**Charity number: 328081**
## **THE BARBOUR FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2023**
## **THE BARBOUR FOUNDATION**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 7|
|**Independent Auditors' Report on the Financial Statements**|8 - 12|
|**Statement of Financial Activities**|13|
|**Balance Sheet**|14|
|**Statement of Cash Flows**|15|
|**Notes to the Financial Statements**|16 - 35|
## **THE BARBOUR FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023**
## **Trustees**
Dame Margaret Barbour DBE, DL, Chairman Helen Mary Barbour BA (Hons) Nichola Jane Coates
## **Charity registered number**
328081
## **Principal office**
PO Box 37 Jarrow Tyne & Wear NE32 3YT
## **Auditor**
Armstrong Watson Audit Limited Chartered Accountants Statutory Auditor One Strawberry Lane Newcastle upon Tyne NE1 4BX
## **Bankers**
Barclays Bank plc Leicester LE87 2BB
## **Solicitor**
Womble Bond Dickinson One Trinity Broad Chare Newcastle upon Tyne NE1 2HF
## **Accountancy services**
Ryecroft Glenton 32 Portland Terrace Newcastle upon Tyne NE2 1QP
## **Trust administrator**
c/o Edith Howse, Executive Secretary PO Box 21 Guisborough Cleveland TS14 8YH
Page 1
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023**
The Trustees present their annual report and accounts for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
## **Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
The objects of the charity formed by the Deed are to support by grant, subscription or donations to any registered Charitable Institution or Institutions whose objects include:
- a. The relief of patients suffering from any form of illness or disease, the promotion of research into the causes and treatment of such illnesses or disease and the provision of medical equipment for such patients.
- b. The furtherance of the general education of children and young persons by the award of scholarships, exhibitions, bursaries or maintenance allowances tenable at any school, university or other educational establishment approved by the Trustees to persons in England who are in need of financial assistance.
- c. The protection and preservation for the benefit of the public in England, such features of cities, towns villages and the countryside as are of special environmental historical or architectural interest.
d. The relief of persons, whether resident in England or otherwise who are in conditions of need, hardship or distress as a result of local, national or international disaster, or by reason of their social and economic circumstances.
The objectives of the charity are determined directly from its objects. The charity focuses on making grants to institutions who deal with community welfare, housing and social deprivation issues, mainly in the North East of England. The charity is well known in the local region as being a benefactor to such causes. Grants will commonly be made out of income and not normally out of capital. No change in policy has been introduced during the year.
Grants applications are examined on their merits, and whether they meet with the charity’s objectives. Donations are dependent upon income available. Grant applications must be in writing, providing full back up information to:
Edith Howse, Executive Secretary PO Box 21 Guisborough Cleveland TS14 8YH
Page 2
## **THE BARBOUR FOUNDATION**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
## **Objectives and activities (continued)**
## **Main activities undertaken to further the charity's purposes for the public benefit**
The charity fulfils its charitable purposes for the public benefit through the provision of grants to charitable institutions.
## **Achievements and performance**
## **Review of activities**
In the year the Foundation received £6,250,000 (including £1,250,000 of gift aid) in donations from Dame Margaret Barbour (2022: £Nil), the Foundation's other income was dividends and interest from investments: the Foundation received £267,176 (2022: £193,402) in investment income from funds held with investment managers Quilter Cheviot and dividend income from J. Barbour & Sons Limited of £Nil (2022: £821,805)
Bearing in mind the specific requirement of the objects of the Foundation as set out in the Trust Deed dated 31 August 1988, the Trustees have continued their policy of directing distributions, so far as possible, to worthy local charitable causes. During the year 506 (2022 - 362) such donations amounting in total to £1,901,704 (2022 - £1,063,449) were made or committed. Of the grants made, £5,855 (2022: £3,249) were in the form of goods supplied to the trust by J. Barbour & Sons Limited at cost. It remains particularly gratifying that such a large number of causes continue to have been helped during the year under review.
During the year, the charity made grant payments of £1,945,704 and there was a decrease of £44,000 in grants committed and not paid, leading to an accounts charge for grants payable of £1,901,704. Of the donations this year, Community Welfare Grants accounted for 24% of the expenditure (2022: 34%), other medical causes were 16% (2022: 22%) and youth and childrens' charities accounted for 12% (2022: 8%). Notes 9 to 12 to the financial statements provide additional information on the analysis of grants by charitable activities. The Trustees are content that this spread of grants is in line with their agreed objectives. All grants of £1,000 or over are listed in the notes to the accounts. All grants were given in support of and for the furtherance of the charitable aims of the recipients.
## **Investment policy and performance**
The Trustees’ investment powers are governed by the Trust Deed which permits the investment of money in the purchase of, or at interest on the security of, such stocks, funds, shares, securities or other investments or property of whatever nature and wherever situated as the trustees in their absolute discretion think fit.
The majority of funds are held with investment managers Quilter Cheviot and are held for long-term fund investments and income generated. These funds are unrestricted. The Foundation invests with a long term outlook and seeks to weather shorter term stock market turbulence in order to generate long term returns.
In 2022, in light of the Russian invasion of Ukraine and concomitant commodity shock, central banks stepped up actions to combat persistently high levels of inflation, commencing a path of aggressive interest rate rises. Bond markets sold off strongly and yields jumped higher. Inflation metrics in the US and UK hit their highest levels since the early 1980s, whilst the equivalent reading for the Eurozone surged to its highest level on record.
Global stock markets were particularly under pressure during the period April to June (Q2 2022) and as a result, the MSCI All Country World Index slipped into bear market territory (in local currency terms), defined by a 20% drop from its previous peak, with global shares falling for seven consecutive weeks during April and May. Indeed, the first half of 2022 overall, was the worst six month start to a year for US markets since 1970.
The penultimate week of June saw a brief bounce as fears about a recession prompted speculation that central
Page 3
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
## **Achievements and performance (continued)**
bankers may pause in terms of rate hikes. There were also encouraging signs that lockdown restrictions might be lifting in China. As a result, July was the best month for global stock markets since November 2020 when COVID-19 vaccines were announced. The portfolio for Barbour Foundation added +3.8% over the month.
Global equity markets ended September near their lowest levels of 2022, due to concerns that central banks remained steadfast in their determination to curb inflation, even at the expense of economic growth. This commitment to hawkish monetary policies caused bond yields to resume their march higher after a brief pause. UK markets were in the headlines for the wrong reasons, with the pound falling to a record low against the US dollar and UK government bond yields moving sharply higher following chancellor Kwasi Kwarteng’s mini-budget.
Overall, 2022 was a challenging year for investors, with the magnitude of the dual decline in stocks and bonds surpassing anything seen for several generations. High inflation and resultant central bank policies triggered a significant derating, especially amongst highly rated shares. Growth stocks were worst hit, with declines in the region of 30%-60% commonplace.
Markets commenced 2023 on a positive footing, from both an equity and bond perspective, as market participants adopted a more positive outlook, due to improving fundamental conditions and a growing expectation that key central banks were nearing the end of aggressive interest rate rising cycles.
This narrative shifted in February, which caused equity markets to hand back some gains, whilst bond markets erased January’s rally entirely. However, the portfolio for Barbour Foundation added +4.8% overall in the initial period to mid-February and despite the Silicone Valley Bank/Credit Suisse episode in March, the Foundation portfolio remained in positive territory for 2023 to 5th April.
We follow a ‘Balanced’ strategy, which sits within a medium risk mandate. Performance of -4.8% (total return, net of QC fees), over the annual period to 5th April 2023, reflects an extremely challenging market environment where UK gilt markets registered a -16% return and world markets were also in negative territory. The rise in yields and indiscriminate sell off in growth areas at the start of the period, was particularly detrimental. In fact, from 1st July 2022 to 5th April 2023, the portfolio was in positive territory and added over 3% on a net total return basis.
We continue to believe that despite a difficult 2022 for active management, diversification will provide clear benefits going forward. We are taking advantage of the opportunities that are presenting as a result of current market conditions, in both equity and bond markets. It is important to always retain a focus on the long-term aims of the Foundation. During times of market volatility, we always aim to maintain our core principles when it comes to portfolio management, with a view to achieving the longer term objectives of the Trustees.
The charity also holds a 2.7% investment in the shares of J. Barbour & Sons, Limited.
Dividend income received but not spent is held on deposit.
## **Financial review**
## **Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Page 4
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
## **Results and reserves policy**
The charity's total income exceeded its expenditure on grant-making and support costs by £4,449,502 (2022: total expenditure exceeded income by £226,829).
It is the policy of the charity to maintain unrestricted reserves at a level which, taking one year with the next, equates to six months unrestricted expenditure. Given, however, that the charity’s principal source of income is split between shares held in J. Barbour and Sons on the one hand, where receipt of income is outwith the control of the Trustees, and from investments managed by Quilter Cheviot on the other, where a balance between income and growth must be maintained, the quantum of reserves has varied from time to time.
The aim of the reserves policy is to provide sufficient funds to cover support and governance costs and to respond to emergency applications of grants which may arise from time to time.
Excluding its investments, the charity had net assets of £970,819 (2022: net assets of £976,175) at the year end. The charity has the ability to draw on its investments, if required, to meet grant liabilities. Funds held with Quilter Cheviot are unrestricted and may be utilised by the Trustees as they wish in furtherance of the charitable objectives of the Foundation. As stated above, it is the intention of the Trustees to continue to invest these funds for the foreseeable future to provide a continuing source of investment income from which grants may be made. However, investments may be utilised to provide additional grants at the discretion of the Trustees.
## **Structure, governance and management**
## **Constitution**
The Barbour Foundation is an unincorporated trust, constituted under a trust deed dated 31 August 1988 as amended by a supplemental deed dated 9 February 2011 and is a registered charity, number 328081. On 31 August 1988 the original donors (Dame Margaret Barbour and Helen Mary Barbour) each donated £10 to form the charitable trust and create a trust fund.
## **Methods of appointment or election of Trustees**
New Trustees are appointed by the surviving or continuing Trustees. The trust deed provides for a minimum of 3 Trustees.
## **Organisational structure and decision-making policies**
The Trustees normally meet three to four times each year to review the broad strategy and areas of activity for the trust, including grant making, reserves and risk management, policies and performance.
In addition to this monthly meetings are held to consider small grants of less than £1,000. These meetings are held by at least one Trustee and the trust Administrator. Procedures exist to authorise larger grants between meetings in exceptional circumstances.
The day to day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the trust Administrator.
The trust Secretaries are responsible for the day to day management of the trust which includes assisting the trust Administrator in processing the grant applications and the maintenance of the trust’s financial records. The Trustees consider applications for grants and make distributions of income at Trustee meetings.
Page 5
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
## **Structure, governance and management (continued)**
## **Policies adopted for the induction and training of Trustees**
Changes in Trustees are rare. New Trustees are provided with access to constitutional and statutory information as well as information regarding the internal workings of the trust. Other training is limited to informal communications between trustees of any matters that they may consider significant.
## **Key management personnel**
The key management personnel are the Trustees, who are not remunerated.
## **Related party relationships**
The trust has a close relationship with J. Barbour & Sons, Limited. Goods are purchased from J. Barbour & Sons, Limited at cost, but otherwise on normal commercial terms, for grants to beneficiaries. A summary of the transactions undertaken during the year is set out in the notes to the financial statements.
## **Risk management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## **Plans for future periods**
The Foundation plans to continue to generate income from its investments for allocation to causes in the stated geographical area of benefit.
Page 6
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of Trustees and signed on their behalf by:
................................................
**Dame Margaret Barbour DBE, DL** (Chair of Trustees) Date: 23 January 2024
Page 7
## **THE BARBOUR FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE BARBOUR FOUNDATION**
## **Opinion**
We have audited the financial statements of The Barbour Foundation (the 'charity') for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 8
## **THE BARBOUR FOUNDATION**
**INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE BARBOUR FOUNDATION (CONTINUED)**
## **Other information**
The other information comprises the information included in the Trustees' Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Trustees' Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 9
## **THE BARBOUR FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE BARBOUR FOUNDATION (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity, discussions with Trustees who are those charged with governance, we considered that the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011 and UK taxation legislation.
As part of the engagement team discussion about the susceptibility of the charity’s financial statements to material misstatement due to fraud, we did not identify any areas with an increased risk.
Page 10
## **THE BARBOUR FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE BARBOUR FOUNDATION (CONTINUED)**
Our audit procedures were designed to respond to identified risks, including non-compliance with laws and regulations and fraud, which may have a material effect on the financial statements. Our audit procedures included but were not limited to:
- enquiry of the Trustees and review of any relevant correspondence with legal advisers regarding any instances of non-compliance with laws and regulations and any actual, suspected or alleged fraud;
- communicating identified laws and regulations and the risks of fraud with our engagement team and remaining alert to any indications of non-compliance or fraud;
- gaining an understanding of the internal controls established to mitigate risks related to fraud;
- examining supporting documents for all material balances, transactions and disclosures;
- review of the minutes of the board of Trustees;
- review of accounting estimates for Trustee override and bias;
- analytical procedures to identify any unusual transactions;
- identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 11
## **THE BARBOUR FOUNDATION**
## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE BARBOUR FOUNDATION (CONTINUED)**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Armstrong Watson Audit Limited**
Chartered Accountants Statutory Auditor One Strawberry Lane Newcastle upon Tyne NE1 4BX
25 January 2024
Armstrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 12
## **THE BARBOUR FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023**
|**Note**
**Income and endowments from:**
Donations and legacies
3
Investments
4
Other income
5
**Total income and endowments**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net income/(expenditure) before net**
**(losses)/gains on investments**
Net (losses)/gains on investments
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2023**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**23,996**
**-**
**23,996**|**Unrestricted**
**funds**
**2023**
**£**
**6,250,000**
**267,176**
**6,055**
**6,523,231**
**131,867**
**1,941,862**
**2,073,729**
**4,449,502**
**(774,790)**
**3,674,712**
**13,291,304**
**3,674,712**
**16,966,016**|**Total**
**funds**
**2023**
**£**
**6,250,000**
**267,176**
**6,055**
**6,523,231**
**131,867**
**1,941,862**
**2,073,729**
**4,449,502**
**(774,790)**
**3,674,712**
**13,315,300**
**3,674,712**
**16,990,012**|_Total_
_funds_
_2022_
_£_
_-_
_1,015,207_
_1,215_
_1,016,422_
_127,645_
_1,115,606_
_1,243,251_
_(226,829)_
_369,450_
_142,621_
_13,172,679_
_142,621_
_13,315,300_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 35 form part of these financial statements.
Page 13
## **THE BARBOUR FOUNDATION**
## **BALANCE SHEET AS AT 5 APRIL 2023**
|**Note**
**Fixed assets**
Investments
16
**Current assets**
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
20
Unrestricted funds
20
**Total funds**|**139,304**
**894,914**
**1,034,218**
**(63,399)**|**2023**
**£**
**16,019,193**
**16,019,193**
**970,819**
**16,990,012**
**16,990,012**
**23,996**
**16,966,016**
**16,990,012**|_88,341_
_983,413_
_1,071,754_
_(95,579)_|_2022_
_£_
_12,339,125_|
|---|---|---|---|---|
|||||_12,339,125_
_976,175_|
|||||_13,315,300_|
|||||_13,315,300_|
|||||_23,996_
_13,291,304_|
|||||_13,315,300_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Dame Margaret Barbour DBE, DL** (Chair of Trustees)
## Date: 23 January 2024
The notes on pages 16 to 35 form part of these financial statements.
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## **THE BARBOUR FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
22
**Cash flows from investing activities**
Dividends and interest from investments
Proceeds from the sale of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
23
The notes on pages 16 to 35 form part of these financial statements|**2023**
**£**
**(724,499)**
**36,000**
**600,000**
**636,000**
**(88,499)**
**983,413**
**894,914**|_2022_
_£_
_(1,163,579)_
_1,107,805_
_1,475,000_
**2,582,805**
**1,419,226**
_(435,813)_
_983,413_|
|---|---|---|
Page 15
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **1. General information**
The Barbour Foundation is an unincorporated trust, constituted under a trust deed dated 31 August 1988 as amended by a supplemental deed dated 9 February 2011 and is a registered charity, number 328081. On 31 August 1988 the original donors (Dame Margaret Barbour and Helen Mary Barbour) each donated £10 to form the charitable trust and create a trust fund.
The charitable trust is a grant making charity, which makes donations in support of registered charities across the North East of England.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Barbour Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling which is the functional and presentation currency of the charity.
## **2.2 Going concern**
The charity has adequate funds to support its day to day activities and is a going concern.
## **2.3 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Investment income from endowment fund investments is unrestricted.
## **2.4 Interest and dividends receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Investment dividends are recognised when the dividend is declared.
Page 16
## **THE BARBOUR FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **2. Accounting policies (continued)**
## **2.5 Expenditure**
Expenditure on raising funds consists of investment management costs.
Charitable activities are costs incurred on the charity's grant making operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure has been classified under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Support costs are those costs incurred directly in support of expenditure on the activities of the charity. Governance costs are costs incurred in ensuring that the charity meets its constitutional and statutory requirements.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. Investments in shares which can be publicly traded are measured using the closing quoted market price. Investments in shares which cannot be publicly traded and for which no reliable estimation can be made are recorded at their cost less provision for impairment.
Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes the current bank account of the Foundation.
## **2.9 Liabilities**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 17
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **2. Accounting policies (continued)**
## **2.10 Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
The charity has an expendable Endowment Fund created through various gifts of shares in J. Barbour & Sons Limited. Further information is given in the funds notes to the financial statements.
## **3. Income from donations and legacies**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Donations and related HMRC gift aid receipt|6,250,000|**6,250,000**|_-_|
## **4. Investment income**
|**Unrestricted**
**funds**
**2023**
**£**
Income from listed investments
267,176
Dividend income - J. Barbour & Sons Limited
-
267,176|**Total**
**funds**
**2023**
**£**
**267,176**
**-**
**267,176**|_Total_
_funds_
_2022_
_£_
_193,402_
_821,805_
_1,015,207_|
|---|---|---|
Page 18
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **5. Other income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Other income - uncashed grants|6,055|**6,055**|_1,215_|
## **6. Expenditure on raising funds**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2023**|**2023**|_2022_|
||**£**|**£**|_£_|
|Investment management costs|131,867|**131,867**|_127,645_|
## **7. Analysis of expenditure by activities**
|Grants to institutions
Grants to institutions|**Grant**
**funding of**
**activities**
**2023**
**£**
1,901,704
_Grant_
_funding of_
_activities_
_2022_
_£_
_1,063,449_|**Support**
**costs**
**2023**
**£**
40,158
_Support_
_costs_
_2022_
_£_
_52,157_|**Total**
**funds**
**2023**
**£**
**1,941,862**|
|---|---|---|---|
||||_Total_
_funds_
_2022_
_£_
_1,115,606_|
Page 19
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **8. Support Costs**
|Salaries
Employers National Insurance
Governance costs
Office and other sundry expenses
Reimbursement of administrator expenses
Bank charges|**2023**
**£**
**16,417**
**1,051**
**22,596**
**2**
**79**
**13**
**40,158**|_2022_
_£_
_29,063_
_1,855_
_20,634_
_443_
_137_
_25_
_52,157_|
|---|---|---|
Governance costs comprise Auditor's remuneration of £4,620 (2022 - £4,200) and Accountant's fees of £17,976 (2022 - £16,434).
## **9. Analysis of grants**
|Grants to institutions
Grants to institutions
Reconciliation of grants payable
Committed but not for immediate payment at start of year
Grants payable for the year
Grants paid during the year
**Committed but not for immediate payment at end of year**|**Grants to**
**Institutions**
**2023**
**£**
1,901,704
_Grants to_
_Institutions_
_2022_
_£_
_1,063,449_
**2023**
**£**
**44,000**
**1,901,704**
**(1,945,704)**
**-**|**Total**
**funds**
**2023**
**£**
**1,901,704**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_1,063,449_|
|||_2022_
_£_
_94,600_
_1,063,449_
_(1,114,049)_
_44,000_|
Page 20
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **10. Analysis of grants to institutions**
|**Grants to institutions**
2nd Herrington Scout Group
Absolute Cabaret
Action Medical Research
Action Station
ACTS - Age Concern Tyneside South
Adventure into Art
Adventure into Art
Alington House
Alnwick Playhouse
Amble Community Sports Dev Centre
Argus Community
Ashington Veterans and Elders Institute
Aspire
Association of Jarrow Community Bowling Clubs
Auckland Youth & Community Centre
Bamburgh Parish Council - Playscheme
Barnardos - the Base Whitley Bay
BDFA
Bebside Horses
Bendrigg Trust
Bishop Auckland Parish St Annes
Blue Sky Trust
Blyth Community Enterprise Centre
Bone Cancer Research Trust
Border Links
Brandon Carrside Youth & Community project
Brass in Concert
Breathing Space
Briardale House
Bright Futures
British Red Cross
Broadside Creatives
Brundibar
Building Futures East
Sub-total|**2023**
**£**
1,000
2,000
10,000
25,000
5,000
3,000
1,500
2,000
5,000
2,000
5,000
5,000
2,000
2,000
10,000
5,000
10,000
1,500
1,700
5,000
1,000
5,000
10,000
5,000
1,500
2,000
1,000
2,000
1,500
10,000
1,000
5,000
1,500
2,000|
|---|---|
||152,200|
Page 21
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **Grants to institutions (continued):**
|Brought forward
Building Self-Belief
Burnhope Community Centre
Cancer Connections
Caring Hands Charity
Cash for Kids
Changing Faces
Changing Lives
Child Brain Injury Trust
Children North East
Children's Foundation
Chrisitan Aid - Ethiopia, Kenya and South Sudan
Christian Aid - Communities Living Peacefully
Christian Aid - Tropical Cyclone Freddy
Christian Aid - Zimbabwe Appeal
Chronicle Sunshine Fund
CHUF
Circus Starr
Circus Starr
Citizens' Assembly South Tyneside
Cleasewell Hill Foundation
Cleveland Housing Advice Centre
Common Room
Connected Voice
Contact
Contact Mental Health Group
Coping with Cancer
Corbridge Youth Initiative
Cornerstone Centre - Chester le Street
Cowpen Quay Community Assoc
Criminon UK
Crisis - Skylight
Crohn's & Colitis UK
Cultural Spring Charity
Sub-total|**2023**
**£**
152,200
2,000
2,000
2,000
2,000
1,000
1,000
10,000
1,000
15,000
10,000
3,000
1,000
1,000
1,000
7,000
15,000
2,000
1,500
1,500
1,000
3,000
5,000
15,000
10,000
5,000
2,000
2,000
1,000
5,000
1,300
10,000
5,000
5,000|
|---|---|
||301,500|
Page 22
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **Grants to institutions (continued):**
|Brought forward
Customs House
CVA Blyth for Blossoming Communities
Deaf Awareness NE
Deafblind UK
Deaflink North East
Dementia UK
Diabetes UK
Disaster Emergency Committee
Downs Syndrome Association
Durham Agency Against Crime Ltd
East Durham Veterans
East Harford Community Care
Eating Distress NE
Elton John Aids Foundation
Elton John Aids Foundation
Emmaus North East
Empire School of Boxing
Engineering Development Trust
English Heritage - Berwick Barracks
Equal Arts
Escape Family Support
Escape Intervention Service Ltd
Family Gateway, Wallsend
Far Centre
Feeding Families
FFG Foundation
Food Cycle
Free the Way
Freedom from Torture
Gallery Youth
Gateshead FC Football Foundation
Golden Gatherers
Greatham FC
Sub-total|**2023**
**£**
301,500
15,000
1,000
2,000
5,000
5,000
20,000
2,000
1,000
10,000
10,000
1,000
2,000
2,000
50,000
30,000
10,000
2,000
5,000
10,000
5,000
5,000
5,000
10,000
10,000
10,000
4,000
5,000
2,000
5,000
5,000
2,000
2,000
1,000|
|---|---|
||555,500|
Page 23
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **Grants to institutions (continued):**
|Brought forward
Greggs Foundation - Hardship Fund
Greggs Foundation - Hardship Fund
GUST Independent School
Hadston House Youth & Community Project
Happy Days
Harton Hub CIC
Haven - Festive Appeal
Hebburn Carr-Ellison Carnival
Henry Dancer Days
Hextol Foundation
High Sheriff of Northumberland - Youth Against Crime Awards Scheme
Hindmarsh Hall, Alnmouth
Horden Centennial Centre
Hospitality & Hope
Impact Family Services
Inspiring Minds
Jazz Coop, Newcastle
Jubilee Fields
Just for Women
Kayaks
Kids Out
Kidscan Children's Cancer Research
Kinship
Learning Library
Legacare
Light Dragoon Charitable Trust
Livability - Beaumont House, Prudhoe
Locomotion
Longbenton Youth Project
Look Good Feel Better
Macular Society
Macular Society
Mayfields Community Centre
Sub-total|**2023**
**£**
555,500
10,000
10,000
1,000
5,000
2,500
1,000
5,000
2,000
2,000
2,000
5,000
5,000
1,000
10,000
10,000
5,000
2,000
2,000
2,000
1,500
1,000
5,000
7,000
10,000
5,000
1,000
2,000
20,000
5,000
1,000
10,000
3,000
1,000|
|---|---|
||710,500|
Page 24
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **Grants to institutions (continued):**
|Brought forward
MBC Arts & Wellbeing CIC
Meadow Well Connected
Melanoma - Me Foundation
Meningitis Now
Milfield Reading Room
Mission Christmas - Cash for Kids
More than Grandparents
Morpeth Parish - Lamplight Project
Myeloma UK
NE Youth
New Delaval Knights Bowling Club
Newsham & New Delaval Youth Forum
Norfolk Street Arts
North Music Trust
North of England Brass Band Championships
North Star Counselling
North Tyneside Disability Forum
Northern Stage
Northumberland & Newcastle Society
Northumberland County Blind Association
Northumberland County Sanctuary
Northumberland Domestic Abuse Service
Northumbria University, Newcastle
Northumbria Youth Action Limited
NSPCC
NUSU - Sci Fair 2023
Ocean Youth Trust North
Oswin Project
Otterburn Mill - Tenter Frames Project
Peer Talk
Pegswood Community Hub
Pelton Community Association - Youth Project
People & Drugs
Sub-total|**2023**
**£**
710,500
15,000
4,000
1,000
2,000
5,000
2,000
15,000
5,000
5,000
5,000
1,000
1,500
2,000
500,000
1,500
15,000
5,000
1,000
4,000
10,000
1,500
6,000
25,000
2,000
6,000
2,000
1,500
10,000
2,000
2,000
2,000
2,000
1,500|
|---|---|
||1,374,000|
Page 25
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **Grants to institutions (continued):**
|Brought forward
People's Kitchen
Pimlico Opera
Places for People Living plus - 35 Albany Street West, South Shields
Places for People Living plus - ST Womens Aid
Poet in the City
Prince's Trust
RABI - Support in Northumberland
Race Against Dementia
Radio Shields
React
Reform
Rise South Tyneside
Rothbury Traditional Music Festival
Royal Society for Blind Children
Royal Voluntary Service
Sandhill Community Group
Sandhill Community Group
Sandhill Community Group
Seafarers Charity
Search Services for Older People
Seghill Colliery Institute
Shelter
Smart Works
Smile for Life Charity
South Shields Westoe RFC - Westoe Juniors
South Stanley Partnership
Southwick Neighbourhood Project
Spinal Injuries Association
Splash
Springwell Village Community Venue
St Cuthbert's Hospice
St Martins in the Fields
St Oswald's Hospice
Sub-total|**2023**
**£**
1,374,000
10,000
2,000
1,000
1,000
1,000
100,000
5,000
20,000
2,000
1,800
1,000
1,500
2,000
10,000
7,000
1,000
1,000
1,500
5,000
5,000
2,000
10,000
15,000
2,000
1,000
2,000
10,000
5,000
1,500
2,000
5,000
1,000
50,000|
|---|---|
||1,659,300|
Page 26
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
|**Grants to institutions (continued):**
Brought forward
St Vincent's Newcastle
Stanhope Silver Band
Stepney Bank Stables
Stroke Association
Success 4 All
Sunderland & Co Durham Royal Society for the Blind
Sunderland North Family Zone
SURT
Swan UK
Teenage Cancer Trust
The Den
The Key
The Key
Theatre Space North East
Time Exchange
Triangular CIO
Trimdon Village Hall Association
Turkey & Syria Earthquake Appeal (Clothing)
Tyne Rivers Trust
Tynedale Hospice
Variety the Children's Charity
Veterans at Ease
Victim Care
Villages Crawcrook & Greenside
Volunteering Matters
Vonne
Walking with the Wounded
We Make Culture
Wear in North East
West End Community Gatherings
West End Refugee Service
Wheels 2 Work
Whitley Bay Big Local
Sub-total|**2023**
**£**
1,659,300
15,000
1,500
4,000
5,000
2,000
5,000
10,000
5,000
1,000
5,000
3,000
5,000
2,000
2,000
2,000
2,000
1,000
56,249
1,500
20,000
20,000
10,000
1,000
2,000
5,000
1,000
5,000
2,000
2,000
10,000
2,000
1,700
2,000|
|---|---|
||1,871,249|
Page 27
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
|**Grants to institutions (continued):**
Brought forward
World Cancer Research Fund - Northumbria University
YMCA 'Little Walkers Project'
YMCA North Tyneside|**2023**
**£**
1,871,249
10,000
2,000
5,000
235
1,888,249
271
13,455|**2023**
**£**
1,871,249
10,000
2,000
5,000|
|---|---|---|
||506
1,901,704||
Page 28
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **11. Analysis of charitable grants by activity**
|Community welfare
Youth/children
Medical
Disability
Elderly
Conservation/horticultural
Heritage/Museums
Education
Service charities
The arts
Housing/homeless
Maritime
Animal welfare
Special appeals|**2023**
**£**
454,891
231,208
310,089
100,670
17,122
1,547
20,000
25,000
19,227
563,041
62,022
5,176
2,417
89,294
1,901,704|**2023**
**%**
23.92%
12.16%
16.31%
5.29%
0.90%
0.08%
1.05%
1.31%
1.01%
29.61%
3.26%
0.27%
0.13%
4.70%
100.00%|**2022**
**2022**
**£**
**%**
359,391
33.80%
89,505
8.42%
235,006
22.10%
67,321
6.33%
5,082
0.48%
6,048
0.57%
-
0.00%
-
0.00%
8,000
0.75%
5,051
0.47%
154,500
14.53%
54,028
5.08%
6,000
0.56%
73,517
6.91%
1,063,449
100.00%|
|---|---|---|---|
## **12. Analysis of grants made by area**
|Tyne & Wear
Northumberland
Durham
Cleveland
Other|**2023**
**£**
1,130,386
171,769
94,990
5,000
499,559
1,901,704|**2023**
**%**
59.44%
9.03%
5.00%
0.26%
26.27%
100.00%|**2022**
**2022**
**£**
**%**
541,779
50.95%
179,431
16.87%
48,864
4.59%
600
0.06%
292,775
27.53%
1,063,449
100.00%|
|---|---|---|---|
Page 29
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **13. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £4,620 ( _2022_ - _£4,200_ ).
## **14. Staff costs**
|Wages and salaries
Social security costs|**2023**
**£**
**16,417**
**1,051**
**17,468**|_2022_
_£_
_29,063_
_1,855_|
|---|---|---|
|||_30,918_|
The average number of persons employed by the charity during the year was as follows:
||**2023**|_2022_|
|---|---|---|
||**No.**|_No._|
|Administration of the charity|**1**|_2_|
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel comprise the Trustees, who are not remunerated by the Charity.
## **15. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ .
During the year, no Trustee expenses have been incurred _(2022 - £NIL)_ .
Page 30
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **16. Fixed asset investments**
|**Cost or valuation**
At 6 April 2022
Additions
Disposals
Revaluations
At 5 April 2023
**Net book value**
At 5 April 2023
_At 5 April 2022_|**Listed**
**investments**
**£**
**11,615,732**
**5,761,577**
**(1,708,330)**
**(774,790)**
**14,894,189**
**14,894,189**
_11,615,732_|**Unlisted**
**investments**
**£**
**23,996**
**-**
**-**
**-**
**23,996**
**23,996**
_23,996_|**Cash**
**available for**
**reinvestment**
**£**
**699,397**
**6,893,958**
**(6,492,347)**
**-**
**1,101,008**
**1,101,008**
_699,397_|**Total**
**£**
**12,339,125**
**12,655,535**
**(8,200,677**
**(774,790**
**16,019,193**|
|---|---|---|---|---|
|||||**16,019,193**
_12,339,125_|
## **Shareholding in J Barbour & Sons Limited**
At 5 April 2023 the charity owned 2.7% of the ordinary share capital in J. Barbour & Sons Limited, an unquoted company registered in England. The principal activity of J. Barbour & Sons Limited is the manufacture of clothing. Any disposal of all or part of this shareholding would require the permission of the company.
## **17. Debtors**
|**Due within one year**
Other debtors|**2023**
**£**
**139,304**
**139,304**|_2022_
_£_
_88,341_
_88,341_|
|---|---|---|
Page 31
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **18. Creditors: Amounts falling due within one year**
|Accrued grants payable to institutions
Other creditors
Accruals and deferred income|**2023**
**£**
**-**
**560**
**62,839**
**63,399**|_2022_
_£_
_44,000_
_248_
_51,331_|
|---|---|---|
|||_95,579_|
## **19. Financial instruments**
||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**14,894,189**|_11,615,732_|
Financial assets measured at fair value through income and expenditure comprise investments in shares. The main risk to the Foundation from these financial instruments lies in the combination of uncertain investment markets and volatility in yield. The Foundation manages these investment risks by retaining advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Foundation does not make use of derivatives and similar complex financial instruments as investments are held for their longer term. Income arising from these investments is disclosed in note 4.
Page 32
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **20. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General unrestricted funds
**Endowment funds**
Endowment Fund
**Total of funds**|**Balance at 6**
**April 2022**
**£**
**13,291,304**
**23,996**
**13,315,300**|**Income**
**£**
**6,523,231**
**-**
**6,523,231**|**Expenditure**
**£**
**(2,073,729)**
**-**
**(2,073,729)**|**Gains/**
**(Losses)**
**£**
**(774,790)**
**-**
**(774,790)**|**Balance at 5**
**April 2023**
**£**
**16,966,016**|
|---|---|---|---|---|---|
||||||**23,996**|
||||||**16,990,012**|
The Endowment Fund is comprised of shares held by the charity in J. Barbour & Sons, Limited. Although the Endowment Fund is expendable at the Trustees' discretion, they take the view that a grant from this source (as it would involve the disposal of part or all of this shareholding, which would require the permission of the company) will only be made in exceptional circumstances.
## **Statement of funds - prior year**
|**Unrestricted funds**
General unrestricted funds
**Endowment funds**
Endowment Fund
**Total of funds**|_Balance at_
_6 April 2021_
_£_
_13,148,683_
_23,996_
_13,172,679_|_Income_
_£_
_1,016,422_
_-_
_1,016,422_|_Expenditure_
_£_
_(1,243,251)_
_-_
_(1,243,251)_|_Gains/_
_(Losses)_
_£_
_369,450_
_-_
_369,450_|_Balance at_
_5 April 2022_
_£_
_13,291,304_|
|---|---|---|---|---|---|
||||||_23,996_|
||||||_13,315,300_|
Page 33
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Endowment**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
Fixed asset investments
23,996
15,995,197
Current assets
-
1,034,218
Creditors due within one year
-
(63,399)
**Total**
23,996
16,966,016
**Analysis of net assets between funds - prior year**
_Endowment_
_funds_
_2022_
_Unrestricted_
_funds_
_2022_
_£_
_£_
Fixed asset investments
_23,996_
_12,315,129_
Current assets
_-_
_1,071,754_
Creditors due within one year
_-_
_(95,579)_
**Total**
_23,996_
_13,291,304_
**22.**
**Reconciliation of net movement in funds to net cash flow from operating activities**
**2023**
**£**
Net income for the year (as per Statement of Financial Activities)
**3,674,712**
**Adjustments for:**
Losses / (gains) on investments
**774,790**
Dividends and interest from investments
**(267,176)**
(Increase)/decrease in debtors
**(1,101)**
(Decrease)/increase in creditors
**(37,591)**
Costs paid through the investment fund
**131,867**
Donations income received to investments
**(5,000,000)**
**Net cash used in operating activities**
**(724,499)**|**Total**
**funds**
**2023**
**£**
**16,019,193**
**1,034,218**
**(63,399)**
**16,990,012**
_Total_
_funds_
_2022_
_£_
_12,339,125_
_1,071,754_
_(95,579)_
_13,315,300_
_2022_
_£_
_142,621_
_(369,450)_
_(1,015,206)_
_-_
_(49,209)_
_127,665_
_-_
_(1,163,579)_|
|---|---|
Page 34
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023**
## **23. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**
**Analysis of changes in net debt**
Cash at bank and in hand|**At 6 April**
**2022**
**£**
**983,413**
**983,413**|**2023**
**£**
**894,914**
**894,914**
**Cash flows**
**£**
**(88,499)**
**(88,499)**|_2022_
_£_
_983,413_|
|---|---|---|---|
||||_983,413_|
||||**At 5 April**
**2023**
**£**
**894,914**
**894,914**|
## **24. Analysis of changes in net debt**
## **25. Related party transactions**
As disclosed in the investments note the charity owns 10,000 £1 ordinary shares in J. Barbour & Sons, Limited.
The charity acquired goods to the value of £5,855 during the year (2022: £3,249) from J. Barbour & Sons, Limited at cost but otherwise on normal commercial terms for grants to beneficiaries. The value of such goods is included in the charitable grants note.
The balance payable to J. Barbour & Sons, Limited as at 5 April 2023 was £560 (2022: £248). No balances were written off during the year.
£6,250,000 of donations including £1,250,000 of gift aid (2022 - £Nil) were received from Dame Margaret Barbour in the year.
Page 35