REGISTERED CHARifi NUMBER: 249922 Report of the TrYeeS and Unaudited Flnancial Ststsrnents for the Year Ended 31 March 2024 Barham Benevolent Foundation Swindells LLP Chartered Accountants Atlantic House 8 Bell Lane Bellbrook Industrial Estate Uckfield East Sussex TN22 IQL
Barham Benevolent Foundation Contents of the Financlal Statements fortheyear Ended 31 March 2024 Page Reference and Adminlstrative Detslls Report of the Trustee5 Independent Examlnerf5 Report ststement of Flnancial Artivities Balance Sheet Note5 to ihe Financial Statements 7 to 14 Detailed Statement of Financial Arti¥ities IS to 16
Barham Befievolent Foundatlon Reference and Admlnistratlve Detsi15 for the Year Ended 31 March 2024 TRUSTEES M Cook G Flight L Gossling R Gabbitas J Rixon PRINapAL ADDRESS 8 Stumps End Stumps Lane B05ham West Sussex P018 8RB REGISTERED CHARITY NUMBER 249922 INDEPENDENT EXAMINER Swindells LLP Chartered Accountsnts Atlantic House 8 Bell Lane Bellbrook Industrial Estate Uckfield East Sussex TN22 IQL Page I
Barham Benevolent Foundation Report of the Trustees for the Year Ended 31 March 2024 The trustees present their report with the financial statements of the chartty for the year ended 31 March 2024. The trustees have adopted the provision5 of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVES AND AcfiviTIES The Foundation's object is to provide help where it is needed to employees, their rplatives and former employees of the dairy industry. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activitie5 the Foundation should undertake. The Foundation carries out its objectives by providing Erants to a number of individua15 and organasations. The Trustees are fully Satisfied that the Barham Benevolent Foundation operates for the wider public benefit in all that it does in its charitable activities. ACHIEVEMENT AND PERFORMANCE The Foundation'5 Trust Deed enable5 It to make grants for hardship cases in the dairy related industry and for education by way of bursaries to colleges and universities for research in dairy related subjects. The Foundation continues to fund or contribute to the cost of holidays and provide financial assistance with accommodation in appropriate ca5e5. The Foundation made grants totalling £263,072 12023: £231.192) to indwiduals and educational instltutions during the year. These payments have been made possible by the links that the Foundation has with other charitable organi53tions. In addition to that: The Educational Institutions that benefitted from the grants that we distributed include: Univer51ty of Reading £47,56512023'. £60,696) Royal Veterinary £66,80512023: £94,729) Harper Adams £28,33312023= £28,333) Nottingham University £63,46912023: £Nill University of Liverpool £6,87612023= £Nill During the year the Trustee5 actively sought potential beneficiaries and have been able to make many grants though the links established with other organisations. They are aware however of the need to ensure that all the Erants awarded are in accordance with the terms of the Trust Deed, whlch define5 the pool of beneficiaries. During the year the Foundation made welfare payments to 1712023- 171 former employees of the Dairy trade amounting to a total of £50,02512023.' £37.0361. The trustees target 15 to spend all the available income each year in accordance with terms of the Trust Deed and full review of the ongoing beneficiaries both individuals and educational institutions 15 being undertaken. Page 2
Barham Benevolent Foundalion Report of the Trustees for the Year Ended 31 March Z024 FINANCIAL RVdlEW The Foundation received investment income of £165,971 12023.. £171,0291 during the year and there was a total charitable expenditure of £338,597 12023: £311,088). The fund balances as at 31 March 2023 were £6,182,098 {2023.. £5,967,590). The Trustees, intention is to maintain sufficient resee5 to cover the anticipated costs of the Foundation with any surplus funds not distributed being reinvested. These requirements are kept continually under review and no fixed amount is deemed appropriate. The Trustees intend that the real value of the Foundation a55ets and the income from them will be maintained over the long term subject to any major fluctuations in income or expenditure. In the agreement with Barclays Wealth and with Investec Wealth and Investment, who are both appointed on a discretionary basis, the Trustees have selected a balanced investment objective with medium risk. The proportion invested in equities, fixed income stocks and cash is reviewed with Barclays Wealth and wilh Investec Wealth and Investment from tlme to time to provide guidance on the ongoing suitability of that element of the investment policy and keep under review the arrangernent5 Wlth Barclays Wealth and with Investec. The performance of the investment portfolio during the year was in line with Tru5tees' expectations. The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major ri5k5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming document, a deed of trust and Constitutes an unincorporated charlty. Structure, governance and management The Barham Benevolent Foundation wa5 established by a charitable Trust Deed in 1918. Trustees are appointed to the Foundation with the agreement of the existing Trustees. None of the Trustees has any beneticial interest in the trust. The Trustees make and implement all decisions in relation to the Foundation's affairs. The Trustees have assessed the major risk5 to which the Foundation is exposed. and are satisfied that systems are in place to mitigate exposure to the rnajor risks. Approved by order of the board of trustees on ly. J 2D Is..... and signed on its behalfby: M Cook-Trustee Page 3
Independent Examinees Report to the Trustees of Barham Benevolent Foundation Independent examinews report to the trustees of Barh3m Benevolent Foundatlon I report to the charity trustees on rny examination of the accounts of Barham Berkevolent Foundation Ithe Trust) for the year ended 31 March 2024. Responsibilltles and basis of reF>Ort As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requiremerbts of the Charities Act 20111'the Act'l. I report in respect of rny examination of the Trust's occounts carried out under 5ettion 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145151{bl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention In connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the Trust a5 required by Section 130 of the Act,. or the accounts do not accord with those records; or the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts gNe a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come across no other matters in connection with the examirbation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Joanna Green BSC FCA Swindells LLP Chartered Accountants Atlantic House 8 Bell Lane Bellbrook Industrial Estate Uckfield East Sussex TN22 IQL Date-. Pa8e 4
Barham Benevolent Foundation Staternent of Flnanclal Activities for the Year Ended 31 March 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 166,862 171,169 EXPENDITURE ON Raising funds 22,335 25,703 Charitable artivittes Grant funding activity 316,262 285,385 Tolal 338,597 311,088 Net gains/llossesl on investment5 386,243 1432,8601 NET INCOMEI{EXPENDITUREI 214,508 1572,7791 RECONCILIATION OF FUNDS Total funds brought fotward 5,967.590 6,540,369 TOTAL FUNDS CARRIED FORWARD 6,182,098 5,967,59Q The notes fom) part of these financial statements Page 5
Barham Benevolent Foyndatlon Balan¢e Sheet 31 March 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Tangible assets Investments 199,996 5,943,978 205,245 5,728,835 io 6,143,974 5,934,080 CURRENf ASSETS Cash at bank 52,577 55,849 CREDITORS Amounts falling due within one year li 114,4531 {22,3391 NEf CURRENT ASSErs 38,124 33,510 TOTAL ASSETS LESS CURRENT LIABILITIES 6,182,098 5,967,590 NET ASSETS 6.182,098 5,967,590 FUNDS Unrestricted fLbnds: General fund 12 6,182,098 5,967,590 TOTAL FUNDS 6,182,098 5,967,590 Jancial statements were approved by the Board of Trustees and authorised for issue on The fi and were signed on its behalf by= M Cook- Trustee The notes form part of these financial statem2nts Page 6
Barham Benevolent Foundation Notes to the Finan¢lal Statsments for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial 5tatemenls have been prepared under the historical cost convention. with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fund5, il is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitmerbt but not accrued as expenditure. Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated Useful life. Freehold property 2% on cost Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised ft)r particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 7 continued.
Barham Benevolent Foundatlon Notes to the Financial St*ements- continued for the Year Ended 31 March 2024 INVESTMENT INCOME 2024 Unrestricted funds 2023 Total funds Investment income Interest receivable 165,971 891 171,029 140 166.862 171,169 All income from investments in 2023 and 2024 was unrestricted. CHARITABLE ACTIVITIES cosrs Grant funding of activities (see note 51 Direct Costs (see note 41 Support cost5 (see note 61 Totals Grant funding activity 2,070 263.072 51,120 316,262 DIRECT COSTS OF CHARITABLE AcnviTIES 2024 2023 Insurance Sundries Interest payable and similar charges 1,507 463 100 1,530 294 97 2,070 1,921 Page 8 continued...
Barham Benevolent Foundation Notes to the Flnancial Statements- continued for the Year Ended 31 March 2024 GRANTS PAYABLE 2024 2023 Grant funding activity 263,072 231,192 SUPPORT COSTS Human resources Management Totals Grant funding activity 49,464 1,656 51,120 TRUSTEES, REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no trustees, expenses pald for the year ended 31 March 202412023:£2941. COMPARATIVES FOR THE sfATEMEKf OF FINANaAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investment income 171,169 EXPENDITURE ON Raising funds 25,703 Charitable activities Grant funding activity 285,385 Total 311,088 Net gains/llosse51 on investments 1432,8601 INCOMEI{EXPENDITURE} 1572,779 Page 9 continued...
Batham Benevolent Foundation Note5 to the Yinanclal Stalements- continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTIVITIES- continued Unrestricted fund RECONCILIATION OF FUNDS Total funds brought forward 6,540,369 TOTAL FUNDS CARRIED FORWARD 5,967,590 TANGIBLE FIXED ASSETS Freehold property COST At l April 2023 and 31 March 2024 262.455 DEPRECIATION At l April 2023 Charge for year 57,210 5,249 At 31 March 2024 62,459 BOOK VALUE At 31 March 2024 199,996 At 31 March 2023 205,245 Page 10 continued...
Barham Benevolent Foundation Notes to the Flnan¢ial Ststements- continued for the Year Ended 31 March 2024 io. FIXED ASSET INVESTMENTS Listed Investments MARKEf VALUE At l April 2023 Additions Disposa15 Revaluations 5,728,835 204,290 1368,9781 379,831 At 31 March 2024 5,943,978 NET BOOKVALUE At 31 March 2024 5,943,978 At 31 March 2023 5,728,835 There were no investment assets outside the UK. Cost or valuation at 31 March 2024 is represented bv.. Listed investments Valuation in 2024 Cost 647,265 5,296,713 5.943,978 The portfolio comprised at 31 March 2024 £222.00212023=£267,5771 of UK Listed equitie5, £441,798 12023.'£344,7431 of non-UK Listed equities, £112,609 12023..£112,880} of fixed interest investments. £5,078,833 12023..£4,912,229I of UK index linked investments, E62,49412023'.£63,788I of alternative a55et5. £25,00012023.'£26,4821 of UK property £1,24212023:£1.1361 of accrued interest. There were no investments comprising of more than 5% of the portfolio. Page 11 coniinued...
Barham Benevolent Foundation Notes to the Financlal Statements- continued for the Year Ended 31 March 2024 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Taxation and social security Other creditors 1,656 12,797 2,064 20,275 14,453 22,339 12. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 5,967,590 214,508 6,182,098 TOTAL FUNDS 5,967,590 214,508 6,182,098 Net movernent in funds, included in the above are as follows.. Incoming resources Resource5 expended Gains and 1055es Movement in fund5 Unrestrlrted funds General fund 166,862 {338,5971 386,243 214,508 TOTAL FUNDS 166.862 1338,5971 386,243 214,508 Comparatives for movement In funds Net movement in funds At 31.3.23 At 1.4.22 Unrestrfcted funds General fund 6,540.369 1572,779} 5,967,590 TOTAL FUNDS 6,540,369 1572,7791 5,967,590 Page 12 continued...
Barham Benevolent Foundation Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 12. MOVEMENT IN FUNDS- contlnued Comparative net movement in funds, included in the above a as follows.. Incoming resources Resources expended Gains and losses Movement in fund5 Unrestrirted funds General fund 171,169 1311,0881 1432.860) 1572,7791 TOTAL FUNDS 171,169 {311.0881 {432,8601 1572,779) A current year 12 month5 and prior year 12 months combined position is as follow5.. Net movement in fund5 At 31.3.24 At 1.4.22 Unrestrlcted funds General fund 6.540,369 1358,2711 6,182,098 TOTAL FUNDS 6.540,369 1358,2711 6,182,098 A current year 12 month5 and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 338.031 1649,6851 146,617) 1358,2711 TOTAL FUNDS 338.031 1649,685} 146,6171 1358.2711 Page 13 continued...
Barham Benevolent Foundation Notes to the financlal Statements- contlnued for the Year Ended 31 March 2024 13. RELATED PARTY DISCLOSURES Mr M Cook and Mr G Flight are considered related parties as a $It of the Trustees, Interest in these enttties. During the year Mr G Flight received £20,00012023..£21,O) including VAT of £1,000) for accountancy advisory and consultancy seNice5. During the year Mr M Cook received £20,CrfJO12023:£20,OLK)} for administrative services. Page 14
Barham Benevolent Foundatlon Detailed Statement of Flnancial Artivitles for the Year Ended 31 March 2024 2024 2023 INCOMEAND ENDOWMENTS Investment Income Investment incorne Interest receivable 165,971 891 171,029 140 166,862 171,169 Total incoming resources 166,862 171,169 EXPENDITURE Raising donations and legacies Investment management costs 22,335 25,703 Charltable activlties Insurance Sundries Bank charges Grants to institutions 1,507 463 loo 263,072 1,530 294 97 231,192 265,142 233,113 Support costs Management Accountancy Independent examiner's fee Property repairs Administrative services Freehold property 20,615 21,747 3,600 1,675 20,OLKJ 5,250 20,000 5,249 49,464 52,272 Human resources Social security 1,656 Total resources expended 338.597 311,088 Net expenditure before galns and losses 1171,7351 1139,9191 This page does not fonm part of the statutory financial statements Page 15
Barham Benevolent Foundatlon Detailed Statement of Financlal Activitles for the Year Ended 31 March 2024 2024 2023 ReaSi5ed recognised galns and losses Realised Eainslllossesl on fixed a55et investments 386,243 1432,8601 Net Incomellexpenditure) 214,508 1572,7791 Thi5 page does not fomi part of the Statutory financial statements Page 16