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2021-03-31-accounts

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; LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED

3157 March 2021

REGISTERED CHARITY NUMBER 210533

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. LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST: “\ : TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2021

The Board of Trustees of Louis Baylis (Maidenhead Advertiser) Charitable Trust presents its annual report for the year ended 31 March 2021, together with the audited financial statements for that year, under the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 (Charities SORP (FRS102)).

REFERENCE AND ADMINISTRATIVE DETAILS

The trustees ofthe charity who have held office since 1 April 2020 are as follows:

P J Sands Chairman PW Murcott Trustee Mrs P A Lattimer Trustee J Robertson MBE Trustee

The address for the charity is PO Box 4832 Maidenhead, Berkshire SL60 1JQ. The website address is www.baylis-trust.org.uk

The charity is registered under the charity number 210533. The trustees have made the following professional appointments:

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Solicitor: Charles Russell Speechly LLP, 5 Fleet Place London EC4M 7RD
Auditor: DSA Prospect Audit Limited, The Old Chapel, Union Way, Witney, Oxfordshire, OX28 6HD .
Bankers: NatWest Bank plc, 66 High Street, Maidenhead, Berkshire SL6 1QA
COIF Charities Deposit Fund, 80 Cheapside, London EC2V 6DZ
Investment Managers: Investec Wealth & Investment Limited, 30 Gresham Street, London EC2V 7QN
Quilter Cheviot Limited 85 Queen Victoria Street London EC4A 4AB
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Our part-time administrator, Mr. Richard Curry is responsible for the day-to-day management of the trust's activities, with particular responsibility for the administration of grant application procedures and grant distributions. Richard can be contacted via email on lbctrust@baylismedia.co.uk. Grant application forms are available via our website and we strongly recommend the use of these forms as the proper channel for applications to the Trust.

Certain management responsibilities are carried out by Craufurd Hale LLP, Chartered Accountants, the business to which the trustee, P W Murcott, provides consultancy services.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and History

The Louis Baylis (Maidenhead Advertiser) Charitable Trust was established by a Trust Deed dated 31 March 1962,

In 1962 the proprietor ofthe Maidenhead Advertiser, Louis Baylis, created this Charitable Trust which continues to bear his name. The charity’s funds constitute a significant investment portfolio, together with the entire issued share capital of Baylis Media Limited, the publisher of The Maidenhead Advertiser, The Slough Express and The Windsor and Eton Express ‘The Newspapers’. i

Clause 2 of the Trust Deed directs the trustees to, hold their investment in Baylis Media Limited (the company”) on trust to apply income in perpetuity for such charitable purposes as they shail, from time to time, in their absolute discretion, select.

The company on 1°' March and 5" March 2006,.in pursuance of resolutions dated 25" October 2005 made capital donations to the charity, thereby broadening and supplementing the trustees’ powers of administration of the assets of the charity. The trustees’ have power to administer the 2006 donations as a separate and unrestricted fund alongside the charity's permanent

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j LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Status and History— continued

endowment. The trustees must apply the income and may supplement that by expending capital from the fund for the above described charitable purposes.

The company in December 2007 and January 2008 in pursuance of resolutions dated 13 September 2007 made additional capital donations. One donation went to the establishment of a permanent endowment fund for the charity and gave the trustees the discretion to accumulate income. Another went to enlarge the expendable endowment furid established in 2006, giving the trustees the discretion to convert to income. These funds are also held for the above described charitable purposes.

Organisational Structure

The overall strategic direction of the charity is determined by the trustees who meet formally at least four times a year to consider and further develop the trust’s objectives. At these meetings grant applications are considered and grants made. During the course of any year the trustees have a number of ad hoc meetings to consider emergency grant applications and any other important administrative issues which need to be dealt with. Since the start of the pandemic the meetings have continued virtually.

The trustees do not delegate their authority in regard to grant decisions and personally consider all the submissions made and make their determinations accordingly. Our part-time administrator deals with a significant portion of the grant application review process, particularly in regard to smaller grant applications which the trustees do encourage. Our website and the relevant links to The Newspapers have enhanced our profile in the Royal Borough of Windsor & Maidenhead which is the principal area which we seek to benefit with our donations. The trust is focused on the long-term goal of social progress and is committed to making a real difference to the fortunes and lives of the inhabitants of the Royal Borough of Windsor & Maidenhead. Indeed, the trust’s objects extend beyond the Royal Borough and grants to national charities are considered. Grants are made to national and regional charities, although applicants should understand that it is still the trustees’ policy to make a greater proportion of its grant monies available to local charities and organisations.

The trustees have no need to create sub-committees although the work of our part-time administrator does lead to streamlining the grant applications procedures and, indeed, facilitates ease of access for applicants. _

Method of Recruitment, Appointment, Election, Induction and Training of Trustees

The statutory power to appoint new and additional trustees contained in the Trustee Act 1925 applies to the charity and is exercisable by the trustees. This is not a national charity; it is not involved in fundraising and its prime objective is that of grant-making. It does not, therefore, need an extensive board of trustees. ;

The trustees are aware of their responsibilities under the Charities Act 2011. They confirm that they have referred to the guidance contained in the Charity Commission’s revised public benefit guidance when reviewing the trust’s aims and objectives and in planning future activities and setting the grant-making policy for the year.

We will keep under continuous review the question of recruitment, appointment, election, induction and training of trustees and ensure that we trustees keep up to date in regard to the changing world of charity law and administration.

The charity has a wholly, owned trading subsidiary Baylis Media Limited, whose results are consolidated in the financial statements for the trust. The principal activity of Baylis Media Limited is that of newspaper proprietors. The company, in addition to The Newspapers wholly owns two subsidiary undertakings both of which are dormant and a participating interest in Thames Valley Independent Media Limited.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT . FOR THE YEAR ENDED 31ST MARCH 2021

Risk and Corporate Governance Matters

The trustees continue to keep under constant review the return on its investment from The Newspapers. This is achieved by the half-yearly mectings which the trustees have with the board of Baylis Media Limited and by trustees, P W Murcott, being a non-executive director of Baylis Media Limited and P J Sands, non-executive chairman. These appointments ensure that the trustees have a good understanding of the trading activities of The Newspapers and enables the trustees to obtain first-hand knowledge of the trading performance of Baylis Media Limited and its performance against its budget and cash flow forecasts.

The financial year ended 31 March 2021 was one of the most challenging the newspaper has faced due to the devastating effects of the Covid-19 pandemic on the economy. The local and regional publishing sector was hit hard but unlike many other hard-hit businesses the newspaper was not able to effectively "hibernate" during the Covid-19 pandemic. This was due to the vital role the newspaper played in providing trusted information to the communities it serves. There was very welcome support from the government in the form of the Furlough Scheme and the Government Information Campaign. ;

Baylis Media Ltd (The Company) suffered a year-on-year decrease in turnover of £801,095 which gave rise to a loss on ordinary activities before interest, tax, depreciation and amortisation of £183,740, as compared to a loss of £24,053 for the previous year. The board of the company will continue to focus on operating the company while staying true to the core purpose which is the provision of quality journalism to the communities it serves. Covid-19 has made that objective very difficult for 20/21. The continuing downward pressure on the company’s business is driven by two primary factors:

«Structural change in the news media sector with the migration of print revenues to Facebook and Google who continue to absorb more than the annual growth in marketing spend.

*The ongoing economic pressure on the small and medium sized enterprise sector, particularly in the retail sector.

The development of the Bell Street property continues in what is a particularly challenging time. '

There is prudent and effective financial management of the business that ensures careful management of the company's cash flow and reserves to ensure that it is viable to meet its financial obligations as they fall due. With careful planning and monitoring over the course of the next twelve months, Baylis Media Ltd will continue to respond to market challenges it faces and will continue to serve the local community with trusted, good quality news, information and services.

Trustees’ Responsibilities in The Preparation of Financial Statements

The trustees are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accountings Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 group and charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the group and charity and to enable them to ensure that the financial statements comply with the requirements of the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 (Charities SORP (FRS102)) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the group and charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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, LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT , FOR THE YEAR ENDED 31ST MARCH 2021

Statement as to Disclosure of Information to the Auditor

The trustees who were in office on the date of approval of these financial statements have confirmed that, as far as they are aware, there is no relevant audit information of which the auditor is unaware. Each of the trustees have confirmed that they have taken all the steps that they Ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Auditor

The auditor, DSA Prospect Audit Limited, chartered certified accountants, has indicated their willingness to continue in office.

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OBJECTIVES AND ACTIVITIES

Charitable Objectives

Our charitable objective is set out in our Trust Deed of 31 March 1962: The trustees shall stand possessed ofthe trustfund upon trustfor the application ofthe income thereofin perpetuityfor such charitable purposes as the trustees shallfrom time to time in their absolute discretion select but during the lifetime ofthe settlor subject to his discretion and approval. Our settlor died in 1974.

Charitable Activities

This section refers only to the charity and its activities and not to the trading subsidiary.

The charity fulfilled its obligations during the year with grants and donations being made to local and national charities in the sum of £213,066 as compared to £229,832 in the previous year. During the year some 106 (2020: 143) organisations benefited from the charity, of which 2 (2020: 2) were for £10,000 or more.

Grants and donations totalling £12,076 (2020: £7,500) were made to 10 (2020; 8) national charities, £54,780 (2020: £26,595) in aggregate to £6 (2020: 16) regional charities and a total of £146,210 (2020: £195,737) to 80 (2020 : 119) local charities and organisations.

During the course of the past year we have continued to support local and national charities at the same level as the previous year. We continue to support Maidenhead Citizens’ Advice Bureau with a grant totalling £27,500 (2020: £25,500); People to Places (the local mobility charity) still receives help from us with grants totalling £13,000 (2020: £12,500).

We have donated £3,808 (2020: £5,000) to the Alexander Devine Children's Hospice who operate a purpose built hospice in the Royal Borough. Our donation has been used by the Hospice to assist with transport requirements and to seed a wellbeing project.

We have donated £34,995 to Thames Hospice, of which £25,000 was to assist in purchasing equipment for the physiotherapy centre. This grant is in addition to our support in 2018 to fund the Louis Baylis physiotherapy centre. We have been delighted to provide a further £9,995 to supplement smaller projects such as providing equipment for the three in-patient wings.

We have continued to support regional charities for example grants of £4,000 (2020: £4,000) to Relate, an organisation which offers family counselling.

On a national level, we have continued to support the Great Ormond Street Hospital for Children with a donation of £2,000 (2020: £2,000), the British Forces Foundation with a grant of £1,000 (2020: £1,000) and a £3,000 (2020: £1,000) donation to Target Ovarian Cancer,

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‘ LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT FORTHE YEAR ENDED31STMARCH2021

Charitable Activities ~ continued

During the course of the year 68% (2020: 86%) of the grants and donations were to local charities, 26% (2020: 11%) to regional charities and 6% (2020: 3%) to national charities. It has always becn the policy of this charity to primarily support local charities but, notwithstanding that, to give recognition to the needs of regional and national charities.

Indicators, Milestones and Benchmarks

The trustees are satisfied with their grant-making policy during the past year. They have covered a wide spread of charities and organisations and, although significant monetary grants have been made, it will be seen from the schedule that they have a policy of making many small grants to local charitable activities. Although small in amount, these grants, in many instances, provide a vital stimulus for the charity workers involved. We are also cognisant of the fact that a number of local charities have, in a sense, become dependent upon the annual grants from our trust. Such charities have to provide us with regular activity reports and details of their financial accounts. Care is taken to ensure that previous grant monies have been expended for good purpose. Our charity is in a unique position in that one of its principal investments is Baylis Media Limited, and we work very closely with The Newspapers to ensure that the activities of the trust receive good publicity and, in turn, that generates a significant response from local charities outlining their needs. The Newspapers provide essential feedback for us in regard to the success or otherwise of the grants which we have made.

We trustees are conscious of our responsibilities under the Equality Act 2010.

We actively encourage applications for grants from all sections of the communities of Maidenhead, Windsor, Burnham, Twyford and Marlow. We do not like to set benchmarks in regard to what proportion of our grant monies are allocated to particular needs groups although it is true to say that the bulk of our donations are for the benefit of the elderly, young and disadvantaged.

It is not our general policy to make donations to individuals however worthy those applicants may be. We do not confine our grants to other registered charities, Each application is considered on its merits. Applications are generally dealt with at the two half-yearly mectings althoughnecessary.the trustees have during the courseof the past year reacted to the special needs of local charities and made emergency grants as

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The trustees have reviewed their grant-making policy in light of the Equality Act 2010 and consider that it is compliant with the Act. The trustees are satisfied that their policy does not unlawfully discriminate against applicants with protected characteristics or in any way contravene the provisions of the Equality Act 2010. The trustees are aware that the grant-making policy encourages applications from the Royal Borough of Windsor & Maidenhead but would highlight the fact that the grant monies are allocated to all sections of the community and that each grant is considered on its merits.

Relationships with Related Parties ; The trust wholly owns Baylis Media Limited. Two of the trustees, P J Sands and P W Murcott, are members of the board of the company with P J Sands being the non executive chairman.

Representation on Other Bodies

We are primarily a local charity and are not represented on regional or national bodies. The trustees do not see that as their purpose.

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ACHIEVEMENTS AND PERFORMANCE Activities and Events

We have had another successful year and the trustees were pleased to be able to continue to make grants and donations at a level of £213,066 compared to £229,832 for the-previous year. As previously reported the past year has been another extremely challenging one for The Newspapers . There continues to be a strong trend of newspaper readers moving online as well as classified advertisers moving away from print. To combat these changes the newspaper has had to make some significant changes in staffing, printing and in the products themselves and continuously looks at new opportunities to diversify. Due to losses sustained the company is not currently making any gift aid contribution to the trust. The board of the newspaper are confident that the business, with careful planning and monitoring, over the course of the next year will continue to react to market changes and serve the local community with trusted good quality news, information and services. The trustees carefully monitor the results of the company and consider their budgets and cash flow forecasts. In addition to growing core revenue streams organically, considerable time and financial investment has been spent on broadening the base of the company through diversification. A strategy is being pursued of developing new and profitable revenue streams from digital marketing.

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FINANCIAL REVIEW

Financial Results of Activities and Events

Our financial statements outline our income and expenditure (excluding the results of thé subsidiary). During the year in question the charity's total income was £255,697 (2020: £315,557) with resources expended of £317,452 (2020: £324,562) including grants and donations made of £213,066 (2020: £229,832). The governance costs of the charity were £104,386 compared to £94,731 for the previous year. The funds of the charity were an unrestricted general charity fund of £104,775 (2020: £166,530), an expendable endowment of £3,000,000 (2020: £3,000,000) and a permanent endowment of £8,196,672 (2020: £6,537,713). In addition to this, our endowment fund also includes the investment in Baylis Media Limited of £3,694,080 (2020: £3,701,415).

Going Concern

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The trustees have considered the period of at least twelve months from the date of approval of the balance sheet and including the impact of the ongoing COVID 19 pandemic on that assessment. Despite uncertainties surrounding the carrying value of the investment portfolio and the expected investment income that will be generated from these investments going forwards, the Trustees are confident that they have sufficient cash reserves to enable to meet liabilities as they fall due. The Trustees have also considered the financial position of the trading subsidiary, and although some future uncertainty remains and the risks cannot be completely mitigated the Trustees are confident that the group has Sufficient cash reserves to continue for the foreseeable future, considered to be 12 months from the date of signing these financial statements.

Grant-Making

We have already made reference in detail to the grants made and the grant-making policy of the trust. The trustees review the grant-making policy annually to ensure it remains appropriate to the strategic direction of the charity and its objects and thereby advances public benefit. To this end, the trustees annually review the trust’s grant-making procedures.

Reserves Policy

The group reserves at the year énd were £14,995,527 (2020; £13,405,656). Under the terms of the Trust Deed the trustees are instructed to stand possessed of the trust fund upon trust for the application of the income. Under the terms of the capital donations received from Baylis Media Limited the trustees either must or may apply income (unless the trustees exercise their power to accumulate income) and also have power to expend part of the capital as income. It is the trustees’ intention to distribute its income locally and nationally as soon as possible. The trustees are, however, conscious that a number of charities are accustomed to regular grants from the charity and, as such, does, therefore, carry a certain level of reserves to meet these charities’ expectations. At 31 March 2021 the charity had undistributed reserves of £104,775 (2020: £166,529).

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2021

Investment Policy

The Trusts principal discretionary fund managers continue to be Investec Wealth & Investment Limited and Quilter Cheviot Limited. These investment funds have similar investment objectives, attitude to risk and performance benchmarks. The Trustees consider that as they have significant funds under discretionary management, the running of two portfolios in parallel gives them a useful opportunity to compare investment performance.

The core objective within both portfolios is a balanced return between income and capital with medium risk, with time horizon in excess of ten years. The aim of the portfolios is to build the capital of the charity in order to diversify the asset base whilst still providing a level of income to support charitable purposes. We have determined that the performance of our portfolios over the long term should be measured against RPI plus 2% to demonstrate whether the portfolio has been maintaining its real value. We have annual meetings with both sets of investment advisors to review asset allocation, investment strategy, performance and benchmarks.

For the year to 31 March 2021 the portfolios produced an income of £250,396 compared to £306,917 for the year to 31 March 2020. The current estimated annual income from the portfolio is £258,000 (2020: £239,000), At 31 March 2021 Investec Wealth and Investment Limited and Quilter Cheviot Limited had under management funds with a valuation of £10,141,847 (2020; £8,533,190), compared to original historical cost of £7,529,312 (2020: £7,498,551).

The value of the investments held by the charity increased by £1,658,958 in the year ended 31 March 2021 compared to a fall of £952,453 in the prior year, this was in line with general stock market trends. The trustees are in regular contact with their investments advisors and take their advice on managing the investments.

We meet regularly to consider the suitability of the charitable trust’s investments and the merits of diversification. In addition to the investment portfolio, as discussed above, the trustees hold the entire issued share capital of a provincial newspaper publisher. There are risks in holding a significant weighting in a single investment for which the trustees have been rewarded by significant payments over the years by way of gift aid. It is a circumstance of the charitable trust but our Trust Deed does not confer power to sell these shares. However, we are aware of our responsibility to secure the fullest benefit that we can from this holding. During the year we meet regularly with the board of Baylis Media Limited to consider its performance, which for the year to 31 March 2021 has been challenging given the difficult market circumstances in which the company is trading at the present time.

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Public Benefit

. The Trustees consider that local newspaper journalism as well as being in the public interest coincides with providing a public bencfit:- The advancement of a charitable purpose beneficial to the public in the areas of:-

Informing Providing local people with information they require to understand and participate in their local communities. Representing Acting as a voice for local people to convey their opinions and experiences to each other and to others who would not

otherwise hear their voices. Campaigning Related to representing, acting as a platform for identifying the needs of local people and allowing them to work together to achieve a common aim. Interrogating Holding local institutions, local government, public and private sector organisations to account, exposing wrong doing and securing the effective use of public assets for public benefit.

The Charity Commission was not satisfied that local journalism could be considered exclusively charitable. However they did broadly accept that a local newspaper could further a charitable purpose such as the advancement of citizenship, arts and culture and the promotion of civic responsibility and community development. ;

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: LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST TRUSTEES’ ANNUAL REPORT : FOR THE YEAR ENDED 31ST MARCH 2021

Public Benefit - continued

These views have led the Trustees to consider Baylis Media Limited to be a ‘mixed motive’ investment that provides both:

(a) Asource of income.

(b) The additional advancement of charitable purposes through local journalism,

To support this view the newspaper "the company" prepares an annual report to the Trustees outlining how the editorial activities of Baylis Media Limited have, during the past year, helped to further the charitable purposes identified by the Charity Commission, namely the promotion of citizenship, arts and culture, civic responsibility and community development.

PLANS FOR FUTURE PERIODS

The trust intends to maintain its existing policy of grant distributions and to take account of the provisions of the Equality Act 2010, as previously mentioned in this report. The Covid-19 situation has put further pressure on both the trust and The Newspapers, but they continue to work closely together. The economic situation resulting from Covid -19 has added further challenges to our donee charities and we trustees are conscious of this and strive to fulfil our objectives and to meet grant requests wherever we reasonably can.

Our trust will continue to support local charities during the ensuing year but with an eye also to the needs of regional and national charities. | We will continue to develop our investment policy to enhance the income from our investment portfolio.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST FOR THE YEAR ENDED 31ST MARCH 2021

Opinion

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We have audited the financial statements of the Louis Baylis (Maidenhead Advertiser Charitable Trust (the ‘charity’) and its subsidiary (the ‘group’) for the year ended 31 March 2021 which comprise the group statement offinancial activities, the group and parent charity balance sheets, the group cash flow statement, and notes to the financial statements, including asummary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice),

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

We conducted our audit in accordance with International Standards on Auditing (UK} (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit ofthe 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. sae Conclusions relating to going concern _ = aon "7 We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - a

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Other Information

The trustees are responsible for the other information. The other information comprises the information included in the trustee’s annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon

In connection with our audit of the financial statements, our responsibility is to read the other information aid, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard.

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: INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST FOR THE YEAR ENDED 31ST MARCH 2021

Matters on which we are required to report by exception

We have nothing to report in respect ofthe following matters where the Charities Act 201 | requires us to reportto youif, inour opinion:

Responsibilities of trustees As explained more fully in the Statement of Trustees’ responsibilities set out on page 3, the trustees are responsible for the preparation ofthe 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 offinancial statements that are free from material misstatement, whether due to fraud orerror.

In preparing the financial statements, the trustees are responsible for assessing the group's and parent charity's ability to continue asa going concern, disclosing, as applicable, manners related to going concern and using the going concern basis of accounting unless the trustee’s either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordance with consideredISAs (UK) will always detect a material misstatement when it exists. Misstatementscan arise from fraud or errorandare material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements. A further description of our responsibilities for the audit ofthe financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report,

Use ofour[report]

’ This report is made solely to the charity's trustees as a body, in accordance with the Charities Act 201 1. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the-op ave formed. > DJAnvaRy Zo2zZ Mr Gary John Mchale FCCA (Senior Statutory Auditor) For and on behalfof: DSA Prospect Audit Ltd Chartered Certified Accountants Statutory Auditor The Old Chapel Union Way Witney Oxfordshire ‘ OX28 6HD

DSA Prospect Audit Ltd is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLETRUST
CONSOLIDATED STATEMENTOF FINANCIAL ACTIVITIES
FORTHE YEAR ENDED 31STMARCH MARCH 2021
Unrestricted Endowment fund Total Total
General Charity Baylis 2021 2020
‘ Fund Media Funds Funds
Charity Limited
; Notes £ £ & £ £
Income from:
Other activities:
Commercialtradingoperations 1 - - 892,327 892,327 1,693,998
Investments 2 253,449 - (1,217) 252,232 322,961
Total income 253,449 - 891,110 1,144,559 2,016,959
Expenditure on:
Other expenditure:
Commercial tradingoperations 3 - - 914,770 914,770 1,734,886
Charitable activities:
Expenditure on charitable activities 4 317,453 - 28,316 345,769 376,787
Total resources expended 317,453 - 943,086 1,260,539 2,111,673
(Losses)/Gains on investmentassets 10 - 1,658,959 46,891 1,705,850 (980,924)
Net(Expenditure)/income for the year (64,004) 1,658,959 - 5,085 1,589,870 - 1,075,638
Gross transfers between funds 14 2,250 - (2,250) - -
Netmovement
in		 funds (61,754) 1,658,959 (7,335) 1,589,870 (1,075,638)
Fund balances at 1 April 2020 166,529 9,537,713 3,701,415 13,405,657 14,481,295
Fundbalancesat31March2021 104,775 11,196,672 3,694,080 14,995,527 13,405,657

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

None of the charity’s other activities was acquired or discontinued during the above two financial years,

The group has no recognised gains or losses other than those dealt with in the statement of financial activities.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST BALANCE SHEET AS AT 31ST MARCH 2021

Group Charity Charity
2021 2020 2021 2020
Notes
FIXEDASSETS £ £ £ £
Intangible assets 8 60,826 83,771 - -
Tangible assets 9 2,996,458 3,017,559 - “
Investments 10 10,479,759 8,909,869 13,860,503 12,259,178
13,537,043 12,011,199 13,860,503 12,259,178
CURRENTASSETS
Debtors: due withinoneyear II 443,734 322,094 72,743 81,846
Cash at bank and inhand 737,111 786,255 631,004 613,912
1,180,845 1,108,349 703,747 695,758
CREDITORS
Duewithinoneyear 12 (177,361) (183,892) (23,723) (19,279)
NETCURRENTASSETS 1,003,484 924,457 680,024 676,479
‘NON CURRENTASSETS
Debtors: due in more than oneyear 11 455,000 470,000 455,000 470,000
NETASSETS 14,995,527 13,405,656 14,995,527 13,405,657
RESERVES
Endowment funds
Expendables i3 3,000,000 3,000,000 3,000,000 3,000,000
Permanent 8,196,672 6,537,713 8,196,672 6,537,713
Non-charitable tradingfunds 3,694,080 3,701,414 3,694,080 3,701,415
Unrestricted funds
Charitable funds 104,775 166,529 104,775 166,529
; 14,995,527 13,405,656 14,995,527 13,405,657
Thefinancialstatementsonpages 10 to26
P 1 Sands
Trusteebs
a		 gf
Joy
26wereapprovedbythetrusteesandauthorisedforissueotDecalaresignedontheirbehalfby:
PWa
Trustee
Pn Asiege

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2021

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Notes|2021|2020| |Cash|flows|fram|operating|activities|16|(615,365)|(317,026)| |Investing|activities| |Purchase|of intangible|assets|-|(3,150)| |Proceeds on|disposal of intangibles|-|2,841| |Purchase|of tangible|fixed|assets|,|(22,972)|(85,393)| |Proceeds on|disposal of tangible|fixed|assets|-|(1,681)| |Proceeds|from|investments|391,444|372,973| |——————|ee|ree| |Net cash|generated|from|investing|activities|368,472|285,590| |Financing|activities| |Dividends|paid|(2,250)|(2,250)| |Taxation| |Deferred|tax asset|200,000|.| |Net|decrease|in|cash|and cash equivalents|(49,143)|(33,686)| |Cash|and|cash|equivalents|at|the|start of the|year|786,255|819,941| |ee eae|ps| |Cash|and cash equivalents|at the end of the|year|737,112|786,255|

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. LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2021

Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective I" January 2015 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trustees have considered the disclosure in the accounting policies concerning the charity's adoption of the Charities SORP (FRS102) issued in July 2014, rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2015. The trust constitutes a public benefit entity as defined by FRS 102. : The charity’s business address is located at PO Box 4832 Maidenhead Berkshire SL60 1JQ

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

The financial statements are prepared in sterling which is the functional currency of the charity, Monetary amounts in these finaricial statements are rounded to the nearest £1.

Going Concern

The Trustees have considered the appropriateness of the going concern assumption in preparing the financial statements. In making that assessment they have considered a period of 12 months from the date of approval of the financial statements including the impact of the ongoing COVID pandemic on that assessment. In arriving at this assessment, the Trustees have consideredforwards, andthethecarryingcurrentvaluefinancialof thepositioninvestmentsof theheld,tradingthe subsidiary,level of returnincludingon investmentsthe budgets expectedand forecasts to be generatedthey have going prepared. Based on this review, the Trustees consider that the current cash levels and investment portfolio provide the charity with free reserves that will allow it to withstand the potential impacts of Covid for at least 12 months from the approval of the financial statements.

Basis of consolidation

The Statement of Financial Activities and the Balance Sheet consolidate the financial statements of the Trust and its subsidiary undertakings _ The Charity has taken advantage of the concession offered by the Charity Commission not to present a separate SOFA for the charity as a standalone entity. The statement of cash flows is prepared for the consolidated accounts. The Charity has not prepared a separate statement of cash flows as permitted by FRS102 Section 7.

Income

Voluntary income, including donations and gifts, are recognised where there is entitlement, receipt is probable, and the amount can be measure with sufficient reliability.

Income from commercial trading operations, arising from the Charity’s subsidiary Baylis Media Limited, represents the invoiced value, net of value added tax, arising from its complete weekly series of newspapers and publications fully published in the accounting period and the invoiced value, net of value added tax, of goods and services provided to customers during the accounting period,

Investment income is recognised on a receivable basis.

All income was generated in the UK.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2021

Expenditure

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Costs of generating funds are the operating costs of the charity’s subsidiary, Baylis Media Limited.
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Governance costs include those incurred in the governance by the Trustees of the Charity’s assets and are primarily associated with constitutional and statutory requirements of operating the charity.

Management and administration costs are allocated to services in proportion to the level of central resources utilised.

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Intangible fixed assets other than goodwill

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Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and
accumulated impairment losses, Intangible assets are amortised to profit or loss on a straight-line basis over their useful lives,
as follows:
Purchased computer software 20-33% straight line
Amortisation is revised prospectively for any significant change in useful life or residual value.
On disposal the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised
in profit .
Tangible Fixed Assets
Tangible fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation is provided on all
tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset to its estimated residual
value on a straight-line basis over its expected useful life, as follows:
Freehold buildings 2% straight line
Plant and machinery 10-33% straight-line
Motor vehicles 20% straight line on a cost less a residual value of 35%
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Residual value is calculated on prices prevailing at the reporting date, after estimate costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Fixed asset investments Interests in subsidiaries are initially measured at cost and subsequently measured at cost less and accumulated impairment losses, The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. . Asubsidiary is an entity controlled by another entity. Control is the power to govern the financial and operating policies ofthe entity so as to obtain benefits from its activities.

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. LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2021

Fixed asset investments- continued

An associate is an entity, being neither a subsidiary or joint venture, in which the company holds a long-term interest and where the company has significant influence. The entity considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Listed Investments

Investments are a form of basic financial instruments and are initially recognised at their transaction value and subsequently measure at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. The Trust does not acquire any put options, derivatives, or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets due to wider economic condition, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub sectors

Impairments of fixed assets

At each reporting end date, the trading subsidiary reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estiniate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cashgenerating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for us are tested for impairment annually, and whenever there is an indication that the asset may be impaired

:

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing the value in use, the estimate future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

‘

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments.

Financial instruments

The trading subsidiary has elected to apply the provisions ofSection 1] 'Basic Financial Instruments’ of FRS 102 toll of its financial instruments.

Financial assets

Financial assets are classified into specified categories. The classification depends on the nature and purpose ofthe financial assets and is determined at the time of recognition,

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at r transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST ACCOUNTING POLICIES FOR THE YEAR ENDED 31ST MARCH 2021

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial, The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period, The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impairment of financial assets Financial assets, other than than those held at fair value value through profit and loss, are assessed assessed for indicators of impairment impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initialin profit recognitionor loss. of the financial asset, the estimated future cash flows have been affected, The impairment, loss is recognised Derecognition of financial assets

Financial assets, other than than those held at fair value value through profit and loss, are assessed assessed for indicators of impairment impairment at each reporting end date.

Financial assets are derecognized only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised cost using the effective interest method, Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Derecognition of financial liabilities

;

Financial liabilities are derecognized when, and only when, the trading subsidiary obligations are discharged, cancelled or they expire.

Equity instruments

Equity instruments issued by the trading subsidiary are recorded at the proceeds received, net of debt issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of[the][trading] subsidiary. :

Taxation

_

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilitics are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends cither to settle on a net basis or to realise the asset and settle the liability simultaneously.

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LOUIS BAYLIS IMAIDENHEAD ADVKRTISERI CHARtTABLE TRUST ACCOUNTIIYG POLICIL8 FOR THE YEAR ENDED 31ST MARCH 2021 T#%gtioTrcolltlnu¢d Current tsx 1$ bascd on tsxable Profit for the y¢ar. T￿able pmfii dlft¢rs from loltl tomDTehengive because it excllldes items of incotiie or expense IhRt are tuqblt or deductible in other period$. Currcnt tax 0$5¢ts 4nd liabilitie5 ar¢ meastsre using tsx r4l¢s I1￿(￿aVE been en&¢ted or 4ubstsmii¥ely enacted by th¢ T¢POrtln8 d&te. Deferred Isx is ¢alcul8led al the lox rBles that Are expected to apply lo th¢ period wh¢n th¢ as￿1 1$ realIse￿ or th¢ liability is 5ellled based on th¢ 18x rates Ih&t h8v¢ b¢¢n ena¢led orsubslaDiively ella￿ed by the reporting dsie. Deferred 18x liobiliti¢s are re¢ognised in r¢specl of all liming dityerences that ex151 at the repordng da. Timing differences 4Te dilYerence8 betwceji taxable profits and total cotllprehrn5ive income that arise from the inelusion of income 4nd expen5e% in asses$m¢nls in diffuent pEriods from Iheir r¢coEDltion in the financial 5ts1¢ments. Deferred wets ar¢ recogni￿￿ only to the ¢xt¢nt Ih&t li is pmbable they will be r¢wvcred by the revet5AI of deferred tax liabilities or oth¢r rutur¢ I￿able profits. The charity ￿ eniiiled ID th0seexempilDttS fronl UK t8XAtion, which ￿e &v¥ilable in14w tD charitie& Provi.iion5arcr¢cognisedwhenth¢y¢isa1egalorconslructivcpres¢niobllgalion4saresuJtDfapa5te￿n¢.Itlspr0bttbkthatth¢ obligation will berequired tob85ertled ènd &reli&blc esiimthean bemadeofthe amountofth¢obligaiion. The2MOUlltrecognised asaprovislon i51h¢ besie6tim&l¢ofth¢¢onsideration rgguircd th 8ettlethBpre52ntobli8ationatth¢ reponin8end dale. takirts Inty accoiini th¢ri5ks and une¢rtaitttitS 5tsrtoundin8 th¢obligation. Where the crre¢t olihe time value of money is tnateriaI, the &￿QU￿t exp¢ct¢d t¢ ￿ r¢quir¢d lo Kttl¢ lkn obli8alion is recognised al present VAllle. When a provi$ioo is ￿asUred at present Vll1￿ th¢ unwindittg of the discount IS Tetogniscd a a f￿ance cost in prDfJl or1055 ill the period it STi5¢5. Employt£ benEfits The coBts of$hDrt-ierni employee benefits are Teco8nised as a lsabiliiy and aTrcxpenst unless those cosLs 8r¢ r¢quitcd to b re¢ognised as psrt ofthe Cost of stork or fixedass¢18. The Losi ofatty tsnused holiday Lniiilemenl is recogniscd the period in which thc employee's 5ervi¢¢E are received. Termthation benefits are rewgnisBd immedial¢ly as ao expense wkn the trading sub51di8ry i8 demonstrably commilt¢d to kftninate the ejnploynitttt of an B￿ploYee orto provide termimrion benefit5. Rttir¢m¢nt b¢nefit$ FOrdEr￿ed coTrtribuiion schemes Ihc amount charg¢dto pmfitorloss is the contributions payable intheyw. Dityerene beiweoncontribtstityn$wableinthey¢arattd¢ontributions athually p8idatest￿￿V￿$eitherIc¢rllalsQrpTEp￿Yrn¢nts. Leases Le85cs arc classifi¢d as finance leases whenever the ternis of th¢ lea8¢ transf¢r substantially qil the tisks #nd r¢wgn180f wncTship lo the le8s¢es. All other Igases are ¢la55ified BS operatin8 kases. A55e15 hcld under tlnante It￿¢5 are recognised a5 &￿et5 81 Ili¢ lowcrofihc as8cts f81r value at th¢ date of iDceMion and Ihe pr¢s¢ni value of the minimtsm lea5¢ payments. The rElgld liability is included in thc gtAtemLnt of financial position a5 a rinan¢e l¢asE obligation. L¢as¢ payments are tre8t¢d gs ¢on5iSting ofcapilal and iDtsr¢$t elernEnt5. The Inter¢ is charged to thB incom¢ 5t4icmcni YA) as to produce a consiani periodic t&te of ittt¢r¢st on the Temainitig bolaDce of the liability. REntal income from operaibJ8 l¢a5e8 is reco8lli8ed on a strAi8ht-line b&4is over the tsrm of thtr relevant It￿¢. Initial diT¢Gt cost5 iacurred in ne8Qtialing and Èrrsnging and operoting lease ore Added to thc catyying 6mouAt of the kas¢d asset Hnd reety8ni$ed on a straighi.ltne bAsis over the [c￿e temi. P2gel 18

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST ACCOUNTING POLICIES ’ FOR THE YEAR ENDED 31ST MARCH 2021 ;

Leases-continued

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of[the][time] pattern in which economic benefits from the lease asset are consumed.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

The Permanent Endowment Fund represents the original gift to the charity ofthe Share capital ofBaylis Media Limited (“‘the company”) and subsequent transfers of funds from the company designated as such. It provides for the trustees to invest the capital in perpetuity, the income from which is wholly unrestricted.

The Expendable Endowment Fund represents transfers of funds from the trading subsidiary designated as such. The trustees have the power to convert the capital into income at their discretion. :

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1, COMMERCIAL TRADING OPERATIONS

This represents the trading activities of the subsidiary company, Baylis Media Limited, company number 00382741. The company’s turnover and profit before taxation were all derived from its principal activity, as newspaper proprietors, wholly undertaken in the United Kingdoin.

2. INVESTMENT INCOME

INVESTMENT INCOMEINCOME INVESTMENT INCOMEINCOME INVESTMENT INCOMEINCOME ,
Unrestricted EndowmentFund Fund :
General Baylis 2021 2020
Fund Media Total © Total
Charity Charity Limited Funds Funds
Bank interest
- bank interest 3,052 3,052 6,390
Listed portfolio ;
- investment income 250,397 (1,217) 249,180 316,571
- bankinterest ~
253,449 (1,217) © =252,232 252,232 322,961
  1. COSTS OF GENERATING FUNDS
Unrestricted
General		 Endowment Fund
Baylis		 2021 2020
Fund Media Total Total
Charity Charity Limited Funds Funds
£ £ £ £ £
Commercialtrading operations:
Staffcosts (note 5) - ‘ 863,863 863,863 1,017,700
Other direct costs - - 427,364 427,364 632,129
Other operating income - - (233,031) (233,031) -
Tangible fixed assets:
Depreciation “i - 44,074 44,074 64,877
Surpluson disposal
Auditors remuneration		 -
-		 -
P		 zi
12,500		 -
12,500		 4,180
16,000
- - 1,114,770 1,114,770 1,734,886
Taxation (note 7) - - (200,000) (200,000) -
- - 914,770 914,770 1,734,886

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atItIEIIIIIIIISISUIIIIIIIIIISISSSSIS

LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

4, EXPENDITURE ON CHARITABLE ACTIVITIES

||Unrestricted
General|| _EndowmentFund|Fund
Baylis|2021|2020| |---|---|---|---|---|---| ||Fund||Media|Total|Total| ||Charity|Charity|Limited|Funds|Funds| ||£|£|£|£|£| |Grants anddonations (SeeNote 6)|213,066|-|“10|213,076|230,623| |Governance costs:-|||||| |Legal&professional fee:|34,407|-|8,802|43,209|20,766| |Investment managers fee .|50,192|-|1,882|52,074|59,048| |Auditor's remuneration|6,630|-|7,500|14,130|29,970| |Other costs|13,158|-|10,122|23,280|36,380| ||317,453|-|28,316|345,769|376,787|

The charity maintains trustee professional indemnity insurance. The premium paid in the year was £2,096 (2020: £2,294)

5. STAFF COSTS

.

STAFF COSTSCOSTS
2021 2020
Total Total
Funds Funds
Salaries
Social security costs		 768,495
65,105		 897,694
79,919
Pensioncosts 30,263 40,087
863,863 1,017,700
Averagenumberofemployees: No No
Works andprocessing 2 3
Editorial 15 16
Advertising 1 8
Office andmanagement ° 5 5
29 32
Emoluments ofstaffover £60,000 per annum:
£60,000 -£70,000 1 0
£70,001 -£80,000 2 0
£80,001 -£90,000 0 1
£90,001 -£100,000 0 3
3 4

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

Pension Costs

The trading subsidiary operates a defined contribution pension scheme whose assets are held separately from those of the company in an independently administered fund. Contributions payable by the company amounted to £30,263 (2020: £40,087). At the balance sheet date there were no unpaid contributions. The Trustees are the key management personnel of the group, The Trustees consider that there are no other key management personnel of the charity. The day to day running of the trading subsidiary Baylis Media Limited is delegated to the board of directors, the remuneration of whom is disclosed in the Baylis Media Limited financial statements.

6. GRANTS AND DONATIONS

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||||||||| |---|---|---|---|---|---|---|---| |2021|2021|2020|2020| |Number|£|Number|£&| |National|charities|12|12,076|8|7,500| |Regional|charities|and organisations|22|54,780|16|26,595| |Local|charities|and|organisations|91|146,210|119|195,737| |,| |125|213,066|143|229,832|

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7. TAXATION

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||||||| |---|---|---|---|---|---| |2021|2020| |£|£|:| |UK|corporation|tax| |CurrentPrior|yearyear|;|=-|@7| |Current|tax charge|=|=| |Origination|and|reversal|of timing differences|-|-| |Deferred|tax credit|200,000|-| |Total|tax credit|200,000|-|

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

8. INTANGIBLE FIXED ASSETS —- GROUP

Computer
software
£
COST
At Ist April2020 213,081
Additions : -
Disposals -
At 31st March 2021 213,081
Amortisation and impairment
At Ist April2020 129,310
Amortisation charged in the y ear 22,945
Disposal -
At 31st March 2021 152,255
Carryingamount
At 31st March2021 60,826
At 31st March2020 83,771
9,
FIXED ASSETS—GROUP
PropertyUnder Freehold Plant& Motor
Development Land& Buildings Machinery Vehicles Total
£ £ £ £ £
COST
At Ist April2020 1,412,495 2,182,830 210,856 32,297 3,838,478
Additions 4,200 - 18,773 - 22,973
Disposals - - (219) - (219)
At 31st March 2021 1,416,695 2,182,830 229,410 32,297 3,861,232
Depreciation andimpairment
At Ist April2020 - 605,864 185,758 29,297 820,919
Depreciation charged intheyear - 27,805 13,269 3,000 44,074
Eliminated inrespect ofdisposals - - (219) - (219)
At 31st March 2021 - 633,669 198,808 32,297 864,774
Carryingamount ——_— —— ner
At 31st March 2021 1,416,695 1,549,161 30,602 - 2,996,458
At31stMarch2020 1,412,495 1,576,966 25,098 3,000 3,017,559

9, FIXED ASSETS — GROUP

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

10. INVESTMENTS

10.
INVESTMENTS
Group Charity
2021 2020 2021 2020
Group undertaking . - 3,716,156 3,723,489
Shares in participating interests 3 459 2,500 2,500
Unlisted investments at valuation .
102		 75,900 - -
Listed investments at valuation 10,305,865 8,273,893 9,998,795 7,994,114
Bank funds held by investment broker 173,789 559,617 143,052 539,075
10,479,759 8,909,869 13,860,503 12,259,178
The unlisted investments are held by the subsidiary BaylisMedia Limited and represent bank balances andshort-term cash bondsand
deposits. These funds are held as fixed asset investments as it is not
activities but to invest them in other suitable investments at a future		 the intention to utilise these
date.		 funds inthecompany’soperational
The listed investments represent fixed interest ratebonds, investment and unit trusts,Treasury Stock, and equities.
The following were the holdingsofmore than20%ofthe share capital at the balance sheet date:
Subsidiaries Description and
Country of proportaion of
Net assets incorporation share capital held
Baylis Media Limited £3,718,656 England and Wales Ordinary 100%
(Newspaper proprietors)
Baylis&Co (The Maidenhead Advertiser) Ltd £1,000 England and Wales Ordinary 100%
(Dormant)
JewelFM Ltd £1] England and Wales Ordinary 100%.
(Dormant)
Participating interests
Thames Valley IndependentMediaLimited -£1,210 England and Wales Ordinary 25%
(Dormant)
Hubbub Digital Marketing Ltd -£65,265 England and Wales Ordinary 50%
(Dormant)

The unlisted investments are held by the subsidiary Baylis Media Limited and represent bank balances and short-term cash bonds and deposits. These funds are held as fixed asset investments as it is not the intention to utilise these funds in the company’s operational activities but to invest them in other suitable investments at a future date.

The listed investments represent fixed interest rate bonds, investment and unit trusts, Treasury Stock, and equities.

The following were the holdings of more than 20% of the share capital at the balance sheet date:

The registered offices of the subsidiaries and participators is Newspaper House, 48 Bell Street Maidenhead, Berkshire SL6 1HX.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

11, DEBTORS

Group Charity
2021 2020 2021 2020
Due within one year:
Other debtors - 5,000 - 5,000
Trade debtors 135,562 186,714 - -
Prepayments and accrued income 108,172 130,380 72,743 76,846
Deferred tax asset (note 13) 200,000 - - -
443,734 322,094 72,743 81,846
Due inmore than one year: ————- —— — ——
Otherdebtors 455,000 470,000 455,000 470,000

Other debtors due after one year is an interest free loan grant to Maidenhead Heritage Centre of £455,000, to 31*t December 2026 which has been secured on the property the center occupies,

12. CREDITORS: Amounts falling due within one year

Group Charity
2021 2020 2021 2020
Trade creditors 31,115 62,984 s ‘
Other taxes and social security 60,394 54,473 - -
Other creditors 16,773 10,018 - -
Accruals 69,079 56,417 23,723 19,279
177,361 183,892 23,723 19,279

13. ENDOWMENT FUNDS

The permanent endowment fund represents: a. __ the original gift of£1,500 shares of£1 each fully paid, representing 100% ofthe equity share capital ofBaylis Media Limited (“the company”).

b. the purchase of the non-equity shares in the company for £15,000.

c. transfer of funds from the company designated by the company as Permanent Endowment.

The Expendable Endowment Fund represents the transfer offunds from the company designated by the company as Expendable Endowment. :

The non-charitable trading funds represents the net assets value of the company.

14, GROSS TRANSFERS BETWEEN FUNDS

The gross transfers between funds represents the dividend payments made by the subsidiary, Baylis Media Limited, to the charity.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

15. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

General Baylis 2021
Fund Media Total
Charity Charity Limited Funds
Goodwill - a Ps “
Intangible fixed assets - - 60,826 60,826
Tangible fixed assets - - 2,996,458 2,996,458
Fixed asset investments - 10,166,423 313,335 10,479,758
Debtors 72,743 455,000 370,991 898.734
Cash at bank and in hand $5,755 575,249 106,107 W711
Creditors amounts due within one year (23,723) - (153,637) (177.360)
104,775 11,196,672 3,694,080 14,995,527
16. NOTES TO THE CASH FLOW STATEMENT
2021 2020
Reconciliation ofoperating cash flows 1,592,119 (1.073.477)
Adjustments for:
Investments (1,960,331) 655.713
Taxation (200,000) -
Disposal. depreciation and amortisation offixed assets 67,019 69,148
Movement in working capital:
(Increase)/decrease in debtors (106,640) 45.639
(Increase)/decrease in creditors (7,532) (14,049)
Cash flows from operating activities (615,365) (317.026)
CASH AND CASH EQUIVALENTS
Cash and cash equivalents represent:
Cashatbank WAL 786.255

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

.17. RELATED PARTY TRANSACTIONS

The Trustee Mr P W Murcott is anon-executive director ofBaylis Media Limited for which he received directors’ fees ofNil (2020:

£7,750) for the year.

During the year the charity received professional services from Craufurd Hale LLP, Chartered Accountants, a business in which the Trustee Mr P W Murcott is a consultant, in respect ofthe provision of accounting services totaling £14,687 (2020: £14,810).

The charity makes grants and donations primarily to local charities and organisations. The charity maintains a Register ofTrustees Interests so as to identify those awards in which the trustees have an interest. During the year the following grants and awards were made to the following charities and organisations in which the trustees have an interest:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2021|2020| |£|£| |PJSands| |Rotary|Club of|Maidenhead Thames|:|1.500| |Berkshire|M|asonic Panto Project|.|2,000| |Berkshire Masons|Festival|2023|2,000|2,000| |Maidenhead Town Partnership|-|-| |PW|Murcott| |People to Places|(Resigned|as|a trustee|October 2015. now|a|patron)|13,000|12,500| |Rotary Club of|Maidenhead Thames|-|1,500| |Berkshire Masonic|Panto Project|-|2,000| |Berkshire Masons Festival|2023|2,000|2,000| |Mrs|P A Lattimer| |Nordon|Farm|Centre|for the Arts|-|6.300| |Rotary|Club of|Maidenhead|1,000|1,000|

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The charity had the following transactions with its trading subsidiary Baylis Media Ltd:

The charity received a dividend of£2,250 (2020 £2,250) from its shareholding in Baylis Media Ltd of7,500 20% Preferred ordinary shares of£1.00 each and 7,500 10% Cumulative preference shares of £1.00 each.

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LOUIS BAYLIS (MAIDENHEAD ADVERTISER) CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

18. PRIOR YEAR CONSOLIDATED FINANCIAL STATEMENTS OF FINANCIAL ACTIVITIES

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |The consolidated Statement of Financial|Activities on Page|11|shows|only|the|total|prior figures.|Below|are the|totals|for the year 2019/20,| |split|into|unrestricted|and endowment.| |Unrestricted|Endowment|fund|Total| |General|Charity|Baylis|2020| |Fund|Media|Funds| |Charity|Limited| |£|£|£|£| |Income|from:| |Other|activities:| |Commercial|trading|operations|-|-|1,693,998|1,693,998| |Investments|313,307|-|9,654|322,961| |Total|income|313,307|-|1,703,652|2,016,959| |Expenditure|on:| |Other|expenditure:| |Commercial|trading|operations|-|-|1,734,886|1,734,886| |Charitable|activities:| |Expenditure|on|charitable|activities|324,563|-|52,224|376,787| |Total|resources|expended|324,563|-|1,787,110|2,111,673| |(Losses)/Gains|on|investment|assets|-|(952,453)|(28,471)|(980,924)| |Net (Expenditure)/ income|for the year|(11,256)|(952,453)|(111,929)|(1,075,638)| |Gross|transfers|between|funds|2,250|-|(2,250)|-| |Net|movement|in|funds|(9,006)|(952,453)|(114,179)|(1,075,638)| |Total|funds|brought|forward|175,535|10,490,166|©|3,815,594|14,481,295| |Total funds carried|forward|166,529|9,537,713|3,701,415|13,405,657|

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