DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B Charity number: 528917 THE HENRY BARBER TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and Advisers Trustees. Report 3-15 Independent Auditor's Report on the Financial Statements 16-19 ststement of Financial Activities 20 8alance Sheet 21 statement of Cash Flows 22 Notes to the Financial Statements 23-41 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Trustees HB Carslake BA, LLB, Chairman JR Bates FCA, DChA Prof Sir David Eastwood DL SD Maddock OBE, MA Mrs VJP Simpson Dr AJ Slurgis MA, PhD Dr E McAdam MA, DPhil, ClfA, FSAS Charity registered number 528917 Principal office The Barber Institute of Fine Arts The University of Bimiingham Edgbaslon Birmingham 8152TS Secretary Mrs RM Poynton BA, FCIS Independent auditor Cooper Parry Group Limited Chartered Accounlanls Slatulory Auditor One Central Boulevard Bwhe Valley Business Park Solihull Wesl Midlands 890 88G Bankers HSBC Bank plc 130 New Street Birmingham 82 4JU Nationwide Building Society Nationwide House Pipers Way Swindon SN38 1NW Shawbrook Bank Limited Lutea House Warley Hill Business Park The Drive Great Warley Brentwood, Essex CM13 3BE Page 1 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Solicitors shakespea￿ Martineau LLP No 1 Colmore Square Birmingh8m B4 6AA Solicitors Grove Tompkins Bosworth 54 Newhall Street Birmingham B3 3QG Investment Manager C8zenove Capital 1 London Wall Place London EC2Y SAU Custodian Schroder & Co Bank AG Centr812 8001 Zurich Switzedand Property Agent Pennycuick Collins 54 Hagley Road Birmingham B16 8PE Page 2 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trustees present their annual report, together with the audited financial statements of The Henry Barber Trust for the year ended 31 July 2021. Objectives and aims a. Polieies and objectives The Charity is for charitable educational purposes at the University of Birmingham and its princip81 objects 8re'. lo fund the four professorial chairs of Law, Jurisprudence, Fine Arts and Music, together with a number of other academic prizes and annuities", lo repair, maintain and equip the Barber Institute building whieh is for the study and encouragement of art and music, for the benefit of intemational scholarship, the public, researchers, artists, students and school children, in addition to the staff, postgraduates and undergraduates of the University of Birmingham., lo purchase works of art or beauty, ineluding paintings, fumiture, coins, tapestries, manuscripts and books", lo support the activities of the Barber Institute through the purchase of musical instruments, printed and manuscript music and musical books, and lo fund musical recitals by first class vocal and instrumental artists. Under the terms of the Deed of Settlement the Charity received a permanent endowment fund under the striclion that only the income arising shall be expended, and all works of art or beauty subsequently acquired by the Charity shall be held in perpetuity. The Charity may only acquire works of art or beauty of exceptional and outstanding merit and any painting acquired must have been painted not later than thirty years befo￿ the date of purchase. The Charity may accept gift5 of any articles lo add to ils collections provided that such articles fulfil the same criteria as to exception81 and outstanding merit as the existing eollections. The Barber Institute building, which was opened by Queen Mary in 1939, was bu1￿ under the terms of the Deed of Settlement using funds provided by the Charity on land owned by the University of Bimingh8m. Accordingly the Barber Institute building is owned by the University of Birmingham. In setting objeetives and planning for aelivities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. b. Significant activities The activities funded by the Charity are recorded in the financial statements under three headings". professorial chairs and prEes", Batber Institute operations", and collections. The operations of the Batber Institute include work earried out through 8 separate University of Bitmingham budget ￿ntre, the Barber Institute Budget cent￿ IBIBCI, music activities and the Barber Fine Art Library. Page 3 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Objectives and aims {continued) c. Public benefit The Trustees are satisfied that the Charity's aims and objectives are for the public benefit. The Trustees confirm that they have referred lo guidan￿ published by the Charity Commission, including that on public benefit, when reviewing their aims and objectives and when setting grant making policy. All the Charity's activities are in support of the University of Birmingham, which is a body which itself benefits sections of the public and the public as a whole. All the funds given by the Charity to the Ba￿er Institute were used by the University of Birmingham for the benefit of the public by.. providing access, once restrictions were relaxed, to the Barber Inslilule and ils galleries, free of charge., mounting exhibitions and displays, some online, which, along with the pemianenl collections themselves, are used extensively as a teaching and research resource, and were available to the public, free of charge., providing learning and outreach activities for the public, most of which, during the year under eview, were online. Visitor numbers were significantly redU￿d because the galleries were closed to the public for much of the year under review, and most activities continued online. As a result, there were.. 17,770 visits lo the building, approximately12020'. 61,2781., and of these.. 5,941 visits lo the galleries12020.' 29,3081 2,684 visits associated with learning, all of which were online except one on-site session in the autumn of 2020 {2020.' 1,8691 During the various closures of the Barber Institute over this difficult period, the efforts of the Director of the Ba￿er Institute and her staff continued lo be focused on developing the Ba￿erfs digital learning thread, Barber Home, to provide regular learning resources to the public alongside the Barberfs on-site activities as and when they were possible. The Trustees are commilled lo extending public access to the Charity's collections beyond the Bartjer galleries, and lend works lo scholarly exhibitions, both nationally and internationally, thus subslanlially increasing the number of people who are able to benefit. During the year under review, the number of loans of works lo exhibitions was again reduced by the pandemic, as was the length of the exhibitions, run in most cases.. three loans were seen by 160,766 visitors at five venues12020.. five., 264,300,. five),. one was in the UK and four were in ELJrope12020." three,. two). The various closures of the Barber Institute also caused difficulties for the Peylon and Barber Professor of Music and the Head of University Music & Concerts as Il was not possible for any performances lo be held in the Barber COn￿rt hall during the year under review. The online presence of the Barber music brand was maintained via the University's YouTube channel albeit at a lower level than In the previous year. During the year under review, there was one Barber evening concert, six Barber lunchtime con￿rtS and a number of workshops and talks funded by the Charity which were viewed online or attended by 3,434 people 12020.. 21,4241. In addition, the University's Summer Festival of Music ISFMI, lo which the Charity contributed funds, had audiences and participants lotalling 1,170 12020. SFM online views.. 33,0001. All these events were available to members of the public, many free of charge. The total audience for all musical activities funded by the Charity during the year was 4,60412020.. 54,4241. The library material both for fine arts and for music, and the musical instruments purchased by the Charity during the year, were all available for use by students of the University. Page 4 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Objectives and aims {continued) d. Grant making The Charity's resources are applied in accordance with the Deed of Settlement for the broad benefit of the University of Birmingham, as sel out in more detail above under the heading of objectives and aims. The majority of this expenditure is made in the form of grants which are paid annually to the University of Birmingham,. although part of which may be accumulated where the cost of a particular project exceeds the annual grant. All recurring grants are subject lo regular review. The Trustees may also receive requests for funding from the University of Birmingham on an ad hoc basis and these are assessed in the context of the objectives sel out in the Deed of Selllemenl and the Charity's available financial resources. Achievements and performance Charitable activities Government measures in response to COVID-19 continued to affect the country significantly for much of the financial year under review as lockdowns were reimposed over the winter months and restrictions only gradually relaxed over the spring and summer. Even after most of the measures were removed, following a mass vaccination campaign, many businesses and other oryanisalions voluntarily maintained some of these to provide reassurance lo the public. The effect on the activities funded by the Charity has been marked as the Barber Institute remained closed for much of the year under review., in addition, investment income continued to suffer. Activities relating both lo fine arts and music continued online, bul while the Barber Inslilule was able to open its doors to the public again on 18 May 2021, and launch ils first public exhibition on 11 June 2021, the impact on music was more severe. No public concert performances were given during the entire year under review, despite the easing of reslriclions, because the lack of venlilalion in the Barber concert hall prevented ils further use as a performan￿ Spa￿ in the posI-COVID period. This meant that the Trustees were unable lo fulfil one of the key objects contained in the Charity's Deed of Selllemenl, namely the provision of musical perforMan￿S in the Barber concert hall. Nevertheless, as a grant-giving Charity, a significant proportion of ils normal expenditure remained unaffected by the extraordinary events of the year, and even though costs were lower in some areas due lo the reduction in activities caused by reslriclions, for the most part il was business as usual for the Charity itself. During the year under review, the Charity provided financial support amounting lo £1,337,68212020.' £1,457,886) lo the University of Birmingham and acquired one 12020.. four) work of art for display in the Barber Inslilule galleries, in accordance with the objects set out in ils Deed of Setllemenl. The total value of the acquisition and costs associated with acquisitions amounted lo £47,831 12020.. £59,174). The total sum spent during the year on the Charity's objects was £1,444,18812020.' £1,612,627). The funding provided lo the University of Birmingham included.. A major contribution towards the salary costs of the professorial chairs of Law, Jurisprudence and Music, 2nd of the Director of the Barber Institute whilst the Barber Chair of Fine Arts is vacant., A number of scholarships and prizes, whieh are listed al note g of the notes to the financial statements", and Financial support for the Barber Institute building and the fine art and musical activities associated with it. b. Professorial chairs and prizes As in previous years, the Charity increased by 20/0 Its annual contribution towards the gross salary costs of the professorial chairs of Law, Jurisprudence and Music, and, whilst the professorial chair of Fine Arts remains Vacant, towards the salary of the Director of the Barber Institute of Fine Arts, through annuities 14 under clause 4 of the Deed of Settlement and the supplementary payment. The same increase was applied to the various scholarships and prizes sel out in the Deed of SetllemenL In tol81, £429,600 was provided12020. £421,180). Of this, £14,41212020.. £11,526) was reallocated by the University lo Cover general costs within the Barber Institute Budget cent￿ IBIBCI. Page 5 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Achievements and performance Icontinuedl c. Barber Institute operations Although the Barber Institute reopened lo the public on 23 September 2020, il was forced to close again from 5 November 2020. The building, as part of the campus, remained open for academic and essential collection activities, except during the third national lock down be￿een 11 January and April 2021. As previously mentioned, many of the Barber Instilule's educational activities moved online, although the relaxation of reslriclions this year, allowed the public lo return lo the Bartjer Inslilule from 18 May 2021, albeit on a ticketed basis lo limit visitor numbers. This permilled the opening on 11 June 2021 of the first public exhibition in the galleries Sin￿ March 2020. It is likely that the Barber will continue operating on a hybrid basis, with a mixture of online and building-based activities for the foreseeable future. The Charity provided a lolal of £873,861 in grants lo the BIBC during the year 12020.. £912,564) which represented 78Q/o of the BIBC'S total income of £1,122,356 12020.. 74Qkn of £1,226,951). This figure comprised the Charity's annual recurring grant to the BIBC, which was increased by 20/0 to £691,464, the annuities and supplementary payment relating to Fine Arts mentioned above, and additional financial support for exhibitions, conservation and the development of the collections, tolalling £68,595, further details of which are given below.. The Charity contributed.. £23,184 in support of nine exhibitions and displays organised by the Barber Institute, although only four of these, Sights of Wonder, Making 8 Mark, Ibolh collaborations bebNeen MA Art History students from the University and the Royal Collection Trust), A Golden Jubilee, Celebrating Fffty Years of the Coin Collection, and The Fi￿1 Dictators, look place during the year under review", £13,617 for conservation work, most of which was used lo carry out the repair and conservation of the tables in the Barber Institute foyer., £16,682 from the Galleries Refurbishment Reserve Fund, most of which contributed towards the costs of the renovation of the curtains in the Barber Inslitule's foyer. £550 to cover the continuing costs of the project lo catalogue the coin collection and increase the rale at which il becomes available online. £150 to purchase material for the numismatics library., and £14,412 to cover general costs. As mentioned above, no public performan￿$ took pla￿ in the Barber concert hall during the year under review, as the University decided that the lack of external venlilalion in the hall made il unsuitable for use, despite the relaxation of restrictions and the opening of the Barber Institute lo the public for other purposes. Instead, a much-reduced Barber Gon￿rtS programme was streamed online, and funds were used lo organise a number of workshops and talks, some in collaboration with the Barber's fine arts team. During the year, the Charity spent a total of £220,433 12020.. £302,197) on musical activities associated with the Barber Inslitule. This figure comprised the annuities and supplement relating to Music mentioned earlier In this review, a contribution towards the costs of the post of Head of University Music & Con￿rtS and financial support for the pared-back range of musical activities associated with the Barber Institute. Further details are given below. 2020 was the 75th anniversary of the Barber concert series and, in a muted celebration, a socially distanced perfomance by Carolyn Sampson and Joseph Middleton, both Music alumni and leading artists in the world of art song and Lieder, was recorded in the University's Elgar Concert Hall, and was p￿rnIered on the University's YouTube account on Friday 20th November, together with an online exhibition of photographs, posters and autographs from the archives and a booklet of memories and experiences of staff, former colleagues, audience members and key programming partners. A total of £41,070 was provided by the Charity lo cover this concert, six Barber evening concerts, several perforMan￿S outside the Barber Institute building, and a number of workshops for students or members of the public. Page 6 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Achievements and performance Icontinuedl £3,037 was used for a commission and lo purchase choral and instrumental ensemble sets for use by the University's numerous choirs. £6,875 was used lo purchase a second-hand tuba and a bass flute for use by the University's various orchestras and groups. £6,500, the Charity's annual grant to the Bimiingham Contemporary Music Group IBCMG}, was lo facililale its long-lerm relationship with the Department of Music. £5,000 was provided for the Barber international postgraduate scholarship. £5,000 was used to support the wider Summer Festival of Music as the student opera production, on which the funds were usually spent, could not be staged due to the pandemic. £3,144 covered further costs of the next Barber opera, Alessandro Slradella's La fo￿8 dellamor palemo, which had originally been planned for September 2020, but which has been postponed until September 2022 because of the pandemic. £3,000 covered further costs of a contemporary opera, Professor Michael Zev Gordon's Icarus, which was originally lo be performed in September 2021, but which has now been moved to April 2022 because of the pandemic. £6,274 was provided as a first payment towards the restoration of the Snetzler chamber organ, which was purchased by the Trustees in 1958, to return it to full working order. As a Consequen￿ of the disruptions, expenditure on the Barber concerts series, the Barber opera and the contemporary opera was much reduced. The Trustees agreed that the unspent portion of the grants to these three activities may be carried fonmard into the next financial year. This money will then be used lo cover the significant additional costs which will be involved In hiring performanTr space, as the Barber concert hall will not be available for use until problems caused by the lack of extemal ventilation have been resolved. During the year under review, the Charity provided £35,721 in support of the Barber Fine Art Library, which covered a contribution towards the salary costs of the Senior Learning Adviser., and a grant of £14,586 for the purchase of fine art books and catalogues. This latter sum was significandy lower than nomial because il was not possible during the closures lo lake delivery of library material. The Trustees therefore agreed that the unspent amount may be carried forward for expenditure in next financial year. d. Collgctions The Trustees acquired one work of art during the year.. Portrait of DrFerdinand Mainzer Lovis Corinth11858-19251 Oil on canvas, 75 x 58 cms, dated 1899 Accepted in lieu of Inheritance Tax by HM Government from the estates of Evan and Gisela Stone and allocated jointly to the National Gallery and the Henry Barber Trust. Half of lax settledlvaluation.. £43,800 Page 7 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Achievements and performance Icontinuedl e. Listed investment performance Although the income focus of the Charity's stock market investment portfolio, underpinned by a UK equity bias and coupled with Cazenove's value style, has performed very well over the long-lerm, il had come under pressure in recent years when compared with unconslrained indices, and was particularfy badly affected by the initial economic shock caused by the pandemic and Government measures in response. Nevertheless, ils capital value had recovered subslanlially by the end of the financial year under review and income was also higher than had originally been feared, although it was well down on pre-pandemic forecasts. The recovery of the portfolio was demonstrated by the following figures. The Charity's portfolio generated a lolal return of 28.20/0 12020.. -15.5Q/ol compared with the benchmark's return of 19.40￿ 12020.. _9.90/0l. Over three and five years, the portfolio has returned 2.7Q/o p.a. and 6.40/0 p.a. 12020.. _2.00/o p.a. and 3.2Q/o p.a.) compared with the benchmark, return of 3.8Q/o p-a. and 6.1 Qkn p.a. 12020.. 0.40/0 p.a. and 3.90A p.a.), respectively. The value of the Charity's portfolio rose by 21.7Q/o from £36,864,196 to £44,870,94312020'. -19.5D/ol. There was a net book profil on the sale of investments in the year of £293,141 12020.. £1,270,917), but, in accordance with the Charity's accounting policy, investments are slated al market value and therefore the Statement of Financial Activities showed a nel gain on revaluation in the year of £9,033,255 12020.. nel loss of £8,378,587). For a second year, income from dividends and interest fell,. in the year under review, il was down from £1,655,435 10 £1,548,508, a reduction of 6.5Q/o 12020.. -180/01. The economic situation continues to be Un￿rtaIn, not only because il is still unclear how the pandemic will evolve or how governments will respond, but also because of other geopolitical and economic threats, such as inflationary pressures, climate change, and government responses to these. Although the investment portfolio appeared lo be on the way to recovery from the disruptions of the past eighteen months, the effect of the economic shocks on it brought into sharp relief the vulnerability of an income- biased portfolio, which prevents the investment manager from accessing a broader sel of stocks lo produce a more balanced, and therefore more resilient, portfolio. With this in mind, the Trustees decided lo avail themselves of the mechanism contained in section 282 of the Charities Act 2011 and seek to remove the reslriclion in the Deed of Settlement which prevents the expenditure of capital by passing a resolution to that effect, as they believe that this will give greater flexibility both to them in expending the Charity's funds and lo their investment manager in how the funds are invested with a view to producing more sustainable capital and income growth. The Charity Commission subsequently confirmed that it concurred with the Trustees. resolution and that the amendment would take effect from 8 October 2021. Page 8 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Achievements and performance Icontinuedl f. Investment property performance There were mixed fortunes for the Charity's investment property portfolio as Government measures, while affecting all the Charity's tenants lo some exlenl, had a more severe impact on some. Although restrictions were eased over the summer and autumn 2020, they were reimposed in November and only gradually eased again from spring 2021. The continuing disruption caused hardship for many of the tenants, although a large majority were able lo continue paying their rent or commilled themselves to a tailored repayment plan. Only tenants paid no rent al all during the year, bul no action can be taken by the Charity until at least March 2022 as a result of Government measures. A provision for doubtful debts of £44,189 was raised lo recognise this situation. Despite the restrictions, the work lo redevelop the upper floors at 5-7 Upper Brook Street, Rugeley into four flats was completed by the end of the year under review at a lolal cost of £264,549. The Trustees, long-standing lenanl at 57 St Andrew's Crescent decided to leave, and the opportunity was taken lo sell as il was not considered an attractive proposition as a rental property once the necessary refurbishment costs were accounted for. The sale of the property was completed just after the end of the year under review for £520,000 gross. Gross rental income rose by 11.1 D/0 from £316,127 10 £351,177 {2020'. -8.6Q/o}. This was mainly as the result of a new income stream from the re￿ntlY converted upper floors al 547-549 Bristol Road and the receipt of more income as rent-free periods ended. Total costs associated with the properties amounted lo £103,955, an increase of 120.4Qk over the previous year's figure of £47,160. The main reason for this was that a large refund from the service charge account was re￿iVed in the previous year whereas service charge costs continued lo be incurred on the void upper floors al 5-7 Upper Brook Street, Rugeley during the year under review. In addition, there was the provision of £44,189 in respect of the doubtFul debt relating to of the investment properties. These costs were partially offset by lower professional fees 1£12,0951 compared with the previous year 1£31,3731, when the costs of both a full valuation and the reinstalemenl cost assessments of the investment portfolio were borne. Other costs were much in line with the previous year. An interim valuation was carried out as al 31 July 2021 to reflect a number of significant changes to the portfolio. Pennycuick Collins was of the opinion that, over the year, 57 St Andrew's Cres￿nt, Slralford-upon-Avon and 5-7 Upper Brook Street, Rugeley had increased in value by £145,000 and £165,000, respectively, following the sale subject to contract of the former, and the redevelopment of the latter. Conversely, the value of 1A Upper Brook Street, Rugeley was reduced by £25,000 lo reflect market conditions. The net effect was lo increase the value of the investment property portfolio by £285,000 from £4,394,000 10 £4,679,000, a rise of 6.5Q/o. Page 9 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Financial review a. Going concem 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 lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going cOn￿M basis can be found in the accounting policies. b. Reserrfes policy The Charity aims to maintain reserves on the General Fund of al least £500,000 in order lo meet any unforeseen expenditure and lo enable it lo meet ils funding commitments, regardless of an uneven income stream. At the year-end, a balan￿ of £2,323,063 was held on the General Fund. Moneys from the General Fund are allocated to various designated funds for specific future purposes or projects. At the year-end, a balan￿ of £354,970 was held on the Exhibition Reserve Fund for the Barber Inslilute's forthcoming exhibitions programme. At the year*nd, a balan￿ of £20,260 was held on the Coin Database Reserve Fund for the continuing Maintenan￿ of the Charity's database of coins. At the year*nd, a balance of £51,815 was held on the Major Conservation Reserve Fund for the continuing programme of conservation of works of art. At the yearend, a balance of £459,115 was held on the Galleries, Refurbishment Reserve Fund for building works and other capital projects in the Barber Institute building, as well as for the purchase of items associated with the galleries. Moneys from the General Fund are also used lo fund major acquisitions of works of art. As il is not possible lo predict when a work of art suitable for acquisition might become available, and major acquisitions are, by their nature, expensive, the Trustees believe that il is ne￿$Sary lo maintain a subslanlial balan￿ of moneys on the General Fund where possible. The designated Works of Art Fund is to cover discretionary purchases of works of art made by the Director and lo enable the Charity lo accumulate funds to make such acquisitions. Al the year*nd, a balance of £71,007 was held on the designated Works of Art Fund for the purchase of works of art al the discretion of the Director. At the year-end, a balance of £39,939 was held on the Barber Institute Operations Fund for expenditure in connection with the activities of the Barber Institute. At the year-end, a balan￿ of £10,260 was held on the Music Fund for musical activities at the Barber Institute. In order lo make provision for the cost of dilapidations and improvements on the Charity's investment property, £20,000 per annum is transferred to the Investment Property Sinking Fund. Al the year*nd, following the expenditure on the redevelopment of the upper floors al 5-7 Upper Brook Street, Rugeley, the balance on the nd was -£154,058. As 950/0 of the costs of this project were allributable lo an improvement of the property, it was intended lo transfer a capital sum equal lo this amount into the fund to restore a positive balance. Unfortunately, the exact amount of the capital transfer could only be calculated shortly after the year-end once all invoices relating to the project had been re￿ived. It transpired that the sum was £251,322 and, accordingly, this amount was transferred into the Investment Propety Sinking Fund from the nel sale prO￿ed$ of 57 St Andrew's Cres￿nt, bringing the balance on the fund lo £97,263. c. Financial position and principal funding sources The Trustees are satisfied with the financial slate of affairs of the Charity. The Charity's principal source of nding is ils Endowment Fund., comprising listed investments, approximately 88.20/0 by value, together with a significant proportion held in investment properties, approximately 9.20A by value, with the balance in cash deposits, approximately 2.6.0kn by value. The Charity does not actively raise funds from the public., bul the Trustees are grateful for the donations, grants and gifts-in-kind the Charity receives. Page 10 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 d. Investment policy and objectives The Charity's investment policy is to seek real growth in income on an annual basis whilst preserving real capital value. Under the provisions of the Trustees Act 2000 the Charity has a general power of investment enabling it, subject lo an overriding duty of care, to invest as widely and freely as though the moneys were the Trustees, own. e. Principal risks and uncertainties As an endowed Charity, the Trustees consider that the generation of incoming reSoUr￿S is within their control and they have in place strategies lo manage risks associated with the investments under their control. The Trustees ensure that the Charity's grants are spent on activities in accordance with the Charity's objects whilst recognising that the realisalion of the majority of these activities is largely outside the Trustees, control.. being the responsibility of the University of Birmingham. Security of the Charity's collections is of paramount importance lo the Trustees. Whilst remaining the responsibility of the Trustees, the arrangements for the conservation and security of the Charity's collections have been delegated to the University of Birmingham., which owns the buildings in which the collections are housed and employs the staff who work in them. The Trustees, security policy, reinforced by the Trustees in their discussions with the University of Birmingham and ils staff, requires the University of Birmingham to provide security arrangements of the highest standard. f. Future plans Despite the reduction of the Charity's income as a result of the pandemic over the year, the demand on funds was also reduced as activities were curtailed significantly due to the various reslriclions in place throughout most of the year. In most cases, however, the unspent funds will be required assuming reslriclions continue lo be relaxed, and the Trustees agreed as a special measure that unspent balances on concerts, the operas and on material for the Barber Fine Art Library may be carried forward for expenditure in 2021122. The Trustees passed a resolution in June 2021 to remove the reslriclion on spending capital contained in the Deed of Selllemenl, as permilled by section 282 of the Charities Act 2011. Before the resolution can take effect, the Concurren￿ of the Charity Commission is required and this was re￿iVed on 8 October 2021. Following the University's decision lo close the Barber concert hall due to a lack of external ventilation, its plans as lo how lo deal with this situation are awaited. The University has committed £1 Om in its capital programme lo the Barber Institute building and it is hoped that some of this money will be used to resolve the problem permanently. The Trustees have expressed their willingness to contribute towards the costs of any solution. The Trustees agreed to increase the Charity's funding lo the University by 2Q/o in 2021122 in the following areas.. the annuities and prizes set out in clauses 4, 6C and 7 in the Deed of Settlement., the supplement to the four professorial chairs., the basic contribution to the BIBC", the routine grants for conservation and the coin library,. and the music international postgraduate scholarship. Page11 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 The fvnding level for future years will be reviewed by the Trustees in March 2022. The Charity will also continue lo provide grants lo the various rolling funds for expenditure relating to the collections and the galleries. Plans for the exhibitions programme in the next financial year and beyond include.. a show entitled Miss Clara and the Celebrity Beast in Art, featuring the collection's bronze rhinoceros, which is planned to take place in the winter 2021122", the fifth collaboration between the Royal Collection Trust and a team of MA Art History students from the University, planned for summer 2022., an exhibition in 2022123 on Brueghel, the latest in the series which focuses on works in the collection., and a new coin exhibition, also planned for 2022123. While the majority of the conservation work on the paintings has now been completed for the time being, the statue of George l is likely lo require significant treatment In the near future. on￿ the costs of this project have been established, a picture survey will be scheduled which may Identify further necessary conservation work. Now that the majority of the coin collection has been catalogued, funds are likely to be spent on the services of professional specialists to catalogue the remaining, more obscure sections. Music will continue to receive the usual financial support through the Charity's regular funding, although the Barber concert series and other performances funded by the Charity, continue to be severely disrupted. As mentioned above, the Barber COn￿rt hall cannot be used as a performance venue, because of the lack of ventilation. The Barber concert series will therefore be held, as a temporary measure, in the Bramall Music Building and will mainly comprise rescheduled events originally planned for the year under review. Performers will include Jess Gillam Isaxophonel, Kity Whalley and Simon Lepper Ivoice and piano), Riot Ensemble, the Tippett String Quartet, and concerts presented as part of Birmingham International Piano Festival. A special performance by the Chinekel ensemble will be held to mark the retirement of Professor Sir David Eastwood, the ViCe-Chan￿110r of the University and one of the Charity's Trustees. Plans are ongoing lo mount the contemporary opera in April 2022, and the Barber opera in September 2022. The need for external venues for these productions will come al a significant cost and are likely to absorb all of the underspent element of the con￿rtS and opera budgets from the year under review. The Charity's regular financial support for the Barber Fine Art Library will also continue through its contribution to the post of the Senior Learning Adviser and through ils grant for fine art library material. Structure, govgrnance and managgment a. Constitution The Henry Barber Trust was estsblished by a Deed of Settlement executed by Lady Barber on 13 DeTrmber 1932 in memory of her late husband, Sir Henry Barber Bl, a life-governor of the University of Birmingham. The Charity is controlled by ils governing document, the Deed of Settlement as amended by several Charity Commission schemes, and constitutes an unincorporated Charity. The Trustees are an incorporated body under the Charities Act 2011 known as The Trustees of The Barber Institute of Fine Arts Registered. The Trustees were incorporated as a body on 13 November 1952., originally under the now repealed Charitsble Trustees Incorporation Act 1872. Page 12 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 structure, governance and management Icontinuedl b. Recruitment and appointment of new Trustees Trustees are nominated by members of the Board of Trustees and appointed where they have the necessary skills and experien￿ lo contribute to the management of the Charity or have particular expertise to contribute lo the Charity's development. The written consent of the University of Birmingham lo the appointment of each Trustee musl be obtained. Prior lo appoinlmenl, nominated Trustees are required lo sign a declaration of eligibility and lo disclose all relevant interests. The Deed of Selllemenl requires that there shall be no fewer than three and no more than nine Iruslees al any one time, and al least one bul no more than three of the Trustees shall al any one lime be members of the council or staff of the University of Bimiingham. c. Oryanisational structure and decision making The Charity is managed by a Board of Trustees. A Secretary to the Trustees is appointed by the Board of Trustees lo administer the day-to-day operations of the Charity. The Secretary lo the Trustees maintains a register of Trustees. interests and, in accordance with the Charity's policy, Trustees are required lo withdraw from decisions where a conflict of interest arises. d. Induction and training of new Trustees Upon appointment new Trustees are provided with a copy of the Charity's Deed of Settlement, the most re￿nt report of the Trustees and audited financial stalemenls, the most recent management accounts and copies of the previous three years, minutes of Trustees, meetings. Recent appointees have all been familiar with the duties of a Trustee but the Charity would organise attendance on a suitable course if necessary. e. Key management remuneration The Deed of Settlement provides that each Trustee shall receive an annuity of £100 for his or her Servi￿$. Under the terms of a Charity Commission scheme dated 20 January 2006, this annuity is indexed. Annuities amounting lo £14,617 12020 - £13,289) were paid lo six 12020 seven) Trustees for their contribution to the worf( of the Charity. Professor Sir David Eastsvood has waived his enlillement lo re￿1ve an annuity. staff salaries of £74,39712020- £73,503), including pension contributions of £8,35612020 - £8,2631 were paid in respect of ￿0(2020 - ￿0) people who worked part-lime on the management and adminislralion of the Charity. The remuneration of the Secretary lo the Trustees is determined by the Trustees with reference lo market rates of pay for equivalent posts. f. Related party relationships The Charity has close links with the University of Bimiingham. The written consent of the University of Birmingham lo the appointment of each Trustee musl be obtained. Al least one bul not more than three of the Trustees shall at any lime be members of the council or staff of the University of Bimiingham. T.P.I.C. (Birminghaml Limited is the Charity's wholly-owned dormant subsidiary undertaking. Page 13 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 structure, governance and management Icontinuedl g. Risk management The Trustees have a duly lo identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place lo provide reasonable assurance against fraud and error. The Trustees have assessed the major risks lo which the Charity is exposed, particularly those related lo the activities and finances of the Charity, and they are satisfied that systems are in pla￿ lo manage the Charity's exposure to the major risks. The Trustees consider that the principal risks which face the Charity relate to the security of ils collections and ils income-producing assets, and, whilst the Barber GOn￿rt hall is out of use, their inability lo fulfil one of the principal objects of the Deed of Selllemenl, namely the funding of musical performances in the Barber concert hall. With regard to the security of the collections, the Trustees have, of necessity, delegated all aspects of this lo the University of Birmingham, whilst emphasising that il musl be given the highest priority. Funds are made available to the University lo ensure that security measures are maintained lo the highest standards. Discussions are also underway with the University lo ensure that the condition of the Barber Inslilule building is maintained so as not lo pose a threat to the security of the collections and lo resolve the problem of a lack of ventilation in the Barber concert hall. The University has re￿ntlY committed £10m to the Barber Inslilule building in the next phase of ils capital plan. The Trustees have appointed an investment manager and a property manager lo manage the Charity's income producing assets. The performance of these managers is kept under careful and regular review, as is the performance of the assets, in order to ensure that they are being properfy managed and are performing well. 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 Iunited Kingdom Generally AC￿pIed Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it IS Inappropriate to p￿SUme that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Deed of Settlement. They are also resF)onsible for safeguarding the assets of the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Disclosure of infomiation to auditor Each of the persons who are Trustees al the time when this Trustees. Report is approved has confirmed that.. so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. S￿ned by.. HB Carslake BA. LLB Chairman Dale.. 23 November 2021 Page 15 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HENRY BARBER TRUST Opinion We have audited the financial statements of the Henry Barber Trust (the 'Charity'l for the year ended 31 July 2021 which comprise the Statement of Financial Aclivilies, 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, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the Charity's affairs as at 31 July 2021 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs 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 slalements 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 eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, 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 I￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wth respect lo going con￿rn are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report other than the financial slalements and our Audilorfs Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained In the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Page 16 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HENRY BARBER TRUST CONTINUED) Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities IAecountS and Reports) Regulations 2008 requires us to reFlOrt to you if, in our opinion". the infomialion given in the Trustees, Report is inconsislenl in any material respect with the financial statements., or sufficient accounting records have not been kept," or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the p￿paratiOn of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financi81 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 concem basis of accounting unless the Trustees either intend to liquidate the Charity or to cease opeffitions, or have no realistic altemalive bul to do so. Page 17 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HENRY BARBER TRUST CONTINUED) Auditorfs 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 aecordance with the Ael and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financi81 statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue an Audilorfs 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 IUKI 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, a￿ instances of non-compliance wilh18WS and regulations. We design procedures in line with our responsibilities, oullined above, lo delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling itregularities, including fraud is detailed below.. Our assessment focussed on key18ws and regulations the Charity has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Charities Act 2011, Charities (Proleclion and Social Investment) Act 2016, 18X8tion legislation, data protection, anti-bribery and employment legislation. We are not responsible for preventing irregularities. Our 8ppr08ch to deleeling irregularities included, but was not limited lo, the following". obtaining an understanding of the legal and regulatory framework applicable to the Charity and how the Charity is complying with that framework, including agreement of financial statement disclosures lo underlying documentation and other eviden￿., obtaining an understanding of the Charity's control environment and how the Charity has applied relevant control procedures, through discussions with Trustees and other management and by perfomiing walklhrough testing over key areas, obtaining an understanding of the Charity's risk assessment process, including the risk of fraud", reviewing meeting minutes of those charged with governance throughout the year., and performing audit testing lo address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult lo delecl than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditor's Report. Page 18 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HENRY BARBER TRUST CONTINUED) Use of our report This report is made solely to the Charity's Trustees, as a body, in 8ecord8nce with Part 4 of the Charities IAccountS and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the Charity's Trustees those matters we are required lo stale to them in an Auditor's 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. Cooper Parry Group Limited Chartered Accountants Stslutory Auditor One Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 88G Dale.. 25 November 2021 Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 19 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021 Unrestrieted funds 2021 Restrieted Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income and endowments from.. Donations and legacies Barber Institute operations Investments 43,800 43,800 5,800 16,437 1,987,287 1,909, 126 1,909, 126 Total Income and endowments 1,909,126 43,800 1,952,926 2,009,524 Expendlture on: Raising funds Charitable activities 421,973 1,400,388 154,594 576,567 1,444, 188 209,671 1,612,627 43,800 Total expendlture 1,822,361 43,800 154,594 2,020,755 1,822,298 Not incomellexpenditurel before net gainslllossesl on investments Nel gainslllossesl on investments 86,765 1154,5941 167,8291 187,226 9,318,255 9,318,255 17,754,607) Net movement in funds 86,765 9,163,661 9,250,426 17,567,381) Reconciliation of funds: Total funds brought forward Nel movement in funds 3,089,606 86,765 41,698,021 9,163,661 44,787,627 9,250,426 52,355,008 17,567,381) Total funds carried forward 3,176,371 50,861,682 54,038,053 44,787,627 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 23 to 41 form part of these financial statements. Page 20 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST BALANCE SHEET AS AT 31 JULY 2021 2021 2020 Note Fixed assets Heritage assets Investments Investment propety 14 15 48,196,599 4,679,000 37,315,189 4,394,000 50,875,599 41,709,189 Current assets Debtors Investments Cash al bank and in hand 16 17 62,679 2,173,274 1,056,106 63,759 2,163,549 1,018,672 3,292,059 3,245,980 Creditors.. amounts falling due within one year 18 1129,6051 1167,5421 Net current assets 3,162,454 3,078,438 Total net assets 54,038,053 44,787,627 Charity funds Endowment funds Reslricled funds Unrestricted funds 19 19 19 50,861,682 41,698,021 3,176,371 3,089,606 Totsl funds $4,038,053 44,787,627 The financial stslemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. OocuSlqn•d by.. HB Carslake BA Chairman Dale.. 23 November 2021 The notes on pages 23 to 41 form part of these financial statements. Page 21 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Cash flows from oporating activitigs Nel cash used in operating activities 12,013,812) 12,224,770) Cash flows from invosting activitlOS Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments Investment property additions 1,909,126 2,186,048 9,039,482 5,135,877 18,012,976) 14,556,740) 181,0201 Net cash provlded by Investlng actlvltles 2,935,632 2,684,165 Net cash provided by financing activitiOS Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 921,820 459,395 3,632,216 3,172,821 Cash and cash equivalgnts at thg end ofthe year 4,554,036 3,632,216 The notes on pages 23 to 41 form part of these financial statements Page 22 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Aecounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordan￿ with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Henry Barber Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhetwise slated in the relevant accounting policy. The results of the Charity and its wholly-owned subsidiary, T.P.I.C (Birminghaml Limited, are not consolidated on a line for line basis. T.P.I.C IBirminghaml Limited is a dormant Company. Under these circumstances the Trustees consider the results of the subsidiary undertaking are not material to the group and the preparation of consolidated financial stslemenls is inappropriate to the better understanding of the Charity. 1.2 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Dividend income is included by reference to the payment dale of the dividend. Items donated to the Charity's collections are included at market value al the time of receipt. Page 23 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting policies Itontinuedl 1.3 Expenditure Expenditure is recognised once there is 8 legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be ￿qUIred in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of raising funds comprise those costs d1￿cl1Y attributable to managing the Charity's fixed asset investments, including investment propety, together with an allocation of governance support costs based on an estimate of time devoted to this activity of 250/0, and an allocation of administration support costs based on an estimate of lime devoted to this activity of 550k. The latter has been increased from 100/ts on review lo reflect the situation more accurately. Administration support Costs in connection with charitable activities comprise the costs of processing annuities and grants to the University of Bitmingham, supporting activities within the Batber Institute, particularly in the area of music, and ancillary costs associated with the Charity's collections. Administration support costs are allocated between the Charity's activities on the basis of time devoted to each activity.. professorial chairs and prizes 20A, Batber Institute operations 4001ts and collections 30/0. These allocations were changed from 100/0, 70¥0 and 1 OOA, respectively, on review to reflect more 8ceuralely the time spent on each area. Governance support costs comprise those costs direclly attributable to organisational administration and eompliance with conslitulional and statutory requirements and are allocated bebNeen the Charity's activities and costs of raising funds on the basis of time devoted lo each activity.. professorial chairs and prizes 250/0, Barber Institute operations 250/0 eollections 250A and costs of raising funds 250/0. Expenditure on raising funds includes 811 expenditure incurred by the Charity in connection with the costs of maintaining its investments and subsequent income. Expenditure on ch8rit8ble activities is incu[￿d on direclly undert8king the activities which further the Charity's objectives, as well as any associated support costs. Annuities and grants awarded to the University of Bimingh8m are included in the Statement of Financial Activities when approved by the Trustees and agreed with the University. The value of grants unpaid at the year end is aecrued. Grants offered subject to conditions which have not been mel al the year end date are noted as a commitment but not aecrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.4 Taxation The Charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and the￿fore il meets the definition of a charitable entity for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respeel of income or eapilal gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 24 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting policies Itontinuedl 1.5 Tangible fixed assets and heritage assets Office fittings and equipment held for the Charity's ()wn use costing more than £2,500 are capilalised and dep￿tiated over four ye8rs on 8 slraighl-line b8SiS. The Barber Institute building, although built with moneys provided by the Charity, is situated on land owned by the University of Birmingham. The building is therefore owned by the University of Birmingham and is not reflected in these financial statements. The Charity's eollections are heritage assets and are not C8Pitalised in the financial statements. The Charity's collections are inalienable assets as the Deed of Settlement requires that all the wotks of art or beauty acquired by the Charity shall be held in perpetuity. The Trustees may apply the remaining income arising from the Permanent Endowment Fund: having discharged certain prior obligations, for a variety of purposes, including the purchase of works of art or beauty. The cost of acquisitions for the Charity's collections are included within expenditure a5 the Trustees consider this enables them to demonstrate better their compliance with the terms of the Deed of Setllement. The cost of heritage assets acquired prior to 31 July 1999 is not available. The Trustees consider the cost of carrying out a valuation to include heritage assets al valuation in the financial statements lo be considerable compared with the limited additional benefit derived by the users of the financial statements. FRS 102, together with the Charities SORP IFRS 1021, requires the capitalisalion of acquisitions for the Charity's collections since 1 August 1999. The Trustees consider the inclusion of the cost of acquisitions made since 1 August 1999 on the Charity's Balance Sheet would give a misleading picture of the financial value of the Charity's collections as the cost of these acquisitions is minor in relation lo the aggregate value of its collections and therefore relalivety not material. 1.6 Investments Fixed asset investments are a fom of financial instrument and are inilialty recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. Investments held as fixed assets are shown al cost less provision for impairnent. 1.7 Debtors Trade and other debtors are reeognised al the setuement amount after any trade discount offered. Prepayments 8re valued al the amount prepaid net of any trade discounts due. 1.8 Cash at bank and in hand Cash at bank and in h8nd includes cash and short-term highly liquid investments with 8 short m8turity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 25 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting policies Itontinuedl 1.9 Liabilities and provisions Li8bilities 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 ￿COgnised at the amount that the Charity anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 1.10 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 al their settlement value with the exception of bank loans which are subsequently measured at 8mortised cost using the effective interest method. 1.11 Pensions The Charity's staff are members of the University of Birmingham's defined benefit pension scheme. Contributions payable for the year are ￿-InVOlCed by the University of Birmingham lo the Charity and charged to the statement of financial aclivilies. The Charity's obligation in respect of the scheme eannot be separately identified and as such the payments are treated as if they were to a defined contribution scheme. The Charity also pays unfunded non-eontmeted pension annuities to certain former employees, or their spouses. Pension annuities payable for the year 8re charged lo the statement of financi81 activities. 1.12 Fund accounting General Funds are unreslrieled funds which are available for use at the discretion of the Trustees in furtherance of the general objeelives of the Charity and which have not been designated for other purposes. Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financi81 statements. Investment ineome, gains and losses are alloealed to the appropriate fund. Page 26 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Income from donations and legacies Unrestricted Restrieted funds funds 2021 2021 Total funds 2021 Total funds 2020 Gifts in kind 43,800 43,800 800 Legacies 5,000 Total 2021 43,800 43,800 5,800 During the year, one work of art was allocated by HM Government Ljnder the Acceptance in Lieu IAILI scheme lo the Charity and the National Gallery, London, Join￿Y. The valuation of the work was £87,600 and, accordingly, half has been allocated to the Charity. More details about this work of art is provided in note 14 under Heritage Assets. Income from charitable activities Unrestricted funds 2021 Total funds 2021 Total funds 2020 Income from charitable activities - Barber Institute Operations.. music and other events 16,437 Total 2021 16,437 Total 2020 16,437 16,437 Incoming ￿SOurCeS from charitable activities in respect of music and other events solely represents income from the sale of Barber concert tickets. Page 27 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Investment ineome Unrestrieted funds 2021 Total funds 2021 Total funds 2020 Rents receivable Listed investment dividends Listed investment interest Investment manage¢s interest Bank and other Interest 351,177 1,084,291 464,217 351,177 1,084,291 464,217 316,127 1,140,959 513,729 747 9,441 9,441 15,725 Total 2021 1,909,126 1,909,126 1,987,287 Expenditure on raising funds Costs of raising voluntary income Unrestricted Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Investment managerfs fees Property agenvs commission Propety repairs and maintenance InsLJranTr, rates and service charyes Professional charges Bad debts Costs of raising voluntary income - administrative costs 154,594 154,594 22,902 269,210 19,429 12,095 44,189 151,936 19,762 13,0911 17,3161 31,373 2,123 22,902 269,210 19,429 12,095 44,189 6,642 6,642 1,138 Costs of raising voluntary income- wages and salaries Allocated ￿ntrallY incurred fundraising and g0Veman￿ costs 40,918 40,918 7,350 6,588 6,588 6,396 Total 2021 421,973 154,594 576,587 209,671 Total 2020 57,735 151,936 209,671 Page 28 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Anatysis of expenditure on charitable activities Summary by fund type Unrestricted Restrieted funds funds 2021 2021 Total funds 2021 Total funds 2020 Professorial chairs and prizes Ba￿er Institute operations Collections 423,504 963,671 13,213 423,504 963,671 57,013 424,538 1,114,035 74,054 43,800 Total 2021 1,400,388 43,800 1,444,188 1,612,627 Analysis of expenditure by activities Activities undertaken directly 2021 Grant funding of activities 2021 Support costs 2021 Total funds 2021 Total funds 2020 Professorial chairs and prizes Barber Institute operations Collections 415,188 922,493 8,316 41,178 9,182 423,504 963,671 57,013 424,538 1,114,035 74,054 47,831 Total 2021 47,831 1,337,681 58,676 1,444,188 1,612,627 Total 2020 59,174 1,457,886 95,567 1,612,627 Anatysis of direct costs Total funds 2021 Total funds 2020 Collections 2021 Collections sundry expenses Acquisitions of works of art 4,031 43,800 4,031 43,800 59,174 Total 2021 47,831 47,831 59,174 Page 29 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Anatysis of expenditure by activities leontinuedl Anatysis of support Costs Professorial chairs and prizes Barber Institute operations Collections 2021 2021 Total funds 2021 Total funds 2020 2021 Stsff costs Office expenses Office insurance Pension annuities Governance costs 1,488 102 29,759 2,082 215 2,534 6,588 2,232 156 16 190 33,479 2,340 242 2,851 19,764 66,153 4,205 465 5,558 19,186 127 6,588 6,588 Total 2021 8,316 41,178 9,182 58,676 95,567 Governance costs 2021 2020 Trustees, annuities Trustees, insurance and costs Auditors, remuneration 14,617 634 11,100 13,289 1,493 10,800 26,351 25,582 Governance costs are di￿loSed as follows.. raising fvjnds £6,588 12020.. £6,396) and support costs £19,76312020.' £19,186). Page 30 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Anatysis of grants Grants to Institutions 2021 Total funds 2021 Total funds 2020 Grants, professorial chairs and prizes Grants, Barber Inslilule operations 415,188 922,493 415,188 922,493 409,654 1,048,232 Total 2021 1,337,681 1,337,681 1,457,886 The Charity has made the following material grants to institutions during the year.. 2021 2020 Recipient, clause and annuity reference Barber Chair of Law. clause 4, first annuity Barber Chair of Jurisprudence, clause 4, second annuity Barber Chair of Fine Arts, clause 4, third annuity Barber Chair of Music, clause 4, fourth annuity Barber Institute staff costs, clause 4, fifth annuity School of Law, clause 4, sixth annuity Department of Music, clause 6ICI, annuity School of Law Libory, clause 7, first annuity Clerical assistance to School of Law Library, clause 7, second annuity Sir Henry Barber Law scholarship, clause 7, third annuity Lady Barber Post Graduate Scholarship, clause 7, fourth annuity Department of Music Scholarship, clause 7, fifth annuity School of Law essay prize, dause 7, sixth annuity School of Law debating pryze, clause 7, seventh annuity Holdsworth Club, clause 7, eighth annuity Supplement lo the annuities Barber Institute operations 1,500 2,146 3,168 1,326 1,410 672 672 4,034 8,064 672 12,100 2,690 136 136 1,470 2,104 3,106 1,300 1,382 660 660 3,954 7,907 660 11,864 2,838 133 133 136 133 376,326 371,550 922,493 1,048,232 1,337,681 1,457,886 In addition to the annuities payable under the terms of the Deed of Settlement, the Charity awards each year 8 supplement lo the annuities which is paid to the University of Birmingham in respect of the salary costs of the Barber Chair of Law, the Batber Chair of Jurisprudence, the Barber Chair of Fine Arts Ivacanl since May 20121 and the Barber Chair of Music. Although the Barber Chair of Fine Arts is vacant the annuity continues lo be applied lo the salary of the Director of the Barber Institute. The Charity makes no direction as to how the supplement is to be divided between the chairs. The amount of the supplement lo the annuities is ￿vieWed regu18rly. An analysis of the grants and funding payable lo the University of Bimingham for the Barber Institute building, 8nd its activities, is given below.. Page 31 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Barber Institute Budggt Cgntre Annual recurring grant Virement from supplement to the annuities Exhibitions grant Major conservation of works of art and related costs grant Improvements to the galleries." gallery equipment Coin library grant Coin collections database 691,484 14,412 23,184 13,617 16,682 150 550 677,900 11,526 59,264 29,514 7,803 12,384 760,059 798,391 Music Music staff costs grant Batber Concert fees and expenses funding Other concert fees and expenses funding Music books and manuscripts funding Musical instruments funding BCMG Ensemble-in-Association grant Barber International Post Graduate Scholarship grant student opera grant Barber opera funding Contemporary opera funding Restoration of the Snetxler chamber organ 46,814 41,070 49,562 107,979 6,955 3,793 6,959 6,500 4,900 5,000 9,499 9,166 3,037 6,875 6,500 5,000 5,000 3,144 3,000 6,273 126,713 210,313 Barber Flne Art Llbrary Library staff costs grant Books grant 21,135 14,586 20,858 18,670 35,721 39,528 922,493 1,048,232 Analysis of grants Icontinuedl In advan￿ of each financial year the Charity agrees an annual budget with the University of Birmingham for the amounts payable by the Charity in respect of the annuities and ils contribution towards Barber Institute operations. The actual amounts payable may be varied with the Charity's prior approval. Grants are amounts paid by the Charity directly to the University of Birmingham and funding represents amounts paid by the Charity, under the above headings, al the direction of the University of Bimiingham. Page 32 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. Auditorfs remuneration 2021 2020 Fees payable lo the Charity's auditor for the audit of the Charity's annual accounts 11,100 10,800 11. Staff costs 2021 2020 Wages and salaries Social security costs Contribution to defined benefit pension scheme 59,762 6,279 8,356 59,024 6,216 8,263 74,397 73,503 Staff salaries of £74,39712020.' £73,503), including pension contributions of £8,35612020 - £8,263) were paid in respect of 212020.. 21 people who worked part-time on the management and administration of the Charity. The remuneration of the Secretary lo the Trustees is determined by the Trustees with reference lo market rates of pay for equivalent posts. The average number of persons employed by the Charity during the year was as follows.. 2021 No. 2020 No. Management and administration No employee received remuneration amounting to more than £60,000 in either year. As noted above, during the year, 2 12020". 21 people worked part-time on the management and administration of the Charity. The Secretsry to the Trustees has a contract of employment with the Charity and is paid via the University of Birmingham. During the year, in addition to those engaged on the Charity's management and administrstion, there were on average a further 4012020". 391 staff working at the Barber Institute, all of whom were paid by the University of Birmingham. Pension annuities of £6,33612020". £6,177) were paid during the year to 312020." 31 former employees or their spouses. Page 33 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 12. Trustees. remuneration and expenses The Deed of Settlement provides that each Trustee shall receive an annuity of £100 for his or her serviTrs. Under the terms of 8 Charity Commission scheme dated 20 January 2006 this annuity is indexed. Annuities amounting lo £14,61712020." £13,289) were paid to 612020". 71 Trustees. Professor Sir David E8slwood has waived his entitlement lo receive an annuity. Annuities paid during the year are 8nalysed as follows". HB Carslake JR Bales Canon Professor MG Clarke Dr E McAdam SD Maddock Mrs VJP Simpson Dr AJ Sturgis £4,091 £2,105 £Nil £2,105 £2,105 £2,105 £2,105 12020. £4,011) 12020. £2,065) 12020. £9691 12020. £511 12020. £2,065) 12020. £2,064) 12020. £2,064) During the year ended 31 July 2021, expenses tol811ing £NIL were reimbursed or paid directly to Trustee 12020 - £109 to 2 Trusleesl- 13. Investment property Freehold investment property Valuation At 1 August 2020 Surplus on revaluation 4,394,000 285,000 At31 July2021 4,679,000 In accordance with the Charity's accounting policies, investment property is stated at market value. During the year, one of the Charity's investment properties was sold subject to contract al the year-end, and the upper floors of another was redeveloped. Accordingly, Pennycuick Collins was asked lo provide an interim valuation of the portfolio as at 31 July 2021. The historical cost of investment property at the year end is £2,710,68612020.' £2,459,364). Page 34 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. Heritage assets The Charity's colleelions are heritage assets and include paintings, prints, drawings, watercolours and portrait miniatures," sculpture, art objects, furniture and decorative art", manuscripts and books", and coins, seals and weights. The Charity's collections include items ranging in age from the fifth century BC to the twentieth century AD. Details of the Charity's collections are provided in the Barber Institute of Fine Arts Handbook, published in 1999, which is available for purchase from the Batber Institute of Fine Arts, the University of Birmingham, Edgbaston, Birmingham B15 2TS. Details of acquisitions during each financial year since 1999 are provided in the Charity's financial statements. Work at the Barber Institute continues lo provide public access lo the Charity's collections online. At present, approximately 800/0 of the Barber collections, excluding the coin collection, are available vi8 the University's website, this includes all of the paintings (except all bul one of those in the Lady Barber collectionl. Online public access is also available via the Nation81 Inventory of Continental European Paintings database for old master paintings, hosted by the Visual Arts Data Services, atthough these entries cover only pre-1900 continental European oil paintings. All the Charity's oil paintings, sculptures and drawings (excluding those by Edmund Kapp and some of the new acquisitions) however, appear on the Art UK website." a joint initiative between Art UK and around 3,000 museums and art collections. The￿ is also now access to about 12,000 items in the coin collection at the Barber Institute labout 750 of the totall via the University's website. Progress in increasing this number fell significanlly during the year, following the departure of the four cataloguers in 2020, and is now likely to be in the region of 500 a year. Before the pandemic, the Trustees regularly loaned items from the Charity's collections lo other museums and also accepted paintings and other items on short- or medium-lerm loan, both for display with the permanent collections and for exhibitions, and this activity has now resumed. Under normal circumstances, approximately 700k of the painb'ngs is on display,. 30/0 of the collection of works on paper is on display, and less than 10/0 of the collection of coins is on display. As temporary exhibitions are no longer held in the main galleries, these figures remain faidy constant throughout the year. In addition, 850k of the collection of sculpture and 75010 of other works of art are on display at all times. The remaining items are held in storage, but access is petmitted lo scholars and others for research by prior appointment During the year, the Charity 8equired one work of art". Porttsit ofDrFerdinand Mainzer Lovis Corinth11858-19251 Oil on canvas, 75 x 58 cms, dated 1899 Accepted in lieu of Inheritance Tax by HM Government from the estates of Evan and Gisela Stone and allocated jointly lo the National Gallery and the Henry Barber Trust. Half of lax settledlvaluation". £43,800 The Ch8rity's expenditure on the purchase of heritage assets in the period 1 August 1999 to 31 July 2021 amounted in total lo £9,084,030", comprising £9,027,902 on works of art and £56,128 on coins. An analysis of expenditure on the purchase of heritage assets over the last five years is given below.. Anatysis of heritage asset transactions 2021 2020 2019 2018 2017 Purchases Works of art 58,344 267,700 3,200 208,046 Total additions 58,344 287,700 3,200 208,046 Page 35 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 15. Fixed asset investments Investments in Cash and subsidiary Listed settlements companies investments pending Total Cost or valuation At 1 August 2020 Additions Disposals Revaluations Transfers intra group 1,000 36,864,196 449,993 37,315,189 8,012,976 8,766,412 16,779,388 18,766,412) 18,009,611) 116,776,023) 8,760,183 8,760,183 117,862 117,862 At31 July2021 1,000 44,870,943 1,324,656 46,196,599 Listed investments at the year end include four material individual holdings.. 11,244,203.04 units in Schroder Slerfing Corporate Bond Fund with a market value of £7,306,483 2,313,515,491 units in Charities Propety Fund with a market value of £2,918,962 2,375,692,87 units in Schroder QEP Global Active Value Fund with a market value of £2,618,014 50,383,854 units in Schroder UK Real Estate Fund with a market value of £2,407,341. In accordance with the Charity's accounting policies, fixed asset investments are stated al market value. The historical cost of listed investments at the year end is £41,030,95512020'. £41,764.3231 . Principal subsidiaries The following was a subsidiary undertaking of the Charity. Name Company number Registered office or principal Principal activity place of business T.P.l.C {Birminghaml Limited 511555 England and Wales Dormant Clas$ of shares Holding Included in onsolidation Ordinary The financial results of the subsidiary for the year were.. Name Net assets T.P.I.C (Birminghaml Limited 1,000 Page 36 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 16. Debtors 2021 2020 Due wlthln one year Rents ￿ceIVable Provision for bad debts other debtors 51,026 144,1891 55,218 624 33,003 27,852 2,904 Prepayments and accrued income 62,679 63,759 17. Current asset investments 2021 2020 Cash at bank on deposit 2,173,274 2,163,549 18. Creditors: Amounts falling due within one ygar 2021 2020 Amounts owed to subsidiary undertaking Other laxalion and social security Grants payable Accruals 1,000 398 1,000 345 54,183 55,655 18,389 108,965 36,270 20,962 Deferred income 129,605 167,542 2021 2020 Deferred income at 1 August 2020 Resour￿5 deferred during the year Amounts released from previous periods 20,962 18,369 120,9621 38,039 20,962 138,0391 18,369 20,962 Page 37 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. Statement of funds Statement of funds - current year Balance at 1 August 2020 Transfers inlout Gainsl Balance at (Losses) 31 Juty 2021 Income Expenditure Unrestricted funds General Fund 2,149,%4 1,909,126 11,500,427) 1235,0001 2,323,063 Exhibition Programme Reserve Fund Coin Database Reserve Fund Major Conservation Reserve Fund Galleries, Refurbishment Reserve Fund 263,154 123,1841 115,000 354,970 14,810 15501 6,000 20,260 45,432 113,6171 20,000 51,815 431,797 11 6,6821 44,000 459,115 Works of Art Fund Ba￿er Institute Operations Fund 45,038 14,0311 30,000 71,007 39,939 10,260 39,939 10,260 Music Fund Investment Property Sinking Fund 89,812 1263,8701 20,000 1154,0581 3,089,606 1,909,126 11,822,361) 3,176,371 Endowment funds Endowment Fund 41,698,021 1154,5941 9,318,255 50,861,682 Restricted funds Works of Art Fund 43,800 143,8001 Total of funds 44,787,627 1,952,926 12,020,755) 9,318,255 54,038,053 Page 38 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. Statement of funds leontinuedl Statement of funds - prior year Balance at 1 August 2019 Transfers inlout Gainsl Balance at (Losses) 31 July 2020 Income Expenditure Unrestricted funds General Fund 1,896,654 1,987,287 11,499,577) 1235,0001 2,149,364 Exhibition Programme Reserve Fund Coin Database Reserve Fund 207,418 159,2641 115,000 263, 154 21,194 112,3841 6,000 14,810 Major Conservation Reserve Fund Galleries, Refurbishment Reserve Fund Works of Art Fund Ba￿er Institute Operations Fund 54,946 129,5141 20,000 45,432 395,601 17,8041 44,000 431,797 73,411 158,3731 30,000 45,038 34,939 778 5,000 16,437 39,939 10,260 Music Fund 16,9551 Investment Property Sinking Fund 65,503 4,309 20,000 89,812 2,750,444 2,008,724 11,669,562) 3,089,606 Endowment funds Endowment Fund 49,604,564 1151,9361 17,754,607) 41,698,021 Restricted funds Works of Art Fund 800 18001 Total of funds 52,355,008 2,009,524 11,822,298) 17,754,607) 44,787,627 Page 39 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Statement of funds leontinuedl The Reserve Funds are amounts set aside by the TTUStees to fund the Batber Institute's pr(4ramme of exhibitions, the maintenance of the coin collection database, conservation of the Charity's collection of works of art and capital projects in the Barber Institute building. The designated and reslricled Works of Art Funds are for the purchase of works of art. The Trustees acquired one work of art during the year, which is described in detail at note 13, Heritage assets. The designated fund balance at the year end of £71,00712020". £12,038) is for the purchase of works of art at the discretion of the D1￿clOr of the Barber Institute. The Barber Institute Oper8tions Fund is for expenditure in connection with the activities of the Barber Institute and the Music Fund is for expenditure on musical activities al the Barber Institute. The Investment Propety Sinking Fund is to eover the cost of di18pidalions on some of the Charity's investment property. Shortly after the year*nd, a transfer from eapi181 of £251,322 was made to bring the balance on the fund to £97,263. 20. Analysis of net assets between funds Anatysis of net assets between funds - Current year Unrestrieted Endowment funds funds 2021 2021 Total funds 2021 Fixed asset investments Investment propety Current assets Creditors due within one year 46,196,599 48,196,599 4,679,000 4,679,000 3,292,059 1129,6051 3,292,059 1115,6881 113,9171 Total 3,176,371 50,861,682 54,038,053 Analysis of net assets between funds - prior year Unrestricted Endowment funds funds 2020 2020 Total funds 2020 Fixed asset investments Investment property Current assets Creditors due within one year 37,315,189 37,315,189 4,394,000 4,394,000 3,245,980 1167,5421 3,245,980 1156,3741 111,1681 Total 3,089,806 41,698,021 44,787,827 Page 40 DoGuSign Envelope ID." 228Coc7￿BAy8FA.￿Dl¢3O30F7O5E70B THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 21. Reconeiliation of net movement in funds to net cash flow from operating aetivities 2021 2020 Nel incomelexpendilure for the year las per Statement of Financial Activities) 9,250,426 17,567,381) Adjustments for: Dividends, interests and rents from investments DeCrea￿lIn¢reaseI in debtors Decrease in creditors 11,909,126) 12,158,937) 1,080 113,5551 137,9371 1239,5041 19,318,255) 7,754,607 Nel Igainll loss on investments Net Cash used in operating activities 12,013,812) 12,224,770) 22. Analysis of cash and cash equivalents 2021 2020 Cash in hand Cash on deposit and current cash al investrnent manager Cash al investment manager for investment 1,056,106 2, 173,274 1,324,656 1,018,672 2,163,549 449,995 Total cash and cash equivalents 4,554,036 3,632,216 23. Anatysis ofchanges in net debt At 1 August 2020 Cash flows At 31 July 2021 Cash at bank and in hand 1,018,672 449,995 2,163,549 37,434 874,681 9,725 1,056,106 1,324,656 2,173,274 Cash al investment manager ft)r investment Cash on deposit and current cash al investment manager Page 41