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THE HADLEY TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MARCH 2025
Charity Number 1064823

THE HADLEY TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
CONTENTS
Trustees and professional advisers
Trustees' annual report
Independent auditors' report
Statement of financial activities
Statement of financial position
Notes to the financial statements
PAGE
1
2-7
8 - 10
11
12
13 - 18

Page 1
THE HADLEY TRUST
TRUSTEES AND PROFESSIONAL ADVISERS
The Trustees
Charity Offices
Auditors
Accountants
Bankers
Solicitors
Investment Advisers
Philip Hulme
Janet Hulme
Thomas Hulme
Juliet Lyon
Katherine Prideaux
Sophie Swift
'Gladsmuir
Hadley Common
Barnet
Herts.
ENS 5QE
Newton & Garner Limited
Chartered Accountants & Registered Auditors
Building 2
30 Friern Park
North Finchley
London, N12 9DA
City Tax Consultants Limited
Building 2
30 Friern Park
North Finchley
London, N12 9DA
Barclays Bank plo
One Stanhope Gate
Mayfair
London W1K 1AF
Linklaters
One Silk Street
London
EC2Y 8HQ
Goldman Sachs International
Plumtree Court
23 Shoe Lane
London
EC4A 4AU

Page 2
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31ST MARCH 2025
The Trustees have pleasure in presenting their report and the financial statements for the charity for the
year ended 31st March 2025.
Constitution and Objects
The Hadley Trust (the Trust) is constituted by trust deed dated the 29th September 1997. It is a grant
making charity. Under the terms of the deed the Trustees are able to apply the income and capital of the
Trust in such manner as they think fit for objects which are charitable according to the laws of England
and Wales. In practice, the main focus has been on helping people who are disadvantaged to improve
their situation, either by involvement in project and support work or research into the causes of, and
means to alleviate, hardship.
Grant Making Policies
The Trustees' general approach is to engage with and make grants to registered charities. Occasionally
the Trust will make grants to organisations which are not registered charities provided the activity being
funded supports the Trust's charitable purposes.
Most of what the Trust funds is in the UK, but it occasionally supports projects or charities outside of the
UK. In general, the Trustees prefer to work with small to medium-sized organisations. Following a helpful
dialogue with the Charity Commission, the Trust Deed has now been amended to allow capital to be
spent beyond the life of the Settlor. This ensures the Trustees will be able to meet their key objective of
being a reliable, long-term funder for partner charities into the indefinite future.
The Trust focuses on the core areas of activity (set out below) where the Trustees feel the Trust is able to
have the greatest impact. Consequently, the Trust has tended to establish more in-depth relationships
with a smaller number of selected partners. The Trust does not run open grants rounds, preferring to
identify potential grants proactively through research and existing networks. The Trustees will always
consider and respond to proposals which might enhance the effectiveness of the Trust.
Public Benefit
The Trustees consider that public benefit accrues from the Trust's grant-making activities and confirm that
they have paid due regard to the Charity Commission's guidance on public benefit in deciding what
activities the Trust should undertake.
Review of Activities
During the year 137 organisations received grants totalling £4,336,067. This compares with 101
organisations and a total of £4,323,511 in 2023/2024.
The following is a breakdown of the Trust's grants by area of activity. The breakdown in the prior year has
been included in brackets for comparison purposes.
Children and Young People
Crime and Justice
Local
Other (includes medical)
33%
38%
13%
17%
(36%)
(32%)
(14%)
(17%)
In general, the Trust's overall focus has not changed from previous years. Funding of crime and justice,
and work with children and young people remain the two main areas of activity. The Trustees believe that
the two areas are complementary and that the work being done to prevent young people entering the
criminal justice system is crucial in supporting work in that area.

Page 3
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
The Trustees monitor the performance of the charities via regular reporting and in person visits to assess
impact and effectiveness of the grants made against the Trust's broad objectives.
Information on grants made in the Trust's main areas of focus follows below. As in previous years, a
complete and detailed list of the organisations in receipt of the Trust's grants is available to the Charity
Commission.
Crime and justice
Crime and justice is one of the Trust's three main areas of activity. The Trust has continued to build on its
stablished long-term partnerships with a number of dedicated criminal justice charities. The Trustee
lave reviewed the Trust's funding for policy work and are moving towards funding specific areas of
interest rather than providing core funding. In addition, the Trustees have increased funding for front-line
work with a particular focus on diversion and rehabilitation.
The Trustees' focus on crime and justice policy work is based on systemic issues, which impact
effectiveness and fairness. People in or at risk of entering the criminal justice system have often suffered
trauma, poverty and other disadvantage, which require thoughtful and often intensive solutions.
Examples of the work supported by the Trust in 2024/25 include:
a) The Centre for Justice Innovation (CJI)
In 2024/25 the Trust continued to provide core funding to CJl as well as funding for its advice service in
Highbury magistrates' court. One of CJI's core aims is to improve the effectiveness and fairness of the
criminal court system in the UK. As part of this, CJ has supported and championed the Family Drug and
Alcohol courts for several years. These are problem solving courts, which work to help parents overcome
their problems so that families can stay together.
CJI also has a focus on programmes for diversion, whereby practices can be used at a local level to
divert people who are guilty of low-level offending away from the formal criminal justice system. This pre-
court diversion can be shown to result in better outcomes both for those who have committed crimes and
for the community as a whole.
b) Cass+
Cass+ runs community courts in Devon and Cornwall, which encourage the use of problem-solving
justice techniques in those courts. In 2024/25 the Trust continued to support their core activities...
c) Prison Reform Trust (PRT)
The Hadley Trust continued to fund PRT's Advice and Information Service. Each year the service
provides support to over 5,000 prisoners and their families. In addition, the Trust funds an ex-offender
working in the Advice and Information Service on an intern basis. The information gathered by the
service provides an important input to PRT's policy work.
d) The Prisoners' Education Trust (PET)
PET work in prisons across England and Wales to provide distance learning opportunities for prisoners in
order to transform their lives. The Trust has supported PET for many years and continued to provide core
funding in 2024/25.
e) The Hardman Trust
The Trustees continued their support for the Hardman Trust, focusing on the needs of offenders serving
long-term sentences. In particular, the Hardman Trust help people access education and employment,
thereby improving their lives and contributing to society.

Page 4
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
f) The National Appropriate Adult Network (NAAN)
The Trustees awarded an unrestricted grant to NAAN for its work supporting and promoting the role of
appropriate adults in England and Wales with the aim of creating a fairer justice system for children and
vulnerable adults.
Children and young people
Historically the primary focus of the Trust's work in this area was to support care experienced children
and young people. More recently the Trust has expanded its focus to include funding for charities working
with those most at risk of entering the criminal justice system with the aim of diverting them from the
system. Both of these areas of work continued in 2024/25, including funding for some new charities in the
London Borough of Camden.
Charities supported include:
a) Coram Voice
In 2024/25 the Trust continued its support of the Bright Spots programme, which uses questionnaires to
highlight areas of good practice within local authority children's services departments. Coram Voice then
encourages the adoption of these practices more widely.
b) Coram
We are funding Coram separately to develop innovations to improve fostering. In particular they are
looking at: building and inspiring the sector's and the public's capacity for change, increasing placement
availability and stability, and building carers' capacity to support children and young people.
c) Handcrafted
The Trustees have supported Handcrafted's work with care leavers in the North East of England for
several years. In particular, Handcrafted help care leavers to transition from care to independent living by
providing housing and other support.
d) The Avenues Youth Project
The Avenues delivers a range of youth work programmes in an area of West London with a high level of
poverty. Their after school and holiday programmes are free and open to all, enabling young people to
participate in meaningful activities and to build confidence. In 2024/25 the Trust provided core funding to
support their work.
e) Northside Youth and Community Connexions (NYCC)
NYCC holistically supports young people and families with a range of services, including youth groups,
mentoring, career programmes, food projects, gang mediation, victim support and violence against
women and girls' projects. All projects aim to equip young people with the skills needed to make good
choices. During 2024/25 the Trust supported NYC to develop and equip their new youth and community
centre in Edmonton Green.
f) King's Cross Brunswick Neighbourhood Association
KCB is a neighbourhood association in Camden that includes support for young people. In 2024/25 the
Trust contributed towards core costs supporting their youth work programme, which works with
vulnerable young people..
Local charities
The Trust is based in the London Borough of Barnet and supports many community charities in the local
and surrounding areas of north London. These charities are usually focused on delivery of front-line

Page 5
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
services to support disadvantaged people. In some cases, the Trust will make more generalised
investments to enhance social capital locally.
Local charities supported include:
Hope Corner, run by Barnet Church Action
Hope Corner is an all-age community centre offering an affordable café, advice services, employment
programmes and a seniors programme. In 2024/25 the Trust contributed towards the core costs of
running this crucial service.
b) Homeless Action Barnet
In 2024/25 the Trust supported Homeless Action Barnet in their work with homeless, vulnerable or
recently rehoused people. Their work includes providing free meals, showers, laundry and healthcare.
c) The Margins Project
The Margins Project is based at Union Chapel in Islington and provides support and services for people
facing homelessness and other serious issues. The Trust provided core funding for their services, which
include a drop-in service, an advice and engagement service and a supported employment programme.
Other
Some charity partners are not easily categorised as their work spans multiple areas which are of interest
to the Trust. One such is Policy Exchange with whom we have worked for many years. Areas of Policy
Exchange's work which are of particular interest to the Trust include crime, policing and protection of
women's and children's rights. Because of the longstanding nature of our relationship, and the breadth of
their activities, our support for Policy Exchange takes the form of a contribution to their core costs.
In 2024/25 the Trust continued to support several medical charities. Although the Trustees had intended
to increase support for medical research and support services, this has been siow to materialise as our
research has not identified any charities of particular interest to the Trustees. Although the Trust will
continue to research this area of funding, there is unlikely to be significant growth here and medical
charities will not be considered within a separate category.
Future plans
The Trustees review the strategic direction of the Trust on an ongoing basis. Although the Trustees have
been pleased with what the Trust has been able to achieve, they believe that more could be done in order
to have an even greater impact.
Plans for 2025/26:
• The Trustees will continue with their aim to increase funding of charities working for the benefit of
children and young people, especially in relation to care leavers and those at risk of entering the
criminal justice system.
• The Trustees will continue with a move towards project-based funding for criminal justice policy
work. They will also aim to increase funding for charities working with people in the criminal
justice system to help with rehabilitation and to reduce reoffending.
• The Trustees will continue their focus on local charities in north London, with a particular interest
in expanding funding for charities working with disadvantaged people in Camden and Islington.

Page 6
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
Investment policy and performance
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the
Trust. The Trust's assets are held for the purpose of meeting its charitable objects
The charity's original endowment was comprised of a donation of shares in Computacenter. Subsequently
the charity has received further similar donations from the settlor.
At the time of Computacenter's flotation in 1998 the majority of the charity's shareholding was sold and the
proceeds reinvested. The resulting portfolio has since been managed by Goldman Sachs with the exception
of a holding in Apax Europe VI and a modest holding of investment property.
To maintain an approach consistent with the Trustees' aim of being a reliable, long term funder, Goldman
Sachs have been asked to manage the portion of the portfolio for which they are responsible
conservatively and on a total return basis.
During 2024/25 the total value of the Trust's holdings decreased by £7.3 million to £337.7 million, which is
a decrease of 0.2%. This compares with an increase of 16.6% in 2023/24. These are net changes, after
charitable donations and all other outgoings. The rate of return on the component of the portfolio
managed by Goldman Sachs was 1.7% (compared to an increase of 7.2% in 2023/24).
Returns will fluctuate but the Trustees remain satisfied with the Trust's overall financial performance. The
Trustees have noted that liquidity levels are projected to remain adequate for all operational and planned
grant expenditure.
Financial review
The Financial Statements for the period are set out on pages 11 to 18.
These show that the Trust had net expenditure before investment gains for the year of £5,233, 109 (net
expenditure £5,279,805 in 2023/24).
Cash balances in the Trust as at 31 March 2025 were £1,023,238 (E746,285 as at 31 March 2024). Total
assets as at 31 March 2025 were £338,595,256 (£345,593,259 as at 31 March 2024).
There were no significant financial events during the year that impacted the Trust's strategy for meeting
its objectives.
Reserves policy
The Trustees do not designate any particular components of the charity's endowment as reserves. The
Trustees ensure that in any given year sufficient cash is available to meet the charity's obligations. Thus
budgeted charitable expenditure is well within the Trust's funding capability. This approach, like the
investment policy, is consistent with the Trust's stated intention of being a reliable and long-term funder.
Governance, employees and decision-making
New trustees receive an induction pack containing relevant documents and are provided with briefings
from staff and existing trustees as appropriate.
The Trustees strive to avoid any conflict of interest between the interests of the Trust on the one hand,
and personal, professional, and business interests on the other. This includes avoiding the perception
of conflicts of interest as well as actual conflicts of interest. A register of interests is maintained, and
interests are declared at individual meetings where appropriate.
During the period the Trust employed three members of staff. Ruth Daniel (Director), Carol Marshall
(Trust Administrator) and Sara Sherlock (Head of Community Partnerships). Remuneration for key
management is set by the Trustees on the recommendation of the Chair of Trustees.
Matters requiring board approval are decided by the Board acting by a majority. The Trustees approve a
grant making budget at the start of each financial year and payments to charities are made in accordance

Page 7
THE HADLEY TRUST
TRUSTEES' ANNUAL REPORT (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
with the Trust's financial controls. Day to day operational decisions are delegated to the Director, who
operates within the confines of policies set by the Board.
Risk management
Trustees are responsible for identifying, managing and monitoring the risks facing the Trust and ensuring
that adequate steps are taken to mitigate those risks.
A risk register is maintained which lists and ranks all risks according to the aggregate of likelihood and
severity of impact. The register also shows mitigations in place and identifies any further action required.
The Trustees review the risk register at every meeting and the Trust's staff use the risk register as a tool
to ensure implementation of mitigating actions.
The principal risks identified by the Trustees are:
• Significant loss of investment funds, which is mitigated by the application of an investment policy
and regular review of investment performance.
Loss of key staff given the small size of the staff team. This is mitigated by record keeping,
having clear operational processes in place and the close involvement of Trustees.
Trustees' responsibilities
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the charity's financial activities during the year. In
preparing financial statements, the Trustees are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have
been followed, subject to any 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 will continue in operation.
The Trustees are responsible for keeping accounting records which enable them to ascertain and
disclose with reasonable accuracy the financial position of the charity and ensure that the financial
statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of
the charity and for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
In so far as the Trustees are aware:
there is no relevant audit information of which the charity's auditors are unaware, and
the Trustees have taken all necessary steps to make themselves aware of any relevant audit
information and to ensure that the auditors are aware of the same.
The Trustees believe that they have fulfilled all of the above obligations and that this report and the
accompanying accounts are compliant with the Trust's governing document and the Charity
Commission's Statement of Recommended Practice.
These financial statements, having been approved
by the Trustees, were signed on their behalf by:
KEprideany.
Katherine Prideaux
Trustee
Dated: 9/12/25

Page 8
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF
THE HADLEY TRUST
FOR THE YEAR ENDED 31ST MARCH 2025
Opinion
We have audited the financial statements of The Hadley Trust for the year ended 31st March 2025
which comprise the statement of financial activities, the statement of financial position and notes
to the financial statements. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards, including Charities SORP
(FRS 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:
• give a true and fair view of the state of the charity's affairs at 31st March 2025 and of its
incoming resources and application of resources, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
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's 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.
Conclusion related to going concern
We have nothing to report in respect of the following matters in relation to which the ISA's (UK)
require us to report to you where:
• the trustees' use of going concern basis of the accounting in the preparation of the financial
statements is not appropriate; or
•
the trustees have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the charity's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the financial
statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the trustee's report, other than the financial statements and our auditor's
report thereon. Our opinion on the financial statements does not cover the other information,
except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.

Page 9
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF
THE HADLEY TRUST (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
Other information
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is material inconsistent with the
financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or an
material misstatement of the other information. 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 and Reports) Regulations 2008 require us to report to you if, in our opinion
• adequate accounting records have not been kept, or returns adequate for our audit have not yet
been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• We have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, 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 fee 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 cease operations,
or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in
accordance with the Act and relevant regulations made or having effect thereunder. Our
responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requrements and International Standards on Auditing (UK and Ireland). These standards require
us to comply with the Auditing Practice Board's (APB's) Ethical Standards for Auditors.

Page 10
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF
THE HADLEY TRUST (continued)
FOR THE YEAR ENDED 31ST MARCH 2025
Extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
identified and assessed the risks of material misstatement of the financial statements from
irregularities, whether due to fraud or error, and discussed these between our audit team members.
We then designed and performed audit procedures responsive to those risks, including audit
evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable
trust operates, focusing on those laws and regulations that have a direct effect on the determination
of material amounts and disclosures in the financial statements. The main law and regulation
we considered in this context was the Charities SORP (FRS102). We assessed the required
compliance with these as part of our audit procedures on the related financial statement items.
We also considered the opportunities and incentives that may exist within the charitable trust for
fraud. Auditing standards limit the required audit procedures to identify non-compliance.
We identified the greatest risk of material impact on the financial statements from irregularities,
including fraud, to be within the recording of income and valuation of investments and the override
of controls by management. Our audit procedures to respond to these risks included additional
work reviewing investment income and valuations, enquiries of management and analytical review
procedures.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. We are not responsible
for preventing non-compliance and cannot be expected to detect non-compliance with all laws
and regulations.
Use of the audit report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the
Charities (Accounts and Reports) Regulations 2008. 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.
R. Aught
Robert Knight, FCCA, ATII, Statutory Auditor
For and on behalf of Newton & Garner Limited
Newton & Garner Limited
Chartered Accountants & Registered Auditors
Building 2
30 Friern Park,
North Finchley,
London, N12 9DA
Date
11 th Decenter, 2025.

Page 11
THE HADLEY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2025
Unrestricted Endowment
Funds
Funds
Note
INCOME AND ENDOWMENTS
Donations and legacies
Investments
Other income
TOTAL INCOME
EXPENDITURE
Expenditure on raising funds:
Investment management costs
Expenditure on charitable activities
TOTAL EXPENDITURE
Net gains on investments
Net income
Transfer between funds
4
7,039,491
7,185
7,046,676
(533,161)
6/7 (4,699,948)
(5,233,109)
12
1,813,567
13 (1,813,567)
OTHER RECOGNISED GAINS AND LOSSES
(Losses)/gains on revaluation of fixed assets
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total Funds brought forward
TOTAL FUNDS CARRIED FORWARD
-
5,976,000
5,976,000
:
4,146,964
10,122,964
1,813,567
11,936,531
(18,934,534)
(6,998,003)
345,593,259
338,595,256
Total Funds
Year to
2025
5,976,000
7,039,491
7,185
13,022,676
Total Funds
Year to
2024
6,603,294
6,603,294
(533,161)
(4,699,948)
(5,233,109)
4,146,964
11,936,531
11,936,531
_(18,934,534)
(6,998,003)
345,593,259
338,595,256
(475,860)
(4,803,945)
(5,279,805)
4,301,951
5,625,440
5,625,440
43,383,556
49,008,996
296,584,263
345,593,259
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement
of total recognised gains and losses has not been prepared.

Page 12
FIXED ASSETS
Tangible assets
Investments
THE HADLEY TRUST
STATEMENT OF FINANCIAL POSITION
31ST MARCH 2025
2025
Note
14
15
E
4,997
337,676,873
337,681,870
2024
13,109
344,998,353
345,011,462
CURRENT ASSETS
Debtors
Cash at bank
16
17
2,590
1,023,238
1,025,828
(106,442)
746,285.
(129,488)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS; Amounts falling due
after more than one year
18
NET ASSETS
FUNDS OF THE CHARITY
Endowment funds
TOTAL CHARITY FUNDS
21
919,386
338,601,256
(6,000)
338,595,256
616,797
345,628,259
(35,000)
345,593,259
338,595,256
338,595,256
345,593,259
345,593,259
These financial statements, having been approved by the trustees,
were signed on their behalf by:
dated: 9/12/25
Kalideans,
Katherine Prideaux
Trustee
The notes on pages 13 to 18 form part of these accounts

Page 13
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared in accordance with 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) (effective
1st January 2015) - (Charities SORP (FRS 102)), The Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Hadley Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise stated in the relevant
accounting policy notes. There are no material uncertainties about The Hadley Trusts ability to continue
as a going concern.
In preparing the financial statements, the trustees have considered whether in applying the accounting
policies required by FRS 102 and the Charities SORP (FRS 102) the restatement of comparative items was
required. No material restatement of comparative items was required.
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 E.
Income
Voluntary income and donations are accounted for when received by the charity. Donations of shares are
valued at the mid-price on the date of donation. Donations of properties are valued at their market value on
the date of donation.
Investment income is accounted for in the period in which the charity is entitled to receipt.
Expenditure
Expenditure is accounted for on an accruals basis.
Expenditure on raising funds comprise those costs directly attributable to managing the investment
portfolio and raising investment income.
Grants payable are charged in the year when the charity offer is conveyed to the recipient except in those
cases where the offer is conditional, such grants being recognised as expenditure when the conditions
attaching are fulfilled.
All costs are allocated between expenditure categories of the Statement of Financial Activities on a
basis designed to reflect the use of the resource costs relating to a particular activity.
Tangible fixed assets and depreciation
Fixed assets are initially meaured at cost and subsequently measured at cost net of depreciation.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Computer equipment
Motor vehicle
Office furniture
20% straight line
25% straight line
15% straight line

:
Page 14
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
ACCOUNTING POLICIES (Continued)
Tangible fixed assets and depreciation (Continued)
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is credited or charged to the Statement of Financial
Activities.
Investments
Investments are included at closing mid-market value at the balance sheet date. Realised and unrealised
gains and losses on investments are dealt with in the Statement of Financial Activities and are calculated
on a first in first out basis.
Unlisted investments are initially recorded at cost, and subsequently measured at fair value.
Investment properties are included at their open market value at the balance sheet date.
Cash at bank
Cash at bank are basic financial assets and include deposits held at call with banks and bank overdraft.
Bank overdraft are shown within borrowings in current liabilities.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling
at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving
at the net incoming resources.
Value Added Tax
Value Added Tax is not recoverable by the charity, and as such is included in the relevant costs in the
Statement of Financial Activities
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to
the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net
amounts presented in the financial statements, when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle
the liability simultaneously.

Page 15
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
2. DONATIONS AND LEGACIES
Other voluntary income
3. INVESTMENT INCOME
Income from investment properties
Income from listed investments
Income from cash investments
4. OTHER INCOME
Gains on disposal of tangible fixed assets
held for charity's own use
5. INVESTMENT MANAGEMENT COSTS
Portfolio management
Rent collection and investment property management
Property repairs and maintenance charges
2025
5,976,000
2025
E
63,022
6,532,903
443,566
7,039,491
2025
E
7,185
2025
E
486,731
9,813
36,617
533,161
2024
-
2024
61,531
6,085,042
456,721
6,603,294
2024
2024
432,384
9,589
33,887
475,860
6. EXPENDITURE ON CHARITABLE ACTIVITIES
The charity undertook no direct charitable activities but awarded grants to a number of institutions
in furtherance of its charitable activities. A complete and detailed list of the organisations in receipt of the
trust's grants has been made available to the Charity Commission.
The following is an analysis of grants, including allocated support costs, according to the categories set
out in the Trustees' Report on page 2.
Total Funds
Crime and Justice
Children and Young People
Other
Local
Medical
Support
Costs
78,914
68,615
35,515
27,087
210,131
Governance
Year to
Grants
1,628,404
1,415,870
732,860
558,933
1,336,067
7. SUPPORT AND GOVERNANCE COSTS
The breakdown of support costs attributable to charitable activities is:
Staff salaries & NI
Premises expenses
Consultancy
Depreciation
Motor
Office
Travel
Costs
2025
57,741
1,765,059
50,204
1,534,689
25,986
794,361
19,819
605,839
153,750
4,699,948
Total Funds
Year to
2024
1,556,478
1,715,009
600,493
686,964
245,001
4,803,945
2025
E
2024
Governance costs - Legal, audit & accountancy
188,049
3,362
8,325
2,095
6,341
1,959
153,750
363,881
206,102
20,875
8,626
870
23,407
1,130
196,872
457,882

Page 16
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
8. STAFF COSTS AND EMOLUMENTS
The aggregate payroll costs were:
Wages and salaries
Social security costs
Employer contributions to pension plans
2025
2024
169,219
16,188
2,642
188,049
186,117
18,224
1,761
206,102
Particulars of employees:
The average number of staff employed by the charity during the financial year amounted to:
2025
No.
Administration
3
2024
No.
3
he number of employees who earned £60,000 per annum or mor
ncluding taxable benefits but excluding employer's pension contributions
during the year was as follows:
£60,001 - £70,000
£80,001 - £90,000
2025
No.
2024
No.
0
1
1
0
9. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS
No remuneration was paid to trustees in the year (2024 - Nil). Two trustees were reimbursed for expenses
totalling E177 in the year relating to travel and subsistence.(2024 - Nil).
No trustee had any personal interest in any contract or transaction entered into by the charity during the
year (2024 - Nil).
10. NET INCOME
2025
2024
This is stated after charging:
Depreciation
Gains on disposal of tangible fixed assets
11. AUDITORS REMUNERATION
Audit of the financial statements
8,325
7,185
2025
E
6,000
8,626
2024
5,400
12. NET GAINS ON INVESTMENTS
2025
2024
Gains/(Losses) on cash held for investment purposes
Gains on listed investments
Gains on other investments
(234,498)
979,029
3,402,433
4,146,964
937,693
101,814
3,262,444
4.301,951
13. TRANSFER BETWEEN FUNDS
In accordance with the trustees' Reserves Policy and with the Statement of Recommended Practice
Accounting and Reporting by Charities (SORP 2015 FRS102) (Para. 4.39), power of discretion has been
exercised to convert £0 (2024 - EO) expendable endowed capital into income.

Page 17
14. TANGIBLE FIXED ASSETS
COST
At 1st April 2024
Additions
Disposals
At 31st March 2025
DEPRECIATION
At 1st April 2024
Charge for the period
Disposals
At 31st March 2025
NET BOOK VALUE
At 31st March 2025
At 31st March 2024
15. INVESTMENTS
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
Office
Furniture
14,831
3,027
17,858
14,831
38
14,869
2,989
Equipment
Motor Vehicle
3,491
33,773
(33,773)
3,491
936
547
1,483
23,219
7,740
(30,959)
2,008
2,555
10,554
Investment
Properties
€
3,725,000
:
3,725,000
Other
Investments
63,037,589
1,999,866
(1,038,739)
(1,471,636)
62,527,080
Total
52,095
3,027
(33,773)
21,349
38,986
8,325
(30,959)
16,352
4,997
13,109
Total
€
344,998,353
22,736,048
(11,122,994)
(18,934,534)
337,676,873
Cost or valuation
At 1st April 2024
Additions
Disposals
Revaluations
At 31st March 2025
Impairment
At 1st April 2024 and
31st March 2025
Cash or
Cash
Equivalents
12,559,834
7,534,023
(8,495,967)
699,569
12,297,459
=
Listed
Investments
265,675,930
13,202,159
(1,588,288)
(18,162,467)
259,127,334
Carrying amount
At 31st March 2025
12,297,459
259,127,334
3,725,000
At 31st March 2024
12,559,834
265.675.930
3.725,000
The trustees consider that the following individual investments requires disclosure:
62.527,080
63,037,589
337,676,873
344,998,353
Listed Investments
Computacenter plo 7,270,117 ordinary shares £177,681,659 (2024 - 7,030,117 shares - £189,531,954).
These shares are listed on the London Stock Exchange and are valued at mid-price at the close of
business on 31st March 2025. It should be noted that they were donated to the Trust on the
understanding that they would be held on a long-term basis and only sold with the prior agreement of the
donors.

Page 18
-
THE HADLEY TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
15. INVESTMENTS (continued)
Other investments
UK investment properties were revalued at 3rd April 2022 by Mir. C.D. Scorer of Scorer Property
Services Limited.
16. DEBTORS
Other debtors
17. CREDITORS: Amounts falling due within one year:
2025
2,590
2025
2024
Grant commitments
Taxation and social security
Accruals
Other creditors
86,000
1,601
18,326
515
106,442
2025
2024
E
80,452
1,721
46,800
515
129,488
18. CREDITORS: Amounts falling due after more
than one year:
Grant commitments
2024
6,000
35,000
19. PENSION AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans
was £2,642 ( 2024 - £1,761).
20. RELATED PARTIES
On 7th October 2024, the settlor, Philip Hulme, donated 240,000 Computacenter ple shares valued at
£5,976,000.
21. ENDOWMENT FUNDS
Balance at
1.4.24
Incoming
Resources
Balance at
31.3.25
inc. gains
€
Expendable endowment
345,593,259
(6,998,003)
338,595,256
Deed, availabie to be used for charitable purposes Then domient as be treaters earnin
statements as an expendable endowment.