CHARrrY NUMBER.. 1107996 ALAN BAXTER FOUNDATION ALAN BAXTER FOUNDATION REPORT ANO ACCOUNTS for the yearendtrd 31 OCTOBER 2026
ALAN BAXTER FOIJNDATION PRINCIPAL ADDRESS 75 Cowcross Street London EC1M6EL BANKERS Bardays B8nk 7 Floor United lQngdom Hou8e 180 Oxford Street LONDON PO Box s6, BX3 2BB INDEPENDENT EXAMINER Chris Clarke. ACA 12 Red Lion Mews Odiham RG29 1HP
CHARITYNUMBER.. 1107 ALAN BAXTER FOUNDATION REPORT AND ACCOUNTS forthe yearend•d 31 O¢tob•r 2026. CONTENTS Pag•¥ Tru8te$s' Report Statement of Trustees, respsIbIlitieS in Spac1 ol the 8¢¢0unts Indepdent Examin8rfs Report Statementof financKg1 activ(b"es Balan Sheèt Notes tr) th& accounts 14
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNOATION TRUSTEES, REPORT The Trustees pmsant their roptsrt and the accounts for the ended 31 October 2025. HISTORY The Foundation is govemèd by the Trust Deèd dated 1 N0vwr 2CQ4 and the Oeed of knendmenl to thè Dedaration of Trust dated 20 D0Mber 2004. Tho Foundation was regislgred (number 11079961 with the Chadty Commission on 8 February 2005. TRUSTEES Th• Trustees oltho ALan Baxter Foundalon are: Ch8rrman Alan Baxtèr Mi¢h8el Coombs Willi8m Filmer-sankey Robert Thorlle Adarn Sèwall Truske5 are appsnled on th8 recommendation of thè &xisling.TnJslg¢5. OBJECTS Tho object of Alan Baxter Foyndthtion isto adv8n¢e the education of tha public In, #nd th& promotion ol res&8rch into m8tt8rs rdating to thg built and natural environment by the provi8ion of giants to students and organisalions in need of financial assSstance 8nd by organistng educ*"onal acbwtses to publici5e research 8nd othor irsfornation relating to the built and natural environment ACTivrriES rh& FOundatiC continued to makè donations in favour of organisatron5 that support education and reBeArch in relation to thè buiji and natural ènvironment as w¢ll 88 providing grants to students who a ¢J) relevant courses. The trustses eonfirm th8y.haw comled with the duty in ¥¢dion 4 ofthe Charthes Act 2011 wrth regard to publlc benefit guKSance publish•d by the Commi$$ion. RELATED PARTY TRANSACTIONS Therewere related party transa¢tyons during th$ year. see not? 10. hlEETINGS The Trustees held two meeting5 tha year to 31 OctoLwr 2025. FINANCE Al the 5tailof this financt81 y¢arth8 value of thè investrnant wrtfolios. BaTayS Wealth & Investhent Management and Chartes Stanlgy Pan Asset, was £2,196,532 and had Increased to £2,491,876 by 31 OctobeT 2025. The Trusts¢$ continue lo bèli8ve these investsnents will generate a much hKJher lonL tsmi retwn for the Foundation Compared to keeping the fvnd$ in a bank d8POSit aoUnt. The Foundation receNed £95 represenllng 10% of the sal88 value of'Britsin's N&w Towns- Past and Present, for 2023. In a¢¢dance with an agreernont with the publishers the Foundation receives 10% of the aDnual Val ol the book wh03e publication in Jung 2fK)9 was funded by the Foundation.
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION TRUSTEES. REPORT {¢ondnuedl FINANCE Icontlnuodl Tho Trustees beligvo that the1gvg1 of reseNes held is appropriate in order to generate the Inccffling resourctss qUir8d for charitsble Sctiwties. During the yèar the Foundation made £83.873 in donation$ in lavour of grganisations that support education and resoaich in relation to th• built and natural environment Inrne by way of donattons and investrnènt rum8 was £145,459 with a net sUlUS 01 £300,862. R•serva pollcy The Foundab"cfj'8 in¢om& derNes almost entirely from its investsnenl portlo1io. and its chantab oxpenditure consists ofgrantswith minimal 8$SOaated overheads. The Trustees d¢ not committogrants in 8dvaneè of lunds being available., Instèad. grant-making deosions are tsken in light of the lunits the portfolio support atlhe time each grant considered. The Truste&s therèfore regard thg investment ptsrtfolio as the Foundation's resèrve, and do not set 8 separate laig&t level of ftse erveS. The Trustees mairrt8it) cash balances sufficientto meet grants 8$ they are awardod, generally up to £20,0 at any time, and are able to realise further ftJThJs from the portfolio, typically availgblè within a week. should larg¢r grants be approved. The Trustees consider this ve1 ol readily ayailgble cash, together with the liqui%YiEy of tho portfolio, $uffiuent to me¢t th8 Foundation's ccmmitments 8$ they fall due. Rloks & Uneertalntlg8 The Charty holds rnost ot its reserves in an investmenl portfolio. The m81n risks to the eharity are as follows". Market Volatility Risk., Drc) in investmènt vafts redu¢e$ grant-mah'ng ¢yaty. Mttigation.. Funds in the portfolio are diversified across vari¢)us $e¢tors and glcljal ragions. flatltsnory Er081on Risk.. High inflation erodès the real purchasing powor of capital. MiligAb"on.' Funds in thè portfolio are o¢tively managgd to jtpa long-t•rrn inflation. Llquldlty Shortfalls Risk. Inabilrfy lo liquidate investments quid(ly to fvnd urgent grants. Mitigation". Wé matyilain cash reserwes suffiuent for gr8nts up to £20,000. Funds from portfol Lsn be wrthdrawn 8nd available within a week
CHARJTY NUMBER: 1107 ALAN 8TER FOUNDATION INDEPENDENT &UMINATION Undèr the 2015 amendmgnts to the Charities Act 2011 (the 2011 Act), an independent examination of the accounts is required as gross in¢ome for tha y•ar eTrJed 31 Octotr 2025 is m(Ye than £25,(X)O. TRUSTEES, RESPONSIBILITIES Thts trustees 8rè respon5iblo for preparing the Trustees, Report and th8 finEncial staternènts in accordanca with appticable law and ioJulalions. Thè law applicab to ¢h8rities In England and VV8kn requirès the Trustees to prepare finonual ststements foreach financial period in accordance with Ur4t8d Klngdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 4)plicable regulations). Under that Law the Trusbes musl not an)reva the fjnanelal statements untess they 8r& satisfie(l that tY give a true and fair wew of the statg of affairs of the chanty and of the ints)ming resourees and applKation of resources ol th& charty for that pèriod. In preparing these Ilnancial stst8m8nts, th8 Trttstees are requyed to". ¥•kryct suit8bitr account1 pol1c$ and then apply them consistsnly. observe the methods and princgples in the charit$ SORP. make judgments and acuinting estimates that are rgasonable 8nd ptudent. state whether applicabltr accounting $taThlards havo been followad, subjeet to any material departu5 disclosed aThl explained in the financial 8t•tements', and prepare tho financial stalernent3 on the goiw concem ba$1$ unless it is inapprcpriate Its Pf8sume that thè charity wS119)ntynue in business. The Trustees are responslble forkeeplng adequatè accounting reeords which a sufficiant to show and explainthe charity's transactions and di5dosewith aSonab accuracy at any timethè financial posititsn of the charity and gnabla them lo onsure Ihat thè finanryal statements Comp with the Charilios Act 2011. the Charit (Accounts and Reports) Regulations 2008 and the provisions ol the tnJ$t deed. They afe also respon5iblo for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevèntion and detecbon of fraud and olher irregularities. Approved by the Trustees ofAlon B8Xter Foundation and signed on Its b8haWby Iliam Filmer-sankey Trustees ofthe Ajart Baxter Foundation Date.. 24 July 2026
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION INDEPENDENT EXAMINER'S REPORT Independent examlnèvs report to the trustees of Alan Baxter Foundatlon I report lo the Iruslees on my examination of the accounts of Alan Baxter Foundation Ilhe charilyl forthe year ended 31 October 2025. Responslbililies and basis of report As the Charity's trustees you are responsible for the preparation of the 8ccounts in 8ccordan¢e with requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the charty's accounts carried out under section 145 of the 2011 Ael and in earryng out my examination I have follow all the applicable Directions given by the Chaiity Commi88ion under seGtion 14515){bl of the 2011 Act. Indèpendent oxamlner's statement I have completed my examination. l ¢onfirn that no matters have come to my allenlion in connection wrth the examination giving me cause to belhwe that in any material respe¢t'. 1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 AIX or 2. the accounts do not accord with thosè records., c¢ 3. the accounts do not comply wi(h the applicable requirements conceming the form an content of accounts set out in the Chaiilies (Accounts and Reportsl 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 ex8minati¢n.' or 4. the accounts have not been prepared in accordance wth the meth¢S and principles of the Statement of Recommended Pr8Ctice for accounting and reporting by charities (Charities SORP IFRS 102)). I have no concems and have come across no other matters in connection wrth the examination to which attention should be drawn in thi$ report in order to enable a proper understanding of the accounts to be reached. Chris Clathe ACA ICAEW 12 Red Lion Mew8, Odiham, RG29 1 HP Date.. 24 Juty 2028
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES forthtr y•arended 31 Oetobgr 2025. 2025 Unretstri¢tsd 2024 Unr•8trttt•d INCOME from: Oonations and legacies.. Don8tK)ns 119,137 277,450 Income from other trading aCtivÈ5'. Royelliss (Eamings from salg of'Bnt*n's New Towns- Post & Presenrj Invostrnent incom•', 40 28,227 25,493 Tt>t#l Incorne 145,459 302,982 EXPENorruRE on: Costs of raising funds chsrrtab activiti¢$ 8,969 83,873 8,691 $8,405 Total gxp•ndlture 92.842 67.098 Net gait08$ on Invesknents 248,246 220,624 Net income and n&t movem?nt In fvnds 300,862 456.510 Total funds at 1 November 2,204,864 1,748,354 Totsl funds al 31 Oetcoer 2.505,726 2,204,864 AJI operations arè classed as continuing. There were no gaifts or10$8e$ In ather year other than thth8e includgd in tha above Statement of financial actiwties. I the fvnd$ are unrestrl¢ted.
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION BALANCE SHEET 9$ it 31 October 2026 Mots$ 2025 2024 Flxed assets Investment$ 2,491,876 2,196,532 Current as80ts Cash at tsa ond in hand 14.350 21,793 Credltors". anounts falling due wthin one year 15001 113,4821 N•t cumnt assets 13.850 8.331 Nota$set$ 2.505,726 2.204.864 Fund¥ Unre5trid8d (und5 2.505,728 2,204.864 Total funds 2,505,726 2.204.864 Apsyoved by U)e Board olTrustses on 24 July 2026 and $KJned on its boh8Wby'. Iliam Fikn8r-Sankey Tru$tee$ olthe Alan Boxter Foundation
CHARITY NUMBER.. 1107996 ALIN BAXTER FOUNDATION NOTES TO THE ACCOUMTS forthe y•ar ended 31 October 202& A¢¢ountlng pollcl Th& tnCIp accounting Fx)l¢cies are summariswj below. The accounting poliues have been appld consisléntty throughwt the Feritsa. lal Ba81B Ot aecountlng The ffinanck91 staterrents have been prèpared undèr the histori¢81 cost convention 8part frrym investments whieh are revalutyj at the year end date. Tho financial ststem9nts have been prepared in accordanee wth the Accounbng and Reporting by Chartlies.. Ststement of Rewmmended Pract. applicatle to chanties preparing thtrir aczounts in accordan wth the Financial Reporting Stsndard applicabl& in the UK and Republic of Irel8nd IFRS1021 Second Edition lefftiVe October 20191. (Charitie8 SORP {FRS10211. The an Baxter Fjd3tic meets thg definition of a publi¢ bensfft éntity under FRS102. In prepariNJ the accaunts, the tru818as have considered whethèr in applying the accounting policies require¢J by FRS102 and the Charilies SORP IFRS1021 the restatement of MparatiVe items was reqsjired an¢J has conclud9d no restatemfjnt is rESSary. {b} Incorn• All ineome is included in the Slatoment ol Finon¢iai ActiVè$ l°SoFA'I when the chathy 15 entiU8d to the in¢om•. and thè amount can b¢ quanlified with asOnable ¥ccuracy. Voluntary inwme is received by th& way ol donab'ons and is included in fvll in Ihè statement ¢f Finanaal ktivtb'es when Tl¥able. Gift Aid is inclLMle(J m the xcounts based on amourtts re¢xveraNè at the balanco sheet dats. Gifts In kind 1ndl¥J al Yua.0n whore IhelrvaluatFon is ascertainable and rnalerial. Inveslment sncome comwises lendS raceivabte frr)m funds managed by Pan4ss8t Capital Management Limited and interest re¢eivable on cash bai8n(s And 3hort-tem deposits held in appropriate interèst-boaring accounts. 1¢) Expèndlture Expenditure is recogrrised on an a¢¢ruals basis, as o liability is IncUd_ Eynditure includes any VAT vthith ¢>nnot be fulty racovered and is report&Y as part of the ¢xpendituio to which it relatès. Costs of raising funds ccKnprÈ8e Ihe costs 8S9ociated with attracting voluntsry incom6 and investment managgm•nt charge5. Expertditure on ¢aritable actiwti¢s comprises those costs Incurred by the charty in Ih delivery of activities an¢J seNc88. It includes both costs thal ¢at) be allocat directly to such activit and those ty)sts ol an indirect nature naeessary to support them.
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for the year •ndgd 31 October 2026 Icentinued) I cx)sts are 8llo¢atsd betrmn 8XndItuTe catsgories of th¢ SOFA on a basts de8bJn&d to rgnect tho Use of Ihe resource. Idl RQgnItIon of1SabllHO•g Allexpendrture 15 COgni$ed oth9 is a legalorecStruCtlve obligation committRI9 thecharrfy to the expèftditure. l•1 Fund# 8tructur• Unrèstr(ct&d fv¢nd8 are 8vailat4e for usè 81 ts dr6¢reti of the trusts95 in furtheranca of the general objects' of the charity. Tha Trustèés bèlieve that the level of reseNes hekj appropriate in orderto generatethe wicoming resources required for charitsblg actiwtw. Th& aim Is for m¢x1erate annual growlh. 11) Taxatlon All income is applied forthariiabltt purKhxes and th?refor• the Charity is exempt Ircqn ts)rporaUon Ig} ImY•sknents Fixad asset investments ale stated at m8rf(et value at tha year end. Any ¢h?ng89 in the value in the year, whgth¢r realised or Mt, are reported in"Netgoinslllosse$l ¢n Investments. in the SOFA. here porttolio v¥luations are nL* av8ilable at the y04r ond, the Trusteés esbmate the market valuo by lknear inteOIst10n been thè relevant quarterly valuation repNts Incom• from donatlon• 2025 2024 Don8ttons RoyallJ8s (Eam¥ig$ from sale of books) 119,137 95 277,450 119.232 277,490 JI donations received in the period werg unresth¢ted. Vè8tm•nt Incomo 2025 2024 Die5 Bank intsrest 26,213 14 28,227 25,413 25,493 10
CHARtTY NUMBER.. 1107996 ALAN BAXTER FOUNOATION NOTES TO THE ACCOUNTS for tho yearended 31 Oetober 2025 Icontinuedl Totsl Expgndltu¢è 2025 2024 Co81 of rai¥ing funds 8a81• of allocatlon Charitabl• activitios Totsl Total ¢g•ts dSrectly allotsd lo a¢tivltle8 Pitzh8nger Manor and Gallery Trust Dlrect 17.000 17,000 15,000 Brooklands Museum Direct 8,O¢X) 8,000 Forster Projo¢ts Dire¢t 0.00 0.00 1,0(K) Sir John So8ne'$ Museum Dir¢¢t 20,OQ) 20,000 20,000 SPAB Stholars Direct 10,405 10,405 10,405 Thg Kin9'8 Foundation Direct 12,0(X) 12,000 12,000 Landscaptr Fo)datIOn Diroct 10,0(YJ 10,000 0.00 Foo CIC Direot 5,0 5,000 0.00 Mathew Digbywatt Book Direct 1,468 1.468 0.00 Support cost8 Investsnent management Dirèct ¢harges Bank charges 9,116 9,116 7,934 trect 104 Governanc• eogts Accountsney Provision rèlease Dlrect Dlract 650 19CDI 750 {9WI 8.969 8.969 8,691 Total •xp•ndltur• 8.969 83,873 92,842 67,096 li
CHARITY NUMBÉR.. 1107996 ALAN BAXTER FQUNDATION NOTES ro THE ACCOUNTS for Ihg y•ar ended 31 Octobw 202S l¢ontinuedl 5. Employ908 No Trustees12024'. nil) recè4v8d any remuneration during th& period. There were no travel costs12024'. £ nil) mbur5ed tu) Trustees during lh8 peri(vJ. There were no emph)yÈes12025= nill duriftg the year 6. Taxation A$ ach8rity. At8n Baxter Foundatton Is exemplfrom tax on inc(mo and gains f811ing within sèctjon 505 of the Taxes Ad 1988 or s256 01 the T&Katyorb of Chargeabk Galns Act 1992 to the axtent that these are applled to its charitablè objacts. No tax d)arges have ar5*n In the Charity. Inv•¥knents 2025 2024 Chartes Stanley M8nggèmgntPortfolio Carry'ro valuo 011 Novembar 1,477.191 1.192,558 Addltlon8: Inveskn¢nl Intere8t received DiVendS reNed Inveslrnent rnanagement fees Changg in matl(et valu 125,OC 26213 19,1161 157,0fj7 2S,413 (7,9341 142,1 CaThwrYJ value at 31 October 1,861,356 1A77,191 B8r¢l8ys Waalth & Invesffftenf Manag8menl Portfol Carrying value at 1 Novèmber Additions.. Investrnent 719.341 555.874 80,000 12S.(XQ Change in market value 91,179 78.467 Transfer oflunds from bank aUnt {50,QOOI 140.OCQI Carying ValL At 31 O¢tcl)gr 840,620 719,341 Totsl ¢ing valuo gt 31 October 'ere portfoli¢ valuations not availabl& at th¥ year end, thè Trustees estimate the martret valuo by linear ¥iterpolation the relevant qu¥rtedy valuation r$ports. 2 491876 2 196 532 12
CHARITY NUMBER.. 1107996 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS forth• yr gthd•d 31 Octobor 2025 l¢ontinuedl 2025 Credltors.. falllng l•ss than one y*ar 2024 Acc¥uals {51 113,4621 Movomonts In fund• At 1 Incom• Expendlturn Novomber 2024 Nèt galnsl Ilosseg) on Inve¥tynonts At31 October 2026 Unre8trlet•d fund• 2,204,864 145.4S9 192,8421 248,246 2.505.726 Total lunds 2,204,864 145.4S9 {92,8421 248,248 2,505.720 10. R?1#t pa tr•n¥actloni A £100 000 donation was made to the Foundation during tho year by Alaft Baxter Limited12024'. £250,000>. Therg was also historic payments frcm Alan Baxter Limited totsllin9 £11,812 whlch had been induded within 'Creditor5' but wer& reallocated to 'Donation$' in th6 year. Two of th Tiustees (Adam Sewell and William Filrner-sankeyl are also members ol the Ex¢cubve Board of Directors olAlan Baxter Lirnited. Foul olthe Trustee5 (Adarn Sewell, Mfilliam Filrner.Sankey, Ajan Baxter and Michael Coombs) 8rè also Truske Directors of Alan Baxter Trus Llmiled whith is the sharehold¢r ol Alan Baxter mild. 13
CHARITh NUMBER.. 1107996 ALAN BAXTER FOUNDATION NOTES TO THE ACCOUNTS for thg y•arendèd 31 Octobor 2025 Icontinuedl 11. Portfolio Components Mairy ¢npCfflents of the portfolio as at 31 October2025 comprise.. Pan AsseVChwl&$ Stanley M8n8g8menl Portfolio Closlng market valu• at 31 Ortober 2025 Per¢•ntage of total holdlng Stock Fixed Ineome UK EquitEs Inlemational Equity Property AltematiV8S Cash 298.333 103,828 1,036,926 57,560 141,S19 13,190 18.1% 6.30 628% 3.5% 8.6% 0.8% Total 1.651,356 5818yS Wealth & Investment Man&q8mw Portfolio Clo8lng market valuo al 31 O¢tober 202S Percentage oftotsl holdlng Stock Cash and Short Maturty t•)nds Developad Goverrtmenl Bonds Instrent Grade Bonds High Yield and Emerging Martoet Bonds Deloped Market Equities Ernerging M8t*ets Equty Commodibes Altgmative Asset Class and Other Investrnents Multi Asset Class and Othei InvestsDgnts 3fj.293 224,916 54,096 39,241 315,834 59,787 34,888 17,711 57,955 4.3Vfj 26.8% 6.4% 4.7% 37.6% 7.1% 4.1% 2.1VI Bathing and Personal HoldlrvJs Totsl 14