REGISTERED CHARITY NUMBER: 287636
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
FOR
BINGHAM TRUST
Mills & Black Derwent House 141-145 Dale Road
Matlock Derbyshire DE4 3LU
BINGHAM TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 April 2021
| 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 | 12 |
| Detailed Statement of Financial Activities | 13 |
BINGHAM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 April 2021
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the Trust are to support charitable organisations and activities in accordance with the wishes of Robert Henry Bingham as indicated above. During the year the Trustees have provided charitable funding to members of the public and organisations. Persons who have benefited from funding are all people who have met the Trustees' criteria of:
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suffering from poverty and being unable to achieve a satisfactory standard of living despite having access to statutory benefits, or
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suffering from poverty and being in need of educational support which is not available from statutory or parental sources, or
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suffering from poverty and from illness and in need of support not available from statutory authorities.
Organisations that have benefited from funding are all organisations which:
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support members of the public meeting one or more of the above criteria, or
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are community organisations providing non-profit making services to the community, or
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are non-profit making organisations involved in research into arthritis, or
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are churches, or
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are non-profit making organisations involved in advancing the arts for public benefit.
The Trustees have complied with their duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trust has provided support to organisations and individuals experiencing times of difficulty, these grants totalled £118,679. Opportunities for support are constantly being reviewed and monitored and there has been a continuous influx of requests for assistance throughout the year.
FINANCIAL REVIEW
Reserves policy
The Trust Fund comprises a property that was originally owned by Mr Bingham and Investments in Stocks and Shares. The property is tenanted and it is the Trustees' policy to sell it only when it becomes vacant. All capital funds which become available are invested into Wider and Narrower Range Funds in accordance with the Trustee Investments Act 1961. The Trustees have a policy of investment for medium risk, with the emphasis on income rather than capital growth but not so as to adversely affect capital growth. The Trustees take the advice of the Trust's investment advisers in making decisions but try to avoid investment in certain investments which are considered to be unethical or inappropriate.
Income from investments has fallen by £35,129, due to a significant reduction in dividend income. Sales, purchases and restructures of shares during the year resulted in realised gains of £66,778. The market value of the share portfolio, as at the year end, has increased in value from £4,012,784 to £4,703,366, reflecting the stock market as a whole, which has recovered over the past year since the stock market crash caused by the COVID-19 epidemic.
There are sufficient resources held in cash funds to meet requirements for charitable grants in the medium term.
The Trustees have adopted a reserves policy of attempting to draw down income funds so that reserves retained should cover funds promised to beneficiaries, potential extraordinary expenditure and the accountancy, legal and administration expenses of the Trust.
Page 1
BINGHAM TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 April 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Trust was established under the Will of Robert Henry Bingham who died on 3 August 1977. The provisions of the Will relevant to the Trust required the Trustees to give the income of the Trust Fund to such charitable institutions or such other charitable objects in England as the Trustees in their absolute discretion select. Mr Bingham however expressed his wish as to the type of organisations and locality to which priority should be given, and the Trustees have always sought to comply with his wishes in administering the Trust. All applications received are examined carefully to ensure that these comply with the objects of the Trust.
There is no power to make donations out of capital.
Trustees
The Trustees customarily meet four times a year to consider Trust business including the making of donations. The existing Trustees have the power to appoint new Trustees at their discretion.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
287636
Principal address
Unit 1 Tongue Lane Industrial Estate Dew Pond Lane Buxton Derbyshire SK17 7LN
Trustees
Mrs A M Hurst Chairperson Mr R A Horne Mrs H Mirtle Mrs C McMullen Mr E Butterley
Independent Examiner
Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU
Solicitors
Brooke-Taylor 4 The Quadrant Buxton Derbyshire SK17 6AW
Investment Advisers
Brewin Dolphin Ltd 12 Smithfield Street London EC1A 9BD
Page 2
BINGHAM TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 April 2021
Approved by order of the board of trustees on 19 November 2021 and signed on its behalf by:
Mrs A M Hurst - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BINGHAM TRUST
Independent examiner's report to the trustees of Bingham Trust
I report to the charity trustees on my examination of the accounts of Bingham Trust (the Trust) for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
M W Thomas ACA Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU
23 November 2021
Page 4
BINGHAM TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 April 2021
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Grants payable Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 122,869 28,228 127,498 155,726 - (32,857) 25,856 (7,001) 270,050 263,049 |
Endowment funds £ - - - - 853,490 853,490 (25,856) 827,634 4,049,284 4,876,918 |
5.4.21 Total funds £ 122,869 28,228 127,498 155,726 853,490 820,633 - 820,633 4,319,334 5,139,967 |
5.4.20 Total funds £ 157,998 31,081 135,346 166,427 (602,042) (610,471) - (610,471) 4,929,805 4,319,334 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
BINGHAM TRUST
BALANCE SHEET
5 April 2021
| Notes FIXED ASSETS Investments Investments 7 Investment property 8 CURRENT ASSETS Debtors 9 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 98,500 98,500 14,648 137 152,032 166,817 (2,268) 164,549 263,049 263,049 |
Endowment funds £ 4,713,366 26,500 4,739,866 - - 137,052 137,052 - 137,052 4,876,918 4,876,918 |
5.4.21 Total funds £ 4,713,366 125,000 4,838,366 14,648 137 289,084 303,869 (2,268) 301,601 5,139,967 5,139,967 263,049 4,876,918 5,139,967 |
5.4.20 Total funds £ 4,022,784 125,000 4,147,784 14,648 288 158,965 173,901 (2,351) 171,550 4,319,334 4,319,334 270,050 4,049,284 4,319,334 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19 November 2021 and were signed on its behalf by:
Mrs A M Hurst - Trustee
The notes form part of these financial statements
Page 6
BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 April 2021
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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Rents received Narrower range Wider range National savings income bonds Interest receivable |
5.4.21 £ 3,776 33,265 85,726 83 19 122,869 |
5.4.20 £ 2,523 37,974 117,273 106 122 |
|---|---|---|
| 157,998 |
continued...
Page 7
BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2021
3. RAISING FUNDS
Investment management costs
| Agents commission Investment manager's fees Insurance Repairs |
5.4.21 £ 805 26,416 532 475 28,228 |
5.4.20 £ 653 29,465 811 152 |
|---|---|---|
| 31,081 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Grants payable Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds |
ACTIVITIES Unrestricted fund £ 157,998 31,081 135,346 166,427 - (8,429) 2,986 (5,443) |
5.4.21 1 Endowment funds £ - - - - (602,042) (602,042) (2,986) (605,028) |
5.4.20 1 Total funds £ 157,998 31,081 135,346 166,427 (602,042) (610,471) - (610,471) |
||
|---|---|---|---|---|---|
continued...
Page 8
BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Endowment Total fund funds funds £ £ £ RECONCILIATION OF FUNDS Total funds brought forward 275,493 4,654,312 4,929,805 TOTAL FUNDS CARRIED FORWARD 270,050 4,049,284 4,319,334 7. FIXED ASSET INVESTMENTS 5.4.21 5.4.20 £ £ Shares 4,703,366 4,012,784 National Savings Income Bonds 10,000 10,000 4,713,366 4,022,784 Additional information as follows: Quoted investments £ MARKET VALUE At 6 April 2020 4,012,784 Additions 708,174 Disposals (801,420) Revaluations 783,828 At 5 April 2021 4,703,366 NET BOOK VALUE At 5 April 2021 4,703,366 At 5 April 2020 4,012,784 The market value of investment assets outside the UK as at 05/04/2021 was £2,016,282 (2020: £1,358,244). Cost or valuation at 5 April 2021 is represented by: Quoted investments £ Valuation in 2021 4,703,366 Investments (neither listed nor unlisted) were as follows: 5.4.21 5.4.20 £ £ National Savings Income Bonds 10,000 10,000 |
Total funds £ 4,929,805 |
|
|---|---|---|
| 4,319,334 | ||
continued...
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BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2021
8. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 6 April 2020 and 5 April 2021 NET BOOK VALUE At 5 April 2021 At 5 April 2020 |
£ 125,000 |
| 125,000 | |
| 125,000 |
If investment property had not been revalued it would have been included at the following historical cost:
| Cost 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Interest free loans 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS Net movement At 6.4.20 in funds £ £ Unrestricted funds General fund 270,050 (32,857) Endowment funds Endowment - General 36,500 - Endowment - Narrower range 1,170,482 64,447 Endowment - Wider range 2,842,302 789,043 4,049,284 853,490 TOTAL FUNDS 4,319,334 820,633 |
5.4.21 | 5.4.20 |
|---|---|---|
| £ | £ | |
| 26,500 | 26,500 | |
| 5.4.21 £ 14,648 5.4.21 £ 2,268 Transfers between funds £ 25,856 137,052 (176,566) 13,658 (25,856) - |
5.4.20 £ 14,648 5.4.20 £ 2,351 At 5.4.21 £ 263,049 173,552 1,058,363 3,645,003 4,876,918 5,139,967 |
continued...
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BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2021
11. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming Resources resources expended £ £ Unrestricted funds General fund 122,869 (155,726) Endowment funds Endowment - Narrower range - - Endowment - Wider range - - - - TOTAL FUNDS 122,869 (155,726) Comparatives for movement in funds Net movement At 6.4.19 in funds £ £ Unrestricted funds General fund 275,493 (8,429) Endowment funds Endowment - General 36,500 - Endowment - Narrower range 1,184,162 (13,680) Endowment - Wider range 3,433,650 (588,362) 4,654,312 (602,042) TOTAL FUNDS 4,929,805 (610,471) Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 157,998 (166,427) Endowment funds Endowment - Narrower range - - Endowment - Wider range - - - - TOTAL FUNDS 157,998 (166,427) |
Gains and losses £ - 64,447 789,043 853,490 853,490 Transfers between funds £ 2,986 - - (2,986) (2,986) - Gains and losses £ - (13,680) (588,362) (602,042) (602,042) |
Movement in funds £ (32,857) 64,447 789,043 853,490 820,633 At 5.4.20 £ 270,050 36,500 1,170,482 2,842,302 4,049,284 4,319,334 Movement in funds £ (8,429) (13,680) (588,362) (602,042) (610,471) |
|
|---|---|---|---|
continued...
Page 11
BINGHAM TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2021
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment - General Endowment - Narrower range Endowment - Wider range TOTAL FUNDS |
At 6.4.19 £ 275,493 36,500 1,184,162 3,433,650 4,654,312 4,929,805 |
Net movement in funds £ (41,286) - 50,767 200,681 251,448 210,162 |
Transfers between funds £ 28,842 137,052 (176,566) 10,672 (28,842) - |
At 5.4.21 £ 263,049 173,552 1,058,363 3,645,003 |
|---|---|---|---|---|
| 4,876,918 | ||||
| 5,139,967 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment - Narrower range Endowment - Wider range TOTAL FUNDS |
Incoming resources £ 280,867 - - - 280,867 |
Resources expended £ (322,153) - - - (322,153) |
Gains and Movement losses in funds £ £ - (41,286) 50,767 50,767 200,681 200,681 251,448 251,448 251,448 210,162 |
Gains and Movement losses in funds £ £ - (41,286) 50,767 50,767 200,681 200,681 251,448 251,448 251,448 210,162 |
|---|---|---|---|---|
| 251,448 | ||||
| 210,162 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2021.
Page 12
BINGHAM TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 April 2021
| INCOME AND ENDOWMENTS Investment income Rents received Narrower range Wider range National savings income bonds Interest receivable Total incoming resources EXPENDITURE Investment management costs Agents commission Investment manager's fees Insurance Repairs Charitable activities Advertising Grants payable Support costs Management Secretarial fees Rent Administration expenses Finance Bank charges Governance costs Accountancy Total resources expended Net expenditure before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
5.4.21 £ 3,776 33,265 85,726 83 19 122,869 122,869 805 26,416 532 475 28,228 198 118,679 118,877 4,000 2,880 454 7,334 87 1,200 155,726 (32,857) 66,778 33,921 |
5.4.20 £ 2,523 37,974 117,273 106 122 157,998 157,998 653 29,465 811 152 31,081 - 126,610 126,610 4,000 2,880 536 7,416 120 1,200 166,427 (8,429) 5,019 (3,410) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 13