REGISTERED CHARITY NUMBER: 518269
Report of the Trustees and
Financial Statements
for the Year Ended 31 August 2022
for
The Burkitt Scholarship Fund
Clive Owen LLP Chartered Accountants and Statutory Auditors Kepier House Belmont Business Park Durham DH1 1TW
The Burkitt Scholarship Fund
Contents of the Financial Statements for the Year Ended 31 August 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 7 |
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
The Burkitt Scholarship Fund
Report of the Trustees for the Year Ended 31 August 2022
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 August 2022.
The financial statements comply with current statutory requirements, the Will of the Late Lt Col H G S Burkitt and Statement of Recommended Practice - Accounting and Reporting by Charities.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the charity is to provide educational scholarships for pupils to attend Durham Cathedral Schools Foundation and also to provide scholarships to Old Dunelmians to attend college at either Oxford or Cambridge. The latter are to fund work at the University, for degrees or for travel abroad in connection with a course of study or postgraduate research. A travel scholarship may be awarded to a research student in addition to a normal scholarship.
The investment policy of the charity continues to be carried out on the basis of balanced moderate risk and with a balance of emphasis on long-term income generation with capital maintenance and growth requested during the year ended 31 August 2022. The measurement of performance will be against recognised benchmarks.
Public Benefit
The charity's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charity's charitable purposes for the public benefit. The trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission and the trustees have paid due regard to this guidance in deciding what activities the charity should undertake.
At Trustee Meetings when planning the activity of the charity we keep in mind the Charity Commission guidance relating to Public Benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
At the summer term meeting the trustees receive, consider and approve a list of recommended recipients of awards for the following academic year.
In the year to 31 August 2022 five members of Upper VI and six members of Lower VI received varying amounts. There were eight awards of £700 which were granted and paid to Old Dunelmians of Durham Cathedral Schools Foundation attending college at Oxford or Cambridge during the period.
The portfolio yielded £47,618 of investment income during the year. This was a lower level of income compared to the prior year of £57,520.
Page 1
The Burkitt Scholarship Fund
Report of the Trustees for the Year Ended 31 August 2022
FINANCIAL REVIEW
The accounts have been prepared for a twelve-month period to 31 August 2022. The income for the year enabled the trustees to meet all commitments for expenses and grants in accordance with the Will.
The investment portfolio of the Endowed Fund is under advice by Stockbrokers with investment in both the UK and in other global markets.
The investment performance was last discussed at the trustees meeting on 23 November 2022. The trustees are pleased with the general performance of the portfolio.
The trustees are advised that the portfolio is diversified across sectors sufficiently to protect it against fluctuations in individual sectors.
Reserves policy
The Trustees aim to preserve the level of reserves, so that a reasonable level of annual income is generated to award Burkitt Scholarships both now and into the future. At 31 August 2022 total reserves were £1,664,728 which is sufficient to ensure a reasonable level of annual income is generated from investments held.
The trustees have direction from the Will as to retention of income reserves. The Will specifies that any income not spent shall be invested and added to the Capital Fund. The trustees feel that the Capital Fund is well placed to provide an enduring flow of income.
FUTURE PLANS
The trustees believe that the asset allocation within the portfolio is very much in keeping with the fund objectives of income and growth within a moderate risk profile, and they are not planning to change the overall "shape" of the portfolio in the near future.
The fund is expected to yield gross income a similar level of gross income in 2022/23 compared to 2021/22. This will cover the grants and scholarships that the trustees have awarded.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Burkitt Scholarship Fund is constituted by the Will Trust of the Late Lt Col H G S Burkitt and is a registered charity and as such are required 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 financial results for that year.
To fulfil their requirements, as set out in the Statement of Trustees Responsibilities, the trustees meet twice yearly, and the investment portfolio is reviewed every half-year.
Any training requirements that are highlighted by individual trustees are organised promptly, and provision will continue to be made for an appropriate induction programme for any new trustees.
The trustees continue to provide financial support in accordance with the objects set out below.
The trustees are concerned to ensure that all opportunities are taken to broadcast the existence of the benefits of the trust so that they are made known to deserving pupils and students wherever possible.
The trustees will also assess any opportunities, which may be of benefit to the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
518269
Principal address
c/o Durham Cathedral Schools Foundation The Grove Quarryheads Lane Durham DH1 4SZ
Page 2
The Burkitt Scholarship Fund
Report of the Trustees for the Year Ended 31 August 2022
Trustees
The trustees appointed by the Will of the late Lt Col H G S Burkitt act as trustees of the Burkitt Scholarship Fund, The charity trustees during the year to 31 August 2022 were:
KJ McLaughlin Headmaster, Durham School SPJ Dobson Local Community
Trustees comprise one person nominated by the Governors of Durham School, and one person nominated to represent the local community, neither of whom receives remuneration.
Auditors
Clive Owen LLP Chartered Accountants and Statutory Auditors Kepier House Belmont Business Park Durham DH1 1TW
Bankers
Cater Allen 2 Triton Square Regent's Place London NW1 3AN
Investment Advisers
Brewin Dolphin Limited Time Central 32 Gallowgate Newcastle Upon Tyne NE1 4SR
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3
The Burkitt Scholarship Fund
Report of the Trustees for the Year Ended 31 August 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ S P J Dobson - Trustee
Page 4
Report of the Independent Auditors to the Trustees of The Burkitt Scholarship Fund
Opinion
We have audited the financial statements of The Burkitt Scholarship Fund (the 'charity') for the year ended 31 August 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 15 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of The Burkitt Scholarship Fund
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.
We have undertaken the following procedures to identify and respond to these risks of non-compliance:
-
Understanding the key legal and regulatory frameworks that are applicable to the Charity. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation and charity law. Enquiry of trustees and management as to policies and procedures to ensure compliance and any known instances of non-compliance.
-
Review of board minutes and correspondence with regulators.
-
Enquiry of trustees and management as to areas of the financial statements susceptible to fraud and how these risks are managed.
-
Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements.
-
Identifying and testing unusual journal entries, with a particular focus on manual journal entries.
Through these procedures, we did not become aware of actual or suspected non-compliance.
We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of The Burkitt Scholarship Fund
Use of our report
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. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Clive Owen LLP Chartered Accountants and Statutory Auditors Kepier House Belmont Business Park Durham DH1 1TW Date: .............................................
Page 7
The Burkitt Scholarship Fund
Statement of Financial Activities for the Year Ended 31 August 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities 4 Provision of grants and scholarships Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - - - - - - - - - - - |
Restricted funds £ 47,618 - 29,994 6,220 36,214 - 11,404 (11,404) - - - |
Endowment fund £ - 10,753 - - 10,753 (43,729) (54,482) 11,404 (43,078) 1,707,806 1,664,728 |
2022 Total funds £ 47,618 10,753 29,994 6,220 46,967 (43,729) (43,078) - (43,078) 1,707,806 1,664,728 |
2021 Total funds £ 57,520 |
|---|---|---|---|---|---|
| 10,238 18,600 4,720 |
|||||
| 33,558 | |||||
| 213,018 | |||||
| 236,980 - |
|||||
| 236,980 1,470,826 |
|||||
| 1,707,806 |
The notes form part of these financial statements
Page 8
The Burkitt Scholarship Fund
Balance Sheet 31 August 2022
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash in hand CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Endowment funds TOTAL FUNDS |
Unrestricted fund £ - - - - - - - - |
Restricted funds £ - 7,026 (7,026) - - - - - |
Endowment fund £ 1,553,526 - 115,642 115,642 (4,440) 111,202 1,664,728 1,664,728 |
2022 Total funds £ 1,553,526 7,026 108,616 115,642 (4,440) 111,202 1,664,728 1,664,728 1,664,728 1,664,728 |
2021 Total funds £ 1,608,007 - 102,440 102,440 (2,641) 99,799 1,707,806 1,707,806 1,707,806 1,707,806 |
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. S P J Dobson - Trustee
The notes form part of these financial statements
Page 9
The Burkitt Scholarship Fund
Notes to the Financial Statements for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Endowment funds are investments and cash forming the residue of the estate of the Late Lt Col H G S Burkitt. This Endowment Fund is increased by realised gains on investment and capitalised income in accordance with the Will Trust Deed.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments in the Balance Sheet at the accounts date are stated at market value. Gains and losses on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities.
Financial instruments
The charitable company has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
continued...
Page 10
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
1. ACCOUNTING POLICIES - continued
Critical accounting estimates and areas of judgement
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
Due to the non-complex nature of the charities operations and balance sheet, in the opinion of the trustees there are no key judgements or estimation uncertainties that need to be considered when preparing the financial statements.
2. INVESTMENT INCOME
| Dividends All income received during 2022 and 2021 was restricted. RAISING FUNDS Other trading activities Support costs CHARITABLE ACTIVITIES COSTS |
Dividends All income received during 2022 and 2021 was restricted. RAISING FUNDS Other trading activities Support costs CHARITABLE ACTIVITIES COSTS |
2022 £ 47,618 2022 £ 10,753 |
2022 £ 47,618 2022 £ 10,753 |
2021 £ 57,520 2021 £ 10,238 |
|
|---|---|---|---|---|---|
| Grant funding of activities (See note 5) |
Support costs (see note 6) |
Totals | 2021 | ||
| £ | £ | £ | £ | ||
| Provision of grants and scholarships | 29,994 | 6,220 | 36,214 | 23,320 | |
3.
4. CHARITABLE ACTIVITIES COSTS
All expenses incurred during 2022 and 2021 related to restricted funds.
5. GRANTS PAYABLE
| Provision of grants and scholarships The total grants paid to individuals during the year was as follows: Burkitt Scholarships to Durham School Burkitt Scholarships to Oxford and Cambridge |
2022 £ 29,994 2022 £ 24,394 5,600 29,994 |
2021 £ 18,600 |
|---|---|---|
| 2021 £ 13,000 5,600 |
||
| 18,600 |
All grants payable during 2022 and 2021 were restricted.
continued...
Page 11
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
6. SUPPORT COSTS
| Manageme nt |
Governan ce costs |
Totals | 2021 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Other resources expended | 4,000 | 2,220 | 6,220 | 4,720 |
Support costs for 2022 were £6,220 relating to the restricted fund (2021: £4,720).
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2022 nor for the year ended 31 August 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 August 2022 nor for the year ended 31 August 2021.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Provision of grants and scholarships Other Total Net gains on investments NET INCOME Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - - - - - - - - - - - |
Restricted funds £ 57,520 - 18,600 4,720 23,320 - 34,200 27,750 61,950 (61,950) - |
Endowment fund £ - 10,238 - - 10,238 213,018 202,780 (27,750) 175,030 1,532,776 1,707,806 |
Total funds £ 57,520 |
|---|---|---|---|---|
| 10,238 18,600 4,720 |
||||
| 33,558 | ||||
| 213,018 | ||||
| 236,980 - |
||||
| 236,980 1,470,826 |
||||
| 1,707,806 |
continued...
Page 12
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
9. EMPLOYEES AND DIRECTORS
The average number of employees during the current and prior year was Nil.
10. FIXED ASSET INVESTMENTS
| Listed | Unlisted | ||
|---|---|---|---|
| investments | investments | Totals | |
| £ | £ | £ | |
| MARKET VALUE | |||
| At 1 September 2021 | 1,565,952 | 42,055 | 1,608,007 |
| Additions | 132,748 | 28,535 | 161,283 |
| Revaluations | (56,900) | - | (56,900) |
| Disposals | (158,864) | - | (158,864) |
| At 31 August 2022 | 1,482,936 | 70,590 | 1,553,526 |
| NET BOOK VALUE | |||
| At 31 August 2022 | 1,482,936 | 70,590 | 1,553,526 |
| At 31 August 2021 | 1,565,952 | 42,055 | 1,608,007 |
The portfolio is invested at 31 August 2022 as follows:
| Overseas bonds UK Bonds UK Equities Cash awaiting investment UK Property investment Overseas equities 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts due from related company |
Valuation | |
|---|---|---|
| £ | ||
| 144,864 | 9% | |
| 56,083 | 4% | |
| 377,163 | 24% | |
| 70,590 | 5% | |
| 36,963 | 2% | |
| 867,863 | 56% | |
| £1,553,526 | 100% | |
| 2022 £ 7,026 |
2021 £ - |
continued...
Page 13
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Amounts due to related company Accruals MOVEMENT IN FUNDS Restricted funds Burkitt Scholarships to Durham School Burkitt Scholarships to Oxford and Cambridge Management costs Endowment funds Endowment Fund TOTAL FUNDS Net movement in funds, included in the above are Restricted funds Burkitt Scholarships to Durham School Burkitt Scholarships to Oxford and Cambridge Management costs Endowment funds Endowment Fund TOTAL FUNDS |
At 1.9.21 £ (46,501) 10,240 36,261 - 1,707,806 1,707,806 as follows: Incoming resources £ 28,979 12,419 6,220 47,618 - 47,618 |
Net movement in funds £ 4,585 6,819 - 11,404 (54,482) (43,078) Resources expended £ (24,394) (5,600) (6,220) (36,214) (10,753) (46,967) |
2022 £ - 4,440 4,440 Transfers between funds £ 41,916 (17,059) (36,261) (11,404) 11,404 - Gains and losses £ - - - - (43,729) (43,729) |
2021 £ 421 2,220 2,641 At 31.8.22 £ - - - - 1,664,728 1,664,728 Movement in funds £ 4,585 6,819 - 11,404 (54,482) (43,078) |
|---|---|---|---|---|
13. MOVEMENT IN FUNDS
continued...
Page 14
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.9.20 in funds £ £ Restricted funds Burkitt Scholarships to Durham School (70,461) 23,960 Burkitt Scholarships to Oxford and Cambridge 8,511 10,240 Management costs - - (61,950) 34,200 Endowment funds Endowment Fund 1,532,776 202,780 TOTAL FUNDS 1,470,826 236,980 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Restricted funds Burkitt Scholarships to Durham School 36,960 (13,000) Burkitt Scholarships to Oxford and Cambridge 15,840 (5,600) Management costs 4,720 (4,720) 57,520 (23,320) Endowment funds Endowment Fund - (10,238) TOTAL FUNDS 57,520 (33,558) |
Transfers between funds £ - (8,511) 36,261 27,750 (27,750) - Gains and losses £ - - - - 213,018 213,018 |
At 31.8.21 £ (46,501) 10,240 36,261 - 1,707,806 1,707,806 Movement in funds £ 23,960 10,240 - 34,200 202,780 236,980 |
|
|---|---|---|---|
Restricted funds
University awards are paid in advance in September 2021 in respect of academic year 2021/22. If the income of that year exceeds the awards paid out, then the unspent balance brought forward at the start of the year is capitalised as unspent income in accordance with the provisions of the Trust Deed.
The purpose of each fund is restricted to provide educational scholarships for pupils to attend Durham School or Oxford and Cambridge universities.
Endowment funds
Income generated from investments and cash forming residue of the estate of the late Lt Col H G S Burkitt.
Page 15
continued...
The Burkitt Scholarship Fund
Notes to the Financial Statements - continued for the Year Ended 31 August 2022
14. RELATED PARTY DISCLOSURES
The Will Trust Deed specifies that one Trustee is the Headmaster of Durham Cathedral School Foundation. Durham Cathedral School Foundation charged £4,000 (2021: £2,500) in the year to The Burkitt Scholarship Fund to cover secretarial and administration costs and paid scholarships on behalf of the pupils totalling £29,994 (2021: £18,600). At 31 August 2022 the amount due from Durham Cathedral School Foundation was £7,026 (2021: £(421)).
15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements.
Page 16
The Burkitt Scholarship Fund
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 August 2022 | ||
| 2022 | 2021 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Dividends | 47,618 | 57,520 |
| Total incoming resources | 47,618 | 57,520 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to individuals | 29,994 | 18,600 |
| Support costs | ||
| Management | ||
| Administration charge and marketing | 4,000 | 2,500 |
| Investment management fee | 10,753 | 10,238 |
| 14,753 | 12,738 | |
| Governance costs | ||
| Auditors' remuneration | 2,220 | 1,800 |
| Accountancy and legal fees | - | 420 |
| 2,220 | 2,220 | |
| Total resources expended | 46,967 | 33,558 |
| Net income before gains and losses | 651 | 23,962 |
| Gains/losses | ||
| Gains/(losses) on fixed asset investments | (43,729) | 213,018 |
| Net (expenditure)/income | (43,078) | 236,980 |
This page does not form part of the statutory financial statements
Page 17