Charity Registration No. 1007411 VETA BAILEY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Contents The Trustees, report Statement of trustees, responsibllltles Independent examlner's report Statement of Flnanclal Artlvltles Balance Sheet Notes to the accounts 7-11 VEfA BAILEY CHARITABLE TRUST REPORT of the TRUSTEES Year ended 31 March 2024 Administrative Information Constitution The charity is constituted under a Deed of Trust dated 29 June 19813nd is registered by the Charity Commissioners under Charity No. 1007411. Trustees Mrs Sue Yates Dr Madhuri Gupta Mr Derek Atklns Mr Sam Seager Registered Address 15 Jones Road, Warwick, CV34 5JQ Independent Examiner D. Pinder, FCA DChA Oavid Pinder & Co. Limited 23 Lockyer Street Plymouth, PLI 2QZ Bankers Lloyds TS8 Bank PIC Folkestone, Kent COIF Charity Deposit Fund Senator House, 85 Queen Victoria Street London, EC4V 4ET Structure, Governance and Management The management of the Trust is under the direction of the Trustees who meet annually, normally In July, to determlne the dlstrlbutlon of the funds whlch will become available during the following year. The power of appolntlng new Trustees is vested in the Trustees for the time being. Oblert￿eS, actlvlties and achievements Under the Deed of Trust, the Trustees have wlde powers to apply capltal or Income for the benefit of such charitable objects as they may think fit. The Trustees have determined to distribute each year an amount equivalent to the income received from frlamllton Bailey (Medical Work51 Llmlted to assist in the tralnlng of medical and paramedical personnel in developing countries. The Trustees may also support such training by the provision of medical textbooks, training manuals and other trainlng medla. During the year the Trustees monitored the use of the amount5 distributed and are satisfied that the circumstances of the beneficiaries have been satisfactorlly improved. VETA BAILEY CHARITABLE TRUST REPORT of the TRUSTEES (continued) Year ended 31 March 2024 The Trugtees invite suitable charitable organisations to submit applications for fundin8 at their annual meeting and the Trustees determine the distri bution of the funds which will become available during the following year. The Trustees have had re8ard to the guidance issued by the Charlty Commisslon on publlc benèfit. Finan¢lal Review Distributions durlng the year amounted to £27,975 compared with £29,189 in the previous year, The net assets of the wholly owned investment company amounted to £829,737. This included marketable investments valued at £805.330 compared wlth £764,524 In 2023. The overall financlal posltlon of the two enterprlses Is slgnlficantly influenced by the Stock Market and is therefore nece$5arily uncertain, Future Plans The Trustees plan to continue to support medical trainin8 in developing countries. Approved bythe Trustees and 51gned on thelr behalf Mr. S. Seager Mrs. S. R. Yates Date Ic)Lf VETA BAILEY CHARITABLE TRUST Statement of Trustees Responsibilities The purpose of this statement is to distinguish the Trustees responslbilities for the accounts from those of the reviewing accountant as stated in his report. The Trustees are responslble for keeplng proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity and for ensuring that the account5 comply wlth the Charities Act 2011 and the Statement of Recommended Practice- Accounting and Reporting by Charitie5 IFRS 1021. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of error, fraud or other irregularities. Charity law require5 the Trustees to prepare account5 for each financial year which glve a true and falr view of the state of affairs of the charity and of its financial activities for the year. In preparing the accounts the Trustees are expected to: Select 5Ultable accountln8 policle5 and then apply them conslstently, makin8 judgements and estlmates that are reasonable and prudent; Follow the recommendatlons of the Charity Commissioners and of the accounting profession with regard to the form and content of the account5 or to disclose and explaln any departures therefrom. and Prepare the accounts on the golng concern basls unless it is inappropriate to assume that the Charity will be able to continue to meet Its objertives for the foreseeable future. In the opinlon of the Trustees the charlty is entltled to exemption from audit in relation to its accounts for the year ended 31 March 2024. VETA BAILEY CHARITABLE TRUST Independent examlnerfs report to the Trustees of Veta Bailey Charitable Trust I report to the trustees on my examination of the accounts of the Vet3 Bailey Charitable Trust (the Trust) for the year ended 31 March 2024 which are set out on pages 5 to 11. Respon51bllltles and basls of report As the charity trustees of the Trust you are responslble for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Art'l. I report in respect of my examlnation of the Trust's accounts C3rrled out under sectlDn 1451Sllbl of the 2011 Act and in carrying Out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's Statement I have completed my examination. I confirm that no material matters have come to my attention in connectlon wlth the examinatlon glvlng me cause to believe that In any materlal respect., accounting records were not kept in respect of the Trust as requlred by section 130 of the Act,. or the accounts do not accord wlth those records; or the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Re8ulations 2c￿8 other than any requirement that the accounts 8ive a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the examlnation to which attention should be drawn In this report In order to enable a proper under5tandin8 of the accounts to be reached, Signed.. Name: Davld Plnder BSC FCA DChA David Pinder & Co Limited The Institute of Chartered Accountants in En8land and Wales 23 Lockyer Street Plymouth Devon PLI 2QZ Dated.. VETA BAILEY CHARITABLE TRUST Statement of Financlal Activities Year ended 31 March 2024 Note 2024 2023 Unrestricted funds Unfestricted funds Incomlng Resources Donations and Legacles 27,100 15,CKIO Investments 1.669 850 Total incoming resources 28,769 15,850 Resource5 Expended Charitable artivities 27,975 29,189 Other 1,289 1,040 Total resources expended (29,2641 130,2291 Net expendlture before Investment galn5lllosses) 14951 114,3791 Net profitl{lossl on investrnents 7,076 {2,6431 Net movement In funds 6,581 117,0221 Fund balances at 31 March 2023 71,617 88,639 Fund balances at 31 March 2024 78,198 71,617 The statement of financial activitie5 includes all gains and10sses recognised in the year. All Income and expendlture derlve from continuing activities. VETA BAILEY CHARITABLE TRUST Balance Sheet as at 31 March 2024 Note 2024 2023 Flxed assets Investments 72,652 67,198 Current Assets Investment debtors Cash at bank and in hand 6,122 6,126 4,988 Credltors: amounts falllng due wlthln one vear (580) 15691 Net current assets 5,546 4,419 Total a$5et5 less current Ilabllltles 78,198 71,617 Funds of the charlty Unrestricted funds 78,198 71,617 Total Funds at 31 March 2024 78,198 71,617 The charlty has no designated or restricted funds. The notes on pages 7 to 11 form part of these accounts. Approved by rhe Trustees and signed by them Mrs. S. R. Yates Mr. 5, Seager Date t lol VETA BAILEY CHARITABLE TRUST Notes to the Accounts Year ended 31 March 2024 sis ol preparation 1.1 Basls of Accountlng These accounts have been prepared under the historical cost convention with items recognised at cost unless otherwise stated in the relevant notes to the accounts. The accounts have been prepared In accordance with.. the Statement of Recommended Practice.. "Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102" ènd with the Charitles Act 2011. The charity is a Publlc Beneflt Entity as defined by FRS 102. 2. Accountln8 Pollcles 2.1 Reco8nltlon of Income These are included in the Statement of Financial Actlvitie5 ISOFAI when the charlty becomes entitled to the resources. 2.2 Income from Interest, royaltles and dlvldends This is included in the accounts when receipt is probable and the amount recelvable can be measured reliably. 2.3 Llablllty recognltlon Liabilities are recognised where it is more Ilkely than not that there is a legal or constructive obligation committing the charlty to pay out resources and the amount of the obllgation can be measured with reasonable certainty. 2.4 Investments Fixed asset investments in quoted shares. traded bonds and slmllar Investments are valued initially at cost and subsequently at falr value Itheir market value) at the end of the year. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost le55 impairment. 3. Analysls of Income 2024 Unrestrlcted funds 2023 Unrestrlcted funds Dorbatlons and legacles Donations and gifts Gift Aid 27,100 27,100 15,000 15,000 Income from Investments Interest Income Dividend income 99 1.570 113 737 Total income 28,769 15,850 The donations were composed of £27,100 from Hamilton Bailey Imedical Works) Limited. VETA BAILEY CHARITABLE TRUST Notes to the Accounts Icontinued) Year ended 31 March 2024 4. Analysis of eApendlture 2024 Unrestrlcted funds 2023 Unrestricted funds Expendlture on charltable actlvltles Grants made 27,975 29,189 27,975 29,189 2024 2023 Grants made durlng the year were: Grants to UK Charities for work overseas Andean Medical Mission Tropical Health & Education Trust Impact Foundation Cure International Margaret Pyke Trust Hope Health Actlon Christian Blind Mission Phase Worldwide The Kambia Appeal African Palliative Care Associatlon London School of Hygiene & Tropical Medlcine Vision 2020 J B Humphreys Prize Bolivia Ethiopia 8ang13desh Ethiopla Uganda South Sudan Zimbabwe Nepal Sierra Leone Uganda Malawi 4,190 4,605 4,000 3,565 3620 3,620 3.420 4,230 2,460 4,956 4,013 970 5,515 Mildmay U8anda U8anda I,iJoo 27,975 29,189 Governance costs 2024 2023 Website costs Independent accountin8 examination Bank charges Professional fees 70 360 15 844 io 360 Is 655 1289 VETA BAILEY CHARITABLE TRUST Notes to the Accounts Icontinued) Year ended 31 March 2024 S. Investment as$etS Usted Investments Other Investments Total Carrying Ifairl value at beginning of period Purchased Sold Net 8ain on revaluation 66,998 2,131 13,7531 7,076 21 67,198 2,131 13.7531 7,076 72452 200 72652 Llsted Investments Listed investments comprise holdings of corporate bonds and stocks and shares. They are stated in the Balance Sheet at market value. Other Unquoted Investment The ¢harlty owns 200 ordlnary shares in Hamilton Bailey (Medical Works) Ltd, a private unquoted company re8lStered in England (Company No 6474171. These shares were Teceived by way of gift and are recorded at nomlnal value. Notes 10 and 11 provide a con501idated statement showin8 the aggregate of the flnanclal activities of the two enterprises durlng the perlod to 31 March 2024 and of the Balance Sheets at that date. 6. Creditors and accruals Amounts falling due within one Year 2024 2023 Accruals 569 569 VETA BAILEY CHARITABLE TRUST Notes to the Accounts Icontinued) Year ended 31 March 2024 7. Charlty funds Fund balances brought forward Fund balances carried forward Galns and (losses) Income Expendlture Unrestrlcted Reserve Fund 67.198 11,6221 7,076 72,652 Unrestricted General Fund 4,419 28,769 127,6421 5,546 71,617 28,769 129,2641 7,076 78,198 The reserve fund recognises the long term Investments of the fund. 8. Transactlons wlth trustees and related partles During the period, one trustee received remuneration of £4,000 from Hamilton Bailey (Medical Works) Limited for professional services rendered to the ¢ompany12023 - £4,000). All other transactions wlth related partSe5 are disclosed In the Report of the Trustee5. 9. Commitments The trustees have agreed further grants of £1,000 to be made in 202412025 subject to receipt of further detailed reports of progress to date. 10 VETA BAILEY CHARITABLE TRUST Notes to the Accounts (continued) Year ended 31 March 2024 10. Consolidated Statement of Flnanclal Actlvltle5 2024 2023 Incomln8 Resources Investment Income Income from quoted investments Profit on disposal of quoted investments Donations Royalties Interest on bank deposits 21,750 27,484 22,386 14.404 50 301 99 49,333 37,141 Resources Expended Administrative Expenses Charltable Expendlture 16,764 27,975 15,877 29,189 Grants made 44,739 45,066 j7,Y25j 2,230 15,695 Net Income/{expendlture Unrealised profit on quoted investments 31,482 36,076 11. Consolldated Balance Sheets 2024 2023 Quoted Investment5 at market value 877,782 831,522 Current assets Debtors Interest bearing bank deposits Bank current accounts Investment deposit and deallng accounts Other cash 955 955 6,803 24,305 30 15,180 26,118 13 Current Liabilitles 12,140) 12,1291 29,953 40,137 Net Assets at 31 March 2024 907.73S 871,659 li