**Registered Charity No 527118** ## **BAYLIES EDUCATIONAL FOUNDATION** **TRUSTEES REPORT AND FINANCIAL STATEMENTS** **12 MONTHS TO 28 FEBRUARY 2025** |**CONTENTS**|**Page**| |---|---| |Trustee Annual Report|1 - 2| |Financial Statements|3| |Historical Results for the last five years|4| |Independent Examiner’s Report|5| **BAYLIES EDUCATIONAL FOUNDATION REPORT OF THE TRUSTEES OF THE FOUNDATION** ## **TRUSTEES ANNUAL REPORT** **12 months to 28 February 2025** **Registered charity number 527118** **Principal address 53 The Broadway Dudley West Midlands DY1 4AP** **Trustees who have served from 1 March 2024 until the date of approval of this report unless otherwise Stated** I.M. Cleland (Chairman) N A Barlow Mrs J. Dean Mrs P.A. Gregory Mrs S Lea P. Marsh M.C. Summerfield J.K. West (Representative Trustee for Dudley MBC) (resigned 28 February 2025) (resigned 28 February 2025) (resigned 28 February 2025) ## **Clerk to the Trustees** D.F Hughes (deceased 30 January 2025) C Garrad (from 1 March 2025) ## **Bankers** **Lloyds Bank plc 63 High Street Dudley DY1 1PY** ## **Investment Advisers** **Canaccord Wealth Slip House Princes Drive Worcester WR1 2AB** ## **Independent Examiner** **F Clapham F.C.A CKCA Limited No 4 Castle Court 2 Castlegate Way Dudley DY1 4RH** Page | 1 ## **BAYLIES EDUCATIONAL FOUNDATION TRUSTEES ANNUAL REPORT (CONTINUED)** ## **28 February 2025** ## **Structure, Governance and Management** The Foundation is set up as an independent provider of financial assistance for educational purpose under 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 – - i) Financial assistance and rewards for the benefit of children resident in the Metropolitan Borough of Dudley. - 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 Trustee, 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. - 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 professional, trade or calling. - 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 description of 126 grants amounting to £61,510 (2024: 127 grants totalling £46,633). ## Investment policy and performance Our investment advisers, Canaccord Wealth, 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 2025, the Foundation had undistributed income of £208,721 (2024: £230,685). The endowment fund, which consists entirely of cash, shares and securities, increased in value during the twelve months from £1,000,081 to £1,053,383. ## 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 17July 2025 …………………….. I.M Cleland - Chairman Page | 2 ## **BAYLIES EDUCATIONAL FOUNDATION** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ||Unrestricted|Endowment|Total|Last| |---|---|---|---|---| ||Funds|Funds|2025|Year| |RECEIPTS AND PAYMENTS ACCOUNT|£|£|£|£| |Receipts||||| |Investment income|47,698|-|47,698|55,644| |Asset and Investment sales, etc|-|941,694|941,694|267,971| |Total Receipts|47,698|941,694|989,392|323,615| |Payments||||| |Grants|61,510|-|61,510|46,633| |Clerk’s stipend|8,400|-|8,400|8,400| |Administration expenses|248|-|248|184| |Brokers’ charges|-|9,570|9,570|8,078| |Examiner’s fee|-|-|-|250| ||70,158|9,570|79,728|63,545| |Asset and investment purchases,etc|-|887,490|887,490|293,709| |Total payments|70,158|897,060|967,218|357,254| |Excess of payments over receipts|(22,460)|44,634|22,174|(33,639)| |Cash funds last year end|171,354|(32,247)|139,107|172,746| |Cash Funds this year|148,894|12,387|161,281|139,107| |STATEMENT OF ASSETS AND LIABILITIES||||| |**Cash Funds**||||| |Lloyds Bank plc|63,060|-|63,060|83,076| |Cambridge and Counties Bank|85,000||85,000|85,000| |EFG Harris Allday|-|-|-|(28,969)| |Canaccord|834|12,387|13,221|-| ||148,894|12,387|161,281|139,107| |**Investment Assets**||||| |Shares and Securities at market value|59,827|1,040,996|1,100,793|1,091,659| |Approved by the Board of Trustees on 17 July 2025||||| ………………………………… I.M. Cleland - Chairman Page | 3 **BAYLIES EDUCATIONAL FOUNDATION** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025** ## **HISTORICAL RESULTS FOR THE LAST FIVE YEARS** ||2021|2022|2023|2024|2025| |---|---|---|---|---|---| ||||||| |Investment income|48,512|45,644|51,621|55,644|47,698| ||||||| |Donations and Legacies|102,100|50|-|-|-| ||||||| |Grants|||||| ||||||| |Individuals|23,883|25,770|34,761|24,405|29,994| ||||||| |A level award|5,100|11,200|11,300|7,500|14,700| ||||||| |School & other Institutions|3,440|1,900|4,340|5,728|5,816| ||||||| |Fred Austin Bursary|3,000|6,000|6,000|9,000|11,000| ||||||| ||||||| |Clerk’s Stipend|8,400|8,400|8.400|8,400|8,400| ||||||| |Administration expenses|114|182|241|184|248| ||||||| |Independent Examiner’s fees|250|250|250|250|-| ||||||| |Surplus/(Deficit) for year|106,425|(8,008)|(13,671)|177|(22,460)| ||||||| ||||||| |Investment and Cash|1,458,172|1,541,366|1,372,906|1,230,766|1,262,074| ||||||| |Cash available for distribution|192,856|184,848|171,177|171,354|148,061| ||||||| |Investments & cash managed by
Cannacord|1,265,316|1,356,518|1,201,729|1,059,412|1,114,014| ||||||| Page | 4 ## **BAYLIES EDUCATIONAL FOUNDATION** ## **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 2025 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** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants England and Wales, which is one of the listed bodies. 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: 1. Accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. The accounts do not accord with those records; or 3. 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. ……………………. Date 17 July 2025 Frances Clapham F.C.A CKCA Limited No 4 Castle Court 2 Castlegate Way Dudley DY1 4RH Page | 5