charity are define(l as inalienable assets, as the trust document requires the propertie5 to be retsined and used indefinitely for the charitable objects, preventing any dlsposal wlthout external consent. As part of ongoing reviews. Tnjstees have been considering the Trspective value of Its "bCkS and mortart assets. In conjunrtion with a recent review undertaken by the Trust's Insurer, consideration was given to the residential buildings and Hall estimated valuations, wtth of course due consideration bein9 given to the caveat wlthin the Tnjst Deed that propertles cannot be disposed of by the Trust. As a result of this, the annual accounts are subject to an uplift in the figures to take Into acUnt the increase In property value5, a recalibration of the index linked Increases whith have been occurrlng SIn 2015 together with conslderatlon of value levels based on the Trust deed constraints. A number of models have been employed to calculate these figures which now present an up-to-date posltion based on all of the available infomiation. In the view of the trustee5, having obtained a recent insurance valuation, the indexed model needs a realignment adjustment to the carylng value of the Bingham Hall and this adjvstsment has been reflected in these accounts. IZ STOCKS 2024 2023 Stocks loo loo 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Prepayments and accrue(l income 965 29.123 2.458 20,946 30,088 23,404 14. CREDrroRS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Soclal securfty and other taxes Other credit0¥5 Accruals and deferred income 1.959 1,834 7.876 26,061 9,501 11.669 35,562 MOVEMENT IN FUNDS Net movement in fund5 Transfers between funds At 31.12.24 At 1.1.24 Unr¢strl¢ted fund$ General fund Designated rennovation and repair fund 348,777 47.937 (93.222) 303rt92 100,000 (93.222) 93.222 loo.000 448,777 {45.285) 403,492 Endowmant funds Permanent endowment fund 6.800.000 500.000 7.300,000 TOTAL FUNDS 7,248,777 454,715 7,703.492 Page 14 contlnued...
THE BINGHAM HALL NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31sr DECEMBER 2024 15. MOVEMErir IN FUNDS - cortlnued Net movement in funds, included in the above are as follows: Incoming resources Resour expended Galns and 105ses Movement in funds Unrestrlcted funds General fund Deslgnated rennovatlon and repalr fund 270,422 (221485) 47.937 {93,222) {93.222) 270N22 (315,707) {45,285} Endowment funds Permanent entlowment fijnd 500,000 500,000 TOTAL FUNDS 270.422 {315,707) 500.000 454,715 Comparatlves for movement In funds Net movement In funds Transfers between funds At 1.1.23 31.12.23 Unrestrl¢ted funds General fund Designated rennovatton and repalr fund 421.412 27.365 (ioo,0001 348,777 loo,000 loo,000 421,412 27,365 448,777 Endowment funds Permanent endowrnent fijnd 6,800,000 6,800,000 TOTAL FUNDS 7,221,412 27,365 7,248,777 Comparative net movement in funds, included In the above are as follows.. Incomlng resources Resources expended Movement In fun¢ts Unrestrlrtad funds Gener21 fund 266,609 (239.244) 27,365 TOTAL FUNDS 266.609 (239,244) 27,365 Page 15 continued...
THE BINGHAM HALL NOTES TO THE FINANCIAL STATEMENTS- Contlnuad FOR THE YEAR ENDED 31sr DECEMBER 2024 15. MOVEMENT IN FUNDS - contlnued A current year 12 month5 and prior year 12 month5 combined positlon Is as follows.. Net movement in funds Transfer5 between funds At 1.1.23 31.12.24 Unrestrl¢tsd funds General fund Desi9nated nn0vatIOn and repair fund 421,412 75,302 (193.222) 303,492 {93,222) 193,222 loo,000 421,412 {17.920) 403,492 Endowment funds Permanent endowment fund 6.800.000 500,000 7,300,000 TOTAL FUNDS 7,221.412 482,080 7,703.492 A current year 12 months and prior year 12 months combirbed net rrH)vement in fund5, included In the above a as follows: Incoming re50urce5 Resources expen¢Jed Galns and losses Movement in funds Unrestricted funds General fund Deslgnated rennovation and repalr fund 537,031 (461,729) 75,302 193,222) {93.222) 537,031 (554,951) (17,920) Endowment funds Permanent endowment fund 500,000 500,000 TOTAL FUNDS 537,031 (554,951) 500.000 482,080 Fund name Permanent endowment fiJnd Purpose and restrlctlons Thi5 is an endowment fund for the propertles which are owned by the charity. 16. RELATED PARTY DISCLOSURES The followlng relate¢J party transactlons have OCCLsnEd in the year, all at fvll commercial market rates. Name of Related Party Relationship Services Amount C[renter Intruder Alarms Common Dlrertorl Trustee Trustee Common Partner/ Trustee Security seNlces 2,598 A Frands Plastering 16,651 Moore Allen & Tnn0nt Professional services 840 The chartty also recelves a share of bar taklngs from trustee A Brown, who runs a bar se1 at 5elerted events through the year. The total recelved In the year amounted to £4,700 (2023: £2.779), Page 16