## **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:
- i) some £1000 in COIF ethical investment shares, the proceeds of which are paid quarterly into the Charity’s Lloyds Treasurers Account.
- ii) CBF Investment Shares with a market value of c.£750,000 (a decline from £850,000 in the previous year).
- 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
Page 2
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|
Page 9
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 d*losures In the
accounts and s*king 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 ar*J
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