CHARITY NUMBER: 1107996 ALAN BAXTER FOUNDATION REPORT AND ACCOUNTS (Independently Examined) for the year ended 31 OCTOBER 2024 ALAN BAXTER FOUNDATION PRINCIPAL ADDRESS 75 Cowcross Street London EC1M 6EL BANKERS Barclays Bank 7th Floor United Kingdom House 180 Oxford Street LONDON PO Box 5606, 8x3 2BB INDEPENDENT EXAMINER Chaweevan Williams FCCA Verdant Accounts Ltd 20-22 Wenlock Road London N17GU ALAN BAXTER FOUNDATION REPORT AND ACCOUNTS for the year ended 31 October 2024 CONTENTS Pages Trustees, Report Statement of Trustees, responsibilities in respect of the accounts Independent Examiner's Report Statement of financial activrties Balance Sheet Notes to the accounts 8-13 ALAN BAXTER FOUNDATION TRUSTEES. REPORT The Trustees present their report and the accounts for th2 year ended 31 October 2024. HISTORY The Foundation is governed by the Trust Deed dated 1 November 2004 and the Deed of Amendment to the Declaration of Trust dated 20 Decembèr 2004. The Foundation was registered (number 1107996) with the Charity Commission on 8 February 2005. TRUSTEES The Trustees of the Alan Baxter Foundation are: Chairman Alan Baxter Michael Coombs William Filmer-sankey Robert Thorne Adam Sewell Trustees are appointed on the recommendation of the exiskn'ng Trustees. OBJECTS The object of the Alan Baxter Foundation is to advance the education of the public in, and the promotion of research into matters relating to the built and natural environment by the provision of grants to sludents and organisations in need of financial assistance and by organising educational activities to publicise research and other information relating to the built and natural environment. ACTIVITIES The Foundation continued to make donations in favour of organisations and individuals that support education and researd) in relation to the built and natural environment. The trustees confirm they have complied with the duty in section 4 of the Charities Act 2011 with regard to public benefit guidance published by the Commission. RELATED PARTY TRANSACTIONS There were related paty transactions during the year, see note 10. MEETINGS The Trustees held meetings in the year to 31 October 2024. FINANCE At the start of this financial year the value of the two investment portfolios, Barclays Wealth & Investment Management and Charles Stsnley Pan Asset. was £1,748,430 and had increased to £2,196,532 by 31 October 2024. The Trustees continue to believe these investments will generate a much higher long-term return for the Foundation compared to keeping the funds in a bank deposit account. The Foundation received £40 representing 10Q/o of the sales value of '8ritsin's New Towns - Past and Present. for 2023. In accordance with an agreement with the publishers the Foundation receives 100/0 of the annual sales value of the book whose publication in June 2009 was funded by the Foundation. ALAN BAXTER FOUNDATION TRUSTEES, REPORT (continuod) FINANCE {continued) The Trustees believe that the level of reserves held is appropriate in order to generats the incoming resources required for charit8ble activities. During the year the Foundation made £58,405 in donations in favour of organisations that support education and research in relation to the built and natural environment. INDEPENDENT EXAMINATION Under the 2015 amendments to the Charities Act 20,11 (the 2011 Act), an independent examination of the accounts is required as gross income for the year ended 31 October 2024 is more than £25,000. TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each finanaal period in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the Incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgments and accounting estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charty's transactions and disclose wrth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements compty with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps ft)r the prevention and detection of fraud and other irregularities. Approved by the T s of Alan Baxter Foundation and signed on its behalf by Qill Iliam Filme Trustees of th Sankey lan Baxter Foundation Dak 20£ ## **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 2024, 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** As the charity’s gross income exceeded £250,000 I am qualified to undertake the examination because I am a registered member of the Association of Chartered Certified Accountants which is one of the listed bodies. - (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 Verdant Accountants Ltd Chartered Certified Accountants 20-22 Wenlock Road London N1 7GU Date:25 June 2025 5 ALAN BAXTER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 October 2024 Note 2024 2023 INCOME from: Donations and legacies.. Donations Grft Aid Tax Relief Income from other trading activities.. Eamings from sale of 'Britain's New Towns - Past & PTrsent' Investment income.. 277,450 8,345 40 42 25,493 18,535 Total Ineome 302,982 24,922 EXPENDITURE on: Costs of raising funds Charitable activities 8.691 58.405 7,857 41,007 Total 0x￿nditUre 67,096 48,864 Net gainlloss on investments 220,624 102,894 Net Income and net movement In fund8 456,510 78.952 Totsl funds at 1 November 1,748,354 1.669,402 Total funds at 31 October 2.204,864 1.748,354 All operations are classed as continuing. There were no gains or losses in either year other than those included in the above ststement of financial activities. All the funds are unrestricted. ALAN BAXTER FOUNDATION BALANCE SHEET as at 31 October 2024 Notss 2024 2023 Flxed ass8ts Investments 2,196,532 1,748,430 Current assets Cash at bank and in hand 21,793 12,636 Credltors: amounts falling due within one year (13,712) {12,712) Net current assets 8,331 (76) Not a880ts 2,204.884 1,748,354 Fund8 Unrestricted funds 2,204,864 1,748,354 Total fund8 2,204,864 1,748,354 Approved by the Board of Trustees on and signed on ts behaff by: IAfjlliam Filme Trustees of the ankey an Baxter Foundation ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 Octobor 2024 A¢countlng policios The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period. (a) Basis of accountlng The financial statements have been Prepared under the historical cost convention apart from investments which are revalued at the year end date. The financial statements have been p￿pared in accordan￿ with the 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 Irelsnd {FRS102) (effective 1 January 2015), (Charities SORP (FRS102)). The Alan Baxter Foundation meets the definition of a public benefit entity under FRS102. In preparing the accounts, the trustees have considered whether in applying the accounting policies reqUI￿d by FRS102 and the Charities SORP {FRS102> the restatement of comparative items was required end has concluded no re$tsÈement is necessary. Ib) Income All income is included in the Ststement of Financial Activities ('SoFA') when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary income is received by the way of donations and is included in full in the Statement of Financial Activities when receivable. Gift Aid is included in the accounts based on amounts recoverable at the balance sheet date. Gifts in kind are included at valuation where their valuation is ascertainable and material. Investment income comprises dividends ￿￿1Vable trom funds managed by Pan-Asset Capital Management Limited and interest re￿1vable on cash balances and short-temi deposits held in appropriate interest-bearing accounts. (c) Expenditure Expenditure is recognised on an accruals basis, as a liability 15 incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it retates Costs of raising funds comprise the costs associated with attracting voluntary income and investment management charges. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its actwities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2024 (continued) All costs are allocated be￿een expenditure categories of the SOFA on a basis designed to reflect the use of the resource. (d) Recognition of Ilabllitles All expenditure is recognised once there is a legal or constructive obligation committ]'ng the charity to the expenditu￿. (el Funds Structure Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charty. {Q Taxatlon All income is 8pplied for Gharitsble purposes and therefore the charity is exempt from corporation tax. (g) Inve8tment8 Fixed asset investments are stated at market value at the year end. Any changes in the value in the year, whether realised or not. are reported in "Net gainsl(losses) on investments. in the SOFA. Income from donatlons 2024 2023 Donations Earnings trorn sale of books 277,450 40 6,345 42 277,490 6,387 All donations received in the period were unrestricted. Investment incoma 2024 2023 Dividends Bank interest 25,413 80 25,493 18,499 35 18,535 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2024 (continued) Total Expondlture 2024 Cost of raising funds Ba818 of allocation Charitable activilles Total Costs dlrectly allocated to activltles Pitzhanger Manor and Gallery Trust Direct 15,000 15,000 Forster Projects Direct 1,000 1,000 Sir John Soane's Museum Direct 20,000 20,000 SPAB Scholars Direct 10.405 10,405 The King's Foundation Direct 12,000 12,000 58,405 58,405 Support costs Investment management Direct charges Bank charges 7,934 7,934 Direct Governance costs AC￿untancY Direct 750 750 8,691 8,691 Total expendltur6 8.691 58.405 67.096 5. Employees No Trustees (2024.. nil) received any remUnera￿On during the period. There were no travel costs {2024: £ nil) reimbursed to Trustees during the period. There were no employees (2024: nil) during Ihe year. 10 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ￿ded 31 Octobor 2024 (continued) 6. Taxation As a charity, Alan Baxter Foundation is exempt from tax on income and gains falling wrthin section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity. Investments 2024 2023 Charfes Stanley Management Portfolio Carrying value at 1 November 1,192,556 1.115,143 Additions: Investment Interest ￿￿1ved DivKlends re￿iVed Investment management fees Change in market value 125.000 25.413 (7,934) 142,156 18.499 (6,957) (65,871) Carrying value at 31 October 1,477,191 1,192,556 Barclays Wealth & Investment Management Portfolio Carrying value at 1 November Additions: InvestffEnt 555,874 540,850 125,000 Change in market value 78,467 37,023 Transfer of funds to bank account (40,000) (22,000) Carrying value at 31 October 719.341 555.874 Total carrying value at 31 October 2.196.532 1,748,430 11 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2024 (continued) Major components of the portfolio as at 31 October 2024 comprise: Pan Asset/Ch8rtes Stanley Management Portfolio Closing market value at 31 October 2024 Percentage of total holdlng Stock Fixed Income UK Equities International Equty Propety Alternatives Cash 318,550 80,284 881,507 62,244 120,231 15,377 21.6% 5.40 59.70 4.10 8.10 1.00 Totsi 1.477.193 Barclays Wealth & Investment Management Portfolio CIo8•ng market value at 31 October 2024 Percentage of total holdlng Stock Cash and Short Maturity bonds Developed Government Bonds Investment Grade Bonds High Yield and Emerging Market Bonds Developed Mart(et Equities Emerging Markets Equity Commodities Alternative Asset Class and Other Investments Multi Asset Class and Other Investments 18,455 31,987 162.742 13.407 236.632 122,193 31,520 60,357 41,956 2.6% 4.40 22.6% 1.9•h 17.0% 4.4% 8.40 5.80h Banking and Personal Holdings Totsl 93.14 719.341 12 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year ended 31 October 2024 (continued) Creditors: falling less than one year 2024 2023 Accruals (13,462) (12,712) Movements in funds At q Income Expenditure November 2023 Net gainsl (losses) on investments At31 October . 2024 Unrestrfcted funds 1,748,354 302,982 (67,096) 220,624 2,204,864 Total funds 1,748,354 302,982 (67,096) 220,624 2,204,864 10. Related party transactions During the year. the Foundation received a charitable donation of £250,000 from Alan Baxter Limited. Four of the Trustees are directors of Alan Baxter Trustee Ltd, the sole shareholder of the Alan Baxter Limited, and Mto are also directors of Alan Baxter Limited's executive board. 13