THE HEADLEY TRUST ANNUAL REPORT 5 APRIL 2021 5 Wlton Ro8d Lon(knSW1V 1AP
THE HEADLEY TRUST 5 April 2021 CONTENTS PAGE The Report of the Trustees 2-15 Statement of Trustees, Responsibilities 16 Independent Auditors, Report 17-19 Statement of Financial Activities 20 Balance Sheet 21 Cash Flow Ststement 22 Notes to the A¢¢ounts 23-30 Rtptsrtanrf A¢unts- SApril 2021
THE HEADLEY TRUST 5 April 2021 Legal and Administrative The Headley Trust (No. 266620) was established under a Trust D8ed dated 4 July 1973 and became a registered charity on 20 February 1974. Trustees The Rt Hon Sir Timothy Sainsbury Lady Susan Sainsbury Mr T J Sainsbury OBE Miss J S Portrait OBE Mrs C D Woodward Mrs A Mccrystal Registered Office The Peak 5 Wilton Road London SW1V 1 AP Principal Officers Mrs K Everett Mrs H McLeod Ms T Haldar Mrs K Hooper Ms H Marriott Mrs E Ponte Mr M Williams Miss S Levander Chief Operating OffIr Lead Executive Executive Executive Executive Executive Executive Administrator All the Principal Officers are employed on a part-lime basis (see Note 6 on page 27). Bankers Child & Co 1 Fleet Street London EC4Y 1BD Solicitors Portrait Solicitors 21 Whitefriars Street London EC4Y 8JJ Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Investment Advisers Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU Report and Ac¢ounts-5Aprl 2021
THE HEADLEY TRUST 5 April 2021 Investment Powers The Trust Deed empowers the Trustees to appoint investment advisers, who have discretion to invest the funds of the Trust within guidelines established by the Trustees. The objects of the Trust as given in the Trust Deed are for general charitable purposes. anisation The Trust is one of the Sainsbury Family Charitable Trusts {SFCT). which share a common adminislration. T,ruslees are appointed by the SetÉlor and are provided with relevant information relating to their responsibilities as Trustees. Truslees are aware of the Charity Govemance Code published in 2017 which sets out the principles and recommended practice for good govemance within the sector. The Trust has reviewed ils govemance arrangements against the principles within the code and believes that it is compliant wth the code whilst maintaining its need to operate its governance efficiently. The remuneration of the senior stsff (induding key management personnel) is revi8W8d by the Trustees on an annual basis taking into account the requirements of their role and performan during the year. From time to lime the SFCT Management Committee benchmarks pay levels against comparable posilions in slmilar organisalions. The Trust and its Trustees are fully aware of the requir8ments and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does nol raise funds from the public and as such has no fundraising activities requiring disclosure under Sl 62A of the Charities Act 2011. The Trustees are responsible for the overall direction and supervision of the Headley Trust., they set the Trust's strategy, review proposals and approve grants. The Trustees delegate day-to- day operations to the Trust's Lead Executive, Helen McLeod. Policies During the year the Trustees considered proposals under the following categories: Arts and Heritage- UK Arts and Heritage - Overseas Developing Countries Education Health and Social Welfare Proposals are generally invited by the Trustees or initiated at their request. Trustees aim to support innovative schemes that can be successfully replicaled or become self-sustaining. Trustees do not normally make grants to individuals. A significant number of revenue support grants were made within the above categories to support organisalions affected by the Covid- 19 pandemic. These grants were made to previouslyfunded organisations, and to organisations with grant schemes for other organisations and individuals. There have been no significant changes in the grant-making policies of the Trust over the period under review. R8port*)d A¢eounts-5 Aprfl 2021
THE HEADLEY TRUST 5 April 2021 Reserves Polic It is the policy of the Trustees to approve grants for payment over a period of years, subject lo certain conditions over the life of the grant. Those expected to be paid within e1ve rnonths of the year end are accrued in the accounts, whilst those due lo be paid later than this are not accrued. These are referred to in note 4 to the accounts and amount to £226,040. They represenl funds eamiarked for continued support to certain existing beneficiaries. although formal commitments have not yel been made. The Trustees consider thal when possible it is appropriate to hold free funds, both to meet the short-term working capital needs of the Trust and in anticipation of the potential payment of subsequent grant instalments. In the unlikely event that the Trustees find themselves unable to Meet current commitments from unrestricled reserves, they would be willing to draw on expendable endowment in order to meet those commitmenls as they see fit. The costs of grant- making during the year exceed8d the available income, resulting in a deficit on the unrestrirted reserves of Ihe charity as at 5 April 2021. The trustees considered the extent lo which this deficit would be met by future income and concluded that it would be appropriate to make a transfer of £1.3 million from expendable endowment which is included within the Statement of Financial Activities. Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available resources is adequate and thal the Trust is In a posillon to meet all Its commitments. As at 5 April 2021, the Trust held totsl fvnds of £79.4 million, comprising an expendable 8ndowmenl fund of £79.1 million and unrestricted reseeS of £0.3 million. Investment Polic and Performance Trustees meet with their investment managers regularly to discuss investment strategy and also to seek to ensure that the Trust's income requirements are met, and that long-term capital gro is in line with relevant indices. The Trustees normally hold investrfients for the long term and look principally to income for their grant making. supplemented by the use of capital where requested. The Trust's main portrolio rose in value over the past 12 months, producing a total return net of all costs of +27.70/0 as markels rebounded from their March 2020 nadir on the back of supportive monetary and fiscal policy provided by governments and central banks globally. Perfomiance was well ahead of the portfolio's long-term UK CPI +40/. target, which rose +4.50/0 over the period. Having outperfomied ils composite benchmark in recent years, the portfolio's relative performance this year was more challenging despite the strong absolute retum, with tha composite benchmark rising +29.8 %. As at 5 April 2021, J Sainsbury shares represented 6.20/0 of the Trust's value. The Trust received £2,143,088 of income over the twelve-month period and £1.5m of capital was withdrawn. Risk Assessment The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, systems are in place to meet such potential risks as the Trustees have identified. The Truslees continue to be vigilant and to keep pr(Kesses under review. R8POrt and Accoutrt¥-S April 2021
THE HEADLEY TRUST 5 April 2021 The Trustees identlfled the uncertalnty of financlal returns to constitute the charlty's major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investment strategy and monitor rinancial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year. Another major risk is a misuse of funds by a beneficiary. To mitigate this risk the Trustees normally restrict grants to charities registered with the Charily Commission or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored., multi-year grants are paid only on reipt of satisfactory progress reports. Chari and Public Benefit Trustees are aware of the Charity Commission guidan on public benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2Q11 to have due regard to it. They consider the full information which follows in this annual report, about the Trust's aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the b8n8fit to its beneficiaries, and through them to the public, that arise from those activities. Review of the Past Period The Trustees met four times during the year to make grants and further lce to review investment aclivity. The assot value of Ihe Trust increased by 21 % from £65.5 million at 5 April 2020 to £79.4 Million at 5 April 2021. The net unrestricted income of the Trust for the year after charging grant related support costs was £1.7 million compared to £1.8 million for the year to 5 April 2020. During the year grants to the value of £2.8 million were approved. Certain grants are payable over more than one year and those due to be paid after 5 April 2022 are not accrued in these accounts and amounted to £226k at the year end. Grants paid of £3.4 million to 5 April 2021 include payments from capiLg1 as follows: Art Fund Dorset County Museum British Museum Archaeological Research Collection Worcester College £250,000 £30,000 £250,000 £500,000 Trustees have decided that the best way of benchmarking the expenses incurred in running the charity is to measure these costs relative to its day-to-day activily of grant-making, as income alone is an unsuitable benchmark for charitable activity. On that basis, grant related support costs represented 14 % of the value of grants paid, which tolalled £3.4 million (2020: 120/0). Reportand Attounts- 5 April 2021
THE HEADLEY TRUST 5 April 2021 GRANTS APPROVED Grants approved during Ihe period may be analysed by numbar and by value In the categories set out below- Grants Approved 124 Value Arts and Heritage- UK Arts and Heritage - Overseas Developing Countries Education Health and Social Welfare 1,674,720 87,122 198,500 235,280 557,760 2,753,382 17 110 269 Revenue Support grants are listed within the categorles below. ARTS AND HERITAGE - UK- £1,674,720 Trustees funded a wide variety of projects to conserve and enhance important aspects of the UK'S cultural heritage. This included support for: Regional museums and galleries, with special consideration for curatorial support and acquisitions. The display, study, and acquisition of British raMics- Conservation of industrial. maritime and built heritage- Archaeology- Arts educationloutreach and access to the arts for disabled and disadvantaged people. The Headley Museums Archaeological Acqulsltion Fund. Beamish Museum- £20.000 Towards Ihe Working Georgian Pottery exhibit. Calstor Roman Project - £5,000 Towards further excavation costs at Venta Icenorum in Norfolk. Cornwall Museum Partnershlps - £9.000 Towards the film project for care homes. Dorsel County Museum- £30,000 Towards the purchase of the Dewlish Mosaic. Hepworth Wakefield - £20,000 Towards the costs of a 10th anniversary exhibition atwjut Barbara Hepworth's art and life in the UK. RepDrt and Accounts- S P4)iiI 2021
THE HEADLEY TRUST 5 April 2021 Heritage Trust of Lincolnshlre - £7,500 Towards the Culture Truck Project. Ironbridge Gorge Museum Trust- £40.000 Towards restoration costs of the roof of the Museum of the Gorge. Maldon Town Counciirrhomas Plume Library Trust - £21,000 Towards renovations of the Thomas Plume Library. Modern Art Oxford - £10.000 Towards general costs. MV Balmoral Fund Ltd - £5.000 Towards the deck r8pairs for MV Balmoral. National Lobster Hatchery - £20.000 Towards Ihe New Chapler project (increase of visilor centre space). Norwich Castle Museum & Art Gallery - £10,000 To fund an extension for the post of Assistant Curator for a period of six months. Railway Paths - £40,000 Towards the repairs of the Bennerley Viaduct. Solent Sky Museum - £20,000 Towards the conservation and repair programme for Solent Sky Museum's LV78 Calshot Spil. South Downs National Park Trust- £30,000 Towards the Phase 1 restoration - Femhursl Furnace Project. St Albans Museum - £5,000 Towards the conservation work on the Napoleonlc bone ship. The Sainsbury Archive - £125,000 Towards running costs for the f¢ve years to 2024125. Tullie House Museum & Art Gallery-£45,000 To support the employment of a new Biodiversity Curator. Unicorn Preservatlon So¢lety - £5,000 Towards the buoyancy project so that vital repairs to the hull can be carried out. Woolf Institute-£25.000 Towards the salary costs of the Development Director. Another 17 smaller grants were awarded within AHUK totalling £22,470. Arts & Herltage - UK Covid-19 Revenue Support granls: Art Fund - National Art Collections Fund- £100,000 Towards its Respond and Reimagine grants programme for Covid-19 support to organisations. Reportand Accuunt&- 5 April 2021
THE HEADLEY TRUST 5 April 2021 Corn Exchange Trust- two grants totalling £15,000 De La Warr Pavlllon Charltable Trust - £7.500 Holocaust Educational Trust - £15,000 Museum Freelance Network - two grants totslllng £15.000 Museum of the Home - £10,000 Museums Association Benevolent Fund - £10,000 National Holocausl Centre & Museum - £10,000 National Maritime Museum Cornwall - £10.000 Newbury Sprlng Feslival - £7,500 Opera Holland Park Friends-£10,000 Potteries Museum & Art Gallery - £10,000 Stained Glass Museum Trust. Ely - £10,000 Unlverslty of Oxford - Ashmolean Museum - £20,000 Unlverslty of Oxford, Worcester College - two grants totalling £500,000 Watermlll Theatre Trust- two grants totalling £25,000 Windermere Jetty Museum - £15.000 The Cathedrals Pro ramme- £171000 Trustees funded repair work to the fabric of ancient cathedrals and large churches of exceptional architeclural merit (pre 181h.century). Modern amenities. organ repairlrestoration and chofal scholarships are not normally eligible. Carlisle Cathedral Development Trust- £20.000 Towards the renewal of rainwater goods al Carlisle Cathedral. Halifax Minster- £30,000 Towards fabric repairs. Hexham Abbey - £15.000 Towards the costs of stabilising the stonework of the Chancel East End. Manchester Cathedral- £20,000 Towards the cost of replacing the lead roof to the Quire and minor repairs to the Chapter House roof. R8PCrt and Aceounls-5Aprll 2021
THE HEADLEY TRUST 5 April 2021 Newcastle Cathedral - £20,000 Towards the reposilioning and conservation cost of the Unknown Knight. Salisbury Cathedral -£30,000 Towards the cOnseation of a cross on St Pete$ Gable. St Mary's Church, Beverley - £36,000 Towards Ihe restoration of the south nave clerestory. The Headle Museums Archaeolo ical Ac uisition Fund-£23 250 This schome was established In 2004 lo help regional and local museums raise the funds to purchase treasure items and archaeological artefacts found in the UK. It is a partnership with the Arls Council EnglandNiGloria and Abert Museum Purchase Grant Fund. 11 grants totslling £23,250 were awarded this year to the following museums. making a total of 333 since the scheme began. Craven Museum & Gallery Halesworth and Distri¢t Museum Ludlow Museum Lynn Museum Museum of Somerset North Lincolnshire Museum Shrewsbury Museum & Art Gallery The Collection Museum, Lincoln The Parish Churches Pro ramme- £175 500 Funding was given for fabric repairs to listed medieval parish churches in sparsely populated and less prosperous rural areas. Urban churches are not eligible, and trustees do not fund the conslruction or refurbishment of church halls, kitchen facililies or olhef modem amenities except for the provision or upgrade of parish church toilet facilities and disabled a¢SS. Grants amounting to £35,250 were made In the Dlocese of Ely: All Saints Church, Morbome All Saints Church, Rampton st Andrew's Church, Northwold St Augustine's Church. Burrough Green st Bartholomew's Church, Great stukeley St John the Evangelist's Church, Little Wilbraham St Mary & The Holy Host of Heaven's Church, Cheveley St Mary the Virgin's Church, Beachamwell St Mary-the-Less Church, Westley Watedess St Peter ad Vincula's Church, Coveney St Pelerfs Church, Cadton ond Acounts-5April 2021
THE HEADLEY TRUST 5 April 2021 Granls amounting to £30,250 were made in the Diocese of Llandaff: St Andrew's Church, St Andrew Major St Hilary's Church, St Hilary St Ilan's Church, Eglwysilan St Iltud's Church. Llantwit Major St Mary the Virgin's Church, St Mary Church St Tyfodwg's Church, Glynogwr Grants amountin9 to £37,500 were made In the Diocese of Norwich: Al Saints Church, CrosbNight St Botolph's Church. Trunch St James, Church, Southrepps St Martin's Church. Thompson St Mary the Virgin's Church. North Elmham Sl Mary the Virgin's Church. Pulham Sl Mary St Michael & All Angels Church, Swanton Abbott St Nicholas Church, Bracon Ash St Nicholas Church. North Lopham st Peler & Sl Paul's Church, East. Harflng St Peter & St Paul's Church, Forncett St Peter Grants amounting to £32,750 were made in the Diocose of St Asaph: St Collen's Church. Llangollen St Derfel's Church. Llanderfel st Llwchaiam's Church, Llanmerewig st Mael and St Sullen Church. Corwen St Mary's Church, Llanfair Talhaiarn St Mary's Church. Nercwys St Nicholas Church, Montgomery St Sadwrn's Church, Henllan St Tysilio's Church, Llantysilio Grants amounting to £13,000 were made in Ihe Diocese of St David: st Mary's Church. Begelly St Michael's Church, Llanfihangel y Creuddyn St Patrick's Church, Pencarreg Grants amountlng to £26,750 were made in the Dlo¢ese of St Edmundsbury & Ipswich: All Saints Church, Hacheston All Saints Church, Hartest st Andrew and St Patrick's Church, Elveden st Lawrence's Church, South Cove st Mary the Virgin's Church, East Bergholt Sl Mary the Virgin's Church, Neltlestead Sl Peter & St Paul's Church, Wangford Sl Peter's Church, Creeting St Peter Report and Accounls- 5 Aprfl 2021 10-
THE HEADLEY TRUST 5 April 2021 ARTS AND HERITAGE - OVERSEAS - £87,122 Trustees supported conservation and recording of heritage (including ecclesiastical & vemacular architecture, archaeology and cultural artefacts), primarily in South Eastern Europe (Slovenia, Croatla, Albania, Greece, Macedonia, Bulgaria, Romania. Serbia, Montenegro, Bosnia- Herzegovinal, as well as Ethiopia. Funding supported raising awareness of heritage Issues In these countries- supporting the capacity of new heritage NGOS,. training the next generation of conservation and heritage professionals., engaging young people in their h8ritage. Priority was given to locally led organisations employing local experts. Balkan Museum Network- £13,500 Towards ils small grants scheme. Boulouki -£25,000 Towards core funding to help the organisation consolidale and grow. Cultural Assoclatlon of figrai - £5.000 Towards the provision of tr8ining about the cultural and economic value of the country's heritage. The Friends of Aphrodisias Trust - £15.000 To part excavate, study, conseNe and publish finds on the House of Kybele at the Aphrodisias site in Turkey. Monumentum . £10,000 To create technical plans and assess the feasibility and cost5 of restoring the Saxon Church in Roades, Romania. Venice in Peril Fund - £8,622 Towards the'water-proofing. of San Nicolo. Zenica City Museum -£10.000 To train museum staff and other heritage professionals in the dying craft of model making, to restore historically significant models and to attract new young visitors to the museum. Report and Accounts-SAyil 2021
THE HEADLEY TRUST 5 April 2021 DEVELOPING COUNTRIES - £198,500 Trustees prioritised development initiatives in sub-saharan Anglophone Africa and agreed to consider core funding to organisations and projects that test new approaches, with priority given to locally led organisations employing local experts. The two main themes for this category are: Education - helping girls to continue their education beyond primary school, improving students, access to secondary and tertiary education, and projects to improve the quality of teaching. Healthcare - trachoma prevenlion and treatment programmes in Ethiopia and care for mothers and infants across sub-saharan Anglophone Africa. In exceptional cases, Trustees agreed to consider requests for support for access to safe water, promoting better use of water resources and sanitation projecls. Adeso Afrlcan Development Solutions - £37,500 Towards core costs. Home Start Uganda - £30,000 To train local volunteers in Weslem Uganda to educate vulnerable families in nutrition and health needs of infants to reduce the rate of 'stunting'. Microloan Foundation - £42.500 To support its loan programmes for women entrepreneurs in Zambia. Purposeful - £35,000 To enable the organisation to respond flexibly to meet the health and education needs of girfs In Sierra Leone in the wake of Covid-19. Tlwale Communlty Based Organlzatlon - £10.000 Towards core costs. Another I0 smaller grants were awarded in the Developing Countries category totalling £3,500. Developing Countries Covid-19 Revenue Support grants: Adeso Afrlcan Development Solutlons - £5,000 Afrl¢an Medical & Research Foundation {AMREF) - £15,000 Internatlonal Health Partners - £10,000 Orbis Charltable Trust - (fornierly known as Orbis Internatlonall - £10,000 Rfrwrt and Attounts-SAprl 2021 12-
THE HEADLEY TRUST 5 April 2021 EDUCATION - £235,280 The main focus was to provide bursaries for UK students (principally postgraduate) of music and dance, as well as apprentIShipS and vocational training in conservation and heritsge skills. Conservation Centre for Textile Conservation and Technical Art History - £20,OOQ To support students on the MPhil Textile Conservation Course. city & Gullds of London Art School - £30.000 To support BAJMA students on the Conservation of Cultural Artefacts course. Unlverslty of York - £20.000 To provide bursaries for UK postgraduates on the MA in Stained Glass Conservation 8nd Management programme. MusiclDance International Musicians Seminar- £30,000 To support talented postgraduate British students to study chamber music. Royal Academy of Dance- £30,780 To provide one full and part-bursaries in each year for students on the CertificatelDiploma in Ballet Teaching Studies programme. Royal Northern College of Music-£30,000 Towards bursaries for UK postgraduate musicians. Southbank Slnfonla - £18.01)0 To provide two bursaries of £9,000 each for orchestra posts. Another three smaller grants were awarded in the Education category totalllng £4,000. Educatlon Covid-19 Revenuo Support grants: Council of Chrislians and Jews - £5,000 Dance Professionals Fund - £10.000 Guildhall School of Music & Drama- £7,500 Royal College of Musi¢ - £7.500 Royal Northem College of Muslc - £7,500 Royal Opera House Benevolent Fund - £10,000 University of York- £5,000 Rewt and Accounts-SAprH 2ff21 13-
THE HEADLEY TRUST 5 April 2021 HEALTH AND SOCIAL WELFARE - £557.760 The priority areas were- Supporting older people - projects that encourage older people to live independently for as long as possible-, projecls to improve older people's quality of life in residential care homes. including supporting people with dementia., carers, projects.. Disadvantaged families and young people - projects that support families, including pre-school children; parenting education,. Small grants providing practical aids for disabled people. Age UK County Durham - £40,000 Towards core costs. Age UK Reading - £5,000 Towards running costs. Care & Repair England- £52,500 Towards the salary of an officer for the north of England. Entelechy Arts - £40.000 Towards core costs. Equal Arts- £20.000 Towards core costs. Family Links - £40,000 Towards core costs. Fareshare - £25.000 Towards its response to the coronavirus pandemic. Marriage Foundation - £20,000 Towards core costs. Turtle Key Arts - £20,000 Towards core costs. Tutor Trust - £40.000 Towards tuition for children in their last iwo years of primary school to support their transition to secondary school. Another 26 smaller grants were awarded totalling £40,000. Health and Social Welfare Covld-19 Revenue Support grants: Alive Activities - £10,000 Attend Ltd -£10,000 Roport and Accounts-5 April 2ff21 14-
THE HEADLEY TRUST 5 April 2021 Best Beglnnlngs - £15,000 Hackney Quest - two grants totalling £20,000 Home4tart UK-£20,000 Jamie's Farni . £18,500 Klng's Cross Brunswick Neighbourhood Asso¢tation (KCBNAI - £15,000 Live Musi¢ Now- £7,500 Living Paintings Trust- £15.000 Re-Engage - £15,000 Vol¢es Foundatlon -£10,000 Aids for Disabled Peo le The Trustees awarded a number of small grants for aids for people with varying disabilities, channelled through organisations such as charities, councils, hospitals, social seNices and Citizens Advice Bureaux. Grants were award8d for a range of equipment, induding, but not limited to, the following.. Specially adapted computer systems., Communication equipment- Specialised chairs., Wheelchairs; Electric scooters; Specialist beds. 62 grants totalling £59,260 were awarded for these purposes during the period. Grants Cancelled Grants totalling £12,960 were cancelled, refunded or amended during the period. Futur pi The Trust will continue to support the activities set out on page 6 by the award of grants. Trustees will continue to support long standing beneficiaries lo help them overcome the challenges of the Covid-19 pandemic. R&port Accounts- 5 April 2021 15-
THE HEADLEY TRUST 5 April 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE ACCOUNTS The Twstees are responsible for preparing the Trustees. Report and the financial statements in accordan¢e wth applicable law and regulations. Charity law requires the Trustees lo preparè financial staltrmenls for each financial year in accordance wth UnSled Kingdom Generally Accepted Ac£ounliThJ Practice Iunfted 'ngdoM Accounting Standards} and applicable law. Under charity law the Trustees musl not approve the financial statements unless thèy are satisfied that they give true and fair view of the state of affairs of the Charity and of its net ¢)ulgoing resources for that period. In preparing these financial statements, the trustees are rewired to.. select suitable accounting poliues and then apply them wnsiStenlly- m*eludgments and estimates that rgasonable ar prudent., stste whgther applible accounting standards have en followed, subjeLI lo any material departures disclosed and explained in the financkgl statemants.. prepare the finan¢io1 stslements on the going concem basis unless it is inappropriate to presume that the charity wll continue lo operate. The Trustees are responsible for keeping proper accountin9 rgcords that are sufficient to show and explain the charity's transactions and disclose wrth reasonable a¢¢ura¢y at any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Account5 and Reports) RÈgulations 2008 and the provisions of thè trust dèed. They are also reSPsIble for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection ol fra1 and other irregularitsgs. Approved by the Board of Trustees on 20 October 2021 and signed on their behalf by ..TRUSTEE Sir Tim y Sainsbury Report and AcrAiunts-SArKII 2021 16-
THE HEADLEY TRUST 5 April 2021 Independent Auditorfs Report to the Trustees of The Headley Trust Opinlon We have audtrted Ihe financial ststgmgnts of The Headley Trust I'the charity'l for the year ended 5 April 2021 which comprisè the St*ement of Finanaal Activi(ies, the Balancè Sheet, the Cash Flow Statement and notes to the financial stalemenls. including Si9nificant accounting policie5. The ffinancial reporting framework that has been applied in their preparation is applicable law and United Kingdom A¢¢ounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK aThl Republic of Ireland (Unileil lfjngdom Generally Accepted Aco)unling Practice}. In our optnion the financial stalernenls- give a true and fairview of the state of the charity's affairs as al 5 April 2021 and of its income and expenditure. for the year then ended- have bgen property prepared in atxordance wlh UnSled Kingdom Generally Accepted Accounting practi., and have been prepared in accordan with the requlrements ofthe Charilles Act 2011. Basis for opinion We conducied our audit in accordan wth Intemational Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under Ihoso standards are further described in the Auditorfs responsibilities for the audit of the financial stalernenls Section ol our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in ardance Wth th8se requirements. We believe that the audit evidence wg have obtained is suffiaent and appropriate ID provide a basi5 for our opinion. Conclusions relating to going concern In auditing the finanaal slaterrEnls. we have nduded that the Iru5tee's use of the going concem basis of accounting in the preparation of the fin8n¢181 statements is appropriate. Based on the work wo have perfomed, we have nol i(Jèntified any matèrial uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubl on the charity's ability lo continue as a going conrn for a period of at least twelve months from when the finanaal statements are aulhorised for issue. Our responsibilities and the resrN)nsibilitses of the trustees with respect to going concern are described in the relevant sections of this report. Other inforniation The Irusletss are responsible for the other inforrnation contained within the annual repo The other infomiation comprises the infomiation in¢lud8d in thg annual report, otherthan the financial slalements and our audilorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and, expt to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether thè other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsisl8nci&s or appant material m1sstatsrnts, we arg required lo determine whether this gives rise to a material misstatement in the financial statements Ihernselves. If. based on the work we have performed, we condude that there Is a material misstatement of this other infomiauon, we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are requIr to r•port by ex¢¢ptlon We have nothing lo report in respect of the following rnatters in relation to which the Charities IA(£ounts and Reports) Regulations 2008 requires us to report to you if, in our opinion-. the infom)alion given in the financial stslements is inconsistent in any material respecl with the twstees, report.. suffiaent and proper accounting reo)rds have not been kept by thè charity.. or the financial statements are fK)l in agreement with the accounting records and retums. or we have not rÈ¢8ived all the inl(Ymation and explanations we require for our audit. Repcrt and Acuun15- 5 April 2021 17-
THE HEADLEY TRUST 5 April 2021 R&sponsibilities of trustses As explained morg fully In the Irustses, responsibilities statement set out on pag& 16, the trustees are responsible fu the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Inlemal control as the trustees delemine is necessary to enable the preparation of financial statèments that are free from m81erial misslatemenL whether due to fraud or error. In preparing the financial statements, the trustges are r&spon5ible for assessing the charity's ability to continue as a going concem. disclosing, as applicable, rnatters related lo going cOnM and using th& going ¢oncem basi5 of accounting unless the trustees either intend to liquidate the charity or to ase operations, or have no realistic alternative bul to do so. Auditor's responslbllltles forthe audit of the financial statements We have been appointed as auditor under sectlon 151 of the Charities Act 2011 and report in awdance wlth the Acts and relevant regulations made or havsng effect Ihereunder. Our objectives are to obtain reasonable assurance atrM)ut whether the financlal stslemenls as a whole are free from material misstalemenl, whether due to fraud or error, and.lts issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guaranteè that an audit (x)nducled in accordance with ISAS IUKI will always delect a material misstslemenl when il exists. Misstatements can arise from fraud or and are considered material if, individua15y or in the aggregate, they could reasonably be oxpected to Influence the economic de¢ision5 of u5er5 taken on the basis of thesè finan¢ial slatemenls. Details of Ihe 9Xtenl lo which the audit was considered capable of delecling irregularities, including fraud and non- complianc& with law5 and regulations are set out below. A further descripllon of our responsibililies for the audit of the financial slatenenls is located on the Financial R8porbng Council's website at.. www.Irc. This description forms part of our audilorfs report. Extent to whlch thè audit was considered capable ol detectlng Irr•gularltles, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulalK>ns. We identified and assessed the risks of material misstatement of the financial statements from irregLar1ILes. whether due to fraud or error, and discussed these be£en our audit team members. We then designed and perfomied audit procedures responsivè to those risks, induding obtaining audit evldence sufficient and appropriate to provide a bass for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusiryJ on those laws and regulations that have a direct effect on the detemiinalion of material amounts and disclosures in the financial statements. The laws and regutatsons we considered in this context were the Charities Act 2011 together with the Charities SORP IFRS 1021- We assessed the required o)rnpliance wth these laws and regulations as part of our audit procèdu$ on the r8laled financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect Dn the financial slatemgnts but compliance with which might be fundamental lo the charity's ability to operate or to avoid a material penalty. We also considerèd the opportunities and incentives that may est within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Dats ProlectK)n Regulation {GDPRI. Auditing standards limit the requited audit pr(dureS to identify non-compliance with these laws and regulations to enquiry ofthe Trustees and other management and inspection ol gUlatOry and legal CorreSpojenCe, if any. We identified the greatest risk of m*erial impact on the finanaal sialements from irre9ularibes. induding fraud, to be within the 0rrIde of controls by management. Our audit procedures to respond lo these risks included enquiries of management about their own idenlificalion and assessment of the risks of irregulariiies. sample testir@ on the posting ol joumals, reviewing accounting estimates for biases. reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those chaiged wth governan. Owing to the inhorent limitations of an audit, there is an unavoidablè risk that we may not have detected some matsrial misstatements in the financial statements, even though we have properly p1anrd and perfomied our audlt in accordance with auditing stsndards. For example. the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherenuy limited procedures required by auditing Standards would identify it. In addition. as with any audit, there remained a higher risk of non-delection of irregularities. as these may involve collusion, forgery, intentional omissions. misrepresentations. or the override of intemal ¢onlrols. We are not responsible for preventing non-compliance and Report andAccots- 5pri1 2021 18-
THE HEADLEY TRUST 5 April 2021
cannot be expected to detect non[-] compliance with all laws and regulations.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Crowe U.K. LLP Statutory Auditor
London
Date 25 January 2022
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Report and Accounts - 5 April 2021
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THE HEADLEY TRUST 5 April 2021 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL2021 Unre$lri¢ted Expendable Total Funds Funds Endowment 2021 £'ooo £'ooo £'ooo Total Fund$ 2020 rooo Plotos Income Income from inVestmtS Donations and gifts Total Incomg and endowments 2,159 2.159 2, 127 i(x) 2,227 2,159 2,159 Expendlture Cost of raising funds Inwstmènt rnanwjement costs 312 312 287 Charitable aclivities Grant-m8king'. Grant experKliture Grant rdated support costs 3.020 463 3,020 463 3.064 411 Cost of grantrymaklng 3,4&3 3,483 3.475 Total expgndituro 3,4&3 312 3,795 3.762 Ngt operatlng deficit {1.3241 13121 11.6361 (1.535) Currency exchange Ilossèsllgains Net Ilossesygains on investrnents 1,062 14.527 1.062 14,527 (654) {4,280J Transfers befften funds 11 1.3(t) 11.3CM)I Net movement In funds 1241 13,977 13.953 16,469) Recon¢llSatlon of funds Total funds brought forward Total funds carried forward 310 65.175 79.152 65.485 79,438 71,954 65,485 The notes on pages 22 to 29 form part ol these nts. Report and AGtouni&- 5April 2021 -20-
THE HEADLEY TRUST 5 April 2021 BALANCE SHEET AS AT S APRIL2021 Notes 2021 £'ooo 2020 £'ooo £'ooo FIXED ASSETS Tangible fixed assets Investments 14 80,627 66,774 CURRENT ASSETS Dgbtors Cash at bank and in hand 106 354 460 558 953 CURRENT LIABILITIES CredSlors- amounts fallirKJ due within 1 year NET CURRENT LIABILITIES 11,1891 (1.289) NET ASSETS CAPITAL FUNDS Expervjable endowment 79,152 65,175 INCOME FUNDS Unrestricted lunds 11 286 310 The nancial stem¢nts We approved and authorfsed for Iswe by the Trustees on 20 Octoter 2021 and were signed on Iheir behalf by '. . TRUSTEE Timothy sbury The notes on pages 22 to 29 lomi part ol these accounts. Rq)ort and ACunts-5Al 2ff21 -21-
THE HEADLEY TRUST 5 April 2021 CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL2021 2021 £'ooo 77 2020 £'ooo Cash flows from operatlng actlvltles Net $h lusgd In) op•rating odivitie8 Cash flows from investing actlvStles Dividends and interest Purchase of investments sale of investments N•t fash generated by Investlng actlvltlÈs 2,154 122.5531 2, 177 (27,662) Changg in cash and cash equlvalents In thè ar Cash and eash equivalents at the beglnnlng of the yèar Cash and cash equlvalents at tho tnd of the year 1,654 (1, 181) Reconciliation of net expendlture to net cash flowfrom operating activities 2021 £'ooo 13,953 114,5271 12,1541 2Q20 £'1700 (6,469) 4.28Q (2, 177) (182) Not rnovernenl in fvnds IGainsylosses on investMts Dimdends and interest Exchange Igainsy losses Depreciation charge Decrease in debtors Decrease in creditors Fixed assets additions Net cash (used inl operating activities 11 452 1593} 27 (503J Analysi$ of the balance ol Cash as shown In th• balan¢• shè•t Change in year £'ooo 1411 1,695 1,654 2021 £'ooo 354 3,102 3.456 2020 £'ooo 395 1,407 1,802 Cash at bank and in hand Cash balances held by investrnent manager for reinvestrnent Report and Aolts- 5 Aprfl 2021
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS CHARITY INFORMATION The charity is unincorp)rated and registe in England and Wales with the Charity clMI$s1on Ireglstration number 2666201. The address of the registered office is.. The Peak S Wlton Road Londt)n SW1V 1AP 1. PRINCIPAL ACCOUNTING POLICIES al Basis of preparatlon The finandal statements have been prepared In accordance wlth the chare$ SORP IFRS1021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard aptAicable in the UK and Republlc of Ireland and the Charities Act 2011 and UK Generally Accepted Pracbce as il applies from 1 January 2015. The financial statements have been prepared to give a 'true and fair view. and have departed from the Charfties (Accounts and Reports) Regulations 2008 only to the extent required to provide a'true and fairview.. This departure has invdved fdlowing Accounting and Reporting by Charities preparing their accounts in ac¢cffdan with the Financial Reporng Standard applicable in the UK and Republic of Ireland {FRS1021 issued on 16 July 2014 rather than the Accounting and Reporting by charitS-. Statent ol Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Trust constitutes a public benefit entlty as defined by FRS102. Having assessed the Trust's financial position and plans forthe foreseeable future, the Trustses are satisfd that it remains appropriate to prepare the finanaal statements on the going COnM basls. The inv8strn8nt portfolios have p8rform8d strongly during thè year and have recovered the reduction In value, caused by the impaci of the Covid-19 pandernic, reported for last year. The endowment assets ofthe Trust remain significant, and these will Continue to Teturn income to the Trust. The level ol income generated by the portfolios has now stabilised and the Trust wll continue to pay out to its beneficiaries in accordance with the provisions of the Trust Deed. bl Income Income is shown gross. including the associated tax credit unless the tax so deducted 1$ consid9red irrecoverable. Dividends are includod by reference to their due dates. Interest is recorded when it has been reived. el Expenditure Costs tsf generating funds represent amounts pald to Ihe Trusfs extemal investment advisors. Charitablè 8¢tivities expenditure ctsmprises grants and donatlons awarded by the Trustees In accordan wlth the criteria set out In the Trust Deed, together with grant related support costs. Grants for whlch there Is a legally binding commitment are accounted for within the Staternenl of Financiat Activities. Payments that 8re due within one year ol the perlod-end date a included within grants payablein the Statent ol Flnancial AcUvlUes. Other grants are accounted for in the Staiement of Finanual Aclivities when conditions attaching to the grant are fulfilled. Giant related support costs representstaff. clfice and governancècosts Incurred In managlng the gfantaward prograrnme. dl Costs of admlnlstratSon These costs indude a share of the staff and office cosis of the joint offices of the Sainsbury Family Charitsble Trusts, which are allocated in proportion to the time spent on Twst matters and grants pakl. el Governaneè costs Governance costs cornprise all costs invohring the public aecountabilty of Ihe chartty and its compliance wlth regulats'on and good practice. These costs include fee5 for st*Lrtory audit and leg81 fees Whe relevant. RepDrt andAccounts- SApril 2021 -23-
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS 1. PRINCIPAL ACCOUNTING POLICIES eonlinued fj Inv85trnents Net realised and unrealised gains arnd losses are renected in the Stskmgnt of Finaryal Activitses. Investments are shown at mid market value. Partial disposab are accounted for u&ng average bcK)k value. g) Financlal Snstrumènts The Trust has financial assets and financial liabilthes of a kind that qualify as basicfinanaal instruments. Basic fin8nci81 instruments are initially recojnised at transaction valw and subsequently measured at arnortised cost using the effective interest rnethod. Finaneial assets held at amortised cost comprise cash at bank and In hand, together with accrued int&iest al other dgbtors. Financia liabilities held at Bmortised $t comprise grants payable and accruals. Investments, includlng bonds held as partof an investment portfolio. are held atf8irvalue atthe balance sheet date, with galns and losses being recognised wlthln Income and expèrKliture. At the balance sheet date the charity held financial assets at l&r value of £77.495k12020.. £65.353kl. h) Cash and cash •quivalents Cash and cash equivalents itKlude cash at bank and in hand, cash held for relnvestment and $hort tern deposrt. il Fixed assets Fixed assets are depreciated at rates which reflect their usaful life to the Trust. Leashold improvments arg depCiated over the life ol the lease. J) Critical accountlng judgements and key sources of estimation uncertainty In the application of the charity's accounting pdlcies. which 8r¢ de8crib&S in note 1. Trustees are required to rnake judgernents, estimates, assurnptions about the carying values ol assets and liabilities that are not readily apparent frorn other sources. The estimates and undedyng assurnptions are based on historical expèrience arKI otherfactorsthat ate eonsidergd to rdevant. Actual resu may differfr(xn thesè estimates. The estimates and underlying assumptions are reviewed on an ongolng basis. RevisK)ns to accounting èstimates are recognised in the period in which the estirnate is revised If the revlsion affe¢ts onlythat period, or In thè p8ri0d of the revlsSon and future periods rfthe vIsion affects the wrrent and future perlods. In the view of the Trijsteès, no assurnptions concernlng the luture or estimation uncertainty affecting assets and Ilabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financlal year. R8Wrt and Accaunts-SAwl 2021 -24-
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS I INCOME FROM INVESTMENTS IrKome recwved on investments is as follow$.' 2021 2020 £'ooo 110 177 528 1,083 Govemmentfixed interest Other fixèd intsrgst UK8quthès Oversgas gquilies Property temative Investments Mult5 assets Inierest 105 160 627 918 160 109 33 15 2.127 24 42 145 15 2.159 100 l( 3. COST OF GENERATING FUNDS These costs relate lo the investrnent managetts fees. The Tru*ees are of the opinSon thal these relate to Ihe gèneration of a toiaj turn on the investment portfolio and, as such. have charged ihe Expendable Endowment with Se f885. GRANTS PAYABLE 2021 £'ooo 2020 £'ooo É'ooo £'ooo Reconci15atlon of grants payable: Commitments at 6 April 2020 1.757 2.255 Grants not accrued at 6 April 2020 Grants approved in the year Grants cancelled, refunded or arrended Grants not accrued at 5 April 2021 Grtnts payable for the yèar 506 2.753 113} 733 2.900 (64) 505 3.020 3.064 (>ants paid during ihe year 13.3731 (3,562) Commitiments at 5 April 2021 Commltments at 5 Aprll 2021 ar¢ payable as follows: 2021 e'ooo 2020 Within one ar Inota 101 Commltments In addition to the amounts commltted and accrued noted above, the Trustees have also authorised e8rtain grants whth are subject to the recipient fulfilling certain conditions relating to the delivery of the grant-funded activities. The total amount aulhorised but not accrued as expenditure al 5 April 2021 was £226.04012020.. £505.5921. This total will be wholly payable during 2022123. The trustees are confident that these authoris&Y arnounts will be metlrorn future inu)me. R8port8nd Attounts- 6AprU 2021 -25-
THE HEADLEY TRUST 5 April 2021 NOTES TOTHE ACCOUNTS 4. GRANTS PAYABLE contlnuèd The arrrf)unts payable in the year consisted of the following.. Arts and Heritage- UK ArtFund British Museum Development Trust Univèrsity ofoxford. Worwter College Net syants payable/cancell8d upto £40,(N)O Arts and Herltag•- Ov•rs•as Friends of Aphrowjisias Trust Boulouki Nel grants payablelcancelled upto £13,500 Developing Counlrles Adeso Africxn Development Solutions Purposelul Microloan Foundation Net grants payablelcancelled upto £30,000 Education City & Guilds of London Art Schod Intemal'onal Mu5Kian5 Serninar Royal Northern Colle9e of Music Net grants payablelcancelled upto £20,000 Health and So¢lal Welfare Care & Repair England Live Music Now Tutor Trust Net grants payablelcancelled upto £30,000 Totsl grants payable per Ststement of Financial Actiwiti¢ 100,000 250.000 500,000 998.812 15.0(7 25,000 47,122 37,500 35,000 37,500 113.500 30,000 30,000 30,000 180,740 52.500 30,000 So,0 457,300 301997 5. GRANT RELATED SUPPORT COSTS 2021 Totsl 2020 Total Grant- Governan making £'ooo 312 83 £'ooo £'ooo 316 Stafl costs Share of joint office Costs Direct costs including travel Depreciation 269 11 11 410 14 21 414 14 21 14 463 367 Legal and profes8ional fee8 consUneY Audltors, remun$ration 24 13 14 18 445 During the year no Trusiee re1Ve any remuneration or reimbursement ofexpenses12020.' NIL). Reportand Arunts-SApr 2021 -26-
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS 6. ANALYSIS OF STAFF COSTS 2021 £'ooo 256 28 29 315 2020 £'ooo 218 25 26 269 Wages and salarfes Swial security costs Other ponon ¢08ts A5 rn¢ntioned in Note 1a, the Trust is one of the S8insbury Farnily Charitae Trusts which share alolntadministration at the Registered Office. 4.1% 12019120'.3.7°kl of the total 5LlPPOrt and administration costs of these trusts have been allocaied to the Headley Trust, including a proportiate 3h8r¢ of Ihe costs of em0y7j the totsl number of staff Serving in the Offi in 2010121. The total number of staff employed during the year was 13. all on a part-time basis12019120'. 151. This equates to 3.5 full-tirne ernployees12019120'. 4.11. Having regard to the small number of 9rnpIoy8aS, the Trust considers ts k8y rTTranagement personnel to comprise of 7 part-time staff12019120.' 71. The *otsl employmont benefits, including empk)yer contributions to group personal peThsions, ofthese key management personnel. were£192.223 (2019120.. £168,092). No employee eamed in excess 01 £60,0(X) in either year. No Trustee rerEived any remuneration for their serwces or reimixjrsement of expenses duriry the current or prior year. 7. TANGIBLE FIXED ASSETS L•asohold Impr0mentS 2021 £'ooo 2020 £'ooo Cost At 6 April 2020 Additions At 5 April 2021 68 27 95 68 68 Depre¢ialion At 6 April 2020 Charge for the year At 5 April 2021 47 65 N•t Book Valug At S April 2021 30 14 At 5 April 2020 14 21 Repcrt8nd Ac¢ounts-5April 2021 -27-
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS 8. FIXEDASSET INVESTMENTS 2021 202Q £'ooo 71,192 (23,237) 21,662 (4,280) 65,337 Market Value 5 Aprll 2020 Less.. DlsposaLs at proceeds Add.. Acquision$ at cost Nel gairts on investrnents Marketvalue 5 April 2021 65,337 124,9301 22.553 14,52T 77,487 Forwardex¢hangecontracts Investmentcash 16 1,407 3,102 Total Inv¢$¢m4nts 80,597 66,761 The investments held as at 5 April 2021 were as folows.. 2021 Market Value £'ooo 8,716 16.394 40.251 2.605 9.032 489 77,487 2020 Cost Cost V81ug £'ooo 8,407 11,925 29,805 2,643 6,922 3,634 65.33T £'ooo 8.501 11.385 27.021 2.476 7.788 £'ooo 7,917 10,304 24,642 2,476 7,967 3,694 57,000 Fb(ed IncL)me UK Equities Global Equities Property Aknmativ8 Investrnents Other 57,660 Investments iluether0l0wlng holding at market value.. U.IC EquI"e$- J Salrtsbury PIC- £4,961,00712019120., £5,074,886) As partofthe overall managementof lund5, the investrrent managers have entered into commitments to sella total of CHF 956,000, EUR 3,628.500 and USD 13,687.WO and buy a total of CHF 470.000 under forbvard rd18 contracts al 5 Arrril 2021.12020..to sell CHF 1.366.000, EUR 1.369,500, and USD 13,777.WO and buy USD 4,20D.0001. contract5 mature on 17 June 2021 and are indwjed within inve5trnents a5 forward exchange contracts. During the year £1,500,00012020 £1,400,000) was disinve5t8d from th8 investment portfolKJ io support the Trusfsgrant expenditu. 9. DEBTORS 2021 £'ooo 2020 £'ooo 407 151 558 Investrn8nt sa188 Other debtors 106 106 10.CREDITORS- amounts fallin9 due withln on•y•ar 2021 £'ooo 1,404 2020 Grants Yable wthin one year Investment purchase$ Professi(81 charges Other ¢dItors Inter¢ompany 1,757 352 17 T5 41 2.24 18 79 148 1,649 R8pDrt and Accounts- S April 2021 -28-
THE HEADLEY TRUST 5 April 2021 NOTESTOTHEACCOUNTS 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Expendable Funds End¢wment £'ooo £'ooo Totals 2021 £'ooo Fund balances at 5 April 2021 are rewesenled by: Tangible fix¢d assets Invgstments Current assets Current liabilities Total net assets 30 80,597 11,1471 13281 79,152 80.597 459 11,648} 79.438 1,606 (1.3201 Movement in the year Openiru balance as at 5 April 2020 310 65,175 65,485 Total income and endowments Cost of raising funds Cost of grant-making Currency exthange gains t gains on investsnents Transfers between funds Closing balance as at 5 April 2021 A transfer of£1,300k {2020.' £1.300kl was madefrom Expendable Endowment lo Unrestricted Funds lo cover the deficit during the year. 2.159 2,159 13121 13,4831 1.C62 14,527 (3121 (3,4831 1,¢M2 14,527 11,3001 79,152 1.300 286 79,438 Comparative Unrestrlcted Expendable Funds Endowment £'ooo £'ooo Totals 2020 £'ooo Fund balances at 5 April 2020 are represented by.. Tangible fixed assets Investmènts Current assets Current liabileS 14 66,760 1522} 11,0771 14 66.760 953 12.2421 1.475 11.1651 Total net assets 310 65,175 65,485 Movement in the year Opening balance as al 5 April 2019 258 71.6 71,954 Total income and eThJowments Cost of raising funds Cost of granl-making Currency exchange Ilossesl Net gain5 on inveslmenls Transfers btheen funds Closing balance as at 5 April 2020 2,227 2.227 12871 {3,4751 16541 14.2801 12871 13.4751 1654} 14,280} 11,300} 65,175 310 65.485 12. RELATED PARTY TRANSACTIONS Included within grant-rolatad support costs is a total of £7.47612020.. £7,4701 payable for legal seNices to Portrait Solicitors. a fimi in which Miss J S Portrail is a partner, of which £3,816 {£3,618..20191201 was unpaid al year end and it is included within ueditors. RepDrt 8nd Accounts- 5 April 2021 -29-
THE HEADLEY TRUST 5 April 2021 NOTES TO THE ACCOUNTS 13. COMPAR4TIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2020 Unre$trl¢tod Funds £'ooo Expgndable Endowment £'ooo Total Funds 2020 £'ooo InGorne Incom8 from investrnents Oonalions and gSfts Total Income and endowments 2,127 100 2,227 2.127 100 2.227 Expenditure Cost of raising fund$ Investment managementcosts 287 287 Charitable activities Grant-making: Grant gxpendilure Grant relaled support costs 3,064 411 3.064 411 Cost ¢f grant-making 3,475 3.475 Total expenditure 3.475 287 3.762 Net operatlng deflcit (1,2481 12871 11,535} Currewexchange Ilossesygains Nel gains on investments Transfers between funds 16541 14,2801 11,3001 16541 142801 1.300 Net movoment in funds 52 {6,521) 16.4691 Reconciliation of funds Total funds brought forward Total funds caTried forward 258 310 71,696 65,175 71,954 65,485 Rewjrt and A¢wunts-5Apnl 2021 -30-