Charlty re8lstrntlon number 521333 THE BARLOW INSTITUTE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BARLOW INSTITUTE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Paul Allen MrT Philip McDermott Mr Michael W Fay Mr B Guy Haynes Mr A Kèrry Holt Mr Philip Grundv Mr John Marriott Mrs Rhian Driver Charlty number 521333 PrlncSpal address The Barlow Bolton Road Turton Bolton Greater Manchester England BL7 OAP Independent examlner Hulljady 41 Bridgeman Terrace Wigan Lancashire United Kln8dom WNII
THE BARLOW INSTITUTE CONTENTS Pa8e Trustees, report Independent examiner's report Statement of financial activities Bèlance sheet Notes to the financial statements 10-22
THE BARLOW INSTITUTE TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The tru5tee5 present their annual report and flnancial statements for the year ended 31 Decembef 2023. The financial statements have been prepared in accordance with the accounting policies set out In notè I to the financial statements and comply wlth the tharlty's 8overnlng document. the Charities Act 2011 and "Accounting and Reportlng by Charltles: Statement of Recommended Practlce applicable to charities preparin8 their accounts in accordance wlth the Financial Reporting Standard appllcable in thÈ UK and Republic of Ireland IFRS 1021 leffective l January 20191" Obl¢rtlvw and actlvltles The charity's object is, in the interests of social welfare, to Improve the condltlons of life for the Inhabitants of the Parish of North Turton wlthout dlstlnctlon of polltleal, rellglous or other opinion by the provision and maintenance of: a vlllage hall for use by the inhabitants, Includlng use for: meetlngs, lectures and classes, and other forms of recreation and leisure-time occupation,. and a re¢reatlon 8round for use by the Inhabltants. In line with the object5 of The Charity, the Barlow provlde5 a centre fijr the good of the local community. Itls used extenslvely by the residents of the village of Edgworth and the immediately adjoining areas within the area of benefit of the Parlsh of North Turton. The 8arlow 15 also a regular stopplng off polnt for many visitors from outside of the immediate area of benef It. Publle benejlt The trustees have pald due re8ard to 8uldance Issued by the Charlty Commlsslon Sn decldln8 what actSvltles the charity Should undertake. The Volunteer-managed Ilbrary is runnln8 a5 normal on Saturday mornln8s and Is very much appreclated and supported by the Readln8 Room Café whlch Is always very busy. The varlous rooms in The Barlow have been and continue to be used by many local groups provldlng a wlde variety of actlvlties from art and crafts to slnglng, readlng, pllates, seated exercise, toddler group and bridge, The personal gym In the basement In provln8 very popvlar and has created a new actlve User Group whlch Is open from very early mornln8 most days. The Barlow Is the home of The Horticultural Soclety, Edgworth Wl, a Folk Club and It has recent ye3rs hosted yet agaln the village pantomime. The 8arlow Is hometo the unlformed groups for the younger members of our community. The Barlow houses the popular Readln8 Room Café and Bar, which cffers free wi-fi, light refreshment5, tskeaway boxes and occasional music events. It is popular both with locals and walkers and other visitors. The Barlow also hosts private functions including weddin8s, chlldren's parties and other events includlng Ilve music events in the hall that ha5 been up8raded as mentioned below.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 The 8arlow often opens Its doors for st2llholders to sell thelr wares. with regular craft fairs, a Month Trash and Treasure event and a Chrlstmas Fair. Therè Is a popular greengrocery and plant stall every week. The Barlow Estate benefits from havin8 Within Its assets a Recreation Ground, Bowlin8 Green, Park and Woodland. The Recreation Ground is home to Ed8WOrth Crlcket and Recreation Club IECRCI, which compete5 ènd promotes sport and re¢reatlon lotally by providing coachin8 and team-playing opportunities to young people. The Pavi5ion was recently UP8Faded to Include improved changlng f¢)oms, facllltles for female players and an Improved bar and functlon area. The Bowling Green is home to Edgworth Bowlln8 Club IEBCI, The Club ha5 about 93 member5 and has teams in various leagues. It provides coaching to adults and for local school children, and ha5 acquired some specialist equlpment that allov some people with disabilities to bowl. The Charlty acknowled8es the dedication of ECRC and EBC groundsmen In malntalnlng the grounds to the high standards that are commensurate wlth the needs of thelr respective Club ranklngs. Thelr achlevements are a source of pride to the members, the community and the Charity. The Barlow bulldlng is a credlt to Its Volunteers. It 15 alway5 welcoming, cleon and tldy, despite beln8 over 100 years old. The contributlon and dedicatlon ol the Volunteers who run and maintain the buildln8 Is paramount to The Barlow's success. The Stewardship of The Charity is through the Board of Trustees who continue to provide thelr tlme on a voluntary basls. The Board of Trustees Is always open for dlscussion wlth anybody who wlshes to Joln the Board and all meetings are fully open to the publlc. Volunteers The contrlbutlon of the volunteers to the running and maintenance of The Barlow Is Immeasurable. Thelr commitment will secure the ongoing and future development afThe Barlow. However, new volunteers are always welcome whether it be workln8 In the offlce, or provldln8 sk1115 on any part of our maintenance and decoratlon projects. We èppreclate all of our volunteers, contribution5 whether for a few hours or more a week, or to asslst on specific projects. The trustees also continue to provlde their time on a voluntary basls. Achlevements and performance Siqnificont octivitle5 and ochlevements ogalnst objectives The Barlow Is open dally, for communlty groups and private u5er5. The Reading Room provides paid employment for some members of the communlty, and provldes a pleasant hub where people can meet sociallv. MYuSe Games Arena IMUGA) The MUGA was tompleted and opened In July 2021 and has quickly become popular with much of the community and 15 very much utillsed mest evenings and weekends with diverse activities such as hockey, veterans, football, juniors, football, bowlin8, and crlcker. The MUGA has been leased io the Crlcket Club on a fully repalrln8 25 year lease, fundln8 was from a very 8enerous donatlon from the Roberts famlly. Playground The new playground was opened in July 2021 and has been an Incredible succe55 wlth hardly a mlnute of any day where children of the village and beyond cannot be heard havin8 a 8reat tlme on the many attractions. Ongoing rnaintenance of the playground Is now the responsibility of the Charity and plans are In place for thls to be carrled out 80ing forward. Fundln8 agaln for thls project was provided by generous donation5 from the Roberts family.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 8arlow Instltute Bulldlng The bullding Is now safe, secure. and watertight and the hall ha5 recently been refurblshed and Sncludes a new sound and light system ready for expansion of the events calendar. The Wof k was done largely by a team of dedicated volunteers, wlth funds raised by 'Frlends c>f The Barlow, and generou5 donatlQn5 from local benefactors and the Folk Club. The project for the refurblshment of the veranda to the South slde of the building was completed In 2022 and it is now back to Its orlgSnal best plus has the addltion of a decked area whlch provide5 a fabulous area for our local sun worshippersl The monles fer the veranda project We taken from the 'Frlend5 of the Barlow, fund, a rnonthly subscrlptlon. wtndows Jnd Doors The orlglnal project has been completed but a second project is still needed a5 there are still approxlmately 58 wlndows that need replacingi plus a plan15 needed for the lar8e leaded wlndows on the back landlng. Woodlands The work on the restoration of Barlow Wood5 contlnues to 80 from strength to strength thanks to the tremendous efforts of small but dedScated band of volunteers. 8ack In 2019, The 8arlow was approached by a local resident ur8in8 that sométhin8 be done about the neglected and over8rown state of the Woods. Nearly five years on and that same local resident is still leading the way and workin8 Wlth the Barlow'5 volunteer5 to brin8 the area back to its former 810ry. A blg step foNiard came in 2020 with the award of a major Arant from the Postcode Lottery Local Trust ènd, after delays due to Covld, the volunteers and contractors have now completed works to: Clear overgrown vegetatlon, remove non-natlve specles and cut dovm dead and dlseased trees; Restore. draln and re-surface the footpath network: Provide new gates, plcnic tables and benches,. Create new actlvity areas for chSldren, Includlng a Storyteller Area wlth a Glant's Seat, Falry Grotto. Unlform Group campfSre area and a Wayfarer's Clrcle complete wlth a stone compass; Plant almost 2.000 new trees thanks to awards from the Woodland Trust and Edgworth Hortlcultural Soclety,, Put up nest boxes. bu8 hotels and an owl box; and Oevelop the former boatlng lake area into the Mlilliam Klng51ey Wetland" complete wlth new ponds, a pond dipplng deck. two new fvgtbrld8es, and o new footpath a15 done with support and advice from Bolton ConservatlDn Volunteers. The Woods Team volunteers have 8150 worked collaboratively wlth the Bowlin8 Club and other 8arlow volunteers to prnvlde composting facility and improvÈ the maintenance of the external areas of the Barlow Estate. The team have also completed a survey of trees in the Wood$ and Bre developln8 a database to reiord the survey Informatlon. Recent Winter storms have presented an unwanted problem as some 12 tree5 around the Woods, Bowling Green and Play Area were blown down. Some were affected by Ash Die-Back disease anc4 work continues to deal wlth the devastation. Lookln8 ahead, there15 5tlll much work to be done to maintaln and manage the facllltles that have been provlded and keep the Woods in good order. We have another award of 420 new trees from the Woodland Trust to plant In the Autumn, we a looklng to provide new Information boards and a walk trall leaflet and, longer term, we would like to develop °forest school" activities. Sadly. desplte all the good works and posltlve comments we have recelvèd from the ever Increasing numbers of people uslng the Woods, we continue to experience incldents Df vandalism and antl-soclal behaviour. which is very frustratln8 for the volunteers who willingly give of their time.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew At the end of 2023, the charity had unrestrlcted resèrves of £698.564. The Charity reported a deflclt of £119,650 for the year after charging depreciation of £49,881. The trustees have a duty to tarèfully manage thÈ assets of the Charity, in particular to malntaln the Barlow Estate so that it can continue to be used for Its charitable purposes long into the future. The Barlow has Ilke everyone else been impacted by the well documented Cost of Living crlsis whlch has affected many costs. notably the prlce of food and energy and we have unfortunately had to review prices to ensure that the charlty can contlnue well into the future. In the year to 31 December 2023, the charity completed further Improvement works, notably to the hall. Althou8h cash reserves have been somewhat depleted, the bulldln8 and estate are In a far better condltlon than they have been for manv years and the charity still had ¢a5h reserves of £47,563 at 31 December 2023. As mentloned above, The Barlow also renovated the veranda and snooker room uslng funds ralsed by "Frlends of The Barlow". Some of the donatlons received from this scheme and f rom other sources In 2022 have not yet been spent but we are in the process of refurblshlng the main hall which will utilise some of these funds. It is thènks to the very 8enerous donations that we have been able to Improve The Barlow In recent years and we are thankful for your ongolng support. We are alway5 keen to encourage new members to Joln the "Frlends of the Barlow" 50 that we can continue to make improvements. We are considering implementin8 a scheme slmllar to "Friends of the Barlow" for local businesses. The trustees hQ a duty to identify and manage the risks to which the charlty is exposed, financial and otherwise and to ensure that appraprlète controls are In place to ensure reasonable assurance agalnst fraud. The trustees have assessed the major financial risks to which the charlty Is exposed and are Satisfied that systems are In place to mitl8ate exposure to major risks as far ès possible, Volunteers and staff are given approprlate tralnln£ and the trustees regularly discuss the rlsks faced and how to manage these, takln8 action where necessary. Reserve5 policy It is the pollcy of the charity that unrestrlcted funds whlch have not been desi8nated for a speclflc use should be malntalned at level equlvaleDt to between three and six month's net expenditure. The trustees con51der that reser¥e5 at th55 level wlll ensure that. in the event of a signlflcant drop In funding, they will be able to continue the charlty's current activities while ccnslderation is glven to ways In whlch addltlgnal funds may be raised. Thls level of reserve5 has been malntalned throu8hout the year.
THE BARLOW INSTITUTE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure• 8overnance and mana8ement Governlng document The Charlty Is controlled by its governing document. a Deed of Trust and Eonvey3nce dated 19 July 2026, amended by scheme dated 27 September 21)00 and constltutes an unlncorporated tharlty As the charlty is unSncorporated, North Turton Parish Ccuncll act5 05 Custodian TTU5tee. Recrultment and appolntment of new trustees The trustee5 are appolnted as follows.. 2 elected at theAGM 4 nominated by North Turton Parlsh Council 4 nominated by the Barlow User Groups 2 COpted by the Trustees The Board can also co-opt up to two further trustees if the 8 nomln3ted posltlons are not all fllled. We have 2 Indlvlduals who are lookln8 to be appolnted as new trustee5. Rlsk Management The trustees have a duty to Identify and manage the risks to which the charity is exposed, financial and otherwise and to ensure approprlate controls are in place to provlde reasonable assurance against fraud. Volunteers and staff are given the tralnln8 thÈy need. The trustee5 regularly discuss the risks faced and how to manage the risks at trustees, meetings, taking action where necessary. The trurtees who served durln8 the year and up to the date of S18natu of the financlal statements were: Miss S Lynn Jeffries (Reslgned 24 May 20231 Mr Paul Allen MrT Phlllp McDermort Mr Mlchael W Fay Mr 8 Guy Haynes Mr A Kerry Holt Mr Philip Grundv Mrs Sara Lobley Mr lude Rowley Mr John Marrlott Mrs Rhian Driver IResi8ned 30 April 20231 IResi8ned 24 May 20231 Recruitment ond appointment of trustees Organisationol structure The charity is governed by its trustees who are unpald and are supported by a number of volunteers. The charlty employs staff to operate the coffee Shop and bar and certain functions. The current team of Trustees if re-elected are planning to set up a sub-commlttee to review the Barlow Charity structure and make any recommendations back to the Trustees who will then vote to atcept or reject the recommendations and Ihen if accepted. wlll put the proposed changes ro the community at a meetlng for a¢ceptan¢e and action. Much has been dlscussed about the constitution over the years and hopefully this project will provide an opportunity to provide tlarity and a clear statement of intent going fonvard.
THE BARLOW INSTITUTE TRUSTEES, REPORT (CONnNUED) FOR THE YEAR ENDED 310ECEM8ER ZL123 Induction ond troinin9 01 tru5tee5 The trustees considef thèt ihey carry out adequate tralninR to ensure they Can carry out thelr duties responsiblv. The trustees, report was approved by the Board of Trustees. Mr Mich Truste Mr Phillp Grundy Ttust•• 3 Ju5¥ 2024
THE BARLOW INSTITUTE INDEPENDENT EXAMINER'S REPORT TO TrIE TRUSTEES OF THE BARLOW INSTITUTE I report to the trustees on my examination of the financial statements of The Barlow Institutè Ithe charlty) for the year ended 31 December 2023. Responslbllltles and b•sls of report As the trustees of the charlty you are responsible for the preparètlon of the flnancial statements In accordance wlth the requirements of the Charltles Act 2011 (the 2011 Act). I report In respect of my examination of the charity's flnanclal statements carrled out under section 145 of the 2011 Act. In carryinB out my examination I have followed all the applicable Dirertions given by the Charity Commission under section 1451Sllbl of the 2011 Art. Independent examlner'$ $tJtsment Since the charity's gross Income eKeeded £250,000 your examiner must be a member of a body listed in sectlon 145 of the 2011 Act. I conflrm that l am quallfled to undertake the examlnatlon because l am a member of ICAEW, whlch Is one of the Ilsted bodles. Your attentlon Is drawn to the fact that the charity ha5 prepared financial 5tatement5 in accordance with Accounting and Reportln8 by Charltles preparin8 their acrounts Sn accordance wlth the Financlal Reportln8 Stsndard appllcable In the UK and Republlc of Ireland IFRS 102) In preference to the Accountlng and Reportlni by Charltles- Statement of Recommended Practice Issued on l Aprll 2005 whlch Is referred to In the èxt8nt regulations but has now been wlthdrawn. l understand that this ha5 been done In order ft)r financial statement5 to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting perlods beginnln8 on or after l January 2015. I have completed my examination, I confirm that no rnatters have come to my attentlon In connection wlth the examlnatlon glvln8 me cause to believe that in any material respect-
c¢ounting records were not kept in respect of the charlty as required by section 130 of the 2011 Act; or
the financial statements do not accord wlth those record5: or the financSal statements do not comply wSth the applicable requlrernents concernln8 the form and content of accounts set out in the Charltles IAccouDts and Reports) Re8ulation$ 2008 other than any requirement th* the accounts give true and falr view which is not a matter consldered as part of an independent examlnation. I have no concerns and have come across no other matters In connectlon wlth the examlnatlon to whlch attentlon should be drawn in this report In order to enable a proper understanding of the financlal staternents to be reached. Huluady aare Jady FCA 41 Brid8eman Terrace Wigan Lancashlre WNII Unlted Klngdom Dated: 3 July 2024
THE BARLOW INSTITUTE STATEMENT OF FINANCIAL ACTIVITIES INCLUOING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unre5trlrted lund5 2023 Re5trlct¢d funds 1023 Totsl Unreslrlrted funds 2022 Restrlrted funds 2022 Totsl 2023 2012 Notes Income from: Donatlons and legacles Charltable activities Other tradlng activities Investments 16,423 13,549 233,745 351 25,000 41,423 13,549 233,745 351 13,549 18,105 224,949 17 30,956 44,505 18,105 224,949 17 Totsl Intome 264,068 25,000 289,Q68 256,620 30,956 287,576 Expendlture on: Ralslng funds Charltable activities 252,750 113,713 252,750 155,968 234,965 116,007 234,965 120,166 42,255 4,159 Total expendtture 366,463 42,255 408,718 350,972 4,159 355,131 Net expendlture and mov•m•nt In lunds 1102,3951 117,2551 1119,6501 194,3S21 26,797 167,5551 Reconclllatlon of funds: Fund balances at l Janvary 2023 800,959 29,171 830,130 895,311 2,374 897,685 Fund b•lan¢es * 31 December 2023 698,564 11,916 710,480 800.959 29,171 830,130 The statement of financlal actlvltles includes 3118ains and losses reco8nised in the year, All Income and expendlture derlve from contlnuin8 actlvities.
THE BARLOW INSTITUTE BALANCE SHEEr AS AT310ECEM8ER 2023 2023 2022 Note5 Flxed assets Tangible assets 16 707,622 751.778 Current ass•ts Stocks O¢btors Cash at bank and in hand 18 Ig 4,949 17,2SI 47,563 5,000 10.702 94,129 69,763 166,9051 109,831 131,4791 Credltors: •mounts hlllni due wlthln ofte year io current •ss•ts 2,858 78,352 Tot•1 ass•ts1•55 ¢urrent Ilabllltles 710,480 830,130 Tatal net assets 710,480 830,130 Th• funds of the charlty Restricted income funds Unrestricted fndS 12 11,916 698,564 29,171 800,959 710,480 830,130 The flnancial statements were approved by the trustees on 3 July 2024 MT Mlchael TrustEe Mr Philip Grundv Trustee
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les Charlty Informatlon The Barlow Instltute Is an unlncorporated charity registered with the Charlty Commlsslon and 8overned by conveyance datÈd 19 July 1926 and amÈnded by a schemÈ dat@d 27 SÈptÈmbÈr 2000. 1.1 AccountlnB conventlon The financial statements have been prepared in accordance with the charlty's 8overnlng document, the Charities Act 2011 and "Accounting and fieporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in atcordante with the Financial Reportlng Standard applltablè In the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191" The charlty Is a Publlc 8eneflt Entlty as deflned by FRS 102. The charlty has taken advantage of the provlsions In the SORP for charitles applying FRS 102 Update Bulletin I not to pPa a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent requlred to provlde a true and falr vlew. Th15 departure has Involved followlng the Statement of Recommended Practlce for charities applyin8 FRS 102 rather than the version of the Statement of Recommended Practlce whlch is referred to in the Regulations but which has since been withdrawn, The financlal statements are prepared In sterling, which Is the functlonal currency of the charlty. Monetary amounts In these flnanclal statements are rounded to the nearest £. The flnanclal statements have been prepared under the historlcal cost conventlon, Imodlfled to Include the revaluatlon of freehold propertles and to Include Investment propertles and certaln flnanclal Instruments èt falr valuel. The prSncipal accountSn8 pollcies adopted are set out below. 1.2 Golng concern At the tlme of approvlng the flnanclal statement5. the trustees have a reJsonable expectatlon that the charlty has adequate resources to continue In operational exlstence for the foreseeable future, Thus the trustees contlnue to adopt the goln8 concern basls of accountin8 In preparing the flnancial rtatements. 1.3 Charltable funds Unrestrlcted funds are avallable for use at the discretion of the trustees In furtherance of thelr charltsble oblectlves. Restricted f unds are sublect to speciflc condltlons by donors as to how they May be used. The purposes and uses of the restrirted funds are set out in the note5 to the financial statements. Where donations and grants are received specifically to purchase fSxed assets. where those Ilxed assets are not themselves restricted, a transfer between restricted and unrestricted funds Is made In the statement of flnanclal activities. Endowment fund5 are Subject to specific condition5 by donor5 that the capital must be malntslned by the charity. 1.4 Income Income 15 recognised when the charity 15 le8ally entltled to it after any performance conditions have been met, the amounts can be measured reliably, and it Is probable that income will be received, Cash donatlons are recognised on recelpt. Other donatlons are recognised once the charlty has been notlfled of the donation, ynle55 performance ¢ondition5 requlre deferral of the amount. Income tax recoverable In relatlon to donations received under Gift Aid or deeds of Covenant Is recognlsed at the tlme of the donatlon. 10-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ¢ountlni polkles Icontlnued) Legacles are recogni5ed on receipt or otherwlse If the charity has been notlfied of an Impendlng distribution, the amount 15 known, and recelpt Is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expendlturn Expenditure is retognised on an accrua15 basis, when the charity is legally obliged to make it. the amounts can be measured reliably and it is probable that the expenditure will be incurred. 1.6 Tanglble flxed assets Tangible flxed assets are Inltlally measured at cost and subsequently measured at cost or valuatlon. net of depreclation and any impairment losses. Depreciatlon is recognised so as to write off the cost or valuation of a55ets less thelr residual values over thelr useful Ilves on the followln8 bases.. Cricket and Bowlin8 Pavilions Crlckèt equlpment Fixtures and fitting5 Playground Multl-use games area Veranda 2% cost and 25% reducing balance basis 20% on cost 25% on c05t 6.67% on cost 5% on cost 6.67% on cost The Bain or loss arising on the disposal of an asset is determined as the difference between the 53le proceed5 and the carrylng value of the èsset. and 15 recognlsed In the statement of financial activlties. 1.7 Imp41rment of flxed assets At each reporting end date, the charlty revlews the carrying amounts of Its tanglble assets to determlne whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estlm3ted In order to determine the extent of the impairment loss {If anvl. 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where appllcable. direct labour costs and those overheads that have been Incurred in brln8ln8 the stocks to thelr present location and condition. Items held for distribution at no or nomlnal ¢onslderatlon are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completlon and costs to be incurred in marketing, selling and distribution. 1.9 C•sh and c•$h equlvalents Cash and cash equlvalents Include cash In hand, deposlts held at call wlth banks, other short-terni Ilquld Investments with orlglnal maturlties of three months or less. and bank overdrafts. 8ank overdrafts are shown wlthln borrowin8s in current liabilities. 11
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR TME YEAR EhlDED 31 DECEMBER 2023 Afxountln8 pollcles (Contlnued) 1.10 Flnanclal Instiuments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues. of FRS 102 to all of Its financial instruments. Flnanclal Instruments are recognised In the charlty'5 balance sheet when the charlty becomes party to the contractual provisions of the instrument. Financial assets and Ilabilltles are offset, with the net amounts presented In the flnanclal statements, when there Is a le8ally enforceable right to set off the reco8nised amounts and there is an Intentlon to settle on a net basls or to reallse the asset and settle the Ilablllty simultaneously. Baslcflnonclal ossets aslc financlal assets, whlch Include debtors and cash and bank balances, are Inltially measured at transactlon prlce Includlng transaction casts and are subsequently carried at amortised cost uslng the effectlve interest method unless the arrangement con5titute5 a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Flnanclal assets classifièd as recelvable withln one year are not amortised. 8osi¢finan¢iql liabilitie5 Baslc finan¢lal Ilabllltles, Includlng credltors and bank loans are Initially recognised at tran5actlon prire unless the arrangement constitute5 a financing transartion, whÈrè the debt instrument Is rnea5ured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortlsed. Oebt instruments are subsequently carried at amortlsed cost, uslng the effective Interest rate method. Trade credltors are oblleatlons to pay for goods or servlces that have been acquired in the ordinary course of operations from suppllers. Amounts payable are classlfled as current Ilabllltles If payment Is due wlthln one year or less. If not, they are presented as non-current liabilitie5. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecoqnltlon offlnanclal Ilobllltles Financial liabilities are dereco8nlsed when the charlvs contractual obll8ations expire or ère discharRed or cancelled. 1.11 Employee beneffts The cost of any unused hollday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrdbly committed to terrninate the employment of an employee or to provide termination benefits. 1.12 Retlrement benefits Payments to defined contribution retirement benefit schemes are char8ed as an expense as they fall due. 12-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVOED 31 DECEMBER 2023 Crltlal accountln8 e5tlmates and ludiementS In the applicatlon of the charity's accounting policies, the trustees are required to make judgements. estlmates and assumptions about the carrying arnount of a55et5 and liabilities that are not readily apparent from othei sources. The estimates and assoclated &55umptions are based on historical experience and other factors that are considered to be relevant. Actual results may dlffer from these estimates. The e5tlmates and underlylng assumptlons are revlewed on an ongoing basis, Revlslons to accountlng estlmates are reco8nised in the period in whlch the estimate Is revlsed where the revision affects only that perlod. or in the perlod of the revision and future perSods where the revlsion affects both current and future perlods. Donatlons and le8a¢les Unrestrlcted funds Restrlrted funds Total Unrestrlcted fund5 Restricted funds Total 2023 2023 2023 2022 2022 2022 Donations and Bifts 16.423 25,iJJO 41,423 13,549 30,9S6 44,505 Income from charltable •rtlvltles Charltable artlvltles 2023 Ch•rllable actlvltles 2022 Rental income and room hlre Fundraising events and tickets 8.331 5,218 8.395 9,710 13,549 18,105 Analysls by fund Unrertrlcted funds 13,549 18,105 13-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Inmme from other trndlnz artlvltles Unrertrlcted funds 2023 Unrestrlrted funds 2022 The readln8 room coffee shop and bar 233.745 224.949 Income from Inves¢m•nts Unrestrfrted lund5 2023 Unr•strltted nds 2022 Interest receivable 351 17 A•lsln8 funds Unrestrlcted Unrestrlcted funds funds 2023 2022 Fundraisin and ublicit Costs of fundraising and ticketed events 6,906 12,153 Tradln COStS Coffee shop purchases Bar purchases stsff costs 63,8SO 13,211 168,783 S8,007 15,498 149.307 Tradlng Costs 245.844 222,812 252,750 234,965 14-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 20Z3 Expend6ture on chèrltable art6vltle5 Chaf Itable •xpendlture 2023 Ch•rltable expendlture 2022 Dlrect $ts Depreclatlon and Impalrment Charltable expendSture 49,881 44,684 49,097 21,938 94,565 71,035 Grant fundlng of activities Isee note 101 190 359 Sharo ol support and 8ovem•nce costslsee note 11) Support Governance 57,154 4,OS9 45,335 3,437 155,968 120,166 Anotysls by fund Unrestricted funds Restrlcted funds 113,713 42,255 116,C117 4,159 155,968 120,166 Dewlptlon of charltsble artlvltlej Charltable Expendlture Charltable expenditure Includes all tosts assoclated with the upkeep of the Barlow Estate and the non-trading costs assoclated wlth the charitable purposes of the Charlty, Includln8 expendlture Dn repalrs to the fabrlc of the Barlow Building and surrounds. 10 Grhnts payable Ch•rttable Charltable Expendlture Expendlture 2023 2022 Grants to instltutlons: Donatlon to Theatre Group Donation for three-le88ed race 250 109 loo loo 359 Grants to individuals 190 359 15-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Support costs Support costs Govemance costs 2023 Support costs Governance costs 2022 8ank charges Rates and water Insurance Li8ht and heat Telephone Postage and stationery Advertlslng Sundry office costs Cleanln8 and malntenance 4.310 458 5,959 23,847 1,260 231 960 4.310 458 5.959 23,847 1,260 231 960 1,978 18.151 3.674 1,442 5,383 15,703 1,260 64 1,497 2.629 13,683 3,674 1.442 5,383 15,703 1,260 64 1,497 2,629 13,683 1,978 18,151 Accountancy 4,059 4,059 3,437 3,437 57,154 4,059 61,213 45.335 3.437 48.772 Analy5ed between Charltablè activltles 57,154 4,059 61,213 45,335 3,437 48,772 12 Net movement In fvnds 2023 2022 The net movement In funds Is stated after charglngllcredStln81'. Depreclatlon of owned tsnRible fixed assets 49,881 49,098 13 Trustees None of the trustees lor any persons connected with thernl recelved any remuneration or beneflts from the charlty durln8 the year. (ln 2022, Sara Lobley, a volunteer at the coffee shop became a trustee. Followlng her appobntment, she continued In her role as a manager of the coffee shop in an unpaid capacity but was paid a small salary for her work at events In the functlon rooms and bar at weekends. She reslgned as a trustee in April 2023,1 14 Employees The average monthly number ofemployees during the yearwas.. 2023 Number 2022 Number 8ar and coffee shop stsff Cleaner 23 20 Total 24 21 16
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 14 Employèes Icontlnued) Employment ¢Q5ts 2023 2022 Wages and salarles Other pension costs 166,591 2,192 147,391 1,916 168,783 149,307 There were no employees whose annual remuneratlon was more rhan £60.000. IS TAMatlon The charlty Is exempt from taxation an its activities because all its income is applied far charitable purposes. 17
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Herltaqe assets At l January 2023 and at 31 DEc¢mb¢r 2023 The charity was set up to manage and maintsin land and property which had been 8lfted by the Barlow famlly to the custodlan trustee, North Turton Parish Council, which holds formal title to the estate on behalf of the charity. The trustees conslder the land and property to be a Heritage Asset because It has speclflc hlstorlcal and environmentsl qualltles and is held and maintained for its contribution to the cultural Ilfe of local people. The Herita8e Asset derives from permanently endowed assets of the Charlty. 18 Stocks 20Z3 2022 Raw materla15 and consurnables 4,949 5,000 19 D•btorJ 2023 2022 Amounts fallln8 due wlthln one year: Trade debtors other debtors 2,844 14,407 3,841 6,861 17,251 10,702 20 Credltors: amounts falllna due wlihln one year 2023 2022 Other taxation and social security Trade creditors Other creditors Accruals and deferred Income 12,111 27,265 12,279 15,250 9,089 11,820 10.570 66,905 31,479 21 Retlrement benefit 5cheme5 2023 2022 Deflned contrlbutlon schemes Charge to profit or loss in respert of defined contributlon schemes 2.192 1,916 19
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Retlrement benefft schemes Icontlnuedl The charity operate5 a defined contrlbutlon pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 22 Restrlrted funds The restrlcted funds of the charlty comprlse the unexpended balances of donations and grants held on trust sublett to Specific conditions by donors as to how they may be used. At l January 2023 Inwmln8 resources Resour¢es At 31 December expended 2023 The Roberts Famllv/AO Semble Network Edgworth Horticultural Soclety Scouts, Cubs, Beavers Private Donors Folk at The 8arlow Folk Club 15,000 115,0001 13151 16641 15001 122,0841 13,6921 315 664 500 24,000 3,692 10,000 11,916 29.171 2S,000 {42,2551 11,916 Prevlau$ year; Al l January 2022 Incomlni resources Resources At 31 December expended 2022 Postcode Lottery Trust Semble Network Ed8WOrth Hortlcultural 5oclety Scouts, Cubs, Beavers Prlvate Donors Mr Fazackerlev Folk at The Barlow Folk Club 2,374 12,3741 11851 500 664 500 315 5LKI 25,500 loo 3,692 11,500) iiooi 34,O¢XI 3,692 2,374 30,956 14,159 29,171 20-
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Restrlrted funds {Contlnued) Restricted funds relate to the following: In 2023, a donatlon of £IO,(KJO was received from a private donor 5peclflcBlly for repalrs to the Barlow buSldln8. In 2023, donatlons glven In 2022 bv the Edgworth Horticultural Soclety, the Scouts, Cubs and Beavers and the Semble Network were spent on improvement5 to the woodland area. In 2023, the Roberts Famllv/AO donated £15,000 for the Edgworth Crlcket and Recreatlonal Club whlch has been passed on to them. In 2022. Mr Fèzackerley donated £100 for the snooker room, which wa5 Spent in full in 2022. n 2022. the Barlow Folk Club donated £3,692 for sound equipment which was spent durln8 the year to 31 December 2023. In 2020, the Postcode Local Trust made a grant of £20,000 to be spent on the development of the woodland area surroundln8 the Barlow Buildin8, All of thi5 omount had been spent on the woodland area by 310ecember 2Q23. 23 Unr•strlcted fund5 The unrestricted funds of the charity comprise the unexpended balances of donations and grants whlch are not subJect to specific condltlons by donors and grantors as to how they may be used. These Include desS8nated funds which have been set aside out of unrestricted funds by the trustees for speclflc purposes. At l January 2023 Incomlni resources Resourees At 310ecember expended 2023 General funds 800,959 264,068 1366.4631 698,564 Prevlou$ ye*r: At l January 2022 In¢omln8 resources Resources At 31 Oe¢ember expended 2022 General fund5 895,311 256,620 {350,9721 800,959 21
THE BARLOW INSTITUTE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Analysls of net assets between funds Unrestrlcted lund5 2023 Restrlcted funds 2023 Total 2023 At 31 December 2023.. Tangible assets Current assets/lllabllitlesl 707,622 19,0581 707,622 2,858 11,916 698,564 11,916 710,480 Unfestrlct•d funds 2022 Restrlcted funds 2022 Total 2022 At 31 DeCemr 2012: Tangible assets Current a55etsllllabllitiesl 751,778 49,181 751,778 78.352 29,171 800,959 29,171 830,130 25 Related party trnnsartlon$ Tran$a¢tlons wlth related p•rtles Other than the transattion detailed in note 13, there were no transactions wlth related partie5 which were requlred to be disclosed. -22-