The William Leech Foundation Limited - The Foundation Trust
Trustee's report and financial statements
for the year ended 31 March 2025
Registered Charity Number". 231673

Tbe William Leech Foundation Limited- The Foundation Trust
Trustee's report and finallcial statements
for the year ended 31 March 2025
Contents
Direclors aod advisors for the year ended 31 Ma￿h 2025..........................................................
Report of the Trustee for the vear ended 31 March 2025.....................................................................................
Ethical itivestmeni policy and pr￿tIce$...........-.-...-.................................................. . .
Risk managcrnent stAteEnent........
.10
Inde￿lldent auditors, reFOrt to tbe Trustee of The William Leech Foundation Limited-
The FoundaLiotL Trugt..................................................................................................................
Ststemcnt of financial &ctivities for the year ellded 31 March 2025....................................................... ...
.15
Balancesheetasat31 March 2025........-........................
.16
Statement of accounting policies..............................................-.............................................
.17
Notes to the fu>￿¢1￿1 8tatement5 for the year ended 31 March 2025................................................................. 19

The William Leech Foundation Limited - The Foundation Trust
Directors and advisors for the year ended 31 March 2025
Trnslte
The William L¢e£h Foundation Limited
Directors of the Tr¥$tee Cothp#ny
Andrew BrowTh OBE FRICS (Chair>
Alice Ambro￿ThUrMaft FCA FCIS {re8igned 31 JartU8ry 2025)
Paul Burrage FCA
Maurecn Dixon
Dagmar Dvorak CFA IMC
Jokn Harri50n ACA
Simon Harper FCA (apw)ittted 2 September 2025)
Michael Soynson
John Marshall
Philip Poole FCCA (re8ARned 31 January 2025)
William Seddon CFA (Senior Director)
John S(ansfeld CEng Fl MarEST MIM¢¢lLE
Secretary aRd Regi$tsr¢d Office
M￿¢19 Lant FCA AMCT
Bank Thambers
26 Mosl¢y Street
Newcastle upon Tyne
NEI IDF
Indep?lldeut AuditQTS
Azets Audit Smi¢¢s
Chartered accountants and statutory auditors
Bulman House
R￿￿¢￿1 CeAire
New¢astle upon Tyne
NE3 3LS
Banker8
Lloyd5 Bank pl¢
15-21 Northtsmberland Street
Monllment Mall
Newcastle upon Tynr
NEI 7AE
Soli¢itors
Womble Bond Dickinson LLP
The Spark, Drayjnans Way
Newcastle Helix
Newcastle upon T)ne
NE4 5DE
Investment Manag¢r$
Columbia ThreadTLeedle Management Ltd
Exchange House
12 Primrose Streel
Londoo EC2A 2HS
Stcwart lttvestors
Finsbury Circus House
15 Finsbury Circus
Londo￿ EC2M 7EB

The William Leech Foundation Limited- The Foundation Trust
Report of the Trustee for the year ended 31 March 2025
As trustee, The William L£ech Foundation Limited C*he Trn5￿" or '*he Trusiee Company-). a company
incorporated in England and Wales. presents its report and audI￿d f￿ancial statements of The Williarn L£ech
Foundation Limited- The Foundatioll Trust ('The Foundation TTUSI" or'the Trust"} for the year ejthd 31 March
2025. The fjnancial statements have been prepared ill accordance with th¢ Declarati¢)n of TrnsL the stat¢ment of
accounting policies s¢t out on pages 17 to 18, the Charities Act 2011 aTLd Accounting and Reporting by Charities..
Statement of Recommended Practice applicable to charities pr¢parin¥ their fllMncial ststernentg in accordance
the Financial Reporting Stsndard applicable iti the UK and Republic of Ireland (FRS 102} {¢ffective l January 20191.
Legal and administrative information set out on pagc I Forn￿ part of this report.
Strueturety governance and management
A Declaration of Trust dated 16 August 1960 (as arnettded) by The William Leerh Foundation Limiied established
The Foundation TNst for the benefit of The British and Foreign Bibl¢ Sockety, Church Mission Society, The
M¢th(xlist Church in Britsin* The Salvation Arniy and The s￿Iety for Promoting Christian Knowledge (coilectively
known as "the Five Charities"). The Tn]st was created by a gift from the late Sir Williatll Leech of shares in his
buildiug company, William I£ech (Builders) Limited. tn 1976 the building co￿panY became a public compally with
its shares quoted on the London Stock ExchaDgt. and ils. name was ¢hwed to willia￿ Leecll PLC. Approximately
half of the shares held by the Tn￿t weT¢ 501d at that time as part of the flotation arTang¢mentL tn 1985 the remaitiitjg
slwes of Williatll Leech PLC were sold on the takeover of the ¢ornpatty by C. H. Beazer (Holdings) PLC.
Under the Declaration of Trus4 the income of the Foundation Trnst is to bc applied in equal shares for the ben¢fit of
the Five Charities. The Trnst does not actively fundraise but se¢ks ¢0 support the wotk of the Five Charities as
detemiined in th¢ Truyt Deed through tbe carEful stewardsknp of the endowment fijnd.
t)uring the fmancial y¢ar ended 31 Ma￿h 2(K)8 the Trnstee reviewed the irtvestment ¢)bjcctivts and approv¢d the
pr(Trposal ¢0 manage the endowmeni ￿lld on a total reknn basis. This Temoves the constraint of an incom¢ target to
allow the investment manager greater flcxibility in the choice of investments and to in¢r¢ase the exposure lo equities.
An applicalion was made to the Charity Commisslon to allow the use of the total return strntegy. On 16 May 2008.
the Charity Cornrnission produced a sealed Order agreeing to the change.
The Nominations and Remuneration Committee of the Trn$tee Compjny provides a forrnai, rigorous and trdnsparent
procedure for the appointment of directors to dke Board. Membership consists of four directors. includitig the Chair,
Senior Director alld two other dire¢tor8. The members should include at least Olle indq)endent director and at least
one direcror fro￿ the five nominated by tbe Five Charities. The current members are Andrew Brown, MaureenDixon.
William Seddoll aTLd Sohn Stansfeld and all setved tI￿OughOut the year. Jolw Stansf¢ld took over as Chair of the
Committee from Andrew BroThm in November 2024.
When recruiting, the Nominaiions and RemunerationCon]miti¢e Seeks th appointindividualswith the necessary skills
to make a kx)sitive contribution to the Boar￿ who are sympathetic to the Tjustee Company's aims and who can Tnake
a positive iuwact on its diversity
Under the"I'nLStee Company's ¢urr¢nt articles of as80¢iation, directo￿ are appointed foT a terni of three years after
which they retlTe and are eligible for re-appointsneni. Dire¢t(Trrs who have served mor¢ than 12 year.8 are eligible for
re-appointment for futYhertenll$ of one year. The Board has expre5sedaprefercnce thatthe tem) of directors 18 limited
to nine yeary unless there are ¢xceptional circurnstances.
•7he onginalbenefiJary thp Mwhodii(AfosloMary&7ciery ('MMS). ljr 2013 th¢pdreniW ofMAISdÈthded tsstreamlttye 11$ op¢rttttons
and Ltr a re5ulI MMS wd& ttb&orbed inro The M¥thod4s( Cltwch tn Bri￿￿. 7hefvid* rt￿￿￿1 re31rictedfvr ￿£%$1¢#￿&rP0s£S obw¥efty. 7h¢ Truft
Deedha5 been 4wivndÉdLO rflecÉ the chaRge ofbeFi¢Js¢sury.

The William Leech Foundation Limited - The Foundation Trust
Report of the Trustee for the year ended 31 March 2025 (¢ontinU￿}
New di￿ctOrY T¢c¢ive a letter of appoititnLent and am inthjction pacL whi¢h includes tbe arti¢le$ of association of the
Trustee Co]npany, a short history of the Trust and its structure, annual fu￿1¢la1 staiements, Board millute5, teTmS of
reference of the sub-committees, latest financial forec&8L8. invesrment reports and any other docutnertts considered to
be of importance.
Th¢ duties of the Invest￿ellt Comtllitte¢ are to review the investtnent objectives, asset allocatio￿ ethical investment
policy and the perfornLatt¢e of the itivestment managers. It also makes recommendations to the BoaTd concerning the
appointrnent of the investment managers and the establishment Cpf suitable benchrnarks. The InveSt￿ent Committee
nomally meeL8 Wlth the investment managers ai least once a year. The current n]¢mbers are ADdrew Brown. Dagmar
Dvorak. John Harrison, Michael Joynson, Marcia Lant and William Seddon. William Seddon twk over as Chair IrotTh
Andrew Brown ill November 2024.
The BoaTd of the Trustee Company Jneets at quarterly Éntervais at which the directors rec￿Ve reports from the
tnvestmellt Committeeand the investmentmanagers. ll) addition. the inv¢stm¢ntmanagers make a fomjal presentauon
to the Investment Committee each fmancial year. The Board alld Tnvestmellt Committee uonsider investment
managernenL reserves, distributloll and risk management policies, attd the perforntsnce of the Investtnent Manager
against a range of measures. The day-to-day administration of the Trust is delegated to tbe Director of Finallce.
The Tmstee Compally is a member of the Church Investors Gmup. This acts as a forum to enable members to share
inforniation and viewy on ethical. social responsibility and wrpoTatr governance matters relating to investment.
Directors
Having served for tllore than 12 ye8r8, Andrew Browll was reappointed for a fiuther ooe-y¢ar t¢rnk of otTi¢e at the
Trustee CoTnpany'5 Annual General Meeting ("AGM"l on 27 November 2024 to continue his terni of oftice as Chair.
In addition, Phllip Poole was reappointed as the Bible Society's nominated dircct(Trr for a further one-y&ir term flt the
AGM due to the on-going Strdtegic Review. having already served nine years a director. Both reappoilltments w¢r¢
considered to be in the best iuter¢st$ of th¢ Compally. Paul ButTag£. John Hatrison, William Sedd0￿ Jol]n Stansf¢l(L
Dagmar Dvorak and Mi¢ha¢l Joynsoll were also reappoiDtcd as direGtor5 at thi5 AGM.
On 31 January 2025 Alice Ambrose-Thurnwi resigned to take up A role at Cathedral and Philip Poole
resigned due ￿ ill health. Simon Haryer wa4 ap￿)inted as a director on 2 September 2025. A replacement for Philip
is still to be nominatedby the Bible Society. All other diTeKtorg. a8 llamed on page l. setved throughout the f￿anciaL
year and up to th¢ dat¢ of signing the fillaDcial $tateTnents. The Board cottsiders that its members have the necessary
skills to conducl its busine58 effectively.
Directors, indcnmity InsuTon￿ iw been iti pla¢¢ fvr the Mthole of the year ended 31 March 2025 at a ¢08t of £282
{2024: £324}.
Risk management
The Board of the Trnstee Company ha5 ¢xamin¢d the Pri￿1PaI areas of the Trust's OPErations and considered the
major risks ill each of these area$. The Trnstee Company m8intsin5 a dctailed risk registerwhith is kepl underregular
rcyicw. The director8 have id¢tttified the principal ri8ks to the organisation as being..
Invesknent risks".
macro-economi¢ and rna[k￿ ¢(FnditlODS
investtnent maoager risk
2. Governance and keypersonnel risks
3. Frdud
4. Repurational risk.

The Williarn Leech Foundation Limited - The Foundatlon Trust
Report of the Trustee for the yeAr ended 31 March 2025 {contiLued)
Con8ideratioll and management of these risks is a key di]n¢nsioll of Board agendag, and pages 10 and 11 sumtiwise
urrent risk mitigation strategies and assessment of risk profile.
The Board normally holds rnc¢titigs in person but uses videoconferencing technology for some meeting4 rncluding
Conllnitte¢ meetings.
In the opillion of the Board of the Trustee Company, the TNst has established resources alld 8yStems whici under
nornial circumstallces, thould allow thege risks to be mitigaied to an ao¢eptabL¢ l¢vel in its day-tO•day operatiODS.
Objeetives 2nd activities
The obje¢iive of the Tru8t 15 the advancement of the Christian religion and this iy achieved by providing financial
Support Lo the Five Charities selected as beneficiaries by the founder, thc late Sir William Leech.
The Board of the Trustee Company confirnis thht Lt IMS referred to the Charity Commi89ion'9 gelle￿1 guidanc¢ ott
public benefit when reviewing the Trust's aitns and objectives and is satisfi¢d that tlLe requirements have been rnet.
The Trustprovides grants to tbe Five Charities, whose tnain pu￿0$¢ 1$ the advaTLcemeDt of the ChrÈstian rekngioll, and
the Board of the Trustee Cotnpauy receives reports from the Five Chariti&4, vAiich detsil their work and the public
benefit arising therefrom.
The TNst does not have the power (o make grants other than to the Five Ch4riti¢s.
Financial growth
Set outbelow is a statement showing the growth of tbe endowmeTJt fimd since its creation in 1960..
Value of original gift of shares in William J.eK¢h {Builders) Limiied on 16 August 1960
Value of thc cndowmcni futtd at 31 March 2025
159,250
47,780,980
Fillancial review VdDd investment polley
Following approval by the Clwity Commission on 16 May 2008, the Tnjst's investment 4trategy 18 a tottl rettun
approach to the irtvestmeni of the pernanent eudowment.
The Trustee believes thai the inveythient obj¢¢tives should over the lonB terni enable the investment rnana8ers to
produce greater investment rthrns and so in due course this thould lead to greater distributions to the beneficiarics.
In ac¢ordance with the ternis of the Order, the Trnstee Collfirms that in identifying the value of the portion of the
pernwlent endovmient th&t represent￿ unapplied total return. it hps id¢ntifLed the value ofthe initial foundin8 Rjft tn
1960; and when detejrnining the amount of unappli¢d total retL￿ll ¢0 transfeF to income the Twslee has considered the
amountof ill¢OllLe requited to maintain the cu￿ent level of support forthe Five Chantie5 and th¢ lik¢lyneed$ of
beneficitiries; and when r&whing the decision a4 to the uttapplied total rettun to transfer lo income. the Ttustee has
tAken professional advice from the invesirnellt llwllagers regard]ng the markei outl(xTrK invest￿ent trends and yield
and the prospects for future ¢api¢al growth.
Th¢ inve5trnenls of the Foundation Trnst are ullits held th"rectly by the charity in th¢ Columbia Threadneedle
Responsible Global Equiry Fund, the Columbia Threadneedle Res￿nsIble Sierling Corporate Bond Fund and the
Stewart Investors Asia Pacific Ltaders Fulld. The Strwart Investors Asia Pacific Leaders Sustaitiabiliry Fund was
relabelled to the Stewart Investors Asia Pacific Leaders Fund in December 2024 as a result of the Financial Conduct
Autboriry's new Sustainability disclosuTt attd labellillg regime.

The William Leech Follndation LiRnited - The Foundation Trust
Report of the Trustee for the year ended 31 March 2025 (eontinued)
Th¢ distributions to the Five Clwities are fimded by realising units fTOm the Colutnbia Threadneedl¢ R¢sponsiblt
Global Equity Fulld. No income is received the Funds. a¢¢umulate their dividellds and do not pay out any cash.
Atty dividends arising in the FuThds will be reflected in their net asset values. Fees payable to Columbia Thr¢adneedle
attd Stewart Investors for managing the investsnents are charged againstthe Fund
The Trust's work is entirely dependeni on the irtve9tment returns from the e￿￿OF1Ment fimd and the perfonnau¢e of
the investments in the portfolio durillg the financial year is Teported below.
The global stock ll￿kets have continued to be impacted by geopolitical issu¢s with the vaiuc of global equittes falling
$18nificantly An the f]rsc quarter of 2025. tn February and Mar¢h 2025, markets rcacted to the impact of policy
uncertaLDty L)n growrth and invc%tment as well as the potential inflationary impact (Trf trade restrlctions follovliug tariff
announcetnents by President Trwnp. After hL8 re-election in November 2024. Ill allticipaiion of "r¢¢ipro¢al tariffs"
being i￿posed and the potential I￿paCt on global trade, stock uMrkets fell sharply on 31 March 2025. Markets fell
fLtrther P41 the start of April 2025 once the actual "reciprocal" tariffs were anttounced and rallied 81ightly itt the
following days following a pause in the implemcntation date of these tariffs {with the exception otthose imposed on
Chin&)- The fvll impacl is therefore still to be seen andthere aTe concerns aroundthe irnpactoll global growth, inflation
and interest ratcy. In additioll, major technology stock4 the"Magnificent 7" fell shaTply in the first quarter of 2025
as investor5 questioned theye firms, larg¢ ¢apital Speftdll￿ commitsnents after the Chinese stattsp, D¢cpSc¢k,
laun¢lL¢d a new low40st ArtifJ¢ial Intelligence (Al) model.
The war in UkraitLe continues and the sithation in the Middle East remains a concern with the potential for fi￿ther
e￿alatiOn and threats io supply chain8 given the eontinuillg distupllon to the Red Sea shippillg routes.
The outlook for the 2025126 finatscial year becotD¢ challenging with a high kv¢l of uncertainty existing.
The proposed US tariff& were broader and steeper expected, rovering more countries and at higher rates. Global
trade flows are at greaterri5k and ¢ontinu£d market vtslatility ig expected nations resp(Trnd with retsliatory tariffs or
seek Thegotiated solutions. It is possible that higher baseline tsriffs will remain but with the excessive Tates to be
negotiated down and tbe impact on inflation, eGontsmic growth and ioter¢$t rat¢5 15 Still to be seen.
Our inve.%knent rnana¥ers are looking at th¢ pot¢ntial itnpacts on their underlying portfolio5.
Columbia Threadneedle have been making tactical adju5trllellt8 to upgrade portfolio qllality where they believe this
is appropriate and reD]ain Gautious not ovcrreacl in the portfolios ai this siage. They believe that their focus on
companies with good pricing power 8hould stand them in good stead. They ha￿ a180 reduced their exposure to the
IT Sector, whicb is particularly vulnerabk to tariffs.
Stewart Investor8 have had a dis&ppoiniing year in t¢rrns of E*rfornI￿¢e. The Fund has r¢¢ained it5 large overweight
position towards. Itldia and underweigbt position to China compared to its benchnwk and has continued to be hit by
the reversal in performance of the8e two large m8rkets. From a tariff perspective, Indian phkrniaceuticals are of most
concern as most of these companies Sell goods to tbe USA without having manufacturttig agsets in the USA. Stewart
Inve5torsh8ve been Iwking to reduce ity holdings in those companies which ate vu]nerdble to tariffs and their strategy
coniillues to be to invest in bigh quality compallies that are alig1￿1 with suslainable develLymettt.
Th¢ Trustee transferred a total of £1.74Q,175 from the unapplied return of the thdowment fijnd to tbe unre8trictcd
fund.
The net re8ult of these factors 18 that the etLdow]nent knd decre&sed in value frorn £51,20E,815 ÉO £47,780,980 at 31
March 2025,

The William Leech Foundation Limited - The Foundation Trust
Report of the Trustee for the year ended 31 March 2025 leontitimed)
A total rettm approach is taken to inv¢sth¢nt and the objective of the Distribuiion policy agreed by the T￿$1¢¢ is to
provtde a sustainable and continuing f￿ancial sUPPOrt to the Five Charities. Cunrntly, taking account of the long-
lerni nature of the endowm¢nt fund, distribution5 are set at 4￿/￿ of the ToIITng five-year avernge of the TThst'$ net asset
value. The Trnstee recogr¢ise8 that in establishing the level of distnbution ithas a duty of fairne*8 Iow8rds bothpres¢nt
and future beneficiaries- tht principle of inier-generauonal equity. Distrbutions kn ¢h¢ Fiv¢ Charities itL the fllwieial
y¢ar arooullted to £1,734.000 {2024,, £1,648,020).
The risk profile oFthe investrnent portfolio 15 medium to high. The Trnsr is a long-terni investor alld the Try5te¢, on
professtonal advic¢, rNnains of the ￿leW that 8 Portfolio weighted towards equities remains appropriate.
The total Tetum on the p)nfolio is measured against the Collsumer Price tndex ('CPIH') and a weIgh￿d benchmark
reflecting the neutral asset allo¢a¢ion.
Achlevements and perforni&nee
Inve51tnents
In the year ended 31 March 2025 the returll of the Columbia Threadneedle Responsible Global Equity Fund w&8 -
3.lo/g which was below the benchmark (MSCI World index) return of 5.20/* (gross of f¢e5). The Colurnbia
Threadneedle Responsible Sterling Bond Fulld's rewrn was 2.20/0 which w85 $lightly below the ben¢1llna￿ liBoxx
Non-fjilts all nIati￿Lt1e$) rettmi of 2.4'h (gross of f¢es).The Stcwart Investors Asia Pacific Leaders Fund's remrn was
-0.7 /*? wbich was below the benchmark (MSCI AC Asia Pacific ¢x Japan Net index) rettlln of 6.80A.kn the financial
yeaT, tbe Collsumer Prices Index I'CPIH'I rose by 3.4¢1o.
Overthe five-year period to 31 M8tth 2025, the anllualised return of the ColutDbiaTbreadlleedle Responsible Glob
Equity Fund was I l.O/ts Compared to its benchmark return of 15.7 /0 (gross of fee5)., the annuali5ed return of the
Colutnbia ThrEadnEedle Responsible Sterling Bood Fund over 5 yettrs was 4).1 /0 compared to its benchmark return
of-0.2/. (gross of fees). Overthe same pcriod, CPIH roge by 25.3 /. The StewartInvestorsAsia Pacific Leaders Fund
ha8 rerumed 3.OY. {annualised) since invesLTllent in Julle 2022 against tbe Fund's own benchmark return of 4.11Tr/0.
At 31 March 2025. (be portfolio was valued at £47,770,731 and the asset allocation of the Tmst was 90.6010 cr
Responsible Global Equity Fund, 1.6/0 cr Responsible Sterling Bond Fund and 7.8/0 Stewart Inve8lors Asia Pacifjc
Leaders Fund.
The investtnent managers report to the Twstee Company at quarterly Èttd aTJttual intentftls. These repons include
economi¢ and market reviews transaction d¢tsi18 and portf(Tr]io valuatio]]s.
Reserve$ pollcy
At 31 March 2025, the balaDce in tbE unrestricted fund was £4.168 (2024.. £7274). This balance was used to fimd
part of the distributÈon to the Five Charitieg in April 2025. The policy 18 not to hold significallt sums in the unrestri¢ted
lld, so maxithisitig the amount in the endowment fuod that can be invested. The In￿StIlle￿t rnallag¢rs are it&oEmed
of the amount to be tmsferred from the unapplied total r¢turn el¢m¢ni of tbe endowment fuud at the start of eacb
rmancial year. Withdrawals are spread evenly over the fu￿n¢[al y&2r to fund the monthly distributiolls. This polK¢y is
reviewed allnually.

The William Leech Foundation Limited - The Foundation Trust
Report of the Trustee for the year ended 31 March 2025 leontitiued)
Plans for future periods
As noted above, on 16 May 2008 the investment objectEv¢s were changed to allow the use of a total return strategy.
The directors believe that the total retllrn investment objectivcs should enable the Investment Managers tr) pmduce
greater investment returns and so in thie co[￿8¢ this should lead to greater distributions to th¢ bcneficiaries. The
directors of the TnL8tee Compaoy hav¢ agreed tb&t the distnl>utions tr> the Five Charities in the year ending 31 Mar¢h
2026 will amount lo £1,789,020 (2025.. £1,734,000). The Trustee Company reviewed the distribution policy in
February 2024 and concluded d￿1 it remained apprtspriate. The next formal reYAew will take plac¢ in ihe year ¢nding
31 March 2027 with di%tributiOTI amounts reviewed 8Jmually by the Board.
The Trustee Company expects the geopolitical landscape tts remain cha]lenging in the short to medium temi, with the
u￿$ uncert4illty around global trade tanffg. the continuing war in Ukraine and concerns about furth¢r ¢s¢alation in
the Middle East. The Board of the Tnjstee Company will continue to Jnonitor invesbnent perforrnallce closely thking
into account this clevated risk profile. The Trnst's distribution policy should dampen the impact of volatility on the
distributiOIL4 to the Five Charities and with a diver8ifLedportfolio, the Trnst shouldbe well-placed to provide increased
rt loi the beneficiaries in the ￿tt￿e. The current Ethical Investment policy aud pra¢tie¢s s¢ate]nent can be fou]bJ
on page 9.
Statemellt of Tru$t¢¢'s responsibilities
TheTnL$tee is TesEK)nsiblc forpreparing a report of the Trnstet and fllmncial statemenls in acconlance applicable
law and regLtlati(Trns.
Under that law the TTUSt¢e has pr¢par¢d the fIll￿claI $￿tt￿G￿tS in accordance with United Kingdom Generally
Accepted A¢¢ounting Practice (United Kirlgdoru AGcounting Slandard5 alld applicable law). Under that law the
Trustee Must not approve the financial statements unless it is saiisfied that they give a t￿¢ and fair view of the state
of the affairs of the Trnst and of the incoming resources and application of resources of the Trust for that period. In
preparing thestr financial staÉemenW the Trustee is required to..
select suitable aCWUDting policies and thell apply them con9iStendy-
ob8etve the methods and principles in the applicable Charitte8 SORP.
make judgements and estimales that are reasonable and prudent.
state whether FRS 102 'The Financial Reporting Standard applicablc in the UK and Republic of Ireland"
as been followed. subject to any ￿at¢rIal d¢parths dI￿195¢d and explailled in the fin￿]cial statement$-
prepare the fllwicial $tarenMts on the going concernbasis unless It LS illappropriate to presume that the Trust
will Continue in business.
Tbe Ttustee is responsible for keeping proper accounting records that digclose with reasonable accuracy at ally titne
the fllwicthl posttion of the Tn￿t and enable th¢ Trust¢e t(Tr ensure that Lhe fu￿ncl81 statements comply with the
Charities Act 2011, tbe applicable Charity (Accounts and Reports} Regulation5 and the provisions of thE Trust Decd.
The Trnstee is also responsible for safeguarding the a&sets of the Trust and hen¢e for taking reasonable steps for the
prevention and detrdion of fraud aod other irregularities.
Appointment of auditors
ts Audit Setvices have indicated th¢ir willin¥nes$ to stand lor re4>poinLment at the fortheomin8 A[￿U31 General
Meetitig. A resolution for the re-appointment of Azets Audit Services as auditors of the Trust is to be proposed at the
forthcomiug Annual General M¢eting.

The William Leech Foundation Limited - The Foundation Trust
The T￿￿e wishes t(> put on record its thath to Marcia Lant's aud Lindsey Ni¢holl$ for their support which has.
enabled their work in support of the Five.CJJ8rÉtie¥.
Approved by the Trustee and signed on its behalf by:
rown
WilliaTn Seddon
Director
Director
2025

The Willlam Leech Foundation Limited - The Foundation Trust
Ethical investment policy and practices for The Foundation Trust
Our policy is to illvest ill a n￿￿er consistent with the promotion (Trf the objects and prillGiples of tbe Five Charitie5.
We aim to strike a balance between illvesting in ways ihat loke account of Christian principles and ethical
¢otksiderations and securing Strong fmancial returns for the Five Charities over the lortg terni. It 1.9 our opinion thai in
the long tenn an ethical investment policy along the lines set out below is unlikely to be of significant detrtment to
rdtes of inv&8tmertt rewrn. We have PTepared thispolicy in consultatron with the Five Charittes bui recognise that this
policy is ultitnately the responsibility of tbe dirtttors.
Our policy takES into acciyunt the ChLThch of England Ethical Investslleut Advlsory Gr￿p (EIAG)'s guidallce on
ethical inves(llLent in the selection of our investments.
We believe that thÈs guidattce broadly refte¢ts the Christian ethical perspectives of the Five Charities and that it IS
helpfvl to draw upon EIAG'S expertise in such matters. The EIAG guid¢lilles are also readily available to our
Investmen( Managers and will therefore be a help￿] and clearpoint of reference for them. Recognising thatwe should
noi billd ourselvey absolulely to the views of an external body, we will review EIAG guidance oll a tegular basis to
as%cs4 how far it remains appropriate forus. particularly ￿ major llew area9 of exclusion are brought in or as existiug
striction5 are reconsidered.
Expertise in Ettvironmental Social and Govemance investment issues is on¢ of the criteria we use lo select our
Investment Managers: we will also Consider the ethical credentials (Trf tlLe Investsneni MaDager8 themselves in making
tbat appointmeDt.
Through our membershsp of the chU￿h Investot3 Group. we will shar¢ our perspectives Mryrh other like-mitided
investors and together will to cneourage compani¢8 to perform in an ethical and responsible manner.
Cash investmeTrls
When rnaking cash deposits wewill ootuse allybArtk$ in whose shares EIAG wouldrecommend we should not invest.
coll￿¢{ve investments
The portfolios of The Foundation Trnst. The Clwity Trust, tbe William Leech R￿e&r¢b Fund and Williajn Le￿￿
Ilnvesthients) Ltd are invested in Collective investjnent funds. The ethical investm¢nt policies adopted by these funds
broadly ¢omply with EIAG guidelines. We will ¢outinu¢ to liaise with the rnanagers of these ￿ndS and monitor any
changes in their ethical ittvestrneni policies.
Theie will be times when it 15 prudetLt to hold other collective investsnents in order io acce5% less liquid parts of the
tnaTkets and ￿hL¢Ve adequate diversification within our portfolio, lor ¢xampl¢ ¢0 ittvest in smaller companies or
compantC8 listed in less developed countries. We recognise, however, that there arc particular challen¥es ill screening
the ethical ¢r¢delltials of all the component parts of some collective investments. We will therefore review regularly
the rationale forsuch invesunellts and th¢ extent to wbi¢h they ￿aY illclude holdings that would nornially be excluded
by ELAG 8uidelines. We will also liaise with inv&8ttnent managers over tbeir holdillgs and will monitor the
iMple￿tAl211Ort of their policy.
Monitoring re￿eW
We will monitor our adherence to these principles and the financial ijnpact of this ethic￿ investment policy annually.
If the findings of ourperiodic review $l￿W a significallt detrim¢n&l impact that is expeEted to persis( ill the lollg term,
then we will di$¢uss with the Five Charities whe¢her or not the policy should be a￿elldea. In addition, if tbe Board
decides to cballge it5 investment approach and return to a directly held investmertts, Ihis policy will be revicwcd at
updated accordingly. We will forn]ally review this policy a whole every tbree years.
More inform4tiDn about EIAG and its policies may be foulld 4¢:
btt :Ilwww.cburehofen
aThd.or
aboutl
vernancolnational-cbllrcb-in$titutiott￿ethlCa1-lnve$trneDt-
advi50
rou
Noie.. The EL4G Statement ofErh1c￿z Invesiment Policy has been withdrawn and is in theprocess ofbeing replaced
with ¢7n EL4G gMidaneÈ paper elhical investment. Thi% policy will be updated as necessary once ihis paper hLL¥
beenpublished.

The William Leech Foundation Limited - The Foundation Trust
Risk management statement
The Trustee Company's approach to the management of risk is de8j8ned to enable the Board tcp proactively identify
and manage risks to support the ￿hIeveMent of the Trnst's obje¢tiv¢s. The Board is responsible for ett$uring that
adequate systems of risk tnanagement are iti place and that IL has a consistent appetite for risk and that thc level of
risk ig COItiIllellsurat¢ with achievem¢nt of its objectives. A key part of the proce4% is the maint¢nallce of a detail
Risk Register. which i5 reviewed regularly with any significant changes beillg reported io ihe Board. The Board has
identified a nUm￿r of key risks and these are Set out below to¥ether with an explanation of its mitigaiion strategies
alld assessment of cach
KEY RISK AREA
l. Inv¢stment rlsk5
MFfiGATION STRATEGIES
al Matroecortomlc
alld
market
collditiorts (including ￿¢han8e rdt
intere8t ra￿ and intlotiott risks) could
rcduce our ability to d¢liv¢r long-
tenn rcal growth of incoTn¢ to our
b¢n¢ficiarie3.
Although we will always b¢ expos￿] to short-t¢TTD ￿ark￿ volatility, we bast
distributions on our rolling fiv￿year aveTage n¢t #$$et valu4 whith helps to
$mooth the impact of short-term maTk¢t fluctuauons.
OurinveStm￿ls 8reheldin div¢r5ifiedfiJnds. which ¢ompri¥¢8lobal equiti¢¥
and stCTling bonds. 10 sprcad risk. The Board considw that a globally
div¢Tsified portfolio is a g(Kxl hedge against th¢ m&croe¢onomit atsd nJarkL*
risks.
As a long-tcrtn investor we con8ciou$ly hold a high w¢ixhtirtg ts)wards
uitics as we believc thi5 offers the best pr05pKts' of prO¢￿tIng our
cndowment è8ainsl iofi&tiDn delivering real gr(Trwth over th¢ long term.
Most of our invesuncThts be liquidarLyq ¢￿ilY iti the short tem?. ¢nabling
lis to siistatn 8hon-t¢m disiribuTion5 ev¢n whgrt fftieregt 0rdivid￿d rateg are
low.
W¢ do not hedge currcncy risk b¢cttu%e we bcliev¢ th¢ eosis of doing so
outWLYgh the bcncfit5, givcn our liquidity and long-tm p￿￿tIve.
Asse&fmen¢.. Cthrr¢itfmqrke¢ cond1￿￿￿5 are &themdy votstue. The reciprowl"
Éoriff by ihe US athinistrotl(+n J April 2Q25 cltssed
Cert&￿ty w glgblll trade t7rrallgeinent sttsck M¢Trkets fdl sharply i
anticipation ofthese ¢ht¥Nges 31 March 2025 Andip ih¢ftrllowing
904qy prtuse the most punitlve Mrijys (with the of ihose o
MVS an￿0￿¢¢¢& 10 Aprd 2025 tp En4blelunher NegotiaÉioRs th teke
plac& The of dll ofrhiy g1ob4lgro￿¥h, inlerésr rales 15
Still ¢0 be Jèe￿ This MllCgrt4ipty b ￿dditIOn lo the oN*oirtx sil￿￿1&#$ i
Ukroiné M¥ddl¢ E&sr whlch pemoin of HoHYver, to the
lortg4erm of•Mr*ndtpwMenÉ rfndourgbllity 1o.frn0￿hfloW$ ofincomes
webeliev¢ Kvorelrt rfgoodposilion lo ride t)MishortgTrter&*Jlurtu#iioNs4lldthe
r￿* ¢n t¢oKomlc tonddion.f. The geopoltii¢41 14ndstw will
io challenxlrtz In lh¢ short term And Ihe TrustÈe eontlnues lo
inveslmentperforman¢e Iqklng Inth occouniihi* élÉMtedrKgkprofil4
R¢gular meaings ar¢h¢ld with our manager5 to tnonitor th¢irp&fonnJnte.
WecompAre the manag<75' perforniance agaitt¥t external beDchmark5 to hclp
hold thcm to a¢ro>unt.
b) Inve¥tm¢iit ma￿4ger rlsk
underperfomanc¢ by investment
managers could Nlucethereturns we
art abl¢ to deliver.
Our ￿liCY is its cany out regular r￿t￿dering exerci5¢s for AttvegtmeDT
managgntht seNices.
Th¢ Inve%tmcnt Committe¢ u%es the sLYVic￿ of I]tslyliCS. a s￿¢7a115t
investmcttt rcporting service fjrm. and an indwwdeni investme￿1 conbult2ttt
to assist in monitnrirt8 Ihc Inv￿tEll¢nI perfornianc¢ of th¢ TTusi'5 fund
managffs., to &8aess whethcr th¢ pvrtfolios meei their objebiives: that the
funds are being managed 4$ ¢xpected: and wh¢th¢T th¢rc is an efficient mix
f managers.
ARgÉssmeni.' Improvem¢ftr th valuqrions were sldrrfng to ht Keen until 31
JrtNudry 2025 bui sirtce ihen sttp¢k markets hovefoll¢A significrfn¢ly lighl
iu

The William Leech Foundation Limited - The Foundation Trust
KEY RISK AREA
MITIGATIOE4 STIL4TEGtEs
mar*d Around the imp4d of thepuviltve trt￿￿$ ￿N*T0￿1¢ed by the
US. ThepausEin ihe iMpos&ion oftsrijls IQApr112Q25st¢44iédthe m4rA4$
$118htly ¢helulure remains Kowrakep14ce¢4fy0
rhe aclu41 level of tar¥J5 whleh will k knposetL Omr thvesrmen¢ m4n&gers
conlinue to rewiew ihff ithpad thése 4qAhoullcem¢nts on rheir 5tstk holdings
the Investmeryt lttndscape looks outremely vothtile in th¢ short ierm. The
Trustee corytirtues ttTr ihe pyrlor￿&N¢e of th¢ Inv￿r￿ent Munoger
closely.
2. Governauce •tsd key per50ttlltl risks
As a sjnall OTganisation we hav¢ a higher-
thatt-average dependency on our two
membrr> of staff. and r¢ly on having
sufficient specialist Bxptttise on our
Board.
App)irttin8 indcpajdenl dire¢ttsrs ailuws specifi¢ skills to be r¢miited where
these are not aJr¢Èdy itt plac¢ thri)u8h our chaTiry-nominated dir¢ctor8.
A biet￿la] BoaTJ self-a3se55ment pr(￿tss lakes plaLt to monitor th¢ quality
of ourgovcnjance.
CaTeful d(Kumentation of proEedures and rwords has bL%ll 5¢t up to ￿able
rtew statTladvisers to pick up infomialion quickly should our $taff leave or be
inwacittied un¢KpectaJy.
Assessm¢nl* We belleve thai we have good levels ofgoverKttAee 11
ppropri&iÉ &Ypertis& l+hllsi ihere HYU rtlmvys be rethrittg to ihe It>ss of
key st&Jl membeFS, we h#ve good pl4r& AddiiloMo1
irtves¢ment $kill$ M*re t7ddedio ihe Boardof Tre￿*¢ Coyony IN
2024 increose its ￿ert￿e ill this or
3. FrY4wd
We need tD b¢ vigilant about th¢ ri%ks of
intetnal aDd extemal fraud impacting upon
our operati(xJs. and ￿$￿Te our fund5 Are
u8¢d fortheirproptr charitabl¢purposes.
Dual authori￿10￿ Gontrols are itt pl>￿ For o¢Tr-line payrnrnls.
Inve5ttnertt withdrawwl$ can only be rnadc by authorised signaiorie8.
SIgna￿ry limit¥ are in place fur all oh¢qlles.
External audit￿5 are r¢quirtd to look out for poteThtia] tna*rid] irregulaTiU
and have ditLXt a¢c¢5$ to the Chair as well as reporting specifically on this
ea eaLh year.
W¢plaLereli￿ce oll the syst¢m$ and internHJ auditoperatiotLS of our bankers
d inv¢sttnent Thanag¢r% ￿ reglllat￿ bodies.
We revi¢w th¢ annual financial 5tatemi7)ts of ourbencficiari¢$ to ￿sure tky
coniinu¢ 10 use our fiJTrds foi appropriat charitable p￿￿oSeS.
Assessment.. IYtyhiM iheprrfcticqlcofts¢raints ofasMallorg4rtlsArtOM, bdlev¢
hqve &llMsonublestspslopreveMtlM¥
4. Reputational ri$k
William L¢¥¥h itself is a relatively low-
profJl¢ organisation but our poli¢i¢s gnd
behaviOU￿ could impact on the replltstioll
of the Fiv¢ Chariu&4 as our benefjriaries.
We h&ve adq)ted snd Implement￿ an ethical inyestsn￿t ￿l1¢Y i
cortsultaiion with the Five CharitiE? artd aitn to follvw the recommendatiOIIS
of the Church of England's EthiLai Invc8tm¢nt Advisory Gr(bUP IEIAG).
W¢mainlain highprofcssional standards inourhandling of reJatiOll5hipswith
pmfe5510rtal adVI8￿s.
Assessmerf.. Gtvex thal w¢follow eihicolxuideliAeJ eKqblished by ihe EIAG,
v conslder h unlikely the lyl11￿￿ Leech benefffclzons b¢ the
rtic￿l￿r of odverse SORFe pressure grow Mlght
nt Qndoihei church thvuiors io 4dop¢stroRgérpoli¢ies Spec￿7¢ are4k
Thelanfornwl reviewufihe EihleallnveJlmeRtpolicyby the TriL¥tÉe Company
tookpl&tÉ 7 February 2(123. The policji siatement 1% olso revt•ved
by the Trusiee Io fflsureiha¢i¢remoirts up io dqte The ft&ttformulrevlthiollh¢
policy will luAeplace im thefinurtcialye4¥r endrng 31 March 2026.

The William Leech Foundation Limited - The Foundation Trust
Independent auditors, report to the Trustee of The William Leech Foundation
Limited - The Foundation Trust
Opinlon
We have auditcd the fman¢ial statement8 of The William Leech Foundation Limited - The Foundation Tntst {the
'chariW) forth¢ year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet attd
Notes to the FI[￿n¢1a1 Sta*ments, including a swnmary of signifioant accowitillg p)licies. Th¢ fknancial reporting
framework that ha¥ been applied in their preparation iy Ut)iTrd Kingdom Accourtting Stsndard, comprising Cbari¢ies
SORP- FRS 102 Thc Financial Reporting Staudard applicable ill the UK and Republic of Ireland, and applicabl¢ law
(United Kingdom Generally Accepted Accoun¢iDg Practice).
In ow opinion the financial ¥tatements'.
give a trne and fair view of the stale of the charity's affairs as at 31 M8r¢h 2025 and of its illcorning resources
and application of resources, including its illcume And expenditure for the year then ended.
have been properly prq)ar¢d ill a¢cordao¢e with United Klngdom Generally Acc¢pted Accounting PF&¢tice;
and
hav¢ been prepared ill a¢¢ordan¢e with the requirement$ of the Chariti¢s Act 2011.
B8Jiy for opilllon
We ¢ollducted our audit in acc(>rdan¢e with Iniernational Standards on Audiiing (UK) IISAS (UK)) and applicable
law. Our responsibiliti&8 under tb08e standardg are further described in the Audilor's responsibilities for the audit of
the lttMDcial statemellts scction of our report. W¢ are indvpendent of the charity ill a￿Ordance with the ethical
rcquirements thai arerelevant ￿ our audit of the fJnan¢ial ststements in the UK, inclllthng theFRC's Ethical Standard.
and we have fulfilled our other ethical reswknsibilities in accordattce with these requir¢rn¢uts. We believe that the
audit eYid¢nc¢ w¢ have obtsin¢d i5 su￿1¢1¢n¢ and apptDpriate to provide a basis for our opinion.
Cou¢lu5iOll$ Telating to going eoncern
tn auditing the f]nAncial staternenw we have concluded that the tThs¢ee's use of tbe going ¢on¢ern basis of accountittg
in the preparation of the financial statem¢llts is appropriate.
B&sed oll the work we have perfornied, we have not identified any maierlal uncertainties Telating to events i>r
conditions that, individually or colle¢tively, may ca8t significant doubt on the charity's ability to ¢ontiTLue as a goiD8
concern for a p¢riod of at least twelve months from when the original fjnancial statelllents were autborlsed for i8sue.
Our responsibilities and thc responsibilitie8 of the Trnst¢¢ with respect to going ¢oncem are described ill the relevattt
sections of this rcporL
Other infomAtIo
The Tnjsiee 1$ resp)n8ible for the other inforniation. The other inforniation ¢omprise8 tbe informati(*n included in the
annual report, other than the finattcial statements and our fluditor's report thereon. thr opiniort on the FllLancial
statements does not cover the other inforniation and. except to the extellt oth¢nvise expli¢itly stated in our reFKlrt. we
do not express any fomi of a$S￿ranCe conc]usion thereon.
In connection with our audit of the fmancial statements, our responsibility is to read the other inforniatioD and, ill
doing 80, ennsider whether th¢ other inforrnation is materially inconsistcnt with the fmancial statements or OUT
knowledge obtained iti ibe audit or otberwise appcars to be materially missts*d. If we idenlify sucb material
iticonsistettcies or apparent material mi&8tatements, we are required to determine whether there is a material
isstatemenl in the financial statements or a maierial misstatement of the other ittfonnation. If, based on the work w¢
have perfomied, we con¢lude that there is a material mi5Statement of this other infornrdtiO￿ w¢ are requI￿d w rep)rt
that facL

The William Leech Foundation Limited - The Foundation Trust
Independent auditors, report to tbe Trustee of The William Leech Foundation
Limited - The Foundation Trust (eontinued}
We have nothing to r¢port iti this regard.
MAttcrs whleh we are required tsb report by exception
In the light of ourknowledge and understanding of the clwity and its enNironment obtained iti the course of the audiL
we have not identified Materi￿ misstatements in the TnL8tee's Report.
We have nothing to report in respect of the following lllalters where the Charitie5 Act 2011 r¢quire$ us to rq)ort to
you if, our opinion:
adequate accounling records have not I￿en kepL or returns adequate for our audii have not been rec¢iv¢d
from bran¢b¢s not N7Sited by ll8; or
the financial statsments are not in ag￿em¢llt with the a¢¢(Truntitig r￿ordS aod retums. or
certain disclow¢s of Trustee's rernuneratioll specified by law are nol made. or
we have noi received all the infOrn￿tion and ¢xplaJLations w¢ require for our audit.
Re$pDnslbilities of Trnstee
As explained mole fvlly in the stat￿eryt of Trustee's Responsibilities (set out on page 7), the Truytee is responsible
for ihc prep8ratioll of the financial statemellis and for being sat18fied tha¢ they give a true and fair view. and for such
intemal ¢ontrol as the Trustee determiney is necessary to enable the preparation of financial statements thai are free
from material misstatetnettt, whether due io fraud or error.
ltt prq)aring the financial statements. th¢ Trustee is responsible for as8essing the abilrty to continuc as a
going concern, disc105ing, as applicable, matters related to going cottcern and using the going Concern basis of
accounting wiles& the Trustee either intends to liquidaie the Charity or to ceose Operatiot￿ or bave no r¢alistic
Itemative but to do so.
Auditor's responsibilities for the audit of ibe fill*ll¢lAI statements
(kn objectives a￿ io obtain r¢a50n&ble assurance about whether the financial statctuen¢s as a whole are free frot
terial Jnisstatcment. whether due to fraud or error, aud to issue an audilor's report that includes our opinion.
Reasonoble as5uran¢e is a high level of assuranc4 but is not a guarantee that an audii coJMJucted iti a¢¢ordance with
ISAS {UK} will always delect a material mi8ytatement when li exists. Miystatelllents can aris¢ from fraud or error and
are considered material if, indivtdually or in the aggregate, they ¢ould reasonably b¢ expected ts itlfiuence th¢
economic de¢ision5 of users takell on th¢ basis of ihese rUw￿La1 slatements.
IrregulaTities. including fraud, are instsn¢¢$ of non-compliance with laws and regulauon& We d¢5igTh procethires in
lin¢ with our responsibilities, outtined above, to deleci material mi$8tAtemertts in respect of irregularities. including
fraud. The extent to which ourprocedur¢s are ¢￿able of detectiD¥ i￿¢g￿lantles, including fraud is detailed below..
Enquities with mana8¢menL about any knoFm or susP￿ted instances of non-compliaD¢e with law8 alld
regula¢ions and fraud.,
Reviewit)g board rniDUtes',
Challenging assumptiot]8 and judgements by managemell¢ iti their sigllificant ac¢ounting estitnatcs: and
Auditing the risk of nwiagemeat ove￿ide of ¢(￿trol$, i￿luding tbrough testing journal entries and other
adjusttnents for appropriatene$5.
Becaus¢ of the field in which the client operates, we identified the following areas as those most likely to have a
matcriai itnpact on the financial statements.. Health and Safety. anti-bribery and comipiion,. and compli￿¢¢ with the
iJK Charilies Act.

The William Leech Foundation Limited - The Foundation Trust
Independent auditors, report to the Trustee of The William Leecb Foundation
Lamited - The Foundation Trust (contlnued)
Owing to the itthcrent liTnitatiotL5 of an audit, there 15 atl unavoidable risk that 50rDe materral mi55tstemeuts in the
financial statements may not be detected. even though the audit is properlyplanned And perfornied its acc(Trrdance with
tbe ISAS (UKI. For instance, the thrther removed non-compliance is from the events and ttallsa¢tiotts reflected in tbe
fU￿nClaI siatements. the less likely the auditor is to become aware of it or to recognise the non-¢ompliance.
A furtb¢r des¢ription of our resw)nsibilitie$ for the audit of the fllwiat $iat¢m¢nts is looated ¢)n the Financial
Reporting Council's websiie at www.frc.org.uklauditotsregponsibilities. Thi9 desorÈption fornig part of (X￿ auditoey
report.
Use of our report
This report is made solely io the ¢harity Trustee in accordance with section 144 of the CIMities Act 2011 and
regulatiotL% Tnade under section 154 of that Act. Ollr work ha8 been undcrtaktn so that wc rnight state to the Trnstee
those maiters we are required to stste to the TTU5tee in an auditors, Teport and for no other pu￿0￿. To the ￿lIeSt
¢xtent perrnitted by law. we do not a￿¢pt or assum¢ responsibility to ￿YOne other thau th¢ chority and its Trustee
for our audit work, for this rep)rL or for the OPilliODS we have fornled.
Simon Brown BA ACA DChA (Senior Statytory Auditor)
For and on behalf of Azets Audit Scrvices
Chartered Aecourttants
Statutory Auditor
Bulman House
Regcnt Centre
Gosforth
Newcastle uwn Tylle
NE3 3LS
Date".
/9/
2025
Azets Audit Servic&8 is eligible to act ag auditor iti ternis of Scction 1212 of the Companies Act 2006.
Azet5 Audit SerYi¢cs 1$ a tradjng name of Azets Audit SErvices 1.i￿lted
14

The William Leech Foundation Limited - The Foundation Trust
Statement of financlal Ylctivitles for the year ended 31 March 2025
Ullre5tricted EndDTrvment Total funds Unrestricted Endowment Total fullds
fund
fund
2025
nd
fund
2024
NDte
Income
Investment income
93.147
93,147
53,049
53,049
Total Income
93,147
93,147
53,049
53,049
Expenditur¢
Rouingfunds..
Allnual Manag¢m¢nt
Charge rcbates
charit￿ble Qelrvilié
Expenditure on
¢harilable activities
1166,253)
(166,2S3)
170,797)
{70,797)
1.743,281
1,743.281
1.662,722
1.662.722
Tot81 expendlture
1,743281
{166,253)
1,$77,028
1,662.722
(70,7971
1,59l,925
et {upendI￿re>l
iDcome befDre Oossesy
yins OD inve8tmell¢8
(1,743,281)
259,400
(1,483,881) (1,662,722)
123,846 (1,538,876)
Net {IDsses)Ig8ins DD
Inve5ttllenty
{1,940,06D) {1,9411,06O
6.806.690 6.806.6g4)
Net {expeDdltureV
llleome
(1,743.281) (1ffj80,660) (3,423,941) (1,662.722)
6.930,536
5.267.814
F￿lld transfer5
1,740,175
(1,740,175>
1,662,722 (1,662,722)
N¢t movement In funds
(3,106) 13,420,835J (3,423,941)
5,267,814
5,267,814
Total ful￿8 at the
beginning of the
rmancial year
7,274
5I,201,815 51,209,089
7,274 45,934,001 45,941,275
Totsl fulld$ At the end
of the Ilnanelal year
4,168 47.780.980
47.785.148
7274 51,201,815 51.209,089
There were no gains and losses in the financial y&vs other than those aoted above. All incolning res￿rceS and
resources expended derive from Continuing activÉties.
The notes on pages 19 to 22 forni part of these fllwicial 5tatetnents.

The William Leech Foundation Limited - The Foundation Trust
Balydnce sheet as at 31 March 2025
Unrestrieled Endowment Total funds Ullreslricted Endowrnent Total fill
fuDd
fulld
2025
und
fulld
2024
Note
Flxed assets
Investments
47,771I,731 47,7711,731
51,192,583 51,192,583
Totthl fixed *￿et#
47,7711,731 47.770,731
51.192.583 51.192.583
Current assets
Debtor5
1,130
10,249
11,379
9,056
10,187
Cash ai bank and in
hand
8,1185
8,085
11,745
176
11,921
Total current assets
9,215
10,249
19,464
12.876
9,232
22,108
Li4bili¢fies
Creditors.. amounts
falling due within
one year
15.1147)
(5,047)
(5,602)
(5,602)
Net eurrent ￿Set
4,108
10,249
14,417
7,274
9,232
16.506
Net ￿se1&
4,168 47,780J80 47,785,148
7274 51201,815 51,209,089
The funds of the
charity
Endowmellt fimds
47,780,980 47,780,98(1
51.201.815 51.201,815
Unrestricted Eundg
4.168
4,168
7,274
7.274
Total funds
4.168 47.780.980 47,785,148
7,274 51,201,815 51,209,089
The finan¢ial stat¢m¢nts on pages 15 to 22 were approved by the Trustee, The WillÈam I£ech Foundatton Limited,
on 2 Septembcr 2025 and were signed on its behalf by the under-mentioncd two directors of The William Leech
Foundation Limited.
.1.4q£c
Andr
William Seddon
Director
Director
The notes on pog¢$ 19 to 22 forni part of th¢8¢ finwial ststem¢ttts.
16

The William Leech Foundation Limited - The Foundatlon Trust
Statement of accounting policies
a) Basts of prepar%tlon aDd assessment of going concern
These financial state]nents have been prepared oll a gtring concern basi8, under the historic￿ cost conventiott a$
modified by the inclusion of itivestmenL8 at market value. in a￿orda￿Ce with the Accoullting and Reporting by
Cbariue$'. Siatement of Reconllllended Pr4ctice applicable to Charities preparing their financial statyments in
a¢cordauGe WAth United Kingdom A¢courLting Standards, wmpri8ing FRS 102"Th¢ Financial Reporting Standard
applicable in the UK and Rqiubli¢ of Ireland" {effecuve l Janllary 2019), al￿ applicable law (Ullited Kingdom
Generally Accepted Accounting Prdcticel. and the Charities A¢t 2011.
The Tnkst CODStituies a public benefit entity as defined by FRS 102.
The TTu8￿e ¢onsiders that there are no material unccrtaintie5 about the Trnst's ability tts eontinue as a going
concern. The most sigllificant areay of uncertainty that affect the Ca￿Ying value of assets held by the Trus¢ are the
level of investment return and the performance of ittvestmellt Jnarkets {¥ee the investment policy and perfortnallce
and ri%k manage￿¢ll1 sectiotL4 of the TNslee's aDllual report for more infOrn￿tiOn) and this is trne of the followitig
financial periods also.
b) Income recogllition
All in¢ome isrecognisedonce tbe Trnst has et)titlement to tbe income, i¢is probabl¢ tba¢ the inGotne will be teceived
and th¢ amount of income receivable can be m¢asured reliably. tnt¢rest on Eut)ds held on deposit is included when
receivable alld the amount can be measured reliablyby the Trn8t,' this is nornially upon notification of the illtere8r
paid or payable by the bank. Dividends are ￿tOgnIsed once the dividend bas b¢en declared and notift¢ation has
been receivcd of the thvidertd due. Bot￿ interest is recogni5¢d once notified of payneTht due.
c) Expelldlture re¢ognitioll
Liabilities are recogntsed as expendAture as 500n os there is a legal or constrllctiv¢ obligation c¢)mmittitig ibe T￿￿t
to that expenditure, it is probable that settlement will be r¢quired and the amount of the obligation can b¢ measured
reliably. All expenditure 18 accounted for on the accruals basis.
d) Charitable activitie&
The% include payments to beneficiaries and govemance administsation costs as set out in note 2.
Governanc¢ costs comprise audit fee8. legal and prof¢ssiollal fees and directors. indemnity iDsurallce premiums
(gee note 2). Adrnini8tration Costs include bank a¢¢otmt maintenance fees and ¢harge5. The costs of preparing
amiual fu]anctal slatements and Twstee meetings are borne by Williarn Leech (Invesknents) Limited and details
are set out in ￿0t¢ 8.
e) Investmellt#
InVeS￿entS are a (OML of ba$1¢ futsncial instnllnellt and are initially recognised at their transaction vafve and
ubsequ¢ntly measured at th¢tr fair value as at the balance sheet date lls1t￿ the clo￿1￿¥ price. The statement o
fillallcial activities includes the net gains and108ses ari5illg on T¢valuation alld dispo¥als throughout tb¢ F￿￿￿claI
year.
The T￿￿t holds in tb¢ ColumbiaThreadn¢¢dle Responsible Global Equity Fund, th¢ Columbia Threadneedle
Responsible S￿rI]ng CO￿rate Bond Fund andthe Stewart Investors A8ia Pacific Leaders Fund. Until 5 September
2023, these uniÈS were held in the IL4IF with Columbia Threadneedle. The units were tben re-registered directly i
the name of the FLWlldati0nTn￿É so the units in the ￿lld$ ar¢ DOW held directlyby the Foundation Trust as opposed
to the RAIF.

The William Leech Foundation Limited - The Foundation Trust
Statement of aceounting policies (contillued)
These funds are valued at a single price and this reflects tbe net a59et value of the UDderlyinB investtnents. The
invesiment management fee for thE funds is char8¢d against the Individual fi]nd value.
Where rebates of an￿￿1 management charges are r¢ceived, these are reinv¢sted directly ba¢k into units of the
underlying funds by th¢ investjnent mallagers.
The T￿￿t do¢s not acquir¢ put options, derivaiives or other complex finallcial instrumenls. Th¢ forni of
f]nancial risk faced by the Tnjst is thai of volatility in equity and investhient ￿￿rkets due to wider economic
conditlOn8, the &ttityde of investoTr to itLvestsDenl ri¥k, and clwiges in senttment coocerning equiiies and within
particular sectors or sub yectors.
All gains and losses are taken to the StatemEDt of Finaticial Activities as they arise. Realised gains and losses OD
invesiments are calculated a5 thc difference between sales proceeds and their opening carrying value or their
purchase value if acquired subsequent to the first day of the f￿anCIal year. Unreali$ed gains and lo$sc% are
calculated as the difference betw¢¢n tbe fair valu¢ at the year-end and their callying value. Realised andunreaiised
investrneut gains aDd losses are combiuvd in the Statement of Fitw)¢ial Activities.
D FuDd accoulltlng
The TNsi has a Single endowment thnd, which provideg for the TrnstEe to invest the capital iti perp￿tty 8nd is
naged on A total return basig. The Trustee at its discretioll may allocate any part of the unapplied total return to
th¢ unrestricted ￿lld of the Tn￿1 to be used for charitsble purp08es in accordanc¢ with th¢ Trnst Deed.
The unrestricted fijnd ¢ompri8es rhe current assets and liabiiities tha¢ the TNste¢ 1$ free to Use in accordallce with
the clwitable objects.
Forelgll Currency
The Ttust's functional and presentation ell￿enCY is the pound sterling.
b) Cash floTV Statement
The 1.rust bas taken advantage of the exemption availabl¢ to sfflall entities from prepanng a Cash flow statement
uDder section IA of the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102).
18

The William Leech Foundation Limited - The Foundation Trust
Notes to the fmancial ststements for the year ended 31 March 2025
Taxation
Th¢ Foundation Trust is a registered ¢han"ty and its llon-trading illco￿e is exempt from taxation.
Expenditure on ebv4ritable activltles
2025
2024
PaymeDts to beneflci3ries
The British and Ftsteign Bibk Society
346,800
329,604
ur¢h Missiott Society
346,800
329,604
The Methodist Chur¢h iti Britain
346,800
329,604
The Salvation Arniy
The Society for Pmmoting chri￿lan Knowledge
Totsl payments to benefielaries
346,81111
329.604
346,800
329,604
1,734,000
1,641t.020
Governan¢e eosts
Audit services
4.470
4,140
Direcwrs, ittdemnity Insurance
282
324
Legal and professional fees
4.497
10,238
Tot#l governwllee costs
9,249
14.702
Adjnilllstration eosts
Bar￿ accollnt n￿l0t¢DarlCe fees and charges
32
Tot*1 admkn5siratioll ¢OSts
32
Total expenditure tsn charit&ble activitie$
1743 281
1662 722
Trustee's remuneration
The Trnstee did not recelve and was not ¢tLtitled to receive ony remun¢rdtlOll or expenses in Tesp¢ct of 118 services
during the financial year (2024: £nll). There wer¢ no employ¢es during the finat)cial year (2024.. none).
19

The William Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year ended 31 March 2025 (eontiDued)
Fund transfers
A CFLarity Commission Ord¢r granted the power of investing on a total return balis on 16 May 2008. At the time
the power was granted the Trustee kdelltified the valu¢ of the gift of pem)aneni elldowment receiv¢d in 1960. The
difference between the value of the endowment fiwds as at 15 May 2008 and the Yalue of the gift ¢otnponeDt
repT&SCnted the opening balance of unapplied return.
The power permit8 (be Trustee to invest pe￿anentty end(Trwed funds to tnaxirnist total remrn and to apply an
appropriate porti(Trn of th¢ unapplied total Tethrn to illLom¢ each fiDallcial year. Until the w)wer is exercised to
trallsfer a portion of ut￿Pplied totAI rettuD to incotue, tbe unapplied totsl return remains invested as part ot the
pem)aDent endowment. The power ailo¥ws the Tnjstee to decide in each fJDancial year how much of the uttapplied
total return is tTan8fetTed to incorne fLmds and so available forexpenditure. Havillg considercd its obligations under
the duty of ev¢Th-handedness b¢tw¢en present and ￿Thre betteficiariey. the Trusiee lljade a transfer of £1,740,175
of unapplied total retyrn to V￿estrICted iticom¢ fillyJ& Thi5 decision is in a¢cord8Doe with the distribulion policy
established in July 2011.
2025
Endowment
2025
2025
Total
Uttttpplied total
return
Opening value of endDwment
Gift cornponeol of perniattent ¢ndoThThent
159,250
159.250
Unapplied total rettjrn
51,042,565
51,042,565
Total
159,250
51.042,565
51.201,815
Movement ID llnapplled total return and
endowment Ill the yeir-
Investment retuttL-. rccogllised and
U￿r￿08￿1$ed (losses)Igains
Investment return.. al￿dendS accumulated
and interest accrned
AMC rebates ieinve5ted
{1.940,060)
{1,940,060)
93,147
93,147
166,253
166,253
Totlll
{1.680,660)
(1.680,660)
Unapplied r¢turn allocated to income
Net movement In the year
(1.740.175)
(1,740,I75)
(3.420.835)
{3,420,835)
C105ing value of pernianen¢ endoTy￿ettt
Gift component of pennan¢nt endowmcnt
159,250
159,250
UDapplied total retum
47,621,730
47.621,73Q
Total
159,2S0
47,621,730
47,780,980
2D

The Wllliam Leech Foundation Limited - The Foundation Trust
Notes to the financial statements for the year etlded 31 March 2025 (eontinned)
Investments
2025
2024
Market value at the beginning of the fJJwhcial year
Sales prcKeeds from disposals
Additions- 8t Cost
51,192,583
45,928,883
(1,740,000) <1,657.780)
258,208
114,790
(Los%sygains) ill the f]nwcial yeat
Market value at the end of th¢ financial year
(1,940,060)
6.806.690
47,770,731
51,192,583
Inve$thients at rnarket value compriyed:
202S
2024
Global equity funds
Sterling bond fiu
43,285,714
46,695,723
773.990
758,452
Asia Pacific equity funds
3,711,027
3,738,408
Market value &s at 31 March
47,770.731
51,192.583
Historical cost as at 31 Nlarch
Investments are carried ai fair value. tnve5tments in equitieg and r]xed intereyt securities are all traded in quoted
public rnarkets. HoldiD¥s in unit tmsts attd open-ended investment companies are valued atthe bid price. The basis
of f&irvalue forquoted investments is equivalent LO the market value, using thebidprice. Asset sales and purchases
re recognised at the date of trade.
Th¢ significance of fillancial itisttum¢nts to the ongoing financial sustsinability of the Trust is considered in the
FIn￿¢la1 revi¢w and investment policy and perfomiance sections of tbe TrystEe's Annual Report.
29,298,974
30.026,537
Debtors
21125
2024
PrepaymeT)ts- i￿￿rall¢8 premium and investsnent perfornwLce reporting
ervices
1,130
1,131
Accrued Ix)nd interest
10.249
9,056
11,379
10,187
The illsurance premiwll and inve5tsnent Fthorniauce reporting services prepayrnents relate to the unrestri¢t¢d
fi￿￿. Accrued iw)nd illtcresr relates to the endowment fi￿d.

The William Leech Foundation Limited - The Foundation Trust
Iyotes to the financial statements for tbe year ended 31 March 2025 (coDtlnued)
Creditors: amounts falling due witbin one year
2025
2024
A¢cruals- audi¢ 8ervice& and bank cbarges
4,476
4,140
571
1,462
Creditors
5.047
5.602
All creditors relate to the unre$trl￿ed fimd.
Related parties
The Trnstee ¢onsider8 that Lt 15 Telated to William Leech (tnyestments) Limited by vittue of havin8 commoii
directors. Certain ad￿J01￿tratiotJ services are provided free of charge by the staff of William t£e¢h OnvestTr]ellts)
Limited. These setvices have llot been quantified for inclugion in these fthancial ststements 88 th¢ arnounts are
considered immaterial.
The Ttustee c(Trnsiders that it is tbe parent ulldertaking aad ultimate controlling party of The Foundation Trust. It is
a private company li￿lted by shares, illcorpoiated in England. rcgistrdtioll number 00664118. and is a clwity.
regisrratioll llU￿btr 232062. Thc principal activity of the Company is to act as the 501e ttvstee for three charitable
tr￿st$, including The William L£ecb Foundation Limited - Th¢ Charity Truit and The Williatn Leech Research
Fund. These are considered ro be frllow sub8idiaries ofthe same parcntundertAking alldultimale ¢ontrolling party.
Paul Burrage, Maureen Dixon, John E{arriso￿ Philip Poole {to 31 January 20251 and John Stansfeld aTE
rq)res¢ntauve% ofthe Five Ctwities, which have ￿e]ycd payments set out in note 2.
The coDsolidated finaft¢ial stat£ments of The William Leech Foundation Limited can be obtained from th¢
Company S¢Gretary at Bank Chatnber5, 26 Mosley Street, Newc&%tle upon Tyne, NEI IDF.
22