## **The M T & S D Burton Charitable Settlement**
**Annual Report and Financial Statements for the year ended 5 April 2021**
**Charity Commission Reference Number 327450**
**The Glebe House Sacombe Hertfordshire SG12 0JJ**
**The M T & S D Burton Charitable Settlement**
## **Year ended 5 April 2021**
## **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 11|
1
**The M T & S D Burton Charitable Settlement**
## **Trustees’ Report for the year ended 5 April 2021**
## **Legal and administrative information**
Charity number 327450 Trustees: Mark Timothy Burton Sally Denise Burton Jeremy John Burton Independent Examiner: Christopher Smart - Chartered Accountant Accountants: Volans Leach & Schofield 10 Blenheim Terrace Woodhouse Lane Leeds LS2 9HX Bankers: Bank of Scotland plc 33 Old Broad Street London EC2N 1HW Barclays Bank plc 1 Churchill Place London E15 5HP Investment Managers: Rathbone Investment Management 1 Curzon Street London W1J 5FB Principal address: The Glebe House Sacombe Hertfordshire SG12 0JJ
The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts 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.
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.
2
**The M T & S D Burton Charitable Settlement**
## **Trustees’ Report (continued) for the year ended 5 April 2021**
## **Risk Management**
The charity’s 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 27 April 1987 and was established by an initial gift from Mark Burton.
During the lifetime of the settlor the income of the trust fund, and also so much of the capital of the trust fund as the settlor may direct, is to be applied to charities or for charitable purposes as directed by the settlor.
After the death of the settlor the settled funds are to be held upon trust for the benefit of such charities or for such charitable purposes as the Trustees may determine, having regard for the direction given or wishes expressed by the settlor.
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 repayable income tax suffered.
The trust does not fund raise and seeks to continue the philanthropic intentions of the settlor through the careful stewardship of the existing resources.
The trust is registered with The Charities Commissioners under registration number 327450.
## **Objectives and activities**
Donations are made at the discretion of the Trustees and charitable donations are normally made to health, arts, education and social need charities.
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 MT & SD 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.
## **Financial activities and affairs**
Investment income during the year amounted to £82,777 (2020: £82,159). This represents a yield of 3.6% on the average market value of the investments during the year.
The trust made charitable donations of £58,040 during the year (2020: £43,990) and total expenditure for the year was £75,210 (2020: £60,933).
3
**The M T & S D Burton Charitable Settlement**
## **Trustees’ Report (continued) for the year ended 5 April 2021**
## **Financial activities and affairs (continued)**
Overall net income for the year was £7,567 (2020: £21,226).
Gains realised on the sale of investments amounted to £58,184 (2020: losses of £28,883) and unrealised gains attributable to the change in the market value of investments amounted to £374,488 (2020: losses of £274,926).
The overall net increase in funds for the year is £440,239, resulting in total funds of £2,665,787 to carry forward at 5 April 2021.
During the year under review, the charity purchased investments at a cost of £520,856 and received proceeds of £457,203 from the sale of investments.
The market value of the charity's investments at 5 April 2021 amounted to £2,547,479 (2020: £2,051,154).
The investments of the trust are administered by the 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 Trustees receive no remuneration and charge 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.
## **Trustees' responsibility for the financial statements**
Charity law requires the Trustees of the charity to prepare a Statement of Financial Activities and a Balance Sheet which gives a true and fair view of the state of affairs of the charity and of its income and expenditure.
In preparing the financial statements, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- value assets and liabilities in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (Charities SORP (FRS102));
- prepare financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records, which are sufficient to:
- show and explain the charity's transactions;
- disclose with reasonable accuracy at any time the financial position of the charity;
- enable them to ensure that any financial statements comply with the requirements of the Charities (Accounting and Reports) regulations 2008.
4
**The M T & S D Burton Charitable Settlement**
## **Trustees’ Report (continued) for the year ended 5 April 2021**
## **Trustees' responsibility for the financial statements (continued)**
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. As such, the investments are held by the investment advisers in a separate designated nominee account.
## **Compliance and statutory requirements**
The Trustee's 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
Mark Burton Trustee
Date: 12 July 2021
5
**The M T & S D Burton Charitable Settlement**
## **Independent Examiner’s Report to the Trustees for the year ended 5 April 2021**
## **Charity Commission Reference Number 327450**
I report to the Trustees on my examination of the accounts of the M T & S D Burton Charitable Settlement on pages 7 to 11.
## **Respective responsibilities of the Trustees and the Examiner**
The Trustees are responsible for the preparation of the accounts. The 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:
- examine the accounts under section 145 of the Charities Act.
- 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
- to state whether particular matters have come to my attention
## **Basis of the 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:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
- 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.
Christopher Smart Chartered Accountant Date: 8 June 2021
Volans Leach & Schofield 10 Blenheim Terrace Woodhouse Lane Leeds LS2 9HX
6
## **The M T & S D Burton Charitable Settlement**
## **Statement of Financial Activities for the year ended 5 April 2021**
|**Capital**
**Income**
**fund**
**fund**
**2021**
**2021**
**£**
**£**
**Income**
**Note**
Donation income
The A J Burton 1998 Charitable Trust
-
-
Investment income
UK dividends
-
38,870
UK interest
-
10,682
Foreign dividends
-
18,958
Foreign interest
-
7,560
Property income distributions
-
6,673
Deposit interest
-
34
-
82,777
**Total income**
-
82,777
**Expenditure**
Raising funds
Investment adviser's management fees
13,570
-
Charitable activities
Charitable donations
6
-
58,040
Management and administration
Accountancy and examination fees
1,800
1,800
**Total expenditure**
15,370
59,840
**Net income**
(15,370)
22,937
**Other recognised gains and losses**
Unrealised gains/(losses) on revaluation of investments
374,488
-
Realised gains/(losses) on disposal of investments
58,184
-
**Total other recognised gains/(losses)**
432,672
-
**Reconciliation of funds**
Net movement in funds
5
417,302
22,937
Funds brought forward
2,149,615
75,933
**Funds carried forward**
2,566,917
98,870
**Unrestricted funds**|**Total**
**2021**
**£**
-
38,870
10,682
18,958
7,560
6,673
34
82,777
82,777
13,570
58,040
3,600
75,210
7,567
374,488
58,184
432,672
440,239
2,225,548
2,665,787|**Total**
**2020**
**£**
-
36,108
7,653
21,778
7,842
8,582
196|
|---|---|---|
|||82,159|
|||82,159|
|||13,343
43,990
3,600|
|||60,933|
|||21,226|
|||(274,926)
(28,883)|
|||(303,809)|
|||(282,583)
2,508,131|
|||2,225,548|
See note 5 on page 10 for the historical cost income and expenditure.
7
## **The M T & S D Burton Charitable Settlement**
**Balance Sheet at 5 April 2021**
|**Note**
**Fixed assets**
Investments
3
**Current assets**
Cash held by investment adviser
Cash at bank
**Creditors: Amounts falling**
4
**due within one year**
**Net current assets**
**Net assets**
**Funds**
Unrestricted funds
**Total funds**|**Capital**
**Income**
**fund**
**fund**
**2021**
**2021**
**£**
**£**
2,547,479
-
19,993
1,815
4,741
98,855
24,734
100,670
5,296
1,800
19,438
98,870
2,566,917
98,870
2,566,917
98,870
2,566,917
98,870
**Unrestricted funds**|**Total**
**2021**
**£**
2,547,479
21,808
103,596
125,404
7,096
118,308
2,665,787
2,665,787
2,665,787|**Total**
**2020**
**£**
2,051,154
99,257
81,666|
|---|---|---|---|
||||180,923
6,529|
||||174,394|
||||2,225,548|
||||2,225,548|
||||2,225,548|
The financial statements were approved by the trustees and signed on their behalf by
Mark Burton Trustee Date: 12 July 2021
8
**The M T & S D Burton Charitable Settlement**
## **Notes to the financial statements for the year ended 5 April 2021**
## **1. Accounting policies**
## **Charity information**
The M T & S D Burton Charitable Settlement is a charity which is registered with the Charity Commission for England and Wales under the registered number 327450. The principal address is The Glebe House, Sacombe, Hertfordshire, SG12 0JJ. The charity is a public benefit entity.
## **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.
## **1.3**
## **Income**
Investment income is stated at the amount receivable net of irrecoverable foreign tax and is accounted for when received by the trust. Other income is included in the financial statements on an accruals basis.
## **1.4 Direct charitable expenditure**
Direct charitable expenditure is included in the financial statements as and when paid by the trust.
## **1.5 Other expenditure**
Other expenditure is included in the financial statements on an accruals basis.
## **1.6 Taxation**
The trust is exempt from UK income and capital gains tax to the extent that income and gains are applied for charitable purposes. The trust 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 on 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.
## **2. Trustees' remuneration**
None of the Trustees receive any remuneration or charge any expenses in connection with their work as a trustee.
9
## **The M T & S D Burton Charitable Settlement**
## **Notes to the financial statements (continued) for the year ended 5 April 2021**
|**3.**
**Investments**
Market value brought forward
Additions at cost
Disposals at carrying value
Unrealised gains/(losses)
Market value carried forward
Historical cost at 5 April 2021
Investments are held within the following categories.
United Kingdom investments
Foreign investments
All investments are listed on a recognised stock exchange.
accounts on behalf of the trustees but in all other respects
investments.
**4.**
**Accruals**
Accountancy and examination fees
Investment management fees
**5.**
**Note of historical cost income and expenditure**
Net income for the year
Realised gains/(losses) on investments calculated using cost
Historical cost income and expenditure
Difference between the historical cost gains arising from the
realisation of investments and the actual gain calculated using
carrying value
Unrealised gains/(losses) on investments
Movement in funds on Statement of Financial Activities|**2021**
**£**
2,051,154
520,856
(399,019)
374,488
2,547,479
2,026,224
**2021**
**£**
1,491,338
1,056,141
2,547,479
Investments are held
are considered to be
**2021**
**£**
3,600
3,496
7,096
**2021**
**£**
7,817
7,621
15,438
50,563
374,488
440,489|**2020**
**£**
2,370,162
233,718
(277,800)
(274,926)
2,051,154
1,954,950
**2020**
**£**
1,223,516
827,638
2,051,154
in nominee
directly held
**2020**
**£**
3,600
2,929
6,529
**2020**
**£**
21,226
(33,202)
(11,976)
4,319
(274,926)
(282,583)|**2020**
**£**
2,370,162
233,718
(277,800)
(274,926)
2,051,154
1,954,950
**2020**
**£**
1,223,516
827,638
2,051,154
in nominee
directly held
**2020**
**£**
3,600
2,929
6,529
**2020**
**£**
21,226
(33,202)
(11,976)
4,319
(274,926)
(282,583)|
|---|---|---|---|
||||(11,976)
4,319
(274,926)|
||||(282,583)|
10
**The M T & S D Burton Charitable Settlement**
## **Notes to the financial statements (continued) for the year ended 5 April 2021**
## **6. Charitable donations**
Aggregate grants made to charitable organisations during the year fell into the following categories.
|Animals
Arts and Countryside
Blind and Disabled
Cancer Treatment
Children and Young People
Community
Education
International
Medical
Mental Health
Poverty
Religion
Refund of previous year donation:
International|**2021**
**2020**
**2021**
**2020**
**No. Grants**
**No. Grants**
**£**
**£**
1
5
50
325
6
9
490
610
-
4
-
1,800
10
20
7,550
10,005
12
11
27,000
12,100
5
8
5,850
6,650
2
2
5,100
6,000
-
1
-
500
10
9
2,700
1,450
4
4
950
1,750
11
14
8,100
7,400
1
4
250
400
(5,000)|
|---|---|
||62
91
58,040
43,990|
## **7. 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 accordance with the objects of the charity.
## **8. Related party transactions**
There were no transactions with related parties during the year.
11