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 ACt￿nts- 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 A￿hae0logical 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-$A￿l 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 reSoUr￿S 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 manage￿Ent 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 Act￿nts- 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 ligh￿eSSe1 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-
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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 Y￿re 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
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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
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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, ma￿don1a, 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 eX￿ptIOnal 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 a￿1 Accounts- 5 April 2022
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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 t￿lIdIng.
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
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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 reSoUr￿s, for the year then ended
Have been property prepared in accordance with United Kingdom Generally AC￿pted
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, ex￿pt 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 con￿rn
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, Con￿rning 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 Win￿nt 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 apprO￿d 8ThY aut￿rIsed 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 Inv￿tIng 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 0￿rating 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
DiVide￿S 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 bala￿eS ￿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 ￿nir￿orPorated arKI registered in Erslarxl and Wales wth C￿rity 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 fir0￿1¥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 Sta￿8[￿ 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 Re9￿￿tIor￿ 2008 only to trxterrt reouired to prowide a 'truo ar￿ fair
ew.. This departure has InvohEd foltowiry Ac£ourrtirvJ and ReportirKJ by Charities preparlry t￿br accourts
in accordarKe with tPE Fnarcigl Reportiry Starkdgr¢l 8pplicable in UK and R￿￿11¢ 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 bsr*fit ertmy as dèflned by FRS102.
In ￿eW of tFE T[￿le￿5, tIEre are rK) rnaterlal ￿￿ertaInt￿S c2stiNJ doLèt on 9olro Co￿erTr of t
ctrwrty.
assessed t￿ Tr￿V8 finawial pos5tion pL4rB for foreseeable future. ttre Trustees are
satlsfied that it remains apkYopriat& to prepare tr* finartkql State￿entS on ttre ooirg corcern ba51S.
assets of the TrL￿t remain 8vJrificant. aThS Tr￿t 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
irreCo￿r*￿.
Dbmdends are by refer8nc8 to t￿1r due dates.
Interest Is recorde(J Wtr￿n ￿ nas been reeei¥ed.
cl Expenditure
Exper￿lture ￿ recogrmsed once thère is a *al or cortstructi%e obl*atlon to make a paymerrt lo a tknrd party.
It Is probablÈ tfTrat sett￿me￿ vAlI be requred and amunt ol tha obligatlon can b8 rneasured rellabty.
Costs of generatir¥J represent arnounts P8KI to ti* TrusV$ external in￿￿￿￿rt ad￿SorS.
Charltable actwitles èJpeThJiture comprises grants aThJ donatlors awarded by th8 Tr￿teeS in acc￿￿¥r
wfth critèria set OL* in Tr￿t D8ed, t0gettr￿r with grant related SLPPOrt costs.
Grants payab￿ 8re rna¢e to third part￿S in fwtlErance of charity'5 oLyects. &r¥￿￿ or mutt1-￿ar 9rants
are acco￿ted for when eitfEr t￿ rerypent has g reasonatJe expe¢tation that t￿Y wlll receNe a grant an
trustees have agreed to pay grant wrth￿rt Co￿ltiOn. or the ￿ciplert knas a reasonabk eXpeCtat￿n
that they will receike a grant 8fK# that any coThJitk)n attachlw to grant is 0￿side of ttre control OF tIE
charity.
TkE view of th2 trustees i4 that any Inst￿￿entS 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 cO￿lt10r6 e)ist that have ry)t been met at reportiry
date, are mt acCr￿d txrt are reported as an LnaccrL*d fLtwe commrtment.
Grart5 appro￿ subject lo conditsorfj that have rnt been Met 8t year-erKI are rK)ted as è Commltff￿nt
but not acc￿￿ as expeThYilure.
Grart ￿lated support costs represent staff. Offi￿ gO￿rr￿nTr costs incurred in rnanagiry the grant
award programme. Tf*y i￿ll￿1e a share of th& staff offlc8 COSt5 of tts I￿nI offi￿5 of the Sainsbury
Famlty Charitabfè Trusts, which are alocated in proportion to the spent on TrLSt matters grants
pald.
ContrlbL*iorts 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 i￿jUde fees for statutory a￿rt 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¢ fina￿￿21 instrument and are Iritk?Ily recognised at t￿1r transaction value aTh
SL*J5equently rneasured at IkEir fair valw 85 at the balarKe slEet date u51ng the ¢t051ng quoted market
price. Any d￿r￿e In fair valLW wlll be recogrised in the statement of finarrial act1￿111e5. Irwestrnent gaNs
and 1055e5, whether reali5ed or wrealised. are combined and s￿wn ln the headiro 'Net gainslllossesl on
i￿stments. in statement of f1m￿l81 actiwtses.
81 Flnanclal Inslrumonts
The TrLtst has financ4al a$$ets and f￿8￿181 liabilitpes of a kind that qualify as basic finanaal in5trLrnents.
Basic financial I￿trUMentS are Ir￿tiallY recogni5ed at transaction valte and sth)sequently measLred at thair
settlement valuè.
Trade and ot￿r 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 prow5￿n5 are recogni5ed where ¢harity h#$ a pre$ent oblgation resuhlng from a past
e%Ent that will probabty resutt in the transfer of fu￿5 to a th'rd party and the amount due to Settle the
obligation can be measured or estimated reliabty. Creditors and proMsior6 are normally reco9rised 8t ttrE
Settlement amourrt after 8llowiTrJ for any trade di5COUrts dLE.
f) Cash and cash equlval8nts
Cash arKI ¢ash equivalents I￿l￿e t>sh at bank aThJ In haThY, cash hèkl for relrwestm8nt ar￿ short term
deposits.
èl Fixed a55ets
Fi%ed assets are depr￿lated at rates wNch refk¢¢ thdr usefLI life to Trust. Leasehold improvTnerrts are
depreGiated over t1￿ out5tandirvJ lrfe of the ￿ase at time work was completed. The followitYJ rates
have been used..
120121 Lease1￿Id impro%*ments- 10% per anwm
120211 Leaselwd improvemerts- 14.28% per ann￿7
Item5 of equipment are Gaprtalised where the pwGhase prKe exceeds £5.OCO. Depreciation costs are
allocated to activiiies on the basis of the LBe of the related 85sets in those aCt￿lI7e5. Assets are reviewed
for impairment if or¢umstarres indicate their carryir& Val￿ may exceed trEir net realisable value ar￿ val
in Lse. Major comporEnt5 are treated as a separate asset wlEre they have significarrtly dlfferent patterr6 or
consumption of econom￿ benefrts are depreaated separately over 115 usefLI life.
h) Debtors
Trade and otfLeT debtors are recogrrised at trÈ settlement arnount due after any trade dis¢oLrt offerEd.
Prepayrnerts are VdlLEd at IIE amourrt prepgid rEt of any trade di$¢ount$ due.
11 CrÈditors and provision5
C￿ditOrS 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 rec09r￿Sed at t￿1r
Settlement amoLrt after allowing for ary trade discourt5 due.
jl P*nsions
Ctsrfcribtrtv)n$ to defI￿d ¢ontrilMion ￿an$ A￿ ¢harged to the Statement of flyB￿￿?1 activities in period to
wh￿h 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 Ilabl1￿leS trAt are n¢t
readily apparert from other sources. The estimates underlyirrfJ a5sumption5 are ba5e¢J on historical
eXperIe￿e 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 t￿1 period.
or in tIE period of t1￿ re￿5￿n and fLrture periods if the reMsi¢)n affÈct5 thè currer* fL*ure periods.
In VEW of the TrLEtees. assumpt￿r￿ wrtrrnit¥J thè futwe or estimation (￿ertaintY affectir& assets
and liabilitie5 at the balar￿ s￿et date are likely to resutt in a materral #dj￿trnen1 to t￿1r 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 re￿Ned on i￿$t￿￿ntS is as follows..
2022
20
£'ooo
268
167
$95
707
Govermient flxed interest
OtfEr f￿ed 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 Exp￿dable EfKlowft*rrt 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 car￿lled, 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 Tr￿lee5 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 autI￿rISed bLrt not accrued as exper￿ltlre at S April 2022 was £260.67012021.' £226.0401.
The Trustees are confident that these aLrthorised amolrts will be rnet from lthwe ir￿orne.
A 1st of grants payable Is I￿￿Jed in AppeThJrx A.
RepDrt and AC￿llts- 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
LTh￿t 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 remUrtiat￿n exclLKliro VAT 15 £7,800. Incl￿e￿ in 5LPPOrt costs lor 2￿21 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
Ot￿r 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
I￿nt 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, irt1￿1r￿ a proportionate share of the costs ol ernploying the
total number of staff sermro in Offi￿ in 2021122.
The total n￿￿er 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 n￿nber 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 t￿8& kèy managèrnènt person￿1, 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 e￿r6es(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¥estrr￿rt 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[￿l￿e the followiry hokliry at market Val￿..
UK. EquitEs- J Sairtsbury PIC- £4,627,13612020121,' £4,961.0071
As part of overall rn8n8ge￿EDt of fu￿$. the irweslment rnanagers ha￿ entgred irto corrrnitrnerts to sell a total ol EUR
3.118,5(K) and USD 15,884,LKK) and buy a total of LED 980.000 urKler forward rate contracts at S Aprl 2022.12021..tQ sell
CHF 956,000, EUR 3,628.500, aNI USD 13,687.000 and bw CHF 470,CM)01.
Al contracis maturè on 16 June 2022 arKI ale I[￿[L¥Jed wilh"n In￿stmentS as forward exchatYJe contracts.
Djr1￿ the year £1,S(K),00012021." £1.500,0001 was di¥esled from tIE ir¢*stment portlolK) to support Tr￿f$ grant
eweThJrture.
9. DEBTORS
2022
£'ooo
176
176
20X
rooo
106
106
ot￿r debtors
10.CREDITORS- amounts falling duo vMhSn on• yoar
2022
£'ooo
1,372
2021
Grants payable within one year
Professronal charges
ot￿r 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 Bala￿e$ 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 ba￿￿e as at 5 Aprl 2021
79,152
79,438
Total i￿ome 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 bala￿e as at S April 2022
A transfer of £1,500k12021.. £1,300kl was made from ExpeThdaNe Erdownyneni to unrestr￿ad 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 bala￿e 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
I￿IlKIed Wittr￿n 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 A￿1 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 def￿1t
{1,3241
13121
11.6361
CUrrer￿Y 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 f￿dS bro￿ht 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/car￿11ed up to £13,500
Developing Countries
Africa E￿L￿atronal Trust
EyelliarKe
International Health PartrErs
Primary Care International
N￿t grants payable1Car￿11ed 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 payab1e1ca￿e11ed 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 4￿12022
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 Fu￿1
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 p8yab￿carre11ed up lo £13,500
15,000
25,000
47,122
Devek>plng Countrtes
Adeso African DevelOp￿Ent SolutKJns
Pwposeful
Microloan FO￿datiOn
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 payablelcar￿elled 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 payable1ca￿e1ed 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.