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← Baker Dearing Educational Trust

2023-12-31-accounts

Company number: 07390138 Charity number: 1138894

Baker Dearing Educational Trust

Report and financial statements For the year ended 31 December 2023

Baker Dearing Educational Trust

Contents

For the year ended 31 December 2023

Reference and administrative details .............................................................................................. 1 Trustees’ annual report .................................................................................................................. 2 Independent auditor’s report ......................................................................................................... 9 Statement of financial activities (incorporating an income and expenditure account) ................... 13 Balance sheet ............................................................................................................................... 14 Statement of cash flows ............................................................................................................... 15 Notes to the financial statements ................................................................................................. 16

Baker Dearing Educational Trust

Reference and administrative details

For the year ended 31 December 2023

Company number 07390138 – incorporated in the United Kingdom Charity number 1138894 – registered in England and Wales Registered office 2nd Floor, 1, The Sanctuary and operational London address SW1P 3JT Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: The Rt Hon Lord Baker of Dorking CH, Chairman Clive Barker Ms Madeleine Hallward Will Harding David Land Baroness Estelle Morris Sir Mike Tomlinson CBE Jim Wade Michael Wright Chief Executive Simon Connell Bankers HSBC 16 King Street London WC2E 8JF Solicitors Stone King LLP 91 Charterhouse Street London EC1M 6HR Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG

1

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

The trustees present their report and the audited financial statements for the year ended 31 December 2023.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The organisation is a charitable company limited by guarantee, incorporated on 28 September 2010 and registered as a Charity on 9 November 2010.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

The objects of the Charity are to advance the education of children, young people and young adults by technically-oriented study at new or existing colleges with an emphasis on practical training, business and commerce leading to employment.

Appointment of trustees

Trustees are selected by reference to their eligibility, personal competence and specialist skills. A Nominations Committee, chaired by Lord Baker, meets twice a year to discuss and recommend the appointment of trustees.

Trustee induction and training

On appointment trustees are inducted into the strategic aims of the Charity and the underlying financial implications. Throughout the year trustees are updated with progress reports and are invited to attend educational seminars and events to increase their awareness of the Charity's activities and the educational sector governance requirements.

The members of the company appoint new trustees. There must be a minimum of three trustees and a maximum of twelve.

All trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in note 7 to the accounts.

Related parties and connected organisations

See note 9 for details of related parties and connected organisations.

2

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

Remuneration Policy for key management personnel

Remuneration is reviewed, and agreed, once each year by the trustees at a trustees’ meeting. The review takes into account the performance of individuals and the change in cost of living as measured by the RPI.

Objectives and activities

Baker Dearing Educational Trust (Baker Dearing) licenses UTCs (University Technical Colleges). The Charity offers guidance and support to UTCs to help them ensure high standards of education and financial viability and liaises between sponsors, the UTCs themselves and the DfE (Department for Education).

The trustees review the aims, objectives and activities of the Charity each year. This report looks at what the Charity has achieved and the outcomes of its work. The trustees report the success of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the Charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Vision of the Charity

Baker Dearing promotes and supports University Technical Colleges (UTCs).

UTCs are a relatively new concept in education, introduced in England in 2010. They offer students the opportunity to take a highly regarded, technically-oriented full-time course of study at a specialist school equipped to the highest standards. The UTCs are publicly-funded academies which are sponsored by a university in partnership with employers offering clear progression routes into higher education or further training and employment.

Students usually start at the age of 14, integrating academic requirements with the technical and practical elements of the curriculum in an adult environment, which is strongly influenced by profound engagement with local employers. Under the same roof they study technical subjects alongside the GCSE subjects of English, mathematics, science and IT. They also take part in sport and acquire employability, entrepreneurial and financial skills. Each UTC has particular technical specialisms.

UTCs typically have a capacity of between 500 and 800 students, a deliberately small size to foster loyalty and so that each student is known individually. The size also ensures that numbers in nearby schools are not unduly disturbed.

3

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

In order to broaden the UTC impact, the UTC Sleeve concept has been developed by Baker Dearing in association with leading multi-academy trusts, employers, and UTCs. It introduces specialist pathways, such as engineering, within mainstream secondary schools. The approach draws on the experience and evidence to date of the UTC programme, in particular the benefits to students and employers. Specialist pathways allow young people to undertake a broader range of technical qualifications, in addition to a core academic curriculum, up to age 16, leading to T Levels, as well as other larger courses of technical study at post-16. An employer representative ‘Board’ is established to contribute to curriculum planning and delivery through, for example, employer-led projects.

UTCs are demand-led, but have support from all three main political parties. The government has been committed to establishing UTCs and 44 are open. The DfE provides the capital cost of a UTC and the ongoing running costs.

The UTC brand and trademarks belong to the Charity which grants a licence to each UTC. The Charity retains close links with UTCs once they are open, to help ensure high standards of education, compliance with the licence and financial viability. It is in the interests of the whole UTC programme that the Charity’s brand values are preserved.

The Charity’s strategies and objectives

In order to achieve the above vision Baker Dearing Educational Trust’s objectives are:

With an original focus on opening new UTCs, the Charity’s support has evolved over time to meet needs of UTCs, aiming to provide services that cannot be provided by others within the education system. Today, the Charity exists to:

(1) Foster a favourable policy and funding environment for UTCs (Policy): Charity staff meet regularly with senior personnel at the Department for Education (“DfE”) and Education and Skills Funding Agency (“ESFA”) to communicate the views of UTCs and to discuss UTC challenges at a programme-wide level, with the aim of influencing policy decisions. The charity also meets with other key government stakeholders including Ofsted, HM Treasury, and Members of Parliament.

(2) Raise greater awareness of UTCs (Promotion) : Collectively on behalf of all UTCs, the Charity is uniquely positioned to co-ordinate publicity, with the aim of undertaking national awareness campaigns to complement local UTC marketing efforts. The Charity engages with trade and national press organisations, research companies, national employers, and others to communicate the value of a UTC education and to celebrate the many student success stories around the programme.

4

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

(3) Ensure UTC distinctiveness is preserved and standards are upheld (Standards): Embedding specialist colleges within the mainstream education system takes time and requires courage: there is significant pressure on UTCs to revert to mainstream schools. The Charity provides ‘light touch’ support to protect the nature and standards of the unique UTC education provision, as defined by the requirements of the UTC licence.

(4) Facilitate connectivity and exchange amongst UTCs (Connectivity): As a relatively new national network of colleges, it is vital that UTCs share and implement best practice in the areas of technical education, student recruitment, employer engagement, and finance. The Charity provides a rich programme of events for UTC staff; regular communication across all UTCs; data and analysis regarding programme developments; and the brokerage of UTC-to-UTC support, where needed.

(5) Provide UTCs with access to advisory support (Advisory): The Charity retains the services of a small number of highly experienced consultants and commissions support from UTC staff members, to offer individual UTCs advice and assistance in the areas of technical education, student recruitment, employer engagement, finance, re-brokerage, and DfE/ESFA negotiations. Positioned centrally within the UTC network, Charity staff have a holistic view of the entire UTC programme and provide advice to individual UTCs in this context.

(6) Procure services and offer benefits for UTCs on a collective basis (Benefits): The Charity is able to achieve group discounts for third-party services through negotiation and procurement on behalf of all UTCs, such as GL Assessment and Admissions+. In addition, Baker Dearing directly funds various highly valued UTC initiatives such as the Redbourne data analysis, student destinations analysis, and the Baker Award for Technical Education.

Performance against objectives

At the end of 2023, forty four UTCs and one UTC Sleeve were open and applications to open two further UTCs have been accepted as part of the Department for Education’s free schools process. Regrettably a UTC has closed mainly as a result of lower than expected pupil numbers which affected its financial viability.

Beneficiaries of our services

The Charity's main activities and who it tries to help are described below. All its charitable activities focus on the development and support of UTCs and are undertaken to further Baker Dearing Educational Trust's charitable purposes for the public benefit.

Beneficiaries of the services are the UTCs and their students.

Financial review

The trustees have determined that the Charity should be financially independent of Government.

5

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

The Trust's income for the period included donations and licence subscriptions from UTCs. This has been used to support the Trust's promotional activities for the development and success of the University Technical College programme.

The donations include funds from Tabor-King Foundation (£200,000), the Michael Bishop Foundation (£125,000), The Gatsby Charitable Foundation (£125,000) and Peter Cundill Foundation (£100,000).

Principle risk and uncertainty

The principal risk to the organisation arises from the lack of income, particularly from donations and grants. This can be mitigated by reducing expenditure. The Charity’s contractual arrangements with suppliers’ goods and services have short cancellation periods. The effect of lower expenditure would be to reduce the level of activity and services that the Trust can offer, but it would remain in existence.

Reserves policy and going concern

The reserves policy targets a level of reserves held to be sufficient to cover at least a quarter of the annual direct operating costs which implies a target reserve level of around £250,000. At the end of the year the level of free reserves stood at £253,380 (2022: £215,081). The income of the Charity is dependent on raising further donations and the Charity is confident that the current fundraising programme will ensure the appropriate amount is received. Should there be a shortfall the Charity can reduce operating costs to mitigate the situation. There are no material uncertainties about the Charity’s ability to continue as a going concern.

Statement on fundraising

Baker Dearing Educational Trust does not engage in public fundraising and does not use professional fundraisers or commercial participators. Baker Dearing Educational Trust nevertheless observes and complies with relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and Baker Dearing Educational Trust received no complaints relating to its fundraising practice.

Plans for the future

Baker Dearing will continue to provide support and advice to UTCs on a variety of areas covering education, marketing and finance. It will also continue to liaise with the Government to ensure that the UTC programme and the technical education provided by UTCs will be embedded in the educational landscape.

6

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

Statement of responsibilities of the trustees

The trustees (who are also directors of Baker Dearing Educational Trust for the purposes of company law) are responsible for preparing the trustees’ annual reports and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. The total number of such guarantees at 31 December 2023 was 9 (2022: 10). The trustees are members of the Charity but this entitles them only to voting rights. The trustees have no beneficial interest in the Charity.

The report of the Trustees has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

7

Baker Dearing Educational Trust

Trustees’ annual report

For the year ended 31 December 2023

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 6 March 2024 and signed on their behalf by:

The Rt Hon Lord Baker of Dorking CH

Chairman

8

Independent auditor’s report

To the members of

Baker Dearing Educational Trust

Opinion

We have audited the financial statements of Baker Dearing Educational Trust (the ‘charitable company’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Baker Dearing Educational Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

9

Independent auditor’s report

To the members of

Baker Dearing Educational Trust

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

10

Independent auditor’s report

To the members of

Baker Dearing Educational Trust

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

11

Independent auditor’s report

To the members of

Baker Dearing Educational Trust

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

12 April 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

12

Baker Dearing Educational Trust

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2023

Note
Income from:
3
4
5a
15a
Reconciliation of funds:
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
UTC promotion and support
Raising funds
Net income/(expenditure) for the
year and net movement in funds
Total expenditure
Charitable activities
UTC promotion and support
Total funds brought forward
Total funds carried forward		 Unrestricted
£
425,000
941,689
12,561		 Restricted
£
125,000
-
-		 2023
Total
£
550,000
941,689
12,561
1,504,250
15,940
1,397,516
1,413,456
90,794
243,894
334,688		 2022
Total
£
280,000
574,492
880
1,379,250 125,000 855,372
15,940
1,325,011		 -
72,505		 12,660
898,841
1,340,951 72,505 911,501
38,299 52,495 (56,129)
215,081 28,813 300,023
253,380 81,308 243,894

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements.

13

Baker Dearing Educational Trust

Company no. 07390138

Balance sheet

As at 31 December 2023

As at 31 December 2023
Note
Current assets:
11
Liabilities:
12
14a
15a
Total unrestricted funds
General funds
Total charity funds
Cash at bank and in hand
Term deposits
The funds of the charity:
Creditors: amounts falling due within one year
Total net assets
Restricted income funds
Debtors		 £
23,497
179,437
569,308		 2023
£
£
34,612
65,000
525,314
624,926
(381,032)
334,688
81,308
215,081
253,380
334,688		 2022
£
772,242
(437,554)
253,380
243,894
28,813
215,081
243,894

Approved by the trustees on 6 March 2024 and signed on their behalf by

The Rt Hon Lord Baker of Dorking Chairman

14

Baker Dearing Educational Trust

Statement of cash flows

For the year ended 31 December 2023

For the year ended 31 December 2023
Note
16
17
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Net cash provided by investing activities
Net cash provided/(used in) by operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments		 £
£
145,870
12,561
12,561
158,431
590,314
748,745
2023		 £
£
(49,516)
880
880
(48,636)
638,950
590,314
2022
748,745 590,314

15

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

Baker Dearing Educational Trust is a charitable company limited by guarantee and is incorporated in the United Kingdom. The registered office is 1, Sanctuary Buildings, London SW1P 3JT.

b) Basis of preparation

The financial statements have been prepared in accordance with 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 Ireland (FRS 102) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charitable company meets the definition of a public benefit entity under FRS 102.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

16

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

1 Accounting policies (continued)

h) Allocation of support and governance costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Governance costs are allocated to the promotion and support of UTCs.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

l) Pensions

The charity offers a defined contribution scheme for all employees which is auto-enrolment compliant. All pension contributions relate to payments made to individual employees' personal pension plans. Contributions are charged to the statement of financial activities in the year to which they relate.

Differences between contributions due and actually paid are shown as either accruals or prepayments in the balance sheet.

17

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

3
4
Investments
Total funds carried forward
Income from donations and legacies
Gifts
Income from charitable activities
UTC promotion and support
UTC licence fees and other income
Total income from charitable activities
All income from charitable activities in unrestricted.
Net (expenditure) and net movement in funds
Expenditure on:
Raising funds
Charitable activities
Charitable activities
Removed this line
Total funds brought forward
Total income
Total expenditure
Income from:
Donations and legacies		 Unrestricted
£
425,000
425,000		 £
230,000
574,492
880
Unrestricted		 Restricted
£
50,000
-
-
50,000
-
21,187
21,187
28,813
28,813
2023
Total
£
550,000
550,000
2023
Total
£
941,689
941,689		 2022
Total
£
280,000
574,492
880
805,372 855,372
12,660
877,654		 12,660
898,841
890,314 911,501
(84,942) (56,129)
300,023 300,023
215,081 243,894
Restricted
£
125,000		 2022
Total
£
280,000
125,000 280,000
2022
Total
£
574,492
574,492

18

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

5a Analysis of expenditure

Analysis of expenditure
Staff costs (Note 7)
UTC promotional activities:
Operational & programme management
Marketing & events
Administration
Reallocation of:
Total expenditure 2023
Total expenditure 2022		 Cost of raising
funds
£
-
-
-
15,940		 Charitable
activities		 Governance
costs
£
-
27,571
-
-		 2023
Total
£
388,011
803,508
114,008
107,929		 2022
Total
£
307,451
430,409
96,287
77,354
UTC promotion
and support
£
388,011
775,937
114,008
91,989
15,940 1,369,945 27,571 1,413,456 911,501
15,940 1,397,516 - 1,413,456 911,501
12,660 898,841 -

5b Analysis of expenditure prior year

Analysis of expenditure prior year
Staff costs (Note 7)
UTC promotional activities:
Operational & programme management
Marketing & events
Administration
Reallocation of:
Governance costs
Total expenditure 2022		 Cost of raising
funds
£
-
-
-
12,660		 Charitable
activities		 Governance
costs
£
-
17,683
-
-		 2022
Total
£
307,451
430,409
96,287
77,354
UTC promotion
and support
£
307,451
412,726
96,287
64,694
12,660
-		 881,158
17,683		 17,683
(17,683)		 911,501
-
12,660 898,841 - 911,501

19

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

6 Net incoming/(outgoing) resources for the year

This is stated after charging / crediting:

This is stated after charging / crediting:
2023 2022
£ £
Auditor's remuneration (excluding VAT):
Audit 8,000 7,500

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
2023 2022
£ £
Salaries and wages 339,124 267,445
Social security costs 36,416 28,592
Employer’s contribution to defined contribution pension schemes 6,899 6,335
Other forms of employee benefits 5,572 5,080
388,011 307,451

The following number of employees received employee benefits in excess of £60,000 (excluding employer pension costs and employer national insurance) during the year between:

2023 2022
No. No.
£160,000 - £169,999 - 1
£180,000 - £189,999 - -
£190,000-£199,999 1 -

The aggregate remuneration for key management personnel (including employer national insurance contributions and employer pension contributions) is £206,897 (2022: £189,599).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £6,966 (2022:£ 2,277) incurred by 3 (2022: 1) member relating to attendance at meetings of the trustees and development of UTCs.

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

follows:
Promotion of UTCs 2023
No.
5.0		 2022
No.
4.0
5.0 4.0

20

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

9 Related party transactions

From time to time, averaging approximately one day per week, Lord Baker receives secretarial support provided by the Baker Dearing Educational Trust for his personal administrative matters. One fifth of the salary costs for this person amounts to £8,542 (2022: £7,986).

In the year, the Trust paid £35,000 (2022: £5,000) to Consilia Consultants Ltd "Consilia" for expert consultancy services of which Simon Connell, Chief Executive, is a Director. The level of services this year has increased as a result of Consilia's participation in a Baker Dearing project advising on technical education. Simon does not take part in any decisions with Trustees responsible for appointing and approving the work carried out by Consilia.

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Debtors

Debtors
Creditors: amounts falling due within one year
Accruals
Trade creditors
Deferred income (note 13)
Trade debtors
Accrued income and pre-payments		 2023
£
5,040
18,457		 2022
£
21,900
12,712
23,497 34,612
2023
£
29,332
47,947
360,275		 2022
£
8,449
40,100
332,483
437,554 381,032

12 Creditors: amounts falling due within one year

13 Deferred income

Balance at the beginning of the year
Amount deferred in the year
Amount released to income in the year
Balance at the end of the year		 Other
contractual
income
8,576
36,572
(8,576)		 UTC
subscriptions
£
323,907
323,703
(323,907)		 2023
£
332,483
360,275
(332,483)		 2022
£
347,120
332,483
(347,120)
36,572 323,703 360,275 332,483

21

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

14a Analysis of net assets between funds 2023

Net assets at the end of the year
Net current assets		 General
unrestricted
£
253,380		 Restricted
£
81,308		 Total
£
334,688
253,380 81,308 334,688
15a
Gatsby Charitable Foundation
Total restricted funds
General funds
Unrestricted funds:
Movements in funds (current year)
Restricted funds:
Net assets at the end of the year
Net current assets
Total funds
Total unrestricted funds		 At 1 January
2023
£
28,813		 Incoming
resources &
gains
£
125,000		 General
unrestricted
£
215,081		 Restricted
£
28,813		 Total
243,894
215,081 28,813 243,894
Outgoing
resources &
losses
£
(72,505)		 Transfers
£
-		 At 31
December
2023
£
81,308
28,813 125,000 (72,505) - 81,308
215,081 1,379,250 (1,340,951) - 253,380
215,081 1,379,250 (1,340,951) - 253,380
243,894 1,504,250 (1,413,456) - 334,688

Purposes of restricted funds

The Gatsby Charitable Foundation's grant is to support UTCs to engage in national technical education reforms including T Level implementation.

22

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

15b Movements in funds (prior year)

Gatsby Charitable Foundation
Total restricted funds
General funds
Total funds
Total unrestricted funds
Restricted funds:
Unrestricted funds:		 At 1 January
2022
£
-		 Incoming
resources &
gains
£
50,000		 Outgoing
resources &
losses
£
(21,187)		 Transfers
£
-		 At 31
December
2022
£
28,813
- 50,000 (21,187) - 28,813
300,023 805,372 (890,314) - 215,081
300,023 805,372 (890,314) - 215,081
300,023 855,372 (911,501) - 243,894

Purposes of restricted funds

The Gatsby Charitable Foundation's grant is to support UTCs to engage in national technical education reforms including T Level implementation.

16 Reconciliation of income/(expenditure) to net cash flow from operating activities

Reconciliation of income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period
(as per statement of financial activities)
Dividends, interest and rent from investments
Decrease/(Increase) in debtors
Increase/(Decrease) in creditors
Net cash provided by/(used in) operating activities		 2023
£
90,794
(12,561)
11,115
56,522		 2022
£
(56,129)
(880)
(4,319)
11,812
145,870 (49,516)

23

Baker Dearing Educational Trust

Notes to the financial statements

For the year ended 31 December 2023

17 Analysis of cash and cash equivalents

Cash at bank and in hand
Notice deposits (short term)
Total cash and cash equivalents		 At 1 January
2023
£
525,314
65,000		 Cash flows
£
114,437
43,994		 At 31
December
2023
£
639,751
108,994
590,314 158,431 748,745

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

24