HERVEY BENHAM CHARITABLE TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 29 February 2024
The Trustees present their ReFQrt for the year ended 29 February 2024, Incorporatir the referen
and administrative information set out on Page l.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Trust was established by Trust Deed on 20 February 1978 when the late HeNey Benham deaded
to create a trust for charitable purposes.
Under this Trust Deed the power to appoint Trustees, of which there must be at least three, is vested
in the Trustees for the time being. Up to 2014 all the Trustees have known the ft)under personallyy
which has been a planned advantage to the Trust as they have more easily been able to reswnd at
times in the way they knew HB would have done,. as time goes by this linkage between Trustees and
founder will be more difficult to maintain. The breadth of knowledge between the Trustees over the
Trust's areas of ath.vity also needs to maintsined. During the year under review the Trustees
continued to consider the issues around Trustee succession.
The pr(Ke5w by which the Trust is administered and how the aim5 and objertives of the fund are
met are set out in a Management Protocol diKument. This also helps maintsin the important links
for the Trustees with the interest and sympathy of the founder. The Management Protocol document
is now supported by separate Financial Controls and a Policies Document covering such areas as.. risk
management, investments, employing Staff, volunteer management, conflict5 of interest, feguardIng
vulnerable beneficiaries, and complaints handling. all of which are reviewed annually as part of the
Trustees, governance cycle.
ApltIOnS for grants are processed by the Clerk to the Trustees, and decided upon by the Trustees
at their meetings (normally quartedy). Four meetings were held during this year, and the Trustees
are pleased to see the level of grant activity remain at a good level (also see paragraph 7 below).
OBJECTIVES AND ACTIvrrIES
The aims of the Trust are, primarily but not excluyvely, to support:_
l Artistic and cultural activities, which benefit the people of Colche5ter and the Beneficial Area.
2 Individuals with potential artistic talent, across the artforms, who are held back by physical
or financial disadvantage or personal clrcumstsn5.
3 The preservation of the industrial heritage of Colchester and the Beneficial Area together
with the maritime traditions of the Essex and Suffolk coast.
4 The preservation of the Ic(al history of Colchester and the Beneficial Area.
5 Preservation and enhancement of the heritsge and environment of Colchester and the
Beneficial Area.
These local interests are suprted by grants and loans from the Income Fund.
ACHIEVEMENTS AND PERFORMANCE
The total contribution to the Trusts aims authorised in the year to 29th February 2024 amounted
to É26,395 as summarised in Note 7.2 {2023- £21,650). This comprised 19 gonts as detailed In Note
7.1 {2023.' 9 grants).
Many applications are reiVed from outside the beneficial area of the Trust, or for pUr[seS which do
not fit Into the above aims. these are reported to the Twstees and numbered 5 (2023.. 21,.
in addition the Trustees declined 22 applicab'ons made in the year {2023.' 8).
HERVEY BENHAM CHARITABLE TRUST
TRUSTEES. REPORT- continued
FOR THE YEAR ENDED 29 February 2024
FINANCIAL REVIEW
The attathed finanaal statements (Pages 5 to 12) reflect the Trust's activities for the year and
show the current state of the ffinan5, which the Trustees consider to be sound. Cash resour5
est to cover all grant commitments.
10. The Trust maintains its capital ServeS in order to make grants out of its investment income.
11.1 The investment policy as set out at Note 3.1, has been successfully implemented by the Trustees
during this year, with an income yield on the Common Investment Fund products of 3.IOWo (2023.. 3.37%)
The overall income yield on investments, including the cash deposits part of the portfolio, has improved
due to increased dividend payments, and the higher levels of interest retums and came out at 3.1%
12023: 3.1%).
11.2 The Trustees made changes to the investment part of the portfolio this year, as the IFSL CAF UK
Equity B income closed during the year. A new investment was made with the prOed5 in IFSL CAF
ESG Income and Growth Income Fund. Cash dewsits continued on a similar basis.
11.3 Over the year the overall valuation of the Common Investment Fund products was unchanged
12023- increased by 2.8Wol, after taking account of investment dispo1 and reinvestment.
11.4 The Trustees continue to be satr"sfied that their exposure to risk is reduced by the charity specific
common investment products used and their current strategy to hold approximately 20% of the total
Trust's investments in cash. That balan stands at 13.7% at the end of this year12023.' 13.7%),
excluding the instant access cash held as cufftnt assets.
INDEPENDENT EXAMINATION
12. The tsustees agreed to continue with an Independent Examination but would keep this under review.
STATEMENTS OF TRUSTEES. RESPONSIBILrrIES
13.1 Charity law requires the Trustees to prepare financial siatements for each financial year which give a
true and fair view of the state of affairs of the Charity for that year. In preparing tho* financial
statements, the Trustees are required to'.-
selett Suitable accounting policies and then apply them consistentlyi
make Judgements and estimates that are reasonable and prudent,.
prepare the financial ststements on the going conrn basis unless it is inappropriate to
assume that the Charity will continue in busine5S.
13.2 The Trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Charity and enable them to ensure that the financial
ststements comply with the Charities Art 2011. They are also responsible ft)r safeguarding the
assets of the Charity and hence for taking reasonable steps for the prevention and detettion of fraud
or other irregularities.
13.3 The Trustees have had regard to the Charity Commission's general guidan on public benefit when
rewewing their grant making activities in puuance of the aims of the Trust.
on tehalf of the Trustees
M R Carr (Chairman)
## HERVEY BENHAM CHARITABLE TRUST
REGISTERED CHARITY NO: 277578
ANNUAL REPORT FOR THE YEAR ENDED 29 February 2024
## Contents
|Contents||
|---|---|
||Pages|
|Reference and administrative information|1|
|Trustees' report|2-3|
|Independent Examiner's report|~~4~~|
|Statement of financial activities|5|
|Balance sheet|6|
|Statement of cash flows|7|
|Notes to the financial statements|8-12|
H E R V E Y B E N H A M CHARITABLE T R U S T
1
## HERVEY BENHAM CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION AS AT 29 February 2024
REGISTERED CHARITY NO: 277578 TRUSTEES: M R Carr LLB (Chairman) T M A Kerr A B Phillips BEM BA CertEd N Johnston D A W Allen B Mus., M Mus (deceased 24/02/2024) S C Lansley P Guyver TRUSTEES HOLDING TITLE TO THE PROPERTY OWNED BY THE CHARITY: M R Carr LLB A B Phillips BEM BA CertEd T M A Kerr CLERK TO THE TRUSTEES: J Bridger REGISTERED ADDRESS: C/O 13 High Street Manningtree Essex CO11 1AQ WEBSITE: www.herveybenhamtrust.org.uk BANKERS: The Royal Bank of Scotland plc CAF Bank Limited c/o NatWest Bank Kings Hill 25 High Street WEST MALLING COLCHESTER Kent ME19 4TA Essex CO1 1DG INDEPENDENT EXAMINER: D M Aldworth FCCA FMAAT 4 & 5 The Cedars, Apex 12 Apex 12 Old Ipswich Road COLCHESTER Essex CO7 7QR SOLICITORS: Sparlings 3 West Stockwell Street COLCHESTER Essex CO1 1HQ
2
HERVEY BENHAM CHARITABLE TRUST
## TRUSTEES' REPORT FOR THE YEAR ENDED 29 February 2024
The Trustees present their Report for the year ended 29 February 2024, incorporating the reference and administrative information set out on Page 1.
## STRUCTURE GOVERNANCE AND MANAGEMENT
1. The Trust was established by Trust Deed on 20 February 1978 when the late Hervey Benham decided to create a trust for charitable purposes.
2. Under this Trust Deed the power to appoint Trustees, of which there must be at least three, is vested in the Trustees for the time being. Up to 2014 all the Trustees have known the founder personally, which has been a planned advantage to the Trust as they have more easily been able to respond at times in the way they knew HB would have done; as time goes by this linkage between Trustees and founder will be more difficult to maintain. The breadth of knowledge between the Trustees over the Trust's areas of activity also needs to be maintained. During the year under review the Trustees continued to consider the issues around Trustee succession.
3. The processes by which the Trust is administered and how the aims and objectives of the fund are met are set out in a Management Protocol document. This also helps maintain the important links for the Trustees with the interest and sympathy of the founder. The Management Protocol document is now supported by separate Financial Controls and a Policies Document covering such areas as: risk management, investments, employing staff, volunteer management, conflicts of interest, safeguarding vulnerable beneficiaries, and complaints handling; all of which are reviewed annually as part of the Trustees' governance cycle.
4. Applications for grants are processed by the Clerk to the Trustees, and decided upon by the Trustees at their meetings (normally quarterly). Four meetings were held during this year, and the Trustees are pleased to see the level of grant activity remain at a good level (also see paragraph 7 below).
## OBJECTIVES AND ACTIVITIES
5. The aims of the Trust are, primarily but not exclusively, to support:1 Artistic and cultural activities, which benefit the people of Colchester and the Beneficial Area.
- 2 Individuals with potential artistic talent, across the artforms, who are held back by physical or financial disadvantage or personal circumstances.
- 3 The preservation of the industrial heritage of Colchester and the Beneficial Area together with the maritime traditions of the Essex and Suffolk coast.
- 4 The preservation of the local history of Colchester and the Beneficial Area.
- 5 Preservation and enhancement of the heritage and environment of Colchester and the Beneficial Area.
6. These local interests are supported by grants and loans from the Income Fund.
## ACHIEVEMENTS AND PERFORMANCE
7. The total contribution to the Trust’s aims authorised in the year to 29th February 2024 amounted to £26,395 as summarised in Note 7.2 (2023: £21,650). This comprised 19 grants as detailed in Note 7.1 (2023: 9 grants).
8. Many applications are received from outside the beneficial area of the Trust, or for purposes which do not fit into the above aims; these are reported to the Trustees and numbered 5 (2023: 2); in addition the Trustees declined 22 applications made in the year (2023: 8).
3
HERVEY BENHAM CHARITABLE TRUST
## TRUSTEES' REPORT - continued FOR THE YEAR ENDED 29 February 2024
## FINANCIAL REVIEW
9. The attached financial statements (Pages 5 to 12) reflect the Trust's activities for the year and show the current state of the finances, which the Trustees consider to be sound. Cash resources exist to cover all grant commitments.
10. The Trust maintains its capital reserves in order to make grants out of its investment income.
- 11.1 The investment policy as set out at Note 3.1, has been successfully implemented by the Trustees during this year, with an income yield on the Common Investment Fund products of 3.10% (2023: 3.37%) The overall income yield on investments, including the cash deposits part of the portfolio, has improved due to increased dividend payments, and the higher levels of interest returns and came out at 3.1% (2023: 3.1%).
- 11.2 The Trustees made changes to the investment part of the portfolio this year, as the IFSL CAF UK Equity B income closed during the year. A new investment was made with the proceeds in IFSL CAF ESG Income and Growth Income Fund. Cash deposits continued on a similar basis.
- 11.3 Over the year the overall valuation of the Common Investment Fund products was unchanged (2023: increased by 2.8%), after taking account of investment disposal and reinvestment.
- 11.4 The Trustees continue to be satisfied that their exposure to risk is reduced by the charity specific common investment products used and their current strategy to hold approximately 20% of the total Trust's investments in cash. That balance stands at 13.7% at the end of this year (2023: 13.7%), excluding the instant access cash held as current assets.
## INDEPENDENT EXAMINATION
12. The trustees agreed to continue with an Independent Examination but would keep this under review.
## STATEMENTS OF TRUSTEES' RESPONSIBILITIES
- 13.1 Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity for that year. In preparing those financial statements, the Trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in business.
- 13.2 The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.
- 13.3 The Trustees have had regard to the Charity Commission's general guidance on public benefit when reviewing their grant making activities in pursuance of the aims of the Trust.
............................................................ on behalf of the Trustees M R Carr (Chairman)
4
## HERVEY BENHAM CHARITABLE TRUST
## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
I report on the accounts of the charity for the year ended 29 February 2024 which are set out on pages 5 to 12.
## Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination .
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D M Aldworth FCCA FMAAT
4&5 The Cedars Apex 12 Old Ipswich Road Colchester CO7 7QR
Dated……………….
5
## HERVEY BENHAM CHARITABLE TRUST
## STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 29 February 2024
|Note
Income from:
Investments
3.3
Charitable activities
Book income received
9
Grants withdrawn
7.3
Total income
Expenditure on:
Charitable activities
Grants authorised in year
7.1
Management of property asset
2
Support costs
8
Total expenditure
Net gains/(losses) on investments
3.2
Net income/(expenditure)
Transfer between funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward|Income
Capital
£
£
46,663
-
-
-
12,000
-
58,663
-
26,395
-
-
-
9,632
-
36,027
-
-
603
22,636
603
-
-
22,636
603
14,356
1,663,028
36,992
£
1,663,631
£
Unrestricted funds|Total
Funds
2024
£
46,663
-
12,000
58,663
26,395
-
9,632
36,027
603
23,239
-
23,239
1,677,384
1,700,623
£|Total
Funds
2023
£
45,191
150
-|
|---|---|---|---|
||Income
£
46,663
-
12,000
58,663
26,395
-
9,632
36,027
-
22,636
-
22,636
14,356
36,992
£|||
||||45,341|
||||21,650
912
8,840|
||||31,402|
||||34,329|
||||48,268
-|
||||48,268
1,629,116|
||||1,677,384
£|
Continuing operations - all incoming resources and resources expended derive from continuing activities. Total recognised gains and losses - the SOFA includes all gains and losses recognised in these two years. No restricted funds were operated during this year.
The notes on pages 8 to 12 form part of these financial statements
6
## HERVEY BENHAM CHARITABLE TRUST
## BALANCE SHEET AS AT 29 February 2024
|Note
FIXED ASSETS
Tangible assets - freehold property
2
Investments
3
Programme-related investments
4
CURRENT ASSETS
Sundry debtors
5
Cash at Bank
CURRENT LIABILITIES
Sundry creditors
6
NET CURRENT ASSETS/(LIABILITIES)
DEFERRED LIABILITIES
due after more than one year
7.5
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted income funds|Income
Capital
£
£
0
200,000
0
1,436,561
254
0
254
1,636,561
10,136
0
44,427
27,070
54,563
27,070
17,825
0
36,738
27,070
36,992
1,663,631
0
0
36,992
£
1,663,631
£
36,992
£
1,663,631
£
Unrestricted Funds|TOTAL
Funds
2024
£
200,000
1,436,561
254
1,636,815
10,136
71,497
81,633
17,825
63,808
1,700,623
0
1,700,623
£
1,700,623
£|TOTAL
Funds
2023
£
200,000
1,435,978
254|
|---|---|---|---|
||Income
£
0
0
254
254
10,136
44,427
54,563
17,825
36,738
36,992
0
36,992
£
36,992
£|||
||||1,636,232|
||||15,535
55,170|
||||70,705
20,553|
||||50,152|
||||1,686,384
9,000|
||||1,677,384
£|
||||1,677,384
£|
Approved by the Trustees on ………….. and signed on their behalf by M R Carr
The notes on pages 8 to 12 form part of these financial statements
7
## HERVEY BENHAM CHARITABLE TRUST
## STATEMENT OF CASH FLOWS YEAR ENDED 29 February 2024
|Note
Cash flows from operating activities:
Net cash (used in) operating activities
A
Cash flows from investing activities:
Investment income
Proceeds on closure of investment
Cash reinvested in new investment
Decrease/(increase) in cash investments
Change in cash and cash equivalents in the reporting period
Reconciliation of cash and cash equivalents:
Total brought forward
Total carried forward
B
NOTES
A
Net cash provided by (used in) operating activities
Net income/(expenditure) for the reporting period (Page 5)
Adjustments for:
Investment income
(Increase) /decrease in investments (unrealised)
(Increase) /decrease in investments (realised)
(Increase)/decrease in debtors
Increase/(decrease) in creditors
B
Analysis of cash and cash equivalents
Bank balances:
RBS
CAF Bank
Notice deposits (less than 3 months):
CAF 60 Day Account(with Shawbrook Bank)|TOTAL
Funds
2024
£
(30,356)
46,663
269,575
(270,000)
445
£46,683
16,327
80,168
£96,495
23,239
(46,663)
(18,338)
17,735
5,399
(11,728)
£(30,356)
38,863
32,632
25,000
£96,495|TOTAL
Funds
2023
£
(72,385)|
|---|---|---|
|||45,191
-
-
22,966|
|||£68,157|
|||(4,228)
84,396|
|||£80,168|
|||48,268
(45,191)
(34,329)
-
(6,184)
(34,949)|
|||£(72,385)|
|||3,121
52,047
25,000|
|||£80,168|
8
HERVEY BENHAM CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 29 February 2024
## 1 ACCOUNTING POLICIES
The financial statements have been prepared on the historic cost convention, and in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland", and the Statement of Recommended Practice: Accounting and Reporting by Charities "Charities SORP 2019 (FRS 102)", and the Charities Act 2011.
The Hervey Benham Charitable Trust meets the definition of a public benefit entity under FRS 102.
The particular accounting policies adopted are as follows:
## (a) Funds structure
Where donors impose a restriction on how their donation may be expended - such expenditure being within the objects of the charity - their donations are credited to a separate Restricted Fund. All other income is credited to Unrestricted Funds to be expended at the Trustees' discretion.
## (b) Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources and the monetary value of incoming resources can be measured with sufficient reliability.
## (c) Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for when the recipient has a reasonable expectation that that they will receive a grant.
Governance costs comprise those costs associated with meeting the constitutional and statutory requirements of the charity, and include a proportion of the Clerk's remuneration.
## (d) Tangible fixed assets and depreciation
In accordance with FRS 102, fixed asset investment properties should be stated at market value, with no provision made for depreciation. However in the view of the Trustees the cost of obtaining a market value would be onerous compared to the benefit obtained.
A heritage asset received from the founder's successor firm, comprising a (early Richard Stone) portrait of the founder Hervey Benham, is not capitalised as, in the view of the Trustees, the cost of valuation would be onerous compared to the benefit. This portrait is on loan to Theatre Arts Action Trust for display at The Headgate Theatre in Colchester, which this Trust helped to establish and consequently their rehearsal room bears his name.
## (e) Investments
Investments are stated at market value, based on the mid price at the date of the balance sheet. All movements in value are shown in the Statement of Financial Activities.
## (f) Taxation
The Trust is a charity within the meaning of Section 506(1) of the Taxes Act 1988. Accordingly the Trust is potentially exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied to exclusively charitable purposes. No taxation has been provided for in these financial statements.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## (g) Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe no material uncertainties exist. The trustees have considered the level of funds held and the level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
9
HERVEY BENHAM CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS - continued YEAR ENDED 29 February 2024
## 2 FREEHOLD PROPERTY
During the year to 28 February 2006 the Trust received a piece of environmental heritage land by legacy from the Estate of Geoffrey Bone, one of the original three Trustees in February 1978. The land is recorded in these accounts at a probate value of £200,000. There was a covenant on the legacy that the Trustees should not dispose of the land within five years of his death in May 2004; this has now time elapsed. In his Will, Geoffrey Bone also left the Trust a cash legacy of £5,000 for the maintenance of this land; the balance of this restricted fund was expended in the year to 28 February 2009. The management of this asset is now a call on the Trust's Income Fund and amounted to £nil in the year (2023: £912).
## 3 INVESTMENTS
- 3.1 The Investment Policy agreed by the Trustees is to hold approximately 20% of their investment funds in cash assets, with 80% invested in charity Common Investment Fund products. The Trustees look for an income yield of 2.5% per annum, which is distributed as grants, and thereafter seek to at least maintain the real value of the funds. All of these measures have been achieved this year.
3.2 At 29 February 2024 the investments were held as follows:-
|3.2 At 29 February 2024 the investments were held as follows:-|||
|---|---|---|
|Historical
Market
Cost
Value
£
£
BlackRock Charities UK Equity Fund A Income
127,645
299,194
IFSL CAF UK Equity Fund B Income
0
2,352
IFSL CAF ESG Income and Growth Income
270,000
284,759
SUTL Cazenove Charity Equity Fund A Income
175,000
282,746
CCLA COIF Ethical Investment Fund
220,000
371,398
United Trust Bank 12 month deposit
40,000
40,000
United Trust Bank 6 month deposit
40,000
40,000
CAF 60 Day Account
25,000
25,000
Close Brothers 12 Month Account
91,112
91,112
£
988,757
£
1,436,561
£
The carrying amounts of the investments are reconciled as follows:
Total
£
Balance at 28 February 2023
1,435,978
Proceeds on closure of investment
(269,575)
Cash reinvested in new investment
270,000
Net gains/(losses) on revaluation/transfers
158
Balance at 29 February 2024
1,436,561
£
3.3 Investment income for the year is received gross and comprises:
Common investment funds
Investment interest
Bank interest
4
PROGRAMME-RELATED INVESTMENTS
Collection of Hervey Benham's books(all 15 titles)
5
SUNDRY DEBTORS
Investment income
Other debtors
6
CREDITORS -due for payment within one year
Accrued expenses
Grants authorised:
but not yet paid
(Note 7.4)
but not yet due
(Note 7.5)
2024|2023||
||Historical
Market
Cost
Value
£
£
127,645
312,388
170,289
289,661
0
0
175,000
298,667
220,000
338,705
85,000
85,000
0
0
25,000
25,000
86,557
86,557
889,491
£
1,435,978
Investment
Deposits
Funds
Held
£
£
1,239,421
196,557
(269,575)
270,000
-
603
(445)
1,240,449
£
196,112
£
2024
2023
£
£
38,428
41,778
6,120
3,334
44,548
45,112
2,115
79
46,663
£
45,191
£
254
254
254
£
254
£
8,224
14,474
1,912
1,061
10,136
£
15,535
£
3,525
3,553
11,800
3,500
2,500
13,500
17,825
£
20,553
£|Market
Value
£
312,388
289,661
0
298,667
338,705
85,000
0
25,000
86,557|
|||Deposits
Held
£
196,557
-
(445)|
|||196,112
£|
|||2023
£
41,778
3,334|
|||45,112
79|
|||45,191
£|
|||254|
|||254
£|
|||14,474
1,061|
|||15,535
£|
|||3,553
3,500
13,500|
|||20,553
£|
- 3.3 Investment income for the year is received gross and comprises:
10
HERVEY BENHAM CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS - continued YEAR ENDED 29 February 2024
## 7 GRANTS
- 7.1 The grants authorised in the year supported and contributed to the following projects over the Trust's four activity areas:-
||Trust's four activity areas:-||||||
|---|---|---|---|---|---|---|
||||||£|Beneficiaries|
||(a) Artistic and other activities which benefit||||||
||the people of Colchester and District||||||
||Colchester Operatic Society||||1,000|1|
||Roman River Opera Layer Marney 2023 (Wild Arts)||||2,500|1|
||St Botolph's Music||||600|1|
||||||4,100|3|
|||||[2023|10,550|5 ]|
||(b) Individuals particularly those with potential||||||
||artistic talent||||||
||Colchester Institute Travel Bursary 2024||||2,500|1|
||Financial assistance to individuals||||14,295|10|
||||||16,795|11|
|||||[2023|8,100|3 ]|
||(c) Preservation of Colchester & District's heritage||||||
||industrial heritage and maritime traditions||||||
||Pioneer Sailing Trust - 1st Lawford Scouts||||900|1|
||||||900|1|
|||||[2023|3,000|1 ]|
||(d) Local history and conservation affecting heritage||||||
||and environment of the area||||||
||A Phillips - Rise and Fall of British Engineering book||||1,100|1|
||Fordham Local History Society - Fordham Archeological Dig||||1,000|1|
||||||2,100|2|
|||||[2023|0|0 ]|
||(d) Preservation and enhancement of heritage||||||
||and environment of the area||||||
||Colchester Archeological Trust - Colchester Barracks Commemorative Monument||||500|1|
||Essex Widlife Trust - Fingringhoe Wick Nature Reserve Project||||2,000|1|
||||||2,500|2|
|||||[2023|0|0|
||Total grants for year|||£|26,395|19|
|||||[2023|21,650|9 ]|
|7.2|These grants were made for the benefit of:|2024|||2023||
||individuals|17,895|[12]||8,100|[3]|
||organisations|8,500|[7]||13,550|[6]|
|||£ 26,395|[19]|£|21,650|[9]|
- 7.3 This year two grants were withdrawn that had previously been committed.
|year two grants were withdrawn that had previously been committed.||
|---|---|
|Pioneer Sailing Trust
Mercury Theatre -technical apprenticeships at the Mercury|£
6,000
6,000|
||12,000|
Note 7 is continued on Page 11
HERVEY BENHAM CHARITABLE TRUST
11
## NOTES TO THE FINANCIAL STATEMENTS - continued YEAR ENDED 29 February 2024
## 7 GRANTS - continued
- 7.4 Income fund grants authorised but not paid at 29 February 2024 are:
||£|
|---|---|
|Victor Batte Lay Foundation -We are the Minories|8,000|
|St Botolph's Music Society|600|
|Financial assistance to individuals|3,200|
||£ 11,800|
- 7.5 Annual Income fund grants authorised but not due for payment at 29 February 2024 are due within one year (current) or after more than one year (deferred), as follows:
||year (current) or after more than one year (deferred), as follows:|||||
|---|---|---|---|---|---|
||||Current||Deferred|
||||£||£|
||Colchester Institute -travel bursary||2,500||0|
|||£|2,500|£|0|
|8|CHARITABLE ACTIVITIES - SUPPORT COSTS||2024||2023|
||||£||£|
||Administration|||||
||Clerk's fees/remuneration||3,816||3,137|
||Bookkeeping services||2,970||2,880|
||Administration expenses (incl. Employers Liability insurance)||1,141||1,238|
||Website fees||180||187|
||Subscription: Association of Charitable Foundations||219||211|
||||8,326||7,653|
||Governance costs|||||
||Trustees meeting and monitoring costs||436||227|
||Independent Examiners remuneration||870||960|
||||1,306||1,187|
|||£|9,632|£|8,840|
Analysis of staff costs, Trustee remuneration and expenses, and the cost of key personnel The average number of part-time employees during the year was as follows:
||2024|2023|
|---|---|---|
|Administrative staff|1|1|
No employees had employee benefits in excess of £60,000 (2023: Nil).
No emoluments are payable to any Trustees and only directly incurred charitable expenses would be reimbursed (2023: £Nil).
The key management personnel of the charity comprise the Trustees and the Clerk to the Trustees. The total employee benefits of the key management personnel total £3,816 (2023: £3,137).
12
## HERVEY BENHAM CHARITABLE TRUST
## NOTES TO THE FINANCIAL STATEMENTS - continued YEAR ENDED 29 February 2024
|||||2024||2023|
|---|---|---|---|---|---|---|
|9|BOOK INCOME RECEIVED||||||
||Public Lending Rights:|HWG Benham||0||0|
||Sale of books:|"Life With The Locals"||0||0|
||Sale of books (ERO):|"Essex Gold"||0||0|
|||"A Prospect of Maldon"||0||0|
|||"Smugglers Century"||0||0|
||J Tipper: Timber Framed|Buildings of Cochester||0||150|
||||£|0|£|150|
HERVEY BENHAM CHARITABLE TRUST
TRUSTEES. REPORT- continued
FOR THE YEAR ENDED 29 February 2024
FINANCIAL REVIEW
The attathed finanaal statements (Pages 5 to 12) reflect the Trust's activities for the year and
show the current state of the ffinan5, which the Trustees consider to be sound. Cash resour5
est to cover all grant commitments.
10. The Trust maintains its capital ServeS in order to make grants out of its investment income.
11.1 The investment policy as set out at Note 3.1, has been successfully implemented by the Trustees
during this year, with an income yield on the Common Investment Fund products of 3.IOWo (2023.. 3.37%)
The overall income yield on investments, including the cash deposits part of the portfolio, has improved
due to increased dividend payments, and the higher levels of interest retums and came out at 3.1%
12023: 3.1%).
11.2 The Trustees made changes to the investment part of the portfolio this year, as the IFSL CAF UK
Equity B income closed during the year. A new investment was made with the prOed5 in IFSL CAF
ESG Income and Growth Income Fund. Cash dewsits continued on a similar basis.
11.3 Over the year the overall valuation of the Common Investment Fund products was unchanged
12023- increased by 2.8Wol, after taking account of investment dispo1 and reinvestment.
11.4 The Trustees continue to be satr"sfied that their exposure to risk is reduced by the charity specific
common investment products used and their current strategy to hold approximately 20% of the total
Trust's investments in cash. That balan stands at 13.7% at the end of this year12023.' 13.7%),
excluding the instant access cash held as cufftnt assets.
INDEPENDENT EXAMINATION
12. The tsustees agreed to continue with an Independent Examination but would keep this under review.
STATEMENTS OF TRUSTEES. RESPONSIBILrrIES
13.1 Charity law requires the Trustees to prepare financial siatements for each financial year which give a
true and fair view of the state of affairs of the Charity for that year. In preparing tho* financial
statements, the Trustees are required to'.-
selett Suitable accounting policies and then apply them consistentlyi
make Judgements and estimates that are reasonable and prudent,.
prepare the financial ststements on the going conrn basis unless it is inappropriate to
assume that the Charity will continue in busine5S.
13.2 The Trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Charity and enable them to ensure that the financial
ststements comply with the Charities Art 2011. They are also responsible ft)r safeguarding the
assets of the Charity and hence for taking reasonable steps for the prevention and detettion of fraud
or other irregularities.
13.3 The Trustees have had regard to the Charity Commission's general guidan on public benefit when
rewewing their grant making activities in puuance of the aims of the Trust.
on tehalf of the Trustees
M R Carr (Chairman)