REGISTERED CHABITY NUMBER: 1093523 Report of the Trustses and Unaudlted Fln4ncial Ststements for tbe Yegr Ended 30th June 2024 for The Burford Trust Streets Dyke Ruscoe Ltd 110 Corve Street Ludlow sF0PSE SY8 IDJ
The Burford Trust Contents of the FknanciAi Statements for the Yeir Ended 30th June 2024 P4%¢ Report ofthe Trn8tses I to 3 Independent Examlner'8 Report ststement of Fln*nci41 Actlvltles BAJance Sheet Notss to the Flnandal StAtem?nts 7 to 12 Detatied Ststement of FlnanelAI Actlvltles 13 to 14
Tho Burford Trust Report of the Trustw4 for the Year Ended 30th June 2024 The ttustees present their report with the flnancial stalements of the clwity ftir the year ended 30th Jutte 2024. The trusfr¢s have adopted the provisions of Accounting attd Reporting by Charities: Staletllent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢pubiiG of Ir¢land (FRS 102) (effective l January 2019). Objectives and aims The objectives of the Burford Trnst are tr) apply the inGome of the to Such chaTXti¢s aud ¢haritable purposes and in 8uch shpres the tnjstees in their absolute discretion slLail decide. Publlc beneflt The trustees eonfirn th4t 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 ty making policy for the year.The trustees consider the charity to be a publi¢ benefit entity. Grydntmaklng Currently the policy of the tswtees is to make grartts to local, national and international charities which are involved in Medi and Ganc¢T we, animal care and from time lo time loc81 charities covering specific local needs. Grants were made during th¢ year amounting to £105,750 (2023: £22,000) The ttustee's consider on an annual blS new applications forgrants along with annuaj regular payments. ACHIEVEMENT AND PERFORMANCE Achievements Achievements durin8 the year w¢r¢ promoting and ndIng local charities ftir the benefit of the local community. The wider benefits to society as a whol¢ have been donations to national charities to assist with medical re8¢4h and supporL FINAL¥CL REVIEW Financlal position There was no donations and legacies (2023: nil) rcceived during this &cUnting year. tnvestment incotne during the year under review amountcd to £100,788 (2023: £95,276). Total funds of the Tnt at 30 June 2024 We £4.497,343 (2023.. £4,458,102). After tak8 iiito a¢Unt b)th ReaIised and Unr¢alis¢d Gains the Capitsl Fund within the unrestricted nd amounted to £4J91,844 (2023.. £4,338,331). PrincipAI funding source The Trusts charitable activities ar¢ funded from income generated from the Capital Fund which is a d¢si8nat¢d fund within the unrestrickd funds.The funds of the Charity are from donations and the legacy of one beThefactor. The truste&s are also ¢mpwer¢d in their absolute discretion to distribute such of the clta1 of the Thlst Fund as is deemed ne¢Sary and desirnble, in the same temis as the income, less expen8es ofth¢ Tht. At the psent time the policy of the tru8t¢& is not to diminish the pits1 of the fund, but to U5¢ th¢ net incom¢ after expenses in its ent[ty for charitable purposes. InYes(ment policy And objectives Th¢ trustees with the SiStance of the investment advisors clos¢ly monitor the perforniance of the investments which are mainly in shares in quoted public wmpallies. The primary aim of the investments is to produce an income whilst minimising invesknent risk. Page I
The Burford Trnst Report of the Trnsteo% for the Year Ended 30th June 2024 FtNANCIAL REVIEW Reserves policy There is no restricted fund. The trustees hold a designated capilal fund witlLin the unrestricted fimd. Inv¢5knellt income generated by the capitsl fund is held in ¢&sh to distribut¢ as grallt& the trustees illt¢ntion is that there should always be sufficient calh to pay one yeavs grants. Going Concern The tnjstees are of the opinion that the charity is a going concern giv¢n the substantial resources compared to minimal liabiliti¢s. STRUCTURE, GOVERIYANCE AND MAI¥AGEMENr Governing documellt The Burford Trust is & registered charity No. 1093523 and was ¢on5tituted by & Declaration of Ttilst dated 25 June 2002. The trust deed stst¢s that th¢rc shall b¢ at I¢t two ordinary meeting each year &nd applications for grants are nsidered at these meetings. Recruitment and appolntment of new trustses Trustees are recNited by existing ttusÉ¢es aft¢r having taken into consideration any skills gap identified within the trustee body and considering those who, by virtue of their personal or profegsional qualifiGalion8, are able to make a contribution to the objects or the mllnagement of the Charity. Oryanlsatlonal Structure The day to day management of the charty is by the six tru5tee8. Th¢ management of the illveslments as indicated in the investment policy and objectives is d¢legated to the ¢lwity8 invesknent advi5017. REFERENCE AND ADMTMSTRATIVE DETAILS Registered Charity number 1093523 Prfnclpal Address clo Streets Dyke Ru5¢0¢ Ltd 38 Teme Street Tenbury Wells Woreestershire WR15 Trust Mrs S E Bishop MrGVLGrnnt MrAJDale Mrs E K Padwi¢k Mr J L W Grant (appointed 10.10.23) Miss A R Waits (&ppointsd 10.10.23) The land and propty owned by the Trnst is held by the tnISt, ag named nomin¢e8. Independent Examlner S C Davies Str¢ets Dyk¢ Ruscoe Ltd 110 Corve Street Ludlow SHROPSHtRE SY8 IDJ Pag¢ 2
The Burford Trust Report of the Trustees for the Year Ended 30th June 2024 REFERENCE AND ADMtNISTRATIVE DETAILS Solicitors No]TiS and Miles 6 Market Square Tenbury Wells Worcestershire WR15 8BW Investment advisers EFG Harris Allday Beech House Anchornge Avenue Shrewsbury Business Park Shrewsbury SY2 6FG Bgnkers TSB Bank plc 71 Teme Street Tenbury Wells Worcestershire WR15 8AQ Approved by order of the board of trustees on ....l.8...m.tr.th....2.OFI?.... and signed on its behalf by.. MrAJ Trustee Page 3
Independent Ex8miner's Report to the Trnstees of Tbe Burford Trust Independent exajniner'y report to the trustees of The Burford Trust I report t() the charity tswstees on my examination of the accounts of The Burford Trust (the Ttwst) fr>r the year ended 30th June 2024. HponSIbl11t1es and basls of report As the charity trustees of the Ttust you are reswnsible for the preparation of the accounts in accordance with thc requirements of the Charities Act 2011 (Ihe Act,). I repx)rt in respect of my emination of the Trusvs &counts carried out under S¢dion 145 of the Art and in carying out my examination I have followed all applicable Directions given by the Chwity Commission und¢r Section 145(5Xb) of the Act. Independent uaminer's ststement I have completed my examination. I confm that no material matters have com¢ to my attention in wnnection with the examin&tioll giving m¢ v5¢ to b¢li¢ve that in any material respt. accounting records were not kept in respect of the Trust as rcquir¢d by Stion 130 of th¢ A¢t' or the wcounts do not accord with thos¢ records" or the accounts do not comply with the applicable quIrementS concerning the forni and content of accounts Set out in the Charities (Accourtts and Reports) Regulations 2008 other than any quIrernent that thc accounts give tTh¢ and faTr vi¢w which is not a matt¢r considered Hs part of an independent examination. I have no conccms and have come across no other matters in connection with the examination to which attention should be drawn in ihis report in order to enable a proper understanding of the accounts to b¢ reaehed. S C Davies Streets Dyke Ruscoe Ltd 110 cOe Street Ludlow SHROPSHtRE SY8 IDJ Date:..ia....m..th.. 20.2.&... Page 4
The Bvrford Trust Statement of Financial Activities for the Year Ended 30th June 2024 2024 Totsi fimds 2023 TotsI fim(L4 Unrestricted fund Restricted fiuLd Notes INCOME AND ENDOWMKNTS FROM Other trading activities Investjnent income 4,945 100.788 4,945 100,788 11,850 95.276 Tot&l I05,733 105,733 107,126 EXPENDITURE ON Raising finds 17,338 17.338 20,055 Charitable 4ctivities fvt ftmding &ctivities Governance Costs 105.750 6,067 105,750 6,067 22,000 5,375 TotAI 129,155 129,155 47,430 Net gaIn(lOSsa8) on investments 62.663 62,663 (53.649) NET INCOME 39241 39,241 6,047 RECONCILIATION OF FUNDS Totsl funds brought forward 4,458,102 4,458,102 4,452,055 TOTAL FUNDS CARRIED FORWARD 4,497,343 4,497,343 4,458,102 The notss forni part of th¢5¢ financial statements Page 5
The Burford Trust BalAnee Sheet 30th June 2024 2024 Totat fijnds 2023 Toial Utwestricted fund Restricted fund Notes FLD A&SETS Investments tnvestments Inv¢strnent pJY)pety io li 2,359,844 2,032,000 2,359,844 2,032,000 2,306,331 2,032,0(X) 4,391,844 4,391,844 4,338,331 CURRENT ASSETS Prepayments and acaued income Cash at bank 883 115,187 883 115,187 2,387 124.834 116,070 116,070 127221 CREDITORS Amounts fling due within one year 12 (10.571) (10,571) (7,450) NET CURRENf ASSETS 105,499 105,499 119,771 TOTAL ASSETS LESS CURRENT LIABILETIES 4,497,343 4,497,343 4,458,102 IYET ASSETS 4,497,343 4,497,343 4,458,102 13 UnstriCted fill8 4,497,343 4,458,102 TOTAL FUNDS 4,497,343 4,458.I02 The fllwicial stslements were approved by the Board of Thtee5 and authorised for issue ..i.%....marob...A.o.as.... gnd were signed on its behaIf by: on A J De. TnL8tee Mrs S E Bishop- TnLqtee Mrs E KPRdwick- T Th¢ notes forni part of th¢s¢ fuwicial 8tatements Page 6
The Burford Trust Notes to the Financial Statements for the Year Ended 30th June 2024 AcCOuNTG POLICIES Basis of preparing the finaDeig1 statements The fmancial statetnents of the charity, whith is a public benefit entity under FRS 102, have been prepared i accordance with the Charities SORP (FRS 102) 'Accounling and Reporting by Chwities: Statement of Recommended Practice applicable to chariti¢s preparing their a¢wunls in accordance with the Financial Reporting Standard applicable in thc UK and Republi¢ of Iland (FRS 102) (effective l Janu8ry 2019),. Financial Reporting standa 102 'The Financial Rewrting Standard applicable in the UK and Republic of Ir¢land' and the Charities Act 2011. The financiat statements have been prepared under the historical cost conventio with the ¢tIOn of tnvestments which are inGluded at mad(el value. Eneome All income is recognised in the Ststement of Financial Activities once the charity has entitlement to the funds. it is probable that the inwme will b¢ r¢¢eived and the 8mounl can be measured reliably. Expendlture Li&biliti¢s are recOls¢d as expenditu os soon as there is a legal or constructive obligation wmmitting the charity to that ¢xpenditure, it is probable that & transfer of economic benefits will be required in Settlement and the amount of the obligation can be me&8wed reliably. Expenditur¢ is cOUnted for on an accruals b8sis and has been cl&8sifi¢d under headings that aggregat¢ all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocatsd to tIVItieS on a basls consislenl with the us¢ of resources. Grants offered subje¢t to conditions which have not been met at the year end date are noted 8 Commitment but nol accrued expenditure. AIIocAtlon and apportlonment of costs The allocation of support costs is 8naly5¢d in note 7 to the aOunts. Investment property Investment propety is thowi at the most ree¢nt professional valuation dated March 2015. The tsuslees ¢onsider that there has been no maloriai change to that valuation. Listed inve8tmenls vued At the market value at the year end date. Any aggre8ate surplus or deficit arising from chan8¢8 in the market value is transf¢Thed to the Stthment of Financial Activities and reflected in rAet gain&Qosses in investm¢nts. TAxatlon The ¢harity is exempt from tsx on its ehaTitsble activiti&8. Fund accountlng Unrestii¢led ftmds can be used in ac£ordance with the charitabl¢ Objectiv at the discretion of the trustees. There att no restricted funds. Bank and egsh in hand Cash at bank and in hand is held to m¢¢t the day to day running costs of the charity &$ they fall due. Cash equivalents are short lerni, highly liquid investments, usually in instant access interest b¢arin8 savin8s accounts. Creditors Creditors are 8mounts owed by the charity. They are measured at the mount that the Charity expects to hav¢ to pay to settle the debt. Continu..
The Burford Trust Notss to the Fin#neial Statements- continued for the Year Ended 311th June 2024 OTHER TRADING ACfIVITIES 2024 2023 Other income Grasskeep 45 4,900 7.450 4.400 4,945 11.850 INVESTMEL¥T COmE 2024 2023 Other fixed asset itLvest- FI[ Deposit account interest 99,840 948 94,729 547 100,788 95,276 RAISING FUNDS Other trading activities 2024 2023 Grasykeep commission 489 597 nvestment mAn8gement costs 2024 2023 Portfolio mana8ernt Propcty repairs 16,849 17J28 2,130 16,849 19,458 Aggregate amounts 17,338 20,055 CHARITABLE AcfivTfIES COSTS fjjnding of activities (sec note Support sts (see note 7) 6) Tolals Grant fimding activitie8 Govemattce costs 105,750 105,750 6,067 6,067 105.750 6,067 111.817 Pw8 conttnued...
The Burford Tnt Notes to the FinAneial Stst¢ments- continued for the YeAr Ended 30th June 2024 GRANTS PAYABLE 2024 2023 Grant fijnding activiti¢S 105,750 22,000 All antS paid during 2024 and 2023 were to charitable organisation5 with a broad analysis of beneficiary types a5 follows: 2024 2023 Advancement of health and welfare or saving of lives Advancement of religion Advancement of human rights. equojity and diversity Emergency services Advancement of ¢itizKnship or community development Anima] welfare Advancement of education Support of &rn]ed forces of the Cm Prevention or relt¢f of poverty Advan¢¢ment of the 8rts, culture. heritage or science Relief of those in ne¢d by reason of youth, disability or other disadvRntsge Giftg forthe benefit of a particular locality 32,500 6,000 3,000 4,500 1,000 2,500 2,000 500 9,000 1,000 l9.500 24,250 1.000 10.000 1.000 500 9.500 Total grants authorised in th¢ year 105,750 22.000 SUPPORT COSTS Governance Costs Managemenl Totsis Governance costs 1,291 3,872 gJ4 6,067 Other c08ts ¢onsisl of independent examination fees of £1581 (2023.. £2,437) and countancY fees of £1,291 (2023.. £1,219). TRUSTEES, E1UERl4TI0N AND BENEFITS During the year, Mr A J Dale has been paid £875 (2023.. £525) for adminlstration 8ervi¢es, No fees are paid to the trustees for nomial trustees dutie5. Trust¢es' expenses Dwing the year, expenses in¢urred wholly and exclusively for the trust of £29 (2023: £11) were incurred by, and reimbursod to Mr A J Dale, Page 9 tinU...
The Burford Trust Notes to the FinAnci81 Statements- continued for the Year Ended 30th June 2024 COMPA114TIVES FOR THE STATEMELYf OF FINANCIAL Ac[Iv[£s Unrestricted fund R¢strithd nd Total funds COME AND ENI)OWMEiYfs FROM Othertrnding activities tnvestment income 11,850 95,276 11,850 95,276 Total 107,126 107,126 EXPENDITURE ON Raislng funds 20,055 20,055 Chllritsble Activldes Grant funding activities Governance costs 22,000 5,375 22,000 5,375 Totsl 47,430 47,430 Net gainsl(losses) on inve8tmenl8 {53.649) (53,649) NET INCOME 6,047 6,047 RECONCILIATION OF FUNDS Totsl funds brought forward 4,452,055 4,452,055 TOTAL FUNDS CARRIED FORWARD 4,458,102 4,458,102 10. FIXED ASSET INVESTMENrs Listed investtnents At 1st July 2023 Additions Disposals Revaluations 2,306,331 8.617 (26,604) 71,500 At 301h June 2024 2J59,844 NET BOOK VALUE At 30th June 2024 2J59,844 At 30th June 2023 2J06,331 Included in inv¢sknents Overs invested fimdg: 2024 2023 223,748 213,505 Page 10 continued...
The Burford Tnut Notss to the Financial Ststements - continued for the Year Ended 30th June 2024 INVESTfvtENf PROPERTY FAIR VALUE At Isl July 2023 and 30th June 2024 2,032,otH) LYET BOOK VALUE At 30th June 2024 2,032,000 At 30th June 2023 2,032.000 The investment property relates lo land donated to the charity through the legacy of the sol¢ benefactor. Th¢ value repr¢s¢nts the probate valuation as reflected on the benefactors Inheritance Tax return. The land will be let under licence weements for the foreseeable future. 12. CREDrtORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditord 10,571 7,450 13. MOVEME IN FUNDS Net mov¢m¢nt in Thd5 At 30.6.24 At 1.7.23 Unrestrlcted funds General fund 4,458,102 39,241 4,497,343 TOTAL FUYDS 4,458.102 39,241 4,497,343 Net movement in fjjnds, included in the above are follows.. Incoming r¢sourGes Resources expended Gains and Ios8es Movement in fjjnds Unrestrleted thn(ts General fund 105,733 (129,155) 62,663 39,241 TOTAL FUNDS 105,733 (129,155) 62,663 39,241 Comp*r8tfves for movement In thnds Net mov¢m¢nt in fundq At 30.6.23 At 1.7.22 Unrestrlcted funds General fund 4,452,055 6,047 4,458,102 TOTAL FUNDS 4,452,055 6,047 4,458,102 Pagell continu¢d...
The Burford Trust Notss to the FinanciAI Statements- continued for the Year Ended 30th June 2024 13. MOVEMENT IN FUIYDS- continued Comparative net movement in funds, included in the above are as follows.. Ineoming resources Resources expended Gains and losses Movement in fidS UnrL8trieted funds General fund 107,126 (47,430} (53.649) 6,047 TOTAL FUNDS 107.126 (47,430) (53,649) 6,047 A current year 12 months and prior y¢ar 12 months combined position is as follows: Net movement in ndS At 30.6.24 At 1.7.22 Unre8trlctsd funds General fund 4,452,055 45288 4,497,343 TOTAL FUNDS 4,452,055 45,288 4,497,343 A cunEnt year 12 months and prior year 12 months ¢ombin¢d net movement io funds. included in the above as follows.. Incoming resoue$ Resources expend¢d Gpins and losse8 Movement in fvnds Unrestricted funds General fund 212,859 (176,585) 9,014 45,288 TOTAL FUNDS 212,859 (176585) 9,014 45,288 14. RELATED PARTY DISCLOSURES There We no related paty transactions for the year ended 30th June 2024. 15. GOING CONCERN The trustees consider that there are no material uncertainties aix)ut th¢ ¢harity's ability to wntinue and the fjnancial statements have therefore been pr¢par¢d on the going concern basis. The trustses have &ss¢ss¢d the charity's cash r&8erYes which Hr¢ suffi¢i¢nt to ¢nabl¢ its activiti¢s to continue for twelve months without the receipt of any ditional funds. Page 12
The Burford Trus¢ Detailed Statement of Financial Aetlviti£4 for the Year Ended 30th June 2024 2024 2023 INCOME AND ELWWMEKrs Other trading Activitlo8 Other incotne GrSke 45 4,900 7.450 4,400 4,945 11,850 tnv4stment income Other fixed asset invest- Fti Deposit account interest 99,840 948 94,729 547 100,788 95,276 Totsl Incoming resources I05,733 107,126 EXPENDITURE Olher tr*dlng aetlvltl Grasske¢p commission 489 597 Investment Magement costs Portfolio management Property repairs 16,849 17J28 2,130 l6,849 19,458 Ch8rffitsble aetlvltle8 Grants lo institutions 105,750 22,000 Support eosts Mllnagement Insuran¢e 1291 1,183 Other A¢¢ountan¢y 3,872 3,656 Governance Costs Trustees, fe¢s Trnstees, expenses 875 29 525 li 904 536 TotaI resources expended 129,155 47,430 Net (expeoditureyincome before gains and 10&8e8 (23,422) 59,696 Re4li8ed recogntsed gain8 and losses Carrted forward (23,422) 59,696 This page does not forni pth of the statutory financial ststements Pag¢ 13
The Burford Trust Detsiied Statement of Financial Activities for the Year Ended 30th June 2024 2024 2023 Realtsed recognised gains ond loss¢8 Brought forward Realised gains/(losse5) on fixed asset inveslments {23,422) (8,837) 59,696 (10,332) Net (expenditureyincome {32,259) 49,364 This pa8¢ does not forni part of the statutory fuwicial statements Page 14