DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 Charity number: 528917 THE HENRY BARBER TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and Advisers Trustees. Report 3-13 Independent Auditorfs Report on the Financial Statements 14-16 Statement of Financial Activities 17 Balancè Shèèt 18 Statement of Cash Flows 19 Notes to the Financial Statements 20-38 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees HB Carslake BA, LLB, Chairman JR Bales FCA, DChA Dr E McAdam MA, DPhil, ClfA, FSAS Mrs VJP Simpson Ms E Stenning (Appointed 14.03.20241 Dr AJ Sturgis MA, PhD Professor A Tickell Charity registered number 528917 Prln¢lpal offl¢¢ The Barber Institute of Fine Arts The University of Birmingham Edgbaston Birmingham B152TS Secretary Mrs RM Poynlon BA, FCIS Independent auditor Cooper Parry Group Limited Slalutory Auditor Cubo Birmingham Two Chamberlain Square Birmingharn B3 3AX Bankers HSBC Bank plc 130 New Street Birmingham B2 4JU Nationwide Building Society Nationwide House Pipers Way Swindon SN38 1NW Shawbrook Bank Limited Lutea House Wadey Hill Business Park The Drive Great Warley Brentwood, Essex CM13 38E Page 1 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Sollcltors Shakespeare Martineau LLP No 1 Colmore Square Bimiingham B4 6AA Soll¢ltors Grove Tompkins Bosworth 2 Water Court 36 Water Street Birmingham B1 1HP Investment Manager Cazenove Capi181 1 London Wall Pl3¢e London EC2Y SAU Custodlan Schroder & Co Bank AG Central 2 8001 Zurich Switzedand Property Agent PeNnycuiGk Collins 54 Hagley Road Birmingham B16 8PE Page 2 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report, together with the audited financial statements of The Henry Barber Trust for the year ended 31 July 2024. Objectives and aims Policies and objectives The Charity is for charitable educational purposes at the University of Birmingham and its principal objects are.. to fund the four professorial chairs of Law, Jurisprudence, Fine Arts and Music, together with a number of other academic prizes and annuities., to repair, maintain and equip the Barber Institute building which is for the study and encouragement of art and music, for the benefit of international scholarship, the public, researchers, artists, students and school children, in addition to the staff. postgraduates and undergraduates of the University of Birmingham., to purchase works of art or beauty. including paintings, furniture, coins, tapestries, manuscripts and books., to support the activities of the Barber Institute through the purchase of musical instruments, printed and manuscript music and musical books., and to 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 restriction that only the income arising shall be expended. This restriction was removed from 8 October 2021 in line with a resolution passed by the Trustees, which received the Charity Commission's concurrence from that date. The Trustees believe that this change lo the Deed of Settlement was necessary in order to allow them lo adopt a total return approach lo investment, thereby giving them and their investment manager the flexibility necessary to ensure the sustainability of the investrnenl portfolio. all works of art or beauty acquired by the Charity shall be held in perpetuity. The Charity may only acquire works of art or beauty of exceptional and oulslanding merit and any painting acquired musl have been painted not later than thirty years before the date of purchase. The Charity may accept gifts of any articles lo add to its collections provided that such articles fulfil the same criteria as to exceptional and oulslanding merit as the existing collections. The Barber Inslilule building, which was opened by Queen Mary in 1939, was built under the terms of the Deed of Settlement using funds provided by the Charity on land owned by the University of Birmingham. Accordingly the Barber Institute building is owned by the University of Birmingham. In selling objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity IPB21'. b. Significant activities The activities funded by the Charity are recorded in the financial statements under three headings." professorial chairs and prizes., Barber Institute operations., and collertions. The operations of the Barber Institute include work carried OLJI through a separate University of Birmingham budget cenlre, the Barber Institute Budget Centre {BIBCI, music activities and the Barber Fine Art Library. Page 3 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Oblectlvas and alms (contlnuodl ¢. Publlc beneflt The Trustees are satisfied that the Charity's aims and objectives are for th8 public benefit. The Trustees confirm that they have referred lo guidance published bythe Charity Commission, including that on public benefit, when reviewing their aims and objectives and when selling grant making policy. All the Charitls activities are in SLJPPOrt 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 Barber Institute were used by the University of Birmingham for the benefit of the public by.. providing access lo the Barber Institute and ils galleries, free of charge., mounting exhibitions and displays, which, along with the permanent collections themselves, are used extensively as a teaching and resear¢h resource and were available to the public, free of charge., providing learning and outreach activities for the public. Visitor numbers to the galleries were Considerably lower during the period under review as these were closed to the public from 2 October 2023 until 22 June 2024 whilst the first phase of a major building project to address a number of pressing needs took pla￿. As a result, there were 53,555 visits to the building, approximately12023.. 65,438}', and of these-. 15,115 were visits to the galleries12023.. 40,6811.. 6,622 were visits associated wth learning12023.. 2,0211. The Trustees are committed lo extending public access lo the Charity's collections beyond the Barber galleries, and lend works to scholarly exhibitions, both nationally and internationally, thus substantially increasing the number of people who are able to benefit. During the year under review, the number of loans of works of art lo exhibitions and related visitor numbers were as follows.. len loans were seen by 430,392 visitors at ten venues12023'. nine- 703,125., nine),. eight were in the UK, two were in Europe and none was in the USA12023.. th￿e., four,. two). For a fourth year, it was not possible for any perfom)ances to be held in the Barber concert hall because of a lack of venlilalion, and so all Barber concerts continued lo be perfomed in the Elgar Concert Hall in the Bramall Music Building. Audien￿ figures for both the Barber lunchtime and evening concert series grew considerably over the previous year as a result of a widening of the appeal of the concerts lo a broader student body through the efforts of a dedicated marketing assistant. During the year under review, the Charity funded Iwenty-seven concerts in the Barber lunchtime and evening series, together with several musical performances for families, all of which were available lo members of the public, many free of charge. The total audience for all musical activities funded by the Charity during the year was 8,25512023.. 5,0821. The library material purchased by the Charity relating both lo fine arts and to music was all available for use by stLJdents of the University. Page4 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 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 set out in more detail above under the heading of objectives and aims. The majority of this expenditure is made in the fomi of grants whi¢h are paid annually lo 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 to 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 ¢onlexl of the objectives set out in the Deed of Settlement and the Charills available financial resources. Achl•v•m•nts and p&rfom)ancè a. Charitable activities During the year under review, the Charity provided financial support amounting lo £1,573,330 12023.. £1,717,741) lo the University of Bimiingham and acquired Iwo12023.' three} works of art for display in the Barber Institute galleries in accordance with the objects set out in its Deed of Settlement. The total value of the acquisitions and costs associated with these amounted to £27,92312023.. £754,774). The total sum spent during the year on the Charity s objects was £1,656,57612023.. £2,532,264). The funding provided to the University of Birmingham included.. a major contribution towards the salary costs of the professorial chairs of Law, Jurispruden￿, Music and Fine Arts., a number of scholarships and prizes, which are listed at note 10 of the notes to the financial statements., financial support for the Barber Institute building and the fine art and musical activities associated with it. b. Profassorial ¢hairs and prizos As in previous years, the Charity increased by 20A its annual contribution towards the gross salary costs of the professorial chairs of Law, Jurisprudence, Music and Fine Arts through annuities 14 under clause 4 of the Deed of Setilemenl and the supplementary payment. The same increase was applied lo the various scholarships and prizes set out in the Deed of Settlement. In lolal, £455,904 was provided12023'. £446,964). Of this, £4,50112023'. £14,972) was reallocated by the University lo cover general costs within the Barber Institute Budget Centre IBIBCI. c. Barber Institute operations The Charity provided a total of £970,448 in grants lo the BIBC during the year {2023.. £1,046,474) which represented 760/0 of the BIBC'S total income of £1,280,65012023.. 81 0/0 of £1,297,639). INB.. the BIBC'S total income figure is provided annually by the University's Finance Office and does not include the University's contribution to the BIBC s overhead costs, a figu￿ which the Financg Office has not yet been able lo quantify for the purpose of this report.) The sum provided by the Charity comprised its annual recurring grant lo the BIBC, which was increased by 8.90/0 10 £783,250, the annuities and supplementary payment relating lo Fine Arts mentioned above, and additional financial support for exhibitions, conservation and the development of the collections, tolalling £76,029 further details of which are given below. Page 5 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Charity conlribuled.. £68,692 in support of eight exhibitions and displays organised by the Barber Inslitule. seven of which were on display during the year under review, most notably.. The Hidden Life of Plants.. Botanical Illuslralions from the V&A, which featured a fascinating selection of objects from the V&A's vast collection and was prodU￿d in collaboration with the MA Art History & Curating students from the University., Claudette Johnson.. Darkerthan Blue, featuring new and recent works by one of th8 artists shortlisted for the 2024 Tumer Prize. Women Power.. Coins from the Barber Collection, which focused on how female rulers, potentates and deities have been represented on coinage over the ages. £510 for conservation of the Sheldon tapestry cushion., £977 for books pU￿hased for the coin collection library. £4,501 to contribute to general costs associated with the BIBC. During the year, the Charity spent a total of £349,00512023'. £409,613) on musical activities. This figure includes 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 & Concerts and financial support for the Barber evening, lunchtime and Our City of Stories concert series, and several family concerts. Further details are given below.. Highlights from the Barber evening concert series included performances by the Jess Gillam Ensemble. Stile Antico whose show marked the 400th anniversary of the death of William Bird, and a performancelscreening of Hilchcock's Psycho with the Covenl Garden Sinfonia conducted by University of Birmingham alumnus, Ben Palmer. Concerts by violinist, Geneva Lewis, and pianist, Aim Beisenbayev were recorded for later broadcast as part of the continuing partnership with BBC Radio 3's New Generation Artists initiative. The Barber lunchtime concert series featured such eclectic artists as percussionist, Elliott Gaston-Ross, oboist Armand Djikoloum and soprano, Lorena Paz Nielo. The Charity also continued lo support Our City of Stories, part of the University's Culture Fornard inilialive, which has diversified the programme, engaged with artists across the region and brought in new audiences lo the campus. A total of £140,240 was provided by the Charity lo cover the costs of these performances. £8,990 was used lo purchase choral and instrumental ensemble sets for use by the University's many choirs., £3,874 was used lo cover the cost of the commissioning of a new work for the Crosscurrents Festival and for the special arrangement of a piece for performance by the University's Jazz orchestra, as well as for the tuning and moving of pianos used in perfomiances funded by the Charity,. £5,300 was provided for the Barber international postgraduate scholarship- £4,030 funded a number of musical events for families to encourage and inspire young children. £6,500 continued lo contribute towards the Birmingham Contemporary Music Group's ensemble-in- residence within the University s Department of Music, which provides opportunities for student composers to allend instrumental masterclasses, talks and workshops. During the year under review, the Charity provided £41,589 in support of the Barber Fine Art Library, which covered a contribution towards the salary costs of the Barber Fine Art Librarian,. and a grant of £18.979 for the purchase of fine art books and catalogues. Page 6 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 d. Collaetlons During the year, the Charity purchased I￿0 works of art.. Loll8 Laserstein11898-18931 Double Self Portrait Executed at the end of 1920s Pencil on paper, paper size 13 x 19 cm Purchased for £11,340. Lolle Laserstein11898-18931 Self Portrait Executed eady 1930s Pencil on paper, paper size 14 x 15 cm Purchased for £11,802. e. Managed investmant parformance By JanLJary 2024, the transition of the Charity's managed investments from two segregated portfolios lo Cazenove's Sustainable Multi-Asset Fund ISM-AFI (formerly Responsible MLJlti-Assel Fund IRM-AFI, had been completed. The SM-AF is a total return strategy specifically for eharities wth an integrated responsible investment policy. The SM- AF strategy targets CPI +4 /0 over the medium lo long term. The charity's portfolio generated a total retum of 10.OOk12022123.. 1.40/0} compared with the benchmark's return of 6.30/y12022123.. 11.10/01. Over three and five years, the portfolio has returned 7.5'/0 p.a. and 6.1 0/0 p.a.12022123.. 13.1 0￿ p.a. and 4.1'/0 p.a.) compared with the benchmark's relum of 10.60/0 p.a. and 8.60/0 p.a.12022123.. 10.5°/0 p.a. and 8.5 /0 p.a.), respectively. The benchmark is CPI +4°k for both 2022123 and 2023124 retums. The value of the Charity s managed investment portfolio in the SM-AF increased by 5.7 % from £48,346,119 to £51,105,671 12023= _0.30/.l. There was a nel book profil on the sale of investments in the year of £143,40812023.. £554,206), but, in accordance with the Charity s accounting policy. investments are staled al market value and therefore the Statement of Financial Activities showed a nel gain on revaluation in the year of £2,795,461 12023.. nel loss of £1,395,676). Income from the investment fund fell slightly from £1,995,654 to £1,949,406, a decrease of 2.30/012023.. +14.3010}. During the year, the Trustees decided to transfer £4.2m of their cash reserves into higher yielding products, managed by Cazenove Capital, to increase the return on this money until it could be spent. £1.5m of this sum was invested in an inleresl-bearing bank account. whilst the remaining £2.7m was used lo purchase accumulation units in two sterling liquidity funds with instant access. These two funds have been included in the note on investments Inole 161, bul gains arising from them, lolalling £90,272, were transferred lo the General Fund. Interest on the cash capital accounl1£4,9231 was included in "Investment manager's interest. Inole 51 By the financial year-end, the value of the cash portfolio had increased lo £4,337,695. The positive returns for the year reflected a strong rally from risk assets, in particular from equities. A combination of improving economic data with falls in inflation and scope for monetary easing, along with positive earnings growih provided support lo equity markets. There was also particularly strong performan￿ from those companies exposed lo Artificial Intelligence (AI} technology and this boosted retums from the US equlty market. Meanwhile, the outlook for eqLJity markets remains reasonable, notwithstanding higher valuations following recent strength. Monetary easing and continued eamings growth should lend support. Volatility may increase if there are signs of a slowdown in growth. There are also continued challenges with the continuing conflicts in Ukraine and the Middle East and the forthcoming election in the US. Overall, Cazenove Capital remains of the view that equities represent the most effective inflation hedge over the long term, despite short term volatility of returns. Page 7 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 f. Invastmant property perfomianc8 Th8 performance of the inv8Stment property portfolio remained stable during the year as the remaining outstanding rent reviews were settled and the level of rent arrears fell significantly. Th8re was one void property at the financial year-end. Gross rental income remained high and rose slightly by 0.08 /o12023.' 21.8°/ol from £433,935 to £437,389. As in the previous year. this was the result of the re￿Ipts of more back-dated rent than expected. Total costs associated with the properties amounted to £55,989, an increase of 250/0 over the previous year's figure of £44,776, which had been reduced by a one-off reimbursement of £17,460 relating to the service charge on 5-7 Upper Brook Street, Rugeley. At the year*nd, there was one void property, which was currently being marketed. The redevelopment several years ago of the upper floors at two of the properties from office or void space into residential flats is proving to be a sucTrssful strategy with few void periods and steadily rising rents. An interim valuation was carried out as at 31 July 2024. Performance by the commercial property market in the region was lacklustre over the year, although Pennycuick Collins hoped this might improve over the next twelve months if interest rates were cut further and inflation remained lower. Against this background, it was of the opinion that the value of the properties was broadly unchanged. The exceptions were the now void 1 A Upper Brook Street, Rugeley, and 3941 Market Street, Kingswinford, which were valued downwards by £25,000 and £10,000. respectively. There was therefore a lolal decrease in the value of the investment property portfolio of £35,000 or 0.850/.12023'. -2.80/.I from £4,105,000 to £4,070,000. Flnan¢lal rovl¢w a. Going ¢on¢ern After making appropriate enquiries, the Trustees have a reasonable expectstion that the Charity has adequate resour￿$ lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slatemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Charity aims to maintain reserves on the General Fund of at least £500,000 in order to meet any unforeseen expenditure and lo enable il to meet its funding commitments. regardless of an uneven income stream. At the year- end. a balance of £3,238,220 was held on the General Fund. Moneys from the General Fund ao also used to fund major acquisitions of works of art, which are made from time lo time. As it is not possible to 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 necessary lo maintsin a subslanlial balance of moneys on the General Fund where possible. The designated Works of Art Fund is to cover less expensive purchases of works of art made during the year and lo enable the Charity to accumulate funds to make such acquisitions. At the year-end, a balance of £106,455 was held on the designated Works of Art Fund. Moneys from the General Fund are allocated to various designated funds for specific future purposes or projects. At the year-end, a balance of.. £382,490 was held on the Exhibition Reserve Fund for the Barber Institute's future exhibitions programme., Page 8 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 £41,283 was held on the Coin Reserve Fund for expenditure on the Charity s coin collection-, £71,293 was held on the Conservation Reserve Fund for the conseNalion and restoration of the Charity's collection of works of art., £571,021 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., £120,000 was transferred from a legacy received last year from Mr John Cunningham-Dexter land held in the Barber Institute Operations Fund) into a new Transfomalion Reserve Fund, al the request of the Director of the Barber Institute, lo refresh the Barber's brand and strengthen its working cU￿ure. £107,792 was held on the Barber Opera Fund for expenditure on future Barber operas. During the year, the Charity re￿iVed further sums from the estates of Mr Cyril Reeves and Mr John Cunningham- Dexter amounting to £63,906 and £396, respectively. The Trustees are most grateful for these legacies. Accordingly, al the year-end, a balance of £203,572 was held on the Barber InslitLJte Operations Fund for expenditure in connection with the Barber Institute. At the year-end, a balance of £32,926 from the sale of Barber concert tickets was held on the Music Fund for musical activfties al the Barber Institute. In order to 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. At the year-end, a balance of £156,222 was held on the Investment Property Sinking Fund. c. Financial position and principal funding sources The Trustees are satisfied with the financial stale of affairs of the Charity. The Charity's principal source of funding is ils Unreslricled Investment Fund., managed investments, approximately 92.69/0 by value, together with a significant proportion held in investment properties, approximately 7.4010 by value. The balance in cash deposits is negligible. 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. d. Investment poli¢y and obje¢tiv¢s The Charilws 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 to an overriding duly of care, to invest as widely and freely as though the moneys were the Trustees. own. e. Principal risks and uncertainties Having removed the restriction on spending capital in 2021 in order lo allow a total return approach to investment, the Trustees consider that the generation of incoming resources 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 Charitls 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 to the Trustees. Whilst remaining the responsibility of the Trustees, the arrangements for the conservation and security of the Charitls collections have been delegated lo 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. Page 9 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 f. Future plans In June 2021, the University agreed lo provide £1 Om in its capital programme in order lo carry out work al the Barber Institute lo address some of ils most pressing needs. The first phase of the project look place between October 2023 and June 2024 and included the replacement of the air-handling and heating systems and the installation of new building hardware. The second phase is due lo stsrt in 2025 when the Barber cOn￿rt hall will be retro-fitted with a new fresh-air circulation system. Once complete, this will allow the Barber concert series to return lo the Barber Inslitule. During the year under review, the Trustees agreed lo provide a substantial contribution to the costs of other works, which the Director believed were important, if not essential, lo the Barber Institute and the collections, and that il would be both more efficient and costeffeclive if these works were carried out whilst the building was Closed for the phase 2 works. The new works included.. improvements lo the lighting systems in the galleries and wall relining in the galleries., a new hanging system., a new object alami system., the replacement of display plinths., The Trustees agreed to increase the Charity's funding to the University by 2,/0 in 2024125 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 majority of grants to Music and to the Barber Fine Art Library. The funding level for future years will be reviewed by the Trustees in March 2025. 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 have been curtailed because of the closure of the galleries during phase 2 of the building works, but a research-led exhibition will be held in autumn 2024, which explores the work of the Pre-Raphaeliles and their interest in the sense of smell. Conservation work will continue lo be carried out on works of art as necessary. It is hoped that now that the majority of the coin collection has been catalogued, funds will be spent on the services of professional specialists lo catslogue the remaining, MO￿ obscure sections. The Charity's regular funding will continue lo support musical activities associated with the Barber in the future. Over thirty Barber concerts are planned for 2024125, including performances by the Brillen Sinfonia, leading brass ensemble, Seplura and the Canadian violinist, James Ehnes. There will be a fifty percent increase in the number of perfomiances by New Generation Artists, following the Trustees, agreement in November 2023 to act as sponsors and sole official partner in the co-commissioning of six Barber con￿rtS in an expansion of ils partnership with BBC Radio 3's New Generation Artists scheme. The contract of the fixed-term digital marketing officer for Music ended in the summer, but such was the success of the role in reaching young and new audiences over the past year, the Trustees agreed that the Music Fund could be used lo employ a part-lime digital marketing officer lo promote and develop audiences for musical activities funded by the Charity. Meanwhile, planning has begun on the next Barber opera. a double-bill comprising Joseph Haydn's Philemon and Baucis and Dana Kwialkowska's new opera in September 2027. The Charity s regular financial support for the Bart)er Fine Art Library will also continue through its contribution lo the post of the Barber Fine Art Librarian and through its grant for fine art library material. On the advice of their investment property manager, the Trustees decided lo replace the majority of the roofs of their Bristol Road properties in 2024125 and will use funds held in their Investment Propety Sinking Fund for this purpose. Page 10 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Structure. governan¢e and management a. Constltutlon The Henry Barber Trust was established by a Deed of Settlement executed by Lady Barber on 13 December 1932 in memory of her late husband, Sir Henry Barber Bl, a life-governor of the University of Birmingham. The Charity is controlled by its governing document, the Deed of Selllemenl as 8mended by several Charity Commission schemes and Trustees, resolutions. 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 Novernber 1952,. originally under the now repealed Charitable Trustees Incorporation Act 1872. 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 experience 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 to the appointment of each Trustee must be obtained. Prior lo appointment, nominated Trustees are required lo sign a declaration of eligibility and to disclose all relevant interests. The Deed of Settlement requires that there shall be no fewer than three and no more than nine trustees at any one lime, and at least one bul no more than three of the Trustees shall at any one lime be members of the council or staff of the University of Birmingham. c. Organisational 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-t￿daY operations of the Charity. The Secretary lo the Trustees maintains a register of Trustees, interests and, in accordance with the Charitls policy, Trustees are required to 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 statements, the most re￿nt management accounts and copies of the previous three sets of minutes ofTrustees' meetings. Recent appointees have all been familiar with the duties of a Trustee bul the Charity would organise allendance on a suitable course if necessary. e. Key management romungratlon The Deed of Settlement provides that each Trustee shall receive an annuity of £100 for his or her services. Under the terms of a Charity Commission scheme dated 20 January 2006, this annuity is indexed. Annuities amounting 10 £11,87612023.' £12,295) were paid lo five {2023'. six) Trustees for their contribution to the work of the Charity. Professor Adam Tickell and Dr Ellen McAdam have both waived their entitlement to receive an annuity. Staff salary costs of £69,21612023.. £72,576), including pension contributions of £7,74412023.. £8,084) were paid in respect of one12023.. twol person 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 to market rates of pay for equivalent posts. Page11 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 structure. governance and management Icontinuedl f. Related party relationships The Charity has close links with the University of Birmingham. The written consent ofthe University of Birmingham lo the appointment of each Trustee musl be obtained. At least one bul not more than three of the Trustees shall at any time be members of the council or stsff of the University of Birmingham. TPIC IBirmingh8ml Limited is the Charity's wholly-owned domant subsidiary undertaking. g. Rlsk management The Trustees have a duly lo identify and review the risks to which the Charity is exposed and lo 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, particulsrly those related to the activities and finances of the Charity, and they are satisfied that systems are in place lo manage the Charity's exposure to the major risks. The Trustees continue lo consider that the principal risks which face the Charity relate lo the security of its collections and ils income-producing assets, and, whilst the Barber concert hall is out of use, their inability to fulfil one of the principal objects of the Deed of Selllemenl, namely the funding of musical perforMan￿S in the Barber Concert hall. With regard to the security of the collections, the Trustees have, of necessity, delegated all aspects of this to the University of Birmingham, whilst emphasising that it musl be given the highest priority. The first phase of the works covered by the £10m of University funds lo secure the condition of the Barber building and thus the collections il houses was completed during the year under review. Further work is planned in 2025 to resolve the problem of a lack of ventilation in the Barber concert hall, which will enable the retum of the Barber concerts to the building. The Director of the Barber Institute is wort(ing with her University colleagues lo review and update a Service Level Agreement to establish whether the University is able to provide the additional care the Barber building requires, and if not, how this might be achieved. The Trustees have appointed an investment manager and a property manager to manage the Charity's income-producing assets. The performance of these managers is kept under Careful and regular review, as is the perfomiance of the assets, in order to ensure that they are being properly managed and are perfomiing well. ststomont of Tru$to0s' rg$pon$lbllltle$ The Trustees are responsible for preparing the Trustees, Report and the financial st8temenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Chartty and of ils incoming resources and application of resources, including ils 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., make judgements and accounting eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Deed of Settlement. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 12 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2024 Dls¢losure of Informatlon to audltor Each of the persons who are Trustees at 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 Charitls auditor is unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and lo establish that the Charitls auditor is aware of that infomiation. Approved by order of the members of the Board of Trustees and signed on their behalf by.. S*•d by.. '2903¢4F4092E4C5 HB Carslake BA, LLB Chairman Dale.. 27 Novantw2024 Page 13 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES OF THE HENRY BARBER TRUST Oplnlon We have audited the financial statements of The Henry Bart)er Trust Ilhe 'Charily') for the year ended 31 July 2024 which comprise the Ststemenl of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK snd Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the fin8nci81 statements.. give a true and fair view of the slate of the Chariws affairs as at 31 July 2024 and of ils incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We Conducted our audit in accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Chariws ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Othar Informatlon The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other inforrnalion contained within the Annual Report. Our opinion on the financial ststements does not cover the other information and, except to the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtsined in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomalion, we are required to report that fact. We have nothing to report in this regard. Page 14 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE HENRY BARBER TRUST (CONTINUED) Matters on whlch wa are raqulrad to raport by excaptlon We have nothing to report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. th8 information 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 re￿iVed 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 intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalemenls, the Trustees are responsible for assessing the Charitls ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charity or lo cease operations, or have no realistic alternative but to do so. 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 accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whelher due lo fraud or error, and lo issue an Auditor's Report Ihat 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 misstalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misslalements in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Our assessment focused on key laws 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 bul were not limited lo compliance with the Charities Act 2011, Charities (Protection and Social Investment) Act 2016, laxalion legislation, daia protection, anli-bribery and employment legislation. We are not responsible for preventing irregularities. Our approach to detecting irregularities included, bul was not limited to, 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 to underlying documenlalion and other evidence., obtaining an understanding of the Charitls control environment and how the Charity has applied relevant onlrol procedures, through discussions with Trustees and other management and by performing walkthrough testing over key areas., obtaining an understanding of the Charitys risk assessment process, including the risk of fraud,. Page 15 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OFTHE HENRY BARBER TRUST (CONTINUED) reviewing meeting minutes of those charged with governance throughout the year., and performing audit testing to address the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transacb.ons outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our aLJdit 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 delect than those arising from error. Because of the inherent limitations of an audit, there is a risk that we will not delect 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 to 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.fr This description forms part of our Auditor's Report. Use of our report This report is made solely to the Charitls Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an 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 Tru tees, as a bod for our audit work, for this report, or for the opinions we have formed. Cooper Parry Group Limited statutory Auditor Cubo Bim)ingham Two Chambedain Square Birmingham B3 3AX Dale.. 28 November 2024 Cooper Pary Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 16 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestricted income funds 2024 Unrestricted investment funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Barber Institute operations 64,302 64,302 974,747 11,770 11,770 7,696 Investments 2.471,725 2,471,725 2,465,896 Total income and endowments 2,547,797 2,547,797 3,448,339 Expenditure on.. Raising funds 107,752 29.604 137,356 129,730 Charitable activities 1,656,577 1,656,577 2,532,264 Total expenditure Net income before net gainsl {lossesl on investments Net gainsl Ilossesl on Investments 1,764,329 29,604 1,793,933 2,661,994 783,468 {29,604} 753,864 786,345 90,272 2,760.461 2,850,733 (1,514,676} Net movement in funds 873,740 2,730.857 3,604,597 1728,3311 Reconciliations of funds- Total funds brought forward Net movement in funds 4.157,534 52,449,704 56,607,238 57,335.569 19 873,740 2,730.857 3,604,597 1728,3311 Total funds arried foThvard 5,031,274 55,180,561 60,211,835 56,607,238 The statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 to 38 form part of these financial statements. Page 17 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST BALANCE SHEET ASAT31 JULY2024 2024 2023 Note Fixed assats Heritage assets Investments 16 53,905,161 4,070,000 48,347,125 4,105,000 Investment property 14 57,975,161 52,452,125 Current assets Debtors 17 121,729 2,244,339 2,366,068 373,839 4,050.255 Cash al bank and in hand 4,424,094 Creditors.. amounts falling due within one year 18 129,394 268,981 Net current assets 2,236,674 4,155,113 Total net assets 60,211,835 56,607,238 Charlty funds Unrestricted Investment funds Unrestricted income funds Total funds 19 19 55,180,561 5,031,274 52.449,704 4.157,534 60,211,835 56,607,238 The financial statements w8re approvod and authorised for issue by the Trustees and signed on their behaK by.. 8*•d by.. SC4FJ&92EJW-" HB Carslake BA, LLB Chairman Date.. 27 November2024 The notes on pages 20 to 38 form part of these financial statements. Page 18 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Note 2024 2023 Cash flows from operatlng a¢tlvltles Net cash used in operating activities 21 14,305,338) 11.797,2811 Cash flows from Invastlng actlvltlos Dividends, interests 8nd rents from investments Proceeds from sale of investments 2,471,725 1,757,759 14,423,639} 2,700,000 2,465,896 3,255,759 {4,506.5411 Purchase of investments Transfer from bank to investment manager N¢t ¢ash provldod by Investlng a¢tlvltl¢s 2,505,845 1,215,114 N¢t ¢ash provldod by flnanclng a¢tlvltles Change in cash and cash equivalents in the year 11,799,493) 1582,1671 Cash and cash equivalents al the beginning of the year 4,050,261 4,632,428 Cash and cash equlvalents at tho ond of the year 22 2,250,768 4,050,261 The notes on pages 20 to 38 form part of these financial statements Page 19 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainly in the preparation of the financial statements are as follows.. 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 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 otherwise staled in the relevant accounting policy. The results of the Charity and its who11y￿Wned subsidiary, TPIC IBirminghaml Limited, are not consolidated on a line for line basis. TPIC (Birminghaml Limited is a dormant Company. Under these circumstances the Trustees consider the resutts of the subsidiary undertaking are not material to the group and the preparation of consolidated financial statements is inappropriate to the better understanding of the Charity. 1.2 Income All income is recognised On￿ 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 ￿ference lo the payment dale of the dividend. Items donated lo the Charity's collections are included at market value al the time of receipt. Page 20 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinuedl 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of raising funds comprise those costs directly atlribulable lo managing the Charity's fixed asset investments, including investment property., together with an allocation of governance SLJPPOrt costs based on an estimate of time devoted lo this activity of 25 /0, and an allocation of administration support costs based on an estimate of time devoted to this activity of 55 /0. Administration SLJPPOrt costs in connection with charitable activities Comprise the ¢osls of processing annuities and grants lo the University of Birmingham, supporting activities within the Ba￿er 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 20/0, Barber Institute operations 400/0 and collections 30/0. Governanee support Costs comprise those costs directly attributable lo organisational administration and compliance with constitutional and statutory requirements and are allocated between the Charity's activities and costs of raising funds on the basis of lime devoted to each activity.. professorial chairs and prizes 25 /0, Barber InstitLJte operations 25,/0 collections 25 /0 and costs of raising funds 25'/0. Expenditure on raising funds includes all expenditure incurred by the Charity in connection with the costs of maintaining ils investments and subsequent income. Expenditure on Charitsble activities is incurred on directly undertaking the activities which further the Charity's objects, as well as any associated support costs. Annuities and grants awarded lo the University of Birmingham are included in the Statement of Financial Activities when approved by the Trustees and agreed with the University. The value of grants unpaid al the year-end is accrued. Grants offered subject to conditions which have not been mel at the year- end date are noted as a commitment, but not accrued as expenditure. l expenditure is inclusive of Irre￿verab1e VAT. 1.4 Taxation The Charity is Considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finan￿ Act 2010 and therefore il meets the definition of a charitable entity for UK Corporation lax purposes. Accordingly, the Charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 ofthe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. Page 21 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinuedl 1.5 Tangible fixed assets and heritage assets Office fittings and equipment held for the Charity's own use costing more than £2,500 are capitalised and depreciated over four years on a straight-line basis. 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 Charitys collections are heritage assets and are not capitalised in the financial slalements. The Charity's collections are inalienable assets as the Deed of Selllemenl requires that all the wort(s of art or beauty acquired by the Charity shall be held in perpetuity. The Trustees may apply the remaining in¢ome arising from the Unrestricted Investment FLJnd, 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 Charitys collections are included within expenditLJre as the Trustees consider this enables them lo demonstrate better their compliance with the temis of the Deed of Settlement. The cost of heritage assets acquired prior to 31 July 1999 is not available. The Trustees consider the cost of ca￿￿ng out a valuation lo inclLJde heritage assets al valuation in the financial statements to 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 capilalisation of acquisitions for the Charitys 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 ¢ost of these acquisitions is minor in relation to the aggregate value of ils collections and therefore relatively not material. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl{Lossesl 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 impairment. 1.7 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.8 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 22 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinuedl 1.9 Liabilitios and provisions Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a transfer of economi¢ benefit will be required in settlement, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measur8d at the best estimate of the amounts required lo settle th8 obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tsx discount rate that reflects the risks specific lo 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 al transaction value and subsequently measured at their selllemenl value with the exception of bank108ns which are subsequently measured al amortised cost using the effective interest method. 1.11 Pensions The Charity s staff member is a member of the University of Bimingham's defined benefit pension scheme. The Charitys obligation in respect of the scheme cannot be separately identified and as such the payments are treated as if they were to a defined contribution scheme. The Charity also pays an unfunded non-contracted pension annuity to the spouse of a former employee. The pension annuity payable for the year is charged lo the Statement of Financial Aclivilies. 1.12 Fund accounting General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted Funds are funds which are lo be used in accordance with specific reslriclions 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 sel out in the notes to the financial statements. Investment income, gains and losses are allocated lo the appropriate fund. Page 23 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Critical Accounting Estimates Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable underthe circumstances. Critical accounting estimates and assumptions and areas of judgement= The Charity makes estimates and assumptions Con￿rning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting eslimales or significant areas of judgement or key assumptions that affect items in the financial statements other than those included within the a¢¢ounling policies described above. Incom$ from donatlons and legaclos Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Gifts in kind Legacies 750,750 223,997 64,302 64,302 Totsl 2024 64,302 64,302 974,747 During the year. final distributions amounting lo £63,906 and £396 were received from Ihtr estate of Mr Cyril Reeves and Mr John Cunningham-Dexler, respectively. The Trustees are most grateful for these legacies. Income from ¢harltsble a¢tlvltles Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from charitable activities- Barber Institute Operations: music and other events Total 2024 11,770 11,770 7,696 Total 2023 7,696 7,696 Incoming resources from charitable activities in respect of music and other events solely represents income from the sale of Barber concert tickets. Page 24 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investment income Unrestrlct8d funds 2024 Total funds 2024 Total funds 2023 Rents receivable 437,389 437,389 433,935 2,217 1,782,346 Tenant's contribution Distributions and dividends from managed investments Listed inveslrllent interest 1.916,206 1,916,206 25,488 7,712 84,930 25,488 7,712 84,930 207,806 5,502 34,090 Investment managerfs interest Bank and other interest Total 2024 2.471,725 2,471,725 2,465,896 Expenditure on raising funds Costs of raising voluntary income Unrestricted Unrestricted incomè investment funds funds 2024 2024 Total funds Total funds 2024 2023 Investment managerts fees 3,560 29.604 33,164 25,205 Property agent's commission 29,287 29,287 29,697 Property repairs and maintenance 10,489 10,489 16,680 Insurance, rates and service charges 4,773 4,773 114.09731 Professional charges 8,135 8,135 20,118 Bad debts 3,305 3,305 Costs of raising voluntary income - administrative costs 2,853 2,853 5,578 Costs of raising voluntary income - wages and salaries 38,069 38,069 39,917 Allocated centrally incurred fundraising and governall￿ costs 7,281 7,281 7,508 Total 2024 107,752 29,604 137,356 129,730 Total 2023 139,283 19,553} 129,730 Page 25 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analy$l$ of oxpendlture on ¢harltablo a¢tlvltle$ Summary byfund type Unrestri¢ted funds 2024 Restri¢ted funds 2024 Totsl funds 2024 Total funds 2023 Professorial chairs and prizes Barber Institute operations Collections 460.172 1,158,970 37,435 460,172 1,158,97D 37,435 441,155 1,326,345 764,764 Total 2024 1,656,577 1,656,577 2,532,264 Analysis of expenditure by activities Actlvltlos undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Professorial chairs and prizes Barber Inslilule operations Collections 451.403 1,121,928 8,769 37,042 9,512 460,172 1,158,970 37,435 441,155 1.326,345 764,764 27,923 Total 2024 27,923 1,573,331 55,323 1,656,577 2,532,264 Total 2023 754,774 1,717,741 59,749 2,532,264 Analysis of direct costs Total funds Totsl funds Unrestricted Re$trl¢ted Collections Collections 2024 2024 2024 2023 Collections sundry expenses 4,781 4,781 4,024 Acquisitions of works of art 23,142 23,142 750,750 Total 2024 27,923 27,923 754,774 Page 26 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activities Icontinuedl Analy$l$ ofsupport ¢o$t$ Professori81 chalrs and prizes 2024 Barber Instltuto operations Collectlons 2024 2024 Total funds 2024 Total funds 2023 Staff costs 1,384 65 27,687 1,292 313 2,076 97 31,147 1,454 352 32,659 1,789 285 Office expenses Office insurance 16 23 Pension annuitiès Governance costs 24 470 35 529 21,841 2.492 22,524 7,280 7,280 7,281 Total 2024 8,769 37,042 9,512 55,323 59,749 Govèrnancè costs 2024 2023 Truste8s' annuities 11,876 746 12,295 2,138 Trustees, insurance and costs Legal Fees Auditors. remuneration 16,500 15.600 29.122 30.033 Governance costs are disclosed as follows." raising funds £7,281 {2023.. £7,508) and support costs £21,841 12023.. £22,524). Page 27 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Analysis of grants Grants to Instltutlons 2024 Total funds 2024 Total funds 2023 Grants, professorial chairs and prizes Grants, Barber In51itule operations 451,403 1,121,928 451,403 1,121,928 431,992 1,285,749 Total 2024 1,573,331 1,573,331 1.717,741 The Charity has made the following material grants to institutions during the year.. 2024 2023 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 Library, 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, clause 7, sixth annuity School of Law debating prize, clause 7, seventh annuity Holdsworth Club, clause 7, eighth annuity Supplement lo the annuities 1,592 2,275 3,360 1,408 1,500 714 1,560 2,232 3,294 1,380 1,470 700 714 700 4,284 8,556 714 12,842 2,856 145 4,200 8,388 700 12,590 2,800 142 145 145 142 142 410,153 391,552 Barber Institute operations 1,121,928 1,285,749 1,573,331 1,717,741 In addition to the annuities payable under the terrlls of the Deed of Settlement, the Charity awards each year a supplement lo the annuities which is paid lo the University of Birmingham in respect of the salary costs of the Barber Chair of Law, the Barber Chair of Jurisprudence, the Barber Chair of Fine Arts and the Barber Chair of Music. The Charity makes no direction as to how the supplement is lo be divided between the chairs. The amount of the supplement to the annuities is reviewed regularly. An analysis of the grants and funding payable to the University of Birmingham for the Barber Institute building, and its activities, is given below-. Page 28 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. Analysis of grants l¢ontinuedl 2024 2023 Bart)er Institute Budget Centre Annual recurring grant Virement from supplement lo the annuities Exhibitions grant Major conservation of works of art and related costs grant Improvements to the galleries.. gallery equipment Barber Institute staff Christmas dinner 783,250 4,501 68,692 510 719,400 14,972 142,437 42,247 1,350 1,431 7,554 Exhibitions & Loans Assistant Coin collections database 976 859,279 928,041 Music Music staff costs grant Barber concert fees and expenses funding Other concert fees and expenses funding Music books 8nd m8nuscripls 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 Snetzler chamber organ 52,125 140,240 4,030 52,997 94,103 8,990 3,875 6,5DO 5,300 7,545 2,485 6,500 5,200 5.000 139,179 12,1781 1,274 221,060 312,105 Barbar Fino Art Library Library staff costs grant Books grant 22,610 18,979 22,267 23.336 41,589 45,603 1,121,928 1,285,749 In advance of each financial year the Charity agrees an annual budget with the University of Birrningham for the amounts payable by the Charity in respect of the annuities and its contribution towards Barber Institute operations. The actual amounts payable may be varied with the Charitys 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, at the direction of the University of Birmingham. Page 29 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Auditor's remuneration 2024 2023 Fees payable lo the Charity s auditor for the audit of the Charity's annLJal accounts 16,500 15,600 12. Stsff ¢osts 2024 2023 Wagés and salaries Social security costs Contribution to defined benefit pension scheme 55,314 6,158 7,744 58,115 6,377 8,084 69,216 72,576 Stsff salaries of £69,216 12023.. £72,576>, including pension contributions of £7.744 {2023.. £8,084) were paid in respect of 1 {2023.. 21 person who worked part-lime on the management and administration of th8 Charity. The remuneration of the Secretary to the Trustees is determined by the Trustees with reference lo market ratgs of pay for equivalent posts. The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Management and administration No employee received remuneration amounting lo more than £60,000 in either year. noted above, during the year, 1 12023.. 21 person worked part-lime on the management and administration of the Charity. The Secretary to the Trustees has a contract of employment with the Charity and is paid via the University of Birmingham. During the year, in addition lo those engaged on the Charity's management and administration, there were on average a further 3512023.. 351 staff working at the Barber Institute, all of whom were paid by the University of Birmingham. A pension annuity of £1,176 12023.. £5,537) was paid during the year to 1 12023.. 3} spouse of a former employee la former employee and two spouses of former employees). Page 30 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Trustees. remuneration and expenses The Deed of Settlement provides that each Trustee shall receive an annuity of £100 for his or her services. Under the terms of a Charity Commission scheme dated 20 January 2006 this annuity is indexed. Annuities amounting to £11,87612023'. £12,295) were paid to 5 (2023.. 61 Trustees. Professor Adam Ticknell and Dr Ellen McAdam have waived their entitlement lo receive an annuity. Annuities paid during the year are analysed as follows.. HB Carslake JR Bates Dr E McAdam SD Maddock Mrs VJP Simpson Dr AJ Slurgis Ms E Stenning £4,335 12023.. £4,251) £2,230 12023.. £2,186) 12023.. £7981 12023. £6881 £2,230 12023.. £2,186) £2,230 12023.. £2,186) £851 12023.. £Nill During the year ended 31 July 2024, £35 was reimbursed to one Trustee12023.. £120 to one Trustee} in respect of travelling expenses and £303 was spent on three Trustees, lunches following meetings12023.. £1,607). 14. Investment property Freehold investment property Valuation At 1 August 2023 Loss on revaluation 4,105,000 135,0001 Al 31 July 2024 4,070,000 In accordance with the Charity's accounting policies, investment property is slated at market value. Pennycuick Collins carried out an interim valuation of the portfolio as al 31 July 2024. They consider that the value had fallen by £35,000, or approximately 10/0, over the previous year. The historical cost of investment property at the year end is £2,622,32012023.' £2,622,320}- Page 31 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Harltaga assets Work al the Barber InstitLJte continues lo provide public access to the Charity's collections online. Al present, approximately 55°/o of the Barber collections, excluding the coin collection, is available via the University s website,. this includes all of the paintings lexcepl all but one of those in the Lady Barber colleclionl. Online public access is also available via the National Inventory of Continental European Paintings database for old master paintings, hosted by the Visual Arts Data Services, although 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) appear on the Art UK website.. a joint initiative between Art UK and around 3,000 museums and art collections. There is also now access lo about 12,000 items in the coin collection at the Barber Institute labout 750/0 of the totall via the University's website. The Trustees regularfy loan items from the Charity s collections lo other museums and also 8ccept 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. Approximately 550/D of the paintings is on display., 10/0 of the collection of works on paper is on display,. and less than 1 % of the collection of coins is on display. In addition, 850/a of the collection of sculpture and 750/0 of other works of art are on display at all times. The remaining items are held in storage, but access is permitted to scholars and others for research by prior appointment The Trustees purchased two works of art during the year, further details of which may be found under Achievements and Perfomance- Collections above. The Charity's expenditure on the purchase of, or the value on receipt of, heritage assets in the period 1 August 1999 10 31 July 2024 amounted in total to £10,221,722., comprising £10,165,594 on works of art and £56,128 on coins. An analysis of this expenditure or value on receipt of heritage assets over the last five years is given below.. Analysis of heritage asset transactions 2024 2023 2022 2021 2020 Purchases Works of art 23,142 750.750 321,200 43,800 59,144 Page 32 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Flxgd a$sot Invo$tment$ Investments in subsidiary companies Cash and Listed settlements investments pending Totsl Cost or valuation At 1 August 2023 Additions 1,000 48,346,119 48,347,125 4,423,639 4,462,680 8,886,319 11,757,759) 14,423,639) 16,181,398) 2,885,733 2,885,733 132.6181 Disposals Revaluations Transfers intra group 132,6181 At 31 July 2024 1,000 53,897,732 6,429 53,905,161 Managed investments al the year end include three material holdings.. 102,560,046.37 units in Cazenove Charity Sustainable Mulli-Assel Fund with a market value of £51,105,671. 12,143.23 units in BlackRock ICS Institutional Sterling Liquidity Fund12ccumulalionl with a market value of £1,396,656. 126.269 units in JPMorgan GBP Liquidity LVNAV Fund laccumulalionl with a market value of £1,395,405. In accordance with the Charity's accounting policies, fixed asset investments are slated al market value. The historical cost of managed investments al the year end is £50,037,51612023 £47,228,171). Principal subsidiaries The following was a subsidiary undertaking ofthe Charity.. Nam¢ Company number Registered office or principal Principal activity place of business TPIC (Birminghaml LiTnited 511555 England and Wales Dormant Class of shares Holding Included in consolidation Ordinary 1000/0 No The financial results of the subsidiary for the year were.. Name Net Assets TPIC (Bimiinghaml Limited 1,000 Page 33 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Debtors 2024 2023 Due wlthln on¢ year Rents receivable Other debtors Prepayments and accrued income 6,157 90,723 24,849 23,514 345,581 4,744 121,729 373,839 18. Creditors- Amounts falling due within one year 2024 2023 Amounts owed to subsidiary undertaking Other laxalion and social security Grants payable Accruals 1,000 361 72,318 24,570 31,145 1,000 183,765 53,792 30,130 Deferred income 129.394 268,981 2024 2023 Deferred income al 1 August 2023 Resources deferred during the year Amounts released from previous periods 30,130 31,145 130,130) 31,145 31,346 30,130 131,3461 30,130 Most tenants of the investment properties pay their rents quartedy in advance. The financial year-end falls during a quarter and that portion of the quarterly rent which relates lo the pericxj falling after the financial year-end is deferred income. Page 34 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Statomont of funds Statemant of Funds- Current Year Balane• at 1 August 2023 Transfers inlout Gainsl Ilossèsl Balane• at 31 July 2024 Ineom• Expènditurè Unr•strlcl•d Funds Investment Fund 52,449,704 129,6041 2,760,461 55,180,561 General Fund Exhibition Programme Reserve Fund Coin Database Reserve Fund Major Conservation Reserve FLJnd Galleries, Refurbishment Fund Transfomalion Reserve Fund Works of Art Fund Barber Institute Operations Fund Music Fund Investment Property Sinking Fund Barber Opera Fund 2,626,450 2,471,725 11,666,227) 1284,0001 90,272 3,238,220 336,182 168,6921 115,000 382,490 32,260 19771 10,000 41,283 41,803 15101 30,000 71,293 527,021 44,000 571,021 120,000 120,000 104,378 127,9231 30,000 106,455 259,270 21,156 64,302 11,770 {120.0001 203,572 32,926 136,222 20,000 156.222 72,792 35,ODO 107,792 56 607,238 2,547 797 1,793,933 2,850,733 60,211,835 Restricted Funds Works of Art Fund Total of Funds 56,607,238 2,547,797 1,793,933 2,850,733 60,211,835 Page 35 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Statement of funds {continued} Statement of funds - prior year Balance at 1 August 2022 Transfers inlout Gainsl {Losses} Balance at 31 July 2023 Income Expenditure Unrestricted Funds Investment Fund 53,954,827 9,553 11,514,676) 52,449.704 General Fund Exhibition Programme Reserve Fund Coin Database Reserve Fund Major Conservation Reserve Fund Galleries, Refurbishment Fund Vvorks of Art Fund Barber Institute Operations Fund 2,123,688 2,465,896 11,586,163) 1376,9711 2,626.450 363,619 1142,4371 115,000 336,182 26,260 6,000 32.260 64,051 142,2481 20,000 41,803 483,021 44,000 527,021 78,402 14,0241 30,000 104,378 35,273 223,997 259,270 Music Fund Investment Property Sinking Fund Barber Opera Fund 13,460 7,696 21,156 122,968 16,7461 20,000 136,222 70,000 1139,1791 141,971 72.792 57,335,569 2,697,589 1,991,244 1,514,676 56,607,238 Restricted Funds Works of Art Fund 750,750 {750.7501 Total of Funds 57,335,569 3,448,339 2,661,994) 1,514,676 56,607,238 Page 36 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Statement of funds Icontinuedl The Reserve Funds are amounts set aside by the Trustees lo fund the Barber Institute's programme of exhibitions, the maintenance of the coin collection, conservation of the Charills 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 purchased two works of art during the year, which are described in detail in note 15, Heritage assets. The designated fund balance at the year end is £106,455 {2023'. £104,378). The Barber Institute Operations 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 Property Sinking Fund is to cover the cost of dilapidations on some of the Charitls investment property. 20. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted income funds 2024 Unrestricted Investment funds 2024 Total funds 2024 Fixed asset investments 2.792,061 51,113,100 4,070,000 53,905,161 4,070,000 2,366,068 1129,3941 Investment propety Current assets Creditors due within one year 2.366,068 1126,8551 12,5391 Totsl 5,031,274 55.180,561 60,211,835 Analysis of net assets between funds - prior year Unre$trl¢ted Endowment funds funds 2023 2023 Total funds 2023 Fixed asset investments Investment propety Current assets Creditors due within one year 48,347,125 4,105,000 48,347,125 4,105.000 4,424,094 268,981 56,607,238 4,424,094 266,560 4,157,534 2,421 52,449,704 Total Page 37 DoGusign Envelope ID.. 5043436E-EF3H53A-8C4B-007221789FE3 THE HENRY BARBER TRUST NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 21. Reconclllatlon of net movemant In funds to not cash flow from operatlng actlvltles 2024 2023 Nel income for the year {as per Slalemenl of Financial Activities) 3,604,597 1728,3311 Adjustments for.. Dividends, interests and rents from investments 12,471,725) 252,110 {139,5871 12,700,000) 12,850,733) 12,465,896) 1151,6441 33,914 Ilncreaseydecrease in debtors Increaselldecreasel in creditors Transfer from bank to investment manager Net lossllgainl on inv8stm&nts 1.514,676 Net cash used in operating activities 14,305,338) 11.797,2811 22. Analysls of cash and cash èqulvalants 2024 2023 Cash al bank 698,705 1,545,634 6,429 4,050,255 Cash on deposit and current cash al investment manager Cash at investment manager for investment Total cash and cash equivalents 2,250,768 4,050.261 23. Analy51$ of changes in net debt At 1 August 2023 At 31 July 2024 Cash flows Cash at bank 4,050,255 {3,351,5501 698,705 1,545,634 6,429 Cash on deposit and current cash at investment manager Cash at investment manager for investment 1,545,634 6,423 4,050,261 1.799,493 2,250,768 Page 38