REGISTERED CHARITY NUMBER: 200103 AY4D 20010311 THE BARNES FUND linked chorÈty* THE WAL51fiGHAM LODGE TRUST F￿nancIal Sthtements for the Year Ended 31 Deeember 2023 Xeinadin Auditin Chartered Accountants and Statutory Audifors Becket House 36 Old Jewry London EC2R 8DD THE BARNES FUM) Conlents of the Financial Statements for tl)e year ended 31 DeCt￿ber 2023 Page Report of the Trustee I to 22 Report of the Independent Auditor5 23 to 25 Statement of Fin8￿CIal Activities 26 Balallee Sheet 27 1￿COme and expenditure account 28 Cash Flosy Ststement 29 Notes to the C2sh Flow Statement 30 Notes to the Financial Statewents 31 to 44 Detailed Statement of Financial Activities 45 to 46 THE BARNES FUND Report of the Tru5tEe ror the year ended 31 De¢emb¢r 2023 The trustees present their report with th¢ f]na]irial stalelnents of the charity for the year ended 31 December 2023. The trust¢e8 have adopted the provisions of Accounting 3nd Reporting by Lhariti¢s.' Staternellt of Kecommended Practice applicable to charities preparing their accounts in accordance with the Finallcial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) l¢ff¢ctive l January 2019). Note.. The Barnes Fund Trustee Ltd (Cornpany Numb¢r 10873803) is the Corporate Trustee of Mie Bames Fund (Charity Number 200103) and Walsingham Lodoe Trust (Charity Number 200103-1>. On 24 February 2020 ihe Board of tht Bdrnes Workhouse Pund Trustee Limited resolved to chkmge the name of the charity froin Barnes Workhouse Fund to The Bames Pund. 'I'his was updated on the Charity Commission register on 26 FebTUAry 2020. The Board resolved on 14 May 2020 to Change the name of the Lorporate Trustee, from Bames Workhouse Fund Trustee Ltd to The Barnes Fllnd Trustee Ltd. This has been updated on th¢ Companies House Register. In the report and accounts the following terminology ts used.. The Barnes Fund TrLJStee Ltd is referred to as 'The Trustee.; The Barne5 Fund is refetred to as 'The Fuiid, The Walsinoham Lodiye Trust 15 re[£￿d to by its fiill name And in the ieport (PP 1-22) The Directtsts of The Barnes Fund Truste£ Ltd are referred to as'tN$tees' Page I THE BARNF.S FUND Report of the Trustee for the year ended 31 December 2023 OBJEcfivBS AND ACTIVITIES Obje¢tiTru and aims Thc Fund's Objects can be found in the Governing Document which states thai "the object of the Charity shall be the Objective5 and aims Th¢ Fund's Objerts Can be found in the Goveming Document which ststes that "the object of the Charity shall be the benefit of the inhabitants of the ar¢a of the Ancient Parish of Barne%" as folltsws.. - The relief of the aged, impotent and poor- Th¢ relief of distress and sickness; Th¢ provision and support (with the object of improving the conditions of life for the said inhabilaThts in tbe interests of social welfare) of facilities for recreation or other leilure time occupation- 'Ihe provision and support of educational facilities. Th¢ boundaries of the "Ancienl Parish of Bames" broadly corr¢spond with the present postal area of London SWI3. A map setting out the area of benefit is illcluded on our website www.thebarnesfund.org.uk. The Fund aims to meet the above objeets by understanding the priorFty needs of Barnes residents and by b¢ing reactive to the numerous and widespread applications r¢¢eived in accordance with those needs. Known as an area of relative wealth, Barnes h&s mixed n¢ighbowthoods and also an area of particular deprivatio and high need. In ternis of age profile, Barnes has a consistently higher percentage of its population betweell the ag of 45 to 90+ than Richmond and l.ondon a8 a whnl¢, and parts of Barnes have some of the highest nu]nb¢TS gf 65+ people living alonc in thc bomugh. Thc 2021 ccnsuq showed th￿ 14/0 of housebolds iti Barne5 are occupied by one person aged 66 yearg or over, compared to 120/0 in Richmond borough. The number of people witb a disability bas increased sinc¢ the 2011 census with ibc number of disabled people in Barnes ai 12.3Q/D compared to I 1.1 % ill 2011. 01 the ¢i¥ht¢¢TL wards in Richniond borough, Bames is ranked seventh in tern]s of the percentage of peopl¢ with a disability. More g¢n¢rally, truste¢s have become aware, through assessing individual povety applications and feedbtL¢k fr()m I￿41 voluntary oruanisations, that individuals experiencing incyeakinoly complex needs. The Index of Multiple Deprivation (tMD) 2019 measwes relative deprtvation for neighbourhoo(ts in Englajid. The Index reveals that of the 115 neighboUrho[￿ areas in Ri¢hmond bOrou￿l the neighbourh(x)d with the fifih highcst level of deprivatiott ts in North Bames. North Bames is ranked 11,485 of J2.844 nationally (where l is mosf deprived and 32.844 is least deprived). The Income Deprivation Affecting Older People Index (IDAOPI) Is a supplementarv index which rneasures the proportion of people aged 60 years over. living in income d¢priv¢d households. According to the measure5 used to Create thi5 ind¢4 of the 115 neighbourhood areas in RiLhmund borough, tbe neighbourhood with Éhe l)ighest level of dtpriYatiQll 15 in North Barnes. North Ban)es is ranked 6,099 of 32,844 naiionally {where l is most deprived and 32,844 is least deprived) in ternis of older people. This is amongst the 20/0 most deprived neitrhbourhoods in the country. Trustees comniissioned a research ttqeney, Rocket Science, to undertake a research project into need in the comniunity in 2021. A steering wup of local stakeholders provided over8ight to the praject and the project benefitted from a combination of research meihods including a desk-based rcvicw of data and evid¢nce, consultation with 55 local stakeholders from 50 organisations. and int¢Niews with 110 Bamc.8 rcsidcnts. Thc resulting repot( launched in June 2021. provides an ongoing resourc¢ for th¢ community, as well &s a tool to help trustees to maximise the effectiveness of the Fund's grant-making going forward. Tbe report sets out a widc range of dats which demonstrates some of the wide rdnge of needs felt in Barnes, in¢ludints ihos¢ felt more acutely than in other part5 of the borough or th¢ capital. For example. Barnes is one of the top four wards in London for the proportion of residents dying with deinentia as the underlying cause of death la total of one ￿ ten of all d¢aths in the area} and BaTnes ward has the third highest proportion of children with SEN support ur EHCP vf all wards in Richmond-upon-Thftmes (a total of 14.7•/0 of the pupils compared to the RiLhtnond-upon-Thame5 av¢rdge of I2.4￿10}. The research also demonstrdted that needs were exacerbated by the impact of curonaviru5 pandemi¢ and relaied lockdowns. This was felt by the community in tenns of financial shocks, includin? a doubling of thE nulnber of people claiming Universal Credit betwttn January 2020 and January 2021, as well as an increase in loneline5& isolation. mental health issues and domellic violei)ee L8 a result of the pandemic and related restrictions. More recently. trustees have become aware. of the increased pressiire the community callscd by the recent steep rise i energy prices and houseliold costs. cornpounded bv a loss of r¢silien¢e wh¢r¢ household Savings wue run down i the pandemic. Page 2 THE BARNES FUND aDd linked charityj THE WALSINGHAM LODC£ TRUST Report of the Trustee for the ye2r ended 31 December 2023 The TtusTre confjrnis that it has complied with its duty in se¢tion 4 of the Charities Act 2006 to have due regard to the public benefat guidat)ct published by the Charity Commission in detemiining 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-makI￿g policy which includps.. Taking 5ttps to only th¢ highest priority need5 of individual applicant5, Starting with basic livin(F es%eDtials- Fundillg'first tier" further education and vocational courses as a priority. Funding local organisations based in the Richmond Borough who cam demimstrate that their activities will benefit some of the inbabitants of Bames. with the funding proportionate to the Barnes popul2ti(bn accessing those ad1viti￿ and the needs they sel out to meet. No applications are considered from national charities tn the case of The Walsingham Lod(re Tru51 it Provides sheltered housing in the fomi of almshouses for older Barnes residents. who are of limited means and who can live independently. In the abseThce of all appropriate person from 13&rnes, the accommodation is made available to an appropriately qualified peTSOll from the BoTough of Richmond or soinebody with strong family links to BarDes' and PrL)vides access to sheltered housing benefits to leaseholde￿ at five bungalows traded independently on the open market, where the leaseholdus are over 60 years of age and able to live independenlly. The Barnes Fund is the freeholder, and the sheltered housing benefits are proyided through giving access ro the communal facilities at Walsingham Lodge. In more detail, in the case of its makin& the Fund fLlltb¢rs its charitable p￿￿oSeS for the public benefit through its grant-making policy which operates as follDWS: tndividuals in need ¢an benefit by making an application to the Fund through a separate organisation actints a5 "Referral Agency" Th¢ Reftrrer will vouch for tIL¢ appli¢ant's ¢ircumstsn¢es; help them complete the application forni and oversee the appliLalion Pr￿eSs. The Fund has a poliw of limitin> grants to £500 to any one individual in any one year. Cumulative gratLls over three y¢aTS may be awarded up to a maximum of £1.500. Entirely at the tjustees, discreticin, the M￿lMuM figure vf £500 rnay be exce¢d¢(L d¢p¢nd¢nt upon the applicant's circumstances, In recognition of the steep increase in energy costs faced by the comrnunity during 2022. the ttU8tees agreed to increase the threshold to £650 for hardship grants, where these illclude energy costs. In addition. in 2023, the Irustees also agreed to increase the threshold io £650, where th¢ grants included all award for large household applianGes, in rewgnition of the increased cost of these items. Thc%e limits do not apply to grants fDr education pury)oseS. Parental incon)e of applicants for education grants is taken Ènto account up to the age of 25 years and trustees, discretion is used after that age. Applicants for educatiots grknts are usually interviewed by two trustees. Local organisations who Can provide strollg evidence of bEllefIt to Barn¢s residents ma). appty for either core fi￿ding or project fi]nding. To this end and with the Fund's litnitEd income in mind, trustees are keen to focus resources on cnsuring that prioritv needs in Barnes are idetttified alld met. This has inevitably meanl that some organisations. particularly those with anational base or able to Eaise fimd5 in other ways, have seen their appli¢ations turned dow]L Since all of the l-und's trustees live in Barnes and soll)e are volunreers for various voluntary organisations based in the local are4 the trllstees 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 tems of need and, in respect of applications from ortsanisatLOll5, a150 in tern￿ of their accessibility to Barnes residents and the previous success of the services offered. The Fund monitors the outcome of its awards. A bcneficiary org8ll18atinn ]% required to report on ihe success of a awar¢L explaining hoiv rbeir services have benefited Bames residents. Numbers of Flarnes residents using the service are required to be provided before any new grant is considered. Or(rani58lion% are encouraged to link up with other orgL￿lS￿tlo￿S workin(T for the benefit of Barnes residents, so that ¢ombin¢d benefit can be delivered where this will enhance the service that one organisation is attenipting to provid¢ in BaTneS. The trusiees andlor the Executive Director visit certain organisations during the year, so that the needs of Barn¢s residents and how best ihese can be met ¢&n be considered in detail. An Annual Public hf¢etiAg to which benefici41ry organisations and ReteiTal Atrencies are invited provides a useful for[￿ for an exchange uf inforniation, neivb and comment between trustees and a wide range of stakeholders. THE BARNES FUPID and linked eharityy THE WALSINCHAM LODC.E TRIIST Report ofthe Trustee for the year ellded 31 Deeemb¢r 2023 The Executive DireLtUT &ttCDds Borough initE¢itiv¢s regjularly, to gain access to a wide variety of volLttttary organisations and an understanding of ih¢ir work both separattly josntly within th¢ Borough. In respect of the Walsingham Lodge Trust, comprisillg th￿rtY-thre¢ almshouses at Walsingham Li)dge and Berkeley Road, the charitable pu]poses for the public beDefit are arhieved by following the strategies below.. The almshouses proi'ide shehered housing in Barne5 for older people who have limited means and are able to live independently. Much of the relief that the Fund provide5 for the aged comes through this source. 10. The alrnshouse5 are managed on a day-to-day basis by a Managing Agent, appointed by the Tyustee. The Trustec sets the sttategic direction, key policies and the budget. and monitors the Managing Agetjt's perfornwice regular dialogue and reporting. I l. An advertising campaign across Barnes. illcluding on occasion an Open Day on site, ts run periodically, ti) publicise the sheltered housing in the local are& And a Housing Register is kepL to ensure a￿Y vae2ncies are filled as quickly as possible. The Trustee's priority is to award almshouse licences to those with the greatest neod, who are already living in Barnes. 12. The London Borough of RichTnond has nomination rtghtg to 50°/ts of the flats At Walsingham Lodge and links are aiDtained behveen the Council, the Walsingham Lodge Trnst and the Managing Agent, in order to ¢o-ordinale the filling of vacancies with appropriale Council nomine¢b. 13. The Fund is the freeholder of five further bungalows that provide 5h¢ltered housing through benefitting from the f￿1]itIeS provided by Walsingham Lodge Trust. These are independently traded the open market on long leases. where the lease Specifies tbat the leaseholder will be 60 or over, and where they have access to tlie Housing S¢rYices OtTic¥r: the residents, eniergency a]ami' and the communal tacilities provided at Wa15i]igham Lodge. The Freehuld¢r's responsibilities are Ca￿led out by a Managing Agent, appointed and oyerseen by the Trustee in the same way ab for Walsinghatn Lodge. Page 4 THE BARNES FUND and linked chayityy THE WALSINGHAM LODGE TRUST Report ofthe Trustee for the year ended 31 December 2023 ACTIVITIES AND PERFORMANCE IN 2023 Tru5te¢s have been aware of rising household costs over the last two years. which has put pressure on hollseholds in Barnes. I'his was further exacerbated in 2023. with continued levels of high inflation. Whilst some saw & r¢duction to the rost of energy. cornpared 10 2022. the fact that the government's Entr￿ Bills Support Scheme was not repeated in 9023, meant that enei'gy bills remained high for many. In 2022, trustees had agrecd to increase the threshold for hardship grants from £500 to £650 where the ￿nt Involved energy costs. tn 202), thi8 additiona] provision remained in use, and the grant with the highest frequency was for utilities, particularly encrats expcnses. Tt aceountcd fnr 31 percent of all individual ￿allIS awarded. totalling £1 1,960. In total 86 hardship tsranLq wcrc awardcd during 2023, which represents a sligbt decrease from 2022 (88). llnCre￿ed energy costs and high Intlat￿On have also continued to put a strdin on IIKal voluntary and commLll)ity organisations. in ternis (If their siaffing and rurming costs. In addition, many organisations have seen increased need due to the impact of rising costs. on th¢ ¢ommunity as well as the ¢ons¢quent pressure on mental health. We were able to respond to this with uplift in th¢ grant award to a number of organisalions. This included increased awards to Richmond Futha]]K Citizens Advi¢¢ Richmon(L Ca5te]nau Centre Project, Welcare and FISH Neighbourhood Care. There wa5 a slight iTrcr¢ase in the number of education grants awarded in 2023. A total of eighteen education grant5 were award¢d covering s¢hool unifonn, school residential trAps and university costs, compared tr) seventeen in 2022. The ￿ajOrIty af these Telat¢d to grants to support families with the cost of residential school trips {13 grants £4,246). TTL15tee5 view these a5 an important experience for children, ill ternis of learni￿g, shared ex￿rienCeS rmd life skil]s including independenre. In 2023. the sutn awarded for educational grants amout]ted to £5.860, a decrease froin the £7,347 granted in 2022.'lThis reduction is attributed to a lower amount awarded for university expenses, coupled with a dec￿aSe in applications for such costs. Furthemore. responding to the heightened call on our resources, trustees decided September 2023 to cap individual student grants at £1,000 per annum 8nd cease aw2rdin(p grants for poswaduatc studie5. Following the publication of the Barnes Needs report and comn)unty conversation in 202I, Ihe learning from the research has CO]Itinued to infomi our grant giving. Many organisations to whom we have recently awardcd grants repDrted that the research had infornied their work. and adjustments had been made to address needs highl jtshied in the report. 2023, we am'arded funding to Barnes Community Gardeners whi¢b is a paJthersbip project delivered by Bames Common Ltd. FISH Nei(shbourhood Car¢ and Barnes Cominlmity Associauo]L. The project addresses themes raised in the research includinD the ￿ental health btnefits of collaborating. the Theed for accessible aLtiviiies, the role of residents itl co-design and co-creation and delivery in the different areas of Bames including Nortb Barn¢b. Menial health coniinues to be a priority for the Fund, as indicated by the Significant need highlighted it] the Needb. ReKx)rt. In 2023, SpAce2Grieve received funding to offer counsellsng services for indivffiduals Coping with the loss of a loved one. Closure of Hammersmitb Bridgc Hammersmith Bridge. which links the Londott Borough of Richmond upon Tharneq to thc I,ondon Borough of Hammersmith and Fulhan). closed to vehicular traffic in April 2019, followed by thc full ¢losiwe of thc F3ridge in August 2020. The closure of Hammersmith Bridge had a significant impa¢t on th¢ Barnes con]munity, Includ￿ residents of Walsingham Lodge in tems of their access to services, including medi¢al appointTn¢nts north of the river. Whilst H2mmersmith Bridge reopened to pedebtrians cyclists in July 2021, parts of th¢ ¢ommuuity continue to be impacted tlwoughout 2023 by the continued closure to vehicular traffic, including older people and disabled people. Page 5 THE BARNES FUND liryked charlty. THE WALSINGHAM LODGE TRUST Report of the Trusiee for the year enijed JI December 2023 Grants Awarded The Fund's total income (excluding from sheltered housing) receiY¢d during 2023 wjs £332,455 and the total amount awarded in grmts was £307,406. Over the xear 2023 th¢ Fund awarded the followitt rnnts- No. of Grants 86 18 35 Grants awarded to Iiidividuals under Relief of Poverty Ob'cei Grants awarded to Individuals under Educatio urposes Grants awarded to Organisations under ail objects Ca itral G￿nts to Organisations The fvll brcakdawn Df grants awarded during 2023 can be fgund in Note 6 to the Accounts which accompany this Report. The total grdnL% awarded, provided in Note 6, is lower than £307,406 due to deductions of grants approved in 2022 that weT¢ nnt paid. Th¢ ftsllowing chart sets out the level of funding awarded charitable object in 2022 and 2023. In relation to the Fund's f(￿￿ different object& many grants awarded meet tnore than one object. 2023 Grants bTr Object (20? ? in brack-ets) Supportof edtJ£alion 25%129%1 Distre5sand sickne55 33°I6136%1 Relief of ihe a8Ed, irnyotenr i and PQOT 38% 13J%l Supportof recreaiion 4%14%1 Notes to chan.. (l) C5rant.4 tn individuals for the relief of wvertv aiid for education are shown under the 'relief of the agEd, impotent and poor, and 'support of education, objectives respcclively. Page 6 THE BARNES FUND and linked charity,THE WALSINGHAM LODGE TRUST Report of the Trll5tee ftsr the yeAr ended 31 December 2(123 Gr#Dts made to ÈDdividu21s Individllal applicants, circumstances #Je often complex and varied. The Majority of the applicants in 2023 were identified a5 bavints tnore than one need. The following chart provides an in-d¢pth picture of the exient of complex needs experienced by thos£ in receipt of an individual grant from the Fund in 2023 and 2022, based on the infomation provided by the Tefcrrdl agencies. The needs mo.%t frequently highlighted related to debt, mental health, physical health and difficultieE faced bs, lone parcnts. This is a 8irnilar picturc to 2022, hnwcvcr, thcrc been an increase in those with phy5i¢al hedthlil1n￿S onccrns1480/o comparcd to 370/¢ in 2022). Issues related to being homeless or recently rehoused have increased {149/ ompared 10 70/0 in 2022). Frequently. individuals relocating to Barnes from elsewhere within the borough or from outside the borough encounter challenges in furnishing their new home wlth essential items such as kitchen appliances, Carpets, and other basic necessities. It is worth notin(T that these fAgures represent lleedl that are expressed illteryiew and are likely to involve under-reporting particularly on more sensitive issues. Page 7 THE BARNES Fuf4D attd linked charity. THE WALSINGHAM LODGE TRUST Report orthe Trustee lor the year ended 31 December 2023 2023 ￿dI￿d￿th- % affe¢led ￿. issu65 (88 residents) (2022 figwes in ￿aCk￿$) 5S% kle￿￿1 HeaLtkL (46°. . Health137°. Lone Pareni (3V•) 33% Disabled133°. 2rA 22 Carer(19°. 2[ Howeless ** (7° Benefits (20•. Lmi. Inc(￿e. (13.41 5% COI:ID (7°¥*1 s% SW**{5°01 5% Poor housing (1°. 3% Dnzg.A]cohol (5°. Liiwted Engltsh (1°. Refijgee (1°. ictxm of Cnttie (2°. * Low Tncovne l unstable work Homelcssness I those reccntly rehoused *¥#Leaming Disabled I SEN / Behaviour **** Survivor of dome&tic/sexudl abuse Page 8 THE BARNES FUND aThd linked charity, THE WALSINGHAM LODGE TRUST Report of the Trustee for the year ended 31 December 2023 It is also usefftl to con%ider dcmographic critcria in ternis of those assisted. Thts can suppurt us understdnding need, and also where there might bc gap8 in t¢rni8 of pravi.sion, and any publicity can then be targeted aCcord￿gIY. The majority of those supported were living in social hausing174 %). There has been a slight increase in the number ofthose living in Privat¢ Rented Sector housing %upported (160/0 Compared to 13Y. {2022)) and an dttrea5e in the llumber of those living in social housing. This ￿hOeS the increase seen in private sector tenants seen in 2020 wheii a number of people found thems¢lves ￿ crisis as a result of the pmdemic, who had not approached the fi]Thd in previous years. It Lay r¢fl¢ct the impact of the ste¢p increase in household costs, which has resulted ill a number of people flliding themselves CTi5iS who had previously managed to cope on a low income. Individuals.. Q/0 Accommodation Type Sbeltei'ed -4ecoiiiiiJoilntlo 7Y• Oibei. 2U/o Lh-iug ivitli i'*11ltii-e Pili ilif Rf nle(I st￿¢101. IPRSI 16Vo Hoii4tHg The following ¢hart out fhe ￿r¢eTrtage of those supported by age-group. It is worth noting this provides fortndtii)n unly about th¢ appliwit, and does not refleci the full impact of the awards with regard lo other household memberg (such as childreD). There h&3 b¢en a significant increase in the 50-59 age bracket (310/• in 2023 compared io 17/0 in 2Q22). The percentage of those ag¢d 60+ has remained at a similar level (200/0 in 2023,190/ts in 2022) following a 9ignificant tncrea5e fro￿ the previou5 year {1107D in 2021}. This may reflect the continued impact of energy cost increases, which typicaIly affect older people disproportionately. In(IAvi(lual$_ % bv Age 24% 16* 13% 6% 1% 0-19YEARS 20-29 YEARS 30-39 YEARS 40-49 YEARS 50-59 YEARS 60-69 YEARS 70-79 YEARS 80* Page 9 THE BARNE?i FUND and linked cbarity) THE WALSINGHAM LODGE TRUST Rcport of thc Trustee lor the year ended 31 Deeember 2023 The applications on behalf of individuals were brought by our key Referral Agencies. The organisation that submitted the greatest nuinber of applications was Citizens Advice. However, the number of appli¢atiotJs submitted fewer than the previous year (29 compared to 40 in 2022). This was partly due the availabiliry of the governments Household Support Fund which Citizens Advice administers on behalf of Richmond Council. Of note is an incr¢ase in appli¢ations from other voluntary and community oi'gani&ationb (40 in 202? ¢ompar¢d to 20 in 2022). Wiihin this cat¢gory Ric]llTLond Aid subTrill¢d the greatest nuinber 25 (cvmpartd to 17 im 2022). Other notsble organisatioll5 Wlthin this category include the Social Prescribin¥ Tedtii. RUILS18 applRLativtts) and Look Ah¢ad (5 applicatiQns)- 2023 A liLations b refetral a 022 fi ur¢s in braokets vcs organisations including Richmond Aid, RUILS and Look Ahead 40 (20) LBRUT. NHS. and otber 5tsitutDry agencies RHP. PA Housing, and Sheltered Housing Education (Local Achieving for Childrervlocal Children's Centre Citizens Advice EducAtiOtI (self-refe￿ajs) ChuTch Schools) 29 {40) 13 (14) (16) (6} (2) (5) (2) The grants awarded to individuals covered a wide range of essential items. Most basic essentials are soureed from lo¢al suppliers, with w,hom the Fund has ebt&iblish¢d a ￿uL(esSful and on¥oing relati()nship. The Executive Director can conununicale directly with the M￿ger ufeaLh of ihe&e businesses, ensuring comp¢titiv¢ priiing, reliability gnd prop Monitoring of the grant from the time that it ig awarded. to when thE Item É5 instdlled in the £ipplicanl'& horne and th¢ ¢osts p&id direct to the supplier. The following chart 5how5 the percentage of the total alnount dwaTdtd to individuals thai was paid out for each category of item reque&t¢d. It is notable tliat some hi￿]er cost items (such as ¢arpets) that represent a high percentage were awarded io a s￿all number of individuals (8Q/D, 4 individuals) in compari59n to smaller grants that were awarded to a larger number of people. For exatnple, 8fdnts for cri515 Costs {15 /, 18 iDdividua]s)- Iiidii'idiials .0 illoiiej, lleeded for 33% 21/. 16% 8% 2V• io/ 2% 1% Ediicawo 6t5 *rg¢ hoii*lidd i¢n¢rg)'.MTri¢r reiil (sr(Y¢Yies1 dc41uii& L*1 tlla£b%Le e¥ci Page 10 THE BARNES FUND lillked charity. THE WALSINGHAM LODGE TRUST Report orth¢ Trustee for the year eDde(131 Deceniber 2023 Ilndcr thc education object thc Fund actively encourages applications from individuals looking to return to education. or to 80 into furthcr educatinn, with a Yiew to improving thew chances o( employjnent. Funding under this object ts also fo¢ws¢d on cnsurin(r all children ar¢ ablc to access educational opportunities, including residential school tsips. Help with utility bills. particularly energy costs. was one of the major needs during 2023, with 33 /0 of gmts awarded being rrtade for this purÉx)se. This reflects the decision to increase the threshold for energy grants to £650 earlier in 2022 in response to increased energy costs. 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 2023. refenl agencies have continued to highlight a need for crisis pay￿ellts to support individuals alld families with the cost of ￿0¢er￿Cl. The Fund has continued to pay the5¢ directly to applicants and thi5 has provided an immediate and efficient way to support those iti crisis giviThg them the flexibility to use the ￿ndS in a way that suits their situation. Grants mAde to Organi$atAoos Both those in reeeipt of individual grallt5 from the Fund and very many other members of the community are 511PPOrted by the wide rallne of Voluntary organi5ations operating in Bames and that the Fund support5. In order to help those organisations ill as flexible a way as possible, 870/0 of grani funds awarded were to meet core costs and 13 /• of funds were awarded ￿ support of sp¢cifi¢ local projects. All beneficiary orgallisations have demonstrated to the Fund thai their services can rlleet at le&%t some of tbe numerous needs of Barnes residents. Taking account of the Fund's Objects. the Board's task is to continue to extend its reach &cros5 Barnes, to ensure that everyone in ne¢iL who Inay be struggling in this area of relativ6 wealth, can gain access to, and supp)rt from, the many voluntary organisalion5 W0￿]ng in the Borough. The following chart provides further infomiation in t¢nlls of the types of need and support provided by the organis#lions tbdt received a grdllt in 2023. 20?3 Organisations: hypes of needs sUp￿rted x¢NI isollnorb 19 be•lth 17 rn 14 •hic¢' 12 12 th5abthty"' il older peoplt Felatioosknp *dthttLwI nethts l¢knidteJl ortsnJuwN' space includes infornTration and advocacy includes phy.8ical, sensory and learning disabilities *** includcs parcntin(T/ family stability/ healthy relationships Pagell THE BARNES FUND linked charity, THE WALSITriGHAM LODGE TRUST Report of the Trustee for the year ended 31 December 2023 Grant5 toward5 Capital Vrojects The Barnes Fund rnaintains reserve5 that are ayailable to support suitable Capita] Projecis. In 2023 there were no grdnts awarded to support capilal projects. 'l-rustees remain open to applications for capit&l grants from Barnes organisations which are looking for some support for a project which is designed to serve the Ioc8J community. 2024 CTrant-Making Trustces arc 2warc of the continued pressure of increased energy and h￿sChold costs the colnmunity of Barnes. Mi)rtlakc c.ommunity As8OCtation. have been awarded z gtant in recogllition of the pressur¢ their resources from partiCiP3nts fInd2ng it hard to meet even the low costs 01 activities, and Én 5UPPOrt of th¢ir COTnniunity warm hub. The Hub ha% provided not only a warn) space and food to Bames and Mortlake residents, (typically older and on a low income) bur has also been a g(N)d exatnple of co-location with those attending being able to access a range of other service providers {Richmond Borough Mind, the Social Prescribing tea￿ at RUILS, South West Lopdon Energy Advice Partnership and local ward councillors). Another need highlighted in the Barnes Needs reporL access lo local activities and green spaces, has been addressed thix)ugh & grant to SllPPOrt children at local primary schools to access Leg o'mutton Nature Reserve and learn about the diverse flora and fauna there. WAtSINGHAM LODGE The Fund provides shellered housing in two forn]s. There are thirty-three flats and bungalows provided through its linked chELriry, Walsingham Lodg¢ Trust, where ttrLe trustees award an almshouse licence to the appli¢￿t greatest need when a vacancy arises. Ill addition, there are five bungalows independently traded on the open mrtet on long leases, and whEre the le￿¢hOlderS have access lo the Housing Services Officer, residents, emergency alam, and ollunullal facilitie5 provided at Walsingham Li>dg¢. A roof suryey wa5 undertaken by Ghartered building surveyors, Earl KendricK towards the end of 2022 with the report f]Thalised in 2023. This provid¢5 rpfreshed infornialion on the condition of the roofs across the site and enables trustees to work with RLILI to plan works in the COTning yeaTS.'llJ¢ 5aTne survey also looked at the qualiry of insulation. Work continues to establish ways in which energ). bills ran be reduced. includitvd a feasibiliry report into the heating sy*em at WalSingh￿ ￿dge in 2023, which exarniDed ways to reduce energy consumption. Adjustments have been made to the heating sysiem as a result and trn5tees aTe working with RLHA to consider further optlolls going forward. During 2023, Reinforced Autoclaved Aerated Concrete (RAAC) became a concern for Tnany organisations. Whilst it was thought to be unlikely that RAAC would be present at Walsingham Lodge, structurdl engineers were Collllnissioned to conduct an inspection survev to establish if there is any presence of RAAC. The survey was ¢on]pleted and no RAAC was found within the structure of the Walsingham Lodise building5. 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. On the garden& thrther works were carried out on the trees in the gardens. In 2023. two new licences were awarded following vacaDcses. To publicise the Yacancies at Walsingham Lodge and help ensure that tliose who are eligible and in greatesi need are aware of them And on our Housing Register. an advertising campaign ran across Bames in 2023. a brochure was provided to potential applicatlts and relevant agencies, a￿d rn¢eting5 were held witli key stakeholders who might wish to signpost their clients to Wa￿SinghaM Lodge. the Sprinv Barnes Musi¢ Festival held a concert at Walsingham Lodge and a Carol Concert was held hy ihe Barnes Churche5 in Dec¢mber. FISH Neighbourhood Care continued 10 provide a lunch at Walsingham Lodge every two months. and a Christhias party for the residents. In addition. the reading group met weekly in ihe conmiunal lounge and a ￿'eeklY gardettino club continued to b¢ run by the volunteer5 from the Barnes Community Gardeners. This provides an opportunity io residents tr> tset involved in gardening or simply join in 50cially. dependtng on their level of mobility, and has received a go(xl level of p&rtiClPation. Residents, teas also took place, providing an opportunity for t￿StetS to meet with residents in the lounge. Residents are encouraged to organise their own aCtiV￿lIes, and a blues music event wirh a local Tnusi¢ian, held in the lounge. ooanised by one of the resident$. Page 12 THE BARNES FUND and linked Charity, I'HE WALsifiGHAM LODGE TRUST Report of the Trustee for the year ended 31 Decetnber 2023 W4lsingham Lodge Developments in 2024 In late 2023, as has been the practice every couple of years, RLHA conducted a survey of residents in order to caprnre the￿ views and to understand my areas of concern or areas that could be irnproved. The results of the survey were circulated in 2024 and have SllPPOrted the managing ageut and trustees to ensure the accommodation meet& the needs of residents. Following a review ot'the carelinc provider in 2023. trustees agreed with RLHA'S recoinmei)dGitiun tu ¥hange to a new provider PPP Taking Care, which they use at other sites. This decision followed a rigorous procebs in whi trustees met with the new provider in order to ensure the new provider offered a qU￿llY and rO￿$t service. The switchover took plate in early 2024. tn tbe f]rst quarter of 2024 two fijrther new licences have becn awarded. Environment The Directors of The Bames Fund Trustee Ltd, Tecoonise that, in carrying out the PUEpose5 of The Ban]es Fund and Walsingham LodL*e Tyust, thcy can - and in qome areas, should - take accounl of the envirollment. A working group wag established in 2020 to I￿k at the environmentsl impact ￿SocIated with oui. graDt-Inaking, sheltered housing. investments and administration. The responsibilities of the workino group were mer(Ted into the Walsingham Lodge Committ¢¢ in 2023, considering that Walsingham Lodge presents several opportullities for addr¢s5ing enviri)nmentaI ¢on¢erns. Further adivities were undertaken tn 2023 as follows.. In the li-ht of the previously agreed environment policy, which i5 publsshed on its w¢b5ite, the Board updated the public record of what has so far been achieved. Following a review in ?0? I, when all almshouse properties were assessed and given an energy perfomiance certif&cate (EPL) rating of C, Irustees have worked with the manatting &gEnt to explor¢ other ways that the building and h¥atll)g systetn could be mad¢ more etTi¢ient. This has included commissionitig a report into the efficiency of the heating systetn, and adjustments made to reduce energy consumption &s a result. - Barnes Community (iardeners have worked continued to work with residents to enhance sustainable garden practices. For organisatiollal grant applicants we continue to encourage those applying for a revenue grant to adopt and act on environmental policies. For energy grant applicants we contillue to ask the referral agency to refer the applic2ni to Cilizeng Advice Energy Service and South West L￿ndOn Ellergy Advice Partnership (SWLEAP) which support people to redllce their energy Costs and usage. Patr¢ l) THE BARNES FUND and linked charity. THF. WAISINGHAM LODGE TRUST Report of the Trustee for the year ¢Dded 31 December 2023 FINANCIAL REVIEW InvestmeTht Approaeh The Bames FLthd reserves are inv¢sted with a view to generating income for grant-making. These totalled £12.Omn al the end of 2023. of which £0.65mn is local propety held for investment purposes. The W&lsitigbaTn Lodge Trust has reserves Set ￿lde for maint¢naii¢e of the almshouses which amounted £0.46mn in ttiVest￿ent £l￿dS and £0.47mn in cash deposits {illcluding £0.13mn held with the Managing Agent) ￿ the end 2023. For fund5 illVE5ted in f]nan¢ial assets with a view to generating intome for grant-makin the approach is as follows.. i) TTUStees are guided by their spending year-on-year in setting each yeAr's ￿ant-making budget. A sustainable rett]rn of £300,000 per annum is targeted (which was 2.5￿/0 of the valiie of the Fund as at 31 D¢¢ember 2023). By 5UStainabl¢, we mean the preservation of the real value of capital {i.e., after taking account of inflation). il The investment assets are held Common Investment Funds (or the equivalcnt). Thc are managed by CCLA under a di5¢￿tIonary investment management agreemenL iii) Trll5tees recognise that, to achieve a higher income than if invested in ca8b, a ccrt&in level of risk should be taken alld that this will lead to short-temi fluetuaiions in the real valuc of capital. The objective is to limit the risk of a long-trrm decline in real capital values insofar a$ possible. For funds that are invested and that forni a part of the res¢rv¢s set aside for the maintenance of the Walsingham Lodge Tn]st almshouses. the approach is as follows.. i) These assets are tnandged by CCLA following a decision by irustees to divest ￿ndS invested in M&G's Charity Multi Asset Fund and rEinve5t these in CCLA'S Investment Fund after a perfomiance review in November 2020. ii) Trustees invest with the aim of grgwiug the ¢apiial and income (which is reinvested) while prottctino the real value of the fi]nd, so that sufficient res(TrurcE& should be available lo meet periodic longer-terni property maintenance ￿L￿dS wch a5 boiler or roof replacernents. iii) The annual income at Walsingham Lodge normally provides sufficient to pay tor regular repairs, for eyclieal maintcnanee (e.g. periodlc renovation to the insides of properties) and for some srnaller le&s regular items of capital expcnditure. Fleyond this, reserye5 are used to fund largerprojects. iv) It is the policy of the charity to hold those a￿ount5 expected to be required over the next five years in cash. In S¢pt 2023, the Investment Committee agrted to divest £150,000, to inaintain a cash reserve of £200.000 to fvnd miaintenan¢e at Walsingham Lodge and to hold the reinaininu reserves in investments, pending further inforniation on pla￿Tred expenditure including the r(M)f and iDsulatlOll Surveys. Subsequently, RLHA have trallsfe￿d a further £150,000 io the cash reserves. Net inci)Tlle and capital durÈng 2023 were as follows." Dividend Yield Income Relurn Capiial Growth Tthal Return CCLA COIF Charities Investment Fund 2.750 9.19Q/o 12.360/0 Page 14 THE BARNES FUND and linked cbarity, THE WAtSINGHAM LODGE TRUST Report of the Trustee for the year ended 31 Deeember 2023 riINANCIAL REVIEW Reserve5 (J) Amounts aYai12ble for grant-making The trustees aim to award the income generated for 8ranl-rnak￿ng in ¢h¢ year that incorne is generated. They expect to nd revenue (rrants ollt of investment income and capital grallts out of the General Reserv¢ (if the amount cannot be accommodatcd within annual investtnent income). At 31 December 2023 the geueral reserves were £2.390,436. (li) Sheltered Housing Irustees take advice from the Manftging Agent on repairs, renewals and maintenance required each year for th¢ almshouses and the long I&￿ehOld bungalows, and this is built into the budget for the following year. Tht advice r¢flects amollgst otber things, periodtc gtock condition sllryeys. Trustres follow Almshouse As50ciatio recominendations for building and maintainints a sufftcicnt level of reserye5 in order to meel requireincnts. for futur¢ unplanneiL or foreseeable cyLli¢al, mainterEallCC necds. Th8tee8 review the level of reserves a[￿UallY, based o reasonable estimates of fvture anticipatcd maintcnancc cfjsts. and ensure that reserves are built a5 appropriate, whil also meeting cuttent maintenancc commitmcnt5. Tbe amount available io meet futhre renewals and ￿aIntenanCe have historically comprised a sinki￿g fund, a5 well 2% general and cyclical reserves. During 2021 the Sit)king fllnd was redesigllated as an A&set Maintenance Fund and th¢ Cyclical Repairs Fund and Boiler Fund were ama]g￿Trated into this one fund. Funds were also transfetred across from the General Fund in the light of the analysRs of the most Tecent stOLk Lon(Jitivn survey whirh suggested that it was reasonable to assume that the majority of the reserves would be netdtd fur idenlifiable capitsl projects. In the case of the five long leasehold bun(ralows, there is a restricled fund (the IK)ng tkasehold¢rs Maintenan¢e Fund) comprising those reserves held fr)r maintenance oftl]E bungalows, FinaneiAI Review (i) Fncome and expenditure lotal investment income and donations available in 2023 for granl-making and for mettxtig the governan¢¢ and other overhead costs of the Fund (other than those directly attributable to sheliered hvubin" -) atnounled tu £332,455. Th¢ total amount spent on grdnt-makin" the year was £301,574. giving a deficil atier ¥overnance costs (and before the change in the yalue of investments) of £30.808. This reflects a planned use of re5ervES to addre55 the challenges faced by the community in a period of high inflation, including an increase in the amoullt allocated for energy Costs within the hardship grant programme. F(Trr the sheltered hous1￿([, total income in 2023 was £445,670 expenditure was £358254 givtng a surplus (before the change in value of investrnen15) of £87,416. (li} Ba]an¢¢ sheet The Bames Fund's net assets amounted to £12,194,530 at eDd 2023 (£11,318.201 at end 2022). Of these, the Permanent Endowjnent contributed £9,799241 which is comprised of £647,0(K) investmellt property and the balance in m3rk¢table securities, and the General Reserve contributed £2,395289 which Consists of lliarketable securities and cash. The Walsingham Lodge Trust's net assets in respecl of its sheltered housints amouuted £2,216,464 at end 2023 (£2,073,514 at end 2022). Included withill ihis is the pemianent endowment whi¢h was valued at £672,5J6 and restricted thnds in respect of the Long Leaseholders of £24.150. The frce r¢serve5 (whloh aT¢ der￿ed as unrestricted funds less amounts designated for specifjc purposes and funds held within fL&ed f<55ion&ls workints in tbe charity sector, new Directors are encouraged to attend certdin courses, dependent upon their level of expertis¢. The FutLd'$ R¢latiomship with oiher P#rti¢$ The Fund relies upon R¢ferr&l Ag¢ncies lo brtng applications on behalf of individuals. These Referral Agencies include Citizens Advic¢, the L(Trndon Ejorough of liichmond upon 'fhame& local schools, Barnes Children's Centre, housing providers (lUtP and Paragon Housing).. local volunlary organisations in the Elorough (such as Richmond Aid). churches, social workers, health visitors and other healthGaTe professionals. lh¢ Trund. through its Executive Director. collllnunicate5 regu13rly wÉth its K¢ferral Agencies 50 that an understmding of the priority needs in the area can be niaintained. The TtU5tees all live within th¢ benefit aT¢a and in 59 doing ￿e able themselve5 to assimilate the needs around them. The FLmd receives applications from Or.(Tani5ations wILich sUPPOrt many different needs. Som¢ of these Organi5alion5 apply to the Fund year on year but ￿0st urants are made for one year only. Over the years, seyeral Organisations liaye received a grant every year. These Orgauisations have demonstrated that they provide &'aluable support to Individuals and their families within the benefit area of Barnes. The Fund previously introduced a system of identifying key Or?anisations in the area for whom 8 3-year award would be tnore appropriate. Each yeavs award is conditional upon a successful monitoring and evaluation procedure, and it is Lmderstood thai it is not a forwatd commitment for the charity and iherefore might be withdrawn if the charity's income fell. Three such OEanisations have been successful under this sysTrm. The Fund has a Conflici of Interests w)licy, setting out the range of occasions where a conflict ean occur. Where a director or employee has a conftlict, they must declare iheir interell. The directors not affected by the conflict decide whetlier the director or employee concerned should participate in the item or withdraw froin the meeting immediately. In praclice, it is usual in the case of an organisational grant application for a conflicted director or employee io be asked to stay initially, as they ofien have fllst-hand infomiation which it is relevant and appropriaie to share. In other in5tance5, it ss not usual to be asked to stay. An interested director will not be taken into accouni when as9essing 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 Director￿ sulFcommittee members declared illtere5t5 of relevance to itenis discu55ed.. - Nicolas Tiffou Marjory Millum Mattliew Purser Sarah Wilson Trustee at Caslelnau Centre Pro Castelnau Centre Project Truslee at Bames Communily As"socialion Citix¢ns Advice Richmond (Trustee of Citizen8 Advi¢e) ect, FISH Neighbourhood Care (family member connection) Page 19 THE BARNES FUND and linked eharlty* THE WALSINGHAM LODGE TRUST Report olthe Trustee for the year ended 31 DecembEr 2023 REFERENC.E AND ADMIN'ISTRATIVE DETAILS Comp&ny Registration Thc BArncs Fund Truqtce Ltd: 10873803 Registered Charity numbers The Barnes Fund.. Walsingham Lodge Trust 200103 20010311 PriDeipal Address The Barnes Fund PO Box 347, Hampton, TW12 9ED Trustee: The Barnes Fund Trustee LiJDited, the Directors of which are: LL&e Te￿¢r {1) Sarah Wilson (l) (2) (3) Co-opted Co-opted (until 28 April 2024) Chair (until 16 January 2024) Chair of Grant Making and Walsingham Lodge Committees {uiitil 16 January 2024) Nominated by London Borough of Richmond upon Thames {from 17 May 2023) Treasurer (until 16 January 2024) Chair (from 16 January 2024} Chair of Grant Making and Watsingham Lodge Comn)ittee8 {froin 16 January 2024) Co-opted Chair of Investment Conllnittee Nominated by Churches Together in Barnes Co-opted NomÉnated by London Borough of Richmond upon Thames Nominated by Richinond Council for Voluntary Services (until 28 April 2024) Nominated by Churches Together in Barnes (from 29 April 2024) Nominated by Chiirches Together in Barnes (until 15 January 2024) Nominated bs, Churches Together in Bames {from 16 January 2024 until ulltil 28 April 2024) Co-opted (frr)m 29 April 2024)) Treasurer Nominnted by Richmtsnd Council for Voluntary Seryices (from 29 April 2024) Richard Raine (l) (2) (3) Nicolas Tiffou (l) (3) Maria Wood (l) (2) Kate Coppinger {1) (2) Marjory Millum {Councillor)11) Matthew Purser (l) (71 (3) Will van de Pette (l) (3) James Wha]e (l) (2) (31 Charlotte Ashton-Nicke]s (1){2) Memb¢rship of 8ub-committees Will vun de Pette (3) (l) Member of Grant Making Committee 12) Member of Wdlsingham Lod(s¢ Coinmittee (J) MtrubEr of InVest￿ent Committ¢¢ Page 20 THE BARNES FUND anif linked eharity? THE WALSINGHAM LODCE TRUST Report of tht Trustee for tlJ¢ year ended 31 Detember 2023 REFERENCE AND ADMINISTRATIVE DETAILS Alldltor$ X¢iTkadin Auditing Statutory Auditors Becket House 36 Old Jewry London EC2K 8DD Solicitors Moore Barlow Richmond: Frameworks 2 Sheen Road Richmond London TW9 IAE Russell Cooke 2 Putney Hill London SWL5 6AB Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent MF.194JQ Ba￿lay$ Bank Pl¢, 65 Hi-h StreeL Carnberley, Surrey. GU15 3RB (Ac¢ouDts managed by RHLA) Executive Director Katy Makepeace-Gray Administrator Louisa Platt Regulator of Social Housing Registered Tr4umber A2072 Pag¢21 TBE BARKES VUND and linked cbgrity, WAISINCAAM LODGE TIIUST Rwjrt of the Trustte ror Ike year ended 31 Dtte￿￿er 2023 TRLSTEV. RFSPONStiitt.rrY STATF.Mkr4'1' The Trt￿lee is responsible for prepariJ)g the Report of the Tn￿e and the finan¢ial statemetts in accordance with applicablc law a￿d United KÈngdom Accounthng Standards Iunitcd Kingdom Genetally Accepted Acthunting Pr￿lS¢e). The law appl7cable to charities in England a[￿ Wates, the Charitie5 Act 2011. Charity (Accounts and Reports) Regulations 2008 and tt)e provisions of the tsvst deed requires the Tn￿te¢ to p￿pare finan¢ial Staternents for each financidl year which giv¢ a tru¢ and fair vi¢w of the slat¢ of affairs of th¢ ¢harity and of the incomin8 resources and application of re50urLes, inGludin¥ the income exp¢nditur4 of the Lhdrity fur that perioKI. In PTVPdting th￿¢ financial s(aiements, the Truslee is required select Suitsble a￿O￿lI￿ng policies atvi then apply them consistently. obserye the methods and prlneiples in the Charity SORP. tnak¢ judg¢TnW]ts and r5tiTnat&5 that ar¢ reasonabl¢ and prudent, state whether applicable ￿cOunting standards hav¢ Ix¢n follow¢¢L $ubj¢¢t to any material departures disclosed and explained in the f￿ancial ￿tements., prq)ar¢ the fJnanGial statements OD the going cimccrn ba5Tr5 unle55 it l5 inappropTiat¢ to preswne that th¢ charity will continue in busine The Trustee is responsible for keeping tffoper 2CCOUntillg records wbich di5Glose with reasonablt acrurdcy at wjy time the ffir]an¢ial position of thE charity aT￿ to enabl¢ il to ¢n5urE that the fknanciaj 8tstemcnts comply with thc chariti￿ Act 2011. thc Charity (Accounts and Rcports) Rc8ul8tion8 2008 and the provisions of the trust deed. It is also resp)nsibl¥ for safewarding the assets of the ¥harity hence for takillg reasonable steps for the prevention and dete￿lOn of fraud and other irregularitie& Approved by order of the knard of the Tn￿tte on...................a. .v ¥J...G....... and si8ned <)n its beha]f by.. . Tn￿tee Page 22 Report ofthe Independent Auditors to the Trustte of The Barnes Fund Opirtion We have audited the financial Statements of 1he Barnes Fund (the 'charity) for the year ended 31 December 2023 which comprise tbe StateEnent of Financial Activities. the Balance Shtel. the CdSh Flow Stdtement and noies to the fmancia] sttttemettts. including a summary of significani accouniing poliLie&. The fiiidncial r¢pvrting framework that has been applied in their preparation is appli¢able law and Uniled Kingdo￿ AcLounLins Siandards (Unit¢d Kin&dom Generally Accepted Accounting Practic¢). In our opinion the f￿ancial statements.. give a true and fair view of the state of the charity'5 affair5 as at 31 Decemb¢r 2023 and of its incoming resources and application of Tesoiirces, for the year then ended.. h&vc bccn prO￿rIY prcparcd in accordance with United Kingdom Generally Accepted Accounting Practice. and hav¢ been prepared in accordance with the requirements of the Chariti¢5 Act 2011. B4sis fnr opinion We conducted our audit in accordance with tntemational Standards on Auditing (UK} {ISAs (UK)} and applicable law. Our responsibilities under Those standards are fi]rther described in the Auditors, responsibilities for the audit of the fmancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant io our audit of the fjnancial stateinents 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 evtdence we have obtsined is Sufficient and appropriate to provide a basis for our opinion. Conclusions relating to go5ng coDtern In a￿d[ting the financial statements, we have concluded that the trustett. use of the going concern basis of accounting in the preparation of the r]nancial statements i5 appropriaie. Based on the work we have perfonned, we have not identified any material uncert&inties ftlating to events or ¢ondition$ that, individually or collectively, may cast significant doubl on the charity's ability to continue a5 a going CQTb¢¢rn for a period of at least twelve months from when the fmancial ststements are authorised for issue. Our responsibilities and th¢ responsibiliti¢s of th£ twsrees with respect to going concem are described in the relevant sections of this report. Other inform#tlOD The trustees are responsible for the other inforn)ation. The other information comprises the inforniation included in the Annual Report. other than the flljancial statements 2nd our Report of the Independent Auditors thereon. Our opinion on tbe r￿L￿ClaI statements does noi cover the other infonnation and, except to the extent otherwige explicitly staled in OUT reporL we du not express any forn] of assurance conclusion thereon. In connection with our audit of the f]nancial 5tatefft¢nts, our responsibility is to read th¢ other infoiThation and, in dotng so, consider whether the other ￿f0MlatIOn i5 uiaterially in¢onsist¢nl with the fu]an¢ial statements or OUT knowledge obtsined in the audit or otherwise appe&3 to be mat¢rially mi55tat¢d. If we identify such material inconsistencies or apparent material rnisstatements, we are requiied to deterniine wh¢ther this gives rise to a material misstaternent in ihe f￿ancial statcments themselves. If. based on the work we have perforn]el we cgnclude that there is a material misstat¢m¢nt of thi5 Qthcr infonnation. we are required to report that fact. We have nothing to report in this regard. M¥tlers on which we are required to report by exception We hav¢ nothing to Teport in respect of rhe following rnatters where the Charities (Accounts and Report5} Regulations 2008 requires us to report b) you if, in our opinion.. the infull￿￿ttiOn ¥iven in the RepoTt of the Trustees is inconsistent in any material respect with the fJnaTrcial slatc￿ents. or suITicient accouniing records have not been kept; or the financial siatements are not in agreetnent with the a￿oUntIng records and returns; or we have not received all the infotThation and explanations we require for our audit. Page 23 Keport o(the Independent Auditors to the Trustee of Th¢ Barnes Fund Re5ponsibilitie5 of trustee A5 explained more fvll}' in the Trustees, Responsibilities Statement, the trnstees are responsible for the preparation of the f￿anCial stateinents which give a true and fair view. and for such internal control as the [t￿stee9 dcterniine is ece55ary to ellable the preparation of financial statemellts thal are free from material misstatemen(, whet]ier du¢ to fraud or error. Tn preparing the financial statements. the trustees are responsible for &ssessing the charity's ability to continue as a going concern, disclosing. as applicable. m(itt¥rs rel£lt¢d ts) ¥ving cvncorn und using the going ¢on¢ern basis of accounting llnles5 the trustees either intend to liquidaie the dwity or to cease operdtii)n5, or have no Tealisti¢ alternative but to do so. Our responsibilities lor the audit of the financial State￿e￿t5 We have been appointrd a5 auditors under Section 144 of th¢ Charitie5 A¢t 2011 and report in accordamce with the Act and relevant regulation5 made or having effect th¢r¢under. Our objectives are to obtain reasonable assurance about whether the f￿a￿cial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Kewrt of the LndependeDt Auditors that includes our opinion. Reasonable assurance is a high lev¢1 of assurance. but is not a guaralltee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fra￿d or em)r and are consid¢r¢d material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these f￿￿ncIal statements. The extent to which our procedures are ¢apable of detecting iETegularities. including fraud is detailed below.. Identify and assess the risk of material Inisstatemenl of the fmattuial statements, whether due to fraud or error, deS￿￿n and perfom audit procedures responsive to those risks. and f)btain audit ¢vid¢nc¥ that Is sufficient and dppropriate to provide a basis for our opinion. The risk of not detectjDg a material misstatement resulting from fraud is hi¥her than for one resulting from error, as fraud may involve collusion. forgery, tnlentional omissions. misrepresentdlions or the override of internÉd tontrol. Obtsin an understAnditits Of internal control rel¢Yant to the audit in order to design audit procedures that are appropriate in the CIrc￿l￿stances, but not for the PULposes of ¢xpr¢s5ing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and tht reasonableness of w¢ounting estimates and the related disclosures made by the dir¢ctors. Conclude oll the appropriaieness of the director$, us¢ of the tsoing concern basis of accountin(r and, bas¢d on the audit evidence obtailled, wllether a material uncertainty exists related to eveDt or condition8 that may ￿t Significant doubt on the company's ability to continue as a going concern. If we ¢onclude that a material uncertainty ¢xists, we are required to draw attention in our auditors report tu the related disclosure in the financial statem¢nt5 or, if such disclosures are illadequate to Inodify our opinion. Our conclusions ar¢ b&sed on the audil evidenc¢ obtained up to the date of i)ur auditor's report. However. fij￿re evettt5 or coDditions may caus¢ the company lo ¢ease to ¢ontinu¢ ￿ a going concern. -Eva]llate th6 oyerall presentation. structure and contellt Df the f]nancial slateJnenÉ5, includin8 the disclosur¢5. and whether the fmancial statements represent the underlying transactions and events in a rnanner that aGhieY¢s fair prescntation. A further description of our responsibilitiC8 for the audit of the finan¢Éal staternents is located on the Financial Reporting Council's website at www.fre.tsrg.Lth/Auditarsrcsponqihilitie8. Thi8 de%cripti¢)n forni8 part of our Report of the lttdependent Auditors. Page 24 Report of the Independent Audilors to the TrustEes of The Barnes Fund Use of our report This Tepon is made solely (o the ¢I￿ri￿S INstees, as a body, iti ac£ordance with Part 4 of the Charities (Accounts and Rq)0rts) Reguldtions 2008. Our audit work has beell undertaken so that we might stste to the charity's trustees those itl(trs we are required to sldte to ihem in an auditors, rewrt and for no other purpose. To the thllest extent pcrmitted b). ￿w. we do not accept ￿sU[ne responsibility to anvone other than the charity and the charity's trustees as a kndy. foT our audit work, for this report, or for the opinions we have fornied. Xeinadin Auditillg Charte￿d Accountsnts and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD Page 25 THE BARNES Fuf4D Statemellt of FinaneiAI Aetiyities for the year ended 31 December 2023 2023 Total fimds 2022 Total funds as restated Unrestricted nds Restrict¢d fund Endowmenl fumds Notes COME ALND ETr4D0Wll￿￿Ts FROM Donations and legacies 934 934 2,924 Cliari(Mble *rlivitle5 Almshouse5 Leasehold Bungalows 406,988 22,184 406,988 27,184 362,120 27,539 5,000 InYEstfftent incomE 334 185 8,834 343 019 332,298 Total 764 291 778 125 724.881 EXPENDITURE ON Charitsble aetivities Grantg Almshouses Leasehold Bungalows 363,265 331,020 22,184 363.265 336,069 22,184 447,016 554,602 5.049 Totsl 716,469 721,518 1,024 156 Net gainsl{losses) on investments 262.083 769413 1031,496 1474 878 ,YET INCOMEI(EXPENDITURE) 309.905 5,000 773,198 1,088,103 (1,774,153) RECONCILIATION OF Fu￿Ds Totsl funds brought rorward As previously reported Prior year adjuslment 3,673,986 68 824) 19,150 9,698,579 13,391,715 68,824) 15,097,044 12 AS rest8ted 3.605.162 19,150 9.698.579 13.322,891 15,097,044 TOTAL FUNDS CARRIED FORWARD 3 915067 24,150 10,471,777 14,410 994 13 322.891 The notes forni part of these financial statements Page 26 THE BARNES FUND BalaDec Sheet 31 December 2023 2023 2022 as m%tAted Notes FIXED ASSETS Tangible assets Inwestjnents Investments Tnvestment prop 15 1.351,102 1.376,TJ9 16 17 12,044,n39 11.186,055 647,000 14,042,141 13209,794 CURRENf ASSETS Debtors Cash at b8Dk and in hand 18 39,405 54,825 222 474 555.177 277299 CREDITORS Amounts fa]lin8 due within ot)e year 19 (186.324} (164.202) P4ET CURRENf ASSETS 368 853 113097 TOTAL ASSETS LESS CURREPIT 14.410,994 13,322,891 r4ET ASSETS 14 410.994 13 322 1591 FUNDS Unrestricted funds Restricted funds Endowment fi]nds 21 3.915.067 24,150 10 471777 3,605,162 19,150 9 698 579 TOTAL FUI¥DS 14 410 994 13 322891 The financial stat¢ments wwe approved by the Board of Trustees and authorised for issue L.rJ.M...S•yJ6.'.w and were signed on it5 behalf by: Th¢ notss forni part of these fman¢ial stAt¢ments Pag¢ 27 BARf4ES FUIYD *nd linked eharity, The WAISINGUAM IA)DGE TRUST IDcotue expeuditllre Aceoullt (eXcl￿dIng unrealised ggins and loss¢s) fur th¥ y￿r ¢lld￿l 31 Decernber 2023 2023 2022 F4otey Turnover 12 433,820 389,658 Less.. operating Costs Op¢r*ing surpluO(d¢fi¢it) (358,254) 75.566 (577.1431 (187,485) Jnvestment income Ground rent Jntertst receivable and other incoTne Unrealised WdiThl{loss) on investment ￿ets Realised gainl(loss) on investment a&8ets Charitable Expenditure lJ50 333.770 253,480 1.481 1.135 325.432 (336,203) (17,8801 {3632631 (378,189} Surplus for the year 302.735 (593,190) L¢￿.. (s¢e mov¢m¢nt in funds- note 20) N¥t ￿T[￿allent endowjnent tllovemeTrt fi￿d5 Net restri¢tsd tnovrTn¢nl in futds designated movement in funds Transfers to designatsd filnds 5.049 (5,000) 102.914 {59,3671 5.049 (s,o(x)) 305.169 (53.097) 43,596 252.121 Net inrxease in revenue resetve (Lmre5tri¢ted income) Revenue reserve brought fonvard Prior year adJ￿StMeTht-note 12 346.331 (341,069) 2.588.399 2.998,288 (68,824) Revenue reserve catried fonv¥sd 2.934.730 2.588,399 Being.. Main fsll Walsingham Lodge 2.395289 539.441 2,228,383 360,016 2934730 2.588 399 Illl the fvnds r¢5uIts arc cla55ed as wntinuing. Approved by th¢ IK)8rd of the Trustee on .U..... Y￿.￿d s58ned ort their behalf by: Mr Ri¢hard Raine- C The notes fornj part of thesE financ2al 8tstements Page 28 THE BARNES FUI¥D Cash Vlow Ststement for the year ended 31 December 21123 2023 2022 as re5ta*d N(Trte5 Cash flnws fro￿ operating activities Cash generated from operations 98.054 219908) Net cash provided byl(used in) operating activities 98,054 219 908) Cash flosv5 from iNv¢sting activities Purchase of fixed ass¢t investments Sale of fix¢d ass¢t investments Interest received (11.487) 191,334 (11,284) 260,000 1,194 Net provided by investing activities 191459 249910 Cash flom's frorn financing activities Income attributable to endowment Expenditure atttibutable to endowment 8.834 5.049) 8,653 Net cash provided by fmancing activities 3,785 3,604 Change cash alld casb equivalents in tbe reporting period Cash and cash eqllivalents at the beginrting of the reporting period 293,298 33,606 222 474 188.868 Cash and easl] ¢quiv#l¢nts at tbe end of the reporting period 515 772 222,474 The notes fonn part of these financial Staterne￿ts 29 THE BARNF.S FUND Note$ to th¢ Co$h Flom. Stxt¢ment for tlxe y¢ar ended 31 D¢eemb¢r 2023 RECONCILIATION OF NET INCOME/{EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 as restated N¢t iR¢om¢l(exp¢nditure) for the reporting period (as per the Statemeiit of Financi41 Activ&ties) Adjustrnents for., Depreciation charges (Gainy10s5es oll investments Interesl received Income attribuÈable to endowment Expenditure attributable to endowment Decrease/(￿¢reaSej ￿ debtors tncrease in creditors ,052,793 (1,774,153) 25,636 (1,002,519) (11,612) (8,834) 5,049 15,420 26,639 1,474,878 {1,194) {8,653) 5,049 (8,374) 65,900 Net easb provided byl(u5ed in) operntlOIlS 98.054 219.908 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow At31.1223 Net ¢a5h Cash at bank and in hand 222,474 293298 515772 222.474 293.298 515 772 Total 222 474 293,298 515,772 The notes form part of th¢se financial statements Page30 THE BARNES FUND Notes to the Fina￿¢]81 Statements for tlt¢ year ended 31 December 2023 ACCOUNI'ING POLICI£S srATEMENT OF COMPLIANCE Th¢ f]nancial statemen15 of the charity. which is a public benefit entity ￿llder FRS 102. have been prepared in ac¢ordan¢e with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of R¢comTllended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting StaTrdard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Aci 2011. The f]nancial statements have been prepared under the historical Cost onvention. with the exception of investments which are included at market valu¢. &$ modified by the revaluaiion of certain assets. These f￿ancial statemenis have been prepared in complian¢¢ wilh SORP (FRS 102) and the f]nancial standards applicable in the and republic of Ire1d]￿. INCOME Income is recognibed itt the StatemEnt of Financial A¢tivities once the charity bas entitlement to the fill)ds, it is probable that the iTrcorne will be r¢￿1ved and th¢ amount be mea8uTed reliably. In particular- - Maintellanct contributions and s¢ryic¢ rharg¢5 are recogni5ed on an ￿n￿[S basis in the period to which the riJts t to the iDcome arises. - Income from investments is re¢ogDised when the income is declared by the invesiment provider. - Investment propety income is recogDised an a¢¢ruals basis for the ground rents and proceeds in respect of lease extenstons ate recoJu Ised when the Charity is ¢ontra¢tually entitled lo receipt of the income. EXPEliDITURE Liabilities are recognised as expenditure &$ soon as there 15 a legal or constructiye obligalion committing the charÉty to that expenditure, it is pi'obftble that a transfer of econornic benefits iyill be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basss and has been cl&ssitied under headtngs that aggregate all cost relatEd to the category. IW])ere costs cannot be directly attributed to particular headings they have been allocated to &ctivities on a basi5 consistent with the use of resources. CHARtTABLE ACTIVITIES Charitable activities comprise those cO￿S directly attributable to rnnnino the sheltered housing and grant making activities. GOVERNANCE COSTS Goveniance ¢0sts are those costs associated with the governance costs of the charity whith i'elate to the generdl of the charity as opposed to those costs associated with charitable activity. ALLOCATION AND APPORTIONNIENT OF COSTS Support Costs comprise costs for proce55ing grani applications. includin(T SUPPOrt to aLtUses. Further explanation of the nature and pury)ose of each fund is included in the notes to the financial statements. Page i2 ontinued... THE BARNES FUND Notes to the Financial Statements- rtsntinued for the year ended 31 December 2023 ACCOUNTiNC. POLICIES- coDtinlled CRITICAL ACCOUNTINC. JUDC.EMF.N'TS AP4D lay SOURCES OF ESTIMAI'ION UNCERTAINTY lil the application of th¢ Charity's ￿coUnting policies which are described above. trustees are required to rnake judLT¢mentS, ¢Stimates and assumptions about the cattyillg Values of a$s¢ts and liabilities that are not readily apparent froni other sources. The ¢5timates and underlying a5siunptlOll5 are based on historicaj experience and other fadors that ate considered to be relevant. Acwal results ￿aY diffu from these estimales. Th¢ estimar¢s and underlyTng assumptions are reviewed on an ongoing basis. Revisions to accounting estimai¢s are r¢¢ogni5ed in the period in which the estimate 15 revised if the revision affects only that period, or in the period of revision and ￿tllre periods if the revision affects both Cu￿ent and future periods. The key sources of esiimation uncertainty that have a significant effect on the ajnounts recognised in the f]nancial statements are described below.. Depreciation Assets are written down ovey their estimated useful lives. The actual live5 of the assets may differ from those estimates. The lives of the &8Sds are kept linder review and adjusted as appEopriat¢. Valuation of investment properties Investnient properties are hcld at valuation bosed on fom)al valuations C￿led out by appropriately qualified individuals however thes¢ ar¢ just estimates of the value and values athieved if they w¢re sold wuld differ from these estimates. IRRECOVERABLE V AT trrecoverdblc VAT 15 £har&ed against the Category of resources expended for which it was inCU￿d. DOliATIO&NS AND LEGACIES 2023 2022 as restated Donations 934 2,924 INVESTMENT INCOME 2023 2022 as restated Investment property income Dividends receÈvable Deposit &ccount interest 1,350 330,057 11,612 I,li5 329,969 194 343.019 332298 Parwe ii continued... THE BARNES FUIND Notes to the FinaTr¢Éal Ststements- continued for the yrar ended 31 December 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 as restated Activity Relit and maintenance contribut10115 rec¢ivable Other ineoTne Cost recharge Rent and maintenanr contributiolls receivable Other income Almshouses Almshouses Almshouses 396,334 716 9,938 353,043 9,077 Leasehold Bungalows Leasehold Bungalows 27,075 109 27,539 434 172 389 659 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs {see note 7) Direct Costs 6) Tota15 Grants Almshouses Leasehold Bungalows 5.019 J21,697 20.564 301,574 56,672 14,372 363,265 336,069 22,184 347 280 301574 721.518 GRANTS PAYABLE The total grants awarded during the year was as follows.. 2023 2022 Relief ot Povtrly Grants to Ltjdividuals Richmond Food Bat)k Richmond Citizens Advice Bureaux Barnes Conllnunity Association Reliefof Aged FISH Neighbourh(K)d Care Age UK Richmond Upon Thames Activities at Walsinoham Lodge Relief of Di5Éres$ aiid Sickness Clergy Discretionary granis Inteordted Neurological Services MID Mediation and Counselling Richmond Aid Richmond Aid Richmond Carers Centre Crossroads Care- Richmond and Kingston Upon'fbames Ri¢lllnond Borough Mind Richinond Borou￿ Mind Home Start Richmond Upon Thames Multicultural Richmond SEEN oirthe Record ADHD Embrace 29,746 7.000 i9.330 11.413) 31,347 6,000 57,840 1,800 Organisation Core Funding Organisation c.ore Funding Warni drinks Organisation c.ore Funding Organisation c.ore Funding 25.000 27,250 7,700 242 2,300 6,300 2,000 11,500 2,iOO 6,000 OrgaThisation Core Fiindin(T OrgaRi54tliun Core Fundiiig Organisation Core Fundiny Disability Peer Netsvork Organisation Core Funding 7,500 4,000 5,000 5.360 anisation Core Funding Ortsanisation c.ore Funding Positive Livints Group Organtsation Core Fundin Organisation Core Fundints Organisation Core Funding Couns¢11ing Satellite Servi¢e Organisation Core Funding 20.21￿) 9,000 14,000) 3,50 2,000 20,200 8,500 -5.000 6,050 2,000 1,500 15,776 7,000 13,800 7,350 Paoe 34 continued... THE BARNES FufiD Notd to the ThDAncial Statrments- eontinued for the yeAr ended 31 December 2023 GRANTS PAYABLE- Continued Skylarks Charity Dose of Nature Otakar knus Musi¢ Trust Weleare SpaLe2grieve Organisation Core Fundillg Organisation Core Funding Neurological Music therapy Fainily support project 3.000 10,000 .400 5.000 10,000 6,000 2,000 Provislun of R¢¢r¢atioll and Leisure Services B£LTne5 Music Society Organis&tion Core Fundlljg Barne5 Music Festival Schools Programtne Barn¢s Music Festiva Pop-up Mllsici8ns IlaTnes Community tiardeners Community Gard¢ning Initkative St Michael and All Angels Coronation Comlnunity Event ducatio Grants to tndividuals L￿teL￿aU Lentre Project Holly Lodge Lentre Richrnond Music Trust Action Attaintnent The River Thames Boat Project LVA Tn￿t Barnes Children's Literdwre Festival Picknlogue Barnes Community Asso¢ialion Capital Projects Castelnau Centre Project 750 750 850 8,500 300 1.750 1,750 750 6,500 5.860 47.642 3.300 1.800 11,648 2.800 9,592 66,953 Org8nisation Core Funding Organisation Core Funding Organisation Core Funding Secing STaRS Organi%ation C,ore Funding Organi%ation c.ore Funding Outrcach Programme Organisation c.ore Funding Connect MoTe 1,200 10.730 3,2UO 8,200 3,000 7,500 15.353 3.000 Pointing and guttering work 4,820 301573 389,703 *A few of these grant5, particular The Castelnau Centre project award can be said to span all four of the fvnd's objectives. The fIgures above for 2022 include the grants awarded in 2022 along with the paJThents made in 202? for grants approved in 2021 (ollowitig the change lo the policy as detailed in note 12. The amount of payfftents in relation lo grants approved in 2021 was £74,236".'Ib¢ value of grants awarded in 2022 was £315,467. SUPPORT COSTS Govemance costs Manag¢ment Finance Totals Grants Almshouse5 Le￿chOld Bungalows 44,934 90 144 11,648 14,228 1,620 56.672 14.372 234 27,496 Page 35 continved... THE BAiINES FUND Notes to the Financial SlatEJnentS- CQlltinu¢d ror the year ended 31 December 2023 AUDITORS, REMIINF.RATION 2023 2022 as restated Fees payable to the cliarity's auditors for the audit of the ¢harity's f]nancial staiements Fees payable to auditors fornom a￿dit services 4,988 12,923 4,750 TRUSTEES, RElbIUNERATION AND BENEFITS There were no trustees. re￿UneratIOn or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. By virtue of a SGheme approved by the Charity Commission ￿ 3 October 2017, The Barnes Fund Twstee Lin)ited is the sole trustee of The Barnes Tr'un£t and the link￿ charity, The WalsinJts Lodge Trust. The Trustee has received no fee in respe¢t of the trustee services provided in 2023 (2022= £nil). For th6 avoidance of doubt, tli¢ directors of The Barnes Fund Trustec Limited have al8a not rcceived any rejnulleration or other benefits for the year ended 31 Decemb¢r 2023 or thc y¢aT cnd¢d 31 Dcccmbcr 2022. TRUSTEES, EXPENSES By virtue of a SChe￿e approved by the Charily Commission on 3 OLrtober 2017, Barnes Fund Tn￿tee Litnited is the sole trustee of Barnes FuniL and the linked chaiily, The Walsin¥haTD Lodg¢ Trust. All costs and expenses. which relAte in full to the two charities to which it provides sFovernanc¢ services, have been borne by those charities. During the year a total of £Nil (2022.. £nil) was reimbursed to directors of BaTnes Fund Trustee Limit¢d in conllection with aetiviiies of the charity. io. SIAFF COSTS 2023 2022 Wages and saI￿les £49 998 48,308 The average Tnonthly number of employees during the year was as follows.. 2023 2022 as restated Charitable ActiTrities No employees received emolum¢nts in excess of £60,000. Paoe 36 eonlinued... THE BARNES FUND Notes to the Fittanei21 state￿ents- Continued for the year ended 31 DeceJnb¢r 2023 ii. COMPARATIVES FOR THE STATETrffP4T OF FINANCIAL AcfiviTIES (2022) Unrestricted Restricted Endowmenl funds fund funds nds restated INCOME AND ENDOWMENTS FROM Donations and legacies 2,924 2,924 Charltablc Iietivitl¢s Almshouses L¢as¢hold Bungalows 362,120 22.539 362,120 27,539 5,000 Investment income 323.645 8,653 J32,298 Total 711,228 5,000 8,653 EXPEPIDITURE ON Charitable actiTrities Grants Almshouses Leasthold BUn￿alOW$ 447.016 549.553 22,538 447,016 554,602 22,538 5,049 Total 1019.107 1.024,156 Net gainsl(losses) on investmenLS 375 115) 099,763) 1474.878) NET INCOMEI(EXPENDITURE) (682.9941 5.000 (1.096,159) (1,774,153) RECONCJLIATION OF FUF4DS Total funds brought fon¥ard 4,288,156 14.150 10.794,738 15.097,044 TOTAL FUNDS CARRIED FORWARD 3,605 162 19,150 9 698 579 13,322,891 12. PRIOR YEAR ADJUSTMEP*T Previously grants reflected the amounts paid in the year with any outstanding commitments being disclosed in the accounts. During the year this approach was reviewed and it was felt more appropriate to reflect the costs of the grants approved in the year as a cosi in the year with any outstanding amounts bein(Y shown as a liability. A PTior year in¢Tease of £68,824 has been made to the 2022 comparative figureg for gr[￿1$ awarded to refiect this change in the w>licy. This means the 2022 r￿Ure is noi directly comparable Al it includes a full year of grants paid plus unpaid grants awarded as ai the end of 2022. Page 37 continued... THE BARNES FUND Notes to the Financial Statements- eontinued for the year ended 31 December 2023 13. INCOMif4G RESOURCES FROM CHARITABLE ACTIvrriES (TURNOVER) 2023 2022 Maintenance contributions from Almshouses Service charges 396,333 27.075 352,543 Gross rental in¢ome 423,408 380,549 Voids Net rental incimie 423,480 380.549 Other income Expense reeh8rge 825 33 9.077 434 171 389,659 14. ACCOMMODATION IN MANAGElbIENT 2023 2022 ShEltered housing accommodation (all managed by other bodies} ALmshouses Lealehtrld Bungalows 33 33 38 38 15. TANGIBLE FIXED ASSETS Fixtures Freehold properry Office equipment fittings Tot&l$ COST At l ja￿Uary 202J a￿d 3 1 Decetnb¢r 2023 2 090 777 946 2,120,513 DEPRECIATION At l January 20?3 Charge foryear 715,325 25,206 27.503 431 946 743,774 At 31 Dec¢Tnber 2023 740,531 27.934 946 769411 NET BOOK VALUE At 31 December 2023 1,350,246 856 1351.102 At 31 December 2022 1.375,452 1 ?76,739 Included in cost or valuation of land and buildings is freEhold land of £260.000 (2022 - £260,000) whi¢h is not depreciated. The Trustees considey that the vallle of the freeliold property reinains in excess of tl)e net book value and therefore no provision for impairment Is nccessary. Page 38 colltinued.. TIIE AIARP4ES Tr'UND Nottt to the Financial Statetuents- ¢ontinu¢d ror the year euded 31 Decen]b¢r 2023 16. FIXED ASSET INVESTLIIENTS Listed investmen(s ARKET VALUE Ai l January 2023 Additions Disposals Revaluations 11,186,055 11,487 (185,000) 1031497 At 31 D¢cemb¢r 2023 12 044 039 Tr4ET BOOK VALUE At J l D¢Lernber 2023 12 044 039 At 31 December2022 11.186.055 There were no inVest￿ent assets outside the UK. The investments at 31 DecettLber 2023 are held as follows: Fund Walslngbam tA)dg¢ Permmllent EThdowment CeDeral Fulld Fund Slnklng Fund (De$lgnaled) Genernl Fund Total Charities Official Investment Fund 12,044,039 9,145 919 2 437,507 439,998 12,044.039 9 145 919 2,437 507 439,998 The historical cosi of investtnents is £8,602,111 (2022.. £8,748,231). 17. INVESTMENT PROPERTY FAIR VALUE At l January 2023 and 31 Decembei 202? 647 000 NET BOOK VALUE At 31 December 2023 647.000 At 3 1 December 2022 647.000 The inveslment properties are freehold interests in properties around Queen's Ride SW13. The properti¢$ were independently valued on an open market basis at £647.0(M) on J 1st December 2021 by Sirutt & Parker. The trustees do not believe there has been any significant change in the value since the formal valuaiion. Pa(ke 39 continued... TIIE BARNES FUND Notes to the Financial St#temeDts- Contill￿ed for the year ended 31 DeCt￿ber 21123 18. DEBTORS: AMOUNTS FALLING DUE WITHIN OL4IE YEAR 2023 2022 as restated Maintenance conthbution arrears Other debtL)rs Ptlpayments and aecrued income 8,6JO 10.844 19.931 8.797 15,634 54.825 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 8 restated Tradc creditors Othcr creditDr. 27,584 158,739 28,972 135,230 186 323 164 202 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 2022 as reststed Tutsl funds Unrestricted funds Restricted nd Endowrnent funds Total fijnds Fixed assets Investments Current assets cu￿ellt liabilitie5 678,566 2,898,119 524,705 186 324) 672,536 9,792,919 6,323 1,351.102 12,691.038 55.5,178 {186,324) E.376.739 l L.833.055 277.299 164 202) 24,150 3.915 066 10471,778 14,410.994 13 322 891 conrinued... THE BARNES FUND Notes to the Financial Statements- continued for the year ended 31 Deeember 2023 20. ANAL YSIS OF NET ASSETS BETWEEN FUNDS- CODtinued Walsinghain Lodge Trust Leasehold Bungalows Main Fund 2023 Total ixed Assets Tangible Fixed Assets Inveslm¢nts Investments Investment Propety 1,351,102 1,351,102 11.583,424 460,614 12,044,038 647,(K)O 12,230.424 1.511.716 14,042.140 Current A55ets DebtOT5 Cash at bank and in hand 5.052 34,i54 453.980 39,406 24.150 42,694 488,334 24,150 555,178 c.urrent Liahilities Amount% falling due within one year 83,442) 102,882) 186J24 83,442 102,882 186324 N¢t Current Assets 40.748) 385 452 368 854 Net Assets 12 189 676 2,197 168 24 150 14410 994 Pag¢41 continlled... THE BARNES Fuf4D Nott5 to the Financial StateTnents- continued for tbe year eDded 31 December 2023 21. MOVEMENT IN FUNDS Prior year adjustment Net MOve￿eTht in tunds Transfers betw¢¢n funds At 31.12.23 At 1.1.23 Unrestrietcd fund% General fund- M&in fund General fund- Walsingham Lodge Trust Asset Mait]tenan¢e Fund Fixed Asset Fund 2,297207 (68.824) 166,906 2,395,289 360,016 317.610 699 153 238,792 (75,206) 20 587} {59.367} 59.367 539,441 301,771 678 566 3,673.986 (68,824) 309,905 3,915,067 Restricted funds Long Leaseholders Maintenance Fund 19,150 5.000 24,150 Endowmenl funds Pernanent Endowmeni- MaAll fund Pemanent Endowmeni- WalsIogh￿ Lud¥e Trust 9,020,994 778,247 9,799.241 677,585 672.536 9.698.579 773,198 10471,777 TOTAL FUNDS 13,391,715 65.824) 1088.103 14 410,994 Net movement in filnds, included in the above are as follows.. Incoming resourc¢5 Resources expended Gains and losses Moven]ent in ￿llds Unrestricted fllnds General fund - Main fund General fvnd - Wal.%ingham Lodge Trust Asset Maintenanee Fund Fixed Asset Fund 323,621 440,670 (363 ?63) {250,291) (82,328) 206.548 48.413 7.122 166.906 238.792 (75,206) 20 587) 764291 (716,469) 262,083 )09,905 Restrieted fllDd5 Long Lea%eholdcT5 Maintenance Fund 5,000 5,000 Endowment futLd5 Pennanemt Endowment- Main fuiid Pernianent Endowment- Walsingham Lodge Trust 8.834 769,413 778,247 5.049) 5,049) 8.834 769,413 773 198 TOTAL FUNDS 778.125 721.518) 1031496 1,088,103 Page 42 continued... THE BARNES FUND Notes to the Finallelal Statements- eontlnued for the year ended 31 Deeember 2023 21. MOVEMENT IN FUNDS- colltinued Comparative$ for movement in lund5 N¢t Tllovement in funds Transfers between funds At 31.12.22 At 1.1.22 Ilnre5tricled funds General fund- Main fi]nd Geneyal fund - Walsingham Lodge Trust Asset Maititenance Fund Fixed Asset Fund 2,654.397 343.1491 569.126 720.742 (426.014) 69.222 (304.613) 21.589) 2,228,383 360,016 317,610 699 153 {53,0971 53,097 4288,156 {682,994) 3.605,162 Restriettd funds Long Le&8ehi)Iderg Maintenance Fund 14,150 5,000 19.150 Endowrneut funds Pern)anent Endowment- Main fund Perlljanellt Endowment- Walsingham Lodge Trust 10,112,104 {1,091,110) 9.020,994 682,634 (5,049 077,585 10,794,738 1,096.159) 9 698,579 TOTAL FUNDS 15.097 044 (1774.153) 13 322,891 co￿paratiVe tlet movem¢Dt in fun(ts. included in the above as follows.. Incoming resources Resources expended Gains and losses Movejnenl in fund5 Unrestricted fulld5 General fund- Main fund General fund- Walsing]an] Lodge Trust Asset Maintenance Fund Fixed Asset Fund 324,838 386,390 (447,016) (266,922) (283,580) {21589) {303.8361 (50.2461 (21.0331 (426,014} 69,222 (304,613} 21589} 711,228 (1.019.107) (375,115) (682,994) Restricted funds Long Leaseholders Maintenan¢e Fund 5,000 5,000 EndowJneDt funds Pernianent Endowment- Main fund Permanent Endowment- Walsingham Lodge Trnst 8,653 {1,099,763) (1.091,110) 5,049 5,049) 1099,763 1096 159 TOTAL FufiDS 1,474,X781 11.774 153 Desigllated funds: A5bet Maintenance Durinu 2021 the Sinking F'und was redesignated as an Asset Maintenance Fund and the Cyclical Repairs Fund and Boiler Fund were aTt]algamated into this one fund. This fund has been sei up io provide for future major major %vork5 On the property. Annual transfers are made into the Fund in accordance with the recommendations of the Fund's professional advisers and Alinshouses Association. Pa(Fe 43 coniinued... THE BARNES FUND Not¢s to the *1n4ncial Statements- eontinued for tbe year ended 31 December 2023 21. MOVEMENT IN FUNDS- continued Fixed Asset Fund This fund has been established to represent the Uk)restricted fimds ti¢d up in tangible fixed &8sets so not otherwise F*vailable to MfalsiDgham Lodge. Restrieted funds: tA)n% Leaseholder5 Maint¢iiance Fuiid The restricted fuDd represents the balanLe of 5eThice charges r¢¢eivable from long leaseholder5 and is available solely to meet applicable managemenl and FndiIltenall¢¢ o05ts of the leasehold bungalows. Permanent F.Ddowment F￿￿d5 The Pemanent Endowments represent f[￿d5 donated and invested to generate fLmds to support those in Theed in Barnes. Tbe Walsingham l.(dge Pemianent E]]dowments represent the land, known &8 Waliingh&m Lodge, and the suTh*unding areas originally doi]ated to the chai'ity. 22. RELATED PARTY DISCLOSURES Barnes Fund Ttwstee Limited (the tru5t¢e) is the trustee of The Bames Fund. The Bmies Fund bears the costs of the tnistee in Tespect of Eeimbursiiig ivs directors for expenses incurred on The Barnes Fund bu8ines.% along with the regulatory costs. The alljount paid by The Barnes Fund in the year amounted to £1,3201202•: £1,320). 23. FRC ETHICAL STANDARD- PROVISIOINS AVAILABLE FOR SMALL ENTITIES In common wit]) many other charities of this sile and nature the TJustee5 of Bdrnes Fund enli￿ their auditors to assist witb the prepardtion of the f￿ancial statements. Page 44