| 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 GriAiths | ||||||
| Andrew James Hutton (Appointed | 13aMarch 2023) | |||||
| Secretary | to | the Trustees: | Michele De Angeli | |||
| Charity Registration | Number: | 258123 | ||||
| Principal OAice: | 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: | I London Wall Place | ||||
| London EC2Y 5AU | ||||||
| CCLA Investment Management |
Ltd | |||||
| Senator House | ||||||
| 85 Queen Victoria Street | ||||||
| London EC4V4ET | ||||||
| Stonehage Fleming | ||||||
| 15 Suffolk Street | ||||||
| London SWIY4HG | ||||||
| Auditors: | Saffery LLP | |||||
| 71 Queen Victoria Street | ||||||
| London EC4V4BE | ||||||
| Bankers: | Lloyds pic | |||||
| 24 Broad Street | ||||||
| Reading | ||||||
| Berkshire RGI 2BT |
| Total | Total | |||||
|---|---|---|---|---|---|---|
| Permanent | Funds | Funds | ||||
| Unrestricted | Endowment | year ended | year ended | |||
| Note | Funds | Fund | 31stMarch 2023 | 31st/tfarch ZIIZ |
||
| INCOME | ||||||
| 2 | Investment Income |
200,107 | 471,409 | 671,516 | 557,037 | |
| TOTAL INCOME | 200,107 | 471,409 | 671,516 | 557,037 | ||
| EXPENDITURE | ||||||
| Raising Funds | ||||||
| Investment management costs |
12,122 | 12,122 | 18,695 | |||
| 3 | Property costs | 180,221 | 180,221 | 83,747 | ||
| Charitable activities |
||||||
| 4 | Donations | 381,146 | 381,146 | 325,685 | ||
| TOTAL EXPENDITURE | 561,367 | 12,122 | 573,489 | 428,127 | ||
| NET EXPENDITURE BEFORE |
(361,260) | 459,287 | 98,027 | 128,910 | ||
| GAINS/LOSSES ON INVESTMENTS |
||||||
| 7 | Gains/(Losses) on revaluations |
and disposals | 1,930,000 | |||
| ofinvestments properties |
||||||
| 8 | Gains/(Losses) on revaluations |
and disposals | ||||
| ofinvestments assets |
(787,474) | (787,474) | 679,448 | |||
| NET (EXPENDITURE)/INCOME | (361,260) | (328,187) | (689,447) | 2,738,358 | ||
| Transfers betweea funds |
||||||
| 9 | Transfer from total return for application | 391,430 | (391,430) | |||
| NET MOVEMENTS IN FUNDS | 30,170 | (719,617) | (689,447) | 2,738,358 | ||
| RECONCILIATION OF FUNDS |
||||||
| TOTAL FUNDS BROUGHT FORWARD | 445,406 | 19,276,754 | 19,722,160 | 16,983,802 | ||
| TOTAL FUNDS CARRIED FORWARD | 475,576 | 18,557,137 | 19,032,713 | 19,722,160 |
| Note | 2023 | 2022 | ||
|---|---|---|---|---|
| f | ||||
| FIXEDASSETS | ||||
| 7 | Investment Properties |
5,780,000 | 5,780,000 | |
| 8 | Investments | 13,047,647 | 13,835,174 | |
| Total Fixed Assets | 18,827,647 | 19,615,174 | ||
| CURRENT ASSETS | ||||
| 10 | Sundry Debtors | 126,666 | 121,355 | |
| 11 | Cash at Banks | 243,186 | 249,558 | |
| Total Current Assets |
369,852 | 370,913 | ||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
(154,786) | (153,927) | ||
| Net Current (Liabilities)/ | Assets | 215,066 | 216,986 | |
| CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR |
(10,000) | (110,000) | ||
| TOTAL NET ASSETS | 19,032,713 | 19,722,160 | ||
| Represented by: |
||||
| 15 | Unrestricted Funds |
475,576 | 445,406 | |
| 15 | Permanent Endowment |
Fund | 18,557,137 | 19,276,754 |
| TOTAL FUNDS | 19,032,713 | 19,722,160 |
| Note | 2023 | 2022 | |||
|---|---|---|---|---|---|
| 6 | |||||
| Cash used in operating activities |
19 | (672,129) | (565,859) | ||
| Cash flows from investing | activities | ||||
| Interest snd dividends | 665,704 | 482,605 | |||
| Purchase ofinvestments | (96,000) | (13,851,402) | |||
| Movement in cash held for |
investment | 41,668 | 734,812 | ||
| Proceeds from sale ofinvestments | 54,385 | 13,268,347 | |||
| Cash provided by investing |
activities | 665,757 | 634,362 | ||
| (Decrease)/increase in cash and cash equivalents |
in tbe year | (69372) | 68,503 | ||
| Cash and cash equivalents | at the beginning ofthe year | 249,558 | 181,055 | ||
| Cash and cash equivalents | at the end ofthe year | 11 | 243,186 | 249,558 |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| 2 | INVESTMENT INCOME | f, | 6 | ||||
| Rent | 200,107 | 195,796 | |||||
| Dividends | 470,271 | 356,895 | |||||
| Interest | 1,138 | 4,346 | |||||
| 8671,516 | 6557,037 | ||||||
| 3 | PROPERTY COSTS | ||||||
| Heat and Light | 11,885 | 8,900 | |||||
| Property Repairs | 153,917 | 53,145 | |||||
| Rent &Rates | 814 | 550 | |||||
| Insurance | 2,115 | 1,383 | |||||
| Professional Fees |
6,138 | ||||||
| Management Charge |
6,000 | 6,000 | |||||
| Other | 2,330 | 4,754 | |||||
| Governance Costs (15%) |
3,160 | 2,877 | |||||
| 8180,221 | 883,747 | ||||||
| 4 | DONATIONS | 0 | |||||
| Church / Religion |
61,500 | 21,317 | |||||
| Conservation / Heritage |
/ Arts | 54,800 | 22,500 | ||||
| Youth / Education | / Community | 117,594 | 96,619 | ||||
| Social &Welfare / |
Support | 97,690 | 138,443 | ||||
| Overseas | 12,000 | 15,000 | |||||
| Medical Research | / Support | 7,655 | 15,500 | ||||
| HM Forces | 12,000 | ||||||
| 363,239 | 309,379 | ||||||
| Governance Costs |
(85%) | 17,907 | 16,306 | ||||
| 8381,146 | 6325,685 | ||||||
| Breakdown between |
institutions | and individuals: | |||||
| To institutions | 361,489 | 309,379 | |||||
| To individuals | 1,750 | ||||||
| f363,239 | 6309,379 |
| INVESTMENT PROPERTIES | 2023 | 2022 | |
| Valuation | K5,780,000 | 65,780,000 | |
| Freehold Land | |||
| Windmill Common, Mortimer - Agricultural |
Land snd Woodland (1.75 acres) | 45,000 | 45,000 |
| Pamber Heath - Agricultural Land (10.82acres) |
125,000 | 125,000 | |
| Burghfietd - Agricultural Land ei, Water (15.26 acres) |
185,000 | 185,000 | |
| Theale - Land adjoining Railway |
25,000 | 25,000 | |
| 380,000 | 380,000 | ||
| Freehold Properties: | |||
| 26 Stanbury Gate, Spencers Wood, Reading |
345,000 | 345,000 | |
| 1-8 Rowlsnds Close, Mortimer |
1,990,000 | J,990,000 | |
| Raids, Uflon Nervet | 320,000 | 320,000 | |
| 2,655,000 | 2,655,000 | ||
| Leasehold Properties: | |||
| 1-4StMarks Close, Englefield (99years from 29.9.72) | 1,135,000 | 1,135,000 | |
| 62A, 64 snd 64A Church Street, Theale (99 | years from 19.3.76) | 930,000 | 930,000 |
| 6,6a and 7 The Street, Englefield (85 years | from 24.6.88) | 680,000 | 680,000 |
| 2,745,000 | 2,745,000 | ||
| Total | K5,780,000 | 65,7eo,ooo |
| INVESTMENTS | INVESTMENTS | 2023 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| f | ||||||||||||
| Market value at | 1stApril 2021 | 13,835,174 | 15,507,483 | |||||||||
| Additions | 96,000 | 15,851,402 | ||||||||||
| Disposals | (54,385) | (13,268,347) | ||||||||||
| Gains/(Losses) | on | revaluations | and disposals | (787,474) | 679,448 | |||||||
| Increase/ (Decrease) in cash | held for investment | (41,668) | (734,812) | |||||||||
| Market value at 31st | March | 2022 | K13,047,647 | f13,83$,174 | ||||||||
| Cost at 31stMarch 2022 | 812,042,235 | f10,425,022 | ||||||||||
| The portfolio consists | ofthe | following | categories | ofinvestments | '. | |||||||
| At market | value | |||||||||||
| 2023 | 2022 | |||||||||||
| K | f | |||||||||||
| Venture Funds | 110,001 | 188,034 | ||||||||||
| Alternative Strategies |
3,866 | 5,622 | ||||||||||
| Multi Assets Funds | 12,930,043 | 13,596,1/3 | ||||||||||
| 13,043,910 | 15,789,769 | |||||||||||
| Cash Accounts | 3,737 | 45,405 | ||||||||||
| 13,047,647 | 13,835,174 | |||||||||||
| Within these categories | the following | investments | had amarket | value greater than f500,000; | ||||||||
| 2023 | 2022 | |||||||||||
| f | ||||||||||||
| COIF Charities | Ethical | Investment Fund |
6,485,093 | 6,825,397 | ||||||||
| Cazenove Charity Responsible | Multi-Asset | Fund | (RMAF) | 6,444,950 | 6;770,716 | |||||||
| TOTAL RETURN | Eadowment | Uaapplied | Total | |||||||||
| total return | Endowment | |||||||||||
| f. | f | |||||||||||
| Brought forward | I | April 2022 | 16,125,617 | 3,151,137 | 19,276,754 | |||||||
| Movements | ||||||||||||
| Investment returns |
(dividends | and interest) | 471,409 | 471,409 | ||||||||
| Investment returns |
(gains/losses) | (787,474) | (787,474) | |||||||||
| Less investment | management | costs | (12,122) | (12,122) | ||||||||
| (328,187) | (328,187) | |||||||||||
| Unapplied total |
return | allocated | to income | |||||||||
| in the reporting | period | (391,430) | (391,430) | |||||||||
| Net movements | in reporting | period | (719,617) | (719,617) | ||||||||
| Carried forward | 31 | March 2023 | f16,125,617 | f2,431,520 | f18,557,137 |
| 10 | SUNDRY DEBTORS | 2023 | 2022 |
| g | |||
| The Englefteld Trust |
388 | ||
| Trade Debtors | 3,462 | 2,536 | |
| Prepayments | 2,153 | 3,629 | |
| Englefield Home Farms Partnership |
2,877 | 2,439 | |
| Accrued Income | 118,174 | 772,363 | |
| 5126666 | f)ZL355 | ||
| 11 | CASH AT BANKS | 2023 | 2022 |
| 8 | |||
| Lloyds Bank - Current Account | 8243 186 | 4249558 | |
| 12 | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 2023 | 2022 |
| Trade Creditors | 6,744 | 4,359 | |
| Donations Payable |
125,000 | 120,500 | |
| The Benyon Trust | 1,440 | 4,522 | |
| Englefield Estate LP |
38 | 520 | |
| Other Creditors | 21,564 | Z4,0Z6 | |
| 2154386 | f(53,927 | ||
| 13 | CREDITORS: AMOUNTS FALLING DUE IN MORE THAN | 2023 | 2022 |
| ONE YEAR Donations Payable |
210000 | 6 4111040. |
| ANALYSI | S OFNET | ASSETSBETWEEN | FUNDS | ||||
|---|---|---|---|---|---|---|---|
| Investment Properties |
Investments | Net Current Assets |
Creditors )I Year |
Total | |||
| Year ended 31March | 2023 | 8 | |||||
| Unrestricted | Funds | 475,576 | 475,576 | ||||
| Permanent | Endowment | Fund | 5,780,000 | 13,047,647 | (260,510) | (10,000) | 18,557,137 |
| $5 7$0000 | $13047 647 | $215066 | I 10000 | f19032713 | |||
| Year ended 31March | 2022 | ||||||
| Unrestricted | Funds | 445,406 | 445,406 | ||||
| Permanent | Endowment | Fund | 5,780,000 | 13,835,174 | (22$,420) | (110,000) | 19,276,754 |
| $5 780000 | $13$35 174 | $216986 | g 110000 | XI9722 160 |
| FUNDS | Unrestricted | Endowment | |||||
|---|---|---|---|---|---|---|---|
| Fundf | Fund f |
Total f |
|||||
| Total funds | brought | forward | 445,406 | 19,276,754 | 19,722,160 | ||
| Income | 200,107 | 471,409 | 671,516 | ||||
| Expenditure | and net | gain on revaluation | |||||
| and disposal | ofinvestment | assets | (561,367) | (799,596) | (1,360,963) | ||
| Investment | properties | revaluation | gain | ||||
| Transfer between funds |
391,430 | (391,430) | |||||
| Total funds | carried forward | f475 576 | f18557 137 | f19032713 |
| OPERATING ACTI | VITIES | ||||||
|---|---|---|---|---|---|---|---|
| 2023 | 2022 | ||||||
| 6 | |||||||
| Net movement in funds |
(689,447) | 2,738,358 | |||||
| Deduct interest income |
shown in | investing | activities | (671,516) | (557,037) | ||
| Deduct gains/add back |
unreahsed | losses | on | property | (I,930,000) | ||
| Deduct gains/add back Decrease/ (increase) in Increase / (decrease) in |
unreahsed debtors creditors |
losses | on | investments | 787,474 501 |
(679,448) 84/ ~v |
|
| (672,129) | 1'565,859) | ||||||
| Analysis ofchanges m |
net debt; | ||||||
| At start ofthe year | Cash flows | At end ofthe year | |||||
| 8 | 8 | f | |||||
| Cash | 249,558 | (6,372) | 243,186 | ||||
| Cash held as part ofinvestments | 45,405 | 41,668 | 3737 | ||||
| 294,963 | (48,040) | 246,923 | |||||
| PREVIOUS YEAR'S | STATEMENT | OF | FINANCIAL | ACTIVITIES | |||
| Permanent | Total Funds | ||||||
| Unrestricted | Endowment | Year Ended | |||||
| Funds | Fund | 31stMarch 202 | |||||
| 8 | |||||||
| INCOME | |||||||
| Investment Income |
195,796 | 361,241 | 557,037 | ||||
| TOTAL INCOME | 195,796 | 361,241 | 557,037 | ||||
| EXPENDITURE | |||||||
| Raising funds | |||||||
| Investment management costs |
18,695 | 18,695 | |||||
| Property costs | 83,747 | 83,747 | |||||
| Charitable activities |
|||||||
| Donations | 325,685 | 325,685 | |||||
| TOTAL EXPENDITURE | 409 432 | 18695 | 428 127 | ||||
| NET INCOME/EXPENDITURE | (213,636) | 342,546 | 128,910 | ||||
| Gains on revaluations and disposals |
|||||||
| ofinvestments assets |
679,448 | 679,448 | |||||
| NET INCOME AND NET MOVEMKNT | IN FUNDS | (213,636) | 2,951,994 | 2,738,358 | |||
| Transfers betweea fuads | |||||||
| Transfer from total return | for spphcation | 415,055 | (415,055) | ||||
| NET (EXPENDITURE)/INCOME | AND | ||||||
| NKT MOVEMENTS IN | FUNDS | 201,419 | 2,536,939 | 2,738,358 | |||
| Reconciliation offunds | |||||||
| TOTAL FUNDS BROUGHT FORWARD | 243 987 | 16739815 | 16983 802 | ||||
| TOTAL FUNDS CARRIED FORWARD | 8445 406 | 819276 754 | 819722 160 |