ChJrity rn9l*traUon number 1186957 THE WILLIAM LEECH CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE WILLIAM LEECH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Tru$lg08 RD Laeth DA Stat4er B Walace DA Vllkmson HM Short Charlty numb 118 Princhpal address Glo Rob%)n LoKller AccoLthftts Lld Femwood Ro*1 Jesmond N(aStte wn Ty NE2 ITJ Audltor Robson LdIer AcC(MlarrtS Limded Statutory Audit(x FeTrn¥crf)d House Fefrh¥ood Road Jesmond Nv•4caslkn Tyne NE2 1TJ Solleltors Muckbes LLP Time Central 32 Galthgale Neastle urth T NE1 ABF Investm•nt managers Investec 1th and Investment Lmted 2 Gresharn Street LoNk)n EC2V 70N
THE WILLIAM LEECH CHARITY CONTENTS Pa Trustees, pOrt Indepdrt 8udrt¢s rem¥t Slaiemenl of ffinanck81 acbbities B¥l8rKe sheet 10 Staterr1 of cash fk)w$ 11 Notes to the finanrAal staternBnls 12-20
THE WILLIAM LEECH CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Th¢ trustees present Iheif nu rekKyI wM1 fin•i(ia slalwwrts for yw eTh1èd 31 March 2024. The financial 5taternents h•bY bn prepared in xeordae with Ihe accounlin9 out in Th)te 1 to the finanual slalemenls and comply wth Ihe the Chaftss Acl 2011 and "Ae¢ounting and ReportiThJ by Charit$.. Statément of Rècommended Practice applKabie lo ¢harilies preparing t"1 ntS in accordarte with the FinancAal RepDrtmg Starvjaid appb'cat4e n the UK Repubhc of Ireland IFRS 1021 leffedi¥e 1 Janu8ry 20191.. OblÈctfjvès and activili•s In 1972 Sir William Leh set up The Wlliam Leeth Tmst Inow The lliaM Leech Charrtyl and donated to it sorne 3LxI lented properts. Ihe fents from represented for Ihe Charity. sin Ihen w051 of the properts have been sold and the proceeds of sabe. logether wth the UFLsd¢J properts, now form Ihe Trustees, Asset Portr). The Asset Portlc4io is diwded into unrestled dewgnaled luThJs namety The Mawh FurKI and The Lady Leh Fund. The Main F make3 gtants aThl Interest free k)J)s to re9islered charttses working In Mythurn)erland. Tyn8 and Wear and County Durliam, whilsl The Lady Leech Fund award5 grants to charrties w¢Nking overseas". particularly those wth projects whKh benefit chiklren in urthdeveloped areas in the world. and whith usual have Ink5 wTrlh the North East ol England. Grants are awardl al discretion of lh8 Trusle8S. Oblectlves and aims The objecl Df the Gharity is to pay or apwy caprtal or Incon lo any caiitabSe 50ryety. institulw)n or other body lor any Charilab purposes. The Twu5tee5 lake inlo a(u)unt Ikw Guidelines wlw makmg grant awards. but they are not binding wn Ihem. Granlmaking Histofically the Trusl Secteiary has mmitored aN grant loan aFOcab"ons whith are IlY reviewed by the appeals sub-commrttee cK)mwsw the Chairman. a Truslee aThJ the Trust Seuetary before being placed belo the Trustees wrth the sub-cc¥nmitlee's recomrnendalK)ns. Ik)wever nK)wng fcmard Ihe charity has devèloped and Implemented a wèb based applLqtion system and has updated Ihe web page to reflecl tlw's. Applicaliorns received online are now avalble to all Iiustees and the rewew ol r)ew altionS 1$ continuous. The truslees Ilo however cb)se new apFcations 2 week5 PFlOt to a twste¥$ meetry. FOT some proposed gfanrs or loans one or rnore Trustees may make fvrlhw enquiries and report to the meeting of Tnjslees wilh 3 further recommendth beft)re any grarf or loan is awarded It is the Trustees, policy whèrever possible Io collstder al apicatI)n$ ai Iheif bi-monihty meetir¥Js. successf applicants are required to provide a wriiien undertakiro en they ackn(ge ieceipl of Ihe donaljon thal giant ot loan will be usgy lor the purFoses slated In the ovvJina 3ppIK>tiL¥) and to lurn any funds not used lor that sror1ed purpose. Grant mking polley The Main Fut award5 giarrts and interest fr¢e loans whKh are m al the dtsuth'on of Ihe Trustees. Thè Trustees wish to encourage local community.¥x"rited who CTeale Sustsin interest in the ¥ohJntary sector. and they partlarlY want to supwt tts)se who are ¥oluntarily heng olheTS". Ih05e with an adive Christsan involvement." and those who engaged in areas of gre deprivab"on. The Truslees do rot lavour gNing charitabfe suppyt lo indivkltjalg. Sludents. the Arts, IdayS 1 expedrtions Of rrinibuses. The Lady Leech Fund is to me grwts tor ¢)verseas pfc1 fcu5sin9 primarty on the medal. educational and enviranmenlal ne8ds ol cAdren in undeTdevelop8d Countries, aThJ s0 emern aid in response to natural disasters. The trustees have paid cJe 3rd lo guKlan¢ issued by Ihe Charily commi decidwvj whal aCtltIeS Ihe charity shcxjld undertake.
THE WILLIAM LEECH CHARITY TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achiev•ments and p•rfom)an¢e In¥•stment perf0rn7ance The Tru51ees' Inveslmenl objeclw is io gÈrtÉraie suffnI Income to a#ow rf lo rts purp)ses consistenlly year on ieai. whi ai least maintaining the real value of its capital assels. From time to time the trv3lee3 may distribute in any one year mo¥¢ Ihan the income gwwated in thal year. and wtll USFJ capilal to rnakÈ up thè differertce. On very rarè occasions Ihey may distribut8 any one yeaf less than the income generated In that year and will inves1 the undislrtr)uted Income. Over a period of years. trY expect lo lully distribute any undislributed InMe from previous years. As both capital and income may be used at any time fLY the furtherance of the Ch¥ty's aims a1 objects. the stock market portfol sts)ukJ be matk¥aed on a tclal rnlum b.$. The investment ot¥'8ckn¥85 and rèquirements are as f1(pS.. ObjectNe Risk Mandate Time Plorizon alarKed" luM teiween incorrte and capi14 medi Discrebonary 30 years u5 The remainry 6 investment properties $I'al lenanted prLwts'e5 and aTe Wluded al their markel value whith is adjusted annuauy ung Ihe IPO UK resKJÈntial tmen1 Index discountèd from vacanl possessior) valuè. Over Ihe yèar the house price index In the orea of the north east where the propertie$ are siluated has remained slaliG. The Trustees rewew this policy from brt)e lo trne and are sattsfied that Ihis rnethod gives a reahstic propety WdluatM)Th undue $ts. IM)en a woperty bÈrAMneS vacanl il ¢s valued by a chartered sUrvOr and offered frx sale al markel ve. Amhough thè Trustees have a dis(xetionary power lo dtstr4yJle cap. and havè done so from ttme lo Iirrt, Ih¢tr long term policy is to try lo ensure that the ieal value of the caprta assets of the Tru51 is maintained. Flnancl•l review Incoming resour¢•$ Tolal Incoming resourcAs lor thè yèar •nounted to £.170. Inv8slmèni 1me tcialkd £566.170 consists.ng of £35.826 rental income with the balan¢¢ bery frcn dIdendS interest. ExpendlturÈ du¥iftg yèar Of the total resource5 expended of £509.920. £374.007 was pahl OLrt as granls. PToperty costs amount lo £21.100. wilh adminiuralbon of chaiitabbe athwties £12.082 and supK¥Jrt and governa¢u at £16.254. DuriThJ the yw the Trustees *arded separate grants. Analysis of net assets betsv••n fund¥ Nole 18 sets out an analysis tsl the assets alln'butable to the kn Unrestled funds. These assets are suffioent lo meet Ihe Charivs oblvJatK)ns. Trustees would wish lo encourage a"0n$ from ganISat)nS traditKJnaAy supported by Ihè Trustees. namely ¢haritiès who are voluniarAy helpiTrJ olhers. as these have femained subdued. The Gtant App4i¢alion Management System became athive ai the be9inn¥Y) 012020. tt Is IKJped Ihal rK)w the system is lully deVeped Ihal il wll enwragg more largded aptth"CthKJis streamh'ne the wew p¥ocethJres for Trusteès.
THE WILLIAM LEECH CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 StTU¢ture. 9overnanco and fflanag•m•nt The tharrty 1$ w)Irolled by rts goverr4ng ¢knumwt. a deed of trusl. a1 ccthiules a Charitable Int(Orated org1$4110n_ Charlty eon8titutlon Thè William Leech Charity is a Charrtab Inrporale 0rgantsats.on rwstered chwity number 1186957. The purpose of The W41iam Leed) clrity is to make grants and intwest free loan5 lor tharrtable purposes. The trustees who Ser during Ihe year wvj up lo tr dole of gnatUre of the final181 5ts1ementg were.. RD Leech AC Gifford DA Sl?bler Wallace DA Wilkins HM Smrt IReswJned 24 20241 Rl8k management The trustees have idenlified Ihe major strategic business OFefational risk5 to whtcth the tharity mfghl be exposed. and confirm Ihal Ihese have been reeWed and 5tfalegie5 are eslaL4ished to mrtigate su¢h risks. In partthlar largef ants are (lY paKI after more In depth resewth by Irijslees. The Truslees. Asset Portfolio. Lher than the few iefflaining Pfopertses, Is hdd in a portfoth"o of quoted Investments which Is managed by 8Xtemal investment rnanagers. InvÈstèc Weatth and Management Ltd. Truslee$ meet tw year wilh Invesiec who have discretion Pry•vers but have gwen a hjll ststemenl of the Investment Pdicy by the Tw5tees. ststttm•fit ot trnstees. responsibilities The trustèès are r8sponyble fo¥ preparry Ihe Tftjstees. Repofl and the finan(¥al stateThnts in 3cCtydare with applicable law and United .gdoM Accour)ling Standards Iunrtefl King&Jm Ger¥erally Accepted A¢xountsng P¥acti¢21. The law applicable to charth'es in England and requires Ihe InJstees lo wepafe financial slalemenls fw each finanoal year W"Ch gNe a true WKI fair view of thè stste ol affairs of thè charrty and of Ihe ineoming resources and apph"caOn of resources of the charty lor that year. In ppanll these finanpal statements, the tntstees we rewThl to.. . select suitthle ac(ounknng pth.es aTrJ Ihw •pY th consislenlty.. . observe the mÉth(Js and in the Charrbes SORP.. - make judgements and estimales thai e reasofiab pwdènt: stale whether applicat4e accounting standards have been t(lwed. subpd lo any malwBI deparlures (tisdosed and explained in the finanoal stements. prepare the financial $latmtyits on Ihe grmng corwn basis lesS il is inappioprialtr to presume that Ihe charty %wll continue in opwatM)n. The Iruslees are responble lor keeln9 sufficient accourtw recotd5 th* &'sdos¢ with asOnae accuracy al any lime the finanoal wsthon of the charity and enable them lo ensurè thal ihe financial statemgnls comply wlh the Chanlies Act 2011. Ihe Charrly IAcctyJnts and Reports) Regulalions 2008 and the prowsKJns ol Ihe trust d¢ed. They are also responsrtAe ILY 5aleguarthng the a55els of the dwrity and hen lor tskn.ng reasonable steps for the prevention and detect of fraud aThY other irregularib"ès.
THE WILLIAM LEECH CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Di$¢lo$ur• of information to auditor Each of the trustees has confimwd that Ihere is no form4" of Wh Ihey are awa 15 relevant lo Ihe audit. but ol which Ihe auditor ss unaware. TW have further conhmied that they have taken appropriate sleps lo Jentty such relevant #)lom)alion and to gstabh'sh that ts wdor ts awarÈ of Inform"on. The Iruslees, report was appro¥Ed by the Board of Tw51ee3. RD Leech Trustee Dated.. 30 January 2025
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM LEECH CHARITY Opinion We have aurfited the finanaat slalemenls of The Leeth Charty {the 'chity'l lor the year ended 31 March 2024 which comprise the statement of fnancial aclNibes. thè balancÈ sheet. thè st3tem8nt ol cash Ilvws and notes to lh8 finanrial slalemenls. in¢kJdtn9 snIfnI 1rj polues. The finawal rep(xtillg Framework that has been apled in Iheir preparatton Is aptliGle and Unrte(J Kirydtsm AccounlirKJ Standards. induding Finanoal Reportino Standard 102 Tho Fin&n(ial Reportiiig SlaThJanl 8i¥hcabl8 in tho UK and Repubk of Ireland (Unrted lfjngdom Generally ACpted Practicel. In our opNion, the fjnawKial statements". give a Irue and fair wew ol the stale of the ctharty's a5 at 31 Marth 2024 )d ol its inceming S0rC8S and applicabon of $(mIrees. for the year than ended. have been woperty tyepared acTr)rtl Tmlh Unrtwj lfjngdcmn ApIed Ac(ounlt'ng Pra¢t¢&', and have been prepared in accordance wrth the requints oflhe charl Att 2011. 8a¥is for oplnlon We conducted our au(kt in aOrar wlh lfiiemalional Slandards on Auditing (UK) (ISA5 IUKI} and applicable law. Our responsibills under Ihose standards are lurthei de5(xbed In IIE A(rtth)rs $>&b1S lor ¢h8 a.1 of Ihe ljn8ncial $18teinènts section ol our r8p(t. W8 are indetKIeI of the charrty in accordance with the elhal réqvirèmènls that are relevant to Crtjr audit ol the financial statemer)ts n the UK. ini4uding Ihe FRC'S Ethal Standard, and we have fulfilknl ow othei etriGal respon%bilies in a¢c¢xdance with these requirements. We believe that Ihe audit evidence we c&taned is sulTty)enl ¥yt)priate to Pride a basis ts our opnion. Conrlu¥ions latIng to going concem In auditing Ihe financial stateIlls. we have eoncbjded that ihe twslee3' use of going Ce basis of accounting in Ihe pparatI ol the financ4al statements is aFvopriate. Based on Ihe we have pwlormed, we have vjen1rfd any menal ertaTr11eS relatiNJ lo events or conditions thal. IndivKJuly or collechvc4y, may cast Siprn1 doLtbt t)n thè eharty's ability lo cOntve as a gclng concèrn for a period of al le•s1 twel¥È months from ¥btsn the rnarjaI statements are auhjcised for issue. Our SponSIbl1e8 and th¢ re¥)nyb"lrties of ts tiuslees re6perA Io going cLwm are ds¢ribed in the rdevant secbons of Ihis report. Other Informatlon The other Informati compn'w the in10mon induded in Ihe Ual rep1 other than the financial statemenls and our audrtorfs report theceon. The tfttst are respons1te for Ihe other inlormats.on contained w#hin the annual reporl. Our 0"nIOn the financial 5tatement5 doBS not ¢over ihe other information we do nol express any forfyh of assurance condusion Ihereon. Our resp(slY is to Tead the other IrTforTnaIn and, li doing $0, tx)nshler whether the olher infoimab.on is materialfy inconsistent with the finaroal statements or our kno%edge obtained in the c¢xJise ol ihe audrt. OT other$? appears tts be maleriaRy misstated. 11 we Identify such merial inconsislencies or apparent material misslalements, we are reQred lo determine whether this gNes rise lo a rnalerial mtsstatement ) the finwci31 Sialements themselves. If. based on the ¥¥crfk wt have perfNmèd. w8 CA)ndude that there is a malerial mi55tat8m8nl of ths olh¢r inlomialitin, we are required to re1 that 1. have nothing lo report in this rogard. MatterB on v•hieh w• are required to report by exception have nothing lo report respeca of the folkywiTrJ matt¢r¥ in rdat*)n lo the ChaiilEs IA¢¢ounts Reportsl Regulalions 2008 ffjquire us to report lo you il. in ow opinion". the inlormatlL¥) given n Ihe finanTral statements is inc151¢nI material resped vAlh the Iruslees. report.. sufkient accounliry reccrfds have n¢X kew.. Of the finan¢ial statemenis are not in afftmenl wrth the ac0xlIng recos". or we ha not received all the inlormakn and ex#t)S we feye our audit.
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE WILLIAM LEECH CHARITY Responsiblllllès ol trust As explained more fully in the statement of 1fuee 5p(KIS"1kn"e9. the trustees are re5Frt)nS1b for Ilx Pfèpacalion of the finanaal slalements and lor being satisfied that they gNe a Irue and fa view. and lor such internal control as the Irusle¢s determine is neees5ary 10 en3e the preparaton of finanual statements that are free fvom material misslatemenl. wheihei due to fraEvJ or wror. In prepanng Ihe [ffial stateménts. irustees are respOnble for assess9 the charity's abilrty to n11ne as a goin9 Con. disclosing. as aprlicable, matters felated to goirKJ Concern and usiTrJ the going COr basis ol aGcounbng unless Ihe twslees either Intend lo cease ryeralion5, IX have no realist 4lernalNe bul lo ¢) so. Auditorfs responsibrfities for the audit of the financial Ststnts We have been aFvoinled as auth'lof er section 144 of the Chwrfies Acl 2011 rewl in accordance with tht A¢t and felevant cegulalions made N hawng effect thereunder. Our objeclwes are lo oblain rea50rhable assufarte aboui whether the finawal sla¢emen15 as a whd¢ are Iree from matenal misstalemenl, whether due lo IraLKI or errol. an(1 lo issue an a110r,$ retxt Ihal indudès our opinion. Reasonable assurancè is a hioh level of assutance trAJt ts a guarantee that an audrt conducled in accordance with ISAS IUKI will ahyays deieci a matefial misstatemenl rt exist5. Mi551at¢m¢ni$ can arise from fraud or error and are consKlered malenal rf. irtthvKlualy or w Ihe aggregate. Ihey coukl reasonabty be expeded to influ8nce the oconomic dec&n$ ol users taken on Ihe ba$ ol Ihèsè statemenls. The exlent lo which our wocedures are Gapabk of detecling Irregts$. irtJt•Jing fvaud. Is deta1 below. The risk of material misstatement due lo e0{ or ha5 been assessed n conp#)ction with how Inlemal conird5 may miligale any sh risk. These contids ale reviewed as parl of Ihe a111 by performing systems walkthioughs to ensure they are ope¢aiiThJ elfÈeiNely. Analyts"cal revw an(J subsiantive testing is a5s0 perform on all Inalerial balances and Iherelore any Instances of nOrFComphan shoubj be identi1d or consmleied as in5ignifioanl. I Klenlrfying and a5$¢5$g rks of material MLement Ul fesped of gulan8$. indud4)g fraud, the audil engagèment team". obtained derstand1rj of Ihe nalwe of Ihe induslry * sect, the legal and regulalory rramework, in Ihe tharity cwaies w¥J how IhÈ dw.ty complie5 Wlth that legal and regulalory framework inquir1 wilh managemenl and those tha¥ge(I wrth govemance about thetf (ywn idènb"fiCAt1 and assessment of the risks of irregulariti85. induding any know actual. suspected or aled instances ol Iratld discussed with management and Ihose chty wth governance y non-compliance wilh law5 and regulation5 and how fra1 Igh1 OC[ irb(knkng assesSnIS ol how and whÈfe Sts finanoal statements may be susceptible lo fraud. The risk of management ovewrKle of conltolg was al¥0 cons¥kned an area ol polentHI mStenlI due to fraud. Audit procedure5 rforrned induded lesiing ol manual joumal enlnes and other adjustrlS and evaluating Ihe busTrne$5 rationale in relat¥Jn to gnIficant. unusual trans•th'ons and Iiansathons entered 10 outside the normal COUW5e of busrne5S. A further descriptKfft ol our responsi*"1 is avalable on Ihe FThntyal Reporting CO'r$ websile al". https."Il www.frc.oig.ukjaudrtor5resp0n5i.l[h.eS. This deSthpln lom pan of our audi9 report. Use of our rgport This reFK)rt is made solely to the tharity's trustèes. as a body in aCCordare wth part 4 of ihe Charities IAccounls and Reports} RegulatiS 2008. Our audit work has been urKkniaken $0 Ihat we might slate lo the chaiiV5 Iruslee5 those rnatteis we are requFred lo stale lo Ihem rn an audrtorfs report and no other purpose. To the lullest extenl p•miitled by law. we (kn nol accepl or assume re¥KJn&tM"lily to anyone other than Ihe ¢h•iily and the charity's Irusiees as a boty, lor OLW autht work. for this report. or lor the opffjions we have Irned.
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE WILLIAM LEECH CHARITY Nichola¥ Cunnlngham Msc Bse ACCA Isenlor 5tatLrtory Audltor) for and on behalf of Robson Liidler Accountants Liffiited J 2025 StatutoryAuditor Femwood House Fernwood Road Jesmond Newwlle urKffi Tyne Tyne alld ar Earnd NE2 1TJ Robson Laidler ArUtants Limrted 1$ elW4e for apwnlment as audrtor ol IIE tharity by vytue ot ils eh"g*ility lor appointment as auditor ol a company under Se 1212 ofthe Companies Acl
THE WILLIAM LEECH CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Currgnt financial yoar Unréstrleted Unrestricted funds funds gon•ral Lady L•tth 2024 2024 Total Totsl 2024 2023 Notes Incom& from: Investments 483.315 82.855 566.170 529.689 Ex nditure on: Raising fund$ 93.741 13.836 107.577 94.6 ChwrtatAe acliwties 297.360 104.983 402.343 427,505 Totsl expenditure 391.101 118.819 509.920 522.201 Nèt gainsllk)ssesl irNeslm8nts 908.761 143.045 1.051,806 11.411.762) Net movement in funds 1.1Y)).975 107,081 1.108.056 11.404.274) Fund bal•n¢¢s ai 1 Aprl 2023 18,154,395 3,.144 21.210.539 22.614.813 Fund balan¢¢$ al 31 March 2024 19.155.370 3.163.22S 22.318,595 21.210,S39
THE WILLIAM LEECH CHARITY STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financlal year Unrestricted Unrestricted fvTrds funds g•n•ral Lady Lch 2023 2023 2023 Nol•¥ Income from: Inv8stmenl$ 452.824 76.865 529,689 ndlture on. Raisiro funds 81.665 13.031 94,696 Char¢lable è¢tivilies 345.505 82.LYyJ 427,505 Totsl expendire 427.170 95.031 522.201 Net gainslllossesl C inveslments 11.185.880> 1225.8821 11.411.762} Net mo¥ement In funds 11.160,226) P44.0481 11.404.2741 Fund balarKxs al 1 April 2022 19.314.621 3,3.192 22,614.813 Fund balanG•s at 31 March 2023 18.154.395 3.056.144 21,270,539
THE WILLIAM LEECH CHARITY BALANCE SHEET AS Af31 MARCH 2024 2024 2023 Note$ Fixed assets Tangle asset5 Inveslmenl propety Invèstn)ents 10 11 12 888 609,729 20.238.756 609,729 19.299,014 20.849,373 19.908.743 Current assets Debtors In¥e51mènls Cash ai bank and Sn harnl 13 14 212,C65 490.150 200.1) 639.053 1.080,626 1.492.691 1,329203 Creditors.. amounts falling due within one year 15 {23,4691 127.4071 Net current Assets 1.469,222 1,301,796 N•t a88•t8 22.318.595 21.210,539 The fvnd¥ of th• ¢h*rity Unrestricted funds general Unrèstrict8d fund$- Lady Le8th 19.755,370 3.163.225 18.154,395 3.056, 144 16 22.318,595 21.210,539 The fin¥neial statements were approved by the trustees on 30 Januwy 202$ eech Trustee 10-
THE WILLIAM LEECH CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2Q23 Notes Cash Ilows Irom opernting actl¥lt598 Cash absort)ed by operaliw$ 19 1235.e62) 1601.982) Investing activities Purchase ol tan ble fixed assots Purthase ol investments Prwxeds frtyn disposal ol investments Inv¢stmenl income received 9991 {8.267,3291 8.379,393 se6,170 14,702,982) 4.332,939 529.689 Net cash gner4ted from inv•sn9 activiti98 677,235 159,646 Net ¢ash used In financlng acts¥9 N•t in¢r•aselldecreasel In Gash and cash èqulvalents 441.573 {442.336 C•sh aThJ eash equivatents at beginnw of yeaw 639.053 1.081.389 Cash and cash •q¥•Ints at ènd olyear 1.080.626 639.053
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountin9 policies Charlty Inf0mtIon The wllb.am Leech Chanty is a Charfle ItKorwated (kganisab"on. drity number 1186957. 1.1 A¢eounllng eonvention The finanrial 5tateThnt5 have been prepared in accordance wilh Ihe tharity's govern9 document. Ihe Charrties Act 2011 aThJ -Accwiting arnl Rep(wb"ng by Charrties". Stalement of ReCmmènded Practic applicab io char"éS weparing their acmin15 in •ydance %thth Ihe Financial Reporting Standard ¥plICab In the UK arKI Repubh'¢ of Ireland IFRS 102} {effeGtive 1 janu 20191" The charity is a Pubkn"c Benefil Entity as delineil by FRS 102. The fin8nck4 slalomenls we prepa in stthj, 15 the fUr.onal wrrency ol the chartty. Monetary ounts in these linarKAal slalemenls ¥e rt)unded lo Ihe nearest £. The finano•l $iat¢menls ha¥e wepared whjer the l¥'sIcl¢al D)n¥enkn. modified lo inc¢ude vestment Pl0krtIeS and rain firwKial inslnNn8nts al faf value. The pnrryal jInty1g p(Aiues adopted ¥e Set oul belurt. 1.2 Going concern Al the time ol approfftg tl financial statents. the tru5tee5 have a reasonable exFedèiiofi Ihal the charity has adequate iesources io fitin in operational existence for Ihe loresèeablè future_ Thus Ihe tru5tee5 continua lo adopi the gThj basis of acntIng In p¥eparirvJ the finanThal slalemenls. 1.3 Charitabl• funds Unrestricted funds are avalable use at the do(xption of the tntslees m lurtherance of their tharitlp cèie¢tEves. Restricted funds are subject lo speofic condilw)rffj by dorK¥5 (Y grarfo¥s as ¢0 how they may be us&Y. The rposes aTrJ uses ol the 51cted funds we sel oul in io hiarJaI statemenls. Endowmeni IEThJs are wbiecl to SPBufK ¢ondrtions by donors that the CaFNlal wwst be mainlained by the charity. 1.4 Incom• Income is recognised when ihe charrty 5s18galty entilled to li aftèr any perfomiance condth.ons have been met. the amounts can be fneasured relTrably. arbj rt is probable Ihat incorne w41 be ceIved. 1.$ Exp8ndltsJr• Liabilities are recogr)i5ed as expenditwe a5 SO as the is a legal or constructNe ¢Y)h.gatw mMittIng the d)aiity to thal èxpenditure. it is probat4e Ihal a Ir3nsfÈr tjl ÈcorKxmtc benefits will be reqwred In setllemenl and the amounl of Ihe Oblal4) can be measured relk2bty. Expendrtufe Is a¢¢ounted for on an accrua15 ba515 and has been dassified under headings that awregate am cost related 10 the ¢gory. ere costs cannol be diredy attribuled to parbwlar hpadiThJs Ilw havè alIcted to acteS cm a basis ¢on&stenl with the use ol resources. Grants payable are tharged in ts ye•r the off8f is made eXCp1 in those cases where the offer is ndilional. such granis Ing recognised as expenditure when the condilions attaching are fulfilled. Gian15 offered subiect lo cond¢tions whK have not begn m¢1 al the year end date are noted as a ¢ommitmenl bul )1 a¢Grued as expenditure. All expenditure is jSre of iwecoverable VAT. 12-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounllng polO¢l¢s IContinu•dl 1.6 Tangibl• fix•d ass•ts Tangible fixed assels are inrtialy measured at eosl and subsequently mèasur8d at cost or vauabon, net of depreciai)n and any impaiinMI kssses. Depreciation is iecognised so as lo wnte off cost or vthJaln of assets b¥s thw residua values over thr useful liv05 on ts followirKJ bas8$'. Computer¥ Strathl Line 33% The gain c¢ loss on Ihe ol an asset is determ10 as the dtherenrA behveen the sale prweejs the canw'ng vakne ofthe asset. and is recogni5ed in the staterynI of finanL?al xtivilwts. 1.7 Investmènt propèrtfje$ Inve51menl pioperty. wh¢h is prortY h¢kJ to eam renlals andlor Tor ¢aplal appreoalion. Is initially recogThsed al ¢OSI. which includes the FxKchase cosi and any diredty altribuiable expenditure. Subsequenlly it is measured ai fair value al the rwknrvJ end date. The sUu6 ry defiui on revauation is recogni5ed in profil orloss. 1.8 Fixgd In¥•stmonts Fixèd asset Investments are initi'aly measured al transxtion pric8 exdudiThJ Ii¥nsti0n cosl5. are subsequentty measured al fair value al each rew1in9 date. Changes In fair vaJe we reG(yJni5ed in n¢1 incomel(expendilurel for the yeai. TranSan costs are expensed as 1.9 Impairwnt of fixod Al eath rertIng end dale. the thanty re¥iews Ihe earryry am04mts of its taryJit4e assets lo determine whether there Is any indicabon that Ih05e assets have suffewed an ttnpairmenl loss. If any such indication exists. the r0rab ol assel is e6tifftaled in ¢xde¢ lo detwmine Ihe extent of the impawm8nl loss {rf any). f .10 Taxallon The charity 15 ex¥nyl lax on rts tharitabk i%*ies. 1.11 Con¢•ssionary loans Concessionary loans are Mea$ed in th8 financial statomenls at Ihe •mnI pak1, adjusted for any amounl whKh dee1 irrerx>vw8ble Subseqltent walualions we aso at cost vthere advantage has been taken of the exefflpln avarfable to Plth'c benefft or9anisatws rM)I lo diswunl 5uGh kyans. 13.
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Unre$trict8d Unr•strl¢tsd funds general Lady Leech 2024 2024 Total Unrnstrict•d Unr•strictgd fund$ funds general Lady Leech 2023 2023 Total 2024 2023 Rental Income Income trom Isted investmènts Interest receNable 35,826 35.826 40.764 40,764 385.227 62.262 73.376 9.479 458.eAJ3 71.741 68.699 8.166 429,365 59.560 57.394 483.315 82.85$ 566.170 452.824 76,865 529,689 Ralslng funds Unresfficted Unre5trirted funds fundg g•ngrn1 L#dy Leech 2024 2024 Totsl L)nrestrictsJ Unreslricte¢J fvnds funds general Lady Lee¢h 2023 2023 Total 2024 2023 Propety eosls General property rumiry cost5 Agents ¢omrni$¥ons Insurance Le9a fees 14,CQ4 14.1X)4 4.235 2.921 1.191 4.235 2,921 1,191 Property costs 21.1CQ 21.1(X) 13.253 13.253 Investment ma ement 72.641 13,836 86.477 68.412 13,031 81,443 93.741 13,836 107.577 81.665 13,031 94,696 14-
THE WILLIAM LEECH CHARITY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AIARCH 2024
Expend1 on charltable activities
Charitabl*
aetl¥ltles
2024
Ch•ritabl¥
activ1e5
2023
Dlr•ct Costs
Deprea8tion aThJ inyrnient
CompLrter costs
Bookkewng and SUPF
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocat•d to acti¥iti•s 2024 2023 Sundries Bank Charges Payrol costs Travel expènse$ Admin wages Govemance costs 895 702 691 4.318 827 577 1.194 2.479 3.648 3.553 16.254 14,630 Anafy5ed bett¥eeD". Charitabk actiwts 16.254 14.830 N•t movom•nt In funds 2024 2023 The net movement M) fvnd$ i8 Staled after Charn(CredJ)'. Fees payable for the audit of the charivs firla1 statemenls Depreciation ol owned tangible fwed assels 3.648 111 Trustee5 NO of the Irustees lor any pef50n5 ry)nnerAed wilh them) receNed any Temurwation or b¢rS from I chaity during Ihe yea¥ other th those disd0sl in rekled party Iiansactions note to Ihe accounis. Taxatlo The tharity 1$ ¢xempt from laxatmx) its adwib.es becaus8 aa its incxjme ¥4Jled chafitable purposes. 10 Tangible fixed assets Computgr8 Cost A¢klv)ns 999 Al 31 March 2024 999 Depre¢lation and Impalm)ent DepreGi*ion charged n the ye Al 31 March 2024 Carrylng amount Al 31 2024 888 16-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 11 Investment woporty 2024 Falr value Ai 1 April 2023 31 Mah 224 609.729 12 Fixed asset investments Llltsd Investments o$t orvaluatlon At 1 Awl 2023 Addrtion$ Valuation "sposat5 19,299,014 8.267,329 1200,6951 17,126,892) At 31 March 2024 20,238.756 Carying ¥mount At 31 March 2024 20.238.756 Al 31 Marth 2023 19.299.014 t3 Dobtorn 2024 2023 Amounts fallin9 du• within on• y•ar. Rental debtors Coneessionary bans to charilies Other debtors Prepayments and ¥x¥ued wKJJm8 7.277 117.01]0 10.660 331.0)0 3S 6,455 131.820 348.150 2024 2023 Amounts tslllng due after more than ong ygar. Coneessionw bans to chariti'es 80,245 142,Cl)O Total dobtor8 212,065 490.150 17-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Curr¢nt a$$et invesknents 2024 2023 Unlted in¥è4m¢rt$ 200.CQI 15 Crnditors: amounts falll•)g due within one year 2024 2023 Tradè ¢yèdilors Other creditor5 Accruals and delerred Ioe 3.317 547 19.605 1.075 2.283 24.049 23,469 27.407 16 Unrestricted fvnd¥- LI Leg¢h These are unrestrKted funds are material lo the Ltsitrfs actMiEs. At 1 April 2023 Incoming Resources resources expended Gains and At 31 10¥¥•8 2024 3.056.144 82.855 1118.8191 143.045 3.163.225 Previous year: At 1 April 2022 Ineomln9 resourGes Re50urce5 oxpèniknd Gains and Al 31 hlarc losse$ 2023 3.31)0.192 76.865 19S.031} 1225.882> 3.056,144 18-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Unr•$tri¢tÈd ld$ The unre31ric#ed frjnds ol the tharity ecnpri5e unexFnded balan$ ol donation$ and grants whrh are not subject to speafic cx)ndrf]"ons by donors and grantors as lo hcw they rnay be used. These include designated hjnds whKh have btren sel asKk (xrt of unrestricted fLmds by the trustee5 foi spefiC purp)ses. At1Apr 202J Incoming Resourca$ rnsourtes expended Gains and At 31 March losses 2024 General funds 1B.154.395 483.315 1391,101} gJ8,761 19.155,370 Pfg¥lou8 y•ai: At 1 Awil Incoming 2022 rKourt•¥ R•sourcg5 •xp•nd•d Gin¥ and At 31 March losses 2023 General funds 19.314.621 452.824 1427.1701 11.185.880) 18,154.395 18 Analysis ol nel a$ts b•t4rt•n lunds Unr•strict•d UN•#trbctsd fvnds funds generdl Lady Lch 2024 2024 Total 2024 At 31 March 2024: Tangible assels Investment pioperties Inveslmenls Current aSsetObItieSI 609.729 17.075.531 1.469.222 e09.729 20,238.756 1.469.222 3.163,225 19.155.370 3.163.225 22.318,595 Unrestricted Unrostri¢tsd funds funds neral Lady Leech 2023 2023 Total 2023 At 31 Marett 2023: Investment propert Investments Current as5etgjok8bdrts) 61YJ.729 16.242.870 1.301.796 609,729 19.2g9.Q114 1.301.796 3.056.144 18.154.395 3.056.1H 21,210.S39 19-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Ca$h generated operatlons 2024 2023 SurpluslldefrtI for Ihtr year 1.108.056 17.404.274) Adjustments for.. Investment income reo)gnisèd in siaièment of financaal (Gain)Iloss on dposal ol investsnen15 Fair Wdlue ga5 and k)sses on investMtS Depreciation and Imp•irm¢nl of fixed assets 1586.1701 (1.252.501) 200.695 111 1529.6891 346.545 t.15.217 Movemènts Ki working caprtal.. Decteasellirtfeasel In deblors (Decrease) in crethlors 278.085 13.9381 174.5581 15,2231 Cash absorbgd by 01*0• 1235.662 (601.9821 20 Aty$1$ ol ¢hangès In fund• The chanty had no materk4 debl during Ihe year. 21 R•latèd party transactions Ounng the year thè chanty eniere(l into the frAlowing Iransadion5 wilh relatèd partS.. Dunng the year fees taling £6,000 12023. £6.CWI were paKJ to J Leèch lor admlnistrali(M) sgrvicos provKled. Mrs J LeeGh is Ihe wrfe of Mr R Leech. a Truslee ol Charity. -20-