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 E￿￿EllerS 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 In￿rporaled Trustres of th¢
Charity called The Burden Trus¢'. A list of th¢ currcnt "l NstL*s 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 mL*ting 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 prOt￿t the underlying capital value of the Tn￿ on a long-
term basis. Any surp1￿8 (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. AppIl￿tiOnS 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 T￿5￿.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 iT1sti￿tiO￿S. 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 t￿￿tee$ 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 Tn￿teeS in regr￿t 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, InVest￿ent 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 ACcou￿ts
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 ex￿nseS
(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￿ Att0￿0ts
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Trustges. Responslbllities
The Trust¢es are requirtAI under the T￿￿1 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 tn￿e¢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 res￿n￿bility 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 TI￿trUs have ¢ThDe to Try al￿t￿ort.
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]it￿d 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 I￿1 foT rny
examination worK for this rtpoo or for the stat￿ents 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 COD51de￿i0ll 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:
a￿o￿ntIng records were not kept in rest*ct of The Burden Tn￿ in acckn with section 130 of
the 2011 Act. or
the financial S￿ements do aceord with thc6e r￿rds. 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 state￿eT￿ give a 'twe and fair view. whicb is
nota ￿￿tter(lA]sid¢Fed as pwi of an mdeprnts￿ exami1￿1(￿).
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 underst￿ding 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
•l*led
C*pit*l
C*pitsl
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 inv￿1￿¢￿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 OfF￿a%
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 A￿ts
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 A￿ets
7.690
226 680
241619
Iyet assets
4.994.008
4 806,136
Uttrestricted funds
DeS1￿￿ted 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 ACcou￿ts
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 prePa￿d 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 ac￿rdantt with the Statement of
Reco￿1￿¢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 t￿st constitutC5 a public benefit entity as der￿ed by FRSI 02.
The tsuste¢5 ¢onsid¢r that there are no material wicertainties aEKTrut the Thst's ability to continue
as a going cOn￿rn 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 perf0m￿ce 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 DesIgn￿ed Copi￿1 Fund
is a fi￿a 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. Inte￿1 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 eX￿Iditu￿ 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 In￿Me (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 tmconditi0n￿IY approved.
(e) Irreeoverable VAT
Irrewverable VAT is clwEed agarnst the ex￿ndItUr¢ 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 meaSU￿d 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
PrOj￿t M8ma
I Iarbour
Borderlands SW
M￿alade 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