THE BURDEN TRUST Unaudited ¥c¢ounts CONTENTS FOR THE YEAR ENDED 31 MARCH 2023 Regislered Charity No 235859 Page RefeTtnce and administrattve infornlation Trustees, Re Independent examiner's rert Ststement of Financial AdÉvities Balance Sheet Not¢s to the Financial Statements 9-14
THE BURDEN TRUST Unaudited Accouttts REFERENCE AND ADMINISTRATIVE INFORMATION Trustee MrA C Miles Mrc Havill Mrs A Crawley Dr S Tranter Mr C Carron (apinte1J 8. June 2022) Dr V Roberts (appointed 8" June 2022) Prof N Scolding (apFKJinted 8th June 2022) (Chairn) Secretary Mr P O'conor FCA Regiytertd Office 51 Downs P8rk WesL Bristol. BS6 7QL Regi8tered Charity No 235859 Telephone 0777 3777 060 Independettt Exgminer Jonathan MaTchaDL Mazars LLP, 90 Victoria Str¢cL Bristol BSI 6DP Main Di3¢retionary Investment Managers Evelyn Investment Managemenl Portwall Place, Portwall Lane. Bristol. BSI 6NA Bankers Nation81 Westminsler Bank Plc. 94 Moor8ate, London EC2M 6XT
THE BURDEN TRUST Unaudited Acwunts TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their report and the fuwicial statements of the charity for the year ended 3 1 MaTch 2023. The financi statemeTfts have been prepred in accordance with the ac¢ounting policies set out in note I to the accounts (sct 0 on pages 9 to l O) and comply with the charity's tnlst de&£ the Charitie5 Act 2011 and the Statement of Ilecomm¢nded Practice.. Acwunting and Reporting by Charities 2015. Structure. govornance and management (a) The Trust is a charity (No. 235859), registered in England and Wale4 and il operates in accordaTKe with various Tnjst Deeds dating from 20 February 1913. In summary. these Deeds provide for grants for Toedical researclu hospital4 IreMent homes, schools and training institutions, homes and care for the young and for necessitous persons. There is a overnEI adherence to the teTEets and principles of the Chh of England. The Trust was founded by the Rever¢nd Harold Nelson Burden. (b) On 30 June 1993, the Charity CommissÉoners for Eogland and Wales grdnted a Certificatc of Incorporation to the Trustees of the Trust by the name of "The Incorporated Tslee$ of the ChaTity called Th¢ Burden Trust-. A list orth¢ cunEnt Trusiees is shown on page l. All the named Trust¢es served throughout the y¢aT unless othenyise stated. The w)wer of apwinting n¢w Truslees is vested in the continuing Trustees. Induction ond training of new Trnstees comprises an initial m¢eting with the Chairnian followed by further discussion with the Secr¢tary on investment& the grant making PT(ws and the pow¢rs and rcsponsibilities of the Trustees. (c) The Trustees c(wperate with the Charities Aid F(llMdatll in giving details of the Trtist. The administration of the Trust accords with the ChaTity Commission's regulatii)ns and thc funds are dealt with in accordance with Th¢ Charities Act 2011. Financial statements are submitted anTkually to the Charity Commission. (d) The Trust h8S llo tncom¢ oth¢r than dtyidends and intcrcst derived from its invested pits1 and deposil¢d funds. In view of the substhntiaI volume of applications for the grants, the Trustees aim to distribute as much of the annuai income (l¢ss expenses) as th¢y consider prudent, while endeavouring lo proteet th¢ underlyiEtg capitsl value of the Trust OEt a long- temi basÈs. Any surplus (or dcficit) is lrtditd {or d¢bil¢d) to an accutnulated income fulld which serves &8 a teserve to support the level of gtanW and to which further reference is Tnade ID the sections headed 'Risk MaDag¢ment Income and ENKnditure' and 'Grdttts Payable . (e) It 15 the rM)licy of the Tnjstees that grdnts should only approved at a meeting of Trustees" and that onty applications which have been re¢eivd through the web-sit¢ application pro¢e5S and included on a pViOusty circulated list should be considered. (D Recipients of grants are notified each year that grants not automatic and must be applied for annually. Financial inforniation is reqvir¢d to support detsils of the project for which help IE requested. Applications for grants are not acknowledged. Applications are listed and thcn brought to the attention of the Trnstees in advaryc¢ of their annual tn¢¢ting 50 that rther enquirteg can be made if appropriate. (g) The Trustees consider invesknent wforniance. reserves. and risk management policies th tbe annual m¢¢ting when grants are dccided.
THE BURDEN TRUST Unaudited Accounts TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Risk Management The charity trustees have constdered the major risks to whtch the ¢harity is exposed hAve reviewed thos¢ risks and established systems and PffKedures to manage those risks. The trustees consider variabiliry of Tnvestment return5 on the capital try constitute the major risk and so maintain an accumulated income fimd which seryes 2$ 8 reserve to supwrt the level of Objects and aGliYitie8 for the public benefft The ObJts of the trust are the making of grants for all or any of the following purposes.. for medical resear¢h. hospitals. retirement homes, sch(x)Is and training institutions, homes and Care for the young and for necessitous persons. The trustees confirwn that they have referred to the guidance contained in the Charity Commission s general guidance on public benefit when reviewing th¢ trust's aims and objectives alld in pla[Ing future aciivities and in setting the grant making policy for the year. The trustees met twice in the year. At thtte meetings they eonsidered the applications for grants and made thos¢ listed in note 3 to the accounts. The tnteeS also ¢onsid¢red the futyr¢ direction of the trust and recetved a Teport from the investment managers. Reserves The general policy relatin8 to the accumulated income fund Ès uutlind in section (d) on page 2 of this report. The balance on the accumulated income fimd at 31 March 2023 was £315.207 (2022 - £315.526}. Investment policy and perfomiance There ar¢ no rcstricttons itnwFscd utM)n th¢ Trustees in res of O*ir Tnvestm¢nt powers. Evelyn {formerly known 85 Smith and Williamson) Irivcstmeni Managers continue to manage the investments (invested in a balanced wrtfolio of shares and Investment Funds). The trustees, investment ExTrlicy is to tnaintain a level of income derived fn)m the designated capital fund from which to pay atal grdnts while protccting the capitsl b2se. Monies are invested in 37 different holdings With market values as follows: MARKET VALUES At31.3.23 At 31.3.22 £'ooo £'ooo Total of all investmenls 4,565 The Trngtees meet with th¢ir investment matt88¢r5 annttally. They receive reports and monTtor progress against the tnarkets. The trustees have adopted an ethieal Tnvestment policy not purchase investments with >l(P/o of revenue derived from tobacco, adult entertainm¢nt. weawn4 alcohol. gambliltg. or wdatory lending. Exith"ng investments are also screened 8t the annual meeting to identify any which no longer satisfy this i¢st so that decisions can be made about the diswjsal of sueh holdings.
THE BURDEN TRUST Unaudited Atcoutyts TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Income and Expendlture The details are shown on tog¢ 9 and note 3. The main ituns are L8 follows: 2022123 £'ooo 2021122 £'ooo Invesknent income 176 175 Grdnts Vdyable Adminiskntion and management expenses (167) (143) Surplus on Accumulated Income Fund 24 Investment manag¢m¢nt fees ate charged against the Capi fund and amounted to £10.694 in the year. Grants Payable Details of grdnts ld (based on the income l¢ss expenses for the previous year) are set in Note 3 on page I l. In addition to those which were supported duritig 2022123 142 appltcations for Stts were r¢ceived through th¢ web site duriDg the year ended 31 March 2023. Grants payable during the past five yeats amounled to:_ 201812019 201912020 202012021 202112022 202212023 158.500 181.8(H) 132,250 143,093 166.750 Related Partles Details of Telated parties are dtsclosed in note 8 on pa8e 14. Plans for the future The trustees are meeting An June 2023 to decid¢ how much should be allocated for grants to be paid during 2023f24.
THE BURDEN TRUST UDudited Accounts TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Trust¢•s' Responsibilities The Trustees are requirryj under the Trust Deals and the Chariti¢s Act 2011 to prepare rinancial statements for cach finaDcial year, which gtve a true and fair view of the stale of alYair5 of the TtwsL and tts income or expendithr¢ lor thatyear. In preparing thos¢ fmancial 5t8tement4 the tnjstecs ar¢ required to.. lect suitabl¢ accounting p)lici¢s and thcn apply them consistenily: make judgements and estimates that are ronable hnd prudenL state whether applicable accounting standards have been followed. subject to any mat¢riA] d¢partures dI105¢d and explained in the financial statements. and prepar¢ th¢ financial statements on the going-concern basis unless it is inappropriate to presuTne that the charity will ¢ontinue in busintss. The"1 rustees are responsible.. lor keeping pruper a¢couniing records. • safeguarding the Trust's asset4 and laking rewnable steps for the prevention and detection of fraud. Independent Examlners Mazars LLP have indicated their willin8n&s to continue in office as independent examin¢rs. On bchalf of thc Incorpornted 'I'rustees of tlie C.h&rity clllled The Burden Trust Anthony Miles Trus¢ Colin Trustee Date..
THE BURDEN TRUST UDaudItl Ateounts Independent Examiners. report to the Trustees of The Burden Trust I report on the financial statemews of The Bwden Tntst for the year ended 31 MaTch 2023. which are sei out on pag¢s 7 to 14. Respective Responsibilities of trustees aDd examiner The charity's truste¢s are responsi1¢ for the Fireparatioo of th¢ financi stjtrtllertts. The charity's tsvstees Consider that an audit is not requred for this year under section 144(2) of the Charities Act 2011 ('the 2011 A¢t') and thw an ind¢pendent examination neeAled. It is my responsibiliry rts- examine the financial statements under section 145 of the 2011 ACL follow the procdures laid down in the general Dlrttttons giv¢n by th¢ Charity Commis$ion wEder section 145{5Xb) of the 2011 Act: and Stale wheiher partiwlar matters hav¢ Come to my at¢entioD. This report. including my statemenL has been prerATed for and onty for the charity's Iwstees &8 8 body. My work has bc¢n und¢rtak¢n so thai I might stsle to the charity's tnLStces those matter5 1 am rcquircd io siatc to Ihern in an independent ¢xamin¢r's report and fry no other pwpos¢. To the fullest exteni pem)itted by law. I do not a¢¢¢pt or assum¢ responsibility ¢0 anyon¢ oth¢r th•] the charity the charity'5 trusttts a5 a E¥Jdy for my examination work, ftjr this rem or for the staiements I have mad¢. Basis of independent examiner's report My examination was carried out in accordance with the ga)eral Direction5 given by the Chority Commission. An examination includes a rcvicw of th¢ untIng COrdS kcpi by th¢ ¢hority 8nd a comparison of the financial statements presented with the records. li also include5 considerntson ofany unusual iiems or dis¢losur¢$ irj th¢ financial statements, and s¢ekin8 explanattons from you as trnst¢ts ton¢ernin8 any such matters. The procedures under(aken do not provide all the evidence thai would be requffed in sn audit 8nd consequently no opinion is given &5 lo whether the financial ststelntnts pres1 a 'true #nd fair view. and the r¢wl 1$ limited to ihos¢ mattcrs set out in the ststemeni below. Independent examiner's statement In GOnntiOn with my examin8tion, which is complsx no mats¢T5 hav¢ com¢ to my 8tt¢ntion which 8lV¢ me reasonable cause to believe ihat in any rnaterial resF¢Ct'. accounting re)rdS were not in rtsFed of The BwdeTh Trust in aCCOTd8nce with section 130 of the 2011 Act: or the financial s14t¢mcnts do not accord with those rr. or the financial ststements do not comply with the applicable requirements concerning the forni and content of the financial ststemenL$ 8et out in the Ch8ritie5 {A)unts and Reports) Rcgulations 2008 otheT than any requirement that thc financial staiernent5 give a 'true and fair view, which is Thol a nMtter Considered &8 part of IDde[dent examinaiion. I have no concems and have Come acrw no other matters in connecticA) with the exarnÉnation to which. in my opinion. att¢ntion should b¢ drawn in order io ¢rthil¢ a prop¢r undrythding of the financial statsmcnts to be re8¢hed. Jonathan Marchani FCA Fellow of the Institute of C.hart¢Ted Accountants in En8land and Wales ON BEHALF OF MAZARS LLP 90 Victoria Stre BILStol BSI 6DP Date..
THE BURDEN TRUST Unaudited AccOts STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Uthr¢strl¢tod Funds 2023 Unrutrict¢d Funds 2022 A¢¢um- 2023 Accum- 2022 Tof41 lattd CgpItAI uIAtsd Capitl 'Totl Intom¢ Not Income from Investment income (gross) investments - bank and oth¢r inter¢st 170.490 24 176,490 175,510 24 175.510 Total income 17 514 176514 171510 i?J Jio F.xpenditur¢ on Cusi ofruitsingfynd,s InvesthJ¢nt management fees 10.694 10,694 11.770 11.770 Expendiltsre on charilable aclivilies C.o%É ofgrnnt making 314 175 192 175 192 151,297 Total expenditure 175 192 io 94 185 886 151297 Net in¢omel{expenditure) and net movcmenl in funds beforo gains and Ios8¢9 on invejtments 1,322 110,6941 19,372) 24.213 111.770) 12,443 Other reeognised yin$ and lo&J Net gAln51(105seJ) on inveitment8 598.6061 247 102.239 103.73J Net Movement in Funds 1319} (609,31K>I 1609,6191 2J.729 90.469 116.198 Recuncillailon of Fwids Totxl Fundy brought forwArd 315.526 5.100229 3 415 7J5 289 797 5 I9,760 5 299 557 Total Funds earried fonvard 07 4A90.929 4806136 311126 IIIK 15.755 All aGtivitie5 are Continuing.
THE BURDEN TRUST UTh#udited Ateollnts BALANCE SHEET AS AT31 March 2023 2023 2022 Note Flyed A98ets Investments 4.565.517 5.176,559 Current knets BAnk banCe and other dewsits 248.309 247,4(Kl Creditors f8Uing due within one year Other creditorn - awuals Net Current As80ts 8.204 239 196 Ne¢ 4$8ets 4806 136 5 415 755 UDr¢strieted fund$ Designated capit fund AuMUlated Incom¢ Fund 4.490,929 315207 5.100,229 315 526 4.806.136 5.415 755 Approved by the Trustees on . Anthony Miles ) Trttee$ Colin Havill
THE BURDEN TRUST iJt)audited Ac¢oumts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Grdnts payable reflect the level of income (le&s extEnses) in the previous financial year as agreed at the Trnstees, annual meeting and are chaJEed to the statement of financia] a¢tivTrties in the year in which they ar¢ unconditÉonally approved. (e) Irrecoverable VAT Irre¢overabl¢ VAT is chatged againsi the expellditu heading for which it was incurred. (fj Allocatioll of 5UPPOrt and goverD¥llee costs Governance costs comprise all costs involving thc public accountsbility of the charity and its ¢ompltance wtth regulation and gd prdctiee. These costs include the annual indeFendent examinatio preparation of the finan¢iai stat¢¥nents. legal fe¢s and related support ¢osts such as stationery and postage. (g) Cost of raising funds Investment management fee5 are clwged against the capital fim {h) ReaRised gains aod loss All gains and losses are taken to the Statement of Financial A¢tiviti¢s as they arise. Re&lised gdins and losse5 on investments are T¢lated as the difference between sales proc¢eds and their op¢ning Calg value or their PUTch8se value if a¢quireAI subsequent to the rst day of the financial year. Unrcalised gains and losses are calculated as the differen¢¢ IKtwe¢n the fair valu¢ at the year end and their carrying value. Realis¢d and unrealised investment 8ains and losses ar¢ combined in the Statement of Financial Activities. (i) credito and proviqiolly Creditors and provisions ar¢ recogrtised where the charlty has a present obligation resulting from a past event that will probably Tesuh in the transfer of fvnds to a third party and the amount due to settle the obligation can be m¢asured or ¢5timated r¢liably. Creditors and provisions are norn]alty reeogni5ed at their settiem¢nt amotsnt after alIowAng for any trade discounts due. (i) Cash at bank xttd Iwid Cash at bank and cash in hand includes eash and qhort terni highly liquid investments wilh Short maturity of thre¢ months or less from the date of acquisition or openlng of the deposit or similar 8c¢ount. (k) Financial instruments The trust only has financial assets and financi21 liabiliti of a kind that qualify as basic financial instruments. Basic fmancial instruments are initially recognised at transa¢tion value and subsequ¢Ert]y measud at their settlement Value with th¢ exception of bank loans whTGh are subsequently measured at amortised ¢05t using the effective interest method. 10
THE BURDEN TRUST Unaudited AccontS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investrnent management costs 2023 2022 Inv¢skn¢nt n)anag¢m¢n¢ fees 10.694 11.770 Grants Payable 2023 2022 S¢hools #ttd Trnining 1tt8titutio Trinity College, Bristol I,Angham ReSeh Scholarships WI'C OCMS 20,000 20.000 17.500 15.000 12.500 40.000 S0.(M)O Research Nodding Syndrome 1.273 Or%anisations for Carn 2nd Training ofYounE People SehLX)Ircaders Eiicount¢r Christilty Incredible Kids Bristol schonlq Connecti(m 5.500 5.000 4250 5.000 5.000 22,250 15,000 Support of ibe M*rgin8l&s¢d inHop¢ Changing Tunes Wh¢els Proje¢t Bristol Hospitality Network Feelgood Community Network Sixty-one 13eloved Unseen Trauma Br¢akthrough Stspport throu8b Courts Bristol aft¢r Strok¢ CHAS Filwo(Mt Hope 20,000 10.000 12.(M)O 16.500 7,500 15,000 10.000 i 0.000 15,000 10.000 5.500 5.(K)O 5.000 5.000 4,320 2.500 10.(M)O 76,820 Total Grnnts GovernY4nee 8llPPOrt Costs- 4 below 166.750 8,442 143,093 Total Cost of Grant Making 175,192 151,297 11
THE BURDEN TRUST UM3lldited Aceoufjts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 4 Governance and support costs 2023 2022 Ma7irs LLP - Independent Examination - VAT thereon 1,525 305 1.550 310 1,830 1,860 Seerctary - Honorarium - VAT thereon 5.800 5,550 5.800 5.550 WelFsite 732 722 Other costs Stsiionery, p)stag¢, t¢l¢phone, faK etc. Bank Charges 80 72 8.442 Th¢ charity has no staff. Thc Trustees, who ar¢ the key managcmcnt personnel, receive no remuneration for their services to the charity. Th¢ft w¢Y¢ no expens¢s r¢imbursed to TrustKs in the year (2022- £nil). 5 Investments 2023 Market value at b¢ginnin8 of year Unr¢altsed gainl{105s) on inv¢stments held at end of year Realised (lossygain on investments sold during the ye Prooeeds reTnvegledl (not reinvested) The investments at market value (36 holdings. 2022.. 36 holdings) 5.176,559 (499,262) (100,985) 10,795 4,565,517 4.995.584 41,024 62,731 5,176,559 Gainsl{Losses) have been apportiotted in SOFA follows: In¢oin¢ Fw]d Capithl Fund (1,641) 598,606 600 247 1,516 102 239 103 755 12
THE BURDEN TRUST Un*udited Actounts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 8 Related Parties a) Dr S Tranter is on the core team of CAB which oversees th¢ work of Sixty-On¢. who received a grant of £5,500 in the year (2022: £5.000). She excused berself from deeistons regarding the payment of this grdnL b) MrA C Miles is a trustee and C Havill is tr&urer to Bristol Schools ConncctiO v/ho received a grant of £7.500 in the year (21Y22: £5.000). They excused themselves fiy) d¢¢isions regarding the paymurt of thts granL 14