REGISTERED CHARITY NUMBER: 283025
Report of the Trustees and
For The Bower Trust
The Bower Trust
Contents of the Financial Statements for the Year Ended 5 April 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 10 |
The Bower Trust
Report of the Trustees for the Year Ended 5 April 2024
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number. 283025
Registered office Old Rosedew House Colhugh Street Llantwit Major Vale of Glamorgan CF61 1RF
Trustees
Mr G Benfield Mrs C V E Benfield Mr R D Benfield Mr J C Benfield
Trust administrator
Graham Benfield
Independent examiner
Andrew Lloyd Miller FCA BPU Limited Chartered Accountants Radnor House Greenwood Close Cardiff Gate Business Park Cardiff CF23 8AA
Bankers
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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The Bower Trust
Report of the Trustees for the Year Ended 5 April 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The trust was established under a Deed of Trust dated 20 February 1981.
Decision making process
The Trust is organised, and policy implemented, through the Board of Trustees.
The Trustees conduct their business by means of telephone, correspondence, computer communications and Trustee meetings.
The Trust is administered by Mr G Benfield, who is also a Trustee of the Trust. Mr Benfield is acting on behalf of all of the Trustees.
Election of The Board
The Board of Trustees review trustee appointments on an annual basis.
Risk assessment
The Board of Trustees consider relevant risks in making investment and grant decisions.
OBJECTIVES AND ACTIVITIES
Charitable purpose and objectives
The objectives of the Trust are to support, from the income of the Trust by donations and subscriptions, charitable institutions and their objectives at the Trustees’ discretion. The Trustees have identified their main interests as being in charities connected with Africa, climate change and charities with activities in Wales. Generally, the Trustees are not interested in regional requests from charities.
Applications, within the above guidelines set out by the Trustees, are considered on a quarterly basis. Additionally, the Trustees make donations and subscriptions based on their own continuing interests.
The donations and subscriptions made enable the charities to meet their objectives and to provide benefit to the public
The Trustees have confirmed that they have referred to the guidance of the Charity Commission’s general guidance on public benefit, when reviewing the Trust’s aims and objectives in planning future activities and setting the grant making policy for the year.
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The Bower Trust
Report of the Trustees for the Year Ended 5 April 2024
FINANCIAL REVIEW
Achievements and performance of the Trust
During the year charitable grants and subscriptions were made to 25 (2023 – 29) different charities totalling £26,500 (2023 - £28,500)
The largest grant made was:
Llantwit in flower - £3,500
Examination of the schedule of grants in note 3 to the financial statements will show that the Trustees have fulfilled the objectives of the Trust by making grants substantially for use in Africa and Wales. As in previous years the donations are mainly for environmental, wildlife and community projects.
Financial review, investment and reserves policy
Financial review
There have not been any significant changes in the Trust’s activities or the manner in which these activities have been carried out.
The investment income for the year was £62,171 (£62,037 - 2023) with grants received totalling £0 (2023 - £10,000).
There was a net surplus of £31,195 (2023 - £39,355) for the year before change in market value of investments.
Investment and reserves policy
The Trustees intend to retain a level of investments to produce income for grants and subscriptions.
In totality, there was an overall surplus for the year of £48,527 (2023 - deficit £23,367) which has been added to the reserves brought forward from the previous year.
Under the Deed of Trust the Trustees are empowered to retain any investments for as long as they in their absolute discretion think fit to generate a suitable level of income to cover any requests for grants they receive.
Future plans
It is intended to use the funds described above to continue the objectives of the Trust, as earlier described, indefinitely.
This means that the Trustees will be looking to make charitable grants of circa £40,000 on an annual basis whilst maintaining total reserves levels to provide future income streams from which similar levels of charitable grants can be made on an annual basis.
Approved by order of the Trustees on ............................................. and signed on its behalf by:
............................................. Mrs C V E Benfield
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Independent Examiner's Report to the Trustees of The Bower Trust
I report to the charity trustees on my examination of the accounts of the Trust for the year ended 5 April 2024.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
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examine the accounts under Section 145 of the 2011 Act
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to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Andrew Lloyd Miller FCA BPU Limited Chartered Accountants
Date: .............................................
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The Bower Trust
Statement of Financial Activities for the Year Ended 5 April 2024
| Notes INCOME Investment income 2 Grants from other charitable trusts Total EXPENDITURE Charitable activities Raising funds Grants 3 Governance costs 4 Total NET (EXPENDITURE)/ INCOME Net gains/(losses) on investments5 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2024 £ 62,171 - 62,171 2,205 26,500 2,271 30,976 31,195 17,332 48,527 1,662,605 **1,711,132 ** |
2023 £ 62,037 10,000 72,037 2,172 28,500 2,010 32,682 39,355 (62,722) (23,367) 1,685,972 1,662,605 |
|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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The Bower Trust
Balance Sheet At 5 April 2024
| Notes FIXED ASSETS Investments 5 CURRENT ASSETS Balances at bank CREDITORS Amounts falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2024 £ 1,627,028 86,104 1,713,132 (2,000) 1,711,132 1,711,132 1,711,132 1,711,132 **1,711,132 ** |
2023 £ 1,600,403 64,002 1,664,405 (1,800) 1,662,605 1,662,605 1,662,605 1,662,605 1,662,605 |
|---|---|---|
The financial statements were approved by the Board of Trustees on ...................................... and were signed on its behalf by:
............................................. Mrs C V E Benfield
The notes form part of these financial statements
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The Bower Trust
Notes to the Financial Statements for the Year Ended 5 April 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Fixed asset investments
Fixed asset investments are stated at market valuation. Unrealised gains or losses are taken directly to the Statement of Financial Activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. All funds are unrestricted.
2. INVESTMENT INCOME
| Dividends Interest income |
2024 £ 62,021 150 62,171 |
2023 £ 61,960 77 62,037 |
|---|---|---|
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The Bower Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
3. GRANTS
| GRANTS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| African Mission Zimbabwe | - | 1,000 |
| Amos Trust | 1,000 | - |
| Amref Africa | - | 1,000 |
| Amref South Sudan | 1,000 | - |
| Apopo Herorats Africa | 500 | - |
| APT Uganda | - | 1,000 |
| Aride Island | - | 1,000 |
| Bookaid Africa | - | 1,000 |
| Concern Worldwide Pakistan | - | 2,000 |
| Concern Worldwide Sudan | - | 500 |
| Concern Worldwide Syria | - | 1,000 |
| Cure Ethiopia | - | 1,000 |
| Deki Togo | 1,000 | - |
| EACP Uganda | - | 500 |
| Foundation of Peace Uganda | - | 1,000 |
| Ghana Schoolaid | - | 1,000 |
| Gorilla Org Uganda | 1,000 | - |
| Hummingbird Initiative | 1,000 | - |
| ICS UK Aride | 2,000 | - |
| Joliba Mali | - | 1,000 |
| Joy For Humanity Uganda | - | 1,000 |
| Livingstone Tanzania | 1,000 | 500 |
| Llantwit Major In Flower | 3,500 | 3,500 |
| Maked Sinai | - | 500 |
| Medair South Sudan | 1,000 | 1,000 |
| Mondo Foundation Tanzania | 500 | - |
| On Call Africa | 1,000 | - |
| Porridge/Pens Ghana | - | 500 |
| Rainforest Congo | - | 1000 |
| Rainforest Foundation UK | 1,000 | - |
| Recycle Africa | 1,000 | - |
| RTPC Ghana | 500 | - |
| Sand Dams Malawi | - | 1,000 |
| SCF Somalia | - | 1,000 |
| Solaraid | 2,000 | 1,000 |
| South Sudan Refugees in Uganda | 1,000 | - |
| Streams of Mercy Uganda | - | 1,000 |
| Street Children Liberia | 1,000 | - |
| Support Through Court | 1,000 | - |
| Temwa Malawi | - | 500 |
| Tanzania Development Trust UK | 1,000 | - |
| Turbo Ghana | 1,000 | - |
| Velindre Cancer Centre | 1,000 | - |
| Village Water | 1,000 | - |
| World Cancer Research | 500 | - |
| Balance carried forward | 26,500 | 26,500 |
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The Bower Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
3. GRANTS (Continued)
| Balance brought forward Tusome Uganda Wales Air Ambulance World Cancer Research 4. GOVERNANCE COSTS & TRUSTEES REMUNERATION Independent examiner’s fee Subscriptions Bank and other charges |
2024 £ 26,500 - - - 26,500 2024 £ 2,125 66 80 2,271 |
2023 £ 26,500 1,000 500 500 28,500 2023 £ 1,800 66 144 2,010 |
|---|---|---|
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
There were no trustees' expenses paid for the year ended 5 April 2024 nor the year ended 5 April 2023.
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The Bower Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2024
5. INVESTMENTS
| Market value at 6 April Net additions/(disposals) Net increase/(decrease) in market value Uninvested cash capital 6. CREDITORS Independent examiner’s fee |
2024 £ 1,600,403 4,581 17,332 4,712 1,627,028 2024 £ 2,125 2,125 |
2023 £ 1,652,850 (7,111) (62,722) 17,386 1,600,403 2023 £ 1,800 1,800 |
|---|---|---|
7. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2024 (2023 – same).
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