HEDLEY FOUNDATION LIMITED
A Company Llmited by Guarantee
Reglstered Charlty Number: 262933
Registered Company Number: 01018571
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
*AB6YSEftL*
17111r2022
COMPANIES HOUSE

HEDLEY FOUNDATION LIMITED
CONTENTS
Page
Charity Informati
Report of the Trustws
Slatsment of Trustees. Responsibilities
Report of the Audltor
Consolldated Statemont of Financial Activltlos
10
Consolidated and Company Balance Sheets
11
Consolldated Cashflcm Statement
12
Accounting Pollcles
13-16
Notes to the Financial Statsmonts
17-28

HEOLEY FOUNDATION UMrrED
CHARifY INFORMATION
Trustws
A C For(1 (chaim￿nI
P R Holcroft
L B Stuttaford
A E Fanshawe
D W Byamcook
C A G Bennett
A J Scully
Company Socr•tary
MCKitto
RegIStèr￿ oifice
1 Colle9e Hill
London EC4R 2RA
Bankors
Royal Bank of S¢olland
London Service Centre
4th FI￿r
Regents House
42 Islington High Street
London N18XL
Independent Auditor
PKF Littleiohn LLP
15 Westferry Circus
Canary Wharf
London E14 4HD
Inveslmenl Managers
Waverton Investrnent Management Limited
16 Babmaes Street
London SW1Y 6AH
Solicilors
Macfarfanes LLP
20 Cursitor Street
London EC4A 1LT
Company Registration Numbor
01018571
Charity Reglstratlon Number
262933

HEDLEY FOUNDATION LIMITED
REPORT OF THE TRUSTEES
The Trustees, who are also the Directors of Hedley Foundation Limf(ed (the Foundation), have pleasure in
presenting their Rewrt together with the Financkql Ststements for the year ended 31 March 2022. The
Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounting and
Reporting by Charities. {"FRS 102 SORW) in preparing the Amual Rewrt and Financial Statements of the
Charity.
Trust•es of the Charity
The Directors of the Chaiitable Company are its Trustees for the purposes ofcharity knv. The Trustees vtho
have served duriro the year and Sin￿ the year end are listed on page 1.
Objectives and Activities
The FO￿datiOn was established for exclusivety charilabte puws. The Foundation manages its assets
including its Subsidiary Companies. which togelher wtth the Foundation comprise the Group. in order to
make grants to UK registered Char￿e$ out of the Group's income.
The Hedley Foundation ayns to improve the quality of life of people in the United Kingdom, parti¢ularfy those
from disadvantaged backgrourMJs. It achieves tt)is by makFng grants. within budget, to United Kingdom
registered charities for the benefft of young people. disabled people. elderly people. the temiinally ill and
otheTh4ise disadvantsged people and their carers. The essen￿ of the Foundation's activities is Social
Welfare and for ￿nvenIenCe the followirKJ categories are used:
. Youth. Projects which raise the asimrations or help to realise the fvll ￿tential of disadvantaged young
people. Typically. grants are given to support young peopl8 into education, training or sustainable
employment. Providing an opportunty to broaden horizons through sport and adventurous aciivities may
fomi part of this category.
. Disabl¢d. Projects to support and improve the qualty of life of people of all ages with physical arKJ mentsl
disabilities. sensory impairment and leamiro drfficulties.
. Elderlyrrerminally 111. Projects to help elderly people to maintain irxleperthn¢e and projects to support
those in the closing stage of life. in hOs￿ceS or hoswtsls.
Miscellaneous Support. Projects to SUPFQrt carers and sorial wellare projects Ihat might support the
homeless. the em ￿oyab11ty opportunities for offenders and ex-offerhjers and the opportunity to reduce re
offendirvj.
Details ofhow to appty for a grantare available on the Foundation'swebsite atwMw.hedle
oundation.or
-uk
The Trustees award grant5 to those chaiilies (never individuals) that have submitted applications for funding
that would benefit those people outlined in the categories a￿Ve. The Foundation tends not lo give money
to very large scale or national ¢harilies. Typically. sums of £3K - £5K are given with occasional larger sums
granted to charities Whe￿ high impact can be achieved. Most grants are one<*ff payments, twt multi-year
grants might be considered. Further applications from the same organisation would not normally be
considered for a period of eighteen months from the date of the grant. Charities that may have submitted
an unsuccessful grant may apply again after a six month period. Acknovledgements are expected from the
recipient charities and c¢casional follom-up visits may be made by Tntstees.
The Hedley Foundation maintsins a small office of parttime stsff who are capabl8 ofmanaging and reFK)rting
all aspects of its activities. The Hedley Foundation's inGome arKI thus ils ability to support other charities is
derived from a professionally managed investrnent wrtfolio wth Waverton Investment Management. an
investment with the Charities Property Fund and from rents generdted from a number of reiail shops, whi(*
are let and mar)aged vlith the aid of professional advisers.
Applications for grants are subrnitted to the Foundation. stating dearly the sum they seek and articulating
precisely how they would wish to use any grant made. These are all considered carefvlly. Those most
osely aligned wrth the Foundation's obieth.ves are taken to a Trustees. Sift Board, which dI￿uSseS eaGh
application in detail. The￿after. recommendalions for payments are made to the Main Board of Twstees,
which ￿nVeneS a fortnight later.

HEDLEY FOUNDATION UMrrED
REPORT OF THE TRUSTEES
Follow-up visits are occasionally made to see the effect that a grant will have rnaje.. whilst the Foundation
does not have the resources to analyse the success ofeach grdnt made the Trustees are generally satisfied
Ihat grants are being wdl used. The Foundation requires the recipient to send a letter of acknowledgement.
together a fomial re￿IPt. after receipt of a grant
Grants y￿re made during FY2021122 10 173 Char￿e$ {FY2020121- 73) totalling £610,051 (FY2020121 -
£179,092). The Grants Budget increased incrementslty. but significanly. through the year as it became
clear that rents were t*ing paid in most cases and that some confidence in the economy was retuming as
the effects of Covid-19 tEgan to fade. However, a cautious approach was maintain8d by the Trustees
throughout the period, mirKJful ofthe economic threats by low growth, rapmjly increasing inflation and
the fragile geo*olitical 5btuation.
Public Benefft
The obpctives and aclivilies as listed atKfyve are undertaken to further the FourKlation's purpose for wblic
benefit. The Trustees confim that they have had regard to the guidance on public benefit issued by the
Charity Commission when considering the 0￿.e¢lIveS and activities of the Foundab'on.
Strucluro, GovernanGo and Management
The Foundation Yrns incorwrated on 23 July 1971 as a company limited by guardntee arKI is a registered
charity. It is govemed by its Memorandum and Artides of AsKKiation. The Four)dation has no share capital
but each member undertakes. in the event of winding up. to contribute up to £1 towards the cost of winding
up. At 31 March 2022. there were 7 members ofthe FOUnda￿n. who a￿ also the Trustees arml the Directors
of the Charitable Company. New Trustees ate ap￿inted by the exisling Trustees.
The Trustees met fonnally on four occasions during the year to review the progress of the Foundation's
investment policy and its finanaa state and to corKluct Board Meetings of the Subsidiary Companles of
which they are Directors..
Trustees have occasK)nally wsited charilies lo whth the Foundatron might make or has made grants.
Recommendations for pay and ￿MUneratiOn. including for the key management personnel, are made to a
sub Committee ofthe Trustees and Direciors ofthe Subsidiary Companies (see below). The sub Committee
then makes its own recommendations to Ihe full Board of the Foundation which makes the final decision.
Recomrnendations for pay and remuneration take into conSiderat￿n many benchmarks including the
muneration levels paid by similar Third Sector organisations and the CPI. Fonnal remuneration has
remained unchanged January 2020. amhough the Trustees agreed a modest bonus to be paid to three
members of $tsff in Decemter 2021 as a mark of Kyofound app￿LatIon for what they had achieved during
the year.
Review of the Business and Fuluro Dov•lopmonts
The results for the year are set out on Page 10 of the Financial Ststements. The n8t movement in fvnds for
the year amounted to a movement of £3,443.761 c4)mpared to a movenpnt of £4.314,123 in the prior year.
The follt)wing Companies are vtholly owned subsidiaries of the Foundation:
Company
Fairhood Properties Lirnited
Merewood Properties Limf(ed
Mounlbarrow Properties Limited
Middlerigg Nominees Limtted
Middlerigg Seryices Limited
Principal Activity
Management of investment properties
Managemenl of investment properties
Managemenl of investment properties
Nominee company
Management services company
The Management Company and thè Property Companies transfer 100% of their taxable proffts to the
Foundation under the Gift Aid arrangements.

HEDLEY FOUNDATION UMrrED
REPORT OF THE TRUSTEES
The results of the atove Companies have been consolidaled in the Statement of Financial Activities and
Balance Sheet of the Foundation in accordan￿ the Charities, Statement of Recommended Practice
{SORP}, Accounting arKI RetKJrtirYJ by Charities as UFMJated in October 2019. The Trustees consider the
results of the investrnent Fxopety companies arKI management servw8 company to te satisfactory.
Flnanclal Instruments
The Foundation does not receive any put4￿ or govemment funding aTrJ relies entirety upon its Invested
assets to provide funding for the making of grants. In order to minimise the investment risk, the Trustees
have diveNfied the rar)ge of investrnents to Ind￿￿e UK arKI global equities. govemment stocks. retsil
propety and units within the Charikn'e5 PropeFty Furby.
There has been no outsourced fvnd raisirKJ via professional fvndraisers or other third parties. As a ￿su11,
the charity is not registered with the fundraising regukqtor and r￿1Ved no fvndraising complaints in the
year.
Reserves Policy
The Foundation has total funds of £42.561.859 at 31 March 2022 all of which are unrestricted {2021
£39,118,098). Of these total fvnds. £43.428.3￿ couhj only be realised by disposing of fixed assets
{£6,860,1J)O investment prOpe￿e$. £31.942.792 listed investments and £4,625,598 investment in
subsidiaries).
Unrestricted free rese￿e$ al the consolidated levd at 31 March 2022 are £1,234,067 {2021- £2,125.1821.
The Trustees consider the appropriate tanJet level of consolidated free ￿seNe5 to be ￿e1ve months
operating expenditure. The current level of consdKJated free reserves al 31 March 2022 is in line with this
target. representing 12 months of operating and grant-making expenditure.
Investment Pollcy
The Folicy of the Foundation is to combine security wtlh higher than average incorne by investmenl, partly
in let retail propety and paruy in a managed portfolio of investsnents.
In respect of the managed gk)bally invested portfolio. the current annual yK?Id 15 1.VA (2021- 2.02V•).
In respecl of the ￿ts11 propety Portfolio. the current annual yield is 7% (2021- Vh).
In respect of the Charilies Propety Fund. the current annual yield is 3.5°/o after cosls12021- 3.78Yo)
The fenlal Irm￿ derived from the retail properties and the dividends a￿ ulilised. after exp8nses. for the
purpose of making grants.
In January 2022. the Trustees conducted a comprehensive perfomiance review of investment portfolio
managers and satisfied thernselves {at that wint in timel that the investsnent objective of a total retum of
4.5 % in excess of inllation las measured by the CPI) over the long-temi vms achievable. There were four
'biddets' for our portfolio and the decision was reached to stay with Waverton Investment Management.
Risk Management
The Trustees consider that sustained l¢)w growth. h￿h inllatK)n arrtj intsmalional wlitical tensions (that are
the cause of high energy costs arKI errat￿ sUp￿Y chain5) lo be the main threats to global economic stability.
By extension these factors pose the main threat to the value ofthe investmenl portfolio, to the retail propety
portfolio and to the value of the units wilhin the Charities Property Fund.
Twice a year the Trustees examine Ihe Risk Register which identifies the major strategic, business and
operational risks which fa￿ the Foundation and they consKler what actions. rf any. are required to mitigate
them. It is noteworthy that the annual cost base for tre Foundats'on is reL2tively low, with more than hvelve
month's running costs being Immediate￿ available.

HEDLEY FOUNDATION LIMITED
REPORT OF THE TrUSTEes
Third Party Indemnlty Provlslons
The Foundation has purchased professional indemnty insurd1￿* on behalf of the Trustees. The premium
paid for the insurance was £448 {2021- £448).
Trustees, Responsibilities
The Statsment of Trustees. Responsibiliiies can be fourKJ on page 6.
Audlt Inforniatlon
The Trustees who held Offi￿ at the date of approval of this Trustees. Report confimi that. so far as they are
individually aware. there is no relevant audit inforrnation of which the Chari￿$ auditor is unaware.. and each
Trustee has tsken all reasonable steps that helshe ought to have taken as a Trustee to make himselflhetself
aware ofany relevantaudit InfO￿allOn and to establish thatthe Charl￿$ auditor is aware ofthat infonnation.
Our independent auditor, PKF Litdeiohn LLP, has signif*d its willingness to continue in office.
By Order of the Board
C Kitto
Company S•Grotary
2 November 2022

HEDLEY FOUNDATION LIMrrED
STATEPW OF TRUSTEES. RESPONSIBIUTIES
The Trustees (who are also Directors of the Foundation for the purpose of compary law) are responsible
for preparing the Trustees. Rewrt and the Financial Statements in accordan￿ with appli¢able law and
United Kingdom Accounting stsndards (UK Ge￿Ially A￿pted Accounting Practice).
Company and Charity law requires the Trustees to prepare FinancAal Statements for each financial year.
Under that law the TNstees have prepared the Financial Statements in accordance with the Charities,
Statement of Recommended Practi￿, Accounting arKI Reporting by Charities issued in July 2015 and
United Kingdom Financial ReFL)rting and Accfjunting Standards. Under company and charity law the
Trustees musl not approve the Financial Ststements unless they are satisfied that they give a true and fair
view ofthe state ofaffairs of the Charitable Ccmnpany and of the surplus or deficit of the Charitable Company
for that period. In preparing these Financial Statements. the Trustees are required to..
select suitable aC￿Unting policies and apply them consistenty.
observe the meth¢xls and principles of the Charities, SORP, Accounling and Reporting by Charities.,
make judgments and estimates that are reasonab￿ and pwdent:
state vthether applicable UK Accounting Stsndards, including SORP FRS 102 have been followed,
subject to any material departures disckfysed and explained in the Financial Statements;
prepare the Financral Statements on the goirKJ con￿rn basis unless it is inapproKTrte to assume
that the Charitable Company wll be able to continue in operation.
The Trustee5 are responsible ftr keeping adequate accounting records that are sufficient to show and
explain the Charitable Company's transactsons arKI disdose V•ith ￿asonable accuracy at any tirne the
financial wsition ofthe CharitatrAe Company and enable them to ensure thatthe financial statements comply
with the CompaniesAcl 2006 and Charities Act 2011. They are also ￿$￿nSible for safeguarding the assets
of the Charitsble Company and herKe for taking reasonable steps for the prevention and detection of fraud
and other irregularities.

HEDLEY FOUNDATION LIMrrED
REPORT OF THE AUDrroR
Ind•pendont Audltofs Report to the pAem￿lS and Trusteos of H•dl•y Foundation Llmlted
Opinion
le have audiled the financial staternents of The Hedley Foundation {the 'parent charilable ¢ompany') and rts
subsidiaries (Ihe 'group'} for the year ended 31 March 2022 which comprise which comprise the Consolidated
Stalemenl of Financial Activities {I￿l￿dIng Income and Expenditure AcccNJnt), the ConsolKlaled and Parent
Charitable Company Bala[￿ Sheets. the Consolidated Cash Fbw Siatemenl an(1 noles lo the financial
statements, indvding signrficanl ac¢ounb"ng pol￿￿S. The financial reporting framework that has been applied in
their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financi81
Reporting standardapp11cab￿ in th& UK8ndRepublic of Ire18nd (United Kingdom Generalty Accepted Accounting
Practi￿1.
In our opinion. the financial statements..
give a true and fair view of the state of the group's and the parent chantable company's affairs as at 31
March 2022. and of the group's incoming resources and application of resources, including its income
and expenditure. for the year then ended-
have been properly wepared in ac(X)rda￿e with United Kingjom Generally Accepted Accounting
Practice.. arKI
have ben p￿Pared in awdance with the requirements of the Companie5 Act 2006 and the Charities
Ac12011.
1$ for opinion
We conducted our audrt in accordance with International Standards on Auditing (UK) IISAS (UK}} and applicable
law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit
of the financial statement$ $eelion of our report. We are independent of the group and parent charitable company
in ac¢ordan¢e with the ethical requirements that are relevant lo our audit of the financial statements in the UK.
induding the FRC'S Ethical Standard. and we have fijlfilled our other ethical responsibilrties in accordance with
these requirements. We believe that the wdrt evidence we have obtained is Su1￿￿ent and approwiate to provide
a basis for our opinion.
ConGluslon5 relatlng to going concern
In auditing the financial ststements, we have concluded that the trustees. use of the going ¢oncem basis of
accountir4J in the weparalion of the financiai statements is appropriate.
Based on the WO￿ we have performed. we have not identffied any material uncertainties relating to events or
¢ondilions that, indivKlually or C￿lec￿'Vety. may cast significant doubt on the group's or parent charitable
company's ability to continue as a going concern for a period of at18ast twelve months from when the financial
ststements are authorised for issue.
Our responsibililies and the resr*)nsibilities of trustees wilh respect lo wing concem * destribed In the
Televanl 5ecb'on$ of this rewl.
Other infomialion
The other information comprises the irrfcrfmation induded in the Report of Ihe Trustees. other than the financial
statements and our auditor's report thereon. The trustees are responsible for the other infomation contained
within the Rep(Kt of the Trustees. Our opIn￿n on the financial statements doe5 not cover the other information
and except lo the exlent olhernvise eXpl￿111Y staled in our rewrt. we do not express any fomi of assurance
conclusion thereon. Our responsibility is lo read the other infonnalion and, in doing so, consider whether the other
information is materially inconsislenl with the financial stalemenls C￿ our kr￿vIedge obtained in the course of Ihe
audit. or otherwise appears lo be materially misstsled. If we identify such material inconsistencies or apparent
material misstalemenls. we a￿ required to detemine whether this gives rise lo a material mi5Statement in the
financial slalemenls themsefves. W. based on the work we have performed. we condude that there is a material
misstatement of this other informatK)n. we are required to report that fact.
We have nothiTrJ to report in this regard.
Opinions on other matters prescrib•d by tho Companles Act 2006
In our opinion. based M the wth undertaken in the c￿rSe of the audit:

HEDLEY FOUNDATION UMrrED
REPORT OF THE AUDITOR
the infomption gNen in the trustees, report. whth indudes the directors. ￿pOrt prepared for the purposes
of company law. for the finawal yew for which the financial statements ￿ wewed is cnnsislenl with
the finanual statements., 2nd
the directors. re￿t induded withn the trustees, reFQrt has twn prepared in accordance with appllcable
legal requirements.
Matters on whl¢h wo ￿ roquir•d to report by •xc•ptlon
In the light of the knowledge and understan(ling of I￿grOup￿d parent charitable company arKI Iheir environmenl
obtained in the course of the audit, we have not identrf*d material misstatements in the directtys, report induded
within the trustees. annual reFrf)rL
We have nothing lo res￿ in respect of the following matters in rela1K￿ to whith tre Companies Act 2006 and
the Charities Act 2011 requires us lo rer*Nt lo you rf. in our opin*)n'.
adequate artd Sul￿ent accounting records have not kept by the parent charitable compary. or
returns adequate for our audit have not been received from branches not visited by us.. or
the parent charitable ¢orryny's financial stslements are rK)t in agreement wth the a¢¢ounting records
and returns.. or
certain disclosures oflruslees, remuneration $Fwr￿d by law are not made., or
we have not received all the information and explanations we requffe for our audit.. OT
the trustees were not entstled to take advantage ofthe $mall Companies. exempts'on from the requ1￿Ment
to prepare a strategic rewt.
Responsibilities of trustees
As explained rrK)re fijlty in the Statement of Trustees. RespMsibilit￿s, ihe trustees (who are also the directors of
the charitable company for the purposes of Company lawl are responsible for the preparation of the group and
parent charrtable ￿rnPany financial statements 2nd for being Satisf￿ that they give a true and fair view. and for
such internal control as the trustees determine is necessary lo enable the preparation of financk41 statements that
are free from material mFsslatement. ￿ether due to fraud or error.
In preparing the group and parent chartsbte company finartfdl statements. Ihe trustees are responsible for
assessing the group and parent chaTilable Company's abiltty to contsnue as a gThng concern, diKlosing, as
applicable, matters related to going and using the going cor￿eM basis of accounting unles$ the Iruslees
either intend lo liquidate the group or the parent charitable company or to cease operatiorts. or have no realists'c
alternative but to do so.
Auditor's r•sponsibilities for the •udlt of the financlal statements
We have been appointed auditor under the Companies Act 2006 and se¢lion 151 of the Charities Act 2011 arKI
report in accordarte with those Acls and relevant regulalions made or having effect thereunder.
Our objectr¥es a￿ to obtain reasonable assurance abwl ￿ether the financial statements as a wMe are free
from mateTial misstatement. whether due to fraud or error. and to istsue an audilorfs report that includes our
opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with ISAS (UK) wll always delect a material misstatement when il exists. Misslalements can arise
from fraud or error and are considered material rf. indNKlualty or in the aggregate. they could reasonably be
expected to influence the econom￿ deasK>ns of usefs tsken on the basis of these financial ststements.
Irregulariltes, including fraud. are instances of non￿oMplia￿e laws and regulatK)ns. We design procedu￿5
in line wlh our responsibilities. 0uul￿d above, lo dele¢l material misstatements in respect of irregularrties,
including fraud. The exlenl lo which our Fwocedures are capable of dete¢ting irrewlarities. including fraud is
detailed below:
We obtained an understanding of the gr(yJp and parent charilable company and the sector in which they
operate lo identify laws and regula￿n$ that ￿Uld reasonably be expected lo have a direct effect on the
financial statements. We obtained our understanding in this regard through di￿U$S1Ons with
management. sector ￿$earth a￿1 application of ￿￿￿laINe audr( krKwAeth3e and exper￿r￿e.

HEDLEY FOUNDATION LIMrfED
REPORT OF THE AUDrfoR
We determined the principal laws and regulations relevant to the group and parent charitable company
in this regard lo be those arising from the Charit*s Act 2011. Companies Act 2006. Financial Reporting
Standard 102. and relevant employee legislation.
We dewgned our wdil pro¢edures to ensure Ihe audit team considered whether were any
iThJtslion$ of n0nrfomkdrdn￿ by the group and parent charitable company V￿th Ihose laws and
gulalions. These procedures in¢luded. but V*ere not limited to enquiries of management, review of
minutes and review of legal and regulatory Correspondence.
We also hlenttfied the risks of material misstatement of ItrE financial statements due to fraud. We
considered. in addition lo the non-rebuttatjle presumpt'on of 8 risk of fraud arising from management
override of controls. that there was potential for management bias in the valuation of investment
properties. We addressed this through revie4V of the valuation reports prepared by management's expert,
lesling the accuracy and completeness of inputs to thlwr calculation. and challenging any assumptions
aPF4ied in the valuations for example by agreement to third party metrics.
We also tdenlrf*d potenli81 for management bias in judgements made around recoverability of
debtors. We addressed this through examinatK)n of post year end cash received, review of
correspOnder￿e with debtors and disCU55ion of recoverats'lty with managemenl.
We also identified potenlial fcff management bias Ki the alktath?n of support costs against charitable
activity categories. We addressed this through revwling the method used for reasonableness, and re-
performing the c*ulatK)n to ensure rt had been perf￿ft￿ accurately in line vthh the stated method.
We also idenlif*d polential for managernent bvas in the timing of recognition of rental income. We
addressed this through detailed review of sigr*d rental agreements. forming an expectalbon of the level
of iruime lo be re￿nised in the financial year. and comparison lo actual.
As in all of our audits, y￿ addressed the rk%k ol fraud arising from management overrKle of controls by
perfomiing audit procedures which induded. but were rnl limited lo- the testing of journa15-. reviewing
a¢¢ounling estimates for evidence of bias", and evaluating the business rationale of signffj￿n1
transactions that are unusual (K outside the nom￿1 course of business.
8ecau5e of the inherent lirnitalrcms of an audil. there ts a risk Ihal we wll nol delect all irregvlarilies. including
those leading lo a material misstatement in the finartial statements ￿ norrfompliance with regulation. This risk
increases the more that com ￿lanCe with a law or regulation is removed from the events and transactions reflected
in the financkql slalemenls. as we will be less likely to become aware of instances of nonrycompliance. The risk is
also greater regarding irregularities ￿Curring due lo fravd ra￿r than error. as fr*Jd involves intentional
co￿ealMenl. forgery. cOl￿s￿n. omission or m￿re￿eSentatIOn.
A further des¢riplion of our responsibilities for the audit of the financial statements is IL￿ated on the Financial
Reporting Council's website at www.frc.or
.ukJaudilorsres
onsibililies.This description fomis part of our auditor's
report.
Us• of our r•port
This re[￿ is made solety lo the charitable ccrfnpany's nwnbers. as a tKJdy. in accOrda￿e ￿th Chapter 3 of Part
16 of the Compan*s Act 2006. Our audit work has been undertaken so that we might slate lo the charttable
company's member5 and truslees those mattets we are required to slate to them in an audilorfs report and for no
other purFose. To the fullest exlenl permilled by law, we do a¢¢ept or assume responsibility to anyone, other
than the charilabie company and the charrtable company's nEmbers as a ￿dY and the charitable company's
trustees as a body, fof our audil woth, for this reporL or for the opinions we have formed.
Alastair Duke {Sènior Statutory Auditorl
For and on behalf of PKF Ltttlejohn LLP
Statutory Auditor
15 Wesfferry Circus
Canary Wharf
Lormlon E14 4HD
Date..

HEDLEY FOUNDATION LIMrrED
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
{In¢ludlng Income and Expenditure Account)
Yoar ond•d 31 March 2022
Unrestricled Funds
2022
2021
Income from:
Income from investrnent properties
Income from Investment portfolios
Other trading activities - subsidiary companies
Other Income
496.379
473.242
224.754
81.oc
389,725
552,390
150,526
42,415
24
Total Incomo
1.275,375 1,135,056
Expenditure on:
Raising funds
Chaiilable activibe$
Other- on Charitable trading
363,868
687,330
93,313
314,373
243,098
98,978
24
Total Expenditure
1,144.511
656,449
Net Income
130,864
478,607
Net realised and unrealised gains on investrnent assets
Unrealised losses on revaluation of investment properties
Realised gain on sale of investment propety
13b 3,572,897 4,405.516
{260,0001 {570.000)
Not Mov•mont in Funds
3.443.761 4.314,123
Fund balan￿ brought fonward
39.118.098 34,803,975
Fund balances Carried forward
42.561.859 39,118.098
All of the above results are derived from continuing ￿lIvI￿e$. The Company and its subsidiaries have no
gains and losses other than those shown above.
In accordance wth the provisrons of the Companies Acl 2006. a separate Income and Expenditure Account
dealing with the results of the Foundation only has rK>t been presenied.
The A¢￿untIng Policies and Notes on pages 13 to 29 fomi part of these Financial Ststements.
10

HEDLEY FOUNDATION LIMrrED
Company Registration Number 01018571
CONSOUDATED AND COMPANY BALANCE SHEETS
At 31 March 2022
Consolldatsd
2022
2021
Company
2022
2021
Fixed Ass•ts
Investment properties
Investments
12 9.385.OLXI 9,645,(MJ) 6.860,OLK) 7,055,000
13 31.942.792 27,347,916 36,568,39) 32,038.514
41.327,792 36.992,916 43,428,390 39.093,514
Current Assets
Debtors
Cash al bank and in hand
14
15
271.337
1,322,859
272.746
468,941
449.283
2.117.140 1,170,401 2,050,632
1.594.196 2.389,886 1,639,342 2,499.915
Creditors: amounts falling due within
one year
16
{360.129) {264.704) {2,505.873) (2.475.331)
Net Current Assetsl (Uabllltle$)
1,234.067 2,125.182
{866,531)
24.584
Nel Ass•ts
42,561.859 39.118.098 42,561,859 39,118,098
General Funds
Charitable funds
Non-charitable investrnenvtrading company
funds
37,936.261 34.427.5(K) 37.936,261 34,427,500
4.625.598 4.690.598 4,625,598 4,690.598
Total Funds
18 42.561.859 39,118.098 42,561.859 39,118.098
These Finanaal Statements were approved and authorised for issue by the Board of Trustees on 2
November 2022.
Signed on behalf of the Board of Trustees
ACFord
Chaimian
L B Stuttaford
Trustee
The Accounting POl￿S and Notes on pages 13 to 29 fonn part of these FinanGial Statements.
11

HEDLEY FOUNDATION LthIITED
CONSOUDATED CASHFLOW STATEMENT
Year endod 31 March 2022
Nots
2022
2021
Cash inllow from operallng
acllvftles
20
227,698
496.654
Net Gash flow from oporaling
aclivilios
227,698
496.654
Cash flow from invosllng aclivltles
Payments to acquire inveslment propety
Receipts from sales of inveslmenl property
Payments from sale of propety
Payments to acqui￿ investments
Re￿iptS from sales of investrnents
{6,347,631}
5,325.652
(6.163.597)
5.708.232
Net cash flow used by Invesllng
Activities
(1.021.979)
(455,365)
Change In cash and equivalents
In the year
(794.281)
41,289
Cash and cash equivalents at 1 April 2021
2.117,140
2.075.851
Cash and cash equNalents al 31 March 2022
1.322.859
2,117,140
Cash and ush ¢quivalents consist ofr.
Current accounts
Deposit accounts
Cash at Investrnent Managers
162.524
955.110
205.225
76.627
1.543,113
497,400
Cash and Cash equlvahnts at 31 March 2022
1.322.859
2.117.140
The Accounting Pol'cies and Notes on pages 13 to 29 fonn part of these Financial stat￿￿nts.
12

HEDLEY FOUNDATION UMrrED
ACCOUPrnNG POLICIES
General Inforniatlon and basis of preparation
The Hedley Foundation is a Charitable Company limited by Guarantee in the United Kingdom. In the event
of the charity being wourKI up. the Ikgbilty in respect of the guarantee is limited to £1 per member of the
charity. The add￿sS of the registered office is gwen in the charity infonnation on page 1 of these financial
statements. The nature of the charilys operations arKI prinapal activities are charitable grant giving to UK
registered charities.
The Charity constitutes a pU￿1C benefit entity as defined by FRS 102. The Financial state￿￿nIs have been
p￿pared in accordan￿ with Accounting and Reporting by Charities: Statement of Recommended Practice
applicable to charities p￿paring their a￿￿Unts in accordance with the Financial Reporting Standard
applirable in the UK and Republic of Ireland (FRS 102) from 1 January 2019 the Financial Reporting
Standard applicable in the Uniled Kingdom and RepUt￿lC of Ireland {FRS 102), the Charities Act 2011, the
Companies Ad 2006 and UK Generalty Accepted Practice as it applies from 1 January 2019 The Financial
stalements have been prepared under the historical cost ￿nventiOn. wrth Ihe exception of investments.
which are inclLbJed on a market value basis and investrnent properties. which are induded on the basis of
annual valuations.
The Financial Statements are prepared on a gowig concem basis under the historical cost convention,
modified to include certain items at fair value. The Financial Statements are prepared in sterling which is
the functional curiency of the Charity.
The significant a¢￿untIng poliues applied in the preparation of these Finanual Ststements are set out
b8low. These FAII￿leS have Wn consistenlly applied to all years presented Un￿$$ otherwise stated.
Golng Concern
It is the opinion of the Trustees that the use of the wing cortem basis of accxjunting is appropriate. At the
time of writing this Report. the Trustees are confident that there is reasonable eXpeCtat￿n that the Charfty
has adequate resources to continue in operational existence for the foreseeable future, at least 12 months
from the date of approval of these finarn?al statemenls. As at 31 March 2022, the investment wrtfolio had
recovered to pre-Covid-19 levels and Ihe Chaiilie$ Pfopety Fund continued to make dividend payments.
Similady, the propety Portfolio generated a significant rental income,. in light of this, the Trustees increased
the level of grants tr￿1ng made. The Truslees ofThe Hedley FourKlation are content that the Group remains
a going concem.
Basls of Con$olldalion
The Group Financial Statements consolidate the Financial Ststements of The Hedley Foundation Limited
and its subsidiary undertakings.
Fund Accounting
General funds, all of which are Un￿strIcted. a￿ available for use at the discretion of the Twstees in
furtherance of the general objectives of the FoundatKJn.
Incomo Rocognition
l income WKJ exrendiiure is shown in the Ststement of FinancBI Activbties (SOFAI.
13

HEDLEY FOUNDATION L*ArrED
ACCOUNTING PIXICIES
Charflabl¢ Acllvities
The Foundation has a portfolio of inveslment properties generatiNJ rentsl irKome wh￿h is accounted for on
a receivable basis.
Investment Incomo
Investment income is earned through holding assets for investrnent purpjses such as shares arKJ property.
It includes dividends, interest and ￿nt. Inte￿$t income is recognised when ￿CeIVable and dividend and rent
income is recognised as the Foundation's right to receive payment is established.
Other Tradlng Actlvltles - Subsldlary Companles
Income from trddiro acbvities indudes income eamed from tradin9 activities undertaken by subsidiary
companies to raise fvnds for the Charity. Income is received in exchange for supplying goods and services
in order to raise funds and is recognised when entitlernent has occurred. The gross income of the
subsidiaries is shown in Ihe Gonsolidated SOFA.
Expondlture
All expenditure is accounted for on an accrua15 basis. Expenditure is recognised Whe￿ the￿ is a legal or
constructive obligation to make payn￿nts to Ihird parties. il is probable that the settlement will be required
and the amount of the obligalion can be measured reliabty. It is categorised under the following headings..
Costs of rais￿@ funds In¢￿deS the direct costs of managing the listed inveslment portfolio;
Expenditure on charitaLle aclivities includes direct expenditure on grant-making activities and
support costs which are allocated on a basis consistent with the use of resources.. and
Non-charitable trading and investrnent property expenses indudes the costs of the subsidiary
CoMpan￿S which are incurred in relation to these activities.
Grants payable to third parbes are induded in expenditure on charitable activities. Where unconditional
grants are made, these amounts a￿ ￿Cognised when a constructive obligation is C￿ated. typically when
the recipient is nolFfied that a grant will be made to them. Where grants are conditional on perf0mlan￿, then
the grant is only ￿COgnised once any unfulfilled conditions are oulside of the control of the charity.
Support Costs allocallon
Support costs are those that assist the work of the charity but do not diredy represent charitable activities
and include office costs and govemance costs. They are incurred directy in support of expenditure on the
objects of the charity. Where supwrt costs cannot be direclly attrit)uted to particular headings they have
been allocated to cost of raising funds and expenditure on chaiilable *ivilies on a basis consistent with
use of the resources. Premises costs have been alk¢ated on a business to charity staff time allocation
basis. This had been reviewed in Seplember 2016 and subsequenly approved by the Trustees.
The analysis of these costs is induded in note 5.
Operating Leases
Rentsls pay*le under operating leases are tharged on a straight-line basis over the term of the lease.
14

HEDLEY FOUNDATION LIMITED
Accoup¥llNG POLICIES
Investmont Pro￿rtIeS
Invèstment properties are measured at fair value at each balance sheet date. wlth changes in fair value
recognised in 'net gains l (losses) on investments, in the SOFA.
Surpluses and deficits arising on revaluab'on are taken to revaluation reserves within the Foundation's
subsidiary companies (with the movement reflected in the statement of total recognised gains and losses),
and to the SOFA on consolidation.
Sales and purchases of investment properties are recognised at the date of exchange. vthere this is not
subject to conditions, as the equitable interest has passed from the vendor to the purchaser at this date. If
a contract is conditional. credit for a Sa￿ is tsken when the last material wndttion has satisfied.
Investments
Subsldlary Companies
Investrnents in Subsidiary Companies are Valued annually at the attributable amount of the subsidiaries, net
assets at the Balance Sheet date. This is considered by the Trustees to be a fair assessment of their fair
value.
Publl¢ly Traded Investm•nts
Publicly traded investmenls are measured al fair value at each balance sheet date, wlth changes in fair
value recognised in 'net gains l (losses) on investhients. in the SOFA.
Taxation
The Foundation is an exempt chartty within the meaning of schedule 3 of the Charities Act 2011 and is
considered to pass the tests set out in Paragraph 1 Schedule 6 of the F¥wnce Act 2010. It therefo￿ meets
the definition of a charitable company for UK corporation tax purwses.
The Foundation is registered for VAT., irrecoverable VAT (where applicable) is included with the expenditure
to which it relates. The Subsidiaries of the FourKJats'on a￿ I￿?bIe to Cor￿ratIOn Tax on any taxable income
not covenanted or trydnsferred by Gift Aid to the Foundation.
Granls
Grants authorised in the period are charged to the SOFA. Any grants authorised but unpaid at the BalarKe
Sheet date are induded in creditors. Grants covering more than one period are charged to the SOFA as the
money is releas￿ and is conditional on receipt of satisfactory prcmjress reports.
Pension Costs
The FOundat￿n operates a pensM)n stheme. Payments made are (*arged against income in the period in
which they are paid.
Judgrnents in applying accounting policies and key sources of estimation uncertainty
The Foundation makes estimates and assumptions conceming the fvture. The fesuNing accounting
estimates will, by definition. seldom equal the related actual results. The estimates and assumptions that
have a significant risk of causing a material adjustment to the carying amounts ofassets and liabilities within
the next financial year are addressed bel(M.
15

HEDLEY FOUNDATION LIMITED
AccouKfiNG POUCIES
Judgmonts in apptying accounting policies and key sources of •stimatlon Un￿rtaInty (¢ontinu•d
(i) Impairment of deblo
The Foundation makes an estimate of the recoverab￿ value of trade ar¥J other debtors. When assessing
impaiment of trade and other debtofs. management coTrsider5 faciors induding the current credit rating of
the debtor. the ageing profile of debtors and historical experience. See note 14 for the net carrying amount
of the debtors and associated Impalrn￿nt provision.
(li) Valuatton of investment propert
The Foundation rnakes an estimate of the fair value of investment propert￿$. When assessing the fair
value. the Board seeks the help of an expert in this area and considers. arnoThJst other things the expected
rentsl yields. the length of the term of the lease. the valuatK)n of other prop8rt*s in the immediate vicinty
and the condition of the building.
16

HEDLEY FOUNDATION uMrrED
NOTES TO THE FINANCIAL STATeMENTS
Y•ar •ndod 31 March 2022
1. Income from Investment Properties
Company Company
2022
2021
Rentsl Income
496.379
389,725
2. Incomo from Inveslments
Group
2022
Group
2021
Income from Managed Portfolio
Inte￿$t
Olher investmenl income
220.472
602
252.168
328,826
572
222,992
473,242
552,390
Other investrnent income relates to income from investments held in managed funds outside ofthe main
investrnent portfolio.
3. Expendituro on Raising Funds
Group
2022
Group
2021
Management of investment properties
Investment management fees
189,2(Ki
174.668
156.706
157,667
363.868
314.373
4. Analysis of Expendlture on Charitable Actlvltles
Group
2022
Total
Group
2021
Total
Diroct
Support
Grant making
21,698
610.051
55.581
687.330
243,098
Prior ￿ar
Grant making
21.C68
179.091
42.939
243.098
17

HEDLEY FOUNDATION UMrrED
NOTES TO THE FINANCIAL STATEh7ENTS
Y•ar •nded 31 March 2022
5. Support Costs
Basls of Investment
Allocation Proporti•s
Granl
MakSng
Total
2022
Tolal
2021
Govem8nce ￿$ts {note 6)
Office cosls
Premises a Maintenance
70.595
10.119
55.363
28.835
4,132
22,614
99,430
14,251
77,977
47.000
17,142
83.922
71%-29%
136.077
55.581
191,658
148.064
Prior yoar
Governan￿ costs
Office costs
Premises
71%-2
71Yo-2
71Y•-2
33,370
12.171
59.585
13.630
4.971
24.337
47.000
17,142
83,922
105,126
42,938
148,064
6. Govemance Costs
Group
2022
Group
2021
Business Rales
Insurance
Accountsncy Fees
Professional Fees
Bank Charges
4,420
1,971
8,263
83,351
1,425
4,420
1.815
8.145
31,395
1.225
99,430
47.000
18

HEDLEY FOUNDATION LThirrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
7. Analysis of Grants
Grants to
Grants to
I￿titUtiOnS Individuals
Total
2022
Total
2021
Youlh category grants {Y)
The Disabled category grants ID)
The Teminally ill and Hospices (ETH}
Other category grants (O)
184.592
206.370
93.489
125.600
184.592
206.370
93.489
125.600
60.791
76.184
29,128
12.989
610.051
610.051
179.092
No grants We￿ paid to individuals in the prior year.
Recipients of Grants
Grant
Maklng
Total
2022
Total
2021
DEC- Ukraine {0)
Other grants payable
10,0(K)
600,051
10,000
6¢JO,051
179.092
Total grarrts payable
610.051
610.051
179,092
Others grants payable Ir￿￿deS grants payable to UK registered charities which are each urKJer £10,000.
19

HEOLEY FOUNDATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
8. Net Income is sLited after Charylng:
Group
2022
Group
2021
Auditorfs remuneration - audti
- other servi￿5
- land and buildings
- other
Loss ¢Jn fair value movement of investrnent property
Gain on fair value movement of investment FX)rtfolio
19,320
18.950
5,000
4.920
61,843
61,843
838
838
(260,000) (570.000)
3,572,897 4.405,516
Operating leases
9. Audltor's Remuneralion
Auditorfs remuneration amounts to an audit fee of£19.320 {2021- £18.950) and fees payable for IXBRL
tagging. corwration tax Comp￿lance and VAT Compliance in ￿latIon lo the Subsidiary Companies
of £5.(HJO (2021- £4.920>.
10. Staff Costs
2022
2021
Wages and salaries
Social security costs
Pension costs- employerfs pensi
138.937
6,834
1.419
136,954
6,383
1,419
147,190
144,756
The average nurn￿r of employees during the year. exduding Twstees, was 3 (2021- 3). This equates
to a full time equivalent number of 2 {2021- 2}.
No employee5 received total employee beneffiis (excluding employer pension costs) of rnore than
£60,000.

HEDLEY FOUNOAnoN UMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
11. Tn￿lees, and Key Management Personnel Rernuneralion and Expwsos
2022
Number
2021
Number
The number of Company Directors in receipt of enN)luments
PayN*nt ol emokrnents by the Subsidiary CompanEs to named Direcior5 {who are also Truslees of
the Foundation} is made in relation to managefftnl and professional services provided to these
Companies.
Sir Andrew Ford is a Company Director of FairtKKMJ Properbes Limite(I for whtch he is paid a salary of
£22.500, Middlerigg Services Limited, for vthich he is paid a salary of £12.000 and Mountbarrow
Properties Limited for which he is paid a salary of £25,500 per annum. Payments are approved under
Charity Commission Order 462ll38 sealed on 21 De¢ember 1998.
The following Trustees. expenses were reimbursed or paid directly on their behaw during the year..
2022
Number
2021
Number
2022
2021
Travel
The total amount of employee tr￿nefits received by key management personnel during the year was
£72,648 {2021- £70.623). The Trust considers its key management personnel to comprise ofr.
Mary Kitto.. Company Secretary
Lucy Janes.. Appeals Secretary
Christine Janes: Financial Accountant
21

HEDLEY FOUNDATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
Yearended 31 March 2022
12. Investment pro￿rtIeS
Group
Group Company Company
fr¢ehold
freehold
frèehold freehold
land and
land and
land and land and
buildings bulldings
buildings buildlngs
2022
2021
2022
2021
Valuation
At beginning of year
Additions at cost
Disposal in year
Capitalised Improvements
(Lossl on revaluation
9,645.OCKI 10.215.LXIO 7,055.000 7.625,000
(260.OLK)) (570.000) 1195,000} 1570.000)
At end of year
9,385.0￿ 9.645.000 6,860.000 7.055,000
The investment properties had an original cost of £11.750.188 (2021 - £11,750,188) (Group). and
£9,625,263 {2021- £9,625.263) (Company). The fair value of investrnent properties is detemiined by
independent, professional valuation at 31 March 2022. The valuation was undertaken by Clive Thomas
of Clive Thomas & Co Chartered SuNeyors. in ¢onjunctTron with Robin Hanson of Brackenridge Hanson
Tale, Charte￿d Surveyors and Property Consultants. Both Messrs Thomas and Hanson are Fellows of
the Royal Institute of Chartered Suprfeyors. The exercise was carried out on a.desk top" valuation basis.
whi¢h lakes inlo Consideration the location. the valuation of other properties in the immediate vicinity of
the building. the condition of the tjuikling and the expected rentsl yields. Valuations are undertaken
annually.
13. Flxed Asset Investments
2022
2021
2022
2021
Group
Company
Investrnent in subsidiary undertakings
Listed investments
4,625,598 4,690,598
31.942.792 27.347.916 31,942,792 27.347,916
31.942.792 27.347,916 36.568.390 32.038.514
Details of the subsdiary undertakings can be found in Note 24.

HEDLEY FOUNDATION UMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
13a. Fixed Asset Investments
Company
Inveslm•nt in Subsidiary Undertakings
Valuation al beginnwvJ of year
Movement in year
4,690,598
(65,000)
Valuation at end of ￿ar
4,625,598
These FSnanclal Ststements incorporate the resufts of all the FourAYabon's subsidiaries, which are listsd
in Note 23. All the subsidiaries a￿ incorporated in England & Wales and are wholly owned at 31 March
2022.
13b. Flxod Asset Investments
2022
2022
2021
2021
Llstsd Investments
Group and C¢)mpany
Group and Company
Market value at teginning of year
Additions at cost
Disposal proceeds
Net investment gains
unrealised gains l (losses) on revaluation
realised gains on disposal
27.347.916
6.347.631
(5.325.652)
22,487,035
6,163.597
{5.708,232)
2.428.463
1.144.434
3,209,352
1,196,164
3.572,897
4.405.516
Market value at end of year
31.942,792
27.347,916
Listsd Inwslmonts
2022
2021
UK equty shares
Overseas equities
11,633,070 8,974.255
20,309.722 18,373.661
Market value of listed investments
31,942.792 27,347.916
The fair value of listed investments is deterrnir)ed by reference to the quoted price for identical assets
in an active market al the balance sheet date. The Charities Property Fund market value of£7,343,214
is 22.99Yo of the total investments.
23

HEDLEY FOUNDATION UMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
14. Dèbtors
2022
2021
2022
2021
Group
Company
Amounts owed by subsidiary undertakings
- deeds of covenanugift aid
AnN)unts owed by subsidiary undertakings
- other
Prepayments and accrued incorne
126.285
58,706
206.122
136.534
205,840
184,737
271,337
272.746
271,337
272.746
468.941
449,283
15. Cash at Bank and in Hand
Dewsit accounts
Current accounts
Cash at Investrnent Managers
955,110
162.524
205.225
1,263.695
356.045
497,400
955.110 1,263,695
10.066
289,537
205,225
497,400
1.322.859 2,117,140 1,170.401 2.050,632
16. Cr•dltors: amounts falling due within one year
Amounts owed to subsidiary undertakings
Taxation and social security costs
Accruals and deferred income (see rv)te 17)
Other creditors
2.298.000 2.298,000
84.692
180.012
73.331
134.542
70,595
106,736
260.827
360.129
264.704 2,505,873 2.475,331
The amounts owed to subsidiary undertakings are unsecured and repayable on demand. Interest is
charged at the same rate of interest as that r￿e1Ved by the Foundation for funds held in COIF.
17. Def¢rred Income
2022
2021
2022
2021
Group
Company
At 1 April 2021
Additions during the year
Amounts released
27.164
19.880
{23.590)
41.980
47,110
(61.926)
8.453
23,269
19,880
35.569
(23,590) (50,385}
At 31 March 2022
23.454
27,164
4,743
8,453
Income has been deferred in relation to rents recerrfed quarterfy in advance. All deferred income relates
to a perK)d of kn than one year.
24

HEDLEY FOUNDATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
18. Fund Reconclllation
Net
Investment Balanco al
galnsl
end of
(losses
year
Balance al
beglnnlng
of year
Income Expenditure
Company Funds
Subsidiary companies, funds
Consolidation adjustments
39.118.098 1.182.062 (1,051,198) 3.312,897 42.561.859
4,690.598
237.145
1237,145)
(65,000) 4,625.598
(4.690.598) (143.832)
143.832
65,000 {4,625.598)
Group Funds
39,118.098 1.275.375
{1.144.511) 3.312.897 42.561.859
The Company's net Ir￿Me tefore gainsl(losses) fr)r the year ended 31 March 2022 amounted to
£65,864. Detsils of the consolidalion &Jjuslments can te found in note 25.
19. Oporaling Lease Commilments- Company and Group
Totsl future minimum lease payments under nOn￿￿elIable operaling leases are as follows:
2022
2021
Land and
buildin98
Land and
othgrs bulldings
Otho
Not later than one year
Later than one but not later than fve yearyJ
62.820
62.820
62,820
62.820
950
714
714
125.640
1,664
125.640
As at 31 March 2022 there We￿ Grant Commitments of £Nil.
20. R•conclllallon of net Income to net cash flow from
Owraling Adivities
2022
2021
Net income for year
Gains on investrnent wrtfolio
Losses on revaluation of investment property
Decrease l (increase) in debtors
Increase in crediiors
3.443.761 4,314,123
{3.572.897) 14,405.516)
260.01))
570.000
1.409
(87,968)
95.425
106,015
Not Cash Inflow from Oporallng Athitses
227,698
4g6.654
25

HEDLEY FOUNDATION UMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
21. Penslons
Dofimd ¢ontribulion ￿nsIOn - EmPlo￿T pons11￿ plan
The Foundalion operates a defined contribution employer pension plan for its employees. The amunt
of contributs'ons recognised as an expense during the year was £1.419 {2021- £1.419).
22. Rèlalèd Party Transactions
During the year the FourKlation made granl payments of £34.10012021 - £Nil) 10 7 {2021- 7) charities
where one or more of the Foundation's Trustees aiso seprfed as Trustees of the beneficiary charities..
Income
Exponditure
The Lo¢kie Twst (Trustee: Angus Fanshawe)
At 31 March 2021
At 31 March 2022
1,800
3,500
5,300
The Phoenix Cottage Trust (Trustee: Dawd Byam£ook)
At 31 March 2021
At 31 March 2022
750
6,250
5,300
The Ravensword Trust (Trustee: Patitk Holcroft)
At 31 March 2021
At 31 March 2022
3,950
2,500
5.300
The Sant Trust (Trustee: Loma Stuttaford)
At 31 March 2021
At 31 March 2022
6,600
3,500
5,300
The Tristenagh Tn￿t (Trustee.. Andrew Ford)
At 31 March 2021
At 31 March 2022
2.157
2.230
2.300
The Shearwater Trust (Trustee: Charles Bennett)
At 31 March 2021
At 31 March 2022
5.050
4,7(M)
5.300
The Ringford Trust (Tnjstee: AlexarKler Scully}
At 31 March 2021
At 31 March 2022
300
5,870
5.300
Provisions for doubtful related party debtors amunted to £nil al the balw￿e sheet date {2021- £nil).
The Chaiity ￿e0gniSed £nil (2021 - £nil) as an eynse during the year in respect of bad or doubtful
related party debts. There We￿ no outstanding balan￿ or commilments at 31 March 2022 or 2021
with related parties.
Each Trustee manages a charitable Trust as disdosed above. Each Trust re￿iVeS an annual donation
from the Foundation which can be used to make discretionary donabons lo any UK registered charity.
However. due to the effects of the paTrJemic and the decwse in the grants budget during the year, no
donations were made to Ihese Twsts.
There were no other related party transactions in the current or Fffior year.

HEDLEY FOUNDATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
23. Results of Subsidiary Companlgs
The following companies are wholly ovffled subshyiaries of the FourKlation:
Company
Company Numbor
Faithood Prorerties Limited
Me￿wOOd ProFerties Limited
Movntbarrow Properties Limited
Middlerigg Nominees Limited
Middlerigg SeNices Limited
00712408
01539486
00591626
02298673
LIM31334
The management company and Ihe PrO￿rty companies transfer 1(MYA of their taxable profits to the
Foundation under the Gift Aid arrangements.
The resuts of the Foundation's subsidÉaries are shtrwn in Note 24 on page 28. These results include
intragroup transactions of £10.403 (2021 - £12.3681 for rnanagemenl seNices provided by Middlerigg
Services Limited to fellow sU￿diar1e$ and £1.988 {2021- £1.529) interest arising on loans with fellow
group entities.
All subsidiaries covenant cff transfer by means ofGtft Aid 100°A oftheirtaxable profits to the Foundation.
The subsidiaries are involved in the management of investment properties. except Middlerigg
Nominees Limited which is a nominee company and Mhddlerigg Services Limited which is a
management services company.
No deferred tax is provided on investment properties held by Fairhood Properties Limited as the
availability of indexation redu￿$ any gains to nil. In Mountbarrow Properties Limited no deferred tsx
is provided on the investment propertie5. There is a wtential deferred tax liability of £112.481 which
has not been recognised in the Financial Stalements of this Company a5 the￿ is an enduring Deed of
Covenant in place which requi￿$ the entiTr Company's annual taxable profft to be donated to the
Foundation arKI therefore any capital gain on the eventual disposal of the investment properties will not
crystallise a corwration tsx liability.
All ￿MpanieS a￿ registered and incorporated in England and Wales.
27

HEDLEY FOUNDATION LI￿￿ED
NOTES TOTHE FINANCIAL sTATE￿NTs
Y•ar ended 31 M•r¢h 2022
F81th0
Propert6es
Limit•d
23. Resurt* of Subskllary ¢ompAnl81 2022
2021
Movntbarrow
PropertiPS
Llmited
Pwpert*s
Limited
Lwnited
2022
2021
Total
2022
2021
2022
2021
Gross income from inveslment
Properb
Management fees leommission
Other incorre
Interest re¢wvatrJe
37.917
18,516
51.187
29.312
64.928
187.698
47,4591
112.7Se
50,138
47.459
50.13
1.529
1,529
Total incoffle of subsldiaries
37.917
18,616
61.187
29.312 47,459
60.138
100,582
237,145
164A23
Property oulg(xng5
Administrative expense5
Intere* p8yable
Corporation Tax payab
Oeeds ofCoven8nVGrft AKY
1.250
38,147
2B2
1.250
102,184
2,270
7,765
103,364
1,746
14.955
540
15.576
415
32.711
33.164
1.114
18.311
17,872
36.572
217
22.422
16.968
29.148 32.266
62.9)3
131.441
61.934
Total ex￿nSeS of 5ubshliaries
37.917
23.936
51.187
34,278 47.469 41
100,582
66.457
237.146
174,809
Retained profiVIIos5esl
Revaluat￿￿ offreehdd property 1S0,IWI
Release of realised 105s on-
disposal of inveslment property
Reserv&s at beginning of yèar
15.4201
14.
110.3861
115.f*X))
16S.0(Kll
107.265 112.685 1.1402
1.145.262
9.W 9.360
3.433.677
3.433.6n 4.690,598 4.700.984
RueThes otend ofyear
57.265 107.265 1.110.￿ 1.140296 9.360
3.41e.677
3.433,677 4.626.698 4,690.598
The charitab￿ CLvnpany also hdd5 oflhe share w¥la in a rK¥ni￿o ty)mpary. Nomw*e5 LwTWted Thi4 investrnent has b*n wiiitsn to £nil
12021 - £niil.
28

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2022
24. Subsidiary Companles - total income and expendtture reconclllation note
2022
2021
(l) Totsl income of subsbjiary companies
224,754
150.526
Plus: Group transactions
Management fee income
Interest eamed
10.403
1,988
12,368
1.529
Total income of subsidiary c4)mpanies before Consolidation (note 23)
237,145
164.423
(li) Total expenses of subsidiary companies
93.313
98.978
Plus: Group trdnsaclions- deed of covenanvgift aid
Management fee expense$
Interest paid
131.441
10,403
1.988
61.934
12.368
1.529
Total exFenses of subsidiary companies before consolKlation (note 23)
237,145
174.809
25. Posl Balance Sheet Events
There We￿ rK) Post balance sheet events.
26. Financial Instruments
The Charity holds a number offinancial assets {forexample investments, debtors and cash) and financial
liabilities {for example creditors) which meel the definition of bassc financial instruments under the FRS
102 SORP. Detsils of the measurement bases. aC￿Unting policies and canyin9 values for these
financial assels and liabililies are disclosed in notes 12 to 17 atr￿Ve.
l investrnents a￿ carried al their fair value. Investrnents in equits'es and fixed interest securities are all
traded in quoled wblic markets. Property and equity investments affj reviewed regularfy to optimise th8
best finanoal outcome for The Foundation and its pro￿lty companies.
29