Charity Number: 1176080 THE DRUE HEINZ CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 1Bt APRIL 2024 TO 319t MARCH 2025
THE DRUE HEINZ CHARITABLE TRUST CONTENTS Page Tru5tee5 and Professional Advisors Trustees, Report Indep8nd8nt Auditor's Report Statemenl of financial activitl8S Balance Sheet 10 statement of cash flows Notes to the financlal statements 12-18
THE DRUE HEINZ CHARITABLE TRUST TRUSTEES AND PROFESSIONALADVISORS Trugtees Jvshea M Bookman J L Gibson Ch¥rlty reg18t•rod numbfrr 1176080 Prlnclpal offlc• 3 Lincoln's Inn Field8, London, WC2A 3AA Indopendent Audltor Oxley Accountants & 8usiness Advisors Llmlled Sollcltors Slnclalr Glbson LLP Investment Con$ullant• Wren Investment Office Limit8d
THE DRUE HEINZ CHARITABLE TRUST TRUSTEES, REPORT FOR THE PERIOD 1st APRIL 2024 TO 31$t MARCH 2025 The Iruslees present their annual report together with the financlal slat8ments for the period ended 3181 March 2025. The trustee5 confirm that the anrsual report aNJ financial statements of Ihe charity comply with the Chafilies Act 2011, the r8quiremenls of the charity's governing document and the provisions of the Slalemenl of Re¢ornrnended Practice ISORPI.. Charities Statem8nl of Recommended Praclico applicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard 102 {FRS1021- The charity was ragislered on 4th December 2017, under regislratlon number 1176080. structur8, govornance and mana9emont M•thod of appolntmont or olectlon of ¢ru8tges The charlty was established by a Trust Deed dated 11 th Aprll 2017 as amended by a $uppl8menlal deed dated 4th December 2017. by Mrs Julia Shea, Mr Mark Bookman and Mlss J8nel Lucy Gibson. The trustees who held olf¢e during the period and up to the dale of tha report ar8 as follows.. Julia Shea Mark Bookman Janet Lucy Gibson The man8gemenl of the charity Is the responslbillly of the Iruslees who are ccpopled under the terms of the trust deed. Trustees are appoinled al tha dlsGretion of the exlsling Iruslees. The 8xlsling tru818e8 are respon81ble for the induction of any new Iruslee, which Wold involv8 awareness of a trustee's rèspon5ibililies. the governing document. adminislralive procedure5 and the philosophical approach of the charity. Organlsatlonal •tru¢ture and declslon maklng Trustees meet al least twice per year Iwilh trustees conslltuting a quorum) and malor decisions concerning the charity are made by th8 truste05 al these m8elings. Th8 Iruslees also agree the broad strategy and areas of 8clivily for the charity, including grant fflaking, investment performance, reserves and rfsk management policies. Day lo day adminislr8tion is delegated to Slnclalr Gibson LLP. ObJectlve• and aGtlvltlgS The principal activity of the charity is lo hold the capital and incorne of the trust upon trust to apply the income, and all or such parts of the capital, al such time or times in such a manner lo further such objects or purposes which are exclusively charitable according lo the Law of England and Wales in any part of the world and in such manner as the Iruslees may in their absolute discretion think fit, taking into onsideration those charitable objectives and purposes favoured by or of intgrest lo the settlor, Drue Heinz. The trustees have had regard lo the guidance Issued by the Charilies Commission on Public Benefit when selling their objeclives.
THE DRUE HEINZ CHARITABLE TRUST TRUSTEES, REPORT (continued} FOR THE PERIOD 1st APRIL 2024 TO 31st MARCH 2025 Revlew of actlvltl8s, achiovaments and performanGo The results for the period and linancial position al the period end are considered Satisfactory by the trustees. During Ihe year under review thè trustees have worked with the charity's appointed inveslmgnt consullanls lo develop and implement Ihe strategy for inveslrnenl of the charity's assets In order lo support and sustain futur8 grant making. In terms of grants and grant making, the Iru8tees have conllnued lo monllor progress of charllable proj8cls where existing commitments lor grants lo be paid in inslalmenls have been made and. having b&8n sati¥fied with progress, were glad lo fulfil those inslalments. The trusl88s also reviewed and considered new grant making opportunities and were pleased lo ple(Jge funds for a number of new proiecls, aGr05s th8 health, education and arts $8ctors. Golng concern After making appropriat6 enqulries, the trustees have a reasonable oxp8clalion that the ch8rlly has adequate resources lo continue in operational exislence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slalomenls. Further delai18 regarding the adoption of the going concern basis can bg found in the accounting policles note. Reg8Ne• poll¢y Reserves as al 3111 March 2025 eornprise g8ner81 purpos& funds of £145,457,704 {2024'. £144,274,148). The Iruslees have taken the view Ihal at this stage they do nr)I need lo have in place reserves policy. The trust ilsell will only Operate in a grant-making ¢¥pacity'. il is not a functional charity having fixed costs or other ongoing obligations. Flnanclal revl•w Tol81 incoming resources into unre8lricled funds for the year arnounled lo £1.519,035 12024.. £1.796,4881 and lolal resources expended amounted lo £3,356,73612024'. £1,282.6201. The Gharily Incurred £481,70312024'. £452.6201 of support Costs and governance costs. The financial slalements sel out on pag8s 9 10 18 summaries all Ihe IransaGIK)ns of the charity for th8 period ended 31sI March 2025. Rlsk Assessm•nt The trustees havè assessed the major risks lo whiGh the Gharily is exposed, in particular those relating lo the operations and finances of the charity and are satisfied that systams and procedures are in place to mitigate their exposure lo the major risks.
THE DRUE HEINZ CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 1st APRIL 2024 TO 3181 MARCH 2025 Plan8 for the future Followlng the end of the financlal period. the trustees have continued lo monitor projects for which granl funding has been pledged and have consldered opportunities for land. where appropriate, have agreed to make) further grant funding in the coming years. The Iruslees envisage th81 thè trust will continue lo operate as a grant funding char5ty for the long term. Trustees, re8ponslbllltl8s statement The Irusl&es are responsible lor preparing the trustees, report and the financial slalements In accordance with applicable law and United Kingdom AcGounling Standards Iuniled Kingdom Generally Accepted Accounllng Pr8Cticel- The law applicable to charities in England & Wales requlres the Iruslees to prepare financial slalements for 8ach financlal year whlch give a tru8 and falr view of the slate of affairs of the charlly and of the incoming resources and application of resources of th8 charity for that period. In preparing these fi'nancbal slalemenls. the Iruslees are required lo-. select suitable accounting polici88 arKI then apply Ihern consislenlly., make judgements and accounting estlrn8les that are reasonable and prudenl.. 51ale whether applicable acGounling standards have b88n followed, subject 10 8ny materlal departures disclosed and explain8d in the financlal 81alemenls' prepare the financial slalemenls on the golng concern bas58 unless il is inappropriate to presume that the charlty will continue In operation., observe the methods and principles In th8 Charill88 SORP. The Iruslees are responsible for keeping proper accounting r8cords that are svfficienl lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime tho financlal position of the charity and enable them lo ensure that the financial statements comply with the Charllies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions, of the trust deed. They are also responsible for safeguarding the ass&ts of the charity and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularili8s. J L Gibson Trust••
THE DRUE HEINZ CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DRUE HEINZ CHARITABLE TRUST FOR THE PERIOD 1•1 APRIL 2024 TO 31Ut MARCH 2025 Oplnlon We have audited the financlal statements of The Drue Heinz Charitable Trust Ilhe 'charity'l for the period ended 3181 March 2025 sel ovl on pages 9 10 18. The financial reporting framework that has been applied in their prep8r8tlOn 18 applicable law and United Kingdom Accounting Standards, including Financial Reporting Sland8rd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iuniled Kingdom Generally Accepted Accounting Praclicel. In our oplnlon, the flnancial slalement8'. give a true and lalr view of the slate of the charity's affalrs as al 3111 March 2025 and of Its Incoming resources and applSGalion of resources lor the period than ended.. have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Pra¢li¢8', and have been prepared In accordance with the requirements of the Chariti88 Act 2011. Bas18 lor oplnlon We conducted our audit in accordance with International Standards on Audlling IUK) IISAts IUKI) and applicable law. Our respon5ibililies under those standards are furlher described in Ihe Audito¢s respon5ibililie8 for the audit of the financial slalemenls s8clion of our report. We aro independent of the charity in accordance with Ihg ethical requirements that ar8 relev8nl lo our au(iil of the financlal slalemenls in the United Kingdom, including the Financial Reportlng Council's Ethical Standard, and we have fulfilled our other elhiGal rosponsibililies In accordance with these requirements. We believe that the audll evidence we hav8 obtained is suffkient an¢J appropriate lo provide a b8sls for our oplnlon. Conclu$lon¥ relatlng to golng conc•rn In audlling the financial slatemenls, we hav8 concluded that the trustees, use of the golng concem bas18 of accounting in the preparallon of the financial statements Is approprlate. Based on the work we have pgrformed, we have not identified any material uncertainli8s relating to events or conditions that, individually or collectively, may cast signrfiGanl doubl on the charity's ability lo continue as a going concern for a period of al least twelv8 months from when the financial statements are 8Uthorfsed for issue. Our responsibilities and the respon$lbllllie$ of the Iruslees with respect to golng concem 8re described in the relevant sections of Ihls report.
THE DRUE HEINZ CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DRUE HEINZ CHARITABLE TRUST (contlnued) FOR THE PERIOD 14t APRIL 2024 TO 318t MARCH 2025 Other Informatlon The Iruslees are responsible for the olh8r information. The other information comprises the Information Included In the Annual report, olhar Ih8n the linanclal slalemenls and 0r auditor's report Ihereon. Our opinion on the financial sl8lemenls does not cover the other information and we do nol express any form of assurance conciuslon Ihereon. In connection wllh our audit of the financial slalemenls. our responsibility Is lo read the other informalM)n and, in doing so, consider whether the other information is materially Inconsislenl with the financial slal8menls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify su¢h material misslalement In the flnan¢lal slalements, we are required lo determine whelh8r there is a material mlsslalemenl in the financial slalemenls or a material mis8lalemenl of tha other inlormallon. If, based on the work we have performed, we conclude that ther8 Is a m818rial m1s5tal8rnenl of Ihls other Snform81ion, we 8re required to Tepoil that fact. We have nothing to report In thls regard. Mattgrs on whlch we are r•qulr•d to rèport by exceptlon We have nolhlng to report In respect of the followSng matters where the Charities (Account8 and Reporlsl Regul81ions 2008 requires us lo report lo you if, in our oplnlon.. the Information glven In the trustees, report is inconslstenl in any material respect wllh the flnancial slalemenls., or sufficient accounting records have not been kept., or the financial 51alemen15 are not In agreement wilh the accounting records and relurn8', or we have not recelved all the Informallon 8nd explanallons we requlre for our audit. R•$ponslbllltlos of tru¥t&88 As explain6d more fully in the Iruslees, responsibilities slalem8nt, the trustees are responsible for the preparation of the financial statements whl¢h give a true and fair view, and for such Internal control a8 Ihe Iruslees d8l&rmine Is necessary lo enable the pr8parallon of fln8ncial slaternents that are free from malerlal mi8slalemenl, whether clue to fraud or error. In pr8P8ring the financial 5tatemen15, the Iruslees are responsible for a5se55ing the charity's ability lo continue as a going concern, disclosing, as appllcable, matters related to going concern and uslng the going concern basis of accounting unless the Iruslees either Intend lo liquidate the chadty or lo cease operations, or have no re81i81ic alternative bul to do so.
THE DRUE HEINZ CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DRUE HEINZ CHARITABLE TRUST {continued) FOR THE PERIOD 18IAPRIL 2024 TO 31%t MARCH 2025 Audltorfs responslbilitlès for the audlt of the flnanclal stat8monts Our objectives are to obtain r6asonable assurance about whether the financlal statements as 8 whole are free from material mis51alement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an 8udll condLJCted in accordance with ISAS IUKI will always delecl a material misslalernent when exists. Misslalemenls can aris8 from fraud or error and are considered material if. Indlvldually or in th8 aggragale, they could reasonably be &xp8cled lo influence the economic decisions of u58rs taken on the basis of these lin8nclal slalem8nis. A furthor d8scriplion of our responsibilities for the audit of the flnancial slalemenls is located on the Financial Reporting Councll's website al W.frC.or klaudilorsres onsibililies. This descripllon form8 parl of our auditor's report. Extent to whlch the •udlt was con8lder•d capable of d8tOCtlng Irrggularltles, Includlng fraud Irregularilles, in¢luding fraud, are instances ol non-¢omplianc8 with laws and regulations. We Identified and assessed the risks of material misslalement of the financial slalemenls from irregul8ritl8s, wh8lher due lo fraud or error, and discussed these betweon our audit team members. We then d8signed and performed audit procedures responsive lo those risks, including oblaining audll evidence 5ufflcienl and appropriate lo provide 8 basis for our oplnion. We obtained an unde181anding of the legal and regulalory framework wilhln whl¢h the charity operalgs, focLJsing on those laws and regulation5 that have a direct effe¢l on the d6lerminalion of material amounts and disclosuras in the financial slalemenls. The law and regulations we considered in Ihls context were the Charities AGI 2011 together with the Charities SORP IFRS 102}. We assessed the required comp118nce with these laws and regulation8 a8 part of our audit procedures on the related financial slalemenl Il&ms. In 8ddlllon, wo consider provisions of other18ws and regulalioris that do not have a dlracl effect on the flnancial statements bul compliance with which might be fundamental to the charity's ability lo operate or lo avoid a material penalty. We also considered the opporluni118s and incentives that may exist wilhln the charity for fraud. Thg laws and regulations we considered in this contexl for the UK operations were General Data Protection Regulatlon {GDPR). Auditing standards limit Ihe required audit procedures lo identify non<ompliance wllh th888 laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal ¢orrespondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the override of controls by management. Our audit proc8dLJres lo respond lo these risks, included enquirie5 of rnanag8rn8nl about their own identific81ion and assessment of th8 risks of irregularities, sample le5ting on the posting of journals, reviewing accounting eslimales for biases, reviewing regulatory correspondence with the Charity Commisslon and reading minutes of meetings of those charged with governanc8.
THE DRUE HEINZ CHARITA8LE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE DRUE HEINZ CHARITABLE TRUST (continued) FOR THE PERIOD 1StAPRIL 2024 TO 31S1 MARCH 2025 Extent to which the audit was considered capable of detecting irregularities, including fraud Icontlnued) Owing to the inherent limttations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordan with auditing standards. For example, the further removed non- compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial slalemenls, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-deleclion of irregularities. as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not Tesponsible for preventing non-compliance and cannot be expected to delect non-compliance with all laws and regulations. Us8 of our report This report is made solely to the charity's Iruslees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to stsle lo them in an auditor's report and for no olheT purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a boéy, for our audit work, for this report. or for the opinions we have formed. G W Oxley Isenlor Statutory Audltorl For and on behalf of Oxley Accountants & Bu$lne$s Advlsors Llmited Chartered Accountants & Statutory Audltor 17 Manor Road East Molesey Surrey KT8 9JU ,/,/,,
THE DRUE HEINZ CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 19¢ APRIL 2024 TO 31st MARCH 2025 Unrèstrlct•d funds 2025 Unrestrlcted funds 2024 Note Income from: Investments 1,519,035 1,796,488 1,519,035 1,796,488 Exp•ndlture on". Donalitins Other 8xpendilure 2,875.033 481,703 830,000 452.620 Total exp8nditure 3,356,736 1.282.620 Net operatlng (d8fl¢ltl Profil on dispos81 of investments Exchange movements Revaluallon of investments (1,837,701} 1.268.066 11.5D2.1931 3,255.384 513,868 280,727 11,746,563) 14,391,801 Not movomont In fund8 1,183,556 13,439,833 Reconclllatlon of funds: Total funds brought fcKward 144,274,148 130,834,315 Totsl funds carrled forward 145,457,704 144,274.148 The nolgs on pages 12 to 18 form part of these financlal statements
10 THE DRUE HEINZ CHARITABLE TRUST BALANCE SHEET AS AT 318t MARCH 2025 2025 2024 Note FIXED ASSETS Inv881ments 138.943,339 135,881,645 CURRENT ASSETS C8sh al bank and in hand 6,611,934 8,496,813 6,611,934 8,496,813 CREDITOR8.' amounts falling due withln one year 97.569 104,310 NET CURRENT ASSETS 6,514,365 8,392,503 NeT ASSErs 145,457.704 144,274,148 CHARITY FUNDS Unregtrl¢led funds 145,457.704 144,274,148 TOTAL CHARITY FUNDS 145,457,704 144.274,148 The fina[la1 statements were approved by the trustees on 26 and slgned on their behalf J L Glbson Thg notes on pag8s 12 10 18 form part of these financial slalements
11 THE DRUE HEINZ CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD 1Jt APRIL 2024 TO 318t MARCH 2025 2025 2024 Noto CASH FLOWS FROM OPERATING ACTIVITIES Nel cash provided by operallng 8Ctivilies Inveslm8nt income N81 invgslmenl aclivlly 13,363.477) {1,269,475) 1,519.035 1,796,488 140,4371 11,208.0201 CHANGE IN CASH & CASH EQUIVALENT IN THE YEAR Cash and cash equlvalenls brought forward 11,884,879} 8,496,813 1681,007) 9.177.820 CASH AND CASH EQUIVALENTS CARRIED FORWARD 6.611.934 8,496,813 The notes on page8 1210 18 form part of th880 financlal statemen15
12 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1st APRIL 2024 TO 31$t MARCH 2025 AccountSng poll¢l&$ 1.1 8aslg of proparatlon of flnanclal 8tat8mènt$ The flnancial slalemenls have been prepared in accordance with the Charilies SORP IFRS 1021 applicabl8 lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applles from 1FI January 2015, The financial slalernenls have been prepared lo glve a 'lrue and fair view, and have departed from the Charities (Accounts and Reports) Regulalions 2008 only lo the extent required lo provide a 'lrue and fail view,. This departure has involvod following Accounting and Reporting by Charities preparing their arxoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 r81her than the Accounting and Reporting by Charilie5.' Slalemenl of Recommended Pra¢li¢e effective from 1W April 2005 which has since been withdrawn. 1.2 Golng concem After making enquiries, the Iruslees have a reasonable expectation that Ihtr charity has adequate resources lo conlinue in operational existence and meets its liabilities as they fall due for the foreseeable future, being a period of al least twelve months Irom the dale these flnanclal slalemenls were approved. Accordingly, Ihey continu8 lo adopt the going concern basis in preparing the financial slal8menls. 1.3 Fund o¢¢ountlng General funds are unrestricted funds which are available for use al the discretion of the trustees in furtherance ol the general objectives of th8 charlly and whlch have not been designated for other purpos8$.
13 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD 1st APRIL 2024 TO 31st MARCH 2025 Accountlng pollcl•8 (contlnuad) 1.4 Incomln9 fa8ourc&• Al incomSng resources are included in the slalemenl of financlal activities when the charity has entillemenl lo the funds, Gerlainly of receipt and the amounl can be measured wilh sufficient reliability. 1.5 R•sour¢•s oxponded Expenditure is accounted for on an accruals basis and has been Included under expense categories that aggregate all costs for allocation lo aclivilias. Where costs cannot be directly allribuled lo particular activities they have been allocated on a basis consislenl with th8 use of the resources. Support costs are those costs incurred directly Sn Support of expenditure on the obl8cI8 of the charity and include governance costs whi¢h are those costs incurred in connection with adminislr81ion of the charity and compllance with conslilulional and slatulory requirements. Fundraising costs are thos8 incurred in seeking voluntary conlrlbullons and do not include the costs of dis88minaling information In support of the Charitable a¢livilles. Governance costs are those incurred in connection with admlnislration ol the charily and compliance with conslilulional and slalulory r8quiremenls. Charitable aclivlli88 and Governance costs are costs Inourrel on th8 Charlty'8 operations, including support costs relating lo the gov8rnance of thè charlty apportioned lo the charllable a¢tivilies. All expendllure 1$ inclusive of irrecoverable VAT. 1.6 Invo$tmonts Not realised and unreallsed gains and losses are reflecled In the Statement of Financial Activities. Investments are slatèd in the Balance Sheet al nel market value. 1.7 Cash at Bank and In hand Cash al bank and in hand includes cash and short term highly Ilquld Investments wllh a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account.
14 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD 181 APRIL 2024 TO 31•t MARCH 2025 1.8 Flnanclal Instruments The charity hag elected lo apply Sections 118nd 12 of FRS 102 in respect of flnancial instruments. Financial assets and linancial liabilities are recognised when the charity becomes party to the conlractual provi51ons of the Inslrumenl. Flngncial liabililles and equity Inslrurnents are classrfi8d according lo the substance of the ¢onlraclual arrangements entered into. An equity instrument is any contract that evldences a residual inlgresl in the assets of Ihe charity aller deducting all of ils Flnanclal a8set8 Baslc financial assets. including trade 8nd other debtor5 and cash and bank b8lan¢es are Inllially recognlsed al transaction price, unles5 the arrangement conslilules a rinanclng Ir8nsacllon. where the Iransacllon is measured al the presenl value of the future receipts dlscounled al a market rate of interest for a slmilar debt inslrumenl. Flnancing transactions are those in which payment is deferred beyond normal business larms or is financed al a rale of interest that is not a market rate. Such assets are subsequently carried al amortised cost using the 8ffeGtive interest method, le58 any Impairment. FSnanclal Ilabllltles Baslc financlal Ilabililies, inGluding trade and other oredilors, are initially recognised al Iransacllon prlce. unless the arrangement conslilules a financing Iransaclion, wher8 Ihe debt Instrument is measured al the present value of the future paymenis dlscounled al a market rale of interest lor a similar ¢Jebl inslrumenl. Financing transactions are those In which payment is deferred beyond normal business terms or Is financed al a rale of interest that is not a market rate.
15 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD 18t APRIL 2024 TO 3181 MARCH 2025 Accountlng pollcl8s (continued) Flnancial liabllitles {contlnu•dl Debt instruments are subsequenlly carriod al amortised cost. using the effective interest method. Irrecoverable VAT Irrecoverable VAT Is charged against the expendlture heading for which il w89 incurred. 1.10 L•ga¢y R¢paymont3 Undèr the terms of the leg8cy left lo the Trust by th8 Selllor. the Eslale of Drue Heinz is lo be refunded legacy funds if required lo meet outstanding liabllilles of the Eslale, Donatlons Futurg 2024 Commitm6ntS 2025 The Atlingham Trust Klng Edward Vll's Hospllal The London Library Slarlighl Children's Foundallon The Edinburgh Inlernallonal 8ook Fesllv81 Great Ormond Slreel Hospital - Chlldren's Charity I'Ghorashian'l Great Ormond Street Hospllal Children's Charity I'mansour'l Moorfields Eye Charlly English Heritage Great Ormond Street Hospllal Children's cancer care The Professional Teaching Inslilulion National Portrail Gallery 100.000 768.150 200.000 200,000 883 400,000 856,000 1.284,000 200.000 170.000 150,000 200,000 30,000 200,000 400,000 150,000 200,000 30,000 250,000 150.000 600.000 90,000 2,875,033 830.000 2,924,000
16 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD 18t APRIL 2024 TO 315t MARCH 2025 Other expendSturè Total 2025 Charlty, Actlvltles Ralslng funds Total 2024 Other Su Auditor's fees Profèssional Other Inveslmenl management f888 7.200 117,631 7.169 349.703 481.703 7,200 117,631 6,541 8,400 103,260 500 328,860 441,020 628 349,703 350,331 131,372 Other costs Legacy repayments Ise8 1.10 page 151 11,600 481,703 131,372 350,331 452,620 N•t In¢om• ThSs is slated after charging.. 2025 2024 Auditors, remuneration 7.200 8,400 During the year. Mr Bookman received £7,424 in reimbursement of 8xpenses. There were no other payments to Trustees for remuneration. benefits in kind or expenses12024.' £Nill.
17 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD 1st APRIL 2024 TO 31st MARCH 2025 Fixed Asset Investments This is slated after charging.. 2025 2024 arkel V2lu8 1.4.24 Currency movements and revaluallons Nel Income generated Profil on disposal Withdrawa15 135,881.645 121.747,660 1.851.276 12,647,123 942.352 1,206,135 1,268,066 280.727 11,000.000} Market Value 31.3.25 138,943,339 135,881,645 Investment breakdown: Equilie5 Fixed interest securlll88 lernalive8 Cash & cash 8quivalenl 109,196,323 103,876,207 25,448,558 24,535,310 3,Q41,316 3,041,584 1,257,142 4,328.544 138,943,339 135,881,645 Credltors.. Amount¥ falllng due wlthln one year 2025 2024 Professional fees Investment management fees 27,213 70,356 35.670 68,640 97.569 104,310
18 THE DRUE HEINZ CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE PERIOD 18t APRIL 2024 TO 31st MARCH 2025 statem•nt of fund8 Statement of lunds Galnsl (Lo8s88} Income Expendlturfr Revaluation Balance at 1.4.24 Balanco t 31.3.25 General fund8- all funds 144.274,148 1,519,035 13.356.736) 3,021,257 145,457,704 Slalem8nl of funds- prlor ye8r Galngl ILos8e81 Income Expgndlture Revaluatlon Balance at 1.4.23 8alan¢• at 31.3.24 Goneral fund8 all funds 130,834,315 1.796,488 11,282,620) 12,925,965 144,274,148 Analysls of net a88•t8 b•tw•on funds I funds are unre81cted. Reconclllatlon of not Movement In funds to not ca•h flow from oporatlng o¢tlvltlo5 2025 2024 Nel movement In funds for the year las per Statement of Financlal Activities) Movement In creditors Inv8slment Income Investment gains 1,183,556 16,7411 11,519.0351 13,021,2571 13.439,833 13.145 11.796.488) {12,925,965) 13,383,477) 11,269,475} 10. Related party transactlons Durlng the year Sinclair Gibson LLP. of which J L Gibson is a member, charged the Charltable Trust £98,026 + VAT for legal services12024'. £86.0501.