OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

Charity registration number 273629

THE BAKER CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE BAKER CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number

Independent examiner

Ms M D Baker Mr S Grodzinski KC 273629 Mark Watkins FCA CTA

THE BAKER CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

THE BAKER CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their annual report and financial statements for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The charity's objects are to apply the funds to any charitable trusts, institutions, foundations or other organisation, with charitable objects and purposes in the United Kingdom or any part of the world. There have been no changes in the policies adopted in furtherance of these objects.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The charity maintained its investments and made distributions in accordance with its objects.

The main purpose of the Charity's activities is to support the disadvantaged with some focus on medical research and support. The trustees have directed the majority of the grants made towards those in need in the UK and Israel.

The trustees remain in close contact with principal recipient organisations and receive annual reports and updates on the affairs of these organisations including financial reports. They also attend annual briefings on such matters where possible.

Achievements and performance

During the year investment income was received and the trustees made decisions to make grants to various charitable institutions ensuring the grants did not exceed the income received.

Financial review

Income derived from investments amounted to £67,735 (2022: £62,025). Income derived from donations and legacies amounted to £Nil (2022: £60,000). During the year the charity made 58 donations and grants to registered charities amounting to £40,525 (2022: £45,010). Net incoming resources were £26,070 (2022: £75,827). No grants were made to individuals. There were 8 individual donations in excess of £1,000 totalling £25,470 (2022: £29,000). The remaining grants were for £1,000 or less.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity was established by a charitable trust deed on 29 March 1977. The settlor was Dr Adrienne Baker and the original trustees were Mr Leo Grahame and Mr Leonard Lever.

The trustees who served during the year and up to the date of signature of the financial statements were: Ms M D Baker Mr S Grodzinski KC

The power of appointing trustees is vested in the settlor during her life, and after her death, in the trustees.

THE BAKER CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

The charity comprises of two trustees who meet together on a monthly basis and are responsible for all decisions in relation to the running of the charity.

The trustees have power to vary the terms of the trust deed provided that no such variation causes the trust to loses its charitable status in law.

There are no related parties to the charity that benefit from the receipt of grants or from whom the charity receives donations.

The trustees' report was approved by the Board of Trustees.

Ms M D Baker

Trustee

20 September 2023

THE BAKER CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE BAKER CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The Baker Charitable Trust (the charity) for the year ended 5 April 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Watkins FCA CTA

Dated: 20 September 2023

THE BAKER CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Donations and legacies 3 - 60,000
Investments 4 67,735 62,025
Total income 67,735 122,025
Charitable activities 5 41,665 46,198
Net gains/(losses) on investments 10 (117,637) 109,296
Net income and movement in funds 26,070 75,827
Reconciliation of funds:
Fund balances at 6 April 2022 1,887,116 1,701,993
Fund balances at 5 April 2023 1,795,549 1,887,116
WARNING: C/fwd reserves do not match grid totals 117,637 109,296

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE BAKER CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Investments
12
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
The funds of the charity
Unrestricted funds		 2023
£
£
1,672,725
130,622
7,798
122,824
1,795,549
1,795,549
1,795,549		 2022
£
£
1,790,362
99,952
3,198
96,754
1,887,116
1,887,116
1,887,116		 2022
£
£
1,790,362
99,952
3,198
96,754
1,887,116
1,887,116
1,887,116
1,887,116
1,887,116
1,887,116

The financial statements were approved by the trustees on 20 October 2023

Ms M D Baker Trustee

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Baker Charitable Trust is a charitable trust established by trust deed.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed, 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised when incurred in respect of support costs and grants made to other charitable bodies are recognised on payment.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at 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 the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

3 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Donations and gifts - 60,000
4 Income from investments
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Income from listed investments 67,372 62,013
Interest receivable 363 12
67,735 62,025

5 Charitable activities

Grants to Grants to
institutions institutions
2023 2022
£ £
Grant funding of activities (see note 6) 40,525 45,010
Share of governance costs (see note 7) 1,140 1,188
41,665 46,198

6 Grants payable

Grants payable
Grants to Grants to institutions
institutions
2023 2022
£ £
Grants to institutions:
Other 40,525 45,010

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

7 Support costs allocated to activities

Support costs allocated to activities
Governance costs
Analysed between:
Heading #ac982		 2023
£
1,140
1,140		 2022
£
1,188
1,188

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, furthermore none of them were reimbursed any travelling expenses (2022- none were reimbursed).

9 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2023
Number
-		 2022
Number
-

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Revaluation of investments (117,637) 109,296

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

12 Fixed asset investments

Listed
investments
£
Cost or valuation
At 6 April 2022 & 5 April 2023 1,790,362
Carrying amount
At 05 April 2023 1,790,362
At 05 April 2022 1,790,362

13 Loans and overdrafts

Loans and overdrafts
Bank overdrafts
Payable within one year		 2023
£
6,580
6,580		 2022
£
1,980
1,980

The bank overdraft is a result of timing, the overdraft represents unpresented cheques drawn near the year end and which had not cleared the current account as at 5 April 2023. Ordinarily an automatic transfer is made from the savings account to ensure a balance is maintained on the current account of £500. However, this transfer did not occur until after the year end when the cheques cleared the current account.

14 Creditors: amounts falling due within one year

Notes
Bank overdrafts
13
Accruals and deferred income		 2023
£
6,580
1,218
7,798		 2022
£
1,980
1,218
3,198

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6 April Incoming Resources Gains and At 5 April
2022 resources expended losses 2023
£ £ £ £ £
General funds 1,887,116 67,735 (41,665) (117,637) 1,795,549

THE BAKER CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

15 Unrestricted funds (Continued)
Previous year: At 6 April Incoming Resources Gains and At 5 April
2021 resources expended losses 2022
£ £ £ £ £
General funds 1,701,993 122,025 (46,198) 109,296 1,887,116

16 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).