THE ROBERTSON BURSARY TRUST Registered Charity No. 1096708 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE ROBERTSON BURSARY TRUST GENERAL INFORMATION FOR YEAR ENDED 31 AUGUST 2024 TRUSTEES Melissa Mary Gay (Chair) Paul Kenneth Parry Ali50n Burrows Rlchard Jones Simon Holmes REGISTERED OFFICE St Chr15topher School Barrington Road Letchworth Garden City Hertfordshlre SG6 3JZ REGISTERED CHARTfY NUMBER 1096708 BANKERS Barclays Bank plc Hitchin Branch 516 High Street Hitchin Hertfordshlre SG5 IBJ INVESTMENT MANAGERS Smlth & Wllllamson Investment Management LLP 25 Moorgate London EC2R 6AY
THE ROBERTSON BURSARY TRUST TRUSTEES, REPORT FOR YEAR ENDED 31 AUGUST 2024 The Trustees have pleasure In submittlng thelr report and accounts for the year ended 31 August 2024. ORGANISATION The Trust Is a registered charlty and Is governed by trust deed dated 19th August 2002. A supplemental Deed was established to the Definltlve Trust dated 2nd March 2003 and 19 November 2008. The trustees who served throughout the year were as follows: Melissa Mary Gay Paul Kenneth Parry Alison Burrows RSchard Jones Slmon Holmes TRUSTEE RECRUITMENT AND TRAINING The Trustees are appolnted In accordance with the founding trust deed. The trustee body conslsts of two Robertson Trustees, appointed by Neil Robertson, and three school Trustees, appolnted by St Chrlstopher School (Letchworth) Ltd. New Trustees are inducted into the workings of the Trust as a reglstered charlty, Including Board's pollcy and Procedures, by the Secretary and Treasurer. PRINCIPAL ACTIVITIES The Trust vias establlshed to award bursarles at St Christopher School, Letchworth, Hertfordshlre to persons who are in need of financial assistsnce to attend the School. To advance the education (Includlng social and physlcal tralnlng) of puplls attending the School and generally to promote and support the charltable objetts of the School. To advance education withln the Unlted Klngdom. REVIEW OF AcfIviTIES Bursarles totalllng £21,711 were awarded In the year to 31 August 2024. These have been rnade from accumulated dlvldends and Interest from investments. GRANT MAKING POLICY The Trustees must use the Income and may use the capital of the Trust In promotlng the Objects.
THE ROBERTSON BURSARY TRUST TRUSTEES. REPORT FOR YEAR ENDED 31 AUGUST 2024 INVESTMENT POLICY The Trustees hold the Trust assets In cash and shares and similar securities. The majority of the charity's investrnents are In shares. The shares and simllar other securlties were held under a portfolio managed on a discretionary basis by Evelyn Partners Investment Management. The share portfollo has a performance target to at least match the FfsE APCIMS BALANCED Index. Thls year the portfollo's perforrnance was 6.80/0 prlmary return wlth a portfolio capital return of 2.8 % compared to 2023. RESERVES POLICY At the balance sheet date, the Trust held unrestrlcted fund5 totalllng £221,783 At current actlvity levels, the Trustees consider that the assets held in these funds are available and adequate to fulfil the obligations of the Trust. The maln funds of the charlty take the form of an expendable endowment which generates the Income which is used to make the grants. The charity does not need to hold any free reserves and any free reserves at the end of the financial year to 31 August 2024 will be spent durlng the flnancial year ended 31 August 2025. This policy is revlewed annually. Thls report was approved by the board on; Signed on behalf of the board of Trustees Trustee &Ar Ah
THE ROBERTSON BURSARY TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responslble for preparing the Annual Report and the financlal statements in accordance with applicable law and United Klngdom Generally Accepted Accountlng Practi. Charlty law requires the Trustees to prepare accounts ft>r each financial year or perlod, which give a true and fair view of the charity's stste of affalrs at the end of the year or period and of Its surplus or deficit for that perlod. In preparing the accounts the Trustees are required to: Select sultable accounting policles and then apply them consistentlyi Make Judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures dlsclosed and explalned In the accounts. Prepare the accounts on the golng concern basis unless It is inapproprlate to assume that the charity will contlnue in business, The Trustees are responslble for keeplng proper accountlng records whlch disclose wlth reasonable accuracy at any time the flnanclal posltlon of the organisation and enables It to ensure that the accounts comply wlth the Charities Act 2011. The Trustees are also responsible for safeguarding the assets of the organisation and hence for taklng reasonable steps for the prevention and detection of fraud or other Irregularities.
THE ROBERTSON BURSARY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Endowment Funds Fund Total 2024 Total 2023 Notes INC014E AND EXPENDrruRE ACCOUNT INCOMING RESOURCES Income on Investments 35,129 35,129 32,145 Interest receivable CHARJTABLE EXPENDITURE Grants payable for the advancement of educatlon 21,711 21,711 30,722 Governance costs TOTAL RESOURCES EXPENDED NET INCOMING RESOURCESIIEXPENDED) 3,653 3,6S3 (5,283) OTHER RECOGNISED GAINS AND LOSSES Galnl(Loss) on investment assets 23,144 198,639 79.198 647,734 102,342 846,373 (18,428) 864,801 Funds brought forward at I September 2023 Funds carrled forward at 31 August 2024 The notes on pages 8 to 10 ftirm an Integral part of these accounts.
THE ROBERTSON BURSARY TRUST BALANCE SHEET AS AT 31 AUGUST 2024 Notes 2024 2023 FIXED ASSETS Investments 902 470 813 $45 CURRENT ASSETS Cash at bank and In hand 67,956 32,828 Debtors and prepayments Credltors (21,711) NET CURRENT ASSETS TOTAL t4ET ASSETS 948 715 846,373 REPRESENTED BY: FUNDS Unrestrltted 221,783 726 932 198,639 647 734 Expendable endowment 948 715 846,373 For the year ended 31 August 2023, the Trust was entitled to exemption from audit under section 477 of the Companies Att 2006 relatlng to small companles, The members have not required the Trust to obtain an audit of Its accounts for the year in question In accordance with section 476. The directors acknowledge thelr responsib11itles for complying wlth the requlrements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Approved by the Trustees on: 20 Slgned on behalf of the Trustees Twstee The notes on pages 8 to 10 form an Integral part of these accounts.
THE ROBERTSON BURSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES la) The accounts are prepared under the historical cost convention, wlth the exception of investments which are included at market value, and in accordance with the Statement of Recommended Practice by Charities issued in 2005 and applicable accounting standards and the Charities Act 2011. (b) (l) Donatlons and legacies are accounted for when received or notifled. (2) Investment Income, other Interest receivable and similar income are accounted for on a receivable basis. {c) Expenditure is accounted for on an accruals basis. (dl Llsted Investments are Included in the balance sheet at thelr mid market quotation at the year end. (e) The natu ènd purpose of the expendable endowment fund is explained In note 7 to the accounts. TRUSTEES, REMUNERATION The Trustees received no remuneration or other benefits for the year, and no reimbursement of expenses durlng the year. GRANTS PAYABLE FOR THE ADVANCEMENT OF EDUCATION Biirsarie< of E21,71.I In total were awarded to 2 puplls attendlng the Sixth Form at St Chrlstopher School during the year. GOVERNANCE cosrs 2024 2023 Includes,. Investment Management fees
THE ROBERTSON BURSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2024 XNVEsfMENTS Listed investments: Market value as at I September 2023 Acquisitions at cost Disposals at carrying value Galn/Loss In the period 813,545 (125,701) 130,928 897,970 Cash held by investment managers Market value of Investments at 31 August 2024 902 470 Hlstorlcal cost as at 3 1 August 2024 Listed investments 675 962 Listed Investments are represented by: Equities Alternatlve Investments UK Ov•rse46 Total 376,396 110,320 111 156 267,098 643,494 110,320 144 156 Bonds 597 872 300 098 897 970 DEBTORS 2024 2023 Prepayments - accrued divldends & Interest Credltors 2024 2023 Bursary fundlng owlng to St Chrls EXPENDABLE ENDOWMENT FUND Balance at Investment I Septsmber gains/ Balan¢• at 31 2023 (losses) Au9418t 2024 726 932 The expendable endowment fund arose from a gift of £542,000 by the Robertson Famlly.
THE ROBERTSON BURSARY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 9 ANALYSIS OF NET ASSETS 8£TWEEN FUNDS Net Current Assets Net Assets Investments Unrestricted Funds 175,538 726 932 46,245 221.783 726 932 Endowment Funds 902 470 948 715