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 resOUr￿S and application
of reSoUr￿s, 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
ACCoU￿1NG 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