REGISTERED CHARITY NUMBER: 200103 AND 200103/1 

THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST Financial Statements for the Year Ended 31 December 2022 

Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD 



THE BARNES FUND and linked charity, THE WALSINGHAM LODGE ‘TRUST 

Contents of the Financial Statements for the year ended 31 December 2022 


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|Report|of the|Trustee|i|ta|23|
|Report of the|Independent Auditors|24|to|26|
|Statement|of Financial|Activities|27|
|Balance|Sheet|28|
|Income and expenditure|account|29|
|Cash|Flow|Statement|30|
|Notes|to|the|Cash|Flow|Statement|31|
|Notes|to|the|Financial|Statements|32|to|45|
|Detailed|Statement|of Financial|Activities|46|to|47|

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

The trustees present their report with the financial statements ofthe charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). 

## Note: 

The Barnes Fund Trustee Lid (Company Number 10873803) is the Corporate Trustee of The Bames Fund (Charity Number 200103) and Walsingham Lodge Trust (Charity Number 200103-1). On 24 February 2020 the Board of the Barnes Workhouse Fund Trustee Limited resolved to change the name of the charity from Bames Workhouse Fund to The Barnes Fund. This was updated on the Charity Commission register on 26 February 2020. The Board resolved on 14 May 2020 to change the name of the Corporate Trustee, from Barnes Workhouse Fund Trustee Ltd to The Bames Fund Trustee Ltd. This has been updated on the Companies House Register. 

In the report and accounts the following terminology is used: 

- The Barnes Fund Trustee Ltd is referred to as “The Trustee’; - The Bares Fund is refered to as “The Fund’ - The Walsingham Lodge Trust is referred to by its full name 

And in the report (PP 1-17) The Directors of The Barnes Fund Trustee Ltd are referred to as ‘trustees’ 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

## OBJECTIVES AND ACTIVITIES 

## Objectives and aims 

The Fund's Objects can be found in the Governing Document which states that "the object of the Charity shall be the benefit of the inhabitants of the area of the Ancient Parish of Barnes" as follows: - 

- The relief of the aged, impotent and poor; - The relief of distress and sickness: - The provision and support (with the object of improving the conditions of life for the said inhabitants in the interests of social welfare) of facilities for recreation or other leisure time occupation; - The provision and support of educational facilities. 

The boundaries of the "Ancient Parish of Barnes” broadly correspond with the present postal area of London SW13. A map setting out the area ofbenefit is included on our website www.thebarnesfund.org.uk. 

The Fund aims to meet the above objects by understanding the priority needs of Barnes residents and by being reactive to the numerous and widespread applications received in accordance with those needs, 

Known as an area of relative wealth, Bames has mixed neighbourhoods and also an area of particular deprivation and high need. In terms ofage[ profile,][ Barnes][ has][ a][ consistently][higher][ percentage][ of][its][ population][ between][ the][ ages][ of45][ to] 90+[ than] Richmond and London as a whole, and parts of Barnes have some of the highest numbers of 65+ people living alonc in the borough. The 2021 census showed that 14% of households in Barmmes are occupied by one person aged 66 years or over, compared to 12% in Richmond borough. The number of people with a disability has increased since the 2011 census with the number of disabled people in Barnes at 12.3% compared to 11.1% in 2011. Of the eighteen wards in Richmond borough, Barnes is ranked seventh in terms of the percentage of people with a disability. More generally, trustees have become aware, through assessing individual poverty applications and feedback from local voluntary organisations, that individuals are experiencing increasingly complex needs. 

The Index of Multiple Deprivation (IMD) 2019 measures relative deprivation for neighbourhoods in England. The Index reveals that of the 115 neighbourhood areas in Richmond borough, the neighbourhood with the fifth highest level of deprivation is in North Bames. North Barnes is ranked 11,485 of32,844 nationally (where I is most deprived and 32,844 is least deprived). The Income Deprivation Affecting Older People Index (IDAOPI) is a supplementary index which measures the proportion of people aged 60 years and over, living in income deprived households. According to the measures used to create this index, of the 115 neighbourhood areas in Richmond borough, the neighbourhood with the highest level of deprivation is in North Barnes. North Barnes is ranked 6,099 of 32,844 nationally (where 1 is most deprived and 32,844 is least deprived) in terms of older people. This is amongst the 20% most deprived neighbourhoods in the country. 

‘[rustees commissioned a research agency, Rocket Science, to undertake a research project into need in the community in 2021. A steering group of local stakeholders provided oversight to the project and the project benefitted from a combination of research methods including a desk-based review of data and evidence, consultation with 55 local stakeholders {rom 50 organisations, and interviews with 110 Bares residents. The resulting report, launched in June 2021, provides an ongoing resource for the community, as well as a tool to help trustees to maximise the effectiveness of the Fund’s grant-making going forward. The report sets out a wide range of data which demonstrates some of the wide range of needs felt in Barnes, including those felt more acutely than in other parts of the borough or the capital. For example, Barnes is one of the top four wards in London for the proportion of residents dying with dementia as the underlying cause of death (a total of one in ten of all deaths in the area) and Bames ward has the third highest proportion of children with SEN support or EHCP of all wards in Richmond-upon-Thames (a total of 14.7% of the pupils compared to the Richmond-upon-Thames average of 12.4%). The research also demonstrated that needs were exacerbated by the impact of the coronavirus pandemic and related lockdowns. This was felt by the community in terms of financial shocks, including a doubling of the number of people claiming Universal Credit between January 2020 and January 2021, as well as an increase in loneliness, isolation, mental health issues and domestic violence as a result of the pandemic and related restrictions. More recenily, trustees have become aware, of the increased pressure on the community caused by the recent steep rise in energy prices and household costs, compounded by a loss of resilience where household savings were run down in the pandemic 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TROST 

## Report of the Trustee for the year ended 31 December 2022 

The Trustee confirms that it has complied with its duty in section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. 

Since the Fund's income is inevitably limited, the trustees pursue the Fund's objects by setting a grant-making policy which includes: 

- Taking steps to fund only the highest priority needs of individual applicants, starting with basic living essentials, - Funding "first tier" further education and vocational courses as a priority, although some post-graduate study has been funded on limited occasions, where this would significantly improve the applicants' career opportunities in their chosen field; - Funding local organisations based in the Richmond Borough who can demonstrate that their activities will benefit some of the inhabitants of Barnes, with the funding proportionate to the Barnes population accessing those activities and the needs they set out to meet. 

- No applications are considered from national charities 

## In the case of The Walsingham Lodge Trust, it 

- Provides sheltered housing in the form of almshouses for older and/or disabled Bames residents, who are of limited means and who can live independently. In the absence of an appropriate person from Barnes, the accommodation is made available to an appropriately qualified person from the Borough of Richmond or somebody with strong family links to Barnes; and - Provides access to sheltered housing benefits to leaseholders at five bungalows traded independently on the open market, where the leaseholders are over 60 years of age and able to live independently, The Barnes Fund is the freeholder, and the sheltered housing benefits are provided through giving access to the communal facilities at Walsimgham Lodge. 

In more detail, in the case of its grant making, the Fund furthers its charitable purposes for the public benefit through its grant-making policy which operates as follows: 

1. Individuals in need can benefit by making an application to the Fund through a separate organisation acting as a "Referral Agency". The Referrer will vouch for the applicant's circumstances; help them complete the application form and oversee the application process. The Fund has a policy of limiting grants to £500 to any one individual in any one year. Cumulative grants over three years may be awarded up to a maximum of £1,500. Entirely at the trustees' discretion, the maximum figure of £500 may be exceeded, dependent upon the applicant's circumstances. In recognition of the steep increase in energy costs faced by the community during 2022, the trustees agreed to increase the threshold to £650 for hardship grants, where these include energy costs. These limits do not apply to grants for education purposes. 

2. Parental income of applicants for education grants is taken into account up to the age of 25 years and trustees’ discretion is used after that age. Applicants for education grants are usually interviewed by two trustees. 

3. Local organisations who can provide strong evidence of benefit to Barnes residents may apply for either core funding or project funding. To this end and with the Fund's limited income in mind, trustees are keen to focus resources on ensuring that priority needs in Barnes are identified and met. This has inevitably meant that some organisations, particularly those with a national base or able to raise funds in other ways, have seen their applications turned down. 

4. Since all of the Fund's trustees live inBarnes and some are volunteers for various voluntary organisations based in the local area, the trustees are able to build up a good picture of the needs to be met. On top of this, the trustees ask their Executive Director to satisfy herself of the basis of applications presented to the Fund, in terms of need and, in respect of applications from organisations, also in terms of their accessibility to Barnes residents and the previous success of the services offered. 

5. The Fund monitors the outcome of its awards. A beneficiary organisation is required to report on the success of an award, explaining how their services have benefited Barnes residents. Numbers of Barnes residents using the service are required to be provided before any new grant is considered. 

6. Organisations are encouraged to link up with other organisations working for the benefit of Barnes residents, so that a combined benefit can be delivered where this will enhance the service that one organisation is attempting to provide in Barnes. 

7. The trustees and/or the Executive Director visit certain organisations during the year, so that the needs of Barnes residents and how best these can be met can be considered in detail. An Annual Public Meeting to which beneficiary organisations and Referral Agencies are invited provides a useful forum for an exchange of information, news and comment between trustees and a wide range of stakeholders. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

8. ‘The Executive Director attends Borough initiatives regularly, to gain access to a wide variety of voluntary organisations and an understanding of their work both separately and jointly within the Borough. 

In respect of the Walsingham Lodge Trust, comprising thirty-three almshouses al Walsingham Lodge and Berkeley Road, the charitable purposes for the public benefit are achieved by following the strategies below: 

9. The almshouses provide sheltered housing in Barnes for older people and/or disabled who have limited means and are able to live independently. Much of the relief that the Fund provides for the aged comes through this source. 

10. The almshouses are managed on a day-to-day basis by a Managing Agent, appointed by the Trustee. The Trustee sets the strategic direction, key policies and the budget, and monitors the Managing Agent’s performance through regular dialogue and reporting. 

il. Anadvertising campaign across Barnes, including on occasion an Open Day on site, is run periodically, to publicise the sheltered housing in the local area. And a Housing Register is kept, to ensure any vacancies are filled as quickly as possible. The Trustee’s priority is to award almshouse licences to those with the greatest need, who are already living in Barnes. 

12. The London Borough of Richmond has nomination rights to 50% of the flats at Walsingham Lodge and links are maintained between the Council, the Walsingham Lodge Trust and the Managing Agent, in order to co-ordinate the filling of vacancies with appropriate Council nominees. 

13. The Fund is the freeholder of five further bungalows that provide sheltered housing through benefitting from the facilitics provided by Walsingham Lodge Trust. These are independently traded on the open market on long leases, where the lease specifies that the leaseholder will be 60 or over, and where they have access to the Housing Services Officer, the residents’ emergency alarm, and the communal facilities provided at the Walsingham Lodge. The Freeholder’s responsibilities are carried out by a Managing Agent, appointed and overseen by the Trustee in the same way as for the Walsingham Lodge. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee 

for the year ended 31 December 2022 

## ACTIVITIES AND PERFORMANCE IN 2022 

Trustees were aware of rising household costs during 2021 which put pressure on households in Barnes. This was further exacerbated in 2022, with a steep rise in energy costs and high levels of inflation. In anticipation of the energy price cap rise in April of that year, the Board agreed to allocate and additional £10,000 towards energy grants and to raise the maximum hardship grant threshold from £500 to £650 where the grant involved energy costs. Referral agencies were informed at the beginning of April. This coincided with the end of a round of the government’s Household Support Fund, a fund administered directly by two of our key referral agencies, Citizens Advice and Richmond Aid. Following this, there was a steep increase in hardship grant applications with 37 awarded in the second quarter of 2022 compared to 11 in quarter one. In total 88 hardship grants were awarded during 2022, which represents an increase from 2021 (58) and reflects a similar level to 2020 (89) in which there was a peak in applications during the pandemic. 

Increased energy costs and high inflation have also put a strain on local voluntary and community organisations, in terms of their staffing and running costs. In addition, many organisations have seen increased need due to the impact of rising costs on the community as well as the consequent pressure on mental health. We were able to respond to this with an uplift in the grant award to a number of organisations. This included increased awards to FiSH Neighbourhood Care, Castelnau Centre Project, Dose of Nature and LVA Trust. 

With energy prices continuing to increase during the year, many organisations also thought about how they could provide warm spaces to residents struggling to afford to heat their homes. This included organisations funded by The Barnes Fund, including FiSH Neighbourhood Care and Age UK Richmond. Barnes Community Association and St Michaels and All Angels Church approached trustees to support a Warm Places project, using currently heated spaces in Barnes (cafes). An award was made in late 2022 to enable the project to provide those in need with a hot drink in a warm space. This was administered via a token system with key referral agencies issued with tokens to ensure targeting of the scheme to those in need. 

Following the publication of the Barnes Needs report and community conversation in 2021, the learning from the research has continued to inform our grant giving. Many organisations to whom we have recently awarded grants reported that the research had informed their work, and adjustments had been made to address needs highlighted in the report. In early 2022, we awarded fund ing to Bames Community Gardeners which is a partnership project delivered by Friends of Bames Common, FiSH Neighbourhood Care and Barnes Community Association. The project addresses themes raised in the research including the mental health benefits of collaborating, the need for accessible activities, the role of residents in co-design and co-creation and delivery in the different areas of Barnes including North Barnes. 

There was a reduction in the number of education grants awarded in 2022. A total of seventeen education grants were awarded covering university costs, school uniform, and school residential trips, compared to 55 in 2021] (which included 35 grants for IT devices to support home-learning during school closures). In addition, fewer grant applications were received in 2022 to support students with the costs of attending university compared to 2021. Reflecting the reduced numbers of applications and awards, the total value of these grants was also less (£7,347 compared to £13,695 in 2021), 

## Closure of Hammersmith Bridge 

Hammersmith Bridge, which links the London Borough of Richmond upon Thames to the London Borough of Hammersmith and Fulham, closed to vehicular traffic in April 2019, followed by the full closure of the Bridge in August 2020. The closure of Hammersmith Bridge had a significant impact on the Barnes community, including residents of Walsingham Lodge in terms of their access to services, including medical appointments north of the river. Whilst Hammersmith Bridge reopened to pedestrians and cyclists in July 2021, parts of the community continue to be impacted by the continued closure to vehicular traffic, including older people and disabled people. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

## COVID 19 Lifting of Restrictions 

By March 2022, most of the coronavirus restrictions in the UK had been lifted. Organisations funded by The Barnes Fund reported a retum to face-to-face delivery. Some organisations adopted a new blended approach combining face-to-face services with online delivery, reflecting the preferences of clients. At Walsingham Lodge, we continued to work closely with our managing agent, RLHA, to reduce the risk of infection, in line with advice from Government, NHS, Public Health England and The Aimsho use Association. Measures designed to reduce risk were gradually lifted in line with government guidance and wider community activities have largely resumed. Seven residents tested positive for COVID 19 in 2022. 

## Grants Awarded 

The Fund's total income (excluding from sheltered housing) received during 2022 was £333,490 and the total amount awarded in grants was £315,457. 


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Over the year 2022, the Fund awarded the following grants:<br>No. of Grants |<br>Grants awarded to Individuals under Relief of Poverty Object ; |{|<br>Grants awarded to Individuals under Education purposes a<br>Grants awarded to Organisations under all objects r [40sCi<br>Capital Grants to Organisations eeee<br>**----- End of picture text -----**<br>


Owing to timing differences between award and payment of grants, the value and number of grants actually paid in 2022 (and reflected in the accounts) differs. In 2022, the Fund paid £282,484 to organisations and £38,395 to individuals. The full breakdown of grants paid during 2022 can be found in Note 6 to the Accounts which accompany this Report. 

The following two charts set out the level of funding awarded per charitable object in 2021 and 2022. In relation to the Fund’s four different objects, many grants awarded meet more than one object. 


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2022 Grants by Object<br>(2021 in brackets)<br>Support of so<br>education mans ca<br>29% (33%) | i i Distress and<br>a ae ge 1<br>Relief of the Ny<br>aged, “Sy — Support of<br>impotent facilities for<br>and poor recreation<br>31% (33%) 4% (1%)<br>**----- End of picture text -----**<br>


Notes to chart: (1) Grants to individuals for the relief of poverty and for education are shown under the ‘relief of the aged, impotent and poor’ and ‘support of education’ objectives respectively. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

## Grants made to individuals 

Individual applicants! circumstances are often complex and varied. The majority of the applicants in 2022 were identified as having more than one need. The following two charts provide an in-depth picture of the extent of complex needs experienced by those in receipt of an individual grant from the Fund in 2022 and 2021, based on the information provided by the referral agencies. 

The needs most frequently highlighted related to debt, mental health and challenges faced as a lone parent. This is a similar picture to 2021, however, the level has increased significantly in each case with 68% impacted by debt (47% 2021), 46% impacted by poor mental health (38%, 2021) and 39% impacted by challenges faced as a lone parent (32% 2021). The numbers impacted by COVID 19 have reduced with six applications in which COVID 19 was referenced, compared to 15 in 2021. Issues relating to low income or unstable work have been highlighted less frequently with 13% (2022) compared to 28% (2021) and 30% (2020). This reflects the fact that currently the majority of applicants to The Barnes Fund are typically not in employment, although the pandemic years saw an increase in those in work facing financial hardship. Issues relating to physical health and illness have been highlighted more frequently with 37% (2022) compared to 26% (2021). An imcrease has also been seen in the frequency of applicants facing challenges due to their disability 33% (2022) compared to 13% (2021). It is worth noting that these figures represent needs that are expressed in interview and are likely to involve under-reporting particularly on more sensitive issues. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 


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Report of the Trustee<br>for the year ended 31 December 2022<br>**----- End of picture text -----**<br>



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2022 Individuals - % affected by issues (84 residents)<br>(2021 figures in brackets)<br>Health (26%) 37%<br>a ae<br>Disabled (13%) 33%<br>Low income* (28%)<br>Homeless* *(14%)<br>COVID 19 (21%)<br>SEN*** (3%)<br>Drug’ Alcohol (3%)<br>Refugee (1%e)<br>Victum of Crime (3%)<br>Abuse**** (10%)<br>Poor housing (1%) z<br>Limited English (0%) :<br>**----- End of picture text -----**<br>


- Low income / unstable work 

- ** Homelessness / those recently rehoused 

- ***T earning Disabled / SEN / Behaviour 

- *#** Survivor of domestic/sexual abuse 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 


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It is also useful to consider demographic criteria in terms of those assisted. This can support us in understanding need, and also<br>where there mightbe gaps in terms of provision, and any publicity can then be targeted accordingly. The majority of those supported<br>were living in social housing (80%). There has been a slight decrease to the number of those living in Private Rented Sector housing<br>supported in the last two years (13% compared to 15% (2021) and 18% (2020)) and an increase in the number of those living in<br>social housing. This is a reversal of the increase seen in private sector tenants seen in 2020 when a number of people found<br>themselves in crisis as a result of the pandemic, who had not approached the fund in previous years. In 2022 a new type of<br>accommodation has been recorded which is those living with a host family (Ukraine nationals) and this was the case with one<br>application.<br>Individuals: % Accommodation type<br>80%<br>13%<br>Housing Private Rented Living with Sheltered Owner occupier Living with host Other (1% 2021)<br>Association Sector (PRS) relative Accommodation (1% 2021) family<br>(RHP/PA) (15% 2021) (1% 2021) (1% 2021) (0% 2021)<br>(79% 2021)<br>**----- End of picture text -----**<br>


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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

The following chart sets out the percentage ofthose supported by age-group. It is worth noting that this provides information only about the applicant, and does not reflect, the full impact of the awards with regard to other househoid members (such as children). There has been a significant increase igt,those aged 60+ (19% in 2022 compared to 11% in 2021). ‘his may reflect the impact of energy cost increases in 2022, which typically affect older people disproportionately. There has also been a rise in those accessing support in the 40-49 age bracket (35% in 2022 compared to 22% in 2021). 

## Individuals - % by Age 


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35%<br>a __ ya Fe al Iw i ——EEEEE<br>1% id Z 5% 2%<br>|<br>0-19 YEARS 20-29YEARS 30-39YEARS 40-49YEARS 50-S9YEARS 60-69 YEARS 70-79YEARS 80+ YEARS<br>(0% 2021) (17% 2021) (27% 2021) (22% 2021} (23% 2021} (6% 2021) (4% 2021) (1% 2021)<br>**----- End of picture text -----**<br>


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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

The applications on behalf of individuals were brought by our key Referral Agencies. Of note is an increase in applications from Citizens Advice (40 in 2022 compared to 15 in 2021). There was also an increase in applications from housing providers (six in 2022 compared to two in 2021). There were fewer applications from local primary schools in 2022 compared to 2021, reflecting the fact that in 2021 grants were awarded via schools to support home learning during the pandemic (laptops and headphones). There has also been a reduction in self-referrals for education grants (two in 2022 compared to seven in 2021). Within the categories below it is worth noting two organisations who submitted significant numbers of applications, Richmond Aid (17 applications) and the Social Prescribing Team and RUILS (10 applications). 


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2022 Applications by referral agency (2021 figures in brackets<br>LBRuT, NHS,<br>Social ee ees - a Education Education Achieving for<br>Prescribing Citizens & 8 rc (Cocal Children/local<br>and ; and including : (self- : i Church<br> other Advice Shattered (denawd AdL Primary eheeead Children's<br>statutory sani emo ie | Seog) | ee Centre<br>: Housing and SPEAR,<br>agencies<br>14 15 2 20 46 7 7 it<br>**----- End of picture text -----**<br>


The grants awarded to individuals covered a wide range of essential items. Most basic essentials are sourced from local suppliers, with whom the Fund has established a successful and ongoing relationship. The Executive Director can communicate directly with the Manager of each of these businesses, ensuring competitive pricing, reliability and proper monitoring of the grant, from the time that it is awarded, to when the item is installed in the applicant's home and the costs paid direct to the supplier. The following chart shows the percentage of the total amount awarded to individuals that was paid out for each category of item requested. It is notable that some higher cost items (such as carpets) that represent a high percentage were awarded to a small number of individuals (7%, 4 individuals) in comparison to smaller grants that were awarded to a larger number of people. For example, grants for crisis costs (13%, 19 individuals). 

## Individuals - % money needed for 


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29%<br>19%<br>13% 12%<br>7% 7% 6%<br>[SEESCy Soe<br>Carpet Education Utilities Furniture Essential Removal Crisis Large Council Tax<br>costs (energy. water) items (kitchen costs/rent (groceries) household<br>utensils. arears appliances<br>clothing. baby (washing<br>items) machine eic)<br>**----- End of picture text -----**<br>


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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee 

for the year ended 31 December 2022 

Under the education object the Fund actively encourages applications from individuals looking to return to education, or to go into further education, with a view to improving their chances of employment. Funding under this object is also focused on ensuring all children are able to access educational opportunities, including residential school trips. 

Help with utility bills, particularly energy costs, was one of the major needs during 2022, with 29% of grants awarded being made for this purpose. This reflects the increase in energy prices during 2022, and the decision to increase the threshold for energy grants to £650 in response. Many applicants for this type of support were suffering from an illness or disability which kept them at home for long periods, requiring them to have their heating on for much longer than they could afford. 

During 2022, referral agencies have continued to highlight a need for crisis payments to support individuals and families with the cost of groceries. The Fund has continued to pay these directly to applicants and this has provided an immediate and efficient way to support to those in crisis giving them \the flexibility to use the funds in a way that suits their situation. 

## Grants made to Organisations 

Both those in receipt of individual grants from the Fund and very many other members of the community are supported by the wide range of voluntary organisations operating in Barnes and that the Fund supports. In order to help those organisations in as flexible a way as possible, 77% of grant funds awarded were to meet core costs and 23% of funds were awarded in support of specific projects. All beneficiary organisations have demonstrated to the Fund that their services can meet at least some of the numerous needs of Bames residents. 

Taking account of the Fund's Objects, the Board's task is to continue to extend its reach across Barnes, to ensure that every one in need, who may be struggling in this area of relative wealth, can gain access to, and support from, the many voluntary organisations working in the Borough. 

The following chart provides further information in terms of the types of need and support provided by the organisations that received a grant in 2022. 

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THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST<br>**----- End of picture text -----**<br>


Report of the Trustee for the year ended 31 December 2022 


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2022 Organisations: types of needs supported<br>(2021 figures in brackets)<br>additional needs (children) (8) eee eee |<br>access to nature (2)<br>community space (3)<br>**----- End of picture text -----**<br>


- includes information and advocacy 

- ** includes physical, sensory and learning disabilities 

- ***includes parenting/ family stability/ healthy relationships 

## Grants towards Capital Projects 

The Barnes Fund maintains reserves that are available to support suitable Capital Projects. In 2022 one grant was awarded to support a capital project: a grant was provided to Castelnau Centre Project to fund external pointing and urgent guttering work following works to their bell tower in 2021. 

## 2023 Grant-Making 

Trustees are aware of the continued pressure of increased energy and household costs on the community ofBares. The first quarter of 2023 has seen an increase in the level of hardship grant awards made compared to the same quarter in 2022 (23 compared to eleven in the first quarter of 2022), with a total of £8,299 awarded. In addition, Richmond Foodbank have been awarded an uplift in their grant award in recognition of the increased demand they are facing. 

## WALSINGHAM LODGE 

The Fund provides sheltered housing in two forms. There are thirty-three flats and bungalows provided through its linked charity, Walsingham Lodge Trust, where the trustees award an almshouse licence to the applicant in greatest need when a vacancy arises. In addition, there are five bungalows independently traded on the open market on long leases, and where the leaseholders have access to the Housing Services Officer, residents’ emergency alarm, and communal facilities provided at Walsingham Lodge. 

The early months of 2022 saw the planned works to the communal areas of Walsingham Lodge completed, including complete redecoration and new flooring to the corridors and to the office of the Housing Services Officer. This was undertaken at a cost of £90,551. This followed the major refurbishment of the communal lounge completed in early 2020. As with the works to the communal lounge, the aim has been to redecorate to a high standard and create spaces that are light and welcoming. 

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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

On the gardens, further works were carried out on the trees in the gardens, and a new gardening contract was awarded to Pristine Gardens in April 2022, following the departure of the previous contractor who had decided to end their garden maintenance function. 

In 2022, five new licences were awarded following vacancies. To publicise the vacancies at Walsingham Lodge and help ensure that those who are eligible and in greatest need are aware of them and on our Housing Register, an advertising campaign ran across Barnes in 2022, a brochure was provided to potential applicants and relevant agencies, and meetings were held with key stakeholders who might wish to signpost their clients to Walsingham Lodge. This included a meeting with the housing department at Richmond upon Thames council. 

The restrictions related to the COVID-19 pandemic were largely lifted in 2022 and social activities resumed at Walsingham Lodge. In the Spring, Barnes Music Festival held a concert at Walsingham Lodge and a Caroi Concert was held by the Bares Churches in December. FiSH Neighbourhood Care continued to provide a lunch at Walsingham Lodge every two months. In addition, the reading group met weekly in the communal lounge and a weekly exercise class was also provided A weekly gardening club was introduced by the volunteers from the Barnes Community Gardeners in early 2022. This provides an opportunity to residents to get involved in gardening or simply join in socially, depending on their level of mobility, and has received a good level of participation. Residents’ teas also resumed providing an opportunity for trustees to meet with residents in the lounge. 

## Walsingham Lodge Developments in 2023 

A roof survey was undertaken by chartered building surveyors, Earl Kendrick, towards the end of 2022 with the report finalised in 2023. This provides refreshed information on the condition of the roofs across the site and enables trustees to work with RLHA to plan works in the coming years. The same survey also looked at the quality of insulation. Work continues to establish ways in which energy bills can be reduced through improvements, including to the heating system itself. A new contract has been awarded to Contract Cleaning & Facilities to undertake the cleaning in the Lodge following the departure of the cleaner at the end of 2022. One new licence has been awarded in the first quarter of 2023. 

## Environment 

A working group was established in 2020 to look at the environmental impact associated with our grant-making, sheltered housing, investments and administration. Further activities were undertaken in 2022 as follows: - In the light of the previously agreed environment policy, which is published on its website, the Board updated the public record of what has so far been achieved. - Following a review in 2021, when all almshouse properties were assessed and given an energy performance certificate (EPC) rating of C, a survey of wall and roof insulation was carried out. A separate survey was also carried out for the five leasehold bungalows and the results provided to the leaseholders. - Renovation of communal areas has included installation of LED bulbs and movement-sensors throughout. - Residents have been provided with advicc and information on reducing their energy usage including a visit from South West London Energy Advice Partnership (SWI.FAP) to their residents’ tea. - Barnes Community Gardeners have worked with residents to enhance sustainable garden practices, including a new composting 

area. 

- For organisational grant applicants we continue to encourage those applying for a revenue grant to adopt and act on environmental policies, 

- For energy grant applicants we continue to ask the referral agency to refer the applicant to Citizens Advice Energy Service and South West London Energy Advice Partnership (SWLEAP) which support people to reduce their energy costs and usage. 

Page 14 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## FINANCIAL REVIEW 

## Investment Approach 

The Barnes Fund reserves are invested with a view to generating income for grant-making. These totalled £11.3mn at the end of 2022, of which £0.7mn is local property held for investment purposes. The Walsingham Lodge Trust has reserves set aside for maintenance of the almshouses which amounted £0.55mn in investment funds and £0.18mn in cash deposits (including £0.13mn held with the Managing Agent) at the end 2022. 

For funds invested in financial assets with a view to generating income for grant-making, the approach is as follows: 

i) Trustees are guided by their spending year-on-year in setting each year’s grant-making budget. A sustainable return of £300,000 per annum is targeted (which was 2.8% of the value of the Fund as at 31 December 2022). By sustainable, we mean the preservation of the real value of capital (i.e., after taking account of inflation). 

ii) The investment assets are held in Common Investment Funds (or the equivalent). ‘ihe funds are managed by CCLA under a discretionary investment management agreement. 

iii) Trustees recognise that, to achieve a higher income than if invested in cash, a certain level of risk should be taken and that this will lead to short-term fluctuations in the real value of capital. The objective is to limit the risk of a long-term decline in real capital values insofar as possible. 

For funds that are invested and that form a part of the reserves-set aside for the maintenance of the Walsingham Lodge Trust almshouses, the approach is as follows: 

iv) These assets are managed by CCLA following a decision by trustees to divest funds invested in M&G’s Charity Multi Asset Fund and reinvest these in CCLA’s Investment Fund after a performance review in November 2020. 

v) Trustees invest with the aim of growing the capital and income (which is reinvested) while protecting the real value of the fund, so that sufficient resources should be available to meet periodic longer-term property maintenance needs such as boiler or roof replacements. 

vi) The annual income at Walsingham Lodge normally provides sufficient to pay for regular repairs, for cyclical maintenance (e.g. periodic renovation to the insides of properties) and for some smaller less regular items of capital expenditure. Beyond this, reserves are used to fund larger projects. vii) It is the policy of the charity to hold those amounts expected to be required over the next five years in cash. In July 2022, the Investment Committee agreed to hold £50,000 in cash to fund maintenance at Walsingham Lodge and to hold the remaining reserves in investments, pending further information on planned expenditure including the roof and insulation surveys. 

Net income and capital growth during 2022 were as follows: 


**----- Start of picture text -----**<br>
Yield Capital Total<br>Growth Return<br>CCLA COIF Charities Investment Fund 2.97% -11.63% -9.00%<br>**----- End of picture text -----**<br>


Page 15 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee 

for the year ended 31 December 2022 

## FINANCIAL REVIEW 

## Reserves 

(i) Amounts available for grant-making The trustees aim to award the income generated for grant-making in the year that income is generated. They expect to fund revenue grants out of investment income and capital grants out of the General Reserve (if the amount cannot be accommodated within annual investment income). At 31 December 2022 the general reserves were £2,297,207. 

(ii) Sheltered Housing Trustees take advice from the Managing Agent on repairs, renewals and maintenance required each year for the almshouses and the long leasehold bungalows, and this is built into the budget for the following year. The advice reflects amongst other things, periodic stock condition surveys. Trustees follow Almshouse Association recommendations for building and maintaining a sufficient level of reserves in order to meet requirements for future unplanned, or foreseeable cyclical, maintenance needs. Trustees review the level of reserves annually, based on reasonable estimates of future anticipated maintenance costs, and ensure that reserves are built as appropriate, whilst also meeting current maintenance commitments. The amount available to meet future renewals and maintenance have historically comprised a sinking fund, as well as general and cyclical reserves. During 2021 the Sinking Fund was redesignated as an Asset Maintenance Fund and the Cyclical Repairs Fund and Boiler Fund were amalgamated into this one fund. Funds were also transferred across from the General Fund in the light of the analysis of the most recent stock condition survey which suggested that it was reasonable to assume that the majority of the reserves would be needed for identifiable capital projects. In the case of the five long leasehold bungalows, there is a restricted fund (the Long Leaseholders Maintenance Fund) comprising those reserves held for maintenance of the bungalows. 

## Financial Review 

## (1) Income and expenditure 

Total investment income and donations available in 2022 for grant-making and for meeting the governance and other overhead costs of the Fund (other than those directly attributable to sheltered housing) amounted to £333,490. The total amount spent on grant-making in the year was £378,192, giving a deficit after governance costs (and before the change in the value of investments) of £44,702. This reflects a planned use of reserves to address the challenges faced by the community in a period of high inflation, including an increase in the amount allocated for energy costs within the hardship grant programme. 

For the sheltered housing, total income in 2022 was £391,390 and expenditure was £577,143 giving a deficit (before the change in value of investments) of £185,753. The overspend reflects, in large part, planned maintenance works including the refurbishment of the communal areas, as well as other works carried out in the year which were not possible during the pandemic. 

## (ii) Balance sheet 

The Barnes Fund’s net assets amounted to £11,318,201 at end 2022 (£12,766,502 at end 2021). Of these, the Permanent Endowment contributed £9,020,994 which is comprised of £647,000 investment property and the balance in marketable securities, and the General Reserve contributed £2,297,207 which consists of marketable securities and cash. 

The Walsingham Lodge Trust’s net assets in respect of its sheltered housing amounted £2,073,514 at end 2022 (£2,330,543 at end 2021). Inchided within this is the permanent endowment which was valued at £677,585 and restricted funds in respect of the Long Leaseholders of £19,150. The free reserves (which are defined as unrestricted funds less amounts designated for specific purposes and funds held within fixed assets), which we refer to as the Walsingham Lodge General Fund, amounted to £360,014. Based on results from the five-yearly property survey conducted at Walsingham Lodge at the end of 2019, and the recently completed survey of the roofs, it is anticipated that the funds held in the Asset Maintenance Fund as well as the General Fund will be needed for property works. 

‘The total assets of the Charities have decreased to £13,391,714 (2021: £15,097,044). The decrease is attributable to the reduced market value of investments during 2022 as well as the in large part planned use of reserves by both charities during the year. The assets include a Permanent Endowment of £9,020,994 which is held for the benefit of the Barnes community in perpetuity, and a fixed asset at Walsingham Lodge valued at £1,375,452 which cannot be sold. 

Page 16 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## RISK MANAGEMENT 

The Barnes Fund and Walsingham Lodge Trust face a range of risks as identified in their risk registers, the chief of which are: 

- A safeguarding incident.; - A long-term fall in the real value of stock market investments, - A fall in income yield of those investments for more than one year, as existing Fund policy would only allow us to protect the annual value of grant-making against a significant fall for one year, - A diminished quality of service provided at the sheltered housing — almshouses or leasehold bungalows; - An unexpected increase in the necessary property expenditure at Walsingham Lodge, which could not be met from existing reserves 

## The Trustee’s response to each of these risks is summarised below: 

The safeguarding policy (alongside the Anti-Social Behaviour and Complaints handling policies) can be found on the website and is reviewed by trustees annually. There is a designated safeguarding trustee who has previous relevant experience ina social services role. A safeguarding referral was made by the relative of a resident in 2022. The social worker involved closed the case after relevant health and social care referrals were made. In addition, trustees have liaised with the managing agent and health services regarding another resident who has vulnerabilities to ensure the relevant authorities were engaged with the situation. 

To manage the risks associated with investment performance, a professional investment manager, CCLA, is engaged. The Trustee meets the investment manager annually, to discuss investment strategy and policies. A professional review of the investment managers’ performance, including benchmarking against comparable funds, is commissioned every 12-18 months from Portfolio Review Services (PRS) and also discussed by the Trustee Board. 

Thc Trustee manages the risk of a fall in income yield in part through oversight of the investment managers as outlined above, and also through both maintaining an annual grant-making programme with no forward commitments; and retaining a proportion of the Walsingham Lodge Trust funds to maintain working capital of at least three months of WL outgoings in cash. 

To manage the risks associated with provision of sheltered housing, the Trustee appoints a Managing Agent — Retirement Lease Housing Association (RLHA) - whose performance it oversees. Trustees also seck feedback from the residents directly (using individual meetings and a survey in alternate years). Trustees have held quarterly teas with residents until COVID-19 prevented it, and these resumed in 2022. The Board established the Walsingham Lodge sub-committee in May 2019 to provide oversight of RLHA’s performance. The Walsingham Lodge sub-committee met five times during 2022. 

To manage the risk of an unexpected increase in the necessary property expenditure at Walsingham Lodge, the Trustee ensures appropriate property surveys (including roofs) are undertaken at regular intervals including a quinquennial survey. These enable the Managing Agent to produce detailed property maintenance plans and a property budget, which are overseen by the Trustee. 

The Trustee maintains a risk register for each of grant-making and sheltered housing. These are reviewed annually. Key amongst the mitigants is the existence of a written record of the Executive Director’s duties, providing protection in case of the Executive Director being absent unexpectedly for a significant time; this was further enhanced given the risks asso ciated with the Coronavirus pandemic, In addition, the introduction of an administrator has provided further contingency options. Trustees continue to ensure that data protection considerations are taken into account when reviewing policies and procedures to ensure compliance with UK GDPR. 

The Fund and Walsingham Lodge Trust carry insurance cover under the Almshouse Association policy (including the five leasehold bungalows) in respect of Buildings and Contents, Public and Employee Liability. 

Page 17 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Legal structure and Governing Documents. 

The Barnes Fund Trustee Ltd was incorporated on 19 July 2017 as a private company, limited by guarantee. The company registration number is 10873803. By virtue of a Scheme approved by the Charity Commission on 3 October 2017, the company became the sole trustee of The Barnes Fund and the linked charity, The Walsingham Lodge Trust. The then trustees of the charities were replaced by the company as sole trustee, all of those trustees being directors of the company at that date. 

The Barnes Fund is a charity that was created under a Scheme registered with the Charity Commissioners and sealed on 1 January 1970. A conformed copy scheme incorporates subsequent amendments made in 2004, 2017, 2018, and 2020, The Fund has its origins in the Barnes Workhouse, which opened its doors just over 250 years ago for the purposes of accommodating people "in great want”. On the development of the land for the railway line and private residential roads, a charitable trust named the Workhouse Charities was set up, becoming the Barnes Workhouse Charity in 1887, and known from 1970 to 2020 as the Barnes Workhouse Fund, and The Barnes Fund from 2020. The Barnes Fund makes grants to local organisations whose activities benefit the residents of the "Ancient Parish of Barnes" and to individuals who are resident in that area. It is also landlord in respect of five leasehold bungalows at 31-39 Berkeley Road SW13 ONY, independently traded on the open market, but designed as sheltered housing with access to the communal facilities at Walsingham Lodge Trust. 

The Walsingham Lodge Trust was created on 31 October 1975, when a Declaration of Trust was made over property forming a part of the Permanent Endowment of the then Barnes Workhouse Fund; the Charity Commissioners having given approval [or the erection of properties to be used as almshouses. A conformed copy declaration of trust incorporates subsequent amendments made in 1997, 2007, 2018, and 2021. The almshouses now comprise eighteen flats at Walsingham Lodge, 29, Ferry Road, Bames, SW13 OPS, and fifteen bungalows at 1-29, Berkeley Road, Barnes, SW13 9NY. The Charity Commission determined that the charities are ‘linked’ and the trustees of the Walsingham Lodge Trust were always the trustees of the then Barnes Workhouse Fund, with those provisions of the Governing Scheme which related to trustees being the same for the Walsingham Lodge Trust as they were for the then Barnes Workhouse Fund. 

## Recruitment and Appointment of Directers 

The Memorandum and Articles of the Trustee provide for nine Directors to be appointed. All Directors must be residents of Barnes. 

Five Directors are nominated by local organisations: two by the London Borough of Richmond upon Thames, one by the Richmond Council for Voluntary Services and two by Churches Together in Barnes. The five nominated Directors, once appointed by the Board of the Trustee, each hold office for a period of up to four years and may be re-appointed for a further four-year term. However, those nominated from the London Borough of Richmond cease to be a Director where they are an elected Council representative who ceases to be so elected during their period ofoffice as Director. Once Directors are aware of a nominee vacancy arising, the particular nominating body is contacted and invited to nominate one or more candidates. The Fund works closely with the nominating body so that they can appoint the most appropriate person with the skills set that the Fund most needs at that time and this can extend to a local advertising campaign. 

Four Directors are to be co-opted from amongst local Barnes residents and those co-opted can serve for up to four years, again with the possibility of re-appointment for a further four. Once Directors are aware of a vacancy for a co-opted member of the Board, an advertisement is placed in local community newspapers and newsletters, having regard to the appropriate skills required. 

Whether nominated or co-opted, it is essential that the Board contains the right skills and experience. These need to include finance, property, and safeguarding, as well as other skills relevant to the oversight of sheltered housing, and to grant-making. Sufficient experience amongst Directors of the needs of the whole community of Barnes is also necessary in the grant-making process. 

A Chair is appointed on an annual basis. The Chair is eligible for re-appointment as Chair, subject to an overall Simit in usual circumstances of three consecutive years. In December 2021 the Board agreed to extend the overall limit in exceptional circumstances to five consecutive years. 

No existing Directors have any beneficial interests in the assets of the Charity, or in the sheltered housing. 

Page 18 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## Management of the Business of the Trustee 

(a) Role of Executive Director The Barnes Fund employs an Executive Director. She manages the Charity on a day-to-day basis and contributes to strategic planning. Supported by the Directors, she develops the essential relationships with local organisations and agencies, builds links with other funding partners, runs the grant-making activity, and liaises with the Managing Agent and Directors regarding management of the sheltered housing. The Executive Director is supported by an Administrator who provides support around minute taking, electronic filing and organising meetings and events. 

(b) Grant-making authority The Board agreed to establish a grant-making committee, which took effect from July 2019. Grant-making strategy, policy and budget-setting remain with the Board, but the Committee takes responsibility for grant-making decisions. Those Directors with the most relevant skills sit on this Committee and, as permitted by the Articles of Association, the Board may co-opt other Committee members with relevant skills. The Grant Making Committee met four times in 2022. With specified exceptions, all grant applications are considered by the full Grant Making Committee. Specifically, for the purposes of efficiency, just two Directors are required to approve applications as follows: - Application by Individuals: — Application for less than £750.00 - Application by Organisations: Application for less than £750.00 These decisions are dealt with by email, owing to the usually urgent nature of the application. In addition, delegated authority powers are given to the Executive Director to award grants up to £300 for crisis grants and £400 for energy costs or household appliances (e.g. washing machines). They are reported to the full Board at its next meeting. Capital Grant applications above £10,000 are considered by the full Board. 

## (c) Spending authority 

A formal Statement of Delegated Authority governs the Fund's operations. This provides, inter alia, that the signature of two Directors is required for any movement offunds by cheque. Funds transferred online require the dual input of the Executive Director and one of the Directors. Five Directors are signatories on the Bank Mandate and three have online access to authorise transfers. 

## (d) Sheltered housing 

The sheltered housing — both almshouses and leasehold bungalows - is managed on a day-to-day basis by a Managing Agent, appointed by the Trustee. The Trustee sets the strategic direction, key policies and the budget, and monitors the Managing Agent’s performance through regular dialogue and reporting. A formal delegation of authority — in respect of purchase orders and bank payments — is in place. 

The Board established a Walsingham Lodge Committee, which took effect from May 2019 to support it in its discharge of its responsibilities as Trustee of the Walsingham Lodge Trust and of The Barnes Fund insofar as it is the landlord at five leasehold bungalows. Strategic issues, key areas of policy and budget-setting remain with the Board, but the Committee takes responsibility for regular oversight of the work of the Managing Agent. Those Directors with the most relevant skills sit on this Committee and, as permitted by the Articles of Association, the Board may co-opt other Committee members with relevant skills. The Walsingham Lodge Committee met five times in 2022. 

(e) Investments The Board agreed in 2020 to re-establish an Investment Committee. The Investment Committee met four times in 2022. CCLA presented to the Investment Committee during the year. 

Page 19 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee for the year ended 31 December 2022 

## Induction and training of new Directors 

On appointment, all Directors sign a Declaration of Eligibility and Willingness to Serve the Charity. A new Director is provided with a set of the core documents in respect of the workings of the Barnes Fund Trustee Ltd, the Barnes Fund and the Walsingham Lodge Trust, including copies of their governing documents; the previous year's accounts; copies of policy documents including the conflict of interests policy; the complaints procedure; the grant-making policy; the minutes of the latest meeting and the Statement of Delegated Authority. A "Working Practices Handbook" is available, so that new Directors can become quickly familiar with the policies and routines applying to the workings of the two charities. 

Anew Director may be invited to join a meeting of the Trustee as an observer, where it is appropriate, prior to their taking up office. They will also be invited to "shadow" two Directors in their deliberations in respect of those applications by individuals which are not considered at Board meetings. In addition, they can access the Executive Director, who can meet a new Director prior to their first Board meeting, to introduce them to the grant-making procedures and sheltered housing matters. 

inally, with a large number of training courses running frequently by Investment Managers, the National Council for Voluntary Organisations; and other professionals working in the charity sector, new Directors are encouraged to attend certain courses, dependent upon their level of expertise. 

## The Fund’s Relationship with other Parties 

The Fund relies upon Referral Agencies to bring applications on behalf of Individuals. These Referral Agencies include Citizens Advice, the London Borough of Richmond upon Thames, local schools, Bames Children’s Centre, housing providers (RHP and Paragon Housing), local voluntary organisations in the Borough, churches, social workers, health visitors and other healthcare professionals. The Fund, through its Executive Director, communicates regularly with its Referral Agencies so that an understanding of the priority needs in the area can be maintained. The Trustees all live within the benetit area and in so doing are able themselves to assimilate the needs around them. 

The Fund receives applications from Organisations which support many different needs. Some of these Organisations apply to the Fund year on year but most grants are made for one year only. Over the years, several Organisations have received a grant every year. These Organisations have demonstrated that they provide valuable support to Individuals and their families within the benefit area of Bames. The Fund previously introduced a system of identifying key Organisations in the area for whom a 3-year award would be more appropriate. Each year's award is conditional upon a successful monitoring and evaluation procedure, and it is understood that it is not a forward commitment for the charity and therefore might be withdrawn if the charity’s income fell. Three such Organisations have been successful under this system. 

The Fund has a Conflict of Interests policy, setting out the range of occasions where a conflict can occur. Where a director or employee has a conflict, they must declare their interest. The directors not affected by the conflict decide whether the director or employee concerned should participate in the item or withdraw from the meeting immediately. In practice, it is usual in the case of an organisational grant application for a conflicted director or employee to be asked to stay initially, as they often have first-hand information which it is relevant and appropriate to share. In other instances, it is not usual to be asked to stay. An interested director will not be taken into account when assessing whether the meeting is quorate, and they will be asked to leave the room before the discussion and vote takes place. 

## The Register of Director Interests is maintained and updated regularly. 

During the year, the following Directors/ sub-committee members declared interests of relevance to items discussed: - 

Nicolas Tiffou Trustee at Castelnau Centre Project, FiSH Neighbourhood Care (family member connection) Aphra Brandreth Trustee at Castelnau Centre Project, Castelnau Centre Project Trustee at Barnes Community Association 

Page 20 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Company Registration The Barnes Fund Trustee Ltd: 10873803 Registered Charity numbers The Barnes Fund: 200103 Walsingham Lodge Trust 200103/1 

Principal address The Barnes Fund PO Box 347, Hampton, TW12 9ED 

## Trustee: The Barnes Fund Trustee Limited, the Directors of which are: 

John Story (2) (3) Co-opted (until 1 December 2022) Luke Tegner (1) (2) Co-opted Vice Chair Debbie Ferreira (2) Nominated by Churches Together in Bares (until 4 June 2022) Carolyn Rampton MBE (1) (2) Nominated by Richmond Council for Voluntary Services (until | December 2022) Sarah Wilson (1) (2) (3) Co-opted (until 4 June 2022, and from 2 December 2022) Nominated by Churches Together in Barnes (from 5 June 2022 until 1 December 2022) Chair Chair of Grant Making and Walsingham Lodge Committees Nicolas Tiffou (1) G3) Co-opted Chair of Investment Committee Ken McFarlane (1) (2) (3) Nominated by London Borough of Richmond upon Thames Treasurer (until 1 October 2022) Aphra Brandreth (Councillor) (1) Nominated by London Borough of Richmond upon Thames (until 5 May 2022) Maria Wood (1) (2) Nominated by Churches Together in Bames Kate Coppinger (1) (2) Co-opted (from 5 June 2022) Marjory Millum (Councillor) (1) Nominated by London Borough of Richmond upon Thames (from 31 May 2022) Matthew Purser (1) (2) (3) Nominated by Richmond Council for Voluntary Services (from 1 December 2022) Will van de Pette (1) (3) Nominated by Churches Together in Barnes (from 2 December 2022) Richard Raine (1) (2) (3) Nominated by London Borough of Richmond upon Thames (from 17 May 2023) Treasurer 

(1) Member of Grant Making Committee 

(2) Member of Walsingham Lodge Committee (3) Member of Investment Committee 

Page 21 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Report of the Trustee for the year ended 31 December 2022 

## REFERENCE AND ADMINISTRATIVE DETAILS 

## Auditors 

Xeinadin Auditing Statutory Auditors Beckett House 36 Old Jewry London EC2R 8DD 

Solicitors Moore Barlow 2 The Green Richmond TW9 1PL Russell Cooke 2 Putney Hill London SW15 6AB 

## Bankers 

CAF Bank Ltd 25 Kings Hill Avenue Kings Hill Avenue West Malling Kent ME19 4TA Barclays Bank Ple, 65 High Street, Camberley, Surrey. GU15 3RB (Accounts managed by RHLA) 

## Executive Director 

Katy Makepeace-Gray 

Administrator Louisa Platt 

Homes and Communities Agency Registered Number A2072 

Page 22 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Report of the Trustee 

## for the year ended 31 December 2022 

## TRUSTEE RESPONSIBILITY STATEMENT 

The Trustee is responsible for preparing the Report of the Trustee 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustee 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustee is required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity 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; 

- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will contimue in business. 

The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it 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. It is 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. Approved by order of the board of the Trustee on staat» tae and signed on its behalfby: Mrs| $ Wilsonhu- Trusteeon disor_ 

Page 23 



## Report of the Independent Auditors to the Trustee of The Barnes Fund and linked charity, The Walsingham Lodge Trust 

## Opinion 

We have audited the financial statements of The Bames Fund and linked charity, The Walsingham Lodge Trust (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion the financial statements: 

- give a true and fair view of the slate of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, tor 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 andit in accordance with International Standards on Auditing (UK) (SAs CUK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ 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 

In auditing the financial statements, we have concluded that the trustee's use of the going concer basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report. 

## Other information 

The trustee is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

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. 

Tn 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 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 this gives rise to a material misstatement in the financial statements themselves. lf, 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 (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or 

- - sutficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- - we have not received all the information and explanations we require tor our audit. 

Page 24 



## Report of the Independent Auditors to the Trustee of The Barnes Fund and linked charity, The Walsingham Lodge Trust 

## Responsibilities of trustee 

As explained more fully in the Trustee's Responsibilities Statement, the trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Our responsibilities for the audit of the financial statements 

We have been appointed as auditors 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 to issue a Report of the Independent Auditors 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. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Identify and assess the risk 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 ofnot 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 purposes of expressing an opinion on the effectiveness of the company's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors. 

- Conclude on the appropriateness of the directors' use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure 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 company to cease to continue as a going concern. 

- 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

Page 25 



## Report of the Independent Auditors to the Trustee of The Barnes Fund and linked charity, The Walsingham Lodge Trust 

Use of our report 

This report is made solely to the charity's trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee 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 trustee as a body, for our audit work, for this report, or for the opinions we have formed. 

## Xeinadin Auditing 

Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD 

Date: tt SM SOR. 

Page 26 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Statement of Financial Activities for the year ended 31 December 2022 

||||||2022|2021|
|---|---|---|---|---|---|---|
|||Unrestricted<br>funds|Restricted<br>fund|Endowment<br>funds|Total<br>funds|Total<br>funds|
||Notes|£|£|£|£|£|
|INCOME AND|||||||
|ENDOWMENTSFROM|||||||
|Donationsandlegacies|2|2,924|-|-|2,924|450|
|Charitable activities|4||||||
|Almshouses<br>LeaseholdBungalows||362,120<br>22,539|-<br>5,000|-<br>-|362,120<br>27,539|352,910<br>24.085|
|Investmentincome|3|323,645|-|8,653|332,298|325,129|
|Total||711,228|5,000|8,653|724,881|702,574|
|EXPENDITURE ON|||||||
|Charitable activities|5||||||
|Grants<br>Almshouses<br>LeaseholdBungalows||378,192<br>549,553<br>22,538|-<br>-<br>-|-<br>5,049<br>-|378,192<br>554,602<br>22,538|356,446<br>393,392<br>18,424|
|Total||950,283|-|5,049|955,332|768,262|
|Net gains/(losses) oninvestments||(375,115)|:|(1,099,763)|(1,474,878)|1,653,678|
|NET|||||||
|INCOME/(EXPENDITURE)||(614,170)|5,000|(1,096,159)|(1,705,329)|1,587,990|
|RECONCILIATION OF|||||||
|FUNDS|||||||
|Total fundsbroughtforward||4,288,156|14,150|10,794,738|15,097,044|13,509,054|
|TOTALFUNDS CARRIED|||||||
|FORWARD||3,673,986|19,150|9,698,579|13.39115|15,097,044|



The notes form part of these financial statements 

Page 27 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

||Balance Sheet|||
|---|---|---|---|
||31 December 2022|||
|||2022|2021|
||Notes|s|£|
|FIXED ASSETS||||
|Tangible assets|14|1,376,739|1,403,377|
|Investments||||
|Investments|15|11,186,055|12,909,650|
|Investment property|16|647,000|647,000|
|||13,209,794|14,960,027|
|CURRENT ASSETS||||
|Debtors|17|54,825|46,45)|
|Cashatbankand inhand||222,474|188,869|
|||277,299|235,320|
|CREDITORS||||
|Amounts falling duewithinone year|18|(95,378)|(98,303)|
|NET CURRENTASSETS||181,921|137,017|
|TOTAL ASSETSLESS CURRENT||||
|LIABILITIES||13,391,715|15,097,044|
|NETASSETS||13,391,715|15,097,044|
|FUNDS|21|||
|Unrestricted funds||3,673,986|4.288.156|
|Restricted funds||19,150|14,150|
|Endowmentfunds||9,698,579|10,794,738|
|TOTALFUNDS||13,391,715|15,097,044|
|The<br>financialstatementswereapprovedbythe<br>and were signed on itsbehalfby:|theBoardoftheTrusteeandauthorised|a<br>IDA?<br>authorisedfor issueonwf Ce Mf ALYBPae,-||
|i<br>=<br>Noweolen||||
|SWilson-Trustee||||



The notes form part of these financial statements 

Page 28 




**----- Start of picture text -----**<br>
THE BARNES FUND and linked charity, The WALSINGHAM LODGE TRUST<br>Income and expenditure account<br>(excluding unrealised gains and losses)<br>for the year ended 31 December 2022<br>2022 2021<br>Notes £ £ £ £<br>Turnover 12 389,658 376,995<br>Less: operating costs (577,143) (411,815)<br>Operating surplus/(deficit) (187,485) (34,820)<br>Investment income<br>Ground rent 1,135 3,341<br>Interest receivable and other income 325,436 313,599<br>Unrealised gain/(loss) on investment assets (336,203) 415,003<br>Realised gain/(loss) on investment assets (17,830) 2,036<br>Charitable Expenditure (378,189) (356,446)<br>(405,701) 377,533<br>Surplus for the year (593,186) 342,713<br>Less: (see movement in funds - note 20)<br>Net permanent endowment movement<br>in funds 5,049 5,049<br>Net restricted movement in funds (5,000) (5,000)<br>Net designated movement in funds 305,169 168,923<br>Transfers to designated funds (53,097) (250,523)<br>252.12] (81,551)<br>Net increase in revenue reserve<br>(unrestricted income) (341,069) 261,162<br>Revenue reserve brought forward 2,998,288 2,737,126<br>Revenue reserve carried forward 2,657,223 2,998,288<br>Being:<br>Main fund 2,297,207 2,365,820<br>Walsingham Lodge 360,016 371,306<br>2,657,223 2,737,126<br>All the funds results are classed as continuing.<br>Approved by the board of the Trustee on .... ........and signed on their behalf by: I) ls<br>O Sak ISK SA<br>S Wilson — Chair<br>**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 29 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Cash Flow Statement for the year ended 31 December 2022 

|||2022|2021|
|---|---|---|---|
||Notes|£|£|
|Cash flows from operating activities||||
|Cash generatedfrom operations|1|(219,908)|(16,668)|
|Netcash used inoperating activities||(219,908)|(16,668)|
|Cash flows from investing activities||||
|Purchase offixedasset investments||(11,284)|(287,734)|
|Sale offixed asset investments||260,000|25,000|
|Interest received||1,194|11|
|Net cash provided by/(used in) investing activities||249,910|(262,723)|
|Cash flows from financing activities||||
|Income attributable to endowment||8,653|8,636|
|Expenditure attributable toendowment||(5,049)|(5,049)|
|Netcash provided by financing activities||3,604|3,587|
|Change in cash andcash equivalents in|the|||
|reporting period||33,606|(275,804)|
|Cash and cash equivalents atthe beginning||||
|ofthe reportingperiod|2|188,868|464,672|
|Cash and cash equivalents atthe end ofthe||||
|reportingperiod|Z|222,474|188,868|



The notes form part of these financial statements 

Page 30 



## THE BARNES FUND and Jinked charity, THE WALSINGHAM LODGE TRUST 

## Notes to the Cash Flow Statement 

for the year ended 31 December 2022 

## fr RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Net|(expenditure)/income|for|the|reporting|period|(as|per|the|Statement|
|of Financial|Activities)|(1,705,329)|1,587,990|
|Adjustments|for:|
|Depreciation charges|26,639|28,607|
|Losses/(gain) on|investments|1,474,878|(1,653,678)|
|Interest received|(1,194)|(11)|
|Income|attributable|to endowment|(8,653)|(8,636)|
|Expenditure|attributable|to endowment|5,049|5,049|
|Increase|in debtors|(8,374)|(3,624)|
|(Decrease)/increase|in creditors|(2,924)|27,635|
|Net cash used in operations|(219,908)|(16,668)|
|2.|ANALYSIS OF CASH AND|CASH EQUIVALENTS|
|2022|2021|
|£|£|
|Cash|in hand|300|300|
|Notice|deposits|(less than|3|months)|222,174|188,569|
|Overdrafts|included|in bank|loans and overdrafts|falling|due within one|year|-|qd)|
|Total cash and cash equivalents|222.474|188,868|

**----- End of picture text -----**<br>


3. ANALYSIS OF CHANGES IN NET FUNDS 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|At|1.1.22|Cash flow|At|31.12.22|
|£|£|£|
|Net|cash|
|Cash|at bank|and|in hand|188,869|33,605|222,474|
|Bank|overdraft|(1)|1|-|
|188,868|33,606|222,474|
|Total|188.868|33,606|222,474|

**----- End of picture text -----**<br>


The notes form part of these financial statements 

Page 31 



1. 

## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements for the year ended 31 December 2022 

## ACCOUNTING POLICIES 

## STATEMENT OF COMPLIANCE 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102)'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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

These financial statements have been prepared in compliance with SORP (FRS 102) and the financial standards applicable in the UK. and republic of Ireland. 

## INCOME 

Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## In particular - 

- Maintenance contributions and service charges are recognised on an accruals basis in the period to which the right to the income arises. 

- Income from investments is recognised when the income is declared by the investment provider, 

- Investment property income is recognised on an accruals basis for the ground rents and proceeds in respect of lease extensions are recognised when the Charity is contractually entitled to receipt of the income. 

## EXPENDITURE 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. 

## CHARITABLE ACTIVITIES 

Charitable activities comprise those costs directly attributable lo running the sheltered housing and grant making activities. 

## GOVERNANCE COSTS 

Governance costs are those costs associated with the governance costs of the charity which relate to the general running of the charity as opposed to those costs associated with charitable activity. 

## ALLOCATION AND APPORTIONMENT OF COSTS 

Support costs comprise costs for processing grant applications, including support to actual and potential applicants. Management and administration comprise costs for the running of the charity itself as an organisation. Where costs cannot be directly attributed to either of these two categories, an appropriate proportion of costs are attributed to support costs with the balance attributed to management and administration. 

## TANGIBLE FIXED ASSETS 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Page 32 

continued... 



Notes to the Financial Statements - continued for the year ended 31 December 2022 

## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

1. ACCOUNTING POLICIES - continued 

## TANGIBLE FIXED ASSETS 

Freehold property - atvarying rates on cost Fixtures and fittings - 25% on cost, 20% on cost and 10% on cost Office equipment - 20% on cost 

Freehold properties are stated at cost less social housing grant, other public grants and accumulated depreciation. Land is not depreciated. The housing properties are depreciated by major component on a straight line basis over the estimated useful economic lives of each identified component. All components are included within Freehold property within note 13. 

|||Useful economic|
|---|---|---|
|||life|
|||(years)|
|Structure||100|
|Roof||60|
|Heating||25|
|Windowsand|doors|28|
|Electrical||25|
|Bathroom<br>Kitchen||20<br>20|



The original cost of the land owned by the Fund is not available. The Trustees consider that the cost of carrying out a professional valuation to include this asset at a value im the accounts would be considerable compared to the limited additional benefit that would be derived by the users of the accounts. However as the original site owned by the Fund has been sold for development the proceeds have been placed by the trustees in a Permanent Endowment Fund part of which has then been used for the acquisition and development of the property known as Walsingham Lodge. 

Freehold land and buildings includes the cost of the land which has been estimated at £260,000. No depreciation is provided on freehold land. The buildings have been depreciated from the beginning of 2003, when the redevelopment of the property was completed. 

The need for any fixed asset impairment write down is assessed by comparison of the carrying value of the asset against the higher of realisable value and value in use. 

## INVESTMENTS AND INVESTMENT PROPERTY 

Investments are stated in the balance sheet at their open market value. Investment property is shown at most recent valuation. Any gain or loss on revaluation is taken to the Statement of Financial Activities. 

## Gains and losses 

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities, 

## TAXATION 

The charity is exempt from tax on its charitable activitics. 

## FUND ACCOUNTING 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Page 33 

continued... 



Notes to the Financial Statements - continued for the year ended 31 December 2022 

## THE BARNES FUND and finked charity, THE WALSINGHAM LODGE TRUST 

1s ACCOUNTING POLICIES- continued 

## FUND ACCOUNTING 

Restricted funds 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 restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Charity's accounting policies which are described above, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. 

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: 

## Depreciation 

Assets are written down over their estimated useful lives. The actual lives of the assets may differ from those estimates. The tives of the assets are kept under review and adjusted as appropriate. 

## Valuation of investment properties 

Investment properties are held at valuation based on formal valuations carried out by appropriately qualified individuals however these are just estimates of the value and values achieved if they were sold could differ from these estimaies. 

TRRECOVERABLE VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. 

2. DONATIONS AND LEGACIES 2022 2021 £ £ Donations 2,924 450 

Page 34 

continued... 



3; INVESTMENT INCOME 

## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 

4. 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|2022|2021|
|2|£|
|Investment property|income|1,135|3,341|
|Dividends|receivable|329,969|321,777|
|Deposit account|interest|1,194|11|
|332,298|325,129|
|INCOME|FROM CHARITABLE ACTIVITIES|
|2022|2021|
|Activity|£|-S|
|Rent and maintenance|
|contributions receivable|Almshouses|353,043|342,267|
|Cost recharge|Almshouses|9,077|10,643|
|Rent and maintenance|
|contributions|receivable|Leasehold|Bungalows|27,539|24,085|
|389,659|376,995|

**----- End of picture text -----**<br>


5. CHARITABLE ACTIVITIES COSTS 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Grant|
|funding|of|
|activities|Support|
|Direct|(see note|costs (see|
|Costs|6)|note 7)|Totals|
|£|£|£|£|
|Grants|4,158|320,879|53,155|378,192|
|Almshouses|$38,260|-|16,342|554,602|
|Leasehold Bungalows|20,985|-|1,553|22,538|
|563,403|320,879|71,050|955,332|

**----- End of picture text -----**<br>


6. GRANTS PAYABLE 

The total grants paid during the year was as follows: 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Relief of Poverty|
|Grants|to Individuals|29,197|17,628|
|Richmond Food Bank|Organisation Core Funding|6,000|6,712|
|Citizens|Advice Richmond|Organisation Core|Funding|38,560|38,560|
|Barnes Community Association|Warm|drinks|1,800|-|
|Relief of Aged|
|FiSH Neighbourhood|Care|Organisation Core Funding|17,250|14,500|
|Age UK Richmond Upon Thames|Organisation Core Funding|7,700|7,700|
|Activities|at Walsingham Lodge|242|-|
|Relief of Distress|and|Sickness|
|Clergy|Discretionary|grants|2,300|3,300|
|Integrated Neurological|Services|Organisation Core Funding|6,000|4,000|
|MID Mediation|and Counselling|Organisation Core Funding|3,000|3,000|
|Page|35|continued...|

**----- End of picture text -----**<br>




## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Notes to the Financial Statements ~ continued for the year ended 31 December 2022 

## 6. GRANTS PAYABLE- continued 

|Richmond Aid|Organisation Core Funding|7,500|7,500|
|---|---|---|---|
|RichmondAid<br>RichmondCarers Centre|DisabilityPeerNetwork<br>Organisation CoreFunding|4,000<br>5,000|5,000<br>5,000|
|Crossroads Care - Richmond andKingston||||
|UponThames|OrganisationCoreFunding|20,200|20,200|
|RichmondMencap|OrganisationCoreFunding|-|5,000|
|Richmond Mind|Organisation CoreFunding|8,500|8,500|
|RichmondMind|PositiveLiving Group|1,000|4,358|
|llome StartRichmond UponThames|OrganisationCoreFunding|6,050|5,250|
|Multicultural Richmond|Organisation Core Funding|2,000|1,500|
|SEEN|OrganisationCore Funding|1,500|1,500|
|OfftheRecord|Counselling Satellite Service|7,888|14,800|
|ADHDEmbrace|Organisation Core Funding|7,000|6,500|
|Skylarks Charity|OrganisationCore Funding|3,000|2,000|
|Dose ofNature|Organisation CoreFunding|10,000|-|
|OtakarKrausMusic Trust|NeurologicalMusic therapy|1,400|-|
|Welcare|Family supportproject|5,000|-|
|Provision ofRecreation and Leisure Services”||||
|BarnesMusic Society|OrganisationCoreFunding|1,750|2,000|
|Barnes Music Festival|SchoolsProgramme|1,750|750|
|Barnes Music Festival|Pop-up Musicians|750|1,000|
|Barnes Community Gardeners|Conservation/ gardening initiative|6,500|-|
|Education||||
|Grants to Individuals||9.198|11,562|
|CastelnauCentre Project|Organisation Core Funding|44,341|45,234|
|HollyLodge Centre|Organisation Core Funding|3,000|3,000|
|RichmondMusic Trust|Organisation Core Funding|1,200|1,250|
|Action Attainment|Organisation Core Funding|-|7,346|
|Action Attainment|Seeing STaRS|10,730|-|
|The RiverThamesBoatProject|Organisation Core Funding|3,200|2,400|
|LVA Trust|Organisation CoreFunding|8,200|6,520|
|Barnes Children's Literature Festival<br>Pictologue|OutreachProgramme<br>Organisation CoreFunding|3,000<br>5,000|2,500<br>-|
|Barnes Community Association|ConnectMore|15.353|-|
|Capital Projects||||
|Castelnau Centre Project|Pointing and gutteringwork|4,820|-|
|Castelnau Centre Project|BellTowerRepair|-|7,800|
|||320,879|273,870|



*A few of these grants, in particular The Castelnau Centre project award can be said to span all four of the fund's objectives. 

Page 36 

continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Notes to the Financial Statements - continued 

for the year ended 31 December 2022 

ves SUPPORT COSTS 

|SUPPORT COSTSCOSTS|||||
|---|---|---|---|---|
||||Governance||
||Management<br>£|Finance<br>es|costs<br>re|Totals<br>£|
|Grants<br>Almshouses<br>LeaseholdBungalows|43,308<br>-<br>-|82<br>178<br>-|9,765<br>16,164<br>1,553|53,155<br>16,342<br>1,553|
||43,308|260|27,482|71,050|
|AUDITORS' REMUNERATION|||||
||||2022|2021|
||||£|£|
|Feespayable to the charity's auditors forthe auditofthecharity's||financial|||
|statements|||14,784|12,120|



8. AUDITORS' REMUNERATION 

9. TRUSTEES' REMUNERATION AND BENEFITS 

There were no trustees’ remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. 

By virtue of a Scheme approved by the Charity Commission on 3 October 2017, The Barnes Fund Trustee Limited is the sole trustee of The Bames Fund, and the linked charity, The Walsingham Lodge Trust. 

The Trustee has received no fee in respect of the trustee services provided in 2022 (2021 Nil). 

For the avoidance of doubt, the directors of The Barnes Fund Trustee Limited have also not received any remuneration or other benefits for the year ended 31 December 2022 or the year ended 31 December 2021. 

## TRUSTEES’ EXPENSES 

By virtue of a Scheme approved by the Charity Commission on 3 October 2017, Barnes Fund Trustee Limited is the sole trustee of Barnes Fund, and the linked charity, The Walsingham Lodge Trust. All costs and expenses, which relate in full to the two charities to which it provides governance services, have been borne by those charities. 

During the year a total of £Nil (2021 Nil) was reimbursed to zero (2021 zero) directors ofBarnes Fund Trustee Limited in connection with activities of the charity. 

Page 37 

continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|10.|STAFF|COSTS|
|2022|2021|
|£|£|
|Wages|and|Salaries|£48,308|43,965|
|The|average monthly|number of employees during|the|year was|as follows:|

**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2022|2021|
|Grants|2|2|
|No employees received|emoluments|in|excess|of £60,000,|
|11.|COMPARATIVES|FOR THE|STATEMENT OF FINANCIAL ACTIVITIES|
|Unrestricted|Restricted|Endowment|Total|
|funds|fund|funds|funds|
|£|cs|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and|legacies|450|-|-|450|
|Charitable|activities|
|Almshouses|352,910|-|-|352,910|
|Leasehold Bungalows|19,085|5,000|-|24.085|
|Investment income|316,493|-|8,636|325,129|
|Total|688,938|5,000|8,636|702,574|
|EXPENDITURE|ON|
|Charitable|activities|
|Grants|356,446|-|-|356,446|
|Almshouses|388,343|-|5,049|393,392|
|Leasehold|Bungalows|18,424|-|-|18,424|
|Total|763,213|-|5,049|768,262|
|Net|gains|on investments|453,109|-|1,200,569|1,653,678|
|NET INCOME|378,834|$.000|1,204,156|1,587,990|
|RECONCILIATION|OF FUNDS|
|Total|funds brought forward|3,909,322|9,150|9,590,582|13,509,054|
|TOTAL FUNDS CARRIED FORWARD|4,288,156|14,150|10,794,738|15,097,044|

**----- End of picture text -----**<br>


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continued... 



## THE BARNES FOND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 

## 12, INCOMING RESOURCES FROM CHARITABLE ACTIVITIES (TURNOVER) 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Maintenance|contributions|from|Almshouses|353,042|342,267|
|Service charges|29,578|24,085|
|Gross|rental income|382,620|366,352|
|Voids|————|7|
|Net rental|income|382,620|366,352|
|Other income|33|-|
|Expense|recharge|9.077|10,643|
|wlJ30|376,995|
|ACCOMMODATION|IN MANAGEMENT MANAGEMENT|
|2022|2021|
|Sheltered housing|accommodation|(all managed|by|other bodies)|
|Almshouses|33|33|
|Leasehold Bungalows|=)|5|
|38|38|

**----- End of picture text -----**<br>


13. ACCOMMODATION IN MANAGEMENT MANAGEMENT 

14. TANGIBLE FIXED ASSETS 


**----- Start of picture text -----**<br>
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|Fixtures|
|Freehold|and|Office|
|property|fittings|equipment|Totals|
|£|£|£|£|
|COST|
|At|1|January|2022|and|31|December 2022|2,090,777|28,790|946|2,120,513|
|DEPRECIATION|
|At|1|January 2022|690,119|26,071|946|717,136|
|Charge for year|25,206|1,432|-|26,638|
|At 31|December 2022|715,325|27,503|946|743,774|
|NET BOOK VALUE|
|At|31|Decemher|2022|1,375,452|1,287|-|1,376,739|
|At 31|December 2021|1,400,658|2.719|-|1,403,377|

**----- End of picture text -----**<br>


Page 39 

continued... 



Notes to the Financial Statements - continued for the year ended 31 December 2022 

## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

14. TANGIBLE FIXED ASSETS - continued Included in cost or valuation of land and buildings is freehold land of £260,000 (2021 - £260,000) which is not depreciated. 

The Trustees consider that the value of the freehold property remains in excess of the net book value and therefore no provision for impairment is necessary. 

## 1S: FIXED ASSET INVESTMENTS 

|FIXED ASSET INVESTMENTSASSET INVESTMENTSINVESTMENTS|Listed|
|---|---|
||investments|
||£|
|MARKETVALUE||
|At 1 January 2022<br>Additions<br>Disposals<br>Revaluations|12,909,650<br>11,284<br>(260,000)<br>(1,474,879)|
|At 31 December 2022|11,186,055|
|NETBOOKVALUE||
|At 31 December2022|11,186,055|
|At31December202!|12,909,650|



There were no investment assets outside the UK. 

The investments at 31 December 2022 are held as follows: 

|||||Main|Fund|Walsingham Lodge Trust|Walsingham Lodge Trust|
|---|---|---|---|---|---|---|---|
|||||Permanent||||
||||Total<br>£|Endowmen<br>tFund<br>s|General<br>Fund<br>£|SinkingFund<br>(Designated)<br>=|General<br>Fund<br>£|
|Charities|Official|InvestmentFund|11,186,054|8,367,671|2,263,877|163,493|391,013|
||||11,186,054|_8,367,671|2,263,877|163,493|391,013|



The historical cost of investments is £8,748,231 (2021 - £8,957,083). 

Page 40 

continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 

16. INVESTMENT PROPERTY £ FAIR VALUE At 1 January 2022 and 31 December 2022 647,000 NET BOOK VALUE At 31 December 2022 647,000 At 31 December 2021 647,000 

The investment properties are freehold interests in properties around Queen's Ride SW13. The properties were independently valued on an open market basis at £647,000 on 31st December 2021 by Strutt & Parker. 

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

|17.|DEBTORS: AMOUNTS FALLING DUEFALLING DUEDUE WITHIN ONE YEARONE YEARYEAR|||
|---|---|---|---|
|||2022|2021|
|||£|£|
||Maintenance contribution arrears|8,797|14,734|
||Otherdebtors|15,634|13,335|
||Prepayments andaccrued income|30,394|18,382|
|||54,825|46,451|
|18.|CREDITORS: AMOUNTSFALLINGDUEWITHINONEYEAR|||
|||2022|2021|
|||£|£|
||Bank loansand overdrafts (seenote 19)|-|1|
||Trade creditors|28,972|41,099|
||Other creditors|66,406|57,203|
|||95,378|98,303|
|19.|LOANS|||
||Ananalysis ofthematurity ofloans is given below:|||
|||2022|2021|
|||£|ra|
||Amounts falling due withinone yearondemand:|||
||Bankoverdrafts|-|1|



Page 41 

continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 

|20.|ANALYSIS OF NETASSETSBETWEENFUNDS|ANALYSIS OF NETASSETSBETWEENFUNDS|ANALYSIS OF NETASSETSBETWEENFUNDS||||
|---|---|---|---|---|---|---|
||||||2022|2021|
|||Unrestricted<br>funds|Restricted<br>fund|Endowment<br>funds|Total<br>funds|Total<br>funds|
|||£|£|£|£|£|
||Fixed assets|699,154|-|677,585|1,376,739|1,403,377|
||Tnvestments<br>Currentassets|2,818,384<br>251,826|“<br>19,150|9,014,671<br>6,323|11,833,055<br>277,299|13,556,650<br>235,320|
||Current liabilities|(95,378)|-|-|(95,378)|(98,303)|
|||3,673,986|19,150|9,698.579|13,391,715|15,097,044|
||||MainFund|Walsingham<br>Lodge Trust|Leaschold<br>Bungalows|2022 Total|
||Fixed Assets||||||
||Tangible FixedAssets||-|1,376,739|-|1,376,739|
||Investments||||||
||Investments<br>InvestmentProperty||10,631,548<br>647,000|$54,507<br>-|-<br>-|11,186,055<br>647,000|
||||11,278,548|1,931,246|-|13,209,794|
||Current Assets||||||
||Debtors<br>Cashatbankand inhand||5,796<br>42,673|49,030<br>160,651|-<br>19,150|54,826<br>222.474|
||||48,469|209,681|19,150|277,300|
||Current Liabilities||||||
||Amounts fallingdue withinoneyear||(8,816)|(86,562)|~|(95,378)|
||||(8,816)|(86,562)|-|(95,378)|
||Net Current Assets||39,653|125,190|19,150|181,922|
||NetAssets||11,318,201|2,054,365|19,150|13,3915716|



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## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Notes|to|the|Financial|Statements|-|continued|
|for|the year ended|31|December 2022|
|21,|MOVEMENT|IN FUNDS|
|Net|Transfers|
|movement|between|At|
|At|1.1.22|in|funds|funds|31.12.22|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|- Main fund|2,654,397|(357,190)|-|2,297,207|
|General fund|-|Walsingham|Lodge|Trust|343,891|69,222|(53,097)|360,016|
|Asset Maintenance Fund|569,126|(304,613)|53,097|317,610|
|Fixed|Asset Fund|720,742|(21,589)|-|699,153|
|4,288,156|(614,170)|-|3,673,986|
|Restricted|funds|
|Long|Leaseholders Maintenance Fund|14,150|5,000|-|19,150|
|Endowment|funds|
|Permanent Endowment|- Main|fund|10,112,104|(1,091,110)|-|9,020,994|
|Permanent Endowment|-|Walsingham|
|Lodge|Trust|682,634|(5,049)|-|677,585|
|10,794,738|(1,096,159)|-|9,698,579|
|TOTAL FUNDS|15,097,044|( 1,705.329)|-|13,391,715|
|Net movement|in funds,|included in the above|are as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|a|£|£|£|
|Unrestricted|funds|
|General|fund|- Main fund|324,838|(378,192)|(303,836)|(357,190)|
|General|fund|-|Walsingham|Lodge|Trust|386,390|(266,922)|(50,246)|69,222|
|Asset Maintenance|Fund|-|(283,580)|(21,033)|(304,613)|
|Fixed|Asset Fund|-|(21,589)|-|(21,589)|
|711,228|(950,283)|(375,115)|(614,170)|
|Restricted|funds|
|Long|Leaseholders Maintenance Fund|5,000|-|-|5,000|
|Endowment|funds|
|Permanent Endowment|- Main fund|8,653|-|(1,099,763)|(1,091,110)|
|Permanent|Endowment|- Walsingham|
|Lodge|Trust|-|(5,049)|-|(5,049)|
|8,653|(5,049)|(1,099,763)|(1,096,159)|
|TOTAL FUNDS|724,881|(955,332)|(1,474,878)|(1,705,329)|

**----- End of picture text -----**<br>


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continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

## Notes to the Financial Statements - continued for the year ended 31 December 2022 

## 21: MOVEMENT IN FUNDS- continued 

## Comparatives for movement in funds 


**----- Start of picture text -----**<br>
||||||||||
|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.1.21|in|funds|funds|31.12.21|
|£|£|£|ce|
|Unrestricted|funds|
|General|fund|- Main fund|2,365,816|288,581|-|2,654,397|
|General|fund|-|Walsingham Lodge|Trust|371,310|223,104|(250,523)|343,891|
|Asset Maintenance Fund|316,616|(109,290)|361,800|$69,126|
|Fixed|Asset Fund|744,303|(23,561)|-|720,742|
|Cyclical|Repairs Fund|66,277|-|(66,277)|-|
|Boiler fund|45,000|-|(45,000)|-|
|3,909,322|378,834|-|4,288,156|
|Restricted|funds|
|Long|Leaseholders|Maintenance Fund|9,150|5,000|-|14,150|
|Endowment|funds|
|Permanent Endowment|-|Main|fund|8,902,899|1,209,205|-|10,112,104|
|Permanent Endowment|-|Walsingham|
|Lodge Trust|687,683|(5,049)|-|682,634|
|9,590,582|1,204,156|-|10,794,738|
|TOTAL FUNDS|13,509,054|1,587,990|-|15,097,044|
|Comparative|net movement|in funds,|included|in the|above|are|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|if|£|£|
|Unrestricted|funds|
|General|fund|- Main fund|316,930|(356,446)|328,097|288,581|
|General fund|-|Walsingham Lodge|Trust|372,008|(237,844)|88,940|223.104|
|Asset Maintenance Fund|-|(145,362)|36,072|(109,290)|
|Fixed Asset Fund|-|(23,561)|-|(23,561)|
|688,938|(763,213)|453,109|378,834|
|Restricted|funds|
|Long|Leaseholders|Maintenance|Fund|5,000|-|-|5,000|
|Endowment|funds|
|Permanent Endowment|- Main|fund|8,636|.|1,200,569|1,209,205|
|Permanent Endowment|-|Walsingham|
|Lodge|Trust|-|(5,049)|-|(5,049)|
|8,636|(5,049)|1,200,569|1,204,156|
|TOTAL FONDS|702,574|(768,262)|1,653,678|1,587,990|

**----- End of picture text -----**<br>


Page 44 

continued... 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

Notes to the Financial Statements - continued for the year ended 31 December 2022 

## 21. MOVEMENT EIN FUNDS- continued 

## Designated funds: 

Asset Maintenance Fund 

During 2021 the Sinking Fund was redesignated as an Asset Maintenance Fund and the Cyclical Repairs Fund and Boiler Fund were amalgamated into this one fund.This fund has been set up to provide for future major major works on the property. Annual transfers are made into the Fund in accordance with the recommendations of the Fund's professional advisers and Almshouses Association. 

## Fixed Asset Fund 

This fund has been established to represent the unrestricted funds tied up in tangible fixed assets and so not otherwise available to Walsingham Lodge. 

## Restricted funds: 

## Long Leaseholders Maintenance Fund 

The restricted fund represents the balance of service charges receivable from long leaseholders and is available solely to meet applicable management and maintenance costs of the leasehold bungalows. 

## Permanent Endowment Funds 

The Permanent Endowments represent funds donated and invested to generate funds to support those in need in Barnes. 

The Walsingham Lodge Permanent Endowments represent the land, known as Walsingham Lodge, and the surrounding areas originally donated to the charity. 

22. OTHER FINANCIAL COMMITMENTS 

Grants payable totalling £67,454 (2021: £75,247) have been approved in principle but not yet confirmed. 

23. RELATED PARTY DISCLOSURES 

Barnes Fund Trustee Limited (the trustee) is the trustee of The Barnes Fund. The Bames Fund bears the costs of the trustee in respect of reimbursing it's directors for expenses incurred on The Barnes Fund business along with the regulatory costs. The amount paid by The Barnes Fund in the year amounted to £1,320 (2021 £1,320). 

24. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES 

In common with many other charities of this size and nature the Trustees of The Barnes Fund enlist their auditors to assist with the preparation of the financial statements. 

Page 45 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 

||Detailed Statement ofFinancial Activities|||
|---|---|---|---|
||for the yearended31 December2022|||
|||2022|2021|
|||£|£|
|INCOME AND ENDOW MENTS||||
|Donations and legacies||||
|Donations||2,924|450|
|Investment income||||
|Investmentproperty income<br>Dividendsreceivable||1,135<br>329,969|3,341<br>321.777|
|Deposit accountinterest||1,194|11|
|||332,298|325.129|
|Charitable activities||||
|Rentandmaintenance contributions|receivable|380,582|366,352|
|Costrecharge||9.077|10,643|
|||389,659|376,995|
|Total incoming resources||724,881|702,574|
|EXPENDITURE||||
|Charitable activities||||
|Ratesandwater||8,267|7,852|
|Insurance<br>Lightandheat||9,196<br>43,000|8,545<br>21,123|
|Sundries<br>Caretaking and cleaning||6,947<br>7,549|6,090<br>8,186|
|Wardenexpenses||26,137|22.322|
|Repairs andmaintenance<br>Management charges<br>Bad debts||392,620<br>27,893<br>2,666|259,212<br>26,812<br>-|
|Alarm Systems||9,608|4,153|
|Computerexpenses<br>Research<br>Depreciation oftangible fixed assets<br>Grantsto organisations||2,882<br>-<br>26,638<br>282,484|3,378<br>25,499<br>28,610<br>241,674|
|Grants to individuals||38,395|32,196|
|||884,282|695,652|
|Support costs||||
|Management<br>Wages||43,308|39,475|



This page does not form part of the statutory financial statements 

Page 46 



## THE BARNES FUND and linked charity, THE WALSINGHAM LODGE TRUST 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|Detailed Statement|of Financial|Activities|
|for|the year ended|31|December 2022|
|2022|2021|
|£|£|
|Management|
|Finance|
|Bank charges|260|230|
|Governance|costs|
|Auditors'|remuneration|14,784|12,120|
|Accountancy|and|legal|fees|12,698|20,785|
|27, A82|32,905|
|Total resources expended|955,332|768,262|
|Net expenditure|before|gains and|losses|(230,451)|(65,688)|
|Realised|recognised gains|and|losses|
|Realised|gains/(losses) on fixed|asset|investments|(22,746)|-|
|Net expenditure|(253,197)|(65,688)|

**----- End of picture text -----**<br>


This page does not form part of the statutory financial statements 

Page 47