HERVEY BENHAM CHARTfABLE TRUST REGIsfERED CHARrrY NO.. 277578 ANNUAL REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021 Referer£e aThl ayministrabve inforrna Trust5, reFort tndewdent Examinerfs report ststement of finaKia5 actswtRs Balan sheet ststem@)t of cash flov•S Note5 to the finala1 statem 8-12 HERVEY BENHAM CHARITABLE TRUST
HERVEY BENHAM CHARrrABLE TRusr REFERENCE AND ADMINIsfRATIVE INFORMATION AS AT 28 FEBRUARY 2021 REGIsfERED CHARITY 110: Z77578 TRusfEES: MRCWTLLB TMAKerr A B philli BEM CertEd N Johnston (appjinted 25 F&sruary 2020) DA W len B Mus., M Mus S C Lardey ((haifman) TRUSTEES HOLDING TrrLE TO IHt PROPERTY OWNED BY ThE CHARfTY: M R Carr LLB A B Philllps BEM R4 CertEd TMAKerr CLERK TO THE TRUSTEES: REGIsfERED ADDRES&. CIO Sparfings Esw Coi iFb2 WEBsrrE: Y4ww.fvnharrrtrsL0rg.Uk BANKERS: The Royal Bank of Scotland plc 45 Head Street COLCHEsfER Coi INW CAF Bank Umita ngs Hill WEST MALLtNG Kent ME19 4TA INDEPENDEKf EXAMINEIL" 4 & S The Calats. 12 AFex 12 Old Ipgwich Road COLCHESfER Ew C07 7QR Sparfings 3 West strxl StrEet COLCHEsfER COI IHQ
HERVEY BENHAM CHARrrABLE TRiisr TRUSTEES, REpoirr FOR THE YEAR ENDED 28 FEBRUARY 2021 The Tnee5 prth ltheir ReFUt for the year ¥jed 28 Fdry 2021. incorp)ratlng the referen and adminkstrabve Infc¢Mati s& out Page l. srRUCtURE GOVERNANCE AND MANAGEMENT The Trust was 4stsblighdd by TMJ>t on 20 FaIary IQ79 kn tho13to Benham docidol to create a for cls3rltatle purposes. Under this Twst Deed the power to aprKAnt Tnstees, of thh tse must be * least three, i4 vest in the Trustees for tre time Up to 2014 all the Trustees have known fouThr personalty, which has a ann a(trIant to the ThJ as tty ThKJre easity ten atle to respond at times in the way they kneyd HB V•wld have done; as time by this linkage between Twstees and founder will be MO dIffict to mairrtaln. The brethl of kno18Je tetsveen the Trustees over the Trusvs areas of acovity akn ne8J5 to ma1ntrij. rj the year unts remew the Trust continued to conshr the is TnJee gJcces9. The wocesses by whth ttE Trtt Ls admln1fvJ and IK)w the altrs Ob]tiveS ofthe fvr <re met are set in a Managemwt Pr(wd Thfs al helr6 maintain the imrK)tsnt links for the TFst with the intw& and symFothy of the founder. The ManageTht Protocol docunw is now 5UPfQrt&J by separ3te FlnaThial Contrrjs arKI a Pdhjes tJ)JJment covenng ch areas a5: risk anagement, investm, empknwThJ siafF. voEunteer management, of intwt, safeguardlng vulnerable beneficiaries. aTrJ Co[¥ h1r. all cl whith are revioNal annualty as part of the Trust, govemance L Applicatlorts ftyr gRnts are [LsSl by the aeJ to the arKI dedded urKJn by the Trustees at their rneetings (t)Orn quarterfy). Fwr meettng5 were durtng this year, aThd the Trustees a pleased to kvel of gr actlvlty reTh4ln at a o))J levd (ab) see paagraph 7 tdow). OBJECTIVES AND ACTivrtIES The aims of the Tr¥Jst are, primanly but exdLsveJy. to suprKrt:_ l Arb5bc and cuknral aLVIe5, whbch the kWF4e of COkr the Beneficial Area. 2 Indlviduals with PK]tential tskE¢ C6S artfonrfj, aEE by physoal financial disadvantsge or pwgjnai i]rum&an5. 3 The pyeservabon of the Industrial ritage of C(khe5ter the efiQèl b)gether th thè marÈbme IradItrG of the Essex aNI &rfFok Cck 4 The prtsawdtion ofthe hyal hikn of CckheAw the Beneficial Area. 5 preSeotKJn aThJ enhanCemt of the hrtage aThJ environnwt cl Cokhestr aThJ the Beneficial ea. These ktal interest5 a gJpF(tsl by gnts bars frrxn the Income Furnl. ACHIEVEMENTS AND PERFORMAP4Ct The totsl contribution to the TnJsVs a1ft in year to 28th Febnjary 2021 amounted to É23,570 as summaiisej in 7.2 (2020: £24,150). Thts CoMprf1 8 grants a5 deLaibJ in Note 7_1 (2020= 14 ar3ntsJ. Many arvlications a Wbved fr tsKIe the terfi0 area of the or for r(X)Se5 which do not fft into the above aims; these are retyNied tD the Trust aThJ numbergj 3 (2020: 461: in add[t the TrLty ded1 3 apF4icat¥ms m in the year (2020: 7).
HERVEY BENHAM CHARrrABLE TRusr TRusfEE5' REPORT- a)ntlnued FOR THE YEAR ENDED 28 FEBRUARY 2021 FINANCIAL REVIEW The attathed financkil stnwts (P&3e5 5 to 12) rdlett tr Tntsys adNitEs the year and show the current 5t of the finarKes, Tr aJnsKI to be gjjnd. Gh resour exist to o)ver dl grant CmInents. 10. The Trust rnantrlrs Its (akff(a rew¥e5 tr) make gr of its Inve5tsnent irrnm 11.1 The Invesbnert as s& at Ncte 3.1. ha5 en cCe4sfUo¥ IMPn1 by the Truste during thi5 year, wtth an irKcffie yield on the Comrmn Investrnert Fu1 pycdt5 of 2.77% (2020". 3.97%) The uverall irrnme on investments, indudiw the dtS part of the txNtfdio, has been adveserfy affetted by lower dNKlend paents due (o the COVID pandem14 and the low kvei of intwe5t returrs and came out * 2.5% [2020: 3.6%). 11.2 The Trustees made no de5 Investnrt rkirt the this Yr, aThJ c¢¥tinugJ with similar cth (F¥)ts. 11.3 thr the year the overnll vduatw)n of the C(nK)n FuThJ1Th1ucts increased by 5.2% (2020: decTeas8J by 3.0%), JJainst a fafi in FtSE I of 1.5% (2020.. fall of 7.0%). 11.4 The TnJes continue to be Satisf that thr expwre to rtsk is by the dwrity spgific tMOn invesbnent oduCts US arKI their current to atvoximatdy 20% of the totsl Tnjsvs invnents in cath. That balan Stss at 17.0% at the eTrJ of thi5 year {2020: 17.8%}, exduding ihe instant cash W a5 current [r4DEPENDEr EXAMIIIATION 12. The tru5tee5 agreal tr QUnUe with an Irt EXami1)n tyjt V4vJld keep trtis under rew. srATEMENTS OF TRusfEES' RESPONSIBILMES 13.1 Charity kiw requires the Trustees to preFfj finanoal statEmts flnanaal year whkh Ove a true and fair view of the stste of affairs of the Charity for that year. In Fyepartng those financval StrteMen the Truste are required to:_ * sdett 5uifAble accountiThJ wfKies and at(ty th cor6[. * make judgements and estlmate5 that are renaIle and prLKJent,. ' prepare the finaThaal S&em rm the c(4Kem basis unkn it ts inapproprfate to assume that the (harity conljnue in Ixm55. 13.2 The Trustees are resp)nsble for Wing tyoper axojntiro tejmls vthich digjose with reanal@ accurw at any tfime the finanoal r1$b"crI of the tjarity ar at)le to ensure th the financial ststements comrAy wrth the Charities PLt 2011. Tty are re¥•Jnsibk for feguardIng the assets of tsking reab steps for the prts0 and detecbon of fiaud or othtr irregula17b 13.3 The Trustees have hay regard to the Charty CcrfnMlon's gewal guidance on publK trenefrt byhen reklewing their gtant makJ'ThJ in wIs]n of lfr alms of the Tnrt on beha of Trusiees M R Carr {Chaiman) 18 4E L
HERVEY BENHAM CHARrrABLE TRusr INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE5 I report ¢in the acc¢yJnts ofthe for the year 28 Fel 2021 are set out on Foges 5 to 12. Rasponsibiliti¢s and basis of repxt As the (harivs trus yw are re5pNNtrAe the Kcwnts In &2Idance vlth the requirements ofthe a)aMties kt 2011 Cthe Nd). I report in rw of my examinabcm ofts tharty5 KcGwnts catilgj out 145 of the Att nd In canwng wt my exaM1r0 I f{ al ¥thable Charity Comms4M under 5e(tion 145(5Xb) of the I have comrdew rny examinatp)n. l (£thrn) that r¥) rttial matt5 ha¥e c to my in accounting rLrords were t kert En rO£tt rf the (harity as wired ty sectm 130 the ¢ 3. tr aCCQL6nts do nrt ojrnpty with the rwUirnwts the fcm and content acc(yJnts t out in the Owiti"e5 (ACCJnts J¥J RepJts) RegJ$ 20(6 th than any requireEnt that the COUnts ge a and fair wh*h 15 a rnalter Mrn9der as partof an indewjjent . attention ShId te dravm in ths order bj enab a F(OFW OF the acoxjnts to be reathed. D M Ajdworth FCCA 4&5 The C&Jars AFex 12 Okj IpWth Roatl Colthester C07 7QR
HERVEY BENHAM CHARrrABLE TRusr srATEMENT OF FINANCIAL ACllVTfiES YEAR ENDED 28 FEBRUARY 2021 Totsl Funds 2021 Trt•l Copknl Pun¢ls 2020 Income fn)m: Investments CTharitsble acbwb'es K)k income receiv& Grants wtthdrawn in year Total income 33.1% 33.196 44,169 73 33.196 33.Ig6 44.174 Expendlture on: Charitsble activib.es Grants authorised in year Marogement of property a55et Support costs Total expenditure 23,570 4.475 6,553 34,598 24,150 4,475 6,553 34.598 6,n7 30.887 Net gainsl(h)ssesl on Investmts 63,872 63,872 131,3001 Net incomel{expenditure) (1,402) 63,872 62.470 118,013) Recondllatlw of fiinds: Total funds brought fTrv4ard 16,048 1,469,401 1,485,449 1,503,462 Total fiinds caffied forNard £ 1,533,273 £ 1,547,919 £ 1,485,449 Continulng operatlons - all IrKoming resour$ and rurCeS e¥rdJ (knive from ntinUI[¥J attNitses. Totsl rnISed gains and losses- the SOFA inCdeS all arKt bsses rÈrognis6Y in these tsvo years. No restricted funds We opwated durlng this year. The nirte5 page5 8 to 12 form part of these financial 5tatffnents
HERVEY BENHAM CHARrrABLE TRusr BALANCE SHEET AS AT 28 FEBRUARY 2021 Unpe¢lAthd Fund4 Capital TOTAL TOTAL 2021 2020 Tangible assets . freehold Investments programme-re1at investmerrts 200,000 1?15,317 200,000 1,315,317 254 1.515,571 2(KJ,OC 1,250,788 254 1.515.317 1,451,042 CURREfff AS5Ef5 Sundry debtors Cash at Bank 9.469 9.469 52,765 62,234 lQ,173 51,243 61,416 17.956 17,956 44,278 aJRREKf LIABILThIES Sundry cdItorS NE[ CURRENT ASSEfsi(UABILrrIES) 20.886 20,886 20.gJ9 23,392 17,956 41,348 41).9Q7 1533,273 1,556,919 1,491,949 DEFERRED UABILTTIES due after more than a)e year TOTAL NEf ASSErs 75 6,500 £ 1,485,449 £ 14,646 £ 1,533,273 £ 1,547,919 THE FUNDS OF THE CHARrrY UnrestriL-ted income funds £ 1,533,2TJ £ 1,547,919 £ 1,485,4q9 Approved by I Trust5 ..... signed on thebr behalf by M R Carr The notes ¢M pw 8 to 12 fomi pot of finarxial siatem
HERVEY BENHAM CHARrrABLE TRusr srATEMEKf OF CASH FLOWS YEAR ENDED 28 FEBRUARY 2021 TOTAL Fund5 2021 Funds 2020 Cash flows from operating artlvltie&' Net cash (used inl operats.ng actmbes (31,017) (26,229} Cash Ilows from invasting activitse%- Investment income Changes in investmerrt5 33,196 (657) 32.539 44,169 1887) 43.282 Change in rash and cash equivalents in the rorting pwlod 1.522 17,053 Reconciliation of cash and (3sh equlvalent&' Totsl brought forward 76.243 59.190 Totsl COled forward 77,765 76,243 NOTES Net provlded by (used in) operating actlvtu Net incomel(exndJbjre) for the reFQrttng period (Page 5) Adjustm for: Investment income (IrKrease) /Drease in invnents (unrpAIis {Increa5e)Idecrease in debtors IrKreasel(d8Jeèse) in cralitLW5 62,470 {18.0131 (33,196) (63.872) 704 2,877 £(31,017 144,1691 31 JOO 12,3581 7,011 El26,2291 Anatysis of cash and cash equivalents Bank balarts5: RBS AF Bank Notte de[ (less than 3 months): CAF 60 Day ACtt W) 13,310 39.455 22,554 28,689 25,000 77,765 25,000 76243
HERVEY BENHAM CHARtrABLE TRI NOTES TO ThE FINANCIAL sfATEMErirs YEAR ENDED 28 FEBRUARY 2021 ACcOUPNG POLICIES The financial stateMts have tttn prepa cffl the htst cost C1nti, and In acCOrthn wlth FRS 102 'The Repjrting Stsrthrd applicab in the UK and the Republ of Iland., and the ststeJnent of Recommend8J Fts". P£counlir#J aThJ Rqjxtirwj by Charit(es"Charibe5 S(W 2019 (FRS 102)., and the Charities Att 2011. The Hervey Benham Cfraiitabk meets ts definitio c+a befft entity urK1er FRS 102. partKukr acmunting lOeS are as (a) Funds strurture donors iMFe a strIK on their th)rkion exreKJ&J. expMditure teng wtthin the obi&ts cl the charity- their d(MWicns are cr6Jital to a separate Restricted Fund. Al other inc(¥ne s croJibJ to Unrestri(tsJ FuThls to be exwmlal at the Trustees, dis(yetion. (b) Incomlng resout¢es AM IomIng resour are recogn15at On the chylty l)as titknnt to the rexmJ and the rwnetsry value of Incomlng rescJur can te rrÉaAwed witrÈ wffioent rellality. (c) Resourceg expended Uabiltties are rwnisa1 as rerCeS eX[j as soon os thwe is a18Jal or constrjthve obligation c(mting the charity to the exdir& AJI expdrture is accoun1 for on an accruals basis and ha% been das5tfied under trdIng5 that aggregate all cc6ts lated to that tatery. Grants payaUe a paym nwle to third partEs in furttrwan of the charftabk objtttives of the charlty. Sowe or grnnts ¥e COUnt8j for when the reipient has a reasonab exFctation that that they wlll recer¥e a granL Govemance comprise those costs asxKiated meetirvJ the consts"ttrtKJnal and statutory raiuiTements of the charity. and indude a proiJNtion of the a5 rnUwakn. (dl Tangibk fixed a55ets and depreckition In accordance with FRS 102. fixed asset inVestnrt SIk1 be stated at market value. wlth no pwsion made for deweciation. HLty in the view of the Trustees the co of obtalniThJ a rnaet vaue Y4iNJld be tr[S compared to be rtitalwj. A heritage asset received fmm the fouTrJeffs suCCe)r fimi, comk¥ising a {&irly Rthard Stone) rtJaic of the founder Hervw Prtm, is capxtslised as, in the vlew of bk Tnses, the c05t of valuatson would te onwcws ccmpar8J to This i))thrt is on loan io Theatre Arts Action Tpvst for display at The Headgate Theatre in Ctskhe. TrL& [ed tn blish and cor$Uenlly their rehearsa rCn bears hi5 (e) Investments lnvestsnts are siatal at nkirkd Wdlue. t17d (m trE at the date of the balan sh& All move in Val are in the &atenrt of Financial PLtsvitBs. (fj Taxatlor The Trust is a (tsrity wthln the meaning of SeOict %6(1) ofthe Taxes Att 1988. Ac(Drdingly the Trust Is tentiallY exempt from 12xation in resm I[Orne or caritsl gains to the extent that SLKh Ine CK gains are to exdugv ttoritsNe wrtvse% No tsxation has rrnhyed for in these firotKlal statanent ltr&overatAe VAT 15 agafi the categ(xy of reXrte5 eXded for whid) it was IvIral. (g) Golng Concern The flnancial ststements have teen preparal on a g)ing cor(em tosis as the tTSt5 trElieve no matenal urKertaintse5 exrt The tj have Con&der1 the of fvntts hdd aThJ the levd of inco* and expwditure 12 mcrfiths from aLrthorisTrJ these firwKial Statent& The bgetl IroMe and eXplture is suffthrt Thlth of resgves for the to te otle to continue as going concem.
HERVEY BENHAM CHARTfABLE TRUST NOTES TO THE FINANCIAL sfATEMEiifs- usntinued YEAR ENDED 28 FEBRUARY 2021 FREEHOLD PROPERTY During the year to 26 FebrLOry 2fj a pkn cl laThl ty b from the Est of B(me. of crfKJin4 in Fthory 1978. laTrl is rÉu)rLÈ in these accourtts at a knbate valL £2])0. e was a on the bJaLry that the Trusteeg sthld rrt dlspose rfthe within five yts75 (rf hi5 in M6y 2tYN; ths rh)w fkne elaps0J. In hLs Will, e4Th akn TrLLa of É5.(W fortr ftk3irrtwe rfthLs laNI: the bala[e d ths rethC was exithl in ywtD 28 Fthuay 21X)9. [weMt ofthi5 assrt fj now a c31 on theTNS FurMI £4.475 in tr 1[2020. £Dn. III¥ESTMElf 3.1 The Investsnent PdKy )yeed ty the is to Px)kl 4p0[Y 2tl% of Ihar inNests)iert ftjnts In inoDrne yiel(J of 15% w annum. ¢thbJtul as grdoty and thThfter seek tt> at ka5t mairts the real ofthe T15. of these I9JreS kn teen thr5 r. 3.2 At 28 Fdjnjary 2021 as fokns:. Value Vthe ackRock Chortse5 UK EtTrrty ftuxl A 127.645 IFSL CAF UK Equo FU B Inc( L70.Z89 SLrrL Cazen(Ne Charty Equity L75.C#XI CCLA COIF Ethical In$1 F1 274, 255,722 237533 324,329 127,645 170,289 175,lJ(X) 220.0 262,593 242,593 220,975 301.636 un Trust Bank 12 nJ)nth drfngt C105e Brothers BNA 12M FtD CAF 60 Day Awunt Close Prthers 12 Mcffith AccfMJ CAF 12 Mcnth 85.orK) 85,000 25,OiKI 87,991 25,0Th) 87,991 83.649 25.IXM 916,583 J 315,317 915,925 I,ZSO,788 Hold Balarte at 29 Febry 2020 Net gainsllbjssesl maluatr[&S BolarKe & 28 Febry 2021 1.250,788 64.529 £ 1?15,317 L.027,797 63,871 £ L,091,66B 222,YJl 658 £ 223,649 30.224 1962 33,186 io 40,849 44,154 15 44,169 4 PROGRAMME.RELATED INVESTMEIIIS C[AkCb L Her¥ry Benhatll'5 (al 254 SUMDRY DEBTORS io.jn io.Ir3 CREDITORS. the prn th orE year Gra)ts avthorsl: Th)t yet pawl (P*e 7.4) (11(e 7.5) 20,886 20,5(
HERVEY BENHAM CHARThABLE TRusr 10 NOTES TO THE FINANaAL sfATEMEKfs- contlnued YEAR ENDED 28 FEBRUARY 2021 7 GRArirs 7.1 The gronts authorised in yw p[rtl ar¥J to the fdlowing w0its over the TrUS four activity are3S.'- (a) Artistic and other aLtivlties whith benefft the pe¢We of Colchester and District Dynamite Drama Group - rf14tcp Colchester Art lety . Frfm arxl AudKI ilx Fir5tsite . Hol¢Jay HL4TW 500 2,400 9,000 3,000 14.900 14.5tM) [2D20 (b) Indlvlduals partlcularty those with Potttl artistic talent Royal Colkge of Music 5,670 5.670 {c) Pr&servatlon of Colthester & Dlstrttts industrlal heiitage and marftlme trddttions Nottage Maiitime InstitiJte- (Ws, Frs aTh1 Mwkts 2,000 1,000 3.000 I20 (d) Local history and conservation affeLtiry huitage and environment of the area [2020 250 Toial grants for year £ 23,570 [2020 E 24,L50 141 7.2 These grants were made for the ofr. 2021 5.670 121 17,900 [6] £ 23,570 [81 2020 6.500 16] 17,650 [8] 24,150 [143 IndMdu* 7.3 This year no grdnts were ltt1[awn that tw"0 teen (nMatt&. Nrte Cont/n(d0 Page 11
HERVEY BENHAM CHARtTABLE TRusr li NOTES TO THE FINANCIAL sfATEMEfits- continual YEAR ENDED 28 FEBRUARY 2021 GRANTS . continued 7.4 Inwme fund tyants authorised lyjt rv)t paKJ at 28 Fdnory 2021 are: Ploneer Sailing Trust Firstsite- Fk)Iday H £ 9,000 7.5 Annual Irrne fund grants authofi59d but rKrt due paymerrt at 28 Febry 2021 are due within or ye3r (currert) or ar nM)re than or year {defwl). as folkJ45: Current 3,000 6,01)0 Firstsite - Holthy Hun Roman River mus. chlKkn as ptrf ver Fe4J¥rdl. r5 2 and 3 3,51JQ Royal College of Mu Ptoneer Sailing Trust £ 8,500 9.000 2021 2020 Administration Clerk's feeslremunwation Bcx)kkeeping swv Administration eKEnses EmF4oyus Liabl inran) WeLEite f subscription: AoxiatM)n rrf (hantsble Frthtn$ 1,452 2.880 1,152 72 200 5,756 1880 1.020 120 205 5,713 Governance costs Trustees meetiro and mffiitorir#J cc6ts IrKlependertt Examirtrs remuneration 141 981 £ 6,553 6.737 Anaty$ of staff costs, Tee rnmuneratk>n 8nd expens and the cost of key personnej The average number rrf part-bme during the as folbws: 2021 2020 Administratrve staff No empbyees had emth bewlts In excess Lrf £E,11 (2020: NII). No emoluments are payatle to any TnJdEes arKI lY Ifirecdy IrUrred tharitable expenses woukl be (2020: £NII). The key management rSor of the tharity coMlse the TnL£tees and the CFerk to the Trustees. The total emphiyee bts of kw man*)&t totsl £1,488 (2020: £1,452.
HERVEY BENHAM CHARrrABLE TRusr 12 NOTES TO THE FINANCZAL sfATEMENfs - continued YEAR ENDED 28 FEBRUARY 2021 20 2020 9 BOOK INCOME RECEIVED Public Lending .ghts: Sale of koks: Sale of bwks (ERO)- HWG Penham 'Life Wth The LLtal 'Essex Go. 'A Prc6rErt of Malthji" 'SM)JIers Centurf