Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 Charlty numbor: 1161780 HS BARLOW CHARITABLE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST CONTENTS Page Ref•r8nc8 and Admlnlstratlve Detall$ of the Charity, its Trustggs and Advisors Trustses. Report Independent Examlngrfs Report Statement of Flnanclal Actlvltle6 Balance Shoet Notes to the Flnanclal Statements 10-14
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trusto0s Mr Henry Barfow. Chalrman Dr Anil Se81 Mr Rory Landman Mr Stuart Robb Charlty reglstgrgd number 1161780 Prlnclpal offlco Trinity College Cambridge C82 ITQ Independont Examlngrs Peters Elworthy & Moora Chartered Accounlanls Salisbury House Slalion Road Cambrrdge CB12LA Bankers National Weslmlnsler Bank PIC 21 Pelly Cury Cambridge CB2 3NE Page 1
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees present their annual report logelher with the financial statements of the Charity for the year 1 August 2024 to 31 July 2025. OBJECTS AND PURPOSES OF THE TRUST The HS Barlow Charllable Trust was e8labllshed by Trust Deed, datod 17 November 2014. wlth the following Objgcl.. The advancement of education for the benefit of the public, and in particular (but wilhoul Ilmi1Sng the generality of the foregolngl by means of means-lesled burSarS and scholarshlps for post-graduate students from the Developing WoTld. at TTinlty College. C8mbrldge, and other colleges at Cambrfdge University, as well as al other UK universities regularly in the lop 10 UK universitles, rankings. The Developing World is defined in the Trust DeeLI as Asla, Africa, Central and South America. The Trustees may in their discretion, for the period of 21 years from the dale of the Trust Deed, instead of applying the income of the Charity In any year, accumulate all or any part of such income by Investing the samg, and the resulting income, in any investments authorlsed by the Trust Deed or by taw as an accretion lo and as part of the capital of the Charity, without prejudicè lo thèir right to apply the whole or any part of such accumulated income in any subsequent year as if th8 same were income of the Charity arising in the then urrent year. ORGANISATION AND MANAGEMENT OF THE TRUST The Trusl is a charity registered th the Charity Commlssion In England and Wales (Charity Reference Numbgr 1161780). The Trust Is govemed by ils Trustees a8 follows. Mr Henry Barlow, Chairman and Settlor Dr Anll Se81 Mr Rory Landman Mr Sluart Robb The Trustees have made the following appoinfmenls: Joint Executive Trustees.. Mr Henry Barlow 8nd Dr Anll Seal Honorary S8crelary of the Trust- Dr Anil Seal Honorary Treasurer of the Trust.. Dr Nicholas Branson {to June 20251 Honorary Treasurer of the Trust.. Mr Darn Pureell (from June 20251 Recrultment, Inductlon and tralning of Trust8es The original Iruslees aTe still in place. In accordance with the TTUSI Deed. the power of appointing new Iruslees is vested in the Selllor during his lifellme, and thereafter In the continuing Trustees. Trustees may be expocted lo have run or held senior positions in educational or business institutions, and have an interest in the advancement of higher educalio)n, in p8rtl¢ular through the support of graduate students from the developing world. New Trustees will receive a copy of the Trust Deed, the minLJles of recent meellngs of Trustees, and details of recent accounts and budgets. Training Is provlded for trustees on an 8d hoG basis, when considered nece8sary. ACTIVITIES OF THE TRUST DURING 2024-25 Income of the Trust Following the initial donation lo the Trust of £355,000 by Mr Barlow in 2016, eight further donations of £200,000 by Mr Badow were received in the years 2017-2024. The Trustees record their appreciation of Mr 8arlow'8 generosity, and of hlg promSse lo make further subslanlial donations lo the Tru81 in the future. A further donation of £200,000 was received in August 2025 and wlll appear in the Accounts for 2025-26. Page 2
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Trinity-Barlow Scholarshlps 2024 The Trustees have agreed that initially scholarshlps will be only for doctoral re8earch11.e. PhDI students, and that the main focu8 will be on students undertaking research in engineering and in medicine and scien. namely physics, chemistry. biology (including environmentsl issues upon which these subjects be8r} and malhemalics. both apJied and pure., and that exceptionally funds may be made available for thg SUPPOrt of Tesearch in law, economics, and related subjects. Trinity College Cambrldge h88 generou51y agreed to contribute lo the cost of scholarshlps awarded by the TTUSI under a Trinily-Henry Barlow scheme of awards on 8 50..50 basls, that agreement being confirmed each year by the College before the scholarships are offered and Gonfirnied. As in the previous year, the Trust sought nominations from Heads of Departments and Colleges of hlghly-ranked candidate8 for part-cosl means-lesled awards. The awards were 8dmlni8tered through Trlnily College. Six subslanllal awards were made. Award-holder8 C8m8 from Br8zII111, China111, Indi8131 and Iran (1). Their subjects of study were Applied Malhemalics and Theoretical Physics11), Engineering111, hAedical Sclence11), Physlcs111, Pure Mathematics and Malhomalical Slalistics111 and Stem Cell 8lology111. In addits'on, six students eligible for awards subsequently secured full funding from other sources and were made Honorary award-holders without stipend,. each was awarded an ex gralia payment of £l,OOCI. These students C8me from China121, India121, Nigeria111 and Turkey111. Their subjects of study were Cllnical Biochemistry111. Hlslory111. Medical Science12), Soclal Anlhropology111 and Veterinary Medicine (1). The remaining funds covered by Ihg Trinity-Barlow Scholarship comprised a single maintenance payment for a sludenl from Tunisialyemen sludyng Chemical Engineering and Biotechnology. and a special awaril for 8 student from Indonesla studying Criminology. The lot81 co81 of the Trinily-Barlow 2024 awards over their full length w88 £404,946, shared 50.50 with Trlnlty College. The charge to the Trust for these awards was therefore £202,474. PUBLIC BENEFIT The Trustees are satisfied that the actSvi1Ses of the Trust, as described in this report and In the accompanying 8ccounts, are entirely for charitable purposes and fully meet the 'public benefit, requirernenl of the Charil¢es Act 2011. The Trustees confirm that they have referred to the guidance contained in the Charily Commlssion's general guldance on public benefit. In particular, by making awards to students who did not have the means to take up thelr offers of places al Cambridge University land in due course and from time-lo-tlme al other UK unSverslties regularly in the top rankings), the Trust has beon able lo benefit these students in a manner whlch will havo a significant and beneficlal effect on their future Ilve8. FINANCIAL REVIEW The nel outgoing resources for the year ended 31 July 2025 weTe £4,62212024'. £239,958). The unrestrfcled funds at 31 July 2025 were £123.59212024'. £128.214). Page 3
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 FUTURE OUTLOOK The Trust Is making further awards slartlng In October 2025. with support from Trinlty College and other ollaboralors. The funds available are sufficlenl to cover all current commitments. GOING CONCERN The Trustees are conffdenl that the charlty has adequate funds and resources to continue operatSng for the foreseeable future and is well placed ID manage 118 business risks successfully. The Trusl had nel liquid assets of £123.592 as al 31 July 202512024: £128,214) aftor taking into account all commltments. For this reason, the Trustees continue lo adopt the golng concern basis in preparing financial stslemenls. RESERVES POLICY The Trust intends to Telain as a reserve only sufficient capital lo meet the following year's awards. It w511 rely on further transfers of funds from the Settlor lo meet the cost of awards In subsequonl years. The unreslricled reserves at 31 July 2025 wer8 £123,592 {2024.' £128,214). There were no re8lricled reserves al 31 July 202512024.. £nil}. RISK MANAGEMENT The Trustees have examined the major strateg, buslne88 and operational risks which the Trust faces, and aro satisfied that, with the regular reports they receive. they are able to assess these risks and to pul in hand on a timely basis any necessary actions (mainly in relation to the scale of the collaborative activities of the Tnjstl to lessen or avoid them. A T18k register has been prepared, and wlll be kept under regular revl&w. Thg assets of the Trust are sufficient lo meet the commitments currently envisaged for 2025-26. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for prepailng the Trustees, Report and the financlal sla18menl8 In accordance with appllcable law and United Kingdom Accountlng Standards {Unlted Klngdom Generdly Accepted Accounting Practice}. The law applicable to charities in England & Wales requires the Tiuslees lo prepare financlal slalem6nls for each financial year which give a true and fair view of the stste of 8ffaSTS of the Charity and of ils incomlng resources and application of resources, including ils income and expenditure. for that period. In preparing these financial slalemenls. the Trustees are requlred lo- select suitable accounting policies and then apply them consislenlly., observe the methods and principle8 of the Charities SORP (FRS 1021,. make judgments and accounting estimates that are reasonable and prudent- slate whelhgr applicable UK Accounting Standards IFRS 102} havo been followed, sublect to any materi81 departurgs disclosed and explained in the financlal slalements; prepare the financial statements on the golng concern basis unless il is inappropiiate to presume that the Charity wlll continue in business. The Trustees are responsible for keeplng adequate accounling records Ihal are sufflcienl lo show and explain the Charity's transactions and disdose with reasonable accuracy at any lime the financial poskion of the Charity and enable them lo ensure that the financial statements comply with tho Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and thè provlslons of the Trust deed. They are also responslble for Page 4
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 safeguarding the assets of the Charity and hence for taking re880nable steps for the prevention and detection of fraud and other iTregularilies. Approved by order of the members of the board of Trustees and signed on their behalf by: Dr Anil Seal Trustao Date.. li Ayl lo Page 5
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HS BARLOW CHARITABLE TRUST I'the Charlty,) I report lo the ch8rty Trustees on my examination of the accounts of the Charity for the year ended 31 July 2025. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the Charity you are respon8lble for the preparatlon of the accounts in accordance with the requirements of the Ch8ri1ies Act 2011 I'lhe 2011 Act'l- I report in respect of my examlnalion of the Charills accounts carried out under section 145 of the 2011 Act and In carwng out my examination I have followed the applicable Dlreclions given by the Charity Commission under section 14515)Ibl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your allentlon Is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalement of Recomrllended PTaCti applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} in preference lo the Accounting and Reporting by Chariligs.. Slalemenl of Recommended Practice issued on 1 April 2005 whlch Is referred lo In the extant regulatlons but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view In accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. I have completed my examlnallon. I conflm) that no mallers have come to my attention in connectoon wlth the ex8minalion giving me cause to believe that in 8ny malerI81 respacl.. accounting records woie not kept in respecl of thg Charity as required by section 130 of the 2011 Act., or the accounts do not accord with th088 record8,' or the accounts do not comply wSth the appllcable requiiemen18 concemlng the form and content of accounts set out in the Charities (Accounls and Reports) Regulations 20CJ8 other than any requirement that the accounts glve a 'lrue and fairf view which is not a maller consldered as part of an independent examinallon. I have no concerns and have come across no other matters in connection with the examin811on lo which atl6nlion should be drawn in this report in order lo enable a proppr understanding of the accounts lo be reached. Page 6
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 This report is made solely lo the Charills Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Charitys Trustees those mattels l am required lo slate lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslbilily to anyone other than the Charity atKI the Charitls Trustees as a body. for my work or for this report. Slgned.. NtsL' Nikki Loan Dated.. 06 May 2026 FCA PETERS ELWORTHY & MOORE Charterecf Accounlanls Salisbury House station Road Cambridge CB12LA Page 7
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 Unre$trl¢tgd funds 2025 Totsl funds 2025 Total funds 2024 Note INCOME: Donatlons 200,000 200,000 200,000 TOTAL INCOME 200.000 200,000 200,000 EXPENDITURE ON.. Charitable activities Governance costs 202,474 2,148 202.474 2,148 437,856 2,100 TOTAL EXPENDITURE 204.622 204.622 439,958 NET MOVEMENT IN FUNDS (4.6221 {4.6221 {239,9581 RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds 128,214 {4,622} 128,214 14,622) 368,172 1239.958) TOTAL FUNDS CARRIED FORWARD 123.592 123.592 128,214 The Slalemenl of Financi81 Activities Snclud88 a15 galns and108se8 fftcognised in the year. The notes on pages 10- 14 form part of these financial slatemenls. Page 8
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST BALANCE SHEET AS AT 31 JULY 2025 2025 2024 CURRENT ASSETS Debtors Cash al bank and In hand 10,000 120.254 125,740 125.740 130,254 CURRENT LIABILITIES Creditors.. amounts falling due within one year 10 12.1481 {2,040) NET CURRENT ASSETS 123,592 128,214 TOTAL NET ASSETS 123,592 128,214 CHARITY FUNDS Unrestricted funds 123.592 128,214 TOTAL FUNDS 123,592 128.214 The flnanclal statements were approved and 8Uth0sed for is8ue by the Trustees and signed on their behalf by= Dr Anil Seal Trusteè Date.. 21 2oX The notes on pages 10 to 14 fofm part of these financial Statements. Page 9
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 GENERAL INFORMATION HS Barlow Charitable Twst is an unincorporated charitable trust registered with the Charity Commission of England and Wales. The financlal ststemenls have been prepared under the historical cost conventlon. The functional and presenlallon81 curTenoy ol the Trust Is GBP. The fln8ncl81 statements are rounded to the nearest pound. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Pracllce applicable lo charities preparSng their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Irgland IFRS 1021 (effedive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalements have been prepared to give a 'true and lairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to Pfovide a 'lrue and fair, view. Thls departure has involved following Ihe Charitie8 SORP IFRS 102} published In October 2019 rather than the Accounting and Reporting by Charities.. Slalemenl of Recommended Practlce effective frorn 1 April 2005 which has since been withdrawn. HS Barlow Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and Ilabililies are Inillally recognised at hi8twical cost or transaction value unless olherwk8e stated in the relevant accounting policy. 2.2 GOING CONCERN The Trustees are confident that the charity has adequate fvnds and resou5 to continue operating for the foreseeable future and is well placed lo rnanage its buslness risks successfully. The Trust had nel liquid assets of £123,592 as al 31 July 2025 (2024.. £128.214) after taking into account all commilmenls. For thls reason. the Trustees Continue lo adopt the going GonGem basis in preparing finanaal stalgmgnts. 2.3 INCOME All Income is recognised On the Charity has enlillement lo the inoome, il is probable that the Income will be received and the amount of income recelvable can be rnea8ured rellably. Donations and all other receipts are reported gross and th8 related fundraising costs are reported in other expenditure. Page 10
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES ICONTINUED) 2.4 EXPENDITURE Expendllure Is recognlsed once there is a legal or conslructlve obllgation lo transfer economic benefit to a third party. il is probable that a transfer of economic benefits wlll be required in settlement and the amount of the obligation can be measured reliab5y. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs Involved In undertaking each activity. Direct costs allribulable to a singl& activity are allocated directly lo that aclivily. Shared costs which contribute lo more than one activity and 8UPPOrt costs whlch are not allribulabl8 lo a single actlvlty are apportioned between those activities on a basis consistent wllh the use of resources. Expenditure on charitable activities is incurred on directly undertaklng the aclivllies which further the Chaiilvs objective8, as well as any 88SOC18ted support costs. Grants are recognised when a commitment to pay the grant has become a constructive obligalion. Grants for future years of mulli-year awards are recognised when the award Is made. Refunds are recognised If the grant Is not subsequently required. Govemance costs compris& all costs involving the public accounlabilily of the charity and ils compliance with regulation and good praellce. These c08t8 include those re18ted lo the statutory 8udil and18gal fees. 2.5 DEBTORS Trade and other debtors are recognised al the selllement amount after any trade discount offered. Prepayments are valued at the amount prepaid not of any ITade discounts due. 2.6 CASH AT BANKAND IN HAND Cash al bank and in hand includes cash and short-lorm hlghly liquSd Invoslmenls wSlh a short maturity of three months or less from the dale of acquisition or opening of the deposll or slmilar account. 2.7 LIABILITIES AND PROVISIONS Liabilit8 are recognised when there an obllgation at the B818nce Sheet dale as a result of a p8St event, il is probable that a transfer of economiG benefit will be required in selllemenl, and the amount of the se1119ment can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anllcipales11 will pay to settle the debt or the amount il h8s recelved as advan(xl payments for the goods or services it must provide. 2.8 FUND ACCOUNTING Gener81 funds are unrestricted funds which are available for use al the discretion of the TTuslees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Page11
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgments are continually evaluated and are based on historical experien and other faclois. Including expeclatlons of future events that arè belleved lo be reasonable under the circumstances. CriCal accoLtnllng estimates and assumptions: The Charity makes estimates and assumptions concerning the fuluTe. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estlmales and 88sumptions that have a significant risk of causing a material adjuslmenl lo the carrying amounts of assets and liabilities within the next financial year beyond the accounting policies sel out above. INCOME FROM DONATIONS AND LEGACIES Unrestrlctsd funds 2025 Total funds 2025 Total funds 2024 Donations from Henry S Barfow 200,000 200,000 200,000 TOTAL 2024 200,000 200,000 ANALYSIS OF EXPENDITURE 8Y ACTIVITIES Actlvltle8 undortakDn dlr8CtIy 2025 Support costs Total funds 2025 Total funds 2024 2025 Not awards lo students 202,474 2,148 204,622 439.958 TOTAL 2024 437.858 2,100 439,958 Awards lo students are made via the institutions al which they study. Some award8 are paid up front and some annually. Where students do not complete the course of sludy the amounts aTe subsequently reimbursed. Page 12
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 INDEPENDENT EXAMINER'S REMUNERATION 2025 2024 Fees payable to the Trusts independènt examlner In respecl of the independent examination 2,148 2,100 TRUSTEES. REMUNERATION AND EXPENSES The Key Management Personnel of the trust are the Iruslees. During th8 yaar. no Trustees received any remuneration or other benefils12024- £NIL). Durfng the y8ar ended 31 July 2025, no Trustee expenses have been incurred {2024- £NILI. TAXATION HS Barlow Charitable Trust is a regisl8red charity and is exempl from lax on Income and capital gains falling within Chapter 3 of Part11 lo the Corporation Tax Act 2010 or Soclion 256 of Ihe Taxation of Capitsl Gains Act 1992 to the exlenl that they are applied lo its charitable objectives. No tsx charges have arisen Sn the Charitable Trust. DEBTORS 2025 2024 DUE WITHIN ONE YEAR Donation r8c8Svable from CMEDT 10,000 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals 2,148 2,040 11. RELATED PARTY TRAN8ACTIONS The donallons recelved by the Gharity comprised £200,000 12024.. £200,QOO) from Henry S Bar, Trustee. During the year, a £10,000 debtor due from Cambrldge MaLgysian Education and Development Tru81 ICMEDT). a regSsleTed charity with one Iruslee In common. was setlled12024.' £10,000 debtor due from CMEDTI. Page 13
Docusign EnvelopÈ ID". 79889533-68474EE3-8097407A8BD4A276 HS BARLOW CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 12. POST BALANCE SHEET EVENTS In August 2025. £200.000 was recelved from Henry S Barlow to support future awards. Page 14