# |||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|| |CO~
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C 0|| |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| ## ## ##