THE HADLEY PROJECTS FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 Charity Number 1191063 THE HADLEY PROJECTS FUND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 CONTENTS PAGE Trustees and professional thisers TNstees' annual rewrt Independent authtors report Statement of financtal activittes Statement of financial position 10 Notes to the finanejal statements Page I THE HADLEY PROJECTS FUND TRUSTEES AND PROFESSIONAL ADVISERS The Truste8S Philip HulTne Jan Hulme Tom Hulme Kate Ptideaux soph￿ Swrft Charity Offices 'Gladsmui Hadley Common Bamet Herts. EN5 5QE Auditors Newton & Gamer Limited Chartered Accountants & Registered ALKlitors Buikling 2 30 Friem Park North Finchley London, N12 9DA Accountants Cty Tax Consultants Limited Building 2 30 Friem Park North Fin¢hley London. N12 9DA Banker5 Bardays Bank plc One Stanhope Gate Mayfair London W1K IAF Soliotors Linklaters One Silk Street London EC2Y 8HQ nvestment Adwsors 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 AIARCH 2025 The trustees have pleasure in presenling th￿r report and the finan(ial slatements forthe chaiity forthe year ended 31st Marth 2025, which is the foLth year of operation. GONSTITUTION AND OWECTS The Hadley Projects Fund is cor￿lItUted bY1T￿t de8J dated fv dh July 2020. tt is a grant maknng ch￿. Under the terms of the deed the truste8s are ableto apply the income and capital of the Trust in such manner as they thinkfit for obj'ects which are exdusively chaiitable under the laws of England and Wales. GRANT MAKING POLICIES The trustees, general approach has been to further the Trusvs objects by erwJaging with and making grants to otherregistergj thariti8S. The Hadley Projects Fund is a sister chartty of the Hadley Trust. It was established with the aim of prowding fijnding for large projeds which do not fft easily within the Hadley Trust's funding constraints. The Trustees of the Hadley Trust have now varied the Trust Deed of Ihe Hadley Trust so that those funding constraints no longer e￿$L The Trustees of the Hadley Projects Fund are continuing to explore options lo wnd up the Trust by transferring tts assets to the Hadley Twst. The TTUSte8s are liaising wth the Charity Commission to detennine the best COUTse of action to enable this. This rationalisation will result in signifiL*nt savings thus freeing up extra resources for charitable purposes. PUBLIC BENEFIT The trustees consider that public tenefft has accrued from the Trusfs grant-making activities Sin￿ its establishment and have paid due ward to the Charlty Commission's guidance on public benefit in deciding wh* activibes the Trust should undertake over tirne. As men*"oned above, the Trustees are now taking advice on the best way to wind up the Trust. which the Trustees consider to be for the public benefit as it will allow the Trust s assets to be more efficienty used in the flrture. REVIEW OF ACTIVITIES No grantswere made The trustees do not interKI to make any grants whilst th8y take advice as to Ihe wtnding up of the T￿￿t. Page 3 THE HADLEY PROJECTS FUND TRUSTEES, ANNUAL REPORT (continued) FOR THE YEAR ENDED 31ST klARCH 2025 INVESTMENT POWERS The Trust Deed authofises the trusteesto make and hc4d investrn￿ts ustng the gawal funds of the charlty. INVESTMENT POLICY AND PERFORMANCE The charity's endowment is comprised of several dona*"ons of share5 in Comp¢rtacenter. These shares were donated on the basisthatthey would be held on a long-term basis and ¢>*￿wIth the prior approval of the settlor. RESERVES POLICY The trustees do not designate any particularix)mponents ofthe tharitls endowment as reserves although, in any given year, a significant portion ofthe charity's assets ￿Uld be made available for charitable Purposes al the discretion of the present trustees. RISK MANAGEMENT Trustees are responsible for monitoring the risks fa(ing theTtust and ensuring that adequate Steps are taken to mttigate them. The trust a fomal risk management policy in pla￿. This is based on a tsble ofpotential risks. ranked via a traffic light system according to the aggregate of likelihood and severity of impact This table is kept under regular revtew and fomially updated and reviewed once a year. The trustees are satsfied that ￿￿uate safegtwts are in FA￿ in rei*1(￿ tothe fisksto which the Trust 15 exposed and measures taken to mitigate them. The financial controls are reviewgj annualty. Page 4 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT (continued) FOR TrIE YEAR ENDED 31ST MARCH 2025 THE TRUSTEES The follwng twstees served through(Mrt 2ff24f25. Philip Hulme Jan Hulme Tom Hulme Kate Prideaux Sophie Swift TRUSTEES, RESPONSIBILITIES Law applicable to chaiitses in EnglaTrJ and Wates reqLwres tstn￿tees to prepare financial statements foreach ffinanaal yearwhith give a true and fair viw ofthe charity'sfinancial actiwties during the year. In preparing finanual statements. the tnjstees are required to.. select suitable accounting policies and then appty Ihem consistentty. make judgements and estimates that a￿ reasonable and Fxudent stste whelher applicable accounting stsndards and ststements of recomrnended practi￿ have been followed, subjectto any departures disclosed and explained in the financial statements,. arKI prepare the financial ststements onthe going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records which enable them to ascertain and disclose ￿th reasonable accuracy the financial pogtion ofthe chafity and ensure that the financial statements comply With the Charib"8s Act 2011. They are also responsible for safeguarding the assets ofthe chaTity and for taking reasonable steps for the prevention and detertion of fraud and other irregularities. In so far as Ihetrustees are aware.. there is no relevant audil infomation of which thechantys auditors are unawafe the trustees havetaken all necessary steps to make Ihemselves aware of ary relevant audtt information and to ensure thatthe auditors are aware ofthesam The trustees strtve to avoid any corrflict ofinterest between the interests of the Hadley Projects Fund on the one hand. and personal, professional. and business interests on the other. This indudes avoiding the wwtion of confiidsof interest aswell as actual conflicts of interest. The trustees are aware of and have noted the new code ofgovemance suggested by the charity commi55ion, and will apply it asth8y consider appropriate. Page 5 THE HADLEY PROJECTS FUND TRUSTEES. ANNUAL REPORT (continued) FOR ThE YEAR ENDED 31ST AIARCH 2025 The tnjstees believethatthey havelulfilled all of the above obligations and that this report and the accompanying accounts are Compliant with the Trusfs governing document and the Charity commi￿on'$ Statement of R￿QmMended Practice. This tntstees, report having been approved by trusiees, were signed on their behalf ty. Daied. q I1£11S PW Hulme Trustee Page 6 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND FOR THE YEAR ENDED 31ST MARCH 2025 Opinion We have audited the finan￿al statements of Tha Hayley Projects Fund ts the year ended 31st March 2025 which comprise the statement of financial activttres. the statement of financial Posttion and notes to the financtal statements. The financsal reporting framework that has been applied in their preparation is applicable law arKJ United Kingdom AccountiNJ Starxlards. induding Charities SORP (FRS 102) The Financral Reporting Slartdard applicable in the UK and R8public of IrelarKJ (uni￿ Kingdom Generally A¢￿pted Ac￿￿ntIng PradiGe). In our opinion the financial statements. give a true and fair view of the stste of th8 charitys affairs at 31st March 2025 aThJ of its incoming resources and applic*ion of resources. for the year then ended. have been properly prepared in accordan￿ with Unit&J Kingdom Generally A￿pted Accounling Practi￿., and have been prepared in accordance with the requirements of the Charitss Act 2011. Basls for opinion We conducted our audit in accor(lance with Intsmational Stsndards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those starmdards are further described in the Auditorfs responsibil￿.eS for the audit of the financial stalements section of our report. We are independent of the charity in accordan￿ wtth the ethical requirements thal are relevant to our audri of the financial statements in the UK, induding the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance wrth these r8quirements. We believe that tt)e audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasls of Matter We draw attention to note 11 to the finanrial statements whith explains that the trustees intend to wnd up the trust and therefore do not constder rt appropriate to adopt the going concem basis of accounting in preparing the financial statements. Our optrnion is not modrfied in respect of this matter. other infomiatlon The trustees are responsible for the other infomation. The other tnfomati¢)n comprises the infomation included in the trustee's report, other than the financial statements and our aLKlit0￿S report thereon. Our opinion on the financial statements does not cover the other infomation, except to the extent othefwise explicitly ststed in our report. we do not express any fonn of assurance Gonclusion thereon. Page 7 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND (continued) FOR THE YEAR ENDED 31ST AIARCH 2025 Other Inforniation In connection with our audit of the financial statements, our responsibilty is to read the other infomation and, in doing so. consider the other infomation is material incon&stent with the financial statements or our kno￿ledge obtained in the audit or othepwise appears to be materially misstated. If we identify such material in(Thtsistencies or apparent material misstatements, a required to deteThnine whether there is a material misstatement in the financial ststements or an material misstatement of the other infomation. If, based on the work we have perfonned , we conclude thal there is a material misstatement of this otsr infonnation, Yft are required to report that fact. We have nothing to reFQrt in this regard. Matter6 on which we arg rgquired to rnport by exceplion We have nothing to report in resped of the fo11th￿ng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you rf, in our opinion adequate accounttng records have not been kept. or returns adequats for our audtt have not yet en received trom branches not visf(ed by us." or the financtal statements are not in agreement with the acownting records and retums., or We have not received all the irrformation and explanations ￿ require for our audtt. Responsibilitles of trustees As explained more fully in the trustees, respOn￿bill￿.eS statement. the t￿SteeS are responsible for th8 preparation of the financjal statements and for being satIsf￿d that they give a true and fair view. and for such internal control as the ttustees detemine is necessary to enable the preparatK)n of financi81 statements that are fee from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going ¢on¢gm. disclosing, •s applicalJe. matters related to going concem and using the going con￿￿ basis of accounting unless the trustees either intend to Gease operations. or have no realistic altemative but to do so. We reter you to N¢)te 11 to the finanGial statements. Audltovs responsibilities for the audit of tho financial stateme We have been appointed as audrtor under se&ion 144 of the Charities Act 2011 and report in accordano with the Acl and relevant wulations made or haviNJ effect thereunder. Our responsibilily is to audit the financial ststements in actr)rdan￿ wth relevant legal and regulatory requlrements and Intemational Stsndards on Auditing (UK and Ireland). These standards require us to comply with the Auditsng PraGtice Boar(fs (APB's} Ethical Standards for AudÉtors Pagg 8 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE HADLEY PROJECTS FUND (continued) FOR THE YEAR ENDED 31ST klARCH 2025 Extsnt to which the audit was considered capable of dotoctlng Irrigularitio4 including fraud Irregularrties, including fraud, are InStarK￿ of non•compliance wtth faws and regulations. We identified and assessed the risks of material mjsststement of the financial statements from irregularittes, whether due to fraud or error, and discLFssed these bet￿￿en our audit team members. We then designed and perforn￿d aLKlit procudures reportsNe to those risks, induding audit evid8n¢e sufficient and approkyiate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks wÉthin vthich the charitable trust operates. focusing on those laws and regulations that have a direct effect on the determinakn.on of material amounts and disdosures in the finanual statements. The main law and regulation we Gonsidered in this context was the Charities SORP (FRS 102) We assessed the required compliance these as part of our audit prO￿dureS on the related financial statement items. We also considered the opwtunitses arKJ inc8ntives that may exist *rythin the charitable trust for fraud. Auditing standards limit the required audii procedure5 to irKlentrfy non)1d￿J at (XX and subsequenuy measured at fair value. Page 12 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31ST MARCH 2025 ACCOUNTING POLICIES (Conbnu Cash at bank Cash at bank are bas￿ ffin￿l assets and include (ktwts t*hJ at (* with banks and bank overdraft. Fornign currenclgs Assets and liabilibes in foreign currencyes are transkted into sterling at ￿ rates of exchange ruling al the baL3nce sheet dale. Transactions in lown tsjrrencies are tf3nsiated into sterling at the rate of exchange ruling at tho date of the transaitTh. Ex(*ange drff￿en￿ are tsken into account in arriwn9 at the nel incoming resour￿$. Value Added Tax Value Added Tax is not recoverable ￿ the chatity. and as such ig induded in the relevant costs in the Statement of Financial Activ￿.eS. Flnanclal Imtrnments The charity has eleded to appty the provisions of Se¢bJn 11 Basic Financol Instruments, and Secbon 12 Other Financkql Instrument Issues. of FRS 102 to aH of its fin8nco1 tnstruments. Financial instruments are rwn6sed in the chanvs balance sheet when the charity becomes paty to the conlrdclua provisions of the instrumenL Financial assets and liabilrb'es are offseL wrth the nel amounts presented in the financ￿1 slatements. when there ts a legalty enfortsable right to set off thè recognised amounts and there is an intention to setue on a net basrs or to realise the asset and settle the liability simutsneousty. 2. DONATIONS AND LEGACIES 2026 2024 Other voluntsry income 5.862.600 3. INVESTMENT INCOME 202S 2024 Income from listed investn7ents In¢ome from cash investrnents 516.110 41.483 $57.593 393,980 17.769 411.749 4. EXPENDITURE ON CHARITABLE ACTMTIES The charity undertook no direct charitabtg activrb85 during the p￿￿. Total Funds Year to 2025 Tolal Funds Perlod to 2024 Support Governance Costs Grnnt8 38,592 38.592 13,400 5. SUPPORT AND GOVERNANCE COSTS 2025 2024 The breakdown of supwjrt c4)sts attriiKrtable to tharit* activrhes is." Goveman¢e costs. *al, aL￿rt & acs)untancy 38,592 13400 Page 13 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 6. STAFF COSTS AND EMOLUMEi¥rs 2025 2024 The numberof staff emFdoyEd by the ch&ity durmg thg )knan(aai year amounted to.. No. No. 7. TRUSTEE REMUNERATK)N AND RELATED PAKfY TRANSACTIONS No remuner*i)n was patd to truslees ui the year (2024. Nii). nor were any trustees, expenses reimbursed 12024- Nill. No trustee had any ￿rsona interest in ￿Y ccxthct or Iransa(kn enlered into by the charity during the yeai (2024 - Nil}. 8. NET INCOME 2025 2024 This is stated after chargiNJ." Auditors remuneration.. - audlt of the finanual statements 2.760 2.760 9. INVESTMENTS Cash or Cash Equivalents Investm￿ Total Cost or valuation At 1st April 2024 Additions Revaluats"ons At 31st March 2025 558,152 557.593 19,680,800 20.238.952 557,593 1,839,600 18,956,945 1.839,600 17,841,200 1,115,745 Impalrnient At 1st April 2024 and 31st March 2025 Carrylng amount At 31st March 2025 1.115.745 17.841.200 18 956,945 Carrylng amourt At 31 st March 2024 558,152 19.680,800 20.238,952 trustees constder thatthe folknving ir￿l¥ldUal ￿¥8Strnents ￿UireS dI￿osure.. Listed Investments Computacenter plc 730,Cw)O ordinary shares £17.841,200 {2024- £19.680.8001. These shares are ftsted on the London St￿k Exchange and are vahjed at mi&price at the clos8 of business on 3151 March 2025. It slK)uld ￿ noted that they wete donated to the Trust on the nderstanding that they would be held on a lon￿171 b8si% and onty sold with the prior ￿￿ernent of the donots. Page 14 THE HADLEY PROJECTS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 10. CREDrroRS: Amounts falllng due wlthln on• year. 2025 2024 A¢cwls 7.200 7,21)0 7.200 7,200 11. GOING CONCERN The trustees have resofved tha(8ubJe¢t to obtaFning the rwtssary consent from the Charity Commission, it ￿ Ihoir intention to wind up the chanty. As a resul these financial statements have not been prepared on a going concem basis The trustees will ensure that all obh'gations are met and that any remaining assets are distributed in aC£Ordan￿ the thariils goveming documentand applKable Law. A fomial tfmetsble for dO$u￿ V•ill te agreed onc* consent has oblaned. 12. ENDOWMENT FUNDS Balance at Incomlng Re80urces inc. galns Balance at 31.3.25 ExFendable end￿¥ment 20,278.152 1.320.599 18,957,553 The initial ¢Jonattons which set up the trust and subsequent donatK)ns are. under the tems of the Trust Deed, availab￿ to be used for charrtabie purFrfises. The endowment been treated in these financial statements as an eyndable endowment