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 s￿6, 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, resp￿sIbIlitieS in ￿Spac1 ol the 8¢¢0unts
Indep￿dent 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 N0vw￿r 2CQ4 and the Oeed of knendmenl
to thè Dedaration of Trust dated 20 D0￿Mber 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 com￿led 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. Ba￿TayS 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 a￿oUnt.
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 In￿rne by way of donattons and
investrnènt r￿um8 was £145,459 with a net sU￿lUS 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 vaft*s 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 8￿￿TER 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 Octot*r 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 t￿Y 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
departu￿5 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 aCtiv￿È5'.
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
$8,405
Total gxp•ndlture
92.842
67.098
Net gait￿08$ 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& t￿nCIp￿ accounting Fx)l¢cies are summariswj below. The accounting poliues have been
appl￿d 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 leff￿tiVe October 20191. (Charitie8 SORP {FRS10211.
The ￿an Baxter F￿j￿d3tic￿ 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 rE￿SSary.
{b} Incorn•
All ineome is included in the Slatoment ol Finon¢iai ActiV￿è$ 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 T￿l¥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 Y￿ua￿.0n whore IhelrvaluatFon is ascertainable and rnalerial.
Inveslment sncome comwises ￿l￿endS 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 IncU￿d_ 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 8X￿ndItuTe catsgories of th¢ SOFA on a basts de8bJn&d to rgnect tho
Use of Ihe resource.
Idl R￿QgnItIon of1SabllHO•g
Allexpendrture 15 ￿COgni$ed o￿th￿9 is a legalorec￿StruCtlve obligation committRI9 thecharrfy
to the expèftditure.
l•1 Fund# 8tructur•
Unrèstr(ct&d fv¢nd8 are 8vailat4e for usè 81 ts dr6¢reti￿ of the trusts95 in furtheranca of the
general objects'￿ of the charity. Tha Trustèés bèlieve that the level of reseNes hekj
appropriate in orderto generatethe wicoming resources required for charitsblg actiwtw. Th& aim
Is for m¢x1erate annual growlh.
11) Taxatlon
All income is applied forthariiabltt purKhxes and th?refor• the Charity is exempt Ircqn ts)rporaUon
Ig} ImY•sknents
Fixad asset investments ale stated at m8rf(et value at tha year end. Any ¢h?ng89 in the value in
the year, whgth¢r realised or Mt, are reported in"Netgoinslllosse$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 inte￿OIst10n b￿￿een 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
Di￿￿e￿5
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 allo￿tsd
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
t￿rect
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
DiV￿endS re￿Ned
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 a￿Unt
{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• y￿r gthd•d 31 Octobor 2025 l¢ontinuedl
2025
Credltors.. falllng l•ss than one y*ar
2024
Acc¥uals
{5￿1
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 ￿mil￿d.
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
58￿18yS 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
In￿str￿ent Grade Bonds
High Yield and Emerging Martoet Bonds
De￿loped 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