## Barnwood Trust
The Trustees’ Annual Report and Financial Statements for the year ended 31st December 2023
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Barnwood Trust - Annual Review 1
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## Trustees’ Annual Report
The Board of Trustees presents its report with the financial statements of the charity for the year to 31st December 2023. The financial statements have been prepared in accordance with the Trust’s accounting policies and comply with the charity’s governing document, the Charities
Act 2011 and the 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).
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Contents**
## Contents of Trustees’ Annual Report
**6** Welcome and Introduction
**12** Objectives and Activities
**18** Achievements and Performance
**36** Financial Performance
Risk Management
**39**
Structure, Governance and Management
**46**
Reference and Administrative Details
**48**
Statement of Trustee Responsibilities
**50**
## Contents of Financial Statements
**54** Independent Auditors’ Report
Statement of Financial Activities
**60**
**62** Balance Sheet
**64** Cash Flow Statement **65** Notes to the Financial Statements
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**Barnwood Trust - Annual Review**
**Welcome and Introduction**
## Welcome and Introduction
## from the Chair
Welcome to our Annual Report for 2023. This year we have been able to take forward at pace the revisions we made to our strategy in 2021, and to improve our internal structures and processes to deliver the strategy ‒ ensuring the Trust is fit for the future.
In preparation for the end of my term of office in 2024, and following the constitutional changes made in 2021, we commissioned Board Alchemy **boardalchemy.com** to undertake an independent board effectiveness review. We wanted to ensure good practice in relation to how the Board and Executive work together to deliver the governance of the Trust, and also to support the Board in identifying the experience and qualities sought in a new Chair.
Following an open recruitment process we were pleased to appoint someone ready to take over from me following the AGM in May. Sadly that individual ultimately decided not to take up the role but I am delighted that we have
been able to appoint Colin Smith as Chair from within the existing Board.
Since I joined the Trust in 2018, I have been focused on ensuring that the Trust is more accountable to people who live in Gloucestershire and in particular to disabled people and people with mental health conditions in the county. Our constitutional revision in 2021 ensures that we hold an annual public meeting, which we now call ‘Together with Barnwood’, which we hold in the autumn. This gives us an opportunity each year to explain what the Trust is doing and why, and to seek input on critical issues and priorities. You can read more about our 2023 event on page 23.
Our membership scheme, Barnwood Circle - also created as part of our governance changes - was the subject of review in 2023 to ensure that we are clear about how disabled people and people with mental health conditions directly shape what we do.
_**Ann Santry**_
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**Welcome and Introduction**
We would like members to also have an opportunity to review and comment on our progress, to further ensure our accountability. You can read on page 20 about that review and also about some of the co-designed project work we have undertaken with Barnwood Circle members during the year. We are delighted that the co-design of our Short Breaks funding, see page 30, has been featured by New Philanthropy Capital, a think tank and consultancy for the social sector, in their guidance to funders about centring lived experience.
Looking back on my 6 years at Barnwood, a great deal has been achieved. Highlights for me include the adoption of our new constitution and the creation of Barnwood Circle, the increase in funding to support a range of initiatives across the county and the sale of our last property holding on the original Barnwood Estate. This transaction at Manor Gardens will enable the development of a specialist housing scheme by Stonewater Housing Association, providing much needed homes for disabled people and people with mental health conditions.
Finally, I would like to take this opportunity to thank all of the Trustees I have worked with since 2018 for their commitment to the success of Barnwood, alongside our Executive Team and staff members. Their contributions, together with the more professional governance of the Trust, have played a significant part in increasing the impact of the Trust’s work and our influence across the county. This in turn enables Barnwood to continue to make a difference for those we are here to support.
I hope you find this report interesting and informative and if you want to find out more about the Trust please visit our website **www.barnwoodtrust.org** or email **info@barnwoodtrust.org**
## **Ann Santry, Chair**
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**Barnwood Trust - Annual Review**
**Welcome and Introduction**
## Sally Byng Chief Executive Officer
2023 saw a major focus on funding as part of delivering on our commitment to be transparent and accountable at Barnwood Trust.
is intended to deliver a positive social impact, as well as a financial return on the original investment – a way of ‘recycling’ funds. We have been interested in developing a practice in this form of investment to provide funds, so we were pleased when we identified a new social enterprise, The Great Plate, that had been incubated by The Grace Network in Stroud. The Great Plate wants to improve the quality and impact of school meals across its local community, through the provision of nutritious food alongside the commitment to offer supported employment opportunities to people experiencing barriers to work due to disability. The evidence supporting the relationship between healthy and nutritious food and good mental and physical health made this an exciting first social investment for the Trust.
As you will read on page 32, a significant activity through the year was to redesign all of our funding streams to make sure that our funding reflects good practice in grant making and adheres to the principles that we have set for our funding. We were pleased to receive training from Modern Grantmaking **moderngrantmaking.com** to assist us in our redesign, leading to us launching our new funding streams in October 2023.
As you will read in the highlights, the Trust awarded £2.47m in funding in 2023 to 96 organisations and groups in the county, so it is important that our funding criteria and processes are transparent and enable us to be accountable for our funding decisions. Our review extended also to our grants to individuals, which remains a significant area of activity for the Trust, as we awarded just under £1m to 516 people in the county.
We continue to support Gloucestershire Funders **glosfunders.org.uk** , a collective of organisations who fund VCSE organisations and groups in Gloucestershire, which arose out of a desire to make applying for funding easier during the pandemic. We have continued to meet every two weeks since April 2020 but, with our partners, agreed that it was time to look at the longer-term role that Gloucestershire
2023 also saw the Trust make its first social investment. A social investment
Funders could play. To that end we are collaborating to commission an options appraisal which will report in 2024 to enable us to make some decisions about the future.
We were also pleased, following the publication of our research into the origins of the Trust’s wealth, to be part of a reference group contributing to the development of a resource by the Association of Charitable Foundations, for foundations who are considering exploring the origins of their wealth in connection to colonialism and slavery. However, we recognise that our own progress in delivering on our commitments to ensure greater racial equity in our own practices is too slow and fragmented, so we need to expand our commitment to focusing on diversity, equity and inclusion. To assist us in delivering on our commitments to improve our practices we will be working in partnership with The Better Org **thebetter.org.uk** in 2024.
This Annual Report also covers all the work that we have done to make change happen in ways additional to our work with Funded Partners, through our thematic work on employment, short breaks, access to nature and digital inclusion.
Before I close, I would like to note the end of Ann Santry’s 6 years as Chair of the Trust, during which time the Trust reviewed its strategy, transforming the way in which we delivered it, and awarded over £13.8 million in funding as a result. On behalf of my colleagues, I thank Ann for the energy, dedication and expertise she brought to the role.
We hope you find this report of interest and we hope you will get in touch if there is anything you’d like to talk to us about – we are keen to keep listening and learning.
## **Sally Byng, CEO**
_**Sally Byng**_
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Objectives
and
Activities
**Objectives and Activities**
## Objectives and Activities
## **1. What does Barnwood Trust Do?**
**Our theory of change is that we fund and influence change, and we take a listening and learning approach – basing our work in evidence and testing what works in collaboration with others.**
We bring people together for a different conversation and explore big ideas. We listen and add clout where we can, to help make changes happen – building belonging and making a difference in the life of the county.
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Listening
Making
change
happen
Learning
Focused Inclusive
Bold
Forward
Thinking
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## **2. What is Barwood trying to achieve?**
Barnwood is an independent charitable Trust. We get millions of pounds of funding out into the county every year. But money is only part of the story. Our vision is that Gloucestershire will be a better place when disabled people and people with mental health conditions are equal, empowered and their rights are upheld.
We join with the people, communities and organisations in Gloucestershire’s disability and mental health movement – creating change so that disabled people and people with mental health conditions have choice of opportunities, access their rights, and are included where they live.
What do we do? We investigate the long-term, complex issues and barriers faced by disabled people and people with mental health conditions. We share research, develop projects, and run campaigns to influence the change that’s needed. We partner with local organisations, involve people with lived experience directly in our work, and look for better ways to fund.
Barnwood Trust was set up over 200 years ago. Today, we are not your typical funder, and we don’t work in isolation.
Barnwood Trust’s objectives are for disabled people and people with mental health conditions:
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To be included and
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**To have choice of opportunities that meet their hopes and passions.**
**To be included and To access their rights involved in their and see positive communities and the change on disability places where they live. issues**
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**Objectives and Activities**
## **3. Highlights of the Year**
£2.47m 516 Grants Grants
96 185 Funded Partners Organisations
...awarded to ...awarded to disabled charities in people and Gloucestershire people with working mental health directly with conditions for disabled items ranging people and from gym people with memberships mental health to laptops. conditions.
...received ...partnered funding with us to to deliver make change activities in happen in Gloucestershire Gloucestershire ranging from on disability service delivery and mental to core costs. health issues.
31 Barnwood Circle members
**...collaborated with us on 6 co-design projects.**
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Achievements
and
Performance
**Achievements and Performance**
## Listening and Learning
Listening and learning informs the changes we want to make; enables us to take a test and learn approach in collaboration with others; and enables us to share our learning for longer-term impact. This manifests in a range of ways, from involvement of disabled people and people with mental health conditions in our work through Barnwood Circle and co-designed projects, to our research and policy function which underpins decisions and actions with local and national evidence.
Read on to find out more about our listening and learning activities at Barnwood.
## **Barnwood Circle**
to purposefully influence Barnwood’s decisions. Attracting a range of people with diverse experiences and perspectives over time, was also felt to be key.
Barnwood Circle is our membership scheme launched in 2022, for disabled people and people with mental health conditions in Gloucestershire to inform and shape our work. A year into the scheme, and 2 years since development started, we wanted to review its purpose and direction.
Through 2023, the strategic purpose of Barnwood Circle became clearer – the membership scheme helps us fulfil the Trust’s ethical accountability. The ‘shape and share’ model below describes Barnwood’s renewed intention for members to: influence decisions about new work; shape specific projects through co-design; hear about change work undertaken by the Trust; and have an opportunity to feedback to further influence the work.
In 2023, 122 Circle members were involved in the scheme, with 31 people taking part in 6 co-design projects and 2 interview panels as Experts by Lived Experience. With the high member numbers, it was challenging to involve all members fairly. Barnwood Circle members were informing our work through meetups, but we needed to create other ‘touch points’
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Making
Shape change Share
happen
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As a result, practical changes to membership will follow in 2024, including:
- Membership for people with • 3-year membership so the direct experience of disability, member base refreshes over mental health conditions and time. caring responsibilities only.
- More ways for members to comment on new and current change work.
- Lower numbers so opportunities to shape the work are available equitably to all members.
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**Achievements and Performance**
## Listening and Learning
## **Involvement and participation**
In 2023, teams across the Trust worked in collaboration with Barnwood Circle members to co-design pieces of work. Projects included co-creating: funding criteria for the Short Breaks Fund; learning outcomes for the Empowered Employers programme; an internal guide to accessible communication and inclusive language; a graphic booklet about the Trust; and the Annual Public Meeting, Together with Barnwood.
In all cases, Barnwood Circle members were selected for co-design projects and paid for their contribution as Experts by Lived Experience. Projects were identified on the basis that additional expertise and relevant lived experience would benefit the work. This is an important principle for Barnwood’s involvement practice – it focuses us to create clear project parameters and a clear purpose and role for Experts by Lived Experience before they get involved. Projects involving Barnwood Circle members in this way have been more impactful as a result.
Several of these projects are outlined in the context of making change happen, below.
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## **Together with Barnwood**
Our third Annual Public Meeting, Together with Barnwood 2023, was attended by 78 people. The purpose of this event was to share activity towards Barnwood’s strategic goals of Opportunities, Inclusion and Rights; and to gain feedback on topics relevant to the Trust’s strategy. The event supported the Board of Trustees to be accountable to the people of Gloucestershire and for the staff team to continue to listen and learn to inform our work.
Interactive sessions and small group discussions were facilitated on the day and topics covered were: ‘How Barnwood talks about disability’; ‘How Barnwood listens and learns’; ‘How Barnwood funds organisations’; and ‘How Barnwood make its investments’. The event was co-designed by a team of 5 Barnwood Circle members and 6 Barnwood staff, over a 3-month period.
Visit the Barnwood Trust website for a summary of what we heard at the event: **https://www.barnwoodtrust. org/news/what-we-heard-attogether-with-barnwood-2023/**
## **Being a learning organisation**
Our theory of change means that listening and learning runs through everything we do. To be sure that this happens, the roles in our team need to reflect and enable this, which required an internal organisational restructure in 2023. As a result we have been able to create a larger Insights Team, which has three functions:
- Undertaking research, evidence and policy review.
- Carrying out evaluation activity and capturing learning about our work on specific change themes.
- Integrating the learning we gain from Barnwood Circle, our own practices in involvement and co-design, and from our funding practices.
The internal changes also included restructuring the Funding Team so that our approach to funding, as described on page 32 below, enables us to maximise learning in collaboration with our Funded Partners.
These changes are enabling us to capture key issues where we could influence, explore further, bring people together to problem-solve or create change together, as well as to improve our own practices.
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**Achievements and Performance**
## Listening and Learning
## **Research and policy**
We undertake desk-based research to ensure the Trust’s work is informed by local and national statistics, evidence about what works, and the broader policy context. The Insights Team produce reports, data packs, and evidence briefs which pool together this information about specific themes, to inform the Trust’s current or potential work on a particular topic. This ensures that our listening and learning draws on as many relevant sources of data as possible and provides a context for our own engagement and primary research activity.
the team to recommend best chances of success to make change on this issue and informed the Trust’s Empowered Employers campaign.
We also produced a data pack on Race, Disability, and Mental Health, to develop the whole organisation’s knowledge about barriers experienced by people in Gloucestershire.
Research findings about barriers experienced by disabled people have been shared externally in various ways, supporting the Trust’s work on Access to Nature and Empowered Employers, including in presentations at learning events, through blog posts, and other digital content.
Key achievements in 2023 include, preparing an evidence review on employment, bringing together findings about the barriers experienced by disabled people, people with mental health conditions, and neurodivergent people in the workplace. This enabled
## Case Study:
## **Communicating about Barnwood**
The Engagement Team had been grappling with how to describe what Barnwood does – to audiences ranging from professionals working in the charity sector to individuals with various communication needs.
A Barnwood Circle member said of the project: **“I enjoyed the project and I found it interesting and worthwhile. I felt a sense of achievement when the completed booklet was produced. The discussions were extremely good and it opened my eyes to other participants’ challenges and viewpoints.”**
We brought together 2 co-design groups to help us. The first group developed a staff guide to accessible communication and inclusive language. A group of 12 Barnwood Circle members and 6 staff collaborated to produce the guide which has since proved invaluable.
To view the resulting booklet design, visit the Barnwood Trust website **barnwoodtrust.org** . In 2024, the key messages and designs will be progressed into additional content to share digitally.
The second group co-created a printed booklet about Barnwood. Together, 7 Barnwood Circle members, 2 graphic designers and 4 Barnwood staff found simple ways to describe Barnwood’s work, history and approach; and developed ideas to present the information accessibly. The group wanted the new booklet to be colourful and engaging; they wanted to include visuals that were mature but easy for people to understand; and for the overall tone of the booklet to be inspiring, yet straightforward.
Both projects supported us to communicate our vision and invite people to be a part of making change with us.
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**Achievements and Performance**
## Making Change Happen
We carry out a range of change making activities towards our strategic goals of opportunity, inclusion and rights for disabled people and people with mental health conditions. In 2023, our thematic change programmes were employment, short breaks, access to nature and digital inclusion. Our Funded Partner Programme supported change identified and led by organisations and groups in the county.
Read on to find out more about our change making activities at Barnwood.
## **Access to Nature**
In 2023, a range of organisations took part in the Access to Nature learning programme, to discover ways to make outdoor blue and green spaces in Gloucestershire more accessible. This was hosted and facilitated in collaboration with the Local Nature Partnership.
In addition, 6 pieces of content, including blog posts, videos and podcasts were shared from organisations involved in Access to Nature.
Access to Nature was developed in response to our research which identified a range of barriers to taking part in leisure activities. An event in 2022 brought together Gloucestershire organisations and Experts by Lived Experience to talk about the barriers to accessing outdoor spaces. This led to Access to Nature being formed.
In 2023, 25 organisations took part in the programme with 6 learning sessions delivered and facilitated by external partners including Inclusion Gloucestershire and neurodivergence consultant Andrew Lansley.
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Ongoing listening and learning from organisations involved in the programme has shaped it since.
The Access to Nature programme, and subsequent action taken by participants, has supported the creation of more accessible opportunities for disabled people in the county, and more inclusive spaces and leisure activities.
## **Empowered Employers**
In 2023, the Empowered Employers campaign was officially launched. Organisations from a range of sectors in Gloucestershire took part in learning events and partnered with us in this campaign. And its website, key messages and learning programme outcomes were co-designed with members of Barnwood Circle, as Experts by Lived Experience.
The Empowered Employers campaign recognises the disability employment gap, disability pay gap, and opportunity gap for disabled people in the county – Gloucestershire’s disability employment gap is higher than the national average for England. Through listening and learning to Experts by Lived Experience and employers, and undertaking desk-based research, we identified key areas for the campaign to focus on. This included topics for learning such as the social model of disability, workplace adjustments, and organisational culture.
In 2023, 8 partner organisations (including Barnwood) participated in a learning programme of 6 sessions delivered by EvenBreak **evenbreak.co.uk** and committed to creating an action plan to make improvements within their organisations. A blog series was also published, sharing statistics behind the campaign and key learning points from EvenBreak. In addition, 14 pieces of content, including blogs and video reels were shared from organisations involved in Empowered Employers.
One-off learning sessions were also delivered to 50 local organisations by Disability Rights UK **disabilityrightsuk. org** . Mind **mind.org.uk** , Genius Within **geniuswithin.org** , and Business Disability Forum . **businessdisabilityforum.org.uk**
The Empowered Employers campaign supports the Trust’s objective around opportunities, in seeking to ensure that disabled people in Gloucestershire are able to access meaningful, secure and well-paid employment. See the case study below for an example of the difference being made within Gloucestershire organisations due to their involvement in Empowered Employers.
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**Achievements and Performance**
## Case Study:
## **Empowered Employer Renishaw**
Renishaw are a global engineering technology group, with 67 sites in 36 countries, and over 5,000 employees worldwide. As partners in the Empowered Employers campaign, Renishaw took part in Barnwood’s employer learning programme in 2023, facilitated by Evenbreak.
hidden disability. This enabled advice to be shared about where to get support at Renishaw, and helped more people become aware of things like a workplace adjustment passport, or employee network groups. These kinds of conversations hadn’t happened in this way before.
Renishaw hope to continue increasing awareness and plan to share learning with their other sites.
The team based in Gloucestershire set to work. They wanted to apply learning and started by raising awareness about hidden disabilities at Renishaw. Amelia Orchard-Smith (Equality, Diversity and Inclusion Lead) provided sunflower badges to reception staff: **“We wanted staff and visitors to Renishaw to know that they could approach us if they needed anything and to know that we would be welcoming and understanding.”**
Renishaw wanted more staff to have the confidence to come forward about barriers they are facing at work, or for visitors to feel comfortable asking for what they needed to engage with their visit. Staff responded well to the badges, and conversations opened up about individual’s experiences of
## **...employing disabled people will give me even more problems.**
## **Digital Inclusion**
In 2023, the 6 Digital Inclusion projects funded in 2022 continued to be delivered. This project fund built on research into poor digital access for disabled people and people with mental health conditions in Gloucestershire, with a combined sum of £445,816. The purpose of grants awarded ranged from equipment for online access, to community connection and participation projects.
All 6 project leads attended a quarterly community of practice in 2023 to share and explore successes, challenges, and learning together.
One project, run by Oakley Library in
Cheltenham, completed its immersive digital space in 2023. The remaining projects will all continue into 2024 or 2025, and will continue to share evaluation and learning with us and with peers in the community of practice up to completion.
The Digital Inclusion Fund project works towards our objective that disabled people and people with mental health conditions are included and involved in their communities and the places where they live, thanks to a better understanding of, and access to, online networks and resources.
Evaluation reports from projects after the first year of the funding told us that:
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**Barnwood Trust - Annual Review**
**Achievements and Performance**
## **Short Breaks**
In 2023, we co-designed a Short Breaks Fund with parent-carers and young people with direct experience of accessing short breaks and respite care. The fund was borne out of research we conducted in 2022 into the short breaks offer in the county. This highlighted that many parent-carers were not accessing the short breaks they needed, and a high proportion of disabled young people had never been asked about the types of short breaks they would like to access.
The funding outcomes set by the codesign group in 2023 were to test and learn how best to remove barriers to access, to widen participation, and to give young people more say in the activities available to them.
Applications from 15 organisations were reviewed by the panel of young people and parent-carers – 6 of these applications were recommended to the Board, with a total value of £409,603 being awarded in funding. The funded projects began to be delivered in September 2023 and will continue until August 2024.
Barnwood’s research, in addition to this Fund, was intended to take the direct experiences of young people and parent-carers and shine a light on how short breaks could better meet their needs. The funding enables both the delivery of activity and the capturing of learning through a community of practice with the 6 funded project leads. This peer group met twice in 2023 and will meet 4 more times in 2024, focussing on each of the funding outcomes, as well as sharing challenges and opportunities together.
Findings from these sessions will be paired with in-house evaluations by the 6 projects as a full evaluation report in late 2024.
The Short Breaks Fund helps us
meet our strategic goals that disabled people have choice of opportunities that meet their hopes and passions and are included and involved in their communities and the places where they live. It is hoped that learning from this project funding will lead to a bigger conversation about how to provide more accessible short breaks in the county that are co-designed by disabled young people and their parent-carers.
## Case Study:
## **Short Breaks at Belmont School**
Belmont School is a community special school based in Cheltenham. It supports nearly 200 pupils who have additional needs most frequently linked to Communication and Interaction and Autism. Staff were involved in the Trust’s research into Short Breaks provision, which highlighted the need for better provision suitable for children with additional needs.
sessions there is a ‘carousel’ where the children can pick 3 or 4 different activities to try.
In addition, families can now access transport for their children in the evenings and weekends. Belmont’s pupils come from a wide area. Head Teacher, Kevin Day said: **“Until now, children from isolated communities or with no access to transport tended to miss out on the fun & additional learning simply because their families were unable to get them to the school. Just by providing suitable transport, the school has raised participation in outof-school hours activities from 60% to around 90%.”**
In 2023, Belmont School successfully bid for Short Breaks Project Funding of £68,330, including to help make their activities more accessible for a wider range of children. The special school provides a safe and familiar environment for its children, with staff who know them and their needs well. They had always provided fun activities for children outside school hours, but the choice of things to do was limited. Funding from Barnwood has enabled the school to bring in a range of new specialist providers, delivering arts, crafts, drama and sport. At evening
Barnwood Trust’s Short Breaks funding has led to more opportunities for the children to get involved and the response from the children, their families and staff has been overwhelmingly positive.
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**Achievements and Performance**
## **Our approach to funding**
In 2022, the Board at Barnwood agreed to increase funding available from the Trust to £20 million between 2022 to 2026. This meant that our funding offer needed to evolve to support this. We asked ourselves a question: What types of funding, for what types of work and to which organisations, could make the biggest difference to the lives of disabled people and people with mental health conditions? Our answer to this question was that we needed to develop
a new funding programme that has evaluation and learning at its heart.
In 2023, we closed to applications for a period to re-design our funding process, eligibility criteria and evaluation requirements. To help us with this re-design, we reviewed our evaluations of funding to VCSE organisations through 2022 and 2023. What emerged in the Autumn of 2023 was 2 programmes:
## **Partnership working**
The new programmes cement our desire to work in partnership with organisations in the county to create positive change, rather than simply distributing funds.
In 2023, we also aligned our Funding Principles **barnwoodtrust.org/ funding** directly with the Open and Trusting Funding campaign run by IVAR **ivar.org.uk/flexible-**
**funders** . Our commitment to these principles and to this campaign, with our strategic goals at the centre of the change we want to see through our funding, means that by 2026 we will have a better understanding of how our funding has and can best support the VCSE to make positive changes happen for disabled people and people with mental health conditions in Gloucestershire.
## **Funded Partner Programme**
As described earlier, between January and April 2023, the Trust continued to assess and award applications via Gloucestershire Funders **glosfunders.org.uk** . In the summer, Gloucestershire Funders opted to change its application form to a short expression of interest. This gave us a chance to develop a full and accessible 2-stage application process to Barnwood, including an offer of application support from the Funding Team after receiving the initial expression of interest.
In Autumn 2023, we launched our new Funded Partners Programme, with published criteria online with supporting materials. The first 4 awards to this programme were made in December 2023, with positive feedback from applicants.
‘Funded Partners’ is the term we use for all funding from Barnwood to organisations and groups. This is because we want to share learning and work in partnership with organisations who are also making change happen on the issues that matter to us and the people we hear from across Gloucestershire. Only organisations that respond directly to one or more of Barnwood’s strategic goals in their application can be successful. Funding terms will now also often be for 3 years, meaning Barnwood will build strong working relationships with the organisations, driving forward our strategy in the county.
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**Achievements and Performance**
Following discussions with our referral partners, we decided to combine both ‘Grants for you’ (opportunities) and ‘Grants for your home’ (household items) under one Grants for Individuals, all accessed through 14 referral partners, now named Community Partners.
## **Individual Grants**
At the start of 2023, we continued to award funding to individuals under ‘Grants for your home’, working through referrers to assess eligibility and award household items, but then needed to close for 3 months over the summer while the team considered the future of the individual grant.
This was launched in 2023, enabling individuals to get holistic support from frontline workers who have access to a range of funds and support, and places Barnwood’s funding within the ecosystem of a range of options available, rather than sitting outside of this. The new grant also places Community Partners in a supported network, and quarterly learning sessions between them and the Trust support the sharing of information beyond funding.
‘Grants for you’, for people to apply directly to the Trust for transport, technology, and enjoyment opportunities, had been oversubscribed in 2022 and remained closed in early 2023. We needed to find a way to make this grant more inclusive and sustainable, whilst providing appropriate support to applicants, as needed.
## **Levels of funding in 2023**
|**Type of funding**
**awarded**|**Value of grants**
**in 2023**|**Number of**
**grants in 2023**|**Value of grants**
**in 2022**|**Number of**
**grants in 2022**|
|---|---|---|---|---|
|**Grants for**
**Individuals**
**Grants for**
**Organisations**
**Total**|£937,875
516
£1,452,053
1,442
£2,472,085
96
£2,051,942
123||||
||**£3,409,960**
**612**
**£3,503,995**
**1,565**||||
||||||
## Case Study:
## **Access Social Care**
Access Social Care **Accesscharity. org .uk** is a registered charity providing free legal advice and information for people with social care needs. They collaborate, educate and challenge, to drive system change and ensure rights are met.
In October 2020, Barnwood Trust and Access Social Care entered a 3-year Strategic Partnership after identifying a shared goal for disabled people living in Gloucestershire to access their rights.
During our partnership, Access Social Care have delivered training to 181 staff from partner organisations via a local hub system, engaged with a further 36 organisations, provided legal casework and advice to over 120 individuals, and empowered many more via the Access Social Care Chatbot to use the law early on to access the social care they are entitled to.
Partner organisations receiving Access Social Care training cited improved knowledge, skills and confidence to challenge local authority care decisions – half said their confidence had increased by 40% and a quarter by 60%.
Data captured over the 3 years has informed Access Social Care’s future strategy and provided an evidence base to present to the local authority. Access Social Care’s unique partnership with us has also enabled them to learn and strengthen their work in Gloucestershire, and to leverage relationships with other funders to take the approach to other parts of the country.
Kari Gerstheimer, CEO at Access Social Care said: **“Our pilot with Barnwood Trust has been so successful that we are now applying the learning and using the project as a blueprint for developing hubs in different ways in different areas. So far, we have set up new place-based hubs in Croydon, Lambeth and Southwark.”**
In late 2023, Access Social Care became Barnwood’s first Funded Partner under the new Funded Partner Programme, renewing their partnership with the Trust for a further 3 years.
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**35**
**Financial Performance**
## Financial Performance
## **Review of the charity’s financial position at the end of the year**
As at 31st December 2023 the Trust’s funds were £93.7 million (2022: £91.4 million); an increase of £2.3 million. Of these funds £990k (2022: £937k) relate to a permanent endowment fund, £28k (2022: £27k) relate to restricted funds and the remainder are unrestricted funds.
Investment performance during the year was not sufficient to cover the excess of resources expended of £6.0 million (2022: £6.2 million). Net investment returns were a gain of £5.5 million (2022: £11.1 million losses) and comprised of realised gains of £2.9 million and unrealised gains of £2.6 million.
Investment performance in 2023 did not bounce back as expected from the significant losses in 2022, however the Trust adopts a total return approach and 5-year total gains to 31st December 2023 were £ 17.6 million, which gives Trustees comfort in relation to the increased level of funding commitments.
The activities during the period resulted in a deficit of £3.25 million (2022: £3.41 million). Total income generated was £2.78 million (2022: £2.82 million), of which £2.43 million (2021: £2.34 million) was generated from investments held with investment managers, a further £139k (2022: £139k) rental income was generated from investment properties and £90k (2022: £190k) rental income from charitable properties. The balance came from partnerships, donations, grants and bank interest.
Expenditure during the period was £6.03 million (2022: £6.23 million) of which £454k (2022: £594k) was expended on raising funds by way of investment manager fees and rental collection and property management. Expenditure on charitable activities during the year was £5.57 million (2022: £5.63 million), a breakdown on this expenditure can be seen in note 3.2 to the financial statements on page 72.
Barnwood continues to support its beneficiaries through a series of funding programmes. Expenditure during the period on grants to individuals was £904k (2022: £1.46 million) and to organisations and groups was £2.32 million (2022: £1.83 million).
Other major expenditure relates to employment costs of £1.57 million (2022: £1.57 million). This expenditure enables Barnwood to initiate, deliver and support its various programmes of work across the county to drive systemic and societal changes which will have a positive impact on the lives of disabled people and people with mental health conditions.
During 2023 Barnwood sold its estate and housing stock at Manor Gardens and Newstead Road in Gloucester to Stonewater Housing Association for £3.5 million. The sale followed the Trustee’s decision during 2020 that it would no longer be appropriate for Barnwood to redevelop the estate, having obtained planning permission to demolish 23 existing 1-bed units and build 46 new accessible dwellings plus refurbish the old Manor House to provide a further 2 apartments and community space. The sale to Stonewater Housing Association meant that the development of much needed accessible housing in Gloucester would still proceed. The Trustees have designated the sale proceeds received for a social investment fund for investment in organisations who are working with disabled people and people with mental health conditions in Gloucestershire.
## **Reserves Policy**
The Trustees have adopted a Total Return approach to investment returns, which means that both income and the underlying capital can be used to support the Trust’s activities; therefore, the actual income received each year will be supplemented, if necessary, from distributable capital.
Barnwood’s vision is that Gloucestershire will be a better place when disabled people and people with mental health conditions are equal, empowered and their rights are upheld. Through seeking to enable sustainable societal and systems change the Trust aims to respond to the needs of current beneficiaries whilst also ensuring the needs of future beneficiaries will be met. The reserves policy therefore ensures Barnwood’s work is protected from a disruption to its cashflow requirements at short notice whilst also ensuring the sustainability of future cashflow requirements.
As at 31st December 2023, the reserves policy indicates that the minimum level of reserves required to deliver the Trust’s strategy are £77.0 million. As at 31st December 2023 total reserves were £93.7 million, with free reserves of £83.8 million. The difference between free reserves and the minimum reserves required of £6.8 million is considered to be a Strategic Expenditure Fund, which may be utilised in support of delivering Barnwood’s strategic goals.
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**Financial Performance**
## **Investment policy and objectives**
Barnwood seeks to balance financial return within an acceptable level of risk. The long-term objective is to provide sufficient returns to finance the Trust’s operations while preserving the value of the Trust’s assets in real terms. This translates into investment targets for investment managers of returns equivalent to CPI plus 4%. Trustees do not expect that this combined investment objective will be met every year and as a result will measure performance over periods of up to 5 years.
During 2023 the Finance, Risk & Audit Committee commenced a review of the Barnwood’s investment strategy and policy. Trustees agreed that Barnwood should aim to be at least a Sustainable Investor; that is we will seek to maximise financial returns whilst also seeking positive outcomes for people and planet through the investments made. The Finance, Risk & Audit Committee is looking at what this means for the Barnwood in terms of seeking greater alignment of investments with the Trust’s charitable purpose. This work will continue into 2024 and will include a review of how Barnwood’s investment assets are managed as well as where they are invested.
Following a commitment to increase the alignment of investments with the Barnwood’s charitable purpose, Barnwood made its first social investment during 2023. This investment is a £200k unsecured loan, with a 7 year repayment, to a social enterprise, The Great Plate, based in Stroud. The Great Plate wants to improve the quality and impact of school meals across its local community, through the provision of healthier, more nutritious food alongside the commitment to offer supported employment opportunities to people experiencing barriers to work due to disability. Barnwood aims to build a portfolio of social investments that support local communities and organisations working in Gloucestershire who are delivering work that meets Barnwood’s strategic goals.
## Risk Management
The following is the Trust’s risk statement:
The Trust’s vision is Gloucestershire will be a better place when disabled people and people with mental health conditions are equal, empowered and their rights are upheld.
The Trust holds financial investment assets which it uses to generate financial returns and impact outcomes to support its activities. While some risk may be taken to achieve good returns, the risk of loss should always be properly considered when making decisions.
The Trust’s purpose is to act as an agent of social change, working alongside disabled people and people with mental health conditions to create that change. One way the Trust aims to achieve this change is through social investment. The Trust recognises that there are inherent risks associated with social change and this might put capital at risk, but the Trust believes the social change achieved will outweigh the potential financial implications to the Trust.
The Trust will not however take any risks relating to the protection of vulnerable people. Full vetting procedures should always be followed for employees and volunteers and disciplinary action follows when breaches occur. A similar policy is adopted in relation to health & safety, fraud or corruption.
Trustees have identified the strategic risks, that is those that are likely to be big issue risks such as reputational or failure to deliver on a major strategic aim (they are the inherent risks in the work of the Trust), and consider each in turn, or as required.
The operational risks, which arise from all activities undertaken, are subject to a risk review as part of the activity assessment and implementation. Major risks are identified and ranked in terms of their potential impact and likelihood. Trustees seek assurance from the Trust’s Executive on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage operational risks identified. Where appropriate, risks are covered by insurance.
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**Risk Management**
The following table sets out the identified strategic risks and the approach taken to manage the risks (disabled people* includes disabled people and people with mental health conditions):
**----- Start of picture text -----**
TYPE OF MANAGEMENT
RISK EXAMPLES IN PRACTICE MITIGATION
RISK OF RISK
**----- End of picture text -----**
|**TYPE OF**
**RISK**|**RISK**|**EXAMPLES IN PRACTICE**|**MANAGEMENT**
**OF RISK**|**MITIGATION**|
|---|---|---|---|---|
||||||
|**Reputational**|Risk to the
credibility of,
and trust in,
the Trust|−
As an agent of social change ensuring the change is
the right change through engagement with disabled
people*
−
The strategy is a commitment to address social
injustice, and this includes being an anti-racist
organisation.
−
Partnering with credible organisations, ensuring this
through relationship management and due diligence.
−
The Trust is clear about its commitment to climate
change.|**Mitigate**|−
Strategic and delivery plans ensure activities are strongly aligned
to the Trust’s vision and strategic goals.
−
Good communications about the Trust’s commitment to net zero.
−
The Trust has good relationships with its stakeholders and through
listening and learning we ensure activities are appropriate and
proportionate.
−
Due diligence of funded partners and investees.|
|**Regulatory &**
**Compliance**|Failure to
comply with
laws and
regulations|−
Failure to comply with Charity Law.
−
Failure to comply with governing document /
constitution.
−
Failure to comply with HMRC regulations.
−
Failure to comply with HSE regulations.
−
Failure to comply with UK GDPR due to lack of
knowledge and understanding.
−
Failure to comply with Employment Law due to lack
of knowledge and understanding.|**Mitigate**|−
Regulatory requirements are monitored and tracked, with
regulators being notifed when/where necessary.
−
Actions arising from audits and inspections are monitored and
tracked, with progress reported to the Leadership Team and
FRAC.
−
Appropriate policies are in place with a commitment to providing
relevant and appropriate training to employees and volunteers.
−
Information governance, security and retention policies are in
place and all employees are made aware of these policies.
−
Retention of external H&S advisor to support H&S practice and
training.
−
Retention of external employment advisor to support employment
practice, policy implementation and training.|
|**Investments**|Investments
fail to deliver
the total
return required
to meet the
Trust’s fnancial
commitments|−
The Trust’s exposure to uncertain external fnancial
global markets pose signifcant fnancial risk.
−
Poorly managed investment portfolio resulting from
lack of investment policy and poor performance
management of external investment managers.
−
Lack of understanding of Trust’s investment policy.
−
Lack of fnancial planning in medium term to
ensure liquidity risk is managed to meet fnancial
commitments in short / medium term.
−
By adopting a Sustainable Approach to investments,
there is a need to consider the impact, if any, on
fnancial returns / implications and to be transparent
about the Trust’s commitment to Climate Change.
−
The Trust is currently a responsible investor and this
does not truly ft our objects / purpose.
−
Use of multiple investment managers with the same
objective gives rise to concentration risk.|**Mitigate**|−
FRAC includes 2 external advisors with investment experience.
−
An investment policy is in place, which is clear about the Trust’s
objectives and is shared with those who manage the Trust’s
investments.
−
The policy is review annually.
−
A fnancial planning exercise has been undertaken to establish the
level of drawdown required over the next 4 years (to 2028).
−
Stress testing, via a reserves policy, is undertaken to ensure
appropriate reserves are maintained to address signifcant
political and/or economic changes.
−
A signature to ACF’s Funder Climate Commitment.
−
The establishment of a fxed income portfolio with Goldman Sachs
has reduced liquidity risk for the next 4 years (to 2028).|
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**Risk Management**
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TYPE OF MANAGEMENT
RISK EXAMPLES IN PRACTICE MITIGATION
RISK OF RISK
**----- End of picture text -----**
|**TYPE OF**
**RISK**|**RISK**|**EXAMPLES IN PRACTICE**|**MANAGEMENT**
**OF RISK**|**MITIGATION**|
|---|---|---|---|---|
||||||
|**Financial**|Introduction
of social
investments
risks a loss
of fnancial
resources, in
full or part,
and damage to
reputation|−
Lack of knowledge and understanding of social
investments and associated risk profles, leads to
social investment opportunities not being taken up
to achieve the social change sought.
−
Difculty in determining what social investments are
appropriate to the Trust, potentially leading to a
too restrictive approach, and therefore lack of social
change.
−
Difculty in identifying appropriate social outcomes
from investments to demonstrate impact against
strategic goals.|**Mitigate**|−
A social investment policy is in place, with the need to perform risk
assessments being part of this. The policy is reviewed annually.
−
Monitoring of investments is in place and meetings with investees
takes place regularly.
−
Clarity on agreed social outcomes, learning opportunities and
sharing of these beyond the investor and investee.
−
Collaboration with other social investors to ensure best practice
and good social outcomes are identifed|
|**Operational**|Activities are
disrupted
by external
factors beyond
our control
due to lack of
readiness when
emergencies
occur.|−
Another pandemic.
−
Business interruption through natural disaster or
emergency.|**Mitigate**|−
A business continuity plan is in place, with a disaster recovery team
and business critical functions identifed.|
|**Operational**|Strategy is
not fexible
enough to pivot
in response to
external events|−
Engagement with external stakeholders is not
sufcient to, or supportive of, staying connected
to the local and national environment and context
which the Trust operates in.
−
Not having correct reporting to identify when /
where things might need to change.
−
Not being nimble enough.|**Mitigate**|−
At least annual Board Awaydays to consider the strategy, in the
context of the external environment.
−
Board and Leadership Team with appropriate and relevant skills
and experience to lead a social change organisation.
−
Sound understanding of the Trust’s strategy and associated risks
and management thereof.
−
Board and Leadership are well informed, connected and able to
act nimbly to pivot appropriately.|
|**Operational**|Risk that the
Trust fails to fulfl
its strategy to
create a positive
impact for its
benefciaries|−
The work does not match the priorities or meet the
needs of disabled people*.
−
The correct resource (staf, fnance or otherwise)
requirements are not available / in place.
−
Sufcient resources are not deployed to ensure
real social change occurs and the lives of disabled
people* in Gloucestershire improve.
−
The choice of best practice, solutions and outcomes
adopted do not deliver the change required.
−
Efective stakeholder relationships are not held at
Board level.|**Mitigate**|−
Accountability functions in place, which include engagement and
evaluation
−
Appropriate operational policies are in place for succession
planning and fnancial planning|
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**Risk Management**
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TYPE OF MANAGEMENT
RISK EXAMPLES IN PRACTICE MITIGATION
RISK OF RISK
**----- End of picture text -----**
|**TYPE OF**
**RISK**|**RISK**|**EXAMPLES IN PRACTICE**|**MANAGEMENT**
**OF RISK**|**MITIGATION**|
|---|---|---|---|---|
||||||
|**External**|Political context
and relevance|−
There are multiple competing priorities for policy
makers in relation to issues facing disabled
people* which are critical to the delivery of our
policy and this landscape can change quickly.
−
Privatisation of NHS could lead to signifcant
health inequalities.
−
Ability and desire of Government to fund services.
−
Changes to political landscape including loose
coalitions in power, which may put governing on
hold.|**Accept**|−
The Trust has various relationships with diferent statutory sector
organisations to understand the challenges they face in relation
to political fragility and to share the Trust’s learning with a view
to enabling positive social change, despite political disruption/
fragility
−
Relationships with voluntary sector organisations to support their
resilience and sustainability through sharing their practice and
learning at Communities of Practice|
|**External**|Societal context
and relevance|−
Gloucestershire has an ageing population, with
a continuing trend. This will result in increased
demand for services, particularly mental health and
adult social care.
−
Lack of education, understanding and tolerance
about and for people with mental health conditions.|**Accept**|−
In 2024 the Trust will start an evaluation project which will look
back at the Trust’s work and impact in the county since 2012
and will look forward to understand what potential societal and
demographical changes might be over the next 10 years|
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**Structure, Governance and Management**
## Structure, Governance and Management
**How is the charity constituted:** Charitable Incorporated Organisation.
During 2023, the Trustees noted that the Trust’s governing document, which had been reviewed during 2021 and appropriately approved by the Trust, had not been correctly filed with the Charity Commission by the Trust’s lawyers at the time. The Trustees therefore filed a Serious Incident Report with the Charity Commission. The Trustees worked with legal advisors and the Charity Commission to rectify the omission and the Charity Commission issued an Administrative Scheme under S69 of the Charities Act 2011 which reflected the governing document that Trustees, and former Governors, had approved in 2021.
Trustees are required to undertake additional training and development as agreed by the Board and there is an annual appraisal opportunity with the Chair to review individual performance and to consider any specific training needs.
## **The charity’s organisational structure**
The Board has oversight of all the Trust’s activities and receives regular updates on activity against the approved annual delivery plan. The Board meets formally at least 4 times a year plus an annual Awayday.
The Board has 3 permanent sub-committees;
1. Finance, Risk & Audit Committee, which meets 4 times a year, receives regular finance and investment reports which monitor financial performance against budget and investments against performance and benchmark targets and provides the scrutiny of financial and investment performance for the Board.
## **Trustee selection methods including details of any constitutional provisions**
Before any recruitment process starts the Board will undertake an audit of existing members to identify what additional skills and experience are required. The Trust will seek to reach the widest pool of applicants possible by using a mix of different advertising and recruitment approaches.
As part of a fair recruitment process, those expressing an interest will be invited to let the Trust know if there is anything that we can do to make the process more straightforward for them. This might be providing the recruitment pack or application form in a different format, provision of BSL interpreters for any meeting as part of the recruitment process, etc.
## **All Trustees are recruited and appointed by the Board.**
## **Policies and procedures adopted for the induction and training of Trustees**
2. Funding Committee, which meets 4 times a year, receives regular updates on all funding programmes, oversees the award of funds, monitors the impact and effectiveness of each programme, and works with the Executive to recommend any developments to the Board.
3. People, Nominations & Remuneration Committee, meets at least 2 times a year, and has oversight of all people policies and procedures, including Trustee recruitment.
From time-to-time ad hoc working groups or meetings for Trustees are organised to review specific issues, for example considering social investment.
## **Relationship with any related parties**
There were no related party transactions during the year.
All Trustees are given access to the Trust’s Governance Portal, which includes essential information about Barnwood Trust, minutes and papers from previous Board and sub-committee meetings. For new Trustees there is a formal induction programme which covers all aspects of the Trust’s work and the legal responsibilities that come with being a Trustee.
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**Reference and Administrative Details**
## Reference and Administrative Details
Barnwood Trust
## **Charity Name**
1162855
**Registered charity number**
**Charity’s principal address**
Overton House, Overton Road, Cheltenham, Gloucestershire, GL50 3BN
## **Charity Trustees who manage the charity:**
|**Name**|**Ofce**|**Dates acted if not**
**for whole period**|
|---|---|---|
|**Ann Santry**|Chair of Trust||
|**Patricia Jay**|Vice Chair||
|**Richard Amos**|Trustee||
|**Ingrid Barker**|Trustee|Appointed 07/12/2023|
|**Suzanne Beech**|Trustee|Retired 07/09/2023|
|**Andrew Cotterill**|Trustee||
|**Paul Hooper**|Treasurer & Chair of FRAC|Appointed 31/01/2023|
|**Pippa Jones**|Trustee & Chair of PNRC||
|**Reyaz Limalia**|Trustee||
|**Shaun Parsons**|Trustee||
|**Benjamin Preece Smith**|Trustee|Re-appointed for 3 year
term of ofce|
|**Colin Smith**|Trustee & Chair of
Funding Committee||
|**Jean Waters**|Trustee|Retired 07/09/2023|
Trustees are appointed for a term of office of 3 years and are able to serve a maximum of 3 terms of office, with the exception of the Chair who can only serve a maximum of 2 terms.
## **Officers:**
**Dates acted if not Name for whole period Sally Byng Nicola Mosley**
## **Bankers:**
HSBC Bank plc, 2 The Promenade, Cheltenham, GL50 1LR
## **Investment Managers:**
Sarasin & Partners LLP, Juxon House, 100 St Paul’s Churchyard, London, EC4M 8BU
CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET
Goldman Sachs International, Plumtree Court, 25 Shoe Lane, London, EC4A 4AU
## **Auditors:**
Hazlewoods LLP, Windsor House, Bayshill Road, Cheltenham, GL50 3AT
## **Solicitors:**
Anthony Collins Solicitors LLP, 134 Edmund Street, Birmingham, B3 2ES Veale Wasbrough Vizards LLP, 3 Brindleyplace, Birmingham, B1 2JB
Shoosmiths LLP, 9th Floor, New Station Street, Leeds, LS1 4JB
## **Chartered Surveyors:**
Bruton Knowles, Bisley House, Green Farm Business Park, Bristol Road, Gloucester, GL2 4LY
## **Health & Safety:**
WorkNest, Woodhouse, Church Lane, Aldford, Chester, CH3 6JD
## **Exemptions from disclosure:**
None
## **Funds held as Custodian Trustee:**
The Trust does not hold any funds as custodian on behalf of others.
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**Statement of Trustee Responsibilities**
## Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Board of Trustees on 21st May 2024 and signed on its behalf by:
**Ann Santry,**
**Chair, Board of Trustees**
- **Select suitable accounting policies and then apply them consistently;**
- **Observe the methods and principles in the Charities SORP;**
- **Make judgements and estimates that are reasonable and prudent;**
- **State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and**
- **Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.**
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Financial
Statements
**Independent Auditor’ Report**
## Independent Auditors’ Report to the Trustees of Barnwood Trust
## **For the year to 31st December 2023**
We have audited the financial statements of Barnwood Trust for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charity’s trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Opinion on financial statements**
In our opinion the financial statements:
Give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
Have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statement and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our
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**Independent Auditor’ Report**
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- The information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
Sufficient accounting records have not been kept; or
The financial statements are not in agreement with the accounting
- records; or
We have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Independent Auditor’ Report**
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the charity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the charity’s audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Martin Howard (Senior Statutory Auditor)**
## **For and on behalf of Hazlewoods LLP, Statutory Auditor**
## **Windsor House, Bayshill Road, Cheltenham, GL50 3AT**
**Hazlewoods LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.**
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Statement of Financial Activities**
## Barnwood Trust Statement of Financial Activities
## **For the year to 31st December 2023**
**The notes on pages 65 to 86 form part of these financial statements.**
||**Notes**|**Unrestricted Funds**|**Restricted Funds**|**Permanent Endowment**|**Total Funds 2023**|**Total Funds 2022**|
|---|---|---|---|---|---|---|
|**Incoming resources:**
Investments
Other
Donations and legacies
Charitable activities
**Total**
**Net income/(expenditure before investment gains/ (loses)**
Realised gains/ (losses) on fxed assets
Realised gains in investments
Net unrealised investment gains/(losses)
**Net income/(expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
Raising funds
Charitable activities
**Other recognised gain/(losses)**
**Resources expended:**
**Total**
**2**
**2.3**
**2,4**
**2.1**
**2.2**
**4**
**10**
**3.1**
**3.2**
**3**||£’000
2,567
42
14
90
£’000
-
-
-
65
£’000
-
-
-
-
**£’000**
**2,567**
**42**
**14**
**155**
£’000
2,482
2
81
257|||||
|||**2,713**
**65**
**-**
**2,778**
2,822|||||
|||454
5,508
-
64
-
-
**454**
**5,572**
594
5,634|||||
|||**5,962**
**64**
**-**
**6,026**
6,228|||||
|||**(3,249)**
40
2,905
2,533
**(716)**
**1**
-
-
-
**1**
**-**
-
-
53
**53**
**(3,248)**
**40**
**2,905**
**2,586**
**(662)**
(3,406)
-
95
(11,147)
(14,553)|||||
|||**(2,229)**
**1**
**53**
**2,283**
(14,458)|||||
|||90,424
27
937
**91,388**
105,845|||||
|||**90,653**
**28**
**990**
**93,671**
91,388|||||
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Balance Sheet**
## Barnwood Trust Balance Sheet
## **As at 31st December 2023**
## **The notes on pages 65 to 86 form part of these financial statements.**
||**Notes**|**Unrestricted Funds**|**Restricted Funds**|**Permanent Endowment**||**Total Funds 2023**|**Total Funds 2022**|
|---|---|---|---|---|---|---|---|
|**Fixed assets**
Quoted Investments
Social Investment
Investment Property
Cash held by investment managers
Tangible assets
**Investments**
**Total fxed assets**
**Creditors:**Amounts falling due within one year
**Net current assets/(liabilities)**
**Funds of the Trust**
Unrestricted general funds
Restricted funds
Permanent endowment fund
**Total funds**
Debtors
Cash at bank and in hand
**Net assets**
**Current assets**
**Total current assets**
**5**
**6**
**4**
**9**
**10**
**11**
**7**
**8**
Designated funds
**Creditors:**Amounts falling due after one year
**9**
**10**||£’000
85,834
200
73
2,450
£’000
-
-
**-**
-
£’000
990
-
-
-
**£’000**
**86,824**
**200**
**2,450**
**73**
£’000
80,233
-
2,500
-
-
**2,500**
2,500
6,207
2,505||||||
|||**91,057**
**-**
**990**
**92,047**
91,445||||||
|||951
1,412
-
28
-
-
**951**
**1,440**
336
510||||||
|||**2,363**
**28**
**-**
**2,391**
846||||||
|||674
-
**-**
**674**
903||||||
|||**1,689**
**28**
-
**1,717**
(57)||||||
|||93
-
**-**
**93**
-||||||
|||**92,653**
**28**
**990**
**93,671**
91,388||||||
|||-
**-**
92,567
-
-
28
-
990
**-**
**92,567**
**990**
**28**
90,344
86
-
-
**86**
80
937
27||||||
|||**92,653**
**28**
**990**
**93,671**
91,388||||||
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Cash Flow Statement**
## Barnwood Trust Cash Flow Statement
## **For the year ended 31st December 2023**
||**2023**|**2022**|
|---|---|---|
|**Cash used in operating activities**
Net proft on disposal and diminution of tangible assets
Movement in debtors
Movement in creditors
Net expenditure before investment gains and losses
Depreciation charges
**Net cash used in operating activities**
**Increase in cash and cash equivalents**
**Cash and cash equivalents at end of period**
Cash at bank and in hand
Cash held by investment managers
**Cash and cash equivalents**
Purchase of tangible assets
Purchase of investments (including social investments)
**Cash and cash equivalents at begining of period**
**Cash fows from investing activities**
**Net cash from investing activities**
Proceeds from disposal of investments
Proceeds from disposal of tangible assets|**(40)**
**(615)**
**(136)**
**(3,248)**
**133**
-
2
249
(3,406)
178
**£’000**
£’000||
||**(3,906)**
(2,977)||
||**(78)**
**(7,861)**
**6,601**
(98)
(75)
3,320
**3,741**
-||
||**2,404**
3,147||
||**(1,502)**
**3,015**
170
2,846||
||**1,513**
3,015||
||**1,440**
**73**
510
2,505||
||**1,513**
3,015||
**The notes on pages 65 to 86 form part of these financial statements.**
**Approved by the Trustees on 21st May 2024 and signed on their behalf by:**
## Barnwood Trust Notes to the Financial Statements
## **For the year ended 31st December 2023**
## **1. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared under the historic cost convention, with the exception that investments and properties are included at market value. The financial statements have been prepared in accordance with the 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) and the Charities Act 2011.
## **Funds Structure**
Income arising on Permanent Endowment Fund investments is credited to the General Fund, being an unrestricted fund. Profits and losses on disposals including unrealised gains and losses are retained by the Permanent Endowment Fund.
## **Incoming Resources**
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
**Ann Santry, Chair**
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **Resources expended**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes any attributable VAT that is not recoverable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
## **Allocation of overhead and support costs**
Overhead and support costs are charged/allocated directly to charitable activity wherever possible, with remaining costs being allocated pro rata to staff time.
The total support cost attributable to charitable activities is then
apportioned between grant-making and other charitable activities pro rata to staff time.
## **Costs of raising funds**
## **Tangible fixed assets and depreciation**
All assets costing more than £1,000 are capitalised and valued at historic cost.
Depreciation is charged to write off the cost of tangible fixed assets included in the financial statements in equal annual instalments at the following annual rates:
Depreciation is charged against the relevant Trust activity in accordance with the usage of the assets.
Freehold properties used for charitable purposes are included at market value at 1 October 2015, date of transfer from Barnwood House Trust, (less depreciation) or at subsequent cost or diminution of value. Certain of these properties are not occupied by the Trust but have been acquired specifically to provide premises for organisations having charitable aims and objectives similar to those of the Trust. Although the Trust receives rental income from these properties, the Trustees do not consider the primary reason for their acquisition to have been for investment purposes and they have not therefore been classified as investment properties.
The costs of raising funds consist of investment management and certain legal fees.
## **Charitable Activities**
Charitable activities include letting of charitable properties, activities relating to engagement, insight and place-based activities, funding and an apportionment of overhead and support costs as shown in note 3.3.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **Quoted Investments**
Gains and losses arising on investment assets, both through sale and change in valuation, are disclosed in a separate section of the SOFA. Changes in the valuation of investments during the year are shown as unrealised gains or losses. Gains or losses arising from the disposal of assets are disclosed as realised, being the difference between the sale proceeds and original cost.
Quoted investments held at 31 December 2023 are included at their quoted value.
Investment management costs are the fees charged by investment managers in accordance with the terms of the investment management contract.
## **Investment Property**
Investment properties are defined as interests in land and buildings which are held for the purpose of producing an income for the charity with rental income being negotiated at arm’s length. Proceeds from the sale of investment properties are credited to the general fund account.
These properties are included at their market value and are not depreciated. Any increase or decrease in valuation is recorded as an unrealised gain or loss in the other recognised gains and losses section of the SOFA.
## **Pension Costs**
Pension costs charged represent employer contributions payable by the Trust to The Pensions Trust.
## **Trustees’ reimbursement**
Trustees do not receive any remuneration in their capacity as trustees but are entitled to be reimbursed for travelling and other expenses incurred on behalf of the Trust. During the period, 6 Trustees were reimbursed for travel or other expenses.
## **Taxation**
The Charity is registered with the Charity Commission, number 1162855, and is exempt from Income Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.
## **Foreign currencies**
Investment transactions in foreign currencies are recorded at the rate of exchange prevailing at the date of the transactions. Foreign investments and foreign currency balances are translated at the rate of exchange at the balance sheet date.
Gains and losses on foreign exchange are included in the Statement of Financial Activities as part of the realised and unrealised gains and losses on investments.
## **Fund Accounting**
Funds held by the Trust are either:
Unrestricted general funds - this is the General Fund which can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds – are unrestricted general funds which Trustees have designated for a specific purpose.
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular purposes.
Permanent endowment fund – these are the funds from the original donation to the Trust of Barnwood House. These funds will be held as charitable funds in perpetuity.
Further details of the nature and purpose of each fund is included in the notes to the financial statements on page 84.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
- **2 Analysis of income**
||**Unrestricted Funds**|**Restricted Funds**|**Endowment Fund**|**Total Funds 2023**|**Total Funds 2022**|
|---|---|---|---|---|---|
|**Donations and legacies**
**Charitable activities**
Rental income
Other
Donations
**Total**
**Total**
**Other**
Interest on bank deposits
Dividend income
Rental income
**Total**
**Income from investments**
**2.1**
**2.2**
**2.4**
**2.3**
**Total**|14
**£’000**
-
**£’000**
-
**£’000**
**14**
**£’000**
81
£’000|||||
||14
-
-
**14**
81|||||
||90
-
-
65
-
-
**90**
**65**
190
67|||||
||**90**
**65**
**-**
**155**
257|||||
||2,428
139
-
-
-
-
**2,428**
**139**
2,343
139|||||
||**2,567**
**-**
**-**
**2,567**
2,482|||||
||42
-
-
**42**
2|||||
||**42**
**-**
**-**
**42**
2|||||
Donations include a legacy donation from Peter Hartland (deceased) of £10,235. These funds are held in a designated fund at the year end as a further sum is expected on completion of probate and the Trust is unable to include a reliable estimate at this time.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **3 Analysis of expenditure**
|||**Unrestricted Funds**|**Restricted Funds**|**Endowment Fund**|**Total Funds 2023**|**Total Funds 2022**|
|---|---|---|---|---|---|---|
|**Expenditure on raising funds:**
**Expenditure on charitable activities:**
Manor Gardens
Partnerships
Investment management costs
**Total**
Insights
Rent collection, property repairs, and maintenace charges
Funding
**Total**
Place Based
**3.1**
**3.2**
**Total Expenditure**|380
74
-
-
-
-
**380**
**74**
436
179
**£’000**
**£’000**
**£’000**
**£’000**
£’000||||||
||**454**
**-**
**-**
**454**
615||||||
||148
768
556
3,871
165
**-**
64
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**148**
**832**
**556**
**3,871**
**165**
232
733
1,564
473
2,634||||||
||**5,508**
**64**
**-**
**5,572**
5,634||||||
||**5,962**
**64**
**-**
**6,026**
6,228||||||
## **Analysis of expendature on charitable activities**
|**Activity or programme**|**Activities udnertaken directly**|**Support Costs**|**Total Funds 2023**|**Total Funds 2022**|
|---|---|---|---|---|
|**Expenditure on charitable activities:**
Manor Gardens
Engagement
Insights
Funding
Place Based
**Total**|117
510
369
3,621
110
31
258
187
250
55
**148**
**768**
**556**
**3,871**
**165**
232
676
473
1,564
2,632
**£’000**
**£’000**
**£’000**
£’000||||
||**4,727**
**781**
**5,508**
5,577||||
During the period 6 Trustees were reimbursed £3,174 for travel expenses (2022: £1,207)
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **3.3 Support Costs**
||**Manor Gardens**|**Engagement**|**Insights**|**Place Based**|**Funding**|**Total**|**Basis of allocation**|
|---|---|---|---|---|---|---|---|
|Governance
Professional fees
Depreciation
Accommodation costs
**Total**
Ofce costs|17
-
4
4
**31**
6
153
2
30
29
**258**
44
110
2
22
21
**187**
32
34
-
6
6
**55**
9
148
2
29
28
**250**
43
**462**
**6**
**91**
**88**
**781**
**134**
Staf time
Staf time
Staf time
Staf time
Staf time
**£’000**
**£’000**
**£’000**
**£’000**
**£’000**
**£’000**|||||||
## **3.4 Fees for examination of the accounts**
||**2023**|**2022**|
|---|---|---|
|Audit Fees
**12**
11
**£’000**
£’000|||
**Barnwood Trust - Annual Review**
> **Barnwood Trust - Annual ReviewBarnwood Trust - Annual Review 7575**
## **3.5 Staff Costs**
||**2023**|**2022**|
|---|---|---|
|Pension costs (defned contribution scheme)
**Total**
Salaries and wages
Social security costs|**140**
**1,299**
**130**
137
1,297
134
**£’000**
£’000||
||**1,569**
1,568||
||||
||**2023**|**2022**|
|Employees who received employee benefts (excluding employer pension costs) for the reporting
period of more than £60,000:
£70,000 to £79,999
£80,000 to £89,999
**-**
**1**
£100,000 to £109,999
**1**
1
1
1
**Band**|||
## **3.6 Grant making**
## **Analysis of grants paid (included in cost of charitable activities):**
||**Grants to**
**organisations**|**Grants to**
**individuals**|**Total**|
|---|---|---|---|
|Themed projects grants
Strategic Partnerships
Individual grants
Organisation and group grants
**-**
**-**
**904**
**-**
524
328
904
1,469
**£’000**
**524**
**328**
**Total**
**904**
3,225
**2,321**
**-**
**1,469**
**£’000**
£’000||||
||**904**
3,225
**2,321**|||
||**2023**|**2022**|
|---|---|---|
|Manor Gardens
Engagement
Insights
**Average head count for the period:**
**Total**
Charitable activities
Management and administration of activities
Place Based
Funding
Supporting Operations
**Total**|**31**
**7**
32
7||
||**38**
39||
||**2**
**12**
**7**
**2**
**8**
**7**
3
10
6
5
8
7||
||**38**
39||
Trust employees are invited to join a defined contribution pension scheme. The pension costs charge represents contributions payable to the fund in the period in respect of 48 (2022: 48) employees.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **Grants to organisations over £20,000:**
|**Name of organisation**|**Total amount paid £**|
|---|---|
|Access Social Care
Active Impact
ADHD Hub
Allsorts Gloucestershire
Belmont School
Building Circles
Can’t Sit Still
Chamwell Centre
Charlie’s Cancer
Cheltenham Housing Aid Centre
Every Cloud Play and Creative Arts Therapy
Creative Sustainability
Forest Pulse
Forest Voluntary Action Forum
Friendship Cafe
Frith Youth Centre
GL11 Community Hub
Gloucestershire Counselling Service
Gloucestershire Deaf Association
The Grace Network
Gloucestershire Rape and Sexual Abuse Centre
Inclusion Gloucestershire
Nelson Trust
Insight Gloucestershire
IT Schools Africa
Keepers
Listening Post
Lydbrook Babtist Church
Megan Baker House
Music Works
Newnham Community Beneft Society
Parent and Carer Alliance
Parent Empowered Autistic Kids
Red House
Sailability
Shine PND Support
**Total**
Other grants less than £20,000
**Total grant awarded**
Gloucestershire Disability Fund
Tewkesbury Nature Reserve
Reconnect Gloucestershire
St James City Farm
Sunfowers Suicide Support
The Churn Project
Gloucestershire VCS Alliance
Velcro Collective
Wyldwood Arts|£54,350
£23,408
£150,000
£22,494
£70,000
£58,220
£68,330
£37,684
£65,801
£38,045
£21,800
£30,000
£24,724
£69,808
£32,700
£120,742
£24,941
£26,500
£30,000
£150,000
£48,915
£23,314
£39,627
£29,653
£20,729
£25,000
£30,000
£25,000
£20,420
£20,000
£103,071
£25,300
£103,130
£26,975
£40,351
£20,755
£20,000
£20,000
£31,890
£21,345
£20,000
£53,150
£32,610
£34,275
£20,666|
||**2,026,982**
294,168|
||**2,321,150**|
## **4 Fixed Assets**
|||**Properties used**
**for charitible**
**purposes**|**Assets under**
**construction**|**Motor**
**Vehicles**|**Fixture,**
**Fittings &**
**Equipment**|**Total**|
|---|---|---|---|---|---|---|
|**Cost or valuation:**
**Depreciation:**
At begining of period
At begining of period
**At end of period**
Additions
**At end of period**
**Net book value**
Depreciation Charge
At begining of period
**At end of period**
Disposals
Disposals|||||||
||**2,579**
**-**
**-**
**229**
**2,808**||||||
||1,105
97
-
-
6
-
189
36
**1,300**
**133**
(997)
-
(6)
(72)
**(1,075)**||||||
||**205**
**-**
**-**
**153**
**358**||||||
||6,005
143
-
59
**6,207**||||||
||**2,374**
**-**
**-**
**76**
**2,450**||||||
Freehold properties, which are used by other organisations for charitable purposes and have charitable aims and objectives similar to those of the Trust, are included at market value at 1st October 2015; the date of transfer from Barnwood House Trust. The valuation was carried out by external valuers, Bruton Knowles, Chartered Surveyors. Although the Trust receives income from these properties, the Trustees do not consider the primary reason for their acquisition to have been for investment purposes and they have not therefore been classified as investment properties.
On 13th May 2022 contracts were exchanged for the sale of properties owned at Manor Gardens and Newstead Road in Gloucester. The sale of the Manor Gardens and Newstead Road estate completed on 5th July 2023.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
## **5 Investments**
|||**General**
**Funds**|**Endowment**
**Funds**|**Total**|
|---|---|---|---|---|
|Additions
Disposals
**Cost at end of period**
**Quoted Investments**
Cost at beginning of period
Unrealised gains during period
Investment manager fees paid from capital
Market value at beginning of period
**Unreleased gains at end of period**
**Market value at end of period**
Unrealised gains at beginning of period||7,661
(3,459)
66,048
-
-
654
**7,661**
**(3,459)**
**64,702**
**£’000**
**£’000**
**£’000**|||
|||**68,250**
**654**
**68,904**|||
|||2,643
(307)
15,248
53
-
283
**2,696**
(307)
**15,531**|||
|||**17,584**
**336**
**17,920**|||
|||79,296
937
**80,233**|||
|||**85,834**
**990**
**86,824**|||
## **6 Investment property**
||**2023**|**2022**|
|---|---|---|
|Valuation at beginning of period
Valuation at end of period|**2,500**
2,500
**£’000**
£’000||
||**2,500**
2,500||
The Trust owned two investment properties, namely the Independent Living Centre, Arle, Cheltenham and 6.4 acres of land at Barnwood Fields Business Park. This land was let on a 125-year lease (commenced November 1979) to Intercontinental Hotel Group. Both properties were re-valued, at market value, by the Trust’s Chartered Surveyors, Bruton Knowles, on 31st December 2019. The revaluations were undertaken in accordance with the current Practice Statements of the RICS Appraisal and Valuation Standards 5th Edition, Bruton Knowles being independent valuers as defined in the manual.
Records of historical cost of the investment properties are not available due to the length of time that has elapsed since their original purchase.
**BarnwoBarnwood Trust - Annual Reviewd Trust - An ual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **7 Debtors and Prepayments**
||**2023**|**2022**|
|---|---|---|
|Other debtors
**Total**
Trade debtors
Prepayments and accured income|**672**
**12**
**277**
42
27
267
**£’000**
£’000||
||**951**
336||
During the year funds were received from Gloucestershire Integrated Care Board (GICB) for distribution through Gloucestershire Funders on behalf of GICB. These funds are held as cash and accounted for as a creditor, as at 31 December 2023 the balance held was £200,340.
Barnwood House Trust made a loan to the Headway Cotswold Trust of £150,000 in 2009. The terms of the loan state that repayment is due if the charity ceases its current operations. This condition expires in 2029. The loan was accounted for as a grant in 2009 and is not reflected in the balances above.
## **8 Cash at bank and in hand**
||**2023**|**2022**|
|---|---|---|
|Cash at bank and in hand
**Total**|**1,440**
510
**£’000**
£’000||
||**1,440**
510||
## **9 Creditors and accurals**
||**2023**|**2022**|
|---|---|---|
|Taxation and social security
**Total**
Trade creditors
Accurals and deferred income
Accruals for grants payable
**Total**
Amounts due in more than one year:
Accurals for grants payable
Amounts falling due within one year:|**50**
**188**
**291**
44
53
**145**
239
567
**£’000**
£’000||
||**674**
903||
||**93**
-||
||**93**
-||
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **10 Analysis of funds**
|||**Designated General Fund**|**Designated General Fund**|**Unrestricted General Fund**|**Restricted General Fund**|**Permanent Endowment Fund**|**Total**|
|---|---|---|---|---|---|---|---|
|Fund balance at beginning of period
Gains on investments
**Fund balance at end of period**
Income
Expenditure
Gains on fxed assets|||2,703
**£’000**
65
**£’000**
-
**£’000**
-
5,438
-
53
**5,491**
**2,778**
**£’000**
**(6,026)**
(5,958)
(64)
90,344
10
**£’000**
-
(4)
80
27
937
**91,388**
40
-
-
**40**
-|||||
||||**92,567**
**28**
**990**
**93,671**
**86**|||||
The Designated General fund is a legacy donation from Peter Hartland (deceased), which is held for final agreement for use of funds.
The Permanent Endowment Fund was established on 1 November 1983 at a value of £157,959 representing the net proceeds of the sale of Barnwood House Hospital in 1969, adjusted by the relevant stock exchange indices. Investments to this value were allocated to the Fund on this date with a cost of £148,303. Surpluses and
deficits on subsequent realisation of investments were reflected in the Fund.
On 1 October 2015 the charity received all the assets and liabilities of Barnwood House Trust (charity no. 218401), the charity is effectively a continuation of Barnwood House Trust under a different legal entity.
||**Fixed Assets**||**Investments**|**Current Assets**|**Current Liabilities**|**Lomg-term Liabilities**|**Net Asssets**|
|---|---|---|---|---|---|---|---|
|Restricted funds
Unrestricted funds
Permanent endowment funds|**£’000**
-
2,450
**£’000**
-
88,607
**£’000**
28
2,363
**£’000**
-
(674)
**£’000**
**28**
**92,653**
-
990
-
-
**990**
**£’000**
-
(93)
-|||||||
||**2,450**
**89,597**
**2,391**
**(674)**
**93,671**
**(93)**|||||||
During the year funds were received from Gloucestershire Integrated Care Board (GICB) for distribution through Gloucestershire Funders on behalf of GICB. These funds are held as cash and accounted for as a creditor balance.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
**Notes to the Financial Statements**
## **11 Restricted Reserves**
||**Healthier Communities**
**Together**|**Total**|
|---|---|---|
|Expenditure
**Fund balance at end of period**
Fund balance at beginning of period
Income|(64)
27
65
(64)
27
65
**£’000**
**£’000**||
||**28**
**28**||
The Trust is part of a partnership in Gloucestershire, Healthier Communities Together, which aims to support local areas develop effective and sustainable partnerships between the voluntary and community sector, the NHS and local authorities, to improve health and wellbeing, reduce inequalities and empower communities. This work is being funded by The National Lottery Community Fund and the Kings Fund, and £65,123 was awarded and received during the year.
## **12 Transactions with related parties**
None of the trustees have been paid any remuneration from employment by the Trust or related party during the period. During the year travel and other expenses of £3,174 were paid to 6 Trustees.
**Barnwood Trust - Annual Review**
**Barnwood Trust - Annual Review**
## **Barnwood Trust**
Phone **01242 539935** Freephone **0800 4220404** Email **info@barnwoodtrust.org www.barnwoodtrust.org**
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88 Barnwood Trust - Annual Review
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