THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 • xeinadin THE BARNES FUND AND LINKED CHARITY. THE WALSINGHAM LODGE TRUST CONTENTS Pagg Truslee's report 1-23 Independent audho¢s r&port 24-26 Statèmenl ol finandal actlvltles 27-28 Balanco sheèt 29 Summary Incnme And èxpgndilure Statement ol cash flows 31 Nol08 10 th8 finanaal s1818ments 32-50 THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 ThB truslge presents Its annual report and flnanclal sl8t8mgnts for the year ended 31 December 2024. The flF*8nrlal 81aletNelll8 have been prepared In accord8nc8 With the accounllng policles sot out In nol8 1 to th& financlal statements and comply wth Ihg ¢h8rity8 governing document. the Chariltas Act 2011, FRS 102 'Th8 Flnancl81 R9PQrtln9 S18ndard applicable In the UK and R8publi¢ of Ireland. and the Charllles SORP 'A¢¢ounUng and Reportlng by Charilles.. Statement of Recornmended PRcllce &ppllc4bl8 to charttlèg prÈp8ring Ihelr ac£ounts In accordance wth the Flnanclal Reporting Standard appllcab18 in the UK and Republic of Ireland (FRS 1021.. Thg Barne8 Fund Tnjslee Ltd {Company Numb&r 108738031 Is Iho Corporate Trusleg of The Barnos Fund (Charity Number 200103} and Walsingham Lodge Tru81 (Charity Number 200103.11. On 24 Fabru8ry 2020 thg Board ol the 8grng8 Workhouse Fund Tru6te8 Llmlt8d rasolvèd to ch8ngè th8 narne of the charfty from Bames Wothhous Fund to The Bames Fund. This was updated on the Charity ConNnissioTh reglster on 26 Fèbru8ry 2020. The Board re501vod on 14 May 2020 to change the name ol th8 Corporal8 TrustÉ8. from Barnes Workhouse Fund Trusleg Ltd lo The Barnes Fund Trusteè L(d. This has been updated on the Companies House Reglsler. In Ihe report and accounts the lo11￿￿n9 tam)inology18 usfjd= The Barnes Fund Trustee Ltd Is referied to 85 Tru8188': The Bames Fund is referrod lo as'Th8 Fund. Thg Walslngham Lodge Trust Is ref•rred lo by lis lull nam8 And In the report IPP 1-23) The Dlrectofs ofTh8 B8me8 Fijnd Trusleo Ltd are refer￿d to as'tnjsiees. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Oblaetiv•s and alms The Fund's Oblecis can be fovnd In thg Govemln9 Doc#JMent whlch stales that 'the obloct of tha Charity Shall be th8 benefit of the Inhabitsn18 01 the grea of Ihe Anclent Parfsh of B&m8s as lollows.. - The re5i&f ¢f the aged, Impotent ond ￿￿11., The rellef ol dlslress and sicknpss- Thg provi8ion and 8UPPOrt {wlth th8 oblecl of Improving th9 condiVon8 of Iwe for the sald InhabSlanls In Ihe Inierests of sodal welfkrel of facllilie8 for recfeallon orother1816ure tim8 ¢xcup&llon: Tho provi8ion and 8UPPOrt of educallonal (adli￿&s." The Fund olrn8 lo m8el Ihe 8bove objects by vnderstandlng thè prK>rily ngefls of Barnes reslden18 and by belng re$¢live lo the numerous and wd¢spread applications received in accordance wllh thos8 na￿s. In doiftg so. th eh8rity odopl8 conlempor8ry language to descrtb6 thesè 8raas tsf ne80. referring to'older people. and 'hardshlp' In relation lo Ihe Ilrst oblectlve. and knollbeing, In Telalion to the second (which covers physltsal haalth. mèntal health and social wellbglngl. With regard lo educalloTral 'laC51￿1&8,. thls is d88crib8d as provldlng grants for edueatlonal purposes. The bOUnda￿e$ ol the "Ancient Parish of B8rne8' broadly correspond wSlh th8 pr&8ènt post818r88 of London SW13. Arnap 5eltlng out the area of beneflt Is Includ8d on ourwébsilè ￿i.1hebarnesIund.0rg.Uk. Known as an arga ol rg181ive %veallh, Bames has mlxed nelghbourhoods and 8150 an arè8 of parfcular deprfvalion and hlgh need. In lem)s ol aga profll6. Bameg has 8 wn81sl8nlly hlgheT percentage of Its population bétweén tha ages of 45 to 90+ than Richmond and London as a whole. and parts of Bama$ havè somb of the highest numbers of 65+ pgople living alon& In the borough. Thè 2021 cgnsus showed that 14% of households In 8arnas arg occupled by on6 person aged 66 years or over, cornpared lo 12% In Rlchmond borough. Tha number of people wllh a d18ablllly has Increased slnce th8 2011 eénsus wlh the number of dlsabled people In Barnès 8112.3% o)mpared to 11.1% in 2011. 01 the eighteen wards in Richmond borough. Barn89 is rankéd sèventh In lerms of lh8 P8r¢enlag8 of people with a dISab￿lIty. In tarms tsf household composilion, lone parent lamlligs r&pre59nt 9.20 compared to 8.8% In Rlchmond t&)rough. More generally. trusteès havè b8com8 Swarè, through assesslng Indivldual hardship applScallons 8nd feadback from Ioc81 voluntary organlsallons, that Indlvlduals are èxpgdendng Increaslngly compltsx negd¥. Th8 Indox of Multlplè Dèprivation (IMD} 2019 m8asure8 relalfve deprfvallon for nalghbourhood8 In Enoland. Th& Indgx rgvgals that of the 115 n8lghbourhood areas In Rlehmond bon)ugh, th8 nelghboufhood wth the fifth hlghest level of d6pHv8tlon Is In North Barnes. North Bames is ranked 11,485 of 32.844 natlon811y (whérè 1 Is mtssl deprived and 32,844 Is least deprlvedl. The IneA)me D8priv8tion Aftecting Older People Index (IDAOPII Is a supplementary Indèx whlch measures the proportion ol people aged 60 year5 and ovgr. Ilvlng In Incomg deprive¢J hovseholds. Accordlng lo the measures used to creala Ihls Indèx. of the 115 nÈighbourhood areas In Rlchmond borough, the n8lghbourhood with the hlghesl level of deprivation is In North Barneg. North Bwm9$18 ranked 6.099 of 32.844 nationally (where 1 Is most depfved and 32.844 Is least d8prNèdl In t8m78 of older people. Thls Is amongst thg 200A mo8t dépriv8d n8lghbourhoods In the country. Trustees commlssloned a res88￿h aggnGy, R￿k81 Science, lo undertake a research prfjlo¢l Inlo need in the ¢ommunity In 2021. A steering group of local stakeholders prO￿￿@d ovèrsluht to the prolecl and Ihe project benefltted from a eomblnation of r&se8rch m81hods induding a desk-based ￿vIeW of data 8nd gvldgnce, )nsultalion ¥￿th 55 local stakeholders from 50 organlsatiorns. and Inlervi8WS Wth 110 Barnes resldenls. The resulting ￿POrt, launched In Junè 2021. provid85 8n ongoing resource for the communlty, as well as & tool lo hglp trusl86s to maxirnise the effecllveness of Ihe Fund's grant-maklng going forw8r(S. Tho report 8818 out a YAde range ol data which demonstrates somè of thè wd8 r8ng& ol n8Èds felt In Barne$, Includlng those felt more acL¥iely Ihan In othar p8rls of th8 borough or the capllal. For example, 8ames Is one of Ihe top fgur wgrds lor the proportlon of re8ldents dylng wlh demen￿3 as the underfying causa ol dèath la lolal of on8 In len of 811 deaths In th8 areal and Barn8s wRrd h89 thè Ihird highest proportion ol chlldren wllh SEN support or EHCP ol all wards In Rl¢hn70nd-upon. Thamgs la lolal of 14.7% 01 the puplls compared to Ihe Rlchmond-upon-Tharn8s average o112.4%1. The research also damonslratèd that needs were exacerbated by Ihe Impact of the coron8Mru5 p8ndorrlc 8nd related lockdowns, as well as an Increase In lonelinegs, Isolatlon. ment81 h88lth 1s8u8s and domesllc vlolence as a result of lh8 pand8mlc 8nd rélatèd r8striclions. MoTg re¢enlly, INstees have become aware. of tha iRu¢8sed pressur8 on Ihg communSty caused by thè recent steep rlsts In energy prlc98 and hou88hold ¢y)818. compounded by B loss of reslllence whe18 hous8hold savinus werg run down in the pandemlc THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Publlc ben8flt The Trusteo confirms that11 h8$ ¢ompll8d W￿lhI1¥ duty In se¢lion 4 of the Charfties Acl 2006 lo have duo regard to Iha publlc benefit guldance publlshed by the Chadty Commisslon In detemiining Ihg ocuvilies undert8ken by Ihe charlty. Slnce the Fund's Income Is Inevlt8bly Ilmlled. the Iwsle08 pur8u8 the Fund's objects by selling a grant-maklng pollcywhlth Inelud88.' Taklng sleps to f¢Jnd onty tho hlghtrsl prtortty neeils of lftdividu81 applleants, 8tarting wilh basic liylr $$sentials' F¢Jndlng"flrst tiefl furtheredU￿11On VL￿140￿191 cour8e8 88 8 priority., Fundlng 10¢81 orga￿18•(10ns based in the Rlchmond Borough who cBrs demonstrèlè that thelr actiwtles benef51 some of Ihe Inhabllants of Barne5. wlth Ihe fundin9 propDrtlonale lo th8 Barne8 population acces61Trg those 8¢tlvlll88 9nd the noocls Ihoy 861 out lo meg1. No appllcallons are considered from ￿all￿n81 eharfllgs In the case of The Walslngham Lodgtr TnF5t. it p￿￿deS hLW51ng IrTr th9 form ol almshov8e8 for old8r 8am8s r85i¢Jgnts. who 8rg 01 limllgd means and who can live independently. In the absence ol an approprf&le person from Barne$, the accommodatlon Is madè available to an appropriately qualified ￿r$0￿ ftom Ihe Borough ol Richmond upon Th8rr95 or somebody wlh Strong links lo Barnes. In mor9 dglail. In Ihg c8Sg of Its giant making, the Fund ￿rther8 118 charitable purposes for the publlc banoflt ihrough Its granl-maklng pollcy whlch oporates as follows.. 1. Indivlduals In need can benefit by maklng an epplleatlon to the Fund through a separate organisalion ading a8 a 'Rèferral Agencf. Th9 R9ferrer wll vouch lor the appli￿nf3 drcumslances., help Ihem complete the appllcatlon fomi and oversee the appllcallon process. The Fund has a polloy ol Ilmltlng grants to £5QO to any ontr Indivldual in any one year. Cumul8llve gr8nls over thre9 years tn8y be 8wardgd up to a maxlmum of £1.500. Enllrely al the trustees. dis¢r81ion, the maxlmum ￿gUre of £500 rftey be eX￿eded, depeftdent upon the 8ppllcanf$ ￿rcUMstanCes. In recognlllon ol the steep Increase In energy costs faced by Ihg cornmunity during 2022, the l¥uslees agreed to incfea88 Ihe threshold to £650 for hardship granls, where these Indude energy costs. In addition, in 2023. Ihe trustees also agreed to illGrease the threshold lo £650, wherg thg grant8 Included an award lor large household applian¢e8, in recognition of Ihg increased cost ol these items. Thes8 Ilmlls do nol apply to gr8nts ftsr education purposes. 2. Parental Income of #pplle8nl$ lor educallon grÈnls Is tsken into 8ccounl up lo the age of 25 years and Iru6te86' dlscrellon 18 us8d after that age.Applicanls for education grants are usually Inl&rvl8wed by hvo truslaas. 3. Local oryan18alions who can prowde strong evidence of benefit to B&rnes r6s1d6nls may apply for dth8r cor fundlng or project fundlng. To this end and with th6 Fund's Ilmited iftcomg in mind, Iwslees are keen lo locus resources on ensuring Ihat priority needs in Barnes are Identified and met. Thls has In8vllably m8&nt th8t somè organlsallons. partlcularly thosè with 8 n8tional bagè or ablè to raisè fvnds in other ways, have seen Ihelr applica￿On$ lumed down. 4. Since 811 of the Fund 8 Iwslees live In Barne8 and some are volunteers for various voluntary organlsatlons bA88d In the local area, the truste8s are able to bulld up a good plcture ol th& n8•ds to ba mèt. On top of this, the trustees ask thglr Execitlive Dlreclor to 8ali8fy h8rseK ol the bas18 of 8ppllcalions presented lo the Fund, in terms of need and, In respect of appllcatlons from organlsallons. also In terms ol Ihelr accèsslbllity to Barnès résid8nls and th8 prevjous succes$ of Ihe 89rvI￿$ offgred. 5. The Fund monllot8 the oulcotne of Its ￿rds. A benofidary org8ni8allon Is required lo report on Ihg success of an award, explaining how Iheir services have benefited Bames resldenls. Numbers of Bames r8sldants using Ihè Se￿¢& 8r8 requlrad Its b8 prowldad befo￿ 8ny n&w grant Is (x)n8lder8d. 6. Organisations arè eneovrao8d to link up wth oth8r org8ni$8tkJns worklng for the ben8fl1 ol Barne8 reBldents. lo avold duplicatlon and so that a combined benefit can be delivered where thls wlll enhanc8 lh8 s&Nlcè that 8Ach organlsallon Is attèmpting to PrO￿d0 In BBrn8S. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 7. Tha trustees andlor Ihe Exocullve DSrector vlsil certalrn orgonlsatlons durfng tha year. SO that the n88ds or 63rnes residents and how best these c8n bè mèt can bè ￿nSIdered in delall. An Annual Publlc Meellng lo whS¢h benBftclary orgonis8ton5 and Rgferral Ag8ncl8s are invited provldes a ug8lul frjrum for an 8xeh8ng8 ol Infomiation. nws and commer*t be￿88n Iruste8s And 8 wldo rangè ofst8keholders. 8. The EXec￿lIVe DlreclcT allends Borough Inlllativas r8gu18Ay, lo gain 8ccess lo a wtde varlety of voluntary orgAnl$ations and gn undarstsndlng of Ihelr work both separately and lolnlly ￿1h1n Ihg Borough. In r6sp8ct ofthè Walslnoh8m Lodge Trust, comprlsing thIrty.th￿e almshouses 01 Walslngham Lodgo and Berf(eley Road, the charitable purposes for the publlc bènaflt arè athièvad by following thg Strategies below: 9. The almshouBes provlde a communlty ol houslng In 88rn88 for old8r peopl8 who have limlled means and are abla to Ilva Indèpandanlly. Much ofihe r8118f that the Fund provldes for th8 aged comes fhrough thls sourcg. 10. Thè 81mshousès ara man8g8d on 8 daY-l￿daY basls by a Managlng Agent. appolnled by lh8 TN$tee. Th• Tru81ee sets the strategic direction. key pollcles 8nd th8 budg91, antl monitors th8 Managing Agent's performance through regular d181oguè and ièporting. 11. An advertlslng campalgn 8cros8 BaTnèS, induding on occaslon an Open Day on ske, Is run pertodteolty. to publicise Ihe housSng In the local area. And a Housln9 Regislar is kèpt. to artsurè any v8cancles are fllled as qulekly as possibl8. Thè Trusi8è8 wiority is to award almshouse Ilcences to those wllh IhB grealest n¢od. who ore already I￿rn9 In Barnes. 12. Thg London Borough of Rlchmond has nomSnallon rbJhts to 500/9 olthe fiots alW8181ngh8m Lodg8 8nd links are mainlalned b8￿e￿n th8 Council. th8 Wxlslngham Lodu8 Trust end the Managlng Agent, In order to co4>rdlnate thg Iling ol v8cancles I￿1h approprtale Counc51 nomlntses. 13. Thè Fund Is the freeholder of five further bungalows that benefft from th& fadlilgs provlded by Wa18ingham Lodga Trvst. These aro Ind8pand8nlly tr8d8d on lh8 OP8n rna￿81 on long leases, where the leas& speclfies Ihat thè l*aséhold8r wlll be 60 or over, and where they have access to Ihe Housing Servicos Officer: lh8 residents, emergency alarm,. and the communal fadlitiès providad Èt Walslnoham Lodge. The Freeholder's responsSbllltles ara cai¥i8d oul by a Managing Agenl, apwjlnted and overseen by th& Trusteè In tho same w4y as for Wal8lngham Lodge. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aehlov•m•n18 and performance Slgnlfveanl a¢liviti&s 8chl&vemgnt8 8g8lnst obJectlw¢s Gronl Maklng 2024 Th18le•s hav6 been mindlul of rtslng household costs ovèr tho past threg years, whl£h have placed significant financlal pressure on hous¢holds in Barnes. Inflation peaked In Oct 2022111.1%) bgfora stablllslnu 8t a lower lèvèl Mgy 202412 /.}. 14owover. desplte Ihls dedlno, thg cumulative impact of pre￿0v8 price Increases meant Ihat the cosl of Ilvlng remalned hlgher than in 2021. In Te8ponse lo rising household &xpens8S. PartScularly 8n8rgy costs. Irusleps had previously ralsed the hardshlp grant threshold from £500 10 £650 lor granls related lo energy expenses. Thls Increased pr()vislon remained in effect throughout 2024, with ulllty costs-ospaclBlly énèrgy b1118- boing the m081 frequently supported expense. It accounted for 26 pareanl of all llldlvidu81 grants awaréed, lolalllng £11,050. In total. 94 hardship gront8 wgre aw8rded during 2024, which represents on Increas8 Irom 20231861. In fer￿gnItIon ol tlw Inereaslng lovgl of d9bl faced by local households a ptlot Money Advlca S8Nlca has b8èn funded al th8 Cillzens Advice Rlchmond Barn&s Offlea. which opèratas on Fridays. M(irtlake CommunSty Assodatlon. have been awarded a gronl In recognition of lh8 pressure on Ihelr resources from pArtlcip8nts ftndlng 11 hard lo m891 even the low costs of actlvSttes. and In support ol thèir Community wami hub. Thts Hub has provlded not onty a warm space and lo￿ to 8ame8 ond Moruake resldenls, ltyplcally older and on a low incA)mal but has Iso been a good exampl8 of co.localion wlh thos8 Ottendlng belng ab18 to 8(X8$8 8 tange ol other 8ervi¢e provlders (Rlchmond Borough Mind. thè SocTral Presuiblng team al RUILS, Soulh W&81 London Energy Advlce Partllorship and lo¢al ward councillor81. Inuè889d energy ci)sts and high Innalion have also con1n￿&d to pul a strnln on local voluntary and ¢ommunlty organlsallons. In tem￿ of Ih8ir st8fflng ar￿ ftjnning cos18. In addillon, rnany organlsallons have seen Increased need dua to Ihg impact of rising costs on the communty as w811 as lh8 consequent ppèssurè on mèntal hèalth. Wè were able lo respond to thls wlth an upllft In tha orant award to a number of organisations. Thls Included Increased awatds to Citizen8 Advice Rlchrnond, Castelnau Centre Project. Off the Racord and FISH N6lght>ourhood C8r8. Anothèr nogd hlghlighled in th9 Bamgs Ngeds report. access to lo￿1 activttles and graèn spac88. has bÉ8n addressed through a grant tr) support ehlldren 8t Ioc81 primary sthools to awss Le9 o'mvllon Nature Reserve and lèarn Èbout tho diver89 flora and fauna there. In addlllon. Bames Football Club havo beèn award8d 8 granl to provid8 places on thelr lunlor football teBm for ehlldrèn from low Income f8mi118s, those who are looked after le.g. In fostér carèl and olher groups who would typically flnd accessing sport a challengo. A ￿ant wa$ 8180 awarded lo Activity Station lo pro￿de acllvltles for dlsabled chlldran durin9 $ummor holidays. There was a decrease In the number of educallon grants 8W8rdÈd In 2024. A lttt81 of ten educallon grants were AW8rd8d ￿Verfng 8ch¢)ol uniform, school residenllal lrfps, travel costs and computer equlprngnl. cornpared lo eighteen In 2024. The majortly of these related lo gr8ntg to support f8mili88 with thè eo8t of resld8nlial school trfps 17 grants £2.7461. Tru8t88s vi8w these as an important experfence lor children. in lerms of le8rning. shared experiences and life skllls Includlng Indepènd8nc8. In 2024. thè sum awardèd lor èducational grants amounled lo £3.388, 8 dècrèas8 from Ihg £5,860 gr8nled In 2023. This reduction Is attributed lo btslh a redUc￿￿n In thg nurnbgr of applications gener£lly and from universlly sludonts mofo 8P8¢tfi¢ally. Followlng th? publlcallon of Ihe Barnes Needs report ond ¢ommunlty convorsallon In 2021, Iha leamlng from the research hag contlnuad to Inform our granl glving. Many organlsatlons lo whom we have recenuy awarded granis r9POrted Ihal the research had informed thalr work, and a¢Jjugtments had been m8do lo addre88 needs hi9hligh18d In the report. In 2024. wa 898ln 8W8fd8d lunding lo B8rnes Communlly Gardeners whlch Is a partnershlp project d81iv8rèd by Bames Common Lld. FISH Nelghbourhood Care arnl 8am6$ Communlty As50cl8Uon. The prolecl addresses themes r8lsed In th6 iasearch Including the mèn181 hèalth benefits of collaboratlng, the need for 8tC88sib18 aclivities, the role of resldenls In ctrdeslgn and cwA&a￿On and dellvery In thg differenl 8rea8 of Barn&8 Induding North 8ames. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants Awarded Tha Fund's totsl Incornelgxcludlng from Walslngham Lodga} rè(*lv9d durlng 2024 was £324,040 and the total amount awarded In grants was £328.144. Over thè ar 2024. the Fund awarded the followln rants.. No. ol Grantg rants awarded to Indivldua15 under Rg11gf of Har(Jshl Ob K8nt5 aw8rded lo Individuals under Educallon ur oses rants awarded (o Or anlsalions under all ob ects ital Grants io O anlsallons ecl 10 Th8 full breakdown of grants awarded dvrfng 2024 Can b8 found in Notg 9 to th8 Accounts whlch accompany Ihls Report. The followin9 ch8rl ouuines Ihe amount of fundlng ollocated to ch8rit8ble obje¢liv8 In 2024. Some organisaUons have been reclassified slnce 2023. and as such, the 2023 figures are not Included. os a me8nlngful compaFt50n connol be made. In ￿latiOn to the Fund s four dlfferenl oblects. matjy gr8nls 8warded meet more than one object. 2024 Grants by Object Eduialion Wellbein8 43% Relieviii8 Hafdship aiid Supporting Oldèr pèoplÈ 419 ReiTeaiion and 3% Notes io chart.. {1) Grants to Indlvidu8ls for the r81i8f of h8rdship 8nd for edu¢allon are shown undei the 'Rellevlng H8rdship and Supporting Older Peopl8. and 'Educallon' oblectSves respecllvely. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants made to Indlvlduals Indlvldual appllcants, clrcumstances are often complgx 8nd vari8d. Th9 rn8lorlty of the appllc8nts In 2024 were Identified as havlng more than oll9 negd. The following chart provldes an In-deplh plclLtre of the extent of complex needs experienced by those In recelpt ol on Indlvidu81 grant frotn the Fund in 2024. based on the Informallon provld6d by th& r9ferr81 aggncies. The needs mosl Irequenlly hlghllghted related to mental heallh. dabl and physlcal health. Thls Is a slrnllar plclure lo 2023. however. ther8 has been an Increase In thosg With menlal health concerns152% eompar8d lo 50% In 20231. 2024 tndii".tdu31s- Yo affected by issue5 (93 residents) Metslal He.alili 52% Debt Physical Heatth 46% Disabled 31% Single Parent Carer ' 24% Cris1$ 23% Recerttiy Rehoused 15% Benefit$ 1s8ue$ Fleeing from domeslicl sexual abuse 6% Ull52nitary l lliapropriate housin8 4% Loiv incon1elu￿stab1e ii'ork 3% Learnitig Dlsabled 2% DmglAlcohol hltsuse Limhted English Refugee lietim of online grooming THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Is also useful to conslder demographlc criterla In lemis of thosè assistad. Thls can support us In undèrstandlng need, and also whgre there mlghl be gaps In temis ol provlslon, and any awareness ralslng can then be targeted accordln9ly. The malorlty of those supported 181%) were Ilving In 50cI81 houslng. while most of th6 rem8lnlng Individua18114%1 w9re in the Private Rented Sector IPRSI. Asmall numberwere in temporary living arrangements, such as slaylng wllh famlly or In temsx)rary aceommodalon. Thèsè Individu81s may b8 f8¢lng p8rtlcularly diffieult ircumstances, 8u¢h 88 1188ing 8 Sltuation lor 8alety or gxperienclng hom8lessness and a grant can be beneficlal to allevlale some of the addlllonal costs assoclhted wllh thls sltuallon. ACCOIIAIODATIOIN 2D24 oh￿￿.[DuALGRthy5j Trmporir). Accomwodallon 296 Llilng wltb relAlh-¢ Owlltr occllpftr 196 Prli'ite ReDt•l 1446 So¢l*l HollsiD81th¢ RHP IDd PAHou51llg) 8196 The follo￿ng ehart sets out the percentage of those supported by age-group. It Is worth notlng that thls provldes information only about the applicant. and does not rgff8Ct th8 full Impact of Ihg award8 with regard lo other household members {such as chlldrenl. There has been an Increase in the 30-39 age bracket 123% In 2024 cornpafed lo 16% in 20231. Thg Pgr¢8n18gg of Iho8e ag9d 60+ h8s in¢reased125% in 2024 cornpared lo 20% in 2023). Thls may refiect the contlnued Impact of energy cost Increases. whlch typlcally affect older people di8PfOPOrt101181ely. Whil818ll8rgy costs Iluctua18d dullng 2024. they rem8in8d significanlty hlghar than pr8-2021 energy crlsls levels. In addllion, many resldenls face energy debts from that earller perlod. In(Ilvl(liiiils_ 0/0 by Age Z5Y 23% 20% 18Y. 6% 1% 0-19YEARS 20-29YEARS 30-39YEARS 40-49YEARS 50-59YFAR5 60-69YEARS 70-79YEARS 80+ THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our key Referral Agencles submllled appllcalions on bghalf ol Indlvlduals, wllh Cltlzens Advlce belng Ihe org81118alion that submilled the highest number1441. The number of appllcations submlttèd by Citizens Advlcg Inereased from 29 the previous y68r. Tha 58cond highest nurnber came from Rlchmond Ald 1201 whlch supports those with disabilitie8 and long lemi heallh conditlons. Both organlsatlons havo r8ptsrt￿ an In¢ro8$9 in n89d in thg commuTrllles they serve. LBRUT. NHS. other statutory encles Social Houslng Providers Ilncludlng RHP nd PA Housing) ichmond ￿d. RUILS, 8Stelnau entre Project, nd olher VCS ocal Primary School8 Edu￿110￿ (sell- ferral81 hi8ving hlldrennocal Children's entr8 for hurches 8nd vi¢ 11 10 The grants awarded lo IndSvlduals coverod a wlde rango of assèntlal Itèms. Most b891¢ 0588nlla18 are 80urced from Ioc81 supplièrs. wth whom thè Fund h88 8stsblishgd a suwessful and ongoin9 relationship. The Execullve D1￿ctor ¢an comrnunicale dlreclly with the Manager of eaoh ol these buslnesses. enSU￿ng compolitlV8 prtcing. r81iabllity and proper monltoring of thè grant, frorn the tirn9 th81 il is awarded, to when the item Is Installed ITh the appllcant's home and th8 Costs paid direct to the suppller. The lollowlng chart Illustrhtes the perc6nt8g8 allora¢8d lo each calegory of Items iequestèd. from th8 lot81 atnoynl 8ward8d lo Individuals. Iiidii'idiials I'o Aiioiiey iieede(I foi. 26.ovo 19.2Vo .u% 2.4V• 1.6Q/o costs Inill)ish de.vaiice (?[￿til¢s) lioii%tlidd THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Under th6 8due8tion object lh8 Fund aelively 8ncour8ggs 8ppIic81ions from individuals looking to r91um lo education, or lo go into furlh8r educallon, with a view lo ImprovSng thelr chances ol amploymenl. Fvndlng under thls oblecl Is also focused on ensudng 811 chlldren 8r8 8b18 to 8cces8 8ducatlon81 opportunltl8s. Includlng re81denlial 8¢hool Iiips. Help wlh utility bi118, particularfy energy costs, was one of the malor needs durfng 2024, with 26°k of grants warded belng made for this purpos&. Thls reflects the d&c151on to inue888 th8 threshold for 8n8rgy grants to £650 earlier in 2022 in response lo increased energy costs. Many appllcants lor thls typ8 ol support were suffering from an Illness or dlsabilily which kept them at home for long peEtods. reqijiring them lo havg Ih8ir heating on for much longer than Ihey could afford. Dullng 2024, referral agencies have continued lo highlight a need for crisls payrnenls lo support Individuals and lamllles with thè cosl of grocerles and other essentlal Ilvlng costs. Th& Fund h89 continued to pay these dlreclly to 8pplican18 and this has provided an immediate and efficlenl way lo support Ihose in crts1s giving them Ihe flexibility to use Ihe (unds In o way that sults thelrsltuailon. Grants madè to Oryanlsatlons Both Ihose In recelpl of Indlvldual grants from Ihe Fund and very many olher members ol the communlty are SUPPOrted by th9 widg range of volunlary org8nis81(ons oper81ing In Barnes and that th8 Fund 8UPPOrt8. In order lo help those organlsallons In as flexible a way as posslble. 84¢A ol granl funds awarded were lo meet core costs and 16% of lund¥ werg 8warded in support of specific local projects. All beneficiary organisalions havg dgrnonslraled lo the Fund that Ihelr serv1￿$ can meel al least some ol the numerous needs ol Barnes resldents. Taklng account of th8 Fund's Obj8Cts. th9 Board's task 15 to continu8 to 8xlend 11$ re8¢h 8cross 88me8, lo en¥urg Ih81 everyong in need, who may be s(nJggllng In Ihls a￿a of relatlve wealth, can galn access to, and support from, the many vOl￿ntary org8n15atlon8 worklng In the Borough. The ehart below provide5 additional in51ghls Into tho impact of org8ni5ations that r8C81V8d grants in 2024. highlighting the needs they addressed. Most organisalions focus on multiple areas of need. 2024 Orgallisations.. types of lleeds supported 18 mental heahn 16 hardshipl(lisadvantage advliel Informèiion older peO￿e io carers educatlon physical heahh artslculiurtlsport chlloren %¥llh addl￿onal need5 parentinElheatlhy relaiion5hlps communllv space accesstonature/Efeen spJce5 10- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FundrBlslngpr8cflces Grants towards Capltal Prolècls Th8 B8rnes Fund m8inlalns re8eNes th81 ara avallable to gUPPOrt suitabl8 Capit81 Prolécts. In 2024 8 grant was awarded lo MO￿ake Scouts towards the robuilding of their 8toragg facilFty. TFuslees iemain open lo appllcallons for c8pi181 gTant8 from Barnes oroanisallons whlch are looklng fo¥ soma support fr>r a proj8cl whlch d8signad lo S8tve the lo￿1 communlty. 2025 Grant.Maklng Trusleos are aware of lh8 continued pre86ure of increased 6n8rgy 8nd hous8hold costs on thè tomn￿nhY of Barnes, and have contlnued to make provlslon in the budgol for hardship grants al the more recent Increased level. Aece55 been 8 cOn￿￿U1ng theme during the Sprlng 2025. ￿th 8 grant awarded lo Bameg Community Aris Cenlre IOSO) to provld8s aceess to performancès lor tho$e on a low Income. In addillon, an upllft in grant has beèn provided to R￿hrn0nd Mu8tcTwsl for their subsidi8ed muslc tulllon lor chlldren fmm low Incom8 f8mlI￿9. HlstOriC8lly. gr8nl awards have been provided to 8LlPPOrt low-lncome 18mllles who ar& un8bl8 to èfford tha eost ol 8 resldenllal school trlp. Thesa gr8nls hAV8 primarily baèn dlre¢led towards primary schools where the onllre year gmup Is Invfted lo particlpalg, as such trips play a vital role in chlldren's dgv8lopmant ond Indgpgndènc8. In 2025. we are inlroduclng R pllol schema wllh 88rn8s Prlm8ry School. 113uccessfvl, this approach will be extended lo other primary schools in 88mes. The Inlliallve alms lo reduce (he stlgma famllles may experSence when seeklng nancial assislanc8, a challenge ex8cerbRled by the gr8nt 8ppllc&lion process. Und8r this pilot, th8 Prirnary s¢hwl wlll reeèive 8 dèsignated sum lo allocalg as n8eded In supporting families faclng financlal hardshlp. 11 Is axpèctèd that this will primarily be used lo cover th6 cost of school r8sldantl81 trips. Thls 8pproa¢h r8$tx>nds lo concerns hlghlighled In th9 2021 Bames N88ds Report, which Identffied Ihg $119ma associated wth seeklng flnan¢lal support as a sionrficant barrfer for fammles. WALSINGHAM LODGE 2024 Thg Fund provides hou6lng lor older people In kn fomis. Th8r& èra Ihlrty-Ihr6è Ilats and bungalows provided through Ils Ilnkad ch8rity. Walsingham Lodgè Tw8t, where thg Iruslees award an almshouse I1￿nCe lo the applicant In grealesl need when a vacancy arises. In addition, the￿ arè fiv8 bung81ows Ind8p8nd8nlly tr8d8d on Ihè opèn markèt on long leas88, and wh8re the lgaseholders have access to lh6 Houslng SeNlees Olficer. resldenls, emgrggnw alam), and communal lacllilles pmtded al Walsln9ham Lodge. The InJslee8 remaln commltted lo Identlfylng ways to reduce energy &y)sumptlon 81 W8lsingham Lodge. In 2024. 8 thèrmBI Imaglng SVN8y (x)nfirrn8d that thè wan Insulallon was effective. The heatin9 pollsy, whl¢h Includes swllchlng off the healing durlng tho summer months, remalned In place. As a pllol Inlllgllvg. radlalor valv98 were replacad In on8 flat. wlth 8 VIÈW to wldar Impl8mants14on. OnurJÈng Tev79ws and adjuslmerlts were also made to Ih boiler system. These measures conlrfbuied to a 30Yo ￿dUction In gas CO￿SUmptiOn ft)r tho yeor gndlng O¢lober 2024, ¢wpored 10 8 pr&viou$ benchmark y08r idgnt1r￿d by Ihg broker. The hol w8t6r Systèm for lh8 Lodgg flals fal18d In autumn 2024. A8 th8 existing system could not be repalred, temporary system was put In place unlll a new one could be Installed In early 2025. This fjlsruplion aff¢clfjiJ the hol water 5uppSy lo tha Lodga flÈts. The new Syslem prtsvidos an improvement lo the prevlous system In temis ol Ils r8liabllityl￿iIi￿9encY funcllons. In rèsprjnse to resldents. ¢oncems about security on-slie, CCTV was Installed In aulumn 2024, along with addltlonal securtty measures, Including anchors lor ro¥ld8nts to socurg thelr mobility 8coolers. Following a revl8W ol thè 8￿$11n0 contractors, a new g8rden conlraclorwas appolrnled In Ociober. Thls transluon has been successful. resultlng In noliceable improvements to the garden5' appearance. and p0511iv9 comm9n18 frorn rg¥idenls. Furlher work was undertakan on tho tre88 wilhln lh8 ￿rdenS during 2024. In 2024. four nèw licèneèg were aw8rd8tJ following vacanues. To promo￿ the vacancles al Walslngham Lodgo and help ensure that those who are eligSble and most In need are aware of Ihem, a rang8 of awaren08s-raislng InltI81iv88 are u89d. A w8bsit8 and brochure are av8ilable for potenlial applicanls. There Is an exlstlng partnershlp wlth charflies In the borough that support older people. and they are infomed 8boul the housing available 8t Walslngham Lodg&. Addillon811y. Ihg Mayor and Mayoress of Rl¢hmond Borough, Cllr Richard and Helen Pyne, vi3lted Walslngham Lodge In Septsmber 2024 lor aftemoon tea wllh resldents. an event that wag reported localty. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In late 2023, as has been thè practic8 &v8ry Ixjuple of years, RLHA conducted a sulvey of resldents In order to capture thtrir wgws and lo understand any a￿&8 ol concam or areas that could bè Improvéd. The results ol thè 8urv8ywer8 clrculaled In 2024 and hav8 SUPPOTlèd the managlng agent and trustees lo ensure the accommodallon meets the needs of residents. Following a 18view of the carellne provlder In 2023 thè trusleès agrèéd with RLHA'S r8commendallon to change lo a new provldèr. PPP Takin Care, whlch they use at olher slles. The dedslon followed È r￿0￿11$ proce53 in which truste98 mel ￿th the new provider In ordor to èngtsrè th8 nèw provldèr offèred a quality and robust servlce. The S￿l¢hOver took pl8c8 In aarly 2024. In the Sprlng. Bames Muslc Fesfval hold a concèrt at Walsingharn Lodge and a Carol Concert was held by the Barnes Churehos In De¢emb8r. FISH Neighbourhood Care contlnued to pro￿d5 a lunch 8t Walslngham Lodg8 every months. and a Chrlstmas party lor thè fèsld8Trts. In addition, Ihe reading group met weekly In the commurnal lounga and a We8￿Y 9ardening club conllnued to be run by Bam8s Communlty G8rd8n8rs. Thls provides an opporlunlty io resldenls to gel Involvèd In gsrdènlng or Bimpjy loln In soclally, dependlng on thelr level of moblllty. Ènd has r8¢olved a good level ol partldpallon. R8sld8ntg' (x)ffeè momlngg were 8180 held, offerfng an opportun1ty lor trust¢¢s ond staff lo meet wlth 1*8ldenl8 In the lounge. Durlng the year. speakers from Mortlakè Communlty Assoeiation and Age UK Rlchmond allended theso 8v8nls to Infom Nsld8nts about l¢)cal support and aclivllles. W•lslngham Lodga Dèv8lopm8nts In 20215 In ea￿ 2025, 8 contractor was 8ppolnl8d, followng 8 compelilive tend?rfng process. to rep4acè the rogf5 of the bungalows on Berkeley Road. Thls follows a rool survey earrled out by ch8rt8r8d buildlng survgyors Earl Kendllck, wllh tha roport flnallsad In 2023. Ba58d on this. a plan was devejoped lo replace the rools across Ihe sitè sn phases over 8eveTal years, wllh Inlllal works slartlng InAprll 2025. Envlronmonl Thg Directors of The Bames Fund Trustee Ltd, recwnlse thal. In cor￿n9 out th* purpose8 of Tho B8me8 Fund and Walslngham Lothje TWSL they c8n- 8nd In 8ome 8r&ay, 3hould- take account ofthe envlronment. Fvrther activllles w&rè undertaken in 2024 8s follow8.. In the light of the previously agreed envlronmenl pollcy, whlch Is puL4ished on Ifs w$b¥lle. the Boar(l updated the PL*blic record of what has so far bean achi8ved. Following 8 review In 2021, when all almshouse propertles were a55e5sed and given 8n enprgy performen¢e certificale IEPCI rating ol C. tru5t¢es havo worked with the m8naging agenl lo explore other ways that the bulldlng and hÈ8ting sy$lem could be made more efficient. A suryoy of wall Insulauon hag been und@rtaken which found Ihg almshouses to have a good level ol insula￿0￿. The Twst Ix)nllnued with a healing pollcy whlch Includ&s tumlng the he8ting System off in Walsingharn Lodge in the sumrn8r months. Radlators have been repla￿d In one prvp9ty In the Lodge as a pllut lo provide better (yjntrol of heating In Ihg property. Adjuslments have o)nlinued lo be made lo thè hèsling s￿1@￿. A6 a result of these actions th8 managlng agent reported a 30% reductlon In g8¥ vsog9 In Ihg year to Oclobar 2024 eompar8d to th8 h15lori￿1 figurg vsed by the energy broker. - Bornes Comrnunlty G8rden018 have conlir)ued to work wilh resldenls lo enhonce svslalnoble garden pr8elleas. For OTganlsallonal granl applicants we continue to encourage Ihos8 opplylng lor 8 r8V8nua gr8nt lts adopt act on 8nvlronmenl01 polldas. For enèrgy grant 8ppllcanls w? continug 10 osk IhB refeTfal agency lo refer Ihe appllcant lo Cllizens Advlc Energy Service and Soulh Wesl London Energy Advice Partnershlp ISWLEAPI whlch supporl pètsplè to rodu¢è Ihalr 8nargy costs and us8g&. 12- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlaw 111 Ineomè Ènd èxpèndllurè To181 Inv8$tmént Ineomé and donatittng avÈllablè in 2024 for gr8At-making and for me8tsng thè govÉmancè and olhgr overhead costs of the Fund lother than Ihose dlre¢tly attribulablg lo Walslngham Lodg&} amounted lo £324,040. Thè lolal Amount spÈAI on grsnl-m8klAg In thè yèar was £328.144, giving 8 dèf£cit aft8r govèrnancè costs land befo￿ the change In Ihe value of Inveslmentsl or £66,915. Thls reflects a planned use of reserves lo address thè ehallèngès faced by th8 community In a p6dod of high Inifallon. Induding È $19nffieant Incr888• in the amount awarded lo Indlviduals fadng hardshlp. For Walslngharn Lodge, ioial Incom8 In 2024 was £488,835 and gxpendlture was £322,394 glvlng a surplus Ibelore the ch8nue In v8lu9 01 inY&slm8nls) of £164.441. {li) Balan¢0 Sheet The 88rn08 Fund's n&1 88sets amounted lo £12.400.645 81 ond 20241£12.194.530 81 ontl 20231. Of these. th& Permanent Endowrnent conlrtbuied £10,009,354 whl¢h Is cOmp￿Sed of £647,000 Inveslmenl property and th8 b818nce Ir) markeloblo 5ocurilifjs, and thg General Reserve wnlribuigd £2.391.300 which ¢x)nsl¥ls ol rnarkfjtable securttles and cash. The Walslngham Lodge Twsfs net assets amounted £2,404,822 al end 2024 (£2,216,464 al end 20231. Induded wmhln this is th9 perrnanenl endowment whlch wa5 valued at £667.487 and restrict8d funds In respect of thè Long Leaseholders of £30,358. Th8 free reserves (which are d8ffned a$ unrestricted fund8 less amounts d8slgnat8d for specific purposes and lund5 held wilhin fixed gs5elsl, whkh wè refer io a5 the Wa15ingham Lodge General Fund, amounted lo £826,623. Based on re8uIts from Ihe fNe-yearly property sulvey conducted al Walsingham Lodge, thè ￿￿enty cotnpleted survey of Ihe rools. It Is anliclpaled that IhB lunds held In Ihe Assel Malntenance Fund as well as Ihe General Fund will be needed for property work8. The lolal assets of the Charill88 havg Increa8ed lo £14.805.46812023.. £14,410.9941. Th• Inttèa8818 atldbut8blg to Ihe Increased market value ol Investments during 2024. The assets Include a Permanent Endowment of £10.009,345 whlch is held for the b8nefil ol Ihe 8arng8 communlty irn perpgtuity, and a Nxed a8sel al Walsingham Lodge valued at £1.325,468 whlch eannot be sord. ResoThespollcy (l) Amounts avallable for urant-maklng The Iwslees aim to award the Incom8 generated for granl-wnakin9 In thp year that Incofftg18 gengTaled. They èxpect to fund revenue grants out of Investment Income and capllal grants out of the General Reserve (Sf the amount cannot be accommodated wllhin 8nnu81 inv?stfflenl incomgl. Al 31 D9￿mber 2024 the gonor81 re8grvès We￿ £2.391.300. {111 Houslng Trusle8s lake advice from tho M8n8ging Agent on Tepairs, ¥¢newa18 ond mainlengnce T¢quired each year for tho almshousas and tha long leasehold bungalows, and Ihls Is bulll Into th8 budget for the follo￿ng year. The advlce reflgcts amongst other things. periodi¢ sto¢k conditi(m Sutveys. Tru$le6s follow Amshtsusg Assoclatlon rerA)mmendatlons for bsjlldlng and maintaining a sufficlenllgvel of re8eTves in order lo meet reQui￿rnents for fvlure unplanned, or foreseeable cyclical, maintenance needs. Trustees revlew the le￿1 of teservès annually, based on reasonable esllmates of fulute antlclpaled rnainlenance cos18, and ensure that reserves are built as appropriat9. whilst o1$0 me&ting ¢urrent malntenance commltmenls. The Bmounl 8vallabl& lo meet fulure rènewals and malnlenance have hlstorically cornpri8ed a 8lnking lund. as well a8 g8ner81 and cy¢llc81 r88erv8s. During 2021 Ihe Slnking Fund was redeslgnated as an As9et Malntenance Fund and the Cyclleal Repalrs Fund and Boller Fund were amalgarnated Into th18 on8 lund. Funds were also Iranslgrred 8cros8 from the Gener81 Fvnd In the Ilghl of the 8nalysls of lh& most recent stock condlllon surv8y whlch suggested Ihat It was reasonabl8 to assvme Ihat the majority ol th8 reserves would b8 needed for Idonlifiable ¢gpi181 projgcls. In th8 ol the five long 1988ehold bung81ows, thèra Is 8 raslricisd lund {the Long Leasehofders M8lnlenanco Fund) comphslng thos& rese￿eS held for malnlenance of the bungalow8. 13- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Invgslm8nlpoliGy The Bames Fund reserves are Invested wlth a vlew lo genorotlng Income for grÈnt-maklng. The$e totalled £12.4mn al the end of 2024, of whleh £0.65mA Is Ioc81 property held for Inveslmer*t purposes. The Walsingham L(3dge Trust ha$ i•serves sel aside lor rnalnlenance of the almshousès whlch 8mounlod £0.48mn in invastsnenl frjnds artd £0.65mn In cash doposlls lineludlng £0.23mn hÉld wilh th8 ManaglngAgentl at the end 2024. For funds Invgsled In flnan¢lg18886ts Wlh a vlew to gen8ratlng Income for gmnt-maklng, the approÈch Is as follow$= Tru81e8s are gulded by their spgndlng year-on-year In sètting garh year'8 granl-m8klng budg81. A su8talnable relum of £300.000 per annum18 t8rgèted (which w88 2.4% of the v8lue ol the Fund as al 31 December 20241. By $v$tslnable, we mean the preservallon ol the real value ol capltal11.$.. 8fter laklng account of Inflalionl. 11. The Investmgnl assels are hgld Ill Cornmon Inve81menl Funds (or the equlv81ent). The funds are managed by CCLAunder a discrelionary investment managemenl agreemenl. Trustees recogn15e that, lo 0¢h1o￿ a hlghgr income than rf invesled In cash, a certaln level ol ttsk should b8 taken and th81 this wll lead lo short-lerm fluctuattons In Ihe real valu9 01 ¢opilg1. Thp oblecllve 18 lo Ilmil the rfsk of a long-tem) declin6 In r&al ¢apllal value8 insolar as POBslbl8. For funds that are Invested and thal form & part of Ihg reservgs 801 aslde for the malnlenonce of the W818inyh8m Lodge Trust almshouses, the approach Is as follows.. l. Thasè 8saèt8 8r8 managed by CCLA. 11. Trusiegs Invest wSlh the aim ol growing thg ￿pits1 and Inu)me (which Is relnvesledl whil8 protecting the real v8lue of the fund, so that suffcl8nl resources should b8 av811Bble to meat periodlc longer-lerm propety malntenance n￿dS such as boller or rool repla¢omonl5. 111. Thg annual Incorne al Walslngham Lodge normally provtdes sufflclenl lo pay for regu18r r6palrs. for wclieal malnienance (e.g. perfodlc renovation to the Insides of propfjrtiesl and for some 8maller less regular ttems of ¢8pllo1 gXP8ndilure. Beyond this. re8eryes are used lo fund larger projects. iv. It Is the pollcy ol the cha￿ty to hold those amounts èxpbcted to bg r8quir8d ov8r the Trgxt five year8 In cash. Net Irtcome and capltal gr0￿h flurlng 2024 were as follows.. Dividend Yield Incorne Rolvrn 'Caplial Growth ,;trotBI Relum ,'CCLA COIF CharlU¢s Invoslfflenl Fvnd 12.74% 14- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Majorrisks Thtr Barllgs Fund 8nd W818ingham Lodgo Tw81 fa￿ a rang8 of rf8ks as Idenlfied In Ihelr rlsk reglsters. lh8 chlef of whlch are-. A Saleguardlng Incldent.- A ltsng-lèim fall In tho real valu9 of slo¢k morkel inve31meTrts', A fall In Income yleld ol those Investments for more than or*0 year, as exlsllng Fund pollcy would only 811ow us to piolect the annual valu& of gr8nt-maklng $gainsl a 8igTiificanl fall for one year., Adimlnlshed quality of Servlce provlded al WalsSngham Lodge- 8Jmshouses or188sèhold bung81¢Y￿s,. An un8xpe¢ted Inerg0$fy in the ￿8[￿$s8ry property expendi￿[0 al Walslngham Lodge, which could not be mel from exlstlng Teselves The Trustees response lo each of these iisks Is surnmarfsed below.. The salegu2rding policy (alongside Ihe Anli-sodal Behavlour and Complalnls handling pollclesl can be found on th8 wÈb8it8 8nd ig rèM8W8d by Iwsl998 8nnually. There 8 deslgnateis saleguardlng Iruslee who has pr8vIous relevanl experience in a soclal servi¢68 role. In 2024, RLHA ralsed a saf8guardlng c￿ncern wlth th6 loeal authorlty 8idlng onè rasldant. To managè th8 risks 8sgoclèt8d with Inv8slm8nl p8rfom8neè. 8 profes$ion81 inv08trn8nt man8g8T, CCLA. 18 engaged. The TrL•slee m9els Ihe InveslmeTrl manager annually, lo discuss Investment strategy and pollcles. A profasslonal r￿￿&W of thè invaslmènt m8nagèrs' p8rformanc8. Includlng bènchma￿1￿￿ 8g8lngt comp8rabl8 funds. Is commlssioned every 12-24 months, lyplcally from Portlollo Revlew Servlces IPRS}, and also discussed by the Trustè8 808rd. Tho Twsteè managas the risk ol 8 tsll In Income ylatd In part through ov8rsi9ht ol tha Invastmènt m8n#gèrs as oulllned above, and also through bolh mainlalnin9 an ar¢nual grant-maklng programme wilh no forward ¢ommitrn&nls'. and relalnlrsg a prOpo￿On ol th• W8lsln9hom Lodge Tru81 fundg to m8lnt81n W0￿1￿j capll81 of al least three months of WL outgolngs In rash. To manage the Tisks associated wlth provlslon of housing, the Trustee appolnts a Managlng Agent - Rellremenl Lease HoLtslng Assoolation IRLHAI - whose performan￿ It OValS6es. Trustèes 81so seèk feedback from the residgnls directly (uslng a Survey in allemate years). Trustees hold coffee momlngs with Tesidents fft to Ihree lime5 a year. The Board estab115hed the Walsingham Lodge sub-cijmtnlltee In May 2019 to provldo ov?rslghl of RLHAS perforniance. The Walsingh8m Lodge 8ubwmmilte8 met five times during 2024. To man8ge the risk of an unexpected incre888 In th8 n8ce8sary property gxpenditure al Walslngham Lodgg, th8 Trustee ensures appropdate property SU￿eY$ lincludlng roolsl are undprtaken al regular Intervals Indudlng o qvinquennial survey. These 8Tr8b18 th8 Managing Agènt to produce d8talted propety malntenance plans and a property budget, which ar& overseon by th& TnJste&. The Truslee mainialns a iigk register lor each of grant-maknng and Walslngham Lodg&. These Ore r¢￿eWed annually. Key 8mong81 th8 Mi￿.￿aTrIS is th8 axistènca ol a written record of lh8 Ex8CUt've Director'8 duties. provldlng protecllon In case ol Ih? Execullve Dlreclor belng absenl unexpectedly for a signiflcant time. In addttlon, Ihe inlroduclioF) of an admini8lr8tor has provided lurther conlingonoy options. Trustees ¢onlinuo to ensure that dal8 proledon conslderallons are laken Inlo account when r8vl8wlng polkles and pr(￿£dureS to ensuie compllance wilh UK GDPR. The Fund ond W8lslngh8m Lod90 fru81 ¢arry Insuranca cover under Iho Amshouse AssfKlallon polt¢y Ilrtdudln9 the fiv8 leasehold bungolowsl ln re5pecl ol Bulldlngs and Contents, Publlc and EmF4oyee Llablllty. 15- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Lggal struclur4 and Govgrnlng Documents. The Barnes Fund Trustee Ltd was Incorporated on 19 July 2017 as a prfvate company. Ilmfted by guaranlea. Th8 company regist￿tIOn number 15 10873803. By virtue of a Schemg approved by the Ch8rity Cotnmisslox on 3 Oclob8r 2017. the cornpany became the so16 tiusle8 of Th8 Barn8s Fund and the Ilnked chartty, The Walsingham Lodgè Tw81. The Ih9n trvslees of the charilles were replaced by th8 company as sole truslea. 911 of those trustees belng ￿1￿CtorS ofthe company al Ihat dale. The Barnes Fund is 8 charity that was created under a Scheme Tegistered with the Charity Commlssionef8 and sèbled on 1 January 1970. Aeonformad copy schemè Inu)rporatè$ gubsequonl amandmants madè In 2004. 2017, 2018, and 2020. The Fund has ils origins In the Barnes Workhouse. whlch opened 116 doors just over 250 y8ars ago for th8 purpos8s of aceommodatlng peopl8.in ora8t want.. OA thè devèlopmant of tha 18nd for tha iallway Ilne and private residential roads. a chaTrlable trust named the Worthouse Chariues was sel up, becomlng Ihg Barnes Workhousè Charity In 1887, and known from 1970 to 2020 89 thè Barnès Workhtsusa Fvnd. and Th• Bames Fvnd from 2020. The Barnes Fund makes grants lo local organisalions whose aclivlties benefit th8 iesldents of Ihe "Anciènt Parish of Barnès" 8nd tts Individvals who arè resld8nt In th8t ar88. 11 Is 81so 18ftdlord In raspact of ffivè 18asehold bungalow8 at 31-39 Borkelgy Road SW13 gNY, independgnuy traded on the opgn rnarkel, bul design8d as houslng for old8r peoplè wlth accasg lo th8 communal faclllUes at W8lsln9h8m Lodg8 Trusl. Thè W818lngham Lodg8 Trust W89 cr8at8d on 31 Octob8r 1975, wh8n 8 Declaratlon of Trust was med& over property lormlng a part of the PermaneTrl En(lowfflenl of the then Bames Workhouse Fund,. the Charity Commisslonars having olven 8pprov81 fr)r thè erécllon of propertles lo b8 used as almshous6s. A conformed copy declarallon ol Irusl Incorporates subsequent amendments made in 1997, 2007, 2018, and 2021. Th8 8lfflshoLS888 now comprfsè 8lght8an flals at W8lslngham Lodge. 29. Ferry Road. Barnes, SW13 9PS, and fifteen bungalows al 1.29, Berkeley Road, Bames, SW13 9NY. Th8 Charity Comfflisslon dgtermined that th8 tharitiss ara 'link8d' and Ihè trustèèg ol th8 W8lslngham Lodg6 Tmst were always the Irusiees of thg then Barnes Workhouse Fund, wlh Ihose provlslons of the Govemlng Scheme which rélatèd lo trusi888 b81ng the 88rn8 thè Walgiftgh8m Lodg8 Trust os thay were lor Ihg then BBmes Workhouse Fund. 16. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DEGEMBER 2024 Recmilmenl and appointmenloltrnsl6es The Memorandum and Articl8s of the Trustee prnvlde for nlnè Dlr8ctors to b8 appolntèd. Afi Dlraelers must ba 18sldenls of 88rA&s. Ffv8 Dlr8clors 8r8 nominatèd by local oroani881K)ns= two by th8 LoJidon Borough ol Rlchmond upon Thames, one by the Rlchmond Coundl for Voluntary S8rvic6s and hvo by church￿ Togath8r In 8arn88. Thè flvè nomlnatad Dlrèclors, oncè Bpptslntèd by thè Board ol the Tnjsleg, ga¢h hold offlce for a peri(Kl ol up lo four years and may be re-appolnled for a further four-year lemi. However, those nominaled from the London Borough ol Rlchmond cease to be 8 DlrÉctor whar8 thèy 8r8 an 8l8et8d Coun￿1 r8pr8senlativ8 who oeases to be so elected durtng ihelr pertod ol office as Dlrector. Once Dlreclors are aware ol a nominee vacancy &rfslng, thè particular nomlnating body Is cKJntacled and invitad to nominatè onè or morè t8ndidat88. Th8 Fund works closely w51h the nomlnaung body so Ihal they can appolril Ihe most approprlate pgrson wllh the skllls sel that the Fund most needs at that tlmo and thSs can extend lo a local 8tlv6rt¢slng e8mpalgn. Four Dlr8Ctors arè to b8 co-opl8d from amongst lo(*l Barnès ièsidents and IhD88 Co-opted can serve for up to four years, agaln wllh the posslblllly ol re-appolnlmenl for a lurthor four. Once Dlreclor5 are pwarfy of g v8￿￿¢Y lor co-opt8d mèmbèr ol tha 808rd. an 811v8rtigèmonl Is placèd In local eommunlty newspapers and newslellers, h3ving regard lo Ihe appropriate s￿11$ Tequlred. Whglher nominated or co-opted, It Is essentlal that the Board conlalns the rfghl skllls and experience. Thesè need to Include flnanca. prop8ty. 8nd safaguardlng. as well as olhar gkllls rÉlÉv8nt Its thè ovèrsight of hovslng at Walsingharn Lodg?, and to grant-maklng. Sufficient experience amoNJsl Dlrectors of the needs of thè whole cxsmmunlly of 88rnes Is olso ne¢g$sary In th$ gr8nt-mB￿n9 pro¢8S$. A Chalr Is appolni¢d on an annuol basls. Th9 Cho1r Is ollglblg for r¢-8ppolntment as Chalr. subjèct lo an ov8rall Ilmll irn usual circumslan￿$ of Ihree consewllve years. In December 2021 the Boord ogregd to exlend the overall Ilmll In exceptional clrcumstsnces to tlvè consE¢ubvo yo8rs. No exlsllng Dlrectors have any berlèfidal Interests In the assets of th6 Ch8rfty, or In tho houslng. 17- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustee: The Barnos Fund Trusteo Llmlted, th6 Dlrector8 of whlch ore: Luke Tegner {11 ,'Sar8h Wlson (l)12} (31 Co￿pIed lunil 17 Janvary 20251 Co-opted lunlil 28 Awil 20241 Chalr luntll 16 January 2024} ,Ch£ir ol Grant Making and Walslngham Lodge Commlt¢ees lunUI 15 January 20241 Nominaled by LoJKlon 8orough of Richmond upon Thames ITreasurer luntll 16 January 2024) ,Chair (from 16 January 20241 Chalr of Grant Maklng and Walslngham Lo Co-opted ,Ch8ir ol Inve81menl Committeg Nomlnaied by Churchos Together In Barnes CTropled Nomlnaled by London Borough of Rlchmond upon Thttm8s 'Nominaled by Richrnond COU￿1[ for Voluntary Servlces {unlll 28 Aprfl 20241 Nomlnaled by Churches Together In Bames (from 29Aprfl 202dl 'Nornin8led by Churches Tog91hor Bames {unlil 15 January 20241 Nomlnaled by Churches Together In Barnes (Irom 16 JeTru&ry 2024 untN 28 ,April 2024} Co-oplgd Ilrom 29 April 20241) Treasurer Nomlnhied by Wchmond Coun¢ll for Vt>Tunt8ry S$rvl¢es (from 29 April 20241 RICha￿ Ralne {11 (21131 Nlcolas 71ffou {11 (31 Maria Wood111 {2) K810 CoFpinger111121 MarJory Mlllurn Icounclllorl {11 'Matthèw Purser11}12I13} '.Wlll van de Petla111 {31 James Whale {11 {21131 ,'CharfotteAshton-Nlckels11)12} Memblrshlp of 6ub.commlttseB Will van dè Pette131 {11 Membèrol Grant Maklng Commltie6 121 Member ofwalsingham Lodge Committee 13} Member of Invèstment Commltte& 18- THE BARNES FUND AND LINKED CHARITY. THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Managemént of tha Buslnèss ol th• Tru*tè• lal Rolo of Ex•¢utlvo Dlr•etor Th8 Barlles Fund employs an Execuuve Dlrecior. She manages the Charfly on a day-104Yay basls and conlrfbules to slrateglc plannlng. Support8d by thè Diraclors. sh8 davèlops lh6 ass8n1181 felalion8hips wth local org8ft188tions 8nd agendes, builds links wilh other fundlng partners, tuns Iho granl-making acllvlty, and Ilalses wilh the Managlng Agent And Dlr8Ctors regarding m8n898m8nt ol W81singh8m Lodgè. Tha Exècui(vè Oir&ctor Is Support￿ by 8n AdrninistRiorwho pro￿deS suppcfft around mlnute laklng, electronlc flling and ￿ganIsIng meellngs and events. Ibl Granl.maklng authorlty The Bogrd retains ￿sponsIbIlIty for settlng the overall grant-making gtr8te9y. poIIcy, 8nd budget. whllo thè Grant M8king Cornmlttee is responslble for making Indwidual grant-maklng d8clsions. Those Directors wilh the mosl felevant s￿115 slt on this Commlltee and. as ￿r[￿alled by thp ArtiGles ol A$50CTr8tlon. Ihg 8o&rd may co-opt olher Committee mernbers with relevant sk1115. The Grant Maklng ComrnSllee mel five tlmes in 2024. Wllh specified exceptlons. 011 grant appllcatlons are ¢on51dered by Ihe full Grant Making Commllteo. Speclfic811y. lor the purposes of efficiency, just hvo Directors are required to aPPTove applicalions as follows.. Application by Individuals: Appllcalion for less than £750 {￿th th& excepuon olearpels whlch can ba hlgherl Appli¢atlDn by Organisalions: Application for legs Ihan £750 These declslons are dEaTt wth by emall. owlng to Ihe vsually urgent nature of thè epplieatlon. In addFtlon. d8189ated 8ulhority powers ar8 given lo Ihe Executwe Director lo award hardshlp grants up to £400 to Indivlduals. They are reported to Ihe full Board at its next meetlng. Capltal Grant applications above £10.000 ar6 consldor6d by the full Board. (e) Sp*ndlno authorfty A fomal Statement of Del￿ated Authorfty govems Iho Fund's operauons. Thls provldes, Inter alla, that the 8lgn8lure ol bvo Qlreclor8 ig requlred for any rnovernenl ol fvnds by ch8qu8. Fund8 Iran8lerre(l onlin8 requlre th dual Input ol the Exe¢uUve Dlreclor and one of Ihe Dlreclors. SIX Dlreclors are SIgnato￿eS on the Bank Mandate and Ihreo hav8 onlln8 aecas$ to 8L¢lhori8& transfers. Id} Walslngham Lodgg The houslng - both almshous8s and leas8h)Id bungalows - ts managed on o day-to-day basts by a Managlng Agent. wppoinl8d by Ihe Tru8le8. The Trustee $9ts Ihe 51rglogic diro¢lon. kfyy policles and Ihg budgel. and monltois the Managlng Agenvs performanc8 through regular dialogue and reportlng. A formal delegation of 8utho￿ty- r98pecl of purth?89 orders and bank payfflenls-ls In placo. Thg Walsln9h&m Lodgg Cotnmittge supports thg 80opd11 in Ils dls¢horgo of115 re5ponslbili11gs as Truste8 of tha Walslngham Lodge Trusl and of The Barnes Fund insofar as tt Is the landlord ol fve leasehold bungalows. Strategic issues, key areas of F>ollcy ond b￿jget-Sel￿'￿g rem8ln with tle Board. bul fhg Commlllee lakes responsibillly for regular overslghl of Ihe work ol the Managing Agent. Those Directors wilh the most relevanl ski118 sli on this Comrnllige alld, permlttod by thB Articlès of AS5¢)￿a￿.0rt. the Btsard m8y ry￿>pl olhpr Committee members wlh relevar¢t skllls. Thg Walslngham Lodg8 Commille8 mel f6ve limes in 2024. (el Investments Th• Inveslmanl CommÉtt8è mèt In 2024. ccLAp￿sented lo Ihe Investm&nt Commltte& durlng th6 ￿&r. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Inductlon and tralnlng ol new Dlro¢tor On appolnlment, all Dlrectors slgn a Dodaration ol Eliglbility and Willingness lo Serve the Charfty. A new Dlreclor is ppovlded wth a È8t of tha eore documents In respecl ol the worklngs of the Sarnes Fund Twslee Ltd. Ihg Barne5 Fund and the Walslngham Lodg6 Trust. Includlng ol their governing do¢umenls', lh8 prevlous yearfs aceournts.. copl89 of polley docurnenls Includlng the confllcl ol Interests PDlloy', the compl&lnts procedure. Ihg gronl- making policy.. the mlnutes ol the latest meetlng tho sl8lem8nl of Oelegaled Aulhorfty. A'worklng Practices Handbook. Is av8i18blo. $0 that new Directors can become quIc￿Y lamlllar the policles iouln¢s applying lo the worklngs ol the charltles. Anew Director may be Invlled lo105n B Mee￿￿9 of lh¢ Truslge a8 an ob8eryer. where11 is appropriate, prior to IheiT taking up office. They will a180 b8 inv51ed Io 'shadO￿ Dlrectors In thelr dellbèrAlions In re5PèCt of those 8ppllcallons by Indlvlduals whlch are not eonsldered at Bg8rd rn891ing8. In addilion. they can access the Executive Dlreclor. who Can m8&18 now Diractor prior lo Ihelr flrst Board meetlng, io Inlroduc& them to fhe wanl-maknng procedures and housSng malters. Finally, ￿th a large number ol Iralnlng Cou￿5 runnlng frequonlly by Inve51mgnl Manag8rs, lh8 Nallonal Coundl ftsr Voluntary Organis8llons.' and olh8r professionals working in the charlty sector, new OIFeclors 8Fè 8ncx)ur8ged to allend certain courses, dependent upon thelf level of expertise. .20- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thè Fund's R$lallon8hlp wllh other Partles The Fund rg1198 upon Referral Agendes lo bJlTrg appllcattons on behalf of llldlwduals. Thes8 Referral Agencles Inrjude CSllzens Ad￿Ce, the London Borough of Richmond upon Thames. local schools. Bamgs Chlldr8n'8 C8ntl8, houslng provlder8 IRHP and Paragon Houslngl, local voluntary organlsatlon$ In tho Borough {such a8 Rlchmond Aldl, churches, soclal W0￿0￿s. health vlsllor5 other he8llhcare professlonals. Th8 Fund, through Its Exècutlv8 Dlrector, eotllmunlcalo8 iegularly wlh its Referral Agencles so IhBt an understanding ol th9 priority needs In Ihg rèa ran be malntalned. The Truste?5 all live wthln Ihe bgnefil area and in so dolng are abl8 thenL8alvés lo asslmll#ig th9 needs around thern. Tho Fund re￿￿￿8 8ppI1￿￿OnS fmm Organisallons whlch svpport many dlffer8nt needs. Some of these Oroanisallons opply to the Fund year on year bul most 9ranb arg made for one year only. Over the years. s6v6ral Organlsation$ h8vg received a grant every year. These Org8nlsallons hava démonstrated that they provid8 valuable 8UPPOrt to Indlvlduals and thelr famlliès wilhln the benefil 8re8 ol BBme8. The Fund prevlovsty Introduced a system of idenlifying key Organisations in the area Tor whom a 3.year 8W8rd would b8 more 8ppropriale. Ea¢h yearfs award IB condSllonal upon B suecessful monlloring and evaluallon procedure, and it is understood that11 Is not a foNard cornrnilrnenl for th8 charfty and therefore might be wlthdrawn If the charity's IAcom8 fell. Three such organisa￿'0nS have been successful under thls system. The Fund has a Confllcl of Interests polloy, sèlllng out the tsng8 of oc¢asions where a o)nfllct can occ4Jf. Where a dlreclor or 6mploye6 has a conni¢l, they musl declare their Interest. The dlractors nol aff8clÈd by gh8 Tr?nffict dgcide whether th8 dlrector or 8mployea eoncèrned should partlcipato in the item or wlthdraw from Ihg meellng Immedlalely. In praclico. il Is u8u81 In thg ca89 of an organlsalional grant appllcallon lor a ttjnflictèd dir8Ctor or gmployee lo be asked to stay Inlllally. as th8y oft•n hav8 flrst-hand Infom)ation whi¢h11 is rel6vanl and approprfate to share. In other Instan￿, It Is not u8u81 lo bg asked lo stay. An Interested director ￿11 not bè takan Inlo aecount whgn as89s3lng whether the meellng Is quorale. thay wlll ba askèd to lèav8 th8 rwm before tho dlscLissIo and vote lakos placè. The Reglslor of Dlrector Inte￿1$ Is m8ln18iNed and updated Tegularfy. Durfng the y&ar, th8 followlng 01￿Ctors/ 8ubwmmlllee mernbers declaTed Interests of relevance to It&m$ discussed.. - Nicolas fiffou ar Millum otthew Purser Trustee al Castelnau C8ntr• Pro Castelnau C8nlra Pro ect Truslaa at Barnas Commun 8cI Assoclatlon Statement of tru8leo8' re8ponslbllltl•s Thg Iruslee Is re8ponslble for pr8parfng Iha Trusle8s Report and thè finano8181818menls In aco)rdance wllh appllcablo law 8nd Unlted Kingdom Accounting Slandards Iunlted Kingdom Generally A¢¢epted A¢¢ountlng Pr8¢1icel. Thg 18w appllcable to Gharftte8 In England and Wales requlres the trustees to prèpAr6 Itnandal slalemgnts for each rinandal year whlch glve 8 true and faTr vlèw of th8 st8t6 of Èffairs of Ihe charlty and of the Incomlng resources and appllcation ol resources of Ihg charity lor that year. In pr8pBrlng these ffnancial slatemenls, lh8 trustee Is required lo.. 8elecl suitable accounllng pollcl8s and Ihen apply Ihem conslstantly: - obsetve Ihb melh¢)d$ and prin¢iples in the Charilies SORP,. - vnske ludgemenls and estimales that are r&asonabl8 and prudent, slato whelhar 8ppll¢ablo a(￿oUntIng 8tandard$ have been followed, sublect lo any materlal deporturns dis¢lo$ed and exp18irned irs the financial slatemenls., and prepare th• flnancl81 statamènts on th8 golng ￿nC$M b85is unless1118 Inapproprfale lo presume that the charfty 11 Continuo in operation. 21- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee £S fgspon8lbl8 IOT keeping sufficlent 8ccountsng r8cords that disdose wllh reasonable accurow 81 aTry lime Ihg financlal posltlon ol lh& charity and enable 11 lo ensure thal the flnan¢lal st8lements comply wilh the Chadd&s Act 2071, lh9 Charfty {Accounls and Reports) Regul8tion8 2008 and the Pro￿$10n$ of the trust ¢Jeed. It Is also re8ponsibl8 for saleguar4Jlng Iha 8ssè18 of Ihg i*arlty and hence for toklng reason8ble slep8 for lh8 PTev6nlion and delecbon of fraud and other IrrggulaTFtles. REFERENCE AND ADMINISTRATIVE DETAILS Audltors Xelnadln Audtt SlatuloryAudilors Nlghllngalè Hous* 4648 East Slreel Epsom Surrey KT17 1HQ Sollcltors Moore Badow RleJ)mond: Frameworks 2 She8n Road Rlchmnd London Twg 1AE Russèll Cooke 2 Pulney Hlll London SW156AB Bankers CAF Bank Ltd 25 Klng8 HillAvènu8 Klngs Hlll W&st M8lllng Kenl ME19 4JQ Bardays Barnk Plc, 65 High Stregl, Camberley, Surrey. GU15 3RB (Aecounts managed by RHLAI Exooutlva Dlrgclor K8ty M8kepeace-Gray Admlnl$lTator Loulsa Plall Regulator of 8o¢lal Hguslng Rgglltgred Number A2072 THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Thè Irusleg8krépoPYas ap Toved by the Trustee. MrRD Dale.. -23- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST Oplnlon We hav8 audll8d th8 fjnaftc181 $18t8ments of Th8 Bames Fund 8nd Ilnked charlty. The Walslngham Lodge Twsl (the 'chariV) for Ihe year end8d 31 December 2024 whkh comprlso thè st8t•m&nE of fin8ncl81 atliviliés, thè summary Income ond gxp8ndltur6 account, th8 balanca sh881, the 8lalem8nl of cash llows and noles lo the flnanclal $lalemenls, including slgnillcanl accounting pollcles. The financSal reportlng Ir8mèwoFk thAt has ba8n 8pplled In Ih&lr preparBllon Is appllcabla law 8nd Unilad Klngdom Acc04Trnllng Stsndards, Indudlng Flnanclal Reporting standard 102 Th8 FlnanGial Reportlng Slond8rd applAcable In fhe UK and Republlc ol Ir8land Iunlted Klngdom GenerallyAcceptedAceovntlng Pr8clicè). In our opinion. the financlal statemenls: glv6 a and falr vlew ol thè s181è of thè chariws affairs 88 #t 31 December 2024 and ol Its Incorning resources and applicallon of resources, forthe year then ended: havè b88n properfy prepared In accordanco wlth Unlled Klngdom Generalty AC￿pted ACc￿n11ng Pracllce.. and have beon wopared In 8ccord8ncè wlh the Ch8ri11•8AGI 2011. Ba818 for oplnlon We conducted our aud51 In accordanc8 wllh Int8rnalion81 St8nd8rd8 on Avdiling (UK) (ISA8 IUKII 2nd 8pplicabl8 18w. Our rè$pon$lbilit£e8 undeT thos8 Standards are further descrfbed Sn the Auditorfs rnsponslbllliles for the auLlit ol Ih& financlal stalemen£s sectlon of our roport. Wo 8r& Ind&pend&nl of the eharity in ac¢ord8n¢è with the ethical r8qulrèmérhts that aTa r•l8vant lo our audit of Ihe finar*dal statements in the UK, Indudlng Ihe FRC'S Ethlcal Standard, and we have fulfilled our olher ethical responsibilltI88 Ill a￿OFdaNce wrth Ihes8 lgquiremenls. We belevo that Iha audil 8vld8nc8 W8 have obtained is sufficlenl and appropriaie to provide a basls for our oplnlon. Concluslons rèlatlng to qoIng concern In 8uditlng thg finanelal 81at8m8nt8. we have conduded that Ihe trvsle8s' use of the golng concern basls of accounllng In the preparatlon ol the financlal statemenls Is approwlale. Based on the woth w6 have performed, ￿ have Th)t Identified any material uncsrtainties relgting to gvgnts or condlllon$ that. indI￿￿u811Y or coll8¢liv8Fy. may ￿81signIfIcan1 doubl on the charfvs abillly lo continue as a golng concern for a perfod of at least twelve months from when the financial statements ar& outhorispd for i55UQ. Our responsibllitles and th& responslbllllles of the twstees wlth respect to oolng concem ar6 d6s¢rib8d In tho rglgvanl sgcllons of Ihlg reporL Othpr Infomiatlon Tho other infoTmpllon ¢omprf808 Ihe inlormallon In¢luiJoLI In Ihe annual r•port olheT Ihan tha financiel slatemenls and our audltorfs report thereon. The tnfystees Is responslble for Ihe other Information eonlained wilhin the annual report. Our oplnlon on tho fi￿ancIal 8talomgnts doe8 not cover the other inlormallon and w8 do not expTess any lorni ol assurance concluslon thereon. Our responsiblllty Is to read Ihe other Informatlon and, In dolng so. con51der whethfjr th¢ Olhor inforrn8llon 18 m81grially in￿nsist9[}I svilh the financlal 81aternenls ur our knowledg8 obtained in the course of the audlt, or olherwlse 8ppear6 to be materfally mlsslaied. 11 we Ident5fy such matertal inconglgtencleg or apparent material misslalgments, wg are required lo dg1grmin9 wh91h9T this 9ives rise lo a malorfal rnis8ialemenl in the financial statements themselves. If, based on the work we have perfomied, we conclude Ihat there Is B maierfal mlsstalemenl ol thls other Infomallon, we are required to r¢port that fact. We have nothlng to report In Ihls regBrd. -24- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST Mattors on whlch we are r•qulr•d lo r•port by èxeÉptlon W8 have nothing to report In rèspèct of Ihè followin9 rnatters In relallon to whlch the Chari￿e5 lAc￿￿nts and R8portsl Regulations 2008 requires us lo report lo you if, In our opinlon.. tha Inlomi8tlon givèr> In the flnanclal slalemenls Is Ineolls161onl In any matorial re8pe¢t Ythh the Injstees, report.. or sufficianl accounllng records h8v8 not b88n k8pI', or tho ffinancaal slalemenls are not In 8graèmènl with the accountlng records., or we have nol recelved 011 thg Informalltsn and explanalionB we requlre forour audlt. R6spon8lbllllle8 of tru8teo8 As explained more fully In lh¢ $18tofflenl of trustea8' responsibilities, Ihe Iruslees Is iesponslble for lh6 preporauon of the financ181 statèmènts and for belng sallsfl?d that they glve è true and falr vlgw, 8nd for such intem81 control as the Iruslees delermines is ngce$sory lo enablg the preparation of finanrAal slalements that are free from molerial mlsslatemènt. whèthèr duè lo fraud or error. In preparlng Ihe finane4al 5talemenls. Ihg tru8le98 Is responBlble for assessing the charivs abllity to wntinu9 88 8 golng coTrcern. disdoslng, as appllcablè, malters relaled to golng concern and using thè going concern basls of accouThllng unless th8 t(uste&5 eilh9r Intend to cea88 opgralions, 01 have no realistlc alternat￿e but to dD S9. Audltorfs respon8lbllltle8 for the audlt of Ihg finunclal stalemenl# W8 have been appolnted as auditor *Jnder secllon 144 01 the Ch8ri1198 Act 2011 and report In occordance vAlh the Act and rolovonl r$gulatlon8 rnadè or having effect thereunder. Our ohl8¢1iv8s are lo obtoln reasonable a8suroncè aboul whelhgr Ihg flnanclal 8talernents a8 a whole are free from malerlal mlsstat6m£nl. wh91h9r due lo fraud or error, and lo tssue an audltorfs report that inelud68 our tspinion. Rèa8onab18 assurance Is a hlgh level of assurance but15 410t a guaranlge that an audit conducted In aco)rdance wlth ISAS IUKI will Blway& dglgct a m8lertal misstalemenl when il exSsts. Mlsslalements can arise from fraud or oiffjr and 8re considered matefial11, Indlvldually or the aggregate. thgy could r8asonably b8 expected to Infiuence the econtsmlc declsigns pl usgrs taken on the bas18 of these finanrAal slalemenls. The extent lo whlch our procedures ore ￿Pabl3 of delecling Irregularities. Indudlng fraud, Is det8118d bèlow. 26- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST IdentSty and ossess th8 rfsk of matèrial misslalemenl ol th8 flnancSal statemenis. whether duo ¢0 fraud or grror, deslgn and pgrform audit procedures ￿Spons1Ve to Iho$o fi$k$. obtain audit evldence that Is suft7clent and approprla16 to provld8 a basFs for Gur opinion. The risk ol not detecllng a malerial mlsstatem8nl f85vlllng from fraud Is hlgheF than for one resulllng from error. as fraud may Involve eollu8ion. forgery, Inlenllonal Ornlssions, mlsrepresentstlons or tho ovwrldè of IntÈmal ¢ontrol. Obtain an understandlng of Intamal control r8levanl lo the audlt In order to deslgn audit procfjdvr9S that arg 8ppropr¥a18 in th8 drcumslances, bul not for Ihe purpose5 of gxpr&wsin9 an opinl¢)n on th8 effect￿enesS of the companls Inlemal ￿ntrol. Evaluate the approprfaienoss of ac¢ounllng pollc188 used and th8 reasonableness of 8¢counllno estimatos and tho rÈl8t8d diselosures mad8 by the dlrectors. Coneludè on th8 appropriateness of the dlffjclors, use of the gottTrg conc¢m ba8ls of accounting and, ba8ed on the audrt evldence obtainBd. whgth9r a malerf81 uncertainly exists relaled to event or condlllons that may c8$1 819nific8nt doubt on th8 cornpanys ab11ity to contlnue as a golng concern. If we conclud8 that a m3leTial uncertainty exlsts, we aro requlred lo draw atlgnlion In our audllor8 report lo the ielaled disclosure in the ffnencl81 statemènts or. 11 such distlo$ur8È aré Inadequate to modlfy our oplnlon. Our conclusions org basgd on Ihg audit evidence obtained up to Ihe datè of our auditorf8 report. How8vef, lulure avenls OT condillons may cause thè company lo ¢8as8 lo ¢ontinutr a8 a going ¢oncem. Evaluate the overall p￿SantalIon, slTU¢ture and con16nl of Iha finand81 statements. iwKludillg the dlsclosures, and whether Ihe ￿nancIal statemBnt5 repTosgnt thg und8rfylng tran8adton8 and events In a manner that Bchl8vas falr pr9senlatl0￿. A fvrthbr dO￿riptIon of our respon8ibilitles Is avallable on th8 FlnanoSBI Reportlng Councll s wgbsl19 al- http8'.11 Www.[￿.0rg.ukIaudl10rsrespOnsIbI1ItIes. Thls description fijrrns p8rt of our audilorfs report. U#b of our roPQrt Thls report Is made solely lo lh8 charity'8 Iwsl8es, as a body, in accordanca wlth Part 4 01 tha Charitlas IA¢counts and Report81 Regulallons 2008. Our 8Ltdrt work h88 baén vnd8rt8kèn so that we rnighl stale lo the charitys truslees those matters wè are required 10 81alg lo them In an auditor's report and for no oth8r purposa. To th8 full8$1 èxtant permilled by law, we do not eccepl or asguma rèsp)nsibillty to anyonè other than Ihe ¢harily and the d)arily's Iwslees as 8 body. for our audilwork, for this report. orforlhe oplnlons we have fomied. Hazel Day BSC (Hon$) FCA DChA {8enlor Slatulory Audltorl For end on behalf of XalnadinAudil Limited, statutoryA￿lItor ChBrler8d Accountants 4648 East Stre81 Epsom SuFrey KT17 IHQ Unlled Klngdom Or 8 8t2 g 111- t2[# (o o) (o Iii" THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Note5 Flxed ass&ts Tangibl& assets Inveslfflenl property Investments 16 17 1,325.468 647,000 12,280,985 1.351,102 647,000 12,044,039 14,253.453 14.042.141 Currgnt assets Debtors C8sh al bank and in hand 19 47.811 693,865 39.405 515.772 741,676 555.177 Creditors.. amounts falllng dua within ona y•ar 20 {189,661) 1186.324) N&t curr•nt assets 552.015 368.853 Total a$sets less Current Ilabllltlès 14.805.468 14,410,994 The funds of the charlty Endowment funds Restricted income funds Unrestricted funds 21 22 23 10,676,832 30,358 4.098.278 10.471.777 24,150 3.915,067 14,805,468 14.410.994 The notes on pagos 32 10 50 fomi part ollhese financial slatemgnls. The financial stalemenls ved by the Iruslees on... . Mr R D Raine Trustee -29- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Turnover Less.. operating cosls 459,670 (322,3961 434.171 {358,254) OpvralSng suvpluslldoficil) 137,274 75.917 Ground rent Inlere$l re¢*ivable and other Int￿rne Unrealised gainlllossl on Investment assèts Realised gainl{loss) on Investment assets Charitable Expenditure 1.298 341.034 95,194 1.030 (391.4621 1,350 333,770 253,480 1.481 {363,263} {47.094) (226.8161 Surplus for Ihe year 184,368 302,735 Less.- (see movement In funds - note 20) Nel pemlanenl endowment movement in funds Nel restricted movement in funds Nel designated movement in funds Transfers lo designated funds 5.049 16,2081 99.984 5.049 (5.000) 102.914 (59.367) 98,825 43.596 Nel increase in revenue re8eNe lunreslricled incom8) 283.193 346,331 Revenue ieseNo brought foThvard 2,934,730 2.588,399 Rèv&nu8 reserve carried fofwar 3.217,923 2,934,730 B8in9: Main fund Walsingham Lodge 2.391.300 826.623 2.395,289 539.441 3.217.923 2.934.730 AJI the funds a￿ classed as continuing. ADproved by the board ol Ihe Trustee on............... and 8igned by iv8 behall by., Mi R D Raine Truste9 Th8 èbovè Incomp and expenditura g￿nI 58 prepared forlhe purposes ofthE Regulalw ofswial Housing atKI does Thot indude the pemianent8ndowmenl t*Jnd. The s18tulory Slalernenl of Finanual Acliwles is presented oft p8Q8 27. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Nots$ Ca8h flows from opèratlng actl¥St185 Cash 8bsorb8d by opèr8Uons 27 (228,(￿2) {2f8,183} Invostlng actlvltlès Pureh8sè of Inv85tmènts Proc8èds from disptsgal of iAV8slmènl8 Inv8slm8nt Ints)mé r6caiv8d 111.4871 184,999 334,185 80,￿)0 341.824 Nèt cAsh uènèrAttd from Invèstlng actlvltl85 401.824 507,897 Flftanelng actlvltlèy Ineomè 8ltilbul8bl8 to Èndovmiènt Expandltur8 attributsblè to èndowmonl N•t calh gèntrxtèd from fin#n¢lng a¢tlvltloB 9,380 15,0491 8,834 15,049) 4,331 3,785 Net In¢r•a8* In ¢a8h and Q•Bh equlv4l•nt8 178,093 293,299 C88h and c88h 8quivalenl8 81 boginning of year 515,772 222,473 Cash and ¢8$h oqulvalent8 at •nd of y•ar 693,865 515,772 Tha nolos on page8 32 10 SO fom part ol Iheso financlal Slalern8nts. -31 THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Ch8rlty Inloimatlon The Bames Fund Is R chartty reglstered wllh the Charity cornml88ion12001031. The Wal3lngham Lodge Trust whlch is a linked chartty18 0180 reg181orgd wÉlh Charfty commlsslon1200103111. The prtnclpal addre$8 of Iho Charity Is PO Box 347. Hamplon, TW12 9ED. 1.1 Ac¢ounllng conv•ntlon Thè finandal statements hav& been prepared in acwrdancg wlh the ¢h8ritys govomlng document, the Charitie8 Act 2011, FRS 102 Financlal Reportlng Sland8rd appllcable In the UK and Républic of Irèland. and the Ch&rlll•s SORP 'A￿untIng and Reporting by Charilies.. Stalempnt of Recommended Pracllce applicable to ch8rfli95 preparing thelr accounls lft accordance wllh Ihe Flnancial Reporting St8ndOfd appllcabl6 In tha UK and Republic of Ireland {FRS 102)" Th8 charlty is a Public Bènèfft Enllly as deflned by FRS 102. The financial 8talomgnis have ¥Jot departed from the Charilles {Accoun18 and Reports) Regulations 2008 or th8 Sta18menl of Recommended Pfaclic8 for ch81ille5 applying FRS 102. The Ilnanclal Stalemenls are prepared In slerflTrg, which 15 th6 ftjnctional cuNency ol the chartty. Monetary 8rnOUFils in thosè flnanttlal siatements are rounded lo the neare61 £. Tbè fin8nel81 stat8m8nls have been PTep8red under the hi8torical cost conventlDll. wlth die excepllon ol investments whlch are inciud8d al market value. 8s modlfrad by the revaluallon of certain assets. Th6 prlndpal accounting polficlas 8dopt8d ar8 sel out below. 1.2 Prlor perlod •rror Durfng Iha yèar end8d 31st December 2023 lh8 m81hod of 8ccountlng for wpproved unpahl grants was Tavlewed and changed. Piewously thè grants rèflected Ihe amounts pald in the year 8n¢J Ihg outstsnding commltm8nts wer8 dlsclosed in the accounts. Following the review 11 was felt more approprfate to reflect the costs of Ihe granls approved in thè year as a cost In th8 year wllh any outstandino amounts bging shown as a liabillty. The 2023 2024 figures shown in Ih88e accounts 8fe prgpared on a conslstent basls. 1.3 Golng conc•rn At th8 tlmo ol Approvlng the fiTrandal staiemenls. the trvsleos has 8 reasonBbl6 8xpeeiatlon that th8 charity has adequate resoyrces lo (x)ntinu8 In oporallon81 exlslence for thg foreseeable fulure. Thus Ihg Iruslees ¢onllnue lo adopt Ihe golng concern basls ol accounbng In pr&paring tho ffnanclal statements. 1.4 Charllable funds Unrestricted lunds are 8vallable for use at the d1$￿tIon of the I￿￿{e98 In turther8nc8 of thèlr charitablè obl8¢tives. Reslricted lund8 are 8ublBCt to speclfic condlllons by donors or grantors aa to how th8y may be used. The purposes and uses of the r6slriel8d funds are sel out In the notes to the fina￿al slat8ments. Endowment f4Jndg arè subject to specifK conditions by donor8 Ihal Ihe eapltal musl be malntalned by the charity. -32. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlnu pollclo8 Iconllnuedl 1.J Incomo Incorng Is re￿nISed Ir¢ the Siatemgnl of FlTrancSalActlvltlgs on¢9 tho ¢h8rily has ￿n￿tlement lo th6 funds. 111$ prob8bl6 that Iha Incomè will ba rÉtèiV8d and thè amount can be measured iellably. In partlcular- Malrltenance contrfbulions and $eNlc8 charuas #re recognlsed on an 8c¢wals basls In Ihe pedod to whlch Ihg right lo the incom8 arises. - In¢om8 from investments Is recognlsed when Ihg Incomè Is dadared by the Invgstrngnl providgr. - Investmenl PToperty in¢ome is recognised on an accruals basls lor tho ground ronls gnd Pro￿9¢J￿ re5pocI ol lease extension$ aro ￿e0gnISed when Ihe Ch8rily is conlraclvally entltled to receipt of the Inwme. 1.6 Expondltur• Li8biliUgs are recogni58d as expendllure as Soon as there Is o legal or construcllv6 oblEgation ￿)MMIttIng Ihg chartly lo that expendlture, it Is probablè that a transfer of 8COVK)mic benefits will be required In 8elllemenl and the arrounl of lh8 obllg3llon c3n be measured reliably. Expendllure Ss accounted lor on an accruals basls end has been dasslfled under headlngs that aggregale all cost ielaled lo Ihg cat8gory. Where costs cannot be directly attributed lo pariicular headings Ihey have been allocated lo aolvS118s or¢ 8 b8sls conslslent vAth th8 use of resoLtrces. Grants offered subl8cI lo condlllons whlch hava not been mèt at Ihe year ond dats are noted as a cornmitffleTrl bul not awrued 8$ 8xpendilure. CHARITABLEA¢TIVITIES Charitable aCU￿tIeS comprfs8 Ihoso costs dlreclly atirtbul8b18 to runnlng thg hou8lng #nd gr8nl making aclivilies. GOVERNANCE COSTS Govemance costs are those costs assoclaied ￿th th8 gov8rnanc4 eosls of thè charfty which ffjFJ18 to the generÈl nJnning of the charily as opposed lo Ihoso (x)3ts a580cialed ￿th charitable activity. ALLOCATION AND APPORTIONMENT OF COSTS Support C051s compris8 costs for processing grant appllcalons, Indudlng support to 8Ctu8l and poi6ntlal appllcanls. Managèment #nd adminlstration comprise costs for the runnlng of the chaflty itseSf as an organisauon. Where costs cannot be directly attributed to elthei ol thèsè fv40 c8t8gorf&8. 8r* approprf8tè proportion of ¢o$ts aro 8ttributèd to support C0818 wlh the balance allrfbuled lo managemenl and admiTrislrallon. 1.7 Tangibl8 flx•d Assèts T8ngibl8 flxed 8s8è18 8r8 Inltlally mèasurèd at cosl 8nd subs8quently me88ur8d al cost or v8lu8lion, nel of depreciallon aF￿ any Impalrfflenl losse8. Depreclallon Is re￿gnIsed so as to wrlte off the cosl or valuatIc￿ ol assets less Ihelr re$ldu81 valu&8 over Iholr Usgful Ilve8 on the followlng bases.. Freehold land and bui1dlngs Flxlures and fltungs offi￿ equlpment at varylng rates on cost 25Qh on cost, 20% on cost and 10% on cost 20% on cost Freehold IBnd not dapreuated. -33- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountlng polleléi {Conllnued) Th6 galn or Ioss 8rlslng on thè digpts881 of an 88sel Is d9Iermlr￿d as Ihe dlfference b6th8n lh& salo proceeds ond the carrylng value of the asset, and Is recognlsad In thè statÉmènl of frnanaal activilies. Freehold properties are stsled al cost less SO￿8[ h)uslng grBnt. othet publlc grants and o¢eumulated dèpracialion. Land is nol depreclaled. The housing propertles arg dgprecl8led by major component on a slraighl line basls over tha estTmat8d ugelul 8tt)nomle livès of each idenllfled component. AJI components ar& Includèd wllhln Fmehold propety wlhln notè 13. Useful economic life lyearsl 100 60 25 28 25 20 20 Stnjctvrè Roof H88ting Windows and doors Electrical Bathroom Kitchen Tho Or￿Inal Cost of the land ownad by the Fvnd Is not avallable. The Trnstees eonsider that thg cost vf Ing out a prolesslonal valuatlon to Include thls 85spI 81 a value In the accounts would be conslderable compared lo Ihe limlled 8ddilion81 benefit that would be dertved by the users of lh6 accounts. Howevèr as the ortginal site owned by the Fund has been sold for d9veloprnenl Ihg proGeed8 have been placed by the trustees In o Perfflononl Endowment Fursd part of whlch has then been used for the aequisltion ènd development ofthe property known as Walslngham Lodg¢. Freeh￿6 land and bulldlngs Includes lh& eost of thB l&nd whlth h88 befjn e8tlmated al £280,000. No depredalion Is provldgd on freehold 18nd. The buildlngs have been deweclaled fiom th8 beglnnlno of 2003. when the redevelopment ol the properly was completed. The need for any fixed 8SS8t Impairment wrfte down Is Èssa8sed by comporison of the caT￿ng value of the asset agalftst the hlgher of roa1158blg valug 8nd value in use. 1.8 Inveulmqnt property Inve8tmenl propety is shown al most rec4nt va1uatlon. Any oaln or loss on ièvalu8b.on Is laken lo the Statement of Fln8ndalAclfvltles. 1.9 Flx¥d asset Investments Inveslmenls a￿ staled In the balance sheet at Ihelr open market value. Galns and los866 All galns 8nd108869 8r& lakèn to tha Slatamgnt of Fin8ndal Aclivllles a8 they arlse. RealSsed galns and losses on inv&stm8nls are calculaled as Ihe differencg between sales proceeds and op&ning tllarkgt V8lu& Ipurchaso date 11 later}. Unreallsed galng and losses 8r8 cèlculat8oul the carrylng amount of assets and Ilablllli6s that are nol raadily 8pparént from othèr sources. The 6sllmBl•s and assodAt8d 8ssumplon$ are based or) hlslorical experience and other factors that are con8idored to be ¥elevanL Actual results may drffer from these 6stimale8. Th8 eslimalgs and undorfylng assumptIor￿ are reviewed on an ongolng basls. Ra￿SlOn$ lo 8¢o)unting eslirnales are recognSsed In lh8 perfod In whlch thè èstimate is rovised ￿ere the rewslon affects only that pariod, or in thg perfod of th8 revislon and future periods whore tha revlslon aff8els both currant and lutur6 perfods. Key 8ourcos of •stlmatlon uneartalnty Depreclallon Assets are written down over thelr estSmaled useful1fv8s. Th6 8Ctual14v88 of th8 assèls may differ from those 85llmat88. Thè liv88 of thè assets ar8 kèpt urtder ￿VIeW and adjusled as appropjlate. Valuatlon of Invastment propèrtl•s Invostmènt prop8rtlas 8rè hèld 8t valuation based on fom7al valuallons rarrfed out by appropriately qualified indlvlduals however these are lust estirnales of the value and values achloved 11 Ih8y w&ro sold eould diffar from thes& esllmat8S. Incom• from don&tlons and18gaclè¥ Unrestrlctgd Unrostrlcted funds funds 2024 2023 Donauons and glfts 934 -35- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Incomè from Charltable a¢tlvlllg¥ Unre8trlcled Restilct8d funds funds 2024 2024 Total Unr•8trl¢lgd Restrlcled fund$ funds 2023 2023 Totel 2024 2023 Alm8hous8s Cost recharge Rent and malnlenance eontribulions recelvable Oth8r Incomg 7.082 7,982 9,938 9.938 428.002 525 426.002 525 396.334 716 396,334 716 Leasehold Bungalows Cost recharge Renl and malnlenar￿e contdbutions rÈcèiv#bl8 Olh&r in¢oma 1,20r 1.207 18,955 5,000 23.955 22,075 5.000 27.075 109 454,671 5,000 459.671 429.772 5,000 434,172 .36. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢omodatlon In management 2024 2023 Housiiig accommodallon (all managed by other bodies) Almsliouses Leasehold Bungalows 33 33 38 38 Incomlno rn#ourc•5 fFom ch8rll8ble actlvltles (Turnover) 2024 2023 t4alnicnan¢o contiibutlorts from Almshouses 88Nleè eh8rgès 43d.484 25,009 dts2.￿? 27.075 Gross ienial Incomé 459,493 429,772 Volds Not réntsl Income 110.OS4 d49,439 (6,364 423,dO8 othèf Ineom Exptri)S¢ fech8fg• 525 9.188 825 9,938 459,152 434,171 .38- T￿￿￿)00&f) p) C COO v{0￿¢1)¢7)￿Y￿l ujry c> ￿Ill C Jini(££&z8 THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable 2024 2023 Rellef of Poverty Grents to indivlduals Richmond Food Bank Richmond Cltizens Advice Buie&u Barnes Community A880ciatlon 38.517 7,000 29,746 7.000 Org&nls8tlon Core Fundlng Organ18atSon Core Fundlng 45.275 39.330 Warffi drink8 11,4131 Support for Older People FISH Nelghbourhood C8re Ag8 UKRichmond Upon Th8m8S Organisatlon Core Fundlng Organ188tlon Cor8 Funding 26,000 15.400 25,000 15,400 Wallbalng Clergy Dlscretlonary gi8nts Integrattsd Naurological Setvices MID M8dl8llon and Counselling Richmond Ald Richmond CBr8rs Centra Cros8road8 Care- Rlchmond and Klngston UponThames Richmond BoroLigh Mind Organisation Core Funding Richmond Borough Mind Po$ltlv8 Llvlng Gioup Home Start, Richmond Upon Organisation Core Funding Tham8S Multicultural Richmond Off the Record Skylgrks Charlty Dosts of Nature Welcare Space2grl8v8 Barnes Community Gard6ner8 Castelnau Centre Piolect 2,200 6,300 2,300 6,300 Organlsatlon Core Fundlng Org8nls8tlon Cole Fundlng 2.000 2,000 OiganlsAtion Core FundSng OTganisatlon Core Fundlng Organi8atlon Core Fundlng 11,500 5,360 20,200 11.500 5,360 20,200 9.000 9.000 14,0001 3.500 Orgonisation Core Funding Coun8elllng Satelllte Servlce Organisation Core Funding Organlsotlon Core Fundlng Familysupport PTolect 2,000 16.708 5.000 2,000 15.800 10,000 6,000 2.000 8,500 O¢&nl88tion Cora Funding 9,000 Organi8alion Core Fundlng 50.511 47,642 -40. THE BARNES FUND AND LINKED CHARITY. THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payabl {Gontlnugdl Prov151on of Recreatlon and L•l2ur8 Barn6s Music Society Organlsation Core Funding Barnes Music Festlvgl Schools Programme Barnes Muslc Festlval Pop-up Musicians St Micheel and AIIAngel8 CoronatSon Community Event Mortlake Community Organisation Core Funding Association B8rne8 Football Club Limited Organi$Étlon Core Funding Activitystation Org8n18ation Corg Fundlng 750 750 850 300 875 850 3,000 2,000 2.000 Edu¢atlon Gi&nts to Individual Holly Lodge Centre Ri¢hMond Muslc Tiust Action AttBinment Barn88 Common Ltd The Rlvei Thomes Boat project LVA Trust Baines Chlldron's Literature Festival ADHD Embrace 3,388 3.300 1,800 11,050 3,240 2,800 5,860 3,300 1,800 11.648 Organlsatlon Cor¢ Fundlng Organisalion Core Funding Seelng STeRS Legomutton schools project Organisation Core Funding 2,800 Organlsalion Core Fun(ilng Outièach Programme 6,520 3,000 3,000 Organisatlon Core Fundlng 7.350 7.350 Capltal 2- Mortlake Scout Group Garage and Storag8 refurblshment 5.000 328.144 301,578 -41 THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs allocated to actlvltle8 2024 2023 Slaff costs Finance Govemance costs 47.759 162 22.886 44,934 234 27.496 70.807 72,664 Analysed belwgen: Almshouses Leasehold 8unga1ows Gran 10,921 1,103 58,703 14.372 1.620 56.672 70,807 72,664 11 Net movement In funds 2024 2023 The n81 movement In fUr￿S Is slated after charglThJl{credlUng)'. Fees payab18 to lh8 charitys audltor.. for the audlt of the ch8rftys flnanclal slatements for olherfinancial seFvlces Oeprecialion of owned tang￿10 flxed assets 7.2(MJ 7.138 25,635 4,988 12.922 25.637 12 Trustee¥ TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remunerallon or olhar ben8fils for th8 year ended 31 De￿mber 2024 nor for the year ended 31 December 2023. By vlrlua of 8 Scheme approved by thè Charfty Comml$8lon on 3 Ociob$r 2017, The Barnes Fund Trustee Limiled is Ihe 8018 Iruslee ol The Barnes Fund, and Ihe linked chaTrty, The Walslngham Lodge Tiusl. The Tntsie8 has r8e8lv8d no fè8 In r8sp8Ct of thè trustéè prtsvldèd In 202412023-. £nil). For tha avoldanc8 01 doubt, lh8 dirèctors of Th8 Barfiès Fund TAJSt88 Llmit8d have also not r9celved 8ny remuneration or other benefits lor lh8 year ended 31 December 2024 or the year ended 31 December 2023. COST8 OF THE CORPORATE TRUSTEE By vlrtutt of a Stheme approved by Ihg Charity Comml3sion on 3 Odober 2017, Bames Fund Twslee Llmlled Is the sole Iruslee ol Barnes Fund. and the Ilnked charSly. The Wa1slngham Lodg• Trust. All costs and èxpenses. %Yhl¢h rg1819 in full lo Ihe iwo ¢h8ritlès lo whl¢h IL provid0$ govemance se￿1¢93, have bgen bom8 by th088 charitles. Durfnu the year a lolal of £NII (2023.. £nill was relmbursed lo d1￿ctorS of B8mes Fund Truslee Umlled In connèction wilh 8clivlt188 of tho ¢h8rity. -42- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 DECEMBER 2024 13 Employees The average monlhty number of employ¥es during the yearw88'. 2024 Numb•r 2023 Number Charllable aclivilies Employment COBt8 2024 2023 Wages and salari89 4Y.759 44.934 There were no employtsos who80 annu&l femuneiation wa$ more than £60.￿0. 14 Galns and lo¥¥es on Invgstfflgnts Unre8trlct8d Endowm8rJt funds nds 2024 2024 Total Unrestr5cted Endowment funds funds 2023 2023 Total 2D24 2023 G81n81{1088981 arlsing on.. Rgvglu8tion of Inv8slments 96.224 200.724 2￿,948 262.083 769.413 1.031.496 15 Taxallon The charity18 exempl from18X81ion on ils acliviligs bgcguse all its Income Is appNed for charitable purposes. -43- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 T•nglbl• Ilxod oss•1s Fr••hold lartd FIxt￿r*S •nd and bulldSng8 Itttlng6 Total 8qulpm¢nl Cost Al 1 January 2024 2,090,776 28.792 948 2,120,514 At 310ecember 2024 2,090.778 28,792 946 2,120,514 Deprèclatlon anif In)palrmont At 1 J8nuAry 2024 Depr&dAtlon Charg￿ In thè yèar 740.531 25,206 27,934 429 946 769,411 25,635 At 31 December 2024 765,73Y 28,363 946 795,046 Carrylng amount At 31 08￿mbar 2024 1,325,039 429 1,325,468 At 31 Dacam￿r 2023 1,350.248 856 1,351,102 Includ￿ In cogt or v81vallon of land and bulldlngs Is Ir8ehold land of £260.00012023-. 260,0001 whlch 18 not d8predaled. The Truslges conslder that Ihe valuo of the freehold property tsmalns In èxcess of thè nat book va1u8 and th8rafor8 no provlslon lor Impalrmenl is llecessary. 17 Inv•stm•nt propèrty 2024 Falr valu• At l JanuBry 2024 ond 310ecember 2024 647,LK)O Tho iAv8$tment propèrtl8$ 8rè fr8ahold Intarasls In propèrti8s around Quean's Rido SW13. The propetlies werè independently valued on an open market basls al £847,000 on 31st Oecember 2021 by Strull & Parkèr. Thg trusteès do not bèlieve thar8 ha$ been 8ny glgnifkAnl ¢hang& In the valu? slnee the formal valuatlon. -44- THE BARNES FUNDAND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 18 Flx•d OSB?t Inv?Blment8 L18ted Inv•8tmonts Total Cost or valuatlon Al 1 J8nuory 2024 V81uation changes DIsPQ581s 12,044.039 296.946 {60,000) 12.044,039 296.946 160.0001 Al 31 Decgmber 2024 12,280,985 12,280,985 Carrylng amount At 31 December 2024 12.280.985 12.280.985 Al 31 Dgcembgr 2023 12,044,039 12,044,039 The inve61ments at 31 D6cember2024 ar8 h•ld Bs kJllow8'. Mmin Fund Permanent Endowment Fund Walsinghafft Lodge Slnklng Fund Ggner81 Fund Id8819nalèdl Total Gengr81 Fund Charflies Officlal Inve9tm8nl Fu￿1 12.280,985 9,352,965 2,443,489 ,159 462,373 The hlstorlcal cost of Invèstmènts 1$ £8,567,52112023 £8,602.1111 19 Doblors 2024 2023 Amounls falllng du• wllhln ¢n• y*ar'. Trade debtors Other debtors Prepayments and occrued IncA) 12.065 10.924 24.822 8,630 10,844 19,931 47,811 39,405 -45- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Cr8dltor#: smounll falllng due wlthln one year 2024 2023 Trad8 cradftors Othèr crèditor8 A¢cw81$ and dtsferred income 26,792 3,253 159.616 27.584 7.760 150,980 109,661 1e6,324 21 En¢l¢wment fund8 Endowmanl fund8 reprèstsnl &85ets which must be held pemi&n6nlly by tha charity. Incoma 8ri81119 on tl8 endowment funds can be used In a(￿rdance with the obj'ecls of the charity and is included as unr8strfct6d Incomo. Any capitsl gains or losseB arlsing on the assels form part of the fund. At1 January 2024 Incomlng Rosourcgs resour¢ expgnded Galns and 1088e8 At31 Dec•mbgr 2024 P8rman•nt ondowment Pemanent Elldowrnonl- Maln fund Permanent Endowment. Walslngham Lodgo Twst 9,799.241 9.380 200,724 10,009,345 872,536 (5.049) 667.487 10,471,777 9,380 (5.0491 200.724 10,676.832 Prevlous y8Ar: At 1 January 2023 Incomlng Resources ra8ourc•s axpèndèd Galns and losses At31 Decgmber 2023 P6rman8nt 8ndowm•nt8 Perm8n8nl Endowmènt- Main fulld Perffl8n8nl Endowm8nl- Walslngham Lodga Tmsl 9,020,994 8,834 769,413 9,799,241 677,585 15,0491 872.536 9.698,579 8.834 15,0491 769.413 10.471.777 Pornianent Endowmgnt Funds Tha Pem)anenl Endowm9FIts repre88nl funds donated and Invested lo generale funds lo support Ihose In need in Barnes. The Walsingham Lodge Pemianent Endowm8nis represent lh* land. known #s Walslngham Lodge, and the surroundlng 8rèa8 origln811y don8ted lo Ihe charfty. -46- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Reslrlcted funds Th& restrlcted fvnds ol the charity comprfse (he unexpended balance8 01 dO￿a￿OnS and gran18 held on trust subjèct io spécific condltlons by donors 85 tr) how Ihay may ba ugéd. At 1 January 2024 Incomlng re8OU￿¥S At31 Do¢ombèr 2024 Leasehold Bunglows 24.150 6.208 30,358 Pravlous yèar. At l January 2023 Incomlng resources At31 DÈeemb•r 2023 Loosehold Bungalows 19.150 s,000 24,150 R•strfeted funds.. Long L•a8ehold•r8 Malntonance Fund ThÈ rèstrictèd fvnd rèprasènts thè b8laneè of sèfvlca d)8fg8s rttèivablè ffom long 188sèholdèrs and Is avallable solely to meet appllcable managemgnl and malnlenance costs ol the leasehold bungalows. 23 Unr•8trl¢l•d funds Tho uwtstri¢ted funds oflh& rharity th& ungxpgndad bo18ncgs of donolons ond grants whlch ar8 nol subject to specific condllions by donors and grarslors as to how they may be vsed. Tttese include d081gnalod funds which have bogn 5Ot asido out of unrestdd¢d fund¥ by the twslees for specifjc pu¥pose$. At1 Jonuary 2024 In¢omlng resources R850urc•8 expended Transhrs Galns and 1088es At31 D8c8mbei 2024 Gongrol lund - Maln fund General fund- Walslnghatn Lodge Trust A5801 Malntenance Fund Fixed A8881 Fund 2,395,269 315,168 1391.463) 72.306 2.391.300 539,441 480,627 (217.3631 23.918 826.623 301,771 {79.398) 222,373 678,566 120,5841 657,982 3.915,OS7 795,795 1708,8081 96,224 4,098,278 -47. THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrestrlct•d funds (Contlnuedl Prgvlou8 y88r: At l January 2023 Ineomlng R•sourc69 resou￿0￿ pond•d Transfers Galn¥ ond losses At31 Dg¢gmb¢r 2023 Gener81 fund- Maln fund General fund~ Walslngham Lodge Trusl Assel Mainlonancs Fund FlxedAssel Fund 2.228,383 323.621 1363.2631 206,548 2,395,289 3eo,016 440,670 1250,291) (59.3671 48.413 539,441 317,610 182.3281 59.367 7,122 301,771 699,153 (20,5871 878.566 3.605.162 764,291 1716,4691 262.083 3.915,067 D8slgnated funds- A$¥o1 Malnt4naneo Fund Durtng 2021 the Sinking Fund w8$ fedesignated os an Asset Malnlenancg Fund and Ihg Cyclical Rèpalrs FUTKI and Boilèr Fund were amalgamated Into this one fund. Thls fund has bè8n s6t up lo provlde for tslure major major works on the proporly. Annual Iranslers aro made Into Ihe Fund in accordanc8 wlh the recommend8tkJns of Ihe Fund's professIC￿al advisors and ￿m$hOuse9 Asswlatlon. Flx•d A6s•t Fund Th18 fund has been e818bll8hed lo repFesènl tho ￿n￿$t￿Cted funds Ued up In 18ngibl8 fix8d agg8t8 and so not othe￿￿Se avèllable lo Walslngham Lodge. Analysls of net 0S86ts between fund$ Unr8strlctod funds 2024 ReBlrfcttd Endowm•nt funds furkds 2024 2024 Total 2024 At 31 December 2024: Tangibl8 assels Inveslmenl propertiès Inve8trn8nt8 C￿rr8￿1 agsèlsl(li8bilkl•sl 657.981 647.000 2,271,640 521.857 667.487 1,325.468 647,000 12,280,985 552,015 10,oog.345 30,358 4,098.278 30.358 10.676,832 14,805,468 -48- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Analyals of net 8SSOts botweon funds Iconllnuedl Unr•slrl¢l fund8 2023 Rastrlelod Endowment lunds funds 2023 2023 Total 2023 At 31 Docember 2023: Tanulble assets Investment propethes Inv8Stmenls Current assèlsl{Ilablltlesl 678.566 647.000 2.251.121 338.380 872.536 1.351,102 647,000 12,044,039 3e8,853 9.792,918 6,323 24.150 3.915,067 24,150 10.471,777 14,410,994 Maln Fund Walslngham Lèayèhold Lodge Trust Bungalows Total 2024 Flxed Assots Tanglble Fixed Assets Investments Inveslmgnls Investment Propety 1.325,468 1.325.468 11,798.454 647,000 484,531 12,280.985 647.000 12,443.454 1,809.999 14.253.453 CurienlAssels Debtors Cash al bank and In hand 4,660 45,104 38.982 619,611 43.642 693.865 29.150 49.764 656,593 29.150 737.507 Currenl Llabllllles Amounts falllng du9 vAlhin one year 192,5731 {100.4691 1193,062} {92,5731 (100,489) 1193,0621 Nel CurfentAssets (42.8091 S58.104 29,150 544.445 NelA&8ets 12.400.645 2.368.103 29.1SO 14,797,898 25 R•lal8d party Iran8acllon Bornos FLtnd Trustee Llmlled Ithg tru$leel Is Ula trusleo ol The Bames Fund. The B8rn85 Fund bg8rs th6 sls of th8 Irvslaè In respect ol relmbursing 11.8 dlrg¢lor8 lor expenses incurred on The Barnes Fund buslness along wilh the ¥egul810ry ¢o$ts. Tha 8mo¢Jnl pald by The Barnes Fund In IhB year 8Fnounled lo £1,32012023-. £1.320). -49- THE BARNES FUND AND LINKED CHARITY, THE WALSINGHAM LODGE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 FRC ETHICAL STANDARD. PROVISIONS AVAILABLE FOR SMALL ENTITIE8 In cornm￿ with many oth8r 1th8rlliè8 of thls size and nature the Trustee8 of The B8mes Fund enllsl th8ir audllor81o a8s18t wSlh the preparation of Ihe financlal statements. 27 Cash absorbed by operatlon 2024 2023 Surplus for tho yegr 394,474 1.088.103 AdJu81menls for.. Inveslrnent incom8 recognlsed In statement ol flnanclal acllvllle8 Interest recelved ExpendIlU￿ allrfbutable to 8ndowmenl Falr value galns and losses on Investments DepTeciatlon and irnpalrmenl ol tanolble fixed assets 1341,8241 1334,185) 19,3801 18,B341 5,049 5.049 {296.948} (7,031.496) 25,635 25,637 Movements In worklng ¢apltal'. Ilncrgaseyd8crease In debtor8 In¢re8se In ¢redltors 18h061 3,338 15,422 22,121 CJ8h ab¥orbed by operatlons (228,062) (218,183) 28 AnalyBls of changej In net fundB The charlty had no materfal debt durfng the year. -50-