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
AUd￿0T
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]M￿ed
l London Wall Place
LcndDn
EC2Y SAU

LORD LEVERHULME'S CHARITABLE TRUSr
coNTE￿r5
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.
Object￿e5 and a£tl¥lti•s
The object of the charlty, as ststed In It$ 8overnlng documents, Is t¢ sUp￿rt 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 ap￿￿ed by the Charlty Commls51on contlnues to create I￿le 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, the￿tsre, 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 In￿StMent 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. Am￿0￿,
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 C￿rb 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 add￿lonal 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
TRu￿EES. 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 le￿1. 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 pr￿￿te 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 Whe￿ts¥ 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
I￿0 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 $erlous matter both as to
viabillty and reputatlon of the eharlty. HOWe￿r, they belleve thjt thelr hands-on cornmrtment renders thls r15k
remote one.
External rnisapproprlatlon or other loss ol the ch•rlty'S funds. Some risk ol loss Is ever-present when stock market
Investments a￿ held. Thls, even though equally as serlous a5 one C0￿mitted Internally, Is con51dered ro be
inescapable but balanced firstly by actlve PDrtfollo management and secondty by the opportunlty for gain.
In any context where many partles Ire Involved, there can 0150 be rlsk of 19S5 arlslng frcm communicatlon ènd
dlfferln8 practlce and understsndin8. Thls rnoy arlse between the ¢h•rlty and ￿5 extern31 advisors. Such loss mav
be either financial or of oppcrturiity.
In each of these three sltuatlon5, the cause may be Èlther rnlstske or dlshonesty. Oishonesty 15, bearlng in mind the choice
ol rnanaKers ènd the nomlnees, deemed hl8hly unlikely. It 15 consldered that the trustee5' Internal procedures reduce th15
r15k. Whlle the audlt procedure5 will r2ve41 bf any such r15k had rnaterla115ed, ￿ cannot, by Its retro5pectlve nature, be
sofeÉvard. The trustees tske further comfort from thelr fund m•na8er's Internal £ontrol$. 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 add￿55 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 oppI￿atIOn 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 w￿h 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 affa￿r5 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 chil￿4eS 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
A￿d￿or
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 actI￿tIeS, 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￿ I￿hor￿Sed 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 e￿eptIOn
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 rel*ed 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 ar￿1 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 I￿S 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 dlsc105u￿s 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 char*ty'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 fInanc￿l 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 re￿ew1n1 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 WebS￿e *.. https.'Il
www.fr¢.or8.uVoUd￿orsrespons1b11bl1es. Thls descrlptlon forms p8rt of our audltor's report.
Other matters
Your attention 15 drawn to the fact that the charlty has prepareé fl*an¢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 ￿￿Ul￿t￿nS 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 cUr￿nt 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 h￿e 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 A￿1VITIEs
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￿¥￿1￿thI
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
ACC￿￿1￿1￿¥ polldes
Chartty lthrm*lon
Lord Leverhulme's Charltable Trust Is a reRi5tered charitsble trust In the Unbted Klngdcm. The address of the princlpa
offlce 15 glven In the char￿V 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 I￿land 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 p￿Pared 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.
Des*nated 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 ￿t￿ltieS 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 wr￿In6. 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 recoin￿ed 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 rec￿nISed 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 measu￿d ￿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 r￿ht 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 tran￿ctIOn
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
Ch￿table 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 (Co￿riNUED)
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
Thx￿10￿
The trust Is a re8lstered charlty, and a5 such Is entitled to certaln tax exemptlons on Income and prollts from
In¥estrnents if thesE prOf￿S are applled solely for charltable purposes.
The charlty Is not regIste￿d 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 w￿h the objects of the charw and Is Included as un￿StrICted 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
t0￿her 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.a￿l
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 Con￿cted 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-