2024-04-05-accounts - The Bingham Trust

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The Bingham Trust

Charity No. 287636

Trustees' Report and Unaudited Accounts

05 April 2024

The Bingham Trust Contents

	Pages
Trustees' Annual Report	2 to 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Accounts	8 to 14
Detailed Statement of Financial Activities	15 to 16

Page 1

The Bingham Trust Trustees Annual Report

The trustees present their report with the unaudited financial statements of the charity for the year ended 5 April 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 287636

Principal Office

Unit 1 Tongue Lane Industrial Estate Dew Pond Lane Buxton SK17 7LN

Trustees

The following trustees served during the year:

E. Butterley R.A. Horne A.M. Hurst C. McMullen H. Mirtle (Deceased 20 March 2024)

Key Management Personnel

Chair A M Hurst

Accountants

Peak District Accountants Ltd Nythfa Main Street Elton Matlock DE4 2BU

Solicitors

Brooke-Taylor 4 The Quadrant Buxton Derbyshire SK17 6AW

Investment Advisors

RBC Brewin Dolphin Ltd 1 The Avenue Spinningfields Square Hardman Street Manchester M3 3AP

Page 2

The Bingham Trust Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The objectives of the Trust are to support charitable organisations and activities in accordance with the wishes of Robert Henry Bingham as indicated in the Governing Document below. 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.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Income from investments in the year totalled £183,772, which is a 31.7% increase on the previous year (2023: £139,546). This reflects the additional investments held, which were purchased late 2022 using the proceeds from the sale of land and property.

Expenditure in the year totalled £189,857 (2023: £218,960). Last year's costs were higher than usual due to the fees relating to the sale of land and property.

The Trust has provided support to organisations and individuals experiencing times of difficulty, these grants totalled £144,977. 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 of an investment portfolio which is managed by Brewin Dolphin. 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.

Page 3

The Bingham Trust Trustees Annual Report

Sales, purchases and restructures of shares during the year resulted in realised gains of £21,481, which were made available for reinvestment. The market value of the share portfolio at the year end has increased in value from £5,700,602 to £6,223,205.

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.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the charity's trustees

A.M. Hurst Trustee 21 October 2024

Page 4

The Bingham Trust Independent Examiners Report

Independent Examiner's Report to the trustees of The Bingham Trust

I report to the trustees on my examination of the financial statements of The Bingham Trust for the year ended 5 April 2024.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 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 can 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:

the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.

M W Thomas ACA Peak District Accountants Ltd Nythfa Main Street Elton Matlock DE4 2BU 21 October 2024

Page 5

The Bingham Trust Statement of Financial Activities

for the year ended 5 April 2024

Unrestricted funds	Endowment funds	Total funds	Total funds
2024	2024	2024	2023
£	£	£	£

98	-	98	-
183,674	-	183,674	139,546
183,772	-	183,772	139,546

33,721	-	33,721	37,575
144,977	-	144,977	150,912
11,159	-	11,159	30,473
189,857	-	189,857	218,960
-	512,686	512,686	713,918
(6,085)	512,686	506,601	634,504
12,028	(12,028)	-	-
5,943	500,658	506,601	634,504

5,943	500,658	506,601	634,504

171,031	5,742,348	5,913,379	5,278,875
176,974	6,243,006	6,419,980	5,913,379

Page 6

The Bingham Trust Balance Sheet at 5 April 2024

Charity No. 287636 Fixed assets Investments 10 Current assets Debtors 11 Cash at bank and in hand Creditors:Amount falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 13 Endowment funds Unrestricted funds 13 General funds Reserves 13 Revaluation reserve Total funds Approved by the trustees on 21 October 2024	2024 £ 6,233,205 6,233,205 15,089 182,500 197,589 (10,814) 186,775 6,419,980 6,419,980 6,419,980 5,683,768 5,683,768 176,974 176,974 559,238 559,238 6,419,980	2023 £ 5,710,602
		5,710,602 14,833 190,144
		204,977 (2,200)
		202,777 5,913,379
		5,913,379
		5,913,379
		5,674,315
		5,674,315 171,031
		171,031 68,033
		68,033
		5,913,379

And signed on their behalf by:

A.M. Hurst Trustee 21 October 2024

Page 7

The Bingham Trust Notes to the Accounts

for the year ended 5 April 2024

1 Accounting policies

Basis of preparation

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) 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.

Change in basis of accounting or to previous accounts

Apart from the below, there has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Investments are now shown at historical cost with the difference in market value at the year end shown in the Revaluation Reserve.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Page 8

The Bingham Trust Notes to the Accounts

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 9

The Bingham Trust Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Statement of Financial Activities - prior year

2 Statement of Financial Activities - prior year
Income and endowments from: Investments Total Expenditure on: Raising funds Charitable activities Other Total Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted funds 2023 £ 139,546 139,546 37,575 150,912 30,473 218,960 990,000 910,586 (1,027,387) (116,801) (116,801) 287,832 171,031	Endowment funds 2023 £ - - - - - - (276,082) (276,082) 1,027,387 751,305 751,305 4,991,043 5,742,348	Total funds 2023 £ 139,546
			139,546 37,575 150,912 30,473
			218,960 713,918
			634,504 -
			634,504
			634,504 5,278,875
			5,913,379

Page 10

The Bingham Trust Notes to the Accounts

3 Income from donations and legacies

Individual bequest 4 Income from investments Brewin Dolphin Portfolio NS&I Bonds Bank Interest 5 Expenditure on raising funds Investment management costs Brewin Dolphin Portfolio 6 Expenditure on charitable activities Expenditure on charitable activities Grants paid Governance costs 7 Other expenditure Employee costs Premises costs General administrative costs Legal and professional costs	Unrestricted £ 98 98 Unrestricted £ 178,484 338 4,852 183,674 Unrestricted £ 33,721 33,721 Unrestricted £ 144,977 144,977 Unrestricted £ 6,000 2,880 762 1,517 11,159	Total 2024 £ 98 98 Total 2024 £ 178,484 338 4,852 183,674 Total 2024 £ 33,721 33,721 Total 2024 £ 144,977 144,977 Total 2024 £ 6,000 2,880 762 1,517 11,159	Total 2023 £ -
			-
			Total 2023 £ 134,921 150 4,475
			139,546
			Total 2023 £ 37,575
			37,575
			Total 2023 £ 150,912
			150,912
			Total 2023 £ 4,000 2,880 1,143 22,450
			30,473

Page 11

The Bingham Trust Notes to the Accounts

8 Net income before transfers

2024 2023 This is stated after charging: £ £ Independent Examiner's fee 1,200 1,200 9 Staff costs 2024 2023 Salaries and wages 6,000 4,000 6,000 4,000 No employee received emoluments in excess of £60,000. The average monthly number of full time equivalent employees during the year was as follows: 2024 2023 Number Number Administration 1 1 1 1 10 Investments Other investments - Listed Other investments - Unlisted Total £ £ £ Cost or revaluation At 6 April 2023 5,700,602 10,000 5,710,602 Additions 1,613,022 - 1,613,022 Revaluation 491,205 - 491,205 Disposals (1,581,624) - (1,581,624) At 5 April 2024 6,223,205 10,000 6,233,205 Net book values At 5 April 2024 6,223,205 10,000 6,233,205 At 5 April 2023 5,700,602 10,000 5,710,602	2024 2023 This is stated after charging: £ £ Independent Examiner's fee 1,200 1,200 9 Staff costs 2024 2023 Salaries and wages 6,000 4,000 6,000 4,000 No employee received emoluments in excess of £60,000. The average monthly number of full time equivalent employees during the year was as follows: 2024 2023 Number Number Administration 1 1 1 1 10 Investments Other investments - Listed Other investments - Unlisted Total £ £ £ Cost or revaluation At 6 April 2023 5,700,602 10,000 5,710,602 Additions 1,613,022 - 1,613,022 Revaluation 491,205 - 491,205 Disposals (1,581,624) - (1,581,624) At 5 April 2024 6,223,205 10,000 6,233,205 Net book values At 5 April 2024 6,223,205 10,000 6,233,205 At 5 April 2023 5,700,602 10,000 5,710,602	2023 £ 1,200 2023 4,000
		4,000
		1
		Total £ 5,710,602 1,613,022 491,205 (1,581,624)
		6,233,205
		6,233,205
		5,710,602


Other investments reflects monies held in National Savings Income Bonds.
Market value of listed investments 11 Debtors Other debtors Prepayments and accrued income Amounts included within Other debtors that fall due after more than one year	2024 £ 6,223,205 2024 £ 14,648 441 15,089 14,648	2023 £ 5,700,602
		2023 £ 14,648 185
		14,833
		14,648

Page 12

The Bingham Trust Notes to the Accounts

12 Creditors:

amounts falling due within one year

		2024 £		2023 £
		10,814		2,200
At 6 April 2023 5,674,315 5,674,315 171,031	Incoming resources (including other gains/losses) £ 21,481 21,481 183,772	10,814 Resources expended £	Gross transfers £ (12,028) (12,028) 12,028	2,200
				At 5 April 2024 £ 5,683,768
		-
		- (189,857)
				5,683,768
				176,974

68,033 68,033 68,033 5,913,379	491,205 491,205 491,205 696,458		-	559,238

		(189,857)		559,238

				559,238

				6,419,980

Purposes and restrictions in relation to the funds:

Revaluation reserves Represent the amount by which investments exceed their historical cost.

Endowment funds: Endowment To generate income which can be gifted for charitable purposes in line with the Will of Robert Henry Bingham.

14 Analysis of net assets between funds

Unrestricted funds £	Restricted funds £	Total £
-	6,233,205	6,233,205
186,775 186,775	- 6,233,205	186,775
		6,419,980

Page 13

The Bingham Trust Notes to the Accounts

15 Reconciliation of net debt

At 6 April 2023 £	Cash flows £	At 5 April 2024 £
190,144	(7,644)	182,500
190,144 190,144	(7,644) (7,644)	182,500
		182,500

Page 14

The Bingham Trust Detailed Statement of Financial Activities

for the year ended 5 April 2024

Income and endowments from: Donations and legacies Individual bequest Investments Brewin Dolphin Portfolio NS&I Bonds Bank Interest Total income and endowments Expenditure on: Investment management costs Brewin Dolphin Portfolio Total of expenditure on raising funds Charitable activities Grants paid Total of expenditure on charitable activities Employee costs Salaries/wages Premises costs Rent General administrative costs, including depreciation and amortisation Bank charges General insurances Stationery and printing Telephone, fax and broadband Legal and professional costs Audit/Independent examination fees	Unrestricted funds 2024 £ 98 98 178,484 338 4,852 183,674 183,772 33,721 33,721 33,721 144,977 144,977 144,977 6,000 6,000 2,880 2,880 113 286 325 38 762 1,200	Endowment funds 2024 £ - - - - - - - - - - - - - - - - - - - - - - -	Total funds 2024 £ 98 98 178,484 338 4,852 183,674 183,772 33,721 33,721 33,721 144,977 144,977 144,977 6,000 6,000 2,880 2,880 113 286 325 38 762 1,200	Total funds 2023 £ -
				-
				134,921 150 4,475
				139,546
				139,546 37,575
				37,575
				37,575 150,912
				150,912
				150,912 4,000
				4,000
				2,880
				2,880
				106 532 505 -
				1,143
				1,200

Page 15

The Bingham Trust Detailed Statement of Financial Activities

The Bingham Trust Detailed Statement of Financial Activities
Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net income Transfers between funds Net income before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	317 1,517 11,159 189,857 - (6,085) 12,028 5,943 - 5,943 171,031 176,974	- - - - 512,686 512,686 (12,028) 500,658 - 500,658 5,742,348 6,243,006	317 1,517 11,159 189,857 512,686 506,601 - 506,601 - 506,601 5,913,379 6,419,980	21,250
				22,450

				30,473
				218,960 713,918
				634,504 -
				634,504 -
				634,504
				5,278,875
				5,913,379

Page 16