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 rn￿t 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
Tra￿fer$ 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 employ￿5 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 agr￿d 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.