THE BADLEY MEMORIAL TRUST
Registered Charity Number.. 222999
TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENT
YEAR ENDED 31 MARCH 2024
Higgs LLP
3 Waterfront Busine$$ Park
Brierley Hill
West Midlands
DYS ILX

The Badley Memorial Trust
Index to the Financial Statements
Year Ended 31 March 2024
Page
Contents
Reference and Administrative Information
Trustee5' Annual Report
Statement of Financial Activities
Balance Sheet
10-12
Notes to the Accounts
13
Independent Examiner's Report

The Badley Memorial Trust
Reference and Administrative Information
Year ended 31 March 2024
Governing Documents
The Charity is governed by a Scheme of the Charity
Commission dated 25 August 1983 as amended by a
Trustees, Resolution dated 5 November 2019.
The Charity is registered with the Charity Commission
under registered charity number is 222999.
Trustees
David John Stanley (Chairman)
Nicolas Anthony Barlow
Julie Dawn Bull
Alan Johnson
Anne Elizabeth Millward
Michael John Shaw
Elaine Ann Taylor
stephen James Waltho MBE
Michael Stuart Wllliams
Clerk to the Trustees
Ms Kirsly McEwen
Sollcitors
Higgs LLP
3 Waterfront Business Park
Brierley Hill
West Midlands
DY5 ILX
Investment Managers
Barclays Wealth
One Snowhill
Snow Hill Queensway
Birmingham
B4 6GN
Evelyn Partners
103 Colmore Row
Birrningham
B3 3AG
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Mailing
ME19 4JQ
Independent Examiners
Handmill Accountants
Spencer House
114 High Street
stourbridge
DY8 5QR

The Badley Memorial Trust
Trustees, Annual Report
Year ended 31 March 2024
The Trustees present their annual report and fi nancial statements of the Charity for the year
ended 31 March 2024. The financial statements have been prepared in accordance with the
accounting pol icies set out i n the accounts and comply with the Charity's governing
document, the Charities Act 2011 and the Statement of Recommended Practice applicable to
the charities preparing thei r accounts with the Financial Reporting Standard applicable on I
January 2019.
Structure, Governance and Management
The Charity is a registered charity, registered with the Charity Commission on 25 August
1983 under reg istered charity number 222999, and is constituted by a Scheme of the Charity
Commission dated 25 August 1983 as amended by Trustees, Resolution dated 5 November
2019 {'the Governing Document,).
The Charity was an amalgamation of the former charities known as the Badley Memorial and
Dudley Nursing Charity and the Dudley Invalid Nourishment Fund. The Charity does not
actively fundraise and seeks to continue the charitable work desired by its predecessor
charities through the carefu I stewardship of its existing resources.
The Trustee board conslsts of the following..
Three Nominative Trustees
Not less than four nor more than eight Co-optative Trustees
Nominative Trustees:
Nominative Trustees are appointed by their respective appointing Councils for a term of office
of four years at a meeting convened and held accordi ng to the ordinary practice of the
appointing Council. Nominative Trustees are appoi nted by Dudley Metropolitan Borough
Council and Dud ley & Walsall Mental Health Partnership NHS Trust. There must be three
Nominative Trustees on the Board of Trustees.
Nominative Trustees for each organisation are as follows:
Dudley Metropolitan Borough Council
N icolas Anthony Barlow
Elaine Ann Taylor
Black Country Healthcare Foundation NHS Trust
Michael John Shaw
Co-optative Trustees:
Co-optative Trustees are appointed under clause 8 of the Scheme of the Charity Commission
dated 25 August 1983 for a term of offfice of five years, by virtue of their special knowledge
of the area of benefit, through residence, employment or otherwise.
The Scheme of the Charity Commission dated 25 August 1983 provides for the appointment
of a minimum four Co-optative Trustees and a maximum of eight Co-optative Trustees.
The Co-optative Trustees are as follows,.
Julie Dawn Bull
Alan Johnson
Anne Elizabeth Millward
David John Stanley
stephen James Waltho MBE
Michael Stuart Williams

The Badley Memorial Trust
Trustees. Annual Report
Year ended 31 March 2024
Co-optative Trustees are appointed for a term of office of five years by a resolution of the
Trustees passed at a special meeting, of which not less than 21 days, notice has been given,
A Co-optative Trustee may be appointed not more than one month before the term of an
existing Co-optative Trustee expires, to take effect from the date of expiry, but so that the
existing Co-optative Trustee shall not then vote on the matter.
At the Trustees, meeting, the Trustees agree the broad strategy and areas of activities for
the Charity, including consideration of grant making, investment, reserves and risk
management policies and performance.
The Trustees meet four times per year. The quorum at any meeting is when four Trustees are
present if the Board of Trustees shall not consist of more than eight persons or when five
Trustees are present if the Board of Trustees shal I consist of nine or more persons.
The day to day administration of grants and the processing and handling of application5 prior
to consideration by Trustees is delegated to the Clerk.
The Secretary will consider the monitoring information concerning the performance of grants
to date and make recommendations to the Trustees concerning the extension, cessation or
suspension of existing grant approvals.
New Trustees may be sought by open advertisement or through a dialogue with local
community groups respecting the ethos of the Charity. To continue the charitable work
intended by the Testator, the Trustees actively seek those with a knowledge of the local area
when considering any prospective candidate. The ultimate decision on selection is a matter
for the Trustees.
On appointment new Trustees sign a Trustee Declaratlon and Undertaking committing them
to the g iving of their time and expertlse. It a150 confirms their ability to act in the role of
Trustees. The i nduction process has been changed to follow the ICSA good practice guide
with a formal induction programme for any newly appointed trustee being led by the Clerk,
to include initial training In the grant making process, the duties and responsibilities of the
Trustees and the role of any sub committees. The welcome pack includes, amongst other
information and guidance, a brief history of the Trust, copy of recent Trustee land sub
committee) minutes, a copy of the last three years of annual reports and accounts, a copy of
the Governing Document and a copy of the Charity Commission's guidance 'The Essential
Trustee.. What You Need to Know, and 'Charities and Public Benefit,.
The Trustees intend in the upcoming year, with the support of the Clerk, to developing a
code of conduct for Trustees including formal statements of role5 and responsibilities and to
undertake work on the Charity Governance Code.
All Trustee5 g ive of their time freely and no Trustee remuneration was paid in the year.
Trustees are entitled to claim reasonable out of pocket expenses and where they do those
are noted in the accounts.
Trustees are required to disclose annually land as they arise) any potential interests which
mig ht conflict and register them with the Clerk and in accordance with the Charity's written
conflicts of interest policy.
Risk Management
The Trustees have considered the major risks to which the Charity is exposed and have
reviewed those risks and established systems and procedu res to manage those risks.

The Badley Memorial Trust
Trustees. Annual Report
Year ended 31 March 2024
The major financial risk is the variability of investment returns on the portfolio and its impact
on income levels and capital growth. The Trustees have actively sought to manage this risk
by appointi ng Evelyn Partners as Discretionary Managers of the investment portfolio. Their
role is to monitor the performance of the portfolio, to take appropriate action to mitigate any
loss to the portfolio, and to ensure that the objectives as detalled in the Investment Policy
Statement are following and reviewed annually.
The maj'or operational risk is the extent to which grants awarded to individuals and
charitable or not for profit organisations advances the objerts of the Charity and demonstrate
sufficient public benefit. The Charity has managed its risk by retaining Trustees of sufficient
expertise and experience, and through the quality of the institutions and the people who they
support. In addition, the Trustees rely on the Clerk to undertake appropriate and
proportionate due diligence on appl ications and ensure all grant givi ng retains a focus on the
public benefit.
The major regulatory Impact of the Common Reporting Standard {'the CRS,), on the
operation of the Charity. CRS is bei ng an international tax transparency regime aimed at
preventing tax evasion. CRS came into force from l January 2016 and the Charity is now
required to provide information about their beneficiaries, tax residency status to HMRC, who
will then Share this information with the appropriate tax authority i n other jurisdictions.
The Charity is subject to this regime because it relies on investments for more than 500/0 of
its income and those investment5 are professionally managed by a financial institution under
discretionary mandate. Thls means the Trustees are required to carry out due diligence to
establish a tax residency status of all benef1ciaries, keep records of efforts to comply with the
regime, register with HMRC as a financial institution ("Financial Institution") if they have
reporting requirements and report to HMRC if required.
The grant application process 15 reviewed annual ly and the grant application form expanded
to collect the necessary due dlligence information that is required in order to establish tax
residency status of all grant recipients. This includes additional information includ i ng tax
resident jurisdiction and tax identification number. The Trustees will keep this under review.
Objects and Activities for the Public Benefit
The objects of the Charity are "to relieve in cases olneed persons resident in the former
County 6orough of Dudley las constituted in 1953) who are sick, convèlescent, disabled,
handicapped or infjirm .
The Trustees confirm that they have referred to the Charity Commission's guidance on public
benefit when reviewing the Charity's objects and in planning future activities and setting the
grant making policy for the year.
The Charity carries out these objects by providing g rants to i ndividuals who must
demonstrate both a financial need and a med ical/social need. Grants are specifically
provided towards the purchase of white goods, flooring or carpets (where there are none in
the property at present) and beds I mattresses.
By focusing on these areas of g ra nt activity, the Charity achieves its strategic priority of
maintaining an extensive structured grant making programme.

The Badley Memorial Trust
Trustees, Annual Report
Year ended 31 March 2024
Grant Making Policy
The Trustees have power to sper)d both i ncome and capital. Generally the Trustee5 spend
the income on an annual basis in furtherance of the object5. but retain the discretion to
spend the capital if required.
The Charity has established Its grant making policy to achieve its objects for the public
benefit, to improve the lives of individuals within the area of benefit. The Trustees review the
grant making policy annually to ensure it reflects the Charity'5 objects and thereby advances
public benefit.
The Charity's beneficiaries are individual's resident in the former County Borough of Dudley
who are have both a medical need (either physical or mental) and are in financial need.
(However, the Trustees may, in exceptional circLJmstances, grant rel ief to persons otherwise
eligible who are resident in the Borough of Sandwell).
The general policy of the Trustees is not to give retrespective grants and the Trustees will
only consider one application per year from any applicant.
Grant Making Procedure
Applications can only be considered if they are on the Charity's standard application form.
The application form must be completed and returned (together with a copy of any
supporting i nformation relevant to the application) to the Clerk at least four weeks before the
meeti ng at which the application is to be considered.
The Trustees meet four times a year to conslder appllcations.
It is the policy of the Trustees to consider grants on an equal opportunities basis, regardless
of gender, rel igion and ethnic background.
Public Benefit
The Trustees confirm that they have referred to the information contained in the Charity
Commission's general guidance on public benefit when reviewing the Charity's objects and
activities, their grant making policy and plans for future period.
The obj'ects and activities of the Charity are largely determined by the provisions of the
Governing Dcicument, and from there the Trustee5 exercise a discretion in considering how
best to meet the publ ic benefit test and ensure that as many individuals benefit.
Monitoring and Achievement
The Trustees have continued with an aspiration to seek a reasonable return over a long term.
While the portfolio has shown a decrease in the market value of asset5 over the past financial
year, the Trustees were comfortable with the reasons why which had been explained by Mr L
Hu nter of Evelyn Partners and they were reassured that he considered the medium-long
term objectives remain obtainable.
During the year the number of grant applications considered was 93. Grants were made to
83 individuals.
Financial Review
The Charity's work is entirely reliant on income and investment returns from its capital. As at
31 March 2024, the value of the capital fund stood at £2,663,878. During the year the
investment income of the Charity amounted to £79,806.

The Badley Memorial Trust
Trustees, Annual Report
Year ended 31 March 2024
Investment Policy and Performance
The investment powers of the Trustees are wide. The Trustees have an absolute discretion in
this regard and are treated as the absolute owners beneficially entitled.
The principal investment holdings of the Charity comprise funds and portfolios of quoted
securities. As at 31 March 2024, the value represented IOOVO of the Charity's investments.
The management of the portfolio 15 undertaken on a discretionary management basis by
Evelyn Partner5 and the written investment policy is reviewed on at least an annual basis by
the Secretary in conjunction with the investment managers and ulti mately approved by the
Trustees.
Following investment advice, the Trustees ag reed to retain cash on deposit with CAF Bank of
£86,684. 16.
Reserves Policy
The whole of the Charity's capital is expendable and this distinction between capital and
income is not relevant. The Trustees appreciate that the general principles of charity law
require Trustees to spend their income within a reasonable period of receipt.
The Trustees have set and agreed a policy whlch broadly identifies the framework within
which the Charity will operate its reserves. The i ntetion 15 that the Charity will retain an
appropriate and reasonable level of reserves whllst concurrently ensuring that it Uses the
income in a manner that is within the objects at the best interests of the Charity and its
beneficiaries.
Since the Charity receive5 all of its income from the investment portfol io, the Trustees are
mindful that the source of income can be volatile and subject to sudden changes in the
market. They are concerned that in any year there Is a risk that they cannot meet their
ongoing administration and professional expense commitments as and when they arise, due
to any fluctuation5 in the market which may prevent or significantly reduce income.
The Trustees have therefore considered, in conju nction wlth the professional advisers, the
level of resevres to retain from surplus unrestricted fu nds. They have decided to build up a
pot of reserves equivalent to one year's administrative and professional expenses but
excluding grant commitments. This will ensure that should there be any fluctuations in the
market which reduce the income available for distribution, the Charity can use its reserves to
continue to meet its obligations and liabilities as and when they fall due.
Plan for Future Periods
The Trustees believe their grants have translated into Significant pu blic benefit. The Charity
Is a lasting testimony to its predecessor charities. In cementing the arrangements already in
place, and continuing with its current activities as set out this report, so that the many
and varied individLJals may continue to benefit in real terms from its financial support, the
Charity aims to provide a longer term commitment and thereby encourage and support
individua15 Wlthin the area of benefit.
The intention is to create a programme of grant giving which will translate into significant
public benefit. The Trustees will focus on those individuals who wou Id benefit i n real terms
(impact) from its financial support, thus providing and ensuring a longer-terrn commitment
to support.

The Badley Memorial Trust
Trustees. Annual Report
Year ended 31 March 2024
Trustees. Responsibilities in Relation to the Financial Statements
The Trustees are responsible for preparing the Trustees, Report and the financial statements
in accordance with applicable law and regulations and United Kingdom Accounting
Standards. The law applicable to charities in England and Wales requ i red the Trustees to
give a true and fair view of the state of affairs of the Charity and of the incoming resources
and appllcatlon of resources, including income and expenditure of the Charity for thal period.
In preparing these financial statements, the Trustees are required to..
• select suitable accounting policies and then apply them consistently.
observe the methods and principles of the Charities SORP;
• make judgements and estimates that are reasonable and prudent..
state whether applicable accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless It is inappropriate to
presume that the Charity wil I continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to
show and explain the Charity's transactions and disclose with reasonable accuracy at any
time the financial position of the Charity and enable them to ensu re that the financial
statements comply with the Charities Act 2011, the Charity {Account5 and Reports)
Regulations 2008 and the Governing Document.
They are also responsible for safeguarding the assets of the Charity and hence for taking
reasonable steps for the prevention and detection of fraud any other irregularities.
Approved b the Trustees and signed on thei r behalf by:
Cllr D J Stanley
Chair of Trustees

The Badley Memorial Trust
statement of Financial Activities
Year ended 31 March 2024
Notes
Unrestricted
Funds
Total Funds
2024
2023
Income resources:
Income resources from
generated funds
Prior year adjustment
79,806
79,806
71,901
163
Total incoming resources
79,806
79,806
72,064
Resources expended:
Cost of generating funds
Charitable activitie5
Cost of grant making
13,807
13,807
21,794
43,164
43,164
64,364
Governance costs
Total resources expended
66,140
66,140
86,169
Net loutgolng}lincoming
resources before other
recognbsed gains and 105ses
13,666
13,666
{ 14,105)
Realised gainslllosses) on
investment assets
{ 170,363)
(170,363}
64,913
Unrealised gains/llosses) on
Investment assets
488,608
488,608
(378,162)
Net movement in funds
Reconciliation of funds
Total funds brought forward
2 331 968
2 331 968
2 659 322
Total funds carried forward
2 663 878
2 663 878
2 331 968

The Badley Memorial Trust
Balance sheet
Year ended 31 March 2024
Notes
Unrestricted
Funds
Total
Funds
2024
2023
Fixed Assets
Investments
2 581 633
2 581 633
2 235 455
Total Fixed Assets
2,581,633
2,581,633
2,235,455
Current Assets
Cash with investment managers
Cash with bank
Dividends receivable
Debtors
5,537
86,684
438
5,537
86,684
438
7,952
89,111
950
Total current assets
Liabilities
Creditors falling due within one
year
Net current assets
Total assets less current liabilities
2,663,878
2,663,878
2,331,968
Creditors falling due after more
than one year
Net assets
2 663 878
2 663 878
2 331 968
The funds of the Charity
Unrestricted income funds
2 663 878
2 663 878
2 331 968
Total Charity funds
2 663 878
2 663 878
2 331 968
The notes on pages 10 to 12 form a part of these accounts.
Approved by the Trustees and si
ned on their behalf by:
David John Stanley
Chair of Trustees

The Badley Memorial Trust
Notes to the accounts
Year ended 31 March 2024
l. Accounting pollcies
(a) Basis of preparation
The financial statements have been prepared under the historic cost convention, with the
exceptlon that investments are included at rnarket value. The financial statements have been
prepared in accordance with the Statement of Recommended Practice.. Accounting and
Reportlng by Charlties (FRSEE) issued in January 2015 and applicable UK Accounting
standards and the Charities Art 2011.
(b) Funds structure
The charlty has one fund, an unrestricted income fund. This is a fund which the trustees are
free to use for any purpose in furtherance of the charitable oblects. Unrestricted f unds include
designated funds where the trustees, at their discretion, have created a fund for a specific
purpose.
(c) Incoming resources
All incoming resources are recognised once the charlty has entitlement to the resources, It Is
certain that the resources will be received and the monetary value of incoming resources can
be measured with sufficlent rellabllity.
(d) Resources expended
Lbabilltles are recognised as resources expended as soon a5 there is a legal or constructlve
obligation committing the charity to the expenditure. All expenditure Is accounted for on an
accruals basis and has been classified under headings that aggregate all costs related to the
category.
Grants payable are payments made to charitable organisations in the furtherance of the
charitable objectlves of the Charity. Single or multi-year grants are accounted for when either
the recipient has a reasonable expectation that they will receive a grant and the trustees have
agreed to pay the grant without condition, or the recipient has a reasonable expectation that
they will receive a grant and any condition attaching to the grant is outside the control of the
charity.
Provisions for grants are made when the intention to make a grant has been communicated to
the recipient but there is uncertainty about either the timing of the grant or the amount of the
grant payable.
lel Costs of generating funds
The costs of generating funds consists of investrnent management fees, legal fees,
accountancy fee5 and other governance and regulatory fees.
{f) Charitable activities
The costs of charitable activlties Include grants made.
(gl Governance costs
Governance costs comprise all costs involving the public accountability of the charlty and Its
compliance with regulation and good practice. These costs include costs related to the
preparatlon of the accounts, the independent examination fee and leg31 fees.
(h) Fixed asset investment
Investments are stated at market value as at the balance sheet date. The statement of
financial activities Includes the net galn and losses arising on revaluation and disposals
throughout the year.
(i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activitie5 as they arise. Realised
gains and losses on investments are calculated a5 the difference between sales proceeds and
opening market value (purchase date if later). Unrealised gains and losses are calculated as
the difference between and market value at the year end and opening market value (or
purchase date if later). Realised and unreallsed gains are not separated In the Statement of
Financial Activities.
io

The Badley Memorial Trust
Notes to the accounts
Year ended 31 March 2024
(j) Contingent liabilities and provisions
In accordance with the SORP, a contlngent liabillty is disclosed for those grants, whlch do not
represent liabilitles, where the possible obligation, which arises frorn past events, will only be
confirmed by the occurrence of one or more uncertain future events not wholly within the
trustees, control. Provisions are recognised for those grants where there is uncertainty as to
the timing or amount, and any uncertainty regarding the amount is more than one of
determining a basis for reasonable estimation of the liabillty arising from that constructive
2. Related party transactions and Trustees. remuneration
Trustees received no emoluments and claimed no experises in the year.
3. Investment income
2024
2023
Dlvidends - UK equitities
Interest on cash deposits
78,653
71,849
53
4. Investment Manager's costs
2024
2023
Investment management fees
S. Analysis of charitable expenditure
The charity undertakes its charitable activities through grant making and awarded grants to a
number of organisations in furtherance of its charitable activities.
2024
2023
Grants to individuals
Total
6. Governance costs
2024
2023
Accountancy fees and LEI fee
Bank charges
Legal fees.. Administration
Accounts preparation
Incorporation
Appointing investrnent managers
VAT
414
113
9,563
1,750
7,395
396
160
9,313
1,250
4,395
2,750
7. Fixed asset investments
Movement in fixed asset investments
Market value as at 31 March 2023
Additions to investments at cost
Disposals 6t carrying value
Movement in capital cash
Net gainl(loss) on revaluation
Market value as at 31 March 2024
2,235,456
799,291
1744,446)
(197,275)
488 608
2,561,863
741,764
1835,630)
145,62 1
378 162
2 235 456
2 581 633
li

The Badley Memorial Trust
Notes to the accounts
Year ended 31 March 2024
Investments at market value comprised:
2024
2023
Quoted Investment5
Cash
2,574,791
2,031,338
204 117
Total
2 581 633
2 235 456
8. Analysis of current liabilltites and long term creditors
Creditors under l year
Legal fees
Donatlon cheques issued but not cashed within the year
1,800.00
8 615.00
1,500.00
10 415.00
1 500.00
12

BADLEY MEMORIAL TRUST
YEAR ENDED 31" MARCH 2024
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF BADLEY MEMORIAL TRUST
We report to the charity trustees on our examination of the accounts of The 8adley memorial Trust (the Trust) for the
year ended 31" March 2024.
Res
onsibilities and basi5 of re
grt
the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 20111"the Act").
We report in respect of our examination of the Trust's accounts carried out under section 145 of the Act and in carrying
out our examination we have followed all the applicable directions given by the Charity Commission under
section14515llbl of the Att.
Inde
endent Examiner's Statement
We have completed our examination. We can confirm that no material matters have come tc> our attention in
onnectlDn with the examination giving us cause to believe that in any material respect..
accounting record5 were not kept in respect of the Trust as required by section 130 of the Act.. or
2. the accounts do not accord with those record5.' or
3. the accounts do not comply wtth the applicable requirements concerning the form and content of account5 Set
out in the Charities (Accounts and Reportsl Regulètion5 2008 other than any requirement that the 3ccounts give
a true Bnd fair view which is not matter considered part of an independent examination.
We confirm that there are no other matter5 to which your attention Should be dr2wn to enable a proper understanding
of the accounts to be reached.
Handmill Accountants
Spencer House
114 High street
Word51ey
Stourbridge
West Midlands
DY8 5QR
SIGNED.....