**Registered No 1113279**
**The Robert Bruce Barnes Charitable Trust FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
**The Robert Bruce Barnes Charitable Trust**
## **CONTENTS**
||**PAGE**|
|---|---|
|Trustees and advisers|1|
|Report of the Trustees|2|
|Independent Examiner’s Report|4|
|Statement of Financial Activities incorporating|5|
|the Income and Expenditure Account||
|Balance Sheet|6|
|Statement of Cash Flows|7|
|Notes to the Financial Statements|9 - 11|
**The Robert Bruce Barnes Charitable Trust**
## **TRUSTEES AND PROFESSIONAL ADVISERS**
**Trustees** Robert Barnes Paul Aplin Sue Woodman **Registered Charity Number** 1113279 **Principal Office** Flat 7 Macartney House Chesterfield Walk London SE10 8HJ **Bankers** Coutts & Co 440 Strand London WC2R 0QS **Investment Advisers** Plurimi Wealth LLP 30 St James’sSquare London SW1Y 4AL **Independent Examiner** Helen Neilly, FCMA, CGMA 5 King William Walk London SE10 9JH
1
**The Robert Bruce Barnes Charitable Trust**
**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025**
## **Financial Statements**
The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out 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 the UK and Republic of Ireland (FRS102)(effective 1 January 2015).
## **Structure, Governance and Management**
The Robert Bruce Barnes Charitable Trust is an unincorporated trust, constituted under a trust deed dated 17[th] October 2005 and is a registered charity, number 1113279. Its objects and powers and other constitutional matters are set out in the trust deed.
An initial gift of shares by Robert Bruce Barnes was effected on 3 February 2006. Registration by the Charity Commission was completed on 15 March 2006.
At present the Trust has no operational activities on its own account. The Trustees named on page 1 have been Trustees throughout the period covered by these financial statements and there have been no other Trustees for any part of the period. The three Trustees are jointly fully responsible for the management of the Trust assets and the disbursement of funds. The Trustees maintain regular contact with each other and are fully aware of their responsibilities as Trustees. The power to appoint new Trustees is exercisable by Robert Bruce Barnes as Settlor or by his will. In the event that new Trustees were to be appointed, appropriate induction processes would be implemented.
## **Objectives and Activity**
The objects of the Trust are very broad. The Trustees recognise that any expenditure on charitable activities must meet the public benefit test as set out in guidance provided by the Charity Commission.
The initial gift was made without restriction but with the medium-term plan that most of the funds should be treated as endowment funds to provide recurring income to meet charitable expenditure each year. Accordingly, the Trustees invested most of the initial donation - c£270,000 - in a managed cautious income fund with the intention that the annual income be applied to charitable causes benefiting young people in the UK. The value of this portfolio is now just over £183,000, having marked time over the past year.
The Trust has received further donations from Mr and Mrs Robert Barnes over the past sixteen years totaling £1,115,786 before Gift Aid. With Gift Aid, the total incoming resources has amounted to £1,403,473. These donations have been made without restriction, but in keeping with the wishes of the donors the medium-term plan is to invest these funds and apply the investment income in pursuit of charitable objectives.
The Trustees have focused on the plight of disadvantaged youth in their considerations and to date nearly all grants have been made to support this cause, particularly in the area of education.
The Trust continues its support for disadvantaged students at Leeds University providing three-year scholarship grants. In aggregate, £340,000 has been pledged, since 2014 with payments terminating in September 2027. Likewise, £230,000 has been pledged to the development of IntoUniversity centres in and around Leeds over the past 9 years. IntoUniversity is a charity specialising in providing academic support to underprivileged children across the country (Charity No. 1118525).
## **Investment Policy**
The Trust’s activities are essentially reliant on investment returns from its endowment and subsequent donations. These are invested on a total return basis with a view to providing a return over the longer term that is sufficient to maintain the real (inflation adjusted) value of the capital of the fund whilst delivering a cash flow to meet annual grants. The Trustees resolved to change their Investment Adviser this year. The Trustees wish to thank Coutts & Co for their support in this function and they continue as main bankers to the Trust. The Investment Policy previously agreed upon by the Trustees will also govern the investment approach adopted by Plurimi. Combining the independent investment advice with careful control over grant pledges by the Trustees, the risk exposure to poor investment returns is prudently managed.
2
The Robert Bruce Bames Charitable Trust
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
Results, Review of the Year and Future Developments
The results for the year are set out in the Statement of Financial Activities on page 6.The year ended with an
increase in total funds of £127,323. Investment gains were marginal this year. Also, no new pledges wer8
entered into with Leeds Universty. Discussion are being held with the University to make further pledges in
the new financial year.
As noted abov&. the Trustees continue to monitor the progress of students at Leeds University and will work
with Leeds University to idantify further opFortuntlies to help disadvantaged youth as well as exploring other
meaningful causes.
Risk Management
Apart from exposure to financial risk in its investrnent approach as referred to above, the Trustees believe
there are no major operational risks facing the charity as it has no such commitments or obligations at th8
present time.
Reserves Pollcy
It is the present policy of the Trustees to maintain as far as possible the initial funds donated as capital to
generate income for charitable purposes. It is the intention of the Trustees to distrFbute all investment income
generated each year. In general, the Trustees have resolved to retain cash in hand at each balance sheet date
that is sufficient to meet all pledges falling due in the forlhcoming year. At 31st March 2025. the cash balance
was £86,067, more than sufficient to meet the £50.000 pledge payments Committed. No commitments will be
made that exceed the net assets of the TrusL
Trustees, Responsibilities in Relation to the Financial Statements
The Trustees are resFX)nsible for pr8paring a Trustees. annual report and financial statements in aGGordanGe
with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted
Accounting Practi)
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for
each year which give a true and fair wew of tha state of affairs of the charity and of the incoming resources
and application of reSoUS of the charwty for that period. In preparing the financial statements. the trustees
a reqUId to:
select suitable acu)unting poliaes and then apply them consistenuy.
obs8rv8 the methods and prinaples in the applif2ble Charities SORP
make judgements and estimates that are reasonable and pwdent"
state whether applicable UK AcUnting Standards have been followed. subject to any material
departures that must be disclosed and explained in the financial statements. and;
prepare the finanGial ststements on Ihe going 0)nM basis unless il is inappropriate to presume
that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy
the financial position of the charity and which enable them to argin the financial posttion of the charity and
which enable them to ensure that the financial statements comply bmth the Charitie5 Act 2011. the Charity
(Accounts and Reports) regulations and the provisions of the trust deed. They are also responsible for
safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud
and other irregularities.
Independent Examlner
The Trustees intend to ask the independent examiner, Helen Neilly to undertake the independent examination
of the Trust for the next ffinan¢ial year.
Approved by th8 Trustees on 29 July 2025 and signed on their behalf by:
Robert Barnes
Trust88
Paul Aplln
Trustee
Th• Robert Bruce Barnes Charitable Trust
REPORT OF THE INDEPENDENT EXAMINER FOR THE YEAR ENDED 31 MARCH 2025
I report on the accounts of the Trust for the year ended 31 March 2025. which are set out on pages 6
to 12.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. Tha Charity's trustees
consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the
2011 Act) and that an independent exatnination is needed.
It is my responsibility to:
examine Ihe accounts under section 145 of the 2011 Act:
to follow the procedures laid down in the general Directions given by the Charity
Commission under section 145(5)(b) of the 2011 Act: and
to state whether particular matters have come to my attention.
Basis of Independent examiner's report
My examination was carried out in accordance with the geneRI Directions given by the Charity
Commission. An examination includes a review of the accounting records kept by the charity and a
omparison of the accounts presented with those records. It also includes consideration of any unusual
items or disGlosures in the accounts, and seeking explanations from you as trustees conceming any such
matters. The procedures undertaken do not provide all the evidence that would be required in an audit
and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the
report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination. no matter has come to my attention=
{1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordanc8 with section 130 of the 2011 Act" and
to prepare accounts which accord with the accounting records and comply with the
accounting requirements of the 2011 Act and with the Charities SORP (FRS102)
have not been met- or
{2) to which. in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts to be reached.
H N•illy
Name: Helen Neilly FCMA, CGMA
Address: 5 King William Walk, London. SE10 9JH
Date.. 29 July 2025
**The Robert Bruce Barnes Charitable Trust**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025**
|**Note**
**Income from:**
Donations and gifts
Investment income
**Total Income**
**2**
**Expenditure on:**
Charitable activities
**3**
Raising funds
4
**Total Expenditure**
Net gains/(losses) on
investments
**6**
**Net Income**
Transfers between
funds
**Net movement in**
**funds**
**Reconciliation of**
**funds**
Total funds brought
forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**£**
58,825
64,792
123,617
-
6,715
6,715
8,224
125,126
9,174
134,300
1,408,862
1,542,982|**Endowment**
**Funds**
**£**
-
9,978
9,978
-
804
804
(6,977)
(2,197)
(9,174)
(6,977)
187,522
180,575||**Total Funds**
**2025**
**£**
58,825
74,770
133,595
-
7,519
7,519
1,247
127,323
-
127,323
1,596,234
1,723,557||**Total Funds**
**2024**
**£**
73,575
70,421|**Total Funds**
**2024**
**£**
73,575
70,421|
|---|---|---|---|---|---|---|---|
||||||||143,996|
||||||||120,000
6,585|
||||||||126,585|
||||||||64,059|
||||||||81,470
-|
||||||||81,470
1,514,764|
||||||||1,596,234|
.
5
The Robert Bruce Barnes Charitable Trust
BALANCE SHEET AS AT 31 MARCH 2025
Unrestricted Endowment
Funds
Funds
Totsl Funds
Prior
Year
FIXED ASSETS
Investments
1.552,207
183.519
1,735.726
1,732,112
CURRENT ASSETS
Debtors
11,765
11.765
Cash at bank in haThl
84,769
86,067
97,832
34.123
34,123
LIABILITIES
Creditors fallirvJ due within
one year
50,IK)O
60,000
NET CURRENT ASSErs
1.298
47,832
(25,877)
TOTAL ASSETS LESS
CURRENT LIABIUTIES
1,798.741
184.87
1.783.558
1.706.234
Creditors fallirKJ due after
rrM)re than one year
60.000
110,000
NET ASSETS
1.538,741
184.17
1,723,558
1,596,234
FUNDS
Endowment
184,817
187,522
1.408.682
187,522
Unrestricted Income
1.538,741
1.408,682
TOTAL FUNDS
1.538.741
184.817
1.723,558
1,596.234
Approved by the Trustees on 29 July 2025 and signed on their beha by:
Robert Bames - Trustse
Paul Aplln-
rustee
**The Robert Bruce Barnes Charitable Trust**
**STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025**
|Note
**Cash flows from operating activities**
Amounts paid in support of pledges
Other cash movements, mainly investment management
fees
Net cash used in operating activities
10
**Cash flows from investing activities**
Interest and dividends received
Sales of investments
Purchases of investments
Decrease/(Increase) in cash held by investment manager
Net cash provided by investing activities
**Cash flows from financing activities**
Receipt of donations
Net cash provided by financing activities
**Change in cash in the year**
Cash brought forward
**Cash carried forward**|**2025**
£
(60,000)
(7,520)
(67,520)
72,054
35,845
(45,040)
9,544
72,404
47,060
47,060
51,944
34,123
86,067|**2024**
£
(56,667)
(6,585)
(63,252
71,737
32,629
(122,428)
4,959|
|---|---|---|
|||13,123
73,575|
|||73,575|
|||(2,799)
36,922|
|||34,123|
All cash is held on current account and immediately available for use.
7
**The Robert Bruce Barnes Charitable Trust**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## 1. **ACCOUNTING POLICIES**
## **Accounting Convention**
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements have been prepared on a going concern basis, the Trustees having taken into account the matters referred to in the Trustees’ Annual report.
## **Fund Accounting**
Funding of the charity comprises only Unrestricted General and Endowment Funds _._ These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Investment income, gains and losses are allocated to the appropriate fund.
## **Income Recognition**
All income is recognised once the charity has entitlement to the resource, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Interest and dividend income is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest and dividend paid or payable by the Bank.
## **Expenditure Recognition**
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for gross when incurred on an accruals basis.
## **Fixed Asset Investments**
The charity only 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.
## **Gains and Losses on Investments**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated at the difference between the fair value as at the year-end using the closing quoted mid-market price and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial activities.
## **Debtors**
Amounts owing to the Charity at 31[st] March in respect of loans are shown as debtors less provision for amounts that may prove non-collectible. Trade and other debtors are recognised in the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at Bank and in Hand**
Cash at bank an in hand includes cash and short term highly liquid investments with a maturity of three month or less from the date of acquisition or opening of the deposit or similar account.
Cash held with the investment manager is included in investments.
8
**The Robert Bruce Barnes Charitable Trust**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## **1 ACCOUNTING POLICIES – cont.**
## **Creditors and provisions**
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
## 2 **INCOME**
The incoming resource for the period comprises unrestricted donations and interest and dividend income on investments and cash balances all of which are held by the Charity’s banker (and investment adviser as at the year end), Coutts & Co. In 2025 all donations were unrestricted and investment income attributable to the endowment was £9,183 that, net of management fees, was transferred to net income.
## 3 **CHARITABLE ACTIVITIES**
A pledge of £60,000 was made in June 2022 to support 6 scholarships phased over the four years. At 31 March 2025, included in current liabilities, is the last instalment of £10,000.
A further pledge of £120,000 was made in 2024 for 12 scholarships phased over four years. At 31 March 2025, included in current liabilities is the 2[nd] instalment of £40,000. The remaining £60,000 is included in creditors, amounts falling due after more than one year.
All charitable activity expenditure in both 2025 and 2024 is from unrestricted funds.
## 4 **TOTAL EXPENDITURE**
|Expenditure incurred on raising funds in the year is as
follows:-
Investment Management Fees
Independent examination of the accounts of the Charity.
Total
The allocation of the expenditure to unrestricted and
endowment funds is as follows:-
Unrestricted
Endowment|**2025**
**£**
7,519
-
7,519
6,715
804|**2024**
**£**
6,585
-|
|---|---|---|
|||6,585|
|||5,863
722|
## 5 **TAXATION**
The charity is not liable for UK corporation tax.
9
**The Robert Bruce Barnes Charitable Trust**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## 6 **INVESTMENTS**
The investments are held under a Coutts & Co managed umbrella portfolio and comprise a variety of UK listed managed income funds and some individual listed shares.
|Movements in investments were:-
Carrying value (market value) at beginning of year
Proceeds on Disposals of Investments
Additions to Investments at cost
(Decrease)/Increase in cash held for investment
Realised Gain/(Loss) on Disposal
Unrealised Gain/(Loss) on Revaluation
Carrying value (market value) at end of year|**2025**
£
1,732,112
(35,845)
45,040
~~(~~9,544)
(5,717)
1,247
1,735,726|**2024**
£
1,584,509
(32,629)
122,448
(6,275)
(2,738)
66,798|
|---|---|---|
|||1,732,112|
Included in investments is cash held by the investment manager under the portfolio umbrella for investment or distribution of £ (2024 - £12,716).
## 7 **MOVEMENT IN FUNDS**
|**Unrestricted**
**Funds**
**Endowment**
**Fund**
**Total Funds**|**Balance at**
**31 March**
**2024**
**£**
1,408,682
187,522
1,596,234|**Income**
**£**
123,617
9,978
133,595|**Expenditure**
**£**
(6,715)
(804)
(7,519)|**Transfer**
**and Other**
**Movement**
**£**
13,157
(11,910)
1,247|**Balance at**
**31 March**
**2025**
**£**
1,538,741
184,817|
|---|---|---|---|---|---|
||||||1,723,558|
The comparative movement in funds for the previous financial year is set out below.
|**Unrestricted**
**Funds**
**Endowment**
**Fund**
**Total Funds**|**Balance at**
**31 March**
**2023**
**£**
1,329,750
185,014
1,514,764|**Income**
**£**
134,739
9,617
143,996|**Expenditure**
**£**
(125,863)
(722)
(126,585)|**Transfer**
**and other**
**Movement**
**£**
70,416
(6,357)
(64,059)|**Balance at**
**31 March**
**2024**
**£**
1,408,682
187,522|
|---|---|---|---|---|---|
||||||1,596,234|
## 8 **RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION**
The charity received donations from Robert Barnes and Christine Barnes, his wife, in the amount of £47,060 in the year which with Gift Aid amounted to £58,825. Trustees received neither emoluments nor reimbursement of expenses of any kind.
10
**The Robert Bruce Barnes Charitable Trust**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025**
## 9. **FINANCIAL COMMITMENTS**
As at 31 March 2025 the Trust had remaining commitments under its grant obligations, described in Note 3, of £50,000 due within one year and £60,000 due more than one year after the year end, namely by 30 September 2027. These commitments relate to University of Leeds projects. At the beginning of the year the aggregate commitment was £170,000 of which £60,000 was duly paid.
## 10 **RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET**
**CASH FLOW FROM OPERATING ACTIVITIES**|||
|---|---|---|
|Net movement in funds
Deduct donations received
Deduct interest and dividends
Deduct gains/add back losses
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operating activities|**2025**
£
127,322
(47,060)
(74,770)
(1,247)
(11,765)
60,000
(67,520)|**2024**
£
81,470
(73,575)
(70,421)
64,059
-
63,333|
|||(63,252)|
11