The Harriet Burton Charitable Trust
Annual Report and Financial Statements for the year ended 5 April 2023
Charity Commission Reference Number 283219
Hereford Cottage
135 Gloucester Road London SW7 4TH
The Harriet Burton Charitable Trust
Year ended 5 April 2023
Contents Trustees’ Report 2 to 5 Independent Examiner’s Report 6 Statement of Financial Activities 7 Balance Sheet 8 Notes to the Financial Statements 9 to 12
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The Harriet Burton Charitable Trust
Trustees’ Report for the year ended 5 April 2023
Legal and administrative information
| Charity number: | 283219 |
|---|---|
| Trustees: | Lady Harriet Milnes Coates (principal trustee) |
| Simon Paul Burton | |
| Independent Examiner: | Morag Miller |
| Accountants: | Armstrong Watson LLP |
| Third Floor | |
| 10 South Parade | |
| Leeds LS1 5QS | |
| Bankers: | Bank of Scotland plc |
| 33 Old Broad Street | |
| London BX2 1LB | |
| Investment managers: | Rathbone Investment Management |
| 1 Curzon Street | |
| London W1J 5FB | |
| Principal address: | Hereford Cottage |
| 135 Gloucester Road | |
| London | |
| SW7 4TH | |
| Solicitors: | Wrigleys LLP |
| 3 Wellington Place | |
| Leeds LS1 4AP |
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011, the Charities (Accounting and Reports) Regulations 2008 and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102)).
Structure, governance and management
The trust is managed by the trustees and policy decisions are determined by consensus. The capital fund is invested in a portfolio of equity based quoted investments. Investments are managed by the investment manager on a discretionary basis with the objective of obtaining an acceptable level of income with a reasonable prospect of medium term capital growth.
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The Harriet Burton Charitable Trust
Trustees’ Report (continued) for the year ended 5 April 2023
Structure, governance and management (continued)
Appropriate policies are determined to achieve a balanced investment strategy taking account of the investment risks to which the portfolio is exposed.
Trustees are appointed based on recommendations from the family of the settlor and current trustees. The induction process for newly appointed trustees comprises of a series of meetings with the trustees.
Risk Management
The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees hold regular meetings to consider the performance of the investment portfolio and the recommendations of the investment managers.
History and constitution
The trust is an unincorporated trust constituted under a trust deed dated 10 May 1973.
The trust was established by an initial gift from Lady Milnes Coates (formerly Miss H A Burton), and has been enhanced by additional funds received in satisfaction of her reversionary interest in the R M Burton 1956 Charitable Trust.
Miss H A Burton settled funds upon the trustees for such charitable institutions, objects or purposes, as the trustees shall in their absolute discretion think fit.
The trustees have chosen an accounting reference date of 5 April to coincide with the tax year and to facilitate the efficient repayment of any income tax suffered.
The trust does not fund raise and seeks to continue the philanthropic intentions of the donor through careful stewardship of the existing resources.
The trust is registered with the Charity Commission under number 283219.
Objectives and activities
Donations are made at the discretion of the trustees and grants are normally made to cover, health, arts, education and social needs, preference being given to any institution assisting in the welfare or care of children.
Donations to individuals will not be considered. Appeals should be in writing only to the trust managers. Unsuccessful appeals will not necessarily be acknowledged.
Donations are paid out of income but the trustees may, if they feel it necessary, pay donations out of capital.
Public benefit statement
The trustees of the Harriet Burton Charitable Trust confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
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The Harriet Burton Charitable Trust
Trustees’ Report (continued) for the year ended 5 April 2023
Financial activities and affairs
Total income for the year from investments and deposits amounted to £30,353 a decrease of £1,457 (4.6%) compared with the previous year.
Charitable donations amounting to £11,000 (2022: £12,231) were made during the year in accordance with the objectives of the charity. Trust management expenditure amounted to £9,730 (2022: £10,228).
Overall net income amounted to £9,623 (2022: £9,351).
Losses realised on the sale of investments amounted to £1,661 (2022: £1,138) and unrealised losses attributable to the change in the market value of investments amounted to £110,356 (2022: £56,269 unrealised gains)
The overall net increase/(decrease) in funds for the year is (£102,394) (2022: £66,758) resulting in total funds of £1,139,481 to carry forward at 5 April 2023.
During the year under review, the charity purchased investments at a cost of £215,526 and received proceeds of £200,038 from the sale of investments.
The market value of the charity's investments at 5 April 2023 amounted to £1,119,586 (2022: £1,216,115). After taking into account the net realisations during the year this represents a reduction in value of 8%.
The investments of the trust are administered by portfolio managers on a discretionary basis. Environmental and ethical considerations are given on an individual basis when changes to the investments are discussed with the managers. The investments are held by the investment advisers in a separate designated nominee account.
The trustees receive no remuneration and charged no expenses whilst acting in their capacity as trustee or otherwise.
Reserves policy
The trustees aim to maintain the existing investment portfolio at current levels and to make charitable donations in line with their income each year.
Plans for the future
The trust will continue to support charitable organisations that benefit health, arts, education and social needs, particularly relating to children.
Trustees' responsibility for the financial statements
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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value assets and liabilities in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102));
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state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements;
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prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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The Harriet Burton Charitable Trust
Trustees’ Report (continued) for the year ended 5 April 2023
Trustees' responsibility for the financial statements (continued)
The trustees are responsible for keeping adequate accounting records which are sufficient to:
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show and explain the charity's transactions;
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disclose with reasonable accuracy at any time the financial position of the charity;
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enable them to ensure that any financial statements comply with the requirements of the Charities (Accounting and Reports) regulations 2008.
The trustees are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Compliance and statutory requirements
The Trustees’ Report has been prepared in accordance with the provisions of the Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102)).
Trustees’ Approval
The trustees' report was approved by the trustees and signed on their behalf by
Lady Harriet Ann Milnes Coates Trustee
Date: 5 August 2024
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The Harriet Burton Charitable Trust
Independent Examiner’s Report to the Trustees for the year ended 5 April 2023
Charity Commission Reference Number 283219
I report to the trustees on my examination of the financial statements of the Harriet Burton Charitable Trust on pages 7 to 12.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act;
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to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act); and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Morag Miller FCA, ACG, BAcc(Hons) Date: Armstrong Watson LLP Third Floor 10 South Parade Leeds LS1 5QS
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The Harriet Burton Charitable Trust
Statement of Financial Activities for the year ended 5 April 2023
| Note Income and expenditure Income Income from investments 3 Deposit interest Total income Expenditure Charitable donations 7 Administrative expenditure Investment management fees Accountancy and independent examination Accountancy fees under accrued Bank charges Total expenditure Net income/(expenditure) Other recognised gains and losses Gains on charitable investment assets Realised gains on disposals Unrealised gains on revaluation Total other recognised gains Reconciliation of funds Net movements in funds Restated funds brought forward Funds carried forward |
Capital Income 2023 2023 £ £ - 30,353 - - - 30,353 - 11,000 6,215 - - 3,465 - 25 - 25 6,215 14,515 (6,215) 15,838 (1,661) - (110,356) - (112,017) - (118,232) 15,838 1,258,505 (16,630) 1,140,273 (792) Unrestricted funds |
Total 2023 £ 30,353 - 30,353 11,000 6,215 3,465 25 25 20,730 9,623 , (1,661) (110,356) (112,017) (102,394) 1,241,875 1,139,481 |
Total 2022 £ 31,810 - 31,810 12,231 7,053 3,150 - 25 22,459 9,351 1,138 56,269 57,407 66,758 1,175,092 1,241,875 |
|---|---|---|---|
The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been presented.
See note 6 on page 11 for the note of historical cost income and expenditure.
The notes on pages 9 to 12 form part of these financial statements.
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The Harriet Burton Charitable Trust
Balance Sheet as at 5 April 2023
| Note Fixed assets Investments 4 Current assets Cash held by investment adviser Cash at bank Creditors: Amounts falling due within one year 5 Net current assets/(liabilities) Total assets less current liabilities Funds 8 |
Capital Income fund fund 2023 2023 £ £ 1,119,586 - 22,262 2,014 6,810 22,262 8,824 1,575 9,616 20,687 (792) 1,140,273 (792) 1,140,273 (792) Unrestricted funds |
Total 2023 £ 1,119,586 24,276 6,810 31,086 11,191 19,895 1,139,481 1,139,481 |
Total 2022 £ 1,216,115 30,825 2,835 33,660 7,900 25,760 1,241,875 1,241,875 |
|---|---|---|---|
The notes on pages 9 to 12 form part of these financial statements.
The financial statements were approved by the trustees and signed on their behalf by:
Lady Harriet Ann Milnes Coates Trustee
Date: 5 August 2024
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The Harriet Burton Charitable Trust
Notes to the financial statements for the year ended 5 April 2023
1. Accounting policies
Charity information
The Harriet Burton Charitable Trust is a charity which is registered with the Charity Commission for England and Wales under the registered number 283219. The principal address is 135 Gloucester Road, London, SW7 4TH.
1.1 Basis of accounting
The financial statements are prepared in accordance with FRS102 and The Charities SORP (FRS102), and are in compliance with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011. The financial statements are prepared under the historical cost convention, modified to include investments at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
There are no material uncertainties about the charity’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the accounts. The charity has adequate reserves to meet its liabilities as they fall due.
1.3 Income
Donations are accounted for when the charity becomes unconditionally entitled to the income. Investment income is stated gross of tax deducted and is accounted for as and when received by the charity. All other income is accounted for in the financial statements on an accruals basis.
1.4 Expenditure on charitable activities
Charitable grants are included in the financial statements as and when unconditionally committed by the trust.
1.5 Other expenditure
Other expenditure is included in the financial statements on an accruals basis.
1.6 Taxation
The charity is exempt from income and capital gains tax to the extent that income and gains are applied for charitable purposes. The charity is able to recover income tax deducted at source from investment income. The charity is unable to recover value added tax on its expenditure and accordingly expenses are shown gross of value added tax.
1.7 Investments
Investments are stated in the balance sheet at their open market value. Both realised and unrealised gains and losses on investments are included in other recognised gains and losses on the Statement of Financial Activities. Realised gains and losses on investments are calculated as the difference between disposal proceeds and carrying value at the date of disposal. Carrying value is the sum of market value brought forward at the beginning of the accounting period and the cost of subsequent acquisitions.
None of the trustees receive any remuneration for their work as a trustee.
2. Trustees' remuneration
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The Harriet Burton Charitable Trust
Notes to the financial statements (continued)
for the year ended 5 April 2023
3. Income from investments
Investment income arose from the following sources:
| United Kingdom Equities Collectives Fixed interest securities Property income dividends Rathbones Interest Overseas Equities Fixed interest 4. Investments Market value brought forward Additions at cost Disposals at carrying value Revaluation to carrying value Market value carried forward Historical cost |
2023 £ 10,821 5,922 167 1,513 339 9,699 1,892 30,353 2023 £ 1,216,115 215,526 (201,699) (110,356) 1,119,586 1,098,098 |
2022 £ 17,099 4,485 68 1,347 0 6,567 2,244 31,810 2022 £ 1,133,969 184,209 (158,332) 56,269 |
|---|---|---|
| 1,216,115 | ||
| 1,072,091 |
All investments are listed on a recognised stock exchange and are held within the following categories:
| United Kingdom based organisations: Companies Collectives Fixed interest securities Overseas based organisations: Companies Fixed interest securities |
2023 £ 413,058 247,235 76,049 736,342 349,694 33,550 383,244 1,119,586 |
2022 £ 379,327 345,250 62,911 |
|---|---|---|
| 787,488 391,277 37,350 |
||
| 428,627 | ||
| 1,216,115 |
Investments are held in nominee accounts on behalf of the trustees but in all other respects are considered to be directly held investments.
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The Harriet Burton Charitable Trust
Notes to the financial statements (continued) for the year ended 5 April 2023
| 5. Creditors .- Accountancy and independent examination fees Investment management fees 6. Note of historical cost income and expenditure Net income for the year Realised losses on investments calculated using cost Historical cost income and expenditure Difference between the historical cost gain arising from the realisation of investments and the actual loss calculated using carrying values Unrealised gains/(losses) on revaluation of investments Movement in funds on Statement of Financial Activities |
2023 £ 9,616 1,575 11,191 2023 £ 9,623 9,826 19,449 (11,487) (110,356) (102,394) |
2022 £ 6,150 1,750 |
|---|---|---|
| 7,900 | ||
| 2022 £ 9,351 (9,244) |
||
| 107 10,382 56,269 66,758 |
7. Charitable donations
During the year ended 5 April 2023, aggregate grants made to charitable institutions amounted to £11,000 (2020: £12,231) and were allocated to the following sectors.
| Conservation Education and arts Social and welfare Health Total for the year |
2023 Number 1 0 1 1 3 |
2022 Number 1 2 1 2 6 |
2023 £ 5,000 0 5,000 1,000 11,000 |
2022 £ 5,000 1,131 5,000 1,100 |
|---|---|---|---|---|
| 12,231 |
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The Harriet Burton Charitable Trust
Notes to the financial statements (continued) for the year ended 5 April 2023
7. Charitable donations (continued)
A list of the individual recipients of the donations analysed by sector is shown below.
| Conservation RHS Social and welfare Riding for the Disabled Health British Eventing Support Trust |
£ 5,000 |
|---|---|
| 5,000 | |
| £ 5,000 |
|
| 5,000 | |
| £ 1,000 |
|
| 1,100 |
Funds
8. Funds
The capital fund comprises investment assets held for the generation of income. The income fund comprises assets to fund charitable donations.
The trustees are free to use both the income and capital funds in accordance with the objects of the charity.
9. Related party transactions
There were no related party transactions during the year.
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