The Leche Trusl Registered Charity 1207755 Trustees, Report and Financial Statements for the year ended 31st July 2025 together with the Independent Auditor's Report
The Leche Trust Trustees. Report for the year ended 31 July 2025 (Gontinuod) The Trustees present their Annual Report and Financial Statements of the Leche Trust for the year ended 31 July 2025 prepared in accordance with the Stotement of Recommended Practice fSORPJ "Accounting and Reporting by Charities" {FRS102J Ithe"SORP"I. Reference and Admlnlstratlve Informatlon istered Chari number 1207755 Trustees Andrew Cameron (Chairl Régls Cochefert Robin Dhar (retired October 20241 Matthew Hirst Helen lJ¢obsen Iretlred lune 20251 Diana 5piegelberg Susan Sturrock (retired October 20241 Susanna Eastburn lappolnted June 20251 Peter Holmes (appointed lune 20251 Grants Dlrector Gareth Clayton lappolnted 30 September 20241 Princl al address and contact detalls PO Box 907, Orpington, BR6 INT Addre 15ter dwi rit Commlsslon Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Telephone,. 07354423316 Website= www.lechetrust.o Email.. info lechetrust.or Banker5 CAF Bank plc Kings Hill, West Malllng Maidstone ME14 9TA
Th8 Leche Trust Trustees, Report for thfr year ended 31 July 2025 (contlnuedl Le al adviser5 Charles Russell Speechlys 5 Fleet Place London EC4M 7RD Auditors Duncan & Toplis Audit Limited Statutory Auditors 3r1 Floor, 298 Regents Park Road London N3 25Z Inv Man Ruffer & Co 80 Victoria Street London SWIE 5JL WIM 16 Babmaes Street London SWIY 6AH Objectlves and Actlvltles The Leche Trust was founded and endowed by the late Angus Acworth CBE In 1950 and reconstltuted by a Deed of Settlement dated l February 1963. It was registered as a charlty on 6 March 196412256591. The Leche Trust CIO was reglstered with the Charlty Commisslon on 8 Aprll 2024112077551. Thls Is the first annual report a5 The Leche Trust CIO. Details of the transitional year are shown In note la to the accounts. On 30 september 2024 Gareth Clayton wa5 appolnted as the new Grant5 Dlrector, wlth Rosemary Ewles retirin8 In November 2024. Followlng on from processes Inltiated by the Trustees in 2023-24, which aimed to streamllne the admlnlstration of the charity's grant-making activity, these developments were built on further in 2024-25. This included greater use of the onllne grants database and adaptations to the performing arts and herltage conservation appllcatlon forms. These changes, along with a tlghtening of the applicatlon guldance presented on the website. were intended to make the application proce55 clearer, easier and more efficient for applicants. A commitment to supporting applicant5 throughout their interaction with the Trust has been continued with the recruitment of the new Grants Director. This includes pre-application advice and guidance. Further to this a commitment to providing feedback to rejected applicants ha5 been established, which ensures that transparency and accountability is built into each step of the assessment process. The implementation of this measure is in line with good grant making practice and the Trust has received very positive responses from rejected applicant5 as to the usefulness of application feedback.
The Leche Trust Trustèes, R6POrt for the year ended 31 July 2025 (contlnuedl A further development In March 2025 was a proposal to increase the budget available for grant making across several programmes of funding. Thls was approved by the Board at the March 2025 meeting. The Finance Committee met with the two investment flrms contracted to manage the Trust's investments In December 2024. Performance of the investments was very p051tive, and It was decided to utlllse thls increase in investmerbt revenue, £200,000 was raised from the Waverton IWIMI portfolio to augment the main grants programme over three years and to add further substance to the Special Reserve Fund for important herltage acquisitions. Main Grant Fund Activities The Trustees had reviewed and updated their fundin8 policies in 2023, and there remained a continued focus on two broad strands of activity in 2024-25.. performing arts and heritage conservatiors. Performlng orts Trustees, priorities for the Support of the performlng arts are: New Works In PerformlnE Arts: the commlssionlng, development, productlon andlor performance of new works in muslc. theatre, dance and performance across all genres Artlsts, Professlonal Development: to support artlsts, professlonal development throu8h pro8rammes that addre55 a clear need or gap in development. These programmes can be almed at early or mid- career artlsts, but they need to reflect current context and practices. In 2024-25 Trustees received 216 eliglble arts appllcatlon5 and awarded 30 grant5 amountlng to £113,736, Sixteen of these grants were awarded to organisatlons undertaklng new work In either dance, mu51c or theatre. Seven were focussed on supportin8 the artlstlc development of early or mid-career artists, with seven funded projects seeking to undertake projects that address both of these alms. Examples of Performing Arts grants.. Alexander Whltley Dance Company was funded to undertake development work for a new dance productlon, showcaslng Al and Interactlve technology,. Chlldren's Muslc Foundation In Scotland was funded to support The Story Collector project, which sees orchestral storytelling being used to represent the lives of chlldren In Scotland,. Prestel8ne Festival of Muslc and the Arts Llmited were supported to commlsslon a new plece by the composer and orchestrator Dani Howard, to be performed at the Presteigne Festlval in Wales,. and NTC Touring Theatre Company Ltd were supported to stage a rural tour for thelr production, Jekyll ond Hyde & The Body Snutcher, almed at Intergeneratlonal audlences In rural and often overlooked communitles between the Scottish Borders and North Yorkshire. Heritoge Conservation The Trustees Support the ConSeatIon of historlc objects, works of art and archltectural decoratlons and flttings of artlstlc merlt whlch, reflectlng the Interests of the Founder of the Trust, Angvs Acworth, date prlor to 1837. Over the year Trustees recelved 46 ellglble appllcatlons and awarded 28 grants amountlng to £109,391. Sixteen of the projerts supported were In places of worshlp, whlch contlnued to be the largest group of applicants for these grants. They Included conservatlon of a stained-glass armorlal made in 1645 to commemorate the visit of King Charles I to Lichfield. The conservation work will stabili5e the aTmorial so that it
Thg Leche Trust Trustees. Report for the year gnded 31 July 2025 Icontlnuedl can be put on public display in Lichfield Cathedral. Another grant was awarded to Salisbury Cathedral, which will enable them to undertake essential conservation to the Cathedral's West Front statues. St. Michael & All Ange15 Church In North Otterington was awarded a grant which wlll 311ow the PCC to carry out important conservation work on the church's 16, century bells. Ten grants were awarded forthe conservation of items in museum and gallery collections. They included a grant awarded to National Museums of scotland to enable them to undertake conservation work on The Peebles Hoard. The hoard was discovered by a metal detectori5t in 2020 and consist5 of a unique collection of bronze and organic material of internatlonal Importance, thought to be the most significant Bronze Age hoard to have been discovered in Scotland for thirty years. A grant was also awarded to The Shakespeare Birthplace Trust, to enable them to undertake conservation work on a 16, century cradle in their collection. Two 8rants were awarded for the con5ervatlon of hlstorlc bullding5. They Included con5ervatlon of rare papler- maché ceilin8 and wall mouldings of the north staircase at Fydell House, a Queen Anne period house near Boston, Lincolnshire. The second 8rant was awarded to The Roman Painted House in Dover, which enabled them to undertake an important conservatlon survey and environment a5se55ment that wi51 allow them to best preserve the wall painting5 in the future. At the start of the year £180,251 was allocated for the Maln Grant Fund. Wlth the addltional fundln8 proposal agreed at the March 2025 meeting this total increased to £220,251. At the end of the year, followin8 the award of the 58 performing arts and conservation grants totalling £223,127, resulting in an overspend of £2,876. There was an underspend in other areas of the Trust's glvlng, Includlng £7,500 orlglnally allocated to support a bursary for a student enrolled on The University of Bucklngham's MA course in Decorative Arts and Historic Interiors (see below). Speclol Reserve Fund In June 2024 Trustees responded enthusiastically to The Tate and National Portrait Galleries, joint appeal to acqulre a 17, Century self-portrait by William Dobson of national art historical importance. The full amount of the enhanced Special Reserve Fund1£20,0001 was offered to The Tate and National Portralt Gallery in March 2024, and the 5ucce55ful acquisltlon was confirmed in June 2025. Bursorles The Educatlon Sub-committee awarded five student bursaries in the field of conservation and craft 5ki115 for the academi¢ year 2024-25, each worth £7,500. One of these was in support of a student undertakin8 an MA In Conservation of Easel Paintings at Hamilton Kerr Institute, Fitiwilliam Museum, Univer51ty of Cambridge. The second bursary was awarded to a student due to Start a Graduate Diploma Conservation Course, focussing on book5 and library materlal at West Dean College. The student originally decided to defer the place and the grant until 2025-26 but later decided to withdraw from the course entirely and the grant therefore lapsed. The other three bursaries were awarded to students at The King5 Foundation, the University of Northumberland and The Textile Conservation Foundation.
The Leche Trust Trustees, Report for the year ended 31 July 2025 {contlnued) Leorning ¢7nd Reseurch Fund Thls Fund of £20,000 per annum was created by the Trustee5 in 2020 to be used in ways that meet the charity's objective of furthering learnin& educatiot) and academic research. The second of three annual payments of £5,000, agreed in November 2023, wa5 paid to The Attingham Trust in 2024-25, towards scholarship5 to enable young curators or other heritage professionals to attend its highly regarded professional development programmes. A scholarship of £8,500 was awarded to a student enrolled on the Unlver51ty of Bucklngham'5 MA in Decorative Art5 and Historic Interiors course. All applications considered for the Bursarle5 scheme and the Learnlng and Research Fund were a55essed by the Education Sub-committee. Investment Polic an rm The Trustees have divided their investments between two investment managers, Ruffer & Co and WIM (previously known as Waverton Investment Mana8ementl. The portfolios are manaBed on a total return basls. The drawdown for the year was budgeted at £316,000, of which £201,000 wa5 drawn in the year and the balance after the year end12024 . £332,000). On 31 July 2025 this sum represented approximately 3.9%12024 4.3%1 of the value of the portfolio. The performance of the Investment managers and the level of income drawdown Is revlewed on an annual basis, The Trustees grant-making Policy contlnues to be to dlstrlbute the agreed drawdown (after deductlng the proper expenses of admlnlsterlng the charltyl to organisations ond individuals falling within the charitVs Charitable oblective5. Accordingly, their aim is to ensure that the income stream Is not only maintained but increases In Ilne wlth Inflatlon,. and that the capltal value of the portfolio Is preseNed In real terms. They believe that a total return approach is an appropriate way to achieve thi5 objectlve. The Trustees accept that the value of the investments may fluctuate but are agreed that they should endeavour to keep the level of Income drawn down constant In real terms. Reserves Polic The Trustees, policy is that so far as possible the income arising in any one year (after administrative expenses) should be applied towards its charitable objectives. However, it is thou8ht prudent to establish a modest reserve so as to ensure that should there be an unexpectedly substantial call upon the resource5 of the charity, the Trustees would be in a position to respond. With the foregoing in mind, since 2015 they have transferred the sum of £10,000 per annum to a special Reserve Fund to give flexibility to make exceptional grants of over£5,000, partlcularly towards the purchase of significant items by museums. The Fund was increased to £20.000 in March 2025, as explained previously in this report. Confllcts of Interest No Trustee or employee may re1ve any material benefit from their role with the Trust. Arrangements are in place for Trustees to declare any interest in applications or contracts under consideration including bursaries and scholarships awarded from the Learning and Research Fund. They take no part in discussing the application
The Leche Trust Trustees, Report for the year ended 31 July 2025 Icontlnued} nor in the determination of any award. The Trustees have agreed a policy not to accept complimentary tlckets or invitations to attend events and performances which they have not directly funded. Risk The Trustees have compiled a risk register which 15 reviewed annually. They have considered the respectlve risks to which the charity is exposed, and have established systems to mitigate those risks as follow5.. Finonciol The risk of the loss of lor fall inl the charity's capital or income is mitlgated by the Trustees reviewing annually the investment management of their portfolio of investments. The operatlon of the charity'5 bank account requires two signatures, one of whlch must be a Trustee, on each movement of funds, which are authorlsed and pald by onllne bank transfer. There have been no Instances of fraudulent application5. Trustees, pollcy Is only to fund UK registered charlties or public authoritles, which are themselves subject to financial regulation. Applicatlons are not accepted from Indlviduals, and no payments are made to Indlvlduo15. Student bursarie5 and scholarshlps are pald to the training institution concerned. The rI5k of mlsappllcation of grants 15 mltigated by requiring grantee5 to conflrm acceptance of the charlty's general 8rant condltions and, on completion of the project, to submlt a report on how the fundlng has been applied. In the case of conservatSon proJect5, payment Is made on the bas15 of the satlsfactory completion of the work as afflrmed by a profe551onal report. Trustees set an annual budget contlngency of £5,000 to allow for any unanticipated administratlve costs. Personnel ond systems The rlsk of the charitys admlnlstratlon belng conducted by a single individual the Grants Director acknowledged. The performance of the Grant Director is reviewed on an annual bas15. The prevlous Grants Dlrector retlred from the role In November 2024, and the new Grants Director Commenced work on 30 September 2024, ensuring an appropriate handover. Duncan & Toplls, the Trust's audltors and accountants, provide the payroll servlces for the post. The Trust'5 website and online application system was improved and updated In 2023, when the Trustees entered into a contract with The Gallery Partnership ITGPI. Several grant rounds have taken place using the system, and it continue5 to demonstrate significant benefits in the efficient management of applicatlons. Application data is hosted on Benefactorlcloud. All remalning operational and offlce data, Includlng the dlgital archive, is held on the Trust's own Microsoft OneDrive account, The Trustees published a Prlvacy Pollcy in 2018 to meet the requirements of the General Data Protection Act and have implemented measure5. including appropriate hpplication materials, to ensure the charity is compSlant with the legislation. They have agreed to revlew, and if necessary, update the Policy in 2025 and at the same time to review theTrust's data security against the National Cybersecurity Centre's Cybersecurity.. Smallchority Guide.
The L6ch6 Trust Tru$tees' Report for thè year endèd 31 July 2025 (continued) ReputL7tional All applications for grants are initially reviewed by the Grants Director. Those that they assess as not falling within the charitable objects and funding guidelines of the Trust are recommended for rejection. In the few cases where the ellgibility of a projett is unclear, the Grants Director seeks Trustees, advice before responding to the prospertive applicant. Two or more trustees have responsibility for reviewing eligible arts and conservation appllcatlons respectlvely and for recommendlng a short Ilst for Consideratlon by the full board. The Grant5 Director ensures that applicants have ready acce55 to advice and guidance whether vla the Trust's web51te, or by providing prompt responses to emall and telephone querles. All appllcatlons are acknowledged on receipt and appli¢ant5 Informed of the outcome as 500n as possible following Trustee meetings. Applications are considered by the Trustees at each meeting and grants are awarded accordlng to favourable consensu5. The Trustees 8ive Careful thought on each occa51on to whether acceptlng or decllnlng any particular grant application might damage the reputation of the charity. Public Benefit Statement The Trustees have taken account of the Charlty Commlssion's general 8uldance on publlc benefit when reviewlng the charity's aims and objectlves and In plannlng future actlvltles and settlng its grant maklng pollcy. They keep public benefit In mSnd when dlscusslng applications and awarding 8rants in the Trust's priority areas. Grant5 are only made to organlsations that are either UK registered charlties or publlc authorlties, and the Trustees bear In mlnd the wlder beneflts to soclety when consldering grant appllcations. They endeavour to ensure that any objects or buildin8S that have been the subject of a grant from the charity wlll be publicly available on a regular basls. The Tru5t'5 grants to art5 organisations seek to promote a wide selection of excellent music, drama and dance bein8 available to the public. Achlevements, Performance and Flnanclal Revlew Summa of Activitie The Trustees met three tlmes durin8 the year to dlscuss Brant applications.. in October 2024, March 2025 and June 2025. Under thelr Main Grant programme, they received 237 eligible application5 and approved 58 grants amounting to £223,12712023-24- received 240 applications and approved 54 8rants amountin8 to £181,774). The Educatlon Sub-committee awarded four bursaries of £7,500 each to the total value of £30,000, with one of these grant5 being returned12023-24: £22,500). Three grants to the value of £20,000 were made from the Learning and Research Fund. A slngle Erant of £20,000 was made from the 5pe¢ial Reserve Fund. Trustees therefore approved a total of 64 grants amountlng to £293,12712023-24 - 62 grants amounting to £246,8381. Note 6 to the Financial Statements shows how the grants were distributed and include grants approved and brought forward from previous year5. Total net payments amounted to £190,185 {2023-24 - £252,124). Grant5 approved but unpaid at the year-end amounted to £218,01612024 - £115.0741. In the oplnlon of the Trustee5. durin8 the year both administrative and 8overnance expenditure were well- controlled.
The Leche Trust Trustees. Report for the year ended 31 July 2025 Icontlnuedl Finance The outturn for the year was an increase in the total resources available to the Trustees of £197,42912024 £372,762) which amounted at the year-end to £7,871,44012024 - £7,674,011). Total incoming resources in the period amounted to £196,950 compared with £185,842 in the preceding year mainly consistin8 of dividends Iwhich include fixed interest returns) received on the investments. Resources expended, which mainly consists of 8rants given, totalled £399,09612024 - £339,305) re5vltinB in a net outflow of resources (before investment gains and Ios5esl of £202,14612024 - £153,463). During 2024125, the realised and unrealised net galns on Investments amounted to £399,57512024- £526,225). The total return on the value of the Trust's investment portfolio in the year totalled E596,52512024 - £712,067) made up of the realised and unrealised net gains of £399,575 12024 - £526,225) plus dividends receivable (including fixed interest returns) of £196,95012024 £185,842). This represented a return of 7.8%12024- 9.3%1 on the value of the portfollo at the end of the period, which is the ChoritV'5 main Key Performance Indicator. The investments have performed well in the year to 31 July 2025, and overall and on a five year view, the Trustees consider that the investment performance has been satisfactory and in accordance wlth their mandate. Since the introductlon of the total return basi5 on l August 2012 the cumulative surplus is £4,281,29512024 £3,684,770). Statlstlcal comparlson of Grants 24% of eligible applications to the maln grant scheme were offered a grant Compared to 22% in the previous year. This maintains the Trustees, policy of giving fewer, but larger, awards to performing arts projects. The number of eligible performing arts applications submitted continues to outweigh conservation appllcations, making up 81% of the total number of eligible applications. The average slze of grant for performing arts was £3,79112023-24'. £3,784) and for conservation, £3,90712023-24.. £3,907). The chart below shows the proportion of expenditLtre in each category of the CLtrrent grant schemes in 2024- 25 and the previous four financial year5. Awards by category as % of total grant expenditure 60 50% 40% 30 20% 10% 2021-22 2022-23 2023-24 2024-25 Herit8ge Conservation and Acquisiiion £84,16D ll PerformingArts E115.660 Burs8ri88 £22,500 Letrning £nd Resèarch £20.000
The Leche Trust Trustees, Report for the year ended 31 July 2025 Icontlnuodl The chart below shows theTrustees' total expenditure in 2024-25 including both grant5 and administrative costs. Expenditure 2024-2025 8%. 8% 21%. 21 6796, 68V Grgnt8 Governance Admini$tr8tl¢n Inv8&tment M8n8g¢mant Plans for Future Perlods 2025 will mark 75years since the foundin8 of the original charlty by Angus Acworth In 1950 and Trustees wlll be giving thou8ht to appropriate ways of acknowledging this anniversary, with the potential of an additional grant giving fund to be distributed in 2025-26. The Trustees are committed to continuing to give grants to or8ani5ation5 and individua15 in a Similar way to the recent past, continuing the emphasis on the arts and heritage areas of 8iving but retaining flexibility as to the timing, and scale, of grant makin8. They will aim to ensure that there is a spread of grants across the various areas and that no one area will have priority funding. The Trustees w511 continue to review the performance of the investment managers, including the amount which it is agreed to draw down from Investments. Structure, Governance and Management The Leche Trust CIO was re8lStered with the Charity Commission on 8 April 2024112077551. Trustees The Trustees who served durin8 the year ended 31 July 2025 were-. Andrew Cameron (Chairl Régis Cochefert Robin Dhar (retired October 20241 Matthew Hir5t Helen Jacobsen (retired June 20251 Diana Spiegelberg Susan Sturrock Iretired October 20241
The Leche Trust Trustees, Roport for the year ended 31 July 2025 (continued) Susanna Eastburn lappolnted June 20251 Peter Holmes lappolnted June 20251 The Trustee5 have established two Sub-commlttees on which the following Trustees served during the year.. Andrew Cameron and Helen Jacobsen constituted the Investment Sub-committee and undertook the annual review of investment managers. (Diana Spiegelberg joined the Investment Sub-committee upon Helen's retirement from the Board in June 20251, and Andrew Cameron and Diana Spiegelberg constituted the Education Sub-commlttee whlch has delegated responsibility for the award of conservation tralnlng bursarles and the Unlverslty of Buckingham scholarships. Recrultment of n wTr Efforts to recrult new Trustees wlth relevant speclalist expertlse In elther performlng arts or herltage conservatlon were ongoing in 2024-25. This has resulted in the recruitment of Susanna Eastburn MBE and Peter Holme5, who be8an their tenures as Trustees upon formal confirmation by the Board at the October 2025 meetln8, Goin concern As explalned above, thls Is the first annual report and accounts for The Leche Trust CIO. All the asset5 and liabilltie5 from the previous Trust have been transferred to the new CIO. There were no adjustments to the assets and Ilabllitles transferred to the new CIO and the charitable activities that have been transferred contlnued In this new entlty. As a result of the Successful transfer, it is consldered that The Leche Trust CIO is a going concern and secure in its 8rant 8ivlng and charltable alms for the future, Po Balanc h t Events None ointment of Trustees Prevlou51y, Trustees were appolnted in accordance with the trust deed. Upon the completion of the reglstratlon of the CIO this was superseded by The Leche Trust CIO governing document. The updated guidance for length of Trustee tenure is that any Trustee may be appointed for a term of three years and will be eligible for reappolntment for up to three terms. On the retlrement of a trustee, trustee5 identify arealsl in which they need addltional skill or expertlse and recruit a person from that field. The new Trustee is appointed by the remaining Trustees. The main area5 of expertise represented on the trustee body are the performing arts and conservation, with special interest In hlstorlc buildings and museums, tO8ether with some le8al and financial expertise. Induction and trainin of Trustee The Chalrman of the Trust is responsible for the induction of a new Trustee which involves making them aware of Tru5tees' general responsibilities under trust and charity law, the Trusvs governing document, as well as Its adminlstrative procedures, history and philosophical approach. New Trustees receive a copy of the charity's 10
The Leche Trust Tru5tee5' Report for the year ended 31 July 2025 {contlnued} constitution, its most recent annual report and accounts and brlefing on Its puhllshed fundlng pollcles and how they are applied. The Trust is a member of the Associatlon of Charltable Foundations whlch runs tralnlng courses speclflcallv intended for the Trustees of 8rant-making charitie5. Trustees are encouraged to attend the sessions on offer. The Trust is also a member of The Heritage Alliance and receives this organi5ation's monthly bulletins whlch enable Trustees to keep abreast of developments in the herita8e field. Mana ement The management and day-to-day administration of the charity was delegated to the Grants Director, Gareth Clayton. Trustees, Responslbllitlès Statement The Trustees are responsible for preparlng the Trustees, Annual Report and the flnanclal statements in accordance wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Practlce or 'UK GAAP"). The law appllcable to charities in England & Wales requlres the Trustees to prepare flnanclal statements for each flnancial year whlch 8lve a true and falr vlew of the state of affairs of the charity and of the incoming resources and appli¢atlon of re50urce5 of the charity for that period. In preparing these financial statements, the Trustees are requlred to.. select sultable accounting pollcies and then apply them conslstently; observe the methods and princlples In the Charlties SORP 2019 IFRS 1021,. make judgements and estlmates that are reasonable and prudent; state whether appllcable accounting standards have been followed, subject to any materlal departures dSsclosed and explained In the flnancial statements; prepare the flnanclal statements on the going concern basls unless it Is Inapproprlate to presume that the Charity will contlnue in operatlon. The Trustees are responslble for keeping proper accounting record5 that disclose with reasonable accuracy at any tlme the flnancial posltlon of the charity and enable them to ensure that the flnancial statements comply with the Charities Act 2011, the Charlty IAccounts and Reports) Regulatlons 2008 and the provlsions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detectlon of fraud and other Irregularltles. The Trustees are responslble for the maintenance and integrity of the charity and financial informatlon Included on the charitV'5 website. Legislation sn the Unlted Klngdom governing the preparatlon and dlssemlnation of financial statements may dlffer from leglslation In other jurisdictions. Approved by the Trustees on 18/0512026 and slgned on thelr behalf by.. Andrew Cameron Chairman of Trustees
The Locho Trust IndependentAudltor's R9PQrt to thg Trustees of the Leche Trust on the Report and Flnanclal Statements for the ygar endgd 31 July 2025 Oplnlon We have audited the financial statements of The Leche Trust (the '¢hariVI for the year ended 31 July 2025 which comprise the Statement of Flnanclal Activities, the Balance Sheet and the related notes numbered I to 8, includlng slgnlflcant accountlng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financiul Reportlng Stundord oppllcoble in the UK ond Republic of Irelond (United Kingdom Generally Accepted Accountin8 Practlce). In our opinion the flnanclal statements: give a true and falr view of the state of the chority's affair5 as at 31 July 2025, and of its incomln8 resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared In accordance with Unlted Klngdom Generally Accepted Accounting Practice; and have been prepad In accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audlt In a¢cordance with International Standards on Auditln8 IUKI IISAS IUKII and applicable law. Our re5pon51billtle5 under those standards are further descrlbed In the audltor responslbilltles for the audlt of the fSnanclal statements sectlon of our report. We are independent of the charity in accordance wlth the ethical requlrements that are relevant to our audit of the financial statements In the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethlcal responsibllitles In accordance with these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde basls for our oplnlon. Other Informatlon The other Informatlon comprlsesthe informatlon included In the tru5tees' annual report, other than the financlal statements and our auditor's report thereon. The trustees are responsible for the other informatlon. Our opinion on the flnanclal statements does not cover the other Information and we do not expre55 any form of assurance concluslon thereon. Our responsibility Is to read the other Information and, in dolng so, consider whether the other information is materially Inconslstent wlth the flnancial statements or our knowledge obtained in the course of the audit or otherwlse appears to be materially misstated. If we identify such materlal Inconsistencles or apparent material mi55tatements, we are requlred to determlne whether this glves rlse to a material misstatement in the flnancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fact. We have nothing to report In th5s regard. Matter5 on whlch we are requlred to report by exception We have nothlng to report in respect of the following matters in relation to which the Charities (Account5 and Repartsl Regulation5 2008 require us to report to you if, in our opinion= the information given in the trustees, report is inconsistent in any material respect with the flnanclal statement5; or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit. 12
The Leche Trust Independent Audltor's Report to tho Trustè¢s of tho Leche Tru$t on the Report and Financial Statements for the year ended 31 July 2025 Icontinuedl Responsibilitie5 of trustees A5 explained more fully in the trustees, responslbllltles statement, the trustees are responsible for the preparation of the financlal statements and for being satlsfied that they give a true and fair view, and for such internal control a5 the trustees determine is necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustee5 ore responsible for assessing the chariws ability to contlnue as a going ¢on¢ern, di5closin& as applicable, matters related to golng concern and uslng the going concern basis of accounting unless the trustees either intend to liquidate the charlty or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audlt of the flnanclal statements We have been appointed as auditor under section 151 of the Charltles Att 2011 and report in accordance wlth the Act and relevant regulatlons made or having effect thereunder. Our objectlves are to obtaln reasonable assurance about whether the financial Statements as a whole are free from material mlsstatement, whether due to fravd or error, and to Issue an auditor's report that Includes our oplnlon, Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted In accordance wlth ISA5 IUKI will always detect a material mlsstatemeht when it exist5. Misstatements can arlse from fraud or error and are consldered materlal If, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financlal statements. Irregularlties, Includin8 fraud, are Instance5 of non-compliance with laws and regulatlons. We deslgn procedures In Ilne wlth our responsibilitles, outllned above, to detect material misstatements In respect of Irregularltles, Includlng fraud. The extent to whlch our procedures are capable of detecting Irregularltie5, Including fraud is detailed below.. We have Identified areas of laws and regulatlons that could reasonably be expected to have a materlal effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through dlscussions wlth Trustees and other management obtained as part of the work requlred by audltlng standards. We have also disCUS5ed wlth the Trustees and other management the policie5 and procedures relating to compliance wlth laws and regulatlons. We communicated law5 and regulations throughout the team and remained alert to any Indlcations of non- compliance throughout the audlt. The potential Impact of different laws and rÈgulatlons varies conslderably. Firstly, the Charity is subject to law5 and regulations that directly impact the financial statements (for example flnancial reporting legislation) and we have assessed the extent of compllance wlth such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements lincluding risk of override of controls) and determlned that the prlncipal risks were related to mana8ement bias in accounting estimate5 and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statement5. We carried out detailed substantive tests 13
The Leche Trust Indepondont Auditor's Report to the Trustees of thg Lg¢he Trust on the Report and Flnaneial Statements for the ygar ended 31 July 2025 Icontinuedl on accounting estimates, including reviewin8 the methods used by management to make those estimates, re-performlng the calculation, and reviewing the outcome of prior year estimates. Secondly, the Charity 1$ subject to other laws and regulatlons where the Consequence for non~compllancÈ could have a material effect on the amounts or dlsclosures In the financial statements. We identified the following areas as those most likely to have such an effect. Auditing standards limit the required audlt procedure5 to identify non-compliance with these laws and regulatlons to enquiry of the Trustees and other management and inspection. Throu8h these procedures, If we became aware of any non-compliance, we considered the impact on the procedures performed on the related flnanclal statement items. Because of the Inherent limitations of an audit, there Is a risk that we wlll not detect all Irregularlties, includln8 those leadlng to a material misstatement in the flnanclal statements or non-compliance wlth regulation. This risk Increases the more that compliance with a law or regulation is removed from the events 8nd transactions reflected In the financlal statements, as we will be less likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularltles occurring due to fraud rather than error, as fraud involves intentlonal concealment, forgery, colluslon, omisslon or m15representation. As part of an audlt In accordance with ISAS IUKI, we exerclse profes51onal Judgment and malntaln professional scepti¢lsm throughout the audlt. We also,, Identlfy and assess the r15k5 of materSal misstatement of the flnancial statements, whether due to fraud or error, design and perform audlt procedures responsive to those risks, and obtaln audlt evidence that Is sufficient and approprlate to provlde a bas15 for our opinion. The rlsk of not detecting a material mlsstatement resulting from fraud Is hlgher than for one resultlng from error, as fraud may involve collusion, forgery, intentSonal omlsslons, mlsrepresentations, or the override of internal control. Obtaln an understandlng of internal control relevant to the aLJdit in order to design audit procedures that are approprlate In the circum5tance5, but not for the purpose of expressing an opinlon on the effectiveness of the charitty5 internal control. Evaluate the appropriateness of accountlng policies used and the reasonableness of accounting estimates and related dlsclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the golng Concern ba515 of accountlng and, based on the audit evidence obtained, whether a material uncertalnty exists related to events or conditions that may cast significant doubt on the charity's ablllty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such dlsclosures are inadequate, to modify our opinion. Our conclusion5 are based on the audlt evldence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a goinB concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactlons and events in manner that achieves fair presentation lie. gives a true and fair view). We communicate with those charged with governance regardlng, among other matters, the planned scope and tlmlng of the audit and significant audit findings. including any significant deficiencles in internal control that we identify during our audit. 14
Tha Leche Trust Independent Auditor's Report tothè Trustees of the Leche Tru$t on the Rgport and Flnandal ststement$ for the year ended 31 July 2025 Use of our report This report is made solely to the charit$ trustees, as a body, in accordance with Part 4 of the Charltles IAccountS and Report51 Re8ulation5 2008. Our audit work has been undertaken so that we mlght state to the charity's trustees those matter5 we are requlred to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitl5 trustees 85 a body, for our audit work, for this report, or for the opinions we have formed. )*1 Duncan & Toplis Audit Limited Statutory Auditor 3rd Floor, Marlborough House 298 Regents Park Road London N3 2SZ Dated: 12_S-2 Duncon & Top115 Audit Limited Is ellgible to act os an ouditorln term5 OA5ectlon 1212 of the Componles Act2006 15
The Leche Trust Statement of Financial Activities for the yèar ènded 31 July 2025 Unrestricted Unrestricted Fund5 Funds 2025 2024 Notes Income from.. Incoming resourcesfrom generotedfund5 Investments Dividends receivable and similar income Bank Interest receivable 193,513 3,437 181.009 4,833 Total Incomè Ilel 196,950 185,842 Expend5ture on: Charitable activities Performing Arts Conservation- Historlc bulldlngs Conservation- Places of Worshlp Conservatlon- Historlc Obleets and Collections Education- Bursarles Education- Learnlng & Research Fund 137,412 12,081 66,686 77,559 24,163 36,245 110,280 13,051 50,986 64,493 27,444 33,621 Cost of grant making 354,146 299,875 Investment Management Costs Governance Costs 34,872 10,078 29,862 9,568 Total expendlture 399,096 339,305 Net resources expended before net 8alns on Investments 1202,1461 1153,4631 Net gain / (Ioss) on investment assets 399,575 526,225 Net movement in funds Reconclllatlon of funds: Total funds brought forward at l August 2024 197,429 372,762 7,674,011 7,301,249 Total funds carrled forward at 31 July 2025 7,871,440 7,674,011 All income and expenditure arises on contlnuing actlvities. There were no galns or losses other than those reported above. £20,00012024 - £15,000) was transferred to the Designated fund from the General fund and £20,00012024- £15,000) paid from the Designated fund (see note 81. The accompanying notes form an integral part of these financial statements.
The Leche Trust Balance Sheet as at 31 Juty 202S Unrestritted Unrestricted funds funds 2025 2024 Notes Fixed assets Investments- WIM Iformerly Wavertonl Inve5tments- Ruffer Ildl. 4 Ild), 4 4,918,771 3.063,279 4,649,548 2,975,286 Total fixed assets 7,982,050 7,624,834 Current assets Debtors Cash at bank and In hand 1,461 115.955 445 172,818 Total current a55ets 117,416 173,263 Creditors: amounts falllng due wlthln one year Other creditors Grant commltments io,oio 218,016 9,012 115,074 l{b), 2, 6 Total current liabllitle5 228,026 124,086 Net ¢urrent Illabllltle51 l a55ets 1110,6101 49,177 Total net asséts 7,871,440 7,674,011 The funds of the Charlty: Unrestricted fund5.' General Deslgnated 7,871,440 7,674,011 Total Charlty funds 7,871,440 7,674,011 Approved and authorlsed for Issue by the Board of Trustees on Ig MAY and slgned on Its behalf bv.. Andrew Cameron Chairman Dlana Splegelberg Trustee The accompanying notes form an integral part of these financial statements. 17
Thè Locho Trust Notes to the Flnanclal Statements for the year ended 31 July 2025 l. Accountlng pollcles OJ Generol information and busis of accounting As set out in the Charities SORP, the conversion of the unincorporated Charity to a Charitable Incorporated Organlsatlon ICIOI has been accounted for as a mer8er. The impact of this is that the assets, liabilities and funds are presented as though they had always been part of the CIO. In particular, the comparative amounts are the figures reported for the unincorporated charity, which was a150 known è5 the Leche Trust Icharity registered number 2256591, for its last accounting period which was the 12 months to 31 July 2024. The new CIO was reglstered on 8 April 2024 and was dormant in the period up to 31 July 2024, with no transactions nor charitable activities taking place In that perlod, and therefore when combined with the unincorporated charity has no impact on the comparatlve figures shown in these accounts. The asset5, liabilities and funds of the unincorporated charity were transferred to the CIO on l August 2024. The Leche Trust is an indlvidual charlty based in England and operating from it5 principal place of business as disclosed in the Trustees Report and constitutes a public beneflt entity as deflned by FRS 102. The flnanclal statements have been prepared in accordance wlth Accountlng and Reportlng by Ch2rities'. Statement of Recommended Practice applicable to Charltles preparlng thelr accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financlal Reporting Standard applicable in the Unlted Kingdom and Republlc of Ireland IFRS 1021, the Charitles Act 2011, and UK Generally Accepted Accountlng Practice. The flnanclal statements are prepared under the hlstorlcal cost conventlon, modlfled to Include certain item5 at fair value. They relate to the Individual CharSty, are presented in sterlin8 which is the functional currency of the Charlty and rounded to the nearest £1. The slgnlflcant accounting policies applled in the preparatlon of these financial statements are set out below, These policies have been consistently applied to all years presented unless otheiw15e Stated. Goin concern The flnancial statements are prepared on a basls the 8oln8 concern princlple. A challen8ln8 international sltuation has created uncertalnty for the UK and international economies. The Trustees are constantly a55e55ing the ongoing sltuation and the likely lrnpart on the Charlty. Desplte these events and their potential effect on global stock markets, the Charlty's investments have contlnued to perfofm well, and the Charity continues to have a strong balance sheet and working Capltal and expect this to continue wlthin the new CIO for the foreseeable future. b) Grant commitments Grants approved but not expended are treated as committed expenditure and included under current Ilablllties. Any repeat grants approved are recognised In the periods to which they relate. The movement on these commitments is shown in note 2. CJ Tangiblefixed assets Assets costing les5 than £1,000 are recognised as resources expended In the Statement of Flnanclal Activlties in the year in which they are purchased. 18
The Leche Trust Notes to the Financial Statements for the year ended 31 July 2026 {continuedl Accounting policies Icont.) d) Investments Investments comprise listed investments and investment fund monies on deposit with the investment managers which are held for financial return. The Statement of Financial Activities includes the net gains and losses arlslng on revaluations and disposals throughout the year. Disclosure 15 made in the notes to the accounts of the dlfference between hlstorlc cost and sale proceeds of Investments sold durlng the year. No d15tlnctlon 15 made on the face of the Statement of Financial Activities between valuation adjustments relating to sales and those relatin8 to contlnuin8 holdings a5 they are together treated a5 changes In the investment portfolio. The Investment5 are valued at market value which is taken to be the middle market price rulin8 at the balante sheet date. e) Incomlng resources Income comprises dividends receivable land simllar Income) and Interest income. These amount5 are recognised in the Statement of Financial Actlvities when the Charity has entitlement to such amounts and the amounts are virtually certaSn to be received and can be reliably measured. In September 2012 the Trustees adopted a "total return" pollcy for the management of thelr Investment portfolio. Having regard to current practice, they tar8et the annual income drawdown as approximately 4% of the value of the Trust's portfollo at the Immedlately preceding balance sheet date. f) Resources expended Charltable expenditure and admln15tration c05t5 are recognlsed on an accrua15 bas15 and Include all dlrectly attributable costs. Where costs cannot be dlrectly attrlbuted, they have been allocated to actlvltSes on a ba515 consistent wlth the use of resources, g) Cushflow statement The accounts are prepared In accordance wlth FRS102 IA and does not include a cash flow statement on the grounds that the Charlty Is not required to In accordance wlth the Charitles SORP. In addition, in the opinion of the Trustees it would not add to the information given in the accounts. hl Funds All funds arose from an ori8inal endowment anLI ère unrestricted, General fund5 are unrestricted fund5 which are available for use at the discretion of the Trustees in furtherance of the general oblectlves of the Charity and which have not been deslgnated for other purposes. Deslgnated funds comprise unrestricted fund5 that have been Set aside by the Trustees for particular purposes. The Trustees have agreed to transfer £10,000 per annum Into a deslgnated reserve fund for exceptional grants or unexpected expenditure. l) Outstt7ndlng Gronts The Trustees reserve the rlght to wlthdraw the offer of a grant where a grant has over-run the two year time limit for acceptance. The Grants Director monitor5 the position on a regular basis and reports to the Trustees a5 appropriate JJ Gronts not taken up Grants not expended by the recipient institution within two years are returnable at the Trustees, discretion and deemed to have lapsed. 19
The Leche Trust Notes to the Flnanclal Statements for the year ended 31 July 2025 Icontinuedl k) Lapsed Grunts Grants throLsghout the year are allowed to lapse where the projects are no longer deemed viable or the organi5ations have been unable to raise the necessary funding. All the monies that had been allocated are returned to the grants allocatlon for the following year. IJ Debtors and creditors Debtors represent amounts due to the Charity and are recognlsed at tran5actlon prlce unless arb Impairment is necessary. Creditors are obllgations to pay for good5, services or commitments and are recorded at transactlon price. Creditors are classified as due withln one year where the Charlty does not have an unconditional right. at the end of the reportin8 period, to defer settlement for at least twelve months after the reporting date. 2. Grant commitments 2025 2024 Balance brought fotward l August 2024 Grants approved in the year Adjustment for Grants not taken up / cancelled Net payments I receipts In respect of the year 115,074 293,127 120,360 246,838 1190,1851 1252,1241 Balance carrled forward 31 July 2025 218,016 115,074 20
The Lechè Trust Notes to thè Financial Statements for the year ended 31 July 2025 (contlnugdl 3. Re50urce5 expended, related party transactlons and Trustees expenses and remuneratSon Edu¢atlon- Lea¢nln8 & Eéucatlorn R*5ear(h OuT5arles Futid Places tsf Wor$hlp Arts Oblocts & Collertlons Investment Total 2025 Total 2024 Govevmarncé Grant5approved 113,736 10,000 55,196 64,195 20.000 30,C0 293.127 246.838 Gr3nts not taken p I cancelled I refunded Admln15trarlon fee 12,560 1,104 6,095 7,089 1209 3,913 921 33,291 as.ooo General expense5 10,238 900 4.969 5,779 1.800 2.YOO 751 27.137 19,578 Invesiment Fées Audltofs remuneratbn 34,871 34,872 29,862 8,340 8,340 7,845 Acwunt3rKy 878 77 426 49S 154 232 66 2.329 1,169 137,412 12,081 66,68S 77,55 24,163 36.245 10,078 34,872 399.096 339,305 Durln8 the year no employee earned more than £60,000. The average employee number was I12024- NIII The Trustees neither received nor waived any emoluments during the year12024 - £NIII. The Trustees received £NII In relmbursed expenses during the year12024 - £321. Due to Its nature the Charlty does not requlre the use of other volunteers. In 2023124 an award of £15,000, also payable over three years, was made to the Attingham Trust to provlde an annual scholarship on the Trust'5 Summer School. Helen Jacobsen, a Trustee of the charity (retired June 20251, is on employee of the Trust and a member of its Executlve Commlttee. In 2024125 payments of £5,00012024 - £5,0001 were made to the Attingham Trust. During the year the charity received legal servlces In respect of the new CIO for £7,67912024 £7,971) fTom Charles Russell Speechlys, a law flrm in whlch one of the Trustees, Andrew CameTon, is a partner. All services were carried out at aims length. 21
The Leche Trust Note8 to the Financial Stataments for the year ended 31 July 2025 {¢ontinuedl 4. Investments WIM Iformerly Wavertonl Ruffer LLP Total Market value at l Au8USt 2024 Realised and unreallsed gains I Ilossesl Dividends and interest receivable Transfers to CAF bank account Charge5 4,649,548 350,501 2,975,286 49,074 7,624,834 399,575 103,594 1150,0001 134,8721 89,919 193,513 151,0001 1201,0001 134,8721 Market value at 31 July 2025 4,918,771 3,063,279 7,982,050 The hlstorlc cost of the investments held at 31 July 20251$ £6,855,65012024 - £6,854,8161. Net Investment 8aSns In the year- summary 2025 2024 Unrealised and reallsed gains / Ilosse51 399,575 526,225 Net Investment gain5 399,575 526,225 5. Debtors 2025 2024 Other debtors and prepayments 1,461 445 1,461 445 22
The Leche Trust Notes to the Financlal Statements for the year ended 31 July 2025 {continu#dl Grants Outstanding including amount5 Approved 2025 Paid blfwd Hlstorlc Buildin Painshill Park Trust, 5urrey- 02124 Hlstorlc Royal Palace5- 06124 Boston Preservation Trust- 10124 Dover DSstrict Council- 06125 4,000 6,700 s,000 5,000 10,000 5,000 5,000 10,000 10,700 Ed Bursaries Hamllton Kerr Instltute, Masters in Conservatlon The Kin8'5 Foundation, Buildlng Craft Programme University of Northumberland, MA In Conservatlon of Fine Art The Textlle Conservation Foundation, MPhll Textile Conservation 7,500 7,500 7,500 7,500 30,000 7,500 7,500 7,500 7,500 22,500 7,500 Educatlon Learnin esearch Fun Unlverslty of Bucklngham - 02124 Fitzwilliam Museum 11122 Attin8ham Trust- 11123 The Attlngham Trust Dame R05alind Sav511 Scholarshlp- 06125 Westminster Abbey- 06124 8,500 3,500 5,000 4,000 5,000 6,500 5,000 6,500 2,800 18,300 20,000 8,500 23
The Leche Trust Notes to the Flnancial Statements for the yaar &ndgd 31 July 202S (eontinued) Grants Icontinuedl Outstanding Includlng amount5 Approved 2025 Paid b/lwd Places of Worshi All Salnts Church, Darton, S Yorkshlre- 06122 St Edward's Church, Goathurst, Somerset- 06122 All Saints Church, Sandon, Staffordshire- 06122 St Bartholomew's Church, Ton8- 11122 St John the Baptist Church, S Carlton - 11122 St Leonard's Church, Bulford- 11122 All Saints Sandon, Staffordshlre 03123 St Matthew's Church Morley, Derbyshire- 03123 St James the Great Church, Cranham, Gloucestershlre- 03123 Church of the Holy Rood, Gloucestershire- 03123 Church of the BVM & St Leodegarlous, Northants- 11123 St Geor8e's Church Woolhope, Herefordshlre- 11123 St Leonard's Church, Stanton Fitzwarren- 11123 St Edward's Church, Stow-on-the-Wold- 02124 St Mary the Vir8ln Church, Pulham St Mary, Norfolk- 02124 St Peter & St Paul Church, Bardwell, Suffolk- 02124 St Peter & St Paul Church, Bardwell, Suffolk,- 06124 Wlnchester Cathedral- 06124 Holy Trlnlty Church, Preston Wynne- 06124 St Mary Magdalene, Great Hampden- 06124 St George's, Woolhope- 06124 St Michael le Belfry, York- 10124 All Saints Hethel, Norfolk- 10124 St Wulfram's, Grantham, Lln¢s- 10124 St Peter's, Wellesbourne, Warwicks- 10124 Parochial Church Council of Shute- 03125 The 8rad8ate Park and Swithland Wood charlty- 03125 The Church of St Nicholas and the Vlrgin Mary, Stowey- 03125 The Cathedral Ch. of St Mary and St Chad in Lichfield - 03125 Messing All 5aints- 03/25 Parochial Church Council of North Moreton All Saints- 06125 St. Michael & All Angels Church North OtterinBton- 06125 st Michaels Church, Baddesley ainton- 06125 3,000 1,000 2,500 3,000 3,000 3,300 5,000 5,000 5,000 2,500 5,000 2,fyJO 2,500 5,000 2,500 2,C0 I,C#JO 5,000 2,000 2,000 3,300 3,000 5,000 3,000 4,000 4,000 4,000 2,500 2,346 5,000 5,000 850 5,000 3,000 5,000 3,CKIO 4,000 4.000 4,000 2,500 2,346 5,000 5,000 850 5,000 24
The Leche Trust Notes to the Flnancial StatBments for the year endgd 31 July 2025 Icontlnued} Grants Icontinuedl Outstandlng includlng amounts b/fwd Approved 2Q25 Paid Places of Worshi continu St Edmund Church Egleton - 06125 St Michael & All Angels, Knights Enham, Andover Parlsh- 06125 The Salisbury Cathedral Trust-06125 St Mary the Virgin Church, Gestingthorpe- 06125 2,000 3,000 5,000 1,500 55,196 2,000 3,000 5,000 1,500 86,996 33,800 25
The Leche Trust Notes to the Financial Statements for the year ended 31 July 2025 Icontinuedl Grants {eontinuedl Outstandlng includlng amounts blfwd Approved 2025 Pald Historic Ob'ects and Coll ions Cromwell Museum. Huntin8don- 11122 The Bodleian Library, Oxford - 03123 Soc. Pres. of Ancient 8uildings- 03123 Colchester Museum5 Development Foundation - 03/23 The 8rit15h Museum- 02124 The National Trust- 02124 The Garden Museum-02124 Slr john Soane'5 Museum - 06124 Denys Eyre Bower Request- 06124 Galn5borou8h's House Society- 06124 College of Arms~ 10124 Huguenot Heritage Centre- 03/25 Leighton Library Trust- 0312S Natlonal Marltlme Museum- 03125 Society of Antiquaries of London- 03125 The Wallace Collectlon- 06125 Barnsley Museums and Herlta8e Trust- 06125 The Shakespeare Birthplace Trust- 06125 The Chatham Historlc Dockyard Trust- 06125 Board of Trustees of National Museums of Scotland- 06125 Tate Gallery / National Portralt Gallery1Special Purchasel- 03/25 2,600 2,000 2,000 2.500 1,949 3,925 5.000 5,000 3,000 2,000 5,000 3,220 5,000 5,000 5,000 5,000 4,127 2,048 4,800 5,000 5,000 3,220 5,000 5,000 5,000 5,000 4,127 2,048 4,800 5,000 20,000 64,195 20,000 29,949 64,220 26
The Lecho Trust Notes to the Financial Statements for tho yoar ènded 31 July 2025 (continued) Grant5 (continued) Outstandlng including amounts b/fwd Approved 2025 Paid Arts Corbidge Chamber Music Festlval- 02124 Leeds Lieder- 10124 Quarantine- 10124 Children's Music Foundation In Scotland- 10/24 Alexander Whitley Dance Company- 10124 City of London Sinfonia- 10124 High Tide Festival Productions- 10124 utopla Theatre- 10124 No Table Productions- 10124 Cosmic Music- 03125 Adverse Camber Produrtlons-03125 Viva Chamber Orchestra Ltd- 03125 Anlall Oance Company Llmlted- 03125 Constella Opera ballet- 03125 Presteigne Festival of Muslc and the Arts Llmlted- 03125 Soltnd Festlval- 03125 Co Align - 03125 Bl8 Telly Theatre Cornpany- 03125 NTC Tourlng Theatre Company Llmlted - 03125 Lake District Mu5ic- 06125 Tlnderbox Theatre Company- 06125 MOTUS Dance-06125 Phoenix Dance Theatre- 06125 Slnfonietta Productlons Llmlted - 06125 Tangle- 06125 Operaupclose Ltd- 06125 New Earth Theatre Llmited~ 06125 Leicester International Music Festival Llmlted- 06125 Theatre-Rites- 06125 fifth word - 06125 Uproar- 06125 2,000 3,500 4,000 3,500 4,000 4,000 4,000 4,000 4,000 4,000 3,000 4,000 4,000 4,000 3,000 4,000 4,000 3,936 3,500 3,000 4,000 3,400 4,000 4,000 3,000 3,900 4,000 3,500 4,000 3,500 4,000 4,000 4,000 4,000 4,000 4,000 3,000 4,000 4,000 4,000 3,000 4,000 4,000 3,936 3,500 3,000 4,000 3,400 4,000 4,000 3,000 3,900 4,000 4,000 4,000 4,000 4,000 113,736 4,000 4,000 4,000 4,000 16,000 99,736 27
The Leche Trust Notes to the Financial Statements for the year andgd 31 July 2025 Icontlnued} Outstanding includln8 amounts b/fwd Grants Icontinuedl Approved 2025 Paid Historic buildin8S Places of Worshlp Hlstoric Objects and Collection5 Education (Bursariesl Education Learning & Research Fund ATts 10,000 S5,196 64,195 30,000 20,000 113,736 10,700 33,800 29,949 7,500 8,500 99,736 10,000 86.996 64,220 22,500 18,300 16,000 293,127 190,185 218,016 Apart from the Educatlon 8rants whlch are to Individuals, 311 other grants are to Instltutlons. Grants not iaken up / Can¢elled / Repald None 28
The Lecha Trust Notes to the Financial Statements for the yoar ended 31 July 2025 (continued) 8. Unrestrirted Funds 2025 2024 General Balance blfwd Net movement in General Fund Transfer to Designated Fund Transfer to Designated Fund - additlonal 7,674,011 217,429 iio,0001 iio,0001 7,301,249 387,762 iio,0001 15,0001 Balance clfwd 7,871,440 7,674,011 De51 nated Balance blfwd Net movement In Deslgnated Fund Transfer from General Fund Transfer from General Fund - additional 120,0001 10,000 10,0 115.0001 10,000 5,000 Balance clfwd The net movement In the Deslgnated Fund represents £20,000 to help acqulre the purchase of Wllliam Dobson, Self-Portralt for the Tate Gallery Ltd / The National Portralt Gallery from the speclal grants in the year12024 - £15,000 on appeal to ralse funds for the V&A to purchase 12th century, English walrus Ivory carvln8 'Depositlon from the CTOSS'I. Total 8alance b/ftvd Net movement In funds 7,674,011 197,429 7,301,249 372,762 Balance c/fwd 7,871,440 7,674,011 29