LORD LEVERHULME'S CHARITABLE TRUST ANNUAL REPORT AND ACCOUNTS for the year ended 5 Aprll 2024 CHARITY NUMBER: 212431
LORD LEVERHULME'S CHARITABLE TRUST LEGAL AND ADMINisfRATIVE INFORMATION Trustees Slr Algernon H*ber-Perrv A H S Hannav A H M Wllson Admknlstrntor Lynne Loxlev Emall addrqs 1lctadrnln@leverhulme.net Ch•iliy number 211431 Prlndpal •ddr• Estate Offlce Thornton Houlh Wlrral Mer5eyslde CH63 AUd0T Mitchell Charlesworth IAudltl Llmlted 5 Temple Squa Temple Street LSverpool L2 SRH Bar¢lty$ 8•nk plc I Churchlll Place London E14 5HP Handelsb•nken plc 4th Floor 10 Duke Street Liverpool Merseyside LI SAS Inv•stm•rt Mana8•rs Schroder & Co L]Med l London Wall Place LcndDn EC2Y SAU
LORD LEVERHULME'S CHARITABLE TRUSr coNTEr5 PJ Trustees, report Independent auditDrfs report 8-12 ternent of flnonclal actl¥ttles 13 Balanee sheet 14 Statement of Cash flows 15 Notes to the finincl•l Statements 16-26
LORD LEVERHULME'S CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5APRIL 2024 The trustees present their annu•l report together with the Audlted flnanc181 ststements for thÈ ye8r ÈndÈd 5 April 2024. Wrltln8 hst year, the trustees hoped for a fèll In the rate of InfLitlon. It was a long tlme comlng. Meanwhile the geopolitical scene TrialnS a source of worry. The trustees have odopted the provlslons of the Ststement of Recommended Practlee ISORP 20191 "Accountlng 8nd Report5nK by Charltles" In preparln8 the annual report and financlal ststements of the charltv. The financlal statements have been prepared Sn accordance wlth the accountln8 pollcles set out In note i to the financial ststements and comply wlth the charlty's trust detd, the Charitle5 Act 2011 and 'Ac¢Diintlni and Reporting b¥ Chèrltles.. Statement of Recommended Practice appllcable to charltles preparln8 thelr accounts In accDrdante wlth the Flnanclal Reportln8 Standard applicable In the UK and Republlc of Ireland IFRS 1021 leffECtlve l January 20191. R•fqr•nE8 and admlnb5trntl¥e dota115 olthe (harfty, Its trustees and adv150rs The inlcrrnation wlth respect to trustee5, offlcer5 and advlsors Is set out at the front of th15 docurnent And forms part of thls report. Objecte5 and a£tl¥lti•s The object of the charlty, as ststed In It$ 8overnlng documents, Is t¢ sUprt any ¢h•rlt•ble or6•nl$•tlon or purpose. Grant opplications ère rocefved from m&ny sources and are revlew2d by the trustees, who decide whether or not to supp)rt those whlch are of rharltable purpose. on the merlts of each appllcatlon, and In the IlghL where appllcable, ol the settlcr's letter of wlshe5. Prlortty 15 Ilvent pursuant to that letter. to oppllcatlon5 from Cheshlre. Merseyslde and South Lancashlre and the tharitles supported by the 5ettlof In hls Ilfetlme. Others who do not meet those crlterla 5hDuld not apply without prlor In¥Atatlon but should, on a sln8le sheet, state brlefly thelr a1rn5 and apply fully only on belng asked to do so. An Increased handful of charities have heeded thls warnln8 and telephoned the 3dmln15trator or otherwlse enqulred bjt the contlnued volume of •ppliution5 frorn charitie5 whlch plainly nelther meet the stated criterSa nor operate wlthln the geo8raphlcal area su88ests that m•ny appllcants do not concern them5elve5 Wlth their target's pollcles. Generallyi the trustees do not acknowledge recElptof •ppllutlon5 or notlfy unsucce551ul appllcants In order to mlnlffllse management expense. The trusteEs are pleased tD h•ve 511PPOrted a wlde crc55-5ectlon of the voluntary Sector Includln& where¥*r possSble, <hailtle5 In whlch the 5ettlor'5 limlly have interested them5el¥e5. A Ilst of s18niflcant grants pald Is set out In note 5 of the accounts. Publlc bEnef The test of Publlc Benefit aped by the Charlty Commls51on contlnues to create Ile practlcal dlfflculty for the trustees because ÈTrnts otherthan to re&15tered charltle5 are rare. The trustees have resofved that.. The trustee5 consider themselve5 entitled to a55ume that every reglstered charlty passes the Publlc Beneftt test and wlll, thetsre, o¢ord no reason for 8hfts to any such charity. The trustees will generally rnake the same assumption In relatlon to charltles exempt from Te8lstratlon but ogni5e thot enquiries rnoy need tD be made ond reason5 recorded for grants made to any such charty from tlme to tlme. The trustees will conslder the Public Benefit iesr In latIon ty any other irant and make enqulrles aTrJ ¢0 their reasons for making 8rnnts In all othercases. The trustees confirm that they have referred to ihe Kuldance contained in the Charity CornrniMion'5 general guidance on Publlc 8enefit when revlewlng the charlty's alms and oblertives arKI in anning future activities and 5ettin8 the 8rant maklng lIcY for the year.
LORD LEVERHULME'S CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 Achlt4ements ahd p•rfomiance The Statement of Finafitlal Actlvttles forthe year Is set out on page 13 of the fin8nclal 5tstements. A sumrniry of the fiThan¢lal results ènd the WDrk of the charlty15 Set out below. Durln6 the year the trust made grants amountlng to £1,064,424 12023 £525,224) to various registered charitsble organlsatlDns. The trust Is now committed, elther legally or construrflvely. to 8rant5 totèling £518,50012023 £275,407) in loter year5. The 1Sabilities in connection with these grants are lully reflected In the accounts as credltors. The trusteès are pleased to report that grant5 pald In the year totalled E821,33112023 £769,766]. A150, Irom tlme to time. the trustees. make awards to applicants that ère contlngent on the appllcant meetln8 one or rnore Condltlons. Such awards are not re¢o8n5sed a5 Ilabllltles untll the •ppll¢ant can dernon5tr•te thatth¢ cgnditlons have been met in lull. Investment power5 are fjoverned by the Trust Deed whlch permlts the funds to be Invested In the monner Shown In note 9 to the flnanclol statements. The trustees Intend that the real value of the charlty's Investments be m¥lntained and enhanced over the lon8 term by investment in è portfolio comprising equitles. flxed income stocks and cash. In order to meet these oblectlve5. the trustees have appolnted an InStMent Manèger as their agent to manage dlversrfled portfollo of sultable investments Dn a dlscretlonary basis. The brlef to the mèna8er states ihat they should select a bal•nced Investment retum fr¢)m Incorne and capital, wlth moderate rlsk and approprlate dl¥erslftc8tlon, The proportlons Invested In equitle5, flxed In£ome 5tDcks and cash arÈ reviewed wlth the Irwe5trnent Manager frorn tlrne tg tlrne to provlde guSdance on the ongolni su5tablllty of that element of the Investment policy. rht Investment Manager'5 benchmjrk alm5 to achle¥e •n •nnuallsed real totsl return of 3.$% over CPI measured over rdllng flve year peilod. As wlll appear below, wlth comment, the target has been mlssed by è sl8nilicant rnargin. At S Aprll 2024, the lue of the charty's assets under mana8emeTht was £44.90S,432 12023 £42,244,229). Thls Include5 cash of £480,303 in the Speclal Re5erye account 12023 £408,516) and J 51inlflcant shareholdlnx In Unllever. valued ot £5.8m12023 £6,5ml or 12.9%12023 15.3%) of the total. Includln6 Unllever, the charlty's isset allcc•lion on a'look throu¢h' basls can be broken down is follow$'. EquIt$ Bond5 Multl-Assetlunds Hedge funds Private equltylunds Propertv Commodkle5 Structured produtts In5ur•n£e and Alternatlve5' lund$ Cash 78.6 ioo.o
LORD LEVERHULME'S CHARITABLE TRU TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 5APRIL 2024 ExcludinK Unilever and cash in the Speclal Reserve account, the osset allocation on a 'look through. basls Is as foll¢Jws'. Equities Bond$ Multi-Asset funds Hed8e fund5 Private equlty funds Property Commodltles Structured products Insurance and Alternatives, funds Cash 76.9 ioo.o Investois entered 2023 wlth slgnlflcant concerns about Inflation and expectatlons of a recesslon the latter hall of the year. Contrary tts these predlctlons, equlty markets st88ed 8 mueh-needed comeb?ck, 5UPPOrted by a resSllent economy, better-than-expÈcted corporate earnings, and a to Inter?5t rate hlkes. Leadin8 8lobal tech flrms were amongst the maln contrlbutors to retvrns as In¥e5tors flocked to the 'Ma8nlflcent 7, stocks-Apple, Mlcr050ft, Alphabet. Am0, Nvldla. Meta. and Tesla bEttlnK on thelr ablllty to leverage Al due to thelr vast scale and flnanclal resources. Durln8 thls perl¢d, the charity's portfollo achleved an 8.0% return. drlven by strong perforrnénces from Investments In the US and Japan. Unllever faced • moTe challen8ln8 perlod, returnln8 -7.1% as the company 8rappled with inflatlon and chany In CEO. Desplte these dlffltultlts, Unllevtr Is under80Sng a major restructurln& and It5 shore prlce has recovered 51nce the end ofthe reporting perlod as new $trate8les hove been Implemented. The portfollo'5 Iive-year return lags behlnd the Ion8-term Inflatlon benchmar* of CPI +3-5% (see table belowl. Thls underpertormance renects the modest market turnS over 2022 and the elevated Inflatlon levels slnce the be8lnnln8 of 2022, Recentlyi central banks. efforts tD Crb Inflatlon throu8h hlgher Interest rates have proven effectlvÈ,' the Investment M¥naier5 odvlse that they antlclpate the Consumer Prlct Index ICPII wlll end 2024 at 3.1%. fa115n8 further to 1.5% In 2015, Looklng ahead, Cazenove Lolleve that tsr8etln8 CPI plus 3.5% rernalns b 5uitsble long-term goal, though it may present rn0 challen8es compared to prevlous perlods. In sponSe, CazeTrove have revlsed tht strategy for the main investment portfollo. The updated strategy include5 Incorporatln8 ptlvate assets as an addlonal sourcE of return ond rernDvln8 the strateglc allocatlon towards fl¥ed Income. This adjusimert ¥lms to enhance the portlo150's performance In the evolvlng economlc landscape. The dlvldend incorne Irom the whole portfollo Is £1.06m.' a yleld of 2.4%.
LORD LEVERHULME'S CHARITABLE TRUST TRuEES. REPORT {COllnNUEDI FOR THE YEAR EhlDED 5APRII 2024 Total Return to 0510412024 l Year 3 Year S Year 8.0% IZ.4% 25.4% FTSE 100 FTSEAIIStfjcks (Gllts) cpi CPl+3.5% 7.4% 31.1% -21.9% 21,6% 30.4% 27.9% -2.1% 3.2% 6.0% -17.6% 24.3% 42.6% In relatlon to UThllever. an obviou5 h15torit Ilnk tannot 8lone justlfy any holdlng. The Income stream from UnllEver Is both 8aod and rellable. The tru5tee5 have considered possible outcome5 followin8 thE company's lrnplernentstlon of Its new str8tEgies and remaln cornfortsble In rnalntalnlng the holdln8 at hts presÈnt le1. As to the rernalnder cl the portfollo, the ¢ontlnued lag behlnd the long-term benchmark Is as di53ppolntln8 as those ye8rs them5elve5 have been. The trustees are encoura6ed by the li8ures for the single year set out In the table above. Su5tiinJble InKslm•nt The charlty encouro&es responslble Investment and the trustees regularly review thelr Investment portfolio and, at their meetlnx on 7th Februèry 2Q20, declded to Include the followln8 Statement In thls annual report. Indlvldual Invegtments andlor 5ector5 maybe excluded bf they are pèrtelved to confllct with the oblectlves of the charlty. The charlty has cornrnitted to appolntln8 an Investment Mat)ager who Is actlvely ernploy2d In èpplylng an Environrnenial. Social and Governgnce IE5GI polScy whlch15 Shown In thelr webslte.. h az Flnandal r¢vSow Pl•n6 for fvtur• p•rlods The prte n•ture of the settlor's phllanthropy and the lact that Brnnt$ may be made confldentlally to reciplents who ienerally provlde good feedback on thelr own actlvltles lead the trustees to wlsh to leave thelr existin4 plans 8nd Pollcles undisturbed. Fund struclure Expqndible enddwment fvnd The expendable endowrnent fund represents the criglnal donatlons by Lord Leverhulme and subsequent dothatlons tO8ether wkth the reallsed and unreallsed Kalns and10sses arlsing from the investment assets that comprSse th15 fund. UThre#rid¢d funds These repre*rrtthe general fund5 of the charlty. Resev4es pollcy The trustee5 have more thon met thelr establlshed poll¢y Whets¥ the unrestrlcted funds whl¢h are represented by cash I'the free re5erves'l held by the Charlty should be at least two months, Worth of the likely cash requlred for ¥ronts accordln4 to a trer over 5 years.
LORD LEVERHULME'S CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Stnlcture, ywernance and m•n•ymtht ThE charlty Is constltuted by ¥ Trust Deetl datsd 20th March 1957 and re815tered wlth the Charlty Commlssloners under charfty number 212431. B8nkln8 Durin8 the year rnany charbtles experlenced bankln8 dlfflcultles whlch led to the Charlty Commlsslon to wrlte to lead5n8 UK Bjnks. Because ol the difficulties whlch the trustees experlenced they opened an addltional bank account as Shown on the frontof th15 documenL Trustee5 The trustees who served durln8 the year ond up to the date of sl¥nature of the fsnanclal 5tstements were.. Slr Algernon Heber-per A H S Hannav A H M Wllson Durln8 the period under review the trustees contlnued to meet ¢lther In person or by telephgne on average every 6 tD 8 weeks. For many y¢ars past, the tru5tee5 have rEcorded thelr rl8ht to select new trustees ènd that, once appolnted, they serve IndefinY(Èly whllst fully apprÈtlatinÉ the tlme would ¢ome for the appolntment of others. They hève always been and remaln eager to ¥nsure th•t thelr su£ctssor$ 5hJre the 5arne Interest and eth05 01 the settlor. That tlme has now come I0 of the three present trustees havln8 served for over 30 year51. Much tlme in the year under re%Aew and slnce has been devoted to conslderatlon of thls Issue and It has been detlded to appolnt Rlvln8ton Trustees Ltd I'Alvln8ton"l as 501e trustee In iheir stead. Rlvln8ton wès Incorporated 12 years è80 wlth the 5peclflc intentlon ol belTr6 a trustee for the settlor's family. Thus, the trustees are 5atlsfled that not only 15 Rivinston well experiEnced In rnatters of tmsteeship but a150 that It and Its dSrectors have an appropriate level of knowledge of both the hlstory of the family and Its Interests. Method5 for the consultatlon of famlly members wlll be pul In place. 11 Is Intended that the than8e of trustees wlll take place lrnmedlately lollowln8 the slgnature of this report. As they retire, the tru5tee5 are partlcularly awa ol the help that they have recefved from all thelr prDfesslDn•l dY15er5. The 8rowth of the fund over the last Several decade5 lustlfles partlcular thanks to thelr Investment manager5. applly, over recent year5, the tfU5tee5 have not needed lelal advice but have been greatly helped by the ac¢ount•nty •ftd avdit work of Mitchell Charle5WOrth to whom they are also 8rateful, The day-to4ay work of the trust could not have been so happily undertaken without the cheerful 5UPPOrt ol Lynne Loxley as the trustees. admlnlstrator who, ent5rely CDlnildentally. Steps down Irorn her role almost simultsneously wlth the trustees who put on ¢r thelr partlcular appreclatlon of her worktorthem and wish her and her husband the very best In thelr new home.
LORD LEVERHULME'S CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR EAIDED S APRIL 2024 The wholÈ of the administration and primary bookkeepinR is undertaken by the Leverhulme Estate Office. whlch procures externbl actauntancy assistance as required. Rlsk fftina8ement The trustees continually revlew the major strategic, buslness and owratlonal r15k5 to whlch the charlty Is exposed. Systems established to mitigate th05e rlsks and procedures contlnue to be monbtored to mlnlmlse èny potentlal lrnpart on thE (hority should any of those rlsks matedallse. R15k management Is an ongoing annual prtscess. Key rlsks Include.. Internal m5s8pproprl*lon of the charlty's fund5. Thls could occur amon8 the trustees themselvÈs or those who •sslst them In thelr admlnlstfatlon. ThE trustees re6ard any misappropriatlOTh a5 a very $erlous matter both as to viabillty and reputatlon of the eharlty. HOWer, they belleve thjt thelr hands-on cornmrtment renders thls r15k remote one. External rnisapproprlatlon or other loss ol the ch•rlty'S funds. Some risk ol loss Is ever-present when stock market Investments a held. Thls, even though equally as serlous a5 one C0mitted Internally, Is con51dered ro be inescapable but balanced firstly by actlve PDrtfollo management and secondty by the opportunlty for gain. In any context where many partles Ire Involved, there can 0150 be rlsk of 19S5 arlslng frcm communicatlon ènd dlfferln8 practlce and understsndin8. Thls rnoy arlse between the ¢h•rlty and 5 extern31 advisors. Such loss mav be either financial or of oppcrturiity. In each of these three sltuatlon5, the cause may be Èlther rnlstske or dlshonesty. Oishonesty 15, bearlng in mind the choice ol rnanaKers ènd the nomlnees, deemed hl8hly unlikely. It 15 consldered that the trustee5' Internal procedures reduce th15 r15k. Whlle the audlt procedure5 will r2ve41 bf any such r15k had rnaterla115ed, cannot, by Its retro5pectlve nature, be sofeÉvard. The trustees tske further comfort from thelr fund m•na8er's Internal £ontrol$. Mlsta&es ère generally remedlable and consldered to be low sk both as to probabllity and Consequence. The trustees rnake some irants that are Restricted Funds In the hands of the reclplent and a rlsk exlsts thot reclpients will either not Incur the expenditure or wlll apply Restrlcted Funds for gÈneral or other purposes, such lfts are è rnlnorlty and the trustees con51deT that It would noi be a 8ood use of Iharltable fund5 to e5tabli$h an 'after the event audlt procedure on the reclplents. Wlth the Investment Managers, Schroder & Co. Llmlted beln8 a bonk, the cash held rnay be at rlsk and unprotected by any compensatlon schemes. The trustees have endeavoured to add55 th15 by placlng Icontrn£tuallyl a Ilmlt on the co5h thai can be held In this way and by monltorln8 contractual ob%ervan<e through the audlt process. The trustees are ple3sed to note that checks duTing the èudlt proce55 5ug8e5t that the 5VStem put In platt bythe Investrnent Mona8er5 55 functlonln8 Satbfactorily. The rlsk of elECtronl¢ and other data breaches and of complalnts about them •nd abtsut the manner ITh which the trustee5 proce55 data h35 exlsted for many years and wlll contlnue Following the adoptlon and publication In 2019 of the tru5tee5' PrSvacy Pollcy lo copy of whl£h may be obtained on wrltten or email oppIatIOn to the charity'5 adrninistrator at the address shown on page 11. the trustees have entered Into a 5erylce agrEement wlth the operators of the Leverhulrne Estste Office Iwirh whom they enjoy an obvious and natural relationship) under which the operators undertake r2sponslbillty lor the tru5tee5' dats prDcesslng. The trustees conslder that thls agreement further protert5 both the chèrfty and themsefve5 in relatlon to these iisks.
LORD LEVERHULME'S CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 5tatemerf uf tWSlees' responsibllltl ThE trustee5 are responsible for preparlng the Trustees. Report and the flnancial stotements In accordance wh appllcable 18w anL4 United Kingdom Accountlng 5tsndards Iunlted Kingdom Generally Accepted Accountin8 Practice). ThE18w appllcable to charltles In England and Wales requlresthe trustees to prepare flnanclal statements for each flnanclal ve8r whith gi J true and lair vw4 of the state of affar5 of the charlty and ol the incomin8 resources and appllcatlor* of resources of the chèrhyfor that year. In pTeparln8these flnancial statements, the trustees are requlred to.. - seSect sultsble •ccountln8 polltie5 and then applythern conslstentty.. - ob5ef¥e the methods and prlnclples In the chil4eS SORP,. make judgements and estlrnates ihat I reasonable and prudent, state whether appllcable accountlng standards have been followed, subject to any rnaterlal departures dls¢losed ?fid explèlned In the flnanclal statements., and Prepa the fln•nclol statefflents on the golni concern $15 unless h Is Inapproprlate to presume that the charlty wlll contlnue In operntlDn. The trustees •re re$ponslble for keepln8 suftlclent accguThting records that dlsclose wlth reèsonable iccuracy at any tlme the flnanclal posltion of the charity and enable them to ensure thèi tht flnanclal statements compty with the Charities Act 2011, the Charlty IAccpunt5 ond Aeport51 Re8ulatlons 2008 and the pravlslons of the trust deed, They are also respDllslble for 5afe8uardln8 the èssets of the chorlty ènd hence for takln8 reasonable steps for Ehe preventlofi and dEtectlon ol fraud nd other Irre8ularltie Ador Mitchell ChaTle5WOrth (Audftl Llmlted offer thÈm$elve5 for reappol tment as •udltors to the chèrlty. The tTUStees' rewrt wès approved by the Board of Tr ees SlrAIKernon H•b•r•P•rty TrustÈe Dated.. 16 O£tober 2024 A H S Hannay Trust2e A H M Wllson Trustee
LORD LEVERHULME'S CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LORD LEVERHULME'S CHARITABLE TRUST Oplnlon We have audlted the financlal statements of Lord Leverhulme's Charltable Trust Ithe'charity'l for the year Ènded 5 April 2024 hlch comprlse the statement Df flnancial actItIeS, the b31once 5hEet. thÈ ststement of cash flows and notes to the linanclal statements. Includin8 Sl8nrficant a¢countlng policie5. The finan¢lal reportlng framework that has been applled In their preparation Is applicable law ond Unlted Kingdom Accountin8 Standards, Includlng Finantlal Reportln8 5tandird 102 The Flnonclol Reportlng Stundurd oppllcoble the UK Republlc of Ireloné (United Kln8dam Generally Accepted Accountlng PractScel. In our oplnlon, the flnan¢lal ststements.. glve a true and falr view ol the state of the Charity's offalrs ès at 5 Aprll 2024 8nd cf Sts Incomlng resourtes and application cf re50urce5. for the yearthen ended,. have been properly prepared in ac¢ordante w*th Unf(ed Kln8dom Generalty Accepted Accounting Pracric¢- and have been PTeparEd In accordance wlth the requirements of the Charities Acl 2011. BMI$ lor oplnloft We conducted our avdlt In accordance with 1ntern8tional Stèndards on Audltln& IUKI IISAS ILIKII and appllcable law. Our responsibilltie5 under those standards ère further descrlbed In the Auditor's iesponslbllltles for the oudlt OA the flnonclol 5totements 5ectlDn of our POrt. We are Independent of the char5ty In accoid¥nce wlth the ethlcal requirements that ère relevant to our audlt of the flnènclal 5tstements In the UK, includin¥ the FRC'S Ethlcal standard, and we have lulfllled our other ethltal responslbillties In occordance wlth these requlremeThts. We believe that the audlt evldence we have obtalned Is svfflclent ond •ppropriate to provlde a b•sls for our oplnlon. Concluslons relatlrytoiolw concern In auditlng the Ilnanclal statements, we have concluded that the tn15tees' use of the Boln8 concern bas15 01 Jccountinq In the preparntlon of the flnanclal statements Is approprlate. eased on the work we have performÈd, we hève not Identified any materlal uncertalntie5 relatlnK to events or condltlons that, Indlvldually or collectl¥ety, may cast slgniflcant doubt on the charlty's ablllty to contlnue as a 8olng concern for a perlcd of ot least twelve month5 from whEn the flnancial staternents I IhorSed for 5ssue. Our responslbllltle5 Jnd the responslbllltles of the trurtees wlth respect to iolni wneem are descrlbed In the relev•nt sectlons ol th15 report. Other Irrfomiatlon The other Informètlon comprlses the Informatlon Included In the •nnual report other than the financl31 statements bnd our auditor's report thereon. The trustees are re5ponslble for the other information contalned withln the annual report. Our oplnlon on the flnanctal stètements does not cower the other Informatlon and we do not express any forrn af assurènce conclusloTr thereon. Our responslblllty Is to the other Informatlon and, In doln8 $0, conslder whether the other Informatlon 15 moterlilly Inconslstent wlth the flnanclal statements or our knowledge obtaSned in the course Of the audit or otherw15e appears to be materlally misststed. If we identlfy such materlal incon5iStencles cr apparent material rnisstatements, we a qUIred to dttermine whether thi5 8ive5 rise to a materiol m155taternent In the flnanclal statements themselves. If. based on the work we have performed. we conclude that there Is a ffjaterial mls#otement of thls other Informatlon, we are required to report that lact. We h•ve nothlng to report In thi5 Tegord.
LORD LEVERHULME'S CHARITABLE TRU5r INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LORD LEVERHULME'S CHARITABLE TRUST Mlttevs on wtrAch we are requlred to report by eeptIOn We nothin8 to report in respect of the followlng matters In felaJon tr> whlth the Charlties IAc¢ounts and Reports) Regul•tlon$ 21M)8 quIre us to report to you if, in our opinion.. the information 8iven in the financial statements Is Inconslstent In Jry motef5al respect wlth the tru5tees' report., or sufficSent ac(ountSng records have not bÈen kept.. tsi the flnanclal statements are not In a8reementwith the accountlng record5- or we have not received all the informatlon and explanations we require for our audit. Responslbllltle5 of trustms emplalned more ful In the statement Df tru5tees' re5pon51bllltles. the trustees are responslble lor the preyrntlon of the Ilnanclal ststements and for bElns 5atlsflEd ihat they 8lve a true and falr Vlew. and for such Internal control as the trustees determine Is necessary to enable the prÈp8ratlon of financi31 stotements that are free from materSal mlsststement, whethef due to fraud or error. In preparlng the flnancial staternent5. the trustees are responsible for assesslng the chhrlty's ablllty to tontlnue a5 a 8oln8 concern. dlsclDslng, as appllcable, matters related to 8olng concern and using the golng concern bas1$ 01 Jccountln4 unless the trustees elther Intend to cease tsperatlcns, or have no •41StIC alternotlve but to do so. Audltor's responslbllltieslor the •udll olthe flnanclil statements We hove been èppolnted as aL*ditor under settion 144 01 the Charbtles Act 2011 and report In accordance wlth ihe Act and relevant re¥ulatlons made or havlng effect thereunder. Our oblectlves •re to obtsin reasonable assurince about whether the flnanclol 5tsternentS 05 a whole are free from materlal rnlsstatErnent, whether due to fraud cr error, and to Issue an auditor's reporr that Includes our opinion, Reasonable assurance Is a high level of assurance but Is not a guarantee that an èudlt conducted accordance with ISAS IUKI wlll always detect rnaterhl mlsstjtement when It ex15ts. M155taternents caTh arlse from fraud or error and are ¢onsidered rnaterlol If, Indlvlduèl or In the aggregatt. they could rea50nabty be expected to Influence the ecoTromlc dÈclslons of u5er5 tsken on the bas15 01 these flt)anclal statement5. The extent to whlch our procedure$ are c•pable of dete¢tln8 Irregulirltles, Includlng fraud,1s detalled below.
LORD LEVERHULME'S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LORD LEVERHULME'S CHARITABLE TRUST Exi•nt to whlth the wa5 ronsld•r•d capablE of detectlfii irre¥ulirities, Tn¢ludlng fraud We Identlfy and assess the rlsks of materlal mlsstatement of the financlal statement5, whether due to fraud or error. and then design and perform audlt procedures respon51ve tD those rlsks. Includln8 obtsinin¥ audit evldente that 15 5uffklent and pproprlate to provide a basi5 for our opinion. IdEntNyln( and asses51n¥ pot•ntlal rlsks reled to Irregularftle5 In Identllylng and a55essln8 rlsks of materlal mlsstatement In respect of irregularfties, incltsdln8fraud and non-compli•n¢e with laws and regulatlons, we con51dered the fallowlni.. the nature of the thlrlty, Control envlronment and bu5ine55 performance.. the th•rfty'S own assessment of the rSsks that Irr2gularltles may occur elther a5 a result ol lrnud ot error,. the results of our enquSrles ol members of the Board of Trustees ol thelr own Identmcatlon and assessrnent of the rlsks of Irre8ularltles.' any matter5 we Identlfled having obt•lned and revlewed the ch•rlty'S documentatlon ol thelr pollcles and procedures relitin8to'. hlentlfylni, evaluatlni and comptylnd wlth law5 ar1 fegulatlons and whether they were •ware of any Instances of non<offjplian¢e' dete¢tlll8 and respondSng to the r15k5 of Ir•ud and whether they have knowled8e of any actual, suspected or alle8ed lrnud.. and the Internal controls e5tobllshed to mltiaate rtsks of fraud or non<ornpliance wlth laws ind regulations,. and the matters d15CU55ed among the audlt engagement team reg•rdlThg how and where fraud mliht gccur In the flnancial statements and any potentlal Indlcators of fraud. A5 a resuk cf these Pfocedurls. we con51dered the cpportunlties and Incenti¥e5 that may exlst wlthln the organlsatlon for fraud and identlfiÈd the greatest potentlèl lor fraud In the followlng areas.. 111 The pfesentatlon ol the charlty's Statement of Flnanclal Acllvities, and Illl revenue and Er4nt reco8riitlon. In common wlth •ll audirs under IS IUKI, we are also requlred to perform specSllc procedure5 to resptshd to the rSsk of management overrlde. We also otnalned an understandln6 of the legal •nd regulatory frarnework that the tharlty operates In, focu5in¥ on provlslon$ ol those 13Ws and re8ulatlon5 thot had a dlrert effect on the deterrnlnatlon of m•terlal amount5 and dlsc105us In thE flnanclal Statements. The key laws and reiulatlons we consldered in this context Included the UK Charities Act ond the Statement of Recornrnended Pr)¢tlce-'Accounting and ReportinK by Charitie5' issued by the jolnt SORP rnaking bDdy. In addlticn. we considered whether other laws aThd relulatlons exlsi that do not have a dlrect effect on the fTnanclal ststements but compllance wlth whlch may be fuTrdarnental to the charty'S ablllty to operate or to avoid a materlal penalty. In thi5 case we dD nE)t coThslder there to be any such lows and regulations. 10-
LORD LEVERHULME'S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF LORD LEVERHULME'S CHARITABLE TRusr AudSt response to flsks Identlflld As è result of performln8 the above. we identlfSed the presentstion of the charlty's Strtement of Flnancial Activitles, and fÈvenue alld 8rant reco8nitlon as the key audlt matters related to the potentlal rlsk of fraud. The key audlt matter5 sectlon of otsr reptsrt Èxplain5 the rnotter5 in more detail and also doscribes the speciflc procEdures we performed in response to those key •udit matters. In addrtlon tD the above, our procedure5 to respond to rlsks Identified Included the followlng.. lewlng the fInancl statement disclosuve5 and te5tin8 to supporting documentatlon to assess cvmplionce wlth relevènt laws and KUlatIOnS descrlbtd above as hovlTrg a dlrect effect on the flnanclal statements.. enquirlng of members of the Board of Trustees ton¢ernln8 actual and potertlal Iltlgatlon and clalms., performlTrg anatytlcal procedu$ to Identwy any unusual or unexpected refatlonshlp5 that may Indlcate rlsks of materlal misstatement due to Iraud., readin8 minutes of meetlngs ol those charged wlth 8overn•nEe •nd reew1n1 correspondence wlth relevant uthorltle5 where rnatter5 Ident+fied were sLgnlfi¢ant.' In addre$slns the r15k of Iraud throu8h rnana8ement overrlde of controls, testing the approprlateness of journèl entrles 8nd tsther adlu5trnents,' a55e551n8 whether the judgements made In maklng account5n8 e5tlmote5 Ire Indicatlvo of a potentiol bia5', ond evaluatinK the bu5ine55 ratlonale of any s18nifi£aTrt transactions that aré unusual or outshle the norm•1 cour$e of buslness. We also communlc3ted relevant Identlfled laws and re8ul4tlons and potentlal fraud rlsks to all enga8ement team members ond remalned alert to any indlcètlons of frnud oi non-complsance wlth laws and reiulatlons throughout the audlt. A hJrtheT descriptlon of our re5ponslbilitles Is avallable on the Flnanclal Reportln6 Councll'5 WebSe .. https.'Il www.fr¢.or8.uVoUdorsrespons1b11bl1es. Thls descrlptlon forms p8rt of our audltor's report. Other matters Your attention 15 drawn to the fact that the charlty has prepareé flan¢l•l statEmEnts In •ccordance wlth "Accourtlng and ReportinE by Charitie5'. Statement of Recomrnended Practlce applitèble to chiritie5 preparing thelr account5 in accordan£e wlth the Flnanclol Reportlng Stsndard èppllcable In the UK ènd Republlc of Ireland IFRS 1021 la5 amendedl In preference to the Accountlng and Reportln8 by Charltle5.' StstemeTrt of Recommended Pratti¢E15suEd on l Aprll 2005 which 15 referred to In the ext•nt UltnS but has now been wlthdrawn. Thls has been done In order for the Ilnancial 5tatemerts to provkfe • twe and f•ir vlew in èccordance with cUrnt General cepted Accountini Prnctlce. 11
LORD LEVERHULME'S CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF LORD LEVERHULME'S CHARITABLE TRUST Use ol our report Thls report is maLle 501Ely to the charlty's tru5tee5, al a bttdy. In accordance wlth part 4 of the Charf(les (Accounts and Reports) Re8ulatSons 2008. Our audSt work has been undertoken $0 that we might stste to the charlty's trustees those matter5 we are required to state to them In an auditor'5 report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume fesponslblllty to anyone other thin the charlty and the charity's trustees as a bodyj for our audlt wark. lor th15 report. or for the oplnlons we he formed. Mlt¢hell Ch•rfe%¥orth (Audltl Llrnltqd 16 October 2024 Accountants StatutoryAudltor 5 Temple Square Temple Street Llverpool L2 SRH Mttchell Charlesworth (Audbtl Umlted Is ellglble lor appolntment as audltor of the charlty by vlrtue of Its ell8lblllty lor •ppolntmeftt as audltorof a Company under sectloTh 1212 01 the Companles Art 2006. 12
LORD LEVERHULME'S CHARITABLE TRUST STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED SAPRIL 2024 I1$tr1rted Endowment fvnds fund5 2024 2024 Total Unrestrlrted Endo¥miert lunds fund5 2023 2023 Total 2024 2011 Not•s Income from.. Investments 1.089.800 1,089,800 935,816 935,816 Tot•1 Income 1,089.800 1,089.800 935,816 93S.816 Exptndltur• on.. Ralslng fund$ Ch•rirable actlvltle5 44.411 1,084,338 88,822 133.233 1,084.338 44.348 $45.903 38.696 133,044 545,903 Tot•1 axpendltur• 1.128.749 88,8Z2 1.217,571 590.151 88.696 678.947 Net vin{10S$t$J on Inv¢strneNs 2.390.627 2,390,627 1753.8051 1753.8051 Net Ivomvllexpendltui•l Ind movgm•nt In fisnds 138,9491 2,301,805 2,262,856 345,565 1842,5011 1496.9361 R•<onclllotlon olfunds: Fund balance5 at 6 April 2023 141,6401 42,279.772 42,238,132 1387.2051 43,122,273 42,735,068 Fund bilincei •15 Aprll 2024 180,5891 44,581,577 44.500,988 141,6401 42,279.772 42.238.132 The statement tsl linanclal actlvltles Sncludes all galns •nd 105ses rEcognlsed In the ar. All Income and trpendY(ure derive from continuln8 Octlvltles. 13-
LORD LEVERHULME'S CHARITABLE TRUST BALANCE SHEEr AS ATS APRIL 2024 2014 201> Notes Fixed a55et$ Investments li 44.816,835 42,150,920 Current aS5et5 Debtors Cash at bank and In hond 12 98,597 164,297 93.309 318,555 262.894 411,864 Credltors: Imourti l•lllni due wlthlTr one ij 1333,7411 1288,1521 Net current Ill•bllltlesllassets 170,8471 123.712 Trtal wets less current lTrabllltl•s 44,735,988 42,274,632 CredltoTh.' omounts fllllvd due •fter mor• than one year 14 1235,ChJOI 136.SC#)I Net Issets 44.500.988 42,238.132 C•plt•l funds ExpEndable endowment fund 16 44,581,577 42,279,772 Incom•funds rlctei4 lu Oesi8nated fund5 General vnrEStritted fuThds 17 480,303 1560,8921 408,484 1450,1241 180,5891 141,6401 44.500.988 41.238.132 Yhe financlal stat ts were approved by t es 16 October 2024 Sir Al8ernon He Trustee er-percy A H S Hannay Trustee A H M Wllson Truslee 14-
LORD LEVERHULME'S CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes ¢•sh flawsfrom operntlnl I¢vItIES Cash absoTbed by (]perations 21 1973.4821 1919,2111 Investlw Jrtlvhles Purchase of inve5tmertS Proceeds fr¢m dlsposal of Investments Investment Income recefved 18,213,509) 7,948,221 1.084.512 110,046,803) 10,129,906 908.325 Net Ushynerntod from InV•st1¥1thI 819.224 991,428 Net uih u4•d In flnJndry Ille5 Id•£r•isellln(Ye•se In c•5h •nd r•sh •qulv41th 1154,2581 72,217 C•sh arl c•sh eiulvalents at beiinnln¥ of year 318.555 246,338 Clsh •fid ¢15h •qul¥•lenti It end olye•r 164,297 31455S 15-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACC11¥ polldes Chartty lthrmlon Lord Leverhulme's Charltable Trust Is a reRi5tered charitsble trust In the Unbted Klngdcm. The address of the princlpa offlce 15 glven In the charV Informatlon on pa8e I cf these flnanclal ststement5. The nature of the charty'5 operation5 and prlncipal attlvltles are descflbed In the Tru5tee5' Report on page l. 1.1 Ac¢ountlni conventlon The Ilnanclal 5tstements have been prepared in ac¢ordance with the charity'5 trust d2eds. the Charbtle5 Act 2011 and 'Accountlng and Reporting by Charities.. StstEm2nt of Recommended Practlce appllcable to charities prÈparlng thelr a£count5 In accordance wlth the Flnanclal Reportln8 Standard appllcable sn the UK and Republlc of Iland IFRS 1021 leffertlve l J?nuary 20191" The charlty15 4 Publlc Benefit Entity a5 defined by FRS 102. The financial 5tstements have been prepared to glve a 'true ènd falr, vlew and have departed from the Charltles IAccount5 and Réportsl Regulatlons 2fM)8 On to the extent required to provlde o'true and fair vlew.. Thls departtsre has Irwolved followlng the Accountln8 and Reportlni by Charfties.. Staternent of Recommended Prnctlce opplir•bl2 to charltle5 preparln8 thelr account5 in ae¢ordance with the Financial Reporting Standard appllcable In rhe UK and Republlc of Irel•nd IFRS 1021 issued on 16th July 2014 ratherthan the Ac¢ountlng and Reportln8 by Charltles.. Statement of REcommended Practlce effectfve from 1st Apdl 2005 whlch has slnce bten wlthdrawn. The flnancial $t•tement$ Wre pPared in sterlln8, whlch Is the functlonal currency of the ch)rW- Monetsry amounts In these flnand•l rtatements Dre rounded to the nea$r £. The flnanclal 5tstements have been prepared under the historlcal cost conventlon, modifled to Include certaln linanclal Instrurnents •tfalr value. The prlnclpal accountlnl polltles adopted are Set out below. 1.2 Golni wn¢ern Tht financlal statements have been prepared on a goln8 ttrntern basls as the trustees belleve that no materlal uncertalntles exlst. The trustee5 have consldered the lewel of funds held and the expected level of Income and expendlture for 12 months from authorSsin8 these flnanclal 5tstements. The budgeted Incorne and expeThdtture 15 suffi£itnt wlth the le¥el of reserves ftir the charlty to be able to contlnue Is a golng concern. 1.3 Charltablelunds Unre5trlcted funds are èvèllable for use at the dlscretlon of the tnjstees In furtherance of thelr charltable oblectlves and whlch have not been deslKnited for other purpose5. Desnated funds comprise unrestrlcted funds that have been set aslde by the tvustees for partlcular purp05e5. The •lm and use of each designated fund Is set out In the notes to the flnanclal statements. Based on the terms of the orl8lnal donation to the trust by Lord LeverhLLlme. the trustees consider thot thls and 5ub5e4uent donatlOTrS Should be accounted for as an expendable endowmEnt. The fund a150 Includes reallsed ènd unreBlised gains and 1055e5 ari5ingtrorn the Investment assets that tDmprlse thls fund. IA Inoirne All Incornlng resource5 are included In the 5tstement of Flnanclal tltieS ISOFAI when the charity is legalty entitled to the Income after any perforrnancE condltlons have been met, the amount can be measured reliably and It Is probable that the Incorne will be rectNed. 16-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5APRIL 2024 Acwuntln¥ poll£bes Iconilnuedl For donatlons tts be rÈtognlsed the charrty wlll have been notifled of the amounts and the settlement date In wrIn6. If there a conditions attached to the donation and thls requlres a level of performantè beforE entitlernent can be obtalned then Intome Is deferred until those conditions are fully met or the fulfllment of those condition5 15 within the control of the charlty and It15 probable that the¥ will be fulfilled. No amount is included In the Ilnjnciol 5tJtemeThts lor volunteer tlrne In Ilne wlth the SORP IFRS 1021. For legacles, entltlemert Is the earlltr of the chorFty belnK notified of an impending dlstrlbutlon or the ley¢y beln recelved. At th15 polnt Income Is recognlsed. On ocusion leiacie5 wlll be notified to the charity however It Is not P0551ble to measure the arnount expetted io be d15trlbuted. On these occa51on5, the legacy Is treated as a contln8ent J55et and disc105ed. Investmeni Intome Is earned through holdlng assets lor Investment purposes Includln& 5hare5, 5ecurltles and deposlt funds. It includÈs dlvldend5 and Interest and Is Included when the amounts can be meo5ured rellably. Interest Incorne15 recognlsed the effective interest rnethod. and dlvldend Income is recoined when the ¢haritV's ri8ht to re£elve payment Is esiabllshed. 1,5 EKpendlture All expendlture Is •¢counted for on an at£ruals b3515 and has been classSfled under headln8s th•t •88repte all costs related to the category. Expefiditure Is recnISed where there Is a legal or constroctl¥e obllsation to rnoke payment5 to thlrd partles. It Ss probable that the settlement will be requlred and the arnount of the obll8atlon ean be rnea5ured rellably. It Is categor15ed under the followlni headln8S'. C05t of ra151n8 funds prlnclpally relates to Investffjent Mana8ers' lees. Expenditure on charStable activit125 principolly include5 8ront5 made to charitable organlsatlons. Other expendlture represents those emS nat fèlllnE into the categor4e5 above. Irrecoverable VAT Is char8ed as an expense agalnst the a¢tlvl¢y for whlch expendlture arose. Supwr( costs are those that asslst the work of the chèrFty but da not dlrectly represent charltable actfvitles and Snclude Off¢t ¢ost5 ond governance costs. They are Incurred dlrECtty In 5UPPOrt of expendlture on the objects of the chartty and inclyde a sh8r4 ol the prlncipal office costs. The Jnalysls of these costs included In note 6. 1.6 Flxed a55•t IN•stments Investments are reto8n15ed Inltlalty at lair value whlch 15 normalty the trJn5Ortion price Includln¥ transaction costs. Subsequently* they are rnea5ured at falr value wbth charsges recognlsed as 'net lAS/{lO$Se5I on Investments. In the SOFA rf the shares are publlcally traded or theirfalr value can otherwise bE measud lIably. 1.7 Cash and c•5h equl¥•lents Cash and Cash equlvalents include ush In hond, deposit5 held at call wlth banks. othEf 5hort-teTm liquid in¥estment5 wlth origlnal maturltles of three months or le55, and bank overdrafts. Bank overdrafts are shown within borrowinES in current IlabllStles. 17-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THÉ FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 A¢¢tyJnllng pollcles IContlnu•ill 1.8 Flnanclal In$tNmqnt5 The charity ho5 elected to apply the provlslon5 of Sertlon 11 'Baslc Flnanclal Instrurnent5' and 5ertlon 12 '0ther Flnanclal In5trurnent5 IssL4ÈS' of FR5 102 to all of Its financial Instrurnent$. Flnancial instruments are recognised In the charity's balance sheet when the charlty becomes party to the contractual prov151ons of the Instrument. Flfijnclal assels and Ilabllltles are offset, wlth the net amounts presented In the flnanclal statements. when there Is leylly enforteable rht to set off the retognlsed amounts and there 15 an Intentloft to settle on a net ba515 or to reèllse the asset and settle the Iiabillty 51rnultsneou51y. Debtors and credltors wlth no ststeLI Interesi rate ènd recelvable or piyable wlthln one yeor are recorded 8t tranctIOn prlce. Any losses arlslng from Impalnnent 9 recognlsed In expendlture. Grnnts payab are atcounted for In lull as Ilabllltles of the charlty when approved by the tru5teei, Irrespectlve of the date on whlch the grnnts ore payable, 1,9 laxatlon ThÈ trust is a reglstered charity and a5 such is Entitled to certaln ts% exernptlons r*n Income and proflts from Inve$ifflents if these profrts are èpplled Sole for chèrltable purpgses. IrbV•rtm•MI Unr•strlrt•d UnrEStrlrted fvndi fund5 2014 2023 Income frcrn115ted Investments Interest recelvable 1.076.436 13,364 925,249 10.567 1,089,800 935.816 R41sln8funds Unrestrlcled Expend•bl• lund5 endowment 20Z4 1024 Totsl Unrtstrkted Expendable funds endowlnent 2023 2023 Total 2024 2023 In¥estment Mana8er5' lee5 44.411 88,822 133,233 44.348 88,696 133.(M4 44,411 88,822 133.233 44,348 88,696 133,¢M4 18-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {coKnNUED) FOR THE YEAR ENDED 5APRIL 2024 Chtable irtlvitles 2024 2023 Grants p•yoble15ee note 51 1,064,424 525,224 Share of supw)rt C05ts15ee note 61 share of 8overnance costs15ee note 61 11,970 7.944 13,050 7.629 1,084.338 54S,903 Gr•1 p•yibl• 2024 Numb•rof 6rnrrt5 Grants of É20,000 or more durlw the year.. BoltDn School Clonter Opera Guards of Ch•pel Hi5torlc En8land Foundation Instltute of PyschSatry Natlpnal Mu5eurn Lady Le¥er verpool Heart & Chest Hospltal Llverpool School of Troplcal Medl¢lne Prlntes Youth Trust Royal Cclleie of Physlclans Royal Hosplt¥l Chelsea Royal College ot Sur8eon5 Royal Haspltal Chelse Tagether Llverpool 130,000 2D.QhJO 20,000 20,000 20,000 90,OC4J 20.OC¥) 35,OtKI 50,OC 27,5th) 50,WO So,0 IS,0 21,3Cb) 578,8C 14 19-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grnnts p•yable Icontlnuedl 2024 2023 Grants to Instttution5 may be utEgDrl*d as follow5- Health Comrnun Educatlon Arts Anlmal welfare ErwlronmEfital Rellglou5 esthbllshments 499,850 151,250 142,324 116,0 122,OC¥) 8,OC#) 25,OC 98,000 14D.400 144.824 11,000 13,000 112.LM)O 6.000 1.064,424 525.224 Support costs •llo¢•t•d to •¢tlvltle5 2024 2011 Offlce m•n88ement lees Other expenses Govern•nce costs 10,358 1.612 7,944 12,800 250 7.629 19.914 20.679 An•lys•d b¢twe•n: Cha¥itable actfvities 19,914 20.679 2024 2023 Audit fee5 Accountrncv 6,2C 1,744 6,080 l.S49 7,944 7,629 Net mtr4efflent In fund5 2024 2023 The net rn¢)vement In fvnds Is stated after tharilnEIIEreditin81.' Fee5 pJy4blE far the audit of the chority's flnanclal statements 6,200 6,080 20-
LORD LEVERHULME'S CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (CoriNUED) R)R THE YEAR ENDED 5 APRIL 2024 Tnrst••5 Travel Èxpenses amountin4 to El,223 12023.. £2501 were relmbjrsed travel expenses to one12023-. 11 trustees during the year. There were employees durinx eltheryear and none of the trustees recelved Any remurbErotlon durln8 elthef year. The charlty made a irant award of 2024.. £nil12023.. £25,oc )to the Royal Natlonal Llfeboat Instltute IRNLII. Anthony Hannay. one of thE ifUSteEs Is a Vlce Presldent of the RNLI. The 8rant award was subject to the same condltlons and approval process as other grants madt during the year. Nel ylnil1los) on InMstrnqnts Exp•nd•bl• E¥pendable •ndowmert endowment 2024 2023 Revalu•tlon ol Investments Galnll10551 on Sale of Investments 2,354,948 35,679 1411,6111 1342.1941 2.390,627 1753,8051 Thx10 The trust Is a re8lstered charlty, and a5 such Is entitled to certaln tax exemptlons on Income and prollts from In¥estrnents if thesE prOfS are applled solely for charltable purposes. The charlty Is not regIsted for VAT and all expenditurels recorded Incluslve of any VAT Incurred. 21
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEhrrs {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 11 FIM•d Ikw•Mments Ustedcash In porttollo Ikwestments Totsl Cost or¥aluatl At 6 Aprll 2023 Addltlons Valuation chan8e5 Movement In cash Disp05a15 40,515,614 8,213.509 2,354.948 1.635.306 42,150,920 8,213.509 1,354.948 1276.7001 17.635.842) 1276,7001 17,635.8421 At 5 Aprll 2024 43,448,229 1.358.606 44,806,835 C•rrylni amount At 05 Aprll ?024 43,448,229 1.358.606 44,806,835 At 05 Aprll 2023 40,515.614 1,635,306 42,150.910 2024 20ZI Investments at falr value compr15e.' UK equlties, unlt trusts and treasury Stock Overseas equltles and unlt trusts CJsh held ty Investment Managers 21.445,657 22,002,572 1.358,606 20,760,306 19.755.308 1,635.306 44,806,835 42,150.920 The Investments • Ilsted on the Unlted Kln6dom Stock Exchange and are stated at rnid-rnarket value. The total rost of managln8 the portfolio in¢ludini thlrd-party fund fees ond brokera8E fees wa5 £365,683 12023.. £389,425>, Debtgrs 2024 1025 Arnourts hllln¥ due wlthln one yr: Other debtors 98.597 93.309 -22-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED S APRIL 2024 13 CredStor5: amountsfallln8 duewtthln one year ZOZ4 OthEr credltor5 Grants payable Accrua15 and defeyred Income 4,439 283.S(K) 45.803 4,439 238,907 44.806 333,741 288,IS2 Credllork. •mourfsl•lllnK du• •fter morq th•n on• yeir 2024 2023 Grants payable 235,r 36,500 IS RewnEMl•tlon of4r•nt commStments 2014 2023 Commitrnents at 6 Aprll 2023 Grart5 pold out durlng the year 1275,4071 821,331 1519,9491 769,766 545,924 518,SOO 249,817 275,407 Commrtrnents at 5 Aprll 2024 Char8e In Statement of Flnanclal Actlvltles Inote 41 1,064,424 525,224 16 Endowment fund5 Endowment funds represent assets whlch rnu5t be hel(J permanently bythe charfty. Income arlslng on the endowment funds tan be used In accordantt wh the objects of the charw and Is Included as unStrICted illcome. Any PItal Balns Dr losse5 ori5ing on the ?55et5 form part of the fund. At 6 Aprll 2023 Resoyr¢•%G•lns •nd loH•s Af 5 Aprll 2024 •xpended Expend•ble endv#fflierts 42,279,772 188,8221 2,390.627 44.581.577
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 16 Endowment fvnds Icontlnuedl Prr4lousyur: At 6 Apyll 20ZI Resourc•sGaiDs•nd Iwes At 5 April 2023 expended Expend•blfr endowments 43,L22,273 188.6961 1753.8051 42,279.772 P¥ble •ndowmant The expendable endowment fund cornprise5 the orlBlnal donation5 by Lord Leverhulme and subsequent donation5 t0her wlth the reallsed and unreallsed 8alns and losses 8rls5n8 from the In¥e5trnent aS$ets that compr15e thls fund, les$ transfers to the unrestrlcted fund. 17 UnM#rlct•d lunds The unrestrlcted funds of the charlty comprlse the uThexpended balances of donatlon5 and grants whlch are not suble¢t to speclflc condltlons by donors and giantors as to how they may be used. These Include des18n3ted lund5 whl<h have been set aslde out of unrestfl¢ted funds b¥the trustees lor sptclfic purposes. At 6 Aprll 2023 Resour¢•s •xpended Tr•nsf•rn At 5 Aprll 2024 r•sgur¢ Special reserve fund General lunds 408,484 1450,1241 21,819 1.067,981 50,CfQ 1S0,LKQI 48a.303 1560.8921 11,118,749) 141,6401 1,089,8CiI 11,128.7491 180,5891 PrevIou5•r. At 6 Aprll 2022 Incornl fe50urt Resour¢eJ •xpended Transl•rs At 5 Awll 2023 Speclal reserve fund Gtneral funds 350.334 1737,5391 8.150 927,666 50,CQO 150,LXXI 408.484 1450,1241 1590,2511 13B7.2051 935,816 590,251 141.6401 (lolreserye Jund The trustees set up a de518nated fund on 1st september 2LWJ4 to Ixjllj up a reserve out of whSch larEe donatiws could be made In the future. -24-
LORD LEVERHULME'S CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 18 Analy515 of net assets between lunds Unrestrlrtad funds 2024 Endowment funds 2024 Totsl 2024 Al 5 Aprfl 2024: Investments 225,258 170,8471 I235.al 44,581,577 44,8C6,83S 170,8471 1235,0001 180.S891 44.581.577 44.500,988 Unr•Mdrt•d nds 2023 Endowm•rt funds 2023 Tot•1 1023 At S Aprfl 20U.. Investments 42.150,920 128,852 42.150,920 123,712 136,5001 15,1401 136,5001 Lon8 terrn lièbllitles 141,6401 42.179.772 42.238.132 19 Eommltm•nt8 Dunts Concted for but not provided In the flnanclal statements.. There were no capltal commltments •t Sih Aprll 2024 or 5th Awil 2023. 20 Contlnynt Il•bllhles The trustees, from tlme to tlme. make awards to •ppll¢ants that a contlngent on the appllcant meetlng certaln conditlons, Such awards are not cOgnISed as Ilabllltles urfii the appllcant can demonstrate that the condltlons have been rnet In full. -2S-
LORD LEVERHULME'5 CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS {COKllNUED) FOR THE YEAR ENDED 5 APRIL 2024 21 Cash 8en4vaiEd from oper•tk>ns 2024 1023 Surpluslldelltltl for the year 2.262,856 1496,9361 Adjustments for.. Investment Income reco8nised in statement of flnanclal actlvlties IGalhl/losi on disposal of Investments Falr value galn5 and lossei on Snvestmènts 11.089.800) 135,6791 12,354,948) 1935,8161 342.194 411.611 Movements In workln8 capltal.. Increase/lde¢reasel In creditors 244,089 1240,2641 C•5h ib50rbed by 1973.4821 1919.2111 22 AMIys15 of thnios In nel lunds The charlty had no maierlol debt durln8 the ye4r. -26-