THE BURDEDI TRUST Unatsdited accounts CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 R¢gislered Charity No 23S859 Page RefeT¢Dce alld admiDistr*ive information Trustees, Report Ind¢pendeni examiners. EEP)rt Ststefflent of Financi81 ActTvities Balance Sheet Notes to the Financial Stxtanents 9-13
THE BURDEN TRUST Un8udited Accounts REFERENCE AND ADIIIINISTRATIVE INFORMATION Trustee Mr A C Miles Mr C Havill Mrs A Crnwl¢y Dr S Tranter Mr C Camn Dr V Roberts Prof N Scolding {Chaitman) Se¢r¢t8ry Mr P O'ConoT FCA Rqistered Offl¢e 51 [Wn5 Park WesL Bristol. BS6 7QL Registered Charity No 235859 Telephotte 0777 3777 060 Independent EEllerS M87ars Ll.P. W Vicloria Strc¢( Bristol BSI 6r)P Main Digcretionary Investment MAnagerJ Evelyn Investment M*no8emenL Portwall Plac¢. Portw811 iAne. Bristol. BSI 6NA B&nkerA National W¢stmin5ter Bank Pl 94 Moorgate, London EC2M 6XT
THE BURDEN TRUST Un4udited Aceollllts TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees prescnt ihcir wort and th¢ financial slat¢ments of the charity for the year cnded 31 March 2023. The financial statements have been pryred in accordance with the accounting policies set out in note I to the accounts (set out on g¢S 9 10) and compty with the charity's trust deed, the Charities Act 2011 and th¢ Ststcment of Recommended Prnctict.. Aecounting and Reporting bv Charities 2015. StruGtur•. govemanco and managemant (a) The Trust is a charity (No. 235859). regisiered in England and Wal¢s, and it operat¢s in accordancc with various Trust daiing from 20 Tr¢bruary 1913. In Summary, thes¢ Deeds provide for 8rants for medical res¢arclL hospitals. retirement home5. schools and training institutions hornes and care for th¢ young and for n¢ccssilous persons. There is 8n ovcrnll adhercn¢¢ to the ten¢ts and principles of the Church of F,ngland. The Trust was founded by the Reverend Harold NelY Burd. (b) On 30 June 1993, the Charity Commissioncts for Eng18nd and Wa1¢5 ryted a Certificate of Incorwiration to th¢ Trusl¢es of the Tru by the name of -The Inrporaled Trustres of th¢ Charity called The Burden Trus¢'. A list of th¢ currcnt "l NstLs is shown page l. All ihc named Tntst¢Cs served throughoui the year unless otherwisc stsied. The power of appointing new Trustees is vested in the continuing Truslees. Induciion and training of new Trustees compriscs an initial mLting with thc Chairnlon followed by further discussion with the Secretary on investmcnts. thc grant mgking process aThl the w)wer8 and responsibililtes of the Trnstres. (c) The 'fru8tees c04)pernt¢ with the chariti Aid Foundation in 8ivin8 details of the .1 Nst. The administration of the 'l'rnst acu)rds with the Charily Cominis5ion's rcgulaticins and ihe funds are dealt with in 8ccordance with The Charities Act 2011. Financial staiemcnts are submitted annually to the Charity Commission. (d) The Trust no income other than dividends and in*r¢st derived from its invested capitsl and dew)sited funds. In view of the substantial volumc of applications for the grnnts, the Trustees aim to distribute as much of the annual in¢ome (less expens¢s} as they ¢onsidcr prudenL whilc endeavouring lo prOtt the underlying capital value of the Tn on a long- term basis. Any surp18 (or deficit) is credited (or debited) to an accumulated in¢om¢ fund which serY¢s as a rescrv¢ to support the level olgrants. and to whi¢h further rcf¢renc¢ its mad¢ in the sections head¢d 'Risk Mana8em¢nt In¢omc and Expenditure. and 'Grants Payable,. (e) It is the policy of the Tnsslees that grants should only be approved at a mceting of Trustees" and that only applications which havc been re¢eived through the W¢SIt¢ applicaiion procc55 and includcd on a previously circulated list should be consider&l. (f) Recipients of ¥ratits are notifKd each year that grants are not automalic and must bc applied for annually. Finaneial inforniatTOn is required to supwTrrt details of th¢ proj¢ct for which help is requcstsd. Applicat&ons for grants arc not acknowledged. AppIltiOnS listed and then brought to the attention of the I rust¢es in advanc£ of their annual meeting so that rther ¢nquirie8 can be made if appropriate. (g) lkne T5.5 ronsidcr investFnent perforni8nce. TeseTve& and risk management tM)lici¢s at annual meetin8 wh¢n srnnts are decid¢d.
THE BURDEN TRUST Unaudited Ac¢ounts TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Risk Management Th¢ charity trustees have considered the major risk5 to which the charity is exwsed and bave revicwed those risks and established systems and procedurcs to manage th05¢ risks. Th¢ trustecs consider variability of investment returns on the capitsl to ¢onstitute the major risk and so maintain an 8ccwnulated income fimd which serves as a tescrvc to siipwrt the level of Objects and activtties for the public bonefft "lThe objects of the trust arc the making of grants for all or any of the following purposes.. for medical researcty hospital& retimneni home& schools and training iT1stitiOS. homes and care for the yOUAg aJJd for nec¢ssitous persons. The trustees Confirni that they have Teferred to the guidance contained in the Charity Cotnmission's g¢neral guidance on public benefit when reviewing the trust's aims and objectives and in plonning firture activitie5 and in setting the grant making wlicy the year. The ttustc¢s mct twice in the y¢ar. At thes¢ meetings they eonsidered the applications for grants and made thos¢ listed in no¢¢ 3 to the accounts. The ttee$ algo consid¢red th¢ futtEre direction of the trust and receivd a r¢[ from the investm¢nt managers. ReseNes The general policy relating to the wumulat¢d in¢omc fund is outlined in section (d) on page 2 of this report. The balance on th¢ accumul8ted income fund at 31 March 2023 was £315.207 (2022- £315526). Inveslmant policy and perfommnce There we no restriclions imtK)sed utK)n the TnteeS in regrt of their investment powers. Evelyn (forn)erly known as Smith and Williamson) Investment Managers continue to manage the investments (invested in a balaneed FK)rtfolio of shales and Investment Funds). The trustees, InVestent wjlicy is to maintain a level of inwmc derived from the designatcd capitsl fund from which to pay annual grants whik protecting the capitsl b. MonT¢S are invested in 37 different holdings wÈth maskd valuLS as follows: MARKF.T VAI.UES At 31.3.24 At31.3.23 £'ooo £'ooo Total of all investh)ents 4,767 4,565 The Trnstees meet with their investsn¢nl managers aDnually. They receive wrts and monitor progr¢5s against th¢ markets. The trnste have adopted an ethical inveslrnent policy not to purchase investments with >1/0 of Thenue derived from toba('¥o, adult ¢ntertainmcnl weapon4 alcohol. gambli or predatory lending. Existing investtn¢nts ar¢ also s¢rtened at the annual me¢ting to identify any which no longer satisfy this test $0 that decisions can be made about the disp)sal of sueh holdin.
THE BURDEN TRUST Unaydited ACcouts TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income and Expenditurn The dctaTrls ere shown on pge 9 and note 3. The main itetns ar¢ &8 follows.. 2023124 2022123 Investment income l81 176 Grants payable Adminisiration and manag¢ment exnseS (179) {167) Sutplus on Accumulated Income Fund Investsnent managem¢nt fees are charged against the capitsl fund and amounted to £10,093 ill the year. Grants Payable Detsi15 of grdnts ld on the less expen for the prevÉous y¢ar) are set in Note3 onpage 11. In addition to those which weTe supp)rtul during 2022123 147 applicattons for grants we reccived through the web site during the ycaT ended 31 March 2023. Grants payabl¢ during the past five years amounted to:_ 201912020 202012021 202112022 202212023 2023f2024 181.800 132,250 143,093 166.750 179.250 Related Partiès Details of related rtIeS are disclosed in notc 8 on page 13. Plans for the future The trustees mecting in Junc 2024 to d¢cid¢ how much should be alloeated for grdnts to b¢ paid during 2024125.
THE BURDEN TRUST unaudit Att00ts TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustges. Responslbllities The Trust¢es are requirtAI under the T1 Deeds and the Charities Act 2011 to prep financial statements for ¢ach financial year, which give a tn)e Ond fair view of the slate of affairs of the Trusl and its income or expo]dituff for that year. In pr¢parin8 those financial statements. the trustees are requiTed to: seleet suitable accounling p)Iicies 8nd then appl). them consistently: makc judg¢ments and estimate5 that are re#sonabl¢ and pNdenL stat¢ wheth¢r applicable accounting standards have be¢n followed. subject to any material d¢partures disclosed and explained in the financial stat¢ments' and prepare the financial statements on the going-concern basis unl¢ss li is inappn)priate to presume that the Charity will continu¢ in business. The Trustces are responsible: for k¢cping proper accountinB record5. safe8uarding the Tnkst's Lssets: and taking reasonabl¢ epS for the prevention and ddection of fraud. Indopendent Examinarn M07ars l.l.P have indicated their Willin8n to continue in offic¢ as in&pendent cxaminers. On behalf of ihe Incorp(Trrated I'ru5t¢bs of the Charity ¢8llvd Th¢ Burd¢n TrLkSt Trnstee Colin Havill Trustee 16 June 2024
THE BURDEN TRUST Uttaudttsd Aeeounts Independent Examiners, report to the Trustees of The Burden Trust I TEPOrt on the fuwicial Stat¢ents of The Btrden Tnst for year ended 31 March 2024. which are set out on pag¢s 7 to 13. Respective Responsibilities of trustees and examiner Th¢ cbarÉty's tne¢S are iesF¢Mtstble for the rwtion of the f]nancial statcrnents. The charity's U715t¢¢s consider that an audit is not required forthis year undeT 5Crtion 144(2) of the Chgrtties Act 2011 ('the 2011 Act,) and that Jtt indwd¢nt examination n¢aied. It is my resnbility to.. ¢xamine the fin8ncia] stslernents under section 145 of the 2011 Aer follow the procedures laid down in the genen] Diredions given by the Charity Commission under section 145{5Xb) of the 2011 Acl" and Stat¢ whether particular TItrUs have ¢ThDe to Try altort. This repot4 including my statemenl. has been prepared for and Oft for the cbartty's tnJstr¢S &s a b(xly. My work h&8 be¢n undcrtaken so th l lIght state w the charity's mjstcts th(Trse matters l arn required to stsÉe to them in 8n independent exarninrr's report and for no other purp)se. To the fvllest extent pern]itd by law. I do not ac¢ept or &ssun)e rey>ttssbility to anyone other than the charity and the charity's tn]sÉees &s a I1 foT rny examination worK for this rtpoo or for the statents I have made. Basis of illdependent examiner's report My examination was carried out iti accordance with the genet3J Diredions given by the Charity Commission. An exam2nation includ65 a review of the accountin¢ re¢or&8 kept by the clwity and 8 eompati50n of the financial ststements presented with those records. It also includ¢s COD51dei0ll of any unusual ite035 or disel(b¢ures in the fmanciAI sratemenw alld 5eekin8 explanations frovn you as trustees ¢oThcerntng any such mallers. The priKedwe5 undertakeTJ do not provide all the evidence that w(yJld k required in an audit congequently no opinion is given as to whether the fvancial ststeni¢Dts preseDt a ' and view, and the Teport is limited to those maiters set out In th¢ 5taieDJent below. Independent examiner's statement tn connectith with my exatDIn&io whi¢b is complete. no rnatters have Clxlle to my alletttion whicb give rnt Ytasi)nabl¢ cause lo Trxlicve that in any material respect: aontIng records were not kept in rest*ct of The Burden Tn in acckn with section 130 of the 2011 Act. or the financial Sements do aceord with thc6e rrds. or the financial statements do not ¢oTnply with the 8pplicAblc requirements cooceming the fom and coDtcnt of the financial statements set out in the Charttics (Accounts and Report5) Regulation 2008 oth¢r than any tequirrynent that the financial stateeT give a 'twe and fair view. whicb is nota tter(lA]sid¢Fed as pwi of an mdeprnts exami11(). I have no concerns and hav¢ toroe across no other matters in co¥e¢ll0 with the ¢x8mination to which. in my opinion. attention should be OrawD in order to ¢nable a prow understding of the financial Statements to be Teack Jonathan Marchant FCA Fellow of the Institute of Charter¢d Accoutttsnts in En¢Fland and Wales ON BEHALF OF MAZARS LLP 90 Victoria Stre Bristol BSI 6DP Date..
THE BURDEN TRUST AteouDts STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Uttrtstri 2024 A¢c#m. 21124 At¢tsm- Totsl ulgted Unrvjtrithd 1023 2023 •lled Cpitl Cpitsl Total tom¢ Inconie from Investment income (gross) . investsnents - bank other inter¢st 18Q970 180.970 176.490 24 176.44> 24 Totsl income 181N9 181.IM9 17 14 176314 Expenditure on Ca¥1 of ratsingfvn(1.g Investtnent m2nagement fccs 10,093 IQ093 10.694 10.694 Expenditure on clkfitable acliviti Cost ot grant making 314 175.192 Total upendTt4r¢ 187.978 IW193 17&192 io Net income/(expettdithre) alld net movement in fuDds before gains lld losses inv1¢ts 1&929) (1110931 {17.022) 1.322 11116911 19,372} Otbtr recogDised gxiDS and 105g¢Y Net gainsloosses) on investtneots 1.449 204.894 1.641 598, 6(K).247 Net Movement IJE Fvnd8 {S,480) 193.352 Ig7,872 {319) 161P).3¢MI) 16(B.6I91 Reconcilialion OfFa% Total Funds brougbt fonvard 315207 4.4.929 4.81&136 315,526 5.ioti.229 5.415.755 Total Funds carried fonvard 3.7 315207 4.490929 136 All artiviti¢5 or¢ continuin8.
THE BURDEN TRUST Unaudited Actoullts BALANCE SHEET AS A T 31 March 2024 2024 2023 Note Fixed Ats Investments 4.767 J28 4,565,517 Current Assets Bank balance and other d¢posits 234.748 248,309 Credithr4 falliDg due witbiD one year Other cteditors- a¢cruals r4¢t Current Aets 7.690 226 680 241619 Iyet assets 4.994.008 4 806,136 Uttrestricted funds DeS1ted Capitsl Fund A¢cumulat¢d Incofft¢ Fund 4.684.281 309.727 4,490,929 315207 4,806.136 Approved by the Trustees on 16 June 2024 Anthony Miles ) Trustg¢s Colin Havill
THE BURDEN TRUST Unaudited ACcouts NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Policies (a) Basis of preparatiop and aSTe&8ment ofgoing concern The accounts (financial stat¢ellts) have been prePad under th¢ historical cost convention with items recognised at cost or transaction value uDIc5s othcrwise stated in th¢ relevaJ)t notes to these accounts. The financial statements have prepared in acrdantt with the Statement of Reco1¢nded Practicc: Accounting and Rwrtins by Chartties preparing their account5 Ill ac£ordance with the Finan¢ial Rwrting Stsndard applicable in the UK and Republic of Ireland (FRS102) issud on 16 July 2014 and the Charities Act 2011. The date of transiiion to FRS102 is l April 2014. The tst constitutC5 a public benefit entity as dered by FRSI 02. The tsuste¢5 ¢onsid¢r that there are no material wicertainties aEKTrut the Thst's ability to continue as a going cOnrn because the tnLStees pay grants from reserves accrued in the prior year. The most Significant areas of unc£rtainty that affect the carrying valu¢ of the assets held by the Trust are the level of investsnent return alld the perforniance of investm¢nt markets {se¢ investment policy and perf0mce and risk management sections of the trustees, annual rcwrt for more inforniation). There are no significant judgeTD¢nts or estimknon uncotsinties in the financtal statements. (b) Funds structure All fiTrnds are unreslrirfcd. The Accumulated Income Fund tepresents the fund which the Truste(s are free to use in cOrdance with the chan"table objwts. The DesIgned Copi1 Fund is a fia designated by th¢ Trustee5 2nd held to provide regular income for use tn accordance with th¢ objects of th¢ ¢harity. Any unr¢dised gains or losses arising on investments forni part of the Capital Fund. Wien a gain is realised it is apw)rttoned between inwme and capital acwrding to the opening balanc£. Further inforniatioo is given in pard8raph (d) on page 2. (c) Income r¢¢ogDilio Incom¢ from Investments is accounted for by reference to the payment date of distributions and interest falling due within the accountsng period. Inte1 on bank and other deposits is a¢counted for on a reteipts basig: the amount of any accru¢d interest is not material. (d) Expendityre e0%ltIOn l.iabiltties are recognised as eXIditu as soon &$ there is a leg81 or constTuclive obligation ommittin8 the ¢harity to that cxpenditure. it is probable that svttlement will bc rquircd and the arnount of the oblisation can be me4sured reliably. All expcnditure is accounted for on an ac£ruats basis. All exrKnses including support costs and governancc eDSts are allocated or apportioned to the applicable exp¢Dditiw¢ headlngs. For more inforniation on this attribution refer to nofr {f) IKIOW.
THE BURDEN TRUST Unaudited AeeouDts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable reflect the level of InMe (Icss exttnses) in th¢ previous financial year as agreed at the Trnstees. 8nnu81 meeting and are charged to the ststement of financial activities in the year in which they are tmconditi0nIY approved. (e) Irreeoverable VAT Irrewverable VAT is clwEed agarnst the exndItUr¢ heading for which it was incurred. (r) Allocation of sUp)rt And governance costs Gov¢rnaDce costs comprise 811 costs involving the public accountsbTlity of the charity and its compliance with rcgulation and g(XMI Practice. Th¢se costs include the annual audtL prepardtith) of the financial slatemen legal fees and related support costs such as stationery and wstage. (g) Cost of raising funds nvestment management fees ar¢ clwged against the capital fund. {h) Realised gains and losses All gains and losses taken to the Statement of Financial Activities As they artse. Realised gains and losses on investments are calculate4J as the difference b¢tween sales proceeds and their oponing caThying value or th¢Èr purchase value if acquired subsequ¢nl to the first day of the financial year. Unrealised gains and lo&ses are ¢alculatcd as the differeThee between the fair value at the year end and their carrying value. ReAlised and unrealised itkvestment gains and losses are combiDeAI in the Statem¢nt of Finan¢iaJ Activits&8. (i) Creditors alld provisions Creditl)TS and provisions are r¢wgllised whcre the charity has a pr¢sent obligalion r¢5ulting from a past ¢vent that will probably 1t in thc transfer of funds to a thitxl party and the amount due to s¢ttle the obligation can be measured or estimated reliably. Creditors and provTsions are nomially recognis¢d at th¢ir settlem¢nt amount after allowing for Any trade discounts due. ti) Cash at baDk and ID hand Cash at bank and ¢ash in hand includ&% ush and short terni highly liquid investments with a short maturily of thr¢c m(mths or from the date of aquisition or opening of the d¢posit or similar account. (k) financial instruments Th¢ trust only has finan¢ial assets 8lld financial liabilities of a kind that qualify as basic financial instruTnents. Basic f1nancial instnllnents are initialty recognised at transaction value and %uhsequcntly meaSUd at their settlement value with the cxc£plion olbank loans which arc subsequcntly measurY¢J atnortiscd cost Using thc cffective interest method. 10
THE BURDEN TRUST Unaudlted AccouRts NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Inveslrnent management eosts 2024 2023 Invcstsnent manag¢ment fees Grants Payable 2024 2023 Schools and TTailliDg Institutions Trinity College, Bri5tul tanglwn R¢3¢arch Scholarships 20.000 20.000 7.500 20.000 20,000 WTC 47,500 40,000 Orgallisations for Care and TraTniDg of Young People Schoolr¢aders Encounter Christianity Incr¢diblt Kid5 Bristol Schools Connection 5.500 5,000 4.250 7.500 4,250 7.500 21.750 22.250 Support olthe MargRnalised inHope Changin8 Tunes Wheels Project Bristol Hospithlity Netwo Feelg(M)d Community Network Sixty-one Beloved UT]seen Housing MatterslCHAS Lifecycl¢ Bristol aft¢r Stroke Spear Bristol Kinergy PrOjt M8ma I Iarbour Borderlands SW Malade Trnst Support ihrough Coutts Filwood Ho 20.000 12.500 12.000 15.0(M) 20.000 10.000 12.000 16.500 7.500 5,000 5,500 5.0(M) 6,000 3.000 5,500 5,000 6.000 2.000 4.500 3.500 10(M) 4,000 10,000 i 10,000 179,250 8.728 Totsl Grants GoverJran¢e 2nd support costs- note 4 belo 166.750 8.442 'Ibtsl Cosi olGraDt Maklns 187.978 175.192 11