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2023-04-05-accounts

REGISTERED CHARITY NUMBER: 287636

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 2023

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 to 14

BINGHAM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 April 2023

The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. 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:

Organisations that have benefited from funding are all organisations which:

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 £150,912. Opportunities for support are constantly being reviewed and monitored and there has been a continuous influx of requests for assistance throughout the year.

Page 1

BINGHAM TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 April 2023

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.

During the year Nestle used land sold by The Bingham Trust to build upon. Due to an overage agreement being in place the sum of £981,548 was paid to the trust (£1,000,000 less legal fees).

The property at Heaton Place was sold during the year, the net proceeds after legal fees totalled £112,202.

All monies received from the sale of the property and the overage payment were invested by Brewin Dolphin.

Income from investments in the year totalled £139,546, which is a 15% increase on the previous year (2022: £121,047). Sales, purchases and restructures of shares during the year resulted in realised losses of £16,587. The market value of the share portfolio at the year end has increased in value from £4,819,242 to £5,700,602, the rise is the result of additional investments made from the proceeds received.

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.

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

Page 2

BINGHAM TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 April 2023

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

Approved by order of the board of trustees on 13 November 2023 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 2023.

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.

I M Hayes FCA

Mills & Black Derwent House 141-145 Dale Road Matlock Derbyshire DE4 3LU

30 November 2023

Page 4

BINGHAM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 April 2023

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
£
139,546
38,107
180,853
218,960
990,000
910,586
(1,027,387 )
(116,801)
287,832
171,031		 Endowment
funds
£
-
-
-
-
(276,082)
(276,082)
1,027,387
751,305
4,991,043
5,742,348		 5.4.23
Total
funds
£
139,546
38,107
180,853
218,960
713,918
634,504
-
634,504
5,278,875
5,913,379		 5.4.22
Total
funds
£
121,047
30,805
95,224
126,029
143,890
138,908
-
138,908
5,139,967
5,278,875

The notes form part of these financial statements

Page 5

BINGHAM TRUST

BALANCE SHEET

5 April 2023

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
£
-
-
-
14,648
185
158,398
173,231
(2,200)
171,031
171,031
171,031		 Endowment
funds
£
5,710,602
-
5,710,602
-
-
31,746
31,746
-
31,746
5,742,348
5,742,348		 5.4.23
Total
funds
£
5,710,602
-
5,710,602
14,648
185
190,144
204,977
(2,200)
202,777
5,913,379
5,913,379
171,031
5,742,348
5,913,379		 5.4.22
Total
funds
£
4,829,242
125,000
4,954,242
14,648
1,149
310,126
325,923
(1,290)
324,633
5,278,875
5,278,875
287,832
4,991,043
5,278,875

The financial statements were approved by the Board of Trustees and authorised for issue on 13 November 2023 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 2023

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

Dividends received
National savings income bonds
Interest receivable		 5.4.23
£
134,921
150
4,475
139,546		 5.4.22
£
116,821
14
4,212
121,047

continued...

Page 7

BINGHAM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2023

3. RAISING FUNDS

Investment management costs

Agents commission
Investment manager's fees
Insurance
Repairs		 5.4.23
£
-
37,575
532
-
38,107		 5.4.22
£
59
29,766
431
549
30,805

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.

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 on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds		 ACTIVITIES
Unrestricted
fund
£
121,047
30,805
95,224
126,029
-
(4,982)
29,765
24,783		 5.4.23
1
Endowment
funds
£
-
-
-
-
143,890
143,890
(29,765)
114,125		 5.4.22
1
Total
funds
£
121,047
30,805
95,224
126,029
143,890
138,908
-
138,908

continued...

Page 8

BINGHAM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2023

6.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
7.
FIXED ASSET INVESTMENTS
Shares
National Savings Income Bonds
Additional information as follows:
MARKET VALUE
At 6 April 2022
Additions
Disposals
Revaluations
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
At 5 April 2022		 ACTIVITIES
Unrestricted
fund
£
263,049
287,832		 - continued
Endowment
funds
£
4,876,918
4,991,043
5.4.23
£
5,700,602
10,000
5,710,602		 Total
funds
£
5,139,967
5,278,875

The market value of investment assets outside the UK as at 05/04/2023 was £3,229,043 (2022: £3,030,355). Cost or valuation at 5 April 2023 is represented by:

Valuation in 2023
Investments (neither listed nor unlisted) were as follows:
5.4.23
£
National Savings Income Bonds
10,000		 Quoted
investments
£
5,700,602
5.4.22
£
10,000

continued...

Page 9

BINGHAM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2023

8. INVESTMENT PROPERTY

FAIR VALUE
At 6 April 2022
Disposals
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
At 5 April 2022		 £
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 6.4.22
in funds
£
£
Unrestricted funds
General fund
287,832
910,586
Endowment funds
Endowment - General
171,801
(276,082)
Endowment - Narrower range
643,525
-
Endowment - Wider range
4,175,717
-
4,991,043
(276,082)
TOTAL FUNDS
5,278,875
634,504		 5.4.23 5.4.23 5.4.22
£ £
- 26,500
5.4.23
£
14,648
5.4.23
£
2,200
Transfers
between
funds
£
(1,027,387 )
5,846,629
(643,525)
(4,175,717 )
1,027,387
-		 5.4.22
£
14,648
5.4.22
£
1,290
At
5.4.23
£
171,031
5,742,348
-
-
5,742,348
5,913,379

continued...

Page 10

BINGHAM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
139,546
(218,960)
Endowment funds
Endowment - General
-
-
TOTAL FUNDS
139,546
(218,960)
Comparatives for movement in funds
Net
movement
At 6.4.21
in funds
£
£
Unrestricted funds
General fund
263,049
(4,982)
Endowment funds
Endowment - General
173,552
-
Endowment - Narrower range
1,058,363
(50,336)
Endowment - Wider range
3,645,003
194,226
4,876,918
143,890
TOTAL FUNDS
5,139,967
138,908
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
121,047
(126,029)
Endowment funds
Endowment - Narrower range
-
-
Endowment - Wider range
-
-
-
-
TOTAL FUNDS
121,047
(126,029)		 Gains and
losses
£
990,000
(276,082)
713,918
Transfers
between
funds
£
29,765
(1,751)
(364,502)
336,488
(29,765)
-
Gains and
losses
£
-
(50,336)
194,226
143,890
143,890		 Movement
in funds
£
910,586
(276,082)
634,504
At
5.4.22
£
287,832
171,801
643,525
4,175,717
4,991,043
5,278,875
Movement
in funds
£
(4,982)
(50,336)
194,226
143,890
138,908

continued...

Page 11

BINGHAM TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 April 2023

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 6.4.21
£
263,049
173,552
1,058,363
3,645,003
4,876,918
5,139,967		 Net
movement
in funds
£
905,604
(276,082)
(50,336)
194,226
(132,192)
773,412		 Transfers
between
funds
£
(997,622)
5,844,878
(1,008,027 )
(3,839,229 )
997,622
-		 At
5.4.23
£
171,031
5,742,348
-
-
5,742,348
5,913,379

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 - General
Endowment - Narrower range
Endowment - Wider range
TOTAL FUNDS		 Incoming
resources
£
260,593
-
-
-
-
260,593		 Resources
expended
£
(344,989)
-
-
-
-
(344,989)		 Gains and
Movement
losses
in funds
£
£
990,000
905,604
(276,082)
(276,082)
(50,336)
(50,336)
194,226
194,226
(132,192)
(132,192)
857,808
773,412		 Gains and
Movement
losses
in funds
£
£
990,000
905,604
(276,082)
(276,082)
(50,336)
(50,336)
194,226
194,226
(132,192)
(132,192)
857,808
773,412
(132,192)
773,412

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2023.

Page 12

BINGHAM TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 April 2023

INCOME AND ENDOWMENTS
Investment income
Dividends received
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
Rates and water
Rent
Administration expenses
Finance
Bank charges
Governance costs
Accountancy
Legal fees
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Carried forward		 5.4.23
£
134,921
150
4,475
139,546
139,546
-
37,575
532
-
38,107
-
150,912
150,912
4,000
-
2,880
505
7,385
106
1,200
21,250
22,450
218,960
(79,414)
(79,414)		 5.4.22
£
116,821
14
4,212
121,047
121,047
59
29,766
431
549
30,805
144
85,294
85,438
4,000
560
3,120
783
8,463
123
1,200
-
1,200
126,029
(4,982)
(4,982)

This page does not form part of the statutory financial statements

Page 13

BINGHAM TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 April 2023
Realised recognised gains and losses
Brought forward
Realised gains/(losses) on fixed asset investments
Realised gains/(losses) on investment property
Net income		 5.4.23
£
(79,414)
(16,587)
990,000
893,999		 5.4.22
£
(4,982)
399,433
-
394,451

This page does not form part of the statutory financial statements

Page 14