The Leche Trust Registered Charity 225659 Trustees, Report and Financial Statements for the year ended 31st July 2024 together with the Independent Auditor's Report
The Leche Trust Trustees, Report for the year ended 31 July 2024 The Trustees present their Annual Report and Financial Statements of the Leche Trust for the year ended 31 july 2024 prepared in accordance with the Stirtement of Recommended Pr(Jctice ISORP) "Accountlng ond Rep(Jrtlng by Choritles" (FR5102) Ithe"SORP'I. Reference and Adminlstratlve Information Re islered Charit number 225659 Trustees Andrew Cameron Ichalrmanl Régis Cochefert Robin Dhar Matthew Hirst 14elen Jacobsen Diana Spiegelberg SLJsan Sturrock Grants Director Gareth Clayton (appointed 30 September 20241 Rosemary Ewles (resigned 30 September 20241 Princi al address and contact details PO Box 907, Orpington, BR6 INT Telephone- 07354 423316 Website.. www.lechetru5t.o Email.. info lechetrust.o Bankers CAF Bank plc KinEs Hill, West Malling Maidstone ME149TA Le al advisers charle5 Russell Speechlys 5 Fleet Place London EC4M 7RD
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl Accouniants and Auditors NA Associates LLP Chartered Certified Accountants and Statutory Auditors Wood8ate Studios 2-8 Games Road Cockfosters Hertfordshlre EN4 9HN Investment Mana ers Ruffer& Co 80 Victoria Street London SWIE 51L Waverton Investment Management Llmited 16 Babmaes Street London SWIY 6AH Objectives and Activities Durlng this year TrLJStees undertook practical steps t9 streamline the administration of the charity's grant.making activity by adopting an or)line application process. supported by a cloud database. It was launched in tandem with a nèw visual identity and website. These developments were contracted through The Gallery Partnership, which has also been contracted to provide ongoing maintenance and the provision of IT support to the Grants Director. Anticipating the retirement of Rosemary Ewles as Grants Director, a process to recruit her succe55or took place al the end of the year. The new Grants Director, Gareth Clayton, took up the post as an employee of the Trust on 30 September 2024, and Rosemary Ewles resigned on that date as Grants Director. The Trustees had recognised the personal ris inherent in the adoption of these new business and employment contracts, and in 2023 agreed to seek the reconstltutlon of the Trust as a Charitable Incorporated Organisation ICIOI. An application to the Charity Commission received approval on 8 April 2024. The new CIO charity (registration number 12077551 continues to be known as The Leche Trust. Under a s105 Order of the charities Act 2011, the Charity Commlsslon authorlsed the transftr of asset5 and undertakings from the existing Trust to the CIO in a Deed of Transfer dated 25 July 2024. The assets and liabilities of the existing Trust were transferred to the CIO on l August 2024. The Trustees had reviewed and updated their funding policies in 2023, and these were incorporated in the guidance on the new website which was launched in September 2023. Essentially, however, the Trustees continued to focu5 their funding support on two broad strands of activity- perfomiing arts and heritage conservation. Performlng arts Trustees, priorities for the Support of the performing arts are:
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl the development, production andlor performance of new works in music, theatre. dance and performance across all genres,. and supporting artistg professional development through programmes that address a clear need or Bap in provision. In 2024 Trustee5 received 190 eligible arts appllcatlons and awarded 28 grants amounting to £91.400. Nearly half of these represented support for the creation and performance of new music, including the Thaxted Festival's commission of a symphony by Noah Max and the Belfast Ensemble's collaboration with the Ulster Orchestra in rhe Sun Still Shines by Conor Mitchell. The 5ansara Choir received a Brant toward5 the commission of a large-scale work based on Chinese philosophical texts from composers Alex Ho and Sun Keating for performance at the 2025 Aldeburgh Festival, and the Red Violin Festival, Leeds, received a grant towards commlssions from Vijay Venkat and Kamalbir Singh reflecting Indian violin traditions. Funding for new drama included The Children's Inquiry by Lung Productions, based on verbatim accounts of children in foster care, and Unfolding Theatre's Night Clusses, devised with deaf and disabled collaborators which was to be toured in North East England. Trustees also supported Maya Production's new bi-lingual Latln-American family musical Super Chefs, and Spinning Wheel theatre's production, Five Little Ducks, devised for l-4-year.olds in venues around East Anglia. Ten awards were concerned with the development of young professional artists. whether in music, theatre or dance. Trustees supported The National Youth Ballet of Great Britain's programme, Beyond Btillet, which annually offors development opportunities in choreography and stage skills for eight talented young artists. Chineke l Orchestra received support for it5 year-long Conductor Training Scheme for black and ethnically diverse young conductors, and Three Choirs Festival for its Newvoices Academy, a choral music scheme for early-career composers delivered in partnership with The Carice Singers and Spitalfield5 Music. Other projects supported included a musical theatre writing residencv at Cove Park in Scotland and Box of Tricks Theatre Company's Playmakers Network for early-career Northwest playwrights. Con5erv(Ttion The Trustees support the conservation of historic buildings, places of worship, objects and collections. Reflecting the interests of the founder of the Trust, Angus Acworth. they give priority to buildings and objects of the Georgian period or earlier. Over the yearTrustees received 44 applications and awarded 26 grants amounting to £9),374. Fourteen of the project$ supported were in English places of worship, which continued to be the largest group of applicants for these grants. They included the repair of a vandali5ed 16, century, stained glass window in Chedgrave, Norfolk, the cleaning and repair of wall monuments in Preston Wynne, Herefordshire and Bardwell, Suffolk, to the repair of an 18, century plaster ceiling at Walsingham Methodist Chapel, Norfolk. Winchester Cathedral received a Brant towards the th conservation of a 16 century chair, said to have been used by Queen Mary l at her marriage to Kin8 Philip of Spain in the Cathedral in 1554. Ten grants were awarded for the conservation of items in museum and gallery collection5. They included the famous 18 century automata, The Sllver Swan, at the Bowes Museum. County Durham, a panel of 17, century Mortlake tapestry in the Garden Museum, and a set of 18 century French miniatures in The Wallace Collection. Trustees contributed towards three painting ton5ervation
The Leche Trust Twst¢e$' Report for the year ended 31 July 2024 Icontinuedl projects.. Captain Frederick Cornewoll. an early portrait by Thomas Gainsborough in the National Maritime Museum,. a small Netherlandish paintin& The Nutivity ut Night, c.1490 by Geertgen tot Slnt Jan5. in the National Gallery, and the Sir John Soane Museum's three-year programme to conseNe the eight paintin8s that comprise William Ho8arth's series The Rake's Progress. Tru5tees' largest grant durin8 the year wa5 awarded to Historic Royal Palace5 towards a major project to survey and carry out repairs to the Tudor ceiling and baroque reredos in the Chapel Royal in Hampton Court Palace. At the start of the year £186.950 was allocated to the Main Grant Fund. At the end of the year, following the award of the 54 performing arts and con5ervatiorb grants outlined above, £5.176 remained. At the final meeting £5,000 of this was trarbsferred to the Special Re5eNe Fund (see below). Speciol Reserve Fund In June 2024 Trustees responded to The Art Fund's appeal on behalf of the V&A Mu5eurn to acquire a 12, century, English, walrus ivory carving depicting The Deposition from the Cr055. It had been on loan to the museum for forty years, but the owners now wished to sell it. It wa5 valued at over £2 million and subject to a temporary export bar. There was £IO,IX)O in the Fund. to which was added £5,000 remaining in the Main Grant Fund. Trustees pledged £15,000 towards the campai8n which reached a Successful conclusion In July 2024. Sur5aries The Education Sub-committee awarded three student bursaries in the field of conservation and craft skills for the academic year 2023-24, each worth £7,500. These were in sUPPOrt of.. a student undertaking the MA Flne Art Course at Northumbria University. specialisinB in Work5 on Paper,. A student undertaking the second year of her MPhil in Textile Conservation at the Textile Conservation Foundation in Glasgow; A student undertaking Year l of the MA Course in Conservation of Easel Painting at the Courtauld Institutè, London. A bursary awarded to a student on West Dean College's Graduate Diploma Conservation Course in Cerami¢5 & Related Materials in 2022 had been held over for a year as she had not been able to take up her place at the time. This bursary of £7,500 was paid durin8 2023-24. Leorning and Research Fund This Fund of £20,(K)O per annum was created by the Trustees in 2020 to be used in ways that meet the charity's objective of furthering learning, education, and academlc research. Frorn 2021-22 the Fund had been supplemented by£8,(K)O pa to reflect a 3-year commitment toward5 the Wentworth Woodhouse Preservation Trust to support an apprenticeship in heritage building craft
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl skills, in partnership with The Radcliffe Trust. The third and final payment towards this project was made in May 2024. The first of three annual payments of £5,000, agreed in November 2023, was paid to The Attingham Trust towards scholarships to enable young curators or other heritage professionals to attend its highly regarded professional development programmes. A scholarshlp of £7,500 was awarded to a student on the University of Buckingham's MA course in Decorative Arts and Historic Interiors. This was the third of three annual scholarships agreed in November 2020. The applications submitted were assessed by the Education Sub-committee. The National Herilage Ironwork Group received a grant towards the publication of Guidance on Writing Specificotionsfor Repairs to Historic Ironwork. The Westminster Abbey Foundation received a further grant towards it5 research project on a large collection of terracotta fragments thought to be assotiated with the work in the Abbey of the 16 century Florentine sculptors Pietro Torrigiano and Benedetto da Rovessano. The project was devised in conjunction with the UCL Department of ArchaeoloEY, the V&A Museum and Historic Royal Palaces. Trustees had awarded a grant of £3,627 in June 2022. The further grant of £2,800 w85 to cover the cost of a series of comparative polychromy tests on Torrigiano terracotta sculptures in other colleclions. A multi-authored report would be published in autumn 2024. Investment Poli and erformance The Trustees have dlvided thelr portfollo approxlmately equally between two investment managers, Ruffer & Co and Waverton Inve5tsrent Management. The portfolios are managed on a total return basis. The drawdown forthe year was budgeted at £332,00012023- £282.0001 including an additiDnal £50,000 to take account of anticipated one-off Costs a550ciated with the move to CIO and recruitment of the new Grants Director. In the event the additional funds were not quIred. On 31 July 2024 this sum represented approximately 4.3%12023- 3.9%) of the value of the portfolio. The perfomiance of the investment managers and the level of income drawdown is reviewed on an annual basi5. The Trustees grant-making policy continues to be to distribute the agreed drawdown lafter deducting the proper expenses of administering the charilyl to organisalions and individuals falling within the charitvs charitable objectives. Accordingly, their aim is to ensure that the income stream is not only maintained but increases in line with inflation: and that the capital value of the wrtfolio is preserved In real terms. They believe that a total return approach is an appropriate way to achieve this objective. The Trustees accept that the value of the investments may fluctuate but are agreed that they should endeavour to keep the level of income constant in real terms. Reserves Poli The Trustees, pollcy Is that so far as possible the income arisinE in any one year (after administrative expenses) should be applied towards its charitable objective5. However, it is thought prudent to establish a modest reserve so as to ensure that should there be an unexpectedly substantial call upon the resources of the charity, the Trustees would be in a position to respond. With the foregoing in mind. since 2015 they have transferred the sum of £IO,QQO per annum to a Special Reserve Fund to give flexiljility to make exceptional 8ront5 of over £5,(K)O. particularly towards the purchase of slgnlflcant items by mLJseums. The Fund stood at £Nil at the start of the year.
The Leehè Trust Trustges. Report for the ygar ended 31 July 2024 (continued) Conflicts of Interest No Trustee oremployee may re1ve any material benefit from their role with the Trust. Arrangements are in place for Trustee5 to declare any interest in applications or contracts under consideration including bursaries and scholarships awarded from the Learning and Research Fund. They take no part in discussing the application nor in the determination of any award. The Trustees have agreed a policy not to accept complimentary tickets or invitations to attend events and performances which they have not directly funded. Risk The Trustees have compiled a risk register which 15 reviewed annually. They have considered the respective risks to which the charity is exposed, and have established systems tts mitlgate those ri5k5 as follows: Financial The risk of the10s5 of lor fall inl the charity's capital or income is mitigated by the Trustee5 reviewing annually the investment management of their portfolio of investments. The operation of the charivs bank account requires two signature5, gne of which must be a Trustee, on each movement of funds, whether by cheque on online bank transfer. There have been no Instances of fraudulent applications. Trustees, policy is only to fund UK registered charities or public authorities, which are themselves subject to financial regulation. Applications are not accepted from individuals and no payments are made to individuals. Student bursaries and scholarships are paid to the training institution concerned. Tho risk of misapplication of grants is mitigated by requiring grantees to confirm acceptance of the charity's general grant conditions and, on completion of the project, to submit a report on how the funding has been applied. In the case of conservation projects payment is made on the basis of the satisfactory completion of the work as affirmed by a professional report. Trustees set an annual budget contingency of £5,000 to allow for any unarhticipated administrative costs. Personnel and systems The risk of the charitls administration being conducted hy a slngle Indlvidual- the Grants Director- is acknowledged. The performance of the Grant Director is reviewed on an annual basis. Twstees agreed that on the retirement of the current Grants Director during 2023-24, a recruitment agency would be appointed to a5515t with the recruitment of a successor who would be a part-time employee, rather than a freelance worker. Thi5 process successfully concluded in July 2024 and, as noted, the new Grants Direclor commenced work on 30 Septetnber 2024. NA Associates LLP, the Trust's auditor5 and accountants, are providing the payroll services for the post. In 2023 the Trustees entered into a contract with The Gallery Partnership ITGPI to deliver the design and construction of a new website and an online application process using the Benefactor/Cloud System. By the end of 2024, four grants rounds had taken place using the system which was already
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl demonstrating significant benefits in that management of applications. Application data is hosted on Benefactor/Cloud. All remalning operational and offite data, includlng the digital archive, is held on the Trust's own Microsoft OneDrive account. The Trustees publlshed a Prlvacy Pollcy in 2018 to meet the requirements of the General Dats Protertion Act and have implemented measures, including appropriate application materials, to ensure the charity is compliant with the legislation. They have agreed to review, and if necessary, update the Policy in 2025 and at the same time to review the Trust's data security against the National Cyber Security Centre's CyberSecurity.' Smoll Churity Guide. Repututional All applications for grants are initially reviewed by the Grants Director. Those that they assess as not falling within the charitable objects and fundin8 guidelines of the Trust are recornmended for rejection. In the few cases where the eligibility of a project is unclear, the Grants Director seeks Trustees, advice before responding to the prospective applicant. Two trustees have responsibility for reviewing eligible arls and conservation applications respectively and for recommending a short list for consideration by the full board. The Grants Director ensures that applicants have ready access to advice and guidance whether via the Trust's website, or by providing prompt responses to email and telephone queries. All applications are acknowledged on receipt and applicant5 infomied of the outcome as soon as possible following Tru5tee5 meetings. Application5 are considered by the Trustees at each meeting and grants are awarded according to favourable consensus. The Trustees Bive careful thought on each occasion to whether accepting or declining any particular grant application might damage the reputation of the charity. Public Benefit Statement The Tw5tees have taken account of the Charity Commission's general guidance on public benefit when reviewing the charit¢s aims and objectives and in planning future activities and setting its grant making poliry. They keep public benefit in mind when discussing applications and awarding grants In the Trust's priority areas. Grants are only made to organisations that are either UK registered charities or public authorities, and the Trustees bear in mind the wider benefits to society when considering grant applications. They endeavour to ensure that any objects or buildings that have been the subject of a grant from the charity will be publicly available on a regular basis. The Trust's grants to arts organisations are made with a view that a wide selettion of music, drama and dance will be available to the public. Achievements, Performance and Financial Review Summa of Activities The Trustees met three times during the year to discuss grant applications.. in November 2023, February 2024 and June 2024. Underthelr Main Grant proEramme they received 240 applications and approved 54 grants amounting to £181,77412023- received 237 applications and approved 66 grants amounting to £147,610).
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl The Education SulFCommittee awarded three bursaries of £7.500 each to the total value of £22,500, the same as in 2023. Five grants to the value of £27,564 were made from the Learning and Research Fund. A single grant of £15,000 wa5 made from the Special Reserve Fund. Trustees therefore approved a total of 62 grants amounting to £246,83812023- 75 grant5 amounting to £219,610). Note 6 to the Financial Statements shows how the grants were dlstrlbuted and include grants approved and brought forward from previous years. Total net payments amounted to £252,12412023 £246.873I. Grants approved but unpaid at the year-end amounted to £115.07412023 - £120,360). In the opinion of the Trustees, during the year both administrative and governance expenditure were well-controlled. Finance The outturn for the year was an increase in the total resources available to the Trustees of £372.762 12023 decrease of £237,098) which amounted at the year-end to £7.674 million 12023 £7.301 million). Total incomin8 resources in the period amounted to £185,842 compared with £173,268 in the precedin8 year mainly conslsting of divider)ds Iwhich include fixed interest returns) received on the investment5. Resources expended, which mainly consists of grants glven, totalled £339,305 12023 £283,932) resulting in a net oufflow of resources (before investment gains and losses) of £153,46312023 £110,664). During 2023124, the reali5ed and unreali5ed net gains on investments amounted to £526,22512023- net losses £126,434). The total return on the value of the Trust's investment portfvlio in the year totalled E712.06712023- E46.8341 made up of the realised and unrealised net gain5 of £526,225 {2023 net losses £126,434) plus dividends Teceivable (including fixed interest returnsl of £185,84212023 £173,268). This represented a return of 9.3%12023- 0.6%) on the value of the portfolio at the end of the period, which is the Charity's main Key Perfomiance Indicator. The investments have performed well in the year to 31 July 2024, and overall and on a five year view, the Trustees consider that the investment performance has been satisfactory and in accordance with their mandate. Since the introduction of the total return basis on l August 2012 the cumulative surplus is £3,684.770 12023 - £2,972,703). statlstlcal comparison of Grants 22% of eligible applications to the maln grant scheme were offered 3 grant compared to 27% in the previous year. Thi5 partly reflected Trustees, policy of giving fewer, but larger, awards to performing arts projects. Performing arts applications continue to outweigh conservation applications.. this year the ratio was 77% to 23%. The aver8Ee s12e of grant for arts was £3,200 and for conservation, £3,400.
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl The chart below shows the proportion of expenditure in each category of the current grant schemes in 2024 and the previous four financial years. Awards by tatÈgory as % of total grant expendlture LILLLL 11 11 11 Il 1t4rni&edrIh The chart below shows the Trustees, total expenditure in 2024 including both grants and administrative costs. Expenditure 2023- 2024 Inv8stniontManagement_ 9% Governant 2% Admln15tratlDD 15% Granis 73%
The Leche Trust Trustees, Report for the year ended 31 July 2024 Icontinuedl Plans for Future Period5 2025 will mark 75 year5 since the founding of the charity by Angus Acworth in 1950 and Trustees will be giving thought to appropriate ways of acknowledging this anniversary. The Trustees are committed to continuing to give grants to organisation5 and individuals in a Similar way to the recent past. continuing the emphasis on the arts and heritage areas of giving but retaining flexibility as to the timing, and Scale, of grant maklng. They wlll alm to ensure that there is a spread of grant5 across the various areas and that no one area will have priority funding. The Trustees will continue to review the performance of the investment managers, ir)cluding the amount which it is agreed to draw down from investments. Structure, Govemance and Management The Leche Trust was founded and endowed by the late Angus Acworth CBE in 1950 and reconstitijted by a Deed of Settlement dated l February 1963. It was registered as a charity on 6 March 1964. Trustees The Trustees who served during the year ended 31 July 2024 were: Andrew Cameron (Chairman) Régis Cochefert Robin Dhar Matthew Hirst Helen Jacobsen Diana Spiegelberg Susan Sturrock The Trustees have established two Sub-committees on which the following Trustees served during the year: Andrew Cameron and Helen Jacobsen constituted the Investment Sub-committee and undertook the annual review of investment managers, and Diana Spiegelberg and Sue Sturrock constituted the Education Sub-committee which has delegated responsibility for the award of conservation training bursaries and the University of Buckingham scholarships. Goin concern As explained above, the charity will cease to exist in the future as all the assets and liabilities have heen transferred to the new CIO after the year end and therefore the charity is not a going concern. For the purposes of the transfer of assets and liabilities, and continuation of charitable 3ttivity, tho financial statements have been prepared on a basi5 Other than the eoing concern principle. No adjustments are anticipated to the assets and liabilities being transferred to the new CIO and the charitable activities that have been transferred will continue in this new entity. 10
The Leche Trust Trustees. Report for the year ended 31 July 2024 {continuodl Post Balance Sheet Events On l August 2024, the assets and liabilities of the charity were transferred to the new CIO. ointment of Trustees Trustees are appointed in accordance with the trust deed. It was agreed in 2013 that appointments should not exceed three terms of three years. In future the trustees of the CIO will be appointed for a term of three years and will be eligible for reappointment for up to three terms. On the retirement of a trustee, trustees identify arealsl in which they need additional skill or expertise and recruit a person from that field. The new Trustee is appointed by the remaining Trustees. The main area5 of expert15e represented on the Trustee Body are the performing arts. and conservation, with special interest in historic buildings and museums, logether with some legal and financial expert15e. Induction and trainin of Trustee5 The Chairman of the Trust 15 responsible forthe Inductlon of a new Trustee which involves making him or her aware of Trustees general responsibilities under trust and charity law, the Trust's governing document, as well as its administrative procedures. history and philosophical approach. New Trustees receive a copy of the charitS constitution, its most recent annual report and accounts and briefing on its published funding policie5 and how ihey are applied. The Trust is a member of the Association of Charitable Foundations which runs trdining courses specifically intended for the Trustees of grant-making charities. Trustees are encouraged to attend the se55ior15 on offer. The Trust is also a member of The Heritage Alliance and receives this organisation's monthly bulletins which enable Trustees to keep abreast of developments In the herltage field. Mana ement The management and day-to-day administration of the charity was delegated to the Grants Director, Rosemary Ewles, who from 30 September 2024 was succeeded by Gareth Clayton. Tru5tees' Responsibllltles Statement The Trustees are responsible for preparing the Trusteeg Annual Report and the financlal statemer)ts in accordance wwth applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally ACpted Accounting Practice or"UK GAAP"). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each finan¢ial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and applicatlon of resources of the charlty for that period. In preparlng these financial statements, the Trustees are required to.. select suitsble accounting policies and then apply them con5i5tentlyi observe the methods and principle5 in the Charitie5 SORP 2019 IFRS 1021; make judgements and estimates that are reasonable and prudent; State whether applicable accountiri8 Standard5 have been followed, subject to any material departures disclosed and explained in the financial statements. 11
Thg Lècho Trugt TruBtOe8' RgPQrt for the year endgd 31 July 2024 {¢onllnu•d) prepare the flnanclal statements on the golng corbcern ba515 unlESS It Is inapproprlate to presume that the charlty wlll contlnue In operation. The Trustees a responslble for keeping proper accounting records that disclose wlth reasonable accuracy at any tlme the financial posltlon of the charity and enable them to ensure that the financial 5tatement$ ¢omply with the Charlties Act 2011, the Charlty (Accounts and Report51 Re8ulation5 2008 and the provlslons of the charItS governlng docurnent. They are also responsible for safeguardln8 the a55ets of the charlty and hence for takln8 reasonable steps for the preventlon and detertion of fraud and other Irregularities. TheTrustees are respon$lble forthe maintenance and InteBrity of the charlty and flnanclal Information Included on the charltvs website. Le8lslation In the Unlted Klngdom governing the preparatlon and dissemlnatlon of financial statements may differ from le8islatlon in other jurisdictlons. Approved by the Tru5tses on 5 March 2025 and slgned on thelr behalf by: Andrew Cameron Chairman of Trustees 12
The Leche Trust Independont Auditor's R8port to the Trustees of the Leche Trust on th& Report and Financial Statements for the year ended 31 July 2024 Oplnlon We have audited the ftnancl81 statements of The Leche Trust (the 'charity'l for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balallce Sheet and the related note5 numbered I to 8, including significarbt accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards, induding Financial Reporting Standard 102 The Finoncial Reporting Standord opplicable in the UK and Republic of Irelond Iunited Kingdom Generally Accepted Accounting Practice). In our oplnlon the flnanclal statements: give a true and fair view of the state of the charivs affairs a5 at 31 July 2024, and of its incoming resourc@s and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements sertion of our report. We are independent o( the charity in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evldence we have obtained is su)Ticient and appropriate to provide ? basis for our opinion. Emphasls of matter- going concèrn Without modifying our opinion, we draw attention to the disclosures in the Trustees annual report and note la of the finan¢ial statements that the trustees have transferred all its assets and liabilities to a newly formed charitable incorporated organisation with the same Name, The Leche Trust,, on l August 2024 and the charity's ongoing operations will continue within this entity. As a consequence, the financial statements have been prepared on a basis Other than as a going concern although no adjustments were required as a result. Our responsibilities and the responsibilities OF the trustees with respect to going concern are described in the relevant sertions of this report. other information The other information comprises the information included in the trustees. annual report, otherthan the financial statement5 and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other informatian and we do not express any form of assurance conclusion thereon. Our re5pon5ibility is to read the other information aruj, ill doing 50, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially mlsstated. If we Identify such material inconsistencies or apparent material misStatement5, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material miS5tatement of this other information, we are requlred to report that fact. We have nothing to report in this regard. 13
The Leche Trust Notes to tho Flnancial Statements for the year ended 31 July 2024 {continupdl Matters on which we are requlred to report byexceptlon We have nothing to report in respect of the following matter5 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the trustees, report is inconsistent in any material respect wlth the financlal statements,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the truslees, responsibilities statement. the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such Internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the flnancial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disc105in& as applicable, matters related to going concern and using the going concern basls of accounting unless the trustees either intend to liquidate the charity orto cease operations, or have no realistic alternative but to do so. Audltor responsibilities for the audit of the financial statements We have been appointed a5 auditor under section 151 of the Charitie5 Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assura1) about whether the financial statements as a whole are free from material missiatement, whether due to fraud or error. and to Issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material mi55tatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of u5er5 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures In Ilne with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent ta which our procedures are capable of detecting irregularities, including fraud is detailed below.. Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud,. reviewing assumptions and judgements made by management in making significant accounting estimates. Because of the inherent limitations of ar) audit, there 15 a risk that we will not detert all irregularities. including th05e lèading to a material misstatement in the financial statements or non-compliance with reBulation. This risk increases the more that compllance with a law or regulation is removed from the event5 and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, colluslon, omisslon or misrepresenlation. As part of an audit in accordance with ISAS IUKI, we exercise professional jud8ment ar)d maintain professional scepticism throughout the audit. We also: 14
The Leche Trust Notes tothe Financlal Statements for the year gnded 31 July 2024 {continued) Identlfy and assess the rlsks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedure5 responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resultlng from fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit proTrdures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivene55 of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimate5 and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audSt evldence obtained, whether a material uncertainty exists related to event5 or conditions that may cast significant doubt on the charity'5 ability to continue as a going concern. If we conclude that a material uncertainty exists, we are reqLJired to draw attention in our audito¢s report to the related disc105ures in the firbancial statements or, if such disclosu5 are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the Overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transaction5 and event5 in manner that achieves fair presentation lie. 8ives a true and fair viewl. We communicate with those charged with 8overnance re8ardin8, amon8 Other matters, the planned scope and tlming of the audit and significant audit findings, including any significant deficiencies in internal control that we Identify during our audit. Use of our report This report is made 501ely to the charity'5 trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor'5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitws trustees as a body, for our audit work, for this report, or for the opinions we have formed. A Assoelates LLP Chartered Certified Accountants and Statutory Auditors Woodgate Studios 2-8 Games Road Cockfosters Hertfordshire EN4 9HN Dated: i? fvqo- OZi- NA AssOClQtes LLP Is ellglble to ocr us an otsditor In temjs of sertlon 1212 of the Companies Art2006 15
The Leche Trust statement of Financial AGtivitie5 for the year ended 31 July 2024 Unrestrfcted Unrestricted Funds Funds 2024 2023 Notes Income from: Incoming re50urce5from generGtedfunds Investments Dividend5 receivable and similar income Bank Interest receivable 181,009 4,833 171,399 1.869 Total income Ilel 185,842 173,268 Expenditure on: Charitoble activitles Performing Arts Conservation- Historic buildings Conservation- Places of Worship Conservation- Hlstorlc Oblects and Collettions Education- Bursaries Education- Learning & Research Fund 110.280 13,051 50.986 64,493 27,444 33,621 80,368 5,997 52,538 59,148 26,990 29,316 Cost of grant making 299,875 254,357 Investment Management Costs Governance Costs 29.862 9,568 20,577 8,998 Total expenditure 339,305 283,932 Net resou5 expended before net galns on Investments 1153,4631 1110,6641 Net gain / Ilossl on investment asset5 526,225 1126,4341 Net movement in funds Reconciliation of funds: Total funds brought forward at l August 2023 372,762 1237,0981 7.301,249 7,538,347 Total funds carried forward at 31 July 2024 7,674,011 7,301,249 All income and expenditure arises on continuing activities. There were no gains or losses other than those reported above. £15,00012023 £10,000) was transferred to the Designated fund from the General fund and £15.000 (2023 - £25,0001 paid from the Designated fund (see note 81. The accompanying notes form an integral part of these financial statements. 16
Tho Le¢h¥ Tru•t Balance Sheèt aB at 21 July 2024 Unrestrlcted Unre$trfcted funds fund5 2024 2023 Notes Fixed assets Investments- Waverton Investments- Ruffer l{dl, 4 d},4 4,649,548 2.975,286 4,157,255 3,072,207 Total flxed assets 7,624,834 7,229,462 Current assets Debtors Cash at bank and In hand 445 172,818 3,428 197,219 Total current a55ets 173,263 200,647 Credltors: amounts lallln8 due wlthSTh one year Other creditor5 Grant commttments 9,012 IL5,074 Ilbl, 2. 6 120,360 Total Current Ilabllltles 124.086 128,860 Net eurrent assets 49,177 71,787 Tolal net asset$ 7,674.011 7,301,249 The funds of the Charfty: Unrestrlrted fund5', General Deslgnated 7,674,011 7,301,249 Total Charlty fund5 7,674,OIL 7,301,249 Approved and author15ed for i55ue by the Board of Trustees on S and sl8ned on Its behalf by- Tew Cameron Chalrman Helen Jacobsen Trustee The a¢companying notes form an inte8ral part of these financial statements. 17
The Leche Trust Notes to the Flnanclal Statements for the year ended 31 July 2024 l. Accounting policies a) General information ond bosis of QCCOUnfin9 The Leche Trust Is an indlvidual charlty based In England and operatlng from Its prlnclpal place of business as disclosed in the Trustees Report and constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accountlng Practlce. The flnanclal statements are prepared under the historical cost convention, modified to include certain items at fair value. They relate to the individual Charityi are presented in sterling which is the functional currency of the Charity and rounded to the nearest £1. The significant accounting policies applied in the preparation Df these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise Stated. Goin A new CIO was formed or) 8 April 2024 to take over the assets and liabilitie5, and charitable artivitie5 of the charity. The Intention is that the current Charity will cease to exist in the future and therefore is not a going concern. For the purposes of the transfer of assets and liabilities, and continuation of charitable activity, which took place on l August 2024, the financial Statements have been prepared on a basis Other than the going concern principle. No adjustments are required to the assets and liabilities being transferred to the new CIO and the charitable activities that have been transferred will continue in this new entity. concern The assets and liabilities of the charity were transferred to the new CIO on l August 2024 and therefore the Charity is not a going concern. The financial statements are prepared on a basi5 Other than the Eoing concern principle. No adjustmer)ts are required to be made to the assets and liabilities being transferred to the new CIO and the charitable activitie5 that have been transferred will continue in this new entity. The cost of Iwing crisis and the international 5ituation5 have created uncertainty for the UK and international economie5. The Trustees are constantly assessing the ongoing situation and the likely iTnpact on the ChBrity. Despite these events and their potential effect on the global stock markets, the Charity's investments have continued to perform well and the Charity continues to have a strong balance sheet and working capital and expect thi5 to continue within the new CIO for the foreseeable future. bj Grunt commitment5 Grants approved but not expended are treated as committed expenditure and included under current liabilities. Any repeat grants approved are recognised in the periods to which they relate. The movement on these commitments is shown in note 2. c} Tongiblefixed G55ets Assets Costing less than £1,000 are recognised as resources expended in the Statement of Financial Activities in the year in which they are purchased. 18
The LeGhe Tw$t Notes to the F(nancial Statsments for the year ènded 31 July 2024 Icontinuedl l. Accounting policies {cont.) d) Investments Investments ¢ompri5e listed investments and investment fund monies on deposit with the investrnent managers which are held for financial return. The Statement of Financial Activitie5 includes the net gains and losses arising on revaluations and disposals throughout the year. Disclosure is Made in the notes to the accounts of the difference between historic cost and sale pmceeds of investments sold during the year. No distinction is made on the frdce of the Statement of Financial Activities between valuation adjustsllents relating to sale5 and those relating to continuing holdings as they are tOBether treated a5 changes in the investment portfolio. The Investments are valued at market value which 15 tsken to be the middle market price ruling at the balance sheet date. e) Incoming resources Income comprises dividends receivable land similar incomel and interest income. These amounts are recognised in the Statemenl of Financial Activities when the Charity has entitlement to such amounts and the amounts are virtually certain to be received and can be reliably measured. In September 2012 the Trustees adopted a "total retum. policy for the management of their investment portfolio. Having regard to current practi. they target the annual income drawdown as approximately 4% of the value of the Trust's portfolio at the immediately preceding balance sheet date. f) Resources expended Charitable expenditure and administration costs are recognised on an accruals basis and include all dlrectly attributaljle costs. Where costs cannot be directly attributed, they have been allocated to activitie5 on a basis consistent with the use of resource5. g} Coshflow stotefftent The accounts are prepared in accordance with FRS102 IA and does not include a fdsh flow statement on the grounds that the Charity is not required to in accordance with the Charities SORP. In addition, in the opinion of the Trustees it would not add to the information given in the accounts. h) Funds All funds arose from an original endowment and are unrestricted. General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have r)ot been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purpose5. The Trustees have agreed to transfer £IO,WO per annum into a designated reseNe fund for exceptional Erants or unexpected expenditure. J Outstonding Grants The Trustee5 reserve the right to withdraw the offer of a grant where a grant has over-run the two year time limit for acceptance. The Grants Director monitors the posltion on è regular basis and reports to the Trustees as appropriate J) Grants not taken up Grants not expended by the recipient institution within two years are returnable at the Trustees discretion and deemed to have lapsed. 19
The Leche Trust Note8 to the Flnanclal Ststements for the year ended 31 July 2024 {cont]nuedl kj Lapsed Gronts Grants throughout the year are allowed to lapse where the projerts are no longer deemed viable or the organlsations have been unable to raise the r)ecessary fundlng. All the monles rhat had been allocated are returned to the grants allocation for the following year. l) Debtors und crgditor5 Debtors represent amounts due to the charity and arE recognised at transaction price unless and impairment is necessary. Creditors are obligations to pay for goods, services or commitments and are recorded at transaction prite. Credltors are classlfied as due within one year where the Charlty does not have an unconditional right, at the end of the reporting period to defer settlement for at least twelve months after the reporting date. Z. Grant commltrnents 2024 2023 Balance brought forward l August 2023 Grants approved in the year Adjustment for Grant5 not taken up I cancelled Net payments / receipts in respect of the year 120,360 246.838 155,196 219,610 17.5731 1246,8731 1252,1241 Balance carried forward 31 July 2024 115,074 120,360 20
The Lech& Trust Notes to the Flnanclal Statements for the year endod 31 July 2024 {contlnuedl 3. Resources expended, related party transactions and Trustees expenses and remuneration Edutatlon- Learn1& Edueadon Re5earth BursarlE5 F¥nd HL4tork BuiWIT PIKe5 01 Worshlp H15torlr Objects & Colledons Arts In¥estsnEnt Fee$ Total Z024 Total 2023 Governante Giantsapproved 91,AOO io.?fy) 41,800 52.874 27,564 22.sl 246.8 219,610 Giants nottaken upl Cdncelled / refunded 19871 19871 17,5731 At1mlnlstr3tlo fee 12,471 1.476 5.767 7,295 3,104 I82 35.(IX> ao,0 General expenses 6,977 826 3.226 2.127 1.736 606 19,578 12,788 Investment Fee5 AdItOrS remuneration 29.862 29,862 20.577 7,845 Accouniarncy 417 49 193 244 121 104 35 L169 1.030 110,280 13,051 50,986 64,493 33.621 27A44 9,568 29,862 33g,305 2.931 During the year, the Charity did not have any employee5 and therefore no employee earned more than £60,IJOO12023 - None). The Trustees neither received nor waived any emoluments during the year12023 - £Nill. The Trustee5 received £32 in reimbursed expenses during the year12023 £751. Due to Its nature the Charity does not fftquire the use of other volunteers. In 2021122, the Tru5tee5 awarded £22,500, payable over three years, to the University of Buckingham to provide a bursary for a student on its MA course in Decorative Arts and Historic Interiors. Jeremy Howard, a Trustee of the charity, is Head of the Department of the History of Art at the University. In 2023124 an award of £15,000, also payable over three years, was been made to the Attingham Trust to provide an annual scholarship on the Trust's Summer School. Helen Jacobson, a Trustee of the charity, is an employee of the Trust and a member of its Executive Committee. IA previous award of £15.000 was granted in 20201211. In 2023124 payments of £7,50012023- £7,500) were made to the University of Buckirhgham, and £5,00012023 £5,000) to the Attingham Trust, leaving £Nil12023 £7,500) outstanding payments due to the University of Buckingham and £IO.00012023- £Nill to the Attingham Trust at the year end. During the year the charity recÈived legal services in respect of the new CIO for £7.97112023 £Nill from Charles Russell 5peechlys, a law firm in which one of the Trustees, Andrew Cameron, is a partner. All services were carried out at arms length. 21
The Leche TNst Notes to the Flnanelal Statements for the year ended 31 July 2024 Icontlnued) 4. Investment5 Waverton Ruffer LLP Total Market value at l August 2023 Realised and unrealised gains / Ilossesl Dividends and interest receivable Transfers to CAF bank account Charges 4,157,255 575,763 3,072,207 {49,5381 7,229,462 526,225 96,392 96.392 1150,QOOI 1132,0001 1282,0(M)I 129.8621 {29,8621 Market value at 31 July 2024 4,649,548 2,975,286 7,624,834 The historic cost of the investments held at 31 July 2024 is £6,854,81612023 - £6,725.117I. Net inve5trnent gains in the year- summary 2024 2023 Unrealised and realised gains / Ilossesl 526,225 1126,434) Net investment gains 526,225 1126,434} 5. Debtor5 2024 20Z3 Other debtors and prepayments 445 3,428 445 3,428 22
The Leche Trust Notes to the Financial Statements for the year ended 31 July 2024 {continuedl Grants Outstanding Includlng amounts Approved 2024 Paid blfvid Historic Bulldin Beckford'5 Tower Trust- 11122 Painshill Park Trust, Surrey- 02124 Historic Royal Palaces - 06124 5,000 4,000 6,700 10,700 4,000 6,700 10,700 5,000 Education Bursarie5 Graduate Diploma Conservation Course, West Dean College Northumbria University, MA Fine Art, Works of Art on Paper Textile Conservation Foundatiorb, Year 2 Mphil Textile Courtauld Institute, Year l of MA Conservation of Easel Painting 7,500 7,500 7,500 7,500 30,000 7,500 7,500 7,500 22,500 Edu¢ation Learnin & Research Fund Universlty of Buckingham- 11120 Wentworth Woodhouse Preservation Trust- 10121 Fitzwilliam Museum- 11122 Attingham Trust- 11123 National Heritage Ironwork Group- 11123 Westminster Abbey- 05124 7,500 8,000 4,1]JO 5.000 4,264 4,264 2,800 27,564 2,800 6,800 24,764 23
The Leche Trust Notes to the Financial Statements tor the year ended 31 July 2024 (continued) Grants (contlnuedl Outstanding including amounts b/fwd Approved 2024 Pald Places of Worshi St Mary Magdalene Church, Northamptonshire- 10119 St Bartholomew's Church, Tong, Shropshire- 06121 St Andrew's Church, Alfriston, East Sussex- 10121 5t Helen's church, Wheathampstead, HertFordshirE- 10121 St Nicholas Church, Litile Saxham, Suffolk- 10121 5t Mary's Church. Antingham, Norfolk-10121 St John Evangelist Church, Oxburgh, Norfolk- 10121 St Moran's Church, Lamorran, Cornwall- 10121 Wells Cathedral- 03122 St Martin's Church, Desford, Leicestershire- 06122 St Laurence'5 church. Warborough, Oxfordshire- 06122 All Saints Church, Darton, S Yorkshire- 06122 St Edward's Church, Goathurst, Somerset- 06122 St Edmund's Church, Castleton, Derbyshire- 06122 All Saints Church, Sandon, 5taffordshire- 06122 St Mary the Virgin, Arlingham- 11122 st Mary the Virgin, Great Milton- 11122 St BartholomeW5 Church, Tong- 11122 St John the Baptist Church, S Carlton- 11122 Lichfield Cathedral- 11122 St Leonard's Church, Bulford- 11122 All Saints Sandon, Staffordshire - 03123 st Matthew's Church Morley, Derby5hire- 03123 St George's Church Trotton, West Sussex- 03123 St James the Great Church, Cranham, Gloucestershire- 03123 Church of the Holy Rood, Gloucestershire- 03123 St Magdalene Church, Wethersfield, Essex- 03123 St Morran's Church Lanmorran, Cornwall- 03/23 Church of the BVM & St Leodegarious. Northants- 11123 St George's Church Woolhope, Herefordshire- 11123 St Leonard's Church, Stanton Fitzwarren - 11123 All Saints Church, Chedgrave, Norfolk- 02124 St Andrew& St Mary's Church, Herefordshire-02124 St Edward's church, StOW-on-the-Wold- 02124 St Mary the Virgin Church, Pulham St Mary, Norfolk- 02124 4,000 1,000 1,250 4,000 2,500 1,000 3,0 3,0 4,0 3,000 1,000 2,500 3,0 3,000 3,3ao 5,000 5,000 5,(X)O 5,(XJO 2,500 2,(K)O I,(KJo 5,000 2,000 2,500 5,000 2,500 5,(X)O 2,500 5,000 2,000 2,500 5,000 2,500 5.000 2.500 24
The Leche Tru8t Notes to the Financial Statemenls for the year ended 31 July 2024 Icontinugdl Grants Icontlnued) Outstanding including amounts b/fwd Approved 2024 Pald Places of Worshl continued Little Walsingham Methodist Chapel, Norfolk. ceiling- 02124 St Peter & St Paul Church, Bardwell, Suffolk, wall- 02124 st Peter & St Paul Church. Bardwell, Suffolk, sup. Grdnt- 06124 Winchester Cathedral, 16th century chair- 06124 Haly Trinity Church, Preston Wynne, tomb 1814- 06124 St Mary Magdalene, Great Hampden, 1824 hatchment-06124 St George's. Woolhope, Churchyard monuments-06124 2,000 2,000 1,000 5,000 2,000 2,0 3,300 41,800 2,000 2,000 1,000 5,(K)O 2,(X)O 2,(K)O 3,300 65,600 53,250 25
The Lecho Trust Notes to the Flnanclal Statèments for the year ended 31 July 2024 Icontinuedl Grants (continued) OutstandinE including amount5 Approved 2024 Paid blfwd Historic Ob ects and Collection5 Society of Genealogists, London- 06121 Culture Perth & Kinross/Perth Art Gallery, 18th cent. clock- 03122 College of Arms- 06122 Hestercombe Gardens Trust, Somerset- 11122 Cromwell Museum, Huntingdon- 11122 Pitzhanger Manor & Art Gallery Trust, Villa Negroni prints- 03123 Museums & Galleries Edinburgh, Sicilian Commode- 03123 Bodleian Library. Oxford, portrait of unknown lady- 03123 Soc. Pre5. of Ancient Buildings, Robertson Sketchbooks- 03123 Colchester Museums Dev. Found.. Roman lead coffins- 03123 Drjohnson's House, London - Book conservation- 03123 Chiddingstone, Denis Eyre Bower Beq., Japanese swords- 03123 The Bowe5 Museum. Conservation of The Silver Swan - 11123 Royal Museums Greenwich; Conservation - Gainsborough- 11123 The Wallace Collection, conservation ten mlniatures- 11123 The National Gallery, conservation - Sint Jans- 11123 British Museum, drawings of flora & fauna- 02124 The National Trust, Crucifixes, Anglesey Abbey- 02124 The Garden Museum, Fragment of Mortlake tape5try- 02124 Sir John Soane's Museum, Hogarth 'A Rake's Progress'_ 06124 Denys Eyre Bower Request, Japanese nanban cabinet- 06124 Gainsborough's House Society, 18th century silk gown- 06124 Deposition from the Cross- Special fund- 06124 2,100 3,000 2,000 2,600 2,600 2,500 1,200 2,(X)O 2,CM)O 2,500 2,0 2,310 5,(M)O 4,mO 3,000 5,(M)O 5,000 4.000 3,000 5,000 1,949 3,925 5,000 5,000 3,000 2.000 15,000 52,874 1,949 3,925 5,(X)O 5,1J)O 3,CM)O 2,(X)O 15.000 49,710 29,974 26
The Leche Trust Notes to the Flnancial Statements for the year ended 31 July 2024 {contlnuod} Grants (continued) Outstandlng including amounts blfwd Approved 2024 Paid Arts The Belfast Ensemble - 11123 Chineke l Foundation- 11123 Spitalfields Festival- 11123 Cove Park- 11123 UD Music Foundation- 11123 National Youth Ballet of Great Britain- 11123 Box of Tricks Theatre Company- 11123 Unfolding Theatre- 11123 Thaxted Festival Foundation- 02124 London International Festival of Theatre ILIFTI- 02124 Spinning Wheel Theatre- 02124 Birmingham Contemporary Music Group-02124 Lung Productions Ltd- 02124 Circomedia- 02124 Penarth Music Festival- 02124 Corbidge Chamber Music Festival- 02124 San5ara Choir- 02124 Fuel Productions Ltd - 02124 Jackson's Lane, IL Circus 50- 06124 The Red Violin- 06124 Music at Malling- 06124 Maya Productions- 06124 Whiddon Autumn Fe5tival- 06124 The Tillett Trust- 06124 The Bristol Ensemble- 06124 Three Choirs Festival- 06124 Belfast philharmonic Society- 06124 Belfast Bulldlngs Trust- 06124 4,000 4,000 3,500 4,000 4,000 4,0 2,500 4,000 4,000 3,500 4,000 4,000 4,000 4,000 2,000 2.000 2.000 4.000 3,000 4,000 2,000 2,900 2,000 4,000 2,000 2.000 4.000 2,000 91,400 4,000 4,000 3,500 4,000 4,000 4,000 2,500 4,000 4,000 3,500 4,000 4,000 4,000 4,(X)O 2,(X)O 2,(KJO 4.0 3,(K)O 4,(K)O 2,CM)O 2,900 2,(M)O 4,(X)O 2,(X)O 2.000 4,(K)O 2,(KJO 89,400 2,0 27
The Leche Trust Notes to the Financlal Statements for tho year ended 31 July 2024 l¢ontinu¢dl Outstandlng Including amounts Grants Icontlnuedl Approved 2024 Paid b/fvid Historic buildings places of Worship Historic Objects and Collection5 Education IBursarie51 Education Learning & Research Fund Arts 10,700 41,800 52,874 22.500 27,564 91,400 5,000 53,250 49,710 30,000 24,764 89,400 10,700 65,600 29,974 6,800 2,000 246,838 252,124 115,074 Apart fmm the Education grants which are to Individuals, all other grants are to institutions. Grants nottaken up I Cancelled / Repaid Performin Arls Edinburgh International Film Fe5tival- 03122 Irepaidl 987 987 28
The Leche Trust Notes to the Financial Statements for the year ended 31 July 2024 Icontinuedl 8. Unrestrirted Funds 2024 2023 General Balance blfvid Net movement in General Fund Transfer to Deslgnated Fund Transfer to Designated Fund- additional 7,301,249 387,762 iio,0001 15,0001 7.523,347 1212,0981 iio,0001 Balance cld 7,674,011 7,301,249 Desi nated Balance blfimd Net moveThent In Designated Fund Transfer from General Fund Transfer from General Fund . additional 15,000 125,0001 10,000 115,0001 10.000 5,000 Balance clfvjd The net movement in the Designated Fund represents £15,0(X) for an Appeal to ralse funds for the V&S to purchase 12th century, English walrus ivory caNing'Deposltlon from the Cross, from the special grants in the year12023 - £25,000 on acqui55tion of Portrail of Omai by Joshua Reynolds for the National Portrait Galleryl- Total Balance blfwd Net movement In funds 7,301.249 372,762 7.538,347 1237,0981 Balan clfwd 7,674,011 7,301,249 29