2025-04-30-accounts - Heywood Foundation

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Charity No. 1180790

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

HEYWOOD FOUNDATION

CONTENTS PAGE

	Page
Legal and Administrative Information	3
Letter from the Chair of the Board	4
Trustees’ Report	5-8
Statement of Responsibilities of the Board of Trustees	9
Independent Examiner’s report	10
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14-18

Heywood Foundation

Legal and Administrative Information

Trustees:	Suzanne Heywood (Chair)
	Jonathan Black
	Gareth Davies
	Sue Gray	(resigned 23/7/2024)
	David Halpern
	Simon Heywood
	Catherine Little	(appointed 11/12/2024)
	Helen MacNamara
	Sue Owen
	Simon Robey
	Zamila Skingsley
Charity Number:	1180790
Registered Office:	The Cabinet Office
	70 Whitehall
	London
	SW1A 2AS
Independent Examiners:	Moore Kingston Smith LLP
	6th Floor
	9 Appold Street
	London
	EC2A 2AP
Bankers:	Coutts & Co
	440 Strand
	London
	WC2R OQS

Letter from the Chair of the Board

As we reflect on the sixth year of the Heywood Foundation, I would like to begin by expressing my gratitude for your continued support and commitment. It is only through the generosity of our donors and the dedication of those who contribute their time and expertise that we are able to continue our work. Whilst the Foundation has continued to grow this year, with the appointment of our first full-time employee since Year End, the majority of what we do is enabled by those who volunteer their own time to support the Foundation in championing innovation and diversity in the public sector. These causes continue to guide and define all that we do.

This opportunity to reflect on our progress allows us to celebrate our achievements of the past year, whilst looking ahead to our plans for the future.

Our support of the Heywood Fellowship has continued this year with Lucy Smith, our third Heywood Fellow, who is due to complete her research on the importance of long-term planning in government at the end of October 2025. This research has culminated in several papers, podcasts, an article in Heywood Quarterly, and a discussion of the Fellowship team’s findings at this year’s Fellowship Dinner. Lucy’s papers are full of proposals that seek to future-proof the UK, and we hope that many of her ideas will be implemented upon her return to government.

Looking to the future of the Heywood Fellowship, we are currently in the process of appointing a new fellow and look forward to sharing more news on that in our update next year.

This year has also brought important milestones. We recently celebrated the first anniversary of the Heywood Quarterly, which launched in the summer of 2024. In just four editions, the Quarterly has established itself as a forum for reflection and innovation, with a warm reception across the Civil Service and beyond. Highlights have included articles such as ‘The mysteries of the Golden Triangle’ by Edward Young, which was picked up by The Telegraph, alongside a more recent piece on school attendance data by Susan Acland-Hood and Simon Blake, which proved to be both insightful and popular. The success of the Quarterly’s first year would not have been possible without the voluntary dedication of our team of Fast Streamers, or our contributors, for which we are very grateful.

Heywood Quarterly will see the publication of its fifth edition at the end of September, and we hope that our strong editorial efforts and quality content will continue to draw interest and spark conversations in editions to come. In the coming year, we aim to build upon our success by expanding our readership and reaching new audiences, so that we might continue to foster innovation and diversity throughout the public sector.

With diversity being one of our core principles, we keep this in mind in all of our work. We are delighted therefore that Lucy has been our first female fellow and that the Quarterly has welcomed many writers from different backgrounds. We will continue to keep this principle in mind in the future.

Whilst the Heywood Foundation provides core funding for the Quarterly, we are thankful also to the Blavatnik Family Foundation for their support, and we are actively exploring opportunities with potential new partners to secure the long-term future of our publication.

Finally, I would like to reiterate my thanks, on behalf of our Board, for your continued support and commitment to the Heywood Foundation. Our work would not be possible without the generosity of those who give their support, time, and expertise to promote innovation and diversity through the UK’s public sector.

Suzanne Heywood

Trustees’ Report

The Board of Trustees presents its report and the financial statements for the year ended 30th April 2025. The Trustees confirm that the report and financial statements of the Foundation have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with statutory requirements.

Objectives of the Foundation

The Heywood Foundation was set up in 2018 to continue the work championed by former Cabinet Secretary Jeremy Heywood on innovative policy creation and diversity within the UK public services. These two issues mattered in the past and will continue to matter in the future whatever challenges our country faces.

Jeremy believed that increasing innovation and diversity will create a more effective Civil Service. On innovative policy thinking Jeremy helped set up the Nudge Unit, he built and used a personal network of contacts to source and test new ideas and he introduced areas of research interest (ARIs), which let academics know what the civil service doesn’t know so they can help fill in the gaps. On diversity he believed that the civil service could lead the way, setting up champions for each area of diversity, pushing for clear information and setting individual targets for Permanent Secretaries to achieve. But so much more is needed. The need for innovative policy is constant and there will always be new diversity challenges, to make the civil service better reflect the people it serves and so achieve better policy making and delivery.

Structure, Governance and Management

The Heywood Foundation was established as a Charitable Incorporated Organisation and registered at the Charity Commission on 22nd November 2018.

It is run by its Board of Trustees, comprising a number of family, friends and colleagues of Jeremy Heywood who share his passion for increased innovation and diversity. The Board is chaired by Suzanne Heywood. Simon Heywood has responsibility for the Foundation’s finances. During the Financial Year, the Foundation had no direct employees and was run by the Trustees, allowing the costs of running the Foundation to be minimised. Additional assistance for the charitable activities is provided as required through contractual arrangements. In this respect, we are particularly grateful to Tim Dickson, the Editor-In-Chief of the Heywood Quarterly and to Ria Ismail and all those who worked on the publication’s very successful launch and first editions. Thank you too to Lukas Gartlehner for continuing to provide IT support for the various ongoing projects, and to Isabel May for the provision of administration support on a voluntary basis.

Post year end, we were very pleased that Lucy Heywood joined the Foundation, our first full time employee, as Editorial Manager of the Heywood Quarterly. She will also provide general support to the Foundation.

The Foundation adheres to the principles of the Charity Governance Code.

Under the Constitution, the original Trustees served for a term of 4 years. New Trustees are appointed by the Board of Trustees for a term of 3 years. Any retiring Trustee is eligible for reappointment. Sue Gray stepped down as a Trustee in July 2024 and we thank her for her invaluable input and support. We were delighted that Cat Little agreed to become a Trustee in December 2024. We were also delighted that Simon Robey and Gareth Davies agreed to continue when their existing terms came to an end in May 2025.

We were also very pleased to have Aron Williams as our second Board Observer for the 2024 calendar year, under the UK Government’s Boardroom Apprentice programme, and wish him well for the future.

An Investment Sub-Committee is in place comprising at least three Trustees and one external member with professional investment expertise. The current overall investment objective is to generate a rate of return of around 5% per annum on money held in excess of £200,000 over the medium/long term.

Achievements and Performance

This sixth year has proved to another very active one for the Foundation, with the establishment of the Heywood Quarterly publication and commencement of the third Heywood Fellowship.

Heywood Quarterly

Established in 2024, the Heywood Quarterly is an independent publication dedicated to championing innovation in public policy and delivery, reimagining the Civil Service Quarterly publication that had been previously launched by Jeremy Heywood but had been discontinued by the Civil Service because of resourcing issues through covid.

Independent from the Civil Service with its own experienced Editor-in-Chief, the Foundation has the freedom to source articles from a wider variety of sources while showcasing fresh, readable and actionable learnings from policy and implementation. We invite civil servants, public sector professionals, and the wider private sector to share their experiences and insights on what has and hasn’t worked, aiming to create a ‘safe space’ for honest, constructive, and politically neutral discussion.

An initial set of articles was accelerated and published to coincide with the 2024 UK General Election and three full editions have been published during the financial year. All are available online (via heywoodquarterly.com) and a small number of printed copies of each edition are produced and distributed to the main government departments and other interested parties.

We are delighted with the traction the Quarterly has received both within and outside the civil service and the quality of those who have agreed to contribute and of the articles themselves.

Over 5,300 have signed up to receive notifications etc and there have been more than 148,000 page views to date. Many readers are based overseas, with significant numbers across the rest of Europe, Australia, US, Canada and New Zealand. We are attracting highquality authors. The publication also has strong support (and personal endorsement) from the top of the Civil Service.

The Editor-in-Chief, Tim Dickson, is supported by an Editorial Board and a small group of civil servant volunteers. As mentioned earlier, we have also just recruited our first full time member of staff as Editorial Manager.

Expenditure on the Quarterly during the Financial Year totalled £92.4k ( 2024 - £21.0K).

These costs were partly met by our first external sponsor, the Blavatnik Family Foundation, and we expect other sponsors to support the publication in due course.

Heywood Fellow

Lucy Smith was appointed as the third Heywood Fellow at the Blavatnik School of Government and Hertford College, Oxford in October 2024. In her work, she is being supported by 4 other civil service secondees and a Research Fellow funded largely by the Economic and Social Research Council.

During her fellowship Lucy is examining how governments can succeed at long term strategy. This work is driven by the recognition that strategies developed now need to succeed in contexts that are profoundly different from today and reflect the evolving needs, beliefs and hopes of citizens. By drawing on the experience of other countries, she is considering how governments come to a national view of what really matters over long-time horizons, the ways governments can best confront and tackle future problems, and how the configuration, mechanisms and capabilities of the state can best enable the pursuit and delivery of long-term outcomes for citizens.

Lucy was most recently the Director General for Strategy in the Department for Environment, Food and Rural Affairs and previously had various senior roles at the Cabinet Office.

The Fellowship will conclude at the end of October 2025 and outputs include a concluding lecture, a wide range of publications, including an article in the Heywood Quarterly and others available on the Blavatnik school’s website (https://www.bsg.ox.ac.uk/fellowship/ - heywood fellowship), and podcasts. Lucy is also planning to develop a National Strategy Playback/Toolkit. We expect strong engagement from the Cabinet Office with Lucy’s work and will provide a full update next year.

The Foundation’s expenditure during the year to support the Fellow totalled £38.3k ( 2024 - £68.7k).

Other

Other charitable expenditure, including on maintaining the IT infrastructure for any future Heywood Prizes, totalled £1.8k ( 2024 - £43.9k, including expenditure on the second Heywood Prize).

Total Charitable Expenditure in the year was, therefore, £132.5k ( 2024 - £133.6k).

We remain extremely grateful to those who have generously donated this year and in the past, allowing our original fundraising targets to be exceeded. During the year we received donations of £21.3k (2024 - £8.7k) and this income was again supplemented by dividend / interest income of £39.7k (2024- £43.9k) leading to total income of £61.0k (2024 - £52.6k).

As the Foundation continued to be largely managed by the Trustees, administration costs, excluding bank fees and the costs of the Independent Examination, of £1012 remained very low ( 2024 - £1328).

Our investments performed well this year with investment value gains of £46.3k (2024 - loss of £102.3k), with prices being supported, as anticipated, by reductions in interest rates and also by a potential takeover of one of our holdings. This return was achieved despite a further derisking through additional sales of equities and purchases of short term gilts. As at 30th April, our Investments comprised 55% gilts and 45% equities/funds.

Additionally, we also continued to hold a number of fixed rate cash deposits yielding 3.34%4.35%. These are classified as Cash at Hand or Current Asset Investments.

Our Investments/Cash Balances, therefore, generated a Total Return of 8% during the year.

Overall, a deficit for the year was recorded of £31.5k (2024 - deficit of £190.5k), leading to Total Reserves at the Year End of £1.0m ( 2024- £1.03m). There were no Restricted Funds at the Year End (2024 - nil) as those received during the year were applied to charitable expenditure.

Reserves Policy

The Foundation was originally set up with the intention of operating for 10 years, from the summer of 2019. Its Reserves Policy is to maintain sufficient Reserves to fund expenditure of at least £100,000 per annum (adjusted for inflation) on charitable activities until 2029. Additional funds held and raised in the future will be utilised on additional projects consistent with the Foundations objectives and/or to extend its timespan.

Assuming we are able to attract additional sponsorship for the Heywood Quarterly publication and it continues to be successful, the original 10 year time horizon is likely to be extended or removed so that the publication can continue beyond 2029. In this case, this Reserves Policy will be reviewed and formally amended.

Current Reserves are more than sufficient to be consistent with this Policy.

Principal Risks and Uncertainties

The Trustees are responsible for monitoring and mitigating the principal risks being faced by the Foundation and are satisfied that processes are in place which ensure good governance, prevent fraud or malpractice and retain the good reputation of the Foundation.

The principal risks are those which, without mitigation, would have a serious impact on the activities of the Foundation:

The Cabinet Office is unwilling or unable to support the Foundation’s activities. Regular contact is made at both senior official and ministerial level to ensure ongoing buy-in and a range of other options is available to further the Foundation’s objectives of increasing innovation and diversity within the UK public sector, whether or not the Cabinet Office actively supports its activities.

Reputational risks as a result of a project not being successfully concluded or having a disappointing impact. The Trustees take a rigorous approach to decision making and projects only proceed when there is a clear buy-in from all interested parties and when the objectives and scope are clear. Once initiated, the progress of the project is monitored closely by the Trustees.

Additionally, the Trustees have considered the impact higher inflation and interest rates have had and may continue to have on the Foundation and are confident there has been no unmanageable impact on its fundraising plans or its cost base.

Statement of Responsibilities of the Board of Trustees

The Tr�stees are responsible for preparing the Tr�stees�Report and the financial statements in accordance �ith applicable la�and United Kingdom Acco�nting Standards (United Kingdom Generall� Accepted Acco�nting Practice).

The la�applicable to charities in England & Wales req�ires the Tr�stees to prepare financial statements for each financial �ear, �hich gi�e a tr�e and fair �ie�of the state of the affairs of the charit� and of the incoming reso�rces and application of reso�rces of the charit�for that period. In preparing these financial statements, the Tr�stees are req�ired to:

� select s�itable acco�nting policies and then appl� them consistentl�;

� obser�e the methods and principles in the Charities SORP;

� make j�dgements and estimates that are reasonable and pr�dent;

� state �hether applicable acco�nting standards, incl�ding FRS102 ha�e been follo�ed, s�bject to an� material depart�res disclosed and e�plained in the financial statements;

� prepare the financial statements on the going concern basis �nless it is inappropriate to pres�me that the charit� �ill contin�e in b�siness; and

� state �hether a Statement of Recommended Practice (SORP) applies and has been follo�ed, s�bject to an� material depart�res �hich are e�plained in the financial statements.

The Tr�stees are responsible for keeping proper acco�nting records that disclose �ith reasonable acc�rac�at an�time the financial position of the charit�and enable them to ens�re that the financial statements compl��ith the Charities Act 2011, the Charit�(Acco�nts and Reports) Reg�lations 2008 and the pro�isions of the tr�st deeds. The�are also responsible for safeg�arding the assets of the charit�and hence for taking reasonable steps for the pre�ention and detection of fra�d and other irreg�larities.

The Tr�stees are responsible for the maintenance and integrit�of the charit�and financial information incl�ded on the charit��s �ebsite. Legislation in the United Kingdom go�erning the preparation and dissemination of financial statements ma� differ from legislation in other j�risdictions.

Appro�ed b� the Tr�stees on and signed on their behalf, b�:

Simon He��ood Tr�stee

Independent Examiner's Report to the Trustees of He�wood Foundation

I report to the tr�stees on m� e�amination of the acco�nts of He��ood Fo�ndation for the �ear ended 30 April 2025.

Responsibilities and basis of report

As the charit� tr�stees of the Tr�st �o� are responsible for the preparation of the acco�nts in accordance �ith the req�irements of the Charities Act 2011 (�the Act�).

I report in respect of m� e�amination of the Tr�st�s acco�nts carried o�t �nder section 145 of the 2011 Act and in carr�ing o�t m� e�amination I ha�e follo�ed all the applicable Directions gi�en b� the Charit� Commission �nder section 145(5)(b) of the Act.

Independent examiner�s statement

I ha�e completed m� e�amination. I confirm that no matters ha�e come to m� attention in connection �ith the e�amination gi�ing me ca�se to belie�e:

1) acco�nting records �ere not kept in respect of the Tr�st as req�ired b� section 130 of the Act; or
2) the acco�nts do not accord �ith those records; or
3) the acco�nts do not compl� �ith the applicable req�irements concerning the form and content of acco�nts set o�t in the Charities (Acco�nts and Reports) Reg�lations 2008 other than an� req�irement that the acco�nts gi�e a �tr�e and fair �ie� �hich is not a matter considered as part of an independent e�amination.

I ha�e no concerns and ha�e come across no other matters in connection �ith the e�amination to �hich attention sho�ld be dra�n in this report in order to enable a proper �nderstanding of the acco�nts to be reached.

Adam Fullerton

(FCA, DChA, ICAEW)

For and on behalf of Moore Kingston Smith LLP Chartered Acco�ntants

6th Floor 9 Appold Street London EC2A 2AP

Date: 20 November 2025

He�wood Foundation STATEMENT OF FINANCIAL ACTIVITIES for the �ear ended 30 April 2025

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds 2025 Funds Funds 2024
Note � � � � � �
INCOME AND ENDOWMENTS FROM:
Bank & in�estment interest recei�ed 22,791 - 22,791 23,149 - 23,149
Di�idend Income 16,912 - 16,912 20,798 - 20,798
Donations 1 1,275 20,000 21,275 8,657 - 8,657
TOTAL INCOME AND ENDOWMENTS 40,978 20,000 60,978 52,604 - 52,604
EXPENDITURE ON:
Charitable acti�ities 2 112,490 20,000 132,490 87,305 46,318 133,623
Cost of Raising F�nds 3 19 - 19 19 - 19
Administration Costs 4 6,234 6,234 7,132 7,132
- -
TOTAL EXPENDITURE 118,743 20,000 138,743 94,457 46,318 140,775
NET EXPENDITURE AND NET
MOVEMENT IN FUNDS BEFORE
GAINS/(LOSSES) ON
INVESTMENTS (77,765) - (77,765) (41,853) (46,318) (88,171)
Gains/(losses) on in�estment assets 5 46,290 - 46,290 (102,319) - (102,319)
NET MOVEMENT IN FUNDS FOR THE YEAR (31,475) - (31,475) (144,172) (46,318) (190,490)
F�nds bro�ght for�ard at 1 Ma� 1,032,695 - 1,032,695 1,176,867 46,318 1,223,184
TOTAL FUNDS AT 30 APRIL 1,001,220 - 1,001,220 1,032,695 - 1,032,695
----- End of picture text -----

He�wood Foundation BALANCE SHEET as at 30th April 2025

----- Start of picture text -----
Note 2025 2024
� �
FIXED ASSETS
In�estments 5 637,213 618,713
637,213 618,713
CURRENT ASSETS
Debtors 6 50 1,547
C�rrent asset in�estments 7 235,784 264,900
Cash at bank and in hand 157,056 157,279
392,890 423,727
CREDITORS: Amo�nts
falling d�e �ithin one �ear 8 (28,883) (9,745)
NET CURRENT ASSETS 364,007 413,982
NET ASSETS 1,001,220 1,032,695
CHARITY FUNDS
Restricted F�nds 9,10 - -
Unrestricted F�nds 9,10 1,001,220 1,032,695
1,001,220 1,032,695
The financial statements �ere appro�ed b� the Tr�stees on and signed on their behalf, b�:
Simon He��ood
Tr�stee
----- End of picture text -----

He�wood Foundation STATEMENT OF CASH FLOWS for the �ear ended 30th April 2025

----- Start of picture text -----
Note 2025 2024
� �
Cash flo�s from operating acti�ities 11 (96,833) (210,691)
Cash flo�s from in�esting acti�ities
In�estment income 39,703 43,947
Sale of fi�ed asset in�estments 138,792 53,245
P�rchase of fi�ed asset in�estments (111,002) (21,500)
Sale of c�rrent asset in�estments 29,116 110,906
Change in cash and cash equivalents in the �ear (224) (24,093)
Cash and cash eq�i�alents bro�ght for�ard 157,279 181,372
Cash and cash equivalents carried forward 157,056 157,279
----- End of picture text -----

He�wood Foundation NOTES TO THE FINANCIAL STATEMENTS for the �ear ended 30th April 2025

Accounting Policies

Basis of preparation of financial statements

The financial statements ha�e been prepared in accordance �ith Acco�nting and Reporting b� Charities: Statement of Recommended Practice: Acco�nting and Reporting b� Charities preparing their acco�nts in accordance �ith the Financial Reporting Standard applicable in the United Kingdom and Rep�blic of Ireland (effecti�e 1 Jan�ar� 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Rep�blic of Ireland (FRS 102) and the Charities Act 2011.

He��ood Fo�ndation meets the definition of a p�blic benefit entit� �nder FRS 102. Assets and liabilities are initiall� recognised at historical cost or transaction �al�e �nless other�ise stated in the rele�ant acco�nting polic�.

These acco�nts are prepared on the historic cost basis of acco�nting e�cept for in�estments �hich ha�e been incl�ded at re�al�ed amo�nts.

The financial statements are prepared in sterling, �hich is the f�nctional c�rrenc� of the charit�. Monetar� amo�nts in these financial statements are ro�nded to the nearest po�nd.

Going Concern

The tr�stees ha�e assessed �hether the �se of the going concern basis is appropriate and ha�e considered possible e�ents or conditions that might cast significant do�bt on the abilit� of the charit� to contin�e as a going concern. The tr�stees ha�e made this assessment for a period of at least one �ear from the date of appro�al of the financial statements. In partic�lar, the tr�stees ha�e considered the charit�'s forecasts and projections and ha�e taken acco�nt of an� potential press�res on income and costs from the impact the recent high inflation en�ironment. After making enq�iries, the tr�stees ha�e concl�ded that there is a reasonable e�pectation that the charit� has adeq�ate reso�rces to contin�e in operational e�istence for the forseeable f�t�re. The charit� therefore adopts the going concern basis in preparing its financial statements.

Fund Accounting

General f�nds are �nrestricted f�nds �hich are a�ailable for �se at the discretion of the Tr�stees in f�rtherance of the general objecti�es of the charit� and �hich ha�e not been designated for other p�rposes. In�estment income, gains and losses are allocated to the appropriate f�nd.

Restricted Funds

Restricted F�nds are f�nds �hich are to be �sed in accordance �ith specific restrictions imposed b� the donor.

Income

All income is recognised once the charit� has entitlement to the income, it is probable that the income �ill be recei�ed, and the amo�nt of income recei�able can be meas�red reliabl�.

Interest receivable

Interest on f�nds held on deposit or pa�able on gilts is incl�ded �hen recei�able and the amo�nt can be meas�red reliabl� b� the charit�; this is normall� �pon notification of the interest paid or pa�able.

Expenditure

E�pendit�re is recognised once there is a legal or constr�cti�e obligation to transfer economic benefit to a third part�, it is probable that a transfer of economic benefits �ill be req�ired in settlement and the amo�nt of the obligation can be meas�red reliabl�.

All e�pendit�re is acco�nted for on an accr�als basis. All e�penses incl�ding s�pport costs and go�ernance costs are allocated to the applicable e�pendit�re headings.

He�wood Foundation NOTES TO THE FINANCIAL STATEMENTS for the �ear ended 30th April 2025

Accounting Policies (continued)

Investments

In�estments are a form of basic financial instr�ment and are initiall� recognised at their transaction �al�e and s�bseq�entl� meas�red at their fair �al�e as at the balance sheet date �sing the closing q�oted market price. The Statement of Financial Acti�ities incl�des the net gains and losses arising on re�al�ations and disposals thro�gho�t the �ear.

Debtors

Trade and other debtors are recognised at the settlement amo�nt after an� trade disco�nt offered. Prepa�ments are �al�ed at the amo�nt paid net of an� trade disco�nts d�e.

Current Asset Investments

C�rrent asset in�estments consist of cash eq�i�alents held on mat�rities of greater than three months �p to a �ear.

Cash at bank and in hand

Cash at bank and in hand incl�des cash and short term highl� liq�id in�estments �ith a short mat�rit� of three months or less from the date of acq�isition or opening of the deposit or similar acco�nt.

Creditors and provisions

Creditors and pro�isions are recognised �here the charit� has a present obligation res�lting from a past e�ent that �ill probabl� res�lt in the transfer of f�nds to a third part� and the amo�nt d�e to settle the obligation can be meas�red or estimated reliabl�. Creditors and pro�isions are normall� recognised at their settlement amo�nt after allo�ing for an� trade disco�nts d�e.

Financial instruments

The charit� onl� has financial assets and financial liabilities of a kind that q�alif� as basic financial instr�ments. Basic financial instr�ments are initiall� recognised at transaction �al�e and s�bseq�entl� meas�red at their settlement �al�e.

He�wood Foundation NOTES TO THE FINANCIAL STATEMENTS for the �ear ended 30th April 2025

----- Start of picture text -----
2025 2024
1 INCOME FROM DONATIONS
Donations - �nrestricted 1,275 8,657
Donations - restricted 20,000 -
21,275 8,657
2 EXPENDITURE ON CHARITABLE ACTIVITES
2025 2024
� �
Competition Pri�es & E�pendit�re 288 43,880
He��ood Q�arterl� 92,381 21,002
He��ood Fello� S�pport 38,296 68,741
General S�pport 1,525,525255 -
132,490 133,623
There �ere no direct emplo�ees d�ring the �ear b�t staff costs of �81766 �ere inc�rred on contractors ( 2024 - �46033)
3 COST OF RAISING FUNDS
2025 2024
� �
Platform Fees 19 19
19 19
4 ADMINISTRATION COSTS
2025 2024
� �
Independent E�aminer�s rem�neration 3,990 3,858
Other 1,012 1,328
Bank Charges 1,232 1,946
6,234 7,132
5 FIXED ASSET INVESTMENTS
2025 2024
� �
Market value
Opening Balance - 1 Ma� 618,713 752,777
Sales (138,792) (53,245)
Additions 111,002 21,500
Gains/(losses) 46,290 (102,319)
Closing Balance - 30 April 637,213 618,713
In�estments at market �al�e comprise:
2025 2024
� �
Listed in�estments 637,213 618,713
Cash eq�i�alents on deposit for > 1 �ear - -
637,213 618,713
----- End of picture text -----

Heywood Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2025

6	DEBTORS			2025			2024
				£			£

	Other debtors			50			1,547

7	CURRENT ASSET INVESTMENTS			2025			2024
				£			£

	Cash on deposit			235,784			264,900

8	CREDITORS: amounts falling due within one year			2025			2024
				£			£

	Trade Creditors			17,617			-
	Other creditors			7,276			5,887
	Accruals and deferred income			3,990			3,858

				28,883			9,745

9	SUMMARY OF FUNDS
		Funds b/ fwd	Incoming resources	Resources expended		Gains	Funds c/fwd
	2025	£	£	£		£	£

	Unrestricted Funds	1,032,695	40,978	118,743		46,290	1,001,220
	Restricted Funds	-	20,000	20,000		-	-

	TOTAL	1,032,695	60,978	138,743		46,290	1,001,220
	2024	Funds b/ fwd	Incoming resources	Resources expended		Gains	Funds c/fwd
		£	£	£		£	£

	Unrestricted Funds	1,176,867	52,604	94,457		(102,319)	1,032,695
	Restricted Funds	46,318	-	46,318		-	-

	TOTAL	1,223,185	52,604	140,775		(102,319)	1,032,695

	2024 Restricted Funds supported Heywood Fellows. 2025 Restricted Fu			nds supported t	he Heywood Quarterly.

10	ANALYSIS OF NET ASSETS BETWEEN FUNDS

			Unrestricted	Restricted		Total
			fund	fund		2025
			£	£		£

	Fixed asset investments		637,212	-		637,212
	Debtors		50	-		50
	Current asset Investments		235,784	-		235,784
	Cash at the bank and in hand		157,056	-		157,056
	Creditors due within oneyear		(28,883)	-		(28,883)

			1,001,220	-		1,001,220

			Unrestricted	Restricted		Total
			fund	fund		2024
			£	£		£

	Fixed asset investments		618,713	-		618,713
	Debtors		1,547	-		1,547
	Current asset investments		264,900	-		264,900
	Cash at the bank and in hand		157,279	-		157,279
	Creditors due within oneyear		(9,745)	-		(9,745)

			1,032,695	-		1,032,695

Heywood Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 30th April 2025





11 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NETCASH FLOW		FROM OPERATING ACTIVITIES

	2025		2024
	£		£

Net movement on funds	(31,475)		(190,491)
Deduct: Investment income	(39,703)		(43,947)
Add/Deduct:(Gains)/Losses on investments	(46,290)		102,319
Decrease/(Increase)in debtors	1,497		207
Increase/(Decrease)in creditors	19,138		(78,779)

	(96,833)		(210,690)


12 RELATED PARTY DISCLOSURES

Payments of £3198 (2024: £1,037) to a Trustee, Simon Heywood, as reimbursement of the LEI Number Renewal Fee, ICO Registration Fee, Mailchimp Subscription Fees,Google/Monster Insights Subscription Fees, Fiverr expenses and Upwork expenses paid. Payments of £953 ( 2024: £911) were made to the Chair of Trustees, Suzanne Heywood, as reimbursement of Wordpress, GoDaddy Subscription Fees and other Expenses. Suzanne Heywood also made a donation of £430.