Charlty Ilo. 239371 THE BENHAM CHARITABLE SETTLEMENT TRUSTEES, REPOftT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 THE BENHAM CHARITABLE SETTLEMENT Reglstered Charity No. 239371 REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 5TH APRIL 2024 Deed of Tru¥t by way ofCharitabl¢ Settlement made 28th September 1964, established by the late Cedric and Hilda Benh8Jll. Trustees Mra M.M. Tittie lady Huttoll Reverend J.A. Nickols. Mr8 S. Eltsom The Trustees are empowered to appoint new or additional Trustees at their diwetion. There w¢re no changes in the Trustees durAng the year ex¢ept as noted abov¢. Prfnclpal Addre5S Norfolk Cottage I, Virginia Drive Vtrginia Water Surrey GU25 4RX Audltors Elsby & C4) Isywelll Limited Statutory kuditor 155 Wellingbonjugh Road Rushden North&mptonthire NNIO 9TB Investment Advlsers Quilter Cheviot Senator House 85 Queen Victoria Street Ix*ndoD EC4V 4AB Bankers Bank of Scotland 33 Old Broad Street IA)tsdon BX2 ILB THE BENHAM CHARITABLE SEfiLEMENT egi5tered Ch(wlty No. 239371 YEAR ENDED 5TH APRIL 2024 Conlents Tru•t•M' Repfyrt 3to8 AudIt0￿4 R•p•rt to the Tn￿t••￿ 9t•12 8tat•ment ot PlA8n￿ A¢tivltl•s 13 14 15 L6to21 THE BENHAM CHARITABLE 5ErnEMENT TRUSTEES, REPORT Registered Charlty No. 239371 YEAR ENDED 5TH APRIL2024 The tru$tee8 present their report along with th¢ financial 8tatements of the charity for the year ended 5th April 2024. The fin8￿Cl¥j statement8 have been prepared in accordance with the accountin8 policies 8et out on page 16 and comply with the charity'g tsu¥t deed, the Charities Aet 2011 8nd Accounting and Report2ng by Ch￿￿tle8. Statement ofRecommended Practice applicabl¢ to charities preP￿ing their account8 in accordance with the Financi￿ Reporting Stand8rd appllce4ble in the UK and Republic of Srel8nd IFRS1021 leffectiFe l January 20191. The object of the charity is to benefit charities and for diverse good c&u8e8. The trustees have absolute dl8cretloD in the choice of charitable institution8 or elwitsbie objects. Th¢ Trust Deed reix)Td$ th¢ wi$h of the Settlors that if possible. and without fettering their discr&ion. the tru8tee8 should app]y p&rt of the TNst Fund and the income in aupport of -eldeTly per80n8 in poor circuuwt•Jwes in NorthAmpton". The trustees confirm that they have referred to the guidance contained in the Ch￿lty Commi¥8ion's g¢neral guldance on pub]ic benefit when r¢vivwing the Trust's a¥m¥ and objectives BJ)d in plannlDg futur¢ acuvitie8 and setting th¢ ￿allt moking pollcy for the year. The Trust earrÉes out these objectivcs by supporting registered charities worlung in many different t￿ld8 - inckuding charities itivolv¢d in medicine. disability. elderly care. children youngpeople, the disadvantaged, over8ea8 aid as well as conservation and wildlife, the arts and 8POrt. The Trnst alao 8UPPOrts the Church of England, and the work of Chri$tian n)i&qion throughout the world. Special cTrphasis is placed upin those ehurches aELd charitable organisations within the County of Northampton3hire, wFLere the Trust was founded by the late Cedn"c and Hilda Benham. TheTe hove been no ch8nge8 in these pollcle8 of the Clwlty since the Ja8t R¢port. HOW OUR ACTIVITIES DELIVERED PUBLIC BEN The benefit of the Trust'8 work 13 the funding prowded to a wide r8nge of clwitable institutions to enable them to work for the publkc benefit. Over the ytara. the Trust has made a series of substaDtlaJ donations. now exeeeding £2rn. to the Northamptonshire Association of Youth Clubs. These donations were prirleipauy for the purehase of a freehold 8ite At Kin¢8 Park. NortlJ8mpton, and then to facilitate the fjnancirAg and construction of an [lld￿r Sport$Arena there. Thi3 Indoor Centre is in strong delnand at local, reglonal and national level and it has established a centre of excellence for 8P)rt, attemptlng to seNe those young people who￿￿ most Sn need of such faellities. It is the TruBtees' illtention to give continued support to certain operatiow of the Nortlwnpton$bire Associatlon of Youth Clubs, on 8elected basis. THE BENHAM CHARITABLE SETTLEMENT The Charlty receives applications for Grants from many orgontsations and selects benefieiaries b&8ed on the charitable objectives of the appllcants and the intere8t or involvement of members of the wider Benhem f8rnily. The trn4tees generalty make distributions within the budgeted level of annual net income. The tru$tee8 revAew the level of forecast invegtment income gnd revise the level of planned dlstrAbution8 in the light of each review. However, at the discretlon of the tNstee$, gjnounts above the levd ofannugj net income mqy be distributed. The TtU8t continues to support a large number of oyg8nis&tions but in light of Ancrea8ing eosts for beneficiarie8 18 worktng to decrease the number of organisations &upported whilst increa8lng th¢ amount of the Indlv5dual grant. 78 donations being ]llade in 2023124. The majority of grants were £2,000 and above, but grants of £5,000 or more were made to:_ 2023 The North&mpton8hire A88Otiation of Youth Clubs Christians Against Poverty The Filllng Station Trust Holy Trlnlty Chuwh. Sunnlngdale IMM￿Ue1 Church, Chicheater The IAmbeth Pgrtnership The Royal Windsor Rose & Htirti¢ultural Sockty St James Chureh, BiFdhoJn St Peter & St Paul. West Wittering Wentworth Qolf & Tennis Foundation ZANE IZimb&bwe A Natitinal Emergeneyl 50.000.(10 50.000.00 s.o(N).00 io.000.00 5,000.00 5,000.00 5,ooa.00 Is,000.00 5,000. 5.000.1)O 5.000.00 5,000.00 s,000.00 5.000.00 5.000.00 s,ooo.00 5.lJOO.00 DonatiOll8 lor the year anoly8ed as follows between categories: 2024 Numb 2024 2023 % lof total Spedai Cau8e (NAY.C.I Christi8n Misslon Di$abiiity Medical ChaTitieB Health & Wellbeing Children, Youth & Schools Elderly Care Art8 & Sport Churches {Maintenancel Conservation & Wildlife Good Cause$ IGenerttll 20.0% 50,000.00 60,000.00 37,000.00 32,000.00 22.000.00 21,000.00 10,000.00 io.000.00 4,000. 4.000.IJ) so.000.00 37.000.00 24,000.00 32,000.00 16 14.8% 12.8% 8.8% 8.49 14 io 18.000.00 14,000.00 1,000.00 14,000.00 4,000.00 30,000.00 260,000.00 224.000.Ix) Recategorization of ch&rfties hao been done to remove the Good Causes IGenerall category and a new cate80ry of Heajth & Wellbeing has been introduced to include ¢haritie8 th&t provfide mentsl ILeaith 8ervice8, re8Pite LEre and other healtb and wclibcing related service$. 4.0gA 4.0% 1.6Vp 1.61v O.0°/• 78 THE BENHAM CHARITABLE SETTLEMENT Domtionswby Secloi The tru8tee8 have ¢on*ider¢d the mqior risks to which the charlty 18 exposed have revlewed th08e risks and e8tabli8hed aystems and procedures to mawe them. The tru8tee8 conaider ￿labIlIty of InvestLnent r¢tUrn8 on the pennancot endownrnt to constitste the clJarAty'S major fingn¢igJ risk a￿d recent extreErye volatility in world stock nwkets haB demonstrated thi$ Tlsk. This is miligated by retainsn8 expert investment J))anagers and having a diverslfied inve8tnieDt portfolio. In view of the diverje nature of the 8im8 of the chwity Do operatlona] rl8k ha8 been identified. The TNst% abl]ity to make grants 18 entirety Te]iant on income and inve8tment returnÈ from its Inve$tment portfollo. FolloThryng the ¢x¢reme reductior￿ In the market valu¢s of investments in M8rch and Aprik 2020 a￿d the rcduction in divldends in that peri¢)d there ha¥ subsequently been 8ubst8ntlal reeovery in values. In the year 2023124 the income of the settIen￿￿t £302.525. 1]overnance costs amounted to £20,730. Ca$h grants tots]]ing£2SO.OQO were made during the year. At 5th April 2024 the Settlenient's IDve$tment$. at market v8Jue, are stated &t £7,205,455. The Charity would be unabk to function on Such a low ¢o$t bas¢ wlthout the voluntsxy admiwtrative 8UPPOrt and assi8tance it receive8 frora the farnily of the Settlors. THE BENHAM CHARITABLE SEMEMENT The CfrLarkty'8 investments are quoted on the ￿lldOn Stock Exchange and are mAnag¢d by the lttve$tment Advi8er. The investment objective is to othieve a ba]ance between capital growth and income whlch, over the ]DDg run. will endeavour to malntain the real vdue of the inve$tments. This objective is to be achkeved by investment in a balaneed portfolio, which can include equities. fLwI interest seevrities and cash. with a medium risk profile. To perniit the trnstees to review and ￿Onitor PTogre88 qnd reBuits the Investment Advi8er provide8 quarterly valuations, together with schedules 8howAng all iucome re¢eived aud aD annual surnmary showing a full transaction history of all capital and income iteEllS. The tFUStees discuss tILese report$ at their yearly meetings. at which time they consid¢r if th￿e 18 t4 need to revise the distribution budget or Inv￿try￿1t Policy. The trustees are empowered by the TDaSt Deed to iThve8t the assets of the Trust at their ab801ute discretion, and no re8tr&ctions or limits apply. The tru8tees rely on the ad￿ce ofthe Investment Adviser In dealing in investments. The extreme stock market vojatij.ity experienced and the contlnuing un¢ertainty regarding the stability of certain bank8 has Jllwlc th¢ uwnagement of inve$tment8 especially difficult. However, the charity is a long-terni investor and 8toek uwkets remain above levels seen in the mid-1980s and the tru8tees, on profesyiollai advice, remain of the view that a mixed ptsrtfojio of equities. bonds, Dnd caaty welghted according to the appetite for investment risL remains appropriate. The ThJ8tee8 aim to maintrin re8erYes at & level 8UtrLcient for the Incon￿ from investments to rem8in adequate in regj terms to llLaintain the current level of donation8. This pobcy permits tknbi]ity in any year to allow larger levels ofdonations when the value of the iELvestments Increased ata rate greater than infiation and the inve8tTuent yield has colltinued at similar levels. The Trnstees acknowledge the fuwjcial uncertainty cau8ed by the 8tock market volktility of recent years and will review the re8erve8 p>licy gn th re8ulor bas18. At 5th April 2024 £l￿a9 h¢ld tot#lla £7.456.654 and the•¢ fund$ att unre$tricted. Free ReservÈa F4t 5th April 2024 wer¢ £26.279 12023: £15,309). The Benhom Charltable Settlement was eatabli8hed with the aim of provldlng charitable donations to a wide range of charitable organisations for the indefjnite knture. The charity doe8 not r8i8e funda or seek donations and relie¥ on its investment return8. The tN8tee¥ expect the operation$ of the chgxity to continue and there gJe no pl￿& to clw the operation or ll￿nagement of the ¢harity. THE BENHAM CHARrtABLE SETTLEMENT The Btnham Ckwitable Settlcment Is unincoryN)rated tNst. cgn$tltuted under a tsust deed dated 28th September 1964 9￿d is 4 rewtered elwity, nwober 239371. The Tru$t wa8 e8tabM8hed by an initial from Cedrie Minett Benham Hilda Margaret Benhgm, supplemented over the year¥ by furtlLer Substantial Èifts to the ch￿lty and the legacy of the Benham Charitable Settlement is a lasting tribute to Mr and BenFwn. The T7U$t does not a¢tivety fundrai$e and seeks to continue the charitable work desired by the donor throu&h the esreful steW￿8hAp of its exlotiE]g resource8. TTUStees are appointed by the b0￿d of trustees aod serv¢ for an indefinite term. The trusttes meet formally once a year and meet infonnally whenever necessary to consider new ￿allt app]ication8. A Teview of activities undertaken in the previous period is Carried out at every trustees. meeting. The day- to-day administration ofthe Ch8Jity is de8Jt with bythe tru$tees. The trnstees deleg&te to the ChaJ?ty's profes8ion8J advi3ers those matters WAthin tbeir 8Tr&s of experti$e. The trustees examine the major risks which the charity faces ot ¢ach meeting aod conf￿ that Systems have been e4tabiished to n)inimi$e these risks. New I￿￿te¢S are ap[￿lAted by the ex58th78 tNste¢s rf a need or vacancy ia identified by them on the basis of experience. empathy and kThowledge of the charity, and the $killy gnd eompoaition of the tNstee body and suece8slon planlljng are kept under constant review. Prior to appointn)ent the new trustee will be invited to attend Sever￿ forni8J tru8tees' meetings a8 an observer. Trugtee8 are required to disclose all relevant interests and in accordance with the Trnsvs pojiry and withdraw from de£28ions should a wnllict of interest ¥rAS¢. The tru3tee3 consider the board of trustees as comprising the key management personnel of the charity in Ch￿ge of directing and controlling the ch&rity and rluming and o￿Tating the charity ork day-to4ay basis. All trustees give of their time freely and no trustee reuLunerAtion was pwd in the year. No tru¥tee is i¢imbur$ed for expen8e8 and there arc no rejated party transactions. The charity trn8tee8 are responBible for prepgxing a trustees, atsnu￿ report and financial statements in accordance with appliLable law and Urrited KAngdom Accountkng Standard¥ (United Kingdom aenerAlly Aecepted Accountiug Pract￿1. Charity law requires the tnlstees to Prepar¢ fin8nciaJ statements for each fmaneiol yw which give tLue WLd fair view of the state of affair8 of the charity and of it¥ financial activitles for the period. In preparing th1>8e firwieiai 8tat¢ment8. the tru8tee¥ are Tequired to select sultabie ac¢ounting poli¢i&8 and then apply them consisientiy, observe the methods and principle5 in the applieable Cl]aritie8 SORP. make judgements and estimates that are reasonable and prudent: state whether the poliaes adopted An P4ccordaDce with the Clwitie8 SORP and with applieable &C￿￿ntIng standard8. 8ubjeet to Ony material departures dis¢lo8ed and explthed in tILe finaneiaE statements. prep&re the finonciai ststements on the goitig concern ba818 unless it is inappropriate to pre$urnc that the cTrwity will LY>ntinue in business. The trustet8 Are reapon8ible for keeping proper accounting records which diseloge with rea$onabl¢ acy at any tirKLe the fjnanciol position of the eharity And to enable thetD to ¢n$ure that the finonc&g1 $tatements comply with the Charity (Accounts And Report81 Regulation8 2008, the Charity (Accounts aod Report81 Regulations and the Trn8t Deed of the SettlemenL They al*0 re$ponsibl¢ for safegu￿dIng the a8set$ of the chI￿ty and heoce for talun8 reasonable tstep8 for the prevention and detectign of fraud aod other Irre￿￿ritie8. THE BENHAM CHARITABLE sE￿lEmENT The Trnstee8 confm that: far as each trustee 13 awar¢. there 18 no relevant audit infonnation of which the avditor8 are each trustee haa taken the 8teps that they ought to h&ve taken a8 a trustee to Make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that inforulation. Approved by the tru$tee& on IS November 2024. THE BENHAM CHARITABLE SE￿LEMENT Independent Audltor's Report to The Trustees of The Benham Charftable Settlement Opinlon We have audited the financial statements ofThe Benham Charitable Settlement for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting po]icies. The financial re￿)rtIng framework that has been app]ied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" have been prepared in accordance with the requirettLent8 of the ChaJities Aet 2011. Ba8lJ for opknion We conducted our audit in accordance with International Standards on Auditing IUKI (ISA8 IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditor's rcsponsibilities for the audit of thc financial Statetnents section of our r¢port. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsjidard, and we have luifilled our other ethical responsibilities in accordance with these requirements. We be]ieve that the audit evidence we have obtained is Sufficient and appropriate to provide a basis for our opinion. Con¢luslon$ Telatlng to going eoocern In auditing the financi￿ statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the fttwicial statements is appropriate. Based on the work we have perfornied, we have not identified any material uneertainties relating to events or conditions that, individually or collectively, may cast siwificant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibi]ities and the resp)nsibilities of the trustees with respect to going concern are described in the relevant sections of this report. io. THE BENHAM CHARITABLE sE￿lEmENT Independent Audltor's Report to The TnL8tees of The Benha Charitable Settlement Icontlnued Other Inforniatlon The trustees are resp)nsible for the other inforniation. The other infornwtion comprises the infonnation included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the fmancial staternents does not cover the other inforn]ation and, except to the extent otherwise explicitly 8tated in our report, we do not exp￿$8 any forni of assurance conclusion thereon. Jn connection with our audit of the financial Statements, our responsibility 1$ to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a mateiial misstatement in the rinancial statements or a material misstatement of the other inforniation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforn)ation. we are required to TepNJrt that fact. We have nothing to report in this regard. Matters ox wbich we are requir•d to report by ex¢eptloll In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requtres us to rewrt to you if. in our opinion.. the inforniation given in the financial statements is inconsistent in any material respect th the Trustees, report or.. Sufficient aeeounting records have not been kept" the financial statements are not in agreement with the accounting records and returns. or we have not obtained all the inforniation and explanations necessary for tiie purpose$ of our audit. Respottsibilltles of the trnstees As explained more fully in the trustees, responsibilities statement Iset out ort page 71, the trustees are responsible for the preparation of the finarycial statements and for being satIsf￿d that they give a true and fair view, and for such internal control as they detennine 1$ necessary to enable the preparation of financial staternents that are free from material rnisstatement, whether due to fraud or em)r. En preparing the financial statements. the trustees are re8ponsible for assessing the Charity's ability to continue as a going eoncern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do 80. THE BENHAM CHARITABLE SETTLEMENT Independent Auditor's Report to The Trustees of The Benham Charitable Settlement l¢ontluu¢dl re$poMlbilities for the audlt of the flnandal $tatexn¢nts We have been appointed as auditor under section 144 of the Charitie$ Act 2011 and report in accordance with the Act and relevant regulations llLade or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 18 not a guarantee that an audit condueted in aeeordance with ISAS IUKI will always detect a material isstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision$ of users taken on the basis of these financial Statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our resw)nsibilities, outlined above, to detect material misstatement$ in re8pect of irregularities, including fraud. The extent to which our procedur¢8 are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect orj the deterniination of material amounts and disclosures in the financial statements. The laws ar￿ regulations we considered irL this context were the Charities Act 20 1 l United Kingdom Generally Accepted Accounting Practice . We identified the greatest risk of material impaet on the financial statements fron] irregularities, including fraud, to be the override of controls by rnanagetnent and understatement of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risk$ of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory corresFK)ndence $ub$tantive testing on the completeness of income, and payments rnade. Owing to the inherent limitations of an audit, there 1$ an unavoidable risk that we may not have detected Some material Misstatements in the financial statements, even tbough we have properly planned and perfomied our audit in accordance auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent litnitations are particularly Significant in the case of misstatement resulting from fraud as this May involve sophisticated schemes designed to avoid detection, including deliberate failure to record transaetions, collusion or the pmvision of intentional rnisrepresentations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Counc71's website at ￿WW.frC.org.UklaudltorsresponslbIlItie8. This description forrn$ part of our Report of the Independent Auditors 12. THE BENHAM CHARITABLE SETTLEMENT Independent Auditor's Report to The Trnstees of The Benham Charltable Settlement Icontlnuedl U#e of our z¢port This report is made solely to the charity's trustees, as a body, in aeeordance with part 4 of the eI￿ltieS (Accounts and Reports) Regulation¥ 2008. Our audit work has been undertaken so that we Might State to the charity's trustees those niatters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not aceept or assume responsibility to anyone other than the charity's trustees as a body* for our audit work, for this report, or for the opinions we have formed. Elsby and C Isywelll Limited Statutory Auditors 155 Wellingknrough Road Rushden Northamptonshire NNIO 9TB Dated . 17111 l £oLIP 13. THE BENHAM CHARITABLE SETTLEMENT Reglslered Ch(xlty No. 239371 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024 Unre¥tsiete Not• Inwtments 302.525 286.628 T•tAI In¢om• 302,528 286,628 250,000 224.000 Oth•r Investment m￿￿eMent Costs GovernAn¢e Costs 33.679 20.730 34,209 20,520 anl,78g Il¢t In¢ome o•t movewent In 11 11,8841 7,899 R¢4li8ed Ilosse8llgaAn8 Unredised 88in810088e81 180,862 159,525 Total Gain8llLos8es) on Snve8ttllent 340,387 1540,6741 &88.503 7.Il8.l51 1532.7751 7,650.926 Total fillMl# broutht forwgxd 7.456.654 7,118.ISI There were no recogni$ed gain8 or 10&8e8 for the CUTrent or prior yeaT Other than those included In tbe Statement of Firyanci81 Activitie8. The Note8 on pages 16 to 21 form part gf tbe4e Attounts. 14. THE BENHAM CHARITABLE SEThLEMENT egistered Charfty No. 239371 BALANCE SHEET 5TH APRIL 2024 2023 Investn￿ltS 7.205.455 6.953.650 Debtors Cash at bank and in hand 245.020 26,279 169,592 15,309 271,299 184.901 CRZDITOR&. Amounts fallin8 due withln one year 20,100 20,400 Net eutz•nt 488ets 251,199 164.soi Il¢t a•#•ts 7.4S6.654 7.118,ISI Unrestricted funds 7,456,654 7.118.ISI Approved by the Trustees IS NoVeM￿r 2024. AL -9 RRCOWCILIATION OF Iirr IllCOMIIIUPEIID11VRE} TO Nrr CASH FLOW Net incomelle¥penditUT¢I for the reportlng period 338,503 1532,7751 AdjustnJent% for". IGainslllA)s$e8 on investment A$8ets Rea]i8ed losse$llgaAnsl U)we￿1￿ed Igaiti$lllo$se8 Interest and dlvidends Deerea8ellincre&8el in debtOTa IDecreasellincrea8e in creditor¥ 1180.8621 1159,5251 1302,fj251 175.4281 13001 168,9001 609.574 261,539 •t ¢8•h IM•d lu) op•ratitii •¢tlvttl 1380,1371 116.6901 16. THE BENHAM CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2024 AccoiirirIiiG IIOLICIES The following accounting policies have been appjled eonsistentty in dea]ing with items con8idered m&teTial to the finarLda] $tatement$. lal Basts of pr•p•ratlon and a¥B￿S1[Lont ofg•lJg concern The f￿anCIal ststements have been prepared in accordance with the Charitles Act 2011 d "Accounting and Reporting by Charities: Statement of Recom￿ended Practice applicable trj th8ritie8 preparing their alxounts in aca)Tdance wlth the Financial Reporting Staud8Jd applicable in the VK and Republic of Ireland IFRS1021 leffective I January 20191. ￿￿ounts h&ve been prepared UTJder the historic8J co8t ￿nVention with items recoguised ￿ ¢(Tr81 or transa￿ value urAless oth¢rwl8e stated in the relevant notelsl to thc3e a¢￿Unt￿. The trust Cons￿lUteS a publlc beneflt entity a8 def￿ed by FRS 102. The trn¥te¢s conslder that there are no materlgj uncertaintles about the Trnst'$ ability to continu¢ as a going conccm. With r¢8pect to the next r¢portsng PCTiod, 2024-25. the mo¥t ¥ignRficant areas ofuneertainty that affect the carrylng vajue of a88ets held by the Trust e the level of investment TetsJTll and the perfornwice of luve8t￿ent market$18ee the inv¢stEuent policy and performance and rfak management sections of the trnstees. gunual re￿rt for tnOTe i2)forniationl. All ineowe ITJ recognised once the charity has entitle￿￿nt to the incog￿, there is 8uffi¢ient certainty of re(tipt and ao it 18 probable that the income will be received. and the amouut of income receivable can be ￿eaSUred reliably. Interest on funds I￿]d on deposit 18 iticluded upon notification of the interest paid tsr payable by the Bsthk. Dividend4 ￿ Fec0￿18¢d once the dividend ha¥ be¢n declared and notification ha8 been received by our investment advisor of the dividend due. Ic) xpendltur* reeognltlon Liabilities are recognised a¥ expendLture as soon as there Is a legal or cOnStn￿¢1v¢ obligation committing the charity to that cxpenditurts, it 1$ probable that Settlement wiu be required and the amount of the obJi8ation can be mea¥wed reliably. All expenditure i¥ accounted for on an accnJal8 b￿18, All exp¢nses, includin8 3UPPOrt costs and governance c08ts, are allocated or apportioned to the applicable expenditurc headi1￿ In the statement of fjIW￿I4I activitles. ar8nts payable are payments made to third pgrties in the furtherance of the charitable obje¢ts of the Trust. All grants payable are made on an unconditional basis and ¥ ac¢rued on¢e the recipient has been notif￿1 olthe grant award. ITr•¢ov•z*bh VAT V8lue added tax paid i8 nnt recoverable by the charity, and 18 shown 8eparately in the analy¥is of mana8ement and administration c08ts. 17. THE BENHAM CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5fH APRIL 2024 Investment$ 8re a form of baslc finomciol in8tnunent and are Inidgjly reco￿lIsed at thetr tr8n8aotiort vdue and subsequently measured at their fair value w at tlye balance shect date using the closing quoted market price. The statement OffM￿ClaI activitles includes the net gaiti$ and loss¢s ari¥ing on revaluation and di¥posats throughout the year. The Trust d¢e8 not acquire or use put options, derivative$ or other complax instrurnents. The main form offmanci81 Ti8k faced by the charity is that ofvolatijity in equity markets inveatment market8 due to ￿der econoTrktc ￿ndIti￿n8, the attitude of investor5 to investment ri8k, And changes in Sentiment concemkng ¢quitie$ and within particular sectora or sub $¢etors. All gains and 1088es t8Jk value Net Ilosse8llgain¥ on revaluatiott at 5 April 2024 6.953,650 7.131,866 422.548 748,449 IS9.525 1609,5741 Market Value at 5 April 2024 7,205.46S 6,953,650 Cost as at S Aprfftl 2024 4Aa6,7ao 4.244,460 Investments in itidlFidual entitie$ held at 5 Aprkl 2024 which are over 5•h of the portfolio by value are.. A8trozeneca Hc Interniediate Capit81 Group Hc Shell PIC 664,281 481,728 599,229 All the inveatments held by the cknity are listed investments aud are all tradedln quoted publlc nwketsp prIm￿￿Y the London Stock Kxeh8nge. The Inve$trAents ore Carried tht their value. The b&al& of fojr v￿u* for ll8tcd Jnv¢$tmento at the year-end is equivalent to the quoted market price. 21. THE BENHAM CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5fH APRIL 2024 l¢ontinu¢d) 2024 Due Irom Stockbrokers Dividends declared XD 196,2 16 126.823 48.804 42.769 245.020 169,692 CREDITORS: Amounts du¢ wlthln one year 2023 Accrual¥ 20.100 20.400 20.100 20.400 The trnstees all give freely of their ttrne and expertise wlthout any form of remuneration or otl benefit in ca8h or kind 12023: £nill. No expenses ￿re PAid ts the truatee8 in the year12023: £nill. There have beeo no related party transactions In either the current OT prior year.