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2023-03-31-accounts

Page
Charity Information
Report ofthe Trustees 2-5
Statement ofTrustees' Responsibilities
Report ofthe Auditor 7-9
Consolidated
Statement ofFinancial Activities		 10
Consolidated
and Company Balance Sheets
Consolidated
Cashflow		 Statement 12
Accounting
Policies		 13-16
Notes tothe Financial Statements 17-29
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
15Westferry Circus
Canary Wharf
London E144HD
Investment Managers Waverton
Investment		 Management Limited
16Babmaes Street
London SW1Y6AH
Solicitors Macfarlanes
LLP
20 Cursitor Street
London EC4A 1LT
DMH Stallard
LLP (wef January 2023)
Griffin House
135High Street
Crawley RH10 1DQ
Company Registration Number 01018571
Charity Registration Number 262933

Unrestricted
Funds		 Unrestricted
Funds
Note 2023 2022
6
Income from:
Income from investment properties 1 431,078 496,379
Income from Investment porffolios 2 680,314 473,242
Other trading
activities		 - subsidiary companies 24 220,833 224,754
Other Income 81,000
Total Income 1,332,225 1,275,375
Expenditure
on:
Raising funds 3 342,912 363,868
Charitable
activities		 4 815,527 687,330
Other - on charitable
trading		 24 112,341 93,313
Total Expenditure 1,270,780 1,144,511
Net income 61,445 130,864
Net realised and unrealised gains on listed investment assets 13b 498,482 2,128,616
Net realised and unrealised gains on other investment assets (983,985) 1,444,281
Unrealised
losses on revaluation		 of investment properties (75,000) (260,000)
Realised gain on sale of investment property
Net Movement
in Funds		 (499,058) 3,443,761
Fund balances
brought		 forward 42,561,859 39,118,098
Fund balances carried forward 42,062,801 42,561,859
Consolidated Consolidated Company Company
Note 2023 2022 2023 2022
E E
Fixed Assets
Investment
properties		 12 9,310,000 9,385,000 6,785,000 6,860,000
Listed Investments 13 25,283,394 24,599,578 29,904,193 29,225,176
Other Investments 6,359,229 7,343,214 6,359,229 7,343,214
40,952,623 41,327,792 43,048,422 43,428,390
Current Assets
Debtors 14 239,879 271,337 426,085 468,941
Cash at bank and in hand 15 1,166,020 1,322,859 1,137,965 1,170,401
1,405,899 1,594,196 1,564,050 1,639,342
Creditors: amounts falling due within
one year 16 (295,721) (360,129) (2,549,671) (2,505,873)
Net Current Assetsl (Liabilities) 1,110,178 1,234,067 (985,621) (866,531)
Net Assets 42,062,801 42,561,859 42,062,801 42,561,859
General Funds
Charitable
funds		 37,442,002 37,936,261 37,442,002 37,936,261
Non-charitable investment/trading company
funds 4,620,799 4,625,598 4,620,799 4,625,598
Total Funds 18 42,062,081 42,561,859 42,062,801 42,561,859
These
Financial		 Statements were approved and authorised
for		 issue
by the		 Board of Trustees
on 8
November 2023.

Note 2023 2022
6
Cash inflow from operating
activities 20 28,495 227,698
Net cash flow from operating
activities 28,495 227,698
Cash flow from investing activities
Payments
to acquire investments		 (6,542,512) (6,347,631)
Receipts from sales of investments 6,357,178 5,325,652
Net cash flow used by investing
Activities (185,334) (1,021,979)
Change
in cash and cash		 equivalents
In the year (156,839) (794,281)
Cash and cash equivalents at 1 April 2022 1,322,859 2,117,140
Cash and cash equivalents at 31 March 2023 1,166,020 1,322,859
Cash and cash equivalents consist of:
Current accounts 38,084 162,524
Deposit accounts 949,703 955,110
Cash at Investment
Managers		 178,233 205,225
Cash and cash equivalents at 31 March 2023 1,166,020 1,322,859

1. Income from Investment Income from Investment Income from Investment Properties Company Company
2023 2022
E
Rental Income 431,078 496,379
2. Income from Investments Group Group
2023 2022
E K
Income from Managed Porffolio 391,230 220,472
Interest 21,013 602
Other investment income 268,071 252,168
680,314 473,242

Expenditure on Raising Funds Group Group
2023 2022
R
Management of investment properties 172,168 189,200
Investment management fees 170,744 174,668
342,912 363,868
Analysis ofExpenditure on Charitable Activities
Group Group
Direct Support 2023 2022
Staff costs costs Total Total
8 E R E
Grant making 21,653 745,205 48,669 815,527 687,330
Prior year
Grant making 21,698 610,051 55,581 687,330

5. Support Costs Support Costs Basis of Investment Grant Total Total
Allocation Properties Making 2023 2022
E E
Governance costs (note 6) 71/o-29/o 37,941 15,497 53,438 99,430
Office costs 71/o-29/o 9,806 4,005 13,811 14,251
Premises
&		 Maintenance 71'/0-29'/o 71,408 29,166 100,574 77,977
119,155 48,668 167,823 191,658
Prior year
Governance costs 71/o-29/o 70,595 28,835 99,430
Office costs 71/o-29/o 10,119 4,132 14,251
Premises 71/o-29/o 55,363 22,614 77,977
136,077 55,581 191,658
6. Governance Costs Group Group
2023 2022
Business Rates 4,454 4,420
Insurance 2,093 1,971
Accountancy Fees 8,903 8,263
Professional Fees 36,677 83,351
Sank Charges 1,311 1,425
53,438 99,430
7. Analysis
ofGrants		 Grants to Grants to Total Total
Institutions Individuals 2023 2022
E E E E
Youth category grants (Y) 304,170 304,170 184,592
The Disabled category grants (D) 209,307 209,307 206,370
The Terminally
ill and Hospices (ETH)		 51,761 51,761 93,489
Other category grants (0) 179,967 179,967 125,600
745,205 745,205 610,051
No grants were paid to individuals in the pdor year.
Recipients ofGrants Grant Total Total
Making 2023 2022
E E E
Veterans'
Aid		 10,000 10,000
DEC - Turkey ISyria (0) 10,000 10,000
DEC - Ukraine (0) 10,000
Other grants paid 725,205 725,205 600,051
Total grants
paid		 745,205 745,205 610,051

Net Income is stated Net Income is stated after Charging: Group Group
2023 2022
Auditor's remuneration -audit 20,760 19,320
-other services 5,360 5,000
-land and buildings 61,843 61,843
-other 838 838
Loss on fair value movement
of investment		 property (75,000) (260,000)
Gain on fair value movement
of listed investment		 porffolio 498,482 2,128,616
Loss on fair value movement
ofother investments		 (983,985) 1,444,281

Staff Costs 2023 2022
E
Wages and salaries 141,337 138,937
Social security costs 6,860 6,834
Pension costs - employer's pension 1,603 1,419
149,800 147,190

Tru stees'
a		 nd Key Man agement Pe rsonnel Remuneration
and Ex		 penses
2023 2022
Number Number
The number ofCompany Directors in receipt ofemoluments 1 1
r paid direct ly on their behal f during the y ear:
2023 2022 2023 2022
Number Number E
HEDLEY FOUNDATION HEDLEY FOUNDATION HEDLEY FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS TO THE FINANCIAL STATEMENTS TO THE FINANCIAL STATEMENTS
Year ended 31 March 2023
12.Investment Properties Group Group Company Company
freehold freehold freehold freehold
land and land and land and land and
buildings buildings buildings buildings
2023 2022 2023 2022
Valuation E E E
At beginning ofyear 9,385,000 9,645,000 6,860,000 7,055,000
Additions at cost
Disposal in year
Capitalised Improvements
(Loss) on revaluation (75,000) (260,000) (75,000) (195,000)
At end of year 9,310,000 9,385,000 6,785,000 6,860,000

13.Fixed Asset Investments 2023 2022 2023 2022
E E E
Group Company
Investment
in subsidiary		 undertakings 4,620,799 4,625,598
Listed investments 25,283,394 24,599,578 25,283,394 24,599,578
Other Investments 6,359,229 7,343,214 6,359,229 7,343,214
31,642,623 31,942,792 36,263,422 36,568,390

13a.Fixed Asset Investments 13a.Fixed Asset Investments Company
8
Investment
in Subsidiary		 Undertakings
Valuation
at beginning		 ofyear 4,625,598
Movement
in year		 (4,799)
Valuation
at end ofyear		 4,620,799
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 at 31 March
2023.
13b.Fixed Asset Investments
2023 2023 2022 2022
Listed Investments Group and Company Group and Company
Market value at beginning ofyear 24,599,578 21,448,983
Additions
at cost		 6,542,512 6,347,631
Disposal proceeds (6,357,178) (5,325,652)
Net investment
gains
-unrealised
gains
/ (losses) on		 revaluation (1,877,430) 1,484,182
-realised gains on disposal 2,375,912 644,434
498,482 2,128,616
Market value at end ofyear 25,283,394 24,599,578
Listed Investments
2023 2022
E
UK equity shares 3,870,364 4,289,856
Overseas equities 21,413,030 20,309,722
Market value of listed investments 25,283,394 24,599,578

14.Debtors 2023 2022f 2023
f		 2022
Group Company
Amounts owed by subsidiary undertakings
-deeds ofcovenant/gift
aid		 108,538 126,285
Amounts owed by subsidiary undertakings
-other 210,299 206,122
Prepayments
and accrued income		 239,879 271,337 107,248 136,534
239,879 271,337 426,085 468,941
15.Cash at Bank and in Hand
Deposit accounts 949,703 955,110 949,703 955,110
Current accounts 38,084 162,524 10,029 10,066
Cash at Investment Managers 178,233 205,225 178,233 205,225
1,166,020 1,322,859 1,137,965 1,170,401
16.Creditors: amounts falling due within one year
Amounts owed to subsidiary undertakings 2,398,000 2,298,000
Accruals and deferred income (see note 17) 110,547 99,302 75,035 73,331
Other creditors 185,174 260,827 76,636 134,542
295,721 360,129 2,549,671 2,505,873
17.Deferred Income 2023 2022 2023 2022
R
Group Company
At 1 April 2022 23,454 27,164 4,743 8,453
Additions during the year 18,968 19,880 18,968 19,880
Amounts released (18,968) (23,590) (18,968) (23,590)
At 31 March 2023 23,454 23,454 4,743 4,743

charities where one or more of the Fou
charities:		 ndation's
Trustees also se		 rved as Trustees of
the beneficiary
Income Expenditure
E
The Lockie Trust (Trustee: Angus Fanshawe)
At 31 March 2022 5,300 3,500
At 31 March 2023 5,300 4,250
The Phoenix Cottage Trust (Trustee: David Byam-Cook)
At 31 March 2022 5,300 6,250
At 31 March 2023 5,300 4,350
The Ravensword
Trust (Trustee: Patrick		 Holcroft)
At 31 March 2022 5,300 2,500
At 31 March 2023 5,300 4,700
The Sant Trust (Trustee: Lorna Stuttaford)
At 31 March 2022 5,300 3,500
At 31 March 2023 5,300 4,350
The Tristenagh
Trust (Trustee: Andrew		 Ford)
At 31 March 2022 2,300 2,230
At 31 March 2023 5,300 1,635
The Shearwater
Trust (Trustee: Charles		 Bennett)
At 31 March 2022 5,300 4,700
At 31 March 2023 5,300 5,250
The Ringford Trust (Trustee: Alexander Scully)
At 31 March 2022 5,300 5,870
At 31 March 2023 5,300 3,320

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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24.Subsidiary 24.Subsidiary Companies
-total		 income and income and expenditure expenditure reconciliation reconciliation note
2023 2022
E E
(i) Total income ofsubsidiary companies 220,833 224,754
Plus: Group transactions
~
Management
fee		 income 12,091 10,403
~
Interest earned		 29,447 1,988
Total income ofsubsidiary companies before consolidation (note 23) 262,371 237,145
(ii) Total expenses ofsubsidiary companies 112,341 93,313
Plus: Group transactions - deed ofcovenant/gift aid 113,291 131,441
~
Management
fee		 expenses 12,091 10,403
~
Interest paid		 29,447 1,988
Total expenses ofsubsidiary companies before consolidation (note 23) 267,170 237,145