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 re￿1ve 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 charit￿S 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 AC￿pted 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 charIt￿S 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 disclosu￿5 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 resou￿5 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.s￿l
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
I￿82
35.(IX>
ao,0
General expenses
6,977
826
3.226
2.127
1.736
606
19,578
12,788
Investment Fee5
A￿dItOrS
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 cl￿d
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