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 ConSe￿atIon 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 re￿1ve 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 prepa￿d 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,C￿0
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,C￿0
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