REGISTERED CHARITY NUMBER: 1093523
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30th June 2023
for
The Burford Trust
Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ
The Burford Trust
Contents of the Financial Statements for the Year Ended 30th June 2023
| 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 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
The Burford Trust
Report of the Trustees for the Year Ended 30th June 2023
The trustees present their report with the financial statements of the charity for the year ended 30th June 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 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 £22,000 (2022: £111,700).
Due to the bank errors (referred to in note 3 of the accounts) and the issues with the presentation of cheques during the year, the level of grants made in the year was reduced. The trustees will take this into account in the year to 30 June 2024.
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
There was no donations and legacies (2022: £895) received during this accounting year.
Investment income during the year under review amounted to £95,276 (2022: £119,084).
Total funds of the Trust at 30 June 2023 were £4,458,102 (2022: £4,452,055).
After taking into account both Realised and Unrealised Gains the Capital Fund within the unrestricted fund amounted to £4,338,331 (2022: £4,409,252).
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.
Page 1
The Burford Trust
Report of the Trustees for the Year Ended 30th June 2023
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.
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 six 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 Mr J L W Grant (appointed 10.10.23) Miss A R Waite (appointed 10.10.23)
The land and property owned by the Trust is held by the trustees' as named nominees.
Independent Examiner
S C Davies Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ
Page 2
The Burford Trust
Report of the Trustees
for the Year Ended 30th June 2023
REFERENCE AND ADMINISTRATIVE DETAILS 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
Page 3
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 30th June 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:
-
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
Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ
Date: .............................................
Page 4
The Burford Trust
Statement of Financial Activities for the Year Ended 30th June 2023
| 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 £ - 11,850 95,276 107,126 20,055 22,000 5,375 47,430 (53,649) 6,047 4,452,055 4,458,102 |
Restricted fund £ - - - - - - - - - - - - |
2023 Total funds £ - 11,850 95,276 107,126 20,055 22,000 5,375 47,430 (53,649) 6,047 4,452,055 4,458,102 |
2022 Total funds £ 895 4,900 119,084 124,879 19,084 111,700 6,068 136,852 (195,912) (207,885) 4,659,940 4,452,055 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
The Burford Trust
Balance Sheet 30th June 2023
| 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 £ 2,306,331 2,032,000 4,338,331 2,387 124,834 127,221 (7,450) 119,771 4,458,102 4,458,102 |
Restricted fund £ - - - - - - - - - - |
2023 Total funds £ 2,306,331 2,032,000 4,338,331 2,387 124,834 127,221 (7,450) 119,771 4,458,102 4,458,102 |
2022 Total funds £ 2,377,252 2,032,000 4,409,252 2,303 51,534 53,837 (11,034) 42,803 4,452,055 4,452,055 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
continued...
The Burford Trust
Balance Sheet - continued 30th June 2023
| FUNDS 14 Unrestricted funds TOTAL FUNDS |
4,458,102 4,458,102 |
4,452,055 |
|---|---|---|
| 4,452,055 |
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 30th June 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.
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...
Page 8
The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
2. DONATIONS AND LEGACIES
| Donations 3. OTHER TRADING ACTIVITIES Other income Grasskeep |
2023 £ - 2023 £ 7,450 4,400 11,850 |
2022 £ 895 2022 £ - 4,900 |
|---|---|---|
| 4,900 |
Within other income are sums of £200 relating to compensation from the Trusts bankers for an error by them which involved the freezing of the bank account.
Other income also includes a sum of £7,250 relating to five cheque donations made during the year to 30 June 2022 which were not presented through the Trusts bank account by the 30 June 2023 due to the bankers error mentioned above. The beneficiaries of these payments have been considered in a subsequent round of grants made by the Trustees to ensure that all authorised grants have been paid to the relevant bodies.
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 Property repairs Aggregate amounts |
2023 £ - 94,729 547 95,276 2023 £ 597 - 597 2023 £ 17,328 2,130 19,458 20,055 |
2022 £ 1,362 117,479 243 |
2022 £ 1,362 117,479 243 |
|
|---|---|---|---|---|
| 119,084 | ||||
| 2022 £ 336 79 415 2022 £ 18,669 - |
||||
| 18,669 | ||||
| 19,084 |
continued...
Page 9
The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
6. CHARITABLE ACTIVITIES COSTS
| 6. | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Grant | |||||
| funding | of | ||||
| activities | Support | ||||
| (see note | costs (see | ||||
| 7) | note 8) | Totals | |||
| £ | £ | £ | |||
| Grant funding activities | 22,000 | - | 22,000 | ||
| Governance costs | - | 5,375 | 5,375 | ||
| 22,000 | 5,375 | 27,375 | |||
| 7. | GRANTS PAYABLE | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Grant funding activities | 22,000 | 111,700 |
All grants paid during 2023 and 2022 were to charitable organisations with a broad analysis of beneficiary types as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Advancement of health and welfare or saving of lives | 1,000 | 28,500 |
| Advancement of religion | - | 6,000 |
| Advancement of human rights, equality and diversity | - | 8,000 |
| Emergency services | - | 4,500 |
| Advancement of citizenship or community development | - | 3,000 |
| Animal welfare | - | 2,500 |
| Advancement of education | - | 3,200 |
| Support of armed forces of the Crown | - | 1,000 |
| Prevention or relief of poverty | 10,000 | 16,500 |
| Advancement of the arts, culture, heritage or science | 1,000 | - |
| Relief of those in need by reason of youth, disability or other disadvantage | 500 | 17,500 |
| Gifts for the benefit of a particular locality | 9,500 | 21,000 |
| Total grants authorised in the year | 22,000 | 111,700 |
8. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Other | costs | Totals | |
| £ | £ | £ | £ | |
| Governance costs | 1,183 | 3,656 | 536 | 5,375 |
continued...
Page 10
The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
8. SUPPORT COSTS - continued
Other costs consist of independent examination fees of £2,437 (2022: £2,073) and accountancy fees of £1,219 (2021: £1,037).
9. TRUSTEES' REMUNERATION AND BENEFITS
During the year, Mr A J Dale has been paid £525 (2022: £1,550) 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 £11 (2022: £16) were incurred by, and reimbursed to Mr A J Dale.
| 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies 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 |
ACTIVITIES Unrestricted fund £ 895 4,900 119,084 124,879 19,084 111,700 6,068 136,852 (195,912) (207,885) 4,659,940 4,452,055 |
Restricted fund £ - - - - - - - - - - - - |
Total funds £ 895 4,900 119,084 124,879 19,084 111,700 6,068 136,852 (195,912) (207,885) 4,659,940 4,452,055 |
|---|---|---|---|
continued...
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The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st July 2022 Additions Disposals Revaluations At 30th June 2023 NET BOOK VALUE At 30th June 2023 At 30th June 2022 Included in investments are overseas invested funds: 12. INVESTMENT PROPERTY FAIR VALUE At 1st July 2022 and 30th June 2023 NET BOOK VALUE At 30th June 2023 At 30th June 2022 |
Listed investments £ 2,377,252 35,109 (62,713) (43,317) 2,306,331 2,306,331 2,377,252 |
||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 213,505 | 226,572 | ||
| £ 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
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other creditors | 7,450 | 11,034 |
continued...
Page 12
The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
14. MOVEMENT IN FUNDS
| At 1.7.22 £ Unrestricted funds General fund 4,452,055 TOTAL FUNDS 4,452,055 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 107,126 (47,430) TOTAL FUNDS 107,126 (47,430) Comparatives for movement in funds At 1.7.21 £ Unrestricted funds General fund 4,659,940 TOTAL FUNDS 4,659,940 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 124,879 (136,852) TOTAL FUNDS 124,879 (136,852) |
Net movement in funds £ 6,047 6,047 Gains and losses £ (53,649) (53,649) Net movement in funds £ (207,885) (207,885) Gains and losses £ (195,912) (195,912) |
At 30.6.23 £ 4,458,102 4,458,102 Movement in funds £ 6,047 6,047 At 30.6.22 £ 4,452,055 4,452,055 Movement in funds £ (207,885) (207,885) |
|
|---|---|---|---|
continued...
Page 13
The Burford Trust
Notes to the Financial Statements - continued for the Year Ended 30th June 2023
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 1.7.21 £ 4,659,940 4,659,940 |
Net movement in funds £ (201,838) (201,838) |
At 30.6.23 £ 4,458,102 |
|---|---|---|---|
| 4,458,102 |
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 £ 232,005 232,005 |
Resources expended £ (184,282) (184,282) |
Gains and Movement losses in funds £ £ (249,561) (201,838) (249,561) (201,838) |
Gains and Movement losses in funds £ £ (249,561) (201,838) (249,561) (201,838) |
|---|---|---|---|---|
| (201,838) |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30th June 2023.
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.
Page 14
The Burford Trust
Detailed Statement of Financial Activities for the Year Ended 30th June 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Other income Grasskeep Investment income Other income Other fixed asset invest - FII Deposit account interest Total incoming resources EXPENDITURE Other trading activities Grasskeep commission Other costs Investment management costs Portfolio management Property repairs Charitable activities Grants to institutions Support costs Management Insurance Other Accountancy Governance costs Trustees' fees Trustees' expenses Legal and professional fees |
2023 £ - 7,450 4,400 11,850 - 94,729 547 95,276 107,126 597 - 597 17,328 2,130 19,458 22,000 1,183 3,656 525 11 - 536 |
2022 £ 895 - 4,900 |
|---|---|---|
| 4,900 1,362 117,479 243 |
||
| 119,084 | ||
| 124,879 336 79 |
||
| 415 18,669 - |
||
| 18,669 111,700 1,092 3,110 1,550 16 300 |
||
| 1,866 |
This page does not form part of the statutory financial statements
Page 15
The Burford Trust
Detailed Statement of Financial Activities for the Year Ended 30th June 2023
| Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
2023 £ 47,430 59,696 (10,332) 49,364 |
2022 £ 136,852 (11,973) 2,712 (9,261) |
|---|---|---|
This page does not form part of the statutory financial statements
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