THE BAY TFiEE CHARITABLE TRUST
ANNUAL REPORT AND A
OUNTS
31ST DECEMBER 2020
PA YNE HICKS BEACH
SolicilDfs
10 New Square
Lincoln's Inn
London WC2A 3QG

THE BAY TREE CHARITABLE TRUST
CONTENTS
Re
Adminislralive information about the charity. the trustees and Iheif advisors
Trustees. Teport
9-12
Independent audilorfs report
Accounts
13
Slalemenl of financial activities
14
Balance sheel
15-18
Principal accounting policies
19-22
Notes lo the accounts
endix
23
Grants made

THE BAY TREE CHARITABLE TRUST
Pa
ADMINISTRATIVE INFORMATION ABOUT THE CHARITY THE TRUSTEESAND THEIR ADVISORS
TRUSTEES
1.M.P. Benton
Miss E.L. Benton
P.H. Benton
PRINCIPAL ADDRESS
The Bay Tree Charitable Trust
PO Box 53983
London SW15 11
CHARITY REGISTRATION NUMBER
1044091
AUDITOR
Buzzacoll LLP
130 Wood Street
London EC2V 6DL
BANKERS
Quilter ChevM)t
Sènator House
85 Queen Victoria Street
London EC4V 4AB
INVESTMENT MANAGERS
Quilter Cheviot
One Kingsway
London WC2B 6AN
SOLICITORS AND ADMINISTRATORS
Payne Hicks Beach
10 New Square
Lincoln's Inn
London WC2A 3QG

THE BAY TREE CHARITABLE TRUST
TRUSTEES. REPORT- 31ST DECEMBER 2020
The Iruslees présent their stalulory report together with tho accounts of The Bay Tre
Charitable Trust for Ihe year ended 31st December 2020.
The accoullls have been pfftpared in accordarFce with the accounting policies sel out on
pages 15 10 18 of the attached accounts and comply with Ihe charity's trust deed, applicable
laws, accounting standards (United Kingdom GenerallyAccepl*d Accounting PraGlicBI, and
Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable
lo charities preparing their a￿ountS in accordance with the Financial Reporting Standard
applicable in the Unilecl Kingdom and Republlc of Ireland IFRS 1021, second edition
IO¢lober 2Q191.
GOVERNANCE, STRUCTURE AND MANAGEMENT
Governance
The Bay Tree Charitable Trust is governed by a trust deed dated 1$1 December 1994. The
charity is registered under the Charsties Act 2011, Charity Regisliation Number 1044091.
The statutory power of appointment of Iruslees by the continuing trustees applies.
The names of the trustees who served during the year are sel out as part of the
administr81ive information on page 1 of thi5 Annual Report and Aceounls. Briet
biographical dètails are given below..
l.M.P. Benton
Mr. Benton Is related lo the sèlllor and was appointed a Iruslee on 15th December 1994.
Miss E.L. Benton
Miss Benton is related lo the settltsr and was appointed a trustee on 22nd Oelober 2QO2.
P.H. Benton
Mr. Benton is related lo the settlor and was appointed a trustee on 22nd October 2002.
On agreeing to thèir appoinlm&nt, the trustees are thoroughly briefed by their ¢o-Iruslees
on the history of the trust, the day-to-day management, the responsibilities of the Iruslees,
the cuf￿nI objectives and lulure pl8llS.
Trustees. responsibilities statement
The trustees are responsible for preparing the Iruslees, ieport and accounts In accordance
with applicable law and United Kingdom Accounting Standards Iuniled Kingdorn Generally
Accepted Accounting Practice).
Charity law in England and Walès requires Ihe Iruslees to prepare accounls for each financial
year which give a true and fair view of the slate of affairs ol the charity al the year end and of ils
income and expenditure during that year. In preparing acGounls, giving a true and fair view the
trustees are required lo..
Select suitable accounting Policies and then apply Ih6m consislenlly,"
Observe the methods and principles of 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 United Kingdom and Republic
of Ireland IFRS 1021.,

THE BAY TREE CHARITABLE TRUST
Pa
TRUSTEES, REPORT- 31ST OECEMBER 2020
GOVERNANCE. STRUCTURE AND MANAGEMENT Iconlinuedl
Make judgements and eslimales that are reasonable and piudenl-,
Slate whether applicable United Kingdom Accounting Standards have been followed,
subject lo any material departures discbsed and explained in the accounts,. and
Prepare the accounts on the going concern basis unless il is inappropriate to presume
that the charity will continue to operate.
The Iruslees are responsible for keeping proper accounting records which disclose with
reasonable accuracy al any lime the financial position of the charity and which enable them
lo ensure that the accounts comply with the Charities Act 2011. applicable Charity (Accounts
and Reports) Regulations and the provisions of the trust deed. They are also responsible
for safeguarding the assets of the ¢harily and hence for taking reasonable steps for the
prevenlio)n and detection of fraud and other irregularities.
structure and management reporting
The Iiustees are ultimately responsible for the po5icies, actsvities and assets of the ¢haTIIy.
They meet annually to review the developments with regard lo the ¢h8rily, ils grant giving
activities and make any important decisions. When necessary, the Iruslees seek advice
and support from the ch8riiYs professional advisers including investment managers,
solicitors and acGounlanls. The day to day management of the Charity's activities, and the
implemenlalion of policies, is delegated to the Private Client Department of Payn6 Hicks
Beach. The Department ensures that grant applications are processed and presented to
thè Iruslee5 as appropriate,. il administers payments and keeps the books and records of
the charily.
Al their meetings the tiuslees review the investment performance, and the inveslmenl
managers allend the meetings lo update the Iruslees in clelail on the portfolio. The Ifuslees
review the proposals for grants lo be made and approve such grants as appropriate.
Risk management
In line with the requirement lor charity Iruslees lo undertake a risk assessment exeicise
and report on the same in their annual report, the trustees hav& looked at the iisks the
charity currently faces and have reviewed the measuies in place. or needing lo be pul in
plaGe, lo deal with them. In addilK)n lo the risks associated with COVID-19 (see below), tha
Iruslees have identified three maln areas where risks may occur..
- Governance
Operational
Financial
Governanco looks at the ¢onlinuily of trusteeship, the skills and ba¢kgrotJnd of the trustees
and the policies of regular meetings of the trustees lo review their aims and aclivilies.
Opèrational looks al the risk inherent in the delegation of slatulory and legal requirements
of the ¢ha¥ily, ils management and secretarial functions and delegation of certain of those
functions, and ils gTanl giving aclivilies.

THE BAY TREE CHARITABLE TRUST
TRUSTEES, REPORT- 31ST DECEMBER 2020
GOVERNANCE, STRUCTURE AND MANAGEMENT {continued)
Financlal risks include those inherent in delegation ol investmènt management and Custody
lo an independent investment managei, the fi'nancial lecord keeping of the charity, ils
investment policy, atsdil and review procedures.
Having assessed the major risks lo which the charity is exposed. in particular those
relating lo ils investments and ils finantss, the trustees believe that by ensuring controls
exist over key finanGial syslems. incorporating thè systems and controls implemented by
Payne Hicks Beach, and by delegating the investment management function lo inveslmenl
managers. subject to regular monitoring. including periodic reVi￿S of performance against
benchmarks, they have established effeGliv¥ systems lo miligale those risks. In reaching
this conclusion, the Iruslees have consideied the impact on the charity of the COVID-19
pandemic.
The keys risks faced by the charity, as identified by the trustees, are described below
together with the principal ways in which they 8re miligalerl.
The charity's principal asset comprises listed investments. thè value of which is dependent
on movements in UK and world stOGk markets. The investments are managed k)y repLSlable
investment managers who adhere to a policy agreed by the trustees. The trustees meet twice
a year with the investment manageis and the manager's performance and that of the portfolio
are monitored. The investment strategy is assessed regularly lo ensure il remains appropriate
lo the Gharily's needs both now and in the future.
The charity cairies out ils objectives by providing grants lo inslilulions that are also UK
legislered charities, whose objects comply with thè charity's criteria. There is a risk that
a grant provided by the charity may nol reach the intended recipient andloi may be used lor
purposes not consistent with the Gharills objects. Whilst the Irusl&es are mindful of
their own obligation lo ensure that the charity benefits the public genèralty, they lake some
assurance from the fact Ihal recipients of grants are themselves Tegulated lo ensure that they
opprale for the public benefit.
ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES
Activities and specific objectives
The tiuslees operate a granl giving policy, providing funds for such charitable oblect
or inslilulion as the Iruslees think fil.
All appeals should be by letter containing the following..
Aims and objectives of the chaiily
Nature of appeal
Total targel rf for a specific project
Contributions received against target
Registered Charity Number

THE BAY TREE CHARITABLE TRUST
TRU
TEES, REPORT- 31ST DECEM8ER 2020
ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuedl
Any other relevant factors
LelleTS should be accompanied by a sel of the Charitable organisalion's latest report 8nd
fu51 accounts and should be addressed lo..
The Bay Tree Charitable Trust
P.0. Box 53983
London SW15 1VT
No applications from indivtduals are consid&red.
The Iruslees aim to make grants lolalling a minimum of £120,000 per annum in accordance
with the guidelines sel out in the grant giving policy above.
Objectlves and activities for the public benefit
The tiuslees confirm that Ihtty have referred lo the guidance contained in the Chaiily
Commission's guidance on pub1iG benefil when reviewing the Trust's aims and Dbjeclives
and in planning future activities and selling the granl making policy for the yeai.
The Trusl carrie5 Out these objeGtives by providing grants to inslilulions that are also UK
registered charities. whose objects comply with the Trusvs criteria. Whilst the trustees are
mindful of their own obligation lo ensure that the Trust benefits the public generally, they tske
some assurance from the fact that recipients of grants are Ihemsglves regLElaled lo ensure
Ihal they operate for the public benefit.
Potential roGipienls ol grants 8re identif￿d by the Injsteey Individually in aieas wher8 il is
perceived that public benefit will be achieved. The opportunity lo benefit is not reslricled in
any way except th81 grants are reslricled lo k)odies registered in the UK, not least lo facililale
the Iru51ees being able to follow up on the efficacy of thè grants made. In all other respects
grants are not limited in any way except that the recipients should have a charrtable need.
The trustees therefore consider that the Trust's aclimlies are tor the benefrt of the
public geneT81￿.
Key management
The trustees comprise the key managemenl personnel of the charity In Gharge of directing and
onlrolling, running and operating the charity on a day to day basis. All trustees give of their
lime freely and no trustee received any remuneral￿n in the year. Details of trustees, expenses
and remuneration and any related party transactions are disclosed in note 5 to the accounts.
As noted above, the day or day management of the charity's aclivilies, and the implemenlalion
of policies, is delegated to the PrÉvale Client Department of Payne Hicks Beach.
Investment policy
The Charity has a portfolio of listed investments with a market value as al 31st December 2020
of £6.426,142.

THE BAY TREE CHARITABLE TRUST
TRUSTEES, RE
RT- 31ST DECEMBER 2020
ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontinuedl
There are no restrictions on the charilY5 y)w8r to invest. The Iruslees have instructed the
investment managers lo refrain from purch88ing investments in companies connected with
armament manufacture or distribution. The investment slralegy is agreed between the
Iruslees and the investment managers. and is regularly reviewed. This is the stjbjecl of a
policy slalement which has been ¢ompleled by the trustees and lomis an integral part
of the agreement wth the investment manager lo provide investment management services.
The more signilic8nl principles in the slalemenl are-.
that the investment manager sh811 maintain a balance of capthl and income groTArth
which over the long term Mill endeavour lo maintain the real value of assets.
that the performan￿ will be reviewed by reference lo a cuslomised benchmark of 20%
FT Gov8rnmenl All Stock5, 10°h IPD Property, 100/0 Hedge Funds and 600A FTSE 'A'
Vvorld Isleiling Based}. The ITuslees feel the portfolio Is 51ruclured approximately
in line with the benchmark.
The investment manager is invited to allend each formal meeting of the Iruslees to provide
report on the performance of the portfolio, comparison against the benchmark and genèral
market issues. The Iruslees. investment policy was fully updated on 16th DeGomber 2013 and
reviewed on the 10th October 2019 and required no amendment.
ACHIEVEMENTS AND PERFORMANCE
Revlw of activities
Total investment income received in the year amounts to £87.157, which equates to a yield
of 1.35¢A Ibased on the markel valuation of the investment assets at the year endl.
The Iruslees awarded grants lotalling £150,000 during the year in accordance with the
charity's grant giving policy set out abové. A detailed list of all grants made in the yèar Is
included in the Appendix on page 23.
The trustees feel Ihal their objectivès have been adequately mel this year.
However, the Iruslees are aware that there are external factors, which ¢OLJld affect the
achievements of their objectives as a significant part of the Gharills assets are made up of
investments and cash, the result of which are dependent on the general performance of the
UK and overseas slo¢k markets. As noted above under risk management, in order lo
minimise this, the trustees have sel prLKJenl invèsth)ent policies and place reliance on th@
investment manager lo monitor and advise on the necessary investment changes and suitable
asset allocation. These actions have been particularly relevant given the issues arislng from
COVID-19.
Investment perforniance
During the year the ¢hariVs investment assets achieved an income yield of 1.350A (based
on the valuation ol investment assels al the year end} and 8 capital increase of 7.72QA.
The investment managers continued lo invest in accordance with the Iruslees. investment
policy as reviewed and sel out earlier in this report. At the end of the year the charitls
portfolio of investments comprised of 1 OOA UK fixed interest stocks. 20A charity and property
funds, 88•h UK equities and unit trusts.

THE BAY TREE CFIAR5TABLE TRUST
TR
TEES, REPORT- 31ST DECEMBER 2020
ACHIEVEMENTS AND PERFORMANCE Icontlnued}
n view of the current VDlalilily in financial markets, the trustèes are satisfied with the
perfoirllan¢e ol the investménts and are satisfied that their investment objectives will be
mel over the medium term.
FINANCIAL REVIEW
Results for the year
A summary of the year's results ¢an be found on page 12 of this report and accounts.
During Ihe year ended 31 st December 2020, total income amounted lo £87,157
{2019- £150,121), being income arising from the charity's investments and cash deposits.
The Iruslees made grants lo 6 inslilulions tolalling £150,00012019 - £140.000}. After
accounting for grant adminislraliDn costs 01 £12.15012019 - £8,482) and the govérnance
sts of £2,35212019 - £2,280), this brought lolal expenditure to £164,50212019~ £150,762).
There weré investment gains during the year of £461,046 {2019 - £941,318).
This Tesulls in a nel increase in funds during the year of £383.701 (2019 - £940.6771,
Reserves policy and financlal position
Res¢￿eS policy
The charity is operated as a grant giving charity, and the Iruslees, ptsli¢y is lo administer
the investment assets on an absolute return basis and seek to distribute approximate
£120,000 in each financial year (subject lo regular revièw).
Finanelalposition
The balance sheel shows total funds of £6.409,105. The un¥estricled fund comprises amounts
which ultimately are free reserves bul which are held by the trustees for investment so as
to ensure the continued generation of income in lulure periods, thereby helping to safeguard
the long term existence of the charity and the achievement of ils objectives. The size of th8
unrestricted lund sustains and supports the levels ol donations which the Iriislees wish to
maintain and enhance over lime. The Iruslees consider free resetves lo be adequate bul not
excessive in the light of the Gharills reserve policy sel out above.
FUTURE PLANS
The Irusle8s do not anticipate any significant Chat￿es to the charity or ils activities over
the next bNo to five years. It is their intention to meet the following objeclives..
To ensure the investment perfomancè achieves the ctileria sel by them so that
there are sufficient funds lo meel their grant giving policies.
TO continue lo make grants al a similar, if not hlgher level.
In response lo the COVID-19 outbreak, the charity is proactively reviewing grant making
act(vilies lo ensLsre continued support lo beneficiaries.

THE BA
E CHARITABLE TRUST
TR
EES, REPO
T-31
T DECE
ER 2020
FUTURE PLANS {continued)
The trust*s have reviewed the rtsks th8t COVID-19 poses to Ihe ¢haiity 8nd ojncluded that
the chority is ITh a strong finBncAal and operational posKion and can conlnue to Support
beneficiarlas now 8nd for thè foreseeable fuluts.
Slgned on behalf of the trustees:
Trust
Trustee
Tru8teo
Approved by the trustees on..
.2021

THE BAY TREE CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT- 31ST DEGEMBER 2020
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE BAY TREE CHARITABLE TRUST
OPINION
We have audited the accounts of The Bay Tree Charitable Trust Ithe'charily'l for the year ended
31 sl December 2020 which comprise the slalemenl of financial a¢tivities, the balance sheet. the
principal accounting policies and the notes lo the accounts. The fin8ncial reporting framework
Ihal has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 'The Finaricial Reporting Standard
applicable in the UK and Republi¢ of Ireland, (United Kingdom Generally Accepted Accounting
Practice}.
In our opinion, the accounts..
give a true and fair view of the state of the charity's affairs as al 31st December 2020
and of ils income and expenditure for the year then ended",
have properfy prepared in accordance with United Kingdom Generally Accepted
Accounting Practi￿. and
have been prepared in accordan￿ with the r6quiremenls of the Chariltes Act 2011.
BASIS FOR OPINION
We conducted our audll in accordance with Internationa1 Standards on Auditing IUKI IISAS (UK))
ancl applicable law. Our Tesponsibililies under those standards are further desGribed in the
aurlilor's iesponsibililies lor the audit ol the a¢counts section of our reFK)rt. We afft independent
of the charity in accordance with the ethical requirements that are relevant lo our audit of the
accounts in the UK. including the FRC'S Ethical Standard, and we have fulfilled our otlier ethical
responsibililies in accordance wilh these requirements. We believe that the audit evidence we
have oblained is sufficient and appropriate to provide a basis foi our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing Ihe accounts. we have Concluded that the Iruslees, use of the going wncern basis
of accounting in the preparation of the accounts is appropriate.
Based on the work we hav8 performed, we have nol identified any material uncertainties relating
lo evènts or conditions that. individually or collectively, may cast significant doubl on the
charity's ability lo conlinutr as a going concern for a peiitxj of at least twelve months from when
the accounts are aulhorised for issue.
Our responsibilities and the responsibilities of Ihe trustees with respgd lo going concern are
descrtbed in the relevant sections of this report.
OTHER INFORMATION
The trustees are rasponsible for Ihe other infomiation. Thé other information comprises the
infomialion included in the annual report and accounts, other than the accounts and our
auditor's report Ihereon. Our opinion on the accounts does not cover the other information and
we do not express any form of assuran￿ corsclusion Ihereon.

THE BAY TREE CHARITABLE TRUST
e10
INDEPENDENT AUDITOR'S REPORT- 31ST DECEM8ER 2020
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE BAY TREE CHARITABLE TRUST
OTHER INFORMATION (Continued
In connection with our audit ol thè accounts, our respot)sibilily Is lo read the other information
and, in doing so. consider whether the other information is materially inconsislenl with th&
accounts 01 our knowledge obtained in the audit or olhetwise appears lo be materially misslaled.
If we idèntify such material inconsistencies or apparent material misslalemenls, we are requirod
lo determine whether there is a materi81 misslalemenl In the accounts OT a material
misslatemenl of the other information. If, based on the work we have performed, we conclude
that there is a materi81 misstatemEnt of this other information, we are required lo report Ihal fact.
We have nothing to Teport in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing lo report in respect of the following matters in relation lo which the
Charities Act 2011 requires us to report to you il, in our opinion-.
the information given in the trustees. report is inconsislenl in any rnalerial respect with
the accounts., or
suffiGienl accounting recc>rds have not been kept., or
the a￿ountS are not in agreement with the accounting records and returns. or
we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Iruslees, responsibilities $18lemenl. the Iruslees are
responsible lor the pieparalion of the accounts and for being satisfied that they give a true and
fair view, and for such internal control as the Iruslees determine is necessary to enable the
preparation of accounts that are free from material misslalemenl, whether due lo fraud or error.
In preparing the accounts, the trustees are responsible for assessing the charity's ability to
continue as a going concem, disclosing, as applicable, mallers related to going concern
and using the going concern basis ol accounting unless the Iruslees either irilend lo
liquidate tho charity or ID cease operations, or have no realistic a￿ematiVe bul lo do 80.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS
Our objectives are to obtain reasonable assurance about whether the accounts as a whole
are free from material misslalement, whether due lo fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high leval of assuianG6, bul is
not a guarantee that an audit conducled in accordance with ISAS {UKI will aKvays deleGt a
material misslalement when il exists. Misslatemenls can arise from fraud or error and are
considered material if, individualty or in the aggregate, Ihgy could reasonably be expected to
influence the economic decisions of user8 taken on the basis of these accounts.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. Wa
design procedures in line with our responsibilities. out5inèd above, lo detect malerial
fflisslalements in respect of irregularities. incluéing fraud. The exlenl lo which our proGedures
are capable of dele¢ling irregularities, including fraud is detailed bebw.

THE BAY TREE CHARITABLE TRUST
e11
INDEPE
DENT AUDITOR'S REPORT- 31ST DECEMBER 2020
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF
THE BAY TREE CHARITABLE TRUST
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontinuedl
Our approach lo identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud 8nd non-compliance with laws and regulations, was as follows".
W8 ensured that the engagement team collectively had the appropriate compelence,
capabilities and skills lo identify or recognise non-¢ompliance with applicable laws and
regul81ions',
We obtained an understsnding of the legal and re9ulalory frameworks that are applicable lo
the charity and determined that thè mosl significant frameworks which are directly relevant
10 specific assertions in the financial slalemen15 are Ihose that relate to the reporting
framework Islatemenl of Recommended Practice.. AG¢ounling and Reporting by Charilies
preparing their accounts in accordan￿ with the Financial Reporting Standard applicabte in
the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Acl 20111 anol
those Ihal relate lo data protection {General Data Protection Regulalionl.
We lden1rf￿d laws and regulalions were communicated within the audit team regularly and
the team remained alert lo instances of non-compliance throughout the audil.
We assessed the susceptibilily ol the charity's financial slalemen15 to material misslalement,
including obtaining an understanding of how fraud might occur, by..
Making enquiries of the ¢har¢Lls adminislralors a¥ lo their knowledge of actual, suspacted
and alleged fraud., ancj
Considering the internal controls in place lo miligale rÉsks of fraud and non-compliance
with law8 and regulations.
To address the risk of fraucl through management bias and override of controls, we-.
Performed anatyts'cal procedures to iLlenlily any unusual or unexpected rel81ionships..
Assessed whether judgements and assumpl¢ons made in dèlerminino the accounting
eslimales were indicative of potential bias-
Tested aulhorisalion controls on expenditure items, ensuring all expenditure was approved
in line with the charitls financial pr(Kedures,' and
Performed substantive lesling on grant expenditure lo ensure the 8xpendilure incurred
complied with the funding agreements
In response to the risk of irregularities and non-compliance with laws and regulations. we
designed proceduTes which included. but were not limited lo..
Agreeing financial statement disclosufes lo underlying supporting documentation,.
Reading the minutes of meelings of those charged with governance..
Enquiring of the Charity's adminislralors as lo actual and potential litigation and claims.

THE BAY TREE CHARITABLE TRUST
Pa
e12
INDEPENDENT AUDITOR'S REPORT- 31ST DECEMBER 2020
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF
THE BAY TREE CHARITABLE TRUST
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS Icontinu8dl
There are inherent limitations in our audti procedures described above. The more removed that
laws and regulations are from financial Iransaclions, the less likely il is that we would become
aware of noll-compliance. Auditing standards also limit the audit procedures required lo idenlily
non-compliancts with laws and regulations lo enquiry of the Iruslees and adminislralors and the
inspection of regulatory and legal correspondellce, if any.
Material misslalemenls Ihal aTise due lo fraud can be harder lo delecl than those that arise
from error as they may involvo dèliberate concealment or collusion.
A further description of our responsibilities for the audit of the accounts 15 located on the
Financial Reporting Council's website al www.frc.org.uklaudilorsresponsibilitses. This
descriplion forms part of our audiloi's report.
USE OF OUR REPORT
This report is made solely lo the ¢hartty's Iruslaes, as a body, in accordanc@ with seclion 145 of
the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work
has been undertaken so that we might slate to the Gharily's trustees those mallers we are
required lo stale lo them in an audilorfs report and for no other purpose. To the fullest exlenl
permilled by law. we do not accept or assume responsibility to anyone other than the charity
and the charity's Iruslees as a body. for our audit work, for this report, or lor the opinions we
have formed.
BuzzacDII LLP
Stalulory Auditor
130 Wood SITeet
London EC2V 6DL
21 October 2021
Buzzacott LLP is eligiblo lo act as an auditor in lemis of Se¢lion 1212 of the Companies
Act 2006.

THE BAY TREE CHARITABLE TRUST
e13
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2020
Total
2019
Total
2020
Notes
INCOME FROM..
Investments
Investment Income
Interest receivable
Donations
Tax repayment supplement
119,979
17
30,125
87,059
74
24
150,121
TOTAL INCOME
87,157
EXPENDITURE ON:
Charitable activities
Piomoling and enhancing
charitable work
15D,762
164,502
150,762 TOTAL EXPENDITURE
164,502
NET EXPENDITURE BEFORE
INVESTMENT ILOSSES}
16411
177,3451
Inveslmenl gainslllosse51
Realised
Unreali5ed
11,3321
942.650
19,6351
470,68fj
940,677 NET INCOME AND NET MOVEMENT IN FUNDS
383,701
RECONCILIATION OF FUNDS
Total funds b¥oughl fOn￿ard
al 1st January 2020
5.084,727
6,025,404
Total funds carried fonN8rd
at 31st December 2020
6,025.404
6,409,105
All wognised gains and losses are included in the above statement of financial aclivilies.
All of th& charity's activities derived from continuing operations during the above two
financial years.

THE BAY TREE CWRITABLE TRU
Pa
e14
SHEE
- 31ST DECEMBER 2
2019
20
FIXED ASSETS
6,032,490
Ll8tod Inveslments
6,428.142
15,320
92,504
DebtOTS
Cosh at bank and in hand
93.501
107,824 Tot81 currwl assets
93,565
LL4
Creditors.. Amounts folling duo
within on8 yaar
(114,9101
10
(110,6021
17,086>
T LIABILITIES
117,037}
6,025.404
6,409.105
HE
Rl
Unr&strtcled Incom8 Funds
Genaral Fund
8,025.404
6.409,105
Approved by th8 truste￿ and signed on Ihelr beha￿bY..
Trusteq
Trusteo
Trnst88
Dalè of Aoproval..
.2021

THE BAY TREE CHARITABLE TRUST
e15
PR
IPAL ACCOUNTING POLICIES- 31ST DECEMBER 2020
The principal a¢¢ounting policies adopted. judgements and key sources of estimation
uncertainly in the preparation of the accounts are laid out below.
Basis of preparation
These accounts havé been PTepar8d for the year to 31 sl December 2020 with comparative
infomialion presented in Fespecl lo the year lo 31st December 20fj9.
The accounts have been prepared under Ihe historical ¢osl convenlw)n with items recognised al
C051 or transaction value unless otherwse slated in the relevant accounting poticies below Dr the
notes of these accounts.
The accounts have been prepared in accordance wllh Accounting and Reporting by Charities:
Statement of Recommended Reporting Practi￿ applicable lo charities pr&p3ring IheiT aGGounls in
accordanGe with the Financial Reporting Standard applicable in the Uniled Kingdom and Republic
of Ireland (Charities SORP FRS 102}, second edition (October 20191 the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011,
The charity conslilules a public benefit entity as defined by FRS 102.
The accounts are pfesenled in sterling and are rounded to the nearest pound.
Critical ac¢ounting èstlmates and areas of judgement
Prepaiation of the accounts reqlsires the Irus18es lo make signifiGanl judgements and estimates.
The items in the accounts where these judgements and eslimales have been made include..
estimating the Itability for mulli-year grant commilrllenls.
eslimaling future income and expenditure flows for the purpose of assessing going concern
(see below).
Assessment of going Concern
The trustees have assessed whethei the use of Ihe going concern agsumplron is appropriatè in
preparing these accounts. The Iruslees have made this assessment in respect lo a perw)d of
one year from the date of approval of these accounts.
The Iruslees of the charity have concluded that there are no material un¢ert8inlies related lo
events or cc>nditions that may cast significant doubl on the ability of the charity lo continue as a
going concern. The full impact folltswing the re￿nI emergence of the global Goronavirus pandemic
is St￿41 unknown. Therefore, il is not possible to evaluate currently all the potential implications for
the charity's activities, benefi¢i8ries and the wider economy. Estimates used in the a¢counls.
particularly with respect lo the impact on future income and expenditure flows are subject lo a
greater degree of uncertainly and volatility. As sel out in these accounling policies under
°going Goncern. the Iruslees have considwed the impact of the pandemic on the charity an
have concluded that although there may be some negative consequences, il is appropriate for
the charity lo Continue lo P￿pare ils accounts on the soing concern basis. The trustees are of
the opinion that the charity will have sufficient resources lo meet its liabilitie5 as they fall due
and Iherefore despite the global uncertainly in relation lo COVID-19, there are no concerns
regarding the charily's ability lo continue as a going concern. The most significant areas of
judgemenl that affect items In the account are detailed above. With regard lo the next
accounting pericxj, the yeaf ending 31$1 December 2021. the most significant aieas that affect

THE BAY TREE CHARITABLE TRUST
Pa
216
PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2020
Assessment of going concern Icontinuedl
the carrying value of Ihe as5els held by the charity are the level of investment return and the
performan￿ of the investment markets (see the investment policy and the risk management
sections of the Iruslees, report for more informalionl.
Income r8cognition
Income is recognised in the period in which the charity has enlillemenl lo the income, the
amount of income can be measijred reliably and il is probable that the inc(￿e will be received.
Income comprises donations. investment income from investments and interest from deposits.
Donations are recognised when the ¢harily has confirmalK)n Df both the amount and
settlement dale and Include related Gift Aid tax reclaims.
Dividends are recognised once the dividend has been declared and nolificalion has been
reGeived of the diV￿end due.
Interest on funds held on deposit is included when receivable and the arnounl can be measured
reliably by the charity, this is normally upon nolificalion of the interest paid or payable by the bank.
Expendlture r8cognltion
Liabilities are recognised as expendilure as soon as there is a legal or conslruGlive obligation
commilling the charity to make a payTn&nt to a third party. il is probable that a transfer ol
econorlllc benefits will be required in selllemenl and the amount of the obligations can be
measured relHbly.
All expendkture is accounted for on an accru81s basis. Expenditure comprises direct costs and
support costs. All expenses, includin9 SUPPOrt costs, are allocated or apportioned lo the
applicable expenditure headings. The classification between the activities is as foll¢iws."
la} Expenditure on raising funds includes all expenditure associated with raising funds for the
chaiily. This includes the fees paid lo the investment manager in connection wbth the
management of the charity's listed inveslmenls.
Ibl Expenditure on charitable a¢livilies includes all costs associated with furthering the
charitable purposes of the charity through the provision of ils charitable aclivilies. Such
¢osls include Charitable grants payable in promoting and enhancing charitable work
carried out by other charitable oroanisalions, and related support costs inclLJding the
cosl of admlnislering the activities of the charity and govemance Gosts,
Grants payable are included in the slalemenl of financial activities when approved and when the
intended recipient has either re￿1Ve￿ the funds or been informed of the decision lo make the
donation and has satisfied all related condition5. Grants approved bul not paid al the end of the
financial year are aGcrued for. Grants whère the beneliciary has not been informed or has lo
meet certain Conditions before the grant is released are not accrued for bul are noted 8
financial commitments iri the notes to the accounts.
All expendilufe is slated inclusive of irrecoverable VAT.

THE BAY TREE CHARITABLE TRUST
e17
PRINCIPAL ACCOUNTING POLICIES- 31ST DECEMBER 2020
Allocation of support and governance costs
Support costs represent indirect charitable expenditure. In order to ¢8rry out Ihe primary
purposes of the charity il is ne¢essary ID provide support in the form of adminislralion services.
Governance costs compTise the costs involving the public accounlabilily ol the charity
lincluding audit costsl and Gosts in respect of its compliancè with Tegulalion and good pra¢tice.
Support costs and governance costs are apportioned directly to the one Charitable aclivily.
Flxed asset investments
Fixed asset investments are included on the b8lance sheet at their market valuè 81 the end ol
Ihe financial period. Realised and unrealised gains lor losses) are credited lor debiledl, lo the
slatemellt of financial aclivilies in the year in which they arise.
Listed investments are a form of basic financial instrument and are initially recognised al their
transaction value and subsequently measured al their fair value as al the b81ance sheel dale
using the closing quoted market price.
The charity does not acquire put options. derivatives or other complex financial inslrumenls.
As noted above the main form of finan¢tal risk faeed by the ¢harily is that a volatility in equity
markets and investment markets due lo wider economic conditions, Ihe attitude of investors to
investment risk, and changes in sentiment concerning 4uilies and within particular se¢lors or
sub sectors.
Realised gains lor losses) on investment assets are calculated as the difference betwe8n
disposal proceeds and Ihoir opening carryTng value or their purchase value is acquired
stjbsequenl to the first day of the financial year. Unrealised gains and losses are calculated
as the difference between the fair value al the year end and their carrying value al that dale.
Realised and unre81ised investment gains {or losses} are crèdited lor debiled} lo the slalement
of finanGial activities in the ye8r in which they arise.
Debtors
Debtors are recognised al their selllement amount, less any provision for non-recoverabilily.
They have been discounted lo the present value of the future Eash receipt where such
discounting is maleiial.
Cash in bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
dernand or have a malurily of less than Ihree months from tha date of acquisition.
Concessionary loans
Concessionary108ns initially recogni8e and measure the loans al the amount received or
paid, with the carrying amount adjusted in sub8equ8nt years lo reflect repayments and any
accrued interest.

THE BAY TREE CHARITABLE TRUST
è18
PRINCIPALACCOUNTING POLICIES- 31ST DECEMBER 2020
Creditors and provisions
Credilors and provisions are recognised when there is an obligation al the balan¢e sheet dale
as a result of a past event, il is probable that a transfer of economic benefit will be required in
selllemenl, and the amount of the selllemenl c8n be eslimaled reliably. Creditors and provisions
are recogni5ed 81 the amount the Gharily anlicipales il will pay lo sellle the debt. They have been
discoL¢nled to the present value ol the future cash payment where such discounting is material.
Fund accounting
The general fund represent funds available for the general Qharitsble purposes of the
charity which may be applied al the discretion of the Iruslees.
Cash flow
The accounts ilo not include a cash fbw slalemenl because the charity is exempt from the
requirement to prepare such a slalemenl under the Char41ies SORP {FRS 1021.

THE BAY TREE CHARITABLE TRUST
Pa
e19
NOTES TO THE ACCOUNTS- 31ST DECEMBER 2C>20
1 INVESTMENT INCOME
2019
2020
90,341 UK equities and unil trusts
21,843 UK GoveTnmenl and fixed interest securities
3,468 Overseas
7,207 Charity and property funds
12,8801 Gills accrued inl8rest
68,284
12,872
3,276
6,283
3,656}
119,979
87,059
2 DONATIONS
2019
2020
24,100 Gift Aid donation {see note 51
6,025 Tax repayment
30,125
3 PROMOTING AND ENHANCING CHARITABLE WORK
2019
2020
140,000 Grants payable lo inslilulions
8,482 Grant adminislralion costs
2,28D Governance costs {see note 41
150.OOD
12.150
2,352
150.762
164,502
A detailed list of the grants paysble to inslilulions is given in the Appendix {page 241 to
these aGcounls.

THE BAY TREE CHARITABLE TRUST
Pa
e20
NOTES T
THEACCOUNTS- 31ST DECEMBER 2020
3 PROMOTING AND ENHANCING CHARITABLE WORK (continued
A reconciliation of the grants pay8ble and grant commilmenls figures shown in these sccounts
is as fo11ows'.
2019
2020
Giant commrtmenls al 1st Janvary 2020
140,000 Granls agreed during the year
150,000
140,000 Grants payable
{140,0001 Grants paid during Ihe year
150,000
1150.000)
Grant commitments al 31st December 2020
4 GOVERNANCE COSTS
2019
2020
2,280 Statutory audit lee
2,352
5 STAFF COSTS AND TRUSTEES. REMUNERATION
The charity employed no staff during the year12019- None).
No Iruslee received any remuneration in respect of their services during the year12019- £nill.
The key management personnel of the charity in charge of directing and Gonlrolling, the eharily
omprise the Iruslees.
The lolal remuneration (including taxable beneftts bul exclLFding employer's pensK)n conlribulionsl
of the key management personnel for the year was £nil12019- £nil}.
Therg is no gift aid donation to the Charity this year12019 £24.100 nell (see note 2}.
6 TAXATION
The Bay Tree Chantable Trust is a registered charity and, therefore, is not liable lo income lax
or corporation lax on Income or gains derived from its charitable a¢livilies as they fall within the
exemptions available to registered charities.

THE BAY TREE CHARITABLE TRUST
Pa
e21
NOTES TO THE ACCO
NTS- 31ST DECEMBER 20
7 INVESTMENTS
2019
2020
LISTED INVESTMENTS
Movements in listed inveslm?nts during the year were as follows..
5,128,391 Market value al Isl January 2020
162,781 Additions al cost
1201,3321 Dispos81s at book value
{praceeds'. £343,894,. 108s £9,635)
942.650 Nel unrealised Ilosses}Igains in yeaf
6,032,490
276,300
1353,3291
470,681
6,032,490 Matkel value al 3181 December 2020
6,426,142
2.674,319 Cost of listed investments 31 yt December 2020
2,578,401
All investments were dealt in on a recognised stock exchange..
2019
2020
Listed investments held a131 st December 2020 comprise the
following investment all listèd on a UK st￿k ex¢h8nge'.
5,198,204
UK equities and unil trusts
595,171
UK government and fixed inter8St securities
239,115 Charity and property funds
5,655,936
620,510
149.696
6.032,490
6,426.142
Al 31$1 December 2020 Ihe following individual holdings had a market value
in excess of 5Q/o of the entire portfolio..
%of
PortfDIio
Value
Smith & Vvilliamson
Bay Fund Income Units
88.01
5,655,936
8 DEBTORS
2019
2020
11,600 Tax repayment
3.720 Gitts accrued illterest
64
15,320
64

THE BAY TREE CHARITABLE TRUST
e22
NOTE
TO THE ACCOUNTS- 31ST DECEMBER 2020
9 CASH AT BANK AND IN HAND
2019
2020
92,504 Quilter Cheviot
PHB Client Account
81,877
11,624
92.504
93,SC)1
10 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019
2020
4,650 Grant adminislralion ctssls
6,660 Slalulory audit fee
103,600 Loan from Settlor
4.650
2,352
103,600
114,910
110,602
11 UNREALISED GAINS
Unrealised gains on listed investments
3,&47,741
Reconciliation of movemen15 in
unrealised gains on investment assets
Unrealised gains al 1 sl January 2020
Adjusted in asset of disposals in year
3.358,171
18,889
3,377,060
Add.. Net gains arising on
Investment revaluation in year
470,651
Uniealised gains al 31st December 2020
3,847,741
12 RELATED PARTY TRANSACTIONS
There are no related party transactions during the year12019- £5.CIQOI.

THE BAY TREE CHARITABLE TRUST
Pa
e23
APPENDIX TO THE ACCOUNTS- 31ST DECEMBER 2020
GRANTS PAYABLE:
Amount
Institutions
Fareshare
Age UK
Medecins Sans Fronlieres UK
National Society for the Prevention of Crue51y to Children
Royal Mencap Society
The Trusso11 Trust
10,000
20,000
20,000
30,000
30,000
40,000
150,000
Total gr8nts and donations made lo inslilulions during 2019 amounted lo £laQQQQ