Englefield Charitable Trust

Objectives

The Trustees have absolute discretion to apply both the income and capital of the Trust for such charitable institutions or charitable objects as they think fit.

Professional Advisers

Auditors H M Williams
Legal Advisers Payne Hicks Beach
Investment Managers FF & P Asset Management

Trustees

Sir William Benyon (Chairman), Mr James Edward Shelley, Mr Richard Henry Ronald Benyon, Lady Elizabeth Benyon, Catherine Rose Ingrid Haig, Zoe Lavinia Beatrice Benyon

Officers

Mr Alexander Stewart Reid (Secretary to the Trustees)

Investment Policy

Clause 7 of the Charitable Trust Deed provides that the Trustees shall have unrestricted powers of investing in all respects as if they were absolutely entitled to the Trust Fund beneficially and subject to no restriction with regard to advice in relation to investment. In practice, it is the policy of the Trustees to maximise investment income in the long term by investing in a balanced portfolio of investments weighted in favour of equities. The increase in the value of the investments over the current year is due to the fluctuation of the stock market.The benchmark against which the performance of the Plain Andrews Unit Trust is measured is a composite of the following MSCI indices, (gross dividends reinvested): UK 45%, US 20%, Euro 16%, Asia 10% and emerging markets 7%. The total return on the Plain Andrews Unit Trust in the twelve months to 31 March 2010 was 51.7% against 47.7% for the MSCI. The aim of the FF &P Alternative Strategy Diversified is to outperform the returns typically available from cash and money market investments (net of all fees) over rolling three year periods. The return on the fund in the twelve months to 31 March 2010 was 11.7% against +1.1% for UK LIBOR. The rolling three year annualised return on the fund at 31 March 2010 was -4.0% against +4.2% The aim of the FF &P Alternative Strategy Leveraged 2017 Warrants Fund is to generate annualised double digit return s (net of all fees) over rolling three year periods. The return on the fund in the twelve months to 31 March 2010 was 30.3% against +1.1% for UK LIBOR. The rolling three year annualised return on the fund at 31 March 2010 was -1.2% against +4.2%. The net movement in the Unrestricted Fund comprises the deficit of income over expenditure for the year of 37,086 (2009: 79,041) and the transfer from the Permanent Endowment Fund of 50,000 (2009: 100,000). The net movement in the Permanent Endowment Fund comprises a gain on the investment portfolio of 1,229,505 (2009: loss 1,468,779), and the transfer to the Unrestricted Fund of 50,000 (2009: 100,000).

Grant Policy

The grantmaking policies of the Trustees are to consider each application for financial assistance on its merits and support local charities.

Reserves

Total cash reserves at 31 March 2010 were 128,000 (2009: 52,000). However the Trustees have already promised 50,000 to applicants for work which has not yet started. As stated above, under the Object of the Charity, it is the policy of the Trustees to distribute the whole of the charity's income and not to hold reserves except when necessary.

Future Commitments

The Trustees' plans for the future are to: increase over time the amount of donations to charity; and explore further opportunities for investment.

General Review

It is the object of the charity to act as a grant making trust and to respond to requests for financial assistance on their merits, giving particular consideration to local causes. It is the policy of the Trustees, taking one year with another, to distribute the whole of the income of the charity. Decisions are made either by the Trustees as a whole or by a properly constituted committee of the Trustees. The aims of the Trustees are, taking one year with another, to distribute a substantial proportion of the net incoming resources ofthe charity. The objectives of the Trustees are continually to improve the quality of the Trust's assets and the return therefrom both in terms of annual income and in terms of capital value, so that, over time, increasing donations may be made to charity. The Strategies of the Trustees are to: Invest carefully in the fabric of the Trust land and buildings. Improve the return from the Trust's assets. Review the Trust's investments on a regular basis. Consider alternative investments as opportunities arise.

Englefield Estate Office
Englefield Road
Theale
Reading
RG7 5DU

Tel: 0118 932 3582

CC number: 258123

Performance Guide Rankings

investment assets 865 / 1000
investment income 946 / 995
return on investments 854 / 995
investment management costs 673 / 743
inv mgmt costs as % of inv assets 596 / 743

inv mgmt costs as % of inv income 493 / 743
investment property 299 / 361
income from investment property 296 / 325
inv property inc as % of investment property 203 / 225

income from listed investments 601 / 661
income from short-term investments 268 / 726
listed investment inc as % of inv income 439 / 661
short-term investment assets 896 / 988

legacy income - / 226
grants received - / 88
total voluntary income - / 628

grants made 529 / 668
charitable expenditure - / 638
charitable expenditure as % of total expenditure - / 335
support costs - / 230
management & administration fees 834 / 970
audit fee per £m of income 66 / 949

total incoming resources 949 / 1000
total resources expended 956 / 1000
total assets 883 / 1000
period ending 2009 2010
INCOMING RESOURCES £m £m
legacies - -
grants - -
total voluntary income - -
activities, furtherance of charities objects - -
activities for generating funds 0.10 0.10
trading subsidiaries - -
sales and fees from operating activities 0.10 0.10
investment property 0.02 0.02
dividends 0.14 0.13
total listed investments 0.14 0.13
income from subsidiaries - -
interest on cash & short term inv 0.03 0.02
total investment income 0.19 0.17
TOTAL INCOMING RESOURCES 0.29 0.27

RESOURCES EXPENDED £m £m
fundraising costs - -
investment management costs 0.02 0.01
Investment costs 0.02 0.01
cost of generating funds 0.02 0.01
grants paid 0.34 0.29
management and admin 0.01 0.01
total charitable expenditure 0.35 0.29
TOTAL RESOURCES EXPENDED 0.37 0.31

ASSETS £m £m
intangible assets - -
tangible fixed - -
investment property 0.82 0.82
equities - -
bonds - -
listed investments 8.54 9.66
investment assets 9.36 10.48
other fixed assets - -
total fixed assets 9.36 10.48
stock - -
debtors 0.01 0.01
cash 0.05 0.13
current assets 0.06 0.13
bank loans & overdrafts - -
trade & other creditors, accruals 0.04 0.04
creditors falling due within one year 0.04 0.04
net current assets 0.02 0.10
loans - -
future long-term grant commitments - -
trade creditors - -
subsidiary & associated undertakings - -
creditors falling due after one year - -
provisions for liabilities and charges - -
TOTAL ASSETS 9.39 10.58

ASSETS £m £m
income funds 0.77 0.78
endowment funds 8.62 9.80
restricted funds - -
TOTAL FUNDS 9.39 10.58