Charlty fio. 239371 THE BENHAM CHARITABLE SETTLEMENT TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE BENHAM CHARITABLE SETTLEMENT Reglstered Charlty No. 239371 REFERENCE AND ADMINISTRATIVE DETAILS YEAR ENDED 5TH APRIL 2025 Deed of Trust by way of Charitable Settlement made 28th September 1964. estab]i8hed by the late Cedric and Hilda Benham. Trvslees Mrs M.M. Tittie Lady Hutton Reverend J.A Nickolg Mr8 S. Elsom The Trustees are empowered to appoint new or additional Trustees at their discretion. There were no change$ in the Trustees during the year except a8 noted above. Prlnclpal Address Norfolk Cottsge I, Virginia Drive Virginia Water Surrey GU25 4RX Auditors Elsby & Co Isywelll Limited StRtutory auditor 155 Wellingborough Road Rushden Northampton$hire NNIO 9TB Inveslment Advlsers Quilter Cheviot Senator House 85 Queen Victoria Street tA)ndon EC4V 4AB Bankers Bank of Scotland 33 Old Broad Street London BX2 ILB THE BENHAM CHARITABLE SETtLEMENT Reglstered Charlty No, 239371 YEAR ENDED 5TH APRIL 2025 Contents TTust¢e•' R•port 3to8 AudltoY'• R•port to th• Tru•t¢¢4 9t012 8tatement of Flnanclal A¢tlvltl¢8 13 Balanee Sheet 14 8tatem•nt of CA•h Flows 15 Not¢¥ to th• A￿Ollnts 17to22 THE BENHAM CHARITABLE SErrLEMENT TRUSTEES, REPORT Reglstered Charlty No. 239371 YEAR ENDED 5TH APRIL 2025 The trugtees present their report along vrith the financial statementg of the ch￿lty for the Ye￿ ended 5tb April 2025. The fmancial statements have been prepared in accordan￿ the accounting po]icie$ set out on page 16 and CO￿p]Y with the ciwity's trust deed. the Clwitie$ Act 2011 and Accounting and Reporting by Charitie8". Statrment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi91 Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective l JanuaJy 20191. The object of the charfity is to benefit charities and for diverse good causes. The tru8tees have absolute discretion in the choice of charitable institutions or eharitable objects. The Trust Deed records the wish of the Sertlors that if possible, and without fettering their discretion, the trustees Should apply of the Trust Fund and the income in support of °elderly per80n8 in poor circumatance8 in Northampton.. The trustees confirjn that they have referred to the guidance contained in the Charity Commission's general guidance on publle benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making po]icy for the year. The Trust carries Out these objectives by supporting registered charitie$ working in many dilTerent rield8 - including charities involved in medicine. disabi]ity, elderly care, children and young people, the disadvantaged. overseas aid as well as con8ervatior] and wildlife, the arts and SPOTt. The Trust also $upport8 the Church of England, and the work of Christian misgion thrnughout the world. Special emphasis is placed upon those churches and charitable organ78ation$ within the County of Northamptonshire. where the Trust was founded by the late Cedric and Hilda Benham. There have been no changes in these p)licies of the Charity since the last Re￿)rt. The benefit of the Trust's work 18 the funding pro￿ded to a wide range of charitable institutions to enable them to work for the public benefit. Over the years, the Trust has made a Series of substantial don&tion8. now exceeding £2m, to the Nortiwnptonshire Association of Youth Clubs. These donations were principally for the purchase of a freehold site at King$ Park, Northampton, and then to facilitate the fitw)cing and con8truction ofan Endoor Sport$ Arena there. Thi¥ Indoor Centre is in strong demand at local, regional and national level and it has established a centre of excellence for Sport, attempting to serve those young people who are most in need of such facilities. It is the Tru8tee8' intention to we continued 8UPPOrt to certsin 0￿ratiOnS of the Nortbampton8hire Association of Youth Clubs. on a selected bagis. THE BENHAM CHARITABLE SETTLEMENT GRAIIT MAKING POLICY The Charity receives applications for Grants from nLany organisations and 8elects beneficiarie$ based on the Charitable objectives of the appJicant¥ and the interest or involvement of members of the wider Benham family. The trustees generally make distribution8 447thin the budgeted level of annual net income. The trustees review the level of forecast investment income and ￿￿7$¢ the level of p18mned distribution8 in the li8ht of each review. However. at the diseretion of the trustees, amounts above the level of annu81 net income ll￿y be distiibuted. The I'rust continues to support a large number of organisations but in I￿lt of increasing costs for beneficiaries is working to decrease the number of organisations supp)rted whilst increasing the amount of the individual grant. 60 donations being Tuade in 2024125. The majority of grants were £3,000 and above. but grants of £5.000 or more were nwde to:. 2025 2024 The Northamptonshire Association of Youth Clubs Delapré Abbey The Filling Station Trust Holy Trinity Church, Sunningd8le Immanuel Church, Chichester The Royal Windsor Rose & Horticultural Society St James Church, Birdham St Peter & St Paul, West Witteiing The Send ￿¥AM) Wentworth Golf & Tennis Foundation ZANE {Zimbabwe A National Emerg¢n¢yl 50,000.00 5,000.00 15,000.00 5.000.00 5.000.00 5,000.00 5.000.00 5,000.CK) 5,000.00 50,000.00 15,000.00 5,000.00 5,000,00 5,000.00 5,000.00 5,000.00 5,000.00 5.000.00 Donation8 for the year an8Jy8ed as follows between eategories: 21YaS % lof totsl £1 2025 21Y24 Number 13 Christian Mission Special Cau8e IN.A.Y.C.I Disability Health & Wellbeing Medical Charitie$ Children, Youth & 8ch¢)018 Elderly C8 Churches (mainten￿¢Cl Art8 & Sport Conservation & Wild]ife 60,000.00 60.000.00 50.000.00 50.000.00 42,000.00 37,000.00 41.000.00 22,000.00 18.000.00 32,000.00 17,000.00 21.000.00 9.000.00 i 0,000.00 6,000.00 4,000.00 4,000.00 10,000.00 3,000.00 4.000.00 250.000.00 250.000.00 20.0% 16.8¥. 14 13 7.20/0 6.8% 3.6% 2.4¥ 1.6% 1.2% 60 THE BENHAM CHARITABLE SETTLEMENT Churches Imaintenancel Arts & Sport 2% 2% Elderly Care Children, Youth &_ Schools -.Conservation & Wildlife Donations {£) Christian Mission 24Yo Medical Health & Wellbein8 16% special Cause INAYCI 20% Disability 17% The trustees have considered the major risks to which the charity is ezposed and have reTrryewed those ri8k8 and established systems and procedures to manage thern. The trustees con8ider variability of investsnent returns on the permanent endowment to constitute the charity's mqior fmancial risk and recent extreme volatility in world stock markets has demonstrated this risk. This is mitigated by retaining expert investment managers and having a diver3ified investment portfolio. In view of the diverse nature of the aim8 of the charity no operational risk has been identified. The Trust's ability to make grants ig entirely reliant on income and investment ￿ turns from its investment portfolio. Following the extreme reduction8 in the market values of inve$tment$ in March and AprAI 2020 and the reduction in dividends In that period there has 8ub8equently been 8ub8tanti81 recovery in values. In the year 2024125 the income of the Sett]ement was £324,815. Governance costs amounted to £18,900. Cash grants totalling£250,000 were made during the year. At 5th April 2025 the Settlement, investments. at nwket value. are 8t&ted at £7,205,433. The Charity would be unable to function on Such & low c08t ba8e without the voluntary administrative 8UPFrf)rt and assistance it receive8 fD)rn the family of the SettkJr& THE BENHAM CHARITABLE SETtLEMENT The Charity'8 investment8 are quotrd on the IA)ndon Stock Exchange and are rnallag￿ by the Inve$tment Advi8er. The investTnent objective Is trj achieve a balance between c4pitsJ growth 8rLd income which. over the long run, will endeavour to maintain the real value of the investments. This objective 1$ to be achieved by investment in a balanced portfolio, which can include equities, fixed interest securities and cash, with a medium risk profjle. To permit the trusteeg to review and monitor progress and r¢sults the Investment Adviser provides qu8rterly valuations, together schedules showing all income received and an annual $umnwy showing a full transaction history of all capital and income items. The trugtees discus8 these reports at their yearly meetings, at which time they consider rf there is a need to revise the distribution budget or Investraent Policy. The tru8tees are emp)wered by the Trust Deed to invest the assets of the Trust at their ab801ute discretion, and no re8tiiction8 or limits apply. The trustees rely on the advice of the Investment AdNi8cr in dealing in inve8trnent8. The extreme stock market VO￿tillty experienced and the ¢ontinuing uncertainty regarding the 8tabilAty of certain banks has made the managetnent of investments especiajly difficult. However, the charity is a long-tenn investor and stock markets rernain above levels seen in the mid- 1980s and the trustees, on professional advice, remain of the view that a tnixed wrtfolio of equities, bonds. and cash, weighted aceording to the appetite for investment ri8k. ￿MaInS appropriate. RESERVES POLICY The Tru8tees aim to maintain reserve8 at a level sufficient for the income from inve$tments to remain adiequate in real ternis to maintain the cunEnt level of donatlons. This policy pertnits flexibility in any year to allow EaTger levels of donations when the value of the investments has increased at a rate gr¢ater than inllation and the investment yield has conlinued at similar levels. The Trustees acknowledge thc fuwiciai uncertainty caused by the 8tock Ill￿ket volatility of recent years and will review the reserves policy on a resul0£ basis. At 5th April 2025 funds held tr)talled £7.489.830 and these fund8 are unir8tricted. A8 at 5th April 2025. £284.397 of the totsl reserves are free reserves. PLAN8 foR THE FUTURE The Benham Charitable Settlement was established with the aim of providing charitable donation8 to a wide range of clwitable orgonisation$ for the indefmite future. The charity does not rai8e funds or 8eek donations and relies on its investment returns. The trustees expect the operntions of the charity to continue and there are no plans to Cha￿ge the operation or management of the charity. THE BENHAM CHARITABLE SETfLEMENT The Benham Charitable Sett]ement is an unincorporated trust. constituted under a trust deed dated 28th September 1964 and is & registered charity. number 239371. The Trust wa8 established by an initial gift from Cedric Minett Benham 8md Hilda Ma￿aret Benham, supplemented over the years by further substantial ￿t9 to the charity and the legacy of the Benham Charitable Settlelnent is a lasting tribute to Mr and Mrs Benham. The Trust does not activety fundrai8e and seeks to continue the charitable v/ork desired by the donor through the carefvl stewardship of its existing re￿￿ree9. Trustees are appointed by the board of trnstees and senre for an indefinite terni. The trnstees meet formally once a year and meet infornially whenever necessary to consider new grant applications. A review of aCti￿tieS Undertaken in the previou8 peri¢Jl 13 caTTied out at every trustees. meeting. The day- to-day administration of the Charity is dealt with by the trustees. The trustees delegate to the CharAty's professional advisers those matters withirk their areas of expertise. The trustees examine the major risks which the clwity faces at each meeting and confinn that sy3tems have been established to minirnise these risks. New trustee8 are appointed by the existing trustees if a need or vacancy is identified by them on the basi8 of experience. empathy and knowledge of the charity. and the skills and composition of the trustee body and 8ucce88ion planning kept under constant review. Prior to appolntment the new trustee will be invited to attend several fortnal trustees, meetings as an obseTher. Trustees are required to disclose all relevant intere8ts and in accordonce with the Tru8t's policy and withdraw from deci8ion8 Should a cont]iet of interest 8ri8e. KEY MANAGEhlENT PEK80NfiEL REJEUNERATION The trustees consider the board of tru$tee$ as coniprising the key nkanagement personnel of the charity in charge of directing and controlling the ebarity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. No trustee 18 reimbursed for expenses and there are no related party transactions. The charity trustees are responsible for prep￿1￿8 a trustees, annuaj report and fmancial statements in accordance with applicable law and United Kingdom Accounting StAndards Iunited Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare fllianci8J Statements for each fmancial year which give a true and fair view of the state of aifairs of the eharity and of its fmanci81 activities for the period. In preparing thoye flnancial statements, the trustees att required to $elect suitable accounting ￿liCIeS a￿d then apply them ¢onsi$t¢ntly' observe the methods and principles in the applicable Charitie8 SORP,. make judgements and e8timate$ that are reasonable and prudent. state whether the wjlieies adopted are in accordance with the Charities SORP aDd with applicable accounting standard8, subject to any material departures disclosed and explained in the financial statements" prepare the fmancial 8tatements on the going Concern ba81$ unless it is inappropriate to presutne that the charity will continue in business. The trustees are re8ponsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financi8J statements comply with the Charity IAccount8 and Reports) Regulations 2008. the ChArity (Accounts and Reports) Regulations and the Trust Deed of the Scttlement. They ￿e also responsible for safeguarding the asset$ of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie8. THE BENHAM CHARITABLE SETTLEMENT Th.e Trustees conf￿[￿ that: $0 far a8 each trustee 18 aware. there is no relevant audit Info￿tion of which the auditors are each trustee has taken all the steps that they ought to have taken as a trnetee to moke them8elves aware of any relevant audit information and to establish that the auditors are aware of that inforniation. Approved by the trustees on 21 November 2025. THE BENHAM CHARITABLE 5ETfLEMENT Independent Alldltor's Report to The Trustees of The Benham Charltable Settlement We have audited the financial 8t&tements of The Benham Charitable Settlement for the year ended 5 April 2025 which cornpri$e 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 policies. The financial reporting framework that hag been applied in their preparation is applicable law and United KÉngdom Aceounting Standard5. including Financial Reporting St8ndard 102.. The Pirkaneial Reporting Standard applicable in the LTK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opknloDJ the fluanclal stat•m¢ot glv¢ a true and f•lr vl¢w of the •tst¢ ot the ChaTtty'• affatr• a• at S AP￿ 2025 and of Its lll¢om* and ¢xp¢ndltur¢ for the y¢ar th¢tt ¢nd¢d: been properly ptepar¢d In a¢¢ordatt¢• wlth Unlt•d Itlngdom (l•n•rally A¢upt¢d A¢¢ountlng PTa¢tl¢¢: hav• b*•L pr•paY¢d Its ac¢oYdane• wlth th¢ requtr¢ty•nt• of th• Cl￿At1¢S A¢t 2011. BA818 for oplnlon We Conducted our audit tn accordance vrith International st8J)d$￿￿ on Audititig (UK> USA8 (UK)) and applicable law. Our resp)n8ibi]itie& under those standards are further de8cribed in the Auditor¥ reswn8ibilities for the audit of the fjnancial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the fthancial statements in the UK. including the PRC'8 Ethical Standard, and we have fulfilled our other ethical responsibilitie8 in accordance with the8e requirement8. We believe that the audit evidence we have obtsined 18 sufficient and appropriate to provide a b&si8 for our opinion. Concluslon• relatlng to golng ¢ots¢¢rn In auditing the financial statetnents. we have eon¢luded that the Trustees, use of the going concern ba8ts of accounting in the preparation of the fin8￿cIal Statements 18 appropriate. Based on the work we have performed. we have not identif￿d any material uncertainties relating to event8 or condition8 that, tndividualty or collectively. may cast significant doubt on the charitable cornpany's ability to continue as a going eoneern for a pertod of at least twelve months from when the finamcial statement8 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this rep)rt. io. THE BENHAM CHARITABLE SErrLEMENT Independent Audltor's Report to The Trnstees of The Benham Charltable Settlement I￿ntIl￿MedI The tru8tee8 are reswjnsible for the other iDbrniation. The other information conprises the inforn)ation included in the annual report other than the fmancial statements afAd our auditor, report thereon. Our opinion on the financial statements doe$ not Cover the other information and, eX￿pt to the extent otherwise explicitty $tated in our report. we do not expre8$ any form of a8suraDCC CO￿luSIon thereon. In connection with our audit of the financi8J statements, our responsibility is to read the other infonnation and, in doing 80, consider wh¢th¢r the other infOrn￿tion is materially ineonsi8tent with the fin8J]ci81 statements or our knowledge obtained in the audit or othenvlse appears to be materially misstated. If we identify such material in¢on$i$tencies or apparent tnaterial misstatements, we are required to determine whether there is a material misstatement in the financial $tatement8 or a material misstatement of the other inforn)ation. If, b88ed orl the work we have perfonned, we conclude that there is a materlal misstatement of thi8 other intorn￿tiOn. we are required to report that fact. We have nothing to report in this regard. Matt¢ro OA whl¢h w¢ 4r¢ requhed to report by ¢xeeptlon In the ]ight of the knowledge and understsnding of the Charity and its environment obtained in thc course of the audit, we have not idcntificd tllaterial mis3tateTnents in the Trustees, Annual,. Report. We have nothing to rew)rt in respect of the followin8 matters in relation to which the Ch￿ltieS (Accounts and Reportsl Regulations 2008 requires us to report to you if, in our opinion.. the Inforniatlon glv•n in the flnanaal *tat¢monts l• tscon•l•t•llt In any nwterlal re•p¢¢t wlth th¢ Trn$tees' report or: •uffichAt a¢¢ountln¥ t¢¢ord8 h8v• uot been k•pt' the tluanelal •tat•m¢llt• aye uot In weemetst wlth the aeeounthig reoorda and w¢ hav• not obtalned all th¢ Infonllatlon Aad •xplapath>J• n•¢••*Ary for the puryo¥¢s of our audlt. R••pon41blUtl¢• of the tr￿te¢• As explained more ￿]lY in the trustee8' resp)nsibilities Statement Iset out on page 71, the trustees are reswnsible for the preparation of the financial statements and for being 8at18fied that they give a true and fair view. and for such internal control a$ they determine is nece8S&ry to enable the preparation of fu)ancial Statements that are free fD)m rnaterial misstatement. whether due to fraud or error. THE BENHAM CHARITABLE SETfLEMENT Independent Audltor'8 Report to The Trustees of The Benham Charltable Settlement leootlnued In preparing the financial statements. the trusteeg are responsible for a$se$sing the Charity's ability to continue a8 a going concern. disclo$in& a$ applicable. mattern related to going eoncern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cea8e operations. OT have no realistic alternative but to do so. Our reipon•lbllltl•B for th¢ audlt of th¢ flnats¢tsl #tatom¢nt• We have been appointed a8 auditor under 8ection 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable a88uranee ab)ut whether the financial statements as a whole are free from nwterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance ts a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA8 (UK) will always detect a materi Inis8tatement when it exists. Mi8Statemcnts can arise fiota fraud or error and are eonsidered material if, individually or in the aggregate, they could reasonably be expected to i[￿UenCe the economic deci8ions of u8ers taken on the basis of these financial statements. Irregularitie¥. including fraud. are instance8 of non-compli8nce with law8 and regulations. We design procedures in line with our respon8ibi]ities. outlined above, to detect material mi$statement8 in respect of irregularities, including fraud. The extent to which our procedures ase capable of detecting irregularities, including fraud is detailed below: We considered the nature of the Charity's activities and control environment and discussed with Tru8tee¥ their procedures relating to fraud and compliance with laws and regLdations. We identified the laws and regulations to have a direct effect on the financial Statements a8 being the UK fmancial reporting standards. Charities Act 2011, General Data Proteetion Regu]ationg IGDPRI. There were no additional fundamental laws and regulations identified related to the operating of the business that may have a rnaterial effect on the financial statement8. We discussed among the audit engagement team regarding the opwrtunities and incentive$ that may exist for fraud and how and why fraud may occur in the financial statement$. Audit pn)eedures undertaken in re8wJnse to the potential ri8k8 rel&ting to irregularitie8 eomprised of.. inquiries with n)anagement a8 to whether the ckLaTity cornplie8 with Such laws and regulations. a review of board minute$ and a review of the grant application and approvel process. No instances of materia] non-compjiance were identified. However. the likelihood of detecting irre8ul8Xitiey. ineludtng fr&ud. is limited by the inherent difficulty in deteeting irregularities, the effectivene88 of the entity's controls. and the nature. timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from emir. As explained above. there is an unavoidable risk that material rnj8Statements may not be detected. even though the audit has Iwn planned and perforn]ed in accordance with ISAS IUK). **12 .** **TH E B EN HAM CHARITAB LE SETTLEMENT** ## **Independent Auditor's Report to The Trustees of The Benham Charitable Settlement** ## **(continued)** **A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at; [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.** ## **Use of our report** **This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters 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 accept 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 Co (Sywell) Limited 1 55 Wellingborough Road Rushden Northamptonshire NN 1 0 9TB** **Dated :** 01.12.2025 13. THE BENHAM CHARITABLE SETTLEMENT Reglslered Charfty No. 239371 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2025 Unreatricted Funds 2095 2024 riot• Income And endowments frollL' nvestsnents 324.8L5 302,525 Totsl Ineome 324,815 302.525 Expendlture on: Clwltable Aetlvltles 250,000 250,000 Oth¢r Investment MeJLagement Costs Governance Co8t8 36.112 18,900 33,679 20,730 Total expendlturo 305,012 304,409 Net Income and n•t movemettt in fund* befoye galns and losM• on Inve¥tx4¢nt• 19,803 11,8841 (la1￿/(L{l*ge*I on IAvestJnent auet• Reali8ed I1038esl/gain¥ Unrealised 8ains/llossesl 194,181 1180,8081 180,862 159,525 Tot81 Goin8lllns8e81 on investment a8$et$ 13.373 340.387 N•t Income and movellwnt In h￿al Aft•r Kaln• and lo*•¢• on lovestments Total funds brought forv38rd 33,176 7,456,654 338,503 7.118,151 Total fund8 caTrl¢d fornrd 7.489.830 7.4S6.654 There were no ￿ognISed gain8 or 1088es for the current or prior year other than those included in the Statement of Financi￿ Activitie8. The Note8 on pages 17 to 22 forn] part of these Accounts. 14. THE BENHAM CHARITABLE SETTLEMENT Reglslered Charuy No. 239371 BALANCE SHEET 5TH APRIL 2025 202S 2024 Note FIXED A88ETS Inve8tm¢nt& 7,20S,433 7,205,455 Debtors Cash at bank and in hand 252,119 Sl,179 245,020 26,279 303.298 271,299 CREDITORS: Amounts falling due within one year 18.900 20,100 Ilet eurrent asBets 284,398 251,199 Net a•8tts 7,489.880 7,456,654 Unrestricted funds 7,489,830 7,466,654 Approved by the Trustees on 21 November 2025. M.M. Trttle IAdy Hutton ) Tru8rEE8 Reverend J.K Nickol8 S. Elsom The Note8 on pages 17 to 22 forni part of these Accounts. is. THE BENHAM CHARITABLE SETTLEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5TH APRIL 2025 2025 2024 Not• Ca•h flow• from operatlu% a¢tlvltl¢s Net ca8h lused in) operating activities 1313,3111 1380,1371 Cash llowa fr¢m InV¢8t1￿ a¢tlvltl¢& Interest and dividends Proceeds from sale of investment8 Purchase of investments 324,815 1,104.293 I I.090,8991 302,525 511.131 1422,548 Net ¢a•h PTovld¢d by Inv•#tlng actlvltles 338.209 391.108 ChaDg¢ In ¢￿h and ¢a8h oqulval¢llt# In the year 24.899 10.971 Ca8h gnd cash equivalent brought forward 26,279 15.309 C88h aryd ¢qulvalents carrl¢d torward 51,179 26980 Analy81• of ¢a•h and cash ¢qulval¢nt8 2025 2024 Cash in hand 51,179 26,280 51,179 26,280 16. THE BENHAM CHARITABLE SETTLEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5TH APRIL 2025 RECONCILIATION OF Nrr INCOMEIIEXPENDITUREI TO Nrr CA8H FLOW FROM IIIVESTIIIG ACTIVITY 2025 2024 Net inconiellexpcnditurel for the reportlng period 33,176 338,503 Adjustments for.. laainsll IA)sses on investment a88ets Realised lo88esl(gain81 Unrealised (gainslllosses Interest and dividends Dterease/lincrea$el in debtors IDecreasel/increase in creditors 1194,1811 180.808 1324.8 151 17,0991 11,2001 1180,8621 1159,5251 1302,5251 175,4281 13001 N•t ¢aih luvd Inl oper*tlng Aetlvltl•• 13 13,3111 1380,1371 17. THE BENHAM CHARITABLE SErrLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2025 ACCOUIITING POLICIE8 The following a¢eounting policies have been applied con8L8tently in dealing Thryth items considered material to the financial statements. Basts of preparatlon and a8*M*M¢nt of golng ¢oll￿rn The fmancial statement8 have been prepared in accordance with the Charities Act 2011 and °Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeetive I JaDUAry 20191. The account8 have been prepared under the historical cost convention with items recognised at CO8t or transaction value unless otherwise stated in the relevant notelsl to these account8. The trust constitutes a public benefit entity as der￿ed by FRS 102. The ￿￿$teeS consider that there are no material uncertainties aEKJUt the Trnst s ability to continue a3 a going concem. With respect to the next reportTrng period, 2025-26, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the perforniance of investment markets lsee the inve8ttnent policy and perfornwice and risk rnanagement sections of the trustees, annual report for more infonn&tionl. Income recogllltlon All income is Trcognised once the charity has entitlement to the income, there 18 sU￿1cleftt Certainty of receipt and so it is probable that the income will be received, and the amount of income receivable Ca￿ be measured reliably. Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Dividends reco8ni$ed once the dividend has beet) decjared and notific&tion has been received by our inve8tment advisor of the dividend due. Expendlture T•¢ognlt£on Liabilities are recognised as expenditure a8 soon a8 there is a leg8J or constructive obligation committing the charity to that expenditure, it is probable that settlernent will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expen8es, including 8UPPOrt eost8 and governance c08t8, are allocated or apportioned to the applicable expenditure heading8 in the Statement of financial activities. Grants payable are payments made to third parttes in the ￿rtheranee of the eh8ritable objeets of the Trust. All grants payable are made on an unconditional ba818 and are accrued once the recipient has been notified of the grant avMrd. trr¢eov¢rnbl• VAT Value added t&Y pt*id is not recoverable by the charity, and is thown geparately ID the analy8is of management arld administration costg. 18. THE BENHAM CHARITABLE SErtLEMENT NOTES TO THE FINANCIAL STATEMENTS STH APRIL 2025 Flxed ￿let Inve#tment• Investments are a forni of bagic fjnan¢i81 in8truJnent and are initially recognised at their transaction value and 8ub8equently measured at their fair value as at the balance sheet date using the dosing quoted market price. The Statement of financi81 activities includeg the net gains and losses arising on revaluation and disp08a18 throughout the yw. The Trust does not acquirn or u8C Put options, derivatives or other complex fmancial instrument8. The n￿An forni of financial ri8k faced by the ch￿lty 18 that of yo￿tilIty in equity market8 and investment markets due to wider economie conditions. the attitude of inve8tors to investment risk. and change$ in Sentiment concerning equities and within particular sectorn or sub sectors. R¢all••d gAln• And los••• All gains and losses are taken to the statement of fin8ncial activities as thry arise. Reall￿d gain8 and 1088es on investments are calculated as the difference between sales pn)ceeds and their opening carrying value or their purchase value if acquired 8ub8equent to the r￿St doy of the financial year. Unreali8ed gains and losses are c81culated as the difference between the kir value at the year end and their carrying value. Realised and Unr￿liSed investsnent gains and k)sses are shown in the Statement of FitJanci8J Activities. 2028 Income from listed investment8 Interest receivable on cash deposlts 312,923 295,820 11.892 6.705 324,818 302.525 THE BENHAM CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2025 DONATION8 TO BBfiEFICIARIE8 Dato Issued Detail 24104124 24104124 24104124 24104124 24104124 24104124 24104124 24104124 16105124 16105124 16105124 17106124 17106124 17106124 17106124 17106124 17106124 17106124 23107124 23107124 23107124 23107124 23107124 24107124 22108124 22108124 22108124 22108124 23109124 23109124 23109124 23109124 22110124 22110124 22110124 22110124 22110124 21111124 Ascot Distiict Day Centre Happy Days Childrens Chajity Northarnpton8hire Health Charity PSP Association Sarnaritan3 Northampton The Filling Station Tru9t The Willow Trnst Wildlyfe Trust BCN Bible Cued Speech (Deaf Choices UK) Meningitis Now Crohns and Colitis UK Delapré Abbey Encompass (East Northants Seryicesl Oakfleld Community (Easton Mauditl St Peter's Church, Brackley The Send (YWAM) Wellbeing of Wotnen Ails&'$ Aim Broadmead Community Church Little Angel Theatre React 3.000.00 3.000.00 3,000.00 3.000.00 3,000.00 15.000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 5,000.00 3,000.00 3,000.00 3,000.00 5.000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3.000.00 3,000.00 3,000.00 3,000.00 3.000.00 3.000.00 3,(X)O.00 5,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 Mount Pleasant Baptist Church CAP Northants Caring & Sharing Trust Families United Network Nasch Nene Valley Care Tru8t British Wirele8s For The Blind RWRHS Shtne St Mark'$ Church, WellingFMin)ugh IAkeland Day Care Hospice Northampton HoFe Centre Spencer Contact The Matthew Trust UCCF Chri8tian Urrions Denis Burke Pension Fund Carried Forward 132,(K)O.00 20. THE BENHAM CHARITABLE 5ErrLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2025 leontlnu¢dl Brought fornyd iS2,000.00 21111124 21111124 21111124 161l2124 16112124 20101125 20101125 20101125 20101125 20101125 19102125 19102125 19102125 19102125 19102125 19102125 17103125 17103125 17103125 17103125 17103125 Muscular Dystrophy Supp)rt Centre 3.000.00 3.000.00 3.OOQ.00 3,000.00 3.000.00 3.000.00 3.000.00 3,000.00 i.000.00 3,000.00 3.000.00 3,000.00 5,000.00 5,000.00 5,000.00 5,000.00 3.000.00 2,000.00 3,000.00 3,000.00 50.000.00 Roy Castle Lung Cancer Strppin8 Stone8 DS SuTmingdth Hope Trust Daventry Contact Voluntary Group Deafblind UK Disabled Sailors Association Northampton PA Fe¥tival The Re8PLte A880ciation AtP41088 From Me to You Holy Trinity Church Sunningdale Immanuel Church Chichester St James Church, Birdham St Peter & St Paul Church, We8t Wittering Changing Face8 Church of Chri8t the King Living Paintings NAYC Total 260,000.00 All grgnts wd were to in8titutions and no grant8 We￿ paid to individuals. 21., THE BENHAM CHARITABLE SEThLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2025 {oontlnu¢dl 2025 2024 Accountancy and Bookkeeping Auditor Cha￿8 Irrecoverable VAT 10,000 5,750 3,150 12,000 7,225 1,505 18,91X) 20,730 2025 2024 Market value at 6 April 2024 Additions at cost tEs$ . Disposals at opening book value Net IIOs8esllgains on revaluation at 5 April 2025 7,205,455 6,953,650 1,090,899 422,548 19 10, 1131 1330,2671 1180,8081 159.525 Market Value at 5 April 2025 7,205,433 7,205,485 Cost as at 5 AprAI 2025 4,517,516 4,336.730 Investments in individual entkties held at 5 April 2025 which are over 5Yo of the pjrtfolio by value are: Astrazeneca PIC HSBC Holdings PIC Intermedi&te Capital Group PIC Shell PIC 676,040 432,098 396,036 534,887 Ail the investments held by the charity are listed investments and are all traded in quoted public markets* primarlly the London Stock Exchange. The investments are carried at their fair value. The basis of fair value for li8ted investments at the year-end 1$ equivalent to the quoted market price. 22. THE BENHAM CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5TH APRIL 2025 l¢oLthku¢d) DEBTOR8 2025 2024 Due from Stockbrokers Dividends declared XD 193,802 196.216 58,317 48,804 252,119 245,020 CREDITOR8: Amounts due wfthln on• y•ar 2025 Accruals 18,900 20,100 18,900 20, 100 In¢*)mlng RMour¢•s Golns ond At Ilh Ap 2024 5th Aprll resourc•s •xpend•d Losse¥ Unrestricted Fund5 Gen&rol furKI 7,456,654 324,815 1305.0121 13.373 7,489.8 Tolol Funds 7.456.654 324.815 (305.012) 13,3n 7A89.830 Al Inconthg ￿*￿vrC Golns ond Al Prfor 4th Aprfl 2023 6th Aprfl 2024 r•source5 •xp•nd•d Losses Unre51ricted Funds Gengrol fiJnd 7.118,151 302,525 1304.4091 340.387 7,456,654 Total Funth 7,118,151 3Q2,¥J5 (3Q4,409) 340,387 7,456.654 23. THE BENHAM CHARITABLE SErtLEMENT The trustees all give freely of their tiffje and expertise without any form of remuneration or other benefit in cash or kind (2024.. £nill. No expenses were paid to the trustees in the year12024: £nill. Dwing the year, the charity made a 8r8nt of %50.00012024: £50.0001 to NAYC Charity Icharity no. 8034311. One of the charity's trustees, Rev. J A Nickols, is a180 a trustee of NAYC. The grant was Euade to further the charitable purposes of NAYC and was approved by the Board of Tru8tCC8 in accordance with the charity's conaict of interest policy. The trustee concerned did not take part in the decision to make the grant. The charity 8Jso nwde a grant of £15.00012024.. £15,000) to The Filling Station Tru8t (charity no. 11317531. One of the charity's trustees, Rev. J A Nicko18, is an ernployee of The Filling Station Trust. The grant wa8 made to further the C1￿7table purpo8e8 of The Filling Station Trust and was approved by the Board of Tru8tees in accordanee with the charity's eonfliet of interest policy. The trustee concerned did not take part in the decision to make the grant. There were no amounts outstanding at the year-end12024: £Nill.