THE HELEN HAMLYN TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Registered Number: 4115082 Registered Charity Number: 1084839
THE HELEN HAMLYN TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Reference and administrative information Report of the Directors Independent auditors, report Statement of financial activities 12 Balance Sheet 13 Cash flow statement Notes to the (inancial statements 15
THE HELEN HAMLYN TRUST LEGAL AND ADMINISTRATIVE DETAILS Trustees and Directors Lady Hamlyn Dr Kate Gavron Brendan Cahil I Margaret O'Rorke Dr Deborah Swallow Stephen Lewin Professor Dame Alison Peacock Professor the Lord Ara Darzi Baroness Rebuck Dr Sarah Thomas (appointed 21 September 2023) Director of Finance and Administration John Roche Director of Projeds and Co-ordination Lucy O'Rorke Registered Office 66 Lincoln's Inn Fields London WC2A 3LH Principal Office The Helen Hamlyn Trust Unit 1 Drayton House Court Drayton St Leonard Oxfordshire OXIO 76G Auditors AZETS Regi5 House, 45 King William St, London EC4R 9AN Solicitors Farrer & Co LLP 66 Lincoln'5 Inn Fields London WC2A 3LH Bankers National Westminster Bank PIC St James and Piccadilly Branch PO Box 2DG 208 Piccadi Ily London WIA2DG Investment Managers LGT Wealth Management UK LLP 14 Cornhill London EC3V 3NR
THE HELEN HAMLYN TRUST DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Report of the Directors for the year ended 31 March 2025 The Trustees, who are also Directors of the company for the purpose of the Companies Act, present their report and the audited financial statements for the year ended 31 March 2025 which are also prepared to meet the requirements for a directors, retK>rt and accounts for Companies Act purposes. The information with respect to Trustees, Directors, Officers and Advisors set out on page I forms part of this report. The financial Statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Statement of Recommended Practice ISORPI applicable to chariti preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20151, the Charities Act 201 l and the Companies Act 2006. Structure, Governance and Management Structure The Trust is a charitable company limited by guarantee, incorporated on 27 November 2000 (company registration number 41150821 and registered with the Charity Commi55ioners as a charity on 31 January 2001 (charity registration number 10848391. The Trust's governing document is the Memorandum and Articles of Association dated 15 November 2000. Governanre The Director5 rnt formally at least twice a year and informally throughout the year including by electronic means. The existing Directors select members of the Board. At each AGM, one third of the Directors retire by rotation and are permitted to submit themselves for immediate re-election. The proces5 for the induction of new Trustees comprises an initial meeting with the Chair to explain the history and strategic direction of the Trust. New Trustees are also provided with a copy of the Memorandum and Articles of Association ofthe Company, the latest Annual Report and AcLounts, the Budget, information on the various Committees and copies of the most recent Board papers. Truslees are encouraged to attend relevant Trustee training events organised by reputable third-party providers. The Trustees agree the broad strategy and areas of activity for the Trust, including consideration of grant makin& investment, reserves, risk management and performance. All Trustees work on a voluntary basis and no remuneration was paid in the year. Details of Trustees, expenses and related paty transactions are disclosed in Notes 19 and 20 to the Accounts. Trustees are required to disclose all relevant interests and register them annually with the Di rector of Finance and Administration and in accordance with Lhe Trust's policy withdraw from decisions where a conflict of interest arises. Management The Trustees have delegated certain responsibilities to tsvo Committees in accordance with the Trust's governing document. The Finance and Governance Committee consistin8 of four Trustees has the authority to authorise unbudgeted expenditure of up to £1 00,000 in any one financial year. Additionally, the Committee reviews the financial and governance arrangements for the Trust and advises the Board accordingly on matters includin8 financial management, human resources, staff remuneration, risk mana8ement and the financial audit. The Committee is responsible lor reporting to the Trustees on investment matters and directing the investment manager as appropriate.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 The Small Grants Committee con515ting of the Chair of Trustees, the Director of Finance and Administration and the Director of Projects and Co-ordination, is responsible for considering and approvi ng, if appropriate, grant appl ications for amounts of up to £1 0,000 per project and up to a value o* £IOO,000 in any one year based on the research and recommendations made by the Director of Finance and Administration and the Director of Projects and Co-ordination and the 8rant making policie5 settled by the Trustees. Occasionally small grants are awarded to overseas charities and these are further approved by the Trustees. As described elsewhere in the report the Trust made the strategic decision in March 2025 to discontinue the Small Grants Programme from I, April 2025 so from that date the Small Grants Committee was also disbanded. Day to day financial management, risk management and governance issues are the responsibility of the Director of Finance and Administration. Pay policy for key management personnel All Trustees who are also Directors of the charity give of their time freely and no director received remuneration in the year. The pay of key management personnel and others is VieWed annually and normally increased in line with the increase in the Consumer Price Index each year and approved by the Finance and Governance Committee. In setting pay scale5 for roles the Trustees benchmark against pay levels in other similar grant making trusts. Risk management The Trustees have identified and reviewed the major strategic, operational and financial risks to which the Trust is exposed. The Trustee5 are also satisfied that the procedures, policies and systems which are in place for risk management gener211y are reviewed regularly and mitigate exposure to these risks. This work has identified the major ris a5; the inappropriate or ineffective use of grant monies- and an inappropriate investment policy. To ensure that grant monie5 are spent appropriately and effectively the Trust carefully reviews and runs checks on grants before award and has an ongoing systetn of monitoring and review which includes receiving progress reports {including financial accounting) and visits to projects. In order to mitigate the risks associated with an i nappropriate investment policy, the policy 15 kept under constant review as are investment reports from the investment managers. The Finance and Governance Committee meets periodically with the investment managers to discuss the current investment policy and onsider its appropriateness. The Committee makes recommendatioTrs to the Trustee5 following that meeting. The Committee reviews the investment management reports at least twice a year. Objectives and Acttvities for the public benefit The primary objects of the Trust, as stated in its governing document, are the general purposes of SLich charitable bodies or for such charitable purposes as the Directors shall think fit in England and Wales or elsewhere. The Trustees together determine which projects to fund being mindful of, but unfettered by, the Trust's focus on the initiation by Lady Hamlyn of medium and long-term projects, funded by way of grants, solely or with partners, linked to the shared interests of Lady Hamlyn and her late husband, Lord Hamlyn. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting grant makin8 policy for the year.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Grant making Policy The Trust has wide powers to make grants. Recommendatior75 for project5 are brought forward to the Trustees and these recommendations are subject to approval by the Board. The Trust does not accept unsolicited applications for funding. The current strategy (or grant making is concentrated on the followin8 areas of activity., Medical, the Arts and Culture, Education and Welfare, Heritage and Conservation in India, International Humanitarian Affairs and Healthy A8ein8. Following a strategic review of the Tru5Ys grant-making in March 2025 the Trustees made the difficult decision to permanently close the small grants scheme from l Apri12025. This is so the Trust can locus its financial and other resources on supporting and developing existing projects with its long-term partner organisations. Prior to this, small grants of up to £1 0,000 were made to a wide variety of small local and re8ional charities where a grant of this size can make a significant difference. All small grants SLlPPOrted the Trust's charitable objectives. The Trust's core aim is to initiate and 5UPPOrt innovative medium to long term projects, which will effect lasting chan8e and improve quality of life for the benefit of the public or section5 of the public. Individual projects aim to.. support innovation in the medical arena. increase access to the arts and support the professional development of artists from the fields of music and the performing arts. increase intercultural understandirig,. provide opportunities for young people to develop new interests and practical ski515 which will contribute to their education and their future lives and to create opportunities for young offenders to acquire practical ski Ils which will support their personal development for their future lives. conserve heritage in India for public access and cultural activities. support examples of good practice in the humanitarian sector. provide practlLal support to enable the elderly to maintain their independence for as long as possible. The principal objective lor the year was to SUPPOrt existin8 projects and develop new projects in line with the Trusvs objectives. Examples of how the objectives for the year were achieved are summarised as follows: University of Oxford - Bodley's Librarian and the Helen Hamlyn Director of University Libraries Endowment £4,000,000 An endowment of the post of Bodley's LibrariarF and Director of University Libraries. The Trust has been a strong SLlPPOrter of the Bodleian Libraries over many years, and this £4 million grant towards the post has also resulted in the release of £2 million in matched funding from the University. The endowment means that Bodley's Librarian, the most senior position at the Bodleian Libraries, will from now on be known a5 Bodley's Librarian and the Helen Hamlyn Director of the University Libraries. The funding will ensure the permanence of the role, and support the sustainability of the Bodleian into the future. The Royal Opera House, Covent Garden, London Paul Hamlyn Christmas Treat- Cinderella £170,227 over l year Following the success of previou5 programmes that the Trust has run in partnership with the Royal Opera House, the Trust agreed to fund a Christmas performance for families of Cinderella with additional activities, in memory of Paul Hamlyn. The aim ofthe Trust's support for this performance was to enable those who have not previously experienced a performance at the Royal Opera House to do so. This grant Is part of a conditional 3-year grant awarded in 2023.
THE HELEN HAMLYN TRUST DIRECtORS' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 The Helen Hamlyn Centre for Design at the Royal College of Art Core funding £250,000 over l year This grant represents a continuation of the Trust's on-going support for the Helen Hamlyn Centre for Design IHHCDI and is part of a conditional l O-year grant of £2.5 million awarded in the year ended 31 March 2023. The remaining balance on this grant of £1,750,000 is a contingent liability as described in Note 18 to the financial Statements. Core funding from the Helen Hamlyn Trust ha5 to date enabled HHCD to develop an international reputation and a distinctive real world research profile based on extensive industrial collaboration in the areas of design for a8eing, healthcare and access to the workplace and built environment. This on-80ing support will help build HHCD'S knowledge and impact in two key areas in the next phase of their development. First, it intends to deepen the expertise of its three research labs- Age & Ability, Health & Patient Safety and Work & City. Second, it intends to enhance lour important knowledge exchange mechanisms within the RCA community: business, government, design practice and design Search. The Chartered College of Teaching Rethi nking curriculum: Designing for the future £579,560 over 3 years This second phase of Rethinking Curriculum will build on Phase I Isept 2022 - July 20241 supporting those schools already working closely with CCT, to help build a national network of teachers, keen to develop their learning and to enact the principles they aspire to. Rethi nki ng Curriculum is a long-term Lurriculum development project that focusse5 on building knowledge and 5ki115 Within the English primary sector. It has grown out of the Trust's Open Futures initiative, which ran from 2003-2017 with Schools across England and became a powerful pedagogical framework for earning and teaching in Primary Schools. The focus of phase two will transition from a programme of intensive school support to one of national advocacy, policy engagement and school action. CCT'S work with schools in phase one identified that this is crucial to the achievement of change on the ground; schools must feel enabled to make the changes they want to see. The strategy, therefore, is to create a culture and policy environment that supports and even requires schools to develop expansive curricula, rather than discourages them. Achievements and Performance The Trust continues to monitor the performance oé a range of existing medium and lon8-term projects across the spectrum of the Trust's grant making activities. All the projects undertaken by the Trust are considered to meet the requirement for public benefit. However, in certain cases, such as the funding of medical research programmes, it is not Possible at this stage to quantify the number of potential beneficiaries. All beneficiaries of grants provided by the Trust are required to submit at least one report in a standard format annually to allow the Trustees to assess progress and measure results. Financial Review Income generation The Trust was awarded a grant of £2,000,00012024: £2,000,000) by the Paul Hamlyn Foundation in respect of the year ended 3 T March 2025. The Trustees are confident of receiving further funding from the Paul Hamlyn Foundation in future years. During the year Lady Hamlyn made a donation to the Trust of £4,168,174 12024: £2,950,659) to enable the Trust to award the £4.0 million grant to the University of Oxford to endow the post of Bodley's Librarian and the Helen Hamlyn Director of the University Libraries. The balance of Lady Hamlyn's donation was transferred to the No.1 Expendable Endowment Fund as described in Note 16 to the financial statements and will be used to enable the Trust to make further long-term strategic grants to existing beneficiaries. It is anticipated that Lady Hamlyn will make further donations to further enable ihe Trust to award further strategic grants which it would otherwise not have the resources to provide.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Fundraising The Trust does not fundraise from the publ ic and does not use the services of a fundraiser or similar. The Trust receives donations from the Paul Hamlyn Foundation, which are not the result of active fundraisi ng. It is not anticipated that this situation will change, however should the Trust ever choose to actively fundraise it would comply with all statutory requirements and the best lundrai5ing practices in force at that time. Financtal risk management The following statements summarise the charity's policy in managing identified form5 of financial risk: Price risk The charity negotiates grants awarded to finance the charity's activities and incorporates this information into its business plans. Salary costs are communicated to staff during the formal annual review of salaries. Prices of materials purchased are subject to contract5 Wlth suppliers, based on current market prices. Credit risk Credit risk on amounts owed to the charity by third parties 15 low, as there are no significant debtors. Liquidity risk The charity has no borrowings. Interest rate cash flow risk The charity is able to place surplus funds on short term deposit account with the Trust'5 bankers. Investment Powers, Policy and Performance The Trust's governing document defines the Trustees, investment powers as unlimited. These powers have been delegated by the Trustees to the Finance and Governance Committee, which reviews performance of the investment portfolio and the investment manager and considers any changes required to policy, reporting to the Trustee5 as appropriate. The Trustees have delegated discretionary management to a specialist portfolio manager under an investment agreement. The Trusys investment strategy 15 described as a cautious strategy and has the primary investment objertive of preserving purchasing power relative to the rate of GBP inflation, while accepting a balanced level of risk in order to generate income. The portfolio structure is diversified and has also beell designed to ensure that cash is available to meet the Trust's current and future grant commitments. The composition of the investment portfolio excluding cash holding5 15 shown in Note 12 to the Accounts. The ended 31 March 2025 was a difficult investment environment for cautious portfolios such as the one held by the Trust and as a resLtlt the Trust incurred revaluation losses although these were not of a magnitude which would significantly affect the Trust's grant making. It is hoped that the investment environment will improve throughout 202512026.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy A5 a general policy grants are currently accounted for in full in the year in which they are awarded, albeit payments in some circumstance are spread over a number of years. The exceptions to this general policy are described in Note 18 Contingent Liabilities - in the notes to the Accounts. The Trust ha5 accumulated unspent income sufficient to fund its existing commitments and its conti ngent liabi l ities should the conditions attached to those grants be met. The Trustees also have the discretion to disburse some or all of its Expendable Endowment. Having regard to this the Trustees have re-exami ned the requirement to maintain free reserves and concluded that the level currently maintained is appropriate to ensure that the Trust, in the event of a significant reduction in the level of its income, would be able to continue its activities whilst the Trustees consider how the income would be replaced or activities changed. The Trustees have determined that in future years the minimum level of reserves should not be less than £2 mill ion. This policy is being kept under review in light of future income expectations and planned charitable expenditure. The current level of free reserves is £3,841,462 12024: £3,874,245). Total reserves being £3,846,919 12024: £3,879,704), restricted reseNes were £5,45812024.. £5,458). In order to SLlPPOrt the Trust and to enable itto make commitments to longer term project5, there 15 a Deed of Guarantee dated 23 March 2006 from Lady Hamlyn I'the Guarantor") in favour of the Trust which is held to meet any claim made against the Trust for the payment of any grant that the Trust has undertaken to pay, if and to the extent that the Trust has insufficient reseNes to meet such a claim. The amount of the Guarantor's liability is limited to £5,000,000. The Trust has an Exper)dable Endowment Fund as described in the Note 16 to the Financial Statements. Plans for the Future The key focus over the Trext year will be on supporting existing projects and developing new opportunities relating to existing projects With a view to ensure that as far as possible the levels of charitable benefit created are maintained. The Trustees wil I continue to monitor the situation externally and adapt the Trust's strategy appropriately. It is anticipated that the Trust's existing projects, and new opportunities relating to existing projects, will fully utilise the Trust's income for the next three years. No change in grant making policy is envisaged at present. During the year the Trustees held a meeting to discuss the Trust's lon8-term strategy and the legacy of the Trust. The Trustees made the decision that the Trust would continue for a limited numbei of years following Lady Hamlyn's passing. Over the coming years the legacy strategy for the Trust will be further developed, focusing on the Trust's core areas of interest in order to ensure that Trust is well positioned to leave a legacy of lasting charitable benefit.
THE HELEN HAMLYN TRUST DIRECTORS, REPORT Icontinued) FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees, who are also directors of the charitable company, are responsible for preparing their report and the financial statements in accordance with appl icable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The financial statement5 are required by law to give a true and fair view of the state of the affairs of the charitable company and the group and of the surplus or deficit for that period. In preparing these financial statements the trustees are required to.. Select suitable accounting policies and apply them consistently Observe methods and principles in the Charities 50RP Make judgements and estimate5 that are reasonable and prudent State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basi5 unless it is inappropriate to assume that the charitable company will continue in operation The trustees are a150 responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularities. STATEMENT OF DISCLOSURE TOTHE AUDITOR So far as the Board ofTrustees are aware- a} there is no relevant audit information of which the Charity's auditor5 are unaware- and bl they have taken all steps that they ought to have taken as Trustees and in order to make themselves aware of any relevant audit information and to establish that the Charity's auditors are aware of that information. Auditors A resolution proposing the reappointment of Azets will be put to the Trustees. By order of the board Lady Hamlyn Director 2025
INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST Opinion We have audited the financial statements of The Helen Hamlyn Trust (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been appl led in their preparation is appl icable 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: give a true and fair view of the state of the charitable company'5 affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUK)115As (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section ofour report. We are independent ofthe charitahle company in accordance with the ethical requirements that are relevant to OLJr audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibi5ities 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 statement5, 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 condition5 that, individually or collectively, may cast significant doubt on the charitable company'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 responsibil ities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditods report thereon. The trustees are responsible for the other information. 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 15 to read the other information and, in doing so, consider whether the other information is material ly 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 mi55tatement of this other information, we are required to report that fact. We have nothing to report in this re8ard.
INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST (Continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report, which includes the director5, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report included within the trustees, report has been prepared in accordance with applicable le8al requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustee5' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to yOLt if, in our opinion= adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not VlSlted by us,. or the financial statement5 are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees A5 explained more fully in the trustees, responsibilities statement set out on page 8, the trustees {who are also the director5 of the charitable company for the purposes ofcompany lawl are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and lair view, and for such internal control as the trustee5 determine is necessary to enable the preparation of linancial 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responslbilities for the audit of the financial stalements 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 15 not a guarantee that an audit conducted in accordance with ISAS IUKI 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. Irregularities, including fraud, are instances of non-comp5iance with laws and regulations. We design procedures in line with our responsibi l ities, outli ned 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: 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:
INDEPENDENT AUDITORS, REPORT TO THE HELEN HAMLYN TRUST (Continued) enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; reviewing minLttes of meeting5 of those charged with governance; assessing the extent of compl lance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection: reviewing financial statement disclosures and testing to supporting documentation to asse55 compliance with applicable laws and regulation5,' performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rational of signi*icant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there 15 a risk that we wil I not detect all irregularities, includin8 those leading to a material misstatement in the financial statements or non-comp5iance 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, a5 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. further description our responsibilities available on the FRC'5 website http5://www.frc.org.uk]library/standards-code5-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the- audiu. Thi5 description form5 part of our auditor's report. at: Use of our report This report is made 501ely to the charitable company's members, as a body, in accordance with Chapter 3 of Pdrt 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitablo company and the charitable company's members as a bodyi for our audit work, for this report, or for the opinions we have formed. A.S A.L.t John Howard (Senior Statutory Auditor) For and on behalf ofAzets Audit Services Statutory Auditor, Chartered Accountants 2. Floor, Regis House 45 King William Street London EC4R 9AN Date.. Lo
THE HELEN HAMLYN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME & EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Expendable Restricted Endowment Unrestrtcted Funds Funds Funds 2025 2024 INCOME AND ENDOWMENTS FROM Notes Donations and legacies Investments 6,215,794 291,611 6,215,794 4,996,917 291,611 249,711 Tolal Income 6,507,405 6,507,405 5,246,628 EXPENDITURE ON Raising funds Investment management COStS Charitable aclivities Grant making and oiher charitable activitie5 25,656 25,656 26,023 6,303,176 6,303,176 6,813,652 Total Expenditure 6,328,832 6.328,832 6,839,675 Net Ilossl/gain on investments 12 1211,3581 {211,3581 299,918 Net expenditure Trafer$ between funds 132,7851 81,826 132,7851 11,293,129 16 181,8261 Net m(pvement in funds 49,041 181,8261 132,7851 {1,293,129 Reconciliation of funds Total funds brought forward 3,400,553 5,458 473,693 3,879,704 5,172,833 Total funds carried forward 16 3,449,594 5,458 391,867 3,846,919 3,879,704 All income and expenditure for the year derive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pa8es 15 to 30 form part of these accounts.
THE HELEN HAMLYN TRUST Company Number: 4115082 BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 FIXED ASSETS Tangible fixed assets Heritage Assets Investments io 1,227 18,452 6,225,281 409 18,452 9,559,097 12 6,244,960 9,577,958 CURRENT ASSETS Debtors Cash at bank and in hand 8,967 126,-597 10,045 822,993 135,564 833,038 CREDITORS: Amounts *alling due within one year 14 (1,740,274) 15,173,722) NEf CURRENT ASSETS 11,604,710) 14,340,684) TOTAL ASSETS LESS CURRENT LIABILITIES 4,640,250 5,237,274 CREDITORS.. Amounts falling due after more than one year 1793,3311 11,357,570) NET ASSETS 3,846,919 3,879,704 FUNDS Capital Funds Expendable endowtnent funds 391,867 473,693 391,867 473,693 Income funds General unrestricted fund 3,449,594 3,400,553 3,449,594 3,400,553 Restricted funds 5,458 5,458 3,846,919 3,879,704 The notes on pages 15 to 30 form part of these accounts. The financial statemer>ts were approved and authorised for issue by the Board of Trustees on o 91 ILCJLf and were signed below on its behalf by: Lady Hamlyn Director Dr Kate Gavron Director
THE HELEN HAMLYN TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities 14,108,829) 2,456,774 14,108,829) 2,456,774 Cash flow5 from investing activities Dividends and interest 291,611 249,711 Purchase of investments 111,064,470) (4,076,264) Donation of investments (4,168,1741 12,950,659) Proceeds from sale of investments 18,355,102 4,359,659 Purchase of propety, plant and equipment Enhancement of heritage a55et 11,6361 Net cash (used inl investing activities 1696,396) 39,221 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 822,993 783,772 Cash and cash equivalents at the end of the reporting period 126,597 822,993 2025 2024 Net movement in funds IGainsl/Losses on investments Depreciation charges Decreasellincreasel in debtors Increase/ldecreasel in creditors Interest and dividends 132,7851 211,358 818 1,078 {3,997,687) 1291,6111 11,293,1291 1299,9181 1,066 {1,0211 4,299,487 (249,7111 Net cash provided by/(used in) operating activities (4,108,829) 2,456,774
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES 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 appl icable in the UK and Republic of Ireland IFRS 1021 (effective l January 201 51- (Charities SORP IFRSI 0211, the Financial Reporting Standard applicable in the UK and Republic of Ire5and IFRS 1021 and the Companies Act 2006. The Helen Hamlyn Trust meets the definition of a publ ic benefit entity under FR5102. Assets and liabi lities are initially reco8nised at historical cost or transaction value unle55 Othenvi5e stated in the relevant accounting pol icy notes. Going Concern The accounts have been prepared on the assumption thatthe Charity is able to carry on its activities as a going concern. In assessing the Charity'5 ability lo continue as a going concern, the Trustees have considered the Charity's liquidity position and reviewed cash flow forecasts for the foreseeable (uture. Given the charitable company's level of free reserves avai lable at the year end, the Trustees consider that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The Trustees are confident that the current level of donation from the Paul Hamlyn Foundation will be maintained in future years. Accordingly, the financial statements have been prepared on a going concern basis. Donations and gifts Donations are credited to revenue on a receivable basis. Listed investments donated to the Trust are accounted for at market value on the date of donation. Gifts in kind are valued at a reasonable estimate o* their value to the Trust. Grants receivable Unconditional grants receivable are credited to the statement of financial activities in full in the year in which they are receivable. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that 3&gregate all costs related to each Lategory. Where costs cannot be directly attributed to particular heading5, they have been allocated to activities on a basis consistent with use of the resources. Grants payable Grants payable are recognised when a constructive obl igation arises. For unconditional grants, a constructive obligation is deemed to arise when the grantee is infortned of the award of a grant. For conditional grants, a constructive obligation is deemed to arise only when the conditions have been met. A contingent liability (Note 17) is disclosed for these grants, which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the tru5tees' corEtrol. Grant commitments for awards with expected payments exceeding twelve months have been discounted using market rates for cash matching the term of the liabilities and return on investments calculated to be 4.61 0/0 p.a,
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 Allocation of overhead and SUPPOTt costs Overhead and 5UPPOrt costs have been allocated first btheen charitable activity and governance. Consultancy fees and expenses, overhead and support costs relating to Charitable Activities have been apportioned based on the value of individual grant awards made in recognition of the administrative burden of awarding, monitoring and assessing grants. Consultancy fees and expenses have been allocated to the charitable activity to which the consultant's work related. The analysis of overhead and support costs is shown in Note 5. Covernance costs Governance costs include audit and accounting fees, board costs and other costs directly attributable to the governance of the Trust. Fixed assets The cost of fixed a55ets is their purchase cost, together with any incidental costs of acquisition. Depreciation 15 calculated so as to write off the cost of tangible fixed assets over the expected useful economic life of the assets concerned. The principal annual rates used for thi5 purpose are. Computer equipment 25 % straight line basis Other equipment 25°/o Straight line basi5 Website 25°/o Straight line basis Only those tangible fixed asset5 exceeding £1,000 in value are capitalised, all asset5 under this value are expensed in the year of purchase. Fixed Assets - Heritage assets The Trust holds the 'Bernard Nevi I I Collection, which is a tangible fixed asset of historical and educational importance and is held to advance the educational objectives of the charity specially within the field of design. This collection was purchased in the year ended 31 March 2021 and capitali5ed. The very lor)g expected life of this heritage asset, due to its nature, value and need to be protected and preserved means that depreciation is not material and 15. therefore, not provided. Operating Leases Costs in respect of operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. Operating leases are described in Note 20 to the financial statements. Fixed asset investments Listed investments are stated at their market value at the year end. The realised and unrealised net 8ains and losses arising on revaluations and disposals are included in the Statement of Financial Activities in the year in which they arise. Realised gains and losses All gains and losse5 are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (purchase date if later). Unrealised gains and losses are calcLtlated as the difference between the market value at the year end and opening market value (purchase date if later). There were no realised gains and1055es in the year. Investment Income Recognition Investment income is recognised on an accruals basis where certainty of receipt can be established at the year end. Income arising on investments held in the No.1 Expendable Endowment Fund is allocated to the Unrestricted Fund.
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 Irrecoverable VAT Any irrecoverable VAT 15 charged to the statement of financial activities, or capital ised as part of the cost of the related a55et, where appropriate. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no such critical accounting estimates and assumptions to report. Pensions The Trust is a member of the Pension5 Trust Flexible Retirement plan, a defined contribution money purchase plan. The Trust contributes to the personal pension plans of staff. Contributions payable for the period are charged in the Statement of Financial Activities on the accruals basis. Recognition of liabilities Liabil ities are reco8nised when an obligation arises to transfer economic benefits as a result of past transactions or events. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand include5 cash and short term highly liquid investments. 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 lor any trade discounts due. Employee benefits Short term benefits Short term benefits including holiday pay are recognised as an expense in the period in which the service is received. Employee termination benefits Termination benefits are accounted for on an accrual basis and in line with FRS 102. Fund accounting Unrestricted funds are those funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds are unrestricted funds that are avai lable for use against specific projects as identified by the Trustees in furtherance of the general objectives of the Trust. Restricted funds are those funds which must be used in accordance with the wishes of the donor. The Trust has an Expendable Endowment Fund as described in Note 16 to the accounts. Foreign Currencies Assets and liabilities in foreign currencies are translated at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies undertaken during the year have been translated at the average rate for the month in which the transaclion occurred. Currency di*ferences are written off in the Statement of Financial Activities.
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM DONATIONSAND LEGACIES 2025 2024 Donations From individuals From individuals - in kind (office costs including rent) From individuals- in kind Iseconded employee) From other charitable bodies 4,168,174 12,241 35,379 2,000,000 2,950,659 12,240 29,628 2,000,000 6,215,794 4,996,917 INCOME FROM INVESTMENTS 2025 2024 Dividends Bank interest 273,967 17,644 225,049 24,662 291,611 249,711 EXPENDITURE ON RAISING FUNDS 2025 2024 Investment managers fees 25,656 26,023 25,656 26,023
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE EXPENDITURE The charity undertook management of the Setubal Music Festival, however the main focus of the charity remains the awarding of grants to a number of institutions in the furtherance of its charitable objectives. 2025 Direct Grant funded Charitable activity Activities Support costs Totsl Medical The Arts and Culture Education and Welfare Heritage and Conservation in India Healthy Ageing International Humanitarian Affairs 5,000 4,257,152 1,379,353 11,711 222,406 86,470 11,693 22,864 11,468 16,711 4,483,779 1,657,823 11,693 40,364 11,468 4,221 192,000 17,500 Governance costs Adjustment for discount of grant creditor 57,828 57,828 23,510 23,510 254,049 5,682,515 366,612 6,303,176 2024 Direct Grant funded Charitable activity Activities Support costs Total Medical The Arts and Culture Education and Welfare Heritage and ConseNation in India Healthy Ageing International Humanitarian Affairs 11,307 154,513 84,969 11,307 32,900 54,060 11,307 3,506,162 1,727,293 11,307 538,712 994,060 5,003 78,000 3,346,646 1,564,324 505,812 940,000 Governance costs Adjustment for discount of grant creditor 59,837 59,837 135,0261 {35,026) 142,840 6,321,756 349.056 6,813,652
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE EXPENDITURE (continued) The split of 5UPPOrt costs and governance costs is show in the table below: Support Costs 2025 2024 Governance Costs 2025 2024 Staff costs Depreciation Bank charges Travel Legal fees Office rental and associated costs Consultancy fee5 Accountancy/Professional fees Office expenses Sundry Exchange gain Audit fees 256,337 818 1,240 19,567 3,324 28,492 22,565 8,451 22,171 3,647 251,571 1,066 1,337 21,187 8,490 27,638 9,846 7,008 20,189 724 40,369 38,796 5,417 642 3,242 4,695 11,400 13,104 366,612 349,056 57,828 59,837 Basis of allocation.. Salaries, consultancy fees, marketin& project materials and exchange rate gains and losse5 are allocated to the charitable activity to which they relate. Other 5UPPOrt costs attributable to charitable activities are apportioned pro-rata to the value of grants awarded pre~discount value1800/.I, and equally across the main grant making categories for which support activities have occurred during the year, to reflect the ongoing support of existing grants120 %). ANALYSIS OF GRANTS Grants to Institutions: 2025 2024 The Arts and Culture University of Oxford - Bodley's Librarian and HHDUL Endowment Royal Opera House, London (Paul Hamlyn Christmas Treat) Associacao Festival da Musica, Setubal, Portugal V&A Museum Royal Botanical Gardens, Kew London Symphony Orchestra Endowment Trust British Libarary- HHT Legacy Project University of Oxford ARCHIOX Project The Factum Foundation London Grants of £3,000 or less 4,000,000 170,227 75,000 4,700 4,325 150,000 75,000 4,700 4,325 2,500,000 297,479 223,668 86,900 4,574 2,900
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF GRANTS (continued) Edu ation & Welfare Chartered College of Teaching UCL Institute of Education - HH Centre The Helen Hamlyn Centre for Design at the RCA University of Oxford - Archiox Sport 4 Lile UK Aspire Oxford Margate School - Saturday Clubs Royal College of Art Decapo Music Foundation Parenting Mcnlal Health cyto North East Museums Cini Foundation 'Venice Cultural Heritage Centre, International Foundation for Research and Education (Ashoka University) British Museum Family trails Reprint RCA- Creative Leadership in Education Pitt Rivers Mu5eum- Discover and Create Programme The Clement Sames Centre Ashmoloan Museum - Mughal Indian Miniature Display University of Oxford Bodleian Librarios Grants of £3,000 or Ic55 579,560 278,768 250,000 200,000 10,000 10,000 10,000 7,845 5,000 5,000 5,000 4,680 230,591 395,231 250,000 512,000 202,800 90,000 19,713 9,400 4,000 3,520 1168,2821 15,351 13,500 Health A ein The Spitz Charitable Trust Age UK Cheshire Age Concern North Norfolk Oxford Institute of Population Ageing EPICS- 2024126 Grants of £3,000 or less 7,000 5,000 3,500 505,812 2,000 International Humanltarian Affair FordharY> University- Helen Hamlyn Humanitarian Fellow Fordham Univer5ity- Helen Hamlyn Senior Fellow World Heart Beat 450,000 450,000 40,000 Herita e and Conservation in India Medical InterAct Stroke Support 5,000 5,659,005 6,356,782 Discount for grants payable 2023 > 1 year released Discount for grants payable 2024 > 1 year 56,565 21,539 133,0551 156,5651 5,682,515 6,321,756 21
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 EMPLOYEE INFORMATION 2025 2024 Staff costs Wages and salaries Wages and salaries- donated Social security costs Social security costs - donated Pension costs Pension costs- donated 218,956 31,066 26,844 3,785 15,527 528 215,755 29,870 25,665 3,620 14,929 528 296,706 290.367 The average monthly number of persons employed by the Trust during the year was 2.5 12024: 2.51. The above figures also include the value ol staff time donated by Lady Hamlyn, the average monthly number of persons during the year being 0.4 (2024 0.4). These persons provide support services to charitable activities and in respect of governance15ee Note 5). The number of employ5 whose salary and benefits in kind fell within the following scales is as fo51ows= 2025 Number 2024 Number £60,000 - £70,000 £70,001 £80,000 £80,001 £90,000 £90,001- £100,000 £100,001- £110,000 £110,001-£120,000 No Trustee received any remuneration from the Trust during the period. The group employs two key management personnel: the Director of Projects and Co-ordination, and the Director of Finance and Administration. The employee costs (salary, employer's National Insurance and pension contributions) of the key management personnel of the charity after recharges shown above were £230,203 12024: £221,241).
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 NET INCOME/(EXPENDITURE) 2025 2024 Net incoming resources is stated after charging.. Depreciation Profit on exchange Auditor's remuneration - Audit fees Auditor's remuneration- Other services 818 1,066 11,400 13,104 TAXATION The Trust is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Trust's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The Trust is not registered forVAT and accordingly all of its expenditure is recorded inclusive of any VAT incurred. TANGIBLE FIXED ASSETS 10. 2025 Other Equipment Computer Equipment Website Total VALUATIONICOST At 1 April 2024 Additions Disposals 32,995 7,730 1,636 (6,6011 19,240 59,965 1,636 114,9181 18,3171 At 31 March 2025 24,678 2,765 19,240 46,683 DEPRECIATION At l April 2024 Disposals Charge for year 32,995 18,3171 7,321 (6,6011 818 19,240 59,556 114,9181 818 At 31 March 2025 24,678 1,538 19,240 45,456 NET BOOKVALUE At 31 March 2025 1,227 1,227 At 31 March 2024 409 409
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THEYEAR ENDED 31 MARCH 2025 10. TANGIBLE FIXED ASSETS (Continued) 2024 Other Equlpment Computer Website Equipment Total VALUATION/COST At l April 2023 Additions Disposals 32,995 7,730 19,240 59,965 At 31 March 2024 32,995 7,730 19,240 59,965 DEPRECIATION At 1 April 2023 Disposals Charge for year 32,621 6,629 19,240 58,490 374 692 1.066 At 31 March 2024 32,995 7,321 19,240 59,556 NET BOOKVALUE At 31 March 2024 409 409 At 31 March 2023 374 I,ioi 1,475 Heritage Assets In year ended 31 March 2021 the Trust purchased the Bernard Nevill Collection of fabric samples, sketches and reference materials by this important fabric designer for £1 0,000. Between 2023 and 2024 the Collection was professionally reviewed and organ ised by an archivist to bring it into a state suitable for charitable use. The costs of this work were £8,452 and these have been included within the total value of the Collection which is £18,452 as at 31 March 202512024: £18,452). Professor Bernard Nevill studied and taught at St Martin's College of Art and the Royal College of Art in London. In 1960 he became consultant designer for Libety & Co. and he revitali5ed their traditional prints, ensuring that they became a major influence on international fashion. His 151amic prints, in particular, introduced Eastern design to fashion, and other Art Deco-inspired ranges led to a revival of interest in the Art-Deco period. He also achieved 8reat success designing furnishing fabrics and designs for the theatre.
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 2025 - Listed Investments 2024 - Listed Investments 12. FIXED ASSET INVESTMENTS Valuation Brought forward Additions Gift Disposals Unrealised revaluation (Iossesllgains 6,148,369 7,828,686 4,168,174 112,058,674) 1211,3581 6,002,971 1,254,481 2,950,659 14,359,659) 299,917 Carried fomiard Cash included within investments 5,875,197 350,084 6,148,369 3,410,728 Total Valuations 6,225,281 9,559,097 Net Bookvalue at 31 March 2024 9,559,097 6,591,915 2025 2024 Historical c05t .5,910,004 8,870,681 All inve5tment5 are held in the UK, managed by LGT Wealth Management UK LLP and are primarily to provide an investment return for the charity. Investments at market value compromised: 2025 2024 SLW multi asset income fund Volare (previously SLW} non-govt bond funds UK fixed interest government bonds Non-govt and UK corporate bonds UK Corporate bond funds Liquidity Funds Alternatives 3,129,537 333,802 4,047,452 331,789 624,458 201,689 1,043.030 166,160 1,032,956 578,210 534,484 Cash 350,084 3,410,727 6,225,281 9,559,097 Investments making up 5010 or more of the Trust's portfolio at 31 March 2025 were as follows: Voltaire Offshore Sterling Fixed Int Fund Z 17.70/0 Volare Offshore Income Fund Z Inc 53.201, Volare Offshore Strategy Global Fixed Int Offshore Z 5.70/0 As at 2 June 2025 the net book value of the Trust's Portfolio stood al £7,024,079
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 13. DEBTORS 2025 2024 Amounts falling due within one year Trade debtors Prepayments 3,000 5,967 4,238 5,807 8,967 10,045 14. CREDITORS: Amounts falling due within one year 2025 2024 Trade creditors Holiday pay accrual 2,203 2,445 11,855 5,300 Grants payable Accruals Other creditors Other tax and social security 1,708,096 18,161 1,092 8,277 5,127,738 18,286 500 10,043 1,740,274 5,173,722 15. CREDITORS: Amounts falling due after more than one year 2025 2024 Grants payable 793,331 1,357,570 Movement in grant commitments Brought forward Released in year Additional commitments Discount Adjustment for grants payable > 1 year 6,485,308 19,666,396) 5,659,005 23,510 2,187,204 12,023,652) 6,356,782 (35,0261 Carried forward 2,501,427 6,485,308
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 FUND5 2025 Balance at 1 April 2024 Income Expenditure Transfers between funds Investment Balance at 31 Proftts/ March 2025 (losses) CHARITY Capital fund No. l expendable endowment 473,693 181,8261 391,867 Income funds Unrestricted fund5 General reserve 3,400,553 6.507,405 16,328,832) 81,826 1211,3581 3,449,594 Restricted funds Setubal Chi Idren's Instruments 5,458 5,458 3,879,704 6,507,405 16,328,832} (211,358) 3,846,919 FUNDS 2024 Balance at 1 April 2023 Income Expenditure Transfers between funds Investment Profits/ (losses) Balance at 31 March 2024 CHARITY Capital fund No. 1 expendable endowment 723,693 1250.0001 473,693 Income funds Unrestricted funds General reserve 4,443,682 5,246,628 16,839,674} 250,000 299,918 3,400,553 Restricted funds Setubal Chi Idren's Instruments 5,458 5,458 5,172,833 5,246,628 16,839,67411 299,918 3,879,704
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 16. FUNDS (continued) FUNDS ANALYSIS 2025 Unrestricted funds Restricted funds Expendable endowment funds Totsl Tangible fixed assets Heritage assets Investments Current assets Liabilities 1,227 18,452 5,833,414 130,106 12,533,605) 1,227 18,452 6,225,281 135,564 (2,533,605) 391,867 5,458 Total funds 3,449,594 5,458 391,867 3,846,919 FUNDS ANALYSIS 2024 Unrestricted funds Restricted funds Expendable endowment funds Totsl Tangible fixed assets Heritage assets Investments Current assets Liabilities 409 409 18,4.52 9,559,097 833,038 16,-530,2921 18,452 9,085,404 827,580 16,530,292) 473,693 5,458 Tolal funds 3,400,553 5,458 473,693 3,879,704 The Trust has one Expendable Endowment Fund: _ The No.1 Expendable Er)dowment Fund of £0.392m represents the balance of the donations of investments and cash from Lady Hamlyn to theTru5t made in the years ended from 31 March 2004 to 31 March 2025. The Trustees have discretion to expend some or all o( the capital of the Expendable Endowment Fund in circumstar>ce5 which they consider would justify it, having regard to the need to maintain an appropriate balance bettveen the interests of present and future beneficiaries. In 201 3 the Trustees agrd that £0.25m of the Fund should be transferred to Unrestricted funds to meet the grant of £0.25m for The Helen Hamlyn Centre for Design, Royal College of Art, London. The Trustees a8reed that any future grants to The Helen Hamlyn Centre for Design should be met with transfers from the No.1 Expendable Endowment Fund to Unrestricted funds with the exception ofthe £1 million grant awarded in the year ended 31 March 2022. Restricled funds Setubal Children's Instruments- In 2015 Lady Hamlyn indicated that rather than receive gifts from those attending her birthday paty she would prefer for them to consider making a donation toward5 providing musical instruments for the children of Setubal, Portugal. This restricted fund represents the balance of those donations which will be used over time to replace musical instruments used by the children of Setubal.
THE HELEN HAMLYN TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 17. CONTINGENT LIABILITIES In certain circumstances the Trustees award grants where each instalment is conditional upon the beneficiary meeting certain reqL+irements. At each point the award is reconsidered and the Trustees confirm that sufficient progress has been made in relation to meeting the requiremenupreconditions. Accordingly a constructive obligation does not exist until such confirmation is given. 2025 Balance as at I April 2024 Contingent liability created in year Confirmed Balance of instalments contingent in the year liability as at 31 March 2025 Royal College of Art University College London Royal Opera House 2,000,000 464,636 150,000 250,000 278,768 1.50,000 1,750,000 1,127,097 941,229 2,614,636 941,229 678,768 2,877,097 18. TRANSACTIONS WITH TRUSTEES In 2025 Lady Hamlyn donated the space occupied by the Helen Hamlyn Trust at 129 Old Church Street. The value of this donation in kind was calculated at £12,240 {2024.. £12,240) and recognised in the linancial statements. Travel costs and other expenses incurred by Trustees in the year totalling £1 0,850 were paid on their behalf or re- imbursed {2024.. £10,809), of which £266 was in creditors at the year-end12024: £0). The number ofTru5tees incurring expenses in the year totalled 7 {2024: 51. 19. RELATED PARTY TRANSACTIONS Lucy O'Rorke (Director of Projects and Co-ordination), the daughter of one of the Trustees. was paid a salary lincluding benefits) of £94,202 during the year12024- £90,254). This amount was consistent with the role for which she was employed. Lady Hamlyn's personal assistant was er)gaged in Trust matters and a proportional amount of her salary was recognised as a donation in kind. The amount recognised as a donation in kind during this period totals £35,38012024: £34,018) and is included within employee costs in Note 8 to the accounts. The Trust charges Lady Hamlyn for the use of mobile phones by Lady Hamlyn and her personal assistant. The amount charged to Lady Hamlyn for the above items during the year was £4,135 of which £0 was in debtors at the year-end12024.. £1,238). Lord Darzi who is a Trustee of the Trust is also the Paul Hamlyn Chair of Surgery at Imperial College London, which is a role funded by the Helen Hamlyn Trust, and as described in these accounts Imperial College London is also in receipt of grant monies for the Hamlyn Centre ol which he is Co-director. Imperial College is a150 in receipt of grant monies for other agreed projects. As is consistent with the Trust's conflicts policy he was not involved in the Trustees, decision regarding the variation to the 2008 agreement.
THE HELEN HAMLYN TRUST NOTES TOTHE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2025 19. RELATED PARTY TRANSACTIONS (continued) During the year the Trust awarded grants or made grant payments to the Chartered College of Teaching and Fordham University as outlined in note 6 to the accounts. Alison Peacock, a Trustee ofthe Trust, is an employee of the Chartered College of Teaching and Brendan Cahill is an employee of Fordham University. Neither ofthese Trustees were involved in the decision to award grants to the organisation5 of which they are employees of and neither benefitted personally from the grants awarded. There were no other related party transactions in the year. 20. OPERATING LEASES On 12, June 2021 the Trust entered into an operating lease to occupy an additional office for 8 years (with a break clause every 2 year5 which has not been exercised), with a rent review after 4 years, the total outstanding commitments under this lease agreement are £45,000 over four years. 21. CAPITAL The Trust is a company limited by guarantee. Each member has undertaken to contribute £1 to the assets of the company to meet its liabilities called on to do so. The total amount guaranteed by members at 31 March 2025 is £1012024- £101.