REGISTERED CHARITY NUMBEIL. 518269 Report of the Trustees and Unaudlted Flnandal Statements for the Year Ended 31 August 2024 for The Burkltt Scholarship Fund Clive Owen LLP Charter¢d Accountants Kepler House Bebnont Busin¢ss Park Durham DHI ITW
The Burldtt Scholarshlp Fund Contents of the Flnanclal St2ttn*nts for the Year EDded 31 August 2024 Page Report of the Trustees Independent Examlner's Report Statement of Ffinanclal Actlvltles Balance Sheet Notes to the Flnandal Statements 7 to 12 Detailed Statement of FlnAnelal Aetlvldes 13
Th¢ Burkltt Scholarship Fund Report of the Trustees for the Year Ended 31 August 2024 The TneS are pl¢ased to present their TOrt together witb th¢ financial statements of the charity for the year ¢nded 31 August 2024. The financial stat¢m¢ttts comply with Qu¢nt statutory requirements, the Will of th¢ Late Lt Col H G S BuTkitt and Slatem¢nt of R¢¢ommended Practice- Accounting and Reporting by Cbarities. 0EIvEs AIYD ACTIVITIES Objectlves and airns The objective of the Chlty IS to provAde educational scholarsbips for pupils to attend Durham Cathedral Schools Foundation and also to provide ScholShIpS to Old Dunejmialls to attend coll¢g¢ at either Oxford OT Cambridge. The latter are to fLmd work &t the University, for degrees or for travel abroad in connection with a course of study or postdUafy r¢s¢arch. A travel scholarship may be awaTded to a research student in addition to a nornjal scholarship. Th¢ investsnent policy of th¢ cknity contiDU¢S to be carrAed out on th¢ basis of balanced moderale risk and WAth balance of emphasis on long-tern] income generation with capital nMintenanc¢ and growth requ¢5t¢d during the yvdr ¢nded 31 August 2024. The measurement of p¢rforn]ance will b¢ against reco8llised benchmarks. Publ1¢ Beneflt The charity's akms and achievennts are Set out within tbis report. Th¢ activities set out in this report hav¢ been undertaken to fillth tbe Charitys cl]aritsble pwposes for the public benefit, Tbe trust¢es have complied with the duty under Section 4 of th¢ Charities Act 2011 to have due regaTd to public benefit guidance published by the Charity Commission and the truste¢8 hav¢ paid due regard to this guidance in d¢ciding what activiti¢& the charity thould ulldertake. At Tntee Meetings when planning the actAvity of th¢ charity we k¢ep in mind the Charity ComD)ission guidanrK T¢lating to blIC Benefit. AcIVEMENT AND PERFORMAI¥CE Charitable aetlvltle5 At the sun]mer tenn meeting the trustees receive, consider and approve a list of recommended iexipients of awards for the following academic year. In the year to 31 August 2024 sev¢n members of Upper VI and four memb¢rs of Lower VI receiv¢d varying amounts. There were fiv¢ awards of £700 which were nted and paid to Old Dun¢lmians of Durham Cath¢dTal Schools Foundation attending coll¢ge at Oxford or CambTidg¢ during the period. The portfolio yielded £51,037 of inveskn¢nt Incon during the y¢ar, which was a higber level of income Compared to the PTior year of £50,872, Page I
The Burkitt Seholarshfip Fund Report of the Tru$tee$ for the Year EDded 31 August 2024 FANcL REvw Th¢ accounts have been prepared for a twelv¢-month period to 31 August 2024. The income for the y¢ar ubled the trStee8 to meet all Conllnlthnts for p¢ll$eS and grants in accordance with th¢ Will. The investment portfolio of the Endowed Fund is under advice by Stockbrok¢rs with invesiment in both the UK and iti other global Jllarkcts. The invcstnlent p¢rfornwice was last discu at the trustees meeting on 5 Jun¢ 2025. The InteeS are pleased with tbe g¢neral perfonnance of the portfolio. The trustees are advAsed that the portfolio is diversified across sectors sufficicntly to pmtect it against fluctuatio$ in individual sectors. Reserves policy The Trustees aim to pr¢serve 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 2024 total reseryes were £1.797,887 ]ch is sufficient to ensure a reasonable level of annual income is generated from investtnents beld. The trStee$ have directRon from the Will as to retention of income r¢8erves. The Will specifies that any Incon not spent shall be invested and added to the Capital Fund. The trustees frel that the Capital Fund is well placed to provide an enthIllg flow of income. Ri$ks polley The tru8te¢s p¢riodically review the major risks to which the charity might ¢xposed and Systell or predureS have been established to manage those risks. FUTURE PLANS Th¢ trustees be]ieve that the asset allocation within the portfolio is very nwch in keeping with th¢ fund objectives of income and gro within a moderate risk profil¢, and th¢y are not planning to change the overall "shape. of the portfolio in the near future. The fiu)d is expected to yield gross income a similar level of gross income in 2024125 ¢ompared to 2023124. This will cover the grants and scholarships that the trustees have awarded. STRUCTURE, GOVERNANCE AND MAIYAGEMENT Governing document The Burkitt Scholarsbip Fund is constituted by the Will Trust of the Lat¢ Lt Col H G S Burkitt and is a registered charity and as such aTe required to prepare fjnancial stat¢n]¢nts for ¢ach flnancial 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 requirell1ts, as set out in th¢ Statement of TTUStees ResponsAbilitie4 the trustses me£t twice yearly, and the inv¢stment portfolio is reviewed every half_yeaT. Any training requirements that are highlight¢d by individual trustees are organised promptly. and provision will continue to be n)ade for an appropriate induction progrAnllne for any new trustees. Th¢ ttwtees continue to provide financial 8UPPOrt in ac¢ordanr¢ with the objects set out below. The trustees are concerned to aL8ure that all opportunities are taken lo broadcast the existen¢c of the benefits of the trust so that th¢y ar¢ J)wl¢ l(nown to deserving pupils and stud¢nts wherever possible. The trustees will also assess any opportuniti¢s, whirh may be of benefit to the charity. Registered Charfity number 518269 Page 2
Tlie Burkitt Scholarship fund Report of the Truste¢s for the Year Ended 31 August 2024 Principal address clo Durhain Catliedral Schools Fou[tion The Grovc Quai'ryheads Lane Dhrn DHI 45Z Trustees Th¢ trnstecs appointed by the Will of the late Lt Col H G S Burkitt act as trust of the Bui'kitt Sclwlatship Fund. The chaTlty trustees durAng tlie year to 31 August 2024 were: KJ MclAughlill SPJ Dobsoii Headmast¢r. Durham School Local Community Trustees ¢omprise oiie person nominated by the Goveniors of Durham School. ]d one P801] nominated to represenl Ibe lo¢al coinmunily. neither of whom receives reinunerdtion. Independent Examiner Gary Ellis BA BFP FCA Clive Owen LLP Chartered A¢¢owitants Kepler House Belmont Busiiicss Park Dw"han) DHI ITW Bi)nker$ Cater Alleii 2 Trilon Square Regeiivs Place Loiidon NWI 3AN Investment Advisers Brewiii Dolphiii Limited Tirne Ceiitral 3? Gallowgate Newcastle Upon Tyiie NEI 4SR Approved by ordei- of the board of trustees on ............. and signed on its behalf by: K J McLaugl)lin - Trustee Page 3
Independent ExAminerl$ Report to the Trustees of The Bllrkttt Seholarshlp Fund Independent exanthier's report to the trustees of The Burldtt Sebolarshlp Fund I report to the charlty trust¢es on my eXamItion of the accounts of Th¢ Burkitt Scholarsl]ip Fund (th¢ TNst) for the y¢ar ended 31 August 2024. Responsibllities and basls of report As th¢ charity trustees of the Trnst you are responsibl¢ for the preparation of the accounts in accordance with the reqUIm¢nts of th¢ ChaTities Act 2011 (Ihe A¢fj. I report in respect of my exan]ination of th¢ Trusvs accounts carried out under S¢¢tion 145 of the Act and in ¢anying out my aminatiOn I have followed all applicable Direction5 given by the Charity Commission under Section 145(5)Ib) of the Act. Independent examlner's statement I hav¢ completed my examination. I confmn that no nydterial matters have Come to my att¢ntion in connection with th¢ exam1ttiOn giving me caus¢ to lieve that in any mat¢rial r¢sp¢ct: accountin8 r¢cord8 were not kept in respect of th¢ Trust as required by Section 130 of the Act. or the accounts do not accord with those records; or the accounts do not collwly with th¢ applicable requirements concerning the forni and content of accounts s¢t out in the Charities (Accounts and Reports) R¢8ulations 2008 other than any requirement that the accounts give a tru¢ and fair view which is not a matt¢r consid¢red as part of an ind¢p¢nd¢nt cxamition. I have no concerns and have come a053 no other matters in connection with the ¢xamination to which attention should be drawn in this report in order to enable a prop¢r understanding of the accounts to be reached. Gary Ellis BA BFP FCA Clive Ow¢n LLP CThartered Accountants Kepler House Belmont Business Park Durham DHI ITW Date: ..... Page 4
The Burkitt Seholarshlp Fund Statement of Finandal Activities for the Year Ended 31 August 2024 2024 Total funds 2023 Total funds Unrestricted fund R¢stri¢ted fimds Endowment fid Notes COME AND ENDOWMENTS FROM Investment in¢ome 51,037 51,037 50,872 EXPEIYDITURE ON Raising funds 10,461 10,461 10,312 CbAritable Ydctlvltles Provision of granls and scholarships 14,500 14,500 30,884 Other 5,980 5,980 7,902 Tolal 20,480 10,461 30,941 49,098 Net gainsl0oss¢8) on inv¢stments 148.795 148,795 (37.506) NLT INCOMEI(EXPENDTTURE) Transfers betTrYeen funds 30.557 (30.557) 138,334 30,557 168,891 (35,732) 12 Net MOVeDllt in funds 168,891 168.891 (35,732) RECONCILtATION OF Total funds bn)ught forward 1,628,996 1,628,996 1.664,728 TOTAL FUNDS CARRIED FORWARD 1,797,887 1,797,887 1,628,996 The notes forn] part of thes¢ financial statements Pag¢ 5
Tlie Burkitt Scholarsbip Fund Balance Sheet 31 August 2024 20?4 Total funds 2023 Total fiuids Uitreslricled fulld Restricted fiiiids Endowm¢nt fuLid Notes FIXED ASSETS Inv&stmetLts io 1.644,042 1,644.042 1,505,708 CURRENT ASSETS Cash iii I1]d 5,640 157,185 162,825 159.488 CREDITORS Ainounts falliÉig due witLiiii one year (5,640) (3.340) (8,980) (36.200) NET CURRENT ASSETS 153,845 153,845 123,288 TOTAL ASSETS LESS CURtiENT LIABILITIES 1,797,887 1,797,887 1,628,996 I ET ASSETS 1.797,887 1,797.887 1.628.996 FUNDS Endoivtiieiit thnds 12 .797.887 1.628,996 TOTAL FUNDS l.797.887 1.6?8,996 The Iicial statemeLlts ivere approved by the Board of Trustees and auihorised for Issu¢ aiid were signed oil its behalf by: on K J McLaughlin - Trustee The iioles foi-ni parl ot Ihese fiiiaiicial slalemenrs Page 6
The Burldtt Scholarship Fund Notes to the Fln2ll¢ial Statements for the Year EDded 31 August 2024 ACCOt]N]YNG POLICIES Basis of preparing the financial statements The fit)ancial stat¢ments of the clwity, which is a public benefit entity und¢r FRS 102, have be¢n prepared in accordanee with the ChaTities SORP (FRS 102) 'Accounting and Reporting by Clwities: Staternt of Recommended Prdctice applicable to charities preparing their accounts ill accordance with the Fillala] Reporting Stsndard applicable in the UK and Republic of tr¢land {FRS 102) (effective l January 2019),, Financial R¢porting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial stat¢m¢nts have been prq>ared under the historical cost conv¢ntion, with the exception of investm¢nts whi¢h are includ¢d at market value, as modified by the revaluation of certain assets. Income All income is recogoised in the Ststem¢nt of Financial Artiviti¢s once the Charity has entitlem¢nt to the fimds, it is probabl¢ that the incom¢ will be received and th¢ amount can be m¢asured reliably. Expendlture Liabilities ar¢ r¢cognised as exp¢nditure as soon as there AS a legal OT constructive obligation conllnitting the charlty to that exp¢nditure, it is probabl¢ that a transfer of econon)ic benefits will be required in settlement and th¢ amouttt of the obligation can be measured reliably. Expenditur¢ is ac¢ounted for on an accruals basis and has been classified under headings that aggate all cost related to th¢ category. Where costs cannot be dit¢rtly attnuted 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 accru¢d as expenditure. Tax8tloD The charity is exempt from tax on its charitsble activities. Fund ac¢ounting Unrestricted fimds can b¢ used in accordance with the charitsbl¢ objectives at the discretion of th¢ trustees. Restrlcted funds can only be used for particular restricted purposes within th¢ objects of the tharity. Restrictions aTise when specified by the donor or then funds are rais¢d for particular restri¢t¢d putposes. Endowment funds are investtnents and casb forming th¢ residue of the estate of the Late Lt Col H G S Butkitt. This Endowment Fund is increased by rea]ised gains on investment and capitalised Ancome in accordance with the Will Trust Deed. Further explanation of the nature and purpose of each fimd is included in the not¢s to the finan¢iai statements. Investments Investments in the Balance Sheet at the accounts date ar¢ stated at market value. Gains and 10ss¢s on disposal and revaluation of investments are charged or credited to the Statement of Financial Activities. Flnanci741 in5trnrnents The charitable Company has financial assets and financial liabilities of a kind that qualify as basic financial instnllnents. Basic fman¢ial instruments are initially recognised at transaction valu¢ and subsequ¢ntly measured at their settl¢ment value. Crltl¢*l aeeollntlng estimates and arer45 of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectstions of future events that are believed to be r¢asonable under the cirCUnnce$. Critical accounting ¢stimates and assumptions: Page 7 continued...
The Burkltt Scbolar5hip Fund Notes to the Ffinancfial Ststements - eontlnued for the Year Ended 31 August 2024 ACCOUNIING POLICIES - eontlnued Critlcal &¢¢ounthig estIllt¢S and areas of judgement The charity mak¢8 eStinteS and assumptions concerning the future. The resulting accounting ¢stimates and assumptions will, by definition, seldom equal th¢ rela*d actual results. The estinte8 and assumptions that have a significant risk of causing a mat¢rial adjustment to tbe carrying anUllts of assets and liabiliti¢8 within the next financial year are discussed below. Critical areas of judgement.. Due to the non-¢omplex natur¢ of the charities operations and balance sheet, in th¢ opinion of the Irustees there are no key judgem¢nts or estimation uncertainties that n¢¢d to be considered Th&L¢n preparing th¢ fllHicial statem¢nts. INVESTMENT INCOME 2024 2023 Dividends 51,037 50,872 All income receiv¢d during 2024 and 2023 was restricted. RAISING FUNDS Investment management Costs 2024 2023 Support costs 10,461 10,312 CHARITABLE ATIEs COSTS fuDding of activities (See note 5) Support costs (see note 6) Totals 2023 Provision of antS and scholarships 14.500 5,980 20,480 38,786 All Cxpenses incurred L1uring 2024 and 2023 r¢lated to restricted funds. GRANTS PAYABLE 2024 2023 Provision of grants and scholarsbips 14,500 30,884 The total allts paid to individuals during the year was as follows: 2024 2023 Burkitt Scholarships to Durham School Burkitt Scholarsbips to Oxford and Cambridge 11,000 3.500 26,684 4,200 14,500 30,884 All grants payable during 2024 and 2023 were r¢stricted. Page 8 continu¢d...
The Burldtt Sebolarship Fund Notes to the Finan¢ial Statemellts- Continued for the Year Ended 31 August 2024 SUPPORT COSTS Governance costs Mallagem¢nt Totals 2023 Oth¢r Tesources expended 4,000 1.980 5.980 7,902 All support costs payabl¢ during 2024 and 2023 were restricted. Governancc costs relate to fees paid for th¢ independent examination of the accounts (2023: £3,902). TRUSTEESI REMUNERATIOIY AND BENEFITS There were no trust¢es' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. Tru5tees' expenses There were no truste¢s' expenses paid for the year ended 31 August 2024 nor for th¢ year ended 31 August 2023. COMPARATIVES FOR THE STATEMENf OF FINANCLIL ACTIVITIES UDrestricted Restricted fund fLmds Endowment fimd Total funds INCOME AND ENDOWMENTS FROM Inv¢stment income 50.872 50,872 EXPENDITURE ON Raising funds 10,312 10,312 Charitable actItIeS Provision of grants and scholarships 30,884 30,884 Other 7,902 7,902 Total 38,786 10,312 49,098 N¢t gaitisloosses) on investments (37,506) (37,506) NET tNCOMEI(EXPENDrruRE) Transfers betsveen funds 12,086 (l2,086) (47.818) 12,086 (35.732) Iyet rnovement In funds (35,732) (35,732) RECONCILIATION OF FUNDS Total fun&8 brought forward 1.664,728 1,664.728 TOTAL FUNDS CARRIED FORWARD 1,628,996 1,628,996 Page 9 continucd...
The Burkitt Scholarshlp FuDd Note5 to the Finantlal Stydtements - eonthiued for the Year Ended 31 August 2024 EMPLOYEES AND DIRECTORS The averag¢ number of employees during the current and prior y¢ar was Nil. 10. FIXED ASSET INVESTMENTS Listed investments Unlisted invesiments Totals MARKET VALUE At I S¢ptember 2023 Additions Revaluations Disposals 1.498,560 111,246 146,508 (116,805) 7,148 1,505,708 111246 146,508 {119,420) (2,615) At 31 August 2024 1.639,509 4,533 1,644,042 NET BOOK VALUE At 31 August 2024 1,639,509 4.533 1,644,042 At 31 August 2023 1,498,560 7,148 1,505,708 The portfolio is invested at 31 August 2024 as follows: Valuation Overseas bonds UK Bonds UK Equiti¢s Cash awaiting investment UK Prop¢rty investment Overseas equities 110,250 177,995 366,225 40,797 60,721 888,054 1.644,042 IOOO/o ii. CREDITORS: AMOUNTS FALLING DUE wrrHIN OIYE YEAR 2024 2023 Trade ¢r¢ditors Amounls due to relat¢d company Accruals 840 5,640 2,500 33.700 2,500 8,980 36,200 Page 10 ¢ontinued...
The Burkfitt Scholarship Fund Notes to the Ffinanclal Statements - ¢onthiued ffyr the Year Ellded 31 August 2024 12. MOVEMENT FUNDS Net movement in fillLds Transfers between funds At 31.8.24 At 1.9.23 Restricted funds Burkitt Scholarships to Durham School Burkitt Scholarships to Oxford and Cambridg¢ 20.540 (20,540) 10,017 (10,017) 30,557 (30,557) Endowment funds EndownKnt Fund 1,628,996 138,334 30,557 1,797,887 TOTAL FUNDS 1,628,996 168,891 1,797,887 Net rnov¢ment in funds, jDclud¢d in the above are as follows: Incoming resources Resources ¢xp¢nded Gains and losses Movement in funds Restricted funds Bud(itt Scholarships to Durham School BuItt Scholarships to Oxford and Cambridg¢ Management costs 31,540 (i 1.000) 20,540 13,517 5,980 (3,500) (5,980) 10,017 51,037 (20,480) 30,557 Endoivment funds Endowment Fund (10,461) 148,795 l38.334 TOTAL FUNDS 51,037 (30,941) 148,795 168,891 Comparatlves for movement In funds Net movement in fim&8 Transfers b¢tween funds At 31.8.23 At 1.9.22 Restrl¢ted funds Burkitt Scholarships to Durham School Burkitt Scholarships to Oxford and Cambridg¢ Martagement costs (3.395) 3,395 (8,691) 12,086 8,691 (12,086) 12,086 (12,086) Endowment funds Endowment Fund 1,664,728 (47.818) 12,086 1,628,996 TOTAL FUNDS 1,664,728 (35,732) 1,628,996 Pagell continued...
The Burkitt Scholarshlp Fund Notes to the Finaneial StateD)ents- ¢ontinued for th¢ Year Ended 31 August 2024 12. MOVEMENT Fi]NDS - continued Comparative rnovement in funds. included in the above are as follows: Incoming resources Resouwes expended Gain5 and losses Movement in fimds Restrlcted funds Burkitt Scholarships to I)ud]am School Burkitt Scholarships to Oxford and Cambridge Manag¢ment costs 30,079 (26,684) 3,395 12,891 7,902 (4200) (7.902) 8,691 50,872 (38,786) 12.086 Endowment funds Endowment Fund (10,312) (37,506) (47.818) TOTAL FUNDS 50,872 (49.098) (37,506) (35,732) Restricted funds University awards are paid in advance in Septemb¢r 2023 in respect of academic year 2023124. If the incom¢ of dtst year exceeds th¢ awards paid out, th¢n the unspent balance brougbt fonvard at the start of th¢ y¢ar is capitalised as unspent in¢ome in accordance with th¢ provisions of the Trust Deed. The purpose of ¢ach fimd is restricted to provide educational scholarships for pupils to attend Durham School or Oxford and Cambridge universities. Endowment funds Income gen¢rated from investm¢nts and cash forniing Tesidue of the estate of the late Lt Col H G S Burkitt. 13. RELATED PARTY DISCLOSURES The Will Tst Decd specifies that one Trust¢¢ is the Headmaster of DuTharn Cathedral School Foundatio Durham Cathedral School Foundation charged £4,000 (2023: £4,000) in the year to The Burkitt Scholarship Fund to cover secretsrial and administration costs and paid scholarships on behalf of the pupils totalling £14,500 (2023: £30,884). At 31 August 2024 the amount due to Durham Cath¢dral School Foundation was £5,640 (2023: £33,700). Page 12
The Burkltt Scholarship Fund Detailed Statement of Flnanelal Aethddes for the Year Ended 31 August 2024 2024 2023 INCOME AND ETSDOWMENTS Investment Income Dividends 51.037 50,872 Total incoming resources 51,037 50,872 EXPENDTtURE Charltable actlvlties Grants to individua]s 14,500 30,884 Support costs Mydnagement Administration charge and mark¢ting Investment managem¢nt f¢¢ 4,000 10.461 4,000 10,312 14,461 14,312 Governance costs Independent examin¢rs fees 1,980 3,902 Total resources expend¢d 30,941 49,098 Net income before gains and losses 20,096 1,774 Gainsllosses Gaillslaosse8) on fixed asset investm¢nts 148,795 (37,506) Net ineome/(expendlture) 168,891 (35,732) This page do¢s not forni part of the 8tatuti)ry financial statements Page 13