The William Leech Research Fund Trusttt's report and financial statements for the year ended 31 March 2025 Reglstered ChArity Number: 1127350 The William Leech Researeh Fund Trustee's report and financial statements for the year ended 31 March 2025 Contents Drrectors and advisors for the year ended 31 Mar¢h 2025................................................................................... Report of the T[￿Stee for the year ended 31 March 2025..................................................................................... Ethical investment policy and practices... Risk management statement............................................................................................................................... Independent auditors, report to the TTUStee of The William Leech Research Fund.... 14 Ststement of fJnan¢ial activitie8 for the year ended 31 Matrh 2025................ ....... 17 BAlallce SI￿et as at 31 FAarch 2025...... . .... . ...... ............................................................................................ 18 Statetnent of accounting polici¢s.....................-...-.-............................................................................................ 19 Notes to the fJnall¢ial statements for the year ended 31 March 2025. .21 The William Leech Research Fund Directors and advisors for the year ended 31 March 2025 Trllstet The William Lewh Foundation Limited Directors of the TTUStee Company Aodrcw Brown OBE FIUCS (Chairl Aiiee Ambrose-Thurnian FCA FCIS (resigned 31 January 2025) Paul Burra8e FCA Maureen Dixon Dagmar Dvordk CFA IMC John Harrison ACA Simon Harper FCA {appoint¢d 2 S¢pt¢]llber 2025) Michael Joyoson Jokn Mar8ball Philip Poole FCCA (resiglled 31 J&nuary 2025) Williarn Seddoa CFA (Senior Director) John Stansfeld CEn¥ Fl MarEST MIMechE Se¢r¢tory attd Rei15t*red Office Mar¢ia Lanl FCA Amcr Bank Chambers 26 M051ey Street Newcastleup)n Tyne NEI-IDF Indeptndtnt Audltors ets AudÉt s￿]£¢5 Chartcred a¢counratJts artd st￿tOry wditors Blllman Hws¢ Reg￿¢ c￿ltr¢ Newcast]¢ upotl Tyn¢ NE3 3LS B*ttk¢r$ Lloyd5 Bank plc 15-21 Northumberland Stre Monument Mall Newca8tle upon Ty NEI 7AE Solldtor& Womble Bond Dickinsott LLP The Sp￿( DJ2ymans Way Newc&stle Helix Newc&8tl¢ upon Tyn¢ NE4 5DE InvestmeDt rnauager CCLA Inwestsncnt M¥naganent Limit&l OUE ArLg¢l LarL¢ London EC4R3AB The William Leech Research Fulld Report of the Trustee for the year ended 31 March 2025 The William Leech Research Fund I'the Re5earcb Fulld, or'the Tru5t'> Es a clwity collstituted by Trust Deed. The Trnst was forn]erly known as The Willian) Leech Researcb Fellowship in Applied Christian Theology. The Dame was Changed on 13 September 2018 following a review of the Tnjst Deed and the objecis of the Trust. AS Tn￿tee, The William Leecb Fc>ulldation Lirnited ('the Trustee. or 'the Trustee Cornpany,). a compa incorporated in England and Wales, presents the re￿rt atr] audited fIn￿Cial statements of the Research Fund for the year ended 31 March 2025. The financial statemcnt5 have been prq)ared in accordance with the Declaration of TrusL the statement of accounting policies set out on pages 18 and 19. the Charities Act 2011 ond A¢¢ounting and Reporting by Charities.. Statement of Recotnmended Practice applxcable to charities preparing th¢irfinan¢ial stsl¢m¢nts I￿￿¢￿rdance with the Finaocial Reporting Standardapplicable in the UK andRepub]ic of Ireland (FRS 102) (effective l January 2019). Legal and admillistrdtive information.qet out on page I fomis part of this re￿rt. Objectlves aDd acilvltles The Trt￿tee is al80 the TDJstee of The Williatu Leech Foundation Limited - The Foundation Tn18t {'The Foundation Trnst.) and The William Leech Foulldation Lirnited- The Charity Tru$t ('The CTr￿1ty T￿1.). ID 1987 The CharityTnLSt established The William Leech Professorial Fellowship ID Applied Christian Theology based at either Durham University or the University of Newcastle upon Tyne. Th¢ host university previously held the endowment ￿nd. Ill 2008 the Trnstee became cottcemed about the ability of the endowrttent fund to susrain further five-year appointments atpmfessorial level. Aworking party reviewed the StrU¢ts￿ and fuwaces of the Professorial Fellcpwsbip and also the Dall￿e of the research being undertaken. As a result, the Trust was established and vested in The William Leech Foulldation Limited as Trnstee under a Declaration of Trust dated 22 DeCe￿ber 2(M)8. Under the terms of a Deed of Gift and Dissolution between the TNstee and Durham University the fuuds held previously by tkntharn University 00 E¢half of The William Leech Professori Fellowship were tranSfe￿¢d to the Trust on 9 June 2009. A new Man4g¢rn¢nt Committ¢¢ was ¢r¢at¢d ¢0 ov¢rs¢e the rese￿ts projects. The ￿rrrnt members of th¢ ReSea￿h Fund's Mauagement Committee are: Professor Geoffrey Mootr (Chair) Mr Andrew Brown (representing the TTUStee Company a)]d holds one sbare ill the Trustee Company) Mrs Valerie Ba￿Tr Rev. lan Galloway Rev. Christopher Hughes (appointed 3 Septemb¢r 2024) RL Rev. jts1￿ Pn"t¢l￿d Iholds one Bhare in the Trustre Company) Memb¢rs of the Mallagernent Comtllitt¢¢ 8r¢ appointed by the Trustee upon [￿e1vIng nominations from the Matydgernent Cottllnittee. Up to two member8 (and at leasl one memberl njay be directors of the Trustee Compally. Members serve for a temi of tbree years a[￿ MAY yerve up to a maximurn of three terni$ unl&8$ th¢r¢ exceptiollal circumstances. and the T￿￿tre regolves otherwi8e. Professor Karen Kilby was appointed as a tuember of the Manag¢w¢nt Conunitt¢¢ on 27 Febnwy 2024 and resignEd on 24 October 2024 due to wotk conuDit￿e￿ts. Rev. Christopher Hughes was appoiiited to the Committee on 3 September 2024. Alice Ambrose-Thurman resigned frotn the Management Con]mittee on 31 January 2025 to take on a role at Durham Cathedral and Andrew Brown wag appointd tr) the hkngement Committee as her temporary replacement oll 25 FebNAry 2025. The Board of the Ttustee co]npany are extremely gratefid to all membeTS of the MaDagellaent Comtnitt¢¢ for thcxr contributions to the work Qfthe Resewch Fund. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 (¢DDtinuedl The part-time secondment of Dr Andrew Orton, who joined the Researcb Fund a8 its Director on I s¢pi¢m￿r 2022 from the University of DuTham. is now in its third year and he contitmes to work with the Management Com￿lttee to yupport the co-ordination and development of its work ThL9 work included developing the Research Fund's apptoacb 2￿j profile, and supporting applications witbitt the Research Fund's priority them&%. The R¢$¢4￿￿ Fund focu5es on supporting shorter-terni research-based appoI￿(￿ents, Usi￿lIY lasting llo more than (>The year (orup to two years if part-time), and on provtding grants towards research projects. The objects of the Research Fulld the advanccrnent of Teligion for the benefit of the public by the award of grarttg to support research omd theological Teflection QD social, ¢conomic and pastoral issues of relevall¢e its the mission attd ministry of Ghurches of the North East of Englalld and to the communication of the Christian gospel in the contemporary context of the UK. The research will be ulld¢rtaker¢ in ways that involve engagement with thc cburch community. and the use￿1 findin8s of this reseawh will be diss¢minated to the churches and the wder public. INTren awarding grants, the TNstee shall express a preference for perso￿9 who iniend to wide in tbe North Easl of England for the duration of tbeir worl in order to facilitate active engag¢rn¢nt in the region and the dissemiDation of their resewrb. The name and objects of the Reseawh Fund were changed in 2018 (il to reflect the fact that 'Applied Chrisuan Thcology. does not refle¢t cumt best thought al￿1 the relation of theology and practice- and (li) 10 recogni8C the pogsibility that ¥r4llLs might b¢ made to orgRnisations to conthict research in whi¢h it would b¢ inappropriate to identify a particular Fellow. The Trustce referred to the Charity Commission's general guidance on public benefit when setting the Tryst's aims grtd obJ￿liveS attd is satisfied that the wuiremenLg have been met. During the financial year the Trusiee Company approved one new grattt award of £61.391 a8 recommended by tbe Mwgement Conllnittee (2024: £149.718). This grnit was award¢d to the D¢p8rtm¢nt of Theology and Religion at Durham University for a re5ear¢h project to be undertaken by Dr Briall Powers on"Re¢ov*ryfrom morol injury ¢T¢ross the North Eas¢ of England and b￿0nd.- ReseorchEt¥g und refipting the theological tools vail&bl# tts eht4)lai￿, The grattt award Trvas for one year and the project stsrted in September 2024. Further in10￿￿￿tion on the re8ear¢h produced with support from tbe Resekreh Fwid ean be found on ihe Trnst's website- ht ..I1leechresearch￿nd.or Structhrey governance and management The Nominations and ReM￿¢￿tIOn Conunittee OE the Trns*e Company provides a fornial, rigorous and traDsparent proce(lure for the appointment of director3 to the BoArd. Membership con81Sts of four directors. ittcluding the Chair, Seuior DiT¢c¢or aod two other diTeciors. The membe[3 should includ¢ at leasl one independent director and at least oThe of the directors from the fjve nominated by th¢ Five Clwities. Th¢ curr¢ut membets are Andrew Brown. Maureen Dixon, William Seddon and John 5ransfeld and all served throughout the rinancial year. John Stansfeld look over 88 Chair of the Committee from Andrew Brown in November 2024. Under ibe T[￿￿te¢ CO￿pa￿ly.8 current arti¢l¢s of association, directOTS are apptrintrd for a terrn of tljree years after whiGh they retire alld eli8ible for r¢-appoilltillent. Directors who have setved more than 12 years are eligible for re-appointhient for thrther ternis of one year. The Trustee Company has expttssed a preference that the tenn of directors 18 limited io nine years unle8S tILere are exccptional oircwnstan¢es. When recruiting. the NO￿L￿all0￿$ and Remulleratton Committee seek8 trk 8PPOillt indiNrydua18 with the necessary skills to make a positive contributioo to the Board, who are sympathetic ￿ the Trustee Cornpany's aim$ al￿ can tllake a positive impact on itg diver8ity. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 (continued) The Trustee retains the responsibility lor all aspects of the gtrvernance aTLd stewardship (Trf the TrusL However. certain thnctions have been delegated to the Management Committee. The Trustee appr()ved fornial Terms of Reference for the Managetnent Comrnittcc on 31 March 2009. These were updated on 24 April 2018 and again oa 19 June 2024. The ManagEtUCDt Cotlltnhttee is r¢sponsible for recommenditig grant awards to the Trustee Borf monitoring the prog￿$$ of the research projxt8 and providing guidance and SUPEK)rt as required. Th¢ Management Con]mittee is supported in its responsibilities by the DiTeCtor of the Research Fund. Dr Andrew Orton, who is on secondment to theFund frOmDurha￿unIvtrslty. The TnL5tee ￿ceiVe$ quarterlyprogress reports on the work of the Management Committee. The Mauasemellt Cornmitt¢e is obliged to seek apprc>val from tbe Trnsi¢e Company for all appoinlments and grants. The Trustee i8 grateful for the continuing support of the MaTYd8eillent Coounittee and is confident ihai it will be able to a%%ist the Trustee in meeting the objectives of the Trust. The Investment Comwittee of the Trustee wa8 established to review invegtment objective$, ￿￿et allocatio ¢thi¢al investrnent policy and the perfornian¢e of th¢ inv¢stment manager. It also makes recomjnendations to th¢ Board ¢oa¢eming the appointjnellt of the itive5tlltent tllanager and the estsblishment of 5Ultable bencbmarks. The Inve8lrnent Committee norn]ally meets with the invesiment Manager ea¢h year. The Investment Comtuittee oversees the inv¢5tment policy of the Trust. whose Trust Dced contains the power to invest on a total return basis. The current n￿rnbOr$ of this Committee Are Andrew Brown, Dagmar DvoraK Johu H￿rIsOn, Michael JoYns0￿ Marcia ￿lIt and William Sedd¢)n. William Seddon took over as Chair trom Andrew Brown in November 2024. The Board of the Trustee Company meets at quarterly intervals at which thc directors rec¢iv¢ reports from the Invest]nent Comrnittee and tbe inv¢stwent manager. The Board considers investment rnanagement, reserves, distribution a￿d risk tnauagetnellt polici¢s, aod the perfom)ance of the investment manager against a range of measures. The day-to-day administration of the Trust is delegated to thE Cotnpany Secretary of the Trustee Company. Directors Ha￿￿ti¥ Served for llK>re thalt 12 y¢ars, Andrew Brown was reappointed for a fi￿her (￿e-year lerni of office at the Trnstee Company's AnDual General M¢e¢iog ("AGM') on 27 November 2024 to colltinu¢ bis t¢Tm of office as Chair. In addition. Philip Poole was reAppointed as the Bible Society's llotninated director for a fither one- yearterni at the AGM due to the otrgoing Strdtegic Rcview, having already seryed nine years as a director. Both r¢appoiotments were considered lobe in the best inierests of the Company. Paul Burrage, Jobn Hattisoll, William Seddot4 John Stansfeld. Dagmar D¥orak and Michael Joynson w¢r¢ also reappointed as directors ai this AGM. On 31 January 2025 Alice Arnbrose-Thurnian resigned to take up a Tole at Durham CathEdral and Philip Poole Tesigned due to ill health. Simon Hatyer WA$ appoin￿1 a5 & director on 2 September 2025. A rcplacement for Pbilip 1$ still to be nominated by the Bible Society. All other directors, aq narned on page I, served ihroughou¢ the fjnancfftal year and up to the date of signtng the fllMuGial statements. Th¢ Board Considers that its member8 have the nece￿ary Skills to ¢onduct its busilless effectively. Directors, indemnity insurance been in place for the whol¢ of the year ellded 31 Marcb 2025 and also covers the nLellthers of the Manag￿llent Committee. Th¢ TTUSt¢¢ 18 a member of the Church tnvestors Group. This acts as & fornm to ellable memberg w $bare inforniation and views on ethical, social respollgibility ald corporate gov¢rnan¢¢ matters relating to illV>m¢nt. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 (continued) Risk management The Board of the TN5tee Company has examined the principal areas of the Trust's operations and congidered the major risks in of these areas. The TNsiee CO￿panY maintains a delailed risk register wbich is kept under regular review. The directorg have identtfjed the principal risks to the organisation as being". I. Ittvestment risks.. maero-¢conornic and market conditiong illvestni¢nt manager risk Governance and key personnel risks Fraud 4. Reputational risk. Considerntioll alld rnat￿ement of these risk8 is a key dllllension of Board agendas, and pages I l alld 12 summarise current risk rniligation strategies and assess￿ent of riskprofile. The Board holds meetings in person along with videoconfer¢n¢ing tecl]nology being us¢d for some meetings if necessary, including Comrnitt¢e meetillgs. Ill the opinion of the Board of the Trnstee Company the Twst bas established resources and systems which, under nornial circu￿$tanCes, should allow theserisks to be tnitigated to an &c¢eptsble level in its day-to-day operatXOllS. Ffin#neial review and investment policy The Trust's investtnellt Strategy is a total Teturn approach to the investment of the pernianent elldovlment. The Trnstee believe8 that tbe investrnent objectives should over the lollg Lemi enable ihe investm¢nt ￿allager to produce greater invegtment returns and so ia due course this should lead to more resources being available to fuud ie5ear¢h grants. In a¢cordance tbe Tn￿1 Deed. the Trustee confinns that in idettiifying the value of the portion of the pernwient endowment that rEpresented unappli¢d total rettun, the Tmstee ideniified the value of the initial founding gift in 1987,. and whell detennining the amount of unappLied total return to transfer to income tts¢ T￿￿tee bas considered the amount of income required to fiuld research projects Ttow and in the fv￿re. and when reachin8 th¢ d¢cisioo as to the unapplied total retLml to Iransfer Éo income, the Tru8t¢¢ has taken professional advice from the invesirnentmanager regarthllg themarkel outlook, investment trends alld yield al￿ the prt>8pects for fvture capitsl growth. Since 8 February 2018, tbe investment ptrrtfolio has been invested in the COIF Charities Ethical Investment FuDd run by CCLA Investment Management Limitcd. This 13 a multi-asset commort investmcnt fund, designed for smaller clwiti¢s, and has acomp0sltebenchma￿. whicb is set by the investmeni manager. based on a number of asset classe& The Fund's investment ¢riteria are broadly itt line with the &pproved ethical investmeot policy {see pages 9 and 10). As at 31 March 2025 thc asset allocation of the coir Charities Ethical Investtnent Fund was equities 65.13/. (of which Nortb A￿eriCa equities were 59.28/0, European equities 22.920/0 and UK equities 12.52*/o),' ￿￿ed int¢re5t lo.15/￿, cash attd near ¢a$b 6.97Vo, infrastNcture and operating assets 6.60D/o' propety 4.640/0 private equity & other 4.60•/.' contractual & other income l.89/*- and den"vativ¢$ 0.02¢/0. With the ￿SsibIlity that unit5 have to be liquidated to fijnd research projects and given the small #ize of the Trust's endowment fimd, the Board of the Twstee Company considers that it remain8 appropriate to be invested through a common tnvestment fijnd whi¢h offers liquidity rather that] directly held inves¢ments. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 {conthiued) The inve91ment rnanager reports io the Trustee CornpaDy at quarterly al￿ aDnual intervals. These repons include economic and market revi¢w$, transaction details and w>rtfolio valuations. Th¢ Trw8t's work is entirely depelldenton the illvesttnent returns fTQrn the endowment fimd. Durin8 the financial y&2r th¢ Tn￿te¢ transferred a total of £91,951 {2024'. £177.121) from the unapplied rettmi of the fimd to meet the governance costs aad grant awards of the Trnst. The risk profile of th¢ investment portfolio 15 medium. The Trust 15 a long-terni investor and the Trustee, on professional advice, remains of the vtew that a portfolio weighted towards equities is approptiate. Achlevements and performance Investments lo the year ended 31 March 2025. the return was -1.46•/o compared to the inveSt￿¢￿t malla8er'y c(Trmpardtor return of 4.05/0. During the financial year, the Consumer Prices Index ('CPIH'I rose by 3.4/.. Over the fLV¢- yearperiod to 31 March 2025. the tr>tsl rebjrn was 51.O•/o and over the same period CPtH rose in ttstsl by 25.3Vo. The last 5 years, annualised rett￿ is 8.580/0 conwarnl to ¢beFund's ¢ompardtorTeturn of 9.90°A. As at 31 March 2025, the y)rtfolio was valued at £2.438,018. The value of ihe tnvestment portfolio has contiTJued to be impacted throughout the financial year by geo-politi¢al issues. Shares ended 2024 with high valuations, c￿eCIallY in the US, with expectations that inflation had been tamed that following the presidential election. there would be tsx cuts and d¢regulatioll. Share price gaills in 2024 had al*) been concentrated am¢)ng a narrow group of companies, "tb¢ Magllifi¢ent T,. However, in early 2025 these presumption4 changed. Quarter l of 2025 saw a broadening of returns from those segments that h outperformed in 2024. In January 2025, Chinese fimi, DeepSeeL released an artificial intelligencc (Af) tcol as powerful as those of its US con]petitors but reportedly developed at a fraction of the Cost. Thi5 news tiigged a rau in Al and semi¢onduGtor-related share pric¢s and share prices of the IT sector weakened ov¢r th¢ quarter. Inflation is also continuing to trend above ctlltral banks, taTgets and 50 It is unlikely that interest rdtes will be t by as much as expected ill 2025. In addition, Presidcnt Tnmip's policies have triggered significant global uncertainry in panicular around tariff8 with stock rnarkets falling signtficandy at the end of March 2025 and at the start of April 2025 follciwing his aDlloLlltcem¢nts of "reciprocal" rariffs on coL￿trIeS around the world. The introduction of these punitive tsriffs with the exception of tho% on Chitsa was paused for 90 day$ on 10 April 2025 but countries are still facing baseline tariff increases. The impact of what this all mean5 on global tr&d¢ is Still to be det¢rnined in particular ongrowth, itfflaiion and interest rates with the po$sibility of a global recession. tn light of market issues, CCLA has reduced its equity expo$ur¢ by 5•/tr since the begjnning of March 2025 and has reduced weights for US siocks. relative ID European aDd UK stocks. over several months. CCLA do howev¢r main Cautiously positive on equity risk because (kveloped econotllies, GDP and corporate eaTnillgs continue to grow. The short-t¢rn outlook therefore remaingextremeLy volatilealld inpsrticulargiventhe ad-hoc narnreof President Trump's decisions. This global trade uncertainty addg to the continutng g¢opoliti¢al uncertaiiity in retstion to Ukraine and Gaza and thc M(ddle East.. The Trustee considers that the portfolio is invested diversely and a¥ a long-term investor the portfolio should be able to wea¢h¢r wch market volatility. The Trustee eX￿Cts that ill the short to medium-tenn stock markets will Conti￿lle to be volatile and continues to monitorinvestmentperforAnan¢e Gloselytaking into account this elevated risk profile. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 (contittued) The last fornial re￿CwbY the Tn￿tee Company of the Ethical It]vesknent policy took pla¢e on 7 Febtuary 2023. The policy statement is also reviewed atmually to ettsure that it remains up to date. The next fornial Teview of The policy will take place during the flnancial year ending 31 March 2026. The cuffent poli¢y and pra¢ti¢es statement can be foutsd on pages 9 and 10. Grants The Rese￿￿ Fund co￿l￿lle8 to thrther develop its lottger-iemi potential for charitable impact ond widen its $traie8ic relationsbips aeross the region. Over th¢ oourse of the fu￿9￿claI year Dr Orton ba¥ continued to develop the Fund's approach to supporting research tbat engages with the people and churches of the region, and which arises from the questions and issues tbai they are encountering. This tesearGh continues to advance related understanding Èrtd impact. particularly through developing engaged theological refiection on practice. Supported by Goutioued engagetnent in tbe North East region aud witb wider relevant acadejnic network8, atttrther Competitive round tsf high-quality gralli applicatiÉ)ns took place in June 2024. Thig regulted ill otte new 8raDt awarded totalling £61,391 as detailed ott page 3. In addition, the research project titled"A gift to the church.. Leurning5fropn thefazth lives ofpeople living with addictions attending RÉcovery Chureh" by F O'Taylor at Si Joljn's Colle8e, Durbam. started on a part-time basi8 in October 2024. The second research projectbased at St John's College. ledby Dr Ruth Perrin, on"Fri*ndship, aith andFlourishsng.' Howdofriendship andfaith inieracrandimpacr the wellbeingofpraclising "Millennial" Chrisriapu in (he North East Englund" is in its s￿Ond year on a part-time basis and is on track to complete in December 2025. The Manhgemeni Committee looks forward to seeing tkne results of thi$ ott-going Trseatrh. The research project undenaken fvll-ttme by Stefanie Conradt of Regent'8 Park College, Oxford with ChuT¢he8 Together in Souih Tyn¢sid¢ on "Loneliness and isolation experienc'ed by older people South fyneside.. ChrislEan resPopL$efr(K￿ thepastoral ro iheprry)hetic" successfully ¢ompleted during the Y￿￿. This project has pn)du¢eA valuable fiNling$, with th¢ project d¢rnonstrating good and ¢onlinuing engagement with local 8takeholders. Copies of the fmal rel￿ video and booldet produced catt be dovmloaded from the Fund's website. Those researchprojects at appropriate stage8 of development and Completion bav¢ a150 shared emerging f]ndings and methodological contributions rnore widely, notably this year (for exatllplel through contributions to the international 'Ecclesiology and Ethnography Conference. held in Durharn in September 2024. reflecting the wider interc%t and profile being gaifted by thiy work Reserv￿ poli¢y The policy is to hold suffi¢i¢nt r¢s¢rves in th¢ urLr¢stri¢ted fvnd to meet the TnTrst's fmatt¢ial ¢ommilments. At 31 March 2025, there was a balance of £7,388 (2024.. £7,388) in the UDrestricted fi￿d. The Trustee has agreed that the rate of distribution for the year commencing l April 2025 (and for each year commencing l ApTiI thereafter until the policy is changed) will be 4/0 of the rollitig five-ye8r average of net asset value. Plans for future periods Havitig review¢d the renewed approach of the William Leech Research Fwid that bas been taken since 2022. the mat￿geMent Committee intend icTr contitiue to bJild on the successes achieved through this approach. p&rttcular, this apprO￿h has invcTrlved the Director making wider liJJks and continuing to support potential Appltcants in developing high quality applications. These applications typically involve collaborative working between researchers, ChUrChe￿chrIStian organisation5 and academic host orgallisations. The next application round for research grant applications b&9 been opened with a deadlitte for applications in May 2025. The William Leech Research Fund Report of the Trustee for the year ended 31 March 2025 (¢ontinued) The Research F￿d also continues to support the research projecls aud resea￿berS that have been funde4 in¢ludiog by seekng io enable widespread engagement with emerging filldings. Renewal of the Director's part-time secondment arrangement from Durham University 1$ currently being sought to take effect from September 2025, as this has proved effe¢tive in enabling the Research Fund to achieve its aims. Statement of Trustee's responsibilities The Tn2St¢e is responsible forprwillg th¢reportof th¢ Tn￿tre and ¢h¢ fJDanGial statemellts iti ac¢ordallce with applioabk law and regulations. Under that law the Trustee hasprepared the financial statements in accordance with United Kingdom Accounting Standards, ¢ompri$ing FRS 102 "The Financial Reporting Standard applicable in the UK alld Republic of [relaT￿, and appltcable law {Unit¢d Kingdom G¢Derally Accepted Accounting Praclice). Under tbat law thE Truytee must llol approve the f￿ancial slatemellts ullless it is salisfied that tlLey give a iTue and faiT view of the state of the affairs of the Trust and of the Inco￿11]g resources and application of resources of the Trnst for that period. In preparillg these finoncial statements. the Tnjslee is required to: select suitable &ccouuling policies and then apply them consistently- observe the methods and priD¢iples io the applicable Cbariiies SORP: ake judgements attd estimates that ar¢ rvdsonable And ryudent. .%tate whether FRS 102 "The Financial Reporting Stalldard applicable irt the UK and Republic of treland" hay been followed, subject to any matetial departures disclosed attd explained tbe fillattciai slaternent5: and prepare the financial statements ott the goin8 concern basis unless it is iwpropriate to presume ih&t the Trust will conlinue in business. Tbe Trnslee is re8pon$ible for keeping proper aceoullling r￿rdS that di￿193¢ With reasonable accuracy At time the fillancial po$itton of the Trust and ¢llable th¢ Trust¢e to ensure that th¢ f￿all¢la1 slatem¢nts comply with the Charities Act 2011, the applicable Charity {Accounts aud Reportg) Regulations and the provisions of the Trust Deed. The Trnstee is also responsible for safeguaTding the assets of the Trust and hence for takin8 Teasortable steps for the prevetttion and dewtion of fraud and othtt irregUl￿l￿eS. Appointment of auditors Azets Audit Servic¢s hav¢ in(li¢at¢d their willingll¢sS to Sta[￿ for reappoilltrn¢nt at the forthw￿1￿8 At]nual Generdl Meeting. A resolution for the re-4)poitttment of Azets Audit Services as auditors of the Trust 1$ to be proposed at the fortbcomittg Annual Gener81 Meeting. The Trustee wi8he8 to put on rttord its thatdis to Marcia Lant and Lindsey Nioholls fortheir administrative help whi¢h has ¢nabled their work ill support of the Research Futtd. Approved by the Trust¢¢ and signed on its bebalf by. willia￿ Seddon Director Dire¢tOT 2025 The William Leech Research Fund Ethical investment poliey and practices for the Research Fund Our policy is to invest in a manner cons18tent with the promotion of the abject4 and pritieiple# (Trf tbe Five Charities. We aim to strtke a balance betw¢¢n investing in ways that tak¢ ￿cOUnt of Christian principles and ethical Collsiderations and securing strong fllwicfftal returns for the Five Charities ovcr the long term. It is our opinion that in tbe long te￿ an ethical investment policy along the lines set out below is unlikely to be of sigllificant detrimeat to rate$ of investtLent reTrm. We have prepared this policy in collsultation with the Five Chariti¢s but rewgnis¢ that thi8 policy 1$ ultinlltrly the respon$ftbility ofthe direcrors. Our policy takes into ac¢ount th¢ ch￿￿h of En8laDd Ethical tnvesttnent Advisory Group (EIAG)'s guidance on ethical investsnent the selection of OUT investments. We believe that this guidance broadly refl￿tS the Cbristian ethical ￿r$peCtiVeS of the Fiv¢ Ch4riti¢8 and that it is helpful ts) draw upon EIAG'S expertise in such matters. The EIAG guidelines are a190 readily available to our Invesimenr Managers and will therefore be a helpful and ¢lear point of r¢f¢T¢n¢¢ for them. RecognL5itig that we should notbind ourselves absolutely to the views of an external body. we will reviewEIAG guldance oll a regular basis io asse85 how far it remains appropriatc for us, p#rticulArly as major new aretts of exclusion are brought in OT as existing restrtctions ar¢ r￿On81dered. Expertise ill EnvirollmeDtal Social and Governa￿¢ iavestm¢nt issues is one of the criteria we use to select our Investment Managers. we will a150 consider the ¢thi¢al credentials of the Investment Manager5 them5elve5 ID making that appointment. Through ourmembership of the Church Inve8torn Group, we ￿11 share our pers￿¢tiveS with other like-tnitided investors and together will aim to ¢ncoura8¢ compaDi¢S to perforni in att etbtcal attd responsible manner. C#$b illvestments When making ¢th deposits we wtll not use any banks in whose shares EIAG would recommend we stwuld not inve8L Collettlve IDve8tmellts The w)rtfoliosof Th¢ Foundation TnL54 The ChaTityTru8L the William Leecb Research Fund andwilliam Leech {Inv¢stmenlsl Ltd ar¢ inYe5ted collective illvesttnent fi￿d5. The ethical Lnvesttnent policies adopted by these fUt￿S broadty comply with EIAG guidelines. We will continue to liaise with the managers of these and monitor any elmnges in their eihical investment policies. There will ￿ tim¢s wh¢n it is prudent to hold other collective invegttnents in order (o access less liquid pans of th¢ markets and achieveadequatedivetsification within ourportfoliLTr. forexaTllple to invest in $n￿ller companies or cornpallie5 listed in les5 developed countries. We recognise. however. that there are particular challenges in $¢re¢ning the ethical credentials trt all the component pa￿ of some ¢olle¢live investrnents. We will therefore review regularly the rationale for su¢b investtnents and the extent to wbich they may in¢lude holdings that would nonnally be excluded by EtAG guidelines. We will also liaise with inv¢s¢DJ¢D¢ managers over th¢irholdings and will monitor the xmplementhtioo of their policy. The William Leech Research Fund Ethical investment policy and prgetices for the Researeh Fund Monltoring Aud re￿¢W We will monitor our adheren¢t to these principles and the financial impact of this ethical invesbnent policy annually. If the findings of OUT periodi¢ Tevicw show a signifieallt detritncnthl impact that is expected to persist in the long term, then we will dI￿u&5 with the Fiv¢ Charities wlther or not the policy should be amellded. Ill additioll, if the Board d¢¢id¢s to change its investrnent approach and return to a directly held investments, this policy will be reviewed and upda¢¢d aG¢ordingly. Wc will forrn8lly review this policy as a whole every tbree years. More informotion EIAG tmd itsptslieies m4v befvund r¥L. burehofen and.or boutl overnancelnatl0nal-church-1nstl￿tlouSIetblc*l-lllv Note.. The EIAG StL7tement of Ethical Investmen( Poliry has been Withdra￿ and if in the pmce.g.g of bE￿g YeplacedHryÉA an EL4G¥uidanLepÉJper ort ethEcolinvestmeni. Thupolicy will be updatedas necessary once this paper has beWzpUbl￿hed. 10 The Wllliam Leech Research Fund Risk management statement The Tn￿tee Company's appro￿￿ io the management of risk is desigmed to enable the Board to proactively identify and manage risks to support the achievement of the Ttust's objectives. The Board 1$ responsible for ensuring that adequate systems of risk management are in place and that it has a consistent appetite lor risk and that tbe level of risk 18 commensurdte Trith achievement of its objectives. A key part of the process 18 the maintenauc¢ of a detaÈl¢d RiskR¢gister, which 18 reviewed regularly with any significans ¢hang¢s being reported toi the Board. The Board has identified a nuzllb¢r of key risks and these are set out below tog¢th¢r with an explattatiDll of its Irtitigation strategies and assessttient of each risk. I￿y RISK AREA l. Investment rtsks L￿￿TIGATION STRATEGIES a) M8troe¢onomi¢ 4lld market conditions liTh¢luding? ¢xchang¢ rate, interest rate al￿ inllation risk51 could reduce our ability to deliver lon8-tertrL re&1 growth of income to our beneficiaries. Although we will always be exposed to short-temi market volatility, our investtnents are diversified with a portfolio of global as well as UK equities, to spread Tisk. long-temi investor we consciously hold a weighting towards equities. as we believe this offers thc bcst prospects of protecting our endowrnent against inflation and delivering real growth over the long terni. Our investments in the COIF ChELities Ethical Ittvesthient Fund can be liquidated easily in the sbort term, enabling us to su8rain short-terni distyibutions even when interest or dividend rates are low. We do not hedge currency ri8k because we believe the costs of doing $0 oulweigh the benefits. given our liquidity aod long- t¢rn] perspeotive. Assessmenr.. CurrentM&rkei¢onditiohs are extremely volthh"le. The "re¢ipro¢ul" 14riff onuouueements by ihe US admlnis¥r4titpn on I April 2025 CA￿ed Mneerthtnty t& global trade orrrmgememt stock marketsfell sharply in tYnÈicipafton éjf these changes on 31 March 2025 in thefollowing dqys until a 9Q41aypquse the mnst pMniÉive t&riffs fvith the ￿cePtion of tho.sefor Chino) wqs nnounced on IIIApril 2025 ts ellablefurther negotiations to thke place. The IMP￿Ct of all of on global gromrfh, inflation und ixtswest ratss is sts"Il to be seen. ThKs tsneertointy i% in addih'oll lo Ihe siluutions in Ukraine ￿nd ihe Middle Eusl which remain of eoneern However, due to the long4erM nature of our endowment and our ability to of illet)￿￿$, we beliewe we are in o goodposition ¢0 ride &ufshorter4ermfluetuotions ilnd the rtsk in economic and mdrkeÈ eondiÈionJ. The geopolitieal lézftdscope Mryll continue chollen8tA8 in the shorl (er tTnd the Trustee contillmes lo xionitor inv¢51ment performanee tdking into 4¢co#ni rhls el¢votsdriskproJUt. b) Investment manager rlsk- underyjerforniance by our illvestfflent manager could reduce the returns we are able to deliver. Regular meetings ar¢ held with the investment manager to monitor their perfornlallce. We compare the investment rnanag¢r's perforn]ance against external benchrtthrits to help hold them to account. Our policy 18 to Carry Out regular re-tendetRllg exercises for illvestmellt manageuLeDt services. The William Leech Research Fund KEY RISK AREA MITIGATION STIIATEGIES The Invesimeni Committee use8 the services of IDalytiC5, a specialist investment reporting servi¢¢ firni, and an independent investment consultant to assist in mc)nitoring the inY¢s¢m¢rtt perfonnance of the Trust's fvnd manag¢r. A￿e&sMell1.. Improwemeni IM v4lNations were starting lo be seeij nlil 51 JRhuary 2025 bui sthce ihen stoek markeis have falleN signifie4nily in light of marker uncertainty around ihe impucl of the pAn¢five f4nJys 4nnoMu¢ed by ihe US. The pause in the imposit¢¢pn of tqriffs on IIP April 2D25.steadied the markets slightt but rlneertainty remaKns nvgo¢io¢iOnS now 14keplaee bomi the level of tariff5 which will ￿ impose& Our inve5thelll continues tts review the impael of rhese nnouncem¢nts iheir sroek holding$ and the Investmenl land￿ape loDk* &rtremely voltstile in the short ierm. The TFustee conlwnues lo monitor ble perform*nee of ihe investmÉnl Monager closely. 2. Goverttittee alld key personne] risks As a small organisats.on we have a hibFbei-thatt-average dependency on our ttvo metnbers of staff, and rely on havillg¥ su￿1¢1¢n¢ specialist ¢xperiise oll our Board. Appointing independent directors allows specific skills to be recrnited where these are not atready in pia¢¢ through our charity-nominated director5. A bientiial Board self.as8esgmentproces5 takes place to monitor the quality of our goveman¢e. Care￿1 documentation of procedures and record8 has been set up to enable new staffladvisers to pick up infomiation quickly should our ytaff leave or be incapacitated ur1¢Xp￿ted1y. Asle￿￿en￿. Webelievethatweh&vÈ8oodlevets ofgovern*neeand access lo appropriale &wrt&fe. 1*7wiis¢ ihere will 4lJvuy$ be ts ritrk rekning to the loss of sthJymember& we have good coniinmity methsures in pltsee. Addiiional inveslmenl skills were odded Éo ihe TntsYe¢ B0￿r4 in FebrMt¥ry 2024 iofurther in¢reose our e4Wrtise irt this ape 3. Fraud We need to be vtgilant about the risks of intcmal and external fraud impacting upon our operaliolls. aTLd ensure our fi]nds are used for ttseir proper clwitsble PU￿05¢8. Dual authorisation control$ are iti plAce for on-line payment8. tnvestment withdrawals can only be mad¢ by autI￿lised signatories. Signatory limits are in place for all cheques. Expenditure litnits are in place for any CTedit card expeoditure. with all such expenditure scrutinised by the Chair of the Trt￿ree Company. External auditors are required to look out for potential material irregul&ities k)nd bave direct access to the Chair as well as reporting s1)Ecifically on this area eaclL year. We place reliance OD the yystettts and iniemal audit operntions of our ballkers and irtvestmellt rnallager as regulated bodies. The William Leech Research Fund KEY RISK AREA MfTIGATION STIL4TKGIES AssessmeNI.' Ifithin the pr4elic41 eonstraillts of o sm411 oryoni54¢ion, we believe we hove 14keu thll ￿e￿O￿able steps to prev¢nifra4d. 4. Reputadonal risk William Leech itself is a relatively low-profile orgatiisation bul our policies al￿ behavioupi could impact on the reputation of the Five Charitie8. We hav¢ adopted and implerneDted all ethical investment policy and aim to follow the recomrnendations of The Church of England's Ethityal Inv¢stJneTLt Advisory Group (EIAG). We maintaitt high prof¢&8ional standards in our I￿nd1]ng of relationships with profe55i(Trnal advisers. All grant awards and appointments to the Management Committee are approved by the Trnstee Cornpany and the Five Charities have n(Trmin&ted directors on the Board of this Company. ASse￿￿ent.. Givem thal wefollowEthicolguideliH¢y est¢¢blishedby Ihe EIAG, we eoNsider 1¢ w¢nlikety Ihat the Leeeh beneftsctions would be ihepU*tse￿I￿T twget of adversepubli¢ity- 411hough some pressure gro￿& mixht want us o¢her ehureh inweslors ro ￿d0￿¢￿tro￿8erPolieleS lft speeific The last form41 review by ihe Trustee Ctsfflpimy of the EihiTcal IHveskmenÉ poli¢y pluce on 7 February 2023. The policy Sitsiemenl ￿ ulso reviewed lo ensuve that ttrem4ins Mp to d4t& The fi￿(f￿r￿￿1 Myew the policy will toke pltsee im the fiA&ncidyet7r endinx 31 March 2(J2 13 The William Leech Research Fund Independent auditors. report to the Trustee of The William Leech Research Fund Oplnion We have audited the financial statements of The Williath Leech Research Flllld {the'Charit￿) for the year cllded 31 Mawh 2025, which comprtse the Statetnent of Financial Activitics, Balance Sheet and Notes to the Financial Statements, in¢luding a summary of significant accounting policies. Th¢ fIna￿laT reporting framework that has been applied in their preparation is Uni¢ed Kingdom Accounting Standarf comprising Charities SORTr - FRS 102 The Financial Rep(Trrting Standard applicable In the UK and REpublic of Ireland, and appli¢able law (Ullited Kingdom Generally Accepted Accounting Practice). tn our opinioll ihe finan¢ial stst¢menls'. give a tsve and fair view of the State of the Ghariws aff4irs a5 at 31 March 2025 al￿ of its incoming resources and application of resour¢c& including its incon)e attd ¢xp¢nditur¢ for the year then endoj. have Ften properly prepared iti accordallce with United Kingdom Generally Accepted Accounting Practice., have been PTepaTed ia accordance with the requirements of ¢be Charrti¢s Act 2011. Basis for op1￿]0￿ We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities uttd£r tknse 8tsndards are further descrTri ed in the Auditor's responsibilities for tbe audit of tbe financial statement8 section of our report. We are independent of the charity in accordance with the etbical requirements that are relevant to our audit of the fmancial statement8 in the UK, Including the FRC'S Ethical Standard. and WE have fvlfilled our other ethical responsibilitieg in accordance with th¢s¢ reqlliretn£nts. We believe ihat the audit evidence we have obtained is sufficient and appropriate to provide a bAsi* for our opinion. Conclllslons relatlng to golng tolleern In aUdIt￿g the financial statements, we have concluded that tbe Trnst¢e'$ use of the going concem basis of accounting iti the preparation of the financial statements is appropriate. B&8ed on th¢ Work w¢ have perfornied, we have not identified any mateTial uncertainties relating to events or conditions thaL individually or coll￿tiVelY, may cast significant doubt on the oharity's ability to colltinue as a going concern for a period of ai kast twelve months from when thc original financial 5tat¢m¢nts were authoris for issue. Our respon5Kbilities and th¢ responsibilities of the Trustee8 with re￿cl to goitig e¢)ncern are descnl)ed in the relevant sections of this reporL Other informatlon The'l'rustee is respO￿$]ble for tbe otheT infornution. Th¢ other infomution comprises the info￿ation included in the a￿nUal report, other than the financial statements and our auditor's report thereon. Out opillion on th¢ financial statements does not cover the other information knd, except to the extent otherwise explicitly Staled in our report, w¢ do not ¢xpr¢s8 any forni of assurance conclusion tbereon. Tn ¢onnection with our audit Cpf the f￿￿1claI statements, our r¢sponsibility is to read the other inforniatiott an(i in doillg so, ￿nSIder whether the other inforn￿tIon is rnateTially illconsi5t¢nt with the financial s(atements' or our knowledge obtained in the audit or tsihetwise appears to be materially rllisstated. If we identify such ￿aterial incoiL8i81tneies or apparent rnat£rial mt8ststements, we are required io determitie whether there ts a material misststemeni in the fllwieial stat¢rn¢nts or & material mi8Statement of the other infotmAtiott. 14 The William Leecb Research Fund Independent auditors, report to the Trustee of The William Leecb Research Fund (¢ontinued) If. based on the wotk we have perfortned, we conclude that there is a material ￿l$Statement of thi¥ oth¢r inforrnation, we are required to report that fact. We have nothing to Teport in this regard. M4tters on whleh we are required to report by exeeption tn the light of our knowledge and understanding of the chArity and Jts environm¢nt obtained in the wurse of the audit, we have not ideDlifi¢d material rui¥sÉatements in the Tru8tee's ReporL We bave nothtng to re￿rt in r¢$prft of the following matters where the Charities Act 2011 requires u8 10 report to you if. in our opinion: adcquatea¢¢ountingrecordy hav¢ notbeenkepL orreturns adequa*forouT audit have not beea re¢eived fro]n brdnches llot visited by us,. or the fman¢ial statements are not ill agreenieiit with the accoutttillg records and reDJrnS' or cenaill disclosures of Tn￿te¢,8 remutt¢ration specifi&l by law aTe not made; or we have not received all the iDforniation and explanation8 we ttquire for our audit. ReypoD8ibilities of Trustee As cxplained more fully in the Statement of Ttl￿tee'S Re8ponsibilitie8 (set out on page 8). the Tru8tee is responsible for the preparation of the financial 8tat¢menrs alld for being 5ausfied tbat they gtve a tsue aod fair view, and for such intemal cttntrol as the TnLStee deterniines is necessary to enable the prepaTation of fuwicial State￿entS that are free from material misslate￿c￿É. whether due to fraud or error. In preparing the financial statements. the Trustee is respollsible for assessing th¢ Chari￿s ability to continue as a going concem, disclosing, as applicable. rnatt¢rs related to goin8 concern and u5iug the going concern basis of accounting unless the Tmst¢e either intends to liquidate the charity or to cease operations, or bave DO reali$ti¢ alte￿￿tIve but to do so. Auditor's resptsnsibilities for the audit of the fi￿￿¢￿1 $t*tetnents Our objeetives are to obtain reasonable as5uraDce aboutwhether the fillaDcial statements as a whole are free from material mi%statem¢nL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable as￿UranCe is a higb level of &ssuratJce, but 1$ not a guat7ntee that an audit ¢ondu¢ted io accordauce with ISAS (UK) will atways detect a tnaterial misStat(￿ne1lt when it exists. Mi55latements call arise from fraud or emr and are considered material if, illdividually or in the aggregate, they eould reasonably be expected to influeTK¢ the economic decisions of users taken on the basis of th¢5¢ fioancial statem¢uts. lTr¢gularities, including fraud, are itistances of non-compliance wtth laws and regulation& We design procedure8 line with our respollsibilities, outlined above, to detect tnttterial missth*ments in respect of irregularities, including fraud. The extent tt) whicb our proc¢th￿e$ are eapable of detecting irregularities. including fraud is deiAiled b¢low'. Enquirie5 with management. about ally known or su8pected in$tsll¢es of non-¢ompliallc¢ with laws alld regulati0118 alld fraud- Reviewing board minutes.. Ch8llengitig assumptions andiudgemenls made by management in their Significaat accounting estima￿S. The William Leech Research Fund Independent Auditors, report to the Trnstee of The William Leech Research Fund {continued) Auditing the rigk of management override of controls, including through testing journal entiies and other adJuSt￿en￿ for appropriatenesg. B￿ause of the field in which the client operate8. we idettiified the followillg areas as those most likely to have a material impa¢t on the financial statements.. Health and Safery,. anti-bribery attd COM￿tion. attd compliance with the UK Cbarities Act. Owing to the inherellt limitations of an audiL (here is an unavoidable rtsk that some material misstaternent5 Irt the financial statements may not be detectrf even though the audit 15 properly planned and performed in accordance with ihe ISAS (UK). For in8lan¢e. the ￿rther removed non-compliance is from ihe events and transactions refle¢led in th¢ fmancial slatements, the less likelythe audiioris to becomeaware of itorto recognise th¢ noD-complian¢¢. A filrther description of our responsibilities for the audit of the fman¢ial statements 18 locatsd on tb¢ Finaneial Rerknthng C(R￿¢]1'S website at www.frc.org.uklauditorsresponsibilities. This description forn￿ part of our auditols T￿Ort. Use of ollr report This report is r(Lade solely to the charity Trustee in a￿ordanCe with section 144 of the Charities A¢t 2011 and regulatiotts made Under Section 154 of that Act. Our work has been undertaken so that w8 might state to tile TNgtee those matters we are required to gtAte tts the Trnstee in an kuditors, report and for no other w4x)$e. To the ￿llest exteni pamitied by law, we do not accept or assume respoDyibility to anyone other than the charity and its Trustee for our audit worL for this reporL or for the opinions we have formed. Simon Brown BA ACA ChA (SenitTrr Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountattts Statutory Auditor Bulman House Regent Centre Gogforth Newcastle upon Tyne NE3 3LS Da*: ]9J 2025 Azets Audit Servtce5 is eligible to act as auditor in ternis of Section 1212 of the Companies Act 2006. Azets Audit Setvi¢es is a trading name of Azets Audit Services Limited The William Leech Research Fund Statement of financial activities for the year ended 31 March 2025 Unre5tri¢ted Eodomrynent Total funds Unrestricted Endowment Total fvnds fulld fund 2025 fund fulld 2024 Ntste Income Investment income 72,250 72,250 71,346 71,346 Total income 72,2511 72,25D 71,346 71,346 Expendltur¢ Charitable activitl¢S.' expendrturc o charitable aetiviti&S 91,951 91,951 177,121 177.121 Total expenditure 91,951 91,951 177,121 177,121 Net (expenditsre)I Income before Oosses)Igalns on investments 191,951) 72,25D (19,701) (177,121) 71.346 (105,775) L¥et Oosses)Igalns o Investments (108,IM16) (1118.006) 230,807 230,807 Net (expenditurey inc&me (91,951) {35,756) (127,7117) (177,1211 3D2,153 125,032 Fund trangfers 91,951 (91,951) 177.121 (177.121) Movement In fvnds (127,707) (127,7117) 125,032 125.032 Total funds at the beginlling of the financial year 7J88 2.682￿11 2,690,199 7.388 2,557,779 2.565.167 Totgl fuDds a¢ the elld ofthe tlnAll¢lal 7J88 2,55SIIH 2,562,492 7,388 2,682.811 2,690,199 year There were ncp gains and losses in the financial years Ot1￿ than those noted alx)ve. All illeoming resources and resourcey expeth d¢riv¢ from continuing &ctiviues. The Dotes on pages 21 to 24 brni part of these fu￿1¢111 statemellt&. 17 The William Leech Research Fund Balance sheet as at 31 Marcb 2025 Unrestricted Endowment Totsl funds UDTestricted Eudov￿ent Total fund5 fund fulld 2025 fi￿d fund 2024 Note Fixed assets Inyestments 2,438,1118 2,438,018 2.546,024 2.546,024 Tot•1 fixed assets 2,438,018 2,438,1118 2,546.024 2,546,024 Currenl awts Debtors Casb ai batjk ond in band J,052 1&083 19.135 1,030 18.001 19.031 59J81 99,003 158,284 121,747 118,786 240.533 Total cNrreDt assets 60J33 117,086 177,419 122,777 136,787 259,564 LIAbilitie$ Creditots: amounts falling due within one year (40.899) (40,899) (68,881} (68,881) Net eurreDt IS8ets 19,4J4 117,086 136,520 53.896 136,787 190.683 Creditors.. amounts falling due > one year (12,046) (12,IM6) (46,508} {46.508} Net aS8etB 7J88 2,555,104 2,562,492 7J88 2.682,811 2.690,199 The funds of the charfty Endowment ￿ndS 2,SSS.IIM 2555.104 2.682,811 2.682.811 Unrestricted funds 7.388 7J88 7,388 7,388 To¢41 funds 7J88 2A55,1114 1562,492 7,388 2.682,811 2,690,199 The fU￿lrial statements pages 17 to 24 were approv￿ by the T￿Stee. The William Leech Foundation Limited, on 2 September2025 andwere signed on its behalfby the uudermenticpned two directors ofThe William Leech F(Trundation Limited: William Sthn Director Director The notes on pag¢8 21 to 24 fonn part of these fllwicial ststetnents. 18 The William Leech Research Fund Statement of accounting policies ) Basi5 of preparatlon and assesstn¢Dt of golng etsncerD These financial statements have been prepared (>n a going concern basi8. uttder the historical cost collvention as modified by the inclusiots of investments at mathet value, in accordance with tbe Accounting and Reporting by Charities: St&tement of Rec¢)mmended Pr8¢1ice applicable to charities preparing their financial statem¢ut8 in a¢cordauce with UnitedKingdom Accounting Standard$, comprising FRS 102"The Financial Reporting Stand8rd applicable in the UK and Republic of Ireland" (effeciive l January 2019), and appli¢able law (United Kingdom Generally Accepted Accounting Practice), and the ClJaritie8 Act 2011. The TAu8t CO￿￿ti￿te9 apublic benefit entity as defEned by FRS 102. The Trust¢¢ considers that there are no Jnaterial uncertainties about the Trust's abi]ity to continue as & going concern. The most significant areas of uncertainty thai afycct the carrying value of assets held by the Trnsi are the level of investtllellt return and the perforniance of the investments markets (see illvestment policy and perforniance alld risk managemenl sections of the Trnst¢e's annual reFQrt for tnore infomiation) and this is twe oFthe following flnancial periods also. b) tllcome recogllitlon AU income is recognised once the Trust has entitlement ￿ the incottte. it is probable that the tncome will be received and the amount of the income receivable ¢aD be measured reltably. lllter¢$t on fimds held on dwsit i% included when re¢eivable and the a￿OUnt can be measured reliably by the Ttust- this is nomially oo notification of the intercst paid or payable by the bank. Distiibutions are recognised once the distribution has b¢ell declared and notification has been received of the dividend du¢. e) Expenditure reeognitlon Liabilities are recogDis¢d as expeDdl￿￿ as 500ll as there is a legal or conStr￿lIVe oblig&ti¢)n committing the Trnst to ihatexpendittwe. it Is probable that 8ettlcment will bc required and the amouutof theobligation canbe measured reliably. AU expenditure is accounted for oll dLe accwals basi8. d) Charitable actiTrities ThL$e include paymenL8 to benef￿larI¢S and 8ovKnance costs as set Oul in note 3. Governallce cost8 comprise audit fee$. legal andprofessional fees, Managementcommtttce expense8. secondmellt costs and dtrectors, inden]nity inwrance premium8 (see note 3). The costs of prepariD¥ annual f￿ancIal statements and Tn￿tee meetings are borne by Willtam Leech {tnvestrients) Limited and details are set out irL llotg 10. e} Inves(meTrts Investrnen¢s are a forni of basic fJnJncial instrnmetst and are initially recognised at their transaction value and subsequentty measured at their fair valu¢ as at the balance sheet date u8irtg the closing price. The statement of rthaMe￿l 8etivitie8 itielud¢s the net gaitts and losses ari¥ing on revaluation and disposaIs iljroughout the financial year. The Trust is invested in the COIF Charitie8 Etbical Investment Fund. The units in the Fund are valued atbidprice alld the Fund deals on each ￿SinesS day. Ill additioT4 the invest￿ent manager calculates the closing bid price for year-end valuations. The investsnent managemet)t fee for the Fund is ¢harged agatnst the Fund's inccpme before it is distributed to unitholders. 19 The William Leech Research Fund Statement of accountfing policies {contlDued) Investments (￿￿thI￿ed) The Trust doe5 not acquire put OP¢ions, derivatives. orothercomplex financial in$tn¢ments, other than through its investment it) the COIF Charities Ethical lllv¢stment Fund. The main fo￿ of financial risk faced by the Trust 18 that of volatility in equity and investment ￿arkets due to wider economic condition8. All gall￿ and low are raken to the Ststem¢nt of Financial Activities as they arise. Reali8ed gaitis knd105ses on invesrments ore Calculated as th¢ ditTerence between sales pro¢eed.8 and their openittg carying value or tbeir purchase valuc if acquired subs4uent to the f￿st day of the financial year. UJJreali5ed gains aud losses are calculated as the differencebehveen the fairvalueat Iheyear-end and theirc8nying value. ReÈli5ed anduDrealised gains and losses are CL)mbined in the Statement of FinaDciai Activitie&. fj Fund accountRllg The Trust has a singl¢ endowment fijnd, which provides fL>r tbe Trustee to invest the capital in petpetuity and is managed 00 a total retyrn basig. The Tm8t£e at its diSC￿tion may allocate any part of the unapp]ied total reDJm to the unrestricted fund of the Trust to be used for charitable purposes ill acco￿a￿e with the Trusl Deed. The unrestricted fund comprises tbe Current asseis and liabilities that the Trustee is free to use An accordance with the charitable obje¢is. g) FDrelgD ellrreney The Trnst'g fullcrxonal and presentatiorA currertcy is the pound sterling. h) Casb flow %t*tetnent The Trnst has taken ￿Vantage of the exemption available to Small entrtie8 from preparing a ¢&th flow stai¢ment under s¢¢tion IA of the Financial Reporting Standard applicabl¢ ill the UK and Republic of Ireland (FRS 102). 20 The William Leech Research Fund Notes to the financial statements for the year ended 31 March 2025 Taxation The Williatn Leech Resear¢h Fund is a Tegistered charity and its non-trading income is exempt from taxation. Investment income 2025 2024 Distributions from COIF Clwitie5 Ethical IDve5tment Fund 72250 71,346 72,250 71,346 Analysis of expenditure on ¢haritable aetivities 21125 2024 Payment5 to benelleiarie$: ReSe￿Ch grallts payable 61,391 149.718 61J91 149,718 Goverllance costs: Legal and professional seryices 5,433 2.722 Audit services 4.4711 4.140 Dire¢tors' and Managernent Committee IndeM￿ty insurall¢e Second￿ent ¢osrs 724 721 18,900 18,436 Management Committee expenditure 1.027 ,384 30,560 27,403 Tot#1 91,951 177,121 In the fu￿¢1a1 year ended 31 March 2025 on¢ new grattt was approved of £61,391 (2024: three - totalling £149,718). Secondment costs relat¢ to the three-year seeondrD¢nt of Dr Andrew Orton from the University of DUd￿M which comm¢nccd in September 2022. The total expe]Utill￿¢ in the fmancial yeat was £91,951 (2024: £177,121). The William Leech Research Fund Notes to the financial statements for the year ended 31 March 2025 (condnued) Tru$tee s remuneration Tb¢ TrnS￿ did not r￿e1ve and was not entitled to ￿e1ve atty remuneration or expenses in re4)eet of its 5ervice$ during the fllwi¢ial year (2024: £nil). There were no employees during the fmancial year (2024". none). Fund transfers On 9 June 2009 cash aod inve8tEll¢Uts valued at £1,107 390, which were hcld on behalf of The William Leech Professorial Fellowship in Applied Christian Th¢ology were transfejred from Durham Unive15ity to the Research Fund The tran8fer was at market value. The ¢]thwmelli fi￿d way oreated itL 1987 with an original gift of £600,(KIO. The Trust Deed give& the Tn￿tee the power to invest the endo￿￿¢￿1 ￿lld on a total reDJrn basis. The pc>wer allows the T￿￿tee to de¢ide ineach periodhow much of the unapplied total return is transfetyed to the unrestricted fund and so ayailable for expendilure. "rhe amount of £91,951 (2024.. £177,121) transferred represents the resources expendedby the TTUSton 8raats andgovernallce during the year ¢nded 31 March 2025. Further tran$fers will be required as and when the commitmeot ￿ fiwd any grants payable becomes due. 2025 2025 21125 EndoTvment UDapplled tDt*l remrn Tot*1 Openlng value of endowmellt Gift comp0]￿t of pemianent endowmeut 600,(X)O 600,000 Unapplied total re 2,082,811 2,082.811 Tot41 600.000 2,082,811 2,682.811 Movement ID unapplled total retsrn and endovnnenl tbe year: Investment rthrn: dividends alld interest Inv¢sttnent rcturn.. r￿O￿nised and ut)re¢ognised (losses)/gains Ttstsl 72,250 72,250 (lo8.(￿6) (108,006) (35,756) {35,7561 Unapplied toknl return allocated to in¢orne (91.951) (91,9511 Net movement ID the year Cloging value of permaD¢nt eDdDwm¢nt Gift comp)ttent of pernlanent endowrnent UDapplied total retum (127,7071 (127,707) 600,000 600.000 .955.104 1.955.104 Total 6011,000 J,955.1114 2,555,104 22 The William Leech Research Fund Notes to the financlal statements for the year ended 31 March 2025 (eorttinued) 6 Investments 2025 2024 Market value at the begitming of tlL¢ financial year (Lossesygaiti8 in the financial year 2,546,024 2,315,217 (108.006) 230,807 Market value at the ead of the rtnancial year 2,438,(118 2.546,024 Investmenls al market value ¢omprised. 2025 2024 COIF Charities Ethical Investment Fund at market value 2,438,018 2.546.024 Historical cost a5 at 31 March 1.81S,629 1,815,629 Investments ar¢ carried at fair value. All of thc Trust's invesknents are in the COIF Charities Ethical Investrllent Fund. The holdillg in tbe COIF Fund is valued at bid price. The COtF Fund deals on cach busfftness day and th¢ itive8knent manager h&8 ¢alculated the bid price for year-end V￿uatiOll pu4Jose5. The COIF Fund is a ￿ulti- asset fund wbich has an emphasi$ tsn equities but a150 invests in other asset classes. including bonds, property. cash a[￿ altemative ass¢t classes. The basis of fair value for quoted illvebtments is equivalertt to the market value, using the COIF Fund's bid price. Asset sales and purcha8es are recognised at the date of iTade. The Significance of fllwicial instrurnent5 to the ollgoing finattcial 8llStatnability of thc Trust is considered in the fjnaucial reiicw al￿ investment policy and perfornLqn¢e secuons of the Tntstee's Annual Report The Tn￿t manag¢s the inve8imellt risks by retaiaillg expert advisors and invesiing in a multi-asget fund operating an irtvestm¢nt policy that provides for a high degrce of diversification of holdings within investment asset classes that are quoted on reco￿)1$ed sto¢k exchanges. Debtors 2025 2024 Distribution from COIF Charities Ethical Investmenl Fund 18,083 18,001 Prepayments- insurance pi¢miums alld investment perftsrnwice rew)rting 1,052 1,030 19,135 19.031 The distribution receÉvable relates to the endowment fimd and the insuranee premiums and investment perforn]ance reporting seryices prepayments relat¢ to the uur¢siricted fiwi. 23 The William Leech Research Fund Notes to the financial statements for the year ended 31 March 2025 (tontinuedl 8 Creditors: Amounts falllng due wlthin one year 2025 2024 Accruals 6,062 5,692 Other creditors 375 375 Grant awords payablc within one year 34,462 62.814 4D,899 68,881 All Creditors reIace to the unregtricted fimd. 9 Creditors: amounts falllng due > one year 2025 2024 Grant awards payable in more t1￿ one y¢ar 12,Q46 46.508 12,046 46,508 All ¢reditors relate to the unrestricted fund. 10 Related parties The Trnstee considers that it is related to Williatn Leech (Investments) Limited by virtue of having common directors. Certain administratioll St￿l¢e8 are provided free of charge by the staff of William J.eech (Investments) Liraited. The¥¢ services have llot been quantified for inclusion in these f]nancial s(atemenl$, as the amounts are considered imtllalerial. The TtUSfr¢ considers that it is the parent undertsking and ultimate controlling paty of tbe Willwn tze¢b Research Fund. It is a private eompany limited by slthres, in¢orpor4ted in England. registrdlion number 664118, and is a cR￿lty, registrdtion number 232062. The principal activity of the Company is to act &% the 501e Trustee for tbree charitable trnst$- The William Leech Foundation Limited- The Foundation TnL%L The Williattt Leech Foundation Limited- The Charity Trust and tb¢ William Leech Research Fund.. No other payment8 were made to related parties dunn8 the year (2024.. £nil). The consolidaied finaocial 8taternents of The William Lee¢h Foundation Limited call be obtailled from the Company Secretary at Bank Cha￿be[S. 26 Mosley StreeL Newcastle upoo Tyne. NEI IDF. 11 Ffin8ncl41 commltmeDts A ttwee-year secondmtnt agreement is ill place with Durham University relatillg lo the part-time sec