CHARLES R. BURRELL'S CHARITY TRUST ANNUALREPORT AND FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 5 APRIL 2024 CHARLES IL BURRELL'S CHARITY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ThLqtedsAnm￿ R¢￿rt It￿e￿WI￿lExam1n￿s Re￿rt St8t¢ment of Finati¢iaiA¢tiviti¢s Balance Sheet Schethile of Snvestmcnts and Inajme Notes to th¢Fin￿claI Siatements 9-13 CHARLES IL BURRELLIS CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Tn]stee 1$ pleased to pre5ettt its re￿rt togeth¢r with the finatL¢ial swements of th¢ charity for the year ended 5 April 2024. The financial stat¢m¢ni8 h&ve been prepared in ac￿rda￿t with the &¢¢ounting rK>licies $¢1 out in not¢8 to the fiDancial s￿lements and cotnply with tk charity's governing document. the Charities Act 2011 and Accounling 2nd Ryrting by ChaTitLe5'. Sthtement of Recon)m¢nd¢d Practice appli¢able to Ch￿l¢le$ preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and R¢public of Ireland publisha in October 2019. Objeetives *¢tlwltks The Trustee may pay or apply the unr¢Mricted capital and income of th¢ Charity to or for su¢h charitable institutions or purp)se as th¢ Tru8te¢ in its absoluk discrction thinks fiL Th¢ Trustce carries out tiKse objectives by regularly wnsideriThg wca]s from Oth￿ GhaJiti¢s and making policy and fimding de¢isions. Public Benefit The Trustee confimis that it h&9 complied with the duty in sethion 17 of the Charitics Art 2011 and hES referred to the guidance ntained in the Charity Commission's general 8uidance on public bcnefii when reviewing the Charity's aims and objective5 and in pl*￿ing fvture activities 8rtd setting the donations wli¢y for the year. The benefit that arises is the provision of fijnding to organisations that d¢mon5tr8te chritable purpos¢. Aehievements and p¢rforni*Mte During the Ye￿ th¢ Trustee madc gT¥nts totalling £45,382 12023: £115,085] in fiLrtheron¢¢ of its obje¢tives and continues io Tll8ke grsnis to charitable organisations ix)th on a one-off and recurring b&sis. The larger grant$ award￿ duting the year are Stated in the notes to thc fiTwIGial staiement& The Tnjsiee i5 plosed with the progr￿ m*1e in the finan¢io1 ye4r ended 5 April 2024 looks f(rwgrd to expanding its work with many other charities in the yearsto come. Fillanelal review The Trustee re¢eived £37.504 in investment inwme in the current year12023.. £22.6551 and the Truste h&8 achieved its intention of spending the income on charitable pLtiwities. N¢t ou¢Roin8 regources forthe year wcre £25,16912023'. outgoing £107,038]. In ￿$tionth¢ Tmt realised a gain on investmcnts of £3.10812023'. gain £22,155] and made VJL unr¢alised gain of £157,63312023-10s$ £168.0141. Th¢ outgoing movement on fvnds £135,57212023'. outgolng £252.8971. Iffivestment poli¢y The Trustee has instructed the Investtnent Manager the portfolio is io be invuted to prodwe a suitsble mixture of In￿Me in order that the level of grants may be maintained and capital growth to securc the futur¢ of the ChAtity over th¢ coming year& The Trust¢e is confldent that the fvDJre sncomr stre8m Is secure. The investment policy is morlltortd by r¢8ular investment reports aDd tneetin85 Wlth the Inwtmcnt M85Jager. A bregkdown of the investments h¢ld durin8 the finanGial year ended S April 2024 can be s¢¢u on page 8. Rknk The major risks ¢0 whiththe charity is exrx)s¢d h84V¢ been identificd aThJ slep$ tsken to mitigatethose risky. The main risk io the Charity Concerns the invcstments held. The Trustee h&8 mitiBat¢d this risk by eTygin8 Ca7£nove CApital to mana8e the investmertis and monitor the EK>rtfolio BJLd finon¢i8] risks to the Charity. The Trustee regUl￿]Y reviews the valuation of iTLvcstsnents and the income $treAm generated The TnL4trc h85 ￿tisfIed itself that the ￿8t is a going concern and has ad¢quate re50urGes to continue in op¢rationai exithn¢¢ for the for¢seeHble fvture. Thc Ch￿Lteb1e activities ore fi]nded by the investment portfolio although Covid-19 did have a 0¢￿1ve impact on thi5, the PDrtfolio ha5 retovered with sufficient valu¢ to support continucd grant making. CHARLES IL BURRELL'S CHAIUTY TRUST TRUSTEK'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Re5ervts poli It is the int¢ntion of the Trustee to sw%tain the utttstricted fiuJd5 ￿ a level which will provide suffi¢ient fi]nds for lh¢ l¢vel of grants pBid llndto Coverthe Charity's M￿8¢m*￿ a￿1 athninistration costs. At the Balance Sheet d&t¢ the unTeBtrid&J resetves amount•J to £2.606.626. Future Plglbs The TnJste¢ docs not envisagc any material chgnge to the opetation of the Charity in the long-tcrrtl and the investments will ontinue to k managed on a similar bASiS as they are ￿w. NolwithstaThding this, the Tr￿tte remair& flexible in tenns of the type of organI￿tiOnS i(8UPPOrts. Strictsr¢y gov¢rn*nce And manggemtnt The TTUSt charitable status and w&8 set up by Charles RBuTr¢ll by Deed dated 27 May 1987. The M¥J￿geMent of the Charity 1$ vested In th¢ Tr￿Stee and th¢y actively review the pe￿e1Ved major rhsks whirh the Clwily face5 atLd the Trustrc is satlsfied thatthe systems Ère in place io mitigate those risks. The Tr￿tee h*$ r¢ttived appropriat¢ briefing on its responsibilitie5 under the law relating to ch&itie5 gnd its duty to CD5ure that its charitable activities for the public b¢n¢fii. Th¢ appointsnent of new trustees is vested in the Trustee in plac¢ at the time of the app)intsn¢ni. The selectiOD of fiJtUTe trustees will have regard to the skills. knowledge and experience need￿ foT the effective administration of the Charity. Indudion and training for tyustees is provided where relevan¢. Refe￿nCe #od Administrative iDfornxatvJn A regi5t¢Ted ¢harity. re8iStcred with the Charity CoThTnissioners for England arml Wales 8$ nwnber 297061. Principal Offie¢.' 4th Floor, 7 Sw411ow Street London WIB4DE Th¢ TnLYtee 15 Cowdray TnLSt Limitr¢ Th¢ D1￿CtOr8 of CowdrAy Trust Limitcd ar¢.. Th¢ Hon H M T Gibson {Chaimw) The Viscount Cowdr8y Thc Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon Mr J R E Stnith Mr R C PTrou8hton (Retired 13 Junc 2024) Mrs S J Burr¢ll Mr S JAtkinson Mrs FA Rice Mr M P Harris Mr K Wright Mr5 CA Bullough (Appointed 30 Augus¢ 20241 Soli¢iiors'. Currey & Co LLP 33 QueenAnne Stre¢t tA)n(k)n WIG9HY CHARLES IL BURRELLIS CHARtTY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Indepetsd￿)t Exwnirttt.. Martin arKi Company Audit Limitcd 25 St Thottw Stre¢t W￿hester H8mpshire S023 9HI Royal Bank of Scotland 119- 121 Victoria Strttt LthdDn SWIE 6RA S¢hrothr & Co l Lorldon W911 Place London EC2Y SAU Inveslrncnt MaTW. Cazenov¢ CAPita] l London Wall PlarK London EC2Y SAU CHARLES IL BURRELL'S CHARITY TRUST TRUSTEE'S ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 St*t¢mtnt of trustee's rtsptsnglb51itlei The TnLStec LS rup)D5iblE for preparin8 the Trus¢ed$ Rerx>rt and th¢ fin8n¢ial statern¢nts in ac¢ordan¢e with applicable law Ènd Tegulations. Th¢ law applicable to charities in England And Wales requires th¢ Th]stee to prepare financia] statements for each fin8ncia] year in accordance with Unit¢d Kingdom Genernlly Accepted A¢¢ourtting Prdctice (United Kingdom A¢¢oufttin8 St#Adards ond appli¢able regulation51. Under that law the T￿￿tee must not approve th¢ firtaftcial ststem¢nts un1¢55 It IS Satisfied that they give a ¢ and foir vi¢w of the stat¢ of affairs of the charity 0￿d of th¢ incoming resources atKi application of thc resour￿$ of the ciwity forthat ￿lOd. In preparing th¢s¢ flnancial statcmBnts the Tnjstee is requiT&I w: 5ele¢t swtable accounting policie5 and then apply them consistently* - observe the methods and Principles in the Charities SORP ffRS 102),. - make judgements and accounting estitnAtes that are rc&wnablc and prudent.. - state whether applicable aCCo￿)Ling statLdard8 h￿e been follom'ed $ubjea 10 any ma￿14[ dewturts disclosed and explained in the fjrtancial statements,. ond - prepaT¢ the financial stat¢ll*rtt$ ort the going conccrn b8sis unle&s it is inappropriate to preswne that the ch&ity will continue in bu51Jl¢SS. The Thstee is resFon$ibl¢ for keeping adwa¢ awounting rewrds which are suificient to slK>W omd ¢xplain the ¢harity'S tran5a¢tion$ and disclose with reasonable aceuracy at atiy tsme the fi[￿01a] position of the charity and enable them io ensure that the financial 5ts1emenls eomply with th¢ Charitie5 ALt 2011, the Charitia8 IAc¢ouni$ and Reports) RegulatioD$ 2008 al￿ the provisions of the Trust Dee& Ii is also reS￿￿$1ble for 5aftguarding the L8sets of the charity and hence for taking Tea50nable steps for th¢ prevetttiotl and detecuon of fraud and other irre8ularitic5. Approved by the Tn￿l¢COn 23 October 2024 and signeQ on its bthdfby: Cowdr*y Trust Limlted Dir¢¢tt*r CHARLES IL BURRELL'S CHARITY TRUST INDEPENDENf EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 I rerA)rt to the chtrity tn￿¢¢ on my ¢xamination of the financial stat¢ments of the charity for tbe year endcd 5 April 2024 which are set out on pages &13. Responsibilities *nd bists of r¢port AS lh¢ ¢h￿￿ty.3 tn]stee you arc responsibl¢ for the preparation of the finoncial st&t¢ments in ¥xordance with the requirements of the CharitieJA¢t 2011 Ilh¢Aa'}. I rep)rt in r¢spect of my examination of the ¢harity'S fitJ&ncial statements C￿l¢d out undcr 8¢¢tion 145 of the AL# and in C2Tryill8 out my examination I hav¢ followed 811 the applicable dir¢¢lions 8iven by the Charity Commission under s¢¢tion 145{SXb) of the Act. IndepeDdeAt ex*mlA¢f'g Statement I have compl¢kd my examinatiott. I confm that no rnat¢ri￿ matters have com¢ to my attention in WTmtttLon with the ¢xgmin8tion 8iving me caus¢ to b¢li¢v¢ that in any matrriai rcspcct: accounting records were ntsi kept in reSI￿￿Or the charity as requir￿ by swtion 130 of theAct,' or the financial statements do not ac£ord with t1￿5¢ records,. or the fJnancia] statements do nor comply with the applicable requirements eon¢emin8 the forn) and wntent of financial Siatements 8et out in the Charitie5 {AccounL8 atMI Report5) Regulation$ 21XJ8 oth¢T than any requiremetlt that th¢ finan¢ial statem¢nts giv¢ a Inje and fair view, whiGh is not a matter considered as p8rt of an inde]Kndent ¢X8minatiorL I have tLO concern5 and have come across no othcr matters in ¢OTmeciion with the examination to which attention should be dTllwn in this report in order to cnablc a propeT undeT8tandfftg of the finpJL¢io1 st8iements to be Tea¢hed. £4d m￿1n and Comp8ny Audit Limiled 25 St Th0[D￿ Street Winchest¢r Hajnpshire S023 9HJ CEL4RLKS IL BURRELL'S CHARrrY TRUST STATEMENT OF FINANCIALAcfIviTIES FOR THE YEAR ENDED 5 APRIL 2024 2024 UnTr5tri¢t¢d 2024 Total f•]kls 21ll3 Note Prior yt*r total fMDd In¢ome froDJ: Investtnents 37,504 37.504 22,655 Total 37304 37,504 22,655 Exp¢tsdituM Raising funds Chwitable activiti 906 61,767 950 128.743 61,767 Totgl 62.673 62.673 129,693 Ntt IAtomel(expemditure) (25,169} (25,169) {107.038) GllitL%lOo$sesl on investment ￿ets io 160,741 160.741 (145,859) Nèt movtmtnt Ill fullds 135,572 135,572 P52.897) Reconciliatloll of fulld$: Totsl fi]nds broughi fotword 15 2.471.054 2,471.054 2,723,951 Tot41 tund$ c*rri¢d fonvard 2,606.626 2,606,626 2.471,054 CHARLES IL BURRELL'S CHARITY TRUST BALANCE SHEET AS AT 5 APRIL 2024 Note 2024 Totsl funds 2023 Prior ye4r funds FixedA￿ets. Investsnents Jo 2.524,607 2.363.879 Total Fixed Assets 2,524,607 2,363,879 CurreAtAss¢ts: li 12 1.727 107257 C￿h qt bank 86,881 Thtal Curr¢tttA$sets 8A881 108,984 Llab115tks: Creditor8: AmoLmts f8]ling due within one year 13 {4.862) (1.809) Net Current Assets Or Li&bilitieJ 82,019 107.175 Tot*]Asstts less Current Li*bilhle 2.606,626 2,471.054 Tht Ftynds of the Charity: UnK%trictcd funds 15 2,606,626 2.471,054 Totsl Charity 2,606,626 2,471.054 Approved by the Trustee on 23 October 2024 and on its Ixhalf by.. CowdrnyTrn$t Limlt¢d Dirtctor li li li I CHARLES R. BURRELL'S CHARITY TRUST NOTES TO THE FINANC￿ STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Ststutory IDfonn#tio Chsrles R BU￿tI1'S Charity TTUSt is ar¢gist¢r¢d ¢harity. The r¢gi$tere41 numb¢r aThd prir￿1PAj offiGe address can bc found in the Rep)n of the Tnjsiee's. A¢¢ountlAg Policie8 Ba515 of fi￿1￿¢11] statements preparation The fLnanciaJ 5tatemcJ)ts of tht Gh&rity, which is a public ben¢fit entity, h&ye been prep￿￿ in ￿Orth￿¢¢ with the ChaTi¢i¢s SORP IFRS 102) 'A¢¢6untillg 8nd R¢portiDg by Charities.. Siatetneni of Recommendd PraG¢ir¢ awlicable to charities preparing their accounts in accordance with the FiDanciai Rerx)rting Standard appli¢4bl¢ in the UK aT¥J R¢publi¢ of Ireland (FRS 102) (effective l January 2019).. the Financiaj Reporting Stand3rd applicable in the United Kingdom and Republi¢ of Ireland {FRS 102) and th¢ Chariiies Act 2011. The fiFwKiai sw¢mw havc been prep9r￿ uttder the historical LL>51 ¢fjnv¢ntioD. The fJn4nciaJ statements hwe been pr¢pared to give a'tn]e and fairf vi¢w and have departd fTDTn the Charitie5 (ALYounts and Rep)rts} Regulat20ns 2008 only to the extent require41 ￿ provide a *ru¢ end fai¢ view. This dqwtore h&8 involved followtng Awutjting 8nd iieportin8 by Charities pr¢p0rin8 their accounts in accordance with the FInan¢i￿ Rtyortin8 StaTthrd ￿P11{able in th¢ UK and Republic of Irela￿d (FRS 102) issued in Octobcr 2019 r&ther thgn thc AGcounting and Rewrting by Chariti¢5'. Stst¢n]¢nt of R¢commended Pr￿tice effe¢tiv¢ from l Ar￿11 2005 whid) has since ￿en rcmoved. Th¢ TNs¢e¢ ¢onsiders that there are materia] wi¢¢rtainties aLY*ut the Tru5Vs ability to ￿ntinue &$ a going conttrn. b) Ngtsre of fund8 All funds held are unT￿trICted and the ThLstee is free to use tllem in accord8nce wÉth the charitable objects. Fixtd 4s#t iDvestmeAts Investments arc 5taied at tnarket value at the bal￿¢¢ sheet date. Overseas Investment5 are trnnslat¢d into Sterling at the rates Nling at the year end. The s￿eMent of Financial Activitie5 (SOFA} in¢lude8 the net gain$ 8nd losses on revaluation and dispos8ls throughout the year. d) Imeomt Income is re¢ognised in ihe SOFA onee the charity has entiUem¢nt to the fimds. it is PTobabl¢ that the income will receivd and Èhe atnount can b¢ ThI￿￿red r¢li&bly. KxptDditYre Liabililies 8r¢ re£4)w"sed &8 expenditwe as as there i5 a 1¢881 or construthlvc obligation co]nmitti￿ thr LI]￿lLY expcnditur4 it 1$ probable a tr8nsfer of economic bcnefits will b¢ required in settl¢Tnent 8nd the amount of the obligation c￿￿ be rn¢asurcd reliably. Expendifttre is a¢￿Unted for on aD a¢cnJa]s ba5i5 and ha5 been clossified under headings that 4ggregate all costs related to that category. Vthere costs Wlnot be directly attributed to particul￿ headings, they have been aJlocAted ts) activities on basis consi$ient with the use of resourtts. Charit*ble grnnts GrHnts payable are recognised in th¢ SOFA WI￿1 they are appmed by the Thjstee and thc r￿lp]ent has been infornied of the amountto k paid. CHARLES IL BiJRRELL'S CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (Continued) Foreign currenel Trons&ctions denominated in a for¢ign ¢Wr¢ft￿ Bre tran81ated inlo sterling at the rate of exchange ruling at the date of the transaction. At the balanc¢ sheet date tnorteiary assets and liabilitie5 dcnotninated in a forci8n Currency are tr8mslat¢d at the rate ￿liA8 ￿ that date. All exckne differ¢nce$ 8Te de￿1 with in the SOFA. ) Irr¢¢ov¢r4bl¢ VAT Irte¢ovwableVAT is written off to the slme expense Category in which th¢ acmai expendituR was in¢wr Remkn#trgtlon of Thistees In the firwKiai Ye￿ to 5 April 2024 tht Tlry￿ did not receive any rwnuntration or have its exp¢ns¢s re1Mb￿d by the Charity. Cowdray Trust Limited charged administr&tion expenses of £14,19612023: £12.3491. lknvestment ifftcome 2024 2023 Income from investments Gross bonk interest 35.513 21.609 1,046 37,504 22,655 Expettdlture on rgi8ing fuDds 2024 2023 Investment maoag¢m¢nt fees 906 950 950 Chariixb]t ietfvities Dirett costs Support eosts {see note 71 {s¢e Dots 8) 1024 Totsl 2023 Total Charitable cxpcnditure 45.382 IA385 61,767 128,743 Dbrect costs The Charity undertook no dir¢¢t ¢h8Ti&ble activities but awarded grdnts lo a numltr of institutions in furtherance of its charstsble objective& The8e ftsllows: CharitiesAid Foundation Conservation Collective CamEed IntenMtional Amber 34.000 8.882 .500 1.000 Totsl forth¢ yur 45,382 10- CHARLES IL BURRELL'S CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (Continued) Dlr¢tt ¢osts {CoDtlnlled) Expenditure on r4i5ing futtds Grnttts to in5titu¢ion$ GrAnts to individuAIs Totil Adv8￿ce￿¢￿t0r ¢ThViT(>nmentai prot¢aion or improvement Relief of thst figure av8i18bk The knok va]ue of the inv¢stm¢nts at 5 Awil 2024 is £2.017.841. Net gainsl{lossesl on investme1￿ includes realised gains for the yw of £3.10812023'. 8ain £22,1551 and u*trea]ised 8aiThs on revduation to m￿ke1 value of £157,633 [2023.. loss £168.0141. li Debtors 2024 2023 Trustre5 frc$ 1,727 1,727 12 Cwb at bathk 2024 2023 Roya] Bank of Seotland Schroder & Co 15,905 70,976 10.889 96,368 86,881 107.257 13 Creditors: AmoxDts fAlliJL8 due within ODt yeiiT 2024 2023 Tr￿Stees. fees Payments due to charities Portfolio Stewardship fees Martin and CompanyAudit Limited 2,173 500 1,169 1.020 500 1,309 4,862 1.809 14 CommhmeDts m*de Number of yenrs Total v•lue No corbditions attached: Sci¢nre Museujn 500 500 500 15 MovemeDt in FIMds 2014 2023 Unrestrict￿ Funds.. Bal&n¢e brough¢ fonvard Net movemeni in fimds 2,471,054 135,572 2,723.951 {252,897) Ba]an¢¢ Cttrriul forward 2.606.626 2.471,054 12- CHARLES IL BURRELL'S CIIARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (Continuèd) 15 Movemtnt in Funds (ColltiDued) Nct [noV￿nent in fjJtM15 included in the aFx)v¢ 8r¢ as follows.. G*iD5 Movernemt in fuDds Inconje Ovtgoiny Unrestricted Fund8.' 37,504 (62,673) 160,741 135,572 16 Related P*rtyTrthtt5•CtiOllB Dwrng the y¢Ar Millbank FuwKiaJ S¢rvice5 Limited {'MFS') chwEcd fee5 of £1.169 12023: £1.3091 k)r th¢ir Portfolio Stewardship service and C4)wdray Tn￿t Limited chw administration expenses of £14.19612023.. £12.3491. The Hon H M T Gib50n. The Hon CA Pearson and Mr M P Honi$ {Dirxtors of Cowthy Trust Limited) are Directors of MFS. It should ￿ noi¢d that a sibling of The Hon H M T Gibso￿ the father of Mr5 C A Bullough, and th¢ mother of MT R C P Trou8hton (Dire¢tor of CowdTay Trust LiTllit¢d) arc DircctOT5 of MFS, namely The Hon W K GibsoT), The Hon C A Pe8rson and Mrs S H Troughknn respectively. Mr R C PTroughton Mired as Dir¢¢torof Cowdray Trust Limittd on 13 2024. 13-