| INDEX | Page | |
|---|---|---|
| General Information | ||
| Report ofthe Trustees | 2-5 | |
| Independent Auditors' |
Report | 6-8 |
| Statement ofFinancial | Activities | |
| Balance Sheet | 10 | |
| Statement ofCashflows | ||
| Notes to the Accounts | 12-19 |
| Settlement | dated: | dated: | 15th November 1968 |
15th November 1968 |
||
|---|---|---|---|---|---|---|
| Settlor: | SirWilliam Benyon | |||||
| Trustees: | Catherine Rose Ingrid Haig (Chairman) | |||||
| The Rt. Hon. The Lord Benyon | PC | |||||
| The Lady Zoe Lavinia Beatrice | Benyon | |||||
| Lady Elizabeth Benyon | ||||||
| Melissa Anastazia | Victoria Owston | |||||
| Richard Ian David | Bampfylde | |||||
| Richard Gareth Griffiths | ||||||
| Secretary | to | the Trustees: | Michele De Angeli | (appointed | 5 October 2020) | |
| Alexander Reid (retired 22 July | 2020) | |||||
| Charity Registration | Number: | 258123 | ||||
| Principal | Office: | Englefield Estate Office | ||||
| Englefield Road | ||||||
| Theale | ||||||
| Reading | ||||||
| Berkshire RG7 5DU | ||||||
| Solicitors: | Payne Hicks Beach | |||||
| 10New Square | ||||||
| Lincoln's Inn |
||||||
| London WC2A 3QG | ||||||
| Stockbrokers | and | Stonehage Fleming | ||||
| Investment | Managers: | 15Suffolk Street | ||||
| London | ||||||
| SWIY4HG | ||||||
| CCLA Investment | Management | Ltd | ||||
| Senator House | ||||||
| 85Queen Victoria | Street | |||||
| London | ||||||
| EC4V 4ET | ||||||
| Auditors: | Saffery Champness | LLP | ||||
| 71 Queen Victoria | Street | |||||
| London | ||||||
| EC4V 4BE | ||||||
| Bankers: | Lloyds pic | |||||
| 24 Broad Street | ||||||
| Reading | ||||||
| Berkshire RG1 2BT |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Permanent | Funds | Funds | |||||
| Unrestricted | Endowment | year ended | year ended | ||||
| Note | Funds | Fund | 31stMarch 2021 | 31stMarch 2tt2t/ | |||
| 6 | |||||||
| INCOME | |||||||
| 2 | Investment Income |
197,416 | 245,416 | 442,832 | 436,270 | ||
| TOTAL INCOME | 197,416 | 245,416 | 442,832 | 436,270 | |||
| EXPENDITURE | |||||||
| Raising Funds | |||||||
| Investment management |
costs | 19,764 | 19,764 | 19,120 | |||
| 3 | Property costs | 62,316 | 62,316 | 88,758 | |||
| Charitable activities |
|||||||
| 4 | Donations | 359,863 | 359,863 | 909,444 | |||
| 5 | Supporting Education |
12,155 | |||||
| TOTAL EXPENDITURE | 422,179 | 19,764 | 441,943 | 1,029,477 | |||
| NET EXPENDITURE BEFORE | (224,763) | 225,652 | 889 | (593,207) | |||
| GAINS/LOSSES ON INVESTMENTS | |||||||
| 9 | Gains/(Losses) on revaluations |
and disposals | |||||
| ofinvestments assets |
2,451,495 | 2,451,495 | (960,793) | ||||
| NET (EXPENDITURE)/INCOME | (224,763) | 2,677,147 | 2,452,384 | (1,554,000) | |||
| Transfers between funds |
|||||||
| 10 | Transfer from total return | for application | 399,224 | (399,224) | |||
| NET MOVEMENTS IN | FUNDS | 174,461 | 2,277,923 | 2,452,384 | (1,554,000) | ||
| RECONCILIATION OFFUNDS |
|||||||
| TOTAL FUNDS BROUGHT FORWARD | 69,526 | 14,461,892 | 14,531,418 | 16,085,418 | |||
| TOTAL FUNDS CARRIED FORWARD | 243,987 | 16,739,815 | 16,983,802 | 14,531,418 | |||
| See note 21for the previous years Statement | OfFinancial Activities | comparati ves. |
| Note | 2021 | 2020 | ||
|---|---|---|---|---|
| FIXEDASSETS | ||||
| 8 | Investment Properties |
3,850,000 | 3,850,000 | |
| 9 | Investments | 13,307,483 | 11,071,752 | |
| Total Fixed Assets | 17,157,483 | 14,921,752 | ||
| CURRENT ASSETS | ||||
| 11 | Sundry Debtors | 47,764 | 36,957 | |
| 12 | Cash at Banks | 181,055 | 49,565 | |
| Total Current Assets |
228,819 | 86,522 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
(182,500) | (146,856) | ||
| Net Current (Liabilities)/ |
Assets | 46,319 | (60,334) | |
| CREDITORS: AMOUNTS FALLING DUE IN | ||||
| MORE THAN ONE YEAR | (220,000) | (330,000) | ||
| TOTAL NET ASSETS | 16,983,802 | 14,531,418 | ||
| Represented by: |
||||
| 16 | Unrestricted Funds |
243,987 | 69,526 | |
| 16 | Permanent Endowment |
Fund | 16,739,815 | 14,461,892 |
| TOTAL FUNDS | 16,983,802 | 14,531,418 | ||
| I. | ||||
| Trustee | Trustee | |||
| Catherine Haig |
Richard Benyon |
| Note | 2021 | 2020 | |||
|---|---|---|---|---|---|
| Cash used in operating activities |
20 | (527,106) | (591,598) | ||
| Cash flows from investing | activities | ||||
| Interest and dividends | 442,832 | 436,270 | |||
| Purchase ofinvestments | (1,750,060) | (648,26'4) | |||
| Movement in cash held for invesnnent |
172,881 | (400,532) | |||
| Proceeds from sale ofinvestments | 1,792,943 | 1,217,915 | |||
| Cash provided by investing | activities | 658,596 | 605,389 | ||
| Increase in cash and cash | equivalents | in the year | 131,490 | 13,791 | |
| Cash and cash equivalents | at the beginning ofthe year | 49,565 | 35,774 | ||
| Cash and cash equivalents | at the end | ofthe year | 12 | 181,055 | 49,565 |
| 2021 | 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | INVESTMENT INCOME | f | ||||||||
| Rent | 197,416 | 189,747 | ||||||||
| Dividends | 230,928 | 229,869 | ||||||||
| Interest | 14,488 | 16,654 | ||||||||
| 442,832 | f436,270 | |||||||||
| 3 | PROPERTY COSTS | |||||||||
| Heat and Light | 9,465 | 9,656 | ||||||||
| Property Repairs | 40,223 | 66,385 | ||||||||
| Rent &Rates | 673 | 568 | ||||||||
| Insurance | 1,183 | 446 | ||||||||
| Other | 2,380 | 3,348 | ||||||||
| Management Charge |
6,000 | 6,000 | ||||||||
| Governance Costs (15%) |
2,392 | 2,355 | ||||||||
| 62,316 | f88,758 | |||||||||
| 4 | DONATIONS | |||||||||
| Church / Religion |
47,023 | 44,867 | ||||||||
| Conservation / Heritage |
/ Arts | 18,000 | 45,946 | |||||||
| Youth / Education | / Community | 186,090 | 663,521 | |||||||
| Social &Welfare | / | Support | 82,925 | 49,200 | ||||||
| Overseas | 13,000 | |||||||||
| Medical Research | / Support | 9,270 | 63,566 | |||||||
| HM Forces | 3,000 | 16,000 | ||||||||
| 346,308 | 896,100 | |||||||||
| Governance Costs |
(85%) | 13,555 | 13,344 | |||||||
| f359,863 | f909,444 | |||||||||
| Breakdown between institutions |
and individuals: | |||||||||
| To institutions | 345,958 | 894,350 | ||||||||
| To individuals | 350 | 1,750 | ||||||||
| R3463M | f896,100 | |||||||||
| The Trustees have taken the statutory | exemption, | provided | by | Charity Law in England | and Wales, | |||||
| which allows them | to not | provide | the | names ofgrant recipients | and the amounts ofthese grants | |||||
| during the lifetime | ofthe settlor's | spouse. | ||||||||
| 5 | SUPPORTING EDUCATION |
|||||||||
| Englefield Schools |
Days | sar 155 |
| INVESTMENTS | 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| f | ||||||||||
| Market value at 1stApril 2020 | 11,071,752 | 12,201,664 | ||||||||
| Additions | 1,750,060 | 648,264 | ||||||||
| Disposals | (1,792,943) | (1,217,915) | ||||||||
| Gains/(Losses) on revaluations |
and disposals | 2,451,495 | (960,793) | |||||||
| Increase/ (Decrease) in cash | held for investment | (172,881) | 400,532 | |||||||
| Market value at 31st | March | 2021 | f137307,483 | 817,871,772 | ||||||
| Cost at 31stMarch 2021 | f10,425,022 | f10,271,979 | ||||||||
| The portfolio consists | ofthe | following | categories | ofinvestments; | ||||||
| At market | value | |||||||||
| 2021 | 2020 | |||||||||
| Venture Funds | 250,758 | 284,000 | ||||||||
| Liquidity Fund |
66,000 | |||||||||
| Equities —Quoted |
4,460,168 | 3,339,168 | ||||||||
| Alternative Strategies |
851,413 | 538,470 | ||||||||
| Fixed Income | 1,423,050 | 1,333,204 | ||||||||
| Multi Assets Funds: | 5,553,785 | 4,569,720 | ||||||||
| 12,539,174 | /0,130,562 | |||||||||
| Cash Accounts | 768,309 | 941,190 | ||||||||
| 13,307,483 | 11,071,752 | |||||||||
| Within these categories | the | following | investments | had a market | value greater than 1500,000: | |||||
| 2021 | 2020 | |||||||||
| f | ||||||||||
| COIF Charities Investment | Fund Income Units | 5,553,785 | 3,603,910 | |||||||
| SFGlobal Equities Fund Class A Income | 4,460,168 | 3,339,168 | ||||||||
| Plain Andrews Unit Trust FD |
GBP | 965,811 | ||||||||
| TOTAL RETURN | Endowment | Unapplied | Total | |||||||
| totalreturn | Endowment | |||||||||
| Brought forward 1 April 2020 |
14,195,617 | 266,275 | 14,461,892 | |||||||
| Movements | ||||||||||
| Investment returns (dividends |
and interest) | 245,416 | 245,416 | |||||||
| Investment returns (gains/losses) |
2,451,495 | 2,451,495 | ||||||||
| Less investment management |
costs | (19,764) | (19,764) | |||||||
| 2,677,147 | 2,677,147 | |||||||||
| Unapplied total return |
allocated | to income | ||||||||
| in the reporting period |
399,224) | (399,224) | ||||||||
| Net movements in reporting |
period | 2,277,923 | 2,277,923 | |||||||
| Carried forward 31March | 2021 | f14,195,617 | f2,544,198 | E16739817 |
| 11 | SUNDRY DEBTORS | SUNDRY DEBTORS | 2021 | 2020 f |
|||||
|---|---|---|---|---|---|---|---|---|---|
| Trade Debtors | 2,315 | 2,052 | |||||||
| Prepayments | 2,153 | 2,/53 | |||||||
| Englefield Home Farms |
Partnership | 1,075 | |||||||
| Accrued investment | income | 42,221 | 32,752 | ||||||
| 64»6 | 636957 | ||||||||
| 12 | CASH AT BANKS | 2021 | 2020 | ||||||
| f | |||||||||
| Lloyds l3ank —Current |
Account | 181,055 | 48,078 | ||||||
| Cash with Flemings | -I | income Accounts | /,487 | ||||||
| f181,055 | f49,565 | ||||||||
| 13 | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | 2021 | 2020 | |||||
| f | |||||||||
| Trade Creditors | 10,567 | 4,750 | |||||||
| Donations Payable |
150,000 | //0, 000 | |||||||
| The Benyon Trust | 4,488 | 2,069 | |||||||
| The Englefteld Trust | 2,2/4 | ||||||||
| Engletleld Estate LP |
/53 | ||||||||
| Other Creditors | 17,445 f.182,500 |
27,670 f/46,856 |
|||||||
| 14 | CREDITORS: AMOUNTS FALLING DUE IN MORE THAN | 2021 | 20Z0 | ||||||
| ONE YEAR | f | f | |||||||
| Donations Payable |
|||||||||
| Thts amount due relates |
to donations | payable to the Uhon Court Educational | Trust for the | period May 2022 to November 2023. | |||||
| 15 | ANALYSIS OF NET | ASSETSBETWEEN FUNDS | |||||||
| Investment | Net Current | Creditors | |||||||
| Properties | Investments | Assets | &I Year | Total | |||||
| Year ended 31March | 2021 | f | |||||||
| Unrestricted Funds |
243,987 | 243,987 | |||||||
| Pamanent Endowment |
Fund | 3,850,000 | 13,307,483 | (197,668) | (220,000) | 16,739,815 | |||
| f3,850,000 f13,307,483 | f46,319 | f.220,000 | f16,983,802 | ||||||
| Year ended 31March | 2020 | f | f | ||||||
| Unrestricted Funds |
69,526 | 69,526 | |||||||
| Pamanent Endowment |
Fund | 3,850,000 | 11,071,752 | (129,860) | (330,000) | 14,461,892 | |||
| f3,850,000 f11,071,752 | I, 60,334 | I330000 | f14531418 |
| FUNDS | Unrestricted | Endowment | |||
|---|---|---|---|---|---|
| Fund | Fund | Total | |||
| Total funds | brought forward |
69,526 | 14,461,892 | 14,531,418 | |
| Income | 197,416 | 245,416 | 442,832 | ||
| Expenditure | and net gain on revaluation | ||||
| and disposal | ofinvestment | assets | (422,179) | 2,431,731 | 2,009,552 |
| Transfer between funds |
399,224 | (399,224) | |||
| Total funds | carried forward | f243 987 | f16739815 | f16983802 |
| 2021 | 2820f | ||||||
|---|---|---|---|---|---|---|---|
| Net movement in funds |
2,452,384 | (/,554,000) | |||||
| Deduct interest income shown |
in | mvesting | activities | (442,832) | (436,270) | ||
| Deduct gains/add back unrealised |
losses on | investments | (2,451,495) | 960,793 | |||
| Decrease/ (increase) in debtors | (10,807) | (2,080) | |||||
| Increase / (decrease) in creditors | 439,959 | ||||||
| (527,106) | (59/,598) | ||||||
| PREVIOUS YEAR'S STATEMENT | OF FINANCIAL | ACTIVITIES | |||||
| Permanent | Total Funds | ||||||
| Unrestmcted | Endowment | Year Ended | |||||
| Funds | Fund | 31st March 2020 | |||||
| INCOME | |||||||
| Investment Income |
189,747 | 246,523 | 436,270 | ||||
| TOTAL INCOME | 189,747 | 246,523 | 436,270 | ||||
| EXPENDITURE | |||||||
| Raising funds | |||||||
| Investment management costs |
19,120 | 19,120 | |||||
| Property costs | 88,758 | 88,758 | |||||
| Chariiable activities |
|||||||
| Donations | 909,444 | 909,444 | |||||
| Supporting Education |
12,155 | 12,155 | |||||
| TOTAL EXPENDITURE | 1,010,357 | 19,120 | 1,029477 | ||||
| NET INCOME/EXPENDITURE | (820,610) | 227,403 | (593,207) | ||||
| Gains on revaluations and disposals |
|||||||
| ofinvestments assets |
(960,793) | (960,793) | |||||
| NET INCOME AND NET MOVEMENT | IN FUNDS | (820,610) | (733,390) | (1,554,000) | |||
| Transfers benveen funds |
|||||||
| Transfer Irom total return for application |
332,153 | (332,153) | |||||
| NKT (EXPENDITURE)/INCOME | AND | ||||||
| NKT MOVEMENTS IN FUNDS |
(488,457) | (1,065,543) | (1,554,000) | ||||
| Reconciliation offunds | |||||||
| TOTAL FUNDS BROUGHT | FORWARD | 557 983 | 15527435 | 16085 418 | |||
| TOTAL FUNDS CARRIED FORWARD | f69 526 | f14461 892 | f14531 418 |