Charlty regi$trotion number 11869S7 {England and Wales) THE WILLIAM LEECH CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE WILLIAM LEECH CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trust••$ RD Lo9th OA Stabler B Wallace DA Wilkinson HM Short Charlty nUMr 1186957 Prln¢ipal addrg rjo Robson Laidtar Accounlanls Ltd Fernwood House Fernwood Road Jesmor7d New¢aslle upon Tyne NE2 1TJ Auditor Robson Laidler A¢couttsnts Limited Fe¥nwood Hovse Fernwood Road Jesmond Newcastle upon Tyne NE2 1TJ Soli¢itor• Muckle5 LLP Time Central 32 Gallowgale Newcastte upon Tyne NE1 ABF Investment managers Investec Weatth and Investment Limited 2 Gresham Streèt London EC2V 7QN
THE WILLIAM LEECH CHARITY CONTENTS Page Trustees, report Indèpendent audilorfs report Slatemenl ol financial activrties 8818n¢è sheet 10 Statement of cash fiows Notes to the finan¢ial statements 12-20
THE WILLIAM LEECH CHARITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Irusle85 presenl their annual rèport at)d finarrial siatem&nts for the year ended 31 March 2025. The financial slalemenls have been prepared in accordance with the accounting poliries sel out in note 1 to the financial statements and comply with the the Charities Act 2011 and "Accounting and Reporting by Charities.. statement of Recommend¥d Practice applicable lo charities weparing their accounis in ac¢ordan¢e wilh the Financial Reporting Slandèrd applicable in the UK and Republic of Ireland IFRS 102} leffoctive 1 January 20191" Obje¢tive$ and activities In 1972 SIT William Leech set up Thé William Leèch Property Trust {now The Wmiam Leech Charity) an4 donated lo il some 300 tenanted properties. the rents from which repSented income for the Charity. Since then most of the properbès have been 501d and the proceeds of sale. together with the unsold Pfoperties, now fomi the Twstees, Asset Portfolio. The Asset Portfolio is divided into tsyo unrestricted designated funds namety The Main Fund and The L8dy Leech Fund. The Main Fund makes grarils and interest free loans lo registered charities working in Northumberland. Tyne and Wear and County Durham, whilst The Lady Leech Fund awards grants lo charrties working overseas", parts"cularfy those with proiects which benefit chiklren in und8¥developed area5 in the world, and which usual have links with the North East of England. Grants are awarded al the discreticn of the Trustees. Objectlv•s and alm$ The obje¢l of the Charity is lo pay or apply Capital or tncome to any charitable society, inslifution or other body fo¥ any charitable purposes. The TNste8s take into account their Guidelines when makn.ng grant awards, but they are not binding upon them. Granlmaking Historicalty the TnJ$l Seuelary has monifored all grant and 1ts8n applicatk?ns which are initially reviewed by the appeals sub-cornmittee comprising the Chairman. a Trustee and the Trust Secretary before being placed before the Trustees with the SucomMittee,$ ie¢omrnendalions, however moving foard the charity has developed and implemented a web basert applicaiion system and has updated the web page to reifect this. Ap1¢allonS received online are now available lo all trustees and the review of new applications is continuous. The trustees do however dose new applications 2 weeks prior to a trustees meeting. For some proposed grant$ or loans one OT more Trustees may make further enquiries and feport to the meeting of Trusteès with a further recommendation before any grant OT loan is awarded. It is the Truslee5' policy wherever possible lo consider all applications al their bbmonthly meetings. Su¢¢es5ful 8pplicants are required to provide a written undertaking when they acknowledge receipt of the donation that the grant or loan will be uswj for the purposes statèd in the orignal apiCatiOn and to return any funds not used for that spécrfièd purpose. Grnnt making policy The Main Fund awards grants and interest free loans which are made al the discretion of thé Trustees. The Trustees wish to encourage local Community-spirited people who create and sustain Inte$1 in the volLsnlary sector, and thèy particularfy want to support those who are voluntarily helping others. those with an active Christian involvement.. and those who arè engaged In areas of great depnvalion. The Tr¢Jstees do not lavoui giving charitable support to individuals. students. the Arts. holidays and èxdrtlon5 or minibuses. The L8dy Leech Fund is used to make gr8nls for overseas projects fowssing primarity on the med31. education81 and environmental needs of ¢hildTen in underdevèloped rA)unlrie$. and also em8rgency aid in response lo natural disasteis. The Iruslees have paid due Tegard lo guidance i$SL$6d by the Charity Commission in deading what actiwties the chaiity should undertake.
THE WILLIAM LEECH CHARITY TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievemonts and p•rformanc8 Investment perfomiance The Trustees. investmènt objective is lo ger7erate s(th(ient income to allow il to meet ils purpose5 COllSlStently year on yeaf. while al least maintaining the real value of its capital assets. From time to time the trustees may distribute in any one year more than the incomè generated In that year, and will use capital lo make up the difference. On very rare oc¢3sions they may disl¥ibute in any one year less than the income generated in that year and will invest the undislnbuted inme. Over a penod of years, they expect to fully distiibute any undistributed income from previous years. As both capital and income may be used * any time IOT the lurth•rance of the Charitys aims and obj8¢ts, the Stock market portfolio shoLsld be managed on a total retum basis. The detailed invesimenl objectives and ruIrementS ale as follows". "Balancod" retum betsyeen income and ¢aprtal Medium Discretionary 30 years plus Objective Risk Mandate Time Horizon The remaining 6 investment properties ¢ompri5e residential tenanted properties and #re induded al their market value which is adjusted annually u51rsg the IPD UK residenb.al investment index discounted from vacant posses510n value. Ovèr the year the house price index in the area of the north east where thè properties are silualed has rèmained $18tic. The Trustees review this poli¢y from time lo time and are satisfied th81 this method gives a realistic property valuation without incurring undue costs. Wnen a prorty bewmès vacant il is valued by a chartafed Suey0f and offefed for sale at market value. Although the Trustees have a discretionary power lo distribute capital, and have done so from lime lo lime. their long term policy 15 to try to ensvrè that the real value of the capital assets of the Tfust is maintsined. Fin4n¢lal revlew Incoming resour¢$s Total incoming resources for the year arnounled to £624.536. Investment income totalled £624,536 conssstsng of £39.261 fental income wrth the balance being from dividends and inlere5t. Exp•ndlture during the year Of the total resources expended of £1.288.664. £1,098.264 was paid out as grants. Property costs amount to £22,073. with administration of chantabk activities £12,283 and SLSPPOrt and govemanc* at £61.925. AnalysÉ$ of net a$$¢ts bee¢n funds Note 18 Sets out an analysis of the assets attributable to the fv40 unrestricted funds. These asséts are sufficient to meet the Charity's obligations. Trustees would wish to encfjurage applications from organi58tions Iradilionally supported by the Trustees. namety charities who are voluntarily helping others, as these have remained subdued. The G¥ant Application Managemenl System became active at the beginning 012020. It is hoped that now the system 15 lully developod that il will encourage more tsrgeted appli¢ations and streamline the review procèdures for Trustees.
THE WILLIAM LEECH CHARITY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Dhclosuro of Inlorniation to auditor Each of the trustee5 has confimed that theTe is no informa150n of which they are aware whi¢h is relevant Its the audit but ol which the auditor is unaware. They have further confimied that they have taken appropriate steps lo identfy such relevant information and lo establisf> that the auditOT is aware of suth infomation. The trustees, report was appToved by the Board of Trustees. RD Lch Trustee Dated. 12 January 2026
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WILLIAM LEECH CHARITh~. Opinlon We have audited the financial statements of The WThlliam Leech Charty (the '¢harity'l for the year ended 31 March 2025 which compiise the slalement of finanual actiwties. Ihtt balance sheèt. the statement of cash ftows and notes to the finanaal statements. Including significant accounlir7g polifyes. The financial reporting framework that has been. applied in their prep8ralion is applicable law and United Kingdom Ac£ounting Standards, induding Financial Reporting Standard 102 Th& Financial Reporting Standard applicable in th& UK and R&public of Ire18nd Iunited Kingdom Generally Accepted Accounting Practi1. In o¢Jr opinion. the financial slalements.. give a true and fair view of the state of the chanty's affairs as at 31 Marth 2025 and of its incoming ¥esour¢os and application of resources, fo¥ the year then ended," have been properly piepared in attordancg with United Kin9dom Genarnlly Accopted AccoLfnling Practice., have been ppared in accordance th the Charitigs Act 2011. 8asls for oplnlon We conducted our audit in a¢¢ordance with Intemalional Standards on Auditing IUK) IISAS {UlQl and applicable law. Our responsibi1t13 undei those standards are further described In the Audilorfs rnsponsibilifyes lor the audil of the finsncial statements sedion of our report. We are independent of the charity in a¢¢ordancè with the othical requirements lttal are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have fU111d our other Qlhical responsikn'lih'es in accordance with these requiiements. We believe thal the audit evidence we have obtained 1$ sufficient and appropriate to PToMde a basis for our opinion. Conclusions rnlatlng to golng ¢onc•rn In auditing the financaal stslements, V4e have conduded that the trustees. use of the going concem basis of accounting in the preparatson of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or condition5 that, individually ot collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of al ltrasl tsvelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with resp¢et to going coreM are described in the relevant sections of this report. Other information The other information compri$&s the informat¢on indu¢Jed in the annual report othef than the financial stslements and our auditor's report thereon. The trustees are responsible for the other infomion contained wrthin the annual report. Our opinion on the ftnancAal stslements does not cover the other information and we dc not express any form of assurance conclusion thereon. Our responsibilty is lo read the olher information and, in doing 50, consider whether the other infomat¢on is materially iftcon51sl¢nl with the financial $lalements OK our knowledge obtained in the course of the audit, or OthenSe appears to be materially mfSSlated. If we idenbfy Such material innSistenc1es or apparent material misstatements, wè are required to detomine whether this gives rise to a rr*atersal misstatemellt in the finanrAal statements ttriemselves. If, based on the work we have perfomied. we conclude that there is a material misstatemeni of this other infomialion, we ale required lo report that fact. We have nothing to report in this regard. Matt•Tr on whl¢h we ar• fequirèd to report by exceptlon We ha¥e nothing lo report in respect of the following matters in rtrlation to whith th& Charities {Account$ and Reptrrtsl Regulations 21J08 requires us lo report to you if, in our opinion.. the information given in ltrie financial statements is incortsistent rn any material respect with the trustea$' report., or sufficient accounting records have not been kèpl,. or the financial statements are not in agreemor7t with thè accoLtnb"ng recA)rd$.' or we have not received all the infomi3lion and ewanations we Tgquire for our audit.
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WILLIAM LEECH CHARITY Rosponsibilitlès of trustees As explained more fully in the statement of tru5tees' responsibilrties, the trustees are responsible for the preparation of the financAal statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary lo enable tho preparation of finanal statements that are free Irtsm material misstatement. whether due to fraud or erTor. In preparing the financial staiemenls, thè trustees are responsible for assessing the chaiily s ability lo continue as a going concem. disclosing. as appliGable, matters related lo going concern and using the going concern basis of accounttng Llnless the trustees either intend to cease operats'ons. or have no realistic altem*ive but lo do 50. Audltorf$ rnsponsibillties for the audlt of the flfiaTrcial $tatem¢nts Vltr have been appointed as èudrtor under sect¢on 144 01 the Charities Act 2011 and report in a¢cordan¢8 wilh the Act and relevant regulab.ons made or hawng effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the finanry81 statements as a whole are free from matenal misstatèment. whether due to fraud or eTror. and to issue an auditor's port that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan¢e with ISA5 IUKI will aayS delect a rnalÈrial misstateme1 when il exisls. Misslatemtrnts can arise from fraud or error and are ¢onsidertrd material rf, individually or in the a99regate. they could reasonably be expected to influence the economic decisions of users taken on the basis ol these financial statements. The extent to which our procedures are capable of detecting Irregularities, including fraud, is detailed betow. The risk of material misslaternenl due lo error or fraud has been assessed in conjunction with how internal Controls may mitigate any such risk. These Gontrols are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating elfectivety. Analyts"¢al review and substantive testing is also performed on all material balances and therefore any instances ol non-compliance should be identified cir considered a5 insignificant. In identifyin9 and assessing risks ol material misstatement in respect of irregulaTitses, induding fraud. the audit engagement team.. obtained an understanding of the natufe of the industry and sector, it)duding the legal and regulatory framework, in which the charity operates and how the charity complies with that legal and regulatory framework inquired with management and those charged with govemanTr about their own idèntification and assessment of the risks of irregulafilies, induding any know actU81, suspected or alleged instsn¢es of fraud discussed with rnanagement and those charged with governance any non-compliance with laws and regulations and how fraud might ocwr induding assessments ol how and where the financial slalements may be suscepts.ble to fraud. The risk of management override of controls was also c¥)nsidefed an area of potenti41 misstatement due lo fraud. Audit procedures performed included testing of manual jotjfflal entries and other adjustment5 and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of btjsiness. TheTe are inherent limitations in the audit procedures described above arKI the primary responsibility for the prevention and detedion of irregularities including fraud resls w¥th management. As with any audit, there remained a sk of non-dete¢tion of irregulaTlties, as these may involve collusion. forgery. Intentional omissions. misrepresentations Of Ihe override of Intemal controls. A furthèr de$ptIOn of our responsibilities is available on the Finanual Reporting Counul'5 website at.. https.'Il www.tr¢.org.uklauditorsresponsibil¥ties. This description forms part of our audrto¢s report.
THE WILLIAM LEECH CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governanc• and managemont The charrty 15 controlled by ils goveming documonl, a deed of trust, and ¢onslilutes a Charitable Incorporated Organisation. Charity constitution The William Leech Charity is a cbarrtate Incorporated Organisation registgred charity number 1186957. The PUIPOse ofThe William Leech Charity is to make grants and interest froe loans for chaT¥table PUWises. The trustees who served during the year and up to the dale of signalule of the financial statements were.. RD Leech AC GitFord DA Sl8bler B Wallace DA Wilkit)son HM Short (Resigned 24 Juty 2024) Risk managam*nt The trustees have identified the major strategic business and operational risks to whth the charity might be posed. and confirni that these have been roviewed and strategies aro established to miti'gate such risks. In partIlaT larger grants are only paid after more in depth Tesearch by trustees. The Trustees, Asset Portfolio, othèr than the few remaining propert1è5. is held in a portfolio of quoted investments which is managed by external investment managers. Inveslee Wealth and Management Ltd. Trustees meet a year wrth Investec whts have discretionary powers bul have been given a fvll statement of the Investment Policy by the Trustees. Statement of tru$t¢•$' rosponslbllltl•s The Iru51ees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom A¢couriling Standards (United Kingdom Generally ApIed Accounting Pract¢1. The law applicable 1¢ charities in England and Wale5 requires the Iwslees lo prepare finan(i81 statements for each financtal year which give a true and fair wew of th& stsle of affairs of th6 charity and ol the in¢oming resources arid application of resour¢es of the charsty for that year. In preparing these financial statements, the trustees are reqLtired trJ-. select suitablè a¢counling poli&es and then apply them consi$lenlly', obseNe the methods and prinuples In the Charitiés SORP.. make judgements and eslim81es that are reasonable and prudent., slate whether applicable accounting sland¥rds have bèen followed, Subject to any rnalerial departures disclosed and explained in the finanryal statements; and prepare the financial statements or¢ the going concem basis unless rt is Trnappropriate to presume Ihal the charity will continue in opèration. The trusteès are responsibl& for keeping sufficient accounting iec4JTds that dis¢lose with reasonable 3¢curacy al any time the finanual position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Acuunts and Reports) Regulations 2008 and the prtsvisions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence fw takn.ng reasonable steps for tha prevention and detection of fraud and other irteguEarities.
THE WILLIAM LEECH CHARITY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE WILLIAM LEECH CHARITY U¥e of our report Tttis report is made solely lo the ch3rfjty's trustees, as a body, in accordance with Part 4 of the Charili8s IAco)unts and Report51 RegulalioT7S 2008. Our audit work has been undertaken so that we tTtight stat6 lo the charity's trusteès those matters we are required lo stale to them in an auditor's pOrt and for no other purpose. To the fuuest extent permitted by law. we do not accept 01 assume responsibility lo anyone other than the charity and the charlty's trustees as a body, for our audit wort(. for Ihis feport, or for the opinions we have fomiéd. Nl¢holas Cunnlngham Msc BS¢ FCCA Isgnlor Statutory Auditor) For and on behalf of Robson LaidlerAccount8nls Limited, Statutory Auditot Fèmwood House Femwood Road Jesmond Newcast upon Tyne Tyne and Vvear NE2 1TJ England 12 January 2026 Robson Laidler Accounlanls Limited ss eligible for appointment as atjdiltsr of the charity by wrtLtè of Ils eligibilty for appointrnent as audf(or of a company under seth.on 1212 of the CornpaniesAct 2006.
THE WILLIAM LEECH CHARITY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financlal yoar Unr•strictsd Unr•s¢ted funds fund5 general L¥dy Lee¢h 202S 2025 Total Total 2025 2024 Notes ncome from: Inve51menls 535,770 88.766 624,5 566.170 iturè Raising fijnds 101.133 15,059 116.192 107,577 Charitable activities 1.OCE.711 165,761 1,172.472 402,343 Totsl •xp•nditure 1,107.844 180.820 1.288,664 509.920 Net gainslllos$es} on investrnents 7,977 1.519 9.496 1.051,806 Not movttm&nt in funds 1564,097) 190.5351 1654.6321 1,108.056 Fund balances al l April 2024 19.155,370 3.163,225 22.318.595 21,210,539 Fund balances at 31 March 2025 18,591.273 3.072,690 21,663,963 22,318.595
THE WILLIAM LEECH CHARITY STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior ftnaftcial y•ar Unostrlct•d UntrICd fund$ fvnd$ general Lady Lch 2024 2024 Total 2024 Nots$ Income from.. It)veslments 483,315 82,855 566.170 Ex ithre on: Rai9 funds 93,741 13,836 107.577 Charitablè activities 297.360 104,983 402,343 T¢tal ewnditure 391,101 118,819 509,920 Net gainslllossesl (Jn investments 908,781 143,045 1,OSt.8Q6 Net mov•ment In funds 1,000,975 107,081 1,108,056 FLtnd baL4nces at 1 Aprd 2023 18.154,395 3,056,144 21,210.539 Fund balan¢e$ at 31 March 2024 19,155.370 3,163,225 22,318,595
THE WILLIAM LEECH CHARITY BALANCE SHEET AS Af31 MARCH 2025 2025 2024 Mot¥ Fixed assets TangiNe assets Investment property Inv¢stmer 10 11 12 892 609.729 20,430,420 888 609.729 20,238,758 21.041.041 20,849,373 Curr•nt assets Debtors Inveslmonts Cash al bank and in hand 13 14 1C6.940 212,065 200,000 1,080,626 542,744 649,684 1,492.691 Crdltors: amounts falling due within one ye4r 15 126.7621 123,4691 Nèt ¢urr•nt assets 622,922 1.469.222 Net a$sets 21.663,963 22,318.595 Th• funds of the charfty Unrestricted lunds- general Unrestricted funds- Lady Leech 18,591,273 3,072.690 19,155,370 3.163,225 17 21,863.963 22.318.595 The financial st81ements were a proved by the trustees on 12 January 2026 Trustee 10-
THE WILLIAM LEECH CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2026 2024 Notes . Ca$h flows from op•rallng aclvlties Cash absorbed by operations 19 {1,779,8321 1235.6621 Investing activities Purchase of tangible fixed assets Purchase ol investments Proceeds from disposal of investments Investment ino)me received {4181 {10,643,539) 10,661,371 624,536 {9991 18,267.3291 8,379,393 5e6,170 N•t ¢4sh generat•d from investing actlvitl•$ 641,950 677,235 Nfjt cash 9ènoratsd from financlng activitles Net Idecreasellln¢re#se in cash and c#$h equivalents 1537,8821 441,573 Cash and cash equivalents at beginning of year 1,080.626 639.053 Cash and cash oquiyalents at end of yèar 542.744 1,080,626
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting polici¢$ Charity Informatlo The William Lèech Charity is a Charitable Incorporated Organi5alion, charity rumber 1186957. 1.1 Accounting convention The financial statements have been Prepafed in accordance with Ihe chafity's govèrning document. the Charities Act 2011 and "Accounting and Reporting by Ch3rities.' Stalement ol Recommended Practice applicable to charittes preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffèctive 1 January 20191" The chaty is a Public Benefrt Entity as defined by FRS 102. The financial slalèmenls are prepared in SteIng. which is the functional curiency of the chanty. Monetary amounts in these fin8nual 9talements are rounded to the nearest £. The finanaal ststemenls have been prepar&d under the historical cost convention, modffied lo include investment properties and certain financlal in51tuments al fair value. The pnneipal aoUntIng policies adopted are set out below. 1.2 Going cone•rn At the lime ol approwng the financial statements. ihe Iruslees have a aSOnable expectation that the charty has adequate resour¢es to conlinutr in operational existence for the foreseeable fvIuTe. Thus the trustees continue to adopt the going concern basis of accounting Irs preparing the financial stalemenls. 1.3 Charitablè fundy Unre51ricted fund5 arè available for use al the discietion of th¢ trustees in ftsrtheTance of their chafitable objectives. Restrided funds are subject to specific conditions by donors or grantors a5 to how they may be used. The purposes and vses of the reslncted fund5 are set out in the notes to the financial statements. Endowment lund$ are subject to speufic condition$ by donors Ihal the capital must be maintainèd by the charity. 1.4 In¢omo Income is recognised when the charity is legally enlilled to il afier any perfomance conditions have been met, the amounts can be measured reliably, 8nd il is probable that income will be received. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constntdivg obligation committing the charity lo that expenditure, it IS Pfobable that a transfer of eGonomic benefits will be fgquired In settlement and the amount of the obligation can be measLred reliably. Expendituré is account for on an accrua15 basis and has been dassified under headings that aggregate 811 Cost related to the category. VeFo Costs cannot be directly attributed lo particulaf headings they have been allocated lo activities on a basis consTrslent with V)8 use of resources. Grants payable are chargert in the year when the offer is made exeept in thos8 cases where the offer is conditional. sudi grants being re¢ognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo nditionS which have not been met at the year end date are noted as a commitrnenl but not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. 12-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting pollcl•$ Icontlnuedl 1.6 Tanglbk Ilx•d assèts Tangible fixed assets are initialty measured at r£sl an¢J subsequenlly measurad al Cost or valuation, nel of depreciatson and any impaimient losses. Depfgoalion 15 recognised so as lo write off the cost or valuation of assgls te$5 their residual values over their useful lives on the following bases.. Computers Straight Line 33% The gain or lo$$ arising on the disposal of an assel is detenninèd as the dIff0nCe be•een the sate pro¢eeds and the carrying valug of Ihe asset, and 1$ regnISed in the statèment of financial aclivities. 1.7 Invèstment proporti08 Investmènt property. which is property held to eam renta15 andlor foi caprtal apprecAation. is inrtially rècoyni5ed at cost, which indLdes the puichase Cost and any directy attributable expenditure. Subsequentty it is measured at fair value al the reporting orxl dale. The Su15 or deficit on revaluation is fecognised in profit or loss. 1.8 Flxed a$$et investments Fixed asset investments are initially measured al transaction price exduding transactn costs, and are subsequenlty Tneasured at fair valve al each reporting dale. Changes in lair value are recognised in nel in¢omellexp6ndilUI for the yeai. Transaction )sIS are expensed as inujrred. 1.9 Impa[mnt of fixed assets At each reporting end dale, the charity re¥riews the carrying amourrts of its tangible assets lo detemiine whether there is any indication that those assets have suffered an impaimerrt 1055. If any s4Jch indi¢alion exists. the recoverable amount of the asset 1$ esty"maled in order lo delemine the extent of the impaifment loss Irf any). 1.10 Taxation The charity is exempl from lax on ils charitable a¢tiwties. 1.11 conc*10n1ry loans Concessionary loans are inrtially measured in the finanual statements at the amount paid, adjusted for any amount which is deemed Irre¢oveTable. Subsequent valuatKJns are aiso al cost where adwantsge has been tsken of the exemptitsn available lo publi¢ benefit organisations not lo discount such loans. 13-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investmonts Unrnstricted Unr•strict¢d funds fund$ genero1 Lady Lee¢h 202S 2025 Totsl Unre$tri¢ted Unre$trl¢t•d funds funds general Lafty Leèch 2024 2024 Totsl 202S 2024 ReFtsI income Income from listed investments Interest receivable 39,261 39,281 35,826 35.826 342.506 154,003 65.240 23,526 407,746 177,529 385,227 62,262 73,376 9,479 458.603 71.741 535,770 88,766 624.536 483.315 82.855 586.170 Raising fund8 Unre$trl¢ted Unrt8trlctsd funds funds gèn•ral Lady Leech 2025 2025 Total Unrestricted Unreslricted nds fund5 general Lady Leech 2024 2024 Total 2025 2024 Property costs Genèral propety njnning C051$ Agents commissions Insurance Legal fees 13,482 4,615 2,936 1,038 13,482 4,615 2.938 1.038 14,004 4,463 2.633 14,004 4,463 2,633 Pioperty costs 22,073 22.073 21.100 21.100 nv stmenl mana emenl 79,060 15.059 94.119 72,641 13.836 86.477 101,133 15.059 116,192 93,741 13,838 107,577 14-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expènditure on charitablè aclviti¢$ CharTrtable activities 2025 Charitable activities 2024 Dlrè¢t costs Depreciation and impairment Computer costs Bookkeeping and support 414 2,789 9,080 4,117 7,854 12,283 12.082 Grant tjnding ol activities (see note Sl 1,098,264 374.007 Share of support and govèrnancè costs Is•• note 61 Support Govaman¢e 58,085 3,840 12,6( 3.648 1,172,472 402.343 Analysis by fund Unreslricled funds- general Unrestricted fiJnds- Lady Leech 1,006.711 165.761 297.360 104.983 t,172.472 402.343 Grants payabl8 Grant making Grant making costs costs 2025 2024 Grants lo institutions.. Main fund Lady Lèedi fund 932.503 165.761 269,025 104,982 1.098.2e4 374,007 15
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs alloeated to aetlvitie¥ 2025 2024 Sundries Bank charges Payroll costs Travel expenses Admin wage5 Management fee Govemance costs B26 821 380 1.078 2.500 52.500 3.840 895 702 691 4,318 6,000 61.925 16.254 Analys•d befven: Charttable activth.es 61,925 16,254 Net mov•ment In funds 202S 2024 The nel movement in fvnds is slated after char9ingllcredittng)'. Fees payable fof the audit of the charity's financial slalements Depreciation of owned tangible fixed assets 3,840 414 3,648 Trnsteé$ None of the tTUSlees lor any persons connected with them) received any remune¥81ion or benefits from the charity during the year other than those disclosed in the relale¢J party transadions note to the accounts. Taxatlon The charity is exempt from tsxation on its acttvities because all its income is applied for charrtable purposes. 16-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Tangiblo ftxed asuts Computors Cost Al 1 April 2024 Additions 999 418 At 31 March 2025 1.417 Deprnclatjon and Impalmient Al 1 Apnl 2024 Depreciation ¢haiged in the year 414 At 31 March 2D25 525 Carrylng amount Al 31 March 2025 892 At 31 March 2024 11 Inveslment prop•rty 202S Fair valuo At 1 April 2024 and 31 March 2025 609,729 12 Fix•d asset Investmfynts Listed Investmonts Cost or valuation At l April 2024 Addit4'0ns Valuation changes Transfers Disposals 20.238,756 10,613.461 I2,038.8) 230.079 (8,814.908} At 31 March 2025 20.430.420 Carrying amount At 31 March 2025 20,430,420 At 31 March 2024 20,238,756 17-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Debtors 2025 2024 Amounts falling duo within one year: Rental debtors Concessionary loans lo tharsties Other Eleblofs Prepayments and accwed income 6,720 18.051 35 8.134 7,277 117,000 35 7.508 32.940 131.820 2025 2024 Amounts f•lllng due aft•r moro than on• year. Concessionary loans lo charities 74.000 80.245 Totsl debtors 106.940 212.065 14 Currgnt au•t Investments 2025 2024 Unlisted investments 200.000 IS Cf•dltorn: amounts falling due withln one year 2025 2024 Trade Creditors Olhef ¢reditor5 Ac¢ruals and deferred income 1,189 45 25.528 3,317 547 19,605 26.762 23,469 16 Unrestricted fund# The un¥estricted funds of the charity comprise the unexpènded balances ol donations and gran15 whi¢h are not subject to specific condrtions by donors and grantors as lo how they may be used. These include designated funds which have been set aside oul of uniestricted fund5 by the twstees lor specific purposes. At 1 April 2024 Incomlng v•sourceJ Resourc•s expended GaTn¥ and At 31 Mareh los¥•$ 2025 General funds 19,155,370 535.770 11,107,844) 7.977 18.591.273 18-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrnstrl¢tèd fund Iconvnuedl Pr•vlous year: At l April 2023 Ineoming Resources $ources expendèd Galns •nd At 31 Mar¢h losses 2024 General funds 18.154.395 483,315 1391,1011 908.761 19,155,370 17 Unyestrictod fund$ - Lady Leech These are unrestricled fvnds which are matersal tg the chartys 8ctivities. At l April 2024 Incomlng Re$ources r•$oui¢e# exnd&d Galns and At 31 March lo$$e3 202S 3,183.225 88,766 {180.8201 1.519 3.072.690 Prèvious year: At 1 Aprfl 2023 In¢oming resources Resoure•8 •xpend¢d G#in$ and At 31 March losses 2024 3,056,144 82,855 1118,8191 143,045 3,163,225 18 Analysis ol net assgts b&ts¥••n funds Unrestrictsd Unrestricted funds funds goneral Lady Le¢¢h 2025 2025 Totsl 2025 At 31 Mar¢h 2025- Tangible assets Investment properttes Investments CurTent a5setsllliabilitiesl 892 609.729 17.357.730 622,922 892 609.729 20,430.420 622,922 3,072,690 18,591.273 3,072,690 21,663,983 19-
THE WILLIAM LEECH CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Analysis of net assfrts betwe•n funds IContinuÈdl Unr•gtricted Unrestrlet¢d funds funds gen•ral L•dy Leech 2024 2024 Totsl 2024 At 31 March 2024: Tangible assets Investment properties Investments Current assetsllliabilitiesl 888 609,729 37.075,531 1,469,222 888 609.729 20.238,756 1.469,222 3,163,225 19,155,370 3.163.225 22,318.595 19 Cash gen¢rated from oporatlons 202S 2024 (Defiatllsurpus foi the year 1854,6321 1.108.056 Adjustments for. Inve51menl income Tecognised in slalemenl of financial activitiès Gain on disposal of investments Fair value gains and losses on Investments Depreciation and imp8imient of tangible fixed asset3 1624.5361 12.046,4631 2,036,967 414 1566.1701 11.252.501} 200.695 Movements in wo¥king capital.. D8iyease In debtOTS Increaselldecrea5el in credrtors 105.125 3.293 278.085 13,9381 Cash absorbed by oporations 11,179.8321 1235.662) 20 Related party tr#nsactlon$ Ourin9 the year the charity entered into the following transactions with related parties. Fees tolalling £2,50012024.. £6,000) wore paid lo Mrs J Leeth for 3dminislration sefwces prowded. Mrs J Leech is the wsfe of Mr R Leech. a Trustee of Ihe Charity. Fees lolalling £52,SIIO (2024'.Nill was paid lo MT R Leech and Mrs J Leech for management servicos provided. 21 Analy81$ of changès in netlunds The charity had no material debt duftng the yea¥. 20-