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← The Barbour Foundation

2025-04-05-accounts

Charity number: 328081

THE BARBOUR FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

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 - 39

THE BARBOUR FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

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 2025

The Trustees present their annual report and accounts for the year ended 5 April 2025. 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:

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 2025

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 (2024: £nil), the Foundation's other income was dividends and interest from investments: the Foundation received £359,691 (2024: £368,875) in investment income from funds held with investment managers Quilter Cheviot. Dividends were received from J Barbour & Sons Limited of £1,643,610 (2024: £nil). Grant refunds were received in the year of £582,000 (2024: £14,545).

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 681 (2024: 480) such donations amounting in total to £4,915,742 (2024: £2,381,237) were made or committed. Of the grants made, £10,228 (2024: £5,937) 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 £4,915,742 (2024: £2,381,237). Of the donations this year, Community Welfare Grants accounted for 28% of the expenditure (2024: 23%), other medical causes were 9% (2024: 33%) and the arts accounted for 36% (2024: 26%). 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 2024 provided favourable market conditions for investors. The European Central Bank moved ahead of its UK and US counterparts in lowering its base rate, delivering an interest rate cut in early June. When inflation surged higher in 2022, the ECB was slower to act in raising rates but responded first to falling inflation data given the higher unemployment in the Eurozone. In the US, political uncertainty following the first presidential debate fallout and the increasing chance of a Donald Trump victory heightened Treasury market volatility.

Labour’s landslide victory in the general election which saw the party return to government after 14 years in opposition was the main news in the UK in July, but the relative outperformance of UK stocks over the month was more likely due a continuation of moves which began several months earlier, as relatively lower valuations, a catch-up trade and sector rotation boosted London-listed companies, over US and continental European peers.

Page 3

THE BARBOUR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance (continued)

Stock markets recovered from a bout of strong selling in early August to end the month slightly higher. A series of factors contributed to the market swoon, as corporate earnings from market leaders, central banks refraining from strong dovish shifts and a soft US job report weighed on market sentiment. The selling accelerated as technical factors, such as the unwinding of carry trades, after Japanese interest rates were raised and potentially lower liquidity due to summer markets, exacerbated the declines. However, by the end of August, stock benchmarks in the US, UK and continental Europe were back near their all-time highs.

The final quarter of 2024 was dominated by Labour’s budget in the UK and the US election. Trump’s re-election posed a significant change to the prevailing macroeconomic order. Republican control of both houses of Congress, albeit with a narrow majority in the House of Representatives, leant further support to so-called “Trump trades,” which sent US stock benchmarks to new all-time highs. Technology, financials and industrials performed well following the election, on expectations of higher GDP growth, a lighter regulatory touch and a greater focus on reshoring.

The start of 2025 was eventful, marked by the inauguration of Donald Trump and his initial days in office, which included a series of executive orders and the announcement of anticipated tariff plans and overall, the first quarter of 2025 was notable for the regional rotation in financial market leadership. European stocks strongly outperformed their US counterparts and following two consecutive years of +20% returns and high expectations for another positive year, US stocks declined (in sterling terms).

In the US, ‘Liberation Day’ on 2nd April, proved to be dramatic for financial markets, with the announcement of far-reaching and more stringent than expected trade tariffs. This sent stock markets sharply lower and in the days that followed, China (which had been singled out for higher tariff rates), retaliated with its own higher tariffs on US imports, escalating the situation.

The decline in the days that followed the initial tariff announcements, gathered pace, as investors realised that the negative stock market reaction was seemingly not influencing US President Donald Trump into a change of course. However, a reversal in US Treasuries, sparked concerns that markets were potentially losing confidence in the US and led to a paring back of most tariffs.

We follow a ‘Balanced’ strategy for the Foundation, which sits within a medium risk mandate. Performance of +1.2% (total return, net of QC fees), over the annual period to 5th April 2025, reflects the impact of the tariff situation and subsequent market volatility. The final two months of the period to 5th April 2025, muted gains, as the ten-month period from 5th April 24, resulted in a +9.2% total return for the Foundation portfolio.

The introduction of tariffs by the Trump administration has introduced significant uncertainty into markets. There are still erratic policy announcements from the White House being threatened and withdrawn on an ongoing basis and the current uncertainty is not helpful, coupled with ongoing geopolitical risk. However, despite the risk and uncertainty, there are several areas where we see opportunities for companies to grow profits, both in the US and across the rest of the world. Inflation remains a risk but any reduction in rates in the UK and US, should help support any weakness in the economy and provide a boost to many of the investments held in the Foundation portfolio, particularly versus cash.

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, 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.

Page 4

THE BARBOUR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance (continued)

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.

Results and reserves policy

The charity's total expenditure on grant-making and support costs exceeded its income by £2,512,108 (2024: £2,183,540).

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 £371,605 (2024: £239,126) 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.

Page 5

THE BARBOUR FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management (continued)

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.

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 2025

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:

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: 26 January 2026

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 2025 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

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:

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:

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 29 January 2026

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 2025

Note
Income and endowments from:
Investments
3
Other income
4
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net expenditure before net (losses)
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
-
23,996
-
23,996		 Unrestricted
funds
2025
£
2,003,301
582,000
2,585,301
134,506
4,962,903
5,097,409
(2,512,108)
(58,377)
(2,570,485)
16,248,751
(2,570,485)
13,678,266		 Total
funds
2025
£
2,003,301
582,000
2,585,301
134,506
4,962,903
5,097,409
(2,512,108)
(58,377)
(2,570,485)
16,272,747
(2,570,485)
13,702,262		 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

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 39 form part of these financial statements.

Page 13

THE BARBOUR FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2025

Note
Fixed assets
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Total net assets
Charity funds
Endowment funds
21
Unrestricted funds
21
Total funds		 60,697
726,254
786,951
(205,346)		 2025
£
13,330,657
13,330,657
581,605
13,912,262
(210,000)
13,702,262
23,996
13,678,266
13,702,262		 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

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: 26 January 2026

The notes on pages 16 to 39 form part of these financial statements.

Page 14

THE BARBOUR FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

Note
Cash flows from operating activities
Net cash used in operating activities
23
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
24
The notes on pages 16 to 39 form part of these financial statements		 2025
£
(4,020,584)
2,003,301
2,510,061
4,513,362
492,778
233,476
726,254		 2024
£
(2,397,438)
36,000
1,700,000
1,736,000
(661,438)
894,914
233,476

Page 15

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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 2025

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 2025

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. Investment income

Unrestricted
funds
2025
£
Income from listed investments
359,691
Dividend income - J. Barbour & Sons Limited
1,643,610
2,003,301		 Total
funds
2025
£
359,691
1,643,610
2,003,301		 Total
funds
2024
£
368,875
-
368,875

4. Other income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Other income - uncashed grants (per note 5) 582,000 582,000 14,545

Page 18

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

5. Analysis of uncashed grants

Unrestricted
funds
2025
£
Newcastle University - stalled 23/24 funded alzheimers reserach project
580,000
Support Through The Courts - cancelled project
2,000
582,000		 Total
funds
2025
£
580,000
2,000
582,000

An amount of £580,000 was granted in a prior period to Newcastle University to aid in an Altzheimers research project. During the year it became evident that this project had stalled with no progress having been made. Consequently, the funds were returned to be utlised in support of other causes and projects.

Rethink - returned cheque
J Barbour & Sons - credits received
Rise South Tyneside - uncashed cheque
Whitley Bay Young Peoples Centre - uncashed cheque
Jarrow Festival - uncashed cheque		 Unrestricted
funds
2024
£
10,000
45
1,500
2,000
1,000
14,545		 Total
funds
2024
£
10,000
45
1,500
2,000
1,000
14,545

6. Expenditure on raising funds

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Investment management costs 134,506 134,506 143,725

Page 19

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

7. Analysis of expenditure by activities

Grants to institutions
Grants to institutions
8.
Support Costs
Salaries
Employers National Insurance
Governance costs
Office and other sundry expenses
Reimbursement of administrator expenses
Bank charges		 Grant
funding of
activities
2025
£
4,915,742
Grant
funding of
activities
2024
£
2,381,237		 Support
costs
2025
£
47,161
Support
costs
2024
£
41,998
2025
£
17,217
1,207
27,890
714
113
20
47,161		 Total
funds
2025
£
4,962,903
Total
funds
2024
£
2,423,235
2024
£
16,924
1,069
23,415
512
78
-
41,998

Governance costs comprise Auditor's remuneration of £6,110 (2024 - £4,850) and Accountant's fees of £19,380 (2024 - £18,565).

Page 20

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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
2025
£
4,915,742
Grants to
Institutions
2024
£
2,381,237
2025
£
-
4,915,742
(4,563,742)
352,000		 Total
funds
2025
£
4,915,742
Total
funds
2024
£
2,381,237
2024
£
-
2,381,237
(2,381,237)
-

Page 21

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

10. Analysis of grants to institutions

Grants to institutions
1st Burnmoor Scout Group
700 Club
Absolute Cabaret CIC
Acomb Parish Council
Action Foundation
Action Medical Reserch for Children
ACTS Age Concern Christmas Hampers
Adenture into Art
Alington House Community Association
Allotment Project
Alnmouth Parochial Church Council
Alnwick Playhouse
Alnwick Story Fest
Alphabetti Theatre
Anna Plowden Trust
Argus Community
Ark Youth Club
Artichoke
Arvon
Ashington Cricket Club
Ashington Veterans and Elders Institute
Asthma & Lung UK
AYPA - Gallery Youth
Back on the Map (1st of 2 agreed donations)
Back on the Map (2nd of 2 agreed donations)
Back Up
Barn at Easington
Barnesbury Cycling Club
Beat Asthma
Bendrigg Trust
Berwick Literacy Festival
Beyond Limits
BFDA
Big Local Gateshead
Sub-total		 2025
3,000
5,000
2,000
2,000
10,000
10,000
10,000
4,500
3,000
3,000
2,000
10,000
1,000
20,000
3,000
5,000
2,000
4,000
2,000
2,000
4,000
10,000
5,000
25,000
25,000
10,000
2,000
2,000
10,000
5,000
2,000
1,000
2,000
2,000
208,500

Page 22

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Billy's Lifeline
Birtley Community Aquatic Centre
Bishop Auckland Community Partnership
Blaydon Children's Home
Bliss
Blue Sky Trust
Blyth Community Enterprise Centre
Blyth Rugby Football & Cricket Club
Blyth Stroke Support Group
Blyth Valley Woodturning & Woodcraft Association
Boldon Community Association
Bone Cancer Research
Brass in Concert
Bright Futures
British Heart Foundation
British Liver Trust
British Red Cross
British Red Cross - Ukraine
Broadside Creatives
Brundibar Arts Festival
Building Self Belief
Bunker, The
Burnhope Community Centre
Burradon & Camperdown Community Association
Café Together
CAST
Changing Relations
Chapter of the Cathedral Church of St Nicholas
Charles Young Centre
Charlotte Straker Project, The
Child Brain Injury Trust
Children North East
Chilli Studios
Sub-total		 2025
£
208,500
2,000
3,000
3,000
1,000
5,000
13,000
10,000
1,000
3,000
2,000
1,000
7,000
2,000
10,000
5,000
2,000
4,169
50,000
15,000
1,000
2,000
3,000
1,000
2,000
3,000
1,000
1,000
25,000
1,000
10,000
2,000
15,000
11,000
425,669

Page 23

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Choppington Parish Council - Cleasewell Park Refurbishment
Chopwell Regeneration
Christian Aid Gaza
Christian Aid Sudan Appeal
Christian Ais (Burkina Faso Appeal)
CHUF
Circus Starr
Cleanup UK
Clegwell FC
Cleveland Housing Advice Centre
Combat Stress
Compassionate Friends
Connected Voice
Contact Morpeth Mental Health Group
Coping with Cancer
Coquetdale Music Trust
Corbridge Youth Initiative
Corners Stones Centre
Country Trust
Cowpen Quay Community Association
Creative Culture Trust
Crest
Crisis - Skylight
Crohn's & Colitis UK
Customs House
CVA Blyth
CVA Blyth Valley for Blossoming Communities
CVA Blyth Valley for Isabella Heap Volunteers Group
Dance City Hexham & Northumberland
Deaf Empowering Network
Deaf Health Charity Sign Health
Dementia UK
Den, The
Sub-total		 2025
£
425,669
1,000
10,000
5,000
1,000
1,000
15,000
4,000
1,000
1,000
7,000
5,000
2,000
40,000
5,000
10,000
2,000
2,000
2,000
2,000
5,000
5,000
2,000
10,000
5,000
6,500
2,000
2,000
1,500
5,000
9,000
5,000
30,000
4,000
633,669

Page 24

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Depaul
DJ Evans Youth Club - Bowburn Youth Project
Downs Syndrome Association
Durham Agency Against Crime
Durham City Mobility
Durham Wildlife Trust
Eating Distress North East
Eden Café & Community
Ellen Macarthur Cancer Trust
Elton John Aids Foundation
Emmaus North East
English Heritage - Brinkburn Priory Organ Project
English Heritage Living Barracks project
Epilepsy Action
Equal Arts
Escape Family Support
Escape Intervention Services
F.A.C.E.T
Families in Care
Fareshare North East
Feeding Families
Fertile Ground
Fiscus
Food Cycle
Forum Cinema Support Association
Foundation for Good
Free the Way
Friends Action North East
Full Circle Recovery
Fulwell Community Library
Future Health North East
Gateshead Music Trust
Gateway Church Newcastle
Sub-total		 2025
£
633,669
15,000
7,000
7,500
10,000
1,000
35,000
4,000
3,000
10,000
10,000
15,000
5,000
10,000
1,000
8,000
20,000
5,000
2,000
5,000
40,000
50,000
5,000
5,000
5,000
2,000
2,000
10,000
10,000
3,000
2,000
2,000
1,500
12,000
956,669

Page 25

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Gingerbread
Girls Friendship Society
Girls Network
Give it your Max
Go Kids Go
Grace House
Greggs Foundation Hardship Fund
Greggs Hardship Fund
Grindon Church Community Project
Grindon Young People's Centre
Hadston House Youth & Community Project
Hand Of
Happy Days
Haven Ltd
Headway Wearside
Healing Opportunities (HOPS)
Heart of the City Partnership - Newcastle Castle
Heart Wood
Heaton Churches Together - Festival 2024
Hebburn Sea Cadets
Heel & Toe Children's Charity
Henry Dancer Days
Hextol Foundation
Hindmarsh Hall, Alnmouth
Hoodex
Horden Centennial Centre
Hospitality and Hope
Houghton Boxing Club Charity
Hub of Wishes
Huntington's Disease Society
If U Care Share
Impact Family Services
Inspire Foundation
Sub-total		 2025
£
956,669
1,000
2,000
5,000
1,000
2,000
2,000
10,000
10,000
2,000
3,000
10,000
2,000
3,500
2,000
5,000
2,000
25,000
3,000
1,000
2,000
15,000
10,000
5,000
5,000
1,500
2,000
10,000
3,000
3,000
2,000
10,000
20,000
15,000
1,151,669

Page 26

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):
Brought forward
Inspiring Minds
James Place
Jarrow Festival
Just for Women
Key Enterprises
Learning Library
Leaukaemia Care
Legacare
Leonard Cheshire
Liberdade
Library serving Boldon & Cleadon
Literary & Philosophical Society
Little Chefs Big Chefs
Live Theatre
Live Well with Cancer
Look Good Feel Better
Love Dunston
Macular Society
Magdalene Community Church
Maggies Newcastle
Marine Society & Sea Cadets - Tyne Tees Branch
Mayfields Community Centre
Meadows, The
Medicinema
Memory Lane Radio
Mind Washington
Mindful Therapies Centre
Minerva Arts & Wellbeing
Minerva Centre
Money Advice South Shields
More than Grandparents
Morpeth Music Society
Moving on
Sub-total		 2025
£
1,151,669
5,000
10,000
2,000
10,000
9,000
2,000
5,000
20,000
10,000
5,000
20,000
1,000,000
2,000
10,000
3,000
1,500
15,000
10,000
1,500
30,000
1,500
1,000
10,000
2,000
1,500
10,000
1,000
55,000
2,000
10,000
15,000
4,000
5,000
2,440,669

Page 27

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Moving Parts Arts
Muscular Dystrophy UK
My School Health
National Archives Trust
New Hope North East
Newcastle Carers
Newcastle Cat & Dog Shelter
Newcastle Cathedral
Newcastle Street Pastors
Newcastle Vision Support
Newsham & New Delaval Youth Forum
Niemann - Pick
NKF
Normandy Memorial Trust
North East Autism Society
North East Dementia Care
North East Law Centre
North East Maritime Trust
North East Wellbeing
North East Youth
North Music Trust
North of England Brass Band Championships
North of England Brass Band Championships / Morpeth Music Society
North Star Counselling - Creative Minds
North Tyneside Carers Centre
Northern Butterflies
Northern Stage
Northumberland & Newcastle Society
Northumberland Community Enterprise
Northumberland National Park Foundation
Northumbria Army Cadet Force
Northumbria Fishing Heritage
Northumbria University
Sub-total		 2025
£
2,440,669
2,000
8,000
2,000
10,000
2,000
7,000
50,000
20,000
30,000
10,000
3,000
2,000
2,000
50,000
2,000
20,000
32,600
6,000
5,000
5,000
500,000
3,000
3,000
20,000
35,000
1,000
1,000
4,000
1,000
10,000
1,500
2,000
27,500
3,318,269

Page 28

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Northumbria Youth Action
Not a Statistic Northeast
NTC Touring Theatre
NTDF
Nunsmoor Centre Trust
Oscars Paediatric Brain Tumour Charity
Oswin Project
Ouseburn Farm
Ovacome
PAD - Slix Teen Bar Youth Project
Parents of Kelly Hendry School of Irish Dancing
Park Allotment Association
Parker Trust
Parkinsons UK
Pathways 4 All
PDSA
Pendower Good Neighbour Project
People's Kitchen
Pimlico Opera
Places for People - Northumberland Young Persons Pathway
Pop Recs
Port of Tyne Authority
Prudhoe Youth Project
R T Projects
Race Against Dementia
Radio Sunderland for Hospitals
Rainbow Home
React
Real Lives Real Choices
Real Wakanda FC
Recyke-y-Bike
Reform
Regent Chapel
Sub-total		 2025
£
3,318,269
1,500
1,500
10,000
5,000
2,000
2,500
8,000
10,000
1,000
2,000
1,000
2,000
2,500
5,000
30,000
12,500
2,000
10,000
2,000
1,000
10,000
100,000
30,000
2,000
25,000
1,000
1,500
1,500
2,000
1,000
2,000
2,000
5,000
3,612,769

Page 29

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Riverside Community Health Project
RNIB
Rock UK
Rothbury Wrestling Academy
Royal Society for Blind Children
RP Bowls Association
RSPCA
Ryhope Engines Museum
Samling
Sarah's Star
Sarcoma UK
Scout - 18th Darlington
Scouts Gateshead
Search Newcastle
Shelter
Shelter £100k / 3 Yr grant commitment
Sheperds Law Trust
Shotton Community Hub
Sick Childrens Trust
Skill Mill
Skills for People
Smart Works
Smile Wide Together
Solidarity Farm
Sound Room
Soundwaves
South Hylton Tansy Centre
South Shields Cricket Juniors
South Tyneside Council - Care Leavers
South Tyneside Primary Schools Music Festical Association
Southwick Village Green Preservation Society
Sow Grow & Cook
Spare 10 for Ben
Sub-total		 2025
£
3,612,769
15,000
5,000
2,000
1,000
15,000
2,000
1,500
2,500
100,000
2,000
10,000
1,000
5,000
8,000
100,000
300,000
1,000
2,000
10,000
3,000
3,000
25,000
1,000
3,000
2,000
1,000
5,000
2,000
1,000
2,000
1,000
1,000
2,000
4,247,769

Page 30

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):

Brought forward
Spennymoor Town Band
Spinal Injuries Association
Springwell Village Community Venue
St Chads Community Project
St Eteresa's Hospice Darlington
St Gabriels Choir Club / PCC of St Gabriel's Church
St Georges Branch Fusiliers Assoc Veterans Allotment
St George's Church
St Giles Church, Netherwitton
St Margaret's Centre Durham
St Mary's Parish Church, Longframlington
St Oswalds's Hospice
St Pauls Community Partnership
St Vincent de Paul Deaf Centre Newcastle
St Vincents Centre, Newcastle
Stepney Bank Stables
Stomping Grounds
Street Paws
Sunderland & Co Durham Royal Society for the Blibd
Sunderland & County Durham
Sunderland Foodbank
Sunderland Guild of Help
Sunderland Literacy Aid
Sunderland Maritime Heritage
Sunderland North Family Zone
Sunderland Volunteer Life Brigade
Sunderland Wellness Project
Sunderland Women's Centre
SURT
Tall Ships
Teams & Bensham Community Care
Teenage Cancer Trust
The Prince's Trust
Sub-total		 2025
£
4,247,769
2,000
5,000
3,000
3,000
10,000
3,000
3,000
50,000
1,500
10,000
1,000
50,000
1,500
10,000
15,000
12,000
7,000
25,000
5,000
5,000
1,000
3,000
3,000
2,000
15,000
2,000
2,000
5,000
20,000
2,000
20,000
10,000
50,000
4,604,769

Page 31

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Grants to institutions (continued):
Brought forward
The Seafarers' Charity
Theatre Royal Newcastle
Theatre Space North East		 2025
£
4,604,769
5,000
25,000
2,000
343
4,636,769
338
278,973		 2025
£
4,604,769
5,000
25,000
2,000
681
4,915,742

Page 32

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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		 2025
£
1,374,119
246,674
424,092
219,397
51,930
10,000
37,500
27,500
129,380
1,758,861
440,043
20,091
94,153
82,000
4,915,742		 2025
%
27.95%
5.02%
8.63%
4.46%
1.06%
0.20%
0.76%
0.56%
2.63%
35.78%
8.95%
0.41%
1.92%
1.66%
100.00%		 2024
2024
£
%
554,869
23.30%
104,762
4.40%
787,880
33.08%
76,247
3.19%
5,178
0.22%
18
0.01%
3,000
0.13%
25,000
1.05%
11,548
0.48%
625,000
26.25%
62,023
2.60%
548
0.02%
5,164
0.22%
120,000
5.04%
2,381,237
100.00%

12. Analysis of grants made by area

Tyne & Wear
Northumberland
Durham
Cleveland
Other		 2025
£
3,292,836
448,987
149,829
4,019
1,020,072
4,915,742		 2025
%
66.99%
9.13%
3.05%
0.08%
20.75%
100.00%		 2024
2024
£
%
1,749,657
73.48%
193,060
8.11%
51,489
2.16%
2,000
0.08%
385,031
16.17%
2,381,237
100.00%

Page 33

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

13. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £6,110 ( 2024 - £4,850 ).

14. Staff costs

Wages and salaries
Social security costs		 2025
£
17,217
1,207
18,424		 2024
£
16,924
1,069
17,993

The average number of persons employed by the charity during the year was as follows:

2025 2024
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 (2024 - £NIL) . During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 34

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

16. Fixed asset investments

Cost or valuation
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
Net book value
At 5 April 2025
At 5 April 2024		 Listed
investments
£
15,506,017
906,305
(3,693,210)
(58,377)
12,660,735
12,660,735
15,506,017		 Unlisted
investments
£
23,996
-
-
-
23,996
23,996
23,996		 Cash
available for
re-
investment
£
503,608
4,014,437
(3,872,119)
-
645,926
645,926
503,608		 Total
£
16,033,621
4,920,742
(7,565,329)
(58,377)
13,330,657
13,330,657
16,033,621

Shareholding in J Barbour & Sons Limited

At 5 April 2025 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		 2025
£
60,697
60,697		 2024
£
89,485
89,485

Page 35

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

18. Creditors: Amounts falling due within one year

Grant commitments payable to institutions
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
142,500
1,114
223
61,509
205,346		 2024
£
-
1,086
337
82,412
83,835

19. Creditors: Amounts falling due after more than one year

2025 2024
£ £
Grant commitments payable to institutions 210,000 -

20. Financial instruments

2025 2024
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 12,660,735 15,506,017

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 3.

Page 36

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

21. Statement of funds

Statement of funds - current year

Unrestricted funds
General unrestricted funds
Endowment funds
Endowment Fund
Total of funds		 Balance at 6
April 2024
£
16,248,751
23,996
16,272,747		 Income
£
2,585,301
-
2,585,301		 Expenditure
£
(5,097,409)
-
(5,097,409)		 Gains/
(Losses)
£
(58,377)
-
(58,377)		 Balance at 5
April 2025
£
13,678,266
23,996
13,702,262

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 2023
£
16,966,016
23,996
16,990,012		 Income
£
383,420
-
383,420		 Expenditure
£
(2,566,960)
-
(2,566,960)		 Gains/
(Losses)
£
1,466,275
-
1,466,275		 Balance at
5 April 2024
£
16,248,751
23,996
16,272,747

Page 37

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Endowment
funds
2025
Unrestricted
funds
2025
£
£
Fixed asset investments
23,996
13,306,661
Current assets
-
786,951
Creditors due within one year
-
(205,346)
Creditors due in more than one year
-
(210,000)
Total
23,996
13,678,266
Analysis of net assets between funds - prior year
Endowment
funds
2024
Unrestricted
funds
2024
£
£
Fixed asset investments
23,996
16,009,625
Current assets
-
322,961
Creditors due within one year
-
(83,835)
Total
23,996
16,248,751
23.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
Net expenditure for the year (as per Statement of Financial Activities)
(2,570,485)
Adjustments for:
(Gains)/losses on investments
58,377
Dividends and interest from investments
(2,003,301)
Decrease/(increase) in debtors
28,788
Increase/(decrease) in creditors
331,511
Costs paid through the investment fund
134,526
Net cash used in operating activities
(4,020,584)		 Total
funds
2025
£
13,330,657
786,951
(205,346)
(210,000)
13,702,262
Total
funds
2024
£
16,033,621
322,961
(83,835)
16,272,747
2024
£
(717,265)
(1,466,269)
(368,875)
(8,899)
20,145
143,725
(2,397,438)

Page 38

THE BARBOUR FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

24. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 2025
£
726,254
726,254		 2024
£
233,476
233,476

25. Analysis of changes in net debt

Cash at bank and in hand At 6 April
2024
£
233,476
233,476		 Cash flows
£
492,778
492,778		 At 5 April
2025
£
726,254
726,254

26. Related party transactions

As disclosed in the investments note the charity owns 10,000 £1 ordinary shares in J. Barbour & Sons, Limited.

During the year, dividends were received from J. Barbour & Sons, Limited to the value of £1,643,610 (2024: £Nil).

The charity acquired goods to the value of £10,222 during the year (2024: £5,937) 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 2025 was £223 (2024: £337). No balances were written off during the year.

Page 39