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 hIgh￿UalItY 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 De￿mber 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 apprentI￿ShIp 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 workin￿On-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 Under￿ing 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 De￿rnber 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-tlicabk in the UK Republi¢ of Irel8nd IFRS 1021 an(J th¢Companics Acl 2006. bl 89els and ￿abIlItIeS ale irtitialty r￿o￿nsed 81 hisi(wtai cosi oc tsBnsaciKJn Yaluc unkss othtrywise Stat￿ in the Ide¥a￿ a￿111)11n1 pollcyor noi& Publlc benefft ffltlty The eh&iiiable company meets ihe definiiion of 8 public beftefit entily u￿￿er FRS 102. d> GOIng￿nceM 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 ndjusln￿nI io Ihe ¢arrytnE 8rrKbunis olassets and l￿bIlitIeS 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 a4￿unt ¢8n mEasuied ieloBbty. lrttshe fiom ￿thern￿nt 01￿1 dffjnis whetl*r t8pi181' grnnts or'revenue. afflnls ts fecognised when Ihe chArty has entiiiemertl lo the fu￿1$, Iny perlormènce condrtions 8lthched lo Ihe oi8nis l*ve bcen mrt, It Is piobable ihat Ihe In(gJme WHI be ieceived ard the artwjuni can measJJred (elkqbty 8fKI is twi tsfeiral. (eceived fFom licen￿ fees Ls retognised osrr t￿5￿me r￿1c*j tts tlt kensee ￿￿￿e$ b&)efrts from ihe lir£r*ed 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. ￿end￿ule￿i¢￿ these uMeriH is ¢h8W 10 the (und. Ufi(esi(¢ied funds are d¢￿81￿1￿% 8NJ ￿h¢1 I￿￿ning recefved or &*frwited for the chaiii&ble rfyucwses Annual report and financial statements Year end De￿mber 2024 Baker Dearirlg Educational Trust Page 25 Docusign Envelope10'. 9A4D58EF-D2F14724-AD44-1CFEAF479147 Baker Deatlng Educattonal Tft￿t Nots8 tothe flnanclal statements Forthe r endad 31 Decembor 2024 unung p)Ilclos Iwnllnued) Expendlture ènd Irrecoverable VAT EXpe￿Ilure i8 rtcognised On￿ Ihere is 8 IEoal or eonstruciwe obl1￿7t1￿ lo r￿ke t1 ￿yfflent lo a Ihiiu Party, ig probable Ihal sc1llen￿fil will tse r￿Ulre￿ and the aoKJuni of iho obl1￿110n c8n be ry*asuied iclitibty. WCodilu￿ is t14￿rIed under followino acirvily headings.. COS￿ d iaisin¢ luods rdate tts Ihe C￿LS irturcc#J by IIEch41iiable Ix)mpany li Ind￿1n0th1rd p￿rt￿l0 make ¥d￿lary conlilbutions 10 it. as WCN as the c05101 onytctivilirs wilh a fuTrJoi517g purpc6C EKpendilure C￿ ¢herA8ble e¢tivili¢g inclufles e4)sis ol p￿￿oI￿O4￿a suppyling UTCS to further Ihe purpo*s of Ihecherity and theic a8$￿121ed support co￿$ AJtOea￿0n of8upp* and goYemBnce costs Resou(ces ex￿n(￿o Rre allocaied io ihe p8rtleulAf activity vtse fthi fel8ies dir￿1￿ io ihai &thi￿ly. GoVer￿nCe¢05￿ a￿alk*s1ed 10 Ihe prom￿XIn 8nd support of UTC& Governance cosls Ihe casts a$s￿laled Wilh Ihc goverAante ai(angemLmls ofthe thaiity. Tl*se costs ale 8ssrKb4ted wilh constitutional andsiaLulory vequiccments aNA include artycO￿5 assc¢M?te(J with 1htsira￿4￿ management of ihe¢ts(ily's aclJVit￿. Debto Ir8de sna 01￿( deblots Ire recogni%ed ai the8dilem￿t8￿Cwfii d￿ 8fter 8rry liÈde dk8Cxiufit oflered. Prewmerts 8fevalued 81 the piepaid r￿1 of any i(8de (fs¢ounts dL*. J) h at bank aTrd In hand ai bcink arKJ cash in hand uKlwl(s (ash and SI￿rt teim hbQhly liquid InV￿tMen13wtth $ st￿rt maturily of three months oi Itss from Ihc of 8¢quisilion oi opcninool ihe th¢wior svnikr ar￿￿nI. Crodliors and prthlslon5 Credilois Rnd prowi4iOnS afe ￿L￿anis&j where Ihe thglily hBs a present obiig8tkJn I￿111ng from g pasl I￿81 wll pioL*bty resull In Ihe iiartsler ol lunds lo a thlrd parly and amounl to Scllle the Obl￿NI10ft caft be measuied ¢y estimaie(I feli8bty. t￿lI(￿s and piovislth)s 8re n0Fma1￿ ￿￿n[S￿l ai it*li seiikmenl antr)unt 8flts fty arfy trade di$¢th￿tS due. The ch•(Ity only h8s flnaTrclal ¥s%ets 8th1 flnanckl liabilli*s of • klrhd Ib81 qu811fy8s fina￿￿￿[ Instrury*n￿. East lknanclNI InstrutrEnl.5 8re InS1ifilty rÉfognlsed al tr¥FwfAion End subsequenlty Iiie8sured 81 I￿•r seiiiemenl V81ue wrfh Ihe excepllcffi ol bank loans wh￿h Ale $ubwuertlty meftsuied 81 aYx)rtised cosi USI￿ Ihe effwai¥e Ilme￿51 Penslony Ihe chftcily ollers 8 defined eoniribulitm seheme Ioc 811 empkwtt wh￿h is athtrÈnfdmeni &)mDILqni. All pens¥Jfi Q)nifibuli0rt8 rd8te io pa)menis m8ue io &￿tIvIdUal empb)ees' pension pkns. Conliltyjtitsrts are chRigeO 10 Ihe staiemeni of linartlRI Hclfvllles In Ihe ar itswhich they reLgte. DbIfet¢￿eS telweon coits1bui￿￿$ dL* and aciualty pald Ire slw)wn Éseiih& acci￿15 ￿ picp8yt￿nts in ihe balance sheei. Annual report and financial statements Year end De￿mber 2024 Baker Dearing Educational Trust Page 26 Docusign Envelope ID". 9A4058EF-D2F1-4724-AD44-1CFEAF479147 B&%•1 Ikarlng Edu￿tIonal Trust Not*s to the Ilnanclal stai•ments FOT the Or *￿￿￿ 31 D￿rnber 2024 Deta11￿1 ¢omparaltves for the statgment of ftnanrJ81 acifviues 2023 Total un￿51r,¢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• 1.3792*0 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 ￿n￿SIr1de 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 $￿ers￿aS 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 exper*nce of Ine UTC mrAJ*l 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 Edu￿tIOnal Tr￿1 Not8sto the slJt¢mls F￿￿ rerthd 31 Dec￿nbel 2ty24 ei￿rQa￿* &iiWlies Cx61 of 7.5 ng UTC ororni.on d SUCP02 CoVema￿e co¥.s 24 ?023 Totsi her Sidf CL%US INoie 71 IJTC pmrytr.,'Oqal aciiyiiie* OGer£iionai & ¢f￿ra￿Tle rr.an4em￿I 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+t￿n afKlsupp)rt Go%emai¢0 ¢oy.g Other Totsl Siaff cc6ts (Note 71 UTC proN,OlioAai at., Oporaiional & pr(*f&rnme moftagemeoi Aarloting & L*ents Admirystrdlio 38&011 565.937 114.CC8 9L989 210.QIXJ 27.571 15.9dO 107,929 15.940 i.ii9.945 210.OQO 27￿71 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 Afta￿Ls 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 cOntrt￿tton ￿￿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 ern￿L￿ national c4Mtribut¥)ns and em￿0ye( ￿n$￿)n corhtfibutlonsl is £183,98412023." £206.897J. The chanty trustees We￿ not paKI or receNed any other beneff¢s trDm eMpk￿￿nt wth the charity in year {2023'. £nill. No ehar((y trustee recewed paymtrnt tof r*clessKinal o( olher swices Suppl￿ lo Ihe chafity {2023'. £nill. TfU5tee5' ex￿nSeS rewesert5 the pawnent of 1emmtr￿￿erneufrrf 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 numtr*r of efftp4triees (head count tesed on numt*r of 5tatt em￿trIed} 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 EduCa￿on￿l Tnot Notos to the flnanc￿l Stslements For the ar 8nded 31 De¢*mber 2024 RO￿ted partyV8nsactlon8 From time to time. averAging approximatety one day per Y4eek. Lwd Baker ffteives secrelafial sUp￿rt WOVKled by the Baker Dearing Iducational Tmst tor his pe￿onal adM￿lstratiVe 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￿ pul￿Se5. 11 D¢btorn 2024 2023 Trade de￿0(5 kc(u￿1 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 (cle￿d 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 Bala￿e 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 un￿StriC1ed 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 Un￿Strict0(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 & I0￿e5 At l January 20211 At 31 December 2024 Trdosfe Restrtcted funds: Gatsby CharfIa￿e 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 f￿d9 334.688 L023.710 1&281,724) 96.674 Purp08es of restrfcied funds The Gatsby C￿l￿able 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 flnanc￿l 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 Imple￿ntation. 16 Reconclllatlon rf Income/(ey4endliure) to nEi¢J5h I1￿ ftom operating aLIMIIo9 2024 2023 Net Income/lexpenditurel forthe ￿[KIrt11￿ peri￿1 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) 0￿￿tIng 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 comm￿MentS The chartty0￿rateS a detined ts)nI(ftJUt￿n ￿nSIOn 5chen*. The assets ol the 5ch8me are held separatety from those of the charly In an 1nde￿ndentIY administered tuno. The pension costs cha(ge represents corrtributi￿s ￿yab* ty Ihe chaiity to the fuTrJ and amounts to £8,0(M {2023'.£6,8991. c0n1f￿ut1OnS were 10 fund at the balance S￿et date {2023: the sanel. 19 Investmont In 8ubsldhrycomp8ny The charrty has a wholly owned investment in Baker Dearing Internat￿Inal 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 compa￿1 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