The William Leech Foundation Limited - The Foundation Trust
Trustee's report and financial statements
for the year ended 31 March 2024
Registered Charity Number. 231673

The William Leech Foundation Limited- The Foundatlon Trust
Trustee's report and financial statements
for the year ended 31 March 2024
Contents
Dittctors alld advisors for tb¢ year ended 31 March 2024..................................................................................
Report of the trjstee for the year ellded 31 March 2024......................................................................................
Ethical investment policy and practices................................................................................................................
Risk management statement........................................................................... . .
.10
Independent auditors. re￿rt to the tsith of The William I￿¢￿ Foulldatim Litnited.
The Foundation Tn￿...................................................................._....................
.12
Statement of financial aciivities for the yw ended 31 March 2024...................................................................15
Balall¢e sh¢et &5 at 31 March 2024............................................. .
.16
Statejnent of accounting wlicies........................................................................................................................17
Not¢s to th¢ fwaTh¢ial 5tsteinents for the year ended 31 March 2024.................................................................19

The William Leech Foundation Limited - The Foundation Trust
Directors and advisors for the year ended 31 Mareb 2024
Trustet
The William Leech Foulldation LI￿11¢d
Dire£tors of the Ttvsttt Co￿panY
Andrew Bro￿ OBE FRICS {Chair)
Alice Ambrose-Thumun FCA FCIS
Paul Burye FCA
Maureen Dixon
Dagmar Dvorn& CFA IMC {appoiThted 27 Febnwy 2024)
John HarrisoTJ ACA
Michael Jown (appoxtkted 27 February 2024)
John Marshati
Philip P(x)le FCCA
AD8ela Russell FCA CPA
William Seddon CFA (S¢nior Director)
JohD Siausfeld CED8 FI MarEST hltMechE
Secretary aDd Registered Office
Marcia Lallt FCA AMCT
Bank Chambers
26 Mosley Streel
Newc&stle uw)n Tyne
NEI IDF
ludepttydetht Auditors
Azets Audit Smices
Chartered ac¢owitants and statutory auditOTS
Bulman House
Regent Centre
Newc&%tle u￿)n Tyne
NE3 3LS
Bankers
Lloyds Bank plc
102 Grey Street
Newcastle uwn Tyne
NE99 ISL
Solieitors
Womble Bond Dickinson LLP
The Spark. Dra)]naDS Way
New¢astle Helix
Newcastle upon T￿le
NE4 5DE
InvestJDellt Managers
Columbia Threadn¢edJe Management Ltd
Exchange House
12 Primrose Street
London, EC2A 2HS
Stewart Investors
Finsbury Circus House
15 Finsbury Circ￿$
LondoJL EC2M 7EB

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 March 2024
As trustee Th¢ William Leech Foundation Ltmi*d fthe tnLqtee- or*be Trustee Compan￿￿ acomtAny incorpornted
ill England and Wales, presents its report and audited financial statrments of The William Leech Foundation Limited
- The Foundation TnLSI ("The Fo￿datiOn Trusff or Yhe for tbe year ended 31 March 2024. The f]trn)¢ial
statements have been pre￿ed in accordance with the Declaration of Trt the staiement of accounting p)licies set
out on pages 17 to 18, tbe Charities Act2011 alldAccountingand Rep)rtittgbyChaTitie5'. StatementofRecommended
Practice applicable to charities preparing their r]llancial staiemenL8 in accordance with the Ffftnancial ReportiDg
Standard applicable ill the UK and Republic of Ireland (FRS 102) (effeatve l January 2019).
Legal and thiDiStrative xnfi)nnatioll set out (KL page I fiKms part of this ryzL
Structure? governgDce and management
A Deelardtion of TTUSt dated 16 August 1960 (as atllendLuJ) by The vfilliam Iktth Foundation Lijnited established
The Fouudation Tn￿t for the benefit of The British and Foreign Bi7)le Society, Church Mission Society, The
M¢th(xlist Chwch in Britsin* The Salvation Army and The Society for l¥oJnotillg ChristianKnowledge (collectively
known as Ihe Five ChaTities?. The Trust w&s ￿e￿Ied by a gift from the latr Sir William tttch of slwes in bis
building company, Wjlliatn Le¢¢h (Builder5) Limited. In 1976 the building CoMp￿Y became a pub]ic c4)mpanywith
its shares quoted on the London Stock Exchallge. and its name w&8 cballged to William I£ecb PLC. Approxitnat¢ly
half of the %hares held by the Trllst were sold at that time &8 part of the flotation an2nge]nellts. In 1985 the remainitkg
shares of Willialn Lecch PLC w¢r¢ sold on the tskeover ofthe Co￿panY by C. H. Beazer IHolding5) PLC.
Under the Declaration of TnLsL Ihe income of the Foundati¢)n Tn￿ is to be applied in equal shares for the ben¢fit of
the Five Charities. The Tnjst does not actively fimdrai5e but seeks to support the WO￿ of the Five Charities Ls
detennined in tbe Tn￿t Deed througb th¢ car¢ful Stewa￿ of the end0￿￿llellt fim(L
DuTing th¢ financial year ended 31 March 2(M)8 the tnLgtre reviewed the investtnent Obj￿1]ve5 alld approved the
proposal to manage the endowjnent fi￿d on a totsl re￿rn basis. This removes the constrdint of an in¢ome tsr8eÈ to
allow the Invesm)ent Manager greater flexil)i]ity in the choice of investrnents and to incr¢ase the ¢xp05ur¢ to ¢quities.
An application w&$ made to the Ch&ity Commission to allow th¢ u5¢ of th¢ tota] return strdtegy. On 16 May 21)08,
the Cbarity conm11￿1On produced a sealed Order agr¢¢ing io the challge.
The Norninations and Retnuneration Comtnittee of the TnLStee Company h&8 continu&l to provide a fornMI. rigorous
alld transparent pr(KeduTe for the appotntment of directors to the Membersbip consists of four directors,
including the Chair, Senior Director two other dxrectots. The nteEnber5 should include at least one illdepelldent
dir￿tOr and at least one director from the f￿e nominatrd by the Five Charities. The a]rrent members are Andrew
Brown, Maureen Dixoo William Sethlon and John Stsnsfeld and all setvedthrouthout th¢ year.
Lenrecnjittllg, theNominatiolls attdRemunerntioD Commilltt seeksioapFM)int individuals with thenecessary skills
to make a ￿SitiVe contrbutioll to tbe Bo&4 who are syrnpatheti¢ lo the Trustee Company's aitns and who can make
a p)sitiYe impact OD its diveT5ity
Under the Trustee Company's current articles of association, directors ate appointed for a term of three )'ears after
which they retire ond etigible for re-appointmenL Directtws wbo have seTved more than 12 years are eligible for
re-appointment for furthertern]s of olleye￿. The Board hagexpressed a preference theter￿ ofdtrectors is litnited
to Dine years unless there aTe exceptional circwnsthnce5.
*TlJe or1gl￿j1 AIL%si¢XwS￿ry rw). Iv 20J3 thepventw oJJLIISt*C￿d￿ streumlLrye tts wratsons
Zk¢Jknsb¢¢pJ qJReThlediorvfvci ClATrwolbenef￿￿￿y.

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 Mareh 2024 (eoDtiDued)
Having seryed for mor¢ than 12 year4 Andrew Brown w&$ reappointed for a fitrther ￿e-year term of office at the
Tn￿tte Company's Annual Genernl Me¢ting on 17 Octobff 2023 in to continue his tenll of office as Chaw.
Angela Russell resigned as a director of the TnLStee Company on 27 Februay 2024 and Dagmar Dvorak and Michael
Joynson were appointed as dtrectots of the Trustee company on 27 F¢bnwy 2024. both of whojn bring investment
expeTi¢llC¢ to th¢ Board. The Board considers that its ￿tt￿be[S have the necessary skills to Conduct its business
effeKtively.
New directOTS receive & letter of aP￿l￿thIent alld an induction pxk, whicb includes the articles of &wiation of th¢
Tnjstee co￿panY, a short bistory of the Tnjst and its structure. annual fujancial statements, Board Tninut¢s. terms of
reference of the sulTrcotnmittee& latest finallcial for¢￿S, investment re[￿5 andally other documents ¢oJJsideredto
be of irnportan¢¢.
The duties of the Investtllent Committee ￿e to review the investment objective4 &8set allocatio￿ ethical investment
policy and the ￿for￿￿te of th¢ Investrnent Managers. It also makesree(Rn]nendations io tbe Board concerning the
appolntment of the Investment MaDager and the estsblisljment of suitable bencl]marts. The Investment Co])llllTttee
nornially mttis with th¢ Luv¢stment Managus at Iwtonee ayear. The currentmembers ￿tAlldreW Browl Dagmar
Dyorak, Jobn Harri50n, Michael jo)￿S0O Marcla Lant and William Se4kloL Philip Poole was also a member to 5
December 2023 and Angela Russell to 27 Febw 2024. Jobn Harrim w&5 ap￿Illted to the Conllnittee on 5
December 2￿25 and Dagmar Dyorak and Michael JoyL8on were also #P￿7￿ted to the Committee on 27 Febnwy
2024.
The Board of tbe Tntstee CozllpaDy meets at quarterly intervals at which the directors receive reports from the
InYesttDeut Collllllittee and the tnvestmeDt Manager. In additioo the Investmeni Managers makes a forn
presentation to the inveslm¢nt Committee each fmancial year. The Board and Inyestment Committee consider
inveslment managemenL r¢serYes. distnThution and risk management pilicies, and the ￿f0mlance of the Investment
Manager against a range of measures. The day.ttrday admI￿Oll of the Ttust is delegated to the Director of
Finance.
The T￿Slee CornpaDy is a metnber of the Churcb Investor5 Group. This acts a5 a fonun to enable m¢mbers to share
inforrnation and views on ethical, social re5P(TrDsibility and corp)rJt¢ gov¢rnaDce matters relating to investment.
Directors. indenjnxry xtisurance been in place for the whole of the year eDdcd 31 March 2024 at a cost of £324
(2023 £471).
Risk m2n2gement
The Board of the Tn￿tee Company has examined the principal areas of the TnLSt's operations and considerod the
major risks in vdch of these areas. The Trusiee Company maintains adetsiled risk regI￿rwh1Cb is kept underregular
review. The directors have identified the principal risks to the orgallisation ￿ being..
Investtnent risk$:
MacTO-e¢onoTniC and maTket condilio
Investment manager risk
2. Governance and key personnel risks
3. Fraud
4. Repulational Tisk.
Consideration and rnanagement of these risk5 is a key dimellsioll of B(wd agend4 and pages 10 and I15UIDIllarise
curteni risk mitigation strategies and &8sessment of risk profile.
Follo￿￿ng the COVtD-19 pandemic, the Board resumed tneetÈng inpersoDbuth&scontinuedto use videocoDferencillg
t¢chnology to some meetings, including Committee meetings.

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 March 2024 (CODtinued)
The value of the investment wrtfolio c￿t]￿lles to b¢ by th¢ gefrpo]itical environment whi¢h Temains
¢hallengiag with the con¢illuing in UkThine and tensions ID the Middle FA8t and there is some concern about the
impart of this on oil prices inllation. There are a150 the forth(y)miDg ¢ltctions in major markets including th¢ US
and UK and the outlook therefore continu&% to r¢maiD uncertain.
Vlhilst returns over the period as a whole were ￿)SitiVe, the mcKwA of the markets fluCts￿tCd in resp)nse to emerging
ecollomic llews. Equities ￿ade a Strong stan in 2024 witb market sentiment supp)rted by the growing confidence
among the world's leading e¢oDomies that iDterest rates, which Imd increased shary>ly b¢tw¢en late 2021 and mid-
2023. had peaked 2nd the expectation that central banks. next move would be to teg￿ reducing rates. However.
towards the endof March 2024, th¢ ¢ontinuedresilience inthe US economyand jobs markethas caused sojne concern
with exp¢ctatiODS that borrowing costs would remain "higher for longerf. ￿1th rate cuts corning later and Tnore
adually than P￿loUSlY anticIp￿tiL Whether centrnl bat)ks follow througb on these ewted r*e cuts is I￿elY ￿ a
key variable in investor sentiment and the s￿stainab11ty of tbe rally in equities in 2024. Th¢re is still a significant risk
that equity prices could fall itmonetary ￿l1¢Y shifts from that which the ￿￿￿ets are ¢urreDtly assu]ning. Elsewhere,
Cbina's econojny c¢)ntinues to Str￿gle, altbough it As envisaged thathigh quality, well managed ci)llLpatiies tberewiil
continue to perforni well. US lechllolo￿ Co￿paules, the &HalloJ"MagDifi¢ent r akn dominated maTkets
over the yetr &8 Optimism around Arttficial Intelligence (-Af) led to iD¢reases in their share prices. The ColU￿bI&
Threadneedle Responsil)le Global Equiry ftmdinparticularl￿s undettperforniedinthiseDvifoDD]¢Dt due to its inabi]ity
to hold rnatty of these ￿0¢k$ iti its ESG fimd as a result of its ethical scrttning criieria.
The potential for further volatility in perfonnance remains an OD-going risk. The Board of the Tn￿te¢ Company's
intention is to hold the inY¢stsnents for the longer tern] and as such to ride out peritx15 of volatiliry. The inyestrllent
managers remain of the view that the long-terni operati(m￿l outlooks of the pirtfolio holding$ 8re g(M)d.
In the opinion of the Board of the TTu￿¢t Cowpany, the Tnjst I￿$ establisbed resources and systems which, under
nornial circumstances, should allow thes¢ Ti5ks to be mitigated to an acwtsble level in its day-to-day op¢rations.
Objectives and aclivities
The objective of the TnLSt is the advancenLent of the Chri￿lall religion and this 15 achieved by providing f￿￿tt¢la1
sllpport to tbe Five Charities selected &% beneficiaries by the fowider, the ]￿e Sir WilliaDJ LeeclL
The Board of the Tn￿tee Cornpany coDfiTmS that it has referred to the Charity Commission's general guidance o
public benefji when reviewing the Trust's aims and objettives and is S&isfied thai the requirements have been m¢t.
The Tn￿1 provides grdllts to the Five Ch￿ltieS, whose pllpose is the Advancetnent of the Christian religiorA, and
the Board of the Tnjsttt Companv receives reports frotD the Five Cbarities. N'hicb detail their WO￿ and the pllblic
benefit arising therefrom.
The Trust doe5 not have the ￿Wer10 make grants other than to the Five Charitie5.
Financial growth
Set out below is a ststrment showing the growth of the ¢ndoMryuent fi￿d Sin￿ its c￿lon iti 1960:
Value of original gift of shares in William Le￿h IBuilders) Limited on 16 August 1960
Value of the endo￿l￿ellt fund at 31 Marcb 2024
159.250
51.201.815

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 Mareh 2024 {CODtiDu¢d)
Financial review and investment policy
Following approval by the Charity commissio￿ the TnLSt's investtnent strategy is a totsl T¢ts]rn approach to the
inveslment of the pennanent endowm¢nL
The trustee belt¢Yes that the investment objectives Sh{￿Id over the l¢)ng kn enable the [nvest￿ellt Managers to
produce greater inVest￿ent rettllns and so in thi¢ wur5e this sbould lead to greater disknl)utions to the benefici￿les.
In accordance with the tern￿ of the Order. the trustee conthins that iti identifying the value of the ptirtiort of the
perll￿￿t endowment that rqrnted unapplied total rettry it has idelltified the value of the initial fouDdillggift in
1960. and when detertllining the amount of ww)plied totsl reDml IO trall5fer to income the IrusÉe¢ ha5 considered the
amount of incoTner¢qlliredtomaintain the currentlevel of support fortheFive Charities and the I￿¢[y￿etdS of future
beneficiaries" aDd when reaching the decision as ￿ the UDapplied iotal return to transfer to in¢ome, the trustee h&s
taken professional advic¢ from the Investment Managers Wing the rnarket outlooK invest]neDt trends and yi¢ld
d the prospects for ￿t￿re capital growttFL
BMO Global Assd Manage￿ent {'BMO') was appointed in Sept¢mber 2017 the investment portfolio of
th¢ Trust. BMO itivtsts on a djs¢r¢tiOT￿Y basis, subject to the con5tTrints of th¢ approved etbical investsnent policy
(see poge 9)-
In July 2019 the TnLSt trallsfe￿d its inyestsnents into a Private SulFFut>d ('lieserved Altrrnative IDv¢stment Fund,
or'RAIF'), which w&8 Iwated by BMO under its umbrella fulld- BMO Itkvestments ILUX) Il FCP-RAIF aDd based
ill Luxembourg for admiDistrthve reawDs. There were no ￿ thalltsge5 to the TnLSt arising from the location of the
RAtF. PrioTto the transfer the TTUSt. for adtninistrative reasons, w&$ litnited to three fimds on the BMO plarfortn. The
RAtF investsnent pl￿ror￿ allowed the Trust io add furtber fi]Dd% to the illvesttllent p)rtfolio. including funds Dot
managed by BMO, which gave great¢r diversity and tbe opportullity to iDcre&* the total return. The Trnst's sister
charity- The William Leech Foundation Limit¢d- The Clwity TnLSt-W&5 a]50 illvested tti the RAIF.
In April 2020 the Tn￿lee coM￿Y took the deciston to invest on a global basi& constrained only by th¢ need to
ijvest ￿ line tbe approved ethical investsneni ￿litY. The holdings in the RAIF were the BMO Responsible
Global Equities Fund and the BMO Res￿nSi7)le Strrling CorEx)ratr Bond Fund. Both fi￿d5 are open-ended
investment cotllpallies. BMO h&5 discretioD th vary the allocation to each filnd within pre-agreed limits.
The Trnstee Company's reviewed the asset allo￿tion of the Tn￿ duriDg 2021r22 agreed tbat the predominant
exposure to equities remained appropriate although som¢ additional diVersifi￿tiOn of fi]nd5 would be ljenefieial in
rel&ion to emerging ma￿ets. ConsequeDtty. in June 2022, funds were also invested via the RAIF iti the First
Sentierlstewart Investors Asia Pacific Leader5 Sustaithility Fun(L
OD 4 July 2022, following the merger of BMO and Colutnbia Threadneedle: BMO was rebrdnded as Columbia
Threadneedle InvesttDents and the lla￿e of the Investment Mallager of the RAIF was changed to G)lumbia
Threadnt£dle Asset Managernent Ltd. The BMO holdings in the RAtF weTf also rebranded as the Columbia
Threadneedle Responsibl¢ Global Equities Fund and the Columbia Threadneedle RewnsiTrJle Sterling Bond Fund.
All of the fi]nds held are open-ended iDvesttnent companies. Under the RAtF Columbia Threadneedle had dIs￿¢tIon
to vary the allocation between its global equity aDd steiling bond fijnds Hithin pre-agreed limits only.
On 5 September 2023 all of the unit holdings in the Colutllbia Threathteedle RAIF were Te-regi5tered into the names
of the Foundation Tn￿1 and Charity Tn￿ so the unli in th¢ underlying fvnds aT¢nOW helddirectly by the two chariiies
d not by the RAtF Domtnee. Units are now held dired]y by each ¢lwity in the Columbia Threadlleedle Responsible
Global Equity Fun& the Columbia Threadneedle Re5poDsiTrJl¢ Si¢rliugCoTporateBondFund andthe Stewart Ittvestors
Asia Pacific Leaders Sustsinability Fun

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 Mareh 2024 (eontinued)
Since Augllst 2019 and up until 5 S¢ptemkn 2023, th¢ dIs￿utiOnS to the Five Clwiti¢s W¢Fe fi]nded by realisillg
units in the RAIF and from 5 September2023 by realisingwitts from the Columbia Thread￿¢￿e R¢sp¢)Dsible Global
Equity Fun(L No income is received and the Funds ac¢umulate their dividends and do not pay out any cash. Any
dividends ￿LSing in the Funds will be reflected ID their Det assei valuek Fees payable lo Columbia ThreadDede and
Stewart Investors for managiD8 the investments are charged against the Funds.
The Investtllent MaDagers re￿￿ to the TTus¢ee Compally at quarterly gnd annual Antetvals. These re￿)rtS include
economi¢ and market reviews, tra[￿action detsils and Fknfolio valuations.
The Ttust's WO￿ is entlrely d¢wideni on the inv&4ttneDt r¢turns from the ¢Dth)wm¢nt fi]nd and th¢ F¢rfoEmance of
the investtnents An the portfolio during the financial yedr is reponed below. The global stock markets have ¢ontuJued
to be itllpacted by geo￿lItICal unceixw; the war intJkThin¢ sbows no Si￿ of abating andthe Middl¢ East is anew
concern with the potential for further escalation and threats to supply chain5 giv¢n the contiDUiDg disruption to the
Red Sea shippTng routes. Markets over the course of the financial year ]Jav¢ ¢oped with the ilDp￿t of itfflation and
higher interest rat¢5 as centraI banks have atte￿pted to bring thetr economie5 under control. There are &xp¢thtions
that interest rdtes will be CUL most I￿elY in the second half of 2024 and that intlation will fall although any such fall
may b¢ impa¢ted if the confiict iti tbe Red Sea continues for a significant peri(wJ of time. On top of this there are the
challenges to the global economy of climate change and artificial intelligence to b¢ managed This all create5 all
extremety volatile backdrop for investtnent perfoTtnanc¢. The markets aretherefore expected to remain volatile in the
short tenn althougb the investment Inal￿er5 believe the l¢)ng-term operational o￿t](x)kS ofthe Ex)rtfolio an g(K)d and
they contlnue to focus on higber quality, suslaillable growth compatiies which they believe can prosper in spite of
tllarket volatility.
The total return in the year ended 31 March 2024 15.IV/.. The trL&ee transfe¥red a tota] of £1,662,722 fr1)m the
unapplied return of the end0￿￿￿ent fi]nd to the U[￿s￿l¢ted fim(L The net result of th¢s¢ fa¢tOT5 is thatthe endowillent
nd incrtrdsed in value from £45,934,￿1 to £51201,815.
Following the challge to a total return approach to iDveslJnenL the b￿Stee reviewed the Tt￿st'S distr]l)ution po]icy.
Th¢ t￿le¢.5 objective was to establish a policy that will provide sustaillable and contitillitig f]nallcial support to the
Five Ctwitie5. In Y￿lY 2011, after taking professional adYAce and account tsf the 1ollg-ter￿ Dature of the endow]nent
nil the trustee established a new p)licy that came into effect oll l April 2012. Di5tnTr>utiOll5 are set at 40/0 of the
rolling five-year average of the Tnjst's net asset value. The trustee rewises that iJJ establishing the level of
distribution it has a duty of fairn￿ towards both p￿selll and fiJDJre beneficiart¢s- the prujciple of inter-gen¢rdtional
equity. Distributions to tbe Fiye Charities iti the financial year amounted to £1,648,020 (2023: £1,530,0(K)).
The risk proffle of tbe inv¢stmenl portfolio 15 medium to high. The Tn￿l is a long-tern inyestor and the tsustee, on
professional advice, remains of the view that a portfolio weight￿1 towards quities remains appropriate.
The total return on the portfolio is measured against the Retsil Prices illd¢x ('RPI') and a weighted b¢n¢hmatk
reflecting the neutrdl asset all(￿lOll. During the year ended 31 March 2021 the benchmark was adjusted to reflect
the staged dis￿SaI of the UK fijnd and & 31 March2022 the benchllEaFk cornprised900/0 MSCI World Index and I￿/0
iBoxx Non-Gilts Index. Follow]ng the inVest￿ent in the Stewart Investors Asia Pacific Leaders Sllstainability Fund,
the benChrn￿* for the RAIF was amended io the MSCI World Index aDd Columbia Threadneedl¢, a5 investtnent
anager. was able to deviate fro]n the bencbmatl( in terms of asset All(￿￿1￿n b¢tween its ResPQn5ible Global Equiry
Fund and its Responsible Sterling Bond Fund by no more than +l- I￿/0 according to theiT view of market conditions
but excluding the Stewart Investots Asia Pacific Leaders Sustaillability Fund. Any allocation to the Stewart Investors
Asia Pacific Leaders Sustsinability Fund was excluded froTn this benchtllaTk and its cornparable p¢rformanc£. The
Stewart tnves10rs Asia Pacific Leaders Sustainabiliry Fund was it]tluded ￿ the valuation of the totsl portfolio but its
perfomiallce was assessed againsÈ the comparable index as prO￿dedbY Steivart IDve5tor5. Following the transfer out
of the RAIF on 5 September 2023 no asset all(ution 15 undertaken b). Colurnbia Threadneedle.

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 March 2024 (eoDtinued)
Achievements and perf0rn12nee
Inyestments
In theyearended 31 Marth2ff24 the retumofthe Columbia Threathteedl¢Responsible Equity Fundw&5 15.701owhjch
wa5 below the benchtDaTk (MSCI World) refr￿ of 23.IOA. The Coh]mbia ThTe&Jneedle Respollsi171e Sterling Bond
Fund's return wLg 6.50/0 which was above the benclmiaTk (iBoLX Non-Gilts all maturities) of 6.1 /0 a￿d the Stewart
lllvestors Asia Pacific Leaders S￿Stainabl11ty Fund's rettEu was 4.6(/*o which w'as alx)ve the benchmark (MSCI AC
Asia Pa¢ific ex Japall) return of 3.0/0.
In the financxal year RPI and tbe Consumer Prices Index ('CPI') rtrse by 4JOA and 3.8Vo r•ivety.
Over the five-year pert(Kl to 31 m￿¢￿ 2024, the cu￿ulative return of the Cohmibia Threadneedle R¢sponsible Equity
Fund was 72290/0 Compared to its benchTnat retsm) of 86.95•/0," the cutDulative rebjrn ofthe Columbia Threadneedle
ResponsIThle Sterling Bond Fund over 5 years was-3.45Q/ts (the compar&ive benchDwk cwnulative totsl retsmi over
this period isnot available). Over tbe same period RPI alld CPI r(trse by 34.34/• and 22.99O/• respectively. The Stewart
Investors Asia Pacific Leaders Sustaiuknility fund IH8 rebjrned 5.IYthsince invest￿ent in J￿¢ 2022 agai￿ the fimd'5
own benclllnark rebjm of 2.60/0.
At 31 March 2024 the portfolio was valued at £51.191583 and the asset all(*¢ation of the Tnjst was 9120/0 cr
Responsible Global Equity FuniL 1.5(/*o CT Responsible Sterling Bond Fund ond 7.3010 Stewart knvestors Asia ￿lfie
Leaders Sustaitthility Fund.
Reserves policy
At 31 March 2024 the balance in the uttrestricted fimd was £7,274 (2023: £7,274). This Eo]anc¢ wa5 used to fi]nd part
of the distrl)utioll to the Five Clwities iti April 2023. The p)licy is not io bold significant Sums in the unrestricted
fim¢L 50 maxiJnising the 8￿0v￿t in the endowment fimd that cats be itive*e& The Inveslment Managers are infomied
of the amount to b¢ transferred frotD the un4)plied total reDJm element of the endO￿Trent fi￿d at the start of each
financial yeor. WithdTawa]s are spread evenly over tbe fiuallcial year to (￿￿d the montbiy distributions. This policy is
reviewed aDnually.
Plans for future periods
As noied above. on 16 May 2008 the investment objectives were cbanged io allow the use of a total return strdtegy.
The directors believe that the totsl Teturn investtnent objectives sbould enable the Investr)ent Manager5 to produce
ater investment returns and so in due Course this should lead to grea￿ distributions to the beneficiari¢$. The
directors of the Trustee Company have a￿ced that the distnbutiOIiS to theFive Clwities ill the year ending 31 March
2025 will amount to £1.734.000 (2024: £1,648,020). The Trustee Company reviewed the distribution policy in
Febrnary 2024 and concluded that it reD]ained appropriate. The next fornial review ￿ill take place in the year ¢Dding
31 NIarch 2027.
The Trustee Cojnpany expects the geopolitical landscap¢ to Tell￿1￿ CI￿lenging in tbe short teJrn to ￿ediuM tenn,
with the on-going war iti Ukraine and concerns about firther ¢s￿lati{￿ in the Middle East alollg with elections
bappeDing across major ecollon)ies in 2024,r25. The Board of the Tn￿¢¢ Company will continue to monitor
iDvesttnent t*rforniance closely taking into account thks elev￿¢d risk profile. The Trust's distnblltion policy should
dalupen the itnpact of volatiliry on the distributions to th¢ Five Charities 2nd with a diversified portfolio, the Trust
sILould be well-placed to provide increasryj SUPFth to the b¢n¢ficiaries in the future. The current Ethiea] Investment
jlicy aTLd PTactices ststement can be found on page 9.

The William Leech Foundation Limited - The Foundation Trust
Report of the trustee for the year ended 31 Mareh 2024 (colltinued)
Statement of trustee's responsibilities
The trustee is rwTrnsil)le for prepari￿ a report of the tn￿ and fiDancial statements in acconknce with applicable
law and regulations.
Under that law the tn￿tee has prepaTed the financial ststements in aLrordall¢e with unli￿ Kitigdom Genernlly
Accepted Accounting PraCticelUnitedKillgdomAccouDtt￿gstandards aDdapplithle law).Un(lertlkt IaWthetn￿ee
must not approve the fillanciat statements unle&s it is Satisfied that they give a true alld fair view of the state of the
affairs of the Trnst and of the incomingresourcesand applirntion of res0w￿50Fth¢ Tru51 forthatperiod. In preparing
these financial statement% the t￿￿tee 15 required to:
select suitable accowiting wlicies and then appty them coDsistentty'
observe the methods and principles in the applicable Clwitie5 SORF.
ake judgements and e￿i￿ateS thai are reasonable and prudent"
stste wbether FRS 102 "The Financial Rep)rting Stsndard applicable in the UK and Republic of frelaDd"
has been followe￿ subject lo aDy material departures disclosed and explained in the fjnajicial statenients"
Prepare th¢ finan¢ialstatements on thegoing ¢oJ￿emblSjs it is iti4)propriat¢ toprtsume thatthe Trll5t
will continu¢ in business.
The trustee is res￿￿571 )le for keepillg proper accounting records tbat disclose with reasotthle accuracy at any time
the financial position of the Trust and ¢nable th¢ tTUStee io ensure the fll)ancial statemellts comply with the
Charities Aci 2011, the applicable Charity (Accounts and Re￿rts) Regulations and the provisions of the Trust Deed.
Th¢ trnstee is also r¢sponsible for safeguarding the assets of the T1￿1 and hence for tsking reasonable steps for the
p￿Vention and detrction of fraud and other iTreguIarities.
Appointment of auditors
Azets Audit Seryices have indicated their willingness to stand forreapp)iDtment at the forthcornillg Annual General
Meeting. A resolution for the re-appointment of A7£ts Audit Servieas as auditors of the Trust is to be proposed at the
fortbcoming Annual General Meeting.
The Trustee wishes to pui on record its thanks to Marcia Iant's and Lilldsey Nicholls foT th¢iT SUPPOrt which has
enabled their wot* fftn SUPWTrn of the Five ChaTities.
Approved by the trust¢¢ and sign¢d on its bEba]f by:
LJ.l.SecOcQ
Andrew Brown
Dire¢tor
Dtreuor
. 2024

The William Leech Foundation Limited - The Foundation Trust
Ethieal investment policy and practices for The Foundation Trust
(as approved by the trustee on 7 February 2023)
Our poli¢y is to invest in a manner coDsi5tent with the promotion of the objects and FYllTrciples of the Five Charities.
We aim to strike a ba]ance beh¥eeD investing in way5 lake account of Christian prxnciples and ethical
considerations alld securing strong fillancial returns for the Five Charities over the long tern. li is our opinion that iD
the long terni an ethical investment policy along tbe lines set out belom. is unlikely to be of significattt detriment to
rdtes of inVestmentret￿n. Wehave Prepared this ￿lIcY in c(yngJltstion with the Five Charities but recogllise that this
policy is ultttnatety th¢ resp)nsibility of the dirtttrKs.
Our policy tskes into account the Church of Eugland Ethical InvestWqht Adviwry Group (EJAG)'s Siatement of
Ethica] Lnvestmeni Policy in the selection of our investments.
We believe that this guidallce broad]y reflxts the Christian ethical perspectives of the Five Charities and that it is
belpfid io drdw upon EtAG's expertise in sucb matt&5. Th¢ EJAG guidelines are also readily available to our
YesttD¢ut Managers andwill th¢Tefore be abelpfvl andclearp)int of reference forthem. Reco￿1&1ngthat we should
not bind ourselves absolutely to th¢ views of an external b￿, we will review EIAG guidance on a regular basis to
8sse55 how far it rematns appropTiat¢ loru4 particularty as major new areas ofexcI￿%llrn are brougbt in or as extsting
restrictions are reconsidere4L
EX￿1]Se in Environmental Social and Governance investment issue5 is one of the crÈteTia we use to 5¢1¢ct our
Investment Managers" we will also consider the ethica] credentials of the Investment Managers themselves in making
tbat appointment.
Througb our membership of tbe Chll￿h Investors Group, we will shate our per￿CtiVeS other I￿e.m]llded
investors and together will aim to encourage compaDies to perforni in an ethical and re%￿nsible rnaDner.
Casb investtnents
When makillg cash deposits wewill not￿se ally bank5 in wb05e shares EIAG would re¢0m￿tndw¢ shouldnot invest.
Collective investments
The portfolios of The Foundation TnL8L The Clthrity Tn￿ the Wdliam 1￿ch Rese4r¢h Fund and William Le¢¢h
(Investments) Ltd axe invested iti collective investtnent fitnds. The ethical investsnent w>li¢ies adopted by these fi]nds
broad]y c4)mply with E￿G guideline5. We will continu¢ to liaise with the nwer5 of th¢se fimds and mODltor aDy
changes in their ethical investment policies.
There ￿111 be times when Tt is prudent to hold other collective investments in order to access less liquid parts of the
markets and acbieve adequate diversification within our tKTrrtfolio, for ex8Jnple to invest in smaller companies or
compallies listed in less developed countries. We rec0glll￿, however, thatthere ate particul￿ challenges in ￿reetting
the ethical credelltials of all the comky)neDt parts of some collective iDvestmeDts. We will tberefore review regularly
the rationale foT such investments and the axteni to which they rnay anclllde holdillgs tbat would nO[￿allY be excluded
by EIAG guidelines. We also liaise with investment manag¢TS over their boldings and will ttlonitor tbe
itnplementatioll of their po]icy.
Monitoring and reyiew
We will monitor our adheTen¢¢ to these principles and the fllmllcial itllpact of this ethical investment policy annually.
If ihe fmdings of our periodic review show a significani detritDelltal itDpact that is expected to persist in tbe long tenn,
then we will discuss the Five Charities whether or lloi the polio. should be amended. Jn additio￿ if the Board
decAdes to change its iDvestTnent approach and return io a directly held investments. this ￿lleY will be reviewed and
updated accordillgty. We will formally reviem. this wlicy &8 a whole every three years.
More information about EIAG #lld its policies m3) be found at:
htt .11Th￿V.¢￿llrfh0fe
land.
#boutlle*dershi
o%trnancelethic#l-illTresttDent-advisorv-
rou

The William Leech Foundation Limited - The Foundation Trust
Risk management statement
The TTU5t¢e Company's approach to the management of risk is designed to enable the Board to proactiY¢ty idajtify
and manage risks to support the achievement of the TT￿St.5 objective& The Board is r¢sponsible for ensuring that
adequate systems of rlsk management ar¢ in place that it bas a con5i5t¢nt apFElite for risk and that the level of
risk is comJnet]surats with achievement of its objectives. A k¢y part of th¢ proces5 is the maiDt¢nance of a ddailed
Risk Register, wbich 15 reviewed regu]arty with any sigrnifi¢aDt thonge5 beillg reported to the Th¢ Boatd h&8
identified a ttumber of key risks and are set out below together with an explaDati(n of its Tnitigati¢)n Strategies
and assessment of Tisk.
KEY IUSK AREA
I. IDvestment risks
MITIGATION STRATEGIES
al ￿TatTo*to￿O￿lr
and
*rk¢t
tottditiott$ {in¢luding ￿eballge
interest rate and ￿flationr]sks) coutd
rcduce our ability to (kliver ]ong-
tern real 8[0￿rtb of itic0￿C to our
bcneficiarie5.
Although we will aiTrvay5 berK￿mI to short-t4Th volatility. we b&
distrtbutiors on our rolling fjTrt-Y￿ avw nct &5S¢t V81u4 whi¢h helps to
Stn4y)th the impaa of short-iemi mtte( fluctuations
Our iDvcsbllthts are beld ill w¢ll4lÉver51fid fll￿￿ which comprise glob21
equitiffj attd S￿rI]llg ￿ndS kn spread risk. The Board consider5 that a
gJ(thJlydivcrstfitd ￿rtfoliO ￿ agoodhalge agaillst the J]]atroeconofflicand
As a long-iam TtLve5tor we (on5CiOU5ty hold a high weigbting towards
equiti&% 0$ we FKlieTre thi5 offers the F*st pros[￿ts of protecting o
endowmetst against innation aud deliveriDg rcal groTrth overthe long ierrn.
Most of our invests￿ettts call be liquidated easily in the short l¢rn4 ¢llabling
usto ￿Stain 5hort.ierm distrilxrtw)tts evell when inter¢5t ordividcnd ratesare
low.
W¢ do noi n[rr￿rY risk because we ￿lieve the costs of doiDg so
outweigh the bthefit% givell (MIT liquidity ￿ long-trnn perspective.
lft LIkrW￿ l￿d themiddle Ea￿ with reduthg b￿5/111
high hits*£￿￿￿￿50llrfon%QI￿g8e￿1l1c￿lU￿¢tr￿UUY. Becouse
income io benef￿￿￿ wt beliéve wt ore in a 8oodposition lo ride
short￿-/em1Jl#c￿￿i0￿ tcowinuc l￿d￿￿￿e$ ￿nd￿lions.
These￿￿{bro1/andSCfipe is ewaed choUe#glfv8 In ihe shorl
r*¢ wknh hoppeniog across Mior ec&noMof in 2024/25. The
¢lsiseleb*ediiskprnfi
b) Investment Manager
risk
und¢rp¢rfOTTr￿ct by manager could
dure th¢ Telurns we are able io
deliver.
M¢eting5 are b¢ld with ]JJanagers io Thotlilor their ￿or[Dance.
W¢compare themaDagers' ptrforrtthttttwiLrt external ￿1)ch￿￿kStO help
bold tbelll to rnL
Our policy is to cary out reEul8r re-tend¢riug exercises for investttlent
FtslloThiDg Porttolio ET¥alll￿￿ Limi￿.$ deci5ioTL to clo￿ it5 business.
In2[￿]eS weTe 0PP)inted u) CfjniiDue w pro￿de an indertndent measure of
Inve￿ment Teturns the Fisk ￿ing ruD and the level of aCti￿e managemenL
This &SSiSLS iti assessing whether. our ￿ntO1105 meti their objeLtive5' the
fimds are being maDa8ed as ewte4L" a￿d wh&ther we tsave ￿ efficiettt ]nix
of managa5.
nwi4ger since bi Septsmbtr 21117 wlisfoclory
hiid up unril 2022llS ￿eeded the bthchm&rk H¢NÉvÉr iherÈ htsvé been
slgnificani eljollenges w perfornwnce In IxTrrk Ittgr Jettr ihe
io

The William Leech Foundation Limited - The Foundation Trust
hTY RISK AREA
MITIGATION STRATEGIES
perfornronc¢ ho5 beén seen w the last quarter of 202AQ4fvm ctplUn￿10
Threothe￿l￿ IftvttyoF5 h4ve perforn￿￿ well since the irtili
In June 2021 lRveJtr•W conlinMe5 lo
2. Goverll4uce key persoJJntl
Aptrf>iDtin8 six indepaLd¢nt diT#￿T$ allows swific skills to be reouited
bere these 8rt T￿t alre￿ ￿ p]ac¢ through our five ctwity.notnmatyJ
A5 a s￿all organi￿lOn we have a higbtr
avuage depe￿ on two
memb¢rs of staff. alld rely haviDg
$ll￿1¢)ent spe¢iaJisl on our
Boar
AD anDu&l B(th sdf-asscssn¢ut process ts&es place to monitor the quality
of owgovernattce.
Careful of PTrfedurts and reLords has been set up lo ellable
new *atriwJvisers th pick up iDfornJation quickly shw]d ourststTleave orbe
its 4prowiqle The rhé BOordInprÉ￿l{SYé￿ts hwe
Ihcrth¥edits &ver5iry. lvhi1sitherew￿ beo r￿0￿￿8 th ihelo55
we h4ve good ¢￿¥￿ity meusures in p14*
Adth"ll0n￿ inpestintRI $killT were udded io the Board of ihe fFusrÉe
Coryuny in Febniory 20￿￿￿￿￿tTINCr£￿lEits twrti%e in ih&%
3. Fraud
We need to b¢ vigilant atrf>ut the risks or
tttternai andLxt¢TnaJ fTHud illlpacung
our opeJ3tioni and ¢1]￿¢ our fitnds are
used fortheirprow clwitsble ptUFrf>5eS.
Two si￿1¢5 are required for all cheques iti exce￿ of £l,(W. On-line
Auth0T]5￿ siwry li￿ are held by the itive*ment martagas with nvo
Extem8] wdilor5 aJc required to look out f0rpotettti￿ m&eriai inryularities
and have di￿1 8£¢f&S to the Chair well &$ repotij￿ specifjcaily on this
area t￿hy￿.
Weplace relianceon the 5y*ans and intrnlai auditopmtionsof 0￿Bank¢r5
atld luves￿ent Managtss &* rguJ4ted iK)di￿.
We review the anfiuat final￿￿ 5tst¢JJrrfs of our bencfiaarie5 to en5UTC they
TrtIll￿ to Use our fijnts for8PPWPtikte ¢harttable purpo%&
theprudie41 collslraints of o smau oryon1s￿io￿ ve
ieve we hove i&ken ull r￿O￿al￿e SI￿$
4. Replltational risk
William Leech itself L5 8 relatively low-
profile organisatits￿ bth our policies and
behaviours cO￿d imwt on the rep￿31[0￿
orth¢ Five ChaTiti¢s a5 b¢n¢fiCI￿]e5.
We have aTLd implemented ethits] investmettt ￿l1¢Y iti
eonsultstion the Five Charities atld aim u> follow the recommendation5
of the Cburch of Eugjand's Elh]"ca] Inv¢stt]Kni Advisory Group (EIAGI.
We ujaintainhighprofessionai StsJJdardsiD ourtwidlllLgof r¢lati005hipswith
professiona] advise
knesFwwM.. Glvén wefollow elkFcoI guidellfies estdltshed ty Ihe
E14G. we consth it unllkefy the Leech benelaclions would
be the of #dvetst publicity - t711hough pressmré
Eroups rnr$htwqnlHs IMvÉstr&Fs i¢pqdoptSlTongerpoUd
spedjlctré
Thé latyfornwl roryew of the Eihlcol Investh¥vl Ihe Trnstee
ithA plqce on 7 Febrnary 2023. Tke Pojtsey ts also
reviewedthyntsdlj. ￿ the Comnthee ortd Bl￿d io ejtsure
iiremfjins*pio dots The nLulonJwlreview ofthepoliq wlUMkepluttln
IhefJnwicial)eAreRthn83J 202

The William Leech Foundation Limited - The Foundation Trust
Independent auditors, report to the trustee of The William Leech Foundation
Limited - The Foundation Trust
OplDfion
W¢ have audited the financial statemellts of The William Leech Foundation Limited- The Foundatton Tn￿t (the
'charityJ forthe Ye￿ ended 31 March 2024, which romprise the Statanelli of Financial Activities, Balance Sheet and
Notes to the Financial Statements. irncluding a sutnmary of significant ￿cOun11ng policies. The fll)ancial reporting
framework that has been applied in their prepaTatiQD 15 United Kitigdorn Accounting comprising Charities
SORP- FRS 102 The Financial Rep)rttU8 StaDdard applicable in the UK and Republic of Ireland and applicabl¢ law
(United King¢kni Gellern]ty Accepted AccouDttng Practice).
Jn our opinion the financial ststements:
give a true and fair view of the state of th¢ ¢hariWs affairs as * 31 March 2024 and of its incoming resources
and applicalion of resowces, illcluding its iD¢ome and expenditsjre f£￿ the year then ended.
have been prowty prepaTed in accordance with United KiDgdom G¢neraity Accepted A￿OUnting Practitt.
have beett prq)ared in ￿cordanCe with the requireJDellts of the Charities Act 2011.
Bas￿ Ior OPilliOD
We conducted our audit in accordance with [￿l¢MatIonal Standards on Auditing (UK) USAS (UK)) and applicable
law. Our responsibilities under those Yandards are fiwther descnl)ed in the Auditor's reswknsli )iliiies for tbe audit of
the financial statements section of our rewrt. W¢ are independent of tbe clwity in accordallce the ethical
requirements that are relevant to our Huditofthe financia] stsiements iti the UK iticludillgthe FRC'S Ethical St2ndard.
and we have fijlfdled our other ethkcal responsibiltties in accordance these TequiretneDts. We believe that the
audit evidence we have (Trbtsined is sufficient artd appropriate to provide a basis for our opinion.
CotEelusioDS relating to going ￿nttfD
auditiDg tbe f￿alICIal statements. we have concluded that the trus*e's w of the going Concern basis of accounting
in the preparation of th¢ fu￿)C1a[ statements is awropriate.
Based on tbe work we have wfonDed, we Ilave not identified any material ullcertsitities relating to events OT
conditions thal individually OT ¢oll¢ctive]y, Tnay ¢&5t significant doubt on the dwiry's ability to colltinue &8 a going
concern for aperiod of at least tw¢lv¢ Tllonths from when the original fjnaticial staiements were allthoTised for issue.
Our responsiThilities and the rwthilities of the tswstees with re￿¢t to going concern are described in the relevant
sections of this reF￿.
Other information
The tNsiee is responSi￿le for tbe other itiforniation. The Ot1￿ information wmprise5 the infornation ijkcluded in the
annual repott other than the f]nancial statemellts aud our auditor'5 r¢rort thereon. Our opinton on the fJnan¢ial
slatements does not cover the other Inforn￿tiOn aD4 except to the extent otherwise explicitty ststrd in our reprt we
do not express any forni of &8surance concl￿81￿ thereo
In CO￿neCtiOn witb our audit of th¢ f￿4￿ClaI statements. our responsibiliry is io read the otber illforniaiion all￿ in
doing so, consider wbether the other inforniation is materialty illconsi5tent M'ith the fiDallcial statellLellts or our
l(nowledge obtained the audit or oth¢rF4'iSe appears to be materially misstaied. If we identify such rnaterial
inconsistencies or apparent material misslatements. we are required 10 detrTmine whether there is a rnaterial
misstatement in tbe f]nallcial 5tateTnents or a material misstatement of the othLY infonnation. If, b&sed on the work we
have ￿fornIc¢1 we conclude that th¢re is a material misstatement of this other inf0m￿tio￿ we are req￿ired to report
that fact.
12

The William Leech Foundation Limited - The Foundation Trust
Independent auditors, report to the trustee of The William Leech Foundation
Limited - The Foundation Trust (eontillued)
We have notbing to report in this rega
Matters on which we are required to rtport by exc¢ption
In the ligbt of ourknowledge and ull(lerstandillg of the charity and its environtnent obtsined in the course of the 8udil
we have not identified material Mi&state￿eDts JD the T￿￿tee.$ Rqx)
We have nothing io report in respect of the following matt¢rs where the awities Act 2011 rwuire5 US to report to
you if, in our opinion:
adequate accounting records have noi been k¢pL or rettuns adLry4uate for our audit have not received
frotll branches not visited by ￿. or
the f￿￿EcIal statrments are not in awent with tbe accounttDg rec(￿￿ and retums" or
certain dtsclosures of trustee's remuneration speclfied by law are not made; or
we have not r¢¢eived all the inforniation and explallati¢)Ds we require for our AudiL
Responsibilities of trustee
A5 explained more fully in the Ststemellt of Tntstee's RespoDsiThiliti¢s (syl out on page 8), the trustee is responsible
for the preparation of the fmanciai statemellts alld for being satisfied that they give a trlle aDd fair view, altd for such
internal control &8 the tnjstee detertDilles ts llecew to enabl¢ the preparation of financial statements that are free
from n￿terial Jnissiatemen¢ whether due to fraud OT eTfoT.
]n prep￿Illg the fmancial ststejnenty the tr￿￿tte is reSp(￿l1)le for&wssiDgthe chariW5 ability to contillue as a going
concern, disclosing, & applicable, matters related to going concern aT)d using the going concern basis of accounting
unless the tsusttt either intends to liquidate the cljtirity or to ¢C￿e operations. or have no reali51ic alternative but to
do so.
Auditor's respollsibilities for the #lldit of the fiDaDeial ststemeDts
Our objectives are to obtain reasonable as5Utance about whether the financial statements as a whole ￿e free from
material miss¢atemenL whether (tue to fraud or error. and to issue an audiior's report tbat includes our opinion.
Reasonable assurance is a higb level of assurance. but is not a guarantee ttRt all audit conducted in accordance with
ISAS (UK) Thill always deteci a material misstatement when it exists. MisS￿ements can arise from fraud or etror and
are considered material if. individualty or in the aggregate. they could re&wnabty be expectrd th influence tbe
economic decisions of uS￿S taken on the basis of these flnancial statement&
Irregularitie5, includiDg frau(L are iDsÈallces of noD-complÈance with law5 and regulati¢)ns. We design procedures in
1￿C witb our responsibilities, outlined above, to detect tllaterial rni$5tatements in r¢spe¢t of trregulariiies, tncluding
frauiL The extent to which our PToC¢th￿e5 are rapabl¢ of del￿tillg I￿¢gu￿rIties. including fraud is detailed below..
Enquiries with manageAnen¢ about any kno1￿] or swted Instances of non-compliallce with laws and
regulations amd fraud.
Reviewing boardminutes"
Challenging assumptions and judg¢TneDts made by management in their significant accounting ¢stimate5' and
Alldit1￿g the risk of Tnanagement oveTride of Contro￿ including through testing journal entries and oth¢r
adju5ttneDts for appropriateDess.
BeCa￿e of the field in Mbich the client operates, we identified the folloNTring ar￿￿ as those rnost likely to have a
Ma￿la] impact on the financial ststements: Health and Safety" attti-bTi￿ and COTruptioll,' alld cornplÈance M'ith the
UK Charities ACL
13

The William Leech Foundation Llmited - The Foundation Trust
Independent auditors, report to the trustee of The William Leech FouDdation
Limited - The Foundation Trust (contiDlled)
Owing to the iDherent limitst1th￿ of an audi4 there is an unavoidable risk that some material misstatements in the
financial statements may not ￿ detectr4 even though the Audit is properly plannal alldwfomied in accordaD¢e with
the ISAS (UK). For instance, the further removed non-compliaDte is frorn the events and ttansactions reflect￿ io the
fjnancial statements, the less likety the audiior is to become aware of it or to recognise the DOn-￿P[lance.
A fiutber description of our respoD5ibiiittes for the audii of the fllwicial statetnents is located on the Fitian¢iai
Re￿rtIng Council's website ￿ www.frc.0wuklauditlxmp)n￿l)I1lties. This description forn￿ part of our ttuditorfs
Use of our report
This report 1$ ￿ade sol¢ly to the cknity tsILStee in accordattce with section 144 of the Cbarities Act 2011 and
regulations ￿ade under section 154 of that ACL Our wot* I￿ l)een undthtsken so that we migbt state lo the tsljstee
those matters we are r¢quired to stste to the ts￿Stee An an aUdI￿r$. rqxKt a]hd for noother PUTP)se. To tbe fvl1est￿ent
pern)itted by law, we do not accepi or reS￿nS￿)IlLry to anyone other than the charity and its tn￿te¢ for our
audit work, forthis reFKTr¢ or for the opinions we have forni
SimoJL Brown BA ACA DChA {Sentor Statutory Alldit￿)
For and OJL behalf of Azets Audit SeThAces
Chartered Accountants
Statutory Auditor
BuIman House
Regent Centre
Gosfortb
Newcastl¢ upon Tyne
NE3 3LS
7/912
Azets Audit Sejvices is eli￿￿11e to act as auditor in tern15 of Section 1212 of the Companies Ad 2006.
Azets Audit Service5 15 a trading Daute of Azets Audit Services Limited

The William Leech Foundation Limited - The Foundation Trust
Statement of financial activities for the year ended 31 March 2024
UDrestrieted EndoiFmeDt Totsl fu￿￿* Unrestricted Elldowmeni Tota] fimds
2024
fimd
fund
2023
Note
IDcoJne
Investment income
53,IH9
53.049
Total ineotlle
53,IM9
$3,049
Expenditure
RaLslngfMnds:
Annual Mallagemellt
Charge rebates
Ch4viloble aclivilies:
Expenditure on
charitable activiti&%
(70,797)
(70.797)
1.661722
1,(01722
1.539,086
1,539.086
Total expenditure
1,662,722
(70,797)
l J91925
1,539,086
1,539,086
Net expenditure before
gainslOosse5) on
investments
(1,662,722)
123046 {IW8N6) {1.539,086)
(1,539,086)
Net gainsl(losses) OD
investments
S(￿.6￿)
I&6￿1
(2,486,850) (2,486.850)
Net ineomel
{1,662,n2) 6930,X36
5367,814 (1539.086) (2,486,850) (4,025,936)
(expenditure)
Fund transfers
1,662,722
{1,662,722)
1,539,086 (1,539,086}
Tr4et movemellt in funds
5267,814
5267014
(4,025,936) {4,025,936)
Totat fiLnd5 at th¢
beginning of the
fwau¢ial y¢aT
7274 45.934.(K)I
45,941.275
7,274 49,959.937
49,967,211
Total funds at tht e￿d
of the fthaDeial year
7274 51201015
51209.089
7.274 45.934.Th)1
45,941,275
There were no gains and losses iti the fmancial yeats other thats those notrd aknve. All incoming resourees and
resources expended derive from continuing xtivities.
The Dotes OD pages 19 10 22 forn] part of these fllJan¢ial ststemeDts.
l5

The William Leech Foundation Limited - The Foundation Trust
Balance sheet as at 31 March 2024
UDre8tricted EndosvmeDt Total funds Unre5trided EDdowment T(thl funds
2024
fund
Ojnd
2023
Note
FiIed assets
Investsnents
51,192583
51.IY2583
45,928,883
45,928.883
Totsl rued awts
51,192583 51,192583
45,928,883
45,928,883
c￿rrellt assets
Debto
1,131
9,056
10,187
230
230
Cash at baDk and ID
hand
11.745
176
11921
10,884
5.118
16.002
Total current assets
IL876
9J32
li
11.114
5.118
16232
Liabilities
Creditors: ajnounts
fal]ing due within
olle ye
(S,602)
{S,602)
(3,840)
(3,840)
Ntt current assets
7274
9232
16
7274
5,118
12,392
Net assets
7274 $1201,815
51209,089
7274
45,934,1M)I
45,941,275
The fvDds of tbe
eharity
Endowm¢Dt funds
51201015
513111*15
45,934,IKbl
45,934,(X)I
Unrestricted thds
7274
7274
7274
7,274
Total IIiDds
7274
S1201￿15
51209,089
7274
45,934,IM)I
45,941,275
The f￿anCIal statements OD pages 15 to 22 were approved by the trustee, The willia￿ Leech Fouudation Limitel on
3 September 2024 and were signed on its behalf bi. the under-rnentiolled two directors of The William Leech
Foundation Limited.
Bro￿
William Sedd
Director
Director
The notes on pages 19 to 22 forn] part of tbese fmaD¢ial stsleEn¢nts.
16

The William Leech Foundation Limited - The Foundation Trust
Statement of accounting policies
a) Basis of preparation and assessment ofgoing CODceni
These fmancial statements have been prepared on a golng concern ba514 under the histori￿1 cost convention as
odified by the iDcIusioD of Invest￿ent¥ at ll￿k¢t value. in accordaDce with the Accountillg al￿ Rewrting by
Charities: Statement of Re￿rnmended Practic£ appIl￿ble to charities preparing their fiDallcial ststements in
accordanceiTr?th United KiTrgdom Accounttng Stsndards, c0mprisll￿ FRS 102"The Fin8n¢ial Reporttng S(aDthd
applicable in tbe UK alkd Republic of 1relall￿ (effertive l January 2019), aud appli¢abl¢ ]aw (Uniied Kingdom
Genernlly Accepted Accountttjg Practice}, alld the Cbarities Act 2011.
The Trust constilutes a public benefit entity as defined by FRS 102.
Thetrustee considers thatthere areno material ullcertaintie5aboutth¢TriLSt'5 abilitytocontinueas a going concern.
The rnost significant ar¢a5 of uncetsillry that affect the canying va￿t of &%sets held by the Trust are the level of
Aiivestw¢nt return and the F*rforniance of Investment maTkets {see th¢ i￿Ve$￿￿entPoIICY attd ￿fOn￿an¢t and risk
tllaDagetDent sections of the trustee's a￿lla1 re￿rt f(* m(Ke Inforu￿1M) aTMlthis is irne of the followillg finallcial
b) Inco￿¢ recognitio
All iucome isre¢ogDisedoncethe Trusthas entitlementtothe iDcow< itisprobable thatthe income wiIlbe received
and the amount of Rncome receivable can be measured reliabty.
Interest oll fi￿d5 held on deposit is incllldedwheD rrfeivable andthe amountcan be measured reliably by th¢ Trust.
this is nonnauy upoll notification of the interest paid or payable by the bank. Dividends are reCo￿ASed once the
dividend has been deKlared and nthificatiOD has been recetved of the diyidend due.
e) EipeDditure recogllitlOD
Liabilities are recoglli5ed ￿ exFenditure as Hs there is a legal or constructive obligation coD]mitting the Trust
to that expenditure, it is probable that sett]ement will be required and the amouni of the obligaiion can be measured
r¢liabty. All exFtnditure 15 accounted for on the acc￿￿lS basis.
d) Charitable aettvities
Th¢s¢ include paJThents lo beneficiaries and governance costs as set out in note 2.
Governallce costs comprise audit fed8, legal and prof￿10￿al fees attd directors. IUdell￿1ty iDsufdnce pretUiLUJLS
{see ll￿t 2). The costs of preparllig aTmual financial ststemeDts alld meetings are kn)rne by Willialn Leech
(Investtnents) Limited detsils are set out in no* 8.
e) InvestmeDts
InYesth)ents are a form of basic fiDancial instn￿ent and are initially recognised at their transaction value and
subsequently measured ￿ their fair value as at the balance sheet date using the clositig price. The statement of
financial activities includes the net gains and losses arising on Tevalv&ion and disposals throughout the financial
year.
The Tnjstholds units in tbe Columbia Threadlleedle Responsil)le Glob￿ Equity FwJiL th¢ Columbia Threadtteedle
Responstble Sterling Co4)ordte Bond Fund and tbe Stewart Illvestors Asia Pacific Leaders s￿￿]nability Fulld.
Until 5 Septelllber 2023. these uDits were held ID tbe RAIF with Coh]rnbia Threadneedle. Th¢ units wer¢ then re-
registLYed directly in the name of the Foundation Trust so the units in the fiuKls are now held directty by the
Foundation Tnjll as optKksed to the RAIF.
17

The William Leech Foundation Llmited - The Foundation Trust
Statement of aceounting policies (eontiDlled)
These funds are valued at a single price and this refl￿ts th¢ net asset value of the ulldertyillg in?￿SEMents. The
investDLent Mattage￿ent fee for the funds is cbaEed #gall￿ the iDdiviththl fuDd value.
Where r¢￿eS of annual management clwges receive4 these are Teinvested directly back into Units of the
underlying th¢18 by the iDYestmeni Jnanagas.
The Trust does not acquire put i)ptions. derivatives or other complex financial instruments. The Anain fonn of
fin8n¢ial risk faced by the Trust i5 that of volatility ill equity and illve5tment ￿arkets due to wider economic
¢¢mditioll4 the attitude of investOTS to investsnent risK a￿d chaDges in sentiment eonceming equities and M7thin
particular sectors or sub sector&
All gains aud I0￿eS are taken to the StaiemeDt of Finoncial Activities as they ￿lS¢. Realised gains and lo&ses OJJ
tnYesttDents are ￿l(￿lated as the difference between sales proceeds and their opening carying valu¢ or their
pllrch￿e value if acquired subsequent to the first day of the fuw&cial year. Unrealised gains and losses are
calculatrd as the difference b&ween the fairvalue atthe year-end and their c8nyingvalue. Realised andwjrealised
iIiveslm¢nt gaiDS and losses are combined iJJ th¢ Ststement of Financia] Activities.
Fund &¢rouDting
The Trust ha5 a single eDdowmeni ffijll￿ which provides for th¢ tru5t¢¢ to inv¢st tb¢ capital in perpetuity and is
anaged OD a totsl return basis. The tsitstee * its discretion may allocate any part of the vnapplied tt>tal r¢rEm) to
the unrestiicted fund of the Tn￿1 th be used for ¢haritabl¢ purposes in acc4)rdance with the Trust Deed.
The unrestricted fi]nd comwises the cuThent and liablltties that the tsusiee is free ￿ use in accordance with
the chaTitabl¢ obj¢cts.
Foreigll ellrrell¢y
The Tnjst's fi]n¢tional and PTe5entation currency is the pound sterltllg.
) Cash floTY ststeJDent
The Trust b&$ taken adyantage of the exempti¢)n available to small entities from preP￿Illg a cash flow statement
under section IA of the Financial Rep)rttDg Stsndard applicable in the UK and Republic of Itrland (FRS 102).
18

The William Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year ended 31 Marcb 2024
Taxation
The Foundation TTUSt is a regirtered clwity and its nOn-tr￿Ing inc(Ane is exempi from toxatio
Expenditure on charitable rdctivities
2024
2023
Payments to benefitiaries
The British and FoTeigD Bible Society
329,604
306,0(M)
Church Mi&8ion Society
329,604
306,0(M)
The Methodist Cburcb iti Britai
329,604
306.0(M)
The Salvation Arn]y
329.604
306,0(M)
The Society for Promoting Chri￿latt Knowledge.
329,604
306,0(M)
Totsl pA￿ents to beDefKiaries
1,648,020
1,530.0(M)
Gov¢rnaDce costs
Audit services
4,140
3.840
324
471
Legal and profwionA] fees
10338
4,775
Totsl governance costs
1{702
9,086
Totsl expellditthre on eharitable activities
1.662.722
1.539,086
The tnjsiee has decided to ￿e¢t all govemallce costs from tmrestric*d fitllds and so no allocation or charge is
oTrade to the endowrnent fund for aDy governance related costs.
Trustee s remuneration
The ttustee did not receive and was noi entitled to receive any remuneration or expenses in respect of its services
during the f￿￿ClaI year (2023: £nil). There were no employees durtllg the fill￿cIal Y￿ (2023.. none).
19

The William Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year ended 31 March 2024 (contiDlled}
Fund transfers
A Charity Comtnission Order granled tbe tK)wer of inve5ttng on a t￿1 return basis oll 16 May 2(M)8. At the time
the power was granted tbe trustee identified the value of the gift of perniaDent ¢Ddowm¢nt r¢c¢ived in 1960. The
difference betsveen the valu¢ of the endowment fi]nds as at 15 May 2008 aDd the value of tbe gift component
represented the opening balance of unapp]ied retur
The power pe￿its the tsILStee 10 invest pern]anentty endowed fut¥Js w n￿¥1M]se tothl rettuD and to apply an
appropriate portion of the unapplied iotal rettun to incolne each fmancial year. UnEi] the power 15 exercised to
transfer a portion of ullapplied totsl r¢turn to income. the unappIied retsm remains invested as part of the
pernianent endowtneni. The ￿Wer allows the tNs*e to decide ill exh fllwicial year how mucb of the unapplied
totsl return is transferredto itteom¢ fimds and so available forexpththtiwe. HaYiogcO￿Sidered its obligati¢)ns under
the duty of even-handedne$5 between present and fvbjre beneficiarie4 the tsustee made a trdnsfer of £1.662,722 of
uttapplied totsl return to uur45tricted income fi￿&8. This decision ks in accordance with the dtsthTr)ution policy
estab]ished in Juty 2011.
2024
Ek)dowmtnt
2024
Unapplied totAI
return
2024
Total
Opelling value of elldowtllellt
Gifi ¢omFK)llellt of p¢rniaDent eDdowm¢nt
159250
159,250
Unapplied totsl return
45.774,751
45,774,751
Total
159250
45.774,751
45,934.001
Movement UDapplied total return and
endow￿ellt ID the year:
Investmentreturn: recogDised and
nrecognised gains
tnvestment return: dividends a¢wmulated
al￿ interest accnLed
6.806,6
6,806,690
53.049
53.049
AMC rebates reinvested
70,797
70,797
Totsl
6.930,536
6,930,536
Unapplied total retwn allocated to incojne
{1,662,722)
(1,662,722)
Net movement ill reportlng period
5267.814
5267,814
CIosiDg value of pertnanent endoTrTment
Gift cornponenl of pernianeni endowinent
159250
159,250
Unapplied total retmi
51,(￿2,565
51,042,565
Total
1592>0
51,041565
51201,815
20

The William Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year ended 31 Mareh 2024 (colltillued)
Investments
2024
2023
m￿et value at the beginnittg of the financial ye4r
45,928W3 49.953,532
(1,657,780) (1,537,799)
Additions- at cost
114.7
GaIn￿o05ses) in the fttwicial year
6.￿.6
(2,486,850)
Mthet value ￿ the end of the financial year
51,192,583
45,928,883
Inve51m¢llts at market value comprise&.
2024
2023
C&sh held global equity funds
1.102,293
Global equity fi￿d$
46,&)5.723 44.137.657
SteFIiDg bond funds
758,4S2
688,933
Asia Pacific equity funds
3,738,4(
Market value &8 at 31 March
51,191583
45,928,883
Historical cost as at 31 March
30,02fi537
31,004,(K)9
Investments are carried at fair value. Invesbnents equities alld fixed interest secwities are all traded in quoted
public markets. Holdtngs iti ullit trnsts alld opert￿￿ed iuve5ttnent conpanies are valued at the bid price. The basAs
of farvaiue forquoted iDvestmellts isequivalellt to them￿ctvalue.u5Ing th¢ bidprice. As5d sales audpurchases
e reco￿liSed at the date of trade. Ill 2022r23 the Asia Pacific eqllity fi]nds were held within the RAIF 5truettJre
and fomied part of the global equity funds balanc¢. tlh 2023r24 these units W¢Te re-r¢gist¢red and ar¢ now held
dire¢tly ill the lla￿e of the Foundation Tn]SL
The significance of financial inslrnents to the ongoing fu￿1¢￿al S￿￿]nabIlIty of the Tn￿t is considered in tb¢
fin￿Cial review and investment policy and performance sections of1he truste's Annual Repo
Debtors
2024
2023
Prepa￿ents- itisumce weTDiUtD aDd itivestsnent perforrnance re￿rting
services
1,131
230
A¢mied bond interest
9,056
10,187
The insufdnc¢ premiurn and iDvestmeDt t¢rf¢)rn]once rew)rting services prepa￿ellts relate to the unrestricted
fllud. The ac¢ru¢d bond in¢erest Telates to the endO￿T￿ent fi￿(L
21

The William Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year ended 31 March 2024 (continued)
Creditors.. amounts falling due within one year
2024
2023
AccDJats- audit services
4,140
3,840
Creditors
1,462
5,602
3.840
All creditOTS relaÉe to the UtiTestricted fimit
Related parties
The tmstee coDsideT5 that it is related to Williarn (Illvestsnents) Limiied by virtue of having commo
directors. Certain athninistration services are prO￿ded free of charge ty the staff of William Leech (tnvestments)
Litllited. These services have noi been quantified for inclusion in these financial ststernents, as the atnounts are
¢onsidered immaterial.
The tn￿tee consider5 that il is the parent Utthttiking and ultitnate ¢￿trollIng party of The Foundation TTUSt. It is
a private company limited by sbarts, Inc0r￿rnted in Ellglall￿ registration Durnber (X)664118, and is a charity,
registration number 232062. The priDCiPdl activity of the Company i% ￿ act as the sole tr￿tee for three charitable
trusts, including The William Leech FOund￿l￿n Limited - The ch￿]ry Trust and Th¢ William Leech Research
Fulld. These are considered to be felk>w wbsidiaTies of the sa￿e parthiundenaking and ultI￿atr COJLtrolling paty.
Paul Burrage, MauT¢¢n DIXO￿ John Harriw Philip Poole and John Stawfeld are representatiV¢5 of the Five
Charitie& which have r¢¢¢ived pa￿ents as set out in note 2.
Th¢ consolidated financial slatements of The William Ittch Fo￿￿ation Limited can be obtained from the
Company Setretary at Bank chambe￿ 26 Mosley Stree4 Newc&8tle Tyne, NEI IDF.
22