Fulford and Burrard Charity
Reg No. 307205
Annual Report and Accounts for Year Ended 31 March 2023
The Charitable Objectives of the Charity
The charity has a long history and development with its origins dating back to 1668 for the benefaction of George Fulford to establish a school for boys and that of Ann Burrard in 1777 for a school for girls and boys. In 1858, by an order of court, the Fulford and Burrard was created with the assets of the two previous entities with the object of the charity as “The support of the National Schools in the parish of Lymington for the education of poor children”. In 1963 with the registration as a charity that statement was enlarged by removing the word ‘poor’ and appending ‘...and young people through education, training and by making grants to organisations.’ In 1992 and 1993 schemes were appended to the Trust Deed which vary and affect the deed and the latter gives the following priorities:- Towards providing special benefits of any kind for which provision is not made from public funds. To promote the education of children attending the school. To promote the education of persons under 25 who are resident in Lymington or who have at any time attended the school. The school is not defined in the schemes so trustees have logically taken this to be the natural successors to the National Schools (which have not existed as such since the 1944 Education Act). Trustees’ practical interpretation of the scheme is that the charity should support the school(s) financially. Financial support is given as the first priority and the ‘School Support’ element of the charity’s grant funding has made up the large majority over the years.
Assets, Funds and Investments
The assets of the charity consist of investments and cash. The investments are:
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i) some £1000 in COIF ethical investment shares, the proceeds of which are paid quarterly into the Charity’s Lloyds Treasurers Account.
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ii) CBF Investment Shares with a market value of c.£750,000 (a decline from £850,000 in the previous year).
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iii) CBF Property Fund Shares with a market value around £50,600 (a decline from £57,300) The yields from ii) and iii) are paid into a CBF Deposit Account.
Cash is held in the CBF deposit account and in the Treasurer’s account. Disbursements are only made from the Lloyds account. Funds are transferred from the deposit account to the treasurer’s account to meet grant making needs. The CBF funds are administered by the Winchester Diocesan Board of Finance. The COIF shares are administered by CCLA. Over the year the total value of these assets decreased by c. 12%.
Incoming Funds
Income from investments totalled £24,985 a yield of 3.04%, up from 2.68% last year. Interest from the deposit account was £2,726 up from only £133 in 2021-22. These increases reflecting the improvement in interest rates in the second half of the year.
Grant Making Policy and Grant Making 2022-2023
The policy of Trustees remains that grants should be made from the income of the charity and not from the capital assets which should be maintained.
All grants are made in accordance with the charity’s aims and educational in nature. For accounting purposes they are divided between ‘School Support’ and ‘Non-school Education’. This year the only school support grant was one of £21,000 to Lymington Infants’ School. The only nonschool education grant was one to assist a Lymington young person and church member to start a ministry course at Lee Abbey.
‘School Support’ primarily benefits the CoE Infant School but it does not exclusively have to. Any school that can be deemed a direct descendent of the National Schools the charity was established to support can benefit. In our case this may also include Lymington Junior School and Priestlands (although perhaps to a limited extent as the National School was elementary and only educated children to the age of 15).
‘Non School Education’ is a wide category and can include anything outlined in the scheme and can be as broad as ‘promoting the education of persons under 25 who are resident in Lymington’. Trustees have provided a grant application form for individuals to apply for such funding. Historically the Charity Commission granted permission for the funds to be applied to the employment of a Youth/Children’s worker.
| Fulford & Burrard Charity Registered Charity 307205 Income & Expenditure for Year Ended 31 March 2023 Income CBF interest CBF dividends COIF dividends Expenditure School support Non-school education Excess of income over expenditure Balance Sheet as at 31 March 2023 Assets Investments holding ACS 11741001-4AA COIF Shares: 353.95 CO3049336-9 Market Value AC 141001395S CBF Investment Shares: 36,302.33 Market Value at AC 141001002P CBF Property Fund Shares: 38,766.37 Market Value Cash at Bank AC 141001719D CBF Deposit Account AC 00159589 Lloyds Treasurers Account Grand total of accumulated fund Balance at 31 March 2021 and 2022 Excess of Income over Expenditure Change in Market Value of Shares Balance at 31 March 2022 and 2023 |
2021-2022 133.44 ### 29.86 ### ### 0 ### 4,464.75 2021-2022 Mid Market Value £ 1,050.67 ### ### ### ### 4,077.51 ### ### ### 4,464.75 ### ### £ £ |
2022-2023 £ £ 2,726.69 24,954.89 30.47 27,712.05 21,000.00 2,000.00 23,000.00 4,712.05 2022-2023 Mid Market Value £ 998.28 750,056.96 50,597.87 ### 138,000.46 2,037.48 ### ### ### 4,712.05 ### ### |
£ 27,712.05 |
|---|---|---|---|
| 23,000.00 | |||
| 4,712.05 | |||
| ### | |||
| ### | |||
| ### 4,712.05 ### |
|||
| ### |
AccountsOverview
Fulford & Burrard Accounts 2019-20
COIF Charities Ethical Investment Fund – Income Units
1147410001AA all pay into Lloyds account 117410002AA 117410003AA 117410004AA CBF Church of England Deposit Fund 141001719D Property fund dividends and investment fund dividends paid in totalling £ Value as at 31 March 2020 £ Values as at 31/03/2020 CBF investment fund – income shares shareholding Value £/share Value of holding £ 141001395S 36302.33 17.0092 617,473.59 dividends pai CBF property fund – income shares 141001002P 38766.37 1.3457 52,167.90 dividends pai Lloyds Treasurers Account 30-95-32 159589
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AccountsOverview
23,405.67 123,027.97
in red folder in red folder
Page 3
Lloyds Bank Account 0159589 1 April 2019 – 31 March 2020
| DATE 2019/20 |
Particulars Credits Debits |
Particulars Credits Debits |
Particulars Credits Debits |
|
|---|---|---|---|---|
| 01/04/19 15/04/19 15/05/19 31/05/19 31/05/19 31/05/19 31/05/19 30/08/19 30/08/19 30/08/19 30/08/19 01/11/19 14/11/19 25/11/19 29/11/19 29/11/19 29/11/19 29/11/19 02/12/19 20/01/20 20/01/20 22/01/20 22/01/20 24/01/20 30/01/20 06/02/20 06/02/20 28/02/20 28/02/20 28/02/20 28/02/20 |
Balance Transfer from 141001719D Cheque 000367 Hants CC COIF117410001AA COIF117410002AA COIF117410003AA COIF117410004AA COIF117410001AA COIF117410002AA COIF117410003AA COIF117410004AA Transfer from 141001719D Cheque 000331 to Little Dolphins pre-sc Transfer from 141001719D COIF117410001AA COIF117410002AA COIF117410003AA COIF117410004AA Cheque 000332 to Lymington Junior Sch Cheque 000369 Deposit Cheque 000332 to Hants CC – violin less Deposit Faster payment – SPUD Cheque 000333 Cheque * Rachel Noel – Pennington P Cheque *Bibles – LIS COIF117410001AA COIF117410002AA COIF117410003AA COIF117410004AA |
153.03 ### 2.86 2.72 1.36 0.21 2.86 2.72 1.36 0.21 1,000.00 9,000.00 2.87 2.73 1.37 0.21 o 3,900.00 3,900.00 2.89 2.75 1.37 0.21 |
### 785.00 405.00 3,900.00 3,900.00 3,900.00 135.00 217.00 31.35 |
|
| Totals: credits & debits ### ### Surplus in Year 4,555.35 Plus Initial Balance 153.03 31/03/20 Balance 4,708.38 |
Totals: credits & debits | ### | ### | |
| Credit analysis Transfers Bank COIF divs from DBF Acc. interest |
Credit analysis Transfers Bank COIF divs from DBF Acc. interest |
Credit analysis Transfers Bank COIF divs from DBF Acc. interest |
Debit analysis School support Ed. support Amenities & Education (non-school) |
Debit analysis School support Ed. support Amenities & Education (non-school) |
|---|---|---|---|---|
| 15,000.00 1,000.00 9,000.00 |
2.86 2.72 1.36 0.21 2.86 2.72 1.36 0.21 2.87 2.73 1.37 0.21 2.89 2.75 1.37 0.21 |
15,000.00 405.00 31.35 |
785.00 3,900.00 135.00 217.00 |
|
| 25,000.00 | 0.00 | 28.70 | 15,436.35 | 5,037.00 |
| Analysis Total Credits 25,028.70 |
Analysis Total Debits Total Credits less Total Debits |
Bank charges 0.00 20,473.35 4,555.35
| Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar | Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar | Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar | Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar | Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar | Winchester CBF deposit account 141001719D 1 April 2019 - 31 Mar |
|---|---|---|---|---|---|
| Year 2019-20 |
Particulars | Credits | Debits | ||
| 06/04/19 | Balance | 123,773.24 | |||
| 05/04/19 31/05/19 31/05/19 30/06/19 30/08/19 30/08/19 30/09/19 23/10/19 08/11/19 29/11/19 29/11/19 31/12/19 28/02/20 28/02/20 31/03/20 |
Transfer Property Fund dividend acc 141001002 Investment Fund dividend acc 141009 CBF Deposit interest retained Property Fund dividend acc 141001002 Investment Fund dividend acc 141009 CBF Deposit interest retained Transfer Transfer Property Fund dividend acc 141001002 Investment Fund dividend acc 141009 CBF Deposit interest retained Property Fund dividend acc 141001002 Investment Fund dividend acc 141009 CBF Deposit interest retained |
686.16 5,227.54 208.58 709.42 5,227.54 220.98 728.81 5,035.13 221.41 755.94 5,035.13 198.09 |
15,000.00 1,000.00 9,000.00 |
||
| Totals: credits & debits | 24,254.73 | 25,000.00 | |||
| Surplus in Year Plus Initial Balance Balance at 31 March 2019 |
-745.27 123,773.24 123,027.97 |
| Credit analysis | Credit analysis | Debit analysis | Debit analysis | |
|---|---|---|---|---|
| Investment income |
Interest retained |
Transferred to Lloyds 0159589 |
Other | |
| 686.16 5,227.54 709.42 5,227.54 728.81 5,035.13 755.94 5,035.13 |
208.58 220.98 221.41 198.09 |
15,000.00 1,000.00 9,000.00 |
||
| 23,405.67 | 849.06 | 25,000.00 | 0.00 | |
| Analysis Total Credits24,254.73 Total Debits ### Total Credits less Total Debits -745.27 |
COIFaccounts
COIF Charities Ethical Investment Fund – Income Units
values updated with 30Sept 2021 figures. Dividends not yet updated.
| Values at... | 31/03/21 | 31/03/21 | 31/0 | |||
|---|---|---|---|---|---|---|
| No of units |
Unit value/p | £ | No of units | |||
| 1147410001AA | 141.59 | 296.09 | 419.23 | 141.59 | ||
| 117410002AA | 134.58 | 296.09 | 398.48 | 134.58 | ||
| 117410003AA | 67.29 | 296.09 | 199.24 | 67.29 | ||
| 117410004AA | 10.49 | 296.09 | 31.06 | 10.49 | ||
| Total shares | ||||||
| Value at year | end | 1,048.01 | Value at yea | |||
| Dividends | paid into Lloyds Treasurers | Account | ||||
| 28/02/20 | 29/11/19 | 30/08/19 | ||||
| 1147410001AA | 2.89 | 2.87 | 2.86 | |||
| 117410002AA | 2.75 | 2.73 | 2.72 | |||
| 117410003AA | 1.37 | 1.37 | 1.36 | |||
| 117410004AA | 0.21 | 0.21 | 0.21 | |||
| 7.22 | 7.18 | 7.15 |
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COIFaccounts
| 3/20 | 31/03/19 | ||||
|---|---|---|---|---|---|
| Unit value/p | £ | No of units |
Unit value/p | £ | |
| 227.86 | 322.63 | 141.59 | 234.92 | 332.62 | |
| 227.86 | 306.65 | 134.58 | 234.92 | 316.16 | |
| 227.86 | 153.33 | 67.29 | 234.92 | 158.08 | |
| 227.86 | 23.90 | 10.49 | 234.92 | 24.64 | |
| 353.95 | |||||
| r end | 806.51 | Value at year | start | 831.50 | |
| 31/05/19 | Totals | ||||
| 2.86 | 11.48 | ||||
| 2.72 | 10.92 | ||||
| 1.36 | 5.46 | ||||
| 0.21 | 0.84 | ||||
| 7.15 | 28.70 | 28.70 |
Page 10
800341.89 766753.36 33589 4.38062 676415.62 646343.44 30072 4.65266 622759.21 593677.41 29082 4.89859 52826.932 51896.54 930.393 1.79278 Balance £ %age change in value 31/03/18 766,753 31/03/19 800,342 2018-19 4.4 NB check this against end of year fi 31/03/20 941,692 2019-20 17.7
Igures
ulford an rd Chari No. 25 I rerrt)rt on the accounts of the Fulford and BurTard Charlty No. 307025 for the year ded 31 March 2023, a copy of which, slgned by the Chainnan of the Trust of the Chanty on 25th January 2024 and initialled by rre, Is appended hereto: A5 the Charty's trustees you are restble for the preparatk)n of tr accounts a1 for ensuring that all exFendItU Is authorised by the Trust: you consmler the adIt rojuirement of sectlon 144 of the tharltles Act 2011 (the Act) does not app arKI the COUnts te examlned section 145. It is my reswnslbillty to stste, on the basls of prccedures In the General Dlrectlons given by the Charfty Commlssloners urbjer tre Ac¢ whether pHthwlar matters have b) my attention. My examlnatlon was carrbJ out In accordan wth the General Direthons given ty Charfty Conmnissioners. An examlnation Incl a rev of the accountiThJ records kept by the Charfty and a comparfson of the accounts presented with those records. It a150 indudes ccmsklerdtk)n of any unusual Ilsts or dlosures In the accounts and sking explanattons from you as trustees, or the aerk to the Charity, ConMIllj any such matters, The procedures undertaken not all the evldeno that would be gfven In an audlt, and consequenuy I do not expr an audit opink)n on the vlthv given by the accounts. In conrthn with my examlnation, matter has o)me to my attentSJn: l) Whkh me reasonable cause to that Sn any materfal respect the ruIre£nts to keep accountlng records In accordan with part 8 of the kt arJ to prepare accounts which accord with the accountirwj rths aTh1 to compty wtth the accountlng r4uirements of the kt and the gukIdlS of the statefft of ReLommeTrJed Practice have not been me¢. or 2) To whlch In my opinion, attention 5Uld te drnwn in cKder to a propw under5tsndlng of the accounts to te reached. Makolm A Ward MeM1r of the As9xithn of Accounting Tethnicians (R&d) 24 Fam M&, LnIrn, Harts. 1 3TJ 2P January 2024