OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-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 2024

THE BARRY AND PEGGY HIGH FOUNDATION

COMPANY INFORMATION

Registered Charity No: 801518
Trustees A N How
R J F Wortley
P R H Trim
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
Trustees' report 1 - 2
Trustees' responsibilities statement 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 - 25

THE BARRY AND PEGGY HIGH FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees present their report and financial statements for the year ended 5 April 2024.

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. The main activities undertaken by the charity is to support and give a "kick start" to those who were in deprived circumstances because they had little of no knowledge of the three Rs.

ACHIEVEMENTS AND PERFORMANCE

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 £980,000 (2023: £997,000) to various charities.

PLANS FOR FUTURE PERIODS

The future plans of the Trust are to continue to support a range of charities and educational initiatives, as the trustees see fit.

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 £35,798,214 (2023: £36,458,469).

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 £1,917,357 (2023: £2,070,878).

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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 P R H Trim H M Taylor-Brown W R Holmes D Preston

Statement of disclosure to auditor

So far as each person who was a trustee 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 Trustees individually have taken all the necessary steps that they ought to have taken as trustees 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.

On behalf of the board

A N How

Trustee

9 September 2024

THE BARRY AND PEGGY HIGH FOUNDATION

TRUSTEES' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 5 APRIL 2024

The trustees are responsible for preparing the Trustees’ 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.

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 2024 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 FRC’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 group's and parent company’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 Trustees' Annual Report, other than the financial statements and our auditor’s 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 trustees’ 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 company’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 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 charity’s 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 trustees 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 Council’s 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 company’s 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 company’s 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 company’s 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

11 September 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 2024

Unresticted Unresticted
Funds Funds
2024 2023
Notes £ £
Income
Other trading activites 3 135,251 261,402
Investments 4 2,160,705 2,539,410
Total Income 2,295,956 2,800,812
Expenditure
Raising funds 5 (712,062) (786,957)
Charitable expenditure 5 (1,020,787) (1,058,757)
Total Expenditure (1,732,849) (1,845,714)
Net gains/(losses) on investments 9 (1,158,082) (1,251,684)
Net income before tax (594,975) (296,586)
Tax on loss 12 180,628 62,523
Net movement in funds (414,347) (234,063)
Retained earnings brought forward 38,529,347 38,763,410
Retained earnings carried forward 38,115,000 38,529,347

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

AS AT 5 APRIL 2024

Notes
Fixed assets
Tangible assets
13
Investment property
14
Investments
15
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Total assets less current liabilities
Provisions for liabilities
Deferred tax liability
20
Net assets
Capital and reserves
Unrestricted funds		 2024
£
£
993
30,737,500
6,363,142
37,101,635
364,350
2,560,890
2,925,240
(1,407,612)
1,517,628
38,619,263
504,263
(504,263)
38,115,000
38,115,000		 2023
£
£
1,489
31,517,500
5,710,611
37,229,600
578,137
2,684,824
3,262,961
(1,099,657)
2,163,304
39,392,904
863,557
(863,557)
38,529,347
38,529,347

The financial statements were approved by the board of trustees and authorised for issue on 10 September 2024 and are signed on its behalf by:

A N How Trustee

Charity no: 801518 (England and Wales)

THE BARRY AND PEGGY HIGH FOUNDATION

COMPANY BALANCE SHEET

AS AT 5 APRIL 2024

Notes
Fixed assets
Investment property
14
Investments
15
Current assets
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
Net current assets
Net assets
Capital and reserves
Unrestricted funds		 2024
£
£
277,500
36,062,386
36,339,886
12,221
622,856
635,077
(11,660)
623,417
36,963,303
36,963,303		 2023
£
£
377,500
35,998,284
36,375,784
247,936
718,057
965,993
(16,600)
949,393
37,325,177
37,325,177		 2023
£
£
377,500
35,998,284
36,375,784
247,936
718,057
965,993
(16,600)
949,393
37,325,177
37,325,177
36,375,784
949,393
37,325,177
37,325,177

The financial statements were approved by the board of Trustees and authorised for issue on 10 September 2024 and are signed on its behalf by:

A N How Trustee

Charity no: 801518 (England and Wales)

THE BARRY AND PEGGY HIGH FOUNDATION

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2024

Notes
Cash flows from operating activities
Cash generated from operations
25
Income taxes paid
Net cash inflow from operating activities
Investing activities
Purchase of tangible fixed assets
Purchase of investment property
Proceeds from disposal of investment property
Purchase of investments
Proceeds from disposal of investments
Interest received
Dividends received
Other income received from investments
Net cash used in investing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
£
£
£
£
881,047
1,693,440
(129,184)
(174,154)
751,863
1,519,286
-
(1,985)
(953,181)
(1,107,860)
150,000
-
(300,000)
-
-
12,574
51,899
18,850
145,485
163,392
30,000
103,728
(875,797)
(811,301)
(123,934)
707,985
2,684,824
1,976,839
2,560,890
2,684,824

THE BARRY AND PEGGY HIGH FOUNDATION

COMPANY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2024

2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(274,612)
Investing activities
Proceeds from disposal of investment property
150,000
Net movements in investments
(300,000)
Interest received
15,341
Dividends received
284,070
Other income received from investments
30,000
Net cash generated from investing
activities
179,411
Net (decrease)/increase in cash and cash
equivalents
(95,201)
Cash and cash equivalents at beginning of year
718,057
Cash and cash equivalents at end of year
622,856		 2023
£
£
(133,370)
-
12,574
4,292
191,682
103,728
312,276
178,906
539,151
718,057

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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 MHVW Estates Limited. The Company, MHVW Etates Limited's year end date is 31 March 2024. The result of the charity alone for the year was a deficit of £361,874 (2023: £257,562). The shares in MHVW 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.

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.

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.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

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.

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.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

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 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.

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.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.10 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.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

1 Accounting policies

(Continued)

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.

1.11 Employee benefits

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

1.12 Retirement benefits

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

1.13 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.

2 Judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the trustees are required to make judgements estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from the other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates are underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Fair value of investment property

The fair value of investment properties within the accounts are subject to a degree of estimation by the trustees, who refer to current market values of similar properties and the advice of experts when forming their valuations.

3 Income from other trading activities

Income from other trading activities
2024 2023
£ £
Income from recharges 135,251 261,402

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

4 Income from investments

Income from investments
Rental income
Income from listed investments
Income from property - lease extension
Interest receivable		 2024
£
1,912,721
166,085
30,000
51,899
2,160,705		 2023
£
2,253,440
163,392
103,728
18,850
2,539,410

5 Expenditure

Charitable
Notes
activites
£
Expenditure on raising
funds:
Investment management costs
-
MHVW Estates Limited
-
Governance costs
6
-
-
Expenditure on charitable activities:
Grant funding of activities
5
980,000
Investment property repairs
-
Support costs
6
35,947
Governance costs
6
4,840
Bad debt provision
-
1,020,787
Total expenditure
1,020,787		 Raising
Funds
£
35,563
661,599
14,900
712,062
-
-
-
-
-
-
712,062		 Total
2024
£
35,563
661,599
14,900
712,062
980,000
-
35,947
4,840
-
1,020,787
1,732,849		 Total
2023
£
40,761
732,096
14,100
786,957
997,000
31,123
25,634
5,000
-
1,058,757
1,845,714

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

6 Grants payable

Air ambulances
Children’s hospice
Education
Family support
Lifeboat support
Mental health research
Youth bereavement support
Youth project
Youth support		 2024
£
150,000
150,000
110,000
50,000
100,000
60,000
50,000
260,000
50,000
980,000		 2023
£
160,000
150,000
140,000
55,000
100,000
60,000
50,000
232,000
50,000
997,000

Grants are all payable to institutions.

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
£
£
-
-
30,558
-
31
-
2,220
-
-
19,740
3,138
-
35,947
19,740
-
14,900
35,947
4,840
35,947
19,740		 Total
2024
£
-
30,558
31
2,220
19,740
3,138
55,687
14,900
40,787
55,687		 Total
2023
£
-
22,214
86
2,700
19,000
125
44,125
14,000
30,125
44,125

8 Auditor's remuneration

The auditor’s remuneration constituted of audit fees of £4,840 (2023: £5,000) payable in respect of the Charity and £14,900 (2023: £14,100) payable in respect of the subsidiary.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

9 Net gains/(losses) on Investments

Net gains/(losses) on Investments
2024 2023
£ £
Gain/(loss) on financial assets held at fair value through profit or loss 375,099 (560,164)
Changes in the fair value of investments (1,533,181) (691,520)
(1,158,082) (1,251,684)

10 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 (2023: Nil) employed by the charity.

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

Administrative
Wages and salaries
Social security costs
Pension costs		 Group
2024
Number
7
Group
2024
£
319,339
29,969
2,629
351,937		 2023
Number
6
2023
£
228,184
20,444
225
248,853		 Company
2024
Number
-
Company
2024
£
-
-
-
-		 2023
Number
-
2023
£
-
-
-
-

11 Trustee Remumeration and benefits

Expenses paid to the trustees in the year totalled £2,275 (2023: £634). These expenses were made up of 3 trustees reimbursed for their travel expenses.

One trustee received £1,522 (2023: £735) from the charity in relation to bookkeeping and administration work.

One of the charity's trustees, and his wife received salaries from MHVW Estates Limited during the year ended 5 April 2024 which were purely in respect of their respective directorship and employment with that company. The total of their combined salaries relating to 2024 amounted to £135,000 (2023: £117,000).

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

12 Taxation
2024 2023
£ £
Current tax
UK corporation tax on profits for the current period 178,666 129,184
Adjustments in respect of prior periods - (318)
Total current tax 178,666 128,866
Deferred tax
Origination and reversal of timing differences (359,294) (191,389)
Total tax credit (180,628) (62,523)

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

2024 2023
£ £
Loss before taxation (594,975) (295,952)
Expected tax credit based on the standard rate of corporation tax in the UK of
25.00% (2023: 19.00%) (148,744) (56,231)
Tax effect of expenses that are not deductible in determining taxable profit 32,178 142,549
Tax effect of income not taxable in determining taxable profit (43,520) 67,667
Permanent capital allowances in excess of depreciation (66,798) (24,829)
Other permanent differences 46,256 27
Under/(over) provided in prior years - (317)
Deferred tax adjustments in respect of prior years - (191,389)
Taxation credit (180,628) (62,523)

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

13 Tangible fixed assets

Group
Cost
At 6 April 2023 and 5 April 2024
Depreciation and impairment
At 6 April 2023
Depreciation charged in the year
At 5 April 2024
Carrying amount
At 5 April 2024
At 5 April 2023		 Fixtures and
fittings
£
1,985
496
496
992
993
1,489

The company had no tangible fixed assets at 5 April 2024 or 5 April 2023.

14 Investment property

Fair value
At 6 April 2023
Additions through external acquisition
Disposals
Net gains or losses through fair value adjustments
At 5 April 2024		 Group
2024
£
31,517,500
953,181
(200,000)
(1,533,181)
30,737,500		 Company
2024
£
377,500
-
(200,000)
100,000
277,500

Investment property of £277,500 (2023: £377,500) held by Charity consists of reversionary interests in freehold property.

A valuation of the properties held by the charity was carried out by one of the trustees, Mr A N How, as at 5 April 2024 in accordance with the latest edition of the valuation standards published by The Royal Institute of Chartered Surveyors.

Investment properties valued at £30,460,000 (2023: £31,140,000) are held by the charity’s subsidiary, MHVW Estates Limited.

The investment properties held by the subsidiary were valued by Lambert Smith Hampton, Chartered Surveyors, as at 23 April 2024 on an open market value basis.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

15 Fixed asset investments

Notes
Investments in subsidiaries
16
Listed investments		 Group
2024
£
-
6,363,142
6,363,142		 2023
£
-
5,710,611
5,710,611		 Company
2024
£
29,699,244
6,363,142
36,062,386		 2023
£
30,287,673
5,710,611
35,998,284

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.

Movements in fixed asset investments
Group Investments
£
Cost or valuation
At 6 April 2023 5,710,611
Valuation changes 652,531
At 5 April 2024 6,363,142
Carrying amount
At 5 April 2024 6,363,142
At 5 April 2023 5,710,611

Movements in fixed asset investments

Movements in fixed asset investments
Company
Shares in
subsidiaries
Other
investments
£
£
Cost or valuation
At 6 April 2023
30,287,673
5,710,611
Valuation changes
(588,429)
652,531
At 5 April 2024
29,699,244
6,363,142
Carrying amount
At 5 April 2024
29,699,244
6,363,142
At 5 April 2023
30,287,673
5,710,611		 Total
£
35,998,284
64,102
36,062,386
36,062,386
35,998,284

16 Subsidiaries

Details of the company's subsidiaries at 5 April 2024 are as follows:

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2024

16 Subsidiaries

Subsidiaries (Continued) (Continued)
Name of undertaking Registered office Nature of business Class of % Held
shares held **Direct ** Indirect
MHVW Estates England and Wales Property rental Ordinary Equity - 100.00
Limited (company Shares and
registration number: Preference shares
01117121)
MH(VW)E Custodian England and Wales Dormant holding Company limited by 100.00 -
Trustee Company company guarantee
Limited

17 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
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Notes
Trade creditors
Corporation tax payable
Taxation and social security
Deferred income
21
Other creditors
Accruals and deferred income		 Group
2024
£
364,350
6,363,142
655,247
Group
2024
£
268,237
9,371
86,742
364,350
Group
2024
£
62,547
178,666
61,557
512,142
501,315
91,385
1,407,612		 2023
£
578,135
5,710,611
412,023
2023
£
276,171
247,936
54,028
578,135
2023
£
15,976
129,184
11,869
546,581
331,877
64,170
1,099,657		 Company
2024
£
9,371
36,928,315
11,660
Company
2024
£
-
9,371
2,850
12,221
Charity
2024
£
-
-
-
-
-
11,660
11,660		 2023
£
247,936
35,875,569
16,600
2023
£
-
247,936
-
247,936
2023
£
-
-
-
-
-
16,600
16,600

18 Debtors

19 Creditors: amounts falling due within one year

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

20 Deferred taxation

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

Liabilities Liabilities
2024 2023
Group £ £
Investment property 504,263 863,557
The company has no deferred tax assets or liabilities.
Group Company
2024 2024
Movements in the year: £ £
Liability at 6 April 2023 863,557 -
Credit to profit or loss (359,294) -
Liability at 5 April 2024 504,263 -

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.

21 Deferred income

21
Deferred income
Group
2024
£
Other deferred income
512,142
22
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 Company
2023
2024
£
£
546,581
-
2024
£
2,629		 2023
£
-
2023
£
225

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.

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

23 Movement in Funds

Group
General - Income Fund
General - Capital Fund
Total unrestricted funds
Charity
General - Income Fund
General - Capital Fund
Total unrestricted funds		 Balance at
5 April
2023
£
2,070,878
36,458,469
38,529,347
Balance at
5 April
2023
£
866,708
36,458,469
37,325,177		 Income
Expenditure
£
£
2,295,956
(2,449,477)
-
(213,330)
2,295,956
(2,662,807)
Income
Expenditure
£
£
857,807
(1,103,846)
-
(213,330)
857,807
(1,317,176)		 Transfers
£
-
-
-
Transfers
£
-
-
-		 Balance at
5 April
2024
£
1,917,357
36,245,139
38,162,496
5 April
2024
£
620,669
36,245,139
36,865,808

24 Related party transactions

In 2024 MHVW Estates Limited (company registration number 01117121), the trading subsidiary of the Charity, made charitable donations of £750,000 (2023: £750,000) to the Charity. Also, a non-equity dividend of £138,585 (2023: £28,290) 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 MHVW Estates Limited were also directors of Davis Brown Limited, until they resigned as directors of that company in September 2022. Also, Mr A N How, charity's trustee, is able to exert significant influence over MHVW Estates Limited by virtue of his role in the charity. MHVW Estates Limited incurred expenses of £7,038 (2023: £60,372) with regards to property management fees. The charity paid £nil in relation to Exceptional investment property repairs to Davis Brown Limited (2023: £10,920) which is subsequently recharged by the charity from the property lease holders.

A director of MHVW Estates Limited is also a director of Karslakes Solicitors Limited. During the year, MHVW Estates Limited incurred expenses of £60,898 (2023: £23,342) 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 2024

25 Cash generated from group operations
2024 2023
£ £
Loss for the year after tax (414,347) (233,429)
Adjustments for:
Taxation credited (180,628) (62,523)
Investment income (212,176) (314,260)
Loss on disposal of investment property 50,000 -
Fair value loss on investment properties 1,533,181 691,520
Depreciation and impairment of tangible fixed assets 496 496
Other gains and losses (375,099) 560,164
Movements in working capital:
Decrease in debtors 221,147 750,760
Increase in creditors 292,912 251,421
(Decrease)/increase in deferred income (34,439) 49,291
Cash generated from operations 881,047 1,693,440
26 Cash absorbed by operations - company
2024 2023
£ £
Loss for the year after tax (361,874) (257,562)
Adjustments for:
Investment income (314,205) (299,702)
Loss on disposal of investment property 50,000 -
Fair value gain on investment properties (100,000) -
Other gains and losses 213,330 437,449
Movements in working capital:
Decrease/(increase) in debtors 243,077 (5,875)
Decrease in creditors (4,940) (7,680)
Cash absorbed by operations (274,612) (133,370)
27 Analysis of changes in net funds - group
6 April 2023 Cash flows 5 April 2024
£ £ £
Cash at bank and in hand 2,684,824 (123,934) 2,560,890
28 Analysis of changes in net funds - company
6 April 2023 Cash flows 5 April 2024
£ £ £
Cash at bank and in hand 718,057 (95,201) 622,856