**Charity number: 328081**
## **THE BARBOUR FOUNDATION**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2024**
## **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 - 36|
## **THE BARBOUR FOUNDATION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024**
## **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 2024**
The Trustees present their annual report and accounts for the year ended 5 April 2024. 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 2024**
## **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 no donations from Dame Margaret Barbour (2023: £6,250,000), the Foundation's other income was dividends and interest from investments: the Foundation received £368,875 (2023: £267,176) in investment income from funds held with investment managers Quilter Cheviot.
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 480 (2023: 506) such donations amounting in total to £2,381,237 (2023: £1,901,704) were made or committed. Of the grants made, £5,937 (2023: £5,855) 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 £2,381,237 (2023: £1,901,704). Of the donations this year, Community Welfare Grants accounted for 23% of the expenditure (2023: 24%), other medical causes were 33% (2023: 16%) and the arts accounted for 26% (2023: 30%). 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 investment 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.
Looking back to the start of the period, the second quarter of 2023 was broadly flat for many UK-based investors with multi-asset portfolios. Whilst it was another positive period for global stock markets, sterling appreciation pared gains for UK based investors, UK equities lagged, and gilts had another poor quarter. UK bond yields moved higher, pushing gilt prices lower, as inflation proved stickier than hoped.
A growing feeling that a “higher-for-longer” interest rate environment was taking hold, weighed on stocks and bonds into the end of the third quarter. However, UK investors were largely shielded from these declines due to a sizable depreciation in the sterling to US dollar rate, whilst domestic benchmarks in both stocks and bonds outperformed their peers. The MSCI All Country World Index ended the quarter slightly higher in sterling terms, whilst gilt indices edged lower.
There has been a groundswell of interest in Generative Artificial Intelligence (GenAI) with investors flocking to stocks deemed best positioned to benefit from the potentially transformative technology. Together the so-called “Magnificent Seven” stocks – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – accounted for a
Page 3
## **THE BARBOUR FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024**
## **Achievements and performance (continued)**
substantial chunk of 2023 gains in US indices, where they have a collective weight of around 30% of the index and therefore, have a noticeable impact on global benchmarks, due to the US weighting in global benchmarks of over 60%.
Third quarter earnings season produced mixed results, in keeping with an overall outlook for the global economy suggesting modest growth going forward.
Global stock markets rallied from November 2023. There was a subtle, yet notable shift in the market’s main driving force towards forecasts of economic strength.
US equities were at the forefront of the advance, powered by a robust labour market, strong economic growth and continued exuberance surrounding Artificial Intelligence (AI) stocks. Inflation levelled, after falling substantially from its peak. This environment helped gold perform well, hitting new highs.
The market’s driving force appears to be less of a laser-like focus on monetary policy, and more of a heightened sensitivity to gauges of economic activity supportive of a soft landing. There were widespread forecasts of the damage that such steep increases in central bank base rates would wreak upon economies, but it is now over two years since the Federal Reserve (Fed) and Bank of England (BoE) embarked on their aggressive tightening policies and economies have fared far better than feared. The US was the world’s fastest growing advanced economy in 2023, delivering 2.5% GDP growth.
We follow a ‘Balanced’ strategy for the Foundation, which sits within a medium risk mandate. Performance of +11.8% (total return, net of QC fees), over the annual period to 5th April 2024, reflects the positive environment for equities, with almost all geographic regions in positive territory and US equity the standout.
Looking ahead, our view is that the US economy is heading for a soft landing but we must wait for upcoming data points to solidify this stance. We are now in the later stages of the second quarter earnings season, and we note that in general, companies are beating earnings expectations in aggregate in all regions, with tech and financials holding up well, even though the former has seen some recent market weakness, due to sky high expectations. We take reassurance from the fact that businesses continue to post profits ahead of consensus forecasts, and that all major equity regions are predicted to provide year on year earnings growth in 2024 and beyond. Fixed interest continues to offer attractive yields and we expect these positions to dampen declines for multi-asset portfolios when we experience more stock market volatility.
We continue to believe that a diversified approach to asset allocation and geographical positioning, will provide clear benefits to the Foundation portfolio going forward. We invest with a focus on the longer-term investment aims of the Foundation, to generate steady capital growth and income and we position the Foundation portfolio, with an aim to achieve the objectives of the Trustees, to fulfil charitable purposes and support good causes.
## **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 2024**
## **Results and reserves policy**
The charity's total expenditure on grant-making and support costs exceeded its income by £2,183,540 (2023: total income exceeded expenditure by £4,449,502).
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 £239,126 (2023: net assets of £970,819) 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 2024**
## **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 2024**
## **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: 10 December 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 2024 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 2024 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 Date: 13 December 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 2024**
|**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 (expenditure)/income before net**
**gains/(losses) on investments**
Net gains/(losses) on investments
16
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Endowment**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**23,996**
**-**
**23,996**|**Unrestricted**
**funds**
**2024**
**£**
**-**
**368,875**
**14,545**
**383,420**
**143,725**
**2,423,235**
**2,566,960**
**(2,183,540)**
**1,466,275**
**(717,265)**
**16,966,016**
**(717,265)**
**16,248,751**|**Total**
**funds**
**2024**
**£**
**-**
**368,875**
**14,545**
**383,420**
**143,725**
**2,423,235**
**2,566,960**
**(2,183,540)**
**1,466,275**
**(717,265)**
**16,990,012**
**(717,265)**
**16,272,747**|_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_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 36 form part of these financial statements.
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## **THE BARBOUR FOUNDATION**
## **BALANCE SHEET AS AT 5 APRIL 2024**
|**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**|**89,485**
**233,476**
**322,961**
**(83,835)**|**2024**
**£**
**16,033,621**
**16,033,621**
**239,126**
**16,272,747**
**16,272,747**
**23,996**
**16,248,751**
**16,272,747**|_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_|
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: 10 December 2024
The notes on pages 16 to 36 form part of these financial statements.
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## **THE BARBOUR FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024**
|**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 36 form part of these financial statements|**2024**
**£**
**(2,397,438)**
**36,000**
**1,700,000**
**1,736,000**
**(661,438)**
**894,914**
**233,476**|_2023_
_£_
_(724,499)_
_36,000_
_600,000_
**636,000**
**(88,499)**
_983,413_
_894,914_|
|---|---|---|
Page 15
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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 2024**
## **2. Accounting policies (continued)**
## **2.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
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.
Page 17
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **2. Accounting policies (continued)**
## **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.
## **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_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Donations and related HMRC gift aid receipt|-|**-**|_6,250,000_|
## **4. Investment income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Income from listed investments|368,875|**368,875**|_267,176_|
Page 18
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **5. Other income**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Other income - uncashed grants|14,545|**14,545**|_6,055_|
## **6. Expenditure on raising funds**
||**Unrestricted**|**Total**|_Total_|
|---|---|---|---|
||**funds**|**funds**|_funds_|
||**2024**|**2024**|_2023_|
||**£**|**£**|_£_|
|Investment management costs|143,725|**143,725**|_131,867_|
## **7. Analysis of expenditure by activities**
|Grants to institutions
Grants to institutions|**Grant**
**funding of**
**activities**
**2024**
**£**
2,381,237
_Grant_
_funding of_
_activities_
_2023_
_£_
_1,901,704_|**Support**
**costs**
**2024**
**£**
41,998
_Support_
_costs_
_2023_
_£_
_40,158_|**Total**
**funds**
**2024**
**£**
**2,423,235**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_£_
_1,941,862_|
Page 19
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **8. Support Costs**
|Salaries
Employers National Insurance
Governance costs
Office and other sundry expenses
Reimbursement of administrator expenses
Bank charges|**2024**
**£**
**16,924**
**1,069**
**23,415**
**512**
**78**
**-**
**41,998**|_2023_
_£_
_16,417_
_1,051_
_22,596_
_2_
_79_
_13_
_40,158_|
|---|---|---|
Governance costs comprise Auditor's remuneration of £4,850 (2023 - £4,620) and Accountant's fees of £18,565 (2023 - £17,976).
## **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**
**2024**
**£**
2,381,237
_Grants to_
_Institutions_
_2023_
_£_
_1,901,704_
**2024**
**£**
**-**
**2,381,237**
**(2,381,237)**
**-**|**Total**
**funds**
**2024**
**£**
**2,381,237**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_1,901,704_|
|||_2023_
_£_
_44,000_
_1,901,704_
_(1,945,704)_
_-_|
Page 20
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **10. Analysis of grants to institutions**
|**Grants to institutions**
1st Whittingham BP Scout Group
Absolute Cabaret
Action for Station Town
Age Concern Tyneside South
Alnwick Playhouse
Apna Ghar
Artichoke
Ashington & Wansbeck Road Allotment Association
Association of Jarrow Community Bowling Clubs
AYPA Gallery Youth
Barn at Easington WIRE
Batten Disease Family Association
Beamish Museum
Beat Asthma
Bell View (Belford)
Bels & Toys
Bendrigg Trust
Benefice of Humshaugh (Simonburn PCC)
Berwick Baracks Heritage Trust
Betsy Jenning Wellbeing and Counselling Café
Bishop Auckland Community Partnership
Blackhall Community Association
Blind Veterans UK
Bliss
Blood Cancer UK
Blue Sky Trust
Blyth Community Enterprise Centre
Blyth Star Enterprises
Blyth Stroke Support Group
Bone Cancer Research Trust
Brandon & Carrside Youth & Community Project
Brass in Concert
Breast Cancer Now
Brian James Diver Veterans Allotment
Sub-total|**2024**
**£**
1,000
2,000
2,000
5,000
5,000
2,000
2,000
2,000
1,500
5,000
2,000
1,500
10,000
10,000
10,000
3,000
5,000
2,000
5,000
1,200
1,500
2,000
5,000
5,000
10,000
5,000
10,000
10,000
3,000
7,000
2,000
2,000
10,000
1,000|
|---|---|
||150,700|
Page 21
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|Brought forward
Bright Futures
British Red Cross (Ukraine appeal)
Broadside Creatives
Burnhope Community Centre
Calvert Trust
Cancer Connections
Carol W Productions (Limelight)
Charlotte Straker
Chev Gateshead Ltd
Chilli Studios
Choice Wellbeing Service
Christ Church, North Shields
Christian Aid - Gaza Appeal
Christian Aid - Libya Appeal
Christian Aid - Middle East Crisis Appeal
Christian Aid - Palestinian Appeal
Chronicle Sunshine Fund
Church of St Luke the Evangelist
Clean Slate Fin Wellbeing Services CIO
Clean Up UK
Compassionate Friends
Coquetdale Music Trust
Corbridge Chamber Music Festival
Cornerstone Benwell
Cornerstones Centre for the Community - Chester le Street
Country Trust
Cowpen Quay Community Association
Crest
Criminon
Crisis - Skylight
Cullercoats Watch House
CVA Blyth Valley
CVA Blyth Valley for Blossoming Communities
Sub-total|**2024**
**£**
150,700
10,000
100,000
15,000
2,000
10,000
2,000
1,000
10,000
2,000
12,000
1,000
2,000
5,000
5,000
5,000
5,000
2,000
1,500
2,000
2,000
2,000
2,000
1,500
1,500
2,000
2,000
5,000
5,000
2,000
10,000
5,000
2,000
2,000|
|---|---|
||387,200|
Page 22
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**Grants to institutions (continued):**
Brought forward
Dementia Matters
Den, The
Downs Syndrome Association
Emmaus North East
English for All
Epilepsy Action
Families in Care
Feeding Families
Fertile Ground
Fibro Family
Fibromyalgia Group, Stanley
Fight for Sight
Fightback Charity
Free the Way
Full Circle Recovery
Fusilier Association - Ashington Branch
Gateshead Age UK
Gateshead Community Rowing Club
Gateway Church - West End Community Gathering
Gateway into the Community
Grace House
Greatham Youth FC
Hand of Arts & Education Charity
Happy Days
Haven Ltd
Hebburn Clock FC
Heel & Toe Charity
Hetton Buddies
Hetton Home Care Service
HOPS
Hospitality and Hope
Houghton Boxing Club
Huntington's Disease Association
Sub-total|**2024**
**£**
387,200
10,000
3,000
5,000
12,000
1,500
1,000
5,000
50,000
2,000
2,000
1,000
10,000
20,000
5,000
2,000
1,500
5,000
1,500
10,000
5,000
2,000
2,000
1,000
3,000
12,000
1,000
4,500
2,000
1,000
5,000
10,000
2,000
2,000|
|---|---|
||587,200|
Page 23
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|Brought forward
Isabella Community Association
Jarrow Festival 2024
Kayaks
Key, The
Kids Kabin
Lawnmowers Independent Theatre Co
Leukaemia Care
Linskill & North Tyneside Development Trust
Literary & Philosophical Society of Newcastle
Little Sisters of the Poor
Live Theatre
Live Well with Cancer
Love, Amelia
Lupus UK
Maggies Newcastle
Mayfields Community Centre
Medicinema
Melonoma Me Foundation
Meningitis Now
Message, The
Mind Tyneside & Northumberland
MNDA
Monkchester Community Association
More Than Grandparents
Morpeth Group RDA
Moving Parts Arts
MS Research & Relief Fund
MS Society
Multiple Sclerosis Trust
Muscular Dystrophy UK
My Sisters Kitchen
National Kidney Federation
Net, The
Sub-total|**2024**
**£**
587,200
3,000
1,000
1,500
3,000
5,000
5,000
5,000
1,500
10,000
50,000
10,000
1,000
1,000
1,500
20,000
1,000
2,000
2,000
2,000
12,000
15,000
2,000
3,000
10,000
10,000
1,000
1,000
1,000
30,000
6,000
10,000
2,000
4,000|
|---|---|
||819,700|
Page 24
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|Brought forward
New Hope North East
Newcastle Castle
Newcastle University
Nordoff Robins Music Therapy
Norfolk Street Arts CIC
North Music Trust
North of England Brass Band Championships
Northburn Steel Bands
Northern Stage
Northumberland & Newcastle Society
Northumberland Community Enterprise
Northumberland Count Blind Association
Northumberland Log Bank
Northumberland National Park Foundation
Northumbria University - Femal Brain & Endocrine Research for Military Veterans
Northumbria University - Newcastle East Into University Centre
Northumbria Youth Action
Oasis Community Housing - Hope not Homelessness
Open Clasp Theatre
Out North East
Pallion Action Group
Parish of Greenside
Parish of St Cuthbert with St Aidan Durham
Pelaw Community Bowling Club
Pelton Youth Project
Pendower Good Neighbour Project
Pennywell Neighbourhood Centre
Peoples Kitchen
Place2Be
Places for People - Young Parents Pathway
Places for People Living Plus - Blyth
Princes Countryside Fund
Prostate Cancer UK
Sub-total|**2024**
**£**
819,700
2,000
3,000
580,000
5,000
11,000
500,000
2,000
2,000
1,000
4,000
1,000
10,000
1,000
10,000
2,000
25,000
1,000
10,000
10,000
1,000
7,000
2,000
1,000
1,000
5,000
2,000
5,000
10,000
5,000
1,000
1,000
20,000
3,000|
|---|---|
||2,063,700|
Page 25
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|Brought forward
Prudhoe Youth Project
RABI
Radio Shields NE
Rainbow Trust
React
Recruitment Junction
Regent Chapel - Newcastle North West Cap Debt Centre
Rethink
Retina UK
RNIB
Road to Recovery Trust
Roy Castle Cancer Foundation
Royal Warrant Holders Charity Fund
RWHA Charity Fund
RWHA Charity Fund
Sailors Childrens Society
The Samling Foundation
Seghill Food Hub
Shelter
Sick Children's Trust
Slaley Show
Slamfresh
Solidarity Farm CIC
South Shields Cricket Club
Spennymoor Town Band
Splash
Springwell Community Hub
St Albans Earsden
St Andrews Church
St Cuthbert's Church Bellingham
St John the Evangelist Church, Wallsend
St Margaret Centre
St Michael & St Paul Alnwick
Sub-total|**2024**
**£**
2,063,700
2,000
5,000
1,500
5,000
2,000
5,000
5,000
10,000
1,500
1,000
5,000
5,000
50,000
5,000
5,000
5,000
20,000
1,000
10,000
5,000
1,500
2,000
1,500
1,000
1,500
2,000
2,000
1,500
1,000
2,000
10,000
10,000
2,000|
|---|---|
||2,250,700|
Page 26
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|Brought forward
St Teresa's Hospice
Stepney Bank Stables
Stomping Ground Forest School
Success4All - Summer Holiday Club 2023
Sunderland Community Soup Kitchen
Sunderland Community Transport
Sunderland Guild of Help
Sunderland Rowing Club
Support Through the Courts
Tactic North East
Tall Ships
TCR Hub
Theatre Space North East
Timba Dash Theatre
Tyne & Wear Archives & Museums Devt Trust
Tyne & Wear Archives & Museums Devt Trust
Tyneside Outdoors
Victim Care
Wag & Co
Walking with the Wounded
We Make Culture
Weardale Museum at High House Chapel
Welcome Café
West End Refugee Service
Wheatley Hill Community Association
Whitley Bay Young People's Centre
Whitley Bay Young People's Centre
Woven Nest Theatre
YMCA
Young Dads & Lads
Young Women's Film Academy
Your Voice Counts
Sub-total|**2024**
**£**
2,250,700
1,000
10,000
2,000
2,500
10,000
2,000
2,000
2,000
2,000
3,000
1,800
2,000
2,000
1,000
2,000
10,000
2,000
1,000
5,000
10,000
6,500
2,500
2,000
4,000
2,000
2,000
7,000
2,000
5,000
2,000
1,000
10,000|
|---|---|
||2,370,000|
Page 27
## **THE BARBOUR FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **Grants to institutions (continued):**
|**Grants to institutions (continued):**|||
|---|---|---|
|Brought forward|**2024**
**£**
2,370,000
231
2,370,000
249
11,237|**2024**
**£**
2,370,000|
||480
2,381,237||
Page 28
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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|**2024**
**£**
554,869
104,762
787,880
76,247
5,178
18
3,000
25,000
11,548
625,000
62,023
548
5,164
120,000
2,381,237|**2024**
**%**
23.31%
4.40%
33.08%
3.19%
0.22%
0.01%
0.13%
1.05%
0.48%
26.25%
2.60%
0.02%
0.22%
5.04%
100.00%|**2023**
**2023**
**£**
**%**
454,891
23.92%
231,208
12.16%
310,089
16.31%
100,670
5.29%
17,122
0.90%
1,547
0.08%
20,000
1.05%
25,000
1.31%
19,227
1.01%
563,041
29.61%
62,022
3.26%
5,176
0.27%
2,417
0.13%
89,294
4.70%
1,901,704
100.00%|
|---|---|---|---|
## **12. Analysis of grants made by area**
|Tyne & Wear
Northumberland
Durham
Cleveland
Other|**2024**
**£**
1,749,657
193,060
51,489
2,000
385,031
2,381,237|**2024**
**%**
73.48%
8.11%
2.16%
0.08%
16.17%
100.00%|**2023**
**2023**
**£**
**%**
1,130,386
59.44%
171,769
9.03%
94,990
5.00%
5,000
0.26%
499,559
26.27%
1,901,703
100.00%|
|---|---|---|---|
Page 29
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **13. Auditors' remuneration**
The auditors' remuneration amounts to an auditor fee of £4,850 ( _2023_ - _£4,620_ ).
## **14. Staff costs**
|Wages and salaries
Social security costs|**2024**
**£**
**16,924**
**1,069**
**17,993**|_2023_
_£_
_16,417_
_1,051_|
|---|---|---|
|||_17,468_|
The average number of persons employed by the charity during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Administration of the charity|**1**|_1_|
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 _(2023 - £NIL)_ .
During the year, no Trustee expenses have been incurred _(2023 - £NIL)_ .
Page 30
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **16. Fixed asset investments**
|**Cost or valuation**
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
**Net book value**
At 5 April 2024
_At 5 April 2023_|**Listed**
**investments**
**£**
**14,894,189**
**2,660,259**
**(3,514,700)**
**1,466,269**
**15,506,017**
**15,506,017**
_14,894,189_|**Unlisted**
**investments**
**£**
**23,996**
**-**
**-**
**-**
**23,996**
**23,996**
_23,996_|**Cash**
**available for**
**reinvestmen**
**t**
**£**
**1,101,008**
**3,895,650**
**(4,493,050)**
**-**
**503,608**
**503,608**
_1,101,008_|**Total**
**£**
**16,019,193**
**6,555,909**
**(8,007,750)**
**1,466,269**
**16,033,621**|
|---|---|---|---|---|
|||||**16,033,621**
_16,019,193_|
## **Shareholding in J Barbour & Sons Limited**
At 5 April 2024 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|**2024**
**£**
**89,485**
**89,485**|_2023_
_£_
_139,304_
_139,304_|
|---|---|---|
Page 31
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **18. Creditors: Amounts falling due within one year**
|Other taxation and social security
Other creditors
Accruals and deferred income|**2024**
**£**
**1,086**
**337**
**82,412**
**83,835**|_2023_
_£_
_-_
_560_
_62,839_|
|---|---|---|
|||_63,399_|
## **19. Financial instruments**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|**Financial assets**|||
|Financial assets measured at fair value through income and expenditure|**15,506,017**|_14,894,189_|
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 2024**
## **20. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General unrestricted funds
Unallocated amounts
**Endowment funds**
Endowment Fund
**Total of funds**|**Balance at 6**
**April 2023**
**£**
**16,966,016**
**-**
**16,966,016**
**23,996**
**16,990,012**|**Income**
**£**
**378,920**
**4,500**
**383,420**
**-**
**383,420**|**Expenditure**
**£**
**(2,576,960)**
**10,000**
**(2,566,960)**
**-**
**(2,566,960)**|**Gains/**
**(Losses)**
**£**
**1,466,275**
**-**
**1,466,275**
**-**
**1,466,275**|**Balance at 5**
**April 2024**
**£**
**16,234,251**
**14,500**
**16,248,751**|
|---|---|---|---|---|---|
||||||**23,996**|
||||||**16,272,747**|
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 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_|
Page 33
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Endowment**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
23,996
16,009,625
-
322,961
-
(83,835)
23,996
16,248,751|**Total**
**funds**
**2024**
**£**
**16,033,621**
**322,961**
**(83,835)**
**16,272,747**|
|---|---|---|
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Endowment_
_funds_
_2023_
_£_
_23,996_
_-_
_-_
_23,996_|_Unrestricted_
_funds_
_2023_
_£_
_15,995,197_
_1,034,218_
_(63,399)_
_16,966,016_|_Total_
_funds_
_2023_
_£_
_16,019,193_
_1,034,218_
_(63,399)_
_16,990,012_|
|---|---|---|---|
Page 34
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **22. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement
Activities)
**Adjustments for:**
(Gains)/losses on investments
Dividends and interest from investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Costs paid through the investment fund
Donations income received to investments
**Net cash used in operating activities**
**23.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**
**24.**
**Analysis of changes in net debt**
Cash at bank and in hand|of Financial
**At 6 April**
**2023**
**£**
**894,914**
**894,914**|**2024**
**£**
**(717,265)**
**(1,466,269)**
**(368,875)**
**(8,899)**
**20,145**
**143,725**
**-**
**(2,397,438)**
**2024**
**£**
**233,476**
**233,476**
**Cash flows**
**£**
**(661,438)**
**(661,438)**|_2023_
_£_
_3,674,712_
_774,790_
_(267,176)_
_(1,101)_
_(37,591)_
_131,867_
_(5,000,000)_
_(724,499)_
_2023_
_£_
_894,914_
_894,914_
**At 5 April**
**2024**
**£**
**233,476**
**233,476**|
|---|---|---|---|
Page 35
## **THE BARBOUR FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **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 £5,937 during the year (2023: £5,855) 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 2024 was £337 (2023: £560). No balances were written off during the year.
No donations (2023 - £6,250,000) were received from Dame Margaret Barbour in the year.
Page 36