Dociisign Envelope ID. 9A4D58EF-02F1-4724-AD44-1 CFEAF479147 IFr, SIGNIII.T 20 Annual report and financial statements op For the year ended 31st December 2024 Baker Dearing Educational Trust
Docusign Envelope ID.. 9A4D58EF-D2F14724-A044-1CFEAF479147 Table of Contents Reference and administrative details 03 Mission 04 Review of the year's activity 05 Trustees, annual report 11 Independent auditor's report 18 Statement of financial activities 22 Balance sheet 23 Statement of cash flows 24 Notes to the financial statements 25 Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 2
Oocusign Envelope ID.. 9A4058EF-D2F1-4724-AD44-1CFEAF479147 Reference and administrative details Company number 07390138- incorporated in the United Kingdom Charity number 1138894- registered in England and Wales Registered off ice and operational address 2nd floor, I, The Sanctuary London SWIP 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, Chair until 31 December 2024. Life President from l January 2025 Clive Barker Ms Madeleine Hallward (resigned 18 July 2024) Will Harding (resigned 18 July 2024) David Land Baroness Estelle Morris {resigned 18 July 2024) Stephen Phipson (appointed 13 November 20241, Chair from I January 2025 Sir Mike Tomlinson CBE Jim Wade Michael Wright Chief Executive Simon Connell. until 31 December 2024 Kate Ambrosi. from l January 2025 Bankers Solicitors Auditor HSBC 16 King Street London WC2E 8JF Stone King LLP 91 Charterhouse Street London ECIM 6HR Griffin Stone Moscrop & Co 21-27 Lamb's Conduit Street Holborn London WCIN 3GS Annual report and financial ststements Year end December 2024 Baker Dearing Educational Trust Page 3
Docu519n Envelope ID". 9A4D58EF-D2F1-4724-AD44-1 CFEAF479147 11'4.&Y Mission Baker Dearing Educational Trust is a UK charity which was established in 2010. While., .1 the charity's initial focus was to originate and support the opening of new UTCS, over the past five years its remit has evolved. Baker Dearing now supports UTCS and other educational organisations to provide high- quality, employer-led technical education that prepares young people for successful futures. This means bridging the worlds of education and industry, fostering innovation, and creating opportunities for social mobility. "University Technical Colleges make an important contribution to education and demonstrate the value of strong partnerships with employers....they help equip young people with a blend of academic and technical skills that can support them in their career journeys.. Baroness Smith. Minister for Skills Annual report and financial statements Year end Decernber 2024 Baker Dearing Educational Trust Page 4
Oocusion Envelope ID". 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 Review of the year's activity Who we are and what we do The Baker Dearing Educational Trust was established to build. protect, strengthen and grow University Technical Colleges IUTCs}. UTCS are state-funded schools that offer high-quality technical education focused on one or more industry specialisms in collaboration with employers and universities. Supporting UTCS remains a key part of our mission. However, our activities have now expanded to meet the needs of young people beyond the UTC programme. New activities include: A'Baker Award for Technical Education, which rewards young people for developing their employability skills. The UTC Sleeve model. which implements high-quality, employer-led technical education in mainstream schools. Sharing our expertise and experience with other countries through our trading subsidiary, Baker Dearing International. UTCS bridge the gap between education and work by working wrth employers and universities, utilising project-based learnin& and focusing on technical subjects. The 44 UTCS located across England educate nearly 21,000 students, supported by around 400 employers and universities. With Baker Dearing's support and guidance, UTCS have positively impacted tens of thousands of young people. The impact of the UTC programme is measured each yearthrough Ofsted outcomes, increased applications, students, destinations upon leaving in Year 13. and a student survey that nearly 10,000 students completed this year. 'Your advocacy has made such a difference to so many students, lives and their future prospect& I am enomiousfy grateful to you all ',4 at Baker DeariTr&° - Vanessa Ogden. CEO, Mulberry Schools Trust Annual report and financial statenEnts Year end December 2024 Baker Dearing Educational Trust Page 5
Docusign Enve5ope ID.. 9A4D58EF-02FI-4724-AD44-1CFEAF479147 Impact: Student numbers 471 44 students. on average, at each UTC UTCS nationally. j j:.120,800 fi UTCS are an average of students are enrolled in the UTC programme, as of September 2024 80% full Impact: Ofsted 84% of Lrrcs are 'good' or'outstanding11] 20.5% have 'outstandin¢ features 'Some pupils. including students in the sixth form. are attracted by the distinctiveness of the college's engineerlng and design offer. Others come to the college for a fresh starL having struggled to be successful in other educational settin> Regardless of what brought them here. pupils feel prlvlleged to have access to the college's industry*tandard resources. They are inspired by posteys celebrating the impressive destinations of pupils who attended the college before them. Pupils are proud and happy to follow in their footsteps." Ofsted report into Crewe Engineering and Design UTC. January 2025. 19 'Pupils are exceptionally well prepared to tske their next steps. They benefit from hIghUalItY opportunities to experience the world of work. For example, engineering students visit a range of welkregarded employers. When they leave school, pupils progress to welkregarded destinations. These include further education, apprenticeships, and employmenL' - Ofsted report into Brook Sixth Fomi and Academy UTC, January 2025. 111 Taking into account the 84.1 per cent of UTCS which were rated 'Eood' for overall effectiveness prior to Sept 2024., 'good' for quality of edLtcation after Sept 2024., ungraded where effective action was noted or the cuirent grade was perpetuated. Annual report and financial statements Year end Dember 2024 Baker Dearing Educational Trust Page 6
Docusjgn EnvelcTrpe 10". 9A4D58EF-D2F1-4724-iD44.1CFEAF4-. y14-, Impact: 2024 student survey 89% 85% of UTC students would recommend their UTC to a friend of Year 9/10 students want employer experiences such as projects, talks, and work experience of new KS4 students chose a UTC because they Can study technical and creative subjects which weren't available at their previous school li ftftftft t 54% 66% of Year 9/IOs said their attendance improved at the UTC compared to their old school Impact: 2024 destinations of UTC leaver5 progressed to apprenticeships, compared to 5% nationally 50 of those apprenticeships are at a O higher or degree level compared to 31% nationally. became NE compared to 13% nationally eavers going to university started a STEM course, compared to 42% nationally of leavers with SEND progressed to destinations at Level 4 and above compared to 42% nationalty. of 2024 UTC leavers from disadvantaged backgrounds progressed to HE, compared to a national average of 47% *National average for Level 3 leavets from mainstream schools and ¢olleges (summer 2022-18testl Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 7
Docusign Envelope ID.. 9A4058EF-D2F14724-A044-1CFEAF479147 Alumni success: Daksh Sharma School: UTC Portsmouth Qualifications: A Levels In computer science, maths and physics Destinatlon: Degree apprenticeship with Lockheed Martin Daksh progressed from UTC Portsmouth to a degree apprenticeship with Lockheed Martin after considering competing offers from the Dyson Institute, Pwc, Airbus and IBM. During his time studying at the UTC, the l&year-old took part in employer projects with various aerospace and defence companies including Lockheed Martin and QinetiQ, as well as the Royal Navy. The UTC said he "worked incredibly hard.- studyingA Levels in computer science. maths. and physics while taking every opportunity on offer to ensure his CV stood outfrom other applicants. He also served as student vice president while in years 10 and 11. Daksh, who is from Hamble and has a health care plan due to a genetic type of diabetes. says the UTC was important to his success because "of the opportunities that I have been offered by the school, including employer projects, guest lectures and the chance to be part of the student leadership team." li I report and financial d Detsmber 2024 Baker Dearing Educational Tru Page ea
Docusign Envelope10". 9A4D58EF-D2F14724-AD44-ICFEAF479147 Alumni success: Skyla McKay School: The Leigh UTC Qualifications: Digital production, design, and development T Level Destination: Software development engineer degree apprenticeship with Amazon LEVELS EXT LEVEL QUAUFICA7K Skyla McKay has secured a highly- competitive software development engineer degree apprentIShIp at Amazon after taking a T Level placement with the company while studying at The Leigh UTC. STEP UP TO THE NEXI" LEVEL Year 13 student Skyla, along with fellow students Jenson and Sam, outshone thousands of other applicants by demonstrating the outstanding technical skills and professional aptitude that they developed at the UTC and on their placement. "l joined here to study the digital production, design, and development T Level. Skyla said. "Through the Leigh UTC'S connections, I was able to attend an event held by Amazon alongside the rest of my class "I was then accepted for a placement and collaborated with students to develop a T Level website for Amazon. while also enhancing our soft skills through various activities, lectures. and tasks. °This motivated me to apply for Amazon's Level 6 software development engineer degree apprenticeship. This opportunity offers me a 42-month long contract that includes a digital and tech solutions BSC. .1 couldn't have achieved this without the incredible support of my teachers at the UTC, mentors, and placement manager." Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 9
Docusign Envelope ID.. 9A4D58EF-D2FI-4724-AD44-1CFEAF479147 Alumni success: Aaron Frew School: Energy Coast UTC Qualificatlons: BTECS in business, construction, and sport Destinatlon: Degree apprentlceship with Morgan Sindall Aaron progressed to an engineering degree apprenticeship with Morgan Sindall after taking part in the construction company's 'Future Pathways, company at Energy Coast Lrrc. The workinOn-baSed UTC gave Aaron. a Pupil Premium recipient, multiple opportLsnities to work with employers. including Sellafield. engineering companies Shepleys and Jacobs, as well as Morgan Sindall. Aaron was also selected to take part in the Future Pathways programme. which is run by Cumbria Police's Child Centred Policing Team, in connection with Morgan Sindall. for students from deprived backgrounds. Over 10 weeks. the students engage in activities and opportunities to increase their awareness of what opportunities are out there once they leave school. and to build employability skills. The programme has supported Aaron to deveSop the confidence to communicate in a workplace setting. A kind, persistent, and determined student, Aaron has worked hard to secure the grades to achieve his desired destination, staff say. At an event where Morgan Sindall announced a £300.000 donation to the UTC, Aaron was invited to speak about his learning experiences. which put him out of his comfort zone but contributed to him securingthe apprenticeship. "Energy Coast UTC has provided me with countless opportunities in the engineeringfield through its links with local employers. Without this. I do not think I would be in the position l am, securing a Level 6 degree apprenticeship in a field that l am passionate abouL" Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 10
Docusign Envelope ID". gA4D58EF-D2F14724-AD44-1CFEAF479147 Trustees, annual report The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 3 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 meets twice a year to discuss and recornmend the appointment of trustees. Trustee induction and training On appointment trustees are inducted into the strategic aims of the charity and the Undering financial implications. Throughout the yeartrustees are updated with progress reports and are invited to attend educational seminars and events to increase their awareness of the charitys 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 chartty. 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. Annual report and financial statements Year end Dernber 2024 Baker Dearing Educational Trust Page 11
Docusign Envelope ID.. 9A4D58EF-D2F14724-AD44-1CFEAF479147 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 charitys 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 supports UTCS and other educational organisations to provide high-quality. employer-led technical education that prepares young people for successful futures. This means bridging the worlds of education and industry. fostering innovation. and creating opportunities for social mobility. Baker Dearing's primary purpose is to promote and support University Technical Colleges {UTCsl: however, as the vision suggests, the charity also has a wider purpose: supporting mainstream schools and educational leaders here and abroad to learn from the UTC model and provide similar opportunities to their students. UTCS are government-funded secondary schools with a science. technology, engineering. or maths (STEM) focus. They provide a unique and relevant approach to education. which addresses the changing needs of students and employers in the 21st century. UTCS were established by employers and universities in areas with high demand for talent, and local skills shortages. In addition to a core curriculum of English, maths. and sciences, UTCS offer sought-after technical qualifications and benefit from industry-standard equipment and specialist staff to provide students wtth skills valued by employers. The number of UTC students, who usually start when they are 14 years old, has expanded year-on-year. reaching 20,800 in the 2024/25 academic year. UTCS have support from all three main political parties. Forty-four UTCS and one UTC Sleeve are open. Baker Dearing Educational Trust Page 12 Annual report and financial statements Year end December 2024
Docusign Envelope ID.. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 The Government remains committed to openingtwo more UTCS in Southampton and Doncaster to meet local skills needs and demand from the local student population. The DfE provides the capitsl 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 education stsndards. licence compliance and financial viability. It is in the interests of the whole UTC programme that the charity's brand values are preserved. The UTC Sleeve concept, developed by Baker Dearing with leading mukti-academy trusts, employers. and UTCS, aims to enhance the UTC impact and support the wider education community. It introduces technically specialist pathways into mainstream secondary schools. This approach leverages the UTC programme's benefits for students and employers. offering a broader range of technical qualifications alongside academic curricula initially up to age 16. This is an effective way to prepare students for T Levels and other technical courses post-16. To support the Sleeve, Baker Dearing will establish an employer board to help plan and deliver the curriculum using employer-led projects. Baker Dearing has also launched the 'Baker Award for Technical Education. {Baker Award) for schools, colleges. and other educational providers, building on the award that has been widely used by UTCS for several years. The Baker Award recognises and celebrates essential aspects of technical education offered by UTCS, which prepare young people with the skills. knowledge. and attributes necessary for success in the workplace. Students receiving the Baker Award demonstrate high levels of employability. The Award will also assist schools in achieving the Gatsby Benchmarks for Good Career Guidance and help employers access a highly skilled talent pipeline from UTCS and mainstream schools. At the time of this report's publication, approximately 2.000 students have registered to participate in the Award. Baker Dearing has also set up a trading subsidiary called Baker Dearing International. This separate company will provide consultancy services to other countries that wish to learn from the success of the UTC programme. The charity's strategies and objectives With an original focus on opening new UTCS. the charity's SUPPOrt has evolved over time to meet the needs of UTCS, aiming to provide services that others cannot provide within the education system. In addition. the charity now seeks to broaden its impact to support the wider education sector to offer high-quality employer-led technical education. Today, the chartty exists to: (l) Foster a favourable policy and funding environment for UTCS: Charity Staff meet regularly with senior personnel at the Department for Education I"DfE°I 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 stakeholders including Ofsted, HM Treasury, and Members of ParliamenL Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 13
Docusign Envelope ID". 9A4D58EF-D2FI-4724-AD44-1CFEAF479147 121 Raise awareness of UTCS: Collectively on behalf of all UTCS. the charity is uniquely positioned to ciiordinate publicity, with the aim of undertaking national awareness initiatives to complement local UTC marketing efforts. The charity engages with trade and national media outlets. research companies. national employers, and others to communicate the value of a UTC education and to celebrate the many student success stories from around the programme. {3) Ensure UTC distinctiveness is preserved and standards are upheld: With Baker Dearing's support UTCS are now an embedded and celebrated part of England's education system. This has been achieved through a collaborative and expert-led approach which protects the nature and standards of the unique UTC education provision, as defined by the requirements ofthe UTC licence. {4) Facilitate connectivity and exchange amongst UTCS: As a relativety new national network of schools. 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-t<iUTC support. where needed. (5) Provide UTCS with access to advisory support: The charity retains the services of a small number of highly experienced consultants and commissions support from UTC staff members. This allows the charity to offer individual UTCS advice and assistance in the areas of technical education, student recruitment, employer engagement, finance. re-brokerage. and negotiations with the DfE. 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: 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 Redborne data analysis. student destinations analysis, and the Baker Award for Technical Education. (7) Support mainstream schools to develop a highquality, employer-led technical education offer: The UTC Sleeve, developed by Baker Dearing with partners. integrates specialist pathways like engineering into mainstream schools. Drawing on the UTC programme. it enables students to combine technical qualifications with a core academic curriculum up to age 16. leading to T Levels or advanced technical courses. An employer-led board supports curriculum planning through initiatives like projects. (8) Broaden opportunities and foster the growth of employability skills: The Baker Award. created with employers. UTCS, and schools, recognises students in Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 14
Docusign Envelope ID.. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 technical/vocational pathways by rewarding qualifications. work experience, and employability skills gained through projects and an interview. It is available to students in UTCS and mainstream schools. with sponsorship ensuring it is free for all. {9) Increase awareness of technical education and support other countries: The charity's success in England has led to requests from other governments for support in developing their vocational education Sstems. Therefore. the chartty has set up a trading subsidiary to complete this work whose profits will support the charity's work in England. Performance against objectives At the end of 2024. 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. In addition, over 2000 students have been registered for the Baker Award. Beneficiaries of our services The charity's main 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. The beneficiaries of the services are mainly the UTCS and their students. However. due to the Baker Award. the Sleeve, and Baker Dearing International. the number and range of beneficiaries will broaden to include students in other UK schools and those abroad. Financial review The trustees have determined that the charity should be financially independent of Government. The Trust's income for the period included donations and licence subscriptions from UTCS. This has been used to support the Trust's activities for the development and success of the University Technical College programme. The donations include funds from the Garfield Weston Foundation, the Michael Bishop Foundation, The Gatsby Charitable Foundation and Peter Cundill Foundation. Principal 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 seNices 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 free cash resee5 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 cash available stood at £356,547 {2023.. £613,655). Wtth regard to Annual report and financial ststements Year end December 2024 Baker Dearing Educational Trust Page 15
Do¢usign Envelope 10.. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 the balance sheet charity funds. at the end of the year free reserves stood at £8,98512023: £253,381} after recognisingthe non-cash deferred income adjustment of £347.56212023: £360,275). The income of the charity is dependent on raising further donations and the charity is confident that the currentfundraising programme will ensure the appropriate amount is received. During the first half of 2025 Baker Dearing has secured commitments from three grant making trusts and further funding is being sought from other grant making trusts. companies and employers who recognise the benefit of the UTC programme. Should there be a shortfall the charity can reduce operating costs to mitigate the situation. There are no material UnrtaIntieS 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. Duringthe 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 offer support and guidance to UTCS as needed, such as enhancingthe quality of education. preparing for inspections. marketing and recruitment. policy development, and financial assistance. It will also maintain communication with the Government to ensure that the UTC programme and the technical education provided by UTCS are well-supported and integrated into the educational landscape. Baker Dearing will further assist Lrtcs and other schools by presenting the Baker Award and refiningthe Sleeve model. Additionally. through Baker Dearing International, Baker Dearing will aid other countries in developing successful technical education systems. Statement of responsibilities of the trustees The trustees (who are also directors of Baker Dearing Educational Trust for the purposes of company lawl are responsible for preparing the trustees. annual reports and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Untted 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: Select suitable accounting policies and then apply them consistently ObseNe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent Annual report and financial statements Year end December 2024 Baker Dearing Educaty'onal Trust Page 16
DoeLJsign Envelope ID.. 9A4D58EF-D2F14724-AD44-1CFEAF479147 State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 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 safeguardingthe 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: There is no relevant audit information of which the charitable company's auditor is unaware The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charttable companvs 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 2024 was 7 {2023: 91. 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 accordan wtth the special provisions applicable to companies subject to the small companies, regime. Auditor Griffin. Stone, Moscrop & Co were appointed as the charitable companys auditor duringthe year. The trustees, annual report has been approved by the trustees on 30 April 2025 and signed on their behalf by: Stephen Phipson Chair Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 17
Docusign Envelope ID: gA4058EF-D2F1-4724-A044-1CFEAF479147 Independent auditor's report Opinion We have audited the financial statements of Baker Dearing Educational Trust (the 'charitable company'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities. the 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 Financial Reporting Standard 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: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources. including its income and expenditure, for the year then ended; have been properly prepared in accordance with UnFied Kingdom Generally ACpted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our reporL We are independent of the charitable company in accordan WTth 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 relatingto events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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. Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 18
Doeusign Envelope ID.. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 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. 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 facL 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: the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law. for the financial yearfor which the financial statements are prepared is consistent with the financial statements; and the directors. report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, reporL 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: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement Wtth the accounting records and returns; or certain disclosures of trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies. exemption in preparing the directors, report. Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 19
Docusign Envelope ID.. 9A4D58EF-02F1-4724-AD44-1CFEAF479147 Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, 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 assessingthe 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 realisti¢ alternative but to do so. Auditor 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 audttor'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 responsibiltties. outlined above, to detect material misstatements in respect of irregularities, includingfraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: carrying out substantive Checking to support documents on a sample basis of individual transactions within income and expenditure to give comfort that on a sample basis the Statement of Financial Activities does not contain any irregular items: carrying out walk-through testing to verify that the charty's accounting systems and controls are being implemented as designed: and verifying that material balances within the Balance Sheet are supported by third party evidence to confirm the existence and valuation of these balances at the yearend. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadingto a material misstatement in the financial statements or noniompliance with regulation. This risk increases the more that Complian 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 irregulartiies occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion. omission or misrepresentation. Annual report and financial ststements Year end December 2024 8aker Dearing Educational Trust Page 20
Docusign Envelope ID.. gA4D58EF-D2FI-4724-AD44-ICFEAF479147 A further description of our responsibillties is available on the FRC'S website at: www.frc.org.u auditors audit-assurance auditor-s-responsibilities-for-the-audit-of-the- descrip ion-of-the-auditor%E2¥o80¥099 ponsibilities-for 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 audrt work, forthis report. or for the opinions we have formed. Robert Smith (Senior Statutory Auditor) For and on behalf of Griffln Stone Moscrop & Co Chartered Accountants & Statutory Auditor 21-27 Lamb's Conduit Street London WCIN 3GS Annual report and financial statements Year end December 2024 Baker Dearing Educats'onal Trust Page 21
Docusign Envelope10'. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 Statement of financial activities Baker Deadng Educetlonal Trust Ststement of flnanclal a¢tlvltles lincorporating an income and exFndItUre account) For the year ended 31 December 2024 2024 Total 2023 Total Unrestricted Restricled Note Income frorn: Donations and legacies Charitable activities Investments Other 350.000 563.993 9.717 I,000 450,000 563,993 9.717 550.000 941,689 12,561 Totsl income 923.710 I.0[) 1,023,710 1.504,250 Expenditure on: Raising funds Charitable activr(ies 2.400 1.165.705 15.940 1.397.516 93.619 1.259.324 Totsl expenditura 5a 1,168.105 93.619 1,261,724 1.413,456 Net Income/(expendhurel for the year 15a and net movemenl In funds (244,395} 6.381 (238.014) 90,794 Reconclliation of funds: Total funds brought forward 253,380 81.308 334,688 243.894 Total funds carrled forward 8.985 87.689 96.674 334,688 All of the above 5lIS are derived Irom ContilA£ acINities. Therc were no other rÈtO8nised gal8 or Ie5 oiher than Ihose 8laled abi)ve. Movements in fun¢ts are di%closed in Note 15 10 the finanLial statements. Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 22
Docusign Envelope ID". 9A4058EF-D2F1-4724-AD44-1CFEAF479147 Balance sheet Baker Dearfng Educauonal TnAt Baknco sheEi Company no. 073Q0138 A at31 Decemb¢r 2023 Note Ckhiors Tcrn) (posiiS C&4h 81 bank Bnd in I1 li iQ040 23,497 179,437 524078 772,242 u8bll1tl. Creditors.. amounts falli due wilhin one yeai 12 14x4021 (437.5541 Total neta81& 14 9&674 334,68A Thefvndsolthe thariv. Reslricitd incoff lun(L% 87.689 81.308 Gcneral funds 253,3W) Tcdal un(esii¢ied funds 253,380 T¢Jtsl charltyfurwJ5 674 334,688 ApprrNed by the irustees on 30 Aprll 2025 8NJ sioned on tlir beh8lf ty Siephen Phip Ch8iiman Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 23
Docusign Envelope ID". 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 Statement of cash flows Baker Dearfng Educatlonal Trust staternent of cash flows For the year ended 31 December 2024 Note 2024 2023 Net provlded/lused In) by operating a¢%lYttles 16 (245.425} 145.870 Cash flows from investing activities: Dividends, inlerest rents from investmenls 9,717 12,561 Net provlded by InveBtlng actlvlties 9,717 12.561 Net cash provided ty/ (used In) financing artIve$ Change In eagh 8nd c88h 8qulvalents In the (235,7081 158,431 Cash and ¢*Sh equiv8lentg at the beginni¢4 of year 748,745 590,314 C89h and cash equivaleftts atthe Ind of th6 year 17 513.037 748,745 Annual report and financial statements Year end December 2024 Baker Dearing Educatsonal Trust Page 24
Docusign Envelope ID". 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 Notes to the financial statements Baker Dearln¢ EdUcaD01 Trust Nots¥ to thefflnanclal statements Forthe r endèd 31 Oecembor 2024 Aecounting Wlcies Statutory Infrymauon Btykcf Lkaring Edu(lion81 Ilusi is s ¢hlliit&bk company lin)ited by InIce aTrJ Incoiporaied in United Kiftgdom. The ie#islered offi¢e is I, Sanciuary Buildi, Loth(Jort SWIP 3JT. Besls of preparntlon 'Ihe flnBn¢ial siatements habt been prepered in 8ttordance with AceountingÈhd Reportino ty charrt5. St•lent of Recommend Pm¢t£ee applicable to ¢harNies pceparing theii lecnIS ift 8ttoid8nce wilh Ihe FInarlI1 ReForti Sianda¢d appllrthbk in the UK S1 Repyblt of liel8nd {FRS 102 j Icharilies SORP FRS 1021, Financial Re1ndstada(O apr>licabk in the UK Republi¢ of Irel8nd IFRS 1021 an(J th¢Companics Acl 2006. bl 89els and abIlItIeS ale irtitialty ronsed 81 hisi(wtai cosi oc tsBnsaciKJn Yaluc unkss othtrywise Stat in the Ide¥a a111)11n1 pollcyor noi& Publlc benefft ffltlty The eh&iiiable company meets ihe definiiion of 8 public beftefit entily uer FRS 102. d> GOIngnceM Iho trustefs do not ¢onsidef ihat there afearysourees o(estimaiK)n uncertalnty at Ihe rerh)rtino dRie ih8t have a risk of causing a mateiial ndjuslnnI io Ihe ¢arrytnE 8rrKbunis olassets and lbIlitIeS within nexl rcpcrfting perK)d. el IncoTr Incomc bs rc¢oQihiscd vdhen the chirli y has cnlitlement 10 Ihe ftsnits, any performnce rnnditiorn altsc to Ihe infAIt hnvc been met, rt L% p(¢bable that the Inco4 V4111 te re¢£<1 and thai thc a4unt ¢8n mEasuied ieloBbty. lrttshe fiom thernnt 011 dffjnis whetlr t8pi181' grnnts or'revenue. afflnls ts fecognised when Ihe chArty has entiiiemertl lo the fu1$, Iny perlormènce condrtions 8lthched lo Ihe oi8nis lve bcen mrt, It Is piobable ihat Ihe In(gJme WHI be ieceived ard the artwjuni can measJJred (elkqbty 8fKI is twi tsfeiral. (eceived fFom licen fees Ls retognised osrr t5me r1cj tts tlt kensee e$ b&)efrts from ihe lir£red tl&8et, l.e. Ihe &¢ademic swr. Ar£ordincty, incon received in 8th8rte ofthe atsdem¢ye81 is deferfed and recconigtij in appiopiiate perioj. FLmd accountlng Resirict&J funds Ère to be used for Srrtlf purposes 8$ down by the doncrf. endulei¢ these uMeriH is ¢h8W 10 the (und. Ufi(esi(¢ied funds are d¢811% 8NJ h¢1 Ining recefved or &*frwited for the chaiii&ble rfyucwses Annual report and financial statements Year end Dember 2024 Baker Dearirlg Educational Trust Page 25
Docusign Envelope10'. 9A4D58EF-D2F14724-AD44-1CFEAF479147 Baker Deatlng Educattonal Tftt Nots8 tothe flnanclal statements Forthe r endad 31 Decembor 2024 unung p)Ilclos Iwnllnued) Expendlture ènd Irrecoverable VAT EXpeIlure i8 rtcognised On Ihere is 8 IEoal or eonstruciwe obl17t1 lo rke t1 yfflent lo a Ihiiu Party, ig probable Ihal sc1llenfil will tse rUlre and the aoKJuni of iho obl1110n c8n be ryasuied iclitibty. WCodilu is t14rIed under followino acirvily headings.. COS d iaisin¢ luods rdate tts Ihe CLS irturcc#J by IIEch41iiable Ix)mpany li Ind1n0th1rd prtl0 make ¥dlary conlilbutions 10 it. as WCN as the c05101 onytctivilirs wilh a fuTrJoi517g purpc6C EKpendilure C ¢herA8ble e¢tivili¢g inclufles e4)sis ol poIO4a suppyling UTCS to further Ihe purpos of Ihecherity and theic a8$121ed support co$ AJtOea0n of8upp and goYemBnce costs Resou(ces exn(o Rre allocaied io ihe p8rtleulAf activity vtse fthi fel8ies dir1 io ihai &thily. GoVernCe¢05 aalks1ed 10 Ihe promXIn 8nd support of UTC& Governance cosls Ihe casts a$slaled Wilh Ihc goverAante ai(angemLmls ofthe thaiity. Tlse costs ale 8ssrKb4ted wilh constitutional andsiaLulory vequiccments aNA include artycO5 assc¢M?te(J with 1htsira4 management of ihe¢ts(ily's aclJVit. Debto Ir8de sna 01( deblots Ire recogni%ed ai the8dilemt8Cwfii d 8fter 8rry liÈde dk8Cxiufit oflered. Prewmerts 8fevalued 81 the piepaid r1 of any i(8de (fs¢ounts dL. J) h at bank aTrd In hand ai bcink arKJ cash in hand uKlwl(s (ash and SIrt teim hbQhly liquid InVtMen13wtth $ strt maturily of three months oi Itss from Ihc of 8¢quisilion oi opcninool ihe th¢wior svnikr arnI. Crodliors and prthlslon5 Credilois Rnd prowi4iOnS afe Lanis&j where Ihe thglily hBs a present obiig8tkJn I111ng from g pasl I81 wll pioLbty resull In Ihe iiartsler ol lunds lo a thlrd parly and amounl to Scllle the OblNI10ft caft be measuied ¢y estimaie(I feli8bty. tlI(s and piovislth)s 8re n0Fma1 n[Sl ai itli seiikmenl antr)unt 8flts fty arfy trade di$¢thtS due. The ch•(Ity only h8s flnaTrclal ¥s%ets 8th1 flnanckl liabillis of • klrhd Ib81 qu811fy8s fina[ Instruryn. East lknanclNI InstrutrEnl.5 8re InS1ifilty rÉfognlsed al tr¥FwfAion End subsequenlty Iiie8sured 81 I•r seiiiemenl V81ue wrfh Ihe excepllcffi ol bank loans whh Ale $ubwuertlty meftsuied 81 aYx)rtised cosi USI Ihe effwai¥e Ilme51 Penslony Ihe chftcily ollers 8 defined eoniribulitm seheme Ioc 811 empkwtt whh is athtrÈnfdmeni &)mDILqni. All pens¥Jfi Q)nifibuli0rt8 rd8te io pa)menis m8ue io &tIvIdUal empb)ees' pension pkns. Conliltyjtitsrts are chRigeO 10 Ihe staiemeni of linartlRI Hclfvllles In Ihe ar itswhich they reLgte. DbIfet¢eS telweon coits1bui$ dL* and aciualty pald Ire slw)wn Éseiih& acci15 picp8ytnts in ihe balance sheei. Annual report and financial statements Year end Dember 2024 Baker Dearing Educational Trust Page 26
Docusign Envelope ID". 9A4058EF-D2F1-4724-AD44-1CFEAF479147 B&%•1 Ikarlng EdutIonal Trust Nots to the Ilnanclal stai•ments FOT the Or 31 Drnber 2024 Deta111 ¢omparaltves for the statgment of ftnanrJ81 acifviues 2023 Total un51r,¢t Restricled Incorne from- Donation8 ar.(J lekts¢iR8 cDariiabie activilies Inve5trnertts 425.oc 941.689 12.561 125.OC(J 550.000 941.689 12.561 Tot•1 Incom• 1.37920 1.fj04.250 EApendriur¢ on: Ra Sii-g iuiius Cliantablè a¢livil!es 15.940 1.32>.011 15.940 1.397.516 72.505 Totsl expandlturè 1.340.9ryl 72.305 1,413.436 Net (¢xpondKurel and not movernènt In fund8 38.299 52.495 90.794 Total fvnd4 brouAht forward 215.081 28.813 2433g4 Tolai rorried forward 81.308 334,688 Income from don411on8 tege¢l•s 2024 Total 2023 Tolal nSIr1de Reslricled Gifts 350.ow irx),(Kp) 450.000 550,rxJo 350.OCKJ 100.O(K) 450.000 550.CKJO In¢om& from ¢hafftatyl6 0Cllvftkx 2024 Totsl 2023 Totsl UTC Promovon ond Aupport UTC Iic?',Ice fèes 491.833 483.2fj9 Ol#&i Incomtt from edu(ational SVDporl 72,160 158.430 Oth•r $ersaS piojeci for tli& a(Ivaiicement of lechri edJcali 300.000 Toiai Iiitome from charilablè activitEes 563.993 941.689 All Income frorr. charitable tiwli&g in unreslriLled. The tsvers&as projeci 111 2023 was lo use Baker Dearin¢s expernce of Ine UTC mrAJl Pfogrnmme to advisè N. and advan.Ix. a teclinic81 educalion palliway for Ili•r young people Ihe lulure. Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 27
DoeLisign Envelope ID.. 9A4D58EF-D2F1-4724-AD44-ICFEAF479147 BIK¢1 ijeorfnz EdutIOnal Tr1 Not8sto the slJt¢mls F rerthd 31 Decnbel 2ty24 eirQa &iiWlies Cx61 of 7.5 ng UTC ororni.on d SUCP02 CoVemae co¥.s 24 ?023 Totsi her Sidf CL%US INoie 71 IJTC pmrytr.,'Oqal aciiyiiie OGer£iionai & ¢fraTle rr.an4emI Mofkoting & events minisirètiOA 377.127 377.127 3e8.Qll go,1> 877.198 103.945 107.9& 107.929 L169.194 .130 136L724 1.413.456 Reaiiocarify) ol.. Totsl•¥gendrtUfoW24 259W3 1281724 Toiai expenditure 2023 15.940 1.187.51 210.000 1.413,456 5b Anow ofeyrkn Cti¥itatle ¥twrti Ctst of 2.Sitsg rurttls TC )rorK+tn afKlsupp)rt Go%emai¢0 ¢oy.g Other Totsl Siaff cc6ts (Note 71 UTC proN,OlioAai at., Oporaiional & pr(f&rnme moftagemeoi Aarloting & Lents Admirystrdlio 38&011 565.937 114.CC8 9L989 210.QIXJ 27.571 15.9dO 107,929 15.940 i.ii9.945 210.OQO 2771 56 RoallocatI ofr Govtmonte ¢o*s 27.571 127.5711 To181 wdlWf• 2023 L187.516 AS8 Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 28
Docusign Envelope ID.. 9A4D58EF-D2F1-4724-AD44-1CFEAF479147 Baker Deadng Edueatlonal Tn Notes to the financlal Statements For the ar erKled 31 t)ecember 2024 Net Incomlny/{outgolng) fesource8 for the year This Ls state(J after chaoingi credr(ing: 2024 Audiloe.% rnune1atm lexcludingVAD.' Jdit 7.5 8.000 AftaLs of Staff costs. trustee remuneratlon and expense8. the costof key managemert petsonnel Staff tosts follow5: 2024 2023 salar and wages &xial 5ecvrrty costs Employei's corrtflbvtion to definod cOntrttton 10n sclEff Other toim5 Ot emp¢ benetrts 328.6 34,079 339,124 3f?,41f 6.891J 5,572 377.127 388,011 The folk)wing numberot empbyee5 reteNeO emplotrte benefits in exce&% ot£60.Cm lexcludwigempkiyer pension eosts emplrtyer national insurance) duringthe yeaf betmttn.. 2024 No. 2023 No. £160,CL)0-£169,949 £180,(XJO- £189,999 £190,CrfXk£199,999 The aggrL'E4lte remuneration tor key management personnel {induthng ernL national c4Mtribut¥)ns and em0ye( n$)n corhtfibutlonsl is £183,98412023." £206.897J. The chanty trustees We not paKI or receNed any other beneff¢s trDm eMpknt wth the charity in year {2023'. £nill. No ehar((y trustee recewed paymtrnt tof rclessKinal o( olher swices Suppl lo Ihe chafity {2023'. £nill. TfU5tee5' exnSeS rewesert5 the pawnent of 1emmtrerneufrrf trdvel and subsithrte costs totalllng £7,97112023'.£ 6,966) Incurred 412023: 31 memtE¢3 relating to dttendance at Otthe trustee5 and devebpment ot UTC5. Siaff numbe The average numtrr of efftp4triees (head count tesed on numt*r of 5tatt emtrIed} durlngthe yearwds as Idlow5'. 2024 No. 2023 No. P(onM)tion of ufcs Annual report and financial statements Year end December 2024 Baker Deanng Educational Trust Page 29
Docusign Envelope ID". 9A4D58EF-D2F14724-AD44-1CFEAF479147 Baker D8adnÉ EduCaonl Tnot Notos to the flnancl Stslements For the ar 8nded 31 De¢*mber 2024 ROted partyV8nsactlon8 From time to time. averAging approximatety one day per Y4eek. Lwd Baker ffteives secrelafial sUprt WOVKled by the Baker Dearing Iducational Tmst tor his peonal adMlstratiVe matters. Sakiry c05t t(Klhis peTh)n amwnts to £8.gJO12023.. £8.S421. 10 Taxatlon The chariiabk conN>any is exew from cwporation tax as all its ineome s chafiTrble and 6 applled for Charitab pulSe5. 11 D¢btorn 2024 2023 Trade de0(5 kc(u1 income and PfWByments VAT 554 5.040 15,112 3.345 10.040 23.497 Credltoth amounts fallingdue wlthln ono 2024 2023 Trdde credltors Accruals Othef taxes & socbal security Defeffed inix)me (note 131 32.719 35,839 10.282 347.562 29,332 29,870 18.077 360,275 426A02 437.554 Deferr•d IrKom• Other ntfijclual inix)me LfFC subscrfptbn5 2024 2023 Balance at the W'nnillg of the year Amount defecred in the ye(Ir Amount (cled to Income in the 36,572 1,397 126.6271 323.703 336,220 1323.7031 360.275 337,617 (350.3301 332.483 360,275 {332,4831 Balae at the end Df the par 11.342 336,220 347.562 360,275 Annual report and financial statements Year end December 2024 Baker Dearing Educats'onal Trust Page 30
DoGusign Envelope ID.. 9A4058EF-D2F14724-AD44-1CFEAF479147 Baker Dearlng EdurAtlonal Tntsl Notes to the flnanckl statements For the ar erthd 31 t)ecember 2024 148 Anaty8L8 of net 88sets btheen lund$ 2024 Gcnernl unStriC1ed Restricted Tot81 Net cuffpnt assets 8.985 87,689 96.674 Nèt assets at th8 end of Iho yeor 985 87,689 96.674 14b Analysts of n8tassets botw¢en fund$ 2023 licnorai UnStrict0(j Restrtcted Total Net Cuffent ets 253,380 81,308 Net assets at Ihe end of the r 253.&80 81g08 334.688 158 Movements In funts leurrent swrj Inwml fesoufees & OutgiNrE gams resources & I0e5 At l January 20211 At 31 December 2024 Trdosfe Restrtcted funds: Gatsby CharfIae Foundation 81,308 100.cM)o (93,6191 87.689 Total rethct8d furKIs 8L308 {93.619) 87.689 Unrestrid¢d fund5: Gen6rn1 funds 253.3 923.710 11.168.105) T¢)tal unrastrfcled fundg 253,380 923.710 (L168,1051 8.985 Total fd9 334.688 L023.710 1&281,724) 96.674 Purp08es of restrfcied funds The Gatsby Clable Foundation's gtant Is to support utcs to engag* In national techntal educatK)n reform5 Includiw T Level implèmentstiofi. Annual report and financial statements Year end December 2024 Baker Dearing Educatsonal Trust Page 31
Docusign Envelope ID." gA4D58EF-D2F14724-A044-1CFEAF479147 Baker Deadn£ Educattonal Tnk8l Notes to Ihp flnancl ststements For the ar gTrJed 31 December 2024 15b Mov8m•nts In fvnts Iprfor Incomiog resources & Outg(xrE gains resource5 & losses At l January 2023 At 31 Dec*mber 2023 Trarsfet5 Regidcted funds: Gatsl)y Charitable Foun(Jalion 28.813 125.C (72.505} 81308 Totsl restrlrted funds 28.813 125,0 (72.505) 81.308 Unrestflcted funds.. Genernl funds 215,081 1.379.250 11,340,951) 253380 Total unre51rf¢ted funds 215.081 L379,250 (L340.951) 253,380 Total funds 243.894 L504.250 (L413.456) 334.688 Pur[th of restrirted funds The Gatsby Charrtable Foundation ant is to Sur¢ Utcs to engatr in national technul eduratK>n rel0rn includinl T Level Implentation. 16 Reconclllatlon rf Income/(ey4endliure) to nEi¢J5h I1 ftom operating aLIMIIo9 2024 2023 Net Income/lexpenditurel forthe [KIrt11 peri1 las stateft)ent of flnancial ath'wtiesl Divldends, interest aThl fenttfom ¥iYestments Decfcase/llncrease} in debtots Increase/{Decrease) in uedftots (238.0141 90,794 19,7171 13.457 111.1511 112,5611 11,115 56,522 Net Cash pl{ded ty/lused In) 0tIng actlvltles (245.4251 145.t170 Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 32
Docusign Envelope ID.. gA4D58EF-D2F14724-AD44-1CFEAF479147 Bakèr Dearfng Educatlonal Tntst Notes to thè flnanckg18tatements For Iho Bar ended 31 December 2024 17 Anal of cash and equlvalents At ljanuary 2024 At 31 De¢embor 2024 Cash Ik)w5 sh th bank and in hand Notitx deposits (short tenm} 639,751 10&994 {133.207} (102.5021 506.544 6.492 Total and ¢8sh equlv8lents 748.745 1235.708) 513.037 Ponslon commMentS The chartty0rateS a detined ts)nI(ftJUtn nSIOn 5chen. The assets ol the 5ch8me are held separatety from those of the charly In an 1ndendentIY administered tuno. The pension costs cha(ge represents corrtributis yab ty Ihe chaiity to the fuTrJ and amounts to £8,0(M {2023'.£6,8991. c0n1fut1OnS were 10 fund at the balance Set date {2023: the sanel. 19 Investmont In 8ubsldhrycomp8ny The charrty has a wholly owned investment in Baker Dearing InternatInal Limited, incoq>orafed on 18 Novembei 2024, company .g15tration number 160117710 and regi5tefed off ice l The Sanctuary London SWIP 3JT. The company has not started trddingatthe balance sheet date. 20 Legal status of Ihe charly The charity E a compa1 limited ty guardntcc ha5 no sharc capfal. The liabihtyof each member thc event ot winding up is limiéed lo £1. Annual report and financial statements Year end December 2024 Baker Dearing Educational Trust Page 33