Charity Number: 1007411 VB CT VETA BAILEY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31° MARCH 2025
VETA BAILEY CHARITABLE TRUST INDEX PAGES CHARITY REFERENCE AND ADMINISTRATIVE DETAILS REPORT OF THE TRUSTEES INDEPENDENT EXAMINERS, REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 8-13 CONSOLIDATION NOTES 14-15
Page I VETA BAILEY CHARITABLE TRUST CHARITY REFERENCE AND ADMINISTRATIVE DETAILS CHARITY NUMBER: 1007411 TRUSTEES: Mrs Sue Yates (Chairl Dr Madhuri Gupta Mr Derek Atkins Mr Sam Seager REGISTERED OFFICE: 15 Jones Road Warwick CV34 5JQ INDEPENDENT EXAMINER: Mark Harwood FCA BFP FMAAT Michael Harwood & Co Greville House 10 Jury Street Warwick Warwickshire CV34 4EW BANKERS". Lloyds Bank plc 25 Gresham Street London EC2V 7HN INVESTMENT MANAGERS: Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB
Page 2 VETA BAILEY CHARITABLE TRUST REPORT OF THE TRUSfEES The trustees present their report and the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities" (FRS 1021 in preparing the annual report and financial statements of the charity. STRUCTURE, GOVERNANCE AND MANAGEMEMr The Charity is registered with the Charity Commissioners for England & Wales (Registered Number th 1007411) and is regulated by a Deed of Trust dated 29 June 1981. The management of the Charity is under the direction of the Board of Trustees who meet annually, normally in July& to determine the distribution of funds which will become available during the following year. The power of appointing new Trustees is vested in the Trustees. OBJECTIVES, ACTIVITIES AND ACHIEVEMENTS Under the Deed of Trust, the Trustees have wide powers to apply capital or income for the benefit of such charitable activities as they may think f it. The Trustees have determined to distribute each year an amount at least equivalent to the income received from Hamilton Bailey Imedical Works) Limited to assist in the training 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 training media. During the year the Charity paid out grants totalling £30,733 - see Note 4 for a full list of the recipients. The Trustees monitor the use of the amounts distributed and are satisfied that the circurnstances of the beneficiaries have been satisfactorily improved. The Trustees invite suitable charitable organisations to submit app5ications for f undin8 at their annual meeting and the Trustees determine the distribution of the funds which will become available during the following year. The Trustees have had due regard to the guidance published by The Charity Commissioners on public benefit, and consider that the objectives and activities of the Charity fulfil this requirement for the benefit of the communities of the developing countries aided.
Page 3 VETA BAILEY CHARITABLE TRUST REPORT OF THE TRUStEES (Continued) FINANCIAL REVIEW In the year to 31. March 2025 the Charity made a surplus of £2,49312024 - £6,581) having paid out grants of £30,733 to beneficiaries {2024- £27,975). Unrestricted funds of the Charity stood at £80,691 at 31. March 2025 (2024- £78,198), which includes marketable investments valued at £74,476 {2024- £72,652). The net assets of the wholly owned investment company, Hamilton Bailey (Medical Works) Limited {company no. 006474171, amounted to £433,898 at 31" March 2025 {2024- £438,467). This includes marketable investments stated at book cost totalling £411,584 12024 £414,060). When these investments are converted to market value to be included in the consolidated statementson page 15, the net assets amounted to £793,205 {2024- £829,737) includin8 investments arnountin8 to £770,891 {2024- £805,330). The overall financial position of the two enterprises is significantly influenced by the Stock Market and is therefore necessarily uncertain. RESERVES POUCY The Trustees have agreed that the Charity is not intended to last in perpetuity and the reserves will be spent as and when needed for deseniing causes. STATEMENT OF TRUSTEES, RESPONSIBIUTIES 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 Kin8dom Generally Accepted Accounting Practice). The Trustees are responsible for keeping adequate 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 and the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102). They are also responsible forsafeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Charity law requires the Trustees to prepare financial statements for each financial year, which give true and fair view of the state of affairs of the Charity and of the incoming resOUrS and application of reSoUrs, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting pol icies and then apply them consistently make judgements and estimates that are reasonable and prudent; observe the methods and principles in the Charities SORP 2019 IFRS 102); state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
Page 4 VETA BAILEY CHARITABLE TRUST REPORT OF THE TRUSTEES (Continued) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees have fulfilled these responsibilities to the best of their ability. In the opi nion of the Trustees the Charity is entitled to exemption from audit in relation to its financial statements for the year ended 31 March 2025. Approved on behalf of the Trustees on . .30...o.F.To6.fl%4nd signed on their behalf by: Mrs Sue Yates Chair Mr Sam Seager Trustee
Page 5 VETA BAILEY CHARITABLE TRUST INDEPENDENT EXAMINERS. REPORT I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2025 which are set out on pa8es 6 to 13. Responslbllltles and basls of report As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'}. I report in respect of my examination of the charit¢s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151(bl of the Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give 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 with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark Harwood FCA BFP FMAAT Michael Harwood & Co Chartered Accountants Greville House 10 Jury Street Warwick CV34 4EW Date:
Page 6 VETA BAILEY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31° March 2025 2025 Unrestrlcted Funds 2024 Unrestrlcted Funds Note Incorne and Endowments from: Donations & legacies Investments 27,000 1,819 27,100 1,669 Total Income and endowments 28,819 28,769 Expendlture on: Charitable activities Other 26,583 1,441 27,975 1,289 Total expendlture 28,024 29.264 Net Income/lexpendlture) before Investment 8alns/(losses) 795 1495) Unrealised gains/llosses) on investments Realised gainslllossesl on investments 1,219 479 7,076 Net movement In funds 2,493 6,581 Fund balances brought forward 78,198 71,617 Fund balances carrled fonmard io 80,691 78,198 The notes on pages 8 to 13 form an integral part of the accounts.
Page 7 VETA BAILEY CHARITABLE TRUSr BALANCE SHEEr As at 31" March 2025 2025 2024 Note Flxed assets Investments 74,476 72,652 Current assets Debtors Cash at bank and in hand 6,872 6,122 Total current assets 6,872 6,126 Current Ilabllltles Creditors {6571 {580) Net current assets 6,215 5,546 Total assets less current Ilabllltles 80,691 78,198 Funds of the Charlty: Unrestricted f unds 80,691 78,198 Total charlty funds 80.691 78,198 The financial statements were approved by the Trustees on ...3.0.1.i.o.l.IS..... behalf by: and signed on their Mrs Sue Yates Chair Mr Sam Seager Trustee The notes on pages 8 to 13 form an integral part of the accounts.
Page 8 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31. March 2025 ACCoU1NG POLICIES (al Basis of Accountlng The Veta Bailey Charitable Trust is a charity registered in England & Wales. The address of the registered office is given in the charity information on page l and the nature of the charitvs operations and principal activities are given on pages 2 to 4. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011 and UK Generally Accepted Accountin8 Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. 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. {bl Income All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donationsto be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the f ulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Page 9 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31. March 2025 ACCOUNTING POUCIES Icontlnued) (d) Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as an expense against the actNity for which expenditure arose. Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the gra nt, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. lel Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'realised/unrealised gains / {lossesl on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. (f I Debtors and credltors recelvable / payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Ig) Funds Unrestrictedfunds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. {hl Golng concern The financial statements have been prepared on a going concern basis as theTrustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditu 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.
Page 10 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31" March 2025 DONAnoNS AND LEGACIES 2025 Unrestrlrted Funds 2024 Unrestrfrted Funds Hamilton Bailey (Medical Works) Ltd 27,000 27,100 Total donatlons and le8acles 27,000 27,100 INCOME FROM INVESTMENTS 2025 Unrestrlcted Funds 2024 Unrestrlrted Funds Interest income Dividend income 74 1,745 99 1,570 Total Income from Investments 1,819 1,669 CHARITABLE AcfiviTIES EXPENDITURE 2025 Unrestrfcted Funds 2024 Unrestrlcted Funds Grants made to UK Charltles for work overseas.. Andean Medical Mission Bolivia Tropical Health & Education Trust Ethiopia Impact Foundation Bangladesh Cure Internationa Ethiopia Marga ret Pyke Trust Uganda African Pal liative Care Association Uganda London School of Health & Hygiene Malawi Hope Health Action South Sudan The Kambia Appeal Sierra Leone Phase Worldwide Nepal Let The Children Hear Uganda Engera UK Ethiopia Leprosy Missionfvnds repaid 6,480 4,190 2,000 3,620 3,420 4,230 5,000 5,515 3,700 2,402 4,950 2,750 1,770 4,061 2,800 1,820 {4,150) Total charitable activitles expendlture 26,583 27,975
Page 11 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31" March 2025 OTHER EXPENDrruRE 2025 Unrestricted Funds 2024 Unrestrlcted Funds Website costs Independent examiner Bank charges Investment management fees 94 420 70 360 15 927 Total charltable actlvltles expendlture 1,441 1,289 TRUSTEE REMUNERATION AND EXPENSES No Trustee or connected person received any remuneration or expenses directly from the Charity. However, one Trustee received remuneration amountin8 to £4,OCQ12024- £4,000) from Hamilton Bailey (Medical Works) Ltd for professional services rendered to the company. FIXED ASSEf INVESTMENTS Llsted Investments Other Investments Total st Market value l April 2024 Purchases Disposals Net gain/llossesl on revaluation 72,452 14,444 113,839) 1,219 200 72,652 14,444 113,8391 1,219 Market value 31" March 2025 74.276 200 74.476
Page 12 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31" March 2025 FIXED ASSET INVESTMENTS Icontlnued) The listed investments comprise". Market Value at 31.03.25 Market Value at 31.03.24 UK Companies UK Authorised Unit Trusts & OEICS UK Gilts Overseas Companies Overseas Authorised Unit Trusts & OEICS 542 37,511 652 47,792 2,218 10,109 11,681 24,272 11,951 74,276 72,452 The other investments comprise a 100% holding in the ordinary share capital of Hamilton Bailey (Medical Works) Ltd, a private unquoted company registered in England & Wales (company no. 647417). These shares were received by way of a gift and are recorded at nominal value. For the year ended 31 March 2025 the company's financial position was: Net Assets £433,898 Income £21,379 Expenditure £143,479) Revaluation gains/{lossesl £17,531 Prof it/lLossl £(4,569) Notes 12 and 13 provide a consolidated statement showing the aggregate of the financial activities of the two enterprises during the yearto 31 March 2025 and of the Balance Sheets at that date. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals 657 580 657
Page 13 VETA BAILEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31" March 2025 MOVEMENTON FUNDS Balance at 01,04.2024 Income in year Expendlture In year Galnsl Balance at {Losses) 31.03.2025 Unrestrlrted funds: Unrestricted Reserve Fund Unrestricted General Fund 72,652 5,546 126 28,693 1,698 74,476 6,215 (28,0241 Total unrestrlcted funds 78,198 28,819 128,024) 1,698 80,691 Total charlty funds 78,198 28,819 (28,024) 1,698 80,691 The Unrestricted Resen4e Fund recognises the long-term investments of the fund. 10. RELATED PARTY TRANSACTIONS During the year the company made no transactions with related parties, other than those disclosed in Note 6. 11. FINANCIAL COMMrrMENTS The Trustees have agreed further grants of £1,000 to be made in 2025126 subject to receipt of further detailed reports of progress to date.
Page 14 VETA BAILEY CHARITABLE TRUST CONSOLIDATION NOTES For the year ended 31. March 2025 12. CONSOLIDATED 5fATEMENT OF FINANCIAL AcnviTIES 2025 2024 Incomln8 Resources Investment income Roya Ities 22,513 713 21,849 23,226 21,849 Resources Expended Grants paid Investment management fees Administrative expenditu 26,583 10,823 7,097 27,975 10,044 6,720 (44,503) (44,7391 Net Income/(expendlture) (21,277) 122,8901 Realised gains on quoted investrnents Unrealised gains on quoted investments 3,137 115,9001 27,484 31,482 Consolldated surpluslldeficlt) for the year (34,040) 36,076
Page 15 VETA BAILEY CHARITABLE TRUST CONSOLIDATION NOTES (continued) For the year ended 31" March 2025 13. CONSOLIDATED BALANCE SHEEr 2025 2024 Flxed assets Quoted investments at market value 845,166 877,782 Current assets Debtors Cash at bank and in hand 955 31,138 33,474 Total current assets 33,474 32,093 Current Ilabllltles Creditors {4,9451 12,140) Net current assets 28,529 29,953 Consolldated net assets 873,695 907,735 Retained earnings brought forward Surplus/ldeficit} for the year (Note 12) 907,735 {34,040) 871,659 36,076 Consolldated retalned earnln8S carrled forward 873,695 907,735