OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Leverhulme Trust

2024-12-31-accounts

LEVERHULME TRUST —__

Trustees’ Annual Report and Financial Statements 2024

Registered Charity Number: 1159154

The Leverhulme Trust Registered Charity Number 1159154

Chairman’s foreword

I am truly delighted to write this foreword as we celebrate the Trust’s centenary and my first year as Chair of the Leverhulme Trust Board. For a hundred years, the Trust has championed fundamental research across all the disciplines, driven by a deep belief in intellectual curiosity and the freedom to pursue original ideas wherever they may lead. We look forward to supporting blue skies research for another century to come.

Our centenary is also an excellent opportunity to highlight some of the remarkable research we have funded in UK universities over the years. I encourage you to visit our new media collection website ( Homepage Media | The Leverhulme Trust ) to explore this work and its intellectual – and often practical – impact.

We will also mark our Centenary year with an additional £100m of investment in fundamental research, recognising the real strength of the U.K. university sector and the need for long term funding for blue skies research. Going forward, we will be placing even greater emphasis on providing support to the new generation of talented scholars who will be the foundation of the UK’s higher education sector. Their ideas, enthusiasm and sheer talent will be key in helping us address some of today’s most pressing challenges.

Over the past year, I have had the privilege of visiting universities and other wonderful institutions across the country and meeting many of the researchers we fund. I have been deeply impressed by the breadth and ambition of their work, from groundbreaking scientific discoveries to pioneering insights in the humanities and social sciences. Their passion, originality and intellectual curiosity are inspiring.

The Trust has always recognised that major intellectual advances often come from unexpected directions. Our approach to funding reflects this: we believe that giving researchers the freedom to pursue their best ideas leads to the most profound discoveries. This philosophy has underpinned our work for the past century and will continue to do so. I would also say that in a world facing complex and urgent challenges – climate change, technological transformation, global health threats and deep social shifts – the need for fundamental research has never been greater.

While applied research plays a crucial role in addressing immediate problems, it is often underpinned by fundamental work undertaken decades earlier, driven by curiosity rather than immediate application. It is this long-term perspective that the Leverhulme Trust will continue to champion. Our Leverhulme Research Centres, funded over a decade, exemplify just this. An additional milestone in our centenary year will be the launch of three new Leverhulme Research Centres, awarded in early 2025, focusing on how humanity can adapt and thrive in space, slavery in war, and interactions between human life and artificial intelligence.

Another feature of the Trust’s funding model is that it supports research across a broad range of disciplines. We continue to believe that this is vital for advancing knowledge. Each field brings distinct perspectives and methods, and meaningful progress often happens when ideas intersect. Interdisciplinary research is especially powerful, enabling scholars to tackle complex questions that no single discipline could address alone. For example, the field of artificial intelligence (AI) has been shaped not only by computer science but also by philosophy, linguistics and psychology – leading to more sophisticated and ethical AI systems. Looking forward, debates about how society can adapt and learn to live with an AIbased world surely need to consider perspectives from politics, sociology, economics and law. In their different ways, all of the Trust’s fourteen grant schemes enable interdisciplinary discovery research. With this approach to our funding, we hope to help create the conditions

1

The Leverhulme Trust Registered Charity Number 1159154

for breakthroughs and ensure that insights from one area can produce transformative advances in another.

As we mark this milestone in the Trust’s history, I would like to express my heartfelt gratitude to our former Chair, Dr Niall FitzGerald KBE DSA, to my fellow Trustees and to the exceptional team at the Leverhulme Trust. Their insight, dedication and unwavering commitment have been instrumental in enabling us to continue supporting outstanding research across all disciplines.

Niall’s contribution to the Trust has been exceptional – spanning a remarkable twenty-five years, including twelve years as Chair – and it was a privilege to succeed him as Chair in 2024. Under his stewardship, the Trust not only flourished but also adapted to an evolving research landscape, all while remaining steadfast in its mission to fund research that benefits society. His legacy leaves an indelible mark on the Trust.

We also bid farewell in 2024 to two long- serving and deeply committed Trustees, Steve Williams and Rudy Markham, who retired this year. Their contributions have been immense, and the Trust owes them a profound debt of gratitude.

Most importantly, I want to thank the researchers whose curiosity, creativity and perseverance drive the discoveries that shape our understanding of the world. Their work is the very essence of what the Trust stands for, and it is a privilege to support them. One of the joys of my role is that I am constantly excited and inspired by their ideas and achievements, and I look forward to seeing where their research takes them – and all of us – in the years ahead.

Alan Jope CBE Chairman of the Leverhulme Trust Board

2

The Leverhulme Trust Registered Charity Number 1159154

Director’s report

As the Trust celebrates its centenary, I would like to thank the dedicated staff team for their impressive efforts. In 2024 alone, this team of nineteen people – many of whom will be familiar to our grant holders – processed nearly 4,000 applications, awarded 661 grants and committed £120 million in grant funding. Their hard work and support for our grantees are what enable the Trust to fund so much excellent research.

I am also mindful that the financial challenges facing the UK higher education sector have become acute. Budget constraints, rising costs and economic pressures continue to place universities, researchers and support staff under great strain. Against this backdrop, we are particularly grateful to the hundreds of academic reviewers and panel members who have helped the Trust in our work over the last year. Without our wonderful peer review community, the Trust could not be sure of supporting such excellent research and scholarship.

We understand the value of long-term, stable funding streams that provide vital support to researchers and institutions across all fields of study, and we are committed to continuing our regular schemes, sustaining the ambitious blue skies research that our universities are so renowned for. We are doing our bit to ensure that outstanding research in the UK continues to thrive, with an additional £100m of investment going into our schemes to mark our Centenary.

The Trust is placing greater emphasis on showcasing the remarkable projects and individuals it funds. Our communication efforts aim to highlight the extraordinary institutions we support and underscore the broader significance of their work. By sharing their stories and achievements, we strive to help those beyond the academic and research sectors fully appreciate the transformative impact of this research – on society, the economy and the environment. Fundamental research is vital because it lays the groundwork for addressing the many pressing challenges of today, and it is clear that we need to do far more to foster a greater understanding of this value among policymakers and the public.

We also recognise that early career researchers are the lifeblood of the research sector and that they are critically important for building a more inclusive research community. We have increased the investment in our Early Career Fellowship scheme to reduce costs to universities, as part of our efforts to widen the range of departments and scholars who can apply and thereby help to improve sector diversity. More details will follow later this year.

The Trust has also supported the arts for a hundred years. In 2024, we funded a wide array of arts institutions, providing scholarships for undergraduate and postgraduate students. We established a new scheme for under 18s, ensuring gifted young artists can pursue their passions regardless of financial background. Investing in the arts is essential to sustaining a vibrant and creative society, and we will continue to champion access and excellence in this field.

Looking ahead, along with more significant investments, we will also ensure that we shout a little louder about the sheer quality of research being conducted in UK universities – a message that needs to resonate beyond the sector.

Professor Anna Vignoles CBE FBA Director

3

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024

LEGAL AND ADMINISTRATIVE DETAILS

Established under the Will of the First Viscount Leverhulme.

Trustees Alan Jope CBE (Chairman from 6 August 2024) Dr Niall FitzGerald KBE DSA (Trustee and Chairman until 6 August 2024) Doug Baillie Professor Keith Gull CBE FRS Rudy Markham CMG - until 5 March 2025 Mhairi McEwan Leena Nair – until 26 November 2024 Graeme Pitkethly – from 6 March 2024 Quintin Price – from 26 June 2024 Christopher Saul Keith Weed CBE Dame Sharon White – from 1 December 2024 to 25 June 2025 Steve Williams - until 5 March 2025 Director Professor Anna Vignoles CBE FBA Bankers Barclays Bank PLC, 1 Churchill Place, London, E14 5HP Legal Advisors Maurice Turnor Gardner LLP Milton House, Milton Street, London, EC2Y 9BH Independent Auditors PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 1 Embankment Place, London, WC2N 6RH Custodian Northern Trust 50 Bank Street, Canary Wharf, London, E14 5NT Investment Advisor Partners Capital LLP 5 Young Street, London, W8 5EH Office Address 1 Pemberton Row, London, EC4A 3BG Tel. 020 7042 9888 Website www.leverhulme.ac.uk

Registered Charity Number

1159154

4

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024

The Trustees present their Annual Report and the audited Financial Statements for the year ended 31 December 2024.

History

The Leverhulme Trust is a Registered Charity, Number 1159154, and was constituted as a Charitable Incorporated Organisation (CIO) in the United Kingdom on 11 November 2014. It derives from the Will of the First Viscount Leverhulme (the “Founder”), who died in 1925. He left a proportion of his shares in Lever Brothers Limited upon trust and specified that the beneficiaries of the resulting income should include certain trade charities and the provision of scholarships for such purposes of research and education, being valid charitable purposes, as the Trustees might decide. The shareholding subsequently became one with Unilever plc.

In November 1983, the High Court approved a declaration of Charitable Trust from the Will which gave each of its two charitable objects an independent existence including its own Unilever plc shareholding. The eligible trade charities became the concern of the Leverhulme Trade Charities Trust. The Leverhulme Trust, (“the Trust”), from that date, was solely concerned with research and education.

At the conclusion of 2014, the Trustees transferred all the assets, liabilities and undertakings of the previous established Trust to this newly formed CIO, Number 1159154. The objects of the CIO are substantially the same, and the Trust Board members of the previous Trust were the founding Trustees of the CIO.

Objectives and Activities

The objective of the Trust is the provision of scholarships and other similar support for education and research in order to fulfil the Founder’s objectives.

The Trustees have set in place a range of activities to meet this objective. The constitution of the Trust places no restriction on the disciplines that are to provide the scholarships for research or education; however, in recognition of the substantial sums provided by other funders of research and scholarship in medicine and related clinical activities, the Trust does not fund in this area. The Trust operates in responsive mode, with the choice of research topic determined by individual applicants.

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grantmaking policy for the year. The Trust Board meets annually to review its grant-making activities, and to make modifications to the portfolio, where appropriate.

The Trustees have set in place a strategy for achieving the aims and the objectives of the Trust, which consists of making grants across a broad range of schemes, by identifying a broad and inclusive range of individuals who can demonstrate high-quality scholarship, originality, and excellence in their chosen research proposal.

The grant-making policies of the Trust are set out on the Trust’s website. This provides detailed information on how to apply for a grant and explains how awards are administered.

In assessing grant applications for funding, the Trustees use the following criteria to prioritise work of outstanding scholarship:

5

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Objectives and Activities (continued)

A second set of criteria reflect the particular values of the Trust and express the Trust Board’s aspiration that the Trust’s funding maintains a distinctive role within the current research funding landscape. Applications are particularly welcomed when they:

All applications to the Trust are subject to the established and robust peer review mechanisms of the academy and higher education sector to identify innovative, original research which meets the Trust’s criteria, as stated above. All decisions are taken in light of the peer review comments received.

Details of the main schemes can be seen in the section ‘Achievements and Performance’ below.

Public Benefit

The benefits provided by fulfilling the Founder’s wishes of funding scholarships for education and research are primarily associated with the skills developed by the research, teaching and student communities, as a consequence of the Trust’s awards. This outcome is believed to be well in keeping with the Founder’s intent, namely of public benefit.

Achievements and Performance

The Trust makes grants across a range of regular schemes, providing support for individuals at a range of career stages, for groups and teams of researchers, and for international collaborations. The majority of these schemes operate annually, while others run triennially or as announced as noted below:

Arts Scholarships – Triennial Schemes

Open to specialist arts training organisations to develop innovative teaching and to provide bursaries for individuals of exceptional talent to develop their skills in the fine and performing arts. Awards range from £40,000 to £695,000

The Arts Studentship scheme changed in 2024 and now consists of two distinct schemes. These are the Art Scholarship Under 18s (2024: £7.3m, 2023: £nil) and the Art Scholarship Under/Postgraduate (2024: £7.7m, 2023: £nil).

Doctoral Scholarships – Triennial Scheme

This Scheme aims to support doctoral studies in UK universities at a time of growing undergraduate debt. In 2023, the Trust awarded eleven awards of each up to £2.215m to UK Universities. Each award funds fifteen fully funded Leverhulme Doctoral Scholarships (five to be offered in each of the first three years of the grant)). Up to three of the fifteen places can be allocated to international students. Grants for UK students covers maintenance and tuition at UKRI (UK Research and Innovation) rates and £10,000 for research and training. For international students fees at the university’s standard international fee up to a maximum of £25,000 are funded. To provide targeted support to ensure better progression of low income and Black students, the Scheme was extended in 2023, universities could apply for additional funding, for up to three students, from these underrepresented groups to undertake a master’s degree before progressing to a PhD. Each scholarship provides for up to £130,000 for 5 years of full-time study. (2024: £nil, 2023: £24.4m).

6

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Achievements and Performance (continued)

Early Career Fellowships

Providing a bridge into an academic career for researchers with a proven research record who have not yet held an established academic post. The scheme provides 50% of the salary costs of a 3-year academic appointment, with the host institution providing the balance, plus some research costs. (2024: £14.1m, 2023: £14.4m).

Emeritus Fellowships

Providing funding for 3-24 months for senior researchers who have retired from an academic post to enable them to complete a research project and publish the results. Awards are for up to £24,000. (2024: £0.4m, 2023: £0.4m).

International Fellowships

Enabling established researchers in UK higher education institutions to spend 3-12 months in overseas research centres, to develop new knowledge, skills and ideas. Up to £50,000 available. (2024: £0.4m, 2023: £0.5m).

International Professorships – as announced

To recruit excellent research leaders of any nationality, currently working outside the UK, in order to fill strategically important positions in this country. This competition was first held in 2020 with 4 awards being made, a further round was held in 2021 with 5 awards being made, another round in 2022 with 3 awards and a final round were awarded in 2024 of 7 awards totalling £25.1m (although one candidate withdrew after the award was made). These awards are not included in the expenditure on charitable activities in the year of award as they are still subject to the completion of certain formalities and the professorial appointment.

Accounted for in Accounted for in
Year of award Number of
awards		 2021 2022 2023 2024
2020 4 £8.7m (2
grants)		 £9.0m (2
grants)		 - -
2021 5 - £7.1m (2
grants)		 £9.2m (2
grants)		 £5.0m (1
grant)
2022 3 - - £10.6m (3
grants)		 -
2024 7 (of which 1
later
withdrew)		 - - - £15.4m (4
grants)
Value accrued
in year		 £8.7m £16.1m £19.8m £20.4m

Major Research Fellowships

Supporting well-established academics in the humanities and social sciences to focus for 2 or 3 years on a specific piece of significant, original research. The scheme is particularly aimed at those whose day-to-day duties have prevented them from completing a programme of research. Annual replacement costs plus research expenses are in the region of £50,000. (2024: £4.7m, 2023: £5.3m).

Philip Leverhulme Prizes

To recognise researchers at an early stage of their career, whose work has already had a significant international impact, and whose future research career is exceptionally promising. £100,000 is provided over two or three years for any research purpose. (2024: £3.0m, 2023: £3.0m).

7

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Achievements and Performance (continued)

Research Centres - as announced

To support fundamental cross-disciplinary research across the sciences, humanities and social sciences. This competition is designed to encourage original research which would establish or reshape a significant field of study and transform understanding of an important topic in contemporary societies. Awards of up to £10,000,000 over 10 years. (2024: £nil, 2023: £nil)

A further round of applications was invited in 2024 and the decisions were made on these awards in March 2025 and will be included in the 2025 Report.

Research Fellowships

Supporting experienced researchers, particularly those whose day-to-day responsibilities have prevented them from completing a programme of research, and open to independent scholars as well as those holding posts in universities. Replacement costs/loss of earnings and research expenses available over 3-24 months. Maximum award £60,000. (2024: £6.6m, 2023: £5.8m).

Research Leadership Awards - Triennial Scheme

Supporting researchers with an established university career to build a research team to address a distinct research problem. Between £800,000 and £1million over 5 years is available to fund research assistants and research students working under the leadership of the award holder, plus associated

Research Project Grants

Available for any research topic, with the choice of theme and research approach left to applicants. Up to £500,000 over 5 years is available to cover salaries for research and associated costs. This is the Trust’s core funding stream and its popularity saw the allocation to grants at £49.6m in 2024 (2023: £42.8m).

Study Abroad Studentships

Supporting a period of postgraduate study or research in any overseas country except the USA. Awards offer maintenance, travel and essential research/study costs for between 12 and 24 months. Annual award values average £48,000. (2024: £1.6m, 2023: £1.4m).

Visiting Professorships

To enable UK institutions to invite an eminent researcher from overseas to enhance the knowledge and skills of academics and students in the host institution. Awards cover maintenance, travel expenses and research costs and last for between 3 and 12 months. Given the variety of individual circumstances, the value of an award can range from under £10,000 to over £125,000, depending on duration. (2024: £1.8m, 2023: £2.2m).

Academy Fellowships/Scholarships

This category includes various schemes. These include Senior Research Fellowships that the Trust funds that are run by the British Academy, the Royal Society and the Royal Academy of Engineering and the Small Research Grants scheme run by the British Academy. It also includes the APEX interdisciplinary research grants scheme run jointly by the three academies for three years The Trust has previously funded scholarships administered by the Mandela Rhodes Foundation for African scholars to pursue doctoral scholarships in the UK. In 2023, the Trust agreed to fund two scholarships for a further five years from 2025 to 2029. The total of these schemes was £2.7m in 2024 (2023: £8.5m).

8

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Achievements and Performance (continued)

A summary of the value of grants made during the year can be seen in the following table.

Types of schemes
Research Project Grants
Doctoral Scholarships
International Professorships
Early Career Fellowships
Arts Scholarship - undergraduate and
postgraduate
Arts Scholarship - under 18
Research Fellowships
Major Research Fellowships
Leverhulme Prizes
Academy Fellowships/Scholarships
Visiting Professorships
Study Abroad Studentships
International Fellowships
Emeritus Fellowships
Grants Awarded in Year		 2024
2023
£000
%
£000
%
49,587
41
42,826
33
-
-
24,369
19
20,384
17
19,817
15
14,112
12
14,368
11
7,716
7
-
-
7,297
6
-
-
6,576
6
5,801
4
4,688
4
5,283
4
3,000
2
3,000
2
2,652
2
8,518
7
1,818
1
2,197
2
1,571
1
1,433
1
447
0.5
451
1
406
0.5
387
1
120,254
100
128,450
100

The number of applications received for consideration for all schemes amounted to 3,858 in 2024 (2023: 3,737). The number of grants which were subsequently made amounted to 661 (2023: 590).

The Trust maintains a portfolio of diverse awards (see above) which are attractive to the research community. This is demonstrated by the numbers of applications, which remain consistently high across the schemes (e.g. 2024: Research Project Grants 1,018, Early Career Fellowships 697, Research Fellowships 693). The selection of successful applications generally involves peer review and most schemes have success rates between 15% and 35%.The Trust is able to disburse its available income without any sacrifice of quality.

9

The Leverhulme Trust Registered Charity Number 1159154

The Trust considers that the current grant levels are in line with the aims and objectives set by the charity.

All grant recipients are required to report both annually (for multi-year awards) and on completion. Final grant reports are reviewed by the Director (some 80% of directly funded grants) and submitted for Trust Board scrutiny or are assessed and reviewed by the appropriate committees or panels to which authority has been delegated. All reports are graded, although it is not appropriate to set numerical targets for grades (nor to normalise these) due to the range, diversity and nature of the activities being reported on. Research outcomes are described, in the context of the ambitions presented in the original bid, and the outputs listed; particular attention is therefore given to the broad findings and to publications or other forms of dissemination resulting from the award. Academic papers and publications arising from the Trust’s funding are subject to the usual relevant academic peer review process for such publications. Acknowledgment of Leverhulme support in outputs (journal articles, monographs etc) is a formal requirement of the Trust. Publications arising from Leverhulme grants are also subject to external peer review through the Government’s mechanism (Research Excellence Framework, Research Assessment Exercise prior to this) to assess the research of British higher education institutions, see http://www.ref.ac.uk/. The Trust monitors the impact of its support on the careers of grant recipients via case studies in its Annual Review.

The excellence of UK scholarship is recognised, for example, in the various league tables of the World’s top universities and the standard research metrics (such as citation statistics) which are available for each country. Despite the high volume of applications to the Trust (around 3,500 to 4,000 per annum), the Trust has consistently secured appropriate levels of peer review to allow it to meet its objectives. The value of the Trust’s activities is enhanced by the funds provided by the Government via the Research Charities Support Fund, which provides a contribution towards university overhead costs.

10

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Diversity and inclusion

The Trust is conscious of inequalities in the research ecosystem and is aware that our grantees also reflect these inequalities. The Trust convened an Inclusivity Sub-Committee to the Trust Board in 2024 to drive progress and deliver improvements. Monitoring the demographic characteristics of our applicants and awardees is an essential part of our efforts on this issue.

We have been collecting information on gender for some time. Here is the most recent data for the main grant schemes for both applicants and awards.

We do, however, remain at an early stage in terms of collecting data on ethnicity and being able to analyse it, and we do not yet have sufficient data to disaggregate by scheme. It will be some years before we can report on individual Trust schemes as some only run triennially and others are limited to one application per university.

The aggregate ethnicity data presented below are for applications and awards across ten of our schemes. These are consistent with the data presented in 2023 and, while there has been an improvement in the numbers of Asian academics obtaining awards, the data still show underrepresentation of some minority ethnic groups, particularly Black academics, in terms of application numbers. It is worth noting that around 6% of applicants prefer not to disclose this information.

This underlines the need for the Trust to continue focusing on ways to encourage and support applicants from underrepresented groups and to continue to monitor its grant-making processes.

11

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Diversity and inclusion (continued)

Applicants and awardees by ethnic group across ten schemes in 2024

----- Start of picture text -----
Applicants
----- End of picture text -----

----- Start of picture text -----
Awardees
----- End of picture text -----

----- Start of picture text -----
10.9%
1.1%
4.4%
3.3%
6.8%
73.5%
Asian Black Mixed Other Not stated White
----- End of picture text -----

----- Start of picture text -----
10.6%
0.6%
3.7%
3.9%
6.2%
75.0%
----- End of picture text -----

12

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Financial Review

The income of the Trust, comprising investment income, amounted to £103.7m in 2024 (2023: £98.9m). The Trust has not carried out any fundraising activities during the year therefore no fundraising disclosures are made.

Grants awarded in the year were £120.3m in line with expectations (2023: £128.5m). A summary by scheme can be seen in Note 3b to the financial statements.

The value of the Trust’s funds at the end of 2024 was £4,006m (2023: £3,438m).

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern due to the liquid nature of the Trust’s investment portfolio.

Investment policy and performance

The Trust’s investment advisor was appointed in November 2019 and an updated investment policy statement and strategic asset allocation was agreed by the Trust Board’s Investment Committee and the Trustees.

At 31 December 2024, the Trust’s total investments of £4,332m (2023: £3,756m) comprised:

The Trust targets a minimum total return over the longer-term net of fees, currently 7%, to protect the portfolio’s real value (with inflation measured by UK CPI) after funding the annual withdrawal of 3%. Over the three years to 31 December 2024, the total return on the Trust’s investments was 6.6% (Unilever 8.7%, other investments 4.6%). (Over the three years to 31 December 2023, the total return on the Trust’s investments was 1.9% (Unilever -1.1%%, other investments 5.1%)).

In 2024 the Trust’s investments (net of fees) returned 18.3% (2023:0.2%).

2024 - £m 2023 - £m Total return Change in
value on
balance sheet
£m
Unilever shareholding 2,134 1,783 23.7% 351
Partners Capital
managed portfolio		 2,198 1,973 13.4% 225
**Total ** **4,332 ** 3,756 18.3% 576

The Trust incorporates responsible investment best practices into investment decision making. It believes that by engaging in a broad set of extra-financial considerations – including environmental, social and governance (ESG) issues – the long-term financial performance of the portfolio can be sustained with potential for improvement. The Trust’s approach is to operate a set of principles that reflect its values and to apply them with common sense and a measure of pragmatism and to ensure it remains cognisant of changes and trends in investment markets and in society at large. It seeks impact through its grant giving for academic scholarship. The investment of its funds to provide these scholarships means that investment decisions are predominately driven by economic return.

Risk management

During the year, the Trust Board’s Risk Committee continued to monitor both operational and strategic risks and ensured that the risk register was kept up to date. The Risk Committee will continue to

13

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

review all risks and make recommendations to the Trust Board which reviews the key risks on an annual basis.

The Trustees consider that sustained underperformance in the Trust’s Unilever shareholding and/or the portfolio managed by Partners Capital would lead to a significant reduction in funds available in the medium term for distribution by the Trust. Steps taken to mitigate this risk include ongoing review of Unilever performance and, in relation to the portfolio managed by Partners Capital, the adoption of a risk-based Investment Policy Statement by the Trust with a focus on asset class diversification and total return and regular monitoring by the Trust’s Investment Committee.

Other principal risks to the implementation of the Trust’s strategy concern cyber security and the relationships with its applicant and peer review communities.

There is a risk that the Trust suffers a significant data breach or operational disruption due to a malicious cyber-attack. To mitigate this risk, the Trust has implemented a comprehensive suite of technical controls. These include Firewall, Secure Configuration, User Access Control, Malware Protection, and Patch Management. Additionally, the Trust has deployed software for mobile device management and application control, ensuring that all devices comply with security policies. Encryption has been implemented to protect data on all devices, providing an additional layer of security against unauthorised access. These measures have been assured by an external party, enabling the Trust to achieve Cyber Essentials Plus certification.

The success of the strategy of the Trust is also dependent on the ability to attract sufficient numbers and quality of applicants, and to be able to rely on the goodwill of its peer reviewers. Steps to mitigate these risks include the regular review and refreshing of the Trust’s portfolio of grant schemes (undertaken at the annual Strategy Meeting). The Trust Board also engages in regular horizonscanning of the academic landscape, while continuing to engage and maintain relationships with the academic community through regular formal and informal meetings and activities, both with its committees and panels and with the broader academic community.

Reserves Policy

It is Trust policy to, at least, maintain the real value of the level of reserves over the long term and to maintain sufficient liquidity to meet its commitments. The Trust’s target return for its investments of 7% over the longer-term with a planned 3% annual withdrawal has been set to with a view to achieving this policy target. The free reserve balance (which excludes the Trust’s tangible assets) at 31 December 2024 was £4,006m (2023: £3,438m) in line with the target.

Plans for Future Periods

The Trustees have agreed that annual withdrawals will be made from the Trust’s investments at a rate of 3% of the five-year rolling average value each year. During the transition period to the adoption of a total return investment objective, the Trustees had agreed that the Trust would aim to spend £100m per annum for the five-year period (2020- 2024) in order to ensure that it supports the widest range of charitable activity consistent with their objectives and their grant-making policy. Over the five years ending in 2024, the Trust spent £569m, with the annual spend varying between £92m in 2020 and £138m in 2021 when the last Research Centre Grants were awarded. The five-year average value of the Trust’s investments at 31 December 2024 was £3,938m and the Trustees have agreed to spend £120m per annum on average over the next five years but again the annual spend will vary. The Trustees will continue to monitor the demand for existing programmes and to develop new programmes and schemes.

14

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

The Trust Board also decided to mark the Centenary of the Trust with an additional £100m investment in our existing schemes, with the majority of the additional funding to be invested in doctoral scholarships, research centres and mid-career grants. This investment will help ensure a strong pool of early and mid career researchers, as well as enable decade-long investments in blue skies risky research at the frontier of academic fields. The Board has also committed to reducing the costs of its Early Career Fellowship scheme for universities. It is currently a co funded scheme and given the financial challenges in the sector, some reduction in the burden on institutions was felt to be needed. The additional investment in our ECF scheme has partly been enabled by ceasing two of our less popular schemes, the International Fellowships and the Study Abroad Studentships. In summary, it is anticipated that the additional investments and changes to the Trust schemes will sustain the strong quality and quantity of applications to the Trust, even in a time of difficulty for universities.

Structure, Governance and Management

The Trustees who served during the year and up to the date of the approval of the Annual Report, are listed on page 4.

The Trustees, who receive no remuneration for their services, meet four times annually. Details of Trustee expenses and any related party transactions are disclosed in the notes to the financial statements (notes 3d and 8).

Full information on the scope of The Leverhulme Trust and the policies of the Trustees is given on the website http://www.leverhulme.ac.uk.

The Trust’s induction for new trustees aims to cover understanding the Trust and its grant schemes, learning about the higher education sector and the research funding landscape and understanding of the role of a charity trustee. Trustee induction includes discussions with existing trustees and Trust senior management, meetings with senior academics from the Trust’s peer review panels, visits to universities as well as the provision of key documents from the Trust and Charity Commission and some online training.

The Director of the Trust is Professor Anna Vignoles. The Trustees consider the Board of Trustees together with the Director, Director of Finance, and Assistant Director of the Trust comprise the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a daily basis. As at 31 December 2024 the Trust had 19 other staff who are accountable to the Director. All staff members are involved in the delivery of the Trust’s grant-making activities.

The pay of the key management personnel and of the Trust’s staff generally is reviewed annually by the Trust Board’s Nominations and Remuneration Committee in light of changes to prices and average earnings. Remuneration levels are also periodically benchmarked against other similar organisations.

The remuneration of the key management personnel consists of fixed salary, variable pay and pension payments. The variable pay is determined on performance against agreed objectives. Remuneration levels are set in relation to that required to attract and retain the quality of executive needed to run effectively and efficiently a Foundation of this size and complexity.

The Trust Board has five committees and an advisory panel:

15

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Structure, Governance and Management (continued)

The Committee’s remit is to make recommendations to the Trustees regarding the non-Unilever investments of the Trust. The external member positions are remunerated.

The Trust is a member of the Association of Charitable Foundations (ACF). The ACF provides helpful information on good practice, changes in the law affecting charitable foundations, and acts as an authoritative lobby on behalf of its members with Government and regulators.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

16

The Leverhulme Trust Registered Charity Number 1159154

TRUSTEES’ ANNUAL REPORT – 2024 (continued)

Statement of Trustees’ Responsibilities (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charities (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. www.leverhulme.ac.uk Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In the case of each Trustee in office at the date the Trustees’ Annual Report is approved: so far as the Trustee is aware, (a) there is no relevant audit information of which the Trust’s auditors are unaware; and (b) they have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.

The Trustees’ Annual Report on pages 4 to 17 was approved by the Trustees and signed on their behalf by:

Alan Jope CBE (Trustee Chairman)

29 July 2025

1 Pemberton Row London EC4A 3BG

Registered charity number: 1159154

17

The Leverhulme Trust Registered Charity Number 1159154

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE LEVERHULME TRUST

Report on the audit of the financial statements

Opinion

In our opinion, The Leverhulme Trust’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Trustees’ Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2024; the statement of financial activities and the cash flow statement for the year then ended ; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

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

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

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial

18

The Leverhulme Trust Registered Charity Number 1159154

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Trustees’ Report, we also considered whether the disclosures required by Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us to also report certain opinions and matters as described below.

Trustees’ Annual Report

In our opinion, based on work undertaken in the course of the audit, the information given in the Trustees’ Annual Report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Annual Report.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered the direct impact of these laws and regulations on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting of inappropriate journal entries to conceal misappropriation of assets or manipulate financial results. Audit procedures performed by the engagement team included:

19

The Leverhulme Trust Rtylsterpd Ch•lty Numb•r 1109164 Obtaining independent confirmations of material investment valuations and cash balances at the year end. Testing estimates and judgements made in the preparation of the financial statements for indicators of bias. Reviewing meeting minutes, and significant contracts and agreements. Holding discussions with the trustees and management to identify significant or unusual transactions and known or suspected instances of fraud or non-compliance with applicable laws and regulations. Assessing financial statement disclosures, and agreeing these to supporting evidence, for Complian￿ with applicable laws and regulations. There are inherent limitstions in the audit procedures described abovÈ. We are less likely to bècomé aware of instances of non-complian￿ with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website at.. vMw.frc.org.ukJauditorsresponsibilities. This description ft)rms part of our auditors, report. Use of this report This report, including the opinions, has been prepared for and only for the charity's trustees as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report Is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Charltles Act 20118xceptlon reporting Under the Charities Act 2011 we are required to ￿port to you if, in our opinion. we have not received all the information and explanations we require for our audit., or sufficient accounting records have not been kept by the charity., or the fi'nancial statements are not in agreement with the accounting records. We have no exceptions to report arising from this responsibility. Pricewaterhousecoopers LLP Chartered Accountsnts and Statutory Auditors London 29 July 2025 20

The Leverhulme Trust Registered Charity Number 1159154

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and endowments from:
- Investment income
2
Total income and endowments
Expenditure on:
Raising funds
- Investment management costs
Charitable activities
3b
,
Total expenditure
Net Expenditure before
Net gains / (losses) on investments
Net gains/(losses) on investments 5c
Net income / (expenditure) and net movement in
funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2024
2023
£000
£000
103,690
98,928
103,690
98,928
3,454
3,219
114,455
124,277
117,909
127,496
(14,219)
(28,568)

582,053
(98,917)
567,834
(127,485)
3,438,521
3,566,006
4,006,355
3,438,521

The notes on pages 24 to 40 form part of these financial statements.

21

The Leverhulme Trust Registered Charity Number 1159154

BALANCE SHEET AS AT 31 DECEMBER 2024

Fixed assets: Note 2024 2023
£000 £000
(Reclassified)
Tangible assets 4 822 916
Investments
-
Investment in shares in		 5a 2,134,430 2,134,430 1,783,385
Unilever plc
-
Other investments		 5b 2,198,159 2,198,159 1,973,074
4,332,589 3,756,459
Total fixed assets 4,333,411 3,757,375
Current assets:
Debtors 6 1,017 1,017 1,289
Cash at bank and in hand 1,939 1,939 2,848
Total current assets 2,956 2,956 4,137
Liabilities:
Creditors: amounts falling due 7 (200,429) (200,429) (195,644)
within one year
Net current liabilities (197,473) (191,507)
Total assets less current 4,135,938 3,565,868
liabilities
Creditors: amounts falling due 7 (129,583) (127,347)
after one year
Total net assets 4,006,355 3,438,521
The funds of the Charity
Unrestricted funds 4,006,355 3,438,521
Total Charity funds 4,006,355 3,438,521

The notes on pages 24 to 40 form part of these financial statements.

The financial statements on pages 21 to 40 were approved by the Trustees and signed on their behalf by:

Alan Jope CBE Trustee Chairman 29 July 2025

22

The Leverhulme Trust Registered Charity Number 1159154

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities:
Net cash used in operating activities (a)
Cash flows from investing activities:
Acquisition of tangible fixed assets
Dividends and interest
Investment management costs – cash element
Purchase of investments
Proceeds from sale of investments
Cash (outflow)/inflow from foreign
exchange hedging
(Increase) in cash held by
investment managers
Net cash provided by investing activities
Change in cash and cash equivalents in
the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
a) Reconciliation of net expenditure to net
cash flow used in operating activities
Net income /(expenditure) and movement in
funds for the reporting year (as per the
statement of financial activities)
Adjustments for:
Dividends and interest
Net (gains) /losses on investments
Investment management costs
Increase in creditors
Decrease /(Increase) in prepayments
Depreciation
Net cash used in operating activities
b) Analysis of changes in net cash/(debt)
Net cash at 1 January
Net cash (outflow)
Net cash at 31 December		 2024
2023
£000 £000 £000 £000
(107,692)
(111,995)
(22)
(916)
103,874
98,863
(451)
(1,525)
(598,903)
(519,893)
674,942
569,858
(3,657)
7,959
(69,000)
(43,821)
106,783
110,525
(909)
(1,470)
2024
£000
2023
£000
2,848
4,318
1,939
2,848
567,834
(127,485)
(103,690)
(98,928)
(582,053)
98,917
3,238
3,123
6,775
12,602
88
(224)
116
-
(107,692)
(111,995)
2,848
4,318
(909)
(1,470)
1,939
2,848		 2024
2023
£000 £000 £000 £000
(107,692)
(111,995)
(22)
(916)
103,874
98,863
(451)
(1,525)
(598,903)
(519,893)
674,942
569,858
(3,657)
7,959
(69,000)
(43,821)
106,783
110,525
(909)
(1,470)
2024
£000
2023
£000
2,848
4,318
1,939
2,848
567,834
(127,485)
(103,690)
(98,928)
(582,053)
98,917
3,238
3,123
6,775
12,602
88
(224)
116
-
(107,692)
(111,995)
2,848
4,318
(909)
(1,470)
1,939
2,848		 2024
2023
£000 £000 £000 £000
(107,692)
(111,995)
(22)
(916)
103,874
98,863
(451)
(1,525)
(598,903)
(519,893)
674,942
569,858
(3,657)
7,959
(69,000)
(43,821)
106,783
110,525
(909)
(1,470)
2024
£000
2023
£000
2,848
4,318
1,939
2,848
567,834
(127,485)
(103,690)
(98,928)
(582,053)
98,917
3,238
3,123
6,775
12,602
88
(224)
116
-
(107,692)
(111,995)
2,848
4,318
(909)
(1,470)
1,939
2,848		 2024
2023
£000 £000 £000 £000
(107,692)
(111,995)
(22)
(916)
103,874
98,863
(451)
(1,525)
(598,903)
(519,893)
674,942
569,858
(3,657)
7,959
(69,000)
(43,821)
106,783
110,525
(909)
(1,470)
2024
£000
2023
£000
2,848
4,318
1,939
2,848
567,834
(127,485)
(103,690)
(98,928)
(582,053)
98,917
3,238
3,123
6,775
12,602
88
(224)
116
-
(107,692)
(111,995)
2,848
4,318
(909)
(1,470)
1,939
2,848		 2024
2023
£000 £000 £000 £000
(107,692)
(111,995)
(22)
(916)
103,874
98,863
(451)
(1,525)
(598,903)
(519,893)
674,942
569,858
(3,657)
7,959
(69,000)
(43,821)
106,783
110,525
(909)
(1,470)
2024
£000
2023
£000
2,848
4,318
1,939
2,848
567,834
(127,485)
(103,690)
(98,928)
(582,053)
98,917
3,238
3,123
6,775
12,602
88
(224)
116
-
(107,692)
(111,995)
2,848
4,318
(909)
(1,470)
1,939
2,848
(909) (1,470)
2024
£000
2,848		 2023
£000
4,318
2,848
(127,485)
(98,928)
98,917
3,123
12,602
(224)
-
(111,995)
4,318
(1,470)
2,848

The notes on pages 24 to 40 form part of these financial statements.

23

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Basis of preparation of the financial statements

These financial statements of The Leverhulme Trust (the “Trust”) have been prepared in accordance with applicable accounting standards in the United Kingdom (FRS102), the Charities SORP (FRS 102) second edition October 2019 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at fair value. The Trust’s functional currency and presentational currency is Pounds Sterling (GBP).

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern due to the liquid nature of the Trust’s investments.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from The Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Charities SORP (FRS 102) second edition October 2019.

The creditor balance at 31 December 2023 has been reclassified as between amounts falling due within one year and amounts falling due after one year. This is due to a reclassification of £22,256k of grants payable which decreases the amount due within one year and increases the amount due after more than one year. There is no effect on total net assets.

The Trust constitutes a public benefit entity as defined by FRS102.

Significant judgements and estimates

In preparing the financial statements, accounting estimates and judgements are made. The most significant area of judgement is that the liability from multi-year grant commitments is recognised in full at the point of the grant award as there is not deemed to be performance related conditions that prevent recognition of the expenditure.

All Leverhulme Research centres are subject to a 5-year review. The Trustees do not deem this to be a performance related condition that prevents recognition of the expenditure.

The only estimate that has a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year is related to the valuation of the Trust's investments and, in particular, those classified as Level 2 and Level 3 of the fair value hierarchy. Explanation of the method for determining the valuation of investments is included within the investments accounting policy below and within note 5d.

The Trust also estimates the allocation of support costs between expenditure on charitable activities and raising funds and estimates the allocation to each grant activity. This estimate is apportioned on the basis of staff time spent on activities in line with the methods prescribed by the Charities SORP. Details of this allocation are included within note 3.

A summary of the principal accounting policies, which have been applied consistently, is set out below.

Fund structure

The funds of the charity are unrestricted and are fully expendable at the discretion of the Trustees.

Incoming resources

Incoming resources are recognised when the Trust has entitlement to the resources, it is probable that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability.

Investment income represents dividends and interest on fixed investments and deposits, with any associated tax credits or recoverable taxation, which are included on an accruals basis. Dividends are

24

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

1 Accounting policies (continued)

recognised when declared. Where investment income from pooled investment vehicles is re-invested it is accounted for in the unit price and recognised within net gains / (losses) on investments in the period.

Expenditure

All expenditure is accounted for on an accruals basis and is classified under the relevant activity within the Statement of Financial Activities.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Trust to the expenditure. At the end of a grant, a liability is recognised until after a final report is received from the grant recipient and is accepted by the Trust. At which point any balance can be written off and credited to grant funding activity within charitable expenditure disclosed in note 3b.

Raising funds

The cost of raising funds consists of investment management fees and investment governance costs. The apportionment of support costs to investment governance costs is shown in note 3.

Charitable activities

The cost of charitable activities consists of grants awarded, governance costs and an apportionment of support costs as shown in note 3.

Financial liabilities

Grants, both single and multi-year, are recognised in the financial statements as liabilities after they have been approved by the Trustees, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of the Trust. In these circumstances there is a valid expectation by the recipients that they will receive the grant. Grants greater than one year are not amortised due to the impact not being material.

Grants amounts that have been approved by the Trustees for specific purposes in future years, but have not been allocated to, or agreed by, specific recipients at year-end are disclosed as commitments.

Tangible fixed assets

Tangible fixed assets acquired with a cost of more than £25,000 are capitalised. Otherwise they are expensed in the year of acquisition.

Depreciation is applied to fixed assets on a straight-line basis over their expected useful life, less estimated residual value, at the following annual rates:


esidual value, at the following annual rates:
Leasehold improvements Over remaining length of the lease
Furniture, fittings and equipment 10%
Audiovisual equipment and computers 33 ⅓%

Depreciation is provided to recognise the useful economic life of the assets. Tangible fixed assets are stated at historic purchase cost less accumulated depreciation.

25

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

1 Accounting policies (continued)

Intangible assets

Intangible fixed assets acquired with a cost of more than £25,000 are capitalised. Otherwise they are expensed in the year of acquisition.

Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows: • Software development 33 1/3% pa

Software development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Trust are recognised as intangible assets when the relevant criteria are met. Costs associated with maintaining computer software are recognised as an expense as incurred.

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Investments

The Trust has elected to apply the provisions of Section 11 and Section 12 of FRS102 in full. All investments are at fair value through profit or loss upon initial recognition and are measured at subsequent reporting dates at fair value.

The fair value of listed security investments is bid value. The fair value of unlisted investments uses appropriate fair value principles and techniques determined by the Trustees on the advice of the Investment Advisor, Partners Capital. These valuations are based on the latest information available from the relevant fund manager.

Purchases and sales of investments are accounted for on a trade date basis.

Gains and losses arising from changes in the unrealised fair value and on the sale of investments are shown as Net gains/(losses) on investments within the Statement of Financial Activities and shown within the unrestricted funds of the Trust on the Balance Sheet.

Forward Contracts

Forward contracts are recognised at fair value, being marked to market value at the closing foreign exchange rates at the year end.

Cash and bank balances

Cash and bank balances represent money on deposit and on current accounts with banks with a maturity of less than three months. Cash held by investment managers is included within investments.

26

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

1 Accounting policies (continued)

Pension scheme

All staff are employed jointly by Unilever U.K. Central Resources Limited and the Trust. Many of the Trust staff participate in the Unilever U.K. Central Resources Limited defined benefit pension scheme, the Unilever UK Pension Fund. More recent staff participate in the Unilever defined contribution scheme. Although the main pension scheme is a defined benefit scheme, as this is a multi-employer scheme, information is not available to ascertain the Trust’s share of the underlying assets and liabilities of the scheme in order to make the appropriate disclosures as required by Section 28 of FRS 102. It is therefore accounted for as if this were a defined contribution scheme. Contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet.

Share based payments

The Trust staff are jointly employed by Unilever U.K. Central Resources Limited and the Trust. The Trust provides senior staff with a long-term employee benefit, covered under Unilever’s share-based payments schemes. These are ‘conditional shares’ issued in Unilever plc. The conditionality relates to the financial performance of Unilever over a 3-year period; and the conditional shares vest at the end of that period, either in whole or in part, depending on the conditions being met. One condition is that the employee is still in employment with Trust and Unilever at the end of the 3-year period. Given the uncertainty over the conditionality and the scale of the value of the benefit, the Trust accounts for this benefit in the year in which the shares vest and the amount, as recharged by Unilever to the Trust, is included in staff costs.

Taxation

The Trust carries on activities which are exempt from corporation tax and income tax. Irrecoverable Value Added Tax is included with the expenditure to which it relates.

Operating lease

Operating lease annual rentals are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

2
Investment income
Dividends from Unilever plc
Managed pooled investments
Gilt Fund
Index-linked Gilt Fund
Global Equities
Private Debt
Property
Cash
Bank interest
Total investment income		 2024
£000
2023
£000
68,895
70,444
564
222
1,674
143
7,311
8,043
21,410
16,553
2,838
2,781
941
717
103,633
98,903
57
25
103,690
98,928

Dividend income from Unilever plc is in respect of ordinary equity shares.

27

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

3a (i) Allocation of governance and support costs

The breakdown of support costs and how these were allocated between investment, governance and other support costs is shown in the table below:

Cost Type
Staff costs
Accommodation
Other		 2024
Total
allocated
£000
2024
Invest-
ment
Costs
£000
2024
Gover-
nance
Costs
£000
2024
Support
Costs
£000
2023
Total
allocated
£000
2023
Invest-
ment
Costs
£000
2023
Gover-
nance
Costs
£000
2023
Support
Costs
£000
1,912
132
75
1,705
1,739
118
61
1,560
364
25
14
325
455
31
16
408
971
67
38
866
665
45
23
597
3,247
224
127
2,896
2,859
194
100
2,565

Support costs (net of £75,190 (2023: £73,000) recharge to the Leverhulme Trade Charities Trust – see Note 8) are apportioned based on staff time spent on activities. The allocation to Investment Costs is included within Investment management costs on the SOFA.

3a (ii) Governance costs
Audit & Legal
Trustee expenses
Venue hire
Support costs (based on apportioned
staff time per note 3a (i))
Total Governance Costs
3a (iii) Total Governance and
Support Costs
Support Costs (note 3a (i))
Governance Costs (note 3a (ii))		 2024
£000
2023
£000
123
110
4
1
3
-
127
100
255
213
2024
£000
2023
£000
2,896
2,565
255
213
3,151
2,778

28

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

3b Analysis of charitable expenditure

Grant funding during the year plus apportioned support costs are as follows:

Activity
Research Awards Advisory
Committee#
Research Projects Grant
Doctoral Scholarships
International Professorships
Arts scholarship (UG/PG and under
18)
Major Research Fellowships
Academy Fellowships/ Scholarships
Visiting Professors
Prizes
Grants awarded
Adjustment on prior year grant awards
Total Costs		 Grant
funded
activity
Support
and
governance
costs
Total
Grant
funded
activity
Support and
governance
costs
Total
2024
£000
2024
£000
2024
£000
2023
£000
2023
£000
2023
£000
23,112
582
23,694
22,440
497
22,937
49,587
1,238
50,825
42,826
1,069
43,895
-
-
-
24,369
307
24,676
20,384
109
20,493
19,817
158
19,975
15,013
338
15,351
-
-
-
4,688
409
5,097
5,283
313
5,596
2,652
26
2,678
8,518
22
8,540
1,818
244
2,062
2,197
237
2,434
3,000
205
3,205
3,000
175
3,175
120,254
3,151
123,405
128,450
2,778
131,228
(8,950)
-
(8,950)
(6,951)
-
(6,951)
111,304
3,151
114,455
121,499
2,778
124,277

Research Awards Advisory Committee include the following grants: Early Career Fellowships, Research Fellowships, the Study Abroad Scheme, Emeritus Fellowships and International Fellowships.

The adjustments on prior year grant awards represents supplements to grants previously awarded, the write back of amounts on closed grants or grants that have been awarded and will not be taken up.

Support and governance costs are apportioned based on staff time spent on activities. (Note 3a).

29

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

3c Staff costs

Wages and salaries
Social security costs
Pension costs
Contractors
Other		 2024
£000
2023
£000
1,450
1,305
178
177
184
198
26
59
74
-
1,912
1,739

The monthly average number of full-time equivalent staff during the year was 17.5 (2023:17.3). All staff are involved in grant making and are employed jointly by Unilever U.K. Central Resources Limited and the Trust with their cost recharged to the Trust. At 31 December 2024, an amount of £35,321 (2023: £17,919) relating to pension contributions remained outstanding. The number of staff who received salaries and other emoluments (excluding pension contributions) over £60,000 was:

2024 2023
Number Number
£70,001 - £80,000 1 -
£80,001 - £90,000 1 2
£120,001 - £130,000 - 1
£130,001 - £140,000 2 -
£140,001 - £150,000 - 1
£290,001 - £300,000 1 -
£340,001 - £350,000 - 1

Unilever U.K. Central Resources Limited operates a defined benefit pension scheme and a defined contribution pension scheme to which £94,500 (2023: £61,756) was contributed by the Trust in relation to higher paid employees.

The defined benefit pension scheme reported an estimated funding level on a technical provisions basis at 31 March 2023 of 95%.

The Trust consider the Board of Trustees, the Director, Director of Finance and Assistant Director of the Trust comprise the key management personnel of the charity. The total employment benefits including employer pension contributions of the key management personnel was £809,872 (2023: £843,709). The Director is the highest paid member of staff.

3d Trustee costs

Trustees did not receive any remuneration during the year (2023: nil). Four Trustees (2023: Five Trustees) received travelling and subsistence expenses of £4,255 (2023: £2,873).

3e Net incoming/(outgoing) resources after charging

e Net incoming/(outgoing) resources after charging
2024 2023
£000 £000
Auditors’ remuneration (excluding non-recoverable VAT) 92 88
Depreciation 116 -
Operating lease rentals 244 244

30

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

4 Tangible assets

Cost
At 1 January
Additions
At 31 December
Accumulated
depreciation
Charge for year
At 31 December
Net book value
At 31 December		 Leasehold
Improvements
Audiovisual
equipment
and
computers
Total
Total
2024
£000
2024
£000
2024
£000
2023
£000
876
40
916
-
22
-
22
916
898
40
938
916
103
13
116
-
103
13
116
-
795
27
822
916

5 Investments

a) Investment in shares in Unilever plc

a)
Investment in shares in Unilever plc
As at 1 January
Net Investment gains / (losses)
As at 31 December		 2024
2023
£000
£000
1,783,385
1,962,662
351,045
(179,277)
2,134,430
1,783,385

The fair value of investments held in Unilever plc shares reflects the market year end share prices. These shares are Level 1 in the fair value hierarchy (as defined in note 5d).

There were no purchases or disposals of shares in the year (2023: none).

b) Other Investments

Other investments represent amounts advised and managed by Partners Capital LLP under a Discretionary Management Agreement signed in 2019 and primarily comprise pooled investment vehicles.

31

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

b) Other Investments (continued)

) Other Investments (continued)
Other Investments at fair value
Gilt Fund
Inflation Linked Gilt Fund
Credit
Global Equities
Hedged Equities
Absolute Return
Property
Private Debt
Private Equity
Cash
Forward Foreign Exchange Contracts
Investments
Movement in Other Investments
As at 1 January
Purchases
Disposals
Net Investment gains
Increase in cash held in investments
As at 31 December		 2024
2023
£000
£000
33,739
-
28,925
33,479
54,565
38,780
972,487
835,910
159,239
270,818
113,847
104,561
70,540
110,642
401,674
331,743
270,834
223,832
95,527
24,706
(3,218)
(1,397)
2,198,159
1,973,074
2024
2023
£000
£000
1,973,074
1,908,553
598,903
519,893
(674,942)
(569,858)
232,124
70,665
69,000
43,821
2,198,159
1,973,074

The 2024 cash figure includes cash adjustments for pending purchases of £20.1m and pending sales of £52.2m. The 2023 cash figure does not include any adjustment for pending purchases or sales.

The forward foreign exchange contracts balance of £3.2m (2023: £1.4m) is the net of pending foreign exchange purchases of £177.0m (2023: £279.1m) and pending foreign exchange sales of £180.2m (2023: £280.5m).

There are no equity holdings in one company greater than 5% of the total of investments in Other Investments. The Trust has entered into commitments to invest in private equity funds. At the balance sheet date outstanding commitments totalled £88.3m (2023: £112.6m).

32

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

c) Net gains / (losses) on investments

Net gains / (losses) on Unilever shares
Net gains on Other Investments
Cash (loss) / gain from FX hedging
Investment management fees in units
Net gains / (losses) in Statement of Financial Activities		 2024
2023
£000
£000
351,045
(179,277)
232,124
70,665
583,169
(108,612)
(3,657)
7,959
2,541
1,736
582,053
(98,917)

(d) Recognised fair value measurements

The following table categorises the fair values of the Trust’s investment assets based on the inputs to the fair value. Categorisation within the hierarchy has been determined based on the lowest level input that is significant to the fair value measurement of the relevant asset as follows:

2024
Investments
Gilt Fund
Inflation linked Gilt Fund
Credit
Global Equities
Hedged Equities
Absolute Return
Property
Private Debt
Private Equity
Cash
Forward Foreign Exchange Contracts
Investments
2023
Investments
Inflation linked Gilt Fund
Credit
Global Equities
Hedged Equities
Absolute Return
Property
Private Debt
Private Equity
Cash
Forward Foreign Exchange Contracts
Investments		 Level 1
Level 2
Level 3
Total 2024
£000
£000
£000
£000
33,739
-
-
33,739
28,925
-
-
28,925
-
54,565
-
54,565
176,730
795,757
-
972,487
-
159,239
-
159,239
-
113,847
-
113,847
-
-
70,540
70,540
-
365,061
36,613
401,674
-
-
270,834
270,834
95,527
-
-
95,527
-
(3,218)
-
(3,218)
334,921
1,485,251
377,987
2,198,159
Level 1
Level 2
Level 3
Total 2023
£000
£000
£000
£000
33,479
-
-
33,479
16,371
22,409
-
38,780
135,917
699,993
-
835,910
-
270,818
-
270,818
-
104,561
-
104,561
-
33,189
77,453
110,642
-
313,802
17,941
331,743
-
-
223,832
223,832
24,706
-
-
24,706
-
(1,397)
-
(1,397)
210,473
1,443,375
319,226
1,973,074

33

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

(e) Financial Risk Management

Credit Risk: The carrying amounts stated above represents the Trust’s maximum exposure to credit risk therefore further disclosure is not required.

Market Risk:

The Trust is exposed to movements in the share price of Unilever plc. For every 1% reduction in the 31 December 2024 share price of Unilever plc, the value of the Trust’s shareholding would reduce by £21.3m (2023: £17.8m).

In the remaining portion of its investment portfolio, the Trust’s exposure to movements in equity prices arising is mitigated by diversification. The Trust invests in multiple asset classes with a variety of underlying investment managers.

The Trust monitors its equity risk using a risk framework based on beta to equity markets. Exposures to core market risks are converted into one single “equity equivalent” portfolio risk metric. The equity beta at 31 December 2024 was 0.70 (2023: 0.70). Therefore, for a 1% reduction in equity prices the value of the Trust’s other investments would be expected to fall by 0.7% and every 1% reduction in global equity prices would be expected to lead to a reduction of £15.4m (2023: £13.8m) in Charity Funds.

The Trust's objectives, policies and processes for managing the risk arising from financial instruments are further explained in the Trustees' Annual Report.

Currency Risk: The Trust takes a long-term view of the currency risk inherent within a global investment portfolio.

The largest non-sterling exposure is to the US Dollar and a 1% weakening of the Dollar against Sterling would be expected to lead to a direct reduction of £12.7m in Charity Funds (2023: £11.3m) although an indirect impact of currency rate movements on the value of non-US Dollar denominated investments would also be expected.

At 31 December 2024, the Trust had the following open foreign currency forward contracts maturing in February, May and August 2025. The sterling equivalent of the nominal values are given at the relevant exchange rate on 31 December 2024:

The aggregate loss associated with these contracts was £3.22m as of 31 December 2024. The purpose of these derivative contracts is to hedge any unwanted currency exposure within the investment portfolio, to maintain the exposure at the agreed target of 27% GBP.

6 Debtors

Debtors
Amounts falling due within one year:
Accrued investment income		 2024
£000
2023
£000
826
1,010
191
279
Prepaid administrative expenses
Total 1,017
1,289

34

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

7 Creditors
Grants payable
Accrued Investment management fees
Accrued administrative expenses
Total
Amounts falling due within one year
Amounts falling due after more than one year (all
payable)		 2024
£000
329,196
515
301
330,012
200,429
129,583		 2023
£000
322,000
269
722
322,991
(reclassified)
195,644
127,347
grants
Movement in Grant Payable Creditor
As at 1 January
Grants awarded in year
Adjustment to awards in previous years
Cash paid
As at 31 December		 2024
£000
322,000
120,254
(8,950)
(104,108)		 2023
£000
309,712
128,450
(6,951)
(109,211)
329,196 322,000

8 Related parties

The Trustees’ Annual Report explains the relationship between the Trustees of this Trust and those of the Leverhulme Trade Charities Trust.

In 2024, the Trust received dividend income of £68,894,975 from Unilever plc (2023: £70,443,711). Unilever plc is a company with a director in common with the Trust's Trustees. Graeme Pitkethly, who became a Trustee in March 2024, was Chief Financial Officer at Unilever plc until 31 December 2023.

The Trust's investments include £2,134,430,157 of ordinary shares held in Unilever plc (2023: £1,783,384,916).

Staff are jointly employed by Unilever U.K. Central Resources Limited and the Trust with their cost recharged to the Trust. Unilever U.K. Central Resources Limited is a subsidiary of Unilever plc.

The Leverhulme Trade Charities Trust does not have any employees but a charge of £75,190 (2023: £73,000) is made by The Leverhulme Trust, whose Assistant Director of Finance, is responsible for the day-to-day administration of the Leverhulme Trade Charities Trust. This charge included an appropriate proportion of overheads incurred by The Leverhulme Trust on behalf of the Leverhulme Trade Charities Trust.

35

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

9 Commitments

At 31 December 2024, the Trust had annual commitments under an operating lease for its office which was renewed in 2022 for a term ending 24 July 2032. Currently it amounts to £241,434 plus Value Added Tax per annum with a rent-free period in 2022/23 and 2027/28. As at 31 December 2024:

At 31 December 2024, The Trust had outstanding commitments under a contract to implement a new finance system that totalled £57,000.

The only grant commitments as at 31 December 2024 was £7.0m related to two Leverhulme International Professorships awarded in 2024 that had not satisfy the conditions to be recognised at the end of 2024 but where this was expected to happen in 2025. (The commitments in respect of this scheme as at 31 December 2023 were £5.2m relating to an award from an earlier year).

In addition, the Trustees had approved the spending levels for various schemes for 2025 amounting to £68.0m (at the end of 2023 in respect of 2024: £87.6m). Individual grants will be awarded under these schemes in 2025.

10 The Trust

The Trust is a registered charity (number 1159154) and is constituted as a Charitable Incorporated Organisation (CIO) in the United Kingdom.

The objects of the CIO are to promote any purpose being exclusively charitable according to the law of England and Wales through the provision of scholarships and other similar support for education and research.

The registered office of the Trust is 1 Pemberton Row, London, EC4A 3BG.

36

The Leverhulme Trust Registered Charity Number 1159154

NOTES TO THE FINANCIAL STATEMENTS (continued)

11

2024 Grants awarded by institution

Institution

Number of Amount £'000
awards
University College London 28 9,888
University of Warwick 21 8,081
University of Cambridge 43 5,249
University of Huddersfield 2 4,969
University of Edinburgh 30 4,396
University of Oxford 39 4,239
University of Stirling 1 3,981
Durham University 29 3,846
University of Birmingham 23 3,554
University of Liverpool 10 3,283
King's College London 21 3,056
University of St Andrews 14 2,757
University of Manchester 23 2,677
Queen Mary University of London 18 2,561
University of Glasgow 17 2,512
Imperial College London 9 2,414
Royal Academy of Engineering / Royal Society/ British Academy 4 2,316
University of East Anglia 9 2,262
University of Southampton 11 2,199
University of Exeter 12 2,126
University of Nottingham 15 2,024
University of York 14 2,002
University of Sheffield 13 1,976
University of Leicester 7 1,644
University of Leeds 8 1,366
University of Sussex 9 1,363
University of Bristol 11 1,330
Cardiff University 9 1,162
Lancaster University 3 877
Nottingham Trent University 5 871
Swansea University 5 847
Trinity Laban Conservatoire of Music and Dance 2 682
Royal Academy of Music 2 670
Royal Northern College of Music 2 649
University of Lincoln 5 624
Guildhall School of Music and Drama 2 614
Central School of Ballet 2 604
Glasgow School of Art 2 597
University of Reading 5 589
University of Keele 2 564
37

The Leverhulme Trust Registered Charity Number 1159154

The Leverhulme TrustRegistered Charity Number 1159154
Royal Central School of Speech and Drama
Queen's University Belfast
University of Kent
Birkbeck, University of London
Royal College of Music
Loughborough University
Open University
Institutions below £500,000
Individuals below £500,000		 2 562
5 561
5 559
3 554
2 538
6 507
1 500
511
101,202
116
17,457
34
1,595
661
**120,254 **

38

The Leverhulme Trust Registered Charity Number 1159154

2023 Grants awarded by institution

Institution
Durham University
University of Nottingham
University of Oxford
University of Liverpool
University of Manchester
Royal Academy of Engineering / Royal Society/ British
Academy
Royal Holloway, University of London
University of Cambridge
University College London
University of Kent
University of Glasgow
University of Surrey
The Mandela Rhodes Foundation
University of Sheffield
University of Strathclyde
University of Essex
University of Edinburgh
University of Keele
University of Dundee
University of Warwick
University of Southampton
Queen Mary University of London
University of Bristol
Newcastle University
University of St Andrews
Cardiff University
Lancaster University
King's College London
University of Exeter
University of Birmingham
Goldsmiths, University of London
University of Leeds
University of Leicester
University of York
University of East Anglia
University of Salford
Cranfield University
University of Roehampton
University of Bath
Imperial College London
University of Sussex
University of Reading
Loughborough University
London School of Economics and Political Science
Swansea University		 Number of
awards
Amount £'000
21
8,242
27
8,215
45
6,073
9
5,474
26
5,307
5
5,259
5
4,870
34
4,774
25
4,076
6
3,839
18
3,609
7
3,280
1
2,877
20
2,825
5
2,810
4
2,669
25
2,526
4
2,493
2
2,443
19
2,434
5
2,432
18
2,209
19
2,169
10
2,133
12
2,037
11
1,848
9
1,713
10
1,701
11
1,672
13
1,556
3
1,440
9
1,430
12
1,425
9
1,350
8
1,170
2
1,122
1
1,107
1
1,107
6
1,018
4
933
5
914
4
824
6
610
6
600
2
597
504
119,212

39

The Leverhulme Trust Registered Charity Number 1159154

he Leverhulme TrustRegistered Charity Number 1159154
42 institutions below £500,000
Individuals below £500,000
2023 Total grants awarded		 55
7,799
31
1,439
590
128,450

40