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2023-04-05-accounts

Company registration number Charity no: 801518 (England and Wales)

THE BARRY AND PEGGY HIGH FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE BARRY AND PEGGY HIGH FOUNDATION

COMPANY INFORMATION

Registered Charity No: 801518
Trustees A N How
R J F Wortley (Appointed 7 April 2022)
P R H Trim (Appointed 7 June 2022)
H M Taylor-Brown
W R Holmes
D Preston
Registered office Howes Percival LLP
Flint Buildings
1 Bedding Lane
Norwich
NR3 1RG
Auditors CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Bankers Svenska Handelsbanken AB
Sherwood House
5 Bluecoats Avenue
Hertford
SG14 1PB

THE BARRY AND PEGGY HIGH FOUNDATION

CONTENTS

Page
Directors' report 1 - 3
Independent auditor's report 4 - 6
Consolidated statement of financial activities 7
Group balance sheet 8
Company balance sheet 9
Group statement of cash flows 10
Company statement of cash flows 11
Notes to the financial statements 12 - 26

THE BARRY AND PEGGY HIGH FOUNDATION

DIRECTORS' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their report and financial statements for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities Act 2011 and "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)" (as amended for accounting periods commencing from 1 January 2019).

OBJECTIVES AND ACTIVITIES

The charitable purposes of the Trust are set out in clause 4 of the Trust Deed which states that the Trustees shall hold the Trust Fund to pay or apply the capital or annual income to or for such charitable purposes as the Trustees from time to time think fit.

OBJECTIVES AND ACTIVITIES

The Trust continues to support a range of charities and educational initiatives, financed from income from its property and investments.

In the making of all donations the Trustees have complied with Section 17 of the Charities Act 2011 regarding guidance on public benefit as published by the Charity Commission and during the financial year the Trust had made donations of £997,000 (2022 £460,000) to various charities.

FINANCIAL REVIEW

Reserves policy

The capital account is an unrestricted fund which is expendable at the discretion of the Trustees. However, the present intention of the Trustees is to keep the capital funds intact to generate income for charitable purposes. Investment income from the capital fund is credited to unrestricted funds to which the donations and administration expenditure is charged. At the end of the financial year the surplus on the consolidated capital account stood at £36,458,469 (2022: £36,895,918).

The income account is a general fund which is fully expendable. The Trustees regularly monitor the balance on unrestricted funds to ensure that there will always be sufficient reserves available to be able to continue to donate at a similar level each year. At the end of the financial year the surplus on the consolidated income account stood at £2,070,878 (2022: £1,866,857).

Investment policy

In accordance with the Trust Deed, the Trustees have the power to invest in such cash, quoted stocks, shares, investments and property as they see fit.

The investment policy of the Trustees during the year has been to follow the advice of the Foundation's investment advisors, Close Brothers and Brewin Dolphin. The portfolio is run on a discretionary basis with an objective of a balance between income and capital growth with a medium risk strategy. It does however have an equity bias.

Financial controls

The Trust has maintained detailed financial procedures for the initiation, administration and control of the Trust's assets and expenditure.

THE BARRY AND PEGGY HIGH FOUNDATION

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was established by a trust deed dated 3 May 1989.

The Trust is registered by the Charity Commission as The Barry and Peggy High Foundation, charity number 801518

The original Trustees were appointed by the 1989 Deed and subsequent appointments have been made by the Founder, The power of appointing new Trustees is vested in the Founders during their joint lives and in the survivor of the Founders during his or her life as stipulated ln the Trust Deed governing the Foundation.

The Trustees do not have a training policy, but one of the Trustees is an expert in charity law.

The trustees who served during the year and up to the date of signature of the financial statements were:

A N How R J F Wortley (Appointed 7 April 2022) P R H Trim (Appointed 7 June 2022) H M Taylor-Brown W R Holmes D Preston

Statement of Trustees' responsibilities

The trustees are responsible for preparing the Trustees9 Annual 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 the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

THE BARRY AND PEGGY HIGH FOUNDATION DIRECTORS, REPORT (CONTIN FOR THE YEAR EN IL 23 On behalf of the bo AN How Trust99 Dale..

THE BARRY AND PEGGY HIGH FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE BARRY AND PEGGY HIGH FOUNDATION

Opinion

We have audited the financial statements of The Barry and Peggy High Foundation (the 'parent company') and its subsidiaries (the 'group') for the year ended 5 April 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC9s 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 directors' 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 group's and parent company9s 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 directors 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 trustees' annual report, other than the financial statements and our auditor9s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and 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.

THE BARRY AND PEGGY HIGH FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BARRY AND PEGGY HIGH FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees9 responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 group and parent charitable company9s 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity9s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

THE BARRY AND PEGGY HIGH FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BARRY AND PEGGY HIGH FOUNDATION

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council9s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company9s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company9s members 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 company and the company9s members as a body, for our audit work, for this report, or for the opinions we have formed.

Keir Singleton (Senior Statutory Auditor) For and on behalf of

9 January 2024

CLA Evelyn Partners Limited 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB

THE BARRY AND PEGGY HIGH FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 5 APRIL 2023

Unresticted Unresticted
Funds Funds
2023 2022
Notes £ £
Income
Other trading activites 2 261,402 498,242
Investments 3 2,539,410 2,117,277
Total Income 2,800,812 2,615,519
Expenditure
Raising funds 4 (786,957) (609,609)
Charitable expenditure 4 (1,058,757) (760,572)
Total Expenditure (1,845,714) (1,370,181)
Net gains/(losses) on investments 8 (1,251,684) 1,940,000
Net income before tax (296,586) 3,185,338
Tax on (loss)/profit 11 62,523 (721,675)
Net movement in funds (234,063) 2,463,663
Retained earnings brought forward 38,752,775 36,289,112
Retained earnings carried forward 38,518,712 38,752,775

All income and expenditure derive from continuing activities.

All gains and losses recognised in the year are included above.

THE BARRY AND PEGGY HIGH FOUNDATION GROUP BALANCE SHEET ASAT5APRIL 2023 2023 2022 Notes Flxed assets Tangible assets Investment propety Investments 12 13 14 1,489 31,517,500 5,710,611 31.101,160 6,283.349 37.229,600 37,384,509 Current assets Debtors Cash al bank and in hand 17 578,137 2.684,824 1,324,738 1,976,839 3,262,961 3,301,577 Creditors: amounts falling due wlthln one year 18 11,099,657) 1868,3661 Net current assets 2,163,304 2.433,211 Total assets less current liabilities 39.392,904 39,817,720 Provislons for liabilitles Deferred lax liability 19 863.557 1,054,946 1863,5571 11,054,946) Net assets 38.529,347 38,762.774 Capltal and re$eNe$ Unreslricled funds 38,529,347 38,762,774 The finan¢i81 are signed ale ils b re pproved by the board of trustees and aulhoiised for issue on AN How Trustee Charity no.. 801518 (England and Wales)

THE BARRY AND PEGGY HIGH FOUNDATION COMPANY BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Notes Flxed assets Investment property Investments 13 14 377,500 35,998.284 377,500 36,448.307 36.375,784 36,825,807 Current assets Debtors Cash at bank and in hand 17 247,936 718.057 242.061 539,151 965,993 781,212 Credltors: amounts falllng due wlthln on? year 18 116,600} 124,2801 Net current assets 949.393 756,932 Net a$s&ts 37,325,177 37,582,739 Capltal and reseNes Unrestricted funds 37,325,177 37,582.739 The financial stsl are signed on it enls eh roved by the board of Trustees and aulh0ri5ed for issue oAL.y.TC..Lg and ANHOW Trusteo Charity no.. 801518 (England and W8les}

THE BARRY AND PEGGY HIGH FOUNDATION

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2023

2023 2022
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 24 1,693,440 819,801
Income taxes paid (174,154) (196,737)
Net cash inflow from operating activities 1,519,286 623,064
Investing activities
Purchase of tangible fixed assets (1,985) -
Purchase of investment property (1,107,860) (4,272,851)
Proceeds from disposal of investments 12,574 21,672
Interest received 18,850 -
Dividends received 163,392 150,240
Other income received from investments 103,728 -
Net cash used in investing activities (811,301) (4,100,939)
Net increase/(decrease) in cash and cash
equivalents 707,985 (3,477,875)
Cash and cash equivalents at beginning of year 1,976,839 5,454,714
Cash and cash equivalents at end of year 2,684,824 1,976,839

THE BARRY AND PEGGY HIGH FOUNDATION

COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
25
Investing activities
Net movements in investments
Interest received
Dividends received
Other income received from investments
Net cash generated from investing
activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(133,370)
12,574
4,292
191,682
103,728
312,276
178,906
539,151
718,057		 2022
£
21,672
-
178,530
-		 £
(211,616)
200,202
(11,414)
550,565
539,151

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Company information

The Barry and Peggy High Foundation (<the company=) is a private limited company domiciled and incorporated in England and Wales. The registered office is Howes Percival LLP, Flint Buildings, 1 Bedding Lane, Norwich, NR3 1RG.

The group consists of The Barry and Peggy High Foundation and all of its subsidiaries.

1.1 Accounting convention

These 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2 Basis of consolidation

The consolidated financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view, This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

These consolidated financial statements include the results of the Market Harborough (Valley Way) Estates Limited. The Company, Market Harborough (Valley Way) Estates Limited's year end date is 31 March 2023. The result of the charity alone for the year was a deficit of £(134,847) (2022: surplus of £2,473,664). The shares in Market Harborough (Valley Way) Estates Limited were gifted to the charity by trustee B L High upon the date of his death (14 June 2019). A custodian company, MH(VW)E Custodian Trustee Company Ltd, has been established for the purpose of holding these shares on behalf of the charity. The shares are reflected in the accounts of the charity at fair value.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus postacquisition changes in the group9s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group9s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group9s interest in the entity.

1.3 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.4 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

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Operating lease income from investment properties is recognised in profit and loss on a straight-line basis over the lease term.

The turnover of the trading subsidiary of the charity, Market Harborough (Valley Way) Estates Limited, is measured at the fair value of the consideration received or receivable for rental income, insurance recharges, management fee recharges and other recharged income in the normal course of business, and is shown net of discounts and VAT.

Other recharge income

Income relating to expense amounts recharged to tenants is recognised in profit and loss at the time the expenditure was originally incurred.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% on Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6 Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation of Investment Properties of Charity is recognised in the Capital Account within net income/ (expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Capital Account within net income/(expenditure) for the year. Transaction costs are expensed as incurred.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settles on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

Classification of financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Compound instruments

The compound parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of the issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar nonconvertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.12 Taxation

The charity is exempt from tax on its charitable activities.

The tax expense represents the sum of the tax currently payable and deferred tax of the company.

Current tax

The tax currently payable is based on taxable profit of the company for the year. Taxable profit differs from net profit as reported in the profit and loss account of the company because it excludes items of income or expense that are taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.13 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.14 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15 Charitable Funds

Unrestricted funds consist of the Income Account and the Capital Account and are available for use at the discretion of the trustees in furtherance of their charitable objectives with the present intention of the Trustees to keep the Capital Account intact to generate income for charitable purposes.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

2
Income from other trading activities
Income from recharges
3
Income from investments
Rental income
Income from listed investments
Income from property - lease extension
Interest receivable
4
Expenditure
Charitable
Notes
activites
£
Expenditure on raising
funds:
Investment management costs
-
Market Harborough (Valley
Way) Estates Limited
-
Governance costs
6
-
-
Expenditure on charitable activities:
Grant funding of activities
5
997,000
Investment property repairs
31,123
Support costs
6
25,634
Governance costs
6
5,000
Bad debt provision
-
1,058,757
Total expenditure
1,058,757		 2023
£
261,402
2023
£
2,253,440
163,392
103,728
18,850
2,539,410
Raising
Total
Funds
2023
£
£
40,761
40,761
731,462
731,462
14,100
14,106
786,323
786,329
-
997,005
-
31,123
-
25,640
-
5,006
-
-
-
1,058,774
786,323
1,845,103		 2022
£
498,242
2022
£
1,967,037
150,240
-
-
2,117,277
Total
2022
£
39,230
546,888
14,000
600,118
460,000
252,060
33,078
4,925
10,000
760,063
1,360,181

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

5 Grants payable

Brathay Trust
RNLI life saving endowment
Wings South West
YES - Youth education service
The Merricks Sailing Trust
The Honeypot Children's Charity
Ahoy
NSPCC
Disasters Emergency Committee
St Johns Ambulance
MQ Mental Health
Willow Foundation
RABI
Sick Children9s Trust
London Air Ambulance
Noah9s Ark
East Anglia Air Ambulance
East Anglia Children's Hospice
Thames Valley Adventure Play
Seesaw
Zarach		 2023
£
60,000
100,000
80,000
60,000
-
60,000
-
-
-
60,000
60,000
5,000
12,000
50,000
100,000
100,000
50,000
50,000
50,000
50,000
50,000
997,000		 2022
£
60,000
60,000
80,000
60,000
5,000
60,000
60,000
25,000
50,000
-
-
-
-
-
-
-
-
-
-
-
-
460,000

Grants are all payable to institutions.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

6 Support Costs

Notes
Trustee expenses
Legal and professional fees
Bank charges
Accountancy
Audit fees
7
Sundry expenses
Allocated to
Raising funds
Charitable expenditure		 Support
Governance
costs
costs
£
£
-
-
22,214
-
86
-
2,700
-
-
19,100
634
-
25,634
19,100
-
14,100
25,634
5,000
25,634
19,100		 Total
2023
£
-
22,214
86
2,700
19,100
634
44,734
14,100
30,634
44,734		 Total
2022
£
1,753
28,672
147
2,505
18,925
-
52,002
14,000
38,002
52,002

7 Auditor's remuneration

The auditor9s remuneration constituted of audit fees of £5,000 (2022: £4,925) payable in respect of the Charity and £14,100 (2022: £14,000) payable in respect of the subsidiary.

8 Net gains/(losses) on Investments

Net gains/(losses) on Investments
2023
£
(Loss)/gain on financial assets held at fair value through profit or loss
(560,164)
Changes in the fair value of investments
(691,520)
(1,251,684)		 2022
£
229,191
1,710,809
1,940,000

9 Employees

All employees are employed by the subsidiary and are involved in administration work. Their costs are included in expenditure on raising funds.

There were no employees during the year (2021: Nil) employed by the charity.

The average monthly number of persons employed by the group and company during the year was:

Group Company
2023 2022 2023 2022
Number Number Number Number
Administrative 6 6 - -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

9 Employees

(Continued)

Wages and salaries
Social security costs
Pension costs		 Group
2023
£
228,184
20,444
225
248,853		 Company
2022
2023
£
£
199,400
-
17,478
-
-
-
216,878
-		 2022
£
-
-
-
-

10 Trustee Remumeration and benefits

Expenses paid to the trustees in the year totalled £Nil (2022: £1,754, these expenses were made up of 3 trustees reimbursed for their travel expenses).

One Trustee received £595 (2022: £1,001) from the charity in relation to bookkeeping and administration work.

One of the charity's trustees, and his wife received salaries from Market Harborough (Valley Way) Estates Limited during the year ended 5 April 2022 which were purely in respect of their respective directorship and employment with that company. The total of their combined salaries relating to 2023 amounted to £117,000 (2022: £116,000).

11 Taxation

2023
£
Current tax
UK corporation tax on profits for the current period
129,184
Adjustments in respect of prior periods
(318)
Total current tax
128,866
Deferred tax
Origination and reversal of timing differences
(191,389)
Total tax (credit)/charge
(62,523)		 2022
£
174,472
-
174,472
547,203
721,675

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

11 Taxation (Continued)

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

(Loss)/profit before taxation
Expected tax (credit)/charge based on the standard rate of corporation tax in
the UK of 19.00% (2022: 19.00%)
Tax effect of expenses that are not deductible in determining taxable profit
Tax effect of income not taxable in determining taxable profit
Permanent capital allowances in excess of depreciation
Other permanent differences
Under/(over) provided in prior years
Deferred tax adjustments in respect of prior years
Taxation (credit)/charge
12
Tangible fixed assets
Group
Cost
At 6 April 2022
Additions
At 5 April 2023
Depreciation and impairment
At 6 April 2022
Depreciation charged in the year
At 5 April 2023
Carrying amount
At 5 April 2023		 2023
2022
£
£
(295,952)
3,195,339
(56,231)
607,114
142,549
7,207
67,667
(96,896)
(24,829)
(14,839)
27
-
(317)
-
(191,389)
219,089
(62,523)
721,675
Fixtures and
fittings
£
-
1,985
1,985
-
496
496
1,489

The company had no tangible fixed assets at 5 April 2023 or 5 April 2022.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

13 Investment property

Fair value
At 6 April 2022 and 5 April 2023
Additions through external acquisition
Net gains or losses through fair value adjustments
At 5 April 2023		 Group
2023
£
31,101,160
1,107,860
(691,520)
31,517,500		 Company
2023
£
377,500
-
-
377,500

Investment property of £377,500 (£377,500 held by Charity consists of reversionary interests in freehold property.

The investment properties held by the charity were valued as at 5 April 2017 by Davis Brown Limited, Chartered Surveyors, of which the charity's trustee, Mr A N How, is a director. These external valuations were carried out on the basis of Market Value in accordance with the latest edition of the Valuation Standards published by the Royal Institution of Chartered Surveyors. Mr A N How was not involved in preparing this valuation.

A valuation of the property held by the charity has not been carried out at 5 April 2022 as the trustees consider the valuation at 5 April 2017 to approximate to their fair values at 5 April 2022.

Investment properties valued at £31,140,000 (2022: £30,723,660) are held by the charity9s subsidiary, Market Harborough (Valley Way) Estates Limited.

The investment properties held by the subsidiary were valued by Lambert Smith Hampton Limited, Chartered Surveyors, as at 14 June 2019 on an open market value basis. The directors have, using their professional expertise, renewed the valuation previously provided by Lambert Smith Hampton Limited and made adjustments to the valuation as at 31 March 2023.

14 Fixed asset investments

Fixed asset investments
Notes
Investments in subsidiaries
15
Listed investments		 Group
2023
£
-
5,710,611
5,710,611		 2022
£
-
6,283,349
6,283,349		 Company
2023
£
30,287,673
5,710,611
35,998,284		 2022
£
30,164,958
6,283,349
36,448,307

Fixed asset investments revalued

Listed investments are measured at fair value, which is the mid-market price at the close of business from the appropriate Stock Exchange.

The investment in subsidiaries is revalued to the balance sheet value of the subsidiary companies at the year end.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

14 Fixed asset investments Fixed asset investments (Continued) (Continued)
Movements in fixed asset investments
Group Investments
£
Cost or valuation
At 6 April 2022 6,283,349
Additions 1,593,182
Valuation changes (560,163)
Disposals (1,605,757)
At 5 April 2023 5,710,611
Carrying amount
At 5 April 2023 5,710,611
At 5 April 2022 6,283,349
Movements in fixed asset investments
Company Shares in Other Total
subsidiaries investments
£ £ £
Cost or valuation
At 6 April 2022 30,164,958 6,283,349 36,448,307
Additions - 1,593,182 1,593,182
Valuation changes 122,715 (560,163) (437,448)
Disposals - (1,605,757) (1,605,757)
At 5 April 2023 30,287,673 5,710,611 35,998,284
Carrying amount
At 5 April 2023 30,287,673 5,710,611 35,998,284
At 5 April 2022 30,164,958 6,283,349 36,448,307
15 Subsidiaries
Details of the company's subsidiaries at 5 April 2023 are as follows:
Name of undertaking Registered office Nature of business Class of % Held
shares held Direct Indirect
Market Harborough England and Wales Property rental Ordinary Equity -
100.00
(Valley Way) Estates Shares and
Limited (company Preference shares
registration number:
01117121)
MH(VW)E Custodian England and Wales Dormant holding Company limited by 100.00
-
Trustee Company company guarantee
Limited

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

16
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Instruments measured at fair value through
profit or loss
Carrying amount of financial liabilities
Measured at amortised cost
17
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Notes
Trade creditors
Corporation tax payable
Taxation and social security
Deferred income
20
Other creditors
Accruals and deferred income		 Group
2023
£
578,135
5,710,611
412,023
Group
2023
£
276,171
247,936
54,030
578,137
Group
2023
£
15,976
129,184
11,869
546,581
331,877
64,170
1,099,657		 2022
£
1,324,738
6,283,349
103,808
2022
£
398,006
868,367
58,365
1,324,738
2022
£
-
174,472
92,796
497,290
28,290
75,518
868,366		 Company
2023
£
247,936
36,375,784
16,600
Company
2023
£
-
247,936
-
247,936
Charity
2023
£
-
-
-
-
-
16,600
16,600		 2022
£
242,061
36,448,307
24,280
2022
£
-
242,061
-
242,061
2022
£
-
-
-
-
-
24,280
24,280

19 Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Group
Investment property
The company has no deferred tax assets or liabilities.		 Liabilities
2023
£
863,557		 Liabilities
2022
£
1,054,946

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

19 Deferred taxation

(Continued)

Movements in the year:
Liability at 6 April 2022
Credit to profit or loss
Liability at 5 April 2023		 Group
2023
£
1,054,946
(191,389)
863,557		 Company
2023
£
-
-
-

The deferred tax liability set out above is not expected to reverse within 12 months and relates to the unrealised gain in respect of investment properties owned by Market Harborough (Valley Way) Estates Limited.

20 Deferred income

20
Deferred income
Group
2023
£
Other deferred income
546,581
21
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2022
£
497,290		 Company
2023
£
-
2023
£
225		 2022
£
-
2022
£
-

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22 Movement in Funds

Group
General - Income Fund
General - Capital Fund
Total unrestricted funds		 Balance at
5 April
2022
£
1,866,857
36,895,918
38,762,775		 Income
Expenditure
£
£
2,800,812
(2,596,791)
-
(437,449)
2,800,812
(3,034,240)		 Transfers
£
-
-
-		 Balance at
5 April
2023
£
2,070,878
36,458,469
38,529,347

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

22
Movement in Funds
Charity
General - Income Fund
General - Capital Fund
Total unrestricted funds		 Balance at
5 April
2022
£
686,821
36,895,918
37,582,739		 Income
Expenditure
£
£
1,279,405
(1,099,518)
-
(437,449)
1,279,405
(1,536,967)		 (Continued)
Transfers
5 April
2023
£
£
-
866,708
-
36,458,469
-
37,325,177		 (Continued)
Transfers
5 April
2023
£
£
-
866,708
-
36,458,469
-
37,325,177
37,325,177

23 Related party transactions

In 2023 Market Harborough (Valley Way) Estates Limited (company registration number 01117121), the trading subsidiary of the Charity, made charitable donations of £750,000 (2022: £650,000) to the Charity. Also, a non-equity dividend of £28,290 (2022: £27,781) has been paid by the company to the Charity. These amounts have been eliminated in these financial statements on the basis they are consolidated financial statements.

Two directors of Market Harborough (Valley Way) Estates Limited are also directors of Davis Brown Limited, until they resigned as directors of that company. Also, Mr A N How, charity's trustee, is able to exert significant influence over Market Harborough (Valley Way) Estates Limited by virtue of his role in the charity. Prior to their resignation as directors of Davis Brown Limited Market Harborough (Valley Way) Estates Limited incurred expenses of £60,372 (2022: 85,144) with regards to property management fees. Until 31 December 2022 Davis Brown Limited also collected money on behalf of Market Harborough (Valley Way) Estates Limited. At the year end £Nil (2022: £626,306) was held by Davis Brown in a client account in respect of rental monies collected but not yet paid over to Market Harborough (Valley Way) Estates Limited. The charity paid £10,920 in relation to Exceptional investment property repairs to Davis Brown Limited (2022: £18,957) which is subsequently recharged by the charity from the property lease holders. At the year end, the charity owed Davis Brown Limited £nil (2022: £nil).

A director of Market Harborough (Valley Way) Estates Limited is also a director of Karslakes Solicitors Limited. During the year, Market Harborough (Valley Way) Estates Limited incurred expenses of £23,342 (2022: £26,009) with regards to legal fees and advice.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

24 Cash generated from group operations
2023 2022
£ £
(Loss)/profit for the year after tax (233,429) 2,473,664
Adjustments for:
Taxation (credited)/charged (62,523) 721,675
Investment income (314,260) (150,240)
Fair value loss/(gain) on investment properties 1,251,684 (1,940,000)
Depreciation and impairment of tangible fixed assets 496 -
Movements in working capital:
Decrease/(increase) in debtors 750,760 (291,809)
Increase in creditors 251,421 11,593
Increase/(decrease) in deferred income 49,291 (5,082)
Cash generated from operations 1,693,440 819,801
25 Cash absorbed by operations - company
2023 2022
£ £
(Loss)/profit for the year after tax (257,562) 2,473,664
Adjustments for:
Investment income (299,702) (178,530)
Other gains and losses 437,450 (2,192,876)
Movements in working capital:
Increase in debtors (5,875) (242,061)
Decrease in creditors (7,680) (71,813)
Cash absorbed by operations (133,369) (211,616)
26 Analysis of changes in net funds - group
6 April 2022 Cash flows 5 April 2023
£ £ £
Cash at bank and in hand 1,976,839 707,985 2,684,824
27 Analysis of changes in net funds - company
6 April 2022 Cash flows 5 April 2023
£ £ £
Cash at bank and in hand 539,151 178,906 718,057