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2025-07-31-accounts

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

Charity number: 528917

THE HENRY BARBER TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and Advisers 1-2
Trustees' Report 3 - 13
Independent Auditor's Report on the Financial Statements 14 - 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 - 38

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025

Trustees HB Carslake BA, LLB, Chairman JR Bates FCA, DChA

Dr E McAdam MA, DPhil, ClfA, FSAS (Resigned 16[th] March 2026) Mrs VJP Simpson Ms E Stenning Dr AJ Sturgis MA, PhD Professor A Tickell

Charity registered number 528917 Principal office The Barber Institute of Fine Arts The University of Birmingham Edgbaston Birmingham B15 2TS Secretary Mrs. CC Smith Independent auditor Cooper Parry Group Limited Statutory Auditor Cubo Birmingham Two Chamberlain Square Birmingham 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 Warley Hill Business Park The Drive Great Warley Brentwood, Essex CM13 3BE

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THE HENRY BARBER TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Solicitors Shakespeare Martineau LLP No 1 Colmore Square Birmingham B4 6AA Solicitors Grove Tompkins Bosworth 2 Water Court 36 Water Street Birmingham B1 1HP Investment Manager Cazenove Capital 1 London Wall Place London EC2Y 5AU Custodian Schroder & Co Bank AG Central 2 8001 Zurich Switzerland Pennycuick Collins Property Agent 54 Hagley Road Birmingham B16 8PE Principle Estate Management LLP 137 Newhall Street Birmingham B3 1SF

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Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their annual report, together with the audited financial statements of The Henry Barber Trust for the year ended 31 July 2025.

Objectives and aims

a. Policies and objectives

The Charity is for charitable educational purposes at the University of Birmingham and its principal objects are:

Under the terms of the Deed of Settlement:

The Barber Institute 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 setting 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 (PB2)'.

b. Significant activities

The activities funded by the Charity are recorded in the financial statements under three headings

The operations of the Barber Institute include work carried out through a separate University of Birmingham budget centre, the Barber Institute Budget Centre (BIBC), music activities and the Barber Fine Art Library .

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Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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 to guidance 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 Barber Institute were used by the University of Birmingham for the benefit of the public by:

Visitor numbers to the galleries were considerably higher during the period under review as these were closed to the public in the last financial year 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 place. The galleries were then closed again in this financial year from 26 January 2025 for major building renovations. As a result, there were 62,050 visits to the building, approximately (2024: 53,555); and of these:

The Trustees are committed to extending public access to 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 to exhibitions and related visitor numbers were as follows:

For a fifth year, it was not possible for any performances to be held in the Barber concert hall because of a lack of ventilation, and so all Barber concerts continued to be performed in the Elgar Concert Hall in the Bramall Music Building. Audience figures for both the Barber lunchtime and evening concert series grew over the previous year as a result of a widening of the appeal of the concerts to a broader student body through the efforts of a dedicated marketing assistant . During the year under review, the Charity funded thirty-eight concerts in the Barber lunchtime and evening series, together with two musical performances for families and three events for Our City of Stories, all of which 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 9,876 (2024: 8,255).

The library material purchased by the Charity both for fine arts and for music was all available for use by students of the University.

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THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

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 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 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 context of the objectives set out in the Deed of Settlement and the Charity's available financial resources.

Achievements and performance

a. Charitable activities

During the year under review, the Charity provided financial support amounting to £1,661,356 (2024: £1,573,330) to the University of Birmingham and acquired one (2024: two) 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 £86,800 (2024: £27,923). The total sum spent during the year on the Charity’s objects was £1,823,434 (2024: £1,656,576).

The funding provided to the University of Birmingham included:

b. Professorial chairs and prizes

As in previous years, the Charity increased by 2% its annual contribution towards the gross salary costs of the professorial chairs of Law, Jurisprudence and Music and Fine Arts through annuities 1-4 under clause 4 of the Deed of Settlement and the supplementary payment. The same increase was applied to the various scholarships and prizes set out in the Deed of Settlement. In total, £465,030 was provided (2024: £455,904). Of this, £5,709 (2024: £4,501) was reallocated by the University to cover general costs within the Barber Institute Budget Centre (BIBC).

c. Barber Institute operations

The Charity provided a total of £1,044,218 in grants to the BIBC during the year (2024: £970,448) which represented 73% of the BIBC’s total income of £1,435,442 (2024: 76% of £1,280,650). ( NB: 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 figure which the Finance Office has calculated to be £572,323 during the year under review. ) This figure comprised the Charity’s annual recurring grant to the BIBC, which was increased by 2% to £798,900, the annuities and supplementary payment relating to Fine Arts mentioned above, and additional financial support for exhibitions, conservation and the development of the collections, totalling £133,045 further details of which are given below.

The Charity contributed:

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THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

During the year, the Charity spent a total of £355,299 (2024: £349,005) 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 two family concerts. Further details are given below:

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Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

During the year under review, the Charity provided £45,299 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 £22,107 for the purchase of fine art books and catalogues.

d. Collections

During the year, the Charity purchased one work of art:

Claudette Johnson (1959-) Afterbirth Executed 1990 Executed at the end of 1920s Pastel on paper, 25.5cms x 90.2 cms Purchased for £86,400 (after deduction of 20% museums discount plus VAT)

e. Managed investment performance

By January 2024, the transition of the Charity’s managed investments from two segregated portfolios to Cazenove’s Sustainable Multi-Asset Fund (SM-AF) (formerly Responsible Multi-Asset Fund (RM-AF), had been completed. The SM-AF is a total return strategy specifically for charities with an integrated responsible investment policy. The SM-AF strategy targets CPI +4% over the medium to long term.

The charity’s portfolio generated a total return of 7.7% (2023/24: 10.0%).

The value of the Charity’s managed investment portfolio in the SM-AF increased by 2.9% from £51,105,671 to £52,577,847 (2024: 5.7%). There was a net book profit on the sale of investments in the year of £1,777 (2024: £143,408), but, in accordance with the Charity’s accounting policy, investments are stated at market value and therefore the Statement of Financial Activities showed a net gain on revaluation in the year of £1,496,630 (2024: net gain of £2,795,461) . Income from the investment fund rose from £1,949,406 to £2,069,623, an increase of 6.2% (2024: decrease of 2.3%).

During the year, the Trustees decided to transfer £800,000 of their cash reserves into higher yielding products, managed by Cazenove Capital, to increase the return on this money until it could be spent, £800,000 of this sum was used to purchase accumulation units in two sterling liquidity funds with instant access (£400,000 in each). These two funds have been included in the note on investments (note 16), but gains and losses arising from them, amounting to £68,861 in gains, were transferred to the General Fund. Interest on the cash capital account (£92,349) was included in “Investment manager’s interest” (note 5) By the financial year-end, the value of the cash portfolio had increased to £5,256,354. £100,000 was withdrawn for expenditure.

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.

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THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

f. Investment property performance

The performance of the investment property portfolio remained stable during the year and although the level of rent arrears rose slightly, Pennycuick Collins have advised that they have entered into agreements with tenants to gradually bring this down to balance by the end of the next financial year. There were two void properties at the financial year-end.

Gross rental income remained high but fell by 7.73% (2024: rose by 0.08%) from £437,389 to £403,596. Total costs associated with the properties amounted to £77,571, an increase of 38.5% over the previous year’s figure of £55,989.

At the year-end, there were two voids (for one of which the lease ended on 31/07/2025) properties, which were currently being marketed.

A full RICS valuation was carried out as at 31 July 2025 by Centrick Valuation and Professional Services Ltd. There was a total increase in the value of the investment property portfolio of £204,000 or 5.01% (2024: decrease of 0.85%) from £4,070,000 to £4,274,000.

Another change to the investment property portfolio was the segregation of the management of residential and commercial properties between Pennycuick Collins Ltd and Principle Estate Management Ltd, Principle Estates Management acquiring the residential lettings of Pennycuick Collins in May 2025.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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 to enable it to meet its funding commitments, regardless of an uneven income stream. At the yearend, a balance of £1,231,023 was held on the General Fund.

Moneys from the General Fund are also used to fund major acquisitions of works of art, which are made from time to 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 it is necessary to maintain a substantial 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 to enable the Charity to accumulate funds to make such acquisitions. At the year-end, a balance of £49,655 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:

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

During the year, the Charity received no legacies. Accordingly, at the year-end, a balance of £203,572 was held on the Barber Institute Operations Fund for expenditure in connection with the Barber Institute.

At the year-end, a balance of £27,462 from the sale of Barber concert tickets was held on the Music Fund for musical activities at 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, the balance of £172,922 was held on the Investment Property Sinking Fund.

c. Financial position and principal funding sources

The Trustees are satisfied with the financial state of affairs of the Charity. The Charity’s principal source of funding is its Unrestricted Investment Fund; managed investments, approximately 92.9% by value, together with a significant proportion held in investment properties, approximately 7.1% by value. The balance in cash deposits is negligible.

The Charity does not actively raise funds from the public; but the Trustees are grateful for the donations, grants and gifts-in-kind the Charity receives.

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 to an overriding duty 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 to 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 to 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 realisation 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 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 its staff, requires the University of Birmingham to provide security arrangements of the highest standard.

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THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

f. Future plans

In June 2021, the University agreed to provide £10m in its capital programme in order to carry out work at the Barber Institute to address some of its most pressing needs. The first phase of the project took 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 to start in 2026 when the Barber concert hall will be retro-fitted with a new fresh-air circulation system. Once complete, this will allow the Barber concert series to return to the Barber Institute. During the year under review, the Trustees agreed to provide a substantial contribution to the costs of other works, which the Director believed were important, if not essential, to the Barber Institute and the collections, and that it would be both more efficient and cost-effective if these works were carried out whilst the building was closed for the phase 2 works. The new works included:

The Trustees agreed to increase the Charity’s funding to the University by 2% in 2025/26 in the following areas:

The funding level for future years will be reviewed by the Trustees in March 2026. The Charity will also continue to provide grants to 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.

Conservation work will continue to 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 to catalogue the remaining, more obscure sections, once the capital works phase 2 are complete.

The Charity’s regular funding will continue to support musical activities associated with the Barber in the future. Forty Barber concerts are planned for 2025/26, including an 80[th] Anniversary of Barber Concerts celebration with a recital from Dame Sarah Connolly and University alumnus Joseph Middleton, as well as performances by Mahan Esahani, harpsichord; Steven Isserlis / Connie Shih – cello / Erard period piano (album launch using our Erard piano following the recording, using the Erard in the Elgar Concert Hall in January, of music all from the year 1851 when the instrument was built). The first of the Trust’s BBC Radio 3 partnership concerts has taken place and included the world premiere of a co-commission between the Henry Barber Trust and the BBC, a new set of songs by University Professor of Composition, Michael Zev Gordon. Also, there were world premieres planned from that co-commissioning agreement from Errollyn Wallen, performed by the Chaos Quartet, and Mark Anthony Turnage, performed by the Kleio Quartet, plus an additional world premiere from Ryan Latimer for the Solem Quartet, commissioned with external funding. The contract of the fixed-term digital marketing officer for music ended in the summer of the last financial year, but such was the success of the role in reaching young and new audiences, the Trustees agreed that the Music Fund could be used to employ a part-time digital marketing officer to promote and develop audiences for musical activities funded by the Charity, which is continuing. Meanwhile, planning has begun on the next Barber opera, a double-bill comprising Joseph Haydn, Philemon and Baucis and Daria Kwiatkowska, New Opera in September 2027.

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 its grant for fine art library material.

On the advice of their investment property manager, the Trustees decided to replace the majority of the roofs of their Bristol Road properties in 2024/25 and will use funds held in their Investment Property Sinking Fund for this purpose in 2025/26.

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Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management

a. Constitution

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 Bt, a life-governor of the University of Birmingham. The Charity is controlled by its governing document, the Deed of Settlement as amended 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 November 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 to contribute to the management of the Charity or have particular expertise to contribute to the Charity's development. The written consent of the University of Birmingham to the appointment of each Trustee must be obtained. Prior to appointment, nominated Trustees are required to 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 time, and at least one but no more than three of the Trustees shall at any one time 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 to administer the day-to-day operations of the Charity. The Secretary to the Trustees maintains a register of Trustees' interests and, in accordance with the Charity's 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 recent report of the Trustees and audited financial statements, the most recent management accounts and copies of the previous three sets of 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 services. Under the terms of a Charity Commission scheme dated 20 January 2006, this annuity is indexed. Annuities amounting to £13,518 (2024: £11,876) were paid to five (2024: five) 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 £71,452 (2024: £69,216), including pension contributions of £6,615 (2024: £7,744) were paid in respect of two (2024: one) persons who worked part-time on the management and administration of the Charity. The remuneration of the Secretary to the Trustees is determined by the Trustees with reference to market rates of pay for equivalent posts.

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THE HENRY BARBER TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management (continued)

f. Related party relationships

The Charity has close links with the University of Birmingham. The written consent of the University of Birmingham to the appointment of each Trustee must be obtained. At least one but not more than three of the Trustees shall at any time be members of the council or staff of the University of Birmingham.

TPIC (Birmingham) Limited is the Charity's wholly-owned dormant subsidiary undertaking.

g. Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have assessed the major risks to which the Charity is exposed, particularly those related to the activities and finances of the Charity, and they are satisfied that systems are in place to manage the Charity’s exposure to the major risks. The Trustees continue to consider that the principal risks which face the Charity relate to the security of its collections and its 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 Settlement, 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 to the University of Birmingham, whilst emphasising that it must be given the highest priority. The first phase of the works covered by the £10m of University funds to secure the condition of the Barber building and thus the collections it houses was completed in the last financial year. Further work planned in 2025 has been delayed to 2026 to resolve the problem of a lack of ventilation in the Barber concert hall, which will enable the return of the Barber concerts to the building. The Director of the Barber Institute is working with her University colleagues to 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 performance of the assets, in order to ensure that they are being properly 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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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.

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Docusign EnvelopÈ ID". 8AD40D3E-C224-4FBC-ACEg-857E51CCED36 THE HENRY BARBER TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 Dlsclosuro of Infomiatlon to audltor E8eh ofthe porsons who are Trustgfrs at Ihe lime when this Trustees, Report is approved hag eonfimied that. so far as 1hal Trustee is aware. there is no relevant audit infomialion of which the Charity's auditoi is unaware. and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be awaré of any r81evant audit infonnalion and lo establish that the Charity's auditor is aware of that infomialion. Approved by order of the members of the Board of Trustees and signed on their behalf by.. HB Carsl Chairman Oale.. 25M*I3Y Page 13

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

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') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

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 information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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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 to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 but were not limited to compliance with the Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

Page 15

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HENRY BARBER TRUST (CONTINUED)

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 to detect 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 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 at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an 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 Statutory Auditor Cubo Birmingham Two Chamberlain Square Birmingham B3 3AX 27 March 2026 Date:

Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 16

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

Note
Income and
endowments
from:
Donations and
legacies
3
Income from
charitable activities
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net income
before net gains/ (losses)
on investments
Net gains/ (losses)
on Investments
Net movement in
funds
Reconciliations of
funds:
Total funds brought
forward
Net movement in
funds
19
Total funds
carried forward		 Unrestricted
income
funds 2025
£
-
14,178
2,550,057
2,564,235
157,650
1,816,009
1,973,659

590,576
68,861
659,437
5,031,274
659,437
5,690,711		 Unrestricted
investment
funds 2025
£
-
-
-
-
30,337
-
30,337
(30,337)
1,700,630
1,670,293
55,180,561
1,670,293
56,850,854		 Restricted
funds 2025
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2025
£
-
14,178
2,550,057
2,564,235
187,987
1,816,009
2,003,996
560,239
1,769,491
2,329,730
60,211,835
2,329,730
62,541,565		 Total funds
2024
£
64,302
11,770
2,471,725
2,547,797
137,356
1,656,577
1,793,933
753,864
2,850,733
3,604,597
56,607,238
3,604,597
60,211,835

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

Docusign EnvelopÈ ID". 8AD40D3E-C224-4FBC-ACEg-857E51CCED36 THE HENRY 8AR8ER TRUST BALANCE SHEET ASAT 31 JULY 2025 2025 2024 Note Fixed assets Heritage assets Investrnents Investment propety 15 16 56.225.803 4,274,000 53,905,161 4.070,000 14 60,499,803 57,975.161 Current assets Debtors 17 51,777 2,257,589 2.309.366 121,729 2,244,339 2,366,068 Cash al bank and in harKI Creditors.. am¢)unts falling du&within one year 18 1267,6041 129.394 Ngt currènt assots 2,041,762 2,236.674 Total not assets 62.541.565 60,211.835 Charlty fund$ Unr8strict8d Investrnent fvnds Unrestricted income funds Total fvnds 19 56.850,854 5,690.711 55,180.561 5.031,274 19 2.541,565 60,211,835 The finan¢ial slalemenls were approv8d and authoris8d for issue by the Trustees and slgned on their behalf by.. HB Carslake BA, LLB Chairman Date.. ￿ M*d) 3Y26 The notes on pages 20 10 38 lorm part of these finanaal statements. Page 18

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Transfer from bank to investment manager
Net cash provided by investing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
22
The notes on pages 20 to 38 form part of these financial
statements		 2025
£
(2,581,656)

2,550,057
137,969
(891,954)
800,000

2,596,072
-
14,416

2,250,768
2,265,184		 2024
£
(4,305,338)
2,471,725
1,757,759
(4,423,639)
2,700,000
2,505,845
-
(1,799,493)
4,050,261
2,250,768

Page 19

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The 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 stated in the relevant accounting policy.

The results of the Charity and its wholly-owned subsidiary, TPIC (Birmingham) Limited, are not consolidated on a line for line basis. TPIC (Birmingham) 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 statements is inappropriate to the better understanding of the Charity.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Dividend income is included by reference to the payment date of the dividend. Items donated to the Charity's collections are included at market value at the time of receipt.

Page 20

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Accounting policies (continued)

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 activity. The costs of raising funds comprise those costs directly attributable to managing the Charity’s fixed asset investments, including investment property; together with an allocation of governance support costs based on an estimate of time devoted to this activity of 25%, and an allocation of administration support costs based on an estimate of time devoted to this activity of 55%.

Administration support costs in connection with charitable activities comprise the costs of processing annuities and grants to the University of Birmingham, supporting activities within the Barber 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 2%, Barber Institute operations 40% and collections 3%.

Governance support costs comprise those costs directly attributable to 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 time devoted to each activity: professorial chairs and prizes 25%, Barber Institute operations 25% collections 25% and costs of raising funds 25%.

Expenditure on raising funds includes all expenditure incurred by the Charity in connection with the costs of maintaining its investments and subsequent income.

Expenditure on charitable 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 to 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 at the year-end is accrued. Grants offered subject to conditions which have not been met at the yearend date are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.4 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable entity for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital 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 21

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Accounting policies (continued)

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 Charity's collections are heritage assets and are not capitalised in the financial statements. The Charity's collections are inalienable assets as the Deed of Settlement requires that all the works of art or beauty acquired by the Charity shall be held in perpetuity. The Trustees may apply the remaining income arising from the Unrestricted Investment 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 as the Trustees consider this enables them to demonstrate better their compliance with the terms 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 carrying out a valuation to include heritage assets at 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 (FRS 102), requires the capitalisation 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 to the aggregate value of its collections and therefore relatively not material.

1.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) 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 at cost less provision for impairment.

1.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.8 Cash at bank and in hand

Cash at 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

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. Accounting policies (continued)

1.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 Pensions

The Charity’s staff member is directly employed by the Henry Barber Trust.

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 to the Statement of Financial Activities.

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 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 to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 23

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

2. 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 under the circumstances.

Critical accounting estimates and assumptions and areas of judgement:

The Charity makes estimates and assumptions concerning 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 estimates or significant areas of judgement or key assumptions that affect items in the financial statements other than those included within the accounting policies described above.

3. Income from donations and legacies

Gifts in kind
Legacies
Total 2025		 Unrestricted
funds 2025
£
-
-
-		 Restricted
funds 2025
£
-
-
-		 Total funds
2025
£
-
-
-		 Total funds
2024
£
-
64,302
64,302

4. Income from charitable activities

Income from charitable activities – Barber Institute
Operations: music and other events
Total 2025
Total 2024		 Unrestricted
funds 2025
£
14,178
14,178
11,770		 Total funds
2025
£
14,178
14,178
11,770		 Total funds
2024
£
11,770
11,770

Incoming resources from charitable activities in respect of music and other events solely represents income from the sale of Barber concert tickets.

Page 24

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

5. Investment income

Rents receivable
Tenant’s contribution
Distributions and dividends from managed
investments
Listed investment interest
Investment manager's interest
Bank and other interest
Total 2025		 Unrestricted
funds
2025
£
403,596
30
2,067,160
-
2,463
76,808
2,550,057		 Total
funds
2025
£
403,596
30
2,067,160
-
2,463
76,808
2,550,057		 Total
funds
2024
£
437,389
-
1,916,206
25,488
7,712
84,930
2,471,725

6. Expenditure on raising funds

Costs of raising voluntary income

Investment manager’s fees
Property agent's commission
Property repairs and maintenance
Insurance,rates and service charges
Professional charges
Bad debts
Costs of raising voluntary income -
administrative costs
Costs of raising voluntary income – wages and
salaries
Costs of raising voluntary income – marketing
and communications
Allocated centrally incurred fundraising and
governance costs
Total 2025
Total 2024		 Unrestricted
income
funds
2025
£
6,501
29,168
15,255
14,014
19,134
-
13,077

40,003
12,357
8,141
157,650
107,752		 Unrestricted
investment
funds
2025
£

30,337

-

-

-

-

-

-

-
-

-
30,337
29,604		 Total
funds
2025
£

36,838

29,168

15,255

14,014

19,134

-

13,077
40,003
12,357
8,141
187,987
137,356		 Total
funds
2024
£
33,164
29,287
10,489
4,773
8,135
3,305
2,853
38,069
-
7,281
137,356

Page 25

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

7. Analysis of expenditure on charitable activities

Summary by fund type

Professorial chairs and prizes
Barber Institute operations
Collections
Total 2025		 Unrestricted
funds
2025
£
469,393
1,248,780
97,836
1,816,009		 Restricted
funds
2025
£
-
-
-
-		 Total
Total
funds
funds
2025
£
2024
£
469,393
460,172
1,248,780
1,158,970
97,836
37,435
1,816,009
1,656,577

8 . Analysis of expenditure by activities

Professorial chairs and prizes
Barber Institute operations
Collections
Total 2025
Total 2024		 Activities
undertaken
directly
2025
£
-
-
86,800
86,800
27,923		 Grant
funding of
activities
2025
£
459,321
1,202,035
-
1,661,356
1,573,331		 Support
costs
2025
£
10,072
46,745
11,036
67,853
55,323		 Total
funds
2025
£
469,393
1,248,780
97,836
1,816,009
1,656,577		 Total
funds
2024
£
460,172
1,158,970
37,435
1,656,577

Analysis of direct costs

Collections sundry expenses
Acquisitions of works of art
Total 2025
 Unrestricted
Collections
2025
£
400
86,400
86,800		 Restricted
Collections
2025
£
-
-
-		 Total
Total
funds
funds
2025
£
2024
£
400
4,781
86,400
23,142
86,800
27,923

Page 26

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Office expenses
Office insurance
Pension annuities
Governance costs
Total 2025		 Professorial
chairs and
prizes
2025
£
1,455
437
14
24
8,142
10,072		 Barber
Institute
operations
2025
£
29,093
8,735
286
489
8,142
46,745		 Collections
2025
£
2,182
655
21
37
8,141
11,036		 Total
funds
2025
£
32,730
9,827
321
550
24,425
67,853		 Total
funds
2024
£
31,147
1,454
352
529
21,841
55,323

9 . Governance costs

Trustees' annuities
Trustees' insurance and costs
Legal Fees
Auditors' remuneration		 2025
£
13,518
627
1,021
17,400
32,566		 2024
£
11,876
746
-
16,500
29,122

Governance costs are disclosed as follows: raising funds £8,141 (2024: £7,281) and support costs £24,425 (2024: £21,841).

Page 27

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

10. Analysis of grants

Grants to
Total
Institutions
funds
2025
£
2025
£
Grants,professorial chairs and prizes 459,321
459,321
Grants,Barber Institute operations
1,202,035
1,202,035
Total 20251,661,356
1,661,356
The Charity has made the following material grants to institutions during the year:
2025
£
Recipient, clause and annuity reference
Barber Chair of Law,clause 4,first annuity
1,624
Barber Chair of Jurisprudence,clause 4,second annuity
2,320
Barber Chair of Fine Arts,clause 4,third annuity
3,430
Barber Chair of Music,clause 4, fourth annuity
1,436
Barber Institute staff costs,clause 4,fifth annuity
1,530
School of Law,clause 4,sixth annuity
730
Department of Music,clause 6(C),annuity
730
School of Law Library,clause 7,first annuity
4,370
Clerical assistance to School of Law Library,clause 7,second annuity
8,728
Sir Henry Barber Law scholarship,clause 7,third annuity
730
Lady Barber Post Graduate Scholarship,clause 7,fourth annuity
13,100
Department of Music Scholarship,clause 7,fifth annuity
2,914
School of Law essay prize,clause 7,sixth annuity
148
School of Law debating prize,clause 7,seventh annuity
148
Holdsworth Club,clause 7,eighth annuity
148
Supplement to the annuities
417,235
Barber Institute operations
1,202,035
1,661,356		 Total
funds
2024
£
451,403
1,121,928
1,573,331
2024
£
1,592
2,275
3,360
1,408
1,500
714
714
4,284
8,556
714
12,842
2,856
145
145
145
410,153
1,121,928
1,573,331

In addition to the annuities payable under the terms of the Deed of Settlement, the Charity awards each year a supplement to the annuities which is paid to 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 to 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

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

10. Analysis of grants (continued)

Barber Institute Budget Centre
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
Barber Institute staff Christmas dinner
Exhibitions & Loans Assistant
Coin collections database
Music
Music staff costs grant
Barber 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
BBC Sponsorship
Student opera grant
Barber opera funding
Contemporary opera funding
Restoration of the Snetzler chamber organ
Barber Fine Art Library
Library staff costs grant
Books grant
Total grants and funding payable for Barber Institute operations		 2025
£
798,900
5,709
100,309
25,132
-
1,428
-
467
931,945
52,315
136,807
8,469
5,925
5,821
6,000
5,400
2,250
-
1,804
-
-
224,791
23,192
22,107
45,299
1,202,035		 2024
£
783,250
4,501
68,692
510
-
1,350
-
976
859,279
52,125
140,240
4,030
8,990
3,875
6,500
5,300
-
-
-
-
-
221,060
22,610
18,979
41,589
1,121,928

In advance 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 its 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, at the direction of the University of Birmingham.

Page 29

Docusign Envelope ID: 8AD40D3E-C224-4FBC-ACE9-857E51CCED36

THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

11. Auditor's remuneration

2025 2024
£ £
Fees payable to the Charity’s auditor for the
audit of the Charity’s annual accounts 17,400 16,500

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined benefit pension scheme		 2025
£
57,965
6,872
6,615
71,452		 2024
£
55,314
6,158
7,744
69,216

Staff salaries of £71,452 (2024: £69,216), including pension contributions of £6,615 (2024: £7,744) were paid in respect of 2 (2024: 1) persons who worked part-time on the management and administration of the Charity. This included two secretaries working for one month together to hand over the trust secretary role. The remuneration of the Secretary to the Trustees is determined by the Trustees with reference to market rates of pay for equivalent posts.

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

2025 2024
No. No.
Management and administration 1 1

No employee received remuneration amounting to more than £60,000 in either year.

As noted above, during the year, 2 (2024: 1) persons worked part-time 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 for the retiring secretary. During the year, in addition to those engaged on the Charity's management and administration, there were on average a further 31 (2024: 35) staff working at the Barber Institute, all of whom were paid by the University of Birmingham.

A pension annuity of £1,122 (2024: £1,176) was paid during the year to 1 (2024: 1) spouse of a former employee.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

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 £13,518 (2024: £11,876) were paid to 5 (2024: 5) Trustees. Professor Adam Tickell and Dr Ellen McAdam have waived their entitlement to receive an annuity. Annuities paid during the year are analysed as follows:

HB Carslake £4,422 (2024:£4,335)
JR Bates £2,274 (2024:£2,230)
Dr E McAdam - (2024:£Nil)
AT Tickell - (2024:£Nil)
Mrs VJP Simpson £2,274 (2024:£2,230)
Dr AJ Sturgis £2,274 (2024:£2,230)
Ms E Stenning £2,274 (2024: £851)

During the year ended 31 July 2025, no Trustee requested any reimbursement (2024: £35 to one trustee) in respect of travelling expenses and £222 was spent on three Trustee’s lunches following meetings (2024: £303).

14. Investment property

Valuation
At 1 August 2024
Gain on revaluation
At 31 July 2025		 Freehold
investment
property
£
4,070,000
204,000
4,274,000

In accordance with the Charity's accounting policies, investment property is stated at market value. Centrick Valuation and Professional Services Ltd carried out a full RICS valuation of the portfolio as at 31 July 2025. They consider that the value had risen by £204,000, or approximately 5%, over the previous year.

The historical cost of investment property at the year-end is £2,622,320 (2024: £2,622,320).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

15. Heritage assets

Work at the Barber Institute continues to provide public access to the Charity’s collections online. At present, approximately 55% of the Barber collections, excluding the coin collection, is available via the University’s website; this includes all of the paintings (except all but one of those in the Lady Barber collection). 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 to about 12,000 items in the coin collection at the Barber Institute (about 75% of the total) via the University’s website.

The Trustees regularly loan items from the Charity’s collections to other museums and also accept paintings and other items on short- or medium-term loan, both for display with the permanent collections and for exhibitions. The Barber Institute of Fine Arts has been closed since 26[th] January 2025, due to a major capital development project to improve the building. The remaining items are held in storage, but some limited access is permitted to researchers by prior appointment, where possible. In addition to single loans out, significant numbers of paintings from the collection have been touring through exhibition projects to peer museums and galleries; these include Charleston, the Courtauld Gallery and Compton Verney, and have enabled continued public enjoyment or the collections during the building works.

The Charity’s expenditure on the purchase of, or the value on receipt of, heritage assets in the period 1 August 1999 to 31 July 2025 amounted in total to £10,308,122; comprising £10,251,994 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

2025 **2024 ** 2023 2022 2021
£ £ £ £ £
Purchases
Works of art 86,400 23,142 750,750 321,200 43,800

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

16. Fixed asset investments

Cost or valuation
At 1 August 2024

Additions

Disposals

Revaluations

Transfers intra group

At 31 July 2025
 Investments
in
subsidiary
companies
£
1,000
-
-
-
-
1,000		 Listed
investments
£
53,897,732
891,954
(137,969)
1,565,491
-
56,217,208		 Cash and
settlements
pending
£
6,429
937,969
(900,000)
-
(36,803)
7,595		 Total
£
53,905,161
1,829,923
(1,037,969)
1,565,491
(36,803)
56,225,803

Managed investments at the year-end include three material holdings:

102,510,912.85 units in Cazenove Charity Sustainable Multi-Asset Fund with a market value of £52,577,847. 15,069.88 units in BlackRock ICS Institutional Sterling Liquidity Fund (accumulation) with a market value of £1,815,921. 157.508 units in JPMorgan GBP Liquidity LVNAV Fund (accumulation) with a market value of £1,823,440.

In accordance with the Charity's accounting policies, fixed asset investments are stated at market value. The historical cost of managed investments at the year-end is £50,797,167 (2024 £50,037,516).

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity
number place of business
TPIC (Birmingham) Limited 511555 England and Wales Dormant
Class of Holding Included in
shares consolidation
Ordinary 100% No

The financial results of the subsidiary for the year were:

Name
TPIC (Birmingham) Limited		 Net
Assets
£
1,000

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

17. Debtors

Due within one year
Rents receivable
Other debtors
Prepayments and accrued income		 2025
£
13,812
14,980
22,985
51,777		 2024
£
6,157
90,723
24,849
121,729

18. Creditors: Amounts falling due within one year

Amounts owed to subsidiary undertaking
Other taxation and social security
Grants payable
Accruals
Deferred income
Deferred income at 1 August 2024
Resources deferred during the year
Amounts released from previous periods		 2025
£
1,000
1,724
134,636
96,491
33,753
267,604
2025
£
31,145
33,753
(31,145)
33,753		 2024
£
1,000
361
72,318
24,570
31,145
129,394
2024
£
30,130
31,145
(30,130)
31,145

Most tenants of the investment properties pay their rents quarterly in advance. The financial year-end falls during a quarter and that portion of the quarterly rent which relates to the period falling after the financial year-end is deferred income.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Statement of funds

Statement of Funds – Current Year
Balance at 1
August
2024
£
Income
£
Unrestricted
Funds
Investment Fund
55,180,561
-
General Fund
3,238,220
2,550,057
Exhibition
Programme
Reserve Fund
382,490
-
Coin Database
Reserve Fund
41,283
-
Major Conservation
Reserve Fund
71,293
-
Galleries’
Refurbishment
Fund
571,021
-
Transformation
Reserve Fund
120,000
-
Works of Art Fund
106,455
-
Barber Institute
Operations Fund
203,572
-
Music Fund
32,926
14,178
Investment
Property Sinking
Fund
156,222
-
Barber Opera Fund
107,792
-
60,211,835
2,564,235
Restricted Funds
Works of Art Fund
-
-
Total of Funds
60,211,835
2,564,235		 Expenditure
£
(30,337)
(1,743,490)
(100,309)
(467)
(25,132)
-
-
(86,800)
-
(12,357)
(3,300)
(1,804)
(2,003,996)
-
(2,003,996)		 Transfers
in/out
£
-
(2,882,625)
115,000
8,000
25,000
2,663,910
-
30,000
-
(7,285)
20,000
28,000
-
-
-		 Gains/
(losses)
£
1,700,630
68,861
-
-
-
-
-
-
-
-
-
-
1,769,491
-
1,769,491		 Balance at
31 July
2025
£
56,850,854
1,231,023
397,181
48,816
71,161
3,234,931
120,000
49,655
203,572
27,462
172,922
133,988
62,541,565
-
62,541,565

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Statement of funds (continued)

Statement of funds - prior year

Investment
Fund
52,449,704
General Fund
2,626,450
Exhibition
Programme
Reserve Fund
336,182
Coin Database
Reserve Fund
32,260
Major
Conservation
Reserve Fund
41,803
Galleries’
Refurbishment
Fund
527,021
Transformation
Reserve Fund
-
Works of Art
Fund
104,378
Barber Institute
Operations
Fund
259,270
Music Fund
21,156
Investment
Property Sinking
Fund
Barber Opera
Fund
136,222
72,792
56,607,238
Restricted
Funds
Works of Art
Fund
-
Total of Funds
56,607,238
Balance at 1
August 2023
£
Unrestricted
Funds		 -
2,471,725
-
-
-
-
-
-
64,302
11,770
-
-
2,547,797
-
2,547,797
Income
£		 (29,604)
(1,666,227)
(68,692)
(977)
(510)
-
-
(27,923)
-
-
-
-
(1,793,933)
-
(1,793,933)
Expenditure
£		 -
(284,000)
115,000
10,000
30,000
44,000
120,000
30,000
(120,000)
-
20,000
35,000
-
-
-
Transfers
in/out
£		 2,760,461
90,272
-
-
-
-
-
-
-
-
-
-
2,850,733
-
2,850,733
Gains/
(Losses)

£		 55,180,561
3,238,220
382,490
41,283
71,293
571,021
120,000
106,455
203,572
32,926
156,222
107,792
Balance at
31 July 2024
£
60,211,835
-
60,211,835

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

19. Statement of funds (continued)

The Reserve Funds are amounts set aside by the Trustees for costs associated with gallery costs or capital projects in the Barber Institute building, the conservation of collections, the Barber Institute’s programme of exhibitions, the coin collection and the transformation of the Barber Institute.

The designated and restricted Works of Art Funds are for the purchase of works of art. The Trustees purchased one work of art during the year, which is described in detail in note 15, Heritage assets. The designated fund balance at the year-end is £49,655 (2024: £106,455).

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 at the Barber Institute. The Investment Property Sinking Fund is to cover the cost of dilapidations on some of the Charity’s investment property. The Barber Opera Fund is for expenditure on Barber Opera performances and associated costs.

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
income
funds
2025
£
3,646,469
-
2,309,366
(265,124)
5,690,711		 Unrestricted
investment
funds
2025
£
52,609,334
4,274,000
-
(2,480)
56,850,854		 Total
funds
2025
£
56,225,803
4,274,000
2,309,366
(267,604)
62,541,565

Analysis of net assets between funds - prior year

Unrestricted Unrestricted Total
investment
**funds ** funds funds
**2024 ** 2024 2024
£ £ £
Fixed asset investments 2,792,061 51,113,100 53,905,161
Investment property - 4,070,000 4,070,000
Current assets 2,366,068 - 2,366,068
Creditors due within one year (126,855) (2,539) (129,394)
Total 5,031,274 55,180,561 60,211,835

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THE HENRY BARBER TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Dividends, interests and rents from investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Transfer from bank to investment manager
Net loss/(gain) on investments
Net cash used in operating activities
22.
Analysis of cash and cash equivalents
Cash at bank
Cash on deposit and current cash at investment manager
Cash at investment manager for investment
Total cash and cash equivalents		 2025
£
2,329,730
(2,550,057)

69,952
138,210
(800,000)

(1,769,491)
(2,581,656)
2025
£
640,596
1,616,993
7,595
2,265,184		 2024
£
3,604,597
(2,471,725)
252,110
(139,587)
(2,700,000)
(2,850,733)
(4,305,338)
2024
£
698,705
1,545,634
6,429
2,250,768

23. Analysis of changes in net debt

Cash at bank
Cash on deposit and current cash at investment manager
Cash at investment manager for investment		 At 1 August
2024
£
698,705
1,545,634
6,429
2,250,768		 Cash flows
£
(58,109)
71,359
1,166
14,416		 At 31 July
2025
£
640,596
1,616,993
7,595
2,265,184

Page 38