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 OffI￿r
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 rese￿eS 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 re￿ipt 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 cOnse￿ation 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 I￿0 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 apprentI￿ShipS 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 appli￿ble 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 reSP￿sIble for safeguarding
the assets of the charity and hen￿ for taking reasonable steps for the prevention and detection ol fra￿1 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 a￿rdance 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
con￿rn 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, ex￿pt 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 appa￿nt material m1sstatsrn￿ts, 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 rȢ8ived 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 cOn￿M 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 irregL￿ar1ILes. 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 e￿st 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 CorreSpo￿jenCe, if any.
We identified the greatest risk of m*erial impact on the finanaal sialements from irre9ularibes. induding fraud, to
be within the 0￿rrIde 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 p1anr￿d 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 andAcco￿ts- 5￿pri1 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 

- 19 - 



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 inVestm￿tS
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 st*em¢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 ACu￿nts-5A￿l 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 ￿$h lusgd In) op•rating odivitie8
Cash flows from investing actlvStles
Dividends and interest
Purchase of investments
sale of investments
N•t fash generated by Investlng actlvltlÈs
2,154
122.5531
2, 177
(27,662)
Changg in cash and cash equlvalents In thè ￿ar
Cash and eash equivalents at the beglnnlng of the yèar
Cash and cash equlvalents at tho tnd of the year
1,654
(1, 181)
Reconciliation of net expendlture to net cash flowfrom operating activities
2021
£'ooo
13,953
114,5271
12,1541
2Q20
£'1700
(6,469)
4.28Q
(2, 177)
(182)
Not rnovernenl in fvnds
IGainsylosses on investM￿ts
Dimdends and interest
Exchange Igainsy losses
Depreciation charge
Decrease in debtors
Decrease in creditors
Fixed assets additions
Net cash (used inl operating activities
11
452
1593}
27
(503J
Analysi$ 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 A￿o￿lts- 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 c￿lMI$s1on
Ireglstration number 2666201.
The address of the registered office is..
The Peak
S Wlton Road
Londt)n
SW1V 1AP
1. PRINCIPAL ACCOUNTING POLICIES
al Basis of preparatlon
The finandal statements have been prepared In accordance wlth the char￿e$ 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 Repor￿ng Standard applicable in the UK and Republic of Ireland {FRS1021
issued on 16 July 2014 rather than the Accounting and Reporting by charit￿S-. Stat￿ent 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 satisf￿d
that it remains appropriate to prepare the finanaal statements on the going COn￿M 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 re￿ived.
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 Stat￿ent 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 Finary￿al 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
dep￿Ciated 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
consU￿neY
Audltors, remun$ration
24
13
14
18
445
During the year no Trusiee re￿1Ve￿ any remuneration or reimbursement ofexpenses12020.' NIL).
Reportand Ar￿unts-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 pon￿on ¢08ts
A5 rn¢ntioned in Note 1a, the Trust is one of the S8insbury Farnily Charita￿e 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 proporti￿ate 3h8r¢ of Ihe costs of em￿0y7￿j 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 Impr0￿mentS
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.. Acquisi￿on$ 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¢$¢m4nts
80,597
66,761
The investments held as at 5 April 2021 were as folows..
2021
Market
Value
£'ooo
8,716
16.394
40.251
2.605
9.032
489
77,487
2020
Cost
Cost
V81ug
£'ooo
8,407
11,925
29,805
2,643
6,922
3,634
65.33T
£'ooo
8.501
11.385
27.021
2.476
7.788
£'ooo
7,917
10,304
24,642
2,476
7,967
3,694
57,000
Fb(ed IncL)me
UK Equities
Global Equities
Property
Aknmativ8 Investrnents
Other
57,660
Investments i￿lu￿ether0l0wlng holding at market value..
U.IC EquI￿"e$- 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 liabil￿eS
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-