|||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|| |Ol
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Q| |IUz|||||||||||||||||||||||||| |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| ## ##