Registered CharTty No. 1172933 Company No. CE009923 THE WILLIAM BARROWS CHARITY A Charitable Incorporated Organisalion FINANCIAL STATEMENTS AND TRUSTEES. REPORT For the Year Ended 31 December 2025
INDEX Charity Information Report of the Trustees Auditors, Report Statement of Financial Activiiies {SOFA} 10 Balance Sheet Notes to the Financial Statements
THE WILLIAM BARROWS CHARITY CHARITY INFORMATION YEAR ENDED 31 DECEMBER 2025 Official Nam The William Barrow's Charity rated Charity Commission.. Registered number.. Companies House.. Registered number.. clo Clerk to Ihe Trustees, 43 Park Road. Sittingbourne, Kent. A Charitable Incor anisation 1172933 CE009923 Address ME10 1DY s Names Mr. S.C. Batt Mr. G.A. Wetherell (Chair of Trustees) Alderman D. Dewar-whalley (Vice Chair of Trustees) Mr. R.P.R. Dixon Mr. E.G. Doubleday Mrs. J. Fairbrass Mr. G. Herbert Mr. J. Mair Mrs. C. Middleton Mrs. E Stickings (Appointed 13 February 2025) 10 Co-opted Trustees - by appointment int Inde Auditors UHY Hacker Young Chartered Accountants Thames House, Roman Square, Sittingbourne, Kent ME104BJ Bankers Handelsbanken Suite 5. 2nd Floor North. Fitted Rigging House, The Historic Dockyard, Chatham. Kent ME4 4TZ Page 1
THE WILLIAM BARROW'S CHARITY REPORT OF THE TRUSTEES YEAR ENDED 31 DECEMBER 2025 The Truslees present their report and the financial statements of the charitable incorporated organisation (CIO) for the year ended 31 December 2025. The Trustees confimi that the report and financial statements of the CIO comply with the current statutory requirements. the requirements of the CIO'S governing document and the provisions of the Charrties SORP (FRS 102). In preparing the financial stalemenls the Trustees have considered the Charily Commissioners, guidance on public benefil. The Charity is exempt from the requirement lo pri)duce a statement of cash flows. Ob ects of t 1) The relief af persons, in particular but not exclusively. residenl in Ihe Parochial Parish of Borden who are in rseed, hardship or distress. in particular those aged sixty years or more. by.. a. making grants of money to them., or b. providing or paying for goods, services or facilities for them. or c. making grants of money to other persons or bodies who provide goods, SeNiS or facilities to those in need. 2) To advance the education of persons under the age of fvrfenty-five who are in need of financial assistance and are resident in the Parochial Parish of Borden. by: a_ offering support to local schools that is not provided by statutory authorwties, and b. awarding scholarships. bursaries and simitar awards to those going into tertiary education. Constitution of the Chari The Charity is incorporaled as a Charitable Incorporated Organisation, with the foundation document being registeied by Ihe Charity Commission on 09 May 2017. The Trustees have ensured that all activities throughout the year have been in the interest of public benefit. This is evidenced by the contribution made to the public totalling £174,817. The Trustees confirm that they have referred to the guidance contained in the Charily Commission'5 general 9uidance on public benefrt when reviewing the Charity's aims and objectives and in planning future activities. Grants= Relief of ersons Grants were made during the period to assist six pensioners. two disabled persons under the age of sixty and three persons under the age of sixty suffering hardship. all resident in the Parochial Parish of Borden. Financial assistance was also provided to.. the Parochial Parish of Borden.. St Peter and St Paul fortheir use of the Forge to provide community facilities benefitting the residents of the Parochial Parish of Borden. Grants.. Education and local schools Grants were made to forty-two students attending College and Universty to assist with living expenses. Grants were also made to Borden Church of England Primary School and Borden Grammar School. The Charity has not made any grant commitments of more than one year. tmen nv The Charity maintained investments in agricullural land and commercial and residential property. andconlinued to hold its investments in the financial markets. Page 2
THE WILLIAM BARROW'S CHARITY ENDED 1 DECEMBER 2 The Trustees have reviewed the Charity's reserves position. Total funds at the year end amounted to £12,276,559, comprising £11,239,052 held as permanent endowment. £25,000 as restricted funds, and £1,012,507 as unrestricted funds. Permanent endowment funds are held to generate income for the Charity's purpose5 and are not available for general expenditure. Restricted funds are subject to specrfic donor-imposed conditions and are therefore also unavailable for general use. as detailed in note 15. Free reserves are defined as those unrestricted funds that are readity available to spend on the Charity's ongoing activities. In assessing free reserves, the Trustees exclude funds tied up in fixed assets. as these are not readily realisable. At the balance sheet date, as detailed in note 13 analysis of fund asset5 and liabilities, unrestricted funds totalled £1.012.507. Of Ihis, £530,521 is represented by listed investmenls and £29,910 by debtors due within one year. Cash held wrthin unrestricted funds amounted to £524.934. After deducting creditors falling due within one year of £72,858, net current unrestricted assets amount to £481.986. The Trustees aim to maintain free reserves at a level sufficient to ensure the continuity of the Charity's operations and to provide a buffer against unforeseen circumstances. Based on currenl expenditure levels, the Trustees consider the existing level of free reserves to be more than adequate. The Trustees keep the reserves policy under perlocllc revlew to ensure it remains appropriate considering the Charrty's activities. risks. and future plans. anisational Structure The Trustees held four general meetings during the year. There were also several sub-committee meetings, wtth sub- committees authorised to deal with detailed matters as necessary. The Trustees keep their skill requirements under review. and in the event of the permanent retirement of a trustee, recommendations for replacement are accepted from existing trustees. In this way the Trustees can be confident that only persons with the requiied skills are considered. Once appointed new Trustees attend the next quarterly meeting. where they are briefed on their duties and responsibilities, and are given a brief outline of the history and background of the Charity. They are given a copy of the Charity Commission guidance "The Essential Trustee: What you need to know" and encouraged to visit the Charty Commission website. The Trustees applied to the Charity Commission during the year to amend the Constitutional Document to remove clauses that were no longer relevant and to clarify Clause 3.2 of the Objects. The changes were approved by the Charity Commission on 26 March 2025. The Trustees have considered the major risks to which Ihe Charrty is exposed and have reviewed those risks and eslablished systems and procedures to manage those risks. The Trustees are of the opinion that the Charity's exposuie to credtt li5k is very limrted. as rental income is spread over a number of properties, residential. agricultural and commercial. They are also of the opinion that the Charty has adequate cash resources to meet all short-lemi financial demands. In order to minimise market risk, the Trustees have delegated management of the Charrty's financial investments to a firm of financial Investment managers, and have carefully considered the level of risk they consider appropriate to the Charity's needs. The Trustees are aware that reserves in income funds are more than adequate to meet the Charity's likely level of expenditure for the foreseeable future, and are actively considering altemative means Df applying these reserves whilst maintaining the objects of the Charty. Page 3
THE WILLI REPORT OF THE TRUSTEES - continued Tru tees, re on inr n to the financial statements 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 Charrty's financial activities during the year and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charilies SORP (FRS1021 make judgements and estimates that are Teasonable and prudent, state whether applicable UK accounting standards (FRS102) have been followed subject to any 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 operation. The Trustees are responsible for keeping proper accounting records which disclose wrth reasonable a¢¢ura¢y the financial position of the Charity and which enable them to ensure that Ihe financial statements comply with the Charities Act 2011, the Charity {Accounls and Reports) Regulations 2008 and Ihe provisions ofthe governing scheme. The Trustees are responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor UHY Hacker Young has expressed its willingness to continue as auditors lo the Charrty. Approved by the Trustees on the 23rd day of April 2026 and signed on their behalf by.. Signed..... {Trustee} Signed.- {Trusteel Page 4
AUDITORS. REPORT TO THE TRUSTEES OF THE WILLIAM BARROWS CHARITY FOR THE YEAR ENDED 31 DECEMBER 2025 Opinion We have audiled the financial statements of The William Barrow's Charity. a Charrtable Incorporated Organisation, (the 'Charity') for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet. and notes to the financial statements, including a summary of Sl9nificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. including Financial Reporting Standard 102 Tlie Finaiicial Reporting Stai?dard applicable in Ihe UK and Republ of Ireland (United Kingdom Generally Accepled Accounting Practice}. In our opinion the financial stalements.. give a true and fair view of the stale of the CharrtS affairs as at 31 Decembei 2025. and of its incoming resources and application of resources, for the year then ended", have been property 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 Intemational 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 below. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audil of Ihe financial statements in the UK, including the Financial Reporling Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance viith these requirements_ We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audrting the financial statements. we have concluded that the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on Ihe work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitl.s ability to Continue as a going concern for a period of at least hvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with spect to going concern are described in the relevant sections of this report, Emphasis of matter in relation to property valuation We draw attention to Note 9 of these finanGial statements which gives detail about the range of values that may apply to part of the Charity's property portfolio. Our opinion is not modified in this respecl. Cxher information The Trustees are responsible for the other information. The other information comprises the information included in the annual report. other than the f inancial statements and our auditor's report thereon. Our opinion on the finar7cial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any fomi of assurance conclusion Ihereon. Page 5
AUDITORS. REPORT TO THE TRUSTEES OF THE WILLIAM BARROW'S CHARITY - continued FO THE Other information - continued In connection wrth our audit of Ihe fi'nancial statements, our iesponsibilty is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or OtheIse appears to be materially misstated. If we identify such material inconsistencies or apparenl 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 lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report lo you if, in our opinion- the information given in the financial statements is inconsistent in any material respect with the Trustees, reDorl'. or sufficient accountina records have not been keDt- or the financial statements are not in aoreement with the accountino records- or we have not received all the information and exDlanations we reauire for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on pages 3 and 4, the Trustees are responsible for the preparation of financial statements and for being salisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or eiror_ In preparing the financial ststements, the Trustees are responsible for assessing the Charitys abilty to continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate Ihe Charily or to cease operations, or have no realistic aliernative but to do so. Auditors. responsibilities forthe audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 lo issue an auditors. report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misstalemenl when rt exists. Misstalements can arise Ifom 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 f inan¢ial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities. including fraud is detailed below-. Page 6
AUDITORS. REPORT THEW LLIAM CHARITY - continued E YEAR END 202 Capability of the audit in detecting irregularities, including fraud The objectives of our audit are to idenlify and assess the risks of material misstatement of the financial statements due to fraud or error, to obtain SLrfficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error.. and to respond approprialely to those risks. Based on our understanding of the Charity and the charitable sector generally, and through discussion with the trustees and other management (as required by auditing standards}. we identrfied the principal risks of non-compliance with laws and regulations and we considered the extent to which non<ompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charity SORP 2019 and other charity legislation. We remained alert to any indications of non-compliance throughout the audit. We also evaluated Trustees. and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included.. Discussions with management and Trustees and assessment of known or suspected instances of non-compliance with laws and regulations and fraud.. and Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslatement due to fraud- and Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions. There are inherant limitations in the audtt procedures described above and, the further removed non- compliance with laws and regulations is from the events and transactions refleded in the financial statements, the less likely we would become awaie of rt. As part of an audit in accordance wth ISAS {UlQ: we exercise professnal judgement and mainlain professional sceplici5fTI 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 thal is sufficient and appropriate to provide a basis for our opinion. The iisk of not detecting a material misstatement resulting from fraud is higher than for one resulb-ng 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 appropriale in the circumstances. bul not for the purpose of expressing an opinion of the effectiveness of the Charity's internal contTOI. Page 7
AUDITORS. REPORT TO THE TRUSTEES OF THE WILLIAM BARROW'S CHARITY- continu THE END 310EC MBE Capability of the audit in detecting irregularities. including fraud - continued Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appTopriateness 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 doubl on the Charity's ability to continue as a going concern. If we conclude that a matenal uncertainty exists. we are required to draw attention in our Auditoffs report to the related disclosures in the financial statements or. if such disclosures are inadequate. lo 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 Charily to Cease lo continue as a going concern. Evaluate the overall presentation, structure and contenl 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. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audrt findings: including any significant deficien5 in inlernal control that we identify during our audit. Use of our report Thi5 report is made solely to the Charity's Truslees, as a body. in accordance with Part 4 of the Charrties {Accounts and Reports) Regulations 2008. Our audrt work has been undertaken so that we mighl state to the Charity's Trustees those matters we are required to state to them in an auditors, report and for no olher 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. UH9 UHY Hacker Young Chartered Accountants and Statutory Audttor Thames House Roman Square Sittingbourne Kent ME10 4BJ Date.. za Apill L)2(0 UHY Hacker Young is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 8
THE WILLIAM BARROW'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES DED Unrestrirted Restricted Income Income Fund Fund Total Total Funds Funds 3111212025 3111212024 Endowment Fund Note Income Rents and other property income receivable Investment income Donation 359,948 50.413 747 359,948 50,413 747 292,270 92,363 6,500 Totul 411,108 411.108 391,133 Ex nditure Choritoble activities Educational grants Clause 3(2}a School grants Clause 3(2)b Individual grants Hardship grants Clause 3{1)a Grants to pensioners Clause 3{1)c Grants to bodies Support costs 50.000 84,000 50.000 84.000 100,300 54,000 33,817 7,000 42,714 33,817 7,000 42,714 29,520 7,000 45,933 217.531 217,531 236,753 Cost of raising funds Property management including repairs and professional costs Investmenl management costs 160,150 8.618 160.150 8,618 121,400 9,064 Totol 386.299 386,299 367.217 Net income/(expenditureJ before investment gain5/f1055es) 24.809 24.809 23,916 Surplusl{defi¢it} on revaluation of investments Surplusl{deficit} on disposal of property Surplusl{deficit} on revaluation of property 32.200 32,200 18,520 2,500 2.500 (2,018) 420,000 420,000 297.899 Net goins/(lossesJ on investments 32.200 422,500 454.700 314,401 Net movement infunds 57.009 422,500 479.509 338,317 Total Funds at 01 January 2025 955,498 25,000 10,816.552 11,797,050 11.458.733 Total Funds at 31 December 2025 1.012.507 25,000 11,239.052 12,276,559 11,797,050 Page 9
THE WILLIAM BARROWS CHARITY BA HEE 2025 2024 Note Fixed Assets Investment properties Listed Investments 10.840.000 530,521 10.420,000 506,940 10 11,370,521 10,926,940 Current Assets Debtors Cash at bank 11 29.910 948.986 23.243 923,221 978.896 946,464 Creditors - amounts falling due within one year 12 (72,858) (76,3541 Net current assefs 906,038 870,110 Total Nel Assels 13 12,276,559 11,797,050 nds of Unrestricted Income Fund Restricted Income Fund Endowment Fund 14 15 16 1.012.507 25.000 11.239,052 955,498 25,000 10,816,552 Total Funds 12.276,559 11,797,050 The Trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2011. and the Charity (Accounts and Reports) Regulations with respect to accounting records and the preparation of financial statements. Approved by the Board of Truslees on 23rd April 2026 and signed on its behalf by. Trustee Trustee Page 10
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS 1 DECEMBER 2025 1 General information The William Barrow's Charity is a charitable incorporated organisation {CIO), registered with the Charity Commission for England and Wales under numbei 1172933. with the registered address of 43 Park Road, Sittingbourne, Kent, ME10 1DY. 2 Accounting Polices 2.1. Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102} Accounting and Reporting by Charities." Stalement of Recommended Practice applicable to charities preparing their aG¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland{FRS 1021 {effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'true and fair'view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charilies.. Statement of Recommended Practice effective from 1 Apnl 2005 which has since been withdrawn. The William Barrows Charity meets the definition of a public benefit entrty under FRS 102. Assets and liabilrties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy 2.2. Going Concern The financial statements have been prepared on a going concern basis. The trustees have assessed the charty's financial position and performance, including the level of reserves and fulure cash flow forecasts, and are satisfièd that the charity has adequate resources to continue in operational existence for the foieseeable future. There are no material uncertainties identified by the trustees that Gast significant doubt on the charitys ability to continue as a going Concern. Accordingly, the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 2.3. Income Income is recognised in the Statement of Financial Activities when the charity is entitled to the income, receipt is probable, arbd the amount can be measured reliably. The following specific policies are applied to each income stream- Donations and Legacies Income from donations is recognised when there is evidence of entitlement, receipt is probable, and the amount can be reliably Tneasured. This includes income from individual donations, legacies, and other voluntary sources. For legacies, entitlement is generally taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised. or the legacy has been received. Investment Income Income from investments is recognised when the charity's right to receive payment is established and the amount can be measured reliably. This includes dividends, interest, and other returns from the investment portfolio. Investment income is reported on a receivable basis and includes any related tax recoverable. Page 11
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2 Accounting Polices (continued Rental Income from Investment Property Rental income from investment properties Is recognised on a straight-line basis over the period of the lease. Income is recognised when the charity is entilled to the rent. it is piobable it will be received, and the amount can be measured reliably. 2.4. Expenditure Expenditure is recognised On there is a legal or constructive obligation lo transfer economic benefit to a third party. it is probable thal a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on grants is recorded once the Charty has made an unconditional Commitment to pay the grant and this has been Communicaled to the beneficiary. or the grant has been paid. whichever is earlier. The cost of managing the investments and investment property is charge to unrestricted funds. Any costs associated wrth the sale or purchase of investments or investment properties are accounted for as part of the sale or purchase price of investments, under the endowment fund. All expenditure is inclusive of irrecoverable VAT. 2.5. Interest receivable Interest on funds held on deposit is included when receivable and Ihe amount can be measured ieliably by the Charity-, this 15 normally upon notrfication of the interest paid or payable by the institution wilh whom the funds are deposited. 2.6. Taxation The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore rt meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Charity is potentially exempt from taxation respect of income or capital gains received wrthin categories covered by Chapter 3 Part 11 of the Income Taxes Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applEd exclusively to charitable purposes. 2.7. Investments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and10sses. whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments. in the Statement of financial activities. Investment properties are initialty measured at cosl, including all direclly attributable costs such as legal fees, stamp duty, and professional fees. Subsequent to initial recognition, investment properties are measured at fair value every five years, with changes in fair value recognised in the profrt and loss account. Investment property measured at fair value is not depreciated, as changes in fair value are reflected through the profit and loss account Page 12
THE WILLIAM BARROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS OR THEY 2 Accounting Polices (continued) 2.8. Debtors Trade and other debtors are recognised al the settlement amount aftei any trade discount offered. Prepayments are valued at the amount piepaid net of any trade discounts due. 2.9. Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investrnents with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10. Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services rt must provide. Provisions are measured at the be51 estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liabilrty. The unwinding of the discount is recognised in the Statement of financial activrties as a finance cost. 2.11. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inrtialty recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans vthich are subsequently measured at amortised cost using the effective interest method. General funds are unrestri¢ted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charty and which have not been designated for other purposes. Investment income. gains and losses are allocated to Ihe appropriate fund. 2.12. Fund accounting The charity maintains its accounting records in accordance with the principles of fund accounting, as required by the Charities SORP (FRS 102). The incoming resources and resources expended are classified as follows.. Unrestricted Funds Unrestricted funds are those funds which are available to be used at the discretion of the trustees in furtherance of the general objectives of the charity and which are not subject to any donor-imposed restrictions. Restricted Funds Restricted funds are funds subject lo specrfic condiiions imposed by the donor or grantor, which must be fulfilled before the Charty may use the resources. These funds are accounted for separately and are used for the purpose for which they were given. Page 13
THE WILLIAM BARROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2 Accounting Polices (continued) 2.13. Fund accounting (continued) Endowment Funds Endowment funds represent amounts that have been given to the charrty with the restriction that the capital must be maintained and only the income arising from the investment of the endowment may be used, either for general purposes {in the case of expendable endowmenlsl or for specrfic purposes lin the case of permanent endowments}, depending on the terms of the endowment. The treatment of endowment income is in accordance wilh the terms of the endowmenl and relevant charty law. 3 Critical accounting estimates and areas of judgement Valuation of Investment Properties Investment properties are slated at fair value at the balance sheet date. Fail value is determined based on a professional valuation carried out by an independent RICS-qualified valuer every five years in accordance with the RICS Valuation - Global Standards {-Red Book"). In years where a formal valuation is not undertaken. the trustees, with reference to available market data and propety-specific considerations, assess whether the carrying value of the investment properties continues to represent a reasonable estimale of fair value. Where necessary, adjustments are made to reflect any signifi'cant changes in market conditions or property circumstances. The determination of fair value involves a degree of estimation and judgement. particularly in non- valuation years, and is therefore considered a key area of estimation uncertainty in the reparation of these financial statements. 4 Rents and other property income receivable 2025 2024 House and cottage rents Farm and commercial rents Wayleaves 276,616 83,054 278 228,805 63,196 269 359,948 292,270 5 Investment income 2025 2024 Listed investments Bank interest Other interest 23,937 25,905 571 24,714 67,649 50.413 92,363 Page 14
THE WILLIAM BARROWS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6 Charitable activities Educational grants were made to the following institutions- £25,000 (2024= £50,300) to Borden Grammar School, £25.000 (2024.. £50.000) to Borden C of E Primary School. Grants in accordance with objecl 1 (c) of the Charty's constitution were made to the following institutions who provide goods, servi5 or facilities to those in need.. 2025 2024 Parochial Parish of Borden 7,000 7.000 7 Support costs Unrestricted Income Fund 2025 Total Funds 2024 Total Funds Endowment Fund Clerk's salary Barrow Room expenses Accountancy fees Auditors. fee Legal fees Professional fees Web hosting Sundry expenses 26,400 1,574 4,120 7,000 26,400 1,574 4,12D 7,000 24,000 1,745 4,020 6,600 443 8,538 518 69 2.982 518 120 2,982 518 120 42.714 42.714 45,933 8 Auditors. remuneration 2025 2024 Fees payable to the Charitls auditor and its associates for the audit of the Charity's annual financial statements 7,000 6.600 Page 15
THE WILLIAM BARROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS Continued HE YEAR ENDED 1 DECEMBER 2025 9 Investment properties Unrestricted Income Fund Endowment Fund 2025 Tolal Valuation at 01 January 2025 Revaluation surplus in year 10,420,000 420,000 10,420,000 420,000 Valuation at 31 December 2025 10,840,000 10,840,000 The investment property portfolio was re-valued at 31 December 2024 by the Clerk lo the Trustees, Mr S. Mair, a member of the Royal Institution of Chartered Surveyors, a Registered Valuer and a partner in the firm of George Webb Finn LLP.The revaluation was carried out in accordance with the RICS Valuation - Global Standards 2017 incorporating the IVSC International Standard. together with the Valuation Standards, Guidance Notes and Appendices therein. In the current year a formal valuation was not undertaken, and where necessary: the Trustees have made adjustments to reflecl any significant changes in market conditions or property circumstances. Land at Riddles, on which the Charty has granted an option to purchase subject to planning permission, has been valued at £565,000. 10 Listed Investments 2025 2024 01 January. at valuation. Net gains on investments Management fees and charges Amount withdrawn 506,940 56,136 18,618) {23,937) 497.482 43,236 19,0641 {24.7141 31 December. at valuation 530.521 506,940 11 Debtors 2025 2024 Prepayments and accrued income 29,910 23,243 12 Creditors 2025 2024 Accruals and deferred income Grants payable to individuals and insts-tulions Tenants, deposits 47,733 49,310 2,300 24,744 25,125 72,858 76,354 Page 16
THE WILLIAM BARROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS continued FOR THE YEAR ENDED 31 DECEMBER 2025 13 Analysis of fund assets and liabilities Unrestricted Restricted Income Income Fund Fund 2025 Total Funds 2024 Total Funds Endowment Fund Investment properties Investments Cash at bank Debtors Creditors 10,840,000 10,840,000 530,521 948,986 29,910 172,858} 10,420,000 506,940 923,221 23,243 {76,354} 530.521 524.934 29.910 (72.858) 25.000 399,052 1,012.507 25,000 11.239.052 12,276,559 11,797,050 14 Unrestricted Income Fund Unrestricted Income Fund 2025 Unrestricted Income Fund 2024 At 01 January Net income after management and governance costs Charitable expendilure Surplusl(Deficttl on financial investment account Transfer between funds 955,498 208.244 (174,817) 23,582 915,580 214,736 (190,820) 18,520 {2,5181 At 31 December 1.012.507 955.498 15 Restricted Income Fund The restricted income fund comprises monies donated to the Charity lo be used for educational purposes in particular in relation to the pupils of the Borden Church of England Primary School. 16 Endowment Fund Endowment Fund 2025 Endowment Fund 2024 At 01 January (Deficit)ISurplus on disposal of property Surplusl(Deficill on revaluation of property Transfer between funds 10,816,552 2,500 420.000 10,518,153 (2,0181 297.899 2,518 At 31 December 11,239,052 10.816.552 Page 17
THE WILLIAM BARROW'S CHARITY NOTES TO THE FINANCIAL STATEMENTS continued FOR THE YEAR ENDED 31 DECEMBER 2025 17 Transactions with connected persons Mr S. Mair, M.R.l.C.S.. F.A.A.V., M.R.A.C. as well as being Clerk to the Truslees is also a partner in the firm of George Webb Finn. land agents and surveyors who are instructed on a professional basis and at arms length lo deal with various matters appertaining to the Charrty's property and rent collection aclivilies. In addition to the Clerk's salary of £26.400 {2024- £24.0001 the following fees were payable to George Webb Finn.. £55,20912024'. £43,764) receivers fee for instructing and overseeing rents received and other property receipts and instructing and overseeing property repairs: and £17,12212024'. £39,285) for other matters including negociating the purchase and sale of property. At 31 December 2025 the outstanding amount due from the Charitylo George Webb Finn was £15,270 {2024.' £13,643) All amounts quoted are inclusive of Value Added Tax, which the Charity cannot recover. The Charrty did not make any reimbursements during the period to Trustees for expenses incurred. The Charity purchased insurance to protect Trustees and Officers from claims arising from negligent acts, errors or omissions occuring whilst on Charity business. The insurance provides cover up to £250,000 on any one claim, arid the cost for the year ended 31 December 2025 was £364. The cost of this insurance is Included in the total cost of insurance. During the year, the Charty had rental agreements with a Trustee. J Mair. who is a director of A Hinge & Sons Ltd, who rented two properties from the Charity. These transactions were conducted on commercial terms and were approved by the Trustees. The totsl rental income received from the Trustee during the year was £4.800. There were no amounts outstanding at the year*nd in relation to these transaclions The Trustee did not participate in any decision-making relating to the rental agreements and was not involved in the setting of the terms. The transactions were reviewed and approved by the remaining Truslees to ensure they were in the best inlerest of the Charity and reflected market rates. 18 Key management personnel The Trustees are considered to be the key management personnèl of the Charity, and do not receive remuneration. Page 18
THE WILLIAM BARROW'S CHARITY INCOME AND EXPENDITURE ACCOUNT 31 December 2025 31 December 2024 RECEIPTS EARNED FROM ASSETS RENTAL INCOME House and cottage rents Farm and other rents Wayleaves 276,616 83,054 278 228,805 63,196 269 359.948 292,270 Less Direct Property expenditure:. Insurance premium Agent and suNeyors fees Property Repairs.. Riddles Farmhouse Riddles Cottage Barrow House and Forge House 3. The Street 1, The Street 9. Maylam Gardens 37, Maylam Garden5 51, Maylam Garden5 53, Maylam Gardens 75, Maylam Gardens 77, Maylam Gardens 8. Russell Close 267, Park Road Land at Apple Tree Cottage Land at Riddles The Forge Flat 1, Forge House Flat 2, Forge House Flat 1, Barrow House Flat 2. Barrow House Flat 1. 118 High Street 7. Barn Close 9, Platinum Wasy 11, Platinum Way 13, Platinum Way G005elands and Hammonds others 15,506 55,209 12.030 49,799 7.658 4.622 3,988 479 2.935 6.103 4.872 251 2,282 1,235 1,860 1.407 8,717 251 1.106 373 1.230 2.752 1,356 270 1,451 985 606 1,537 7,129 5,113 3,053 482 21)4 11,317 724 29,308 3,049 5.614 1,716 1.836 568 6.657 125 4.148 1,363 783 1.384 3,844 854 813 558 25 10 (160.150) (121,400) TOTAL NET PROPERTY INCOME - carried foNard 199.798 170.870 This page is for the Trustees. infomiation only Page 19
THE WILLIAM BARROW'S CHARITY INCOME AND EXPENDITURE ACCOUNT continued FOR THE YEAR ENDED 31 DECEMBER 2025 31 December 2025 31 December 2024 RECEIPTS EARNED FROM ASSETS - continued TOTAL NET PROPERTY INCOME- brought forward INVESTMENT INCOME Dividends from investments Bank Deposit account interest Other interest 199.798 170.870 23,937 25,905 571 24,714 67,649 50,413 92,363 Donation 747 6,500 TOTAL NET INCOME 250.958 269.733 Less: Management and Administration Clerk's salary Barrow Room expenses Accountancy fees Auditor's fee Legal fees Other professional fees Bank charges Sundry Web hosting 26.400 1.574 4,120 7,000 24,000 1,745 4.020 6,600 443 8,538 60 2,982 120 518 518 (42.714} (45,9331 CHARITY'S INCOME FOR THE YEAR £ 208.244 £ 223.800 This page is for the Trustees. infomiation onty Page 20