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2021-03-31-accounts

Page
Charity Information
Report ofthe Trustees 2-5
Statement ofTrustees' Responsibilities
Report ofthe Auditor 7-9
Consolidated
Statement of Financial Activities		 10
Consolidated
and Company Balance Sheets
Consolidated
Cashflow		 Statement 12
Accounting
Policies		 13-16
Notes tothe Financial Statements 17-28
Trustees A C Ford (Chairman)
P R Holcroft
LBStuttaford
A E Fanshawe
D W Byam-Cook
GAG Bennett
AJScully
Company Secretary M C Kitto
Registered Office 1 College
Hill
London EC4R 2RA
Bankers Royal Bank ofScotland
London Service Centre
4th Floor
Regents House
42 Islington
High Street
London
N1 8XL
Independent Auditor PKF Littlejohn
LLP
15Wesfferry Circus
Canary Wharf
London E144HD
Investment Managers Waverton
Investment		 Management Limited
16Babmaes Street
London SW1Y6AH
Solicitors Macfarlanes
LLP
20 Cursitor Street
London EC4A 1LT
Company Registration Number 01018571
Charity Registration Number 262933

Unrestricted
Funds		 Unrestricted
Funds
Note 2021 2020
F
Income from:
Income from investment properties 1 389,725 537,145
Income from Investment porffolios 2 552,390 505,072
Other trading
activities -		 subsidiary companies 24 150,526 238,395
Other Income 42,415 60,848
Total Income 1,135,056 1,341,460
Expenditure
on:
Raising funds 3 314,373 365,591
Charitable
activities		 4 243,098 756,570
Other - on charitable
trading		 24 98,978 91,508
Total Expenditure 656,449 1,213,669
Net income / (expenditure) 478,607 127,791
Net realised and unrealised gains I (loss) on investment assets 13b 4,405,516 (1,059,335)
Unrealised
losses on revaluation		 of investment properties (570,000) (2,304,964)
Realised gain on sale of investment property 1,451,567
Net Movement
in Funds		 4,314,123 (1,784,941)
Fund balances
brought forward		 34,803,975 36,588,916
Fund balances carried forward 39,118,098 34,803,975
Consolidated Consolidated Company Company
Note 2021 2020 2021 2020
E E
Fixed Assets
Investment
Investments		 properties 12
13		 9,645,000
27,347,916		 10,215,000
22,487,032		 7,055,000
32,038,514		 7,625,000
27,188,016
36,992,916 32,702,032 39,093,514 34,813,016
Current Assets
Debtors 14 272,746 184,779 449,283 502,913
Cash at bank and in hand 15 2,117,140 2,075,851 2,050,632 2,072,488
2,389,886 2,260,630 2,499,915 2,575,401
Creditors: amounts
falling due within
one year 16 (264,704) (158,687) (2,475,331) (2,584,442)
Net Current Assets/ (Liabilities) 2,125,182 2,101,943 24,584 (9,041)
Net Assets 39,118,098 34,803,975 39,118,098 34,803,975
General Funds
Chadtable funds 34,427,500 30,102,991 34,427,500 30,102,991
Non-charitable investment/trading company
funds 4,690,598 4,700,984 4,690,598 4,700,984
Total Funds 18 39,118,098 34,803,975 39,118,098 34,803,975
These Financial Statements were approved and authodsed
for issue		 by the Board ofTrustees on 27 October
2021.

Note 2021 2020
6 E
Cash (outflow) Iinflow from operating
activities
20		 496,654 (45,804)
Net cash flow used in operating
activities		 496,654 (45,804)
Cash flow from investing
activities
Payments
to acquire investment
properly
Receipts from sales of investment
property
Payments
from sale ofproperty
Payments
to acquire investments
Receipts from sales ofinvestments		 (6,163,597)
5,708,232		 (19,122)
3,000,000
(48,433)
(12,111,296)
9,246,377
Net cash flow provided
by investing
Activities		 (455,365) 67,526
Change
in cash and cash equivalents
In the year		 21,722
Cash and cash equivalents
at 1 April 2020		 2,075,851 2,054,129
Cash and cash equivalents
at 31 March 2021		 2,117,140 2,075,851
Cash and cash equivalents
consist of:
Current accounts 76,627 65,640
Deposit accounts
Cash at Investment
Managers		 1,543,113
497,400		 443,694
1,566,517
Cash and cash equivalents
at 31 March 2021		 2,117,140 2,075,851

1. Income from Investment Income from Investment Income from Investment Properties Company Company
2021 2020
E
Rental Income 389,725 537,145
2. Income from Investments Group Group
2021 2020
E
Income from Managed Portfolio 328,826 394,668
Interest 572 15,563
Other investment income 222,992 94,841
552,390 505,072
Expenditure on Raising Funds Group Group
2021 2020
K E
Management of investment properties 156,706 191,390
Investment management fees 157,667 174,201
314,373 365,591

Analysis
of		 Expenditure
on C		 haritable
Activiti		 es
Group Group
Direct Support 2021 2020
Staff costs costs Total Total
K E E E E
Grant making 21,068 179,091 42,939 243,098 756,570
Support Costs Basis of
Allocation		 Investment
Properties		 Grant
Making		 Total
2021		 Total
2020
K E E
Governance
Office costs		 costs (note 6) 71%-29%
71%-29%		 33,370
12,171		 13,630
4,971		 47,000
17,142		 93,357
20,850
Premises 71%-29% 59,585 24,337 83,922 79,520
105,126 42,938 148,064 193,727

6. Governance
Costs		 Group Group
2021 2020
E E
Business Rates 4,420 4,335
Insurance 1,815 1,915
Accountancy
Fees		 8,145 8,686
Professional
Fees		 31,395 76,981
Bank Charges 1,225 1,440
47,000 93,357
7. Analysis ofGrants Grants to Grants to Total Total
Institutions Individuals 2021 2020
E E E
Youth category grants (Y)
The Disabled category grants (D)
The Terminally
ill and Hospices (ETH)		 60,791
76,184
29,128		 60,791
76,184
29,128		 276,916
225,562
72,151
Other category grants (0) 12,989 12,989 103,768
179,092 179,092 678,397
Recipients ofGrants Grant Total Total
Making 2021 2020
E E E
Young Musicians
Symphony		 Orchestra (Y) 15,000
United World Colleges (Y)
Other grants payable		 179,092 179,092 10,000
653,397
Total grants payable 179,092 179,092 678,397

Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are Net Incoming I(Outgoing) Resources are stated after Charging: after Charging: Group Group
2021 2020
6
Auditors' remuneration -audit 18,950 18,580
-other services 4,920 4,820
- land and buildings 61,843 61,479
-other 838 838
Loss on fair value movement
of		 investment property (570,000) (2,304,964)
(Loss) I gain on fair value movement of investment porffolio 4,405,516 (1,059,335)
Auditor's Remuneration
Auditor's remuneration amounts to an audit fee of618,950(2020 - 618,580)and fees payable for IXBRL
tagging, corporation tax compliance and VAT Compliance in relation to the Subsidiary Companies
off4,920(2020 - 64,820).
.Staff Costs 2021 2020
6
Wages and salaries 136,954 138,879
Social security costs 6,383 7,946
Pension costs - employer's
pension		 1,419 1,468
144,756 148,293

Trus tees'
a		 nd Key Man agement
 Pe rsonnel Remuneration
and Ex		 penses
2021 2020
Number Number
The number ofCompany Directors in receipt ofemoluments 1 1
e following Trustees' expens es were reimbursed
or paid direct		 ly on their behal f during the y ear:
2021 2020 2021 2020
Number Number E K
Travel 7 706
HEDLEY FOUNDATION
LIMITED		 HEDLEY FOUNDATION
LIMITED		 HEDLEY FOUNDATION
LIMITED		 HEDLEY FOUNDATION
LIMITED		 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2021
12.Investment Properties Group
Group		 Company
Company
freehold
freehold		 freehold
freehold
land and
land and		 land and
land and
buildings
buildings		 buildings
buildings
2021
2020		 2021
2020
Valuation S R
E
At beginning ofyear 10,215,000
14,000,840		 7,625,000 10,800,840
Additions
at		 cost
Disposal
in
Capitalised		 year
Improvements		 (1,500,000)
19,122		 (1,500,000)
19,122
(Loss) on revaluation (570,000)
(2,304,962)		 (570,000) (1,694,962)
At end ofyear 9,645,000
10,215,000		 7,055,000
7,625,000
The investment
properties		 had an original cost of 811,750,188 (2020 - 611,750,188) (Group),
and
F9,625,263 (2020 - F9,625,263) (Company). The fair value of investment
properties
is determined
by
independent, professional valuation at 31 March 2021.The valuation
was undertaken
by Clive Thomas
ofClive Thomas &Co Chartered Surveyors, in conjunction
with Robin Hanson		 ofBrackenridge
Hanson
Tate, Chartered
Surveyors		 and Property Consultants.
Both Messrs Thomas and Hanson are Fellows of
the Royal Institute ofChartered Surveyors. The exercise was carried out on a "desk top" valuation
basis,
which takes into consideration the location, the valuation
ofother properties
in the immediate
vicinity of
the building, the condition of the building and the expected
rental
yields. Valuations
are undertaken
annually.
13.Fixed Asset Investments 2021
2020		 2021
2020
6 S
K
Group Company
Investment in subsidiary undertakings 4,690,598
4,700,984
Listed investments 27,347,916
22,487,032		 27,347,916 22,487,032
27,347,916
22,487,032		 32,038,514 27,188,016
13a.Fixed Asset Investments Company
Investment
in Subsidiary		 Undertakings
Valuation at beginning
ofyear		 4,700,984
Movement
in year		 (10,386)
Valuation
at end ofyear		 4,690,598
These Financial Statements incorporate the results ofall the Foundation's subsidiaries, which are listed
in Note 23.All the subsidiaries are incorporated in England &Wales and are wholly owned at31 March
2021.
13b.Fixed Asset Investments
2021 2021 2020 2020
Listed Investments Group and Company Group and Company
Market value at beginning ofyear 22,487,035 20,681,448
Additions at cost 6,163,597 12,111,296
Disposal proceeds (5,708,232) (9,246,377)
Net investment
gains
- unrealised
gains I(losses) on		 revaluation 3,209,352 (2,396,656)
- realised gains on disposal 1,196,164 1,337,321
4,405,516 (1,059,335)
Market value at end ofyear 27,347,916 22,487,032
Listed Investments
2021 2020
E
UK equity shares 8,974,255 2,766,202
Overseas equities 18,373,661 19,720,830
Market value of listed investments 27,347,916 22,487,032

14.Debtors 2021 2020 2021 2020
R E
Group Company
Amounts owed by subsidiary undertakings
-deeds ofcovenant/gift
aid		 58,706 139,888
Amounts owed by subsidiary undertakings
-other 205,840 205,623
Prepayments
and accrued income		 272,746 184,779 184,737 157,402
272,746 184,779 449,283 502,913
15.Cash at Bank and in Hand
Deposit accounts 1,263,695 443,694 1,263,695 443,694
Current accounts 356,045 65,640 289,537 62,277
Cash at Investment Managers 497,400 1,566,517 497,400 1,566,517
2,117,140 2,075,851 2,050,632 2,072,488
16.Creditors: amounts falling due within one year
Amounts owed to subsidiary undertakings 2,298,000 2,448,356
Taxation and social security costs 731 432
Accruals and deferred income (see note 17) 84,692 99,969 70,595 77,668
Other creditors 180,012 57,986 106,736 57,986
264,704 158,686 2,475,331 2,584,442
Deferred Income 2021 2020 2021 2020
R K
Group Company
At 1 April 2020 41,980 96,962 23,269 78,250
Additions during the year 47,110 245,317 35,569 199,154
Amounts released (61,926) (300,299) (50,385) (254,135)
At 31 March 2021 27,164 41,980 8,453 23,269

18.Fund Reconciliation
Net
Balance at Investment Balance at
beginning gains/ end of
ofyear
E		 Income
E		 Expenditure (losses)
E		 yearf
Company
Funds		 34,803,975 1,046,464 (557,471) 3,835,516 39,128,484
Subsidiary
companies'
funds		 4,700,984 164,423 (174,809) (10,386) 4,680,212
Consolidation
adjustments		 (4,700,984) (75,831) 75,831 10,386 (4,690,598)
Group Funds 34,803,975 1,135,056 (656,449) 3,835,516 39,118,098
The Company's
net outgoing		 resources
before		 gains/(losses) for the year ended
31		 March
2021
amounted
to E4,314,123. Details		 ofthe consolidation
adjustments		 can be found in note 25.
19.Operating
Lease Commitments		 -Company and Group
Total future
minimum
lease payments
under non-cancellable		 operating leases are as follows:
2021 2020
Land and Land and
buildings Others buildings Others
Not later than one year 62,820 950 62,820 950
Later than one but not later than five years 62,820 714 125,640 1,664
125,640 1,664 188,460 2,614
As at 31 March 2021 there were Grant commitments offNil.
20.Reconciliation
ofnet (expenditure)
/ income		 to net cash flow from 2021 2020
Operating
Activities		 K
Net income
/ (expenditure)
for year		 4,314,123 (1,784,938)
Losses / (gains) on investment porffolio (4,405,516) 1,059,334
Losses / (gains) on revaluation of investment property 570,000 2,304,962
(Increase) / decrease
in debtors
(Decrease) / Increase in creditors		 (87,968)
106,015		 (59,993)
(113,602)
Gain on sale ofYork (1,451,567)
Net Cash (Oufflow)
/ Inflow from		 Operating Activities 496,654 (45,804)

Income Expenditure
E R
The Lockie Trust (Trustee: Angus Fanshawe)
At 31 March 2020 7,800 6,450
At 31 March 2021 1,800
The Phoenix Cottage Trust (Trustee: David Byam-Cook)
At 31 March 2020 7,800 6,200
At 31 March 2021 750
The Ravensword
Trust (Trustee: Patdick		 Holcroft)
At 31 March 2020 7,800 10,450
At 31 March 2021 3,950
The Sant Trust (Trustee: Lorna Stuttaford)
At 31 March 2020 7,800 4,050
At 31 March 2021 6,600
The Tristenagh
Trust (Trustee: Andrew		 Ford)
At 31 March 2020 5,300 8,069
At 31 March 2021 2,157
The Shearwater
Trust (Trustee: Charles		 Bennett)
At 31 March 2020 7,800 6,700
At 31 March 2021 5,050
The Ringford Trust (Trustee: Alexander Scully)
At 31 March 2020 3,300
At 31 March 2021 300

Results ofSubsidiary
Companies		 Results ofSubsidiary
Companies		 Results ofSubsidiary
Companies		 Results ofSubsidiary
Companies		 Results ofSubsidiary
Companies
The following companies are wholly owned subsidiaries
ofthe Foundation:
Company Company Number
Fairhood Properties Limited 00712408
Merewood Properties Limited 01539486
Mountbarrow
Properties
Limited		 00591626
Middlerigg Nominees Limited 02298673
Middlerigg Services Limited 00431334
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Subsidiary Subsidiary Companies
-total		 income and income and expenditure expenditure reconciliation reconciliation reconciliation note
2021 2020
6
(i) Total income of subsidiary companies 150,526 238,395
Plus: Group transactions
~
Management
fee		 income 12,368 11,852
~
Interest earned		 1,529 8,568
Total income ofsubsidiary companies before consolidation (note 23) 164,423 258,815
(ii) Total expenses ofsubsidiary companies 98,978 91,508
Plus: Group transactions - deed ofcovenant/gift aid 61,934 146,887
~
Management
fee		 expenses 12,368 11,852
~
Interest paid		 1,529 8,568
Total expenses ofsubsidiary companies before consolidation (note 23) 174,809 258,815