2025-04-05-accounts

Charity no: 801518 (England and Wales)

THE BARRY AND PEGGY HIGH FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE BARRY AND PEGGY HIGH FOUNDATION

CHARITY 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	S&W Audit
	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 - 3
Independent auditor's report	4 - 6
Consolidated statement of financial activities	7
Group balance sheet	8
Charity balance sheet	9
Group statement of cash flows	10
Charity 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 2025

The trustees present their report and financial statements for the year ended 5 April 2025.

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 or 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 £1,276,500 (2024: £980,000) 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 £36,708,719 (2024: £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 £1,302,141 (2024: £1,656,531).

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, TrinityBridge (formerly 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.

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THE BARRY AND PEGGY HIGH FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 in 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 Trustees' responsibilities

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS 102);

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 trustee at the date of approving this report is aware, there is no relevant audit information of which the auditor of the charity 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 charity is aware of that information.

• 2 -

THE BARRY AND PEGGY HIGH FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

On behalf of the board

A N How Trustee

3 September 2025

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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 charity') and its subsidiaries (the 'group') for the year ended 5 April 2025 which comprise the group statement of income and retained earnings, the group balance sheet, the charity balance sheet, the group statement of cash flows, the charity 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:

• give a true and fair view of the state of the group's and the parent charity's affairs as at 5 April 2025 and of the group's loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (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 charity 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the 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.

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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:

• the information given in the trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity 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:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions; and

• investigated the rationale behind significant or unusual transactions.

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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:

• agreeing financial statement disclosures to underlying supporting documentation;

• enquiring of management as to actual and potential litigation and claims;

• Review minutes of trustee meetings; and

• reviewing correspondence with HMRC, relevant regulators and the entity's legal advisors.

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 parent charity’s trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the parent charity’s trustees 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

5 September 2025

S&W Audit 22 Wycombe End Beaconsfield Buckinghamshire HP9 1NB

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THE BARRY AND PEGGY HIGH FOUNDATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 5 APRIL 2025

		Unresticted	Unresticted
		Funds	Funds
		2025	2024
	Notes	£	£
Income
Other trading activites	3	358,286	135,251
Investments	4	2,452,690	2,160,705
Total Income		2,810,976	2,295,956
Expenditure
Raising funds	5	(807,824)	(712,062)
Charitable expenditure	5	(1,299,118)	(1,020,787)
Total Expenditure		(2,106,942)	(1,732,849)
Net gains/(losses) on investments	9	(1,084,961)	(1,158,082)
Net income before tax		(380,927)	(594,975)
Tax on loss	12	276,788	180,628
Net movement in funds		(104,139)	(414,347)
Retained earnings brought forward		38,115,000	38,529,347
Retained earnings carried forward		38,010,861	38,115,000

All income and expenditure derive from continuing activities.

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

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THE BARRY AND PEGGY HIGH FOUNDATION

GROUP BALANCE SHEET

AS AT 5 APRIL 2025

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	2025 £ £ 23,657 30,537,500 6,250,696 36,811,853 382,144 2,294,021 2,676,165 (1,452,891) 1,223,274 38,035,127 24,266 (24,266) 38,010,861 38,010,861	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

The financial statements were approved by the board of trustees and authorised for issue on 3 September 2025 and are signed on its behalf by:

A N How Trustee

Charity no: 801518 (England and Wales)

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THE BARRY AND PEGGY HIGH FOUNDATION

CHARITY BALANCE SHEET

AS AT 5 APRIL 2025

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	2025 £ £ 77,500 36,491,593 36,569,093 2,578 300,113 302,691 (12,621) 290,070 36,859,163 36,859,163	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	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
			36,339,886 623,417
			36,963,303
			36,963,303

The financial statements were approved by the board of Trustees and authorised for issue on 3 September 2025 and are signed on its behalf by:

A N How Trustee

Charity no: 801518 (England and Wales)

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THE BARRY AND PEGGY HIGH FOUNDATION

GROUP STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2025

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 in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2025 £ £ 535,889 (178,666) 357,223 (30,880) (793,558) 200,000 - (178,957) 37,364 141,939 - (624,092) (266,869) 2,560,890 2,294,021	2024 £ £ 881,047 (129,184) 751,863 - (953,181) 150,000 (300,000) - 51,899 145,485 30,000 (875,797) (123,934) 2,684,824 2,560,890

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THE BARRY AND PEGGY HIGH FOUNDATION

CHARITY STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2025

		2025		2024
	Notes	£	£	£	£
Cash flows from operating activities
Cash absorbed by operations	26		(579,440)		(274,612)
Investing activities
Proceeds from disposal of investment property		200,000		150,000
Net movements in investments		(178,957)		(300,000)
Interest received		8,298		15,341
Dividends received		227,356		284,070
Other income received from investments		-		30,000
Net cash generated from investing
activities			256,697		179,411
Net decrease in cash and cash equivalents			(322,743)		(95,201)
Cash and cash equivalents at beginning of year			622,856		718,057
Cash and cash equivalents at end of year			300,113		622,856

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THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The Barry and Peggy High Foundation (“the charity”) is an unincorporated charity domiciled and resident 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 2025. The result of the charity alone for the year was a deficit of £104,140 (2024: £361,874). 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.

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THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 charity 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.

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THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 subsidiary.

Current tax

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

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THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 recharges Dilapidations Other income	2025 £ 177,515 180,000 771 358,286	2024 £ 135,251 - -
		135,251

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THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

4 Income from investments

Income from investments
Rental income Income from listed investments Income from property - lease extension Interest receivable	2025 £ 2,273,387 141,939 - 37,364 2,452,690	2024 £ 1,912,721 166,085 30,000 51,899
		2,160,705

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 1,276,500 Investment property repairs - Support costs 6 17,278 Governance costs 6 5,340 Bad debt provision - 1,299,118 Total expenditure 1,299,118	Raising Funds £ 40,925 752,099 14,800 807,824 - - - - - - 807,824	Total 2025 £ 40,925 752,099 14,800 807,824 1,276,500 - 17,278 5,340 - 1,299,118 2,106,942	Total 2024 £ 35,563 661,599 14,900
			712,062
			980,000 - 35,947 4,840 -
			1,020,787
			1,732,849

• 16 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

6 Grants payable

Air ambulances Children’s hospice Education Family support Lifeboat support Mental health research Nature conservation support Youth bereavement support Youth project Youth support	2025 £ 150,000 175,000 180,000 115,000 100,000 60,000 21,500 50,000 375,000 50,000 1,276,500	2024 £ 150,000 150,000 110,000 50,000 100,000 60,000 - 50,000 260,000 50,000
		980,000

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 £ £ - - 11,639 - 35 - 2,640 - - 20,140 2,965 - 17,279 20,140 - 14,800 17,279 5,340 17,279 20,140	Total 2025 £ - 11,639 35 2,640 20,140 2,965 37,419 14,800 22,619 37,419	Total 2024 £ - 30,558 31 2,220 19,740 3,138
			55,687
			14,900 40,787
			55,687

8 Auditor's remuneration

The auditor’s remuneration constituted of audit fees of £5,340 (2024: £4,840) payable in respect of the Charity and £14,900 (2024: £14,900) payable in respect of the subsidiary.

• 17 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

9 Net gains/(losses) on Investments

Net gains/(losses) on Investments
	2025	2024
	£	£
(Loss)/gain on financial assets held at fair value through profit or loss	(291,403)	375,099
Changes in the fair value of investments	(793,558)	(1,533,181)
	(1,084,961)	(1,158,082)

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 charity during the year was:

Administrative Wages and salaries Social security costs Pension costs	Group 2025 Number 7 Group 2025 £ 376,209 38,128 4,724 419,061	2024 Number 7 2024 £ 319,339 29,969 2,629 351,937	Charity 2025 Number - Charity 2025 £ - - - -	2024 Number -
				2024 £ - - -
				-

11 Trustee Remumeration and benefits

Expenses paid to the trustees in the year totalled £2,965 (2024: £2,275). These expenses were made up of 3 trustees reimbursed for their travel expenses.

One trustee received £1,540 (2024: £1,522) 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 2025 which were purely in respect of their respective directorship and employment with that company. The total of their combined salaries relating to 2025 amounted to £175,000 (2024: £135,000).

• 18 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

12	Taxation
		2025	2024
		£	£
	Current tax
	UK corporation tax on profits for the current period	203,209	178,666
	Deferred tax
	Origination and reversal of timing differences	(479,997)	(359,294)
	Total tax credit	(276,788)	(180,628)

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:

	2025	2024
	£	£
Loss before taxation	(380,927)	(594,975)
Expected tax credit based on the standard rate of corporation tax in the UK of
25.00% (2024: 25.00%)	(95,232)	(148,744)
Tax effect of expenses that are not deductible in determining taxable profit	4,885	70,024
Permanent capital allowances in excess of depreciation	-	(66,798)
Deferred tax adjustments in respect of prior years	(369,243)	-
Exempt charitable activities	182,802	(35,110)
Taxation credit	(276,788)	(180,628)

• 19 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

13 Tangible fixed assets

Group Cost At 6 April 2024 Additions At 5 April 2025 Depreciation and impairment At 6 April 2024 Depreciation charged in the year At 5 April 2025 Carrying amount At 5 April 2025 At 5 April 2024	Fixtures and fittings £ 1,985 30,880 32,865 992 8,216 9,208 23,657 993

The charity had no tangible fixed assets at 5 April 2025 or 5 April 2024.

14 Investment property

Fair value At 6 April 2024 Additions through external acquisition Disposals Net gains or losses through fair value adjustments At 5 April 2025	Group 2025 £ 30,737,500 793,558 (200,000) (793,558) 30,537,500	Charity 2025 £ 277,500 - (200,000) - 77,500

Investment property of £77,500 (2024: £277,500) 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 2025 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 (2024: £30,460,000) are held by the charity’s subsidiary, MHVW Estates Limited. The historical cost of the investment properties held by MHVW Estates Limited is £22,532,521 (2024 - £21,738,963).

The investment properties were valued by Lambert Smith Hampton Limited, Chartered Surveyors, as at 23 April 2024 on an open market value basis. The directors have determined that there has been no material change in the value of these properties since this point.

• 20 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

15 Fixed asset investments

Notes Investments in subsidiaries 16 Listed investments	Group 2025 £ - 6,250,696 6,250,696	2024 £ - 6,363,142 6,363,142	Charity 2025 £ 30,240,897 6,250,696 36,491,593	2024 £ 29,699,244 6,363,142
				36,062,386

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 2024	6,363,142
Valuation changes	(112,446)
At 5 April 2025	6,250,696
Carrying amount
At 5 April 2025	6,250,696
At 5 April 2024	6,363,142

Movements in fixed asset investments

Movements in fixed asset investments
Charity Shares in subsidiaries Other investments £ £ Cost or valuation At 6 April 2024 29,699,244 6,363,142 Valuation changes 541,653 (112,446) At 5 April 2025 30,240,897 6,250,696 Carrying amount At 5 April 2025 30,240,897 6,250,696 At 5 April 2024 29,699,244 6,363,142	Total £ 36,062,386 429,207
	36,491,593
	36,491,593
	36,062,386

• 21 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

16 Subsidiaries

Details of the charity's subsidiaries at 5 April 2025 are as follows:

Name of undertaking Registered office MHVW Estates Limited (company registration number: 01117121) England and Wales MH(VW)E Custodian Trustee Company Limited England and Wales 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 18 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 19 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	Nature of business Class of % Held shares held Direct Indirect Property rental Ordinary Equity Shares and Preference shares - 100.00 Dormant holding company Company limited by guarantee 100.00 - Group Charity 2025 2024 2025 2024 £ £ £ £ 382,144 364,350 - 9,371 6,250,696 6,363,142 36,491,593 36,062,386 571,203 655,247 12,621 11,660 Group Charity 2025 2024 2025 2024 £ £ £ £ 287,592 268,237 - - - 9,371 - 9,371 94,552 86,742 2,578 2,850 382,144 364,350 2,578 12,221 Group Charity 2025 2024 2025 2024 £ £ £ £ 15,175 62,547 - - 203,209 178,666 - - 140,525 61,557 - - 537,954 512,142 - - 499,450 501,315 - - 56,578 91,385 12,621 11,660 1,452,891 1,407,612 12,621 11,660	Nature of business Class of % Held shares held Direct Indirect Property rental Ordinary Equity Shares and Preference shares - 100.00 Dormant holding company Company limited by guarantee 100.00 - Group Charity 2025 2024 2025 2024 £ £ £ £ 382,144 364,350 - 9,371 6,250,696 6,363,142 36,491,593 36,062,386 571,203 655,247 12,621 11,660 Group Charity 2025 2024 2025 2024 £ £ £ £ 287,592 268,237 - - - 9,371 - 9,371 94,552 86,742 2,578 2,850 382,144 364,350 2,578 12,221 Group Charity 2025 2024 2025 2024 £ £ £ £ 15,175 62,547 - - 203,209 178,666 - - 140,525 61,557 - - 537,954 512,142 - - 499,450 501,315 - - 56,578 91,385 12,621 11,660 1,452,891 1,407,612 12,621 11,660
		11,660
		2024 £ - 9,371 2,850
		12,221
		2024 £ - - - - - 11,660
		11,660

• 22 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

20 Deferred taxation

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

Group Decelerated capital allowances Retirement benefit obligations Investment property The charity has no deferred tax assets or liabilities. Movements in the year: Liability at 6 April 2024 Credit to profit or loss Liability at 5 April 2025 21 Deferred income Group 2025 £ Other deferred income 537,954 22 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes

Liabilities Liabilities 2025 2024 £ £ (304,605) (23,009) (99) (88) 328,970 527,360 24,266 504,263 Group Charity 2025 2025 £ £ 504,263 - (479,997) - 24,266 - Charity 2024 2025 2024 £ £ £ 512,142 - - 2025 2024 £ £ 4,724 2,629

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.

• 23 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 2024 £ 1,656,531 36,458,469 38,115,000 Balance at 5 April 2024 £ 504,834 36,458,469 36,963,303	Income Expenditure £ £ 2,810,976 (3,165,365) - 250,250 2,810,976 (2,915,115) Income Expenditure £ £ 985,654 (1,340,044) - 250,250 985,654 (1,089,794)	Transfers £ - - - Transfers £ - - -	Balance at 5 April 2025 £ 1,302,142 36,708,719
				38,010,861
				5 April 2025 £ 150,444 36,708,719
				36,859,163

24 Related party transactions

In 2025 MHVW Estates Limited (company registration number 01117121), the trading subsidiary of the Charity, made charitable donations of £750,000 (2024: £750,000) to the Charity. Also, a non-equity dividend of £85,417 (2024: £138,585) 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.

A director of MHVW Estates Limited is also a director of Karslakes Solicitors Limited. During the year, MHVW Estates Limited incurred expenses of £556 (2024: £60,898) with regards to legal fees and advice.

• 24 -

THE BARRY AND PEGGY HIGH FOUNDATION

NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

25	Cash generated from group operations
			2025	2024
			£	£
	Loss for the year after tax		(104,139)	(414,347)
	Adjustments for:
	Taxation credited		(276,788)	(180,628)
	Investment income		(179,303)	(212,176)
	(Gain)/loss on disposal of investment property		-	50,000
	Fair value loss on investment properties		793,558	1,533,181
	Depreciation and impairment of tangible fixed assets		8,216	496
	Other gains and losses		291,403	(375,099)
	Movements in working capital:
	(Increase)/decrease in debtors		(17,794)	221,147
	(Decrease)/increase in creditors		(5,076)	292,912
	Increase/(decrease) in deferred income		25,812	(34,439)
	Cash generated from operations		535,889	881,047
26	Cash absorbed by operations - charity
			2025	2024
			£	£
	Loss for the year after tax		(104,140)	(361,874)
	Adjustments for:
	Investment income		(235,654)	(314,205)
	(Gain)/loss on disposal of investment property		-	50,000
	Fair value gain on investment properties		-	(100,000)
	Other gains and losses		(250,250)	213,330
	Movements in working capital:
	Decrease in debtors		9,643	243,077
	Increase/(decrease) in creditors		961	(4,940)
	Cash absorbed by operations		(579,440)	(274,612)
27	Analysis of changes in net funds - group
		6 April 2024	Cash flows	5 April 2025
		£	£	£
	Cash at bank and in hand	2,560,890	(266,869)	2,294,021
28	Analysis of changes in net funds - charity
		6 April 2024	Cash flows	5 April 2025
		£	£	£
	Cash at bank and in hand	622,856	(322,743)	300,113

• 25 -