**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:
- suffering from poverty and being unable to achieve a satisfactory standard of living despite having access to statutory benefits, or
- suffering from poverty and being in need of educational support which is not available from statutory or parental sources, or
- 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:
- support members of the public meeting one or more of the above criteria, or
- are community organisations providing non-profit making services to the community, or
- are non-profit making organisations involved in research into arthritis, or
- are churches, or
- 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:
1. accounting records were not kept in respect of the Trust 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.
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...
Page 9
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...
Page 10
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