REGISTERED CHARITY NUMBER: 1093523
Report of the Trustees and Unaudited Financial Statements
for the Year Ended 30 June 2021
for
The Burford Trust
Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 38 Teme Street Tenbury Wells Worcestershire WR15 8AA
The Burford Trust
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 14 |
The Burford Trust
Report of the Trustees for the Year Ended 30 June 2021
The trustees present their report with the financial statements of the charity for the year ended 30 June 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 Burford Trust are to apply the income of the Trust to such charities and charitable purposes and in such shares as the trustees in their absolute discretion shall decide.
Public benefit
The trustees confirm that they have referred to the guidance outlined in the Charity Commissioners general guidance on the public benefit when reviewing the Trusts aims and objectives in setting out the grant making policy for the year.The trustees consider the charity to be a public benefit entity.
Grantmaking
Currently the policy of the trustees is to make grants to local, national and international charities which are involved in medical and cancer care, animal care and from time to time local charities covering specific local needs. Grants were made during the year amounting to £110,150 (2020: £107,750).
The trustee's consider on an annual basis new applications for grants along with annual regular payments.
ACHIEVEMENT AND PERFORMANCE
Achievements
Achievements during the year were promoting and funding local charities for the benefit of the local community.
The wider benefits to society as a whole have been donations to national charities to assist with medical research and support.
FINANCIAL REVIEW
Financial position
Donations and legacies of £972 (2020: £Nil) were received during this accounting year.
Investment income during the year under review amounted to £79,833 (2020: £89,011).
Total funds of the Trust at 30 June 2021 were £4,659,940 (2020: £4,447,532).
After taking into account both Realised and Unrealised Gains the Capital Fund within the unrestricted fund amounted to £4,650,840 (2020: £4,407,318).
Principal funding sources
The Trust's charitable activities are funded from income generated from the Capital Fund which is a designated fund within the unrestricted funds.The funds of the charity are from donations and the legacy of one benefactor.
The trustees are also empowered in their absolute discretion to distribute such of the capital of the Trust Fund as is deemed necessary and desirable, in the same terms as the income, less expenses of the Trust.
At the present time the policy of the trustees is not to diminish the capital of the fund, but to use the net income after expenses in its entirety for charitable purposes.
Investment policy and objectives
The trustees with the assistance of the investment advisors closely monitor the performance of the investments which are mainly in shares in quoted public companies. The primary aim of the investments is to produce an income whilst minimising investment risk.
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The Burford Trust
Report of the Trustees
for the Year Ended 30 June 2021
FINANCIAL REVIEW
Reserves policy
There is no restricted fund. The trustees hold a designated capital fund within the unrestricted fund. Investment income generated by the capital fund is held in cash to distribute as grants; the trustees intention is that there should always be sufficient cash to pay one year's grants.
Going concern
The trustees are of the opinion that the charity is a going concern given the substantial resources compared to minimal liabilities.
With the outbreak of Covid-19, investment income may be reduced due to poorer performance of the companies invested in, but the overall impact is expected to be minimal.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Burford Trust is a registered charity No. 1093523 and was constituted by a Declaration of Trust dated 25 June 2002.
The trust deed states that there shall be at least two ordinary meeting each year and applications for grants are considered at these meetings.
Recruitment and appointment of new trustees
Trustees are recruited by existing trustees after having taken into consideration any skills gap identified within the trustee body and considering those who, by virtue of their personal or professional qualifications, are able to make a contribution to the objects or the management of the Charity.
Organisational structure
The day to day management of the charity is by the four trustees.
The management of the investments as indicated in the investment policy and objectives is delegated to the charity's investment advisors.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1093523
Principal address
c/o Dyke Ruscoe & Hayes Limited 38 Teme Street Tenbury Wells Worcestershire WR15 8AA
Trustees
Mrs S E Bishop Mr G V L Grant Mr A J Dale Mrs E K Padwick
The land and property owned by the Trust is held by the trustees' as named nominees.
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The Burford Trust
Report of the Trustees for the Year Ended 30 June 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
S C Davies FCCA Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 38 Teme Street Tenbury Wells Worcestershire WR15 8AA
Solicitors
Norris and Miles 6 Market Square Tenbury Wells Worcestershire WR15 8BW
Investment advisers
EFG Harris Allday Beech House Anchorage Avenue Shrewsbury Business Park Shrewsbury SY2 6FG
Bankers
TSB Bank plc 71 Teme Street Tenbury Wells Worcestershire WR15 8AQ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mr A J Dale - Trustee
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Independent Examiner's Report to the Trustees of The Burford Trust
Independent examiner's report to the trustees of The Burford Trust
I report to the charity trustees on my examination of the accounts of The Burford Trust (the Trust) for the year ended 30 June 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
S C Davies FCCA Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 38 Teme Street Tenbury Wells Worcestershire WR15 8AA
Date: .............................................
Page 4
The Burford Trust
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Other trading activities 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Grant funding activities Governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 972 4,900 79,833 85,705 17,818 110,150 5,337 133,305 260,008 212,408 4,447,532 4,659,940 |
Restricted fund £ - - - - - - - - - - - - |
2021 Total funds £ 972 4,900 79,833 85,705 17,818 110,150 5,337 133,305 260,008 212,408 4,447,532 4,659,940 |
2020 Total funds £ - 4,900 89,011 93,911 18,363 107,750 2,881 128,994 (155,520) (190,603) 4,638,135 4,447,532 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
The Burford Trust
Balance Sheet 30 June 2021
| Notes FIXED ASSETS Investments Investments 11 Investment property 12 CURRENT ASSETS Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS |
Unrestricted fund £ 2,578,888 2,032,000 4,610,888 710 55,695 56,405 (7,353) 49,052 4,659,940 4,659,940 |
Restricted fund £ - - - - - - - - - - |
2021 Total funds £ 2,578,888 2,032,000 4,610,888 710 55,695 56,405 (7,353) 49,052 4,659,940 4,659,940 |
2020 Total funds £ 2,315,852 2,032,000 4,347,852 1,877 102,765 104,642 (4,962) 99,680 4,447,532 4,447,532 |
|---|---|---|---|---|
The notes form part of these financial statements
continued...
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The Burford Trust
Balance Sheet - continued
| Balance Sheet - continued | ||
|---|---|---|
| 30 June 2021 FUNDS 14 Unrestricted funds TOTAL FUNDS |
4,659,940 4,659,940 |
4,447,532 |
| 4,447,532 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr A J Dale - Trustee
............................................. Mrs S E Bishop - Trustee
............................................. Mr G V L Grant - Trustee
............................................. Mrs E K Padwick - Trustee
The notes form part of these financial statements
Page 7
The Burford Trust
Notes to the Financial Statements for the Year Ended 30 June 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.
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.
Allocation and apportionment of costs
The allocation of support costs is analysed in note 8 to the accounts.
Investment property
Investment property is shown at the most recent professional valuation dated March 2015. The trustees consider that there has been no material change to that valuation.
Listed investments are valued at the market value at the year end date, Any aggregate surplus or deficit arising from changes in the market value is transferred to the Statement of Financial Activities and reflected in net gains/losses in investments.
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.
There are no restricted funds.
Bank and cash in hand
Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Cash equivalents are short term, highly liquid investments, usually in instant access interest bearing savings accounts.
Creditors
Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
| 2. DONATIONS AND LEGACIES Donations 3. OTHER TRADING ACTIVITIES Grasskeep 4. INVESTMENT INCOME Other income Other fixed asset invest - FII Deposit account interest 5. RAISING FUNDS Other trading activities Grasskeep commission Other costs Investment management costs Portfolio management Aggregate amounts |
2021 £ 972 2021 £ 4,900 2021 £ - 79,474 359 79,833 2021 £ 336 80 416 2021 £ 17,402 17,818 |
2020 £ - 2020 £ 4,900 2020 £ 1,368 86,766 877 |
|---|---|---|
| 89,011 | ||
| 2020 £ 336 - 336 2020 £ 18,027 |
||
| 18,363 |
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
6. CHARITABLE ACTIVITIES COSTS
| 6. CHARITABLE ACTIVITIES COSTS |
|||
|---|---|---|---|
| Grant funding activities Governance costs 7. GRANTS PAYABLE Grant funding activities |
Grant funding of activities (see note 7) £ 110,150 - 110,150 |
Support costs (see note 8) £ - 5,337 5,337 2021 £ 110,150 |
Totals £ 110,150 5,337 |
| 115,487 | |||
| 2020 £ 107,750 |
All grants paid during 2021 and 2020 were to charitable organisations with a broad analysis of beneficiary types as follows:
| Advancement of health and welfare or saving of lives Advancement of religion Advancement of human rights, equality and diversity Emergency services Advancement of citizenship or community development Animal welfare Advancement of education Support of armed forces of the Crown Prevention or relief of poverty Advancement of the arts, culture, heritage or science Relief of those in need by reason of youth, disability or other disadvantage Gifts for the benefit of a particular locality Total grants authorised in the year |
2021 £ 30,750 5,000 3,000 4,500 - 4,000 2,500 2,000 1,500 12,000 18,400 26,500 110,150 |
2020 £ 26,250 7,500 3,000 4,000 1,000 4,000 2,500 1,000 6,500 5,500 25,500 21,000 |
|---|---|---|
| 107,750 |
8. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Other | costs | Totals | |
| £ | £ | £ | £ | |
| Governance costs | 1,140 | 2,427 | 1,770 | 5,337 |
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
8. SUPPORT COSTS - continued
Other costs consist of independent examination fees of £1,618 (2020: £1,193) and accountancy fees of £809 (2020: £596).
9. TRUSTEES' REMUNERATION AND BENEFITS
Mr A J Dale completed various administration duties during the year. For these services in the accounts to 30 June 2020 he was paid an hourly rate by Dyke Ruscoe & Hayes Ltd which then raised a fee note to the charity. The amount paid to Mr A J Dale during the year to 30 June 2020 was £2,425. This arrangement ceased on the 31 December 2019
During the year, Mr A J Dale has been paid £1,225 (1 January to 30 June 2020: £550) for administration services.
No fees are paid to the trustees for normal trustees duties.
Trustees' expenses
During the year, expenses incurred wholly and exclusively for the trust of £28 (2020: £22) were incurred by, and reimbursed to Mr A J Dale.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Other trading activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Grant funding activities Governance costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 4,900 89,011 93,911 18,363 107,750 2,881 128,994 (155,520) (190,603) 4,638,135 4,447,532 |
Restricted fund £ - - - - - - - - - - - |
Total funds £ 4,900 89,011 93,911 18,363 107,750 2,881 128,994 (155,520) (190,603) 4,638,135 4,447,532 |
|---|---|---|---|
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
11. FIXED ASSET INVESTMENTS
| 11. FIXED ASSET INVESTMENTS |
|||
|---|---|---|---|
| MARKET VALUE At 1 July 2020 Additions Disposals Revaluations At 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 Included in investments are overseas invested funds: 12. INVESTMENT PROPERTY FAIR VALUE At 1 July 2020 and 30 June 2021 NET BOOK VALUE At 30 June 2021 At 30 June 2020 |
2021 £ 216,334 |
Listed investments £ 2,315,852 202,399 (185,157) 245,794 2,578,888 2,578,888 2,315,852 2020 £ 230,028 £ 2,032,000 2,032,000 2,032,000 |
|
The investment property relates to land donated to the charity through the legacy of the sole benefactor. The value represents the probate valuation as reflected on the benefactors Inheritance Tax return. The land will be let under licence agreements for the foreseeable future.
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Other creditors | 7,353 | 4,962 |
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
14. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||||
|---|---|---|---|---|---|
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund TOTAL FUNDS |
as follows: Incoming resources £ 85,705 85,705 |
At 1.7.20 £ 4,447,532 4,447,532 Resources expended £ (133,305) (133,305) |
Net movement in funds £ 212,408 212,408 Gains and losses £ 260,008 260,008 |
At 30.6.21 £ 4,659,940 4,659,940 Movement in funds £ 212,408 212,408 |
|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS Comparative net movement in funds, included in the above are as Incoming resources £ Unrestricted funds General fund 93,911 TOTAL FUNDS 93,911 |
At 1.7.19 £ 4,638,135 4,638,135 follows: Resources expended £ (128,994) (128,994) |
Net movement in funds £ (190,603) (190,603) Gains and losses £ (155,520) (155,520) |
At 30.6.20 £ 4,447,532 4,447,532 Movement in funds £ (190,603) (190,603) |
|
|---|---|---|---|---|
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.7.19 £ 4,638,135 4,638,135 |
Net movement in funds £ 21,805 21,805 |
At 30.6.21 £ 4,659,940 |
|---|---|---|---|
| 4,659,940 |
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 TOTAL FUNDS |
Incoming resources £ 179,616 179,616 |
Resources expended £ (262,299) (262,299) |
Gains and Movement losses in funds £ £ 104,488 21,805 104,488 21,805 |
|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
16. GOING CONCERN
The trustees consider that there are no material uncertainties about the charity's ability to continue and the financial statements have therefore been prepared on the going concern basis.
The trustees have assessed the charity's cash reserves which are sufficient to enable its activities to continue for twelve months without the receipt of any additional funds.
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