HEDLEY FOUNDATION LIMITED
A Company Limited by Guarantee
Reglstered Charity Number: 262933
Registered Company Number: 01018571
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

HEDLEY FOUNDATION LIMITED
CONTENTS
Page
Charlty Information
Report of the Trustees
Statement of Trustees, Responslbllltles
Report of the Auditor
Consolidated Statern•nl of Financial A¢livi11os
10
Consolidalod and Company Balance Sheets
Consolidated Cashflow Stalement
12
A¢countlng Poll¢le$
13-16
Notes to th• Finan¢lal Ststements
17-29

HEDLEY FOUNDATION LIMITED CHARITY INFORMATION
Trustees
A C Ford {Chaimian)
P R Holcroft
L B Sluttaford
A E Fanshawe
D W Byam-cook
C A G Bennett
A J Scully
Company Secretary
MCKitto
Registered Office
1 College Hill
London EC4R 2RA
Bankers
Royal Bank of Scotland
London Service Cenlre
4th Floor
Regenls House
42 lslington High Slreet
London N18XL
Independent Auditor
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London E14 4HD
Invostmenl Managers
Waverton Investment M8n8gement Limited
16 Babmaes Street
London SW1 Y 6AH
Savills Investment Management
(The Charities Propety Fund)
33 Margaret Street
London W1G OJD
Soll¢ltors
DMH Stallard LLP
Griffin House
135 High Street
Crawley RH10 1DQ
Company Rfrgislratlon Number
01018571
Charlty Reglslratlon Number
262933

HEDLEY FOUNDATION LIMITED
REPORT OF THE TRUSTEES
The Trustees, who are also the Directors of Hedley Foundation Limited {the Foundation), have pleasure in
presenting their Report together with the audited Financial Statements for the year ended 31 March 2024.
The Trustees have adopted the provisions of the Slalement of Recommended Practice "Accounting and
Reporting by Charities" {"FRS 102 SORP.) in preparing the Annual Report and Financial Statemenls of Ihe
Charity.
Truslees of tho Charity
The Directors of the Charitable Company are its Trustees for the purposes of charity law. The Twstees who
have served during the year and since the year end are listed on Page 1.
Objeclivos and Activitios
The Foundation was established for exclusively charitable purposes. The Foundation manages its assets
and its Subsidi8ry Companies, which together comprise the Group, and uses its income after costs to make
grants lo UK registered charilies.
The Hedley Foundation aims to impmve the qu81ity of life of people in the UK. partIcula￿Y those from
disadvanlaged backgrounds. It achieves this by m8king grants, within budget, to UK registered charities for
the benefit of young people. disabled people. elderly people. the terminally ill and otherwise disadvantaged
people and their carers. The essence of the Foundation's activities is Social Welfare and for convenience
the following categories are used..
Youth. Projects which r8i8e the 8spir8tions or help lo realise the fvll potential of disadvantaged young
people. Typically, grants are given lo Support young people into education. training or sustainable
employment. Providing an opportunity lo broaden horizons through sport and adventurous activities may
fom p8rt of this category.
Dlsabled. Projects to support and improve the quality of life of ￿Ople of all ages Wlth physical and mental
disabilities, sensory impairment and leaming difficulties.
Elderlyrremilnally 111. Projects to help elderly people to maintain independence and projects to support
those in the closing stage of life, in hospices or hospitals.
Mlscellaneous Support. Projects to support carers and social welfare projects that might support the
homeless. the employability opportunities for offenders and ex-offenders and the opportunity to reduce re-
offending.
Details of howto appty for a grant are available on the Foundation's website at www.hedle
ound8tion.or
.uk
The Trustees award grants to selected charities that have submitted applications for funding Ihat would
benefit those people outlined in the categories above. The Foundation lends not to give money lo large
scale or national charities. Typically. sums of £2.000 - £5,000 are given with occasional larger sums granted
to charities where high impact can be achieved. Most grants are one-off payments, bul multi-year grants
might be considered. Further applications from the same organisation would not normally be conSide￿d for
period of years from the date of the grant. Charities that may have submitted an unsuccessful
application for a grant may apply again after a two year period. Acknowledgements are expected from the
recipient charities and occasional follow-up visits may be made by Trustees.
Applications for grants are submitted to the Foundation, stating the sum they seek and articulating how they
would wish to use any grant made. These are all considered with particular account being taken of how any
grant would be spent, how many people would benefit, how much the applicant charity has already raised
and of their latest audited accounts. All applications are considered inilially by the Chairman and Appeals
Clerk and those most closely aligned with the Foundation's objectives are taken lo a Trustees, Sift Board,
which discusses each application in detail. Thereafter, recommendations for payments a￿ made lo the Main
Board of Trustees, which convenes a little later.
Whilst the Foundation does not have the resources to analyse the success of each grant m8de, follow-up
visits are occasionally made to see the effect that a grant will have made. The Foundation requires the
recipient lo send a written acknowledgement, after receipl of a grant, and asks lor a Report to be sent
subsequently.

HEDLEY FOUNDATION LIMrrED
REPORT OF THE TRUSTEES
Grants totalling £798,730 were made during FY2023124 to 326 charities (FY2022123 - £745,205 to 279
charities). During the period, the Trustees believed that the macro-economic Ihreals txjsed by low 9rowth,
high debl, increasing inllalion and the effects of the war in Ukraine, would be likely to cascade inlo the UK
economy and potentially affect Ihe Foundation's income streams. 11 Iranspired Ihal trading conditions
continued lo be difficull for High Street retailers as evidenced by two of the Foundation's fourteen shops
being unoccupied for significant periods of the year, leases becoming shorter al renewal lime and rents
being downwardly negolialed. The Charities Property Fund faced similar headwinds during the year.
However, lo a considerable extent the effecls of these difficullies were offset by the perfomiance of Ihe
Foundation's investment portfolio, which prospered. However, given the evident uncertainties, Ihe Truslees
mainlained a ￿latIvelY Cautious approach Trgarding expenditure throughout the period.
The Hedley Foundalion maintains a small office ofpartlime Staff who a￿ capable ofmanaging and reporting
all aspects of its activities. The Hedley Foundation's income and thus its ability lo support other charities is
derived from a professionally managed investment portfolio with Waverton Investment Management, an
investmenl with the Charities Property Fund and from rents generated from a number of retail shops, which
are lel and managed with the aid of professional advisers.
Public Beneflt
The objectives and activities as listed above are undertaken lo further the Foundation's purpose for public
benefit. The Trustees confirm that they have had regard to the guidance on public benefit issued by the
Charity Commi$$ion when considering the objectives and activities of the Foundation.
Stru¢ture, Governance and Management
The Foundation was incorporated on 23 July 19718s a company limited by guarantee and is a registered
charity- It is govemed by its Memorandum and Articles of Association. The Foundation has no share capit81
bul each member undertakes, in the event of winding up, to contribute up to £1 towards the cost of winding
up. At 31 March 2024 therewere 7 members ofthe Foundation, who are also the Trustees and the Directors
of the Charitable Company. New Trustees are aptx)inted by the existing Trustees.
The management of the quoted investment portfolio is delegated to Waverton Investment Management.
who are regulated by the FCA. The holding in CPF is managed by Savills Investment Management. which
is also regulated by the FCA. The retail property portfolio is directly managed by the Trustees, who take
professional advice from Clive Thomas and Co and Robin Hanson FRICS.
The Trustees met formally on four occasions during the year to review the perfO￿nanCe of the Foundation's
investments and ils financial state. to aulhorise the dislrtbution of grants and lo conduct Board Meetings of
the Subsidiary Companies of which they are Directors. Quarterly management accounts, formal briefings
by investment managers and advisors and govemance matters are routinely considered and documented.
Recommendations for pay and remuneration are made lo a sub-committee of the Trustees and Directors of
the Subsidiary Companies. The sub-committee, having considered various benchmarks, makes
recommendations to the full Board of the Foundation. Remuneration of staff was reviewed in December
2023.
Review of Ihe Business and Future Developments
The results for the year are set out on Page 10 of the Financial Statements. The nel movement in funds for
the year amounted to a surplus of £5,183,924 compared to a deficit of £499,058 in the prior year.
The following Companies are wholly owned subsidiaries of the Foundation..
Company
Fairhood Properties Limited
Merewood Properties Limited
Mountbarrow Properties Limited
Middlerigg Nominees Limited
Middlerigg Se￿Ices Limited
Principal Activity
Management of investment properties
Management of investment properties
Management of investment properties
Nominee company
Management services company

HEDLEY FOUNDATION LIMITED
REPORT OF THE TRUSTEES
The Management Company and the Property Companies transfer 100°A of their taxable profits to the
Foundalion under the Gift Aid and Deed of Covenant 8rrangement8.
The resulls of Ihe above Companies have been consolidated in the Statement of Financial Aclivities and
Balance Sheet of the Foundation in accordance with the Charities, Statement of Recommended Practice
ISORPI, Accounting and Reporting by Charities as updated in October 2019. The Trustees consider the
results of the investmenl propety companies and management seNices company to be satisfactory.
Flnan¢lal instrumonts
The Foundation does not receive any public or govemment funding and relies enlirely upon its invested
assets to provide funding for the making of grants. In order lo minimise the investment risk, the Truslees
have diversified the range of investments to include UK and global equities, government slocks, retail
property and unils within the Charities Property Fund.
There has been no outsourced fundraising via professional fundraisers or other third parties. As a result,
the ch8rity 1$ not registered with the fundraising regulator and received no fundraising complaints in the
year.
Reserves Poll¢y
The Foundation has total funds of £47,246,725 at 31 March 2024 all of which are unrestricted {2023
£42,062,801). Of these lotal funds, £47,597,673 could only be realised by disposing of fixed assets
{6,710.000 investment properties, £30,218,255 listed investments, £6.003.223 other investmenls and
£4.666,195 investment in subsidiaries}.
Unrestricted free reserves al the consolidated level on 31 March 2024 are £1.690.24712023 - £1,110,178).
The Trustees consider the appropriate target level of consolidated free reseNes lo be bNelve months
operating expenditure. The current level of consolidated free reserves on 31 March 2024 is in line with this
target, representing 14 months of operating and granl-making expenditure.
Investment Poll¢y
The policy of the Foundation is to combine security with higher than average income through investments,
partly in wholly owned lel retail properties, partly in units within the Charities Propety Fund and partly in 8
managed portfolio of investments.
In respect of the retail properties, the annual yield was 7 /0 (2023 - 7 101.
In respect of the Charities Propety Fund, the Cu￿ent annual yield was 4.5¥. {2023- 4.4¢AI.
In respect of the managed globally invested portfolio, the current annual yield was 1.80A {2023 - 2.1 oh).
The rental income derived fmm the relail properties and the dividend from CPF are utilised, after expenses.
for the purpose of making grants.
Risk Management
The Trustees consider th8t low growth, inflation and intemational political tensions to be the main threats to
global economic stability. By extension these factors pose the main threat to the value of the investment
portfolio. to the retail property portrolio and to the value of the units within the Charities Property Fund.
The Trustees review the Risk Register periodically {and at least annually) and routinely discuss major
strategic, business and operational risks Ihat may face the Foundation., mitigating actions. if any. are
considered.
11 is noteworthy that the annu81 cost base for the Foundation is relatively low, with more than ￿e1ve month's
unning costs being immedialely available.

HEDLEY FOUNDATION LIMITED
REPORT OF THE TRUSTEES
Third Party Indornnily Provisions
The Foundation has purchased professional indemnity insurance on behalf of Ihe Trustees. The premium
paid for the insurance was £1,606 {2023 - £448).
Trusteeg. Responslbllltle$
The Statement of Tru8lees' Responsibilities can be found on Page 6.
Audit Information
The Trustees who held office at Ihe date of approval of thls Trustees. Report confim Ihal, so far as they are
individually aware, Ihere is no relevant audit information of which the Charity's audilor is unaware., each
Trustee has taken all reasonable steps that helshe ought to have taken as a Trustee to make himselflherself
aware of any relevanl audrt information and to establish that the Charity's auditor is aware of that informalion.
Our independent auditor, PKF Littlejohn LLP, h88 signified its willingness lo continue in office.
By Order of the Board
C Kltto
Company Secretary
13 November 2024

HEDLEY FOUNDATION LIMITED
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees (who are also Directors of the Foundation for the purpyjse of company law) are responsible
for preparing the Trustees, Report and the Financial Statements in accordance with applicable law and
United Kingdom Accounting standards {UK Generally Accepled Accounting Practice).
Company and Charity law requires the Trustees lo prepare Financial Stalemenls for each financial year.
Under that law the Trustees h8ve prepared the Financial Statements in accordance with the Charities,
Statement of Recommended Practice, A￿ountIng and Reporting by Charilies issued in July 2015 and
United Kingdom Financial Reporting and Ac¢ounling Standards. Under company and charity law the
Trustees must not approve the Financial Slatements unless they are satisfied thal they give a true and fair
view of the stale of affairs of the Charitable Company and of the Surplus or deficit of Ihe Charitable Company
for that period. In preparing these Fin8ncial St8tements, the Twstees are required to..
select suitable accounling policies and lo apply them consistently.,
observe the methods and principles of the Charities, SORP. Accounting and Reporting by Charities.,
make judgmenls and eslimales that are reasonable and prudent.,
state whether applicable UK Accounting Standards, including SORP FRS 102 have been followed,
subjeGt to any malerial departures disclosed and explained in the Financial Statements;
prepare the Financial Statemenls on the going concem basis unless it is inappropriate to assume
that the Charitable Company will be able to continue in operation.
The Trustees are responsible for keeping adequate accounling records Ihat are sufficient to show and
explain the Charitable Company's Iransaclions, lo disclose with reasonable accuracy at any time the
financial position of the Charitable Company and to ensure Ihal the financial statements comply with the
Companies Act 2006 8nd Charities A¢t 2011. They are also responsible for safeguarding the assets of the
Charitable Company and frir taking ￿8$Onable steps for the prevention and detection of fraud and other
irregularities.

HEDLEY FOUNDATION LIMrfED
REPORT OF THE AUDITOR
Independent Auditor's Report to the Members and Trustees of Hedley Foundatlon Llmlted
Opinion
We have audited the financial statements of Hedley Foundation Limited (the 'parent charitable company'l
and its subsidiaries {the 'group'l for the year ended 31 March 2024 which comprise the Consolidated
Statement of Financial Activities {Including Income and Expenditure Account), the Consolidated and Parent
Charitable Company Balance Sheets, the Consolidated Cash Flow St8lemenl and notes to the financial
statements. including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102
Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the group's and the parent charitable company's affairs as at
31 March 2024, and of the group's incoming resources and application of resources, including its
income and expenditure, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in a¢cordan¢e wilh the requirements of the Companies Ad 2006 and Ihe
Charities Act 2011.
Basi5 for opinion
We conducted our audit in accordance with Inlemalional Standards on Auditing {UK} IISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Audito¢s
responsibilities for the audit of the financial statements section of our report. We are independent of the
group and parent charitable company in accordance with the ethical requirements that are relevant lo our
audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relatlng to golng concern
In auditsng the financial slatements, we have concluded that the trustees, use of the going concern basis of
accounling in the preparation of the financial statements is appropriate.
Based on the work we have perfomied. we have not identified any materi81 uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable
company's ability to continue as a going concern for a period of al least ￿e1ve months from when the
financial statements are 8Uthorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in
the relevant se￿10n$ of this report.
Other information
The other information comprise8 the information included in the report of the trustees, otherthan the financial
statements and our auditof s report thereon. The trustees are responsible for the other information contained
within the report of the trustees. Our opinion on the financial statements does not cover the other information
and, except lo the extent othenmise explicitly slated in our report, we do not express any form of assurance
conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether
the other information is materi811y inconsistent with the financial statements or our knowledge obtained in
the course of the audit, or otherwise appears to be materially misstated. If we identify su¢h material
inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to
a material missl8lement in the financial statements themselves. If. b8sed on the work we h8ve perfomied,
we conclude that there is 8 material misstatement of this other information, we are required to report that
fact.
We have nothing lo report in this regard.

HEDLEY FOUNDATION LIMITED
REPORT OF THE AUDrroR
Opinions on other mattors pr•s¢ribed by tho Companios Act 2006
In our opinion, based on the work undertak8n in the course of the audit..
the information given in the trustees, report, which includes the directors, report prepared for the
purposes of company law, fr)r the finan¢ial year for which the financial statements are prepared is
consistent with the financial statements., and
the directors, report included wilhin the trustees, report has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and parent charitable company and their
environment obt8ined in the course of the audit. we have not identified materi81 misstatements in the
directors, report included within the trustees, annual report.
We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006
and the Charities Act 2011 requires us lo report to you if, in our opinion..
adequate and sufficient accounting records have not been kept by Ihe parent charitsble company,
or returns adequate for our audit have not been received from branches nol visited by us,. or
the parent charitable company's financial statements are nol in agreement with the accounting
records and retums,. or
certain disclosures of trustees, remuneration specified by law are not made., or
we have not received all the infom)8tion and explanations we require for our 8Ltdit- or
the trustees were not entitled to take advantage of Ihe small companies, exemption in preparing the
directors, report and from the requirement lo prepare a strategic report.
Responslblllties of trustees
As explained more fully in the statemenl of trustees, responsibilities. the ITuslees (who are also the directors
of the charitable company for the purposes of company law) are responsible for the preparalion of the group
and parent charitable company financial slalements and for being satisfied that they give a true and fair
view. and for such intemal conlrol as the trustees determine is necessary to enable Ihe preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing Ihe group and parent charitable company financial statements. the trustees are responsible for
assessing the group and parent charitable company's ability to continue as a going COn￿rn, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the
trustees either intend to liquidate the group or the parent charitable company orto cease operations. or have
no realisli¢ alternalive but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011
and report in accordance with those Acts and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reason8ble assuran￿ about whether the financi81 statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes
our opinion. Reasonable assurance is a high level of 8ssuran¢e but is not a guarantee that an 8udit
conducted in accordance with ISAS {UK} will always delect a material misstatement when it exists.
Misstalements Can arise from fraud or error and 8re considered material if, individually or in the aggregate.
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial slatemenls.
Irregularities, including fraud, are instances of non-compliance wilh laws and regulations. We design
procedures in line with our responsibilities. outlined above, lo detect material misslatements in respect of
irregularities. including fraL¢d. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below-

HEDLEY FOUNDATION LIMITED
REPORT OF THE AUDITOR
We oblained an understanding of the group and pa￿nt charitable company and Ihe sector in which
they operate to identify laws and regulations Ihal could reasonably be expected to have a direct
effect on the financial statements. We oblained our understanding in this regard through discussions
with management, sector research and application of cumulalive audit knowledge and experience.
We determined the principal laws and regulations relevant lo Ihe group and parent charitable
company in this regard to be those arising from the Charities Act 2011, Companies Act 2006,
Financial Reporting Standard 102, and relevant employee legislation.
We designed our audit procedures to ensure the audit team considered whether there were any
indications of non-compliance by the group and parent charitable company with those laws and
regulations. These procedures included, but were not limited to enquiries of management, review of
minutes and review of legal and regulatory correspondence.
We also identified the risks of material misslatemenl of the financial statements due lo fraud. We
considered. in addition lo the non-rebuttable presumption of a risk of fraud arising from management
override of controls, that there was the potential for management bias in the valuation of investment
properties. We addressed this through review of the valuation reports prepared by management's
expert. testing the accuracy and completeness of inputs to their calculab'on. and challenging any
assumptions applied in the valuations for example by agreement to third paty metrics.
We also identified polentsal for man8gement bias in the judgements made around recoverability of
debtors. We addressed this through examination of post ye8r end cash received, review of
correspondence with debtors and discussion of recoverability with management.
We also identified t)otenlial for management bias in the allocation of support ¢osls against charitable
8divily categories. We addressed Ihis through reviewing the method used for reasonableness, and
re-perfonning the calculation to ensure it had been perfomied accurately in line with the slated
method.
We also identified potential for managemenl bias in the timing of recognition of rental income. We
addressed this through detailed review of signed rental agreements, forming and expectalion of Ihe
level of income to be recognised in the financial year, and Comparison to actual.
As in all of our audits, we addressed the risk of fraud arising from management oveThide of controls
by performing audit procedures which included, bul were not limited to.. the lesling of joumals,.
reviewing accounting eslimales for evidence of bias,. and evalualing the business rationale of any
significant Iransactions that are unusual or oulside the normal course of business.
Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements. as we will be less likely to become aware of instances of non-
compliance. The risk is also gre8ter regarding irregularities occurring due to fraud rather than error, as fraud
involves intention81 concealment. forgery. collusion. omission or misrepresentation.
A further des¢riplion of our ￿spOnSIbl11t1eS for the audit of the financial st8temenls is located on the Financial
Reporting Council's websile al.. www.frc.or
-uklaudilorsres
onsibilities. This descriplion form$ part of our
auditor's report.
Use of our report
This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006 and to the charitable company's trustees, as a body, in accordance
with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Ourauditwork has been undertaken
so that we might slate to the charitable company's members and trustees those matters we are required to
state lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone. other than the charitable company and the charitable
company's members as a body and the charitable company's trustees as a body, for our audit work, for this
report, orfor the opinions we have fomied.
Alastair Duke {Senior Statutory Auditor)
For and on behalf of PKF Littlejohn LLP
Statutory Auditor
15 Westferry Circus
Canary Wharf
London E14 4HD
Date:

HEDLEY FOUNDATION LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL ACTNITIES
Ilncluding Income and Expenditure Account)
Year ended 31 March 2024
Unrestricled Funds
Note
2024
2023
In¢om• from:
Income from inveslment properties
Income from Inveslrnenl portfolios
Olher Irading activilies - subsidiary companies
462,171
960,412
206,850
431,078
680,314
220,833
24
Tolal In¢omo
1,629,433 1,332,225
Expendlture on:
Raising funds
Charitable 8Ctivitie$
Other- on charitsble trading
362,248
867,802
128,280
342,912
815,527
112,341
24
Totsl Expendlture
1,358,330 1,270,780
Net In¢omo
271,103
61,445
Net realised and unrealised gains on investment assets
Net realised and unrealised losses on other investment assets
Unrealised gains on revaluation of investment properties
13b 5.243.827
498,482
(356,006) (983,985)
25,000
{75,0001
Net Movement In Funds
5,183,924
1499,058)
Fund b818nces brought forward
42,062.801 42,561,859
Fund balances carrled forward
47,246.725 42,062.801
All of the alxTrve results are derived from continuing activities. The Company and its subsidiaries have no
gains and losses other than those shown above.
In accordance with the provisions of the Companies Act 2006, a separate Income and Expenditure Account
dealing with the results of the Foundation only has not been presented.
The Accounting Policies and Notes on pages 13 to 29 fomi part of these Financial Statements.
10

HEDLEY FOUNDATION LIMITED
Company Registration Number 01018571
CONSOLIDATED AND COMPANY BALANCE SHEETS
At 31 March 2024
Consolidated
2024
2023
Company
2024
Note
2023
Fixed Assets
Investment properties
Listed Investments
Investments in subsidiaries
Other Investments
12 9,335,000 9,310,000 6,710,000 6,785,000
13 30,218,255 25,283,394 30,218,255 25,283,394
13
4,666,195 4,620,799
13 6,003,223 6,359,229 6,003,223 6,359,229
45,556,478 40,952,623 47,597,673 43,048,422
Current Assets
Debtors
Cash at bank and in hand
14
264,672
239,879
462,163
426,085
15 1,745,923 1,166,020 1,730,847 1,137,965
2,010,595 1,405,899 2,193,010 1,564,050
CreditOTS: amounls falling due wilhin
one year
16
(320,348} 1295,7211 {2,543,9581 (2,549,671)
Net Current Assetsl (Liabilitiesl
1,690,247
1,110,178
(350,948) 1985,621)
Net Assets
47,246,725 42,062,801 47,246.725 42,062.801
General Funds
Charitable funds
Non-charitable investmenvlrading company
funds
42,580,530 37,442,002 42,580,530 37,442,002
4,666,195
4,620.799
4,666,195 4,620,799
Total Funds
18 47,246,725 42,062,081 47,246,725 42,062,801
These Financial Slalements were approved and authorised for issue by the Board of Trustees on 13
November 2024.
Signed on behalf of the Board of Trustees
ACFord
Cha'rman
P R Holcro
Trust•e
The A￿oUntIng Policies and Notes on pages 13 to 29 form part of these Financial Statements.
11

HEDLEY FOUNDATION LIMITED
CONSOLIDATED CASHFLOW STATEMENT
Year ended 31 March 2024
Note
2024
2023
Cash inflow from operating
actlvltles
20
270.937
28.495
Net cash flow from operatlng
activities
270,937
28.495
Cash flow from investing activities
Paymenls lo acquire investments
Receipts from sales of investments
(5,128,863)
5,437.829
{6,542,5121
6,357.178
Net cash flow used by investing
Activities
308,966
(185,334)
Change in cash and cash equivalents
In the year
579,903
1156,839)
Cash and cash equivalents at 1 April 2023
1,166,020
1,322.859
Cash and cash equivalents al 31 March 2024
1,745,923
1,166,020
Cash and cash equivalents consist of:
Current accounts
Deposit accounts
Cash at Investment M8n8gers
25,099
1,214,656
506.168
38,084
949,703
178,233
Cash and cash equivalents at 31 March 2024
1,745,923
1,166,020
The Accounting Policies and Notes on pages 13 to 29 form part of these Financial Statements.
12

HEDLEY FOUNDATION LIMITED
ACCOUNTING POLICIES
General Infomiation 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 wound up, the liability in respect of the guarantee is limited to £1 per member of the
charity. The address of the registered office is given in the charity infomialion on page 1 of these financial
statements. The nature of the charity's operations and principal activities are charitable granl giving lo UK
registered charities.
The Charity constitutes a public benefit enlity as defined by FRS 102. The Financial Statements have been
prepared in accordance with Accounting and Reporting by Charities.. Stalemenl of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102} from 1 January 2019 the Financial Reporting
Standard applicable in the Uniled Kingdom and Republic of Ireland {FRS 1021, the Charities Act 2011, the
Companies Act 2006 and UK Generally Accepled Praclice as il applies from 1 Janu8ry 2019 The Financial
Statements have been prepared under the historical cost convenlion, with the exception of investments,
which are included on a markel value basis and investment properties, which are included on the b8sis of
annual valuations.
The Financial Slatemenls are prepared on a going concem basis under the historical cost convention,
modified lo include certain items al fair value. The Financial Statements are prepared in sterting which is
the functional currency of the Charity.
The significanl accounting policies applied In the preparalion of these Financi81 Statements are set out
below. These policies have been consistently applied to all years presented unless othe￿Ise staled.
Going Concem
It is the opinion of the Trustees that the use of the going concern basis of accounting is appropriate. At the
time of writing this Report, Ihe Trustees a￿ confident that there is reasonable expectation that the Charity
has adequate resources to continue in operational existence for the foreseeable future, at least 12 months
from Ihe date of approval of these fin8ncial stalemenls. The Trustees of The Hedley Foundation are content
Ihat the Group remains a going concern.
Basis of Consolidation
The Group Financial Statements ¢onsolid8te the Financial Slalements of The Hedley Foundation Limited
and its subsidiary undertakings.
Fund A¢¢ountlng
General funds, all of which 8re unrestricted, are available for use al the discretion of the Trustees in
furtherance of the general objectives of the Foundation.
Income Recognltlon
All income and expenditure is shown in the Statement of Financial Activities (SOFA).
13

HEDLEY FOUNDATION LIMITED
ACCOUNTING POLICIES
Charilablo A¢tiviti•s
The Foundation has a portfolio of investrnent properties generating rental income which is accounted for on
a receivable b8SiS.
Inveslmfrnt Income
Inveslment income is earned through holding assets for investment purposes such as shares and propety.
11 includes dividends, interest and rent. Interest income is recognised when receivable and dividend and rent
income is recognised as the Foundation's right to receive payment is established.
Other Trading Activities - Subsidiary Cornpanios
Income from trading activities includes income eamed from trading activities undert8ken by subsidiary
companies lo raise funds for the Charity. Income is received in ex¢h8nge for supplying goods and seNices
in order lo raise funds and is recognised when enlitlement has occurred. The gross income of Ihe
subsidiaries is shown in Ihe consolidated SOFA.
Expenditure
All expenditure is accounted for on an 8ccru81s basis. Expenditure is recognised where there is a legal or
constructive obligation to make payments to third parties. il is probable that the settlemenl will be required
and the amount of the obligation can be measured reliably. It is categorised under Ihe following headings..
Costs of raising fvnds includes the direct costs of managing the listed investment portfolio-
Expenditure on charitable activities includes direct expenditure on granl-making activities and
support costs which are allocated on a basis con818tent with the use of resources., and
Non-charitable trading and investment property expenses includes the costs of the subsidiary
companies which are incurred in relation to Ihese aclivilies.
Grants payable to third parties are included in expenditure on charitable activities. Where unconditional
grants are made, these amounts are recognised when a construcb've obligation is created. typically when
the recipient is notified that a grant will be made to them. Where grants are conditional on perfomiance. then
the grant is only recognised once any unfulfilled condilions a￿ outside of the control of the charity.
Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities
and include office costs and govemance costs. They are incurred directly in support of expenditure on the
objects of the charity. Where support cosls cannot be direclly attributed to particular headings they have
been allocated lo cost of raising funds and expenditure on Ghafitable activities on a basis consistent with
use of the resources. Premises costs have been allocated on a business to charity staff time allocation
basis. This had been reviewed in September 2016 and subsequenuy approved by the Trustees.
The analysis of these costs is included in note 5.
Operating Leases
Rentals payable under operating leases are charged on a straight-line basis over the term of the lease.
14

HEDLEY FOUNDATION LIMrrED
ACCOUNTING POLICIES
Investment Properties
Investment properties are measured at fair value al e8ch balance sheet date. with changes in fair value
recognised in 'net gains I (losses) on investments, in the SOFA.
Surpluses and deficits arising on revaluation are taken to revaluation reserves within the Foundation's
subsidiary companies (with the movement reflected in the statement of total recognised gains and 1088es},
and to the SOFA on consolidation.
Sales and purchases of investment properties are recognised at the date of exchange. where this is not
subject to conditions. as the equitable interest has passed from the vendor to the purchaser at this d8te. If
a conlracl is conditional, Credit for a sale is taken when the last material condition has been satisfied.
Investrnents
Subsidiary Companies
Investments in Subsidiary Companies are valued annually at the attributable amount of the subsidiaries, net
assets al the Balance Sheet date. This is considered by the Trustees to be a fair assessment of their fair
value.
Publicly Traded Investrnents
Publicly Iraded investments are measured at fair value at each balan￿ sheet date, with changes in fair
value recognised in 'net realised and unrealised gains l {losses) on investment assets, in the SOFA.
Taxation
The Foundation is an exempt charity 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 Finance Act 2010. It therefore meets
the definition of a charitable company for UK corporation lax purposes.
The Foundation is registered for VAT,. irrecoverable VAT (where applicable) is included with the expenditure
to which it relates. The Subsidiaries of the Foundation are liable to Corporation Tax on any taxable income
nol Covenanted or transferred by Gift Aid to the Foundalion.
Granls
Granls aulhorised in the period a￿ charged to the SOFA. Any grants authorised but unpaid al the Balance
Sheet date a￿ included in Gredilors. Grants covering more than one period are charged to the SOFA as the
money is released and is conditional on receipt of satisfactory progress reports.
Penslon Cost$
The Found8tion operales a pension scheme. Payments made are charged againsl income in the period in
which they are paid.
Judgments in applying accounting policies and key sources of estimation uncertainty
The Foundalion makes estimales and assumptions concerning the fvlure. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimales and assumplions Ihat
have a significant risk of causing a material adjustment to the carrying amounls of assets and liabilities within
Ihe next financial year are addressed below.
15

HEDLEY FOUNDATION LIMITED
ACCOUNTING POLICIES
Judgments in applying accountlng pollcles and key sourcos of ostimalion unGOrtainty (continued)
li) Impaimient of debtors
The Foundation makes an estimate of the recoverable value of tr8de and other debtors. When assessing
impaimient of trade and other debtors, m8nagement considers fa¢tors including 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 impairment provision.
(li) Valuation of investment properties
The Foundation makes an estimate of the fair value of investment properties. When assessing the fair
value, the Board seeks the help of an expert in this area and considers. amongst other things the expected
rental yields, the length of the term of the lease. the valuation of other properties in the immediate vicinty
and the condilion of the building.
16

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. Income from Inveslment Propertles
Company Company
2024
2023
Renlal Income
462.171
431.078
2. Income from Investments
Group
2024
Group
2023
Income from Managed Portfolio
Interest
Other investment income
510.334
56,178
393,900
391,230
21,013
268.071
960,412
680,314
Other investment income relates to income from investments held in managed funds outside of the main
investment portfolio.
3. Expenditure on Raising Funds
Group
2024
Group
2023
Management of investment properties
Investment management fees
169,109
193,139
172,168
170,744
362,248
342,912
4. Analysis of Expenditure on Charitable ActivitiOS
Group
2024
Total
Group
2023
Total
Direct
costs
Support
costs
Staff
Grant making
23,215
798,730
45,857
867,802
815,527
Prior year
Grant making
21,653
745,205
48,669
815,527
17

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
5. Support Costs
Basls of Investment
Allo¢atlon
Propertles
Grant
Maklng
Total
2024
Total
2023
Governance costs (note 61
Office costs
Premises & Maintenance
29,243
10,741
72.287
11.945
4,387
29.525
41,188
15,128
101,812
53,438
13,811
100,574
71 D/o-
112.271
45.857
158,128
167,823
Prior year
Governance costs
Office costs
Premises
37,941
9.806
71.408
15,497
4.005
29,166
53,438
13,811
100,574
119,155
48.668
167,823
6. Gov•man¢e Costs
Group
2024
Group
2023
Business Rates
Insurance
Accountancy Fee$
Professional Fees
Bank Charges
4,155
2,396
11,553
21,703
1,381
4,454
2,093
8,903
36.677
1,311
41,188
53,438
18

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 Mar¢h 2024
7. Analysis of Grants
Grants to
Grants to
Institutions Individuals
Totsl
2024
Total
2023
Youth category grants ly}
The Disabled category grants ID)
The Temiinally ill and Hospices IETHI
Olher Gategory grants {01
372.162
182,467
73,279
170,822
372,162
182,467
73,279
170,822
304,170
209,307
51.761
179,967
798,730
798,730
745,205
Recipients of Grants
Grant
Making
Total
2024
Total
2023
Veterans. Aid
DEC - Turkey I Syrian10)
QEST (Queen Elizabeth Scholarship Fund) ly)
Other grants paid
10.000
10,000
10,000
788,730
10,000
788,730
725,205
Total grants paid
798,730
798,730
745,205
Others grants paid includes grants p8id lo UK registered charities which are each under £10,000.
19

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
8. Not In¢om• is slalod after Charging:
Group
2024
Group
2023
Auditorfs remuneralion
audit
other setvices
land and buildings
other
21,595
6,975
61,843
396
20,760
5,360
61,843
838
Operating leases
9. Audltor's Remuneratlon
Audilorfs remuneration amounts to an audit fee of £21.595 (2023 - £20,760} and fees payable for IXBRL
t8gging, corporation tax compliance and VAT Compliance in relation to the Subsidiary Companies
of£6,975 {2023- £5.3601.
10. Staff Costs
2024
2023
Wages and salaries
Social security costs
Pension costs- employerfs pension
150,133
7,115
1,895
141,337
6,860
1,603
159,143
149.800
The aver8ge numb8r of employees during the year, excluding Trustees, was 312023 - 3). This equates
to a full time equivalent number of 2 {2023 - 21.
No employee received total employee benefits of more than £60,000.
20

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
11. Trustees, and Key Management Personnel R•mun•ration and Expenses
2024
Number
2023
Number
The number of Company Directors in receipt of emolumenls
Payment of emoluments by the Sub8idi8ry Companies lo named Directors (who are also Trustees of
the Foundation) is made in relation to managemenl and professional services provided lo these
Comp8nies.
Sir Andrew Ford is a Company Director of Fairhood Properties Limited for which he is paid a salary of
£24,500. Middlerigg Setvices Limited, for which he is paid a salary of £12,000 and Mountbarrow
Properties Limited for which he is paid a salary of £29,500 per annum. Payments are approved under
Charity Commission Order 462198 sealed on 21 December 1998.
The following Trustees. expenses were reimbursed or paid direcuy on their behalf during the year..
2024
Numb•r
2023
Numb•r
2024
2023
Travel
327
The total amount of employee benefits received by key man8gement personnel during Ihe year was
£80.05312023 - £74.820). The Trust considers ils key management personnel to comprise of..
Mary Kitto: Company Secretary
Lucy Janes.. Appeals Secretary
Christine Janes.. Financial Accountant
21

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Yoar ondod 31 MarGh 2024
12. Investment Properties
Group
freohold
land and
buildings
2024
Group Company Company
freehold
freehold freehold
land and
land and land and
buildings
bulldlngs bulldlngs
2023
2024
2023
Valuation
At beginning of year
Additions al cost
Disposal in year
Capitalised Improvements
(Gain) on revaluation
9,310,000
9,385,000 6.785.000 6.860.000
25,000
175,000)
175.000) 175.000}
At end of year
9,335,000
9,310,000
6,710.000 6,785.000
The investment properties had an original cost of £11,750,188 12023 £11,750.1881 (Group), and
£9,625,263 {2023 - £9,625,263} (Company}. The fair v81ue of investment properttes is determined by
independent, professional valuation at 31 March 2024. The valuation was undertaken by Clive Thomas
of Clive Thomas & Co Chartered Surveyors, in conjunction with Robin Hanson of Brackenridge Hanson
Tale, Chartered Surveyors and Property Consultants. Both Messrs Thomas and Hanson are Fellows of
the Royal Institute of Chartered SuNeyors. The exercise was carried out on a 'desk top" valuation basis,
which takes inlo consideration the locatson, the valuation of other properties in the immediate vicinity of
the building, the condilion of the building and the expected rental yields. Valuations are undertaken
annually.
13. Flx•d Asset Investments
2024
2023
2024
2023
Group
Company
Investment in subsidiary undertakings
Listed investrnents
Other inveslments
4,666,195 4,620,799
30,218.255 25.283,394 30,218,255 25.283,394
6,003.223 6.359,229 6,003,223 6,359,229
36.221.478 31.642,623 40,887,673 36,263,422
Details of the subsidiary undertakings can be found in Note 24.
22

HEDLEY FOUNDATION LIMrrED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
13a. Fixod Asset Investments
Company
Invostrnont in Subsidiary Undgrtakings
Valuation at beginning of year
4,620,799
Movement in year
45,396
Valuation at end of year
4,666,195
These Financial Statements incorporate the results of all the Foundation's subsidiaries, which are listed
in Nole 23. All the subsidiaries a￿ incorporated in England & Wales and are wholly owned al 31 March
2024.
13b. Fix•d Asset Investmonls
2024
2024
2023
2023
Listod Inveslm•nts
Group and Company
Group and Company
Market value al beginning of year
Additions at cost
Disposal proceeds
Net investment gains
unrealised g8in8 1 {1088e8) on revalu8tion
realised gains on disposal
25,283,394
5.128.863
15,437.8291
24,599,578
6.542,512
{6,357.178}
4,162.974
1,080.853
(1,877.430)
2,375,912
5,243,827
489,482
Market value at ond of year
30,218,255
25.283,394
Llsted Investments
2024
2023
UK equity shares
Overseas equities
2.310,187 3,870.364
27,908,068 21,413.030
Market Value of listed investments
30.218.255 25.283.394
The fair value of listed investments is detemiined by reference to the quoted price for identical assets
in an active markel at the balance sheet d8te.
23

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
14. Debtors
2024
2023
2024
2023
Group
Company
Amounts owed by Subsidiary undertakings
- deeds of coven8nVgift aid
Amounts owed by subsidi8ry undertakings
other
Prepayments and accrued income
130,600
108,538
220.502
111,061
210,299
107,248
264,672
239,879
264,672
239,879
462,163
426,085
15. Cash at Bank and In Hand
Deposit accounts
Current accounts
Cash at Investment Managers
1,214,656
25,099
506.168
949.703
38,084
178.233
1.214,656
10.023
506,168
949,703
10,029
178,233
1.745.923
1.166,020
1.730.847 1.137,965
16. Creditors: amounts falling due within one year
Amounts owed to subsidiary undertakings
Taxalion and social security costs
Accruals and deferred income (see note 171
Other creditors
2,386,000 2.398.000
16
85,431
72.511
16
117.221
203.111
110.547
185.174
75,035
76,636
320.348
295,721
2.543.958 2.549,671
The amounts owed lo subsidiary undertakings are unsecured and repayable on demand. Interest is
charged at the same rate of interest as that received by the Foundation for funds held in COIF.
17. Deferred Income
2024
2023
2024
2023
Group
Company
At 1 April 2023
Additions during the year
Amounts released
23,454
20,815
{20,815)
23,454
18,968
{18,9681
4,743
4,743
20,815
18,968
{20,8151 118,968}
At 31 March 2024
23,454
23,454
4,743
4,743
Income has been deferred in relation to rents received quarterly in advance. All deferred income relates
to a period of less than one year.
24

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
18. Fund Reconciliation
Net
Investment Balan¢• at
gainsl
end of
(losses>
y•ar
Balance at
beglnnlng
of year
Incomo Expenditure
Company Funds
Subsidiary companies, funds
Consolidation adjuslments
42,067.600 1,555,757
4,620.799
290,700
14,625,598) {217,0241
11,230,050) 4,912,821 47.306,128
(345,3041
100,000
4.666,195
217,024
1100.0001 14,725,598}
Group Funds
42.062,801
1,629,433 {1,358,330) 4,912,821 47,246,725
The Company's nel income before gainslllosses) for the year ended 31 March 2024 amounted to
£325,707. Details of the consolidation adjustsnents can be found in note 24.
19. Operatlng Lease Commitments- Company and Group
Total future minimum lease payments under non-cancellable operating leases are as follows-
2024
2023
Land and
bulldlngs
Land and
othgrs buildings
Others
Not later than one year
Later than one but not18ter than five years
62.820
188,640
396
792
62,820
62,820
950
1,188
250,740
1,188
125,640
2,138
As al 31 March 2024 there were Grant commitments of £Nil {2023 - £Nil}.
20. Reconclllatlon of nel In¢om6 lo net cash flow from
Operating Actlvlties
2024
2023
Net income for year
Ilncrease)Idecrease in debtors
Increaselldecre8sel in Creditors
271,103
{24,793)
24,627
61,445
31,458
164,4081
Net Cash Inllow from Op•raling Activities
270,937
28,495
25

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
21. Penslons
Defined contribulion pension - Employor ponslon plan
The Foundation operates a defined contribution employer pension plan for ils employees. The amount
of contributions recognised as an expense during the year was £1,895 (2023 - £1.6031.
22. Relaled Party Transactions
During the year the Foundation made grant payments of £37,100 (2023 £37.100) to 7 {2023 - 7}
charities where one or more of the Foundation's Trustees also served as Trustees of the beneficiary
charities..
Income
Grants
The Lockie Trusl (Trustee: Angus Fanshawe)
At 31 March 2023
At 31 March 2024
5,300
5,300
4,250
5,300
The Phoenix Cottage Trust {Trustee: David Byam-cook)
At 31 March 2023
At 31 March 2024
5,300
5,300
4,350
5,950
The Ravensword Trust {Trustee: Patrick Holcroftl
Al 31 March 2023
Al 31 March 2024
5,300
5,300
4,700
7,200
The Sant Trust {Trustee= Lorna Stuttafordl
Al 31 March 2023
Al 31 Ma￿h 2024
5,300
5,300
4,350
1,050
The Tristenagh Trust (Trustee= Andrew Ford)
At 31 March 2023
At 31 March 2024
5,300
5,300
1,635
4,929
The Shearwater Trust (Trustee.. Charles Bennett)
At 31 March 2023
At 31 March 2024
5,300
5,300
5.250
4,000
The Ringford Trust {Trustee'. Alexander Scully)
At 31 March 2023
At 31 March 2024
5,300
5,300
3.320
5.760
A donation of £5.000 was made to The Choral Foundation, where Alexander Scully is a Trustee.
A donation of £3,000 was made to The Grenadier Guards Charity, where Charles Bennett is a Trustee.
Provisions for doubtful related paty debtors amounted to £nil al the balance sheet date12023 £nill.
The Charity recognised £nil (2023 - £nil} as an expense during the year in respect of bad or doubfful
related party debts. There were no outstanding balances or commitments al 31 March 2024 or 2023
wlth related p8rties.
Each Trustee man8ges a charitable Trust as shown above. Each Trust receives an 8nnual donation
from the Foundation which can be used to make discretionary donatlons to any UK registered charity.
There were no other related paty transactions in the current or prior year.
26

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Yoar onded 31 March 2024
23. Results of Subsidiary Companles
The following companies are wholly owned subsidiaries of the Foundation..
Company
Company Number
Fairhood Properties Limited
Merewood Properties Limited
Mountbarrow Properties Limited
Middlerigg Nominees Limited
Middlerigg Services Limited
00712408
01539486
00591626
02298673
00431334
The management company and the propety companies Iransfer 100°/o of their taxable profits to the
Foundation under the Gift Aid arrangements.
The results of the Foundation's subsidiaries are shown in Nole 24 on page 28. These results include
intrdgroup Iransa¢tions of £11.925 {2023 £12.0911 for management services provided by Middlerigg
Services Limited to fellow subsidiaries and £71.92512023 - £29,447) inleresl arising on loans with
fellow group entities.
All subsidiaries covenant or transfer by means of Gift Aid 100 /0 of their taxable profits to the Foundation.
The subsidiaries are involved in the management of investment properties, except Middlerigg
Nominees Limited which is 8 nominee company and Middlerigg SeNices Limited which is a
management setvices company.
No deferred tax is provided on investment properties held by Fairhood Properties Limited as the
availability of indexation reduces any gains to nil. In Mountbarrow Properties Limited no deferred lax
Is provided on the investment properties. There is a potential deferred tax liability of £112,481 which
has not been recognised in the Financial Statements of this Company as there is an enduring Deed of
Covenant in place which requires the entire Company's annual taxable profit to be donated to the
Foundation and therefore any capital gain on the eventual dispos81 of the investment properties will not
cryslallise a corporation tax liability.
All companies are registered and incorporated in England and Wales.
27

ro
ou)u)
Or
OJa)r
mCD(g
tDLno

HEDLEY FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 Mar¢h 2024
24. Subsidiary Companies - total income and expenditure reconclllatlon note
2024
2023
{1) Total income of subsidiary companies
206,850
220,833
Plus: Group transactions
Management fee Income
Interest earned
11.925
71,925
12,091
29.447
Total income of subsldlary companies before consolidation (note 231
290,700
262.371
lill Tolal expenses of subsidiary companies
128,280
112.341
Plus.. Group transactions- deed of covenanvgift aid
Management fee expenses
Interest paid
133,174
11,924
71,925
113.291
12.091
29.447
Total expenses of subsidi8ry companies before consolidalion {note 23)
345,304
267.170
25. Post Balance Sheet Events
There were no post balance sheet events.
26. Financial Instruments
The Charity holds a numbBrof financial assets (for example investments. debtors and cash} 8nd financial
liabilities (for example creditors) which meet the definition of basic financial instruments under the FRS
102 SORP. Details of the measurement bases, accounting policies and c8rying values for Ihese
financial assets and liabilities are disclosed in notes 12 to 17 above.
All investments are carried at their fair value. Investments in equities and fixed interest securities are all
traded in quoted public markets. Propety and equity investments are reviewed regularly to optimise the
best financial outcome for The Foundation and its pmperty companies.
29