**7**
# **Trustees’ Annual Report and Financial Statements 2025**
Registered Charity Number: 1159171
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Table of Contents**
**Trustees’ Annual Report – 2025 ....................................................................................................................... 2** Legal and Administrative Details ..................................................................................................................... 2 History ............................................................................................................................................................. 3 Objectives and Activities for the Public Benefit .............................................................................................. 3 Achievements and Performance ..................................................................................................................... 4 Financial Review .............................................................................................................................................. 6 Investment Policy and Performance ............................................................................................................... 6 Reserves Policy ................................................................................................................................................ 7 Plans for Future Periods .................................................................................................................................. 7 Structure, Governance and Management ...................................................................................................... 7 Statement of trustees’ responsibilities ........................................................................................................... 9 **Independent auditors’ report to the trustees of Leverhulme Trade Charities Trust ........................................ 10 Statement of Financial Activities for the year ended 31 December 2025 ........................................................ 13 Balance Sheet as at 31 December 2025 .......................................................................................................... 14 Cash Flow Statement for the year ended 31 December 2025 ......................................................................... 15 Notes to the Financial Statements ................................................................................................................. 16**
1
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees’ Annual Report – 2025**
## **Legal and Administrative Details**
Established under the Will of the First Viscount Leverhulme.
**Trustees** Alan Jope CBE (chair) Doug Baillie Susan Garrard – from 1 September 2025 Professor Keith Gull CBE FRS Rudy Markham CMG - until 5 March 2025 Mhairi McEwan Paul McNicholl – from 1 November 2025 Graeme Pitkethly Quintin Price Connie Braams – from 1 June 2026 Christopher Saul – until 31 December 2025 Richard Slater – from 1 September 2025 Keith Weed CBE Dame Sharon White – until 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 Third Floor, Tea Auction House, Hay’s Galleria, Counter Street, London SE1 2HD **Independent** PricewaterhouseCoopers LLP **Auditors** Chartered Accountants and Statutory Auditors 1 Embankment Place, London, WC2N 6RH **Investment** Partners Capital LLP **Advisor** 4 Orchard Place, London SW1H 0BF **Office Address** 1 Pemberton Row, London EC4A 3BG Tel. 020 7042 9888 **Website** www.leverhulme-trade.org.uk **Registered Charity Number** 1159171
2
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
The Trustees present their Annual Report and the audited financial statements for the year ended 31 December 2025.
## **History**
The Leverhulme Trade Charities Trust is a Registered Charity, Number 1159171 and was constituted as a Charitable Incorporated Organisation in the United Kingdom in 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 the income beneficiaries, to 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 each its own Unilever PLC shareholding. The eligible trade charities became the concern of the Leverhulme Trade Charities Trust (“the Trust”). The Leverhulme 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 Charitable Incorporated Organisation (CIO), number 1159171. The objectives of the CIO are substantially the same as the previous Trust and the Trust Board members of the previous Trust were the founding Trustees of the CIO.
## **Objectives and Activities for the Public Benefit**
The instructions given for the establishment of the Trust in the Will of the Founder in defining the purpose are succinct and generous in allowing for changes to fit the times. The objective is to provide benefits for charities or further any charitable purpose connected with Commercial Travellers, Grocers or Chemists and their dependents as the Trustees in their discretion direct.
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 awarding grants for the year.
The aims of the charity are to fulfil the Founder’s instructions. In order to carry out these aims, Trustees have set in place a range of activities seeking to fulfil the Founder’s intent. The Will itself places no restriction on the disciplines that are to form the content of the benefits.
The Trustees have set in place a strategy for achieving the aims and the objectives of the Trust by providing support towards the costs of education for individuals connected with the three occupational categories, including bursaries for undergraduate and postgraduate students.
Applications for bursaries need to be made using the Trust’s online application system which can be accessed via the Trust’s website www.leverhulme-trade.org.uk. Details of the main activities can be seen in the next section Achievements and Performance.
Where application numbers exceed the amounts allocated for bursaries, awards are reduced or declined based on the financial need of the applicant.
3
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **Achievements and Performance**
The 2025 reporting period marked a year of significant progress for the Trust, characterised by a strategic focus on reaching those in the most acute financial need. Through our partnership with GroceryAid, the Trust fully deployed our £1,000,000 commitment (2024: £1,000,000) for the Schools Essential Grant (SEG). This funding provided grants of £150 to 6,667 children (2024: 6,667), alleviating the financial burden of school necessities for families in the grocery and pharmacy sectors. A key achievement was the enhanced outreach to the pharmacy community, which resulted in £81,000 being awarded to 541 children (2024: £62,000). This success was largely driven by the implementation of a targeted direct-communication strategy.
The university bursary programmes also saw substantial growth in impact. The Undergraduate Bursary Programme received 502 applications (2024: 501), resulting in 259 new awards totalling £1,395,881 (2024: 265 awards totalling £1,076,759). Additionally, 82 awards totalling £417,400 were successfully finalised from the previous year’s carry-over. In line with the Trustees’ intention to provide support to the most financially vulnerable, the average undergraduate award rose to £2,124 per annum (2024: £1,702). The Postgraduate Bursary Programme experienced a 30% surge in demand, with 135 applications received (2024: 104). This resulted in 60 new awards totalling £372,750 (2024: 43 awards totalling £242,250). A further 5 awards totalling £40,000 carried over from 2024 were finalised in the year. The average award rose to £5,040 per annum in 2025 (2024: £4,709).
While the Vocational Bursary scheme remains small in scale, during the year, 27 applications were received (2024: 27) from applicants attending 10 colleges, an increase of 8 new colleges. A total of 6 awards were pledged in the year totalling £7,000 (2024: 7 applications totalling £10,000). An additional 5 applications were carried over for award into 2026.
These programmatic successes were supported by a robust communications campaign that achieved a reach of 1.2 million and 35 published articles in trade press, significantly boosting awareness of the charity.
The value of grants made can be seen in the following table.
|he value of grants made can be seen in the following table.|||
|---|---|---|
|**Period**
**of grant**
**awarded**
**in year**
**Grants to Institutions for education support**
- GroceryAid - Schools Essentials Grant
3 years
- GroceryAid – Schools Essentials Grant
1 year
he value of bursaries made can be seen in the following table:
Undergraduate bursaries for periods of between 1 and 6 years
Postgraduate bursaries for periods of between 1 and 4 years
Vocational bursaries for periods of 1 and 2 years|**2025**
**£000**
3,000
-
**3,000**
**2025**
**£000**
1,813
413
7
**2,233**|**2024**
**£000**
-
1,000|
|||**1,000**
**2024**
**£000**
1,347
239
10|
|||**1,596**|
The value of bursaries made can be seen in the following table:
The above tables indicate the performance achieved against the objectives of making grants to various institutions and bursaries to undergraduate and postgraduate students. The Trust considers that the current grant levels are in line with the aims and objectives set by the charity.
.
4
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **Achievements and Performance (continued)**
## Applicants and Awardees
The Trust is at an early stage of collecting and reporting on the gender and ethnicity of its applicants. The following charts present an overall summary of the gender and ethnicity for the first time in 2025. The gender chart is split between the Trust’s undergraduate and postgraduate schemes and comparing applicants with those successfully awarded a bursary. Due to small sample sizes for each ethnic category, the Ethnicity data is presented as a total of the two schemes, again comparing applicants against the successfully awarded bursaries.
## _Gender_
_Ethnicity_
5
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **Financial Review**
The income of the Trust, comprising investment income, amounted to £3.1m in 2025 (2024: £2.3m). The Trust has not carried out any fundraising activities during the year therefore no fundraising disclosures are made.
A summary of funding made to beneficiaries during the year can be seen in the previous section - Achievements and Performance.
The value of the Trust’s Net Assets at the end of 2025 was £110.3m (2024: £106.6m).
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**
At 31 December 2025, the Trust’s total investments of £114.0m (2024: £108.5m) comprised:
- investment in shares in Unilever PLC of £54.0m (2024: £56.8m) and
- other investments held under a discretionary management agreement with Partners Capital LLP of £60.0m (2024: £51.7m).
The Trust’s investment advisor, Partners Capital, was appointed in 2020 and an updated investment policy statement and strategic asset allocation was agreed by the Trust’s Investment Committee and the Trustees in 2023 which set a long-term strategic asset allocation for the Trust to be akin to the Leverhulme Trust.
The Trustees review annually the Trust’s shareholding in Unilever PLC.
In December 2025, Unilever PLC completed the demerger of its ice cream business. Shareholders received one new share in the newly formed entity, The Magnum Ice Cream Company N.V. (TMICC) for every five shares held in Unilever PLC. Concurrent with this demerger, Unilever PLC underwent a share consolidation to maintain share price stability, replacing 9 shares previously held with 8 new shares. This brought the new shareholding held by the Trust in Unilever PLC down from 1,250,000 to 1,111,111 shares.
Following the demerger, the Trust sold the entire holding in TMICC. The sale of the 250,000 TMICC shares held by the Trust realised proceeds of £2,811k which were transferred into the Partners Capital managed portfolio to ensure continued market exposure and diversification.
In 2025, the Trust’s investments (net of fees) returned 8.3% (2024: 20.5%).
||**As at 01 Jan**
**2025**
**£000**|**Change in**
**value on**
**balance sheet**
**£000**|**Net total**
**return**
**%**|**As at 31 Dec**
**2025**
**£000**|
|---|---|---|---|---|
|**Unilever shareholding**|56,850|(2,856)|3.4%|53,994|
|**Partners Capital managed**
**portfolio**|51,659|8,383|13.7%|60,042|
|**Total**|**108,509**|**5,527**|**8.3%**|**114,036**|
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 that 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 predominantly driven by economic return.
6
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **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 nominal target return for its investments of 8% over the longer-term with a planned 4% annual withdrawal has been set with a view to achieving this policy target. The free reserve balance at 31 December 2025 was £110.3m (2024: £106.6m) in line with the target.
## **Plans for Future Periods**
The Trust’s strategy for the coming years focuses on administrative modernisation and more precise beneficiary targeting. To ensure the long-term sustainability of the Trust’s flagship hardship support, the Trustees have renewed their commitment to the Schools Essential Grant with a pledge of £1,000,000 per annum for 2026, 2027, and 2028. To improve the delivery of these funds, GroceryAid will implement new technical controls in 2026 to prevent duplicate applications, a learning identified during the 2025 cycle to ensure maximum fund availability.
Significant operational changes are planned for the Trust’s bursary programmes to improve fairness and efficiency. In 2026, the Undergraduate Bursary Programme will move to a single application round in October, replacing the previous dual-round system where the March window only represented 20% of applications. This will ensure that the probability of a successful application is not related to the time of year it is submitted. This change will also free up staff and hence allowed the Trust to trial a new Vocational Bursary round in the spring of 2026. By opening the vocational window in the spring, the Trust aims to better align with the capacity of college administrators to facilitate the scheme.
Our 2026 communication strategy will pivot toward "quality over quantity". Rather than simply increasing application volumes, the Trust will utilise stronger messaging regarding household income thresholds and eligibility criteria (such as the five-year service requirement) to manage applicant expectations and reduce rejection rates. The Trust will explore targeted social media outreach for vocational grants and collaborate with retail networks to distribute testimonials and marketing materials directly to staff rooms.
## **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 2.
The Trustees, who receive no remuneration for their services, meet annually. Details of Trustee expenses and any related party transactions are disclosed in the notes to the financial statements (notes 3d and 7).
The Trust’s induction for new trustees aims to cover understanding the Trust and its grant schemes, learning about the education sector and understanding of the role of a charity trustee. Trustee induction includes discussions with existing trustees and Trust senior management, as well as the provision of key documents from the Trust and Charity Commission and some online training. Ongoing training for trustees includes visits to universities, further meetings with senior academics and updates from the Executive staff on the state of the education sector and briefings on changes in the charity sector and its regulation resulting from the Trust’s membership of sector bodies such as the Association of Charitable Foundations and the Charity Finance Group.
## The Director of the Trust is Professor Anna Vignoles.
The Trustees consider the Board of Trustees together with the Director, the Director of Finance and the Assistant Director of Finance of the Leverhulme Trust as comprising 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. No staff are employed by the Trust. The Assistant Director of Finance of the Leverhulme Trust is responsible to the Trustees for the day-to-day administration of the Trust.
7
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **Structure, Governance and Management (continued)**
The Investment Committee consists of Trustee Board members and external investment specialists. Those who served on the committee during 2025 and up to the signing of this report were:
- Rudy Markham –trustee member until 5 March 2025
- Professor Keith Gull - trustee member
- Christopher Saul – trustee member until 31 December 2025
- Graeme Pitkethly – trustee member
- Alan Jope – trustee member
- Quintin Price – trustee member and Chair of the Committee
- Paul McNicholl – trustee member from 1 January 2026
- Dame Elizabeth Corley – external member
- Angela Docherty – external member
- Richard Urwin – external member from 1 January 2026.
The Committee’s remit is to make recommendations to the Trustees regarding the investments of the Trust. The external member positions are remunerated.
The Risk Committee is made up of three Trustees (Doug Baillie, Mhairi McEwan and Christopher Saul (until 31 December 2025)), the Director of the Trust and the Director of Finance. Christopher Saul was replaced by Paul McNicholl on 1 January 2026 as Chair of the Committee. The Committee’s remit is to consider the risks to which the Trust may be exposed, prepare an appropriate Risk Register, and present this to the Trust Board for consideration on a regular basis.
The Trustees have assessed the major risks to which the charity is exposed. The Trustees consider that potential variability of investment returns constitute the Trust’s major risk. Action to mitigate the impact of this includes regular and ongoing review and discussion regarding the investment portfolio.
8
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Trustees Annual Report – 2025 (continued)**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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-trade.org.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 2 to 8 was approved by the Trustees and signed on their behalf by:
Alan Jope CBE **(Trustee Chair)** 31 July 2026
1 Pemberton Row London EC4A 3BG
Registered charity number: 1159171
9
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Independent auditors’ report to the trustees of Leverhulme Trade Charities Trust Report on the audit of the financial statements**
## **Opinion**
In our opinion, Leverhulme Trade Charities Trust’s financial statements (the “financial statements”):
- give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, and cash flows, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
- have been prepared in accordance with the requirements of the Charities Act 2011 and Regulation 8 of The Charities (Accounts and Reports) Regulations 2008.
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 2025;
- 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 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’ Annual Report, we also considered whether the disclosures required by the 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.
10
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## 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 2025 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 non-compliance 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:
- Testing journal entries where we identified particular fraud risk criteria.
- 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 compliance with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
11
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12
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Statement of Financial Activities for the year ended 31 December 2025**
|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 on investments**
Net gains on investments
4c
Net income and net movement in funds
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**2025**
**£000**
3,063
3,063
121
5,270
5,391
**(2,328)**
6,017
3,689
106,574
**110,263**|**2024**
**£000**
2,305|
|---|---|---|
|||2,305|
|||111
2,663|
|||2,774|
|||**(469)**
16,706|
|||16,237
90,337|
|||**106,574**|
The notes on pages 16 to 24 form part of these financial statements
13
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Balance Sheet as at 31 December 2025**
|**alance Sheet as at 31 December 2025**|||||
|---|---|---|---|---|
|Note
**Fixed assets:**
Investments
- Investment in shares in Unilever PLC
4a
- Other investments
4b
Total fixed assets
**Current assets:**
Debtors
5
Cash at bank and in hand
Total current assets
**Liabilities:**
Creditors: amounts falling due within one
year
6
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after one
year
6
**Total net assets**
**The funds of the Charity**
**Unrestricted funds**
**Total Charity funds**|53,994
60,042|**2025**
**£000**|56,850
51,659|**2024**
**£000**|
||15
1,236|114,036|-
1,323|108,509|
||1,251
(2,127)||1,323
(2,468)||
||(2,897)||(790)||
|||(876)||(1,145)|
|||113,160||107,364|
||||||
|||**110,263**||**106,574**|
|||110,263||106,574|
|||**110,263**||**106,574**|
The notes on pages 16 to 24 form part of these financial statements.
The financial statements on pages 13 to 24 were approved by the Trustees and signed on their behalf by:
Alan Jope CBE 31 July 2026 **Trustee Chair**
14
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Cash Flow Statement for the year ended 31 December 2025**
||**2025**||**2024**|
|---|---|---|---|
||**£000**||**£000**|
|**Cash flows from operating activities:**||||
|Net cash used in operating activities (a)||(3,519)|(2,543)|
|**Cash flows from investing activities:**||||
|Dividends and interest|3,063||2,305|
|Investment management costs – cash element|(21)||(45)|
|Purchase of investments|(15,917)||(49,414)|
|Proceeds from sale of investments|16,457||50,538|
|Cash outflow from foreign exchange hedging|(16)||(9)|
|Increase in cash held by investment managers|(134)||(38)|
|**Net cash provided by investing activities**||3,432|3,337|
|**Change in cash and cash equivalents in the**
**year**||(87)|794|
|Cash and cash equivalents brought forward||1,323|529|
|**Cash and cash equivalents carried forward**||**1,236**|**1,323**|
|**a) Reconciliation of net expenditure to net cash**
**flow used in operating activities**||**2025**|**2024**|
|||**£000**|**£000**|
|Net income and movement in funds for the||||
|reporting year (as per the statement of financial||3,689|16,237|
|activities)||||
|**Adjustments for:**||||
|Dividends and interest||(3,063)|(2,305)|
|Net (gains) on investments||(6,017)|(16,706)|
|Investment management costs||121|111|
|(Increase) in debtors||(15)|-|
|Increase in creditors||1,766|120|
|**Net cash used in operating activities**||**(3,519)**|**(2,543)**|
|**b) Analysis of changes in net cash**||||
|Net cash at 1 January||1,323|**529**|
|Net cash (outflow) / inflow||(87)|794|
|Net cash at 31 December||**1,236**|**1,323**|
The notes on pages 16 to 24 form part of these financial statements.
15
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements**
## **1 Accounting policies**
## **Basis of preparation of the financial statements**
These financial statements of the Leverhulme Trade Charities 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 Trust constitutes a public benefit entity as defined by FRS 102.
## **Significant judgements and estimates**
In preparing the financial statements, accounting estimates and judgements are made. A 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.
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.
As at 31 December 2025, the Trust held investments valued at a total of £145k classified as Level 3 within the fair value hierarchy. As these assets do not have a cleared market price, their valuation requires significant judgment.
The Trustees, advised by Partners Capital LLP, determine fair value by applying valuation techniques that prioritise observable market data where available, but rely on unobservable inputs (such as discounted cash flows and earnings multiples) where it is not. The most significant estimates relate to the selection of peer group multiples and the assessment of the underlying asset performance since the last available audited accounts of the funds.
The Trust estimates the allocation of support costs 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.
## **Income recognition**
Income is 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 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.
16
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
## **1 Accounting policies (continued)**
## **Expenditure**
All expenditure is accounted for on an accruals basis and is classified under the relevant activity within the Statement of Financial Activities.
## **Expenditure recognition**
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.
For grants where funding has been allocated but the value cannot reliably be measured, an estimate of the potential liability is disclosed as a commitment.
## **Raising funds**
The cost of raising funds consists of investment management fees. Investment management fees are reported gross of fees directly attributable to the primary manager, Partners Capital. In addition to the direct transaction costs, indirect costs are incurred, for example fees within underlying third-party collective pooled investment schemes through the bid-offer spread and other charges made within those vehicles. Such fees and costs are reported within investment gains/losses. Negotiated rebates received from third-party managers are recognised as a credit against management costs to reflect the actual net expenditure incurred by the Trust.
## **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**
The Trust holds liabilities which will be settled in future years. An adjustment has not been made to discount future payments as this adjustment is not considered to be material. Grants payable within one year are the estimated maximum amounts due.
## **Investments**
The Trust has elected to apply the provisions of Section 11 and Section 12 of FRS102 in full. All investments are stated at fair value in the balance sheet of the Trust.
The fair value of listed security investments is bid 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 LLP. For these investments fair value is estimated using widely recognised valuation techniques appropriate to the underlying asset, including discounted cash flow analysis and comparable market or transaction multiples. Significant unobservable inputs and assumptions used in these valuation methodologies include discount rates used, default and recovery rates and estimates for multiples of earnings or revenue. For more detail on the fair value measurement of different asset categories is given under Note 4c of these financial statements.
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 included in Net gains/(losses) on investments within the Statement of Financial Activities and shown within the unrestricted funds of the Trust on the Balance Sheet.
## **Cash at bank and in hand**
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.
17
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
## **1 Accounting policies (continued)**
## **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.
## **2 Investment income**
|Dividends from Unilever PLC
Global Equities
Private Debt
Government Bond Fund
Bank interest
Total investment income|**2025**
**£000**
1,938
286
828
4
7
**3,063**|**2024**
**£000**
1,835
161
284
9
16|
|---|---|---|
|||**2,305**|
## **3 Expenditure**
## **3a (i) Allocation of governance and support costs**
The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:
|**Cost type**
Staff costs
Accommodation
Other|**2025**
**2025**
**2025**
**2024**
**2024**
**2024**
**Total**
**allocated**
**Governance**
**Costs**
**Support**
**Costs**
**Total**
**allocated**
**Governance**
**Costs**
**Support**
**Costs**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
**62**
6
56
**49**
5
44
**28**
3
25
**27**
3
24
**76**
8
68
**90**
9
81|
|---|---|
||**166**
**17**
**149**
**166**
**17**
**149**|
Support costs are apportioned on the basis of staff time spent on activities.
## **3a (ii) Governance costs**
|Audit & Legal
Support costs (based on apportioned staff
time per note 3a (i))
**Total Governance Costs**|**2025**
**2024**
**£000**
**£000**
19
18
17
17|
|---|---|
||**36**
**35**|
Audit & legal costs include the external audit fees of £10,850 (excluding non-recoverable VAT) (2024: £10,500).
## **3a (iii) Total Governance and Support Costs**
|Support Costs (note 3a (i))
Governance Costs (note 3a (ii))|**2025**
**2024**
**£000**
**£000**
149
149
36
35|
|---|---|
||**185**
**184**|
18
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
## **3b Analysis of charitable expenditure**
The Trust undertakes its charitable activities through grant making and awarded grants to a number of individuals and institutions in furtherance of its charitable activities.
|**Activity**
Grants to Institutions
Undergraduate Bursaries
Postgraduate Bursaries
Vocational Bursaries
Grants awarded
Adjustment on prior year grant
awards
Total Costs|Grant
funded
activity
Support
and gov.
costs
**Total**
Grant
funded
activity
Support
and gov.
costs
**Total**
**2025**
**2025**
**2025**
**2024**
**2024**
**2024**
**£000**
**£000**
**£000**
**£000**
**£000**
**£000**
3,000
106
**3,106**
1,000
70
**1,070**
1,813
64
**1,877**
1,347
96
**1,443**
413
15
**428**
239
17
**256**
7
-
**7**
10
1
**11**|
|---|---|
||**5,233**
**185**
**5,418**
**2,596**
**184**
**2,780**
(148)
-
**(148)**
(117)
-
**(117)**|
||**5,085**
**185**
**5,270**
**2,479**
**184**
**2,663**|
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.
## **3c Staff**
The Trust had no employees during the year (2024: none) but a charge of £78,048 (2024: £75,190) based on time spent by staff of the Leverhulme Trust responsible for the day-to-day administration of the Leverhulme Trade Charities Trust is made. This charge includes an appropriate proportion of overheads incurred by the Leverhulme Trust on behalf of the Leverhulme Trade Charities Trust.
## **3d Trustee costs**
The Trustees did not receive any remuneration or reimbursement of expenses in respect of their services to the Trust during the year (2024: £nil).
## **4 Investments**
## **4a Investment in shares in Unilever PLC**
|**4a Investment in shares in Unilever PLC**||
|---|---|
|As at 1 January
Disposals
Net Investment (losses) / gains
As at 31 December|**2025**
**2024**
**£000**
**£000**
56,850
77,352
-
(30,022)
(2,856)
9,520|
||**53,994**
**56,850**|
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 4d).
As a result of Unilever PLC’s demerger of its ice-cream business in 2025, the Trust was awarded one share in the newly formed company, The Magnum Ice Cream Company N.V. (TMICC), for every five shares held in Unilever PLC. All net investment gains and losses on holdings in Unilever shares are measured at fair value through the Statement of Financial Activities.
There were no purchases or disposals of Unilever PLC shares in the year (2024: 785,582 shares were sold with a value of £30,022,080).
19
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
## **Investment in TMICC shares**
Following the demerger, the TMICC shares received following the demerger were sold in their entirety.
|As at 1 January
Additions
Disposals
Net Investment gains
As at 31 December|**2025**
**2024**
**£000**
**£000**
-
-
2,806
-
(2,811)
-
5
-|
|---|---|
||-
-|
The additions in the table above comprise the fair value of the TMICC shares awarded to the Trust under the demerger transaction as at that date.
The proceeds of 100% of TMICC shares sold by the Trust were reinvested into the Partner Capital LLP portfolio.
## **4b 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.
|**Other Investments at fair value**
Multi-asset class
Global Equities
Private Debt
Government Bond Fund
Cash
Investments
**Movement in Other Investments**
As at 1 January
Purchases
Disposals
Net Investment gains
Increase in cash held in investments
As at 31 December|**2025**
**2024**
**£000**
**£000**
28,425
24,507
20,319
17,040
10,273
10,039
853
35
172
38|
|---|---|
||**60,042**
**51,659**|
||51,659
15,594
15,917
49,414
(13,646)
(20,516)
5,978
7,129
134
38|
||**60,042**
**51,659**|
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 £2,083k (2024: £nil).
20
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
|**4c Net gains on investments**
Net (losses)/gains on Unilever shares
TMICC shares acquired for nil consideration
Net gains on TMICC shares
Net gains on Other Investments
Cash (loss) from FX hedging
Fund-level management charges (deducted at source)
Net gains in Statement of Financial Activities|**2025**
**2024**
**£000**
**£000**
(2,856)
9,520
2,806
-
5
-
5,978
7,129|
|---|---|
||5,933
16,649|
||(16)
(9)
100
66|
||**6,017**
**16,706**|
An amount of £100k (2024: £66k) in respect of Investment Management fees was paid within the fundlevel management charges and is reflected in Net Investment Gains. It did not result in a cash-flow. Indirect management fees, included within investment net gains/losses, are estimated to be in the region of £1,060k (2024: £959k).
## **4d 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:
- Level 1 – valued using quoted prices in active markets for identical assets.
- Level 2 – valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1.
• Level 3 – valued by underlying investment managers using widely recognised valuation techniques appropriate to the underlying asset, including discounted cash flow analysis (often employed in the valuation of investments with forecastable cash flows, such as Private Debt) and comparable market or transaction multiples (often used for the valuation of businesses held within Private Equity funds).
|**2025**
Multi-asset
Global Equities
Private Debt
Government Bond Fund
Cash
Investments
**2024**
Multi-asset
Global Equities
Private Debt
Government Bond Fund
Cash
Investments|**Level 1**
**Level 2**
**Level 3**
**Total 2025**
**£000**
**£000**
**£000**
**£000**
-
28,425
-
28,425
18,938
1,381
-
20,319
-
10,128
145
10,273
-
853
-
853
172
-
-
172|
|---|---|
||**19,110**
**40,787**
**145**
**60,042**|
||**Level 1**
**Level 2**
**Level 3**
**Total 2024**
**£000**
**£000**
**£000**
**£000**
-
24,507
-
24,507
17,040
-
-
17,040
-
10,039
-
10,039
-
35
-
35
38
-
-
38|
||**17,078**
**34,581**
**-**
**51,659**|
## **4e 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 2025 share price of Unilever PLC, the value of the Trust’s shareholding would reduce by £539,940 (2024 - £568,500).
21
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
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 2025 was 0.67 (2024: 0.68). Therefore, for a 1% reduction in equity prices the value of the Trust’s other investments would be expected to fall by 0.67% (2024 – 0.68%) and every 1% reduction in global equity prices would be expected to lead to a reduction of £402k at 31 December 2025 (2024 - £351k) 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.
**Valuation Risk** The valuations of Level 3 investments are given by the underlying fund managers, with managers’ pooled vehicles audited annually. Despite this, the valuations are estimates and therefore carry a reasonable level of judgment. If the fair value of these investments increased or decreased by 10% this would increase or decrease unquoted investment balances by £14.5k, respectively at 31 December 2025 (2024 - £nil).
**Currency Risk** The Trust takes a long term view of the currency risk inherent within a global investment portfolio. Most of the Trust’s assets are denominated in sterling. It does though also have some investments denominated in US Dollars and a 1% weakening of the Dollar against Sterling would be expected to lead to a direct reduction of £180k in Charity Funds (2024: £101k).
|**Movement in Level 3 investments**
As at 1 January
Purchases
Net Investment (losses)
As at 31 December
**5 Debtors**
Prepayments
Total
**6 Creditors**
Grants payable
Other creditors
Total
Amounts falling due within one year
Amounts falling due after more than one year (all grants
payable)|**2025**
**£000**
-
150
(5)
**145**
**2025**
**£000**
15
**15**
**2025**
**£000**
5,004
20
**5,024**
2,127
2,897||**2024**
**£000**
-
-
-|
|---|---|---|---|
||||**-**|
||||**2024**
**£000**
-|
||||**-**|
||||**2024**
**£000**
3,236
22|
||||**3,258**|
||||2,468
790|
22
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
|**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
**Grants payable are analysed as follows:**
GroceryAid
Undergraduate / Postgraduate Bursaries|**2025**
**£000**
3,236
5,233
(148)
(3,317)
**5,004**
3,000
2,004
**5,004**|**2024**
**£000**
3,115
2,596
(117)
(2,358)|
|---|---|---|
|||**3,236**|
|||1,000
2,236|
|||**3,236**|
## **7 Related parties**
The Leverhulme Trust is a connected charity, being a charitable incorporated organisation registered in England and Wales (charity number 1159171). All of the trustees of The Leverhulme Trust are also the trustees of The Leverhulme Trade Charities Trust, and the two entities therefore have the same trustee body. The Trustees’ Annual Report explains the history of the relationship between the Trustees of this Trust and those of the Leverhulme Trust.
The Trust does not have any employees but a charge of £78,048 (2024: £75,190) is made by the Leverhulme Trust for staff time spent on 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.
In 2025, the Trust received dividend income of £1,938,000 from Unilever PLC (2024: £1,835,000).
The Trust's investments include £53,994,000 of ordinary shares held in Unilever PLC (2024: £56,850,000).
In addition to the Trust’s direct shareholding in Unilever PLC, the Trust also has an indirect shareholding held within the Trust’s pooled investment vehicles through Partners Capital. At 31 December 2025, this amounted to £70,000 (2024: £47,000).
Note 4 describes the demerger of Unilever’s Ice Cream business in 2025 and the resultant transactions entered into with and by the Trust.
Except as disclosed above and within the financial statements, there are no other related party transactions requiring disclosure.
## **8 Commitments**
The Trust made commitments of £106,000 in grants which were awarded however not yet confirmed as at year end.
## **9 Events after the reporting period**
On 31 March 2026, Unilever PLC agreed to spin off its global foods business and merge it with McCormick & Company. As part of the transaction, Unilever PLC’s shareholders will receive a c. 55% equity holding in the newly combined company. The transaction is estimated to close by mid-2027, pending shareholder and regulatory approvals.
23
**Leverhulme Trade Charities Trust Registered Charity Number 1159171**
## **Notes to the Financial Statements (continued)**
## **10 The Trust**
The Trust is a registered charity (number 1159171) and is constituted as a Charitable Incorporated Organisation (CIO) in the United Kingdom.
The registered office of the Trust is 1 Pemberton Row, London, EC4A 3BG.
24