ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 P*ge Trust, Annual RepK)rt IndeFa¢nt Examinerfs R¢FXKt Statem¢nt of Fin8ncial Activitics Balanc¢ Sheet Schedule of Jnvestments and Incomc Now to the Financial Statements 9-13
MARK W BURRELL'S CHARITY TRUST TRUSTEESI ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 The TnteeS are pleased to present their rep)rt together with the financial statemthts of the charity for the year ended 5 April 2024. The fmancia] statements have been prepa in accordance with the aecounting p)li¢ies set out in the notes to the financial statements and comply with the charity's governing documenL the Charities Act 2011 and Accounting and Rep)rting by Charities: Statcment of Recommended Practice applicable to charities preparing their xcounts in accordance with the Financial Reporting Stsndard applicabl¢ in the UK and Republic of Ireland published in octo 2019. Objectives and activities The Trusttts may pay or apply the u[Ctrd capitsl and inLX)me of th¢ Charity to or for such charitable instituti0Th5 or purposes as the Trustees in their absolutc discretion think fiL The Trustees carry out these objective5 by r¢gularly considering appeals from Oth chltieS and making l1¢Y and funding decisions. Public Bentfft The Trustees conf]Tm that they have mplIed with the duty in section 17 of th¢ CEwities Act 2011 and have r¢f¢Tred to the guidan¢¢ ntained in the Chlty Commission's gen1 guidance on publi¢ benefit when VieWing the Charity's aims and Objectiv and in planning activities and setting th¢ donations w)licy for the year. The benefit that arises is the provision of fimding to organisations that dwnonstrkn charilable puTws Achievememts and perforniance During the year the Trustees made grants totalling £34.600 [2023: £30.1(M)l in fiwtherance of their objectives and continu¢ to make grants to ¢haritsble organisations Eoth on a one-off and recutring basis. The larger grants awarded during the year are stated in the note8 to the fmancial ststetnents. The Trusttts are pled with the Prog$9 made in the financial year ended 5 April 2024 and look fonvard to expanding their work with many other charities tn thc years to come. Financial review The Trustees reccived £26.183 in investment income in the current year [2023: £14.502] and the Tru*tts have achieved their intention of spending the income on ch8ritable activities. Net outgoing resources for the year were £19,022 [2023: outgoing £24325]. In addition the TrSt realised a gain on investments of £17,24012023: gain £13.323] and tnadc unrealised gain of £108.414 [2023: Ios5 £83.637]. Thc net incoming movcmcnt on fund5 was £106.632 [2023: outgoing £94.639]. Invtttment policy The Trustees havc irLstructed the Investment MaTJager thal the w)rtfolio is to be invested to produce a suitable mixture of income in order that thc Icvel of grants may be maintained and capital growth to secure th¢ firture of the Clwity over the coming years. Th¢ Trustecs ate confident that th¢ futurc income stream is sccu The inveslment policy is monitored by regular invesiment rerts and meetings with th¢ Invesknent Marlager. A breakdown of th¢ investtnents held during the financial year ended 5 April 2024 can be seen on page Risk ManAgeme•t The major risks to whi¢h the Charity is exp)sed have Ixen Identified and stws takn to mitigatr those risks. The main risk to the Chity concerns the investments held. The Tn have mitigated this risk by engaging Cazenove Capital to monage the investments and monitor the w)rtfolio aThl fmancial risks to the Charity. The Trtees regularly review the valuation of tnvesttncnts and the income stream generateiL The Trustees have satisfied themselves that the tn is a going nCern and has adequate resowces to continue in operational existencc for the foreseeable fvture. The charitable activities are funded by the investsnent p)rtfo]io and although Covid-19 did havc a negative impart on this. the portfolio has T¢wv¢r¢d with sufficient value to SUp)rt continued grant makit
MARK W BURRELL'S CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 Reserves policy It is the intention of thc TnWttS to sustain the unrestricted fun(L% at a level which will provide sufficient funds for the level of At the Balance Sheet date the unT&%tricted rcservu amounted kn £1.554,164. Fllthre Plans The Trustees do not envjsage any tnateri81 changc to the 0ratIOn of the Charity in the long-terni and the investments will continue to be managed on a similar basis as thcy are now. Notwitkstsnding thi4 the Trust¢e5 remain fl&ble in tern15 of the type of organisations they supp)rL Structur4 governance Dd m8nAgemMt The Tru8t has charitable status aTrJ was s¢t up by Mr M W Burrell by De¢d dated 20 May 1988. The management of the Charity is vuted ill the Tn¢¢$ and they artively review th¢ perceived maj(r risks whi¢h the Chlty faS and the Trustees ar¢ satisfied that the systems are in place to mitigate those risks. The Trnstees have Teceived appropriate briefing on their responsibiliti under the law relating to charities and their duty to ensure that their clwitable activities are for the public benefiL The appointment of new trustees is vested in the Settlor during hi5 life. The selection of tUre trustees will have regard to thc skills, knowledge and experience needed for the effective administration of the Charity. Induction and tiaining for teeS is provided where reLanL Referenc¢ and dminigtratiYe infomatW)D A registered Charity, registered with the Charity Cornmissione for England and Wales &8 number 800018. Principal Office: 4th Floor, 7 Swallow Street London WIB 4DE The Tru5tCC5 are Cowdray Trust Limited and Mr M W Burrell. The Dircctors of Cowdray TnL%t Limited aTC: The Hon H M T Gibson (Chairrnan) The Viscount Cow(tray The Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon MrJRE Smith Mr R C P Troughton (Retired 13 June 2024) Ms S J Burr¢ll Mr S J AtkinsorA Mrs F A Rice Mr M P Harris Mr K Wright Mrs C A Bullough (Appointed 30August 2024)
MARK W BURRELL'S CHARITY TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED S APRIL 2024 Reference and dmiDiStrntht Inforn*tion (Cottthiue4) Solicitots: Cuw & Co LLP 33 QueenAnnc Strect Lonthn WIG9HY Independfflt Examiner: Harriet Sergeant Martin and CompAny Auijit Limited 25 St Thom Street Wjnchester Hampshir¢ S023 9HJ Bonker: Royal Bat)k of Scotland 119- 121 Victoria Strect London SWIE 6RA Sthroder & Co l L4)ndon Wall Place IA)ndon EC2Y SAU Investment M8n8ger. Cazenove Capitsj l London Wall Placc nthn EC2Y SAU
TRUSTEES, ANNUAL REPORT FOR THE YL4R ENDED SAPRIL 21x24 The Trustees are resprrible for prewitig TnLSteeg Re[ and the financial ststeJrtts in ac4))rdance wtth applile law and gulation& The law applicable to clwttte5 in England and Wales requires the trustces to finla1 st41cmcDt5 for each financial year accord8nLZ with United Kingdotn Ge4JaIly Accepted Accounting PliCe (Unit&l Kingdom AcLX)unting Standards and 8ppiicabl¢ Tegulation5). Under that law the In5slees mu approve the financi ststements unless they are Wisfied they give a true a1 fair ViV+V of the of affairn of the cjwity and of the inMI and pplicioD of re of the charity for that pttio . e£t suitable accounting policies w¥J thea than mithidy: - obseThe the methods and prirKiples in the ChltieS SORPIFRS 102k - make judgements and xxounling ¢5titDates that are reasotmble 8nd prudent. . state whether applicable aeCOUDting stsndards Iwe IxeD follow•£ 5ubjectto any mtsial disclosoa and explained in the financia] statements. and The Trnslees are re4)onsible for kttping *Jequate accounting rec4)rds which are sufficiert to show &Ld explain the chartty's titiOnS 8fMI dIlOSe with reOnthle T8¢Y at any timc the financial FKtsilion of the tharity and a]able them to etLSLUE that the financial ststements comply with the Charities Act 2011. the Charities (AeL¥)unts and Rep)rts) Regulations 2(J)8 and the provision5 of the Tn De. Thcy arc aJ80 rcspon5ibie for Safeguardi the of the ¢barity lence for taking reawmable Approved by the Trustees th] 23 October 2024 siwied on theirbdwlf by". Mrm W Burrell
MARK W BURRELLIS CHARITY TRUST INDEPENDENT EXANttNER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 I repx)rt to the d)arity trustees on my examination of the financial statements of the ch&ity for the year ended 5 April 2024 which are set out on pages &13. Responsibilities aDd b*sis of report As the CEIty'S trustees you are reSlI5]ble for the preparation of the financial statements in accordance with the rcquirements of the chariti Act 2011 Cthe Act?. I rewrt in Tespect of my cxaminaiion of the chariW5 financial statements wied out wlder serfion 145 of the Act and in c8rying out my examination I have followed all the applicable directions given by th¢ Charity Commission under section 145(5)(b) of th¢ ArA. Independent eyarniner's statement I have completed my examination. I confirny that no matcrial matters have com¢ to my gttention in connection with th¢ examination giving m¢ cause to iKlieve that in any MalaL respect: accounting records were not k¢pt in respect of the charity as required by section 130 of the ACL or the financial statements do not a¢¢ord with those recfjrd&' or the financial statements th) noi comply M'ith the applicable requirements conc¢rning the fonn and Lx>ntenl of financial statements Out in the Charitle5 {Accounts and Rep)rts) Regulwions ?8 other than any requiremeni that the financial statements give a'true and fair view. which is not a mattcr considered part of an indepffldent examination. I have no concerns and have com¢ across no other marters in ei)nnethon with the examination to which attention should be (hawn in this reFrf)rt in order to enable a proper understanding of the financial statements to be rwhe(L LA Martin and Company Audit Limited 25 St Thomas Street Winchester Hampshir¢ S023 9HJ
MARK W BURRELL'S CHARITY TRUST STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 2024 Total nds 2023 Note Unrtstricted nds Pritsr ytar totsl funds Income frnm: Investments 26,183 26.183 14.502 Totsl 26,183 26.183 14,502 Expenditsre OA: Raising funds Ch8ritable activities 522 44.683 522 44.683 583 38,244 Total 45205 45.205 38,827 Net in¢omtJ(txpenditsre) (J9,022) (19.022) (24.325) Other reeoylsed gainsl(losseg): Gainsl{losses) on investment assds io 125.654 125,654 (70.314) Net movement ID funds 106.632 106,632 (94.639) RecoDciliatlo• of funds: Total fiJnds brought forward 15 1,447.532 1.447,532 1,542.171 Total funds cmrried forward ,554.164 1.554,164 1,447,532
BALANCE SHEET ASAT SAPRIL2024 Note PriDr year fijnds .fuD io 1517J67 ,413.340 1.517.367 1.413.340 198 37,011 Cash at bank 41.939 41,939 37209 (5,142) (3,017) 36.7Y7 34.192 154164 1,447.532 15 1.554.164 1.447.532 Totsl Cknrity Funds 1,554.164 1,447.532 Approved by the TTUSte¢s on 23 October 2024 and si1 on their behalf by: Cowdny Th7st Llntted Mr M W B•nTll
MARK W BURRELL'S CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ststutory InforniAtioM Mark W Burrell's Charity Tn1 is a registered charlty. The registered number and principal office addre&8 can be found in the Rep)rt of the TnL8tees'. Aecomnting Policies BlS of finantial ststsments pttparation The financial statements of the chority,, which is a public benefit entity, have been prq>9red in aLxordance with the Charities SORP IFRS 10?) 'Accountin8 and Rep)rtin8 by Charities: Statcmeni of Recomm¢nded Prartice applicable to chaTities preparing their accounts in accordance i¥ith th¢ Finllncial R¢porting Standard applile in the UK at¥J Republic of Ircland IFRS I O?) (effcctive l January 2019),, the Financial Reporting Swidard applicabl¢ in the United kingdom and Republi¢ or Ireland IFRS 102) and the Chariiics Act 2011. The financial sial¢ments have been prcpared under the historical wsl nventio Th¢ financial stateftts have bc¢n prepared to give a 'true and fai view and have departed from the Charitiu {AccounÉ5 and Ryrts) Regulations ?008 only to the extent required provide a 'In and faiv view. This dwrture has involvcd following Accounting and Reporting by Charilies preparing their accounts in accordance with the Financial Reporting Standard 4)plicable in the UK and Republic of Ireland IFRS 102) issued in October ?019 rather than the Accounting and Reporting bv Charities: Statem¢nl of Rccommended Prartic¢ effcctive from l April 21x15 which h&8 since been rcmovd. The Trustees considu that there are material UnCerticS aiM)Ut the TnLses ability to Lxintinue &s a going concern. b) Nture of funds All fjjnds held are unrestrithed and the Tn are free io use them in a¢>[dance with the charitable objects. Fixed ¥tsèt ltsvestm¢nts Investh)ents are stated at maTkd vaiuc at the Balancc Sheet date. OVerSS invesilncnts are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includcs the net gains and Iosscs on revaluation and disposals throughout the yeaT. d) Ineo•e Income is recognised in the SOFA once the charity hLs entitl¢ment to th¢ fill)d& it is probable that the incom¢ will be r¢e£ived and the amount can be rnured reliably. Expenditur• Liabilities we recognisd 85 expenditure as s(KTrn as there is a legal or wnstTu¢tive obligation Lxynmitting the charity to that expenditure, it is probable that a transfer of ewnomic E¢nefits will be Tequired in sdtlement and the amount of the obligation can be me&8ured reliably. EXdIture is accounted for on an accruals b&8is and has been c1&8sified under headings that aggregate all L7)s¢s related to that category. Where cosL8 caIinot be direcdy 8ttritKrt¢d to particer headings. they have been alk)cated to activities on basis Co81stent with the use of resources. Charitblt graDts Grants payable are recognised in the SOFA when they are approv¢d by the TTWtees 8md th¢ Tecipient h&5 been inforn]¢d of the amount be pai
NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 5 APRIL 2024 (Continued) g) Foreigh curren¢1 Trdnsactions denominatcd in a foTeign currency arc translated inti) sterling at the rate of exchange ruling at the date of the transaction. At the Balancc Sheet date monetary a8scts and liabilities denominated in a forei cumcy are translated at thc rat¢ ruling at that datc. All exchangc differences are dealt with in the SOFA. h) Irrecov¢rable VAT Irrecnverable VAT is written off to the same ¢xpense category in which the acts1 w]di]r¢ w&8 inGurr¢¢l R¢mwDerglioD of Trustees In the financial yw to 5 Aprtl 2024 the Tn]¢¢3 did not rettiv¢ any remun¢rntion or have their ¢Kpenses rcimbursed by the Charity. Cowdrny TTUSt Limited charged administrntion expenses of £8.357 [2023: £7.362]. Invutmtllt ID¢ome 2024 2023 Inc4)me from investments Gross bank interest 25.124 1.059 14,163 339 26.183 14.502 Expendltsre on rwing fllDds 2024 2023 Invcstsnent managcmerrt fees 522 583 522 583 Cbaritable activities Dirert costs Support {s¢¢ note 7) (stt note 8) 2024 Total 2023 Totsl Ch8Jitsbl¢ ¢xpendittwe 34.6(Xl 10,083 44.683 38.244 Direct costs The Charity undertTh)k no direct charitable activitie5 but awarded gT8nts to a number of institutions in fithce of its charitable objectives. These are as follows: Charities Aid Foundation Christ's Hospital Foundation Margaret Pyk¢ TnL8t St Mary thc Virgin Churc14 Shipley 23,100 5,000 5.000 1.500 Totsl for the ye*r 34.600 10-
MARK W BURRELL'S CHARITYTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Icontinuedl Direct tosts (Continued) Anaty5is of grants made Gr4Dts to institutioDS Grants to individuals Totsl Advancement of religion AdvaT)Gement of health or the saving of liv¢5 Any other charitable pwses 1.500 10,0 23,100 1,500 Jo.000 23.100 34.600 34,600 Support costs 2024 2023 Administration expen Bank charges Independent examination fees Portfolio Sieward8hip fees 8J57 15 1,020 691 7,362 15 767 10.083 8,144 During the year administration eXtLs¢S of £8.357 were charged by Cowdrdy Trust Limited (trustee). The omount of £800 plus VAT w&8 charged by Harriet Sergeant of DAartin and Company Audit Limited for her IndeFndent Examination of thcse Financial Statements. Staff costs There arc no employK8 so consquently staff costs havc be incurrt 10 Fixed Set investments 2024 2023 Market valu¢ brought for+V8 1.413.340 1.509,671 AdditioThs 9,987 Less disry>sal proceeds (31,614) (26,017) Net gainO(10&8es) on invesiments 125.654 (70,314) arket valuc wried forward 1,517,367 1,413.340 Geographical nys1$ 2024 2023 United Kingdom investments Oversw investtnents 1.514,723 1,403,057 10.283 1.517,367 1.413.340 11
MARK W BURRELL'S CHARITY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (Continued) 10 Fixed et Investments (Contimued) The investments were revalued each year up to 5 April 1999. Thercfore. there is tx) historic cost figure availabl& The bo()k value of the inveslmcnts at 5 April 2024 was £779.142. Net gainslOos5es) on inveslments includes realised gains for the year of £17,240 [2023: gain £13.323] and unTealised gains on revaluation to market vaiuc of £108,414 [2023: loss £83.637]. D¢btors 2024 2023 Administration expenses 198 198 12 Cash t bank 2024 2023 Royal Bank of Scotland Schroder & Co 1,617 40.322 977 36.034 41,939 37,011 13 Credltors: Amounts falling d•e within one year 2024 2023 Athnini5trntion expenses Payments due to charities Portfolio St¢war(L8hip fees Martin and Company Audit Limited 1,181 2,250 691 1.020 2250 767 5.142 3,017 14 Commitments made Anual vlue Number of yeArs Tot1 No conditions attached: Science Mu5eurn 2250 2,250 2250 IS Movement im fuDdg 2024 2023 Unrestricted fiujds: Balance brought forward Net movcment in funds 1.447.532 106,632 1,542.171 (94,639) Balance Carri foThvard 1.554.164 1.447.532 12-
MARK W BURRELL'S CHARTTY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 {Continued) IS Movement lth fllDds (Continued) Net movement in funds included in the above are Is follows: Gains And Movement I0eS in funds IDtome Out%oiRgs Unrestri¢ted Fund$ ?6.183 (45205) 125.654 106.632 16 R¢l8ted Party TrnllsActioDg During the year Millbank Financial Services Limited ¢MFS') charged fees of £691 [2023: £767] for th¢ir Portfolio stewdShip servic¢ and Cowdray Tnjst Limited charged thinistration expenses of £8.357 [2023: £7.3621. The Hon H M T Gibson. The Hon C A P¢arson and Mr M P Harris (Directors of Cowdray Trust Limited) are Directors of MFS. It should be noied that a sThi ling of The Hon H M T Gibso the father of Mrs C A Bullough and the mother of Mr R C P Troughton (Director of Cowdray Trust Limit) are Directors of MFS. namely The Hon W K Gibso The Hon C A Pearson and Mrs S H Troughton respectively. Mr R C P Troughton retired &8 Diredor of Cowdray Trust Limited on 13 June 2024. It slM)uld also be noted that Mr M W Buell (scttlor) is the father of Ms S J BurrelL a Director of Cowdray Tst Limited. 13-