THE HEADLEY TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2022 The Peth 5 Wlton Road London SW1V 1AP
CONTENTS PAGE Reference and Administrative Details The Report of the Trustees 2-15 Statement of Trustees, Responsibilities 16 Independent Auditor's Report 17-20 Statement of Financial Aclivities 21 Balance Sheet 22 ststement of Cash Flows 23 Notes lo the A¢¢ounls 24-32
THE HEADLEY TRUST 5 April 2022 Legal and Administrative The Headley Trust (No. 2666201 was established under a Trust Deed dated 4 July 1973 and became a registered charity on 20 February 1974. Trustees Mr T J Sainsbury OBE The Rt Hon Sir Timothy Sainsbury Lady Susan Sainsbury Miss J S Portratt OBE Mrs C D Woodward Mrs A Mccrystal Mrs C M Hatfield {appointed 14 July 20221 Registered Office The Peak 5 Wilton Road London SW1V 1AP Principal Officers Mrs K Everett Mrs H M¢Le¢xI Ms T Haldar Mrs K Hooper Ms H Marriott Mrs E Ponte Mr M Williams Miss S Levander Chief Executive Officer Lead Executive Executive Executive Executive Executive Executive Administrator All the Principal Officers are employed on a part-time basis (see Note 61. Bankers Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Solicitors Portrait Solicitors 21 Whilefriars Street London EC4Y 8JJ Auditor Sayer Vincenl LLP Invicla House 108 - 114 Golden Lane London EC1 Y OTL Inveslment Advisors Sarasin & Partners Juxon House 100 St Paul's Churchyard London EC4M 8BU Report and ArLounts-5 April 2022
THE HEADLEY TRUST 5 April 2022 The Report of the Trustees The Trustees present their report and the audited financial statements for the year ended 5 April 2022. Reference and administrative information set out on page 1 foms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice Accounting and Reporting by Charities.. SORP pplicable to Gharities preparing their accounts in accordance with FRS 102. The objects of the Trust as given in the Trust Deed are such charitable purposes or Charitable institutions as the Trustees may in their discretion determine. Achievements and Performance 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 al Iheir request. Trustees aim to support innovative schemes that can be successfully replicated or become self-sustaining. Trustees do not normally make grants to individuals. A significant number of revenue support grants were made wilhin the above categories to support organisations affected by the Covid- 19 pandemic. Grants were made to previously funded organisations, and to organisations wth 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. Charit and Public Benefi Trustees are aware ofthe Charity Commission guidance on public benefit and confirm that they have Gomplied wilh the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in Ihis annual report, about Ihe Trust's aims, activities and achievements in the many areas of interest thal the Trust supports demonstrates the benefit 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 twce to review investment activity. Report aNJ ACtnts- 5 Apil 2022
THE HEADLEY TRUST 5 April 2022 The asset value of the Trust increased by 0.30/0 from £79.4 million at 5 April 2021 to £79.7 million at 5 April 2022. The net unrestricted income of the Trust for the year after charging grant related support costs was £1.4 million compared to £1.7 million for the year to 5 April 2021. During the year grants to the value of £3 million were approved {2021'. £2.8 million). Certain grants are payable over more than one year and those due to be paid after 5 April 2022 are nol accrued in these accounts and amounted to £260,670 at the year end. Grants paid of£3 million to 5 April 2022 include payments from capital as follows.. British Museum Ahae0logical Research Collection Art Fund - National Art Collections Fund Royal Opera House Covent Garden Foundation 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 activity of grant-making. as income alone is an unsuitable benchmark for charitable activity. On that basis, grant related support costs represented 170A of the value of grants paid, which totalled £3 million12021'. 14%). £250,000 £100,000 £100.000 Reserves Pollc and Goin Concern It is the policy of the Trustees to approve grants for payment over a period of years, subject to rtain conditions over the life of the grant. Those expected to be paid within twelve months of the year end are accrued in the accounts, whilst those due to be paid later than this are not accrued. These are referred to in note 4 to the accounts and amount to £260,670. They represent funds earmarked for continued support to certain existing beneficiaries, although formal commitments have not yet been made. The Trustees consider that 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 inslalments. In the event that the Trustees find themselves unable to meet Current commitments from unrestricted reserves, they would be willing to draw on expendable endowment in order to meet those commitments as they see fit. There was a deficit on unrestricted reseNes of the charity at 5 April 2022. The trustees considered the extent to which this deficit would be met by future income and concluded that it would be appropriate to make a transfer of £1.5 million from the 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 adequale and Ihat the Trust is in a posilion to meet all it5 commitments. As at 5 April 2022, the Trust held lotal funds of £79.7 million (2021.- £79.4 million), comprising an expendable endowment fund of £79.4 million (2021.. £79.2 million) and unrestricted reserves of £0.3 million (2021= £ 0.3 million). Investment Polic and Performance Trustees meet with their investment managers regularly to discuss investment strategy and to seek to ensure Ihat the Trust's income requirements are met, also that long-term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term and look principally to income for their grant making, supplemented by the use of capital where requested. Resx)rt and Accounts-$Al 2022
THE HEADLEY TRUST 5 April 2022 The Trust's main portfolio rose in value over the past 12 months, producing a total return net of all costs of +50/0 which was behind the composite benchmark retum of +8.7OA. This has largely been because of the sharp rotation out of favoured growih stocks into lower quality cyclical companies and the lack of oil and gas exposure in the portfolio, which are not considered to be long-term investments. Vvhilst the past 12-month performance has been relatively weaker, performance over the three and five year period remain comfortably ahead of the long-lerm CPI +40/0 target and the peer group, as measured by the ARC Charity Steady Growth index. As at 5 April 2022, J Sainsbury shares represented 5.7% of the Trust's investment value {2021'. The Trust received £1.9 million of income (2021.. £2.1 million) over the 12 month period and £1.9 million was divested from the portfolio to support the Trust's grant expenditure (2021: £1.5 million). 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. 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, systerns are in place to meet such potential risks as Ihe Trustees have identified. The Trustees continue to be vigilant and to keep processes under review. The Trustees identified the uncertainty of financial retums to constitute the charity'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 monilor financial performan. They also operate a grant distribution formula which helps to ensure the stability of reSoUrS 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 Charity Commission or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored- multi-year grants are paid only on receipt of satisfactory progress reports. Or anisation The Trust is one of the Sainsbury Family Charitable Trusts ISFCT), whiGh share a common administration. Trustees are appointed by the Settlor and are provided with relevant information relating to their responsibilities as Trustees. Trustees are aware of the Charity Governance Code as updated in 2020 which sets out the principles and recommended practice for good governance within the sector. The Trust has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently. ReFK)rt and AccoJnts- 5 WI 2022
THE HEADLEY TRUST 5 April 2022 The muneratIon of the senior staff (including key manageEnt personnel) is reviewed by the Truslees on an annual basis taking into account the requirements of Iheir role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against comparable positions in similar organisations. The Trust and its Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment} Act 2016. The Trustees do not undertake fundraising from the general public and do not use professional fundraisers or commercial participators. The income of the Trust is not bound by any regulatory scheme. and the Trustees do not consider it necessary to Comply with any voluntary code of practice relating to fundraising. They have received no complaints in relation to any fundraising activities. As they do not approach individuals for the purpose of raising funds, they do not have specific requirements related to fundraising activities, nor do they consider it nécessary to design specific procedures to monitor such activities. The Trustees are responsible for the overall direction and supeNision of the Headley Trust., they set the Trust's strategy, review proposals and approve grants. The Trustees delegat8 day-to-day operations to the Trust's Lead Executive, Helen McLeod. GRANTS APPROVED Grants approved during the period may be analysed by number and by value in the categories set out below.. Grants Approved 109 Value Arts and Heritage- UK Arts and Heritage - Overseas Developing Countries Educalion Heallh and Social Welfare 1.601,490 82,500 316,500 241.460 740,195 2,982,145 16 16 107 256 Revenue Support grants are listed within the categories below. ARTS AND HERITAGE - UK- £1,601.490 Trustees funded a wide variety of projecls to Gonserve and enhance important aspects of the UK'S cultural heritage. This included support for.. Regional museums and galleries including local authority museums, with special consideration for curatorial support and acquisitions., The display, study, and acquisition of British raMics- Conservation of industrial, maritime and built heritage., Re{8nd Actsxnts- 5 April 2022
THE HEADLEY TRUST 5 April 2022 Archaeology., Arts educalionloutreach and access to the arts for disabled and disadvantaged people. The Headley Museums ArchaeologiGal Acquisition Fund. Aberystwyth University Old College Project- £26,250 Towards the fit out of galleries in the Old College project. All Saints Church, Hove- £15,000 Towards the rebuilding of the Parish Hall. Ashford Hill with Headley Parish Council - £60,000 Towards the building of a new Pavilion. Bath Industrial Herilage Trust Ltd (The Museum of Bath at Work} - £10,000 Towards the Director's salary. Bristol Museums Development Trust- £68,900 Towards curatorial trainee salary costs and specialist costs for cataloguing and digitising the archaeology collections at Bristol Museum & Gallery. British Museum Development Trust- £40,000 Towards the Portable Antiquities Scheme internships. Curve Theatre, Leicester - £40,000 Towards the salary costs of a community practitioner for arts outreach for the older community. Derby Museum & Art Gallery - £20,000 Towards the acquisition of Joseph Wright of Derby's Self-Portrait. Eurekal The National Children's Museum - £25,000 Towards the new interactive gallery 'Getting Around Town,. Friends of Bewdley Museum - £5,000 Towards a new display of Bronze Age life in the Wyre Forest. HaThvich Kindertransport Memorial and Learning Trust Limited - £5,000 Towards the costs of a new .ndertranSp0rt memorial in Hawch. Hull Maritime Foundation - £50,000 Towards the conservation and refurbishment costs of the Arctic Corsair and the Spurn Lightship. Manchester City Galleries Trust- £30,000 Towards the salary costs of the assistant curator at Manchester Art Gallery. Music in Country Churches - £5,000 Towards the costs of Goncerts. Nautical Archaeology Society - £10,000 Towards the salary of a conservator. Reportand Actnts- 5 April 2022
THE HEADLEY TRUST 5 April 2022 Newbury Spring Festival - £15,000 Towards the Young Artists lunGhtime concert series. Orchestras for All - £20,000 Towards the National Orchestra for All programme. Peterborough Museum & Art Gallery - £57,000 Towards the salary costs of a part-time archaeology curator and additional hours for three archaeology assistants. Portsmouth Museum and Art Gallery - £61,340 For the assistant curator's salary plus a contribution to equipment and supplies for the Flora Explorer herbarium. Somerset House Trust- £40,000 Towards the restoration and repair costs of the Stamp Stairs. South Georgia Heritage Trust- £10,000 Towards the Curator's salary. Spode Museum Trust- £40,000 Towards the refurbishment costs, including packing and transport, required to return the Spode collection to the Spode visitor centre. The Excelsior Trust- £5,000 Towards the recommissioning of the vessel Hora¢e and Hannah. The Line- £10,000 Towards the 'One Step at a Time, programme of group walks for individuals with early-stage dementia or with mental health issues. The Pharos Trust - £5,000 Towards a Maritime & Coastguard Agency suNey to the ligheSSe1 LV18. The Steam Tug Kerne PreseTvatlon Society Ltd - £5,000 Towards the repair of the whole of the bunker area including the bunker lids. Towner Art Gallery- £55,000 Towards the salary costs of a programme curator. Tyne & Wear Archives & Museums - Laing Art Gallery - £45,000 Towards the assistant keeper's salary and conservation costs for the 'Lindisfarne Gospels 2022. exhibition. Warburg Institute - £35,000 Towards the salary costs of a part-time Conservator. York Archaeological Trust- £30,000 Towards the costs of rolling out the digital engagement project, Virtual Wikings and More. Rerort and Acuunts-s April 2022
THE HEADLEY TRUST 5 April 2022 Another 8 smaller grants were awarded within Arts & Heritage UK totalling £12,000. Arts & Herita e - UK Covid-19 Revenue Su ort Grants - £400 000 Art Fund - National Art Collections Fund - £100,000 Corn Exchange Trust- £15,000 De La Warr Pavlllon Charltable Trust- £7.500 Holocaust Educational Trust - £15,000 Modern Art Oxford - £10,000 Museum Freelance Network - £15,000 Museum of the Home- £10,000 Museums Association Benevolent Fund - £10,000 Natlonal Holocaust Centre & Museum - £10,000 National MarStlme Museum CornvMII - £10,000 Newbury Spring Festival - £7,500 Opera Holland Park Friends - £10,000 Potteries Museum & Art Gallery - £10.000 Royal Opera House Covent Garden Foundation - £100.000 Stsined Glass Museum Trust, Ely- £10,000 Unlversity of Oxford- Ashmolean Museum - £20,000 Watermill Theatre Trust - £25,000 Windermere Jetty Museum - £15,000 The Cathedrals Pro ramme- £170 000 Trustees funded repair work to Ihe fabric of ancient cathedrals and large churches of exceptional architectural merit {pre-18th-ntury). Modern amenities. organ repairlrestoration and choral scholarships are not normally eligible. Coventry Cathedral - £30,000 Towards remedial work to the tower and spire of the 'old cathedral, of Coventy- Report and Acx))Lnts- 5 April 2022
THE HEADLEY TRUST 5 April 2022 Exeter Cathedral - £46,000 Towards conservation and restoration work on the exterior South Wall of the Chapter House. Great Malvern Priory - £35,000 Towards the cost of environmental protection and conservation of the Creation Window. Hull Mlnster- £20,000 Towards the renovation cost of the Broadley Chapel. Wakefield Cathedral - £9,000 Towards repairing and repointing the spire. York Mlnster Fund - £30,000 Towards the conservation of a cross on St Peterfs Gable. The Headle Museums Archaeolo ical A uisition Fund- £21000 This scheme was established in 2004 to 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 Arts Council EnglandNictoria and Albert Museum Purchase Grant Fund. 12 grants totalling £21,000 were awarded this year to the followng museums, making a total of 345 since the scheme began. Berwlck Museum & Art Gallery Discover Bucks Museum (previously Buckinghamshire County Museum) Dorset Museum Halesworth & District Museum Novium Museum {previously Chichester District Museum) st Barbe Museum & Art Gallery The Box Plymouth University of Manchester- Manchester Museum The Parish Churches Pro ramme- £155 000 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 Construction or refurbishment of church halls, kitchen facilities or other modern amenities except for the provision or upgrade of parish church toilet facilities and disabled access. Grants amounting to £19,000 Yre made In the Dlocese ol Canterbury: All Saints Church, Woodchurch Holy Innocents Church. Adisham st Mary the Virgin's Church, Wingham st Peterf5 Church, Oare Rep and AcoMts- S April 2022
THE HEADLEY TRUST 5 Aprll 2022 Grants amounting to £24,500 were made In the Dlocese of Guildford: All Saints Church, Crondall All Saints Church, Litlle Bookham Sl Mary & All Saints Church, Dunsfold St Michael & All Angels Church, Mickleham Sl Nicholas Church, Compton Grants amountlng to £11,750 vRre made in the Diocese ofwinchester: St Simon & St Jude's Church, Bramdean St Peter & St Paul's Church. Kimpton St Andrew's Church, Nether Wallop Grants amountlng to £47.750 were made in the Diocese of Lincoln: St AndreWs Church. West Deeping St Margaret's Church, Bucknall St John the Baptist's Church, Colsterworth St Mary the Virgin's Church, Cowbit St Helen's Church, East Keal Sl Denys Church, Kirby la Thorpe Sl Andrew's Church, Little Sleeping St Peter and St Paul's Church, Old Bolingbroke St Denis Church. Silk Willoughby St James, Church, Skillington Sl Mary's Church, Wilsford Grants amountlng to £9,750 were made In the Dlocese of Sheffleld: All Saints Church, Laughton en le Morthen St Helen's Church, Marr St Michael & All Angels Church, Skelbrooke Grants amountlng to £42.250 were made in the Diocese of York: St Helen's Church, Bilton in Ainsty All Saints Church, Easington St Mary's Church, Huggate St Laurence's Church, Kirby Misperton All Saints Church, Roos St Helen's Church, Skipwith st Augustine's Church, Skirlaugh St Germain's Church Winestead All Saints Church, Bromplon-by-sawdon Rewrt and AGwunts- 5 April 2022 10-
THE HEADLEY TRUST 5 April 2022 ARTS AND HERITAGE - OVERSEAS - £82,500 Trustees supported conservation and recording of herilage (including ecclesiastical & vernacular architecture. archaeology and cultural artefacts), primarily in South Eastern Europe (Slovenia, Croatia, Albania, Greece, madon1a, Bulgaria, Romania, Serbia, Montenegro, Bosnia- Hetzegovinal, as well as Ethiopia. Funding supported raising awareness of heritage issues in these countries., supporting th8 capacity of new herilage NGOS-, training the next generation of Conservation and heritage professionals.. engaging young people in their heritage. Priority was given to locally led organisations employing local experts. Anglo Bulgarian Company - £5,000 Towards seed funding and salary costs. Anglo Romanlan Trust for Traditional Architecture - £12,500 For the full salary of an apprentice heritage manager based at Momentum in Romania. Boulouki- £5,000 Towards a symposium and exhibition disseminating heritage conservation techniques using therian soil, applicable across the Aegean Islands and traditional buildings throughout the Balkan Region. C31-Center for Developlng Children's Rights Culture - £15,000 To support the organisation to expand Iraining to new museums to attract new visitors,. and to 501idify its business model. Cultural Heritage Without Borders - Regional Office - Sarajevo - £12.500 For industrial heritage training. research and planning for the regeneration of Bihaé in Bosnia & Herzegovina. Holocaust Memorial Centre, Skopje - £15,000 To train slaff across three museums lo engage new visitors. Shropshire Skills Trust- £10,000 Towards a training and restoration programme for young people in Stejareni. Romania. Venlce In Peril Fund- £7.500 Towards the 50th Anniversary Appeal to fund the conseNation of the 'Trinity' wellhead in the great cloister of the Archivio di Stato. DEVELOPING COUNTRIES- £316,500 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 lo improve the quality of teaching., ReFN)rt and Accounts- S April 2022
THE HEADLEY TRUST 5 Aprll 2022 Healthcare trachoma prevention and treatment programmes in Ethiopia and care for mothers and infants across sub-saharan Anglophone Africa. In eXptIOnal cases. Trustees agreed to consider requests for support for access to safe water. promoting better use of water resources and sanitation projects- Caritas Poland - £15.000 Towards work in supporting Ukrainian tefugees in Poland. Eyelliance - £50,000 Towards core costs. Forum for African Women Educationalists of Zambia {FAWEZA) - £25,000 Towards the organisation's girls, education programme. Innovista International - £5,000 Towards the Ukraine refugee response in Moldova. Youth Impact Malawi - £15.000 Towards core costs. Another three smaller grants were awarded in the Developing Countries category totalling £4.000. Develo Countries Covid-19 Revenue Su ort rants: £202 500 Adeso African Development Solutions - £5.000 Afrlca Educatlonal Tntst- £45,000 Afri¢an Medi¢al & Research Foundation - £15,000 International Health Partners - two grants lotalling £72,500 Orbis Charitsble Trust- £S,000 Primary Care International - £50,000 Schools and Teachers Innovating for Results - £10,000 EDUCATION - £241,460 The main focus was to provide bursaries for UK students (principally postgraduate) of music and dance, as well as apprenticeships and vocational training in conservation and heritage skills. Conservation - £71960 National Museums Liverpool - £27,460 To cover one 12-month Preventive Conservation intemship. Report a1 Accounts- 5 April 2022 12-
THE HEADLEY TRUST 5 April 2022 Royal Opera House Covent Garden Foundation - £25.000 To sUPPOrt an apprentice on the training scheme for the next generation of theatrical craftspeople and technicians. Royal School of Needlework - £19,500 Towards the cost of fees to fund a bursary student on the Future Tutors Course. MusiclDance- 115 000 Central School of Ballet- £20,000 To provide up to two bursaries of £5,000 over iwo years for sludents on BA or MA programmes. Guildhall School of Music & Drama - £16,000 Towards discretionary awards to 8- 12 musicians across the undergraduate and postgraduate programmes. Royal Holloway Unlverslty- £40,000 To cover fees for tmo Mmus Postgraduate students from the UK. Trinity Laban Conservatoire of Music & Dance - £40,000 Towards four bursaries of £5,000 annually to UK postgraduate music students. Education Covid-19 Revenue Su ort rants -£52 500 Council of Christians and Jews - £5,000 Dance Professionals Fund - £10,000 Gulldhall School of Muslc & Drama - £7,500 Royal College of Music - £7,500 Royal Northern College of Music- £7,500 Royal Opera House Benevolent Fund - £10,000 Unlverslty of York- Offlce of Phllanlhropi¢ Partnerships and Alumni- £5,000 Another smaller grants were awarded in the Education category totaling £2,000. HEALTH AND SOCIAL WELFARE - £740,195 The priority areas were.. Supporting older people - projects that encourage older people to live independently for as long as possible.. projects to improve older people's qualily of life in residential care homes, including supporting people with dementia.. carers, projects., Dlsadvantaged famllies and young people - projects that support families. including pre-school children., parenling education., Small grants providing practical aids for disabled people. Report and Ac£owts-5 April 2022 13
THE HEADLEY TRUST 5 April 2022 Arts 4 Dementia- £40,000 Towards core costs. Care for tho Carers - £40.000 Towards the new young carers support servlce in Easl Sussex. Gateshead Older People's Assembly - £60,000 Towards core costs. Harrow Carers - £S0,IXIO High needs integrated care service. Jamie's Fami - £30,000 Towards core costs. King's Cross Brunswick Neighbourhood Association {KCBNAI - £28,000 Towards the costs of employing sessional youth workers. Kingsclere Communlty Llbrary - £5.000 Towards rent cosls. Mary Hare Foundation - £25,000 Towards the capital appeal for a new primary school tlIdIng. Musical Connections- £10,000 Towards provision of musicians and choirs in older people's residential Gare in Yorkshire. Social Ark- £35.000 Towards development of social enterprises led by young people in east London. Southend Carers - £40,000 Towards development of telephone. online and face-to-face support for isolated carers. The Passage, Victoria - two grants totalling £17,430 Towards Ihe redevelopment appeal. West London Zone- £50,000 Towards an additional link worker. Another 30 smaller grants were awarded totaling £42,000. Health and Social Welfare Covid-19 Revenue Su ort rants- £221000 AlSve Activities - £10,000 Attend Ltd - £10,000 Best Beginnings - £15,000 Equal Arts - £20,000 Report 8nd AcoJunts- 5 Wil 2022 14-
THE HEADLEY TRUST 5 April 2022 Fareshare - £25,000 Hackney Quest- £20.000 Home-start UK - £20,000 Jamie's Fami - £18,500 King's Cross Brunswick Neighbourhood Association IKCBNA) - £15,000 Llve Music Now- £7,500 Living Paintings Trust - £15,000 Re-Engage- £16,000 Turtle Key Arts - £20,000 Voices Foundation - £10,000 Aids for Disabled Peo The Trustees awarded a number of small grants for aids for people with varying disabilities, channeled through organisations such as charities, councils, hospitals, social services and Citizens Advice Bureaux. Grants were awarded for a range of equipment, including, but not limited to, the following.. Specially adapted compuler systems., Communication equipment., Specialised chairs., eelchairs., Electric s¢oolers', Specialist beds. 49 grants totsling £46,765 were awarded for these purposes during the period. Grants Cancelled Grants totalling £13,001 were cancelled, refunded or amended during the period. Future Plans The Trust will continue to support the activities set out on page 5 by the award of grants. Trustees will continue to support long slanding beneficiaries lo help them overcome the challenges of the CoMd-19 pandemic, and the cost of living increases. ReportarKJ Atteunl8-5 April 2022
THE HEADLEY TRUST S April 2022 Statement of Trustees, Responsibilities Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial aclivities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and.. Select suitable accounting policies and then apply them consistently ObseNe the methods and principles in the Charities SORP Make judgement5 and estimates that are reasonable and prudent stste whether applicable UK Accounting Standards and statements of recommended pra¢ti¢e have been followed. subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial posibon of Ihe charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of Ihe charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. The Irustees are responsible for the maintenance and integrity of the ¢orporate and finan¢ial infomation included on the charity's website. Legislation in the United Kingdom governing Ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Trustees on 20 October 2022 and signed on their behalf by TRUSTEE James Sainsbury Report and Aco)unts- S April 2022 16-
THE HEADLEY TRUST 5 April 2022 Independent Auditor's Report to the Trustees of Headley Trust Opinion We have audited the financial statements of the Headley Trust (the 'charity'l for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, ststement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted A¢¢ounting Practice). In our opinion, the financial statements.. Give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of reSoUrs, for the year then ended Have been property prepared in accordance with United Kingdom Generally ACpted Accounting Practice Have been prepared in accordance with the requirements of the Charities Act 2011 Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing (UK) IISAS {UlQ) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial slatements seclion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to evenls or conditions that. individually or collectively, may cast significant doubt on the Headley Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Report 8nd AcwJnts- 5 Ayil 2022 17
THE HEADLEY TRUST 5 April 2022 Other Information The other information comprises the information included in the Trustees, annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the olher information contained within the annual report. Our opinion on the financial statements does not cover the other information and, expt to the extent othetwise explicit5y stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in resped of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. The information given in the trustees, annual report is inconsistenl in any material respect with the financial statements., Sufficient accounting records have not been kept.. or The financial statements are not in agreement with the accounting records and returns., or We have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities set out in the Truslees, annual report. the trustees are responsible for the preparalion of the financial stalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are fr* from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's abilily to continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going concern basis of accounting unless the Truslees either intend to liquidate the charity or to ase operations, or have no realistic alternative but to do so. Rep)rt and Accounts- 5 April 2022 18-
THE HEADLEY TRUST 5 April 2022 Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under sectlon 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of Ihat Act. Our objectives are to obtain reasonable assurance about whelher the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can arise from fraud or error and are ¢onsidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-compliance wsth laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliancè with laws and regulations, our procedures included the following.. We enquired of management and the board of Trustees, which included obtaining and reviewing supporiing documentation, Conrning the charity's policies and procedures relating to: Identifying, evaluating, and complying wlh laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on Ihe operations oflhe charity from our professional and sector experien. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess Complian with applicable laws and regulations. Rewrt and ArLounls- 5 Apnl 2022 19-
THE HEADLEY TRUST 5 April 2022 We performed analytical procedures to identify any unusual or unexp8Ct8d relationships that may indicate ri5k5 of material misstatement due to fraud. In addressing the risk of fraud through managemenl override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal coursé of business. Because of the inherent limitations of an audit. there is a risk Ihat we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional contsalment, forgery, colSusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charity's Trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 exlent permitted by law, we do not accept or assume responsibility to anyone olher than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Date.. 15 November 2022 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y OTL Sayer Winnt LLP is eligible lo act as auditor in terms of section 1212 of the Companies Act 2006 Rerth 8nd Acr)ytsnts- 5 April 2022 -20-
THE HEADLEY TRUST 5 April 2022 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEIR ENDED 5APRIL2022 Unreslricted Expendable Totsl Funds Funds Endovmient 2022 £'ooo £'ooo £,0) Total Funds 2021 £'ooo Notes kncome Income from irNe51rnerts Total income 1.923 1.923 1,923 1,923 2,159 2,159 Expenditure Cost of raising lunds Investment management costs 329 329 312 Charitable activities Grant-maknrKJ'. Grant expenditure Grant related supp)rt Costs 2,934 485 2,934 485 3,020 463 Cost of grant4naking 3,419 3,419 3,483 Totsl expenditure Net expenditure before net gains on investments 3,419 329 3,748 3,795 {1,4) 13291 11,8251 (1,636) Currety exchaThJe Ilossesllgains Nel gair6 on investments 15951 2,655 {5951 2,655 1,062 14,527 Transfers between futKIs 1.500 11,5(M)I Net movement in funds 231 235 11953 Reconciliation of funds Total funds brought forward Total fijnds carried forward 79,152 79,383 79,438 79,673 65,485 79,438 290 Reptsrt and AccoLV)ts- 5 April 2022 21
THE HEADLEY TRUST 5 April 2022 BALANCE SHEET AS AT 5 APRIL 2022 Nots5 2022 £'ooo 2021 £'ooo È'ooo FIXED ASSETS Tar¥Jible fixed assets InveslrTEnts 19 80,656 80.675 30 80.597 80,627 CURRENT ASSETS Debtors Cash at bank In hand 176 354 460 CURRENT LIABILITIES Credttors- arTh)unts falllng due wltNn 1 year io 1,649 NET CURRENT LLABILITIES 11.tx)21 {1, 189) NET ASSETS 79,673 79.438 CAPITAL FUNDS Expernlable endowrrEnt 79,383 79, 152 INCOME FUNDS Unrestricted fuTrJs 11 290 79,673 79,438 The firpnci81 818lenknts were apprOd 8ThY autrIsed for is5 by th& Tru$lee$ on 20 Octobèr 2022 and were slgned on IheiT belHW by - TRUSTE James Salnsbury The notes on pa9es 24 to 31 form part of t$6 aecoutts. Resx)rt and AuxJuMs- S April 20 -22-
THE HEADLEY TRUST 5 April 2022 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022 2022 £'ooo 4,503 2021 £'ooo 2,877 Cash flovts from operating activiti Nat ¢ash lu$ed inl operating activities Cash flows from Inv•$tlng a¢tlvttl DiMdeThJs and interest Purchase of investmerts Sale ol investments Net cash generatèd by InvtIng actlvlties 1,923 126,2741 30,279 5,928 2, 154 (22,553) 24,930 Change in ¢8sh and cash equivalents in the year Cash and cash equivalents at the ginnIng of the yèar Cash and cash •qutval•nts at thè •nd of th• y•ar 1.425 3.456 4,881 1, 654 1,8Q2 3,456 Reconciliition of net expenditure to net cash flowfrom 0rating a¢tlvilios 2022 £'ooo 235 12,6551 11,9231 1381 2021 £'ooo 73,9&3 (14,527} (2. IS4? t movement in funds {Gainsl on iNestmerts DiVideS and interest Ilncreaselldecrease ForeNJn exchange contracts Depreciation charge Ilncrea5elldecrease in debtors Decrease in creditors FLxed assets addrtK)r6 t cash (used inl operatiw actmties 11 452 (593) 1701 1631 4.503 Anatysls of the balancè of eash as shown in the balance sheet Change in ear 2022 £'ooo 408 2021 £'ooo 354 3.102 £'ooo Cash at bark and in hand Cash balaeS ld by inwslm¢nt manager for iein¥estment 1.371 4.881 Reportand A(tounis- 5 April 2022 23-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS CHARITY INFORMATION The charity 15 nirorPorated arKI registered in Erslarxl and Wales wth Crity Commissw)n Iregistratic 2666201. Tke adolress of reoistered offKe is.. Tke Peak S Wlton Road Lorvjon SW1V 1AP 1. PRINCIPAL ACCOUNTING POLICES 01 Basls of preparatlon Ttre fir01¥1 statern8rts ha%E been prepared in aGcor(J8rtr with Accourting arKI Reportir¥J by Chariiies.. Stalerrenl of Recommeryjed Practi applicab to charities prep8riro their accounts in accorda with tft Financk81 ReportirvJ Sta8[ applicable in UK RepLI)lic of IrelaTrJ IFRS 1021- {Charities SORP FRS 1021. Thè Finantial ReportirKJ Statyjard apF4i¢able in the UK RepLI)I of Irelarnl IFRS 1021 a t CharitEs Act 2011. financial statemÈrts have prepared to giw& a 'trLe fair 8nd have ¢Jeparted frorn the charft$ (Accounts aThY Reptsrtsl Re9tIor 2008 only to trxterrt reouired to prowide a 'truo ar fair ew.. This departure has InvohEd foltowiry Ac£ourrtirvJ and ReportirKJ by Charities preparlry tbr accourts in accordarKe with tPE Fnarcigl Reportiry Starkdgr¢l 8pplicable in UK and R11¢ of IrelarKI IFRS1021 ratlEr than Accounliro Reportiro by Chgrities.. Stalwnenl of RecomrnerKled Practits effective from 1 April 2005 which has slnc& b8en wlthjrawn. Tr TrLEt constitLrtes a public bsrfit ertmy as dèflned by FRS102. In eW of tFE T[le5, tIEre are rK) rnaterlal ertaIntS c2stiNJ doLèt on 9olro CoerTr of t ctrwrty. assessed t TrV8 finawial pos5tion pL4rB for foreseeable future. ttre Trustees are satlsfied that it remains apkYopriat& to prepare tr finartkql StateentS on ttre ooirg corcern ba51S. assets of the TrLt remain 8vJrificant. aThS Trt wdl continLE to p3y (xrt to its bertsficiaries in accordanc& with tr Trust's objects. tr) In¢orn Income is shown gross, irKlthiry the assock4ted tax credit urtess tax so dedLthd 18 cortsidered irreCor. Dbmdends are by refer8nc8 to t1r due dates. Interest Is recorde(J Wtrn nas been reeei¥ed. cl Expenditure Experlture recogrmsed once thère is a al or cortstructi%e oblatlon to make a paymerrt lo a tknrd party. It Is probablÈ tfTrat settme vAlI be requred and amunt ol tha obligatlon can b8 rneasured rellabty. Costs of generatir¥J represent arnounts P8KI to ti TrusV$ external inrt adSorS. Charltable actwitles èJpeThJiture comprises grants aThJ donatlors awarded by th8 TrteeS in acc¥r wfth critèria set OL in Trt D8ed, t0gettrr with grant related SLPPOrt costs. Grants payab 8re rna¢e to third partS in fwtlErance of charity'5 oLyects. &r¥ or mutt1-ar 9rants are accoted for when eitfEr t rerypent has g reasonatJe expe¢tation that tY wlll receNe a grant an trustees have agreed to pay grant wrthrt ColtiOn. or the ciplert knas a reasonabk eXpeCtatn that they will receike a grant 8fK# that any coThJitk)n attachlw to grant is 0side of ttre control OF tIE charity. TkE view of th2 trustees i4 that any InstentS payable within 12 [rK)ntI of reporti date are Expected to be pa regardless of the statLE of attach8d condrtion5 arxl so tIEse are acGrLEd. Any paytnents due in more than 12 montts from reporting date. wfEre cOlt10r6 e)ist that have ry)t been met at reportiry date, are mt acCrd txrt are reported as an LnaccrLd fLtwe commrtment. Grart5 appro subject lo conditsorfj that have rnt been Met 8t year-erKI are rK)ted as è Commltffnt but not acc as expeThYilure. Grart lated support costs represent staff. Offi gOrrnTr costs incurred in rnanagiry the grant award programme. Tfy ill1e a share of th& staff offlc8 COSt5 of tts InI offi5 of the Sainsbury Famlty Charitabfè Trusts, which are alocated in proportion to the spent on TrLSt matters grants pald. ContrlbLiorts to definèd contribtrtion pension plans are charged to tre staternent of firorrial actmties in tPe period to which ttrw relate. Governarte costs comprise all costs invoK4NJ tk PLblle accoLntabilty of th8 charity ard c0rnpliar wfth re9ulatlon gorxl practite. These costs ijUde fees for statutory art ar 081 fees wf*re relevant. Rewrt and Accounis- 5 April 2022 -24-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS 1. PRINCIPAL ACCOUNThNG POUCIES ¢L)r)tinued dl Inv8Stmenis Invèstments are a form of basi¢ fina21 instrument and are Iritk?Ily recognised at t1r transaction value aTh SLJ5equently rneasured at IkEir fair valw 85 at the balarKe slEet date u51ng the ¢t051ng quoted market price. Any dre In fair valLW wlll be recogrised in the statement of finarrial act1111e5. Irwestrnent gaNs and 1055e5, whether reali5ed or wrealised. are combined and swn ln the headiro 'Net gainslllossesl on istments. in statement of f1ml81 actiwtses. 81 Flnanclal Inslrumonts The TrLtst has financ4al a$$ets and f8181 liabilitpes of a kind that qualify as basic finanaal in5trLrnents. Basic financial ItrUMentS are IrtiallY recogni5ed at transaction valte and sth)sequently measLred at thair settlement valuè. Trade and otr debtors are recognised at the settlement amount due after ary trade offered. Prepayments are valued al the amount prepaid t of any trade di80)Lrt5 dLE. Creditors prow5n5 are recogni5ed where ¢harity h#$ a pre$ent oblgation resuhlng from a past e%Ent that will probabty resutt in the transfer of fu5 to a th'rd party and the amount due to Settle the obligation can be measured or estimated reliabty. Creditors and proMsior6 are normally reco9rised 8t ttrE Settlement amourrt after 8llowiTrJ for any trade di5COUrts dLE. f) Cash and cash equlval8nts Cash arKI ¢ash equivalents Ile t>sh at bank aThJ In haThY, cash hèkl for relrwestm8nt ar short term deposits. èl Fixed a55ets Fi%ed assets are deprlated at rates wNch refk¢¢ thdr usefLI life to Trust. Leasehold improvTnerrts are depreGiated over t1 out5tandirvJ lrfe of the ase at time work was completed. The followitYJ rates have been used.. 120121 Lease1Id impro%ments- 10% per anwm 120211 Leaselwd improvemerts- 14.28% per ann7 Item5 of equipment are Gaprtalised where the pwGhase prKe exceeds £5.OCO. Depreciation costs are allocated to activiiies on the basis of the LBe of the related 85sets in those aCtlI7e5. Assets are reviewed for impairment if or¢umstarres indicate their carryir& Val may exceed trEir net realisable value ar val in Lse. Major comporEnt5 are treated as a separate asset wlEre they have significarrtly dlfferent patterr6 or consumption of econom benefrts are depreaated separately over 115 usefLI life. h) Debtors Trade and otfLeT debtors are recogrrised at trÈ settlement arnount due after any trade dis¢oLrt offerEd. Prepayrnerts are VdlLEd at IIE amourrt prepgid rEt of any trade di$¢ount$ due. 11 CrÈditors and provision5 CditOrS arKI proM$ion$ ae re¢ogrMsed Whe tIE cfArity has a present obluation resuttiry from 8 past evert that will yobably result in the Irartsfer of funds to a third party aTrY the arnount du2 to settle obligation can be mÈasLtred or estimated reliatAy. Creditors proMsk?r6 are mrmalty rec09rSed at t1r Settlement amoLrt after allowing for ary trade discourt5 due. jl Pnsions Ctsrfcribtrtv)n$ to defId ¢ontrilMion an$ A ¢harged to the Statement of flyB?1 activities in period to whh they relate. kl Crltlcal accountlng lu(Igemants and key sources of estlmatlon uncertalnty In the application of ¢trwrity's actt)thtiro policies, wtrych are described in note 1, Trustees are reqLxred to mgke judgernents. estimate5, assumption5 aboLA the carrylng values of assets arKJ Ilabl1leS trAt are n¢t readily apparert from other sources. The estimates underlyirrfJ a5sumption5 are ba5e¢J on historical eXperIee arvj other factors thgt are ¢(sidered to be relevart. A¢tual re$tS may differ from thèse estimates. estimates ard undertying a5SLThPtion5 are reMewed on an ¢)ngoiry ba$. Remsions to att¢xntitYJ estimates are recognised in thè period in which the estirnate Is rewsed if tIE remsion affects onty t1 period. or in tIE period of t1 re5n and fLrture periods if the reMsi¢)n affÈct5 thè currer fL*ure periods. In VEW of the TrLEtees. assumptr wrtrrnit¥J thè futwe or estimation (ertaintY affectir& assets and liabilitie5 at the balar set date are likely to resutt in a materral #djtrnen1 to t1r carrylrKJ amunts in the next rinanrial year. Reportand Acwwts- S April 2022 -25-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS 2. INCOME FROM IWESTMENTS Irrome reNed on i$tntS is as follows.. 2022 20 £'ooo 268 167 $95 707 Govermient flxed interest OtfEr fed Interest UK eqLities Overseas equties Propety Alternative irNestments Mutti 8sse15 Interesvollpr 14 110 177 528 1.083 98 145 15 30 37 24 33 1,923 100 2, 159 100 3. COST OF GENERATING FUNDS TtrEse o)5ts relate to irbvestment manager's fees. TnBtee5 are ol the that tkEse relate lo I gereration of a total retsn on the irNestment portfdD ard, as suth, have charged Expdable EfKlowftrrt wY(h these fees. 4. GRAMfs PAYABLE 2022 £'ooo 2021 £'ooo Reconclliatlon of grants payable.. C(xnmrtrnerts at 6 Awil 2021 1,404 1, 757 Grarts rKJt 815 April 2021 Grarts approved in trE year Grarts carlled, refLttYJed or ameThJed Grarts mt accrued at S &)ril 2022 Grants payable for the year 226 2.982 1131 2e1 2, 753 (13} 2,934 3,020 Grarts paid during the year 12,9661 {3,373J Commllrmnts at 5 April 2022 1,372 1,404 Commitsnents at S April 2022 are payable as follows: 2022 £'ooo 1.372 2021 vwthkn or yèar IrK>le 101 1,404 Commltments In addition to amount5 committed and accrued mted above. the Trlee5 have 81so 8UtrK)rised tsrtain grarts which are SLbject to the recipient ILlfilliro certain conditions relatirva to the delivery ol the grart-fwded actiwlies. The total amouni autIrISed bLrt not accrued as experltlre at S April 2022 was £260.67012021.' £226.0401. The Trustees are confident that these aLrthorised amolrts will be rnet from lthwe irorne. A 1st of grants payable Is IJed in AppeThJrx A. RepDrt and ACllts- 5 April 2022 -26-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS 5. GRANT RELATED SUPPORT COSTS 2022 Total 2021 Total Grant- Governance makin £'ooo 329 97 £'ooo £'ooo 332 £'ooo 316 83 Staff eosls Share of joint Offi costs LTht costs inclLKlirvJ travel Depreciation 11 445 442 474 Legal at%1 professK)nal fèès 21 22 21 Audito¢s rèmunaralhJn 472 13 485 463 auJitorf5 remUrtiatn exclLKliro VAT 15 £7,800. Incle in 5LPPOrt costs lor 221 are golemar costs 01 £17,492 which was comprised ol staff costs of £3,740 and auJitorfs MurEratIon of £13.752. ANALYSIS OF STAFF COSTS 2022 £'ooo 273 30 2021 Wages and salarEs Social secLfity Costs Otr pertsh)n costs 28 29 316 332 As mentioned in the Report of the Trustees, the Trust B orE of Sair6bury Fan) Charitabk Trwts which 51pre 8 Int adrninistralton 81 the Registered Office. 4.0°h12020121".4.10/ol of th8 total SLPPOrt arvj adrninistralDn costs of tIEse trusts have bean allocated to t1 Headley Trust, irt11r a proportionate share of the costs ol ernploying the total number of staff sermro in Offi in 2021122. The total ner of stall errployed durirg the year was 15. all on a part-trne basis12020121.. 131 Th"5 8quates to 3.5 full-lThe employees12020121.. 3.51 regard to the small nnber ol employees. the Trust ¢or6iders its key rnanagernenl personrEI to comprise of 7 part-tirrE st8tf12020121. 71. Tke lolal ernpbyrnert ben8fit5, incluling employer contnbutior6 to grow personal pertsioffj, of t8& kèy managèrnènt person1, wère £199,954 12020121.. £192,223). M) employee earned in excess of £60,000 in eilf£r year. Duriry the year no Trustee rec£i¥Ed arty remuroral*)n or reirnburserrent of er6es(202l.. NIL). 7. TANGIBLE FIXED ASSETS Leasehold Improvements 2022 £'ooo 2021 Cost At 6 April 2021 Addrtions At 6 April 2022 95 27 95 95 Depreclatlon At 6 April 2021 Charge for thè year Ai 6 April 2022 65 11 76 54 Net Book Value At 5 April 2022 19 30 At 5 April 2021 AJI of tr abo assats are ed lor clArrtab purposes. 30 14 Rep(aNj Arxounls- S April 2tr22 -27-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS FIXED ASSET INVESTMENTS 2022 £'OOD TT.487 130,2791 26.274 2,6 76,137 2021 Market value 6 Aprll 2021 Le5s.' Disw3als al proceeds Add.. AcqiASitKJns at cost Net gains on inve51rllerts Market value 6 April 2022 65,331 (24,930) 22,553 14,527 77,487 Forward excharKJe contracts ln¥estrrrt Ggsh 4,473 1102 Total investments 80.656 IrhEstmerts held al S Aprl 2022 were as lolb)ws.' 2022 Market Valu8 £'ooo 6,626 16.814 36.718 4.544 10.967 2021 Mart(et Valu• £'ooo 8,716 16,394 40,257 2,605 9,032 485 77,487 Cost £'ooo 7,081 15.362 27.030 4,009 9,339 489 63.310 Fixed Income LK EqurtEs Global Eqilltp Property Ajlernative In¥estments othèi 8,5Ql 11,385 27,027 2.476 7, 788 489 57,660 76,137 Irwestrnent5 I[le the followiry hokliry at market Val.. UK. EquitEs- J Sairtsbury PIC- £4,627,13612020121,' £4,961.0071 As part of overall rn8n8geEDt of fu$. the irweslment rnanagers ha entgred irto corrrnitrnerts to sell a total ol EUR 3.118,5(K) and USD 15,884,LKK) and buy a total of LED 980.000 urKler forward rate contracts at S Aprl 2022.12021..tQ sell CHF 956,000, EUR 3,628.500, aNI USD 13,687.000 and bw CHF 470,CM)01. Al contracis maturè on 16 June 2022 arKI ale I[[L¥Jed wilh"n InstmentS as forward exchatYJe contracts. Djr1 the year £1,S(K),00012021." £1.500,0001 was di¥esled from tIE ir¢*stment portlolK) to support Trf$ grant eweThJrture. 9. DEBTORS 2022 £'ooo 176 176 20X rooo 106 106 otr debtors 10.CREDITORS- amounts falling duo vMhSn on• yoar 2022 £'ooo 1,372 2021 Grants payable within one year Professronal charges otr creditors Intercorryany 1,404 18 79 148 1.649 124 1.586 Rewrt and Accounts- 5 April 2022 -28-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Expendable Funds Endown*nt £'ooo £'ooo Total$ 2022 £'ooo Fwd Balae$ at S April 2022 arè r&presented by.. Tangible fixed assets IrNestments Current assets Current liabilities 19 80,656 19591 13331 79.383 19 80,656 584 11,5861 79,673 1,543 {1.2531 290 Total net assets Movèmènt In the year OpeThro bae as at 5 Aprl 2021 79,152 79,438 Total iome and endowments Cost of raisiro fu)gs Coslok Currercy extharoe Ilossesl Nel gain5 on investments TrarBfers between funds 1,923 1.923 13291 13,4191 15951 2,655 1329) 13,4191 1595) 2.655 {1,500) 1,500 290 Closir#J balae as at S April 2022 A transfer of £1,500k12021.. £1,300kl was made from ExpeThdaNe Erdownyneni to unrestrad Funds to ¢ovor the defi¢it dwing the year. Comparatlv• Unrastrlctèd Expendable Funds Endobvrnent £'ooo £'ooo Totats 2021 £'ooo Fund balan¢e$ al 5 April 2021 are represerted by-. Tangible fixed assets INeslments Current assets Curreni Itabililies 30 80,597 {1,146) {3291 80,597 1,606 {1,3201 (1.6491 Total n•t a$$ets 286 79,152 79.438 Movement in the year Openirg balae as al 5 April 2020 310 65,175 65.485 Total irknme endowments Cost of raising funds Cost of grart-makirg Currency excharKJe gains Net gait% on investments Transfers betweèn fuThJ$ 2.159 2,159 {3121 13,4831 1,062 14,527 1312) 13,4831 1.062 14,527 11,300} 1.300 286 Closiro balance as al 5 April 2021 12. RELATED PARTY TRANSACTIONS IIlKIed Wittrn grant-related support costs is a total 01 £7,656 {2021.. £7,476) payable for legal seN¢es lo Portrait Solicitors. a firm in which Miss J S Portrait was a parlrEr. There are m donation5 from related parties wtroch are outSKle the Th)rmal cowse of business and no restricted donaliorts from rdaled parties. Reportand Accounts-5 A1 2022 29-
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS 13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Lknrestricted Funds £'ooo Expendable Endowment £'ooo Total Funds 2021 £'ooo Income Income from irweslrrents Total income and endowments 2,159 2.159 2.159 2,159 Expendituro Cost of raising funds Investmènt rnan8gement o)sts 312 312 Charltablo activitiès Grant-making". Grant expetKJiture Grant related support ¢osts 3,020 463 3,020 463 Cost of grant-maklng 3,483 3,483 Total expenditure 3.483 312 3,795 Net operating def1t {1,3241 13121 11.6361 CUrrerY exchange gains l*t gains on irNestrrEnts TiarKsfers between funds 1.OV2 14,527 {1.3001 1.C62 14.527 1.300 Net movement in funds 1241 13,977 13,953 Recon¢iliation of funds Total fdS broht forward Total flnds carrpd forward 310 65.175 79.152 65,485 79,438 Rep)rt and Accounts- 5 April 2022 -30.
THE HEADLEY TRUST S April 2022 NOTES TO THE ACCOUNTS Appendix A The amourts payable in the year erKled 2022 conslsted of the folkiwiro.. Arts and Heritage- UK Art Fund - National Art CollectiorB Flnd Royal Opera HoLBe Covent Garden FoLndalK)n Ashford Hill wi(h Headley Parish Council FIJI Maiilime FoLndation Peterborough MLBeum & Art Gallery Exeter Cathedral TYFÈ & Wear Archives & Museums - Laing Art Gallery t grarrts payab[Cartt11ed up lo £40,000 Arts and Heritage - Overseas C31-Ceriler for Developing Childrerfs Rights Culure Pblocausl Memorial Centre, Skopje grants payable/car11ed up to £13,500 Developing Countries Africa ELatronal Trust EyelliarKe International Health PartrErs Primary Care International Nt grants payable1Car11ed LP to £30,000 100,OOCg 100,000 60,000 50,000 57,000 46,000 45,000 1.127,320 15,000 15.000 42.500 45.000 50,000 47,500 50,000 114,000 Education NatiorH1 Museums Liverpool Royal Opera House Covent Garden FouNJalton Central School of Ballet Royal Holloway University Tririty Laban CorBervatoire of MUS & Dar grants payablelcancelled LP to £20,000 Health and Soclal Weware Gateshead Okder People's Assembly F&rrow Carers Jarnie's Farm Social Ark West LoTrJon Zor grants payab1e1cae11ed LP to £30,000 Total grants payable per Slalemert of FinanrAal Acliwlies 27,460 25,000 20,000 40,000 40,000 83,040 40,000 50,000 30.000 35.000 50.000 529,694 2.934,514 RepDrt and Accounts-5 412022 31
THE HEADLEY TRUST 5 April 2022 NOTES TO THE ACCOUNTS Appendix A (Continued) The amounts payable n the year ended 2021 consisted of the followirKJ'. Arts and Heritage- UK Art Fu1 British MLBeLm Development Trust Ur•versity of Oxford, Worcester College Net grants payabielcarrelled up lo £40,000 1(Ml,000 250,000 500,000 998.812 Arts and Heritage - Overseas Friends of Aphrodisias Trust BouloLA(i Net grants p8yabcarre11ed up lo £13,500 15,000 25,000 47,122 Devek>plng Countrtes Adeso African DevelOpEnt SolutKJns Pwposeful Microloan FOdatiOn Net grants payablelcarreled up lo £30,000 37,500 35,000 37.500 113,500 Edu¢atlon City & Guild5 of London Art Schjol International Musicians Semiror Royal Nr)rthern College of Music Net grants payablelcarelled up lo £20,000 30.000 30.000 30.000 180.740 Heatth and Social Welfare Care & Repair ErolarKJ Live Music Now TLrtor Trust Net grants payable1cae1ed up to £30,000 52,500 30,000 50,000 457,300 Tol81 grarts payable per Statem&rt of Finarcial Aclimlies 3.019.974 Reportand Accouits- 5 April 2022 -32.