The M T & S D Burton Charitable Settlement Unaudited Annual Report and Financial Statements for the year ended 5 Aprll 2024 Charity Commisslon Reference Number 327450 The Glebe House Sacombe Hertfordshire SG12 OJJ
The M T & S D Burton Charitable Settlement Year ended 5 April 2024 Contents Trustees, Report 2to5 Independent Examiner's Report Statement of Financial Aclivities Balance Sheet Notes to the Financial Statements 9t012
The M T & S D Burton Charitable Settlement Trustees, Report (contlnued) for the year ended 5 April 2024 Legal and administrative information Charity number 327450 Trustees: Mark Timothy Burton Sally Denise Burton Jeremy John Burton Independent Exarniner: Karen Rae, Armstrong Watson LLP Accountants: Armstrong Watson LLP Third Floor 10 South Parade Leeds LS1 5QS Bankers.. Bank of Scotland plc 33 Old Broad Street London EC2N 1 HW Barclays Bank plc 1 Churchill Place London E15 5HP Investment Managers.. Rathbone Investment Managemenl 1 Curzon Street London W1J 5FB Principal address.. The Glebe House Sacombe Hertfordshire SG12 OJJ The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024. 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}). Objectlves and actlvltles The object of the trust in accordance wilh the trust deed is lo make distributions to such charitable institutions or purposes as the trustees in Iheir absolute discretion select. Donations are made al Ihe 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.
The M T & S D Burton Charitable Settlement Trustees, Report {continued) for the year ended 5 April 2024 Strategies for achieving objectives The trust is managed by the Trustees and policy decisions are determined by consensus. The capital fund is invested in a porffolio 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. Grant-making policies Grants will normally be made out of income and not capital. The trustees may, however, at their discretion, use the capital of the trust for charitable purposes. At the trustees, discretion, some charities are supported on a regular basis, but the trustees will also consider individual appeals on a one-off basis. The grants to be awarded are decided at the trustee meetings. Achlevements and performance Maln achlevements of the charity The year proved successful in terms of the number of grants awarded. The grants paid in the year are listed in note 6 to the financial statements. 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 review Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the trust has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Reserves pollcy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, to ensure that management and administrative expenditure for twelve monlhs can be met out of undistributed investment income. The trustees review both the reserves policy and the reserves position on a regular basis. The Trustees aim to maintain the existing investment portfolio at currenl levels and to make charitable donations in line with their income each year. Reserves at 5 April 2024 amounted to £2,813,031 and are held for the generation of income and furtherance of the charity's objectives. Investment policy There are no reslrictions on the trustees, powers to invest. The trustees set the investment strategy taking into account the income requirements, risk profile and Ihe investment manager's view of economic market conditions. The portfolio risk profile is medium. The trust aims to obtain a balanced return from capital growth and income. This policy is reviewed annually by the trustees and the portfolio is monitored by them regularly.
The M T & S D Burton Charitable Settlement Trustees, Report (continued) for the year ended 5 April 2024 Financial activities and affairs Investment income during the year amounted to £88,457 (2023.. £89,422). This represents a yield of 3.5 % on the average market value of the investments during the year. The trust made charitable donations of £76,510 during the year {2023- £74,010) and total expenditure for the year was £94,584 (2023.. £91,825). Overall net expenditure for the year was £6,127 (2023.. £2,403). Net losses realised on the sale of investments amounted to £27,269 (2023.. £27,716) and net unrealised gains attributable to the change in the market value of investments amounted to £216,098 (2023: net losses of £231,570). The overall net increase in funds for the year is £182,702, resulting in total funds of £2,813.031 to carry forward at 5 April 2024. During the year under review the charily purchased investments at a cost of £505,180 and received proceeds of £520,556 from the sale of investments. The market value of the trust's investments at 5 April 2024 amounted to £2,657,490 (2023: £2,456,767). The investments of Ihe trust are administered by the portfolio managers on a discretionary basis. Environmental and ethical consideralions are given on an individual basis when changes to the investments are discussed wilh the managers. The Trustees receive no remuneration and charge no expenses whilst acting in their capacity as trustee or otherwise. Structure, management and governance The MT & SD Burton Charitable Settlement is a registered charity, number 327450, and is constituted under a Trust Deed. The trustees who have served during the year are set out on page 1. The board of trustees is responsible for the appointment of trustees. The trust is managed by the trustees who hold meetings on a regular basis. No trustees remuneration or expenses were paid in the year. There are no related party transactions. Methods of appolntment or election of Trustees The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Trust Deed. Risk management The charily's Trustees have considered the major risks to which the trust is exposed to and take steps to lessen them. Plans for the future The trust will continue to support charitable organisations that benefit health, arts, education and social needs. The trust plans to continue to make grants to charilable institutions of this type and of a similar nature.
The M T & S D Burton Charitable Settlement Trustees, Report (contlnued) for the year ended 5 April 2024 Trustees, responsibility for the financial statements The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales required 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing the financial slatements, the Trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principles of the Charities SORP {FRS 102)- make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standard (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare financial statements on the going concern basis unless it is inappropriale to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that any financial statements comply with the requirements of the Charities (Accounting and Reports) Regulations 2008 and the provisions of the Trust Deed. They 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. Trustees Approval The Trustees, Report was approved by the Trustees and signed on their behalf by MT Burton (Feb 3, 2025 18'.34 GMT) Mark Burton Trustee Date: 03/02/2025
The M T & S D Burton Charitable Settlement Independent Examiner's Report to the Trustees for the year ended S April 2024 I report lo the Trustees on my examination of the accounts of the M T & S D Burton Charitable Settlement on pages 7 to 12. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Charities Act"). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charily Commission under section 145(5){b) of the Act. Independent examiner's statamant I have completed my examination. I confirm no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: the accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or the accounts do nol accord with those records. or the accounts do 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 no concerns and 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. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charily's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Karen Rae IFeb 3, 2025 21:54 GMT) Karen Rae FCCA Independent Examiner Armstrong Watson LLP Third Floor 10 South Parade Leeds LS1 SQS Date 03/02/2025
The M T & S D Burton Charitable Settlement Statement of Financial Activities for the year ended 5 April 2024 Unrestricted funds Capital Income fund fund 2024 2024 Total Total 2024 2023 Income Note Investment income UK dividends UK interest Foreign dividends Foreign interest Property income distributions Deposit interest 52,421 12,785 12,553 4,838 5,524 336 52,421 12,785 12,553 4,838 5,524 336 45,171 9,827 23,521 4,690 5,824 389 88,457 88,457 89,422 Total Income 88,457 88,457 89,422 Expenditure Direct charitable expenditure Charitable donations 76,510 76,510 74,010 Administrative expenditure Accountancy Independent examination Investment adviser's management fees 1,035 1,035 13,934 1,035 1,035 2,070 2,070 13,934 2,070 2,070 13,675 Total expenditure 16,004 78,580 94,584 91,825 Net Incomel(exp6ndltura) {16,004) 9,877 (6,127) (2,403) Othor recognised gains and losses Unrealised gains on revaluation of investments Realised gains (losses) on disposal of investments 216,098 (27,269) 216,098 (27,269) (231,570) (27,716) Total other recognised gains 188,829 188,829 (259,286) Reconciliation of funds Net movement in funds 172,825 9,877 182,702 (261,689) Funds brought forward 2,490,714 139,615 2,630,329 2,892.018 Funds carried forward 2,663,539 149,492 2,813,031 2,630,329 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 5 on page 11 for the historical cost income and expenditure. The notes on pages 9 to 12 form part of these financial statements.
The M T & S D Burton Charitable Settlement Balance Sheet at 5 April 2024 Unrestrlcted funds Capital Income fund fund 2024 Total Total 2024 2024 2023 Note Flxed assets Investments 2,657,490 2,657,490 2,456,767 Current assets Cash held by investment adviser Cash at bank 13,364 {3,309) 1.792 151,469 15,156 148,160 41,307 139,794 10,055 153,261 163,316 181,101 Creditors: Amounts falling due within one year 4,006 3,769 7.775 7,539 Net current assets 6,049 149,492 155,541 173,562 Net assets 2,663,539 149,492 2,813,031 2,630,329 Funds Unrestricted funds 2,663,539 149,492 2,813,031 2,630,329 Total funds 2,663,539 149,492 2,813,031 2,630,329 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 MT Burton (Feb 3, 2025 18:34 GMT) Mark Burton Trustee Date: 03/02/2025
The M T & S D Burton Charitable Settlement Notes to the financial statements for the year ended 5 April 2024 Accounting policies Charity informatlon 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 OJJ. The charity is a public benefit entity. Basis of accounting The financial statements are prepared in accordance with The Charities SORP {FRS102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) {effeclive 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and 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 £. Golng 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 lo meet its liabilities as they fall due. Income All income is recognised once the charity has entitlement to the income, il is probably that the income will be received and the amount of income receivable can be measured reliably. Investment income is included in the financial statements when received. Income tax recoverable in relation to investmenl income is recognised at the time the inveslment income is receivable. Other income is recognised in the period in which it is receivable and to Ihe extent the goods have been provided or on completion of the service. Direct charitable expenditure Direct charitable expenditure is included in the financial statements as and when paid by the trust. Grants payable are charged in the year in which payment is made. Other expenditure Other expenditure is included in the financial statements on an accruals basis. 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. Investments Investments are stated on the balance sheet at their fair value. Both realised and unrealised gains and losses on investments are included in other recognised gains and losses on the Statemenl 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.
The M T & S D Burton Charitable Settlement Notes to the financial statements (continued) for the year ended 5 April 2024 Trustees. rernuneration None of the Trustees receive any remuneration or charge any expenses in connection with theirwork as a trustee. Investments 2024 2023 Market value brought forward Additions at cost 2,456,767 505,181 (520,556) 216,098 2,766,892 287,355 (365,910) (231,570) Disposals at carrying value Unrealised {losses)Igains Market value carried forward 2,657,490 2,456,767 Historical cost at 5 April 2024 2,066,460 2,131,581 Investments are held within the following categories. 2024 2023 United Kingdom based organisations Companies Collectives Government bonds 514,494 803,804 210,096 1,528,394 615,036 687,955 75,002 1,377,993 Overseas Companies and collectives 1,129,096 2,657,490 1,078,774 2,456,767 All investments are listed on a recognised stock exchange. Investments are held in nominee accounts on behalf of the trustees but in all other respects are considered to be directly held investments. Accruals 2024 2023 Accountancy and examination fees Investment management fees 4,006 3,769 7,775 4,140 3,399 7,539 10
The M T & S D Burton Charitable Settlement Notes to the financial statements (continued) for the year ended 5 April 2024 Note of historical cost income and expenditure 2024 2023 Net income for the year Realised gains (losses) on investments calculated using cost {6,127} 77,017 (2,403) 39,008 Historical cost income and expenditure {83,144) 36,605 Difference between the hislorical cost gains or losses arising from the realisation of investments and the actual gains or losses calculated using carrying value 49,748 (66,724> Unrealised (losses)Igains on investments 216,098 (231,570) Movement in funds on Statement of Financial Activities 182,702 (261,689) Charltable donatlons Aggregate grants made to charitable organisations during the year fell into Ihe following categories. 2024 No. Grants 2023 No. Grants 2024 2023 Animals Arts and Countryside Cancer Treatment Children and Young People Community Education International Medical Poverty Religion Domestic abuse 200 1,330 13,125 19,205 23,450 6,350 200 1,600 8,350 1,200 1,500 200 330 19,250 18,880 14,050 6,600 350 2,075 8,625 1,100 2,550 18 13 26 10 22 13 14 74 106 76,510 74,010
The M T & S D Burton Charitable Settlement Notes to the financial statements (continued) for the year ended 5 April 2024 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. All funds are unrestricted in nature. Related party transactions There were no transactions with related parties during the year (2023 same). 12