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← Baird Educational Trust

2025-09-30-accounts

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CHARITY NO: SC033431

THE BAIRD EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

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THE BAIRD EDUCATIONAL TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

PAGE
Reference and Administrative information 1
Report of the Trustees 2 – 5
Independent Auditor’s Report 6 – 10
Statement of Financial Activities 11
Balance Sheet 12
Cashflow Statement 13
Notes to the Financial Statements 14 – 20

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THE BAIRD EDUCATIONAL TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees Margaret R Manson
Susan J McInally
Fiona Gillespie
Gwyneth Grant
Operational Address Flat 7
47 Partickhill Road
Glasgow
G11 5AB
Charity Number: SC033431
Independent Auditors Wbg (Audit) Limited
168 Bath Street
Glasgow
G2 4TP
Solicitors & Administrators Mitchells Roberton
George House
36 North Hanover Street
Glasgow
G1 2AD
Investment Advisers Rathbone Investment Management
George House
50 George Square
Glasgow
G2 1EH

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THE BAIRD EDUCATIONAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025

The trustees present their annual report and financial statements of the charity for the year ended 30[th] September 2025.

The financial statements 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 and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 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 published on 16 July 2014 .

Objectives and activities

The purpose of the Trust is to provide financial assistance and support to any person undertaking a course of tuition, education or training in any branch of the performing, visual or literary arts (referred to collectively in this Report as “ the arts ”) in circumstances where this is not the statutory requirement of the appropriate local authority.

The Trust furthers its charitable purposes by:

Following receipt of further interim payments this year, totalling £375,000, from the estate of the Trust’s founder, James W Baird, the Trustees have continued and expanded their programme of regular funding to various bodies and individuals, in particular: -

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THE BAIRD EDUCATIONAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Objectives and activities (continued)

We have had very positive reports of the progress made by our awardees during the year and, in the forthcoming financial year, the trustees will monitor how the current level of awards sits as against the investment income received and, if appropriate will look to increase either the number and/or level of awards made. They will continue their current connections with organisations and establishments which provide education and training to those engaged in the arts and, where appropriate will foster additional connections, all with a view to continued organic growth of the work of the trust.

Finances & Reserves

When first constituted by the late James W Baird the Trust had limited funds and these were held in an interest-bearing bank account. His mother and fellow trustee, Mrs Janet Baird, died in 2018 and the Trust received payments from her estate totalling £271,818.

On his death in 2020, James W Baird bequeathed 75% of the residue of his estate to the Trust. To date, payments to account have been received from the executors totalling £3,498,840, of which £375,000 was received in the current financial year. The Trust does not carry out fundraising activities and the reserves policy is therefore to balance the level of grants awarded each year against income levels and capital growth with a view to ensuring future availability of resources to fund charitable activities.

The current level of reserves held by the Trust is now £4,020,388 (2024: £3,570,080). The Trustees consider this amply sufficient to allow them to fulfil the Trust purposes. If the level of reserves were to fall below £250,000 (being a level at which they could fund ongoing grant payments and expenses for two years and wind up the Trust in an orderly manner) the Trustees would consider increasing these by seeking donations to the Trust fund. The trustees do, however, have the power to spend or retain both capital and income and so the trust fund is classed as expendable endowment

Investment Policy & Performance

The bulk of the long term reserve is invested with Rathbones Investment Management for the purpose of generating income and capital growth to maintain pace with inflation over the long term.

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THE BAIRD EDUCATIONAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Investment Policy & Performance (continued)

Following receipt of the further payment to account from James W Baird’s estate this year, £375,000 was transferred to Rathbones in November.

The investment objective of the Trust is to achieve a balanced return between capital growth and income, balancing the long-term future of the charity whilst supporting the grant award decisions of the trustees. The investment objective is based on Rathbones’ risk level 3 (at the lower end of medium) and, in practice, this means a spread of equity funds and diversifiers covering various markets, sectors and asset classes. As at 30 September 2025, the allocation of invested assets held by Rathbones was -

Cash 2.4%
Liquidity 23.8%
UK and Foreign Equities 66.1%
Diversifiers 7.7%

At the year end, the value of investments within the portfolio was £3,838,704 (2024: £ 3,304,747) and additional cash held on reserve (including retained income) was £ 92,997 (2024: £279,015). Over the 12 months ending 30 September 2025, the portfolio had a total return of 4.3% on the previous year against Rathbones Benchmark 3 - calculated from a basket of benchmarks of -10.1%. Estimated yield for the portfolio as at year end is 2.5% (2024 2.8%)

Structure, governance and management

The Baird Educational Trust is a registered charity with Scottish Charity number SC033431. It is constituted by Deed of Trust granted by James Wilson Baird dated 17 July and 8 and 12 August and registered in the Books of Council and Session on 23 September, all 2002.

New trustees are appointed by the existing trustees when necessary. The charity has a policy in place whereby the constitution of the board of trustees is reviewed regularly. There are no specific procedures for the induction and training of trustees but the trustees undertake an informal skills audit when appointing new members.

At regular trustees’ meetings, the trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.

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THE BAIRD EDUCATIONAL TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Trustees’ responsibilities in relation to the financial statements

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

Statement of Disclosure to the Auditor

So far as the trustees are aware, there is no relevant audit information of which the charity’s Auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees, in order to make themselves aware of all the relevant audit information and to establish that the charity’s Auditor’s are aware of that information.

Approved by the Trustees and signed on their behalf by:

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(W4 by:
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Margot Manson

Date: 5[th] March 2026

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF THE BAIRD EDUCATIONAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

Opinion

We have audited the financial statements of The Baird Educational Trust (the ‘charity’) for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF THE BAIRD EDUCATIONAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 5), the trustees are responsible for the preparation of the 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 of financial statements that are free from material misstatement, whether due to fraud or error.

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

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF THE BAIRD EDUCATIONAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;

Based on our understanding of the charity and the sector we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the United Kingdom Generally Accepted Accounting Practice, Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to;

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF THE BAIRD EDUCATIONAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditors response to risks identified

Our procedures to respond to the risks identified included the following:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 opinions we have formed.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES AND MEMBERS OF THE BAIRD EDUCATIONAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2025

Alexander Hogg CA

168 Bath Street

Senior Statutory Auditor Glasgow For and on behalf of Wbg (Audit) Limited, Statutory Auditor G2 4TP

Wbg (Audit) Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Date: 5[th] March 2026

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THE BAIRD EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025

Note
Income and endowments from:
Donations & legacies
4
Investments
5
Total Income
Expenditure on:
Raising funds
Investment management costs
6
Charitable activities
8
Other
8
Total Expenditure
Net income and net movement in funds before gains and
losses on investments
Net gain on investments
Net income
Funds reconciliation
Total Funds brought forward
15, 16
Total Funds carried forward
15, 16		 Unrestricted
Funds
2025
Restricted
Funds
2025
Total Funds
2025
Unrestricted
Funds
2024
Restricted
Funds
2024
Total Funds
2024
£
£
£
£
£
£
375,000
-
375,000
825,000
-
825,000
112,035
-
112,035
89,214
-
89,214
487,035
-
487,035
914,214
-
914,214
26,988
-
26,988
26,629
-
26,629
98,175
-
98,175
72,282
-
72,282
25
-
25
820
-
820
125,188
-
125,188
99,731
-
99,731
361,847
-
361,847
814,483
-
814,483
88,461
-
88,461
211,661
-
211,661
450,308
-
450,308
1,026,144
-
1,026,144
3,570,080
-
3,570,080
2,543,936
-
2,543,936
4,020,388
-
4,020,388
3,570,080
-
3,570,080

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE BAIRD EDUCATIONAL TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note 2025 2024
£ £
**Fixed assets: **
Investments 11 3,838,704 3,304,747
Total Fixed Assets 3,838,704 3,304,747
Current assets:
Debtors 13 6,888 -
Cash at bank and in hand 12 188,053 279,015
Total Current Assets 194,941 279,015
Liabilities:
Creditors due in less than one year 14 (13,257) (13,682)
Net Current assets 181,684 265,333
Total assets less current liabilities 4,020,388 3,570,080
Net Assets 4,020,388 3,570,080
The funds of the charity:
Unrestricted funds 15, 16 4,020,388 3,570,080
Total charity funds 4,020,388 3,570,080

Approved by the Trustees and signed on their behalf.

Name: Margot Manson Date: 5[th] March 2026

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THE BAIRD EDUCATIONAL TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 SEPTEMBER 2025

Note
Cash
flows
from
operating
activities:
Cash provided by operating activities
17
Cash flows from investing
activities:
Dividends
and
interest
from
investments
Proceeds from investments
Purchase of investments

Net cash (used in) investing
activities
Change in cash and cash
equivalents in the year
Cash and cash equivalents brought
forward
12
Cash and cash equivalents carried
forward
12		 2025
£
242,499
112,035
1,038,466
(1,483,962)

(333,461)
(90,962)
279,015
188,053		 2024
£
733,011
89,214
354,630
(1,316,821)
(872,977)
(139,966)
418,981
279,015

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THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value 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), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.

The trust constitutes a public benefit entity as defined by FRS 102.

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

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

(b) Funds structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created funds for specific purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed, or through the terms of an appeal.

Further details on the charity’s funds can be found at Note 15 and 16.

(c) Income recognition

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (e) below.

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THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. Accounting Policies (continued)

Investment management costs include the management fees paid for the maintenance of the investment portfolio.

Expenditure on charitable activities includes grants payments to third parties, governance costs and other activities undertaken to further the purposes of the charity and their associated support costs.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

(e) Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to audit and administration fees. Governance costs are analysed in note 7.

(f) Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured 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 revaluation and disposals throughout the year.

The Trust does not acquire 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 and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(g) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(h) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1. Accounting Policies (continued)

(i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

(j) Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the Directors 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The trustees are satisfied that the accounting policies are appropriate and applied consistently.

2. Legal status of the Trust

The Trust is a registered Scottish charity.

3. Related party transactions and trustees’ expenses and remuneration

No Trustee received any remuneration during the year (2024: £nil). No Trustees expenses were repaid/waived during the year (2024: £nil). There were no donations made to the Trust by any of the Trustees (2024: £nil). Fiona Gillespie was appointed as a trustee of the charity during the year and is Head of Charities for Rathbones Investment Management Limited. Investment management fees paid during the year totalled £26,988 (2024: £22,201).

4. Donations and legacies

Legacies
5. Investment income
Dividends and interest received		 2025
2024
£
£
375,000
825,000
375,000
825,000
2025
2024
£
£
112,035
89,214
112,035
89,214

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THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

6. Investment management costs

Investment management fees
. Governance costs
Audit fees
Accountancy fees
Legal fees		 2025
2024
£
£
26,988
26,629
26,988
26,629
2025
£
2024
£
6,212
5,952
-
2,500
1,610
1,180
7,822
9,632

7. Governance costs

Governance costs are allocated to costs of charitable activities.

8. Analysis of expenditure on charitable activities

Grants and donations
Sundry costs		 Direct costs
Governance
2025
Total
£
£
£
90,353
7,822
98,175
25
-
25
90,378
7,822
98,200
Grants and donations
Sundry costs		 Direct costs
Governance
2024
Total
£
£
£
62,650
9,632
72,282
820
-
820
63,470
9,632
73,102

9. Analysis of grants and donations

Individual grants paid to students
RCS Trust
Scottish Chamber Orchestra
GSA
Investin Educational Limited
University of Edinburgh
University of Strathclyde MLitt Creative Writing
University of Glasgow MLitt Creative Writing
National Youth Orchestra of Scotland
National Youth Choir of Scotland
YSMT
Total		 2025
£
2024
£
32,630
20,890
27,000
18,000
13,405
9,000
4,000
6,000
1,828
-
2,000
-
-
2,000
2,000
2,000
4,430
1,260
2,960
1,800
1,800
90,353
62,650

17

Docusign Envelope ID: 496675EC-F4BC-4FAD-B5C7-3B646B62DE66Docusign Envelope ID: 2E6284FD-02D5-48BF-8FD4-7BB25563DAAB

THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

10. Net income/(expenditure) for the year

This is stated after charging:
Auditor’s remuneration:
Audit fees
Accountancy fees
1. Fixed Asset Investments
Movement in fixed asset listed investments
Market value brought forward at 1 October 2024
Additions to investments at cost
Disposals at carrying value
Add net gain on revaluation
Market value as at 30 September 2025
Historical cost at 30 September 2025
Investments at fair value comprised:
Equities
Fixed Asset Securities
2. Cash at bank and in hand
Cash at bank and in hand		 2025
£
2024
£
6,212
5,952
-
2,500
2025
£
2024
£
3,304,747
2,130,895
1,483,962
1,316,821
(1,114,614)
(338,116)
164,609
195,147
3,838,704
3,304,747
3,498,783
3,147,702
2025
£
2024
£
3,504,880
2,945,156
333,824
359,591
3,838,704
3,304,747
2025
2024
£
£
188,053
279,015
188,053
279,015

11. Fixed Asset Investments

12. Cash at bank and in hand

13. Debtors

Accrued income 2025
2024
£
£
6,888
-
6,888
-

18

Docusign Envelope ID: 496675EC-F4BC-4FAD-B5C7-3B646B62DE66Docusign Envelope ID: 2E6284FD-02D5-48BF-8FD4-7BB25563DAAB

THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

14. Creditors: amounts falling due within one year

Accruals 2025
2024
£
£
13,257
13,682
13,257
13,682

15. Analysis of charitable funds

Analysis of
Fund movements 2025
Balance Gains/ Fund
b/fwd Income Expenditure (Losses) c/fwd
£ £ £ £ £
Unrestricted funds
General funds 3,570,080 487,035 (125,188)
88,461
4,020,388
TOTAL FUNDS 3,570,080 487,035 (125,188)
88,461
4,020,388
Analysis of
Fund movements 2024
Balance Gains/ Fund
b/fwd Income Expenditure (Losses) c/fwd
£ £ £ £ £
Unrestricted funds
General funds 2,543,936 914,214 (99,731)
211,661
3,570,080
TOTAL FUNDS 2,543,936 914,214 (99,731)
211,661
3,570,080
he unrestricted funds are available to be spent for any of the purposes of the charity.
6. Net assets over funds
Unrestricted
Restricted		 Total
Funds Funds 2025
£ £ £
Investments 3,838,704 - 3,838,704
Cash at bank and in hand 188,053 - 188,053
Debtors 6,888 - 6,888
Creditors falling due within one year (13,257)
-
 (13,257)
4,020,388 - 4,020,388

The unrestricted funds are available to be spent for any of the purposes of the charity.

16. Net assets over funds

19

Docusign Envelope ID: 496675EC-F4BC-4FAD-B5C7-3B646B62DE66Docusign Envelope ID: 2E6284FD-02D5-48BF-8FD4-7BB25563DAAB

THE BAIRD EDUCATIONAL TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

16. Net assets over funds (continued)

Investments
Cash at bank and in hand
Creditors falling due within one year		 Unrestricted
Funds
£
3,304,747
279,015
(13,682)

3,570,080		 Restricted
Funds
£
-
-
-

-		 Total
2024
£
3,304,747
279,015
(13,682)
3,570,080

17. Reconciliation of net income to net cash flow from operating activities

Net income for the year (as per the Statement of Financial Activities)
Adjustments for:
Dividends and interest from investments
(Gains) on investments
(Increase) in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities		 2025
2024
£
£

450,308
1,026,144
(112,035)
(89,214)
(88,461)
(211,661)
(6,888)
-
(425)
7,742
242,499
733,011

20