THE BARKER-MILL FOUNDATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charlty Reglstratlon Numb•r 1045479
THE BARKER-MILL FOUNDATION CONTENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Charitrfs Address and Professional Advisers Trustees, Annual Report Statement of Trustees, Responsibilities Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10-14
THE BARKER-MILL FOUNDATION CHARITY'S ADDRESS AND PROFESSIONAL ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Principal Offlce and Contact Address The Estate Office Longdown Marchwood Southampton Hampshire S040 4UH Bankers Barclays Bank PIC Winchesler Branch 50 Jewry Streei Winchester Hampshire S023 8RG Sollcltors Boodle Hatfield 240 Blackfriars Road London SE18NW Accountants RSM UK Tax and Accountlng Limited Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Invogtment Advlsers Benchmark Financlal PlannirvJ Limited Vlctoria Gale Victoria Road Winchester Hampshife S023 7DU Managlng Agents Longdown Management Limiled The Estate Off ice Longdown Marchvnod Southampton Hampshire S040 4UH
THE BARKER-MILL FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Report of the Trustees The Trustees present their report and Ihe financial statements for the year ended 31 March 2024. 11 is an unincorporated charity and the Truslees have chosen to prepare the financial statements on an accruals basis. The financial statements have been prepared in accordance with the accounting policies set oul in note 1 to the accounts and comply with the Charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland {FRS102). Structurei govèrnance and managament The Charills governing document is the Declaration of Trust made on 27 March 1995. The Charity was registered with the Charity Commissioners on 3 April 1995 {Charity Number 1045479) and was named in the register as the Peter Barker-mill Memorial Charity" The name of the Charity was changed from the "Peter 8arker-Mill Memorial Charity" lo 'The Barker-mill Foundation" on 20 October 2010. Charlty number: Reglstored offlc•: 1045479 The Estate Office, Longdown.Marchwood, Southamplon Hampshire S040 4UH The advisers to Ihe Charity are: Indop•nd•nt Examinor; Sharon Monteilh (Chartered Accountanl) The Institute of Chartered Accountants in England and Wales On behalf of RSM UK Tax and Accounting Limited The Pinnacle, 170 Midsummer Boulevard, Milton Keynes Buckinghamshire, MK9 1BP Bankers: Barclays Bank Plc. Winchester Branch. 50 Jewry Street Winchester, Hampshire, S023 8RG Sollcltors: Boodle Hattield, 240 Blackfriars Road, London, SE18NW Investment advlsers: Benchmark Financial Planning Limited, Victoria Gate. Victoria Road, Winchester, Hampshire. S023 7DU The trustees and officers serving during the year and since the year end, 8xcept where noted, are as follows: R M Moyse C Gwyn-Evans S M J Barker ObJe¢tlvos and acllvltles for the public beneflt The Charity was sel up in 1995 by members of the Barker-mill family in memory of Iheir father and grandfather. Peter Barker-mill. The family owns (mainly in Trusl) large areas of land and property in Hampshire on the western edge of Southampton, the lower Test Valley and the eastern and southern edges of the New Forest. The principal aim of the Charity was lo provide financial support and assistance to local organisations and individuals in these areas. This principal aim remains to this day.
THE BARKER-MILL FOUNDATION TRUSTEES. ANNUAL REPORT {CONTINUED> FOR THE YEAR ENOED 31 MARCH 2024 Objectives and activltie8 for th• publlc benefit (conllnued) The stated objects of Ihe Charity are to apply its income. by way of donations paid to or for such purposes as the Truslees shall. in duly conslituled meetings, decide. In advancing the objects of the Charity, the Trustees may expend the whole or any part or parts of the capilal of the trust fund at their absolute discretion. Under the direction of the Trustees, donations will be made to a5SlSt with both specific and general funding requirements based on applications received meeting Ihe necessary criteria and subject to the availability of funds. More specifically. most of the Trustees, support goes to local charities, schools and organisalions. The Trustees give priority to those in the more deprived local areas. The Trustees also support local medical research and Ihe arts and do not as a general rule support national charities or charilies and organisalions with no presence in Hampshire. The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing Iheir aims and objectives. The Trustees aim lo fund the above donations by drawing income from investments thal are income produclng whilst also retainirng the flexlbility to drawdown capital from the Chaiily's investment portfolio as and when required. Achl•vem•nt8 and porformance: dollverfng publlc bonofit The Trustees do not place any limltation on the amount to be donated to any one applicant but in most cases will not exceed £5,000 to a single reciplent in any one year, From lime to time the Trustees pledge to make donations lo projects dependent on other funding being obtained. To avoid making open ended commilments these are time lirniled to two years. A150, the Truslees sometimes agree to make a series of annual donations. The Trustees do not set any larget or limitation on the lotsl amount to be donated in any one year but generally would not be prepared to deplele Ihe net assets of the Charity in the medium to long term. Donations were made during the year amounting to £40,600 {2023- £28,228) as detailed in note 3 to the accounts. Total donations made Of pledged lo date amounl to £4,986,683 (2023- £4,946,083). The Trustees remain passionate about seeing positive change across local arts, educallon and health sectors in partlcular and feedback shows that donations made contribute to making a difference to many organisations operaling in these seclors. Many of the donations made this year have been to support local youth. sporting organisations and family orientated activities. One organisalion which received support Was Youth and Families Matter, a Tolton based registered charity which seeks to address local need for families facing food and fuel poverty. The funds given assisted them in continuing their work wllh school-aged children and young people. some with complex problems. A separate donation, to Life Educats'on Wessex, was used to purchase equipment and resources needed by their Educalors working in primary schools in the Southampton area delivering early intervention health and wellbeing support to children. The Truslees Wre sympathetic to the objectives of these organisations and noted the challenges they face in funding Iheir valuable work.
THE BARKER-MILL FOUNDATION TRUSTEES. ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Monltorlng achlevement and performance The Trustees aim to foster close relationships with local beneficiaries and work wilh the local parlshes and schools in order to provide benefils to the communities. To help achieve this the Trustees maintain 8 dedicated website www.barkermillfoundation.corn. The Charity is committed lo maintalning ils relationships wilh the beneficiaries it supports and often stays in touch with the individual organisations long after Ihe donation has been made. The Trustees can then see how the funds have been applied and the difference they have made and in some cases further support may be granted. Flnanclal revlew The initial funds paid Into the Charlty durlng the year ended 5 April 1996 totalled £1,920,100. As detailed on page 14, the net funds al 31 March 2024 amounted to £2,856,346 (2023: £2,637,416). The Trustees are always mindful of the value of Ihe Charitrfs investment portfolio when making donations and aim to avold sales from the portfolio in depressed markets. It Is the pollcy of the Trustees to keep sufficient funds in readlly realisable investments to rneet expenditure red8. The Trustees have the discretion to distribute both income and capital from the fund, however they manage the Charitls assets prudently to preserve the asset base for the future, partlcularly when financlal markets are volatile and Ihe Investment portfollo value is adversely impacted (see the paragraph above). Income from investments of £60,994 (2023 £60,073). along with bank deposit interest receivable, provided the total incoming resources for the Charity during the year (as sel out in note 2). LlquSdlty At the year end, the Charily had cash In the bank of £9.180 (2023 £16,943). As noted above, the Trustees retain funds ir) adIlY realisable investments to manage cashflow requirements. The Trustees have a borrowirffJ arrangement which enables them to manage cashflow and investment sales Such that adverse stock market conditions do not result In avoidable losses. Invostment pollcy and performance The Trustees have appointed investment managers to manage the CharItS portfolio on a Total Relum structure within a Balanced Risk Mandate with no specific geographical Iheme or sector allocation preferences. The portfolios are deslgned to be run on a Multi Asset Class basis. As part of the mandate the Trustees quire that investments held should be marketable. The Trustees receive valualion reports and meet with investment managers or) a quarterly basis. The Trustees, objectives with regard to investments are to generale a tolal return on the overall invesiment portfolio in the medium lo long lerm. The policy of balancing the portfolio held and managing it on a total return structure and with a balanced risk mandate is designed lo even oul the impact of market variations over Ihe medlum term. The Trustees have purposefully scaled back the level of donations pledgeil to redUd the requirement for dislnvestment while financial markets remaln volatile.
THE BARKER-MILL FOUNDATION TRUSTEES, ANNUAL REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Administrative Infonnatlon The Charity's principal office address is detailed on page 1 along with the delails of the professional advisers. The Trustees (as set out on page 2} are responsible for administering the Charity's funds and affairs. The Charity has no salaried employees. None of the Trustees receive remuneration Of Other benefit from their work with the Charity. Any connection between a Trustee of the Charity with a donation recipient must be disclosed lo the board of Trustees in the same way as any other contraclual relationship with a related party. Please see note 8 to tho accounis, S M J Barker- Trustee For and on behalf of the Trustees Date L+11211
THE BARKER-MILL FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice.) The law applicable to charilies in England and Wales requires the Truslees to prepare financial slatements for each financial year 1¢h give a true and fair view of the Charitls financial aclivilies during the year and of its financial p05iiion at the end of the year. In preparing financial slatemenls giving a true and fair view, the Trustees should follow best practice and: selecl suitable accounting policies and then apply them consisiently. observe the methods and princlples in the applicable Charities SORP., make judgements and estimates thai are reasonable and prudent,. slate whether applicable accounting slandards and statements ol recommended practice have been followed, subjeci io any departures disclosed and explained in the financlal statements; and prepare Ihe financi81 slatements on the going concem basis unless it is in8pproprlate to presume that Ihe Charity will continue in operation. The Trustees are responsible for keeping accounting records which dlsclose with reasonable accuracy at any lime the financial position of the Charity and enable it to ensure that Ihe financlal statements comply with the Charities Acl 2011, the Charity (Accounls and Reporls) 2008 Regulalions and the provisions of the Trusl Deed. The Trustees are responsible for safegu8rding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and olher irregularities. The Truslees are responsible for the mainlenance and inlegrily of the Charity and financial information included on Ihe Charills website in accordance with legislation in the United Kingdom governing the preparation and dissemminalion of financial stalements. S M J Barker - Trustee For and on behalf of the Trustees Dale LFlii124
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BARKER-MILL FOUNDATION FOR THE YEAR ENDEO 31 MARCH 2024 I report lo the Trustees on my 8xamlnatlon of the accwnts of Tha 8arker-Mill Foundation Cthe Charit51) for the year ended 31 March 2024. whtch are Set out on pages 8 to 14. Respon8lblllties and basls of report As the Trustees of the Ch8rlty, yr)u ar? rasponslble for the preparation of the accounts Sn accordance wlth Ihe requirements of the Charities Act 2011 {'the 2011 Act,). I report In respect of my examinatlon of the Charitys accounts carrled out under sectlon 145 of the 2011 Act and In carrying oul my examlnallon I have followed all the appllcable DlreGtlons glven by the Charlty Commlsslon un(ler Sectlon 145(5Mb} of the 2011 Act. An Independent examlnation does not Involve gatherlng all the evidence that would be requlred In an audlt and consequently d088 not cover all the matters that an audltor considers In glvlng thelr oplnlon on the accounts. The plannlTrg and conduct of an audil goes bayond th6 Ilmlted assurance that an independenl examinatlon can provlde. Consequently. I gxpress no opinlon 85 to whether the accounts present a 'tnJe and fair vlevl ar my report Is1Smited to those spgcfflc matters set out In Ihe Independent examinerfs 8tatement. Indopend•nt Examln•rf$ Statsmant I have completed my ex8rrilnatlon. I conflrm that no materBI matters have come to my attentlon in connection with examlnallon glvlng me reasonabl6 cause to believe that In ary materlal respect: (1) aGcountlng récords were not kept In respeGt of the Charlty as requlred by 8ectlon 130 of the 2011 Act,. or the arxcNJnts do not accord wlth Ihose re¢ord8' or tne accounts ¢0 noi comply with the applicable fequirements concerning tne torrn ano content of accounts set out In the Charltles (Aocounts and Reports) Regulallons 2W8 other than any requlremeni that the accounts glve a 'lrue and fair view, whlch is not a malter consldered as part of an Independent examlnatlon, I have no concerns and have come across no other matters In connectlon wilh tha examlnatlon to which attentbon should be drawn in Ihts ieport in order to enable a proper understandlng of the counts to be reached. (2) (3) 10-Dec-2024 Sharon Monteith (Chartered Accounlant) The IrlItute of Chartered Accountants In England and Wales On behalf of RSM UK Tax and Accountlng Limlted Chartered Accountants The Pinnacle 170 Midsurnmer Boulevard Mlllon Keynes Bucklnghamshlre MK9 1BP Date
THE BARKER-MILL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 Unrestrlcted Funds 2023 Notes Income: Incoming resources from generaled funds.. Investment income 62,344 60,527 Total Income 62,344 60,527 Expenditure: Expendilure on charitable activities.. Charitable donations Cost of raising funds Governance cosls Total expenditure 40,600 15,874 26,301 82,775 28,228 25,649 15.724 69,601 Net oxpendltur• b•for• galn81{loss•s) on Inv•8tmant8 (20,431) (9,074) Unrealised gainsl(108ses) on investmenls Loss on sale of investments 239.696 335 (46,9761 41,810 Nat Income and n•t movomont In funds 218,930 {97.860) Total funds brought forward 2,837,416 2.735,276 Total funds carrlad forward 2.856,346 2,637.416 The Statemeni of Flnanclal Actlvlties Includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
THE BARKER-MILL FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Flxed assets: Investments 2,869,609 2,638,878 Current assets: Cash ai bank and in hand 9.180 16,943 Current Ilabllltles: Creditors due within one year 22,443 18.405 Net curr•nt liabilities 13.263 1.462 Total assets le88 ¢urr•nt Ilabllltle8 2,856.346 2,637,416 Not a88et8 2,856.346 2,637.416 The funds of the Charlty: Unreslricled funds 2,856,346 2,637,416 The financial statements were approved by the Trustees on S M J Barker - Trustee For and on behalf of the Trustees
THE BARKER-MILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng Pollcles (a) Ba818 of preparatlon and assessment of golng concern The princip81 accounling polici8s adopted. Judgements arKI key sources of estimation uncertainty In Ihe preparation of the financial statements are as follows: This is an unincorporated charlty and it is registered and domiciled in England. The financial statamenis have been prepared under the historic cost convention with items recognised at cost or trar)s8Ction value unless otherwlse slated in Ihe relevant note(s) to these accounls. The financi21 statements have been prepared In accordance with "Accounting and Reporting by Charities: Slatement of Recommended Practice (SORP) applicable to charities preparlng thelr accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS102) and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The charlty constitutes a public benefil entlty as defined by FRS102. Monetary amounts in these financial statements are rounded to the nearest £. The Trustees conslder that there are no m8terial uncertaintles about the Charivs ability to continue as a golng concem. The key area of uncertainly affectlng the carrying value of assets held by the Charity is the performance of investments held and hence the income generated and valuation of Ihe investments (see the investment policy and performance section of the trustees, annual report for more information). {b) Funds 8tructur• Having due consideration for the objects of the Charity as Set out In the Declaration of Trust, the Trustees consider all funds to be unrestricted. (cl Incom• rOgnItIon Investment Income represenls amounts receivable durlng the year, Donaled assets are capitalised al valuation and recognised in the siatement of Financial Activities when Teceivable. (d) Exponditure recognltlon Expendlture is analysed into such categories so as to reasonably enable Ihe user to gain an insight into the acllvities undertaken by the Charlty and the expenditure allocated to these in relation to the benefit they provide. Charitable activilies include resources expended as50cialed with the furtherance of the Charity's objectives and any support costs associaled with those activities. Charitable donations are payments to third parties in furtherance of the Charity's objectives. The donations are accounled for where the Trustees have agreed to pay the donation without condition and the recipient has a reasonable expectation that they will receive the donation. Support costs comprise the costs of running the Charity, including strategic planning for ils future development, and also exlemal examination, any legal advice and costs of complying with constitutional and statutory requirements. The Charity is not VAT registered and therefore all expendilure items are inclusive of irrecoverable VAT where applicable. 10
THE BARKER-MILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 {e) Flxed assat Investments Inveslments are a form of basic financial inslrument and are initially recognised at their transaction value and subsequenlly measured al their falr value as at the balance sheet date using the closing quoted market price. The Charity does not acquire put options, derivatives or other Complex financial inslrumenls. The main form ol financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions. (fj Llabllltles Liabilities are recognised within the financial statemenls in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Ig) R•all$•d galns and lossos All gains and losses are taken lo the stalement of financial aclivities as they arise. Realised gains and losses on investments are calculated as the difference been sale proceeds and Iheir opening carrying value or their purchase value if acquired subsequenl to the first day of Ihe financial year. Unrealised gains and losses are calculated as Ihe difference between the fair value al the year end and their carrying value. Realised and unrealised invesiment gains and losses are combined in the Statement of Flnancial Activlts'es. 2 Investmont Incomo 2024 2023 Bank inlerest Other investment income 1,350 60.994 454 60,073 62,344 60,527 11
THE BARKER-MILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3 Charbtable Donations The following donations have been made or pledged to individuals and organisations during the year: 2024 Parochial Church Council of the Ecclesiastical Parish of Nursling with Rownhams Totlon and Eling Community Association Woodlands Pre-school Mulberry Pre-school Home Start Hampshire Marchwood Men's Shed Friends of Calmore Infant School Waterside Arts Artworks School of Art Simon Says Child Bereavement Support Leweslon School The Rose Road Assocation Friends of Minstead Sttjdy Centre Tanners Brook Primary School Hythe and Dibden Cricket Club Families Matter Orchard Junior School Parent, Teachers and Friend Association Southampton Collective Community Interest Company Totton Eling Ladies Football Club Youth and Families Matter Cosmetic Toiletry and Perfumery Foundalion Marchwood Communily Associaiion Action Medical Research Easy Read Dyslexia Friendly Community Inleresl Company Marchwood Junior School Parenl, Teachers and Friend Association New Milton Memorial Centre Hampshire County Scout Council Life Education Wessex Alder Trust (Southampton) Broadleaf Communily Learning Community Interest Company Abbrfs Heroes Totton Communicare - Good Neighbour Scheme Redbridge Communlty School 285 500 1,000 1,000 1,000 soo 1.500 1,000 1,000 1,000 5,586 500 1,000 2,000 500 1,000 1,000 1,000 400 3,000 1,000 500 2,000 895 1,500 1,000 1.000 2,000 1,000 2,000 2.000 1,000 (566) 500 40,600 Cost of raising funds 2024 2023 Inveslment management fees Other professional fees 15,814 25.571 78 15,874 25,649 12
THE BARKER-MILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Governance costs 2024 2023 Management fees Legal and professional fees Insurance Sundry expenses Accountancy fees paid to Independenl Examiner Bank interest 18,418 2.730 1.441 400 3,300 12 12,069 87 3,300 15.724 6 Investments Llsted Investments Fair value At 1 April 2023 Purchases Accumulation income Excess reportable income Profit on sale of investments Unrealised gains on investments Equalisations Movement on cash deposlts Llquldation Sales 2,638,878 239,866 6,604 596 (335) 239.696 (394) 2,285 (247) 257,340 At 31 March 2024 2,869.609 Cash Listed investments 25,709 2,843,900 2,869,609 Hlstorlcal cost At 31 March 2024 At 31 March 2023 2.085,719 Investments amounting to 5% or more of the lotal market value at the year end are as follows: SEI GAF Balanced Fund SGAF Aggfesslve Fund SGAF Growth Fund Blackrock Charities- UK Equity Fund 17.5/0 28.9% 15.10 All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets. primarily the London Stock Exchange. Holdings in common investment funds, unil trusts and open ended investment companies are at the bid price. Asset sales ar purchases are recognised at the date of trade at cost (that Is their transaction value). 13
THE BARKER-MILL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 7 Creditors duè withln one year 2024 2023 Sundry creditors Accruals and deferred income 17,728 4,715 13,785 4.620 22.443 18.405 Transactlons wlth Trustees and Connected Pérsons Longdown Management Limited, a company in which C Gwyn-Evans and S Barker are directors, received £18,418 (2023 - £12,069) durlng the year for management service5. Of this amount, £7,659 (2023: £4,735) remained outstanding at the year end. No other payments were made to Trustees or connected persons of the Charity during the year. 9 Funds Unrastrlcted funds 2024 2023 Balance brought forward Net movement in funds 2,637,416 218 930 2,735.276 97,860 Balance carried forward 2.856,346 2,637,416 Unreslricted funds represent funds available to meet the objectives of the Charlly without further speclfled purpose and which are available a5 general funds. 14