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||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|
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|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||
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|||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|
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|||||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|
##
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||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|
##
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|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||
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|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|
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