CHARITY NUMBER 527118
BAYLIES EDUCATIONAL FOUNDATION
TRUSTEES REPORT AND FINANCIAL STATEMENTS
12 MONTHS TO 28 FEBRUARY 2023
BAYLIES EDUCATIONAL FOUNDATION
Contents
| Page | |
|---|---|
| Trustees Annual Report | 1–2 |
| Financial Statements | 3 |
| Historical Results for the last five years | 4 |
| Independent Examiner’s Report | 5 |
BAYLIES EDUCATIONAL FOUNDATION
TRUSTEES ANNUAL REPORT
12 months to 28 February 2023
Registered charity number
Principal address
527118 53 The Broadway Dudley West Midlands DY1 4AP
Trustees who have served from 1 March 2021 until the date of approval of this report unless otherwise stated
I. M. Cleland Chairman N A Barlow from 5 June 2022 Mrs J. Dean Mrs P. A. Gregory Mrs S Lea Ms R. Mann until 5 June 2022 P. Marsh M. C. Summerfield J. K. West
Clerk to the Trustees
D. F. Hughes
Bankers
Lloyds Bank plc 63 High Street Dudley DY1 1PY
Investment Advisers
EFG Harris Allday 33 Great Charles Street Birmingham B3 3JN
Independent Examiner
J.H.Wilkes F.C.A. 14 Richmond Gardens Wombourne WV5 0LQ
Page 1
BAYLIES EDUCATIONAL FOUNDATION
TRUSTEES ANNUAL REPORT – continued
12 months to 28 February 2023
Structure, Governance and Management
The Foundation is set up as an independent provider of financial assistance for educational purposes under a charitable status, as determined by order made by the Charity Commissioners on 25 January 1905.
Objectives and Activities for the Public Benefit
The Foundation is established to provide inter alia-
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i) financial assistance and rewards for the benefit of children resident in the Metropolitan Borough of Dudley;
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ii) exhibitions tenable at any secondary school, training college for teachers, university, or other institution of further (including professional and technical) education, approved by the Trustees, to be awarded under rules to be made by the Trustees, including rules as to the value and period of tenure of the exhibitions, and the qualifications, and method of ascertainment and selection, of candidates;
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iii) financial assistance, outfits, clothing, tools, instruments or books to enable beneficiaries on leaving school, university or any other educational establishment, to prepare for, or to assist their entry into, a profession, trade or calling;
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iv) otherwise promoting the education (including social and physical training) of beneficiaries.
The Trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and setting the grant making policy for the year.
Achievements and Performance
The Trustees met at regular intervals during the year and authorised the distribution of 181 grants amounting to £56,401 (2022: 154 grants totalling £44,870).
Investment policy and performance
Our investment advisers, EFG Harris Allday, who manage our investments, are instructed to invest our funds within the constraints of a medium risk portfolio with a long-term investment horizon whilst endeavouring to obtain reasonable income returns. The Trustees feel that these aims have been achieved in the year under review.
Policy on Reserves
Retain a minimum of one year’s normal income (£50,000) to meet any unexpected need or expense. At 28 February 2023, the Foundation had undistributed income of £236,405 (2022:£257,843). The Endowment Fund, which consists entirely of cash, shares and securities, decreased in value during the twelve months from £1,284,173 to £1,136,500.
Plans for future periods
The Trustees have decided to continue to make a limited number of special awards, whilst funds allow, to some individuals that they have not felt able to provide for in recent years, namely students over twenty-five years of age or students taking a second degree. To qualify the students will have to demonstrate an exceptional reason why they should be supported by the Foundation. The Trustees have established the Fred Austin Award. The award will be made annually to a student who might otherwise not be able to attend university.
Approved by the Board of Trustees on 4 December 2023 and signed on their behalf by:-
………………………………I. M. Cleland – Chairman
Page 2
BAYLIES EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023
| Unrestricted Endowment Total Fund Fund Funds £ £ £ RECEIPTS AND PAYMENTS ACCOUNT Receipts Investment income 51,621 - 51,621 Donations and legacies - - - Asset and investment sales, etc. - 634,255 634,255 Total receipts 51,621 634,255 685,876 Payments Grants 56,401 - 56,401 Clerk’s stipend 8,400 - 8,400 Administration expenses 241 - 241 Brokers’ charges - 4,532 4,532 - Examiner’s fee 250 - 250 65,292 4,532 69,824 Asset and investment purchases, etc. - 653,560 653,560 Total payments 65,292 658,092 723,384 Excess of payments over receipts (13,671) (23,837) (37,508) Cash funds last year end 184,848 25,406 210,254 Cash funds this year end 171,177 1,569 172,746 STATEMENT OF ASSETS AND LIABILITIES Cash Funds Lloyds Bank plc 82,977 - 82,977 Cambridge and Counties Bank 85,000 - 85,000 Hampshire Trust Bank - - - EFG Harris Allday 3,200 1,569 4,769 171,177 1,569 172,746 Investment Assets Shares and Securities at market value 65,228 1,134,931 1,200,159 |
Last Year £ 45,644 50 415,227 460,921 44,870 8,400 182 - 250 53,702 435,117 488,819 (27,898) 238,152 210,254 122,097 - 60,000 28,157 210,254 1,331,112 |
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Approved by the Board of Trustees on 4 December 2023 and signed on their behalf by:-
…………….…………………. I. M. Cleland – Chairman
Page 3
BAYLIES EDUCATIONAL FOUNDATION
FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023
HISTORICAL RESULTS FOR THE LAST FIVE YEARS
| 2019 | 2020 | 2021 | 2022 | 2023 | ||
|---|---|---|---|---|---|---|
| Investment Income | 56,217 | 51,434 | 48,512 | 45,644 | 51,621 | |
| Donations and Legacies Received | - | - | 102,100 | 50 | - | |
| Grants | ||||||
| Individuals | 30,059 | 34,434 | 23,883 | 25,770 | 34,761 | |
| A level Awards | 3,600 | 7,300 | 5,100 | 11,200 | 11,300 | |
| Schools and other Institutions | 450 | 13,370 | 3,440 | 1,900 | 4,340 | |
| The Baylies Award | 700 | - | - | - | ||
| Fred Austin Bursary | - | - | - | 3,000 | 6,000 | 6,000 |
| Clerk’s Stipend | 8,400 | 8,400 | 8,400 | 8,400 | 8,400 | |
| Administration Expenses | 148 | 267 | 114 | 182 | 241 | |
| Independent Examiner’s Fee | 250 | 250 | 250 | 250 | 250 | |
| Surplus/(Deficit) for Year | 13,310 | (12,587) | 106,425 | (8,008) | (13,671) | |
| Investments and Cash | 1,385,015 | 1,347,761 | 1,458,172 | 1,541,366 | 1,372,906 |
Page 4
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BAYLIES EDUCATIONAL FOUNDATION
I report to the charity trustees on my examination of the accounts of the charity for the year ended 28 February 2023 which are set out on page 3.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
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 accounts to be reached.
….……………………………
J.H.Wilkes F.C.A. 14 Richmond Gardens Wombourne WV5 0LQ
5 December 2023
Page 5