||Contents|ofthe Financial Statements||||
|---|---|---|---|---|---|
||for the|Year Ended 31August 2020||||
|||||Page||
|Report ofthe|Trustees||1|to|4|
|Report ofthe|Independent|Auditors|5|to|6|
|Statement ofFinancial Activities||||||
|Balance Sheet||||||
|Notes to the Financial Statements|||9|to|15|
|Detailed Statement ofFinancial Activities||||16||
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||||f|or the Year E|nded 31August|2020|||
|---|---|---|---|---|---|---|---|---|
||||||||2020|2019|
|||||Unrestricted|Restricted|Endowment|Total|Total|
|||||fund|funds|fund|funds|funds|
||||Notes||||||
|INCOME AND|||||||||
|ENDOWMENTS|FROM||||||||
|Invcstmcnt
income|||||47,090||47,090|59,739|
|EXPENDITURE|ON||||||||
|Raising funds||||||9,766|9,766|9,349|
|Charitable
activities|||||||||
|Provision ofgrants|and||||||||
|scholarships|||||35,637||35,637|50,390|
|Other|||||4720||4720||
|Total|||||40,357|9,766|50,123|59,739|
|Net gains/(losses)
investments|on|||||~91423|~91423|~8542|
|NET|||||||||
|INCOME/(KXPKNDITURK)|||||6,733|(101,189)|(94,456)|(8,542)|
|Transfers between funds|||13||~12 306|12306|||
|Net movement
in|funds||||(5,573)|(88,883)|(94,456)|(8,542)|
|RECONCILIATION||OF|||||||
|FUNDS|||||||||
|Total funds brought forward|||||(56,377)|1,621,659|1,565,282|1,573,824|
|TOTAL FUNDS
FORWARD|CARRIED||||~61 950)|~153 776|1470826|1 565282|
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||||||2020|2019|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|Total|
|||fund|funds|fund|funds|funds|
||Notes||||||
|FIXEDASSETS|||||||
|Investments|10|||1,405,224|1,405,224|1,506,412|
|CURRENT ASSETS|||||||
|Debtors
Cash in hand|||~49512|129772|80260|3,031
63 528|
||||(49,512)|129,772|80,260|66,559|
|CREDITORS|||||||
|Amounts
falling due within one|||||||
|year|12||(12,438)|(2,220)|(14,658)|(7,689)|
|NET CURRENT|||||||
|ASSETS/(LIABILITIES)|||~61950)|127552|65 602|58 870|
|TOTAL ASSETSLESS|||||||
|CURRENT LIABILITIES|||(61,950)|1,532,776|1,470,826|1,565,282|
|NET ASSETS|||~61 950|1532776|1470 826|1 565282|
|FUNDS|13||||||
|Restricted funds|||||(61,950)|(56,377)|
|Endowment
funds|||||1 532776|1 621 659|
|TOTAL FUNDS|||||1470 826|1 565282|
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|INVESTMENT INCOME|||
|---|---|---|
||2020|2019|
|Tax credits|(3,031)||
|Interest receivable - trading|67|75|
|Dividends|~50 054|~59 664|
||~47 090|~59739|
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|All income received during 2020 and 2019was restricte|All income received during 2020 and 2019was restricte|d.||
|---|---|---|---|
|RAISING FUNDS||||
|Other trading|activities|||
|||2020|2019|
|Support costs||~9766|~9349|
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|||||Grant||||
|---|---|---|---|---|---|---|---|
|||||funding of|Support|||
|||||activities|costs (see|||
|||||(Seenote 5)|note 6)|Totals|2019|
||||||||E|
|Provision|ofgrants|and|scholarships|35 637|4,720|40357|~50 90|
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|GRANTS PAYAB|LE|||||
|---|---|---|---|---|---|
|||||2020|2019|
|Provision ofgrants and scholarships||||~35 637|~45 670|
|The total grants paid|to individuals||during the year was as follows:|||
|||||2020|2019|
|Burkitt Scholarships|to Durham|School||31,437|37,270|
|Burkitt Scholarships|to Oxford|and|Cambridge|~4200|~8400|
|||||~35 637|~45 670|
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||||Management|Governance|||
|---|---|---|---|---|---|---|
|||||costs|Totals|2019|
|Other|resources|expended|2 500|2220|4720|4720|
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||||Unrestricted|Restricted|Endowment|Total|
|---|---|---|---|---|---|---|
||||fund|fullds|fund|funds|
|INCOME|AND ENDOWMENTS FROM||||||
|Investment|income|||59,739||59,739|
|EXPENDITURE||ON|||||
|Raising funds|||||9,349|9,349|
|Charitable|activities||||||
|Provision|ofgrants|and scholarships||50,390||50,390|
|Total||||50,390|9,349|59,739|
|Net gains/(losses)||on investments|||~8542|~8542|
|NET INCONIE/(EXPENDITURE)||||9,349|(17,891)|(8,542)|
|||for the Year E|nded 31August 2|020|020||
|---|---|---|---|---|---|---|
||COMPARATIVES|FORTHE STATEMENT|OF FINANCIAL|ACTIVITIES - continued|||
||||Unrestricted|Restricted|Endowment|Total|
||||fund|funds|fund|funds|
||Transfers between funds|||~13118|13 118||
||Net movement
in funds|||(3,769)|(4,773)|(8,542)|
||RECONCILIATION|OFFUNDS|||||
||Total funds brought|forward||(52,608)|1,626,432|1,573,824|
||TOTAL FUNDS CARRIED FORWARD||-|~56 377|1 621 659|1 565282|
|9.|EMPLOYEES AND|DIRECTORS|||||
|||Listed|
|---|---|---|
|||investments|
|MARKET VALUE|||
|At 1 September 2019||1,506,412|
|Revaluations||(76,050)|
|Management
Realised loss|charge|(9,766)
~15371|
|At 31August|2020|1405 225|
|NET BOOK|VALUE||
|At 31August|2020|1405 225|
|At 31August|2019|1 506412|
|||Valuation||
|---|---|---|---|
|Overseas bonds||117,263|8%|
|UK Bonds||79,086|6%|
|UK Equities||357,968|25%|
|Cash awaiting|investment|22,509|2%|
|UK Property|investment|34,588|3%|
|Overseas equities||793 811|56%|
|||81405 225|100%|
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|||||||2020|2019|
|---|---|---|---|---|---|---|---|
||Income tax recoverable||||||~3031|
|12.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE||||YEAR|||
|||||||2020|2019|
||Amounts
due to related company|||||12,438|5,469|
||Accruals|||||~2220|~2220|
|||||||~14658|~7689|
|13.|MOVEMENT IN FUNDS|||||||
||||||Net|Transfers||
||||||movement|between|At|
|||||At 1.9.19|in funds|funds|31.8.20|
||Restricted funds|||||||
||Burkitt Scholarships|to Durham|School|(68,683)|(1,778)||(70,461)|
||Burkitt Scholarships
Cambridge|to Oxford and||12306|8511|~12306|8511|
|||||(56,377)|6,733|(12,306)|(61,950)|
||Endowment
funds|||||||
||Endowment
Fund|||1,621,659|(101,189)|12,306|1,532,776|
||TOTAL FUNDS|||1 565 282|~94 456)|-|1470 826|
||Net movement
in funds, included||in the above are as follows:|||||
|||||Incoming|Resources|Gains and|Movement|
|||||resources|expended|losses|in funds|
||Restricted funds|||||||
||Burkitt Scholarships|to Durham|School|29,659|(31,437)||(1,778)|
||Burkitt Scholarships|to Oxford and||||||
||Cambridge|||12,711|(4,200)||8,511|
||Management
costs|||~4720|~4720)|||
|||||47,090|(40,357)||6,733|
||Endowment
funds|||||||
||Endowment
Fund||||(9,766)|(91,423)|(101,189)|
||TOTAL FUNDS|||~47 090|~50 123)|~91 423|~94 456|
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||||||||Net|Transfers||
|---|---|---|---|---|---|---|---|---|---|
||||||||movement|between|At|
||||||At 1.9.18||in funds|funds|31.8.19|
|Restricted|funds|||||||||
|Burkitt Scholarships||to Durham||School||(65,726)|(2,957)||(68,683)|
|Burkitt Scholarships
Cambridge||to Oxford||and||13 118|12306|~13118|12306|
|||||||(52,608)|9,349|(13,118)|(56,377)|
|Endowment|funds|||||||||
|Endowment|Fund||||1,626,432||(17,891)|13,118|1,621,659|
|TOTAL FUNDS|||||1|573 824|~8542)|-|1 565282|
|Comparative|net movement||in|funds, included|in the above are||as follows:|||
||||||Incoming||Resources|Gains and|Movement|
||||||resources||expended|losses|in funds|
|Restricted|funds|||||||||
|Burkitt Scholarships||to Durham||School||38,513|(41,470)||(2,957)|
|Burkitt Scholarships||to Oxford||and||||||
|Cambridge||||||16,506|(4,200)||12,306|
|Management|costs|||||~4720|~4720)|||
|||||||59,739|(50,390)||9,349|
|Endowment|funds|||||||||
|Endowment|Fund||||||(9,349)|(8,542)|(17,891)|
|TOTAL FUNDS||||||~59 739|~59739)|~8542)|~8542)|
##
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|||2020|2019|
|---|---|---|---|
|INCOME AND ENDOWMENTS||||
|Investment
income||||
|Tax credits||(3,031)||
|Interest receivable - trading||67|75|
|Dividends||~50 054|~59 664|
|||~47090|~59739|
|Total incoming resources||47,090|59,739|
|EXPENDITURE||||
|Charitable
activities||||
|Grants to individuals||35,637|45,670|
|Support costs||||
|Management||||
|Administration
charge and marketing||2,500|2,500|
|Investment
management|fee|~9766|~9349|
|||12,266|11,849|
|Governance
costs||||
|Auditors'
remuneration||1,800|1,800|
|Accountancy
and legal fees||420|420|
|||~2220|~2220|
|Total resources expended||~50 123|~59739|
|Net (expenditure)/income|before gains and|||
|losses||(3,033)||
|Gains/losses||||
|Gains/(losses)
on fixed asset investments||~91 423|~8542)|
|Net expenditure||~94456|~8542)|