THE HADLEY PROJECTS FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charity Number 1191063
THE HADLEY PROJECTS FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 CONTENTS PAGE Trustees and professional advisers Trustees, annual report Independent auditors report Statement of financial aGtivitses ststement of financial position 10 Notes to the finanal Statements
Page 1 THE HADLEY PROJECTS FUND TRUSTEES AND PROFESSIONAL ADVISERS The Trustees Philip Hulme Jan Hulme Tom Hulme Kate Prideaux Sophle Swift Charity Offices 'Gladsmui Hadley Common Bamet Herts. EN5 5QE Auditors Newton & Gamer Limited Chartered Accountants & Registered Auditors Building 2 30 Friem Park North Finchley London. N12 9DA Accountants Cty Tax Consultants LimÉted Building 2 30 Friem Park North Finchley London, N12 9DA Bankers Barclays Bank plc One Stanhope Gate Mayfair London W1K 1AF Solicitors Linkiaters One Silk Street London EC2Y 8HQ Investment Advisors Goldman Sachs Intemational Plumtree Court 25 Shoe Lane London EC4A 4AU
Page 2 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The trustees have pleasure in presenting their report and the financial statements for the charity forthe year ended 31" March 2024, which is the fourth year of operation. CONSTITUTION AND OBJECTS The Hadley Projects Fund (trET[ is constituted by trust deed dated the July 2020. It is a grant making charity. Under the terms of the deed the trustees are able to apply the income and capttsl of the Trust in such manner as they think fft for obje¢ts which are exclusively charitable under the laws of England and Wales. GRANT MAKING POLICIES The trustees. general approach has been to further the Trusvs objects by engaging with and making grants to other regk%tered tharities. The Hadley Projects Fund is a sister charity of the Hadley Trust. It was established with the aim of providing funding for large projects which do not fit easily within the Hadley Trust's funding conslraints. The Trustee5 of the Hadley Trust have now varied the Trust Deed of the Hadley Trust SO that those funding constraints no longer exist. The intention of the Trustees of the Hadlèy Projects Fund is therefore to explore options to wind up the Trust by transferring its assets to the Hadley Trust. This is likely to include seeking the Charty Commission's approval of the chosen course of action before the end of the year_ This rationalisation will result in significant savings thus freeing up extra reSoUrS for charttable purposes. PUBLIC BENEFIT The tnjstees consider that public benefft has accrued from the Trusvs grant- making activities since tts establishment and have paid due regard to thè Charity Commission's guidance on public benefft in deciding what activities the Tnjst should undertake over time. As mentioned above, the Trustees, intention is now to take advice on the trst way to wind up the Trust, which the Trustees consider to be for the public benefft as tt will allow the Trusfs assets to be more effioerrtly used in the fulure. REVIEW OF ACTIVITIES No grants were made tytsTn&(kNYYJ ts rHKxl. The trustees do not intend to make any grants whilst they tske advice as to the winding up of the Trust.
Page 3 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT (conts"nued) FOR THE YEAR ENDED 31ST PaARCH 2024 INVESTMENT POWERS The Trust Deed authorises the trustees to make and hold investments using the general funds of the charty. INVESTMENT POLICY AND PERFORMANCE The chartty's endonent is comprised of several donations of shares in CQmputanter. The settlor donated a further 230.Crf)O CC shares to the Hadley Projects Fund on 11 September 2023 with a total market value of £5,662,600. These shares were donated on the basis that they would be held on a long-term basis and CtIwIth the prior approval of the settlor. RESERVES POLICY The trustees do not designate any particular components of the chartvs endowment as reserves although, in any given year, a signtficant portion of the charty's assets could be made available for charitable purposes at the discretion of the present trustees. RISK MANAGEMENT Trustees are responsible for monitoring the risks facing the Trust and ensuring that adequate steps are taken to mitigate them. The trust has a formal risk management policy in pla. ThK8 is based on a table of potential risks. ranked via a traffic light system according to the aggregate of likelihood and severity of impact. This table is kept under regular review and formally updated and reviewed once a year. The trustees are salisfied that adequate safeguards are in pl in retion to the risks to which the Trust is exposed and measures taken to mitigate them. The financial controls are reviewed annLkg11y.
Page 4 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT (continued) FOR THE YEAR ENDED 31ST MARCH 2024 THE TRUSTEES The following trustees serrfed throughout 2023r24. Philip Hulme Jan Hulme Tom Hulme Kate Prideaux Sophie Swift TRUSTEES, RESPONSIBILrriES Law applicable to cPorÈtses in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activrties during the year. In preparing financial statements, the trustees are required to: select suitsble accounting policies and then apply them consistently" make judgements and estimates that are reasonable and prudent" slate whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements" and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charty will continue in operation. The trustees are responsible for keeping accounting records which enabie them to aSrtain and disclose with reasonable accuracy the financial position of the charity and ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charty and for taking reasonable steps for the prevention and detectlon of fraud ants oiner IrregularitS. In so far as the trustees are aware: there is no reEevant audit infomiation of which the chartty's auditors are unaware and the trustees have taken all necessary steps to make themselves aware of any relevant audtt infomiation and to ensure that the auditors are aware of the same. The trustees strrve to avoKI any cOnfit of interest between the interests of the Hadley Projects Fund on the one hand, and personal. professional. and business interests on the other. This includes avoiding the perception of conflicts of interest as well as actual conflicts of interest. The trustees are aware of and have noted the new Gode of governance suggested by the charity commission, and will appty it as they consider appropriate.
Page 5 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT (continued) FOR THE YEAR ENDED 31ST PaARCH 2024 The trustees believe that they have fvlfilled all of the above obluab.ons and that this report and the accompanying accounts are compliant wtth the trust's goveming document and the Charity Commission's Statement of Recommended Practi. This trustees, report. having been approved by trustees. were signed on their behalf by- Dated: IiZ124 P W Hulme Trustee
Page 6 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND FOR THE YEAR ENDED 31ST MARCH 2024 Opinion We have audited the finan¢tal statements of The Hadley Projects Fund for the year ended 31st March 2024 whtch comprise the statement of financial athvrties, the statement of financial position and notes to the finanaal statements. The financial rewrting framework that has been applied in their preparation is applicable law and United lQngdom Accounbng Standards, including Chartties SORP (FRS 102) The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Apted Accounting Practi). In our opinion the finanaal statements: give a true and fair view of the state of the chatitls affair5 at 31 st March 2024 and of its incoming reSoUrS and application of resources, for the year then ended", have been property prepared in accordance with United lQngdom Generally Accepted Accounting Practi. and have been prepar8d in accordance wrth the requirements of the CharÉiies Act 2011. Basis for opinion We conducted our audtt in accordance with Intemational Stsndards on Audtting (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, inclLKling the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in aGG0rdan with these requirements. We believe that the audit evidence we have obtained is sufFicierrt and appropriate to provide a basis for our opinion. Concluslon related to going concern We have nothing to report in respect of the following matters in relation to which the ISA'S (UK} require us to report to you where-. the trustees, use of going concem basis of the accounting in the preparation of the financial statements is not appropriate. or the trustees have not disclosed in the finanoal statemerrts any identified material uncertainties that may cast significant doubt atoui the charitys abilty to continue to adopt the going conrn basis of accounting for a penod of at least twelve months from the date when the financial statements are authorised for issue. Other infonnation The trustees are responsible for the other infonnation. The other infomation comprises the infomiation included in the trustee's report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial ststements does not cover the other information, except to the extent otherwise explicitly stated in our report. we do not express any fomi of assuran conclusion thereon.
Page 7 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND (Continued) FOR THE YEAR ENDED 31ST MARCH 2024 Other inforniatlon In connection with our audit of the financial statements, our responsibilty is to read th8 Other infomiation and, in doing so, consÉder whether the other inforniation is material inconsistent wth the financial statements or our knowledge obtained in the audrf( or othemse appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or an material misstatement of the other information. If, based on the work we have performed , we conclude that there is a material misst*ement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion adequate accounting records have not been kept. or retums adequate for our audit have not yet been received from branches not visrled by us" or the financial statements are not in agreement with the accounting records and retums; or We have not reIved all the infonnation and explanations we require for our audit. R8sponsibilities of trustees As explained more fully in the trustees, responsibilrties statement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are fee from material misstatement, whether due to fraud or error. In preparing the financial statements, the tTUStees are responsible for assessing the ¢hariVs ability to continue as a going concem, disclosing, as applicable. matters related to going concem ano using the going concem basis of accounting unless the trustees either intend to cease operations, or have no rea5istlG attemative blrt to do so. Auditovs responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charrbes Act 2011 and report in accordance wtth the Act and relevant regulations made or haMng effect thereunder. our responsibility is to audit the financial statements in accordance wtth relevant legal and regulatory requlrements and Intemational Standards on Auditing (UK and Ireland). These standards require us to comply with the Auditing Practice Board's (APB'S) Ethical Standards for Auditors.
Page 8 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND (continued) FOR THE YEAR ENDED 31ST paARCH 2024 Extent to which the audit was consldered capable of detecting irrigularities. includlng fraud Irregularities, including fraud, are instances of nonrycompliance with laws and regulations. We identrfied and assessed the rtsks of material misstatement of the financral statements from irregularities, whether due to fraLKI or error. and discussed these between our audit team members. We then designed and performed audrt procudures reponsive to those risks, including audtt evidenGe sufficient and appropriate to probllde a basis for our opinion. We obtained an understanding of the legal and regulatory frameworf(s wrthin which the charitable trust operates, focusing on those laws and regulations that have a direct effect on the detennination of matenal amounts and disclosures in the financial statements. The main law and regulation we considered in this context was the Charities SORP (FRS 102) We assessed the required compliance with these as part of our audit proujdures on the related financial statement ttems. We also considered the opportunities and inntiveS that may exist within the charitable trust for fraud. Auditing standards limrt the required audit prOdureS lo indentify nonkncompliance. We identified the greatest risk of material impact on the financial statements from iegUlatIes. including fraud, to be wtihin the recording ol incorne and valuation of investments and the override of controls by management. Our audit procedures to repond to these risks included additional work reviewing investment income and valuations. enquiries of management and analytical review procedures. Owing to the inherent limiations of an audti, these is an unavoidable risk that we may not have detected some material misstatements in the financial statemetns, even though we have properly planned and perfomied our audit in accordanrE wth auditing standards. We are not responsible for preventing non-complian and cannot be expected to detect non-compliance with all laws and regulations. U•¢ of the audit report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitys trustees those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fvllest extent pemiitted by law, we do not apt or assume responsibility to anyone other than the chartty and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have fomied. Robert Knight, FCCA, ATII. Statutory Auditor For and on behalf of NeIon & Gamer Limited Newton & Gamer Limited Chartered Accountants & Registered Auditor5 Building 2, 30 Friem Park, North Finchley, London, N12 9DA Dale 9K W- 2*ly
Page 9 THE HADLEY PROJECTS FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST AIARCH 2024 Tolal Funds Period lo 2023 Unrestrtcted Endowment T¢)tal Funds Funds Funds 2024 INCOME AND ENDOWMENTS Donations and legacies Investments 5.662.600 5,662.600 411,749 6,174,000 212,248 411.749 TOTAL INCOME 411.749 5.662.600 6,074,349 6,386,248 EXPENDITURE Expenditure on raising funds- Expendf(ure on charitable activities 415 13,41)0 13,400 60.400 TOTAL EXPENDITURE Net Income 13.400 398,349 13,400 6,060.949 60,400 6,325,848 5.662,600 Transfer bett¥een funds 398.349 6,060,949 6.060.949 6,325,848 OTHER RECOGNISED GAINS AND LOSSES {LossesllGains on ValUab"On of fix&J assets 3J28,200 3 328.200 1,368,000 NET MOVEMENT IN FUNDS 9.389,149 9,389,149 4.957,848 RECONCILIATION OF FUNDS Total Funds broughl forward 10.889,003 10.889,003 5,931.155 TOTAL FUNDS CARRIED FORWARD 20.278.152 20 278,152 10,889,003 The Statement of Financial Acbvibes includes all gains and losses in Ihe period. l income and expendthre derive from Continuing activrb"es.
THE HADLEY PROJECTS FUND STATEMENT OF FINANCIAL POSITION 31ST MARCH 2024 Pagg 10 2024 2023 FIXED ASSETS Investments 20238.952 10,836.403 20238.952 10,836.403 CURRENT ASSETS Cash 8t bank 58,600 58,600 CREDrroRS: Amounts falling due within one year 10 7200 6.000 NET CURRENT ASSETS 39200 52,600 TOTAL ASSEfs LESS CURRENT LIABILITIES 20.278,152 10 889,003 NET ASSETS 20.278.152 10,889,003 FUNDS OF THE CHARiff Endowment fvnds 11 20,2rn152 10.889,003 TOTAL CHARrrY FUNDS 20.278,152 10,889,003 These financial ststements, having been ap[0Ved by the trustees. were signed on their behaff by.. dabj.. P.W. Hulme Trustee The notes on pages 11 to 14 forni part of these accounts
Page 11 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST kWiCH 2024 I. ACCOUNTING POLICIES Accounting convention The financial statements have been prepared in accordance wlh A(Unting and RepoTting by Charibes:_ ststement of Recommended Practice applThble kn chaTtts"es preparing their acwjnts in accordan with the Finanal Reporting Stsndard applb in the UK and Republic of Ireland {FRS 102} leffeofve 1st January 2015}- {Charities SORP {FRS 102)), The Financial Reporting Standard applicable in the UK arKI Republic of Ireland IFRS 1021 and the Chanties Act 2011. The Hadley Projects Trust meets the definrt*)n of a publ benefft entity under FRS 102. Assets and liabilittes a initially recognised at historical cost or transaction value unless othefwse stated in the relevant accounting policy notes. There are no material unrtaIntieS about The Hadw Project Funds ability to continue as a going cOnM. In preparing the financial statements, the trustees have considered whether in applying the acGounting policies required by FRS 102 and the Charsties SORP (FRS 1021 the restatement of comparative items was required. No material restatement of comparalive items vras required. The financial statements are prepared in sterling. whth i8 the fvnth.onal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Income Voluntary income and donab.ons are accounted for when reNed by the charity. Donations of shares are valued at the Mid-pri on the date of donab"on. Investment income is accounted for in the Fwicxj in which the chanty is entided to receipl Expendlture Expersditure is accounted for on an accruals basis. Expenditure on raising funds Comprise those Ix)sts direcly attributable to managing the investment portfolio and raising investment income. Grants payable are charged in the year en the charity offer is ¢onveyed to the recFpient except in those cases where the offer is condtbonal, such grants being recognised as exFendrture when the condttions attaching are fvlfilled. AIS costs are allocated betw expenditure Categor of the Statement of Financial Activities on a basis designed to reflect the use of Ihe resource costs relating to a parb'cuLgr actNity. Investments Investments are included at closing mid-market value at the balance sheet date. Realised and unrealised gwns and losses on investments are deatt yth in the Statsment of Financial ActNities and are calculated on a first in first out basis. Unlisted investrnents are initially recorded at cos( and subsequentty measured at fair value.
Page12 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POUCIES (Conlinued) Cash at bank Cash at bank are basic financtal assets and indude deposrts hekl at call with banks and bank overdrafL Bank overdraft are shown wtthin borrowings in current liabililies. Forelgn Gurrencies Assets and liabilth.es in foreign cJjrTencS are transtate(l into sterfing at the rates of exchange Nling at the balance sheet date. Transath"ons in foreign currencies are translated into steding at the rale of exchange ruling at the date of the trans&tion. Exchange dIfferereS are taken into account in arriving at the net incoming resource& Value Added Tax Value Add&J Tax is not recoverable by the chanty. and as such is indUdl in the relevant costs in the Statement of Financial ActivTb"es. Financial Instwments The ¢hartty has elected to appty the provÉ5ions of Section 11 'Basic Finanaal Instruments. and Section 12 Other Financial Instrument Issues, of FRS 102 to all of ils finanual instruments. Financial instnjments are recognised in the charitys balan sheet when the charY becomes paty to the contractual provisions of the instrument Financial assets and Itabilities are offse( with the net amounts presented in the financial statements. when there is a legalty enforceable tight to Set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and sethe the liability simultaneously. 2. DONATIONS AND LEGACIES 2024 2023 Other voluntary income 5.662,600 6,174,000 3. INVESTMENT INCOME 2024 2023 Income from listed investments Income from cash investments 393.980 17.769 209,300 2.948 212,248 4. EXPENDITURE ON CHARrrABLE ACTIVITIES The charity undertcx)k no direct charitabte *ivttE5 during the perKMJ. Total Funds Yearto 2024 Total Funds Period to 2023 Support Govemance Costs Grants 13JOO 13AOO 60,400 5. SUPPORT AND GOVERNANCE COSTS 2024 2023 The breakdown of support costs attnbutable to ¢haritable activitEs k8. Govemance costs- legal, audtt & a(x¥Juntancy 13AOO 10,400
Page 13 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 6. STAFF COSTS AND EMOLUMENTS 2024 2023 The number of staff employed by the charity during the finanaal year amounted to.. No. 7. TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS No remunerats.on was paid to trustees in the year {2023- Nill. nor were any trustees. expenses reimbursed 12023- Nil). No trustee had any personal interest in any contract or transaction entered into by the charity during the year12023 - Nill. 8. INCOME 2024 2023 This is slated after charging.. Auditors remunerabon.. - audit of the financial statements 2,640 9. INVESTMENTS Cash or Cash Equivalents Llsted Investments Total Cost or valuation At 1 st April 2023 Additions Revaluations At 31st March 2024 146.403 411.749 10.690.000 5,662.600 3.328.200 19,680,800 10.836.403 6.074,349 3.328,200 20.238.952 558,152 Impa7rn1ent At 1st April 2023 and 31st March 2024 Carrying amount At 31st March 2024 558,152 19,680,800 20.238,952 Carylng amount At 31 st March 2023 146,403 10,690,000 10,836.403 The trustees consider that the followsng indwidual investments requires disctosure.. Listed Invèstments Computacenter plc 730,OCKJ ordinary Sha £19.680.800 (2023- 500,000 ordinary shares £10,690,000). These shares are listed on the London Stctk Exchange and are valued at mid-price at the close of business on 31st March 2024. It should be noted that they were donated to the Trust on the understanding that they woukl be held on a bng-teTm basis and onty sold with the prior agreement of the donors.
THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31ST MARCH 2024 Page 14 10. CREDffORS: Amounts falllng due within one year. Arxruals 2024 2023 7,200 7,200 6,000 6,000 11. ENDOWMENT FUNDS Balance at 1A23 Incomin9 Resources inc. gains Balance at 31.3.24 Expendable endowment 10,889.003 9,389,149 20,278,152 The initsal donation5 which set up the trust and subsequent donab.ons are, uncfer the teTms of the Trust , available lo be used for charrtabie purposes. The endowment has been treated in these financial statements as an expendable end(Y•vment