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 re￿rt
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 (ap￿inte1J 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 Ch￿h 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 T￿slee$ 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(llMdat￿ll 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 p￿ViOusty 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 ObJ￿ts 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 tn￿teeS 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 at￿￿al 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 St￿ts 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
UD*udited 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 r￿onable hnd prudenL
state whether applicable accounting standards have been followed. subject to any mat¢riA]
d¢partures dI￿105¢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
UDaudIt￿l 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 responsi￿1¢ 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$ion wEder
section 145{5Xb) of the 2011 Act: and
Stale wheiher partiwlar matters hav¢ Come to my at¢entioD.
This report. including my statemenL has been prerATed for and onty for the charity's Iwstees &8 8 body. My work
has bc¢n und¢rtak¢n so thai I might stsle to the charity's tnLStces those matter5 1 am rcquircd io siatc to Ihern in
an independent ¢xamin¢r's report and fry no other pwpos¢. To the fullest exteni pem)itted by law. I do not
a¢¢¢pt or assum¢ responsibility ¢0 anyon¢ oth¢r th•] the charity the charity'5 trusttts a5 a E¥Jdy for my
examination work, ftjr this rem or for the staiements I have mad¢.
Basis of independent examiner's report
My examination was carried out in accordance with the ga)eral Direction5 given by the Chority Commission. An
examination includes a rcvicw of th¢ ￿￿untIng ￿COrdS kcpi by th¢ ¢hority 8nd a comparison of the financial
statements presented with th￿e records. li also include5 considerntson ofany unusual iiems or dis¢losur¢$ 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 pres￿1 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 GOnn￿tiOn 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 AccO￿￿ts
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
Capit*l
'Tot*l
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 I￿9,760 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 b￿anCe 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
A￿uMUlated Incom¢ Fund
4.490,929
315207
5.100,229
315 526
4.806.136
5.415 755
Approved by the Trustees on .
Anthony Miles
) Trt￿tee$
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 g￿d 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 Ca￿l￿g value or their PUTch8se value if a¢quireAI subsequent to
the r￿st 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 measu￿d 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 Acco￿ntS
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 ReSe￿h 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 Christi￿lty
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