Charity registration number 521333 THE BARLOW INSTITUTE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE BARLOW INSTITUTE LEGAL AND ADMINisfRATIVE INFORMATION Trustees Miss S Lynn Jeffrie5 Mr Paul Alle MrT Philip McDem)ott Mr Michael W Fav Mr B Guy Haynes Mr A Kerry Holt Mr Philip Grundy Mr Jude Rowley Mrjohn Marriott (Appointed 23 Novernber 20221 (Appointed 11 May 20221 Mr5 RhTran Driver Charity number 521333 Principal address The Badow Bolton Aoad Turton 8olton GreateT Manchester England BL7 OAP Independent examiner Huluadv 418ridgernan Terra Wigan Lancashi United Kingdom WNI IT[
THE BARLOW INSTITUTE CONTENTS Page Tru5tees' report Independent examiner's report Statement of financial activitie5 Balance sheet io Note5 to the financial Statements 11-23
THE BARLOW INSTITUTE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual port and financial statements forthe yearended 31 December 2022. The financial statements have been prepared in accordan wFth the accounting policies set out in note I to the financial statements and comply with the charity's governing document. the Chariries Att 2011 and "Accounting and Reportin8 by Charities.. Statement of Recommended Practice applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the LIK and Republic of Ireland IFRS 1021 (effective l January 20191" Objectives and artivities The charity's object is. in the inteTe5t5 of social welfare. to impn>ve ihe conditions of life for the inhabitants of the Parish of North Turton without distinction of political. religious o¥ other opinion by the provision and maintenance of.. a villagè hall for use by the inhabitants, including se for.. meetlngs, lertures and classes. and other forms of recatIon and leisure-time occupation,. and a recreation ground for use by the inhabitants. In line with the objects of The Charity, the Barlow provides a centre for the good of the local community. It is used e¥tensively by the residents of the village of Ed8WOrth and the immediately adjoining a¥eas wiihin the area of benefit of tho Parish of North Turton. The Barlow is also a regular stopping off poiTht for manyvisitor5 from outside of the imrnediate area of benefit. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. The Volunteer managed library 15 runntng a5 norrnal on Saturday morniThgs and is very much appreciated and 5UPPOrted by the Reading Roorn Cale which is always very busy. The various rooms in The Barlow have and continue to be used by rnany local groups providing a wide variety of attivities from art and crafts to singing, rèading. pilates. seated exercise. toddler Kroup and bridge. The personal gym in the basement in proving very popular and has created a new artThfe User Group which is open from very early Morning most days. The Barlow is the home of The Horticultvral Society. Edgworth Wl, a Folk Club and it has in recent years hosted yet again the village pantomime. The Barlow 55 home to the uniformed groups forthe younger member5 of our community. The 8arfow houses the popular Reading Room Café and Bar. which •ffers free wi-fi. light fshMents, takeaway boxes and occasional music events. It is popular both with locals and walker5 and other wsitors. The Barlow a150 hosts private functions including weddings, children's parties and other events.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The B3rlow often open5 Its doors for stallholderss to sell their wares. with regular craft fairs. a monthly Trash and Treasure event and a Christmas Fair. There is a popular greengrocery and plant stall every week. ThÈ Barlow Estate benefits from having wtthin its assets a Re¢atio[b Ground. BowliThg Green, Park and Woodland. The Recreation Ground is home to Edgworth Cricket and Recreation Club IECRCI. which compete5 and promote5 5POrt and reireation locally by providing coaching and team-playing opportunities to young people. The Pavilion was recently upgraded lo include itnproved changing room5. facilities for female players and an improved bar and function aa. The Bowling Green is home to Edgworth Bowling Club IE8CI. The Club ha5 about 93 members and has teams In variou5 leagues. It provide5 coaching to adult5 and for local school children. The Charity acknowledges the dedication of ECRC and EBC groundsmen in maintaininK the ground5 to the high standard5 that are commensurate with the needs of their respective Club ranking5. Their achievement5 are a source of pride to the rnembers, the community and the Charity. The Barlow buildin8 is a credit to its Volunteer5. It is always welcorning. clean and tidy despite being over 100 years old. The contribution and dedication of the Volunteers who run and maintain the building is paramount to The Barlow's success. The Stewardship of The Charity 15 through The Board of Trustees who continue to provide their time on a voluntary ba515. The Board ol Trustees 15 always open for discussion with anybody who wishe5 to join the Boatd and all meetings are lully open to the public. Volunteers The contribution of the volunteers to the running and maintenance of The Bartow 15 immeasurable. Their commitment will secure the ongoine and future developrnent of The Barlow. However. new volunteers are always welcome whether it be working in the office, or providing 5ki115 on any part of our maintenance and decoration project5. We appreciate all of the volunteer's contributions whether for a few hours or more a weel or to a55iSt on specific projects. The trustees also CDntinue to provide theirtime on a voluntsry ba51> Achlevements and perfonnance The Barlow is open daily, for community groups and priwdte users. The Reading Rootn provides paid employment for some of the younger adults in the community. and provides a pleasant hub where people can meet socialty. During 2022, as many major projetts had been closed out or were being finished off. The Barlow ha5 moved into a more -busine55 as usual" path with projects generalty in the planning phase and with day to day maintenance being carried out. Mvlti-use Garne5 Arena IMUGAI The MUGA was completed and opened in Juty 2021 and has quickty become popular with much of the community and 15 very much uti1i5ed most evenin8s and weekends with diverse activities such a5 hockey. veteran5' football, juniors ftsotball. bowlin& and cricket. The MUGA has been leased to the Cricket Club on a fully repairing 25 year lease. funding wa5 from a very generous donation from the Roberts family. Playground The new playground was also opened in July 2021 and ha5 been an incredible 5Liccess with hardty a minute of any day where children of the village and beyond cannot be heard having a great time on the many attrattions. Ongoing maintenance of the playground is now the responsibility of the Charity and plans are in place for this to be tarried out going Forwa1. Funding again for this project was provided by generous donatiorbs from the floberts famity.
THE BARLOW INSTITUTE TRUSTEE5' REPORT (coMfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Barlow Institute Buildin The building is now safe, secure, and watertl8ht. We now have a hvge task ahead to redecorate and refurbish the inside of the building. The Snooker Room has been completed by a volunteer team including many ol the user5 themselves plus lund5 raised by 'Friends of ThÈ Barlow,. The ne¥t major projea 15 Ihe refurbishment of the main hall which is just moving from planning Stage into implerllentation. again many thanks to geneiou5 donations from local benefactors and the Folk Club. As • well as redeCotIon we will bring both Sound and Lighting UP to date rea0* for expansion of the events calendar. The project for the refurbishment of the veranda to the South side of the building has beon completed and it is now back to its original best plu5 ha5 the addition of a decked area which provides a fabulous area for our local Sun worshippersl The monies for the veranda project We taken from the'Friend5 of the Barl¢)w' lund. a monthly subscription club which raises some £500 per month. Windows and Dr)ors The original project ha5 been completed but a second projecl is still needed as there are still approximately 58 windows that need replaein& plu5 a plan is needed for the large leèded windows on the back landing.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Woodlands The Work on the restoration of Barlow Woods continues to go from strength to strength ihanks to the tremendous efforts of a small but dedicated band of volunteers. Back in 2019, The Barlow wa5 approached by a local resident Utging that something be done about the neglected and overgrown State of the Wood5. early five years on and that same lot31 resident is still leading the way and working with the Barlow'5 volunteer5 to bring the area back to its former glory. A big step forward came in 2020 with the award of a major grant from the Postcode Lottery Local Trust and, after delays due to Covid, the volunteer5 and contrartors have fjw cornpleted work5 to-. Cleaf overgfown veeetation. remove non-native spectes and cut down dead and diseased trees,. Restore. drain and re-surface the footpath neork.. Provide new gates, picnic table5 and beftche5.' Create eW activity areas for childn. including a Storyteller Area with a Giant's Seat. Fairy Grotto, UnifoTm Group campfire area and a Wayfarerfs Ciicle complete with a stone compas5.' Plant almost 2.000 new trees thanks to awards fmm the Woodland Trust and Ed8WOrth Horticulturol Society,. Put up nest bo¥e5. bug hotels and an owl box.. and Develop the forrner boating lake area into the l[liaM King51ey Wetland- complete with new ponds, a pond dipping deck, two new footbridges. and a new footpath all done with support and advice from Bolton Conservation Volunteers. The Woods Team volunteers have also worked collaboratively with the Bowling Club recently to provide 3 composting facility which will help to keep the Barlow Estate tidy. free from gra55 cuttings and, hopefully. in the future. provide a Source of good quality compost. LookinE ahead. there 1$ Still much work to be done to maiThtain and marbage the facilities that have been provided and keep the Wood5 in good order. We have another award of 420 now trees from the Woodland Trust to plant in the Autumn, we are looking to provide new information boards and a walk trail leaflet and, longer temi. we would like to develop -forest School" Sadly, despite all the good works and positive comments we have received from the ever increasing numbers of people using the Wood5, we have experienced a continuing number of incidents of vandalism. As a re5uIt. we are having to look at installing improved security provisions and to work with our local police to nip this anti-social behaviour in the bud.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financial review At the end of 2022. the tharity had unrestricted reserves of £800.959. The Charity reported a deficit of £67,$55 for the year after charging depreciation of £49.098. The trustee5 have a duty to carefully manage the assets of the Charity. in particular to maintain the Barlow Estate 50 that it can continue to be used for its charitable purposes long into the future. The Barlow has like everyone else been impacted by the well documented Cost of Living crisis which has affected many costs, notably the price of food and energy and we are in the proce55 of reviewir$6 costs and pricÉ5 to ensure that the charity can continue well into the future. This will Unfortunate mean that we will have to irnplement some further price increase5 in the coming months. In the year to 31 December 2022, the charity completed much of the improvetnent and repair work started during 2021 and also carried out essential repair5 to the internal fabric of the building once external repaif5 had been substsntially completed and the building was safe and secure. Although cash reserves have been 50rnewhat depleted. the building and estate are in a far better condition than they have been for many Yea and the charity still had cash serveS of £94.129 at 31 Decernber 2022. As mentioned above, The 8arlow also renovated the veranda and snooker room usin£ funils raised by"Friends ol The Barlow" Some of the donations received from thi5 scheme and from other sources in 2022 have not yet been Spent but we are in the pioce55 of refurbishing the main hall which will utilise some of these fvnds. It IS thanks to the very generous donatÈons that we have been able to improve The Barlow in recent years and we are thankful for your on8oin8 support. We are always keen to encourage new members to join the-Friends of the Barlow" 50 that we can continue to make improveTnent5. The trustees have a duty to identify and manage the risks to which the charity 15 exposed. fIancial and othErwise and to ensure that appropriate contro15 are in place to ensu reasonable assurance aEain5t fraud. The trustees have assessed the major financial risks to which the charity is exposed and are satisfied that systems a in place to mitigare exposure to major risk5 as far as possible. Volunteers and staff are given appropriate trainin8 and the trustees regularly di5CU55 the risks faced and how io manage these. taking attion wherE necessary. Reserves poll¢y It 15 the policy of the charlty that unrestricted lund5 which have not been designated for a specific use should be maintained at level equIlent to between three and Six month's net expenditure. The trustees consider that reserve5 at thi5 level will ensure that. in the event of a significant drop in fundin& they will be able to continue the chariVs current activitie5 whilo consideration is gNen to ways in which additional funds may be taised. This level of reserves has been maiatained throughout the year.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 5trurture, governance and management The charity 15 a company limited by guarantee. Governing document The Charity is controlled by its gornIng document, a Deed of TruM and Conveyan dated 19 July 2026. arnended by a scheme dated 27 September 2Clll) and constitutes an unincorporaied charÈty s the charity is unincorporated, North Turton Parish Council act5 a5 Custodian Trustee. Recruitrnent and appointment of new trustees The trustees are appointed as follows= 2 eletted at the AGM 4 norninated by North Turton Parish Council 4 nominated by the Barlow User Group5 2 co-opted by the Trustees The Board can also c(Fopt up to further trustees if the 8 nominated positrons are not all filled Risk Management The trustee5 have a duty to identify and manage the risks to which the charity 15 exposed. financial and otherwise and to ensure appropri3te controls are in place to provide reasonable assurance against fraud. Volunteer5 and staff are given the training they need. The trustees regularly discuss the risks faced and how to manage the rlsks at truste meetings, tskin8 action whe necessary. The trustees who served during the year and up to the date of Signatu of the financial staternents We.. Miss 5 Lynn Jeffries Mr Paul Allen Mr T Philip McDermott Mr Michael W Fay Mi B Guy Haynes Mr A Kerry Holt Mr Alex C Wi150n Mr Philip Grun( Sara Loblev Mrjude Rowley Mr John Marriott Mrs Rhian Driver (Resigned 4 March 20221 IResigned 30 April 20231 (Appointed 23 November 20221 (Appointed 11 May 20221 The charity is governed by its trustees who are unpaid and are supported by a number of volunteer5. The chartty ernploy5 Staff to operate the coffee shop and bar and certain functions. The current team of Trustees rf reolected are planning to set up è sub-committee to review the Barlow Charity 5tructur& and make any recommendations back to the Trustee5 who will then vote to aicept or reject the recommendations and then if accepted. will put the proposed changes to the cornrnunity al a rneeting for acceptance and action. Much ha5 been discu$52d about the constitution over the years and hopefully this project will provide an opportunity to provide clarity and a Ilear staternent of intent 80ing forward.
THE BARLOW INSTITUTE TRUSTEE5' REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 The trusteÈs consSder that they carry out adequate traiThing to ensure they can carry out their dutie5 responsibly. The trustees, report asap roved by the Board of Trustees. Michaol W Fav Trustee 24 May 2023
THE BARLOW INSTITUTE INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF THE BARLOW INsfiTUTE I report to the trustees on rny examination of the financial statements of The Badow Institute Ithe charityl for the year ended 31 December 2022. Respvn5ibilities and basi5 of report As the trustees Df the charity you are responsible for the pparatIOn of the financial statements in accordance with the quirernents of the Charities Act 2011 (the 2011 Act). I report in respert of my examination of the charity's financial Statements carried out under section 145 of the 2011 Act. I carrying out my examination I have followed all the applicable D1ctionS gNen by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement Since the charity's gross iniome exceeded £250,iXX) your examiner must be a member of a body listed in section 145 of the 2011 Att. I confirm that l am qualified to undertake the ex2mination because l am a member of ICAEW. which is one of the listed bodies. Your attentlon 15 drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reportine by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFR5 1021 in preference to the Accounting and Report¢ng by CharitlE5.' Ststement of Recommended Practice Issued on l April 2005 which 15 referred to in the extanr gUlatIonS but has now been withdrawn. understand that this has been done in order for financial statement5 to provide a true and Pdir view in accordance with Generally Accepted Accounting Prattice effective for reporting period5 beginnin8 on or after l January 2015. I have cornpleted my examination. I confirm that no matters have come to my attention in connection with the exatnination giving MÈ cause to believe that in any rnaterial respett.. accounting records were not kept in respect of the charity a5 required by Section 130 of the 2011 Act.. or the f1nantial statements do not accord with those records- or the financial statements do not comply with the applicable requirÈment5 concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2(K)8 other than any requirement that the account5 give true and fair view which 15 fbot a matter Conside a5 part of an Independent examination. I have no concerns and have come acr05S llo other matters in connection with the examination to whith attention should be drawn in thi5 report in order to enable a proper understanding of the fanCIal statement5 to be reached. Huluady Clare Jady FCA 41 Bridgeman Terrace Lanca5hire WNI ITT United KiNgdom Dated.. 24 May 2023
THE BARLOW INSTITUTE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEM8ER 2022 Unrestrirted funds 20Z2 Re5tricied funds 2022 Total Unrestricted fitnds 2021 Restricted funds 2021 Total 2022 2021 Note5 • Income frorn: Donations and legacies Charitable activities Other tradinE activities Investments 13,549 18.105 224.949 17 30.956 44.505 18.105 224.949 17 30,626 27.ISS 133.191 17 673,845 704.471 27,155 133,191 17 Total income 256.620 30.956 287.576 190,989 673,845 864.834 Ex enditure on.. RaisinE lund5 234,965 234.96S 137.423 137.423 Charitable activities 116,007 4,159 120.166 271.463 56.332 327.795 Total expenditure 350,972 4.159 355.131 408,886 56.332 465,218 Gr0$5 transfers between funds Net leKpenditurellincorne for the yearl Net movement In fund5 661,805 1661,8051 194.3521 26.797 167.5551 443,908 144,2921 399,616 Fund balances at I january 2022 895.311 2.374 897.685 451,403 46,666 493,069 Fund balances at 31 December 2022 8(K).959 29,171 *30,130 895.311 2,374 897.G85 The statement of financial activities includes all 8ain5 and losses Cognised in the year. All income and expenditure derive from continuing activities.
THE BARLOW INSTITUTE BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 Note5 Fixed a$5et5 Tangible asset5 15 751.778 781.209 rurrènt 355ets Itocks Debtor5 Cash at bank and in hand 17 1,700 59,542 138.054 10,702 94.129 109.831 199.296 Creditors: amounts fallinE due within one year 19 131.4791 182,8201 Net cUrnt a55ets 78.352 116.476 Totsl as5et5 less current lizbilities 830,130 897.685 Income fund5 Restricted funds Unrestricted fund5 zo 29.171 800,959 2.374 895,311 830.130 897,685 The financial statements were approved by ihe Trustees on 24 May 2023 Mi55 S Lynn jeffries Trustee Mr Mich WFav Tru51ee 10-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 A¢counting policies Charity information The Barlow Institute Is an unincorporated tharity registered with the Charity Comrni5sion and governed by a conveyance dated 19 Juty 1926 and arnended ty a stheme dated 27 September 2(KQ.. • 1.1 Accounting corNenlion The financial statements have been prepared in accofdan¢e with the charity's governing documert. the Charities Act 2011 and Accounting and Reporting by Charities.. Staternent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charity 15 a Public Benefrt Entity as defined by FRS 102. The charity has taken advantage of the Provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements have departed from the Charilie5 (Accounts and Reports) Regulation5 28 only to the extent required to provide a true and fair view. Thts departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been wtthdrawn. The financial statemÈnts are prepared in sterlin& which i5 the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. ThÈ financial statements have been popared under the historical COM convention. Imodified to include the revaluation of Ire£hold properties and to include investment properties and rtain financial instruments Ht fair valuel. The principal accounting policies adopted are set out below. 1.2 Goin£ con¢em At the time ol approvin8 the lin3Thcial 5taternents, the trustÈes have a reasonable expÈttation that the charity has adequate resources to continue in operat*ona5 existence for the foreseeable future. Thus the tru5tee5 continue to adopt the going concern basi5 of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are availabte for use at the discretion of the trustees in furthewance of their chadtable objectives. Restricted funds are subjea to specific conditÈons by donors as to how they may be used. The purpose5 and use5 of the restricted funds are set out in the notes to the financial 5tatemonts. Where donations and grant5 are recewed specifically to purchase fixed assets, Whe those fixed assets are not thernselves restricted. a transfer betweèn restricted and unrestricted funds is made in the ststement of financial artNities. Endowment funds a subject to specific condition5 by donors that the cap¢tal must be maintained by the charity. 1.4 Income Incorne 15 recognised when the charity is leeally entit5ed trj tt after any pertormancÈ conditions have been met. the arnounts can be measured reliably, and it 15 probable that income will be re£eived. Cash donation5 are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions req$Ji deferral of the amount_ Incorne tax retoverable in relation to donations ceIVe(l under Gift Aid or deeds of covenant is recognised at the time of the donation.
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policie5 (Continuedl Legacie5 are reco£ni5ed OTh receipt or otherwise if the charity has been Thotified of an impending distribution. the amount is known. and receipt is expected. If the amount Is not kn¢)wn. the legary is tated as a contingent asset. 1.5 Expenditure Expenditure 15 reco£nised on an accruals basis. when the charity is legally obliged to make it. the amounts can be measured reliably and it 15 probable that the expenditure will be incurred. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and Subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation 15 recogni5ed 50 as to write off the c05t or wdluation of assets less their residual values over their useful lives on the following ba5es'. Cricket and Bowling Pavilions Cricket equipment Fixtures and fittings Playground Multi-use games aa Veranda 2% cost and 25% reducing balance basis 20% on c05t 25% on cos1 6.67% on cost 5% on cost 6.67Y6 on c05t The gain or loss arising on the disposal of an assei is determined 35 the diffete between the sale proceeds and the carrying value of the asset. and is recogni5ed in the 5t3tement of financial activities. 1.7 Impalrment of fi¥ed assets At each reporting end date. the charity reviews the carrying amounts of it5 tangible assets to determine whether therè is any indication that those assets have suffered an impairment 1055. If any such indiration exists. the recoverable amount of the asset is estimated in order to dete¥mine the extent of the impairment loss lif any). 1.8 5tack5 Stocks are stated at the lower of cost and estimated selling price less cost5 to complete and sell. Cost comprises direct materia15 and. Whe applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Item5 held for distriblDn at no or nominal consideration are measured the lower of replacement cost and cost Net realisable value is ihe estimated selling price less all estimated costs of completion and costs to be incurred in marketin8, sellin8 and diStributn. 1.9 Cash and (ash equivalents Cash and cash equivalents tntlude cash in hand, doposits held at call with banks. other short-terrn liquid investments with original maturitie5 of three rnonths or less, and bank overdrafts. Bank overdrafts are shown within borrowings in 12-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Auountrng poll¢les (Continued) 1.10 Financial instruments The charity h35 eletted to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments 155ue5' of FRS 102 to all of its financial instruments. Financial insirurnents are recognised in the charivs balan sheet when the charity becomes party to the contractual provisions of the instrument. Financlal a55ets and liabilitie5 are offset, with the net amounts presented in the financial Statements, when there 15 legally enforceable right t0 Set off the recoEni5ed arnounts and there is an intention to settle on a net basis or to realise the 355et and Settle the liability simultaneously. Buslcllnanclol tsssets Basic financial assets, which include debtors and cash and bank balantes. are initially measured at transaction price including transaction costs and are subsequently carried at amort15ed cost using the effective interest method unless the arrangement constitutes a financing transaction. Whe the transaction is measured at the present value of the future receipts discounted at a markÈt rate of intere. Financial assets classified as receivable within one year are not amortised.
sicfinonciolliobllltles
Basic financial liabilities. including creditors and bank loans are initially recognised at transattion Pri unles5 the arrangemÈnt constitutes a fin3ncing trarssaction. where the debt instrument 15 measured at the present value ol the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amort15ed. Debt instruments are subsequently carried at amortised com, usin£ ihe effective interest rate method. Trade creditors are obligations to pay for goods or services that have been atquired irs the ordinary course of operations from suppliers. Amounts payable are cla55ifted as curlont liabilities if payment is due within one year or les5. If not, they are presented as non-current liabilities. Trade creditors are recognised inttially at transattion price and subsequently rneasured at amortised cost using the effective interest method. Derecognltlon offinonciol Ilobllities Financial liabilities are derecogni5ed when the charivs COAtractual obligations expire or a discharged or cancelled. 1.11 Employee benefft5 The cost of any ijnuseil holiday entitlement is recognised in the Peri1 in which the employee's Services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the ernployment of an employee or to provide termination benefits. 1.12 Retirement benefits Payment5 to defined contribution ret1ment benefrt schemes are charEed a5 an expense as they fall due. 13-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 CrltlcaS accounting estimates and lud¥ernents In the application of the charity's accounting policies. the trustees aTe required to make judgements. estimates arnd as5umptlOll5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The e5rimate5 and 35s0ciated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnay differfrom these estimates. The estimates and underlying assumptions are rleWed on an ongoing basis. Revi5ion5 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period5 where the iew5ion affeus boith current arnd future periods. Donatlons and legacies Unrestricied Restricted funds funds Total Unrestricted fund5 Restricted funds Total 2022 2022 2022 2021 2021 2021 Donations and gift5 Grants 13.549 30,956 44.505 11.378 19.248 673.845 685,223 19,248 13.549 30.956 44.SOS 30.626 673,845 704,471 Charltable artivities Charitable Income Charrtable Income 20ZI Z022 Rental incotne and room hire Fundraising event5 and tickets Volunteer5, cafe 8.395 9.710 24.313 2,746 96 18.105 27,155 14-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2022 ¢)thertrading activtties un$tried Unrestricted funds funds 2022 2021 The reading room coffee shop and bar 224,949 133,191 Investments Unrestrirted Unrestricted funds fvnds 2022 2021 Interest receivable 17 17 Raising funds Unrestrirted Unrestricted fvnds fund5 2022 2021 Fundraisin and ublici Costs of fundraising and ticketed events 12,153 4.401 Tradin costs Coffee shop purchases Bar purchases Staff c05t5 58,007 15,498 149,307 36,362 12,718 83.942 Trading costs 222.812 133.022 234.965 137.423 15-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2022 Charltable actNities haritable Charitsble Expenditure Expenditu Z022 2021 Dep¥eciation and irnpairment Charitable expenditure 49,097 21,938 48,877 238.619 71.035 287,496 Grant funding of activities (see note lol 359 Share of support Costs (see note 111 Share of governante costs (see note 111 45.335 3.437 33,881 6.418 120.166 327,795 Analysls by fund Unrestricted fund5 Restricted lund5 116,(X)7 4.159 271.463 56.332 120.166 327,795 Description of charitsble artMtieS Charitsble Expendiiure Charitable expenditure includes all costs associated with the upkeep of the Barlow E5tste and the non-tradinE Costs associated with the charitable purposes of the Charity. In 2021. it included substantial expenditure on repairs to the fabric of the Barlow Building in particulai the roof, window5 and heating system5. io Grants payable Charltab Expenditure 2022 2021 Grants to in5titutions12 grants).. Donation to Theatre Group Donation for T shirts three-legged race 250 109 359 16-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 li Support costs Support costs Governance costs 2021 Support costs Governance costs 2021 Bank charge5 Rates and water 3,674 1,442 S.383 15.703 1.260 3.674 1.442 5.383 15,703 1.260 2,589 2,775 4,856 10.818 1.212 2,589 2.775 4,856 10,818 1.212 Insurance Light 2nd heat Telephone Postage and stationery Advertising Sundry office costs Cleaning and m3intenaThce 1,497 2.629 13,683 1.497 2.629 13.683 960 960 2,174 8,497 2.174 8,497 Accountanry Legal and professional 3.437 3.437 3,201 3,217 3.201 3,217 45,335 3.437 48,772 33.881 6,418 40,299 Analysed between Charitable activities 45.335 3.437 48.772 33,881 6,418 40.299 12 Trustees None of the trustees lor any persons connerted with theml recÈNed any remuneration or benefits from the charity during the year. except that Sara Lobley. a volunteer at the coffee shop became a trustee. Following her appointment, she has conlinued in her role as a manager of the coffee shop in an unpaid capacity but has been paid a small salary for her work at events in the funttion rooms and bar at weekend5. 13 Empl¢)yee5 The average monthw number of employees during the yearwag.. 2022 Number 2021 Number Bar and coffee shop Maff Cleaner 20 io Total 21 li 17-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Employee5 Icontinuedl Employment costs 202Z 2021 Wages and salaries Other pension costs 147,391 1,916 83,453 489 149.307 83,942 There were no employee5 whose annual rernuneration was more than £60,CIJO. 14 Taxation The charity is exempt from tax on income and Koins falling within section 505 of the Taxes Act 1988 or Section 252 of the Taxationof Chargeablo 6ains Act 1992 to the extent that these are applied to its charitable object5. 18-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 16 Her¢tay assets At l January 2022 and at 31 December 2021 The chafity was set up to manage and maintain land and property which had been gifted by the Barlow family to the Custodian trustÈe, North Turton Parish Council. which hold5 IoTmal title to the estate on behalf of the charity. The tru5tee5 consider the land and property to be a Heritage A55et because it ha5 specific hFStorical and onvironmental qualities and is held and maintained for it5 contribirtion to the cultural life of local people_ The Heritage Asset derives from permanently endowed assets Df the Charity. 17 Stock5 2022 2021 Raw materials and consumable5 1,700 18 Debtors 2022 2021 Amounts falling due within one year: Trade debtors Other debtor5 3.841 6,861 7.586 51.956 10,702 59,542 19 Creditors= amounts falling due within one year ZOZ2 zozi Other taxation and social seiurity Trade creditors Accrua15 and deferred income 9,089 11.820 10,570 317 67,065 15,438 31,479 82,820 -20-
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