| 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 |
||
|---|---|---|---|---|---|
| Settlor: | Sir William 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 GritTiths | |||||
| Secretary | to | the Trustees: | Michele De Angeli | ||
| 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 | Cazenove Capital | |||
| Investment | Managers: | 1 London Wall Place | |||
| London EC2Y 5AU | |||||
| CCLA Investment Management |
Ltd | ||||
| Senator House | |||||
| 85 Queen Victoria Street | |||||
| London EC4V4ET | |||||
| Stonehage Fleming | |||||
| 15Suffolk Street | |||||
| London SW1Y4HG | |||||
| Auditors: | Saffery Champncss LLP |
||||
| 71 Queen Victoria Street | |||||
| London EC4V 4BE | |||||
| Bankers: | Lloyds pic | ||||
| 24 Broad Street | |||||
| Reading | |||||
| Berkshire RG1 2BT |
| for the Ye | ar ended 31stM | arch 2022 | ||||
|---|---|---|---|---|---|---|
| Total | Total | |||||
| Permanent | Funds | Funds | ||||
| Unrestricted | Endowment | year ended | year ended | |||
| Note | Funds | Fund | 31stMarch 2022 | 31stMarch 21121 | ||
| K | ||||||
| INCOME | ||||||
| 2 | Investment Income |
195,796 | 361,241 | 557,037 | 442,832 | |
| TOTAL INCOME | 195,796 | 361,241 | 557,037 | 442,832 | ||
| EXPENDITURE | ||||||
| Raising Funds | ||||||
| Investment management costs |
18,695 | 18,695 | 19,764 | |||
| 3 | Property costs | 83,747 | 83,747 | 62,316 | ||
| Charitable activities |
||||||
| 4 | Donations | 325,685 | 325,685 | 359,863 | ||
| TOTAL EXPENDITURE | 409,432 | 18,695 | 428,127 | 441,943 | ||
| NET EXPENDITURE BEFORE | (213,636) | 342,546 | 128,910 | 889 | ||
| GAINS/LOSSES ON INVESTMKNTS | ||||||
| 7 | Gains/(Losses) on revaluations |
and disposals | 1,930,000 | 1,930,000 | ||
| ofinvestments properties |
||||||
| 8 | Gains/(Losses) on revaluations |
and disposals | ||||
| ofinvestments assets |
679,448 | 679,448 | 2,451,495 | |||
| NET (EXPENDITURE)/INCOME | (213,636) | 2,951,994 | 2,738,358.00 | 2,452,384 | ||
| Transfers between funds |
||||||
| 9 | Transfer from total return for application |
415,055 | (415,055) | |||
| NET MOVEMENTS IN FUNDS | 201,419 | 2,536,939 | 2,738,358 | 2,452,384 | ||
| RECONCILIATION OF FUNDS |
||||||
| TOTAL FUNDS BROUGHT FORWARD | 243,987 | 16,739,815 | 16,983,802 | 14,531,418 | ||
| TOTAL FUNDS CARRIED FORWARD | 445,406 | 19,276,754 | 19,722,160 | 16,983,802 |
| Note | 2022 | 2021 | ||
|---|---|---|---|---|
| FIXEDASSETS | ||||
| 7 | Investment Properties |
5,780,000 | 3,850,000 | |
| 8 | Inveshnents | 13,835,174 | 13,307,483 | |
| Total Fixed Assets | 19,615,174 | 17,157,483 | ||
| CURRENT ASSETS | ||||
| 10 | Sundry Debtors | 121,355 | 47,764 | |
| 11 | Cash at Banks | 249,558 | 181,055 | |
| Total Current Assets | 370,913 | 228,819 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
(153,927) | (182,500) | ||
| Net Current (LiabiTities)/ |
Assets | 216,986 | 46,319 | |
| CREDITORS: AMOUNTS FALLING DUE IN | ||||
| MORE THAN ONE YEAR | (110,000) | (220,000) | ||
| TOTAL NET ASSETS | 19,722,160 | 16,983,802 | ||
| Represented by: |
||||
| 15 | Unrestricted Funds |
445,406 | 243,987 | |
| 15 | Permanent Endowment |
Fund | 19,276,754 | 16,739,815 |
| TOTAL FUNDS | 19,722,160 | 16,983,802 | ||
| Trustee | ||||
| Catherine Haig | Richard Benyon |
| Note | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Cash used in operating activities |
19 | (565,859) | (527,106) | ||
| Cash flows from investing | activities | ||||
| Interest and dividends | 482,605 | 442,832 | |||
| Purchase ofinvestments | (13,851,402) | (1,750,060) | |||
| Movement in cash held for |
investment | 734,812 | 172,881 | ||
| Proceeds from sale ofinvestments | 13,268,347 | 1,792,943 | |||
| Cash provided by investing | activities | 634,362 | 658,596 | ||
| Increase in cash and cash | equivalents | in the year | 68,503 | 131,490 | |
| Cash and cash equivalents | at the beginning ofthe year | 181,055 | 49,565 | ||
| Cash and cash equivalents | at the end | ofthe year | 11 | 249,558 | 181,055 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 2 | INVESTMENT INCOME | 6 | |||
| Rent | 195,796 | 197,416 | |||
| Dividends | 356,895 | 230,928 | |||
| Interest | 4,346 | 14,488 | |||
| 557,037 | 6442,832 | ||||
| 3 | PROPERTY COSTS | ||||
| Heat and Light | 8,900 | 9,465 | |||
| Property Repairs | 53,145 | 40,223 | |||
| Rent &Rates | 550 | 673 | |||
| Insurance | 1,383 | 1,183 | |||
| Professional Fees |
6,138 | ||||
| Management Charge |
6,000 | 6,000 | |||
| Other | 4,754 | 2,380 | |||
| Governance Costs (15%) |
2,877 | 2,392 | |||
| 83,747 | $62,316 | ||||
| 4 | DONATIONS | ||||
| Church / Religion |
21,317 | 47,023 | |||
| Conservation / Heritage |
/ Arts | 22,500 | 18,000 | ||
| Youth / Education / Community |
96,619 | 186,090 | |||
| Social &Welfare / Support |
138,443 | 82,925 | |||
| Overseas | 15,000 | ||||
| Medical Research / Support |
15,500 | 9,270 | |||
| HM Forces | 3,000 | ||||
| 309,379 | 346,308 | ||||
| Governance Costs (85%) |
16,306 | 13,555 | |||
| g325,685 | 6359,863 | ||||
| Breakdown between institutions |
and individuals: | ||||
| To institutions | 309,379 | 345,958 | |||
| To individuals | 350 | ||||
| E309379 | 6346,308 |
| INVESTMENTS | 2022 | 2021 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market value at 1st April 2021 | 13,307,483 | 11,071,752 | |||||||||
| Additions | 13,851,402 | 1,750,060 | |||||||||
| Disposals | (13,268,347) | (1,792,943) | |||||||||
| Gains/(Losses) on revaluations |
and disposals | 679,448 | 2,451,495 | ||||||||
| Increase/ (Decrease) in cash | held | for investment | (734,812) | (172,881) | |||||||
| Market value at 31stMarch | 2022 | f13,$35,174 | f13,307,483 | ||||||||
| Cost at 31stMarch 2022 | f12,036,697 | f10,425,022 | |||||||||
| The portfolio consists ofthe | following | categories | ofinvestments: | ||||||||
| At market | value | ||||||||||
| 2022 f |
2021f | ||||||||||
| Venture Funds | 188,034 | 250,758 | |||||||||
| Equities —Quoted |
4,460,168 | ||||||||||
| Alternative Strategies |
5,622 | 851,413 | |||||||||
| Fixed Income | 1,423,050 | ||||||||||
| Multi Assets Funds | 13,608,021 | 5,553,785 | |||||||||
| 13,801,677 | 12,539,174 | ||||||||||
| Cash Accounts | 33,497 | 768,309 | |||||||||
| 13,835,174 | 13,307,483 | ||||||||||
| Within these categories the following | investments | had s market value greater than f500000: | |||||||||
| 2022 | 2021f | ||||||||||
| COIF Charities Ethical Investment | Fund | 6,825,397 | |||||||||
| Cazenove Charity Responsible | Multi-Asset | Fund | (RMAF) | 6,782,624 | |||||||
| COIF Charities Investment Fund |
Income Units | 5,553,785 | |||||||||
| SFGlobal Equities Fund Class | A Income | 4,460,168 | |||||||||
| 9 | TOTAL RETURN | Endowment | Unapplied | Total | |||||||
| total return | Endowment | ||||||||||
| Brought forward I April 2021 |
14,195,617 | 2,544,198 | 16,739,815 | ||||||||
| Movements | |||||||||||
| Investment properties revaluation |
gain | 1,930,000 | 1,930,000 | ||||||||
| Investment returns (dividends |
and | interest) | 361,241 | 361,241 | |||||||
| Investment returns (gains/losses) |
679,448 | 679,448 | |||||||||
| Less investment management |
costs | (18,695) | (18,695) | ||||||||
| 1,930,000 | 1,021,994 | 2,951,994 | |||||||||
| Unapplied total return allocated |
to | income | |||||||||
| in the reporting period |
(415,055) | (415,055) | |||||||||
| Net movements in reporting |
period | 1,930,000 | 606,939 | 2,536,939 | |||||||
| Carried forward 31 March 2022 | f16,125,617 | f3,151,137 | f19,276,754 |
| 10 | SUNDRY DEBTORS | 2022 | 2021 f |
| The Englefield Trust |
388 | ||
| Trade Debtors | 2,536 | 2,315 | |
| Prepayments | 3,629 | 2,153 | |
| Englefteld Home Farms Partnership |
2,439 | 1,075 | |
| Accrued Income | 112,363 | 42,221 | |
| 5121 355 | f47 764 | ||
| 11 | CASH AT BANKS | 2022 | 2021 |
| f | f | ||
| Lloyds Bank - Current Account | 2249 550 | f181,055 | |
| 12 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2022 | 2821 |
| f | f | ||
| Trade Creditors | 4,359 | 10,567 | |
| Donations Payable |
120,500 | 150,000 | |
| The Benyon Trust | 4,522 | 4,488 | |
| Englefield Estate LP |
520 | ||
| Other Creditors | 24,026 | 17,445 | |
| 5153927 | f182,500 | ||
| 13 | CREDITORS: AMOUNTS FALLING DUE IN MORE THAN | 2022 | 2021 |
| ONE YEAR | f | ||
| Donations Payable |
11100011 | 5220 000 |
| ANALYSI | S OFNET | ASSETS BETWEEN | IIUNDS | ||||
|---|---|---|---|---|---|---|---|
| Investment | Net Current | Creditors | |||||
| Properties | Investments | Assets | & I Year | Total | |||
| Year ended 31March | 2022 | f | f | ||||
| Unrestricted | Funds | 445,406 | 445,406 | ||||
| Permanent | Endowment | Fund | 5,780,000 | 13,835,174 | (228,420) | (110,000) | 19,276,754 |
| f5 780000 | 813 835 174 | f216986 | f 110000 | f19722 160 | |||
| Year ended 31March | 2021 | ||||||
| Unrestricted | Funds | 243,987 | 243,987 | ||||
| Permanent | Endowment | Fund | 3,850,000 | 13,307,483 | (197,668) | (220,000) | 16,739,815 |
| $3 850 000 | f13307483 | f46 319 | 8 220 000 | f16983802 |
| FUNDS | Unrestricted | Endowment | ||||||
|---|---|---|---|---|---|---|---|---|
| Fund | Fund | Total | ||||||
| 8 | ||||||||
| Total funds | brought | forward | 243,987 | 16,739,815 | 16,983,802 | |||
| Income | 195,796 | 361,241 | 557,037 | |||||
| Expenditure | and net | gain on revaluation | ||||||
| and disposal | ofinvestment | assets | (409,432) | 660,753 | 251,321 | |||
| Investment | properties | revaluation | gain | 1,930,000 | 1,930,000 | |||
| Transfer between funds |
415,055 | (415,055) | ||||||
| Total funds | carried forward | f445 406 | 6 19276 754 | EI9722 160 |
| OPERATING ACTIV | ITIES | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021f | ||||||
| Net movement in funds |
2,738,358 | 2,452,384 | |||||
| Deduct interest income |
shown | in | investing | activities | (557,037) | (442,832) | |
| Deduct gains/add back |
unrealised | losses on | property | (1,930,000) | |||
| Deduct gains/add back |
unrealised | losses on | investments | (679,448) | (2,45/,495) | ||
| Decrease/ (increase) in | debtors | 841 | (/0,807) | ||||
| Increase / (decrease) in | creditors | (74,356) | |||||
| (565,859) | (527,/06) | ||||||
| Analysis ofchanges in |
net debt: | ||||||
| At start ofthe year | Cash flaws | At end ofthe year | |||||
| f | |||||||
| Cash | 181,055 | 68,503 | 249,558 | ||||
| Cash held as part ofinvestments | 768,309 | 734812 | 33497 | ||||
| 949,364 | (666,309) | 283,055 | |||||
| PREVIOUS YEAR'S | STATEMENT OF | FINANCIAL | ACTIVITIES | ||||
| Permanent | Total Funds | ||||||
| Unrestricted | Endowment | Year Ended | |||||
| Funds | Fund | 31stMarch 2021 | |||||
| K | 8 | K | |||||
| INCOME | |||||||
| Investment Income |
197,416 | 245,416 | 442,832 | ||||
| TOTAL INCOME | 197,416 | 245,416 | 442,832 | ||||
| EXPENDITURE | |||||||
| Raising funds | |||||||
| Investment management costs |
19,764 | 19,764 | |||||
| Property costs | 62,316 | 62,316 | |||||
| Charitable activities |
|||||||
| Donations | 359,863 | 359,863 | |||||
| Supporting Education |
|||||||
| TOTAL EXPENDITURE | 422 179 | 19,764 | 441,943 | ||||
| NET INCOME/EXPENDITURE | (224,763) | 225,652 | 889 | ||||
| Gains on revaluations and disposals |
|||||||
| ofinvestments assets |
2,451,495 | 2,451,495 | |||||
| NKT INCOME AND NKT MOVEMENT IN FUNDS | (224,763) | 2,677,147 | 2,452,384 | ||||
| Transfers between funds |
|||||||
| Transfer 1'rom total return |
for application | 399,224 | (399,224) | ||||
| NKT (EXPENDITURE)/INCOME | AND | ||||||
| NET MOVEMENTS IN | FUNDS | 174,461 | 2,277,923 | 2,452,384 | |||
| Reconciliation offunds |
|||||||
| TOTAL FUNDS BROUGHT FORWARD | 69 526 | 14.461 892 | 14531 418 | ||||
| TOTAL FUNDS CARRIED FORWARD | f243 987 | f16739815 | 816983 802 |