CHARTTY NUMBER: 1107996 ALAN BAXTER FOUM)ATION REPORT AND ACCOiINTS (UNAiIDfrED) for the yeAr ended 31 OCTOBER 2022 ALAN BAXTER FOUNDATION PRJNCIPAL ADDRESS 75 Cowcross Street London ECIM 6EL BANKERS Barclays Bank United Kin8dom Ilouqe 180 Oxford Street LONDON PO Box 5606. BX3 2BB INDEPENDENT EXAMtNER Chaweevan Williams FCCA V¢rdant Accounts Ltd 167 Clarence Avenue New Malden SU￿eY KTJ 3TX ALAN BAXTER FOUNDATION REPORT AND ACCOUl￿s for the year ended 31 October 2022 Co￿KN￿ Tnthes, Report 34 Statement of Tru5tees' responsibilities in respect of the accounts Independent E￿miner'S Report Statement of financial aclivitics Balance sheet Notes to the accounts 8-13 ALAN BAXTER FOUNDATION TRUSTEES, REPORT The Trustees present their report and the accounts for the year ended 31 Octokr 2022. HISTORY Th¢ FoundAtion is governed by thc Trust Deed dated l November 2004 and the D¢¢d of Amen(hn¢nt to the Declardtion of TTU5t dated 20 December 2004. The Foundation registered (number 1107996) with the Charity Commlssion on 8 February 2005. TRUSTEES The Trustees of the Alan Baxter Foundation are: Chairnian Alan B&¥ter Michael Coombs William Filmer-sankey Robert Thorne Adam Sewell Trustres are apFK)inted on th¢ r¢commeDdation of the existing T￿steeS. OBJECTS The object of the Alan Baxter Foundation is to advance the education of the public in. and the promotion of research into mattets relatin8 to th¢ built and natural environment by the provision of grants to students and organisations in need of f￿anCIal assistance and by organising educational activities to publicise ￿earch and other infomi*ion relating to the built and natural environment. Th¢ Foundation ¢ontinued to make donation5 in favour of organisatiODS that support education and r¢searth in relation to the built and natural environment as well &s providing grants to students who &re on r¢l¢vant ¢ours¢s. Th¢ trustees CODfm they have complied with the duty in section 4 of the c1￿]tieS Act 2011 with regard to public benefit guidancc publish¢d by the Commission. RELATED PARTY TIi4NSAcfIoNS There were related party tran￿tiOnS during the year. see note 10. MEETINGS The Trnste¢s held two m¢¢tings in the year to 31 October 2022. At the start of this finan¢ial year the value of the two investment portfolios, Barclays Wealth & Investment M&rtagement and Charles Stanley Pan Asse¢ was £1,562.617 and had incr¢as¢d to £1.655.994 by 31 October 2022. The Trustees continue to believe these itLvestments will generate a much higher long-temi return for th¢ Foundation compared to keeping the funds in a bank deposit accounL The FoundAtion received £58 repr¢s¢nting IQO/o of the sales value of 'Britain's N¢w Toll￿- Past and Present. for 2021. In accord8nce with an agreement with the pllblishers the Foundation receives lOi/I of the annual saIes value of the btKsk whose publication in June 2009 was funded by the Foundation. ALAN BAXTER FOUNDATION TRUSTEES, REPORT (¢ontiDued) FINANCE (Continued) The Tn￿teeS believe that the level of ￿S¢￿eS held is appropriate in order to generate the incoming resources required for charitable activities. During th¢ year the Foundation made £34.500 in donations in favour of or8anisations that 8UPPOrt education and research in relation to the built and naturnl environment. INDEPENDENT EXAMINATION Under the 2015 amenthnents to the Cithrities Act 2011 (the 2011 Act). an irLdep¢ndent axamination of the Aceounts is required gro&% income ft)r the year ended 31 October 2022 is more than £25,000. TRUSTEES, RESPONSIBIL￿lEs The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Th¢ law applic&bl¢ to chariti¢s in England and Wales requires the Trustccs to prepare financial sta*ments for each financial period in accordance with United Kingdom Generally Acc¢pt¢d Accountin8 Prnctice (United Kingdom Accounting Standards and applicable r¢gtslations). Under th&t law the Trustees must not approve the financial statements unless they are satisfied that they give a tru¢ and fair vi¢w of the slat¢ of affairs of th¢ ¢harity and of the inwming resources and application of resources of the charity for that period. pr¢paring these financial statements, the Trustees are wuired to: selecl suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are re&sonable and prndent. slat¢ wh¢th¢r applicabl¢ a￿ountIng Standards hav¢ been followed. subject to any llthteriai departures disclosed and explained in the financial statements; and prepare the financial stalemenls on the going concern basis unless it is inappropriate to p￿SuM¢ that the ¢harity will continue in busIn￿s. The Trusttts ar¢ r¢5ponsibl¢ for kc¢pin8 ad¢qvat¢ a￿UntIng ￿ordS which are sufficient to show and explain th¢ Charity's transactions and disclos¢ with reasonable accuracy at any time the financial positii)n of the charity and ¢nable them to ensur¢ that the financial slat¢ments comply with the Charities Act 2011. the Charities (Accounts and Repotts) Regulations 2008 and the provisions of the trnst deed. They are also responsible for s&fe8u&rding the assets of the charity and hence for taking re￿onable steps for the prevention and det￿tIOn of fraud and other irregularities. Approved by the T of Alan Baxter Foundation and signed on its b¢half by William Filme Sankey Trustees of the Alan B&xter FoundAtion DAte 26 ffy 201ry **ALAN BAXTER FOUNDATION** ## INDEPENDENT EXAMINER’S REPORT ## **Independent examiner’s report to the trustees of Alan Baxter Foundation** I report on the accounts of Alan Baxter Foundation for the year ended 31 October 2022, which comprises the statement of Financial Activities, the Balance Sheet and the related notes 1-10. ## **Respective responsibilities of trustees and examiner** The charity’s trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention. ## **Basis of independent examiner’s report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent examiner’s statement** (1) In connection with my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts do not accord with the accounting 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 Report) Regulation 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of independent examination. - (2) 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. Chaweevan Williams FCCA Date: 27 July 2023 Verdant Accountants Ltd Chartered Certified Accountants 167 Clarence Avenue, New Malden, Surrey KT3 3TX 5 ALAN BAxfER FOUNDATION STATEMENT OF FINANCIAL ACTivrriEs for the yegr ended 31 October 2022 Flote 2022 2021 INCOME from: Donations and leg￿1¢$. l)onatiop GiftAid Relief Income from other trading activities.. Earningsfrom sale of 'Brilain s New TowttY- PLUI & Presenl. Investtnent income.. 300,000 58 145 9.428 8,651 Totsl ID¢ome 309.486 8.796 Costs of raising funds Charitable activities 7.285 34,504 5.550 16,001 Totsl expelldtture 41.789 21.551 Net gainlloss on investtnents 189,665 81.883 Nei fftneome And net movement in fullds 78,033 158,732 Totd funds at l November 1,591,369 1.432,637 Total funds &t 31 OctoEer 1,669,402 1,591,369 All operntions ar¢ cl4s5a as wntinuing. Th¢r¢ wu¢ no gains or losses in ¢ith¢r year other than thos¢ included in th¢ Abov¢ st8t¢ment of fmattcial activities. All the funds are unrestricted. ALAN BAXTER FOUNDATION BALANCE SHEET as at 31 Odober 2022 Notes 2022 2021 Fixtd assets Inv¢5tm¢uts 1,655,994 1,562,617 Current ￿ets C&sh at bank and in hand 26.120 40,564 Creditors.. amounts falling du¢ within onc year (12,712) (11.812) Net Mrrent ￿ets 13,408 28.752 Net aMets 1,669,402 1,591,369 Funds un￿StrICted fvnd$ 1,669,402 1,591,369 Totsl funds 1,669,402 1,591,369 Approved by the Board of T￿￿S on signed on its behalf by: William Filmer-sankey Trustees of the Alan Baxtsr Foundation ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2022 Accollnilng pollcfieJ The principal ac¢ounting policies atr summaris¢d b¢low. The accounting policies hav¢ been applied consistently throughout the period. (a) BAsts of aL¢ounting The financial stat¢m¢nts have been prepared under th¢ historical cost convention apart from investmen18 which are revalued ai the year end date. The financial stat￿llents have been prepared in IK¢ordance with the Accounting and Reporting by Charities: Statement of R¢commcndeil Practice appli¢abl¢ to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic ofTreland IFRS102) (eff￿tive l January 201 S). (c1￿ltieS SORP (FRS102)). The Alan Baxtsr Foundatlon meets the definition of a public benefit entity und¢r FRSIO2. Jn preparing the account& the tswtees have considered whether in applying the a¢counttng policies rquii'ed by FRS102 and the Charitics SORP (FRS102} the restatanent of comparative items was r¢quired and has ¢onclud¢d no r¢stat¢m¢nt is necessary. O)) Income All income is included in the Statement of Fitwicial Activities ("SoFA") when the charity is ¢ntitl¢d to the inwm¢ and th¢ 8mount ¢&n b¢ quantified with reasonable accuracy. Voluntary income is received by the way of donations and is included in full in the Staten)¢nt of Financial Activities when receivable. Gift Aid is included in the accounts based on amounts recoverable at the ￿laTh¢e sheet date. Gifts in kind aT¢ includ¢d at valuation wh¢Tr th¢ir valuation is a￿rtaInable and materlal. lftveslment income comprises dividends receivable from fiinds managed by Pan-Ass¢t capi&￿ Management Limited and Interest recelvable oll cash balances and short-tenn dew)sits held in appropriate interest-bearing accounts. (c) Eypenditure Expenditure 1% recognised on an a¢¢n￿S basis. as a liability is in¢urred. Expenditur¢ includes any VAT which cannot be fi￿lY recoverf and is reported ls part of the expenditure to which it relates Costs of raising ￿ndS compris¢ th¢ costs &ssociated with attracting voluntary income and investment management ¢harg¢s. Expendi￿re on charitable activiti¢s comprises those costs incurred by the charity in the delivery ol tts activities and seryices. It includes both costs that can ￿located dir¢¢tly to such activities and those costs of an indirect nature necessary to support them. ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year eDded 31 October 2022 (continued) All costs are allocated i*tween expenditure CAtegories of the SOFA on & basis designed to r¢fi¢ct the of the resource. (d) Recognition of liabilities All expenditure is recogni8¢d once there is a legal or constrnctive obligation committing the charity to the eXpendI￿re. (e) Funds strn¢ture Unrestricted funds are available for use at the discretion of the trustees in furtherance of th¢ generdl objectives of the charity. (O Taxa¢ioD All income 19 applied for charitsble purposes and therefore the charity is exempt from Corporation t&x. Investments ixed asset investments are ststed at market value at the year end. Any changes in the value in the year, whether re8lised or noL are reported in 'Wet gainsl(10&8es) on investments" in th¢ SOFA. llleome from donationg 2022 2021 AIAn Baxter Ltd Earnings from Sale of books 300.000 58 300.058 All donations received in the period were unrestricted. Investment income 2022 2021 Dividends Bank interest 9,379 49 9,428 8.650 8,651 ALAFI BAXTER FOUNDATION NOTES TO THE AccouKfs for the year ellded 31 October 2022 (continued) Total Expenditure 2022 Cost of raising funds Basis of allO￿tiOn Charitsble adivities Total Costs directty aUo¢ated to acllvlties The Prince's Foundation Direct 8.01 8,000 Sir John Soane's Museum Direct 8.500 8,500 The SPAB Scholarship Direct iO,IKiO 10,000 The Gardert Trust Direct 1,000 1,000 Pitzhanger Manor and Gallery Trust Dir¢Gt 7.0(Ki 34.500 Support eosts Invcstment management charges Bank charges Direct 6,385 6,385 Direct GovernAnee costs AwountanGy Direct 900 900 7285 7,285 Total eipenditure 5. Employee5 No Trusiees (2021: nil) received any remuneration during the p¢riod. Th¢r¢ w¢r¢ no trav¢1 wsts (2021: £ nil) reimbursed to T￿￿teeS during the period. There were no employees (2021: nil) during the year. 10 ALAN BAXTER FOUNDATION NOTES TO THE ACco￿s for the year ended 31 Oetober 2022 (continued) Taxation As a chartty. Alan Baxter Foundation is exempt from tsx on income and gains falling within section 505 of the Taxes Act E988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that thesc are applied to its charitable objects. No t&Y charges have arisen in the Charity. Investments 2022 2021 cl￿rIeS Sianley Alanagepnent Porrfolio Carrying value at l November 949,161 841.502 Addldons: Inves1ment Interest received Dividends received Inv¢stsn¢nt management fees Chang¢ in market valu¢ 280,000 47 9.379 (6.385) <117,059) 8,650 (5,550) 104.559 Canying value at 31 October 1,115,143 949,160 Barclays Iyealih & Inveslmentmanagenwni Portfolio Carrying value at l November Additions.. Change in market value 613,456 546,529 (72.606) 66,927 Transfer of funds to bank account CArryin8 value at 31 October 540,850 613,456 Total carrying value at 3 l O¢tober 1655 994 1562617 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNfs for the year ended 31 O¢tober 2022 (contAnu¢d) Major comp)nents of the portfolio as at 31 October 2022 comprise: Charles st￿leYMaNageMent Portfolio C105ing p￿rket value at 31 O¢lober 2022 Pereentage of total holdfing Stock UK Equities US Equities Europe (ex UK) Equities Japanese Equities Asian Equities Other Overseas Eq UK Property Global Proi Bonds Cash 50,886.03 300,722.14 33.297.92 51.189.81 73.555.27 180,432.37 7.458.09 18,809.36 241,024.48 103.629.98 2P/ 22/0 9/0 Ba￿lay$ Iyealth & Inveslment Managepnenl Porrfolio Closing market value at 31 October 2022 Percelltage of total holding Stock Cash and Short Maturity bonds Developed Government Bonds Investment Grade Bonds High Yield and Emerging Market Bonds Developed Market EquAties Emerging Markets Equity Commodities Alt¢rnative Asset Class and Oth¢r tnvestmenls Multi A&set Cl&8s and Other Ittvestments 9.894 42.752 24,677 52.721 182,958 53,945 67,999 48,376 8/0 i￿/ IOQ/o 57,467 540,788 62 540,850 iooo/ Banking and Personal Holdings Total 12 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2022 (continued) Creditors: falling le&9 than one ye4r 2022 2021 Accruals (12,712) (11,812) Movements In funds At I Ineome Exptmditure Novejnber Net gainjl (10s$es) on investments At31 October 2022 2021 Unrestri¢ted Dds 1,591,369 309,486 (41,789) (189,665) 1,669,402 Totsl fim(L8 1,591,369 3(19,486 (41,789) (189,665) 1,669,402 10. Related warty transaclions During the year the Foundation received a charitable donation of £3QO,000 (2021: £nil) from Alan Baxter Ltd. The truslees of the Foundation include Alan Baxter, the sole shareholder of that company, plus two directors of the company's Executive Board. 13