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2024-04-05-accounts

THE HEADLEY TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2024

The Peak 5 Wilton Road London SW1V 1AP

CONTENTS

PAGE

1 Reference and Administrative Details 1
2 The Report of the Trustees 2-14
3 Statement of Trustees’ Responsibilities 15
4 Independent Auditor’s Report 16-19
5 Statement of Financial Activities 20
6 Balance Sheet 21
7 Statement of Cash Flows 22
8 Notes to the Accounts 23-31

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

Reference and Administrative

The Headley Trust (No. 266620) was established under a Trust Deed dated 4 July 1973 and became a registered charity on 20 February 1974.

Trustees
Registered
Office
Principal
Officers
Bankers
Solicitors
Auditor
Investment
Managers		 Mr T J Sainsbury OBE
The Rt Hon Sir Timothy Sainsbury
Lady Susan Sainsbury CBE
Mrs C D Woodward
Mrs A McCrystal
Mrs C M Hatfield
Mr Dominic Flynn
The Peak
5 Wilton Road
London SW1V 1AP
Mrs K Everett
Chief Executive Officer
Mrs H McLeod Lead Executive
Mrs K Hooper
Executive
Mrs J Temple
Executive
Mr M Williams Executive
Miss S Levander Administrator
All the Principal Officers are employed on a part-time basis
(see Note 6).
Royal Bank of Scotland
119 - 121 Victoria Street
London SW1E 6RA
BDB Pitmans
One Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Sarasin & Partners
Juxon House
100 St Paul's Churchyard
London EC4M 8BU

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

The Report of the Trustees

The Trustees present their report and the audited financial statements for the year ended 5 April 2024.

Reference and administrative information set out on page 1 forms 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 applicable to charities preparing their accounts in accordance with FRS 102.

Objects

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 Overseas Education Health and Social Welfare

Proposals are generally invited by the Trustees or initiated at their request. Trustees aim to support innovative schemes that can be successfully replicated or become self-sustaining. Trustees do not normally make grants to individuals. Grants were made to previously funded organisations, and to organisations with grant schemes for other organisations and individuals. Grants continue to be made to support organisations overcome the challenges of the Covid-19 pandemic. A significant number of grants were made towards Cost of Living initiatives.

There have been no significant changes in the grant-making policies of the Trust over the period under review.

Charity and Public Benefit

Trustees are aware of the Charity Commission guidance on public benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust’s aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the 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 twice to review investment activity.

The asset value of the Trust increased by 1% from £70.9 million at 5 April 2023 to £71.6 million at 5 April 2024. The net unrestricted income of the Trust for the year after charging grant related support costs was £1.6 million compared to £1.7 million for the year to 5 April 2023.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

During the year grants to the value of £4.1 million were approved (2023: £8.2 million). The decrease of approved grants compared to last year is due to the approval of a £5 million grant to the National Gallery in 2023. Certain grants are payable over more than one year and those due to be paid after 5 April 2025 are not accrued in these accounts and amounted to £1.3 million at the year end. Grants paid of £5.3 million to 5 April 2024 include payments from capital as follows:

National Gallery £2,250,000 Art Fund - National Art Collections Fund £150,000

Trustees have decided that the best way of benchmarking the expenses incurred in running the charity is to measure these costs relative to its day to day activity of grant-making, as income alone is an unsuitable benchmark for charitable activity. On that basis, grant related support costs represented 10% of the value of grants paid, which totalled £5.3 million (2023: 15%).

Reserves Policy and Going Concern

It is the policy of the Trustees to approve grants for payment over a period of years, subject to certain 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 £1.3 million. 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 instalments. 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 reserves of the charity at 5 April 2024. 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 £4.5 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 adequate and that the Trust is in a position to meet all its commitments.

As at 5 April 2024, the Trust held total funds of £71.6 million (2023: £70.9 million), comprising an expendable endowment fund of £70.7 million (2023: £70.4 million) and unrestricted reserves of £0.9 million (2023: £0.5 million).

Investment Policy and Performance

Trustees meet with their investment managers regularly to discuss investment strategy and to seek to ensure that 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.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

The Trust’s portfolio increased in value over the past 12 months. The main portfolio generated a total return net of all costs of +11.1%. Whilst this was behind the composite benchmark of +16.2%, it was ahead of both the ARC Steady Growth Charity peer group index and the longterm CPI +4% target. Fixed income generated a positive return for the period but struggled to keep pace this year as they continue to await direction from central banks on the timing of interest rate cuts. The alternative allocation which is comprised of a mixture of listed private equity, alternative energy, gold and infrastructure, produced a negative return of -4% over the period. The allocations to absolute return funds, private equity and commodities (particularly gold) produced positive returns, but this was not enough to offset the continued weakness in infrastructure and renewable assets.

The Trust received £2.2 million of income (2023: £2.2 million) over the 12-month period and a further £3.8 million was withdrawn from the portfolio to support the Trust’s grant expenditure (2023: £1.8 million).

Investment Powers

The Trust Deed empowers the Trustees to appoint investment managers, 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, systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

The Trustees identified the uncertainty of financial returns 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 monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year.

Another major risk is a misuse of funds by a beneficiary. To mitigate this risk the Trustees normally restrict grants to charities registered with the 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.

Organisation

The Trust is one of the Sainsbury Family Charitable Trusts (SFCT), which 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.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their 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 necessary to design specific procedures to monitor such activities.

The Trustees are responsible for the overall direction and supervision of the Headley Trust; they set the Trust’s strategy, review proposals and approve grants. The Trustees delegate day-to-day operations to the Trust’s Lead Executive, Helen McLeod.

G R A N T S A P P R O V E D

Grants approved during the period may be analysed by number and by value in the categories set out below:


out below:
Arts and Heritage UK
Overseas
Education
Health and Social Welfare		 Grants
Value
Approved
£
76 1,951,473
10 397,500
13 422,666
87 1,333,200
186 4,104,839

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

ARTS AND HERITAGE UK - £1,951,473

Trustees funded a wide variety of projects to conserve and enhance important aspects of the UK’s cultural heritage. This included support for:

Brighton & Hove Museums - £81,706

Towards the salary costs of a part-time Assistant Curator of Decorative and Fine Art and a Conservation Assistant at the Brighton Museum & Art Gallery.

British Museum Development Trust - £37,790

Towards the Portable Antiquities Scheme internships.

Brunel Museum - £50,000

Towards the Collections Access Coordinator.

Cartoon Museum - £10,000

Towards the overall cost of replacing the lift to improve access for people with disabilities.

Chatham Historic Dockyard Trust - £30,000

Towards refitting and upgrading the display, interpretation and collections of the Orientation Gallery of No. 1 Smithery.

Dyson Perrins Museum Trust - £39,840

Towards the costs of an Early Career Curator at the Museum of Royal Worcester.

Folkestone Leas Lift Company - £25,000

Towards the restoration costs of the Leas Lift cliff funicular railway.

Foundling Museum - £225,000

Towards renewing the building lease.

Glastonbury Abbey - £50,000

Towards the refurbishment and extension of the entrance area to the grounds, museum and abbey.

Greenham Trust - £30,000

Towards the Watermill Theatre Funding Alliance.

Long Shop Museum - £54,000

Towards 50% of the Director's salary costs.

Report and Accounts – 5 April 2024

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Modern Art Oxford - £30,000

Towards the costs of the Early Years and Families programme.

Museum of Archaeology and Anthropology - £5,000

Towards the cost of a conservator for one day a week for one year.

Music in Country Churches - £10,000

Towards core costs.

National Holocaust Centre & Museum - £128,000

Two grants totalling £128,000 towards core costs and a two year curatorial development project.

National Lobster Hatchery - £10,000

Towards the costs of the Sustaining and Educating 2023 project.

Newbury Spring Festival - £15,080

Towards the Young Artists 2024 lunchtime concert series.

North Devon Maritime Museum - £5,000

Towards the costs of ceiling repairs.

Northern Viaduct Trust - £10,000

Towards restoration costs of the Smardale Gill Viaduct structure.

Parochial Church Council of Ashby St. Ledgers Church - £5,000

Towards the conservation costs of the wall paintings.

People's History Museum - £60,000

Towards the cost of a Collections Assistant.

Scottish Fisheries Museum Trust - £50,000

Towards the salary costs and additional costs for the Fleet and Volunteer Development Programme.

South Georgia Heritage Trust - £5,000

Towards the conservation and display of two books: Shackleton’s “South” and Reginald James’ diary.

St Barbe Museum & Art Gallery - £5,000

Towards funding a short-term maritime exhibition research co-ordinator.

St Helena National Trust - £10,000

Towards the conservation and restoration costs of the St Helena Trans-Atlantic Slavery Interpretation Centre.

Stained Glass Museum Trust - £30,000

Towards salary costs for a part-time Digital Producer.

Report and Accounts – 5 April 2024

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Story Museum - £10,000

Towards the cost of roof repairs.

Tate St Ives - £500,000

Towards the renovation of the Palais de Danse.

Tullie House Museum & Art Gallery - £50,000

Towards the new exhibition galleries and learning spaces.

UK Antarctic Heritage Trust (UKAHT) - £20,000

Towards the conservation and digitisation work on Base W, Detaille Island.

University of Oxford - Ashmolean Museum - £60,000

Towards the digitisation and conservation of phases 3 and 4 of the Sir Arthur Evans archive.

Whitchurch Silk Mill - £10,000

Cost of living award.

Worthing Theatres & Museum (WTM) - £33,367

Towards the cost of the Highdown Revisited excavation.

Zurbaran Trust - £40,000

Two awards totalling £40,000 towards the purchase of he Burning of the Heathen Books tapestry.

Another 13 smaller grants were awarded within Arts & Heritage UK totalling £33,590.

- The Cathedrals Programme £150,000

Trustees funded repair work to the fabric of ancient cathedrals and large churches of exceptional architectural merit (pre-18th-century). Modern amenities, organ repair/restoration and choral scholarships are not normally eligible.

Bristol Cathedral Trust - £20,000

Towards conservation of the Seafarers' Chapel floor and monuments.

Durham Cathedral - £20,000

Towards the external stone repairs to St Helen's Chapel.

Ely Cathedral Trust - £20,000

Towards essential conservation and repairs to Bishop Alcock's and Bishop West's Chantry Chapels.

Lincoln Cathedral – £35,000

Towards the Chapter House Phase II repairs.

St Mary the Virgin, the Lace Market, Nottingham - £25,000

Towards repairs to the Chancel Roof or the Great East Window.

Report and Accounts – 5 April 2024

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Winchester Cathedral - £30,000

Towards the work involved in conserving the Tournai Font.

– The Headley Museums Archaeological Acquisition Fund £33,100

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 England/Victoria and Albert Museum Purchase Grant Fund. 21 grants totalling £33,100 were awarded this year to the following museums, making a total of 385 since the scheme began.

Canterbury Museums & Galleries Conwy Culture Centre Danum Gallery, Library & Museum, Doncaster Denbighshire Heritage Service Discover Bucks Museum Dorset Museum Ely Museum Museum of the Iron Age, Andover North Lincolnshire Museum Norwich Castle Museum & Art Gallery Novium Museum - formerly Chichester District Museum Oxfordshire Museum Royal Albert Memorial Museum and Art Gallery, Exeter Whitstable Museum and Gallery

OVERSEAS - £397,500

Trustees supported development projects that focus on education and employment interventions for women and girls; water, sanitation and hygiene and community health programmes in the poorest anglophone countries in Africa. Priority was given to locally led organisations employing local experts.

Trustees also supported conservation and recording of heritage (including ecclesiastical and vernacular architecture, archaeology and cultural artefacts), primarily in South Eastern Europe (Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Greece, North Macedonia, Montenegro, Romania, Serbia and Slovenia). Funding supported raising awareness of heritage issues in these countries; supporting the capacity of new heritage NGOs; training the next generation of conservation and heritage professionals; engaging young people in their heritage. Priority was given to locally led organisations employing local experts.

Balkan Museums Network - £100,000

To establish The Headley South Eastern Europe Cultural Heritage Funding Scheme.

Boulouki - £5,000

Towards a membership subscription programme.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

Cambridge Global Health Partnerships - £46,000 To improve maternal and neonatal care in Uganda.

CBM UK - £60,000

To address the education and health needs of children with disabilities in Masvingo District, Zimbabwe.

Dig Deep - £80,000

Towards the improvement of water, sanitation and hygiene in Bomet County, Kenya.

Microloan Foundation - £57,000

To train and support women to develop their own businesses in Mumbwa District, Zambia.

Primary Care International - £40,000

Towards core support.

Youth Impact Malawi - £5,000

To provide immediate relief to communities in Machinga District, Malawi and re-establish the organisation's capacity to deliver education support in the wake of Cyclone Freddy.

Save the Children - £75,000

A loan of £75,000 to Save the Children UK towards the Sierra Leone Education Innovation Challenge to make measurable learning improvements in 65 primary schools in Sierra Leone.

Another 2 smaller grants were awarded in the Overseas category totalling £4,500.

EDUCATION - £422,666

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 - £98,850

Cathedrals' Workshop Fellowship - £5,000

Towards employment costs for two stonemasons at Durham Cathedral.

Lyme Regis Boat Building Academy - £53,850

Towards bursaries for disadvantaged young people to attend the 40-week boat building course.

Royal Opera House Covent Garden Foundation - £30,000

Towards two archive apprentices.

The Ridge SCIO - £10,000

Towards an apprenticeship in traditional construction skills for a young person from a disadvantaged background.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

Music/Dance - £323,816

Bromley Youth Music Trust - £30,000

Towards the Young Musicians Bursary Scheme.

Central School of Ballet - £50,000

Towards bursary support for UK degree programme students.

Chiltern Music Academy - £10,120

Towards the Sing and String programme.

ORA Singers - £10,000

Towards the costs of the Young Composers' Scheme.

Royal Academy of Dance - £50,000

Towards bursary support for UK students on Certificate in Dance Teaching (Ballet) and Professional Dancers Graduate Teaching Diploma.

Royal Birmingham Conservatoire - Birmingham City University - £60,000

Towards at least two scholarships and hardship support for UK postgraduate music students.

Royal Northern College of Music - £60,000

Towards bursary support for UK postgraduate music students.

Truro Cathedral - £51,196

Towards the costs of the Organ Scholarship.

Another 1 smaller grant was awarded in the Music/Dance category totalling £2,500.

HEALTH AND SOCIAL WELFARE - £1,333,200

The priority areas were:

Age UK Reading - £5,000

Towards the cost of running its dementia day care service.

Age UK Redbridge Barking and Havering- £56,700

Towards the befriending service.

Report and Accounts – 5 April 2024

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Clement James Centre - £25,000

Towards running costs of activities at the Clement James Centre.

Community Advice Ards & North Down - £70,000

Towards a crisis support worker.

DrugFAM (The Nicholas Mills Foundation) - £60,000

Towards its volunteer training programme.

Home-Start UK - £50,000

Towards core costs.

Independence at Home - £50,000

Towards small grants to disabled people for mobility equipment and adaptations.

IntoUniversity - £100,000

Towards the FOCUS programme in London, Leeds or Nottingham.

King's Cross Brunswick Neighbourhood Association- £30,000

Towards the costs of employing youth workers.

Kingsclere Community Library - £5,500

Towards rent/core costs.

Marriage Foundation - £40,000

Towards core costs.

Shackleton Foundation - £20,000

Towards the youth leadership awards.

Tutor Trust - £100,000

Towards its transition programme in Salford.

Tutor the Nation - £5,000

Towards running costs.

Turtle Key Arts - £56,000

Towards setting up four Turtle Song schemes in London, Manchester, Bishop Auckland and Reading.

Westminster Chapel - £10,000

Towards the Westminster Foodbank.

Cost of Living Support - £480,000

16 grants of £30,000 each - Towards financial advice, benefit checking and income maximisation, and referral to domestic heating and home insulation schemes, food banks and food, clothing and household goods distribution services to those families and individuals

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

suffering most from the rapid increase in the cost of living, particularly in energy and food prices:

Age Concern Wigan Borough Age UK Lancashire Age UK North Tyneside Age UK Sheffield Bristol North West Food Bank Citizens Advice Carlisle & Eden Citizens Advice Cornwall Citizens Advice Hull & East Riding Citizens Advice North-East Lincolnshire Citizens Advice SORT Group Commonside Community Development Trust Family Action Hackney Quest Norfolk Citizens Advice Peterborough Citizens Advice Bureau Sufra NW London

Foodbanks - £100,000

20 grants of £5,000 each - Towards provision of help with food and other basic needs:

Bedford Street Community Company Bethel Trust Black Country Foodbank Blackpool Food Bank Bow Foodbank Carlisle Foodbank Earlsfield Foodbank Great Yarmouth Pathway Highbury Vale Blackstock Trust Leeds South and East Foodbank Manchester Central Foodbank Micah Liverpool Saltash Foodbank SENT Southampton City Mission Spring Community Hub Sufra NW London The Bay Foodbank Transformation CPR Westminster Chapel

Another 35 smaller grants were awarded in the Health and Social Welfare category totalling £70,000.

Report and Accounts – 5 April 2024

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Grants Cancelled

Grants totalling £41,897 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 standing beneficiaries to help them overcome the long term challenges of the Covid-19 pandemic and the cost of living increases.

Report and Accounts – 5 April 2024

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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 activities 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:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the 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 the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees on 2 October 2024 and signed on their behalf by

……………………………………………TRUSTEE James Sainsbury

Report and Accounts – 5 April 2024

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Independent Auditor’s Report to the Trustees of Headley Trust

Opinion

We have audited the financial statements of the Headley Trust (the ‘charity’) for the year ended 5 April 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section 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 performed, we have not identified any material uncertainties relating to events 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.

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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 other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly 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 whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify 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 respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out in the Trustees’ annual report, the Trustees are responsible for the preparation of the financial statements 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 free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect 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-compliance with laws and regulations, our procedures included the following:

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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 16 October 2024 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Report and Accounts – 5 April 2024

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Notes
Income
Income from investments
2
Total income
Expenditure
Cost of raising funds
Investment management costs
3
Charitable activities
Grant-making:
Grant expenditure
4
Grant related support costs
5
Cost of grant-making
Total expenditure
8
Transfers between funds
11
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net expenditure before net
gains/(losses)
Currency exchange gains/(losses)
Net gains/(losses) on investments		 Unrestricted
Expendable
Total Funds
Total Funds
Funds
Endowment
2024
2023
£’000
£’000
£’000
£’000
2,165
-
2,165
2,178
2,165
-
2,165
2,178
-
300
300
314
5,707
-
5,707
5,452
528
-
528
513
6,235
-
6,235
5,965
6,235
300
6,535
6,279
(4,070)
(300)
(4,370)
(4,101)
-
102
102
(1,061)
-
4,979
4,979
(3,610)
4,500
(4,500)
-
-
430
281
711
(8,772)
503
70,398
70,901
79,673
933
70,679
71,612
70,901

The notes on pages 23 to 31 form part of these accounts.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

BALANCE SHEET

AS AT 5 APRIL 2024

FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CURRENT LIABILITIES
Creditors - amounts falling due within 1 year
NET CURRENT LIABILITIES
NET ASSETS
CAPITAL FUNDS
Expendable endowment
INCOME FUNDS
Unrestricted funds		 Notes 2024
2023
£’000
£’000
12
15
74,861
73,913
74,873
73,928

146

598
744

3,771
(3,261)
(3,027)
71,612
70,901
70,679
70,398
933
503
71,612
70,901
7
8
9
10
11
11		 £’000
210
622
832
4,093

The financial statements were approved and authorised for issue by the Trustees on 2 October 2024 and were signed on their behalf by :

……………………………………………………… TRUSTEE

James Sainsbury

The notes on pages 23 to 31 form part of these accounts.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024

Cash flows from operating activities
Net cash (used in) operating activities
Cash flows from investing activities
Dividends and interest
Purchase of investments
Sale of investments
Net cash generated by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net expenditure to net cash flow from operating activities
Net movement in funds
(Gains)/Losses on investments
Dividends and interest
Decrease/(Increase) Foreign exchange contracts
Depreciation charge
(Increase)/Decrease in debtors
Increase in creditors
Net cash (used in) operating activities		 2024
2023
£’000
£’000
(6,021)
(5,167)
2,165
2,178
(27,578)
(37,169)
26,258
45,887
845
10,896
(5,176)
5,729
10,610
4,881
5,434
10,610
2024
2023
£’000
£’000
711
(8,772)
(4,979)
3,610
(2,165)
(2,178)
151
(46)
4
4
(63)
30
320
2,185
(6,021)
(5,168)

Analysis of the balance of cash as shown in the balance sheet

Cash at bank and in hand
Cash balances held by investment manager for reinvestment		 Change in
2024
2023
year
£’000
£’000
£’000
623
598
25
4,811
10,012
(5,201)
5,434
10,610
(5,176)

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

CHARITY INFORMATION

The charity is unincorporated and registered in England and Wales with the Charity Commission (registration number 266620).

The address of the registered office is: The Peak 5 Wilton Road London SW1V 1AP

1. PRINCIPAL ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS102.

In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.

Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.

b) Income

Income is shown gross, including the associated tax credit unless the tax so deducted is considered irrecoverable.

Dividends are included by reference to their due dates.

Interest is recorded when it has been received.

c) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Costs of generating funds represent amounts paid to the Trust's external investment advisors.

Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.

Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.

Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

Contributions to defined contribution pension plans are charged to the statement of financial activities in the period to which they relate.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include fees for statutory audit and legal fees where relevant.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

1. PRINCIPAL ACCOUNTING POLICIES continued

d) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities.

e) Financial instruments

The Trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

f) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand, cash held for reinvestment and short term deposits.

g) Fixed assets

Fixed assets are depreciated at rates which reflect their useful life to the Trust. Leasehold improvements are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:

(2021) Leasehold improvements - 14.28% per annum

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

h) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

i) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

j) Pensions

Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.

k) Critical accounting judgements and key sources of estimation uncertainty

ln the application of the charity's accounting policies, which are described in note 1, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

ln the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

2. INCOME FROM INVESTMENTS

Income received on investments is as follows:

Government fixed interest
Other fixed interest
Equities
Property
Alternative investments
Interest/Other		 2024
2023
£’000
%
£’000
%
256
12
236
11
599
28
334
15
1,131
52
1,366
63
149
7
162
7
28
1
75
3
2
0
5
0
2,165
100
2,178
100

3. COST OF GENERATING FUNDS

These costs relate to the investment manager's fees. The Trustees are of the opinion that these relate to the generation of a total return on the investment portfolio and, as such, have charged the Expendable Endowment with these fees.

4. GRANTS PAYABLE

GRANTS PAYABLE
2024 2023
£’000 £’000 £’000 £’000
Reconciliation of grants payable:
Commitments at 6 April 2023 3,546 1,372
Grants not accrued at 5 April 2023 2,983 261
Grants approved in the year 4,105 8,216
Grants cancelled, refunded or amended (42) (42)
Grants not accrued at 5 April 2024 (1,339) (2,983)
Grants payable for the year 5,707 5,452
Grants paid during the year (5,284) (3,278)
Commitments at 5 April 2024 3,969 3,546
Commitments at 5 April 2024 are payable as follows:
2024 2023
£’000 £’000
Within one year (note 10) 3,969 3,546

Commitments

In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions relating to the delivery of the grant-funded activities.

The total amount authorised but not accrued as expenditure at 5 April 2024 was £1,338,919 (2023: £2,983,000).

The Trustees are confident that these authorised amounts will be met from future income.

A list of grants payable is included in Appendix A.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

5. GRANT RELATED SUPPORT COSTS

Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Consultancy
Auditor's remuneration		 2024
2023
Grant- Governance
Total
Total
making
£’000
£’000
£’000
£’000
381
5
386
374
96
-
96
83
8
-
8
6
4
-
4
4
22
-
22
15
-
-
-
21
-
12
12
10
511
17
528
513

The auditor's remuneration excluding VAT is £9,650. Included in the support costs for 2023 are governance costs of £14,508 which was comprised of staff costs of £4,128 and auditor's remuneration of £10,380

6. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
2023
£’000
£’000
317
309
35
35
34
30
386
374

As mentioned in the Report of the Trustees, the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 3.7% (2023: 3.8%) of the total support and administration costs of these trusts have been allocated to the Headley Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2024.

The total number of staff employed during the year was 10, all on a part-time basis (2023: 12) This equates to 3.3 full-time employees (2023: 3.3)

Having regard to the small number of employees, the Trust considers its key management personnel to comprise of 5 part-time staff (2023: 6). The total employment benefits, including employer contributions to group personal pensions, of these key management personnel, were £232,748 (2023: £224,329). The number of employees whose total employee benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2024: one employee who earned between £60,000 - £70,000 (2023:one).

During the year no Trustee received any remuneration or reimbursemens

7. TANGIBLE FIXED ASSETS Leasehold Improvements

Cost
At 6 April 2023
Disposals
At 6 April 2024
Depreciation
At 6 April 2023
Charge for the year
Disposals
At 6 April 2024
Net Book Value
At 5 April 2024
At 5 April 2023		 2024
2023
£’000
£’000
27
95
-
(68)
27
27
12
76
3
4
-
(68)
15
12
12
15
15
19

All of the above assets are used for charitable purposes.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

Market value 6 April 2023
Less: Disposals at proceeds
Add: Acquisitions at cost
Net gains/(losses) on investments
Market value 5 April 2024
Forward exchange contracts
Investment cash
Total investments		 2024
2023
£’000
£’000
63,809
76,137
(26,258)
(45,887)
27,579
37,169
4,979
(3,610)
70,109
63,809
(59)
92
4,811
10,012
74,861
73,913

Investments held at 5 April 2024 were as follows:

Fixed Income
Equities
Property
Alternative Investments
Other		 2024
2023
Cost
Market
Cost
Market
Value
Value
£’000
£’000
£’000
£’000
7,259
6,168
8,048
6,926
43,180
51,164
40,703
43,395
2,589
2,344
2,900
2,786
7,716
7,208
10,331
10,292
3,289
3,226
489
409
64,033
70,110
62,470
63,809

Investments include the following holding at market value: U.K. Equities - J Sainsbury Plc - £4,193,801 (2023; £5,116,869)

As part of the overall management of funds, the investment managers have entered into commitments to sell EUR 3,741,452; JPY 58,967,000; CHF 410,000; NOK 14,324,000 and USD 15,609,974 under forward rate contracts as at 5 April 2024. (2023: sell a total of EUR 3,918,500 and USD 6,560,400 and buy a total of EUR 3,093,048 and USD All contracts mature on 20 June 2024 and are included within investments as forward exchange contracts.

9. DEBTORS

DEBTORS
Other debtors 2024
2023
£’000
£’000
210
146
210
146

10. CREDITORS - amounts falling due within one year

Grants payable within one year
Professional charges
Other creditors and Intercompany		 2024
2023
£’000
£’000
3,969
3,546
18
17
106
208
4,093
3,771

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

**Unrestricted ** Expendable Totals
**Funds ** Endowment 2024
£’000 £’000 £’000
Fund Balances at 5 April 2024 are represented by:
Tangible fixed assets - 12 12
Investments - 74,861 74,861
Current assets 4,920 (4,088) 832
Current liabilities (3,987) (106) (4,093)
Total net assets 933 70,679 71,612
Movement in the year
Opening balance as at 5 April 2023 503 70,398 70,901
Total income and endowments 2,165 - 2,165
Cost of raising funds - (300) (300)
Cost of grant-making (6,235) - (6,235)
Currency exchange gains - 102 102
Net losses on investments - 4,979 4,979
Transfers between funds 4,500 (4,500) -
Closing balance as at 5 April 2024 933 70,679 71,612
A transfer of £4.5m (2023: £4m) was made from Expendable Endowment to Unrestricted Funds to cover
the deficit during the year.
Comparative

Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2022
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Transfers between funds
Closing balance as at 5 April 2023
Currency exchange (losses)		 Unrestricted Expendable
Totals
Funds Endowment
2023
£’000
£’000
£’000
-
15
15
-
73,913
73,913
4,198
(3,453)
745
(3,695)
(77)
(3,772)
503
70,398
70,901
290
79,383
79,673
2,178
-
2,178
-
(314)
(314)
(5,965)
-
(5,965)
-
(1,061)
(1,061)
-
(3,610)
(3,610)
4,000
(4,000)
-
503
70,398
70,901

12. RELATED PARTY TRANSACTIONS

Included within grant-related support costs is a total of £20,580 (2023: £15,348) payable for legal services to BDB Pitmans, a firm in which Mr Dominic Flynn is a partner. There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Unrestricted Expendable Total Funds
Funds Endowment 2023
£’000 £’000 £’000
Income
Income from investments 2,178 - 2,178
Total income and endowments 2,178 - 2,178
Expenditure
Cost of raising funds
Investment management costs - 314 314
Charitable activities
Grant-making:
Grant expenditure 5,452 - 5,452
Grant related support costs 513 - 513
Cost of grant-making 5,965 - 5,965
Total expenditure 5,965 314 6,279
Net expenditure before net (losses) (3,787) (314) (4,101)
Currency exchange losses - (1,061) (1,061)
Net (losses) on investments - (3,610) (3,610)
Transfers between funds 4,000 (4,000) -
Net movement in funds 213 (8,985) (8,772)
Reconciliation of funds
Total funds brought forward 290 79,383 79,673
Total funds carried forward 503 70,398 70,901

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS

Appendix A

The amounts payable in the year ended 2024 consisted of the following:

£

Arts and Heritage - UK
National Gallery
Foundling Museum
National Holocaust Centre & Museum
People's History Museum
University of Oxford - Ashmolean Museum
Brighton & Hove Museums
Tullie House Museum & Art Gallery
Glastonbury Abbey
Brunel Museum
Scottish Fisheries Museum Trust
Zurbaran Trust
Net grants payable/cancelled up to £40,000
Overseas
Dig Deep
Microloan Foundation
CBM UK
Cambridge Global Health Partnerships
Primary Care International
Net grants payable/cancelled up to £20,000
Education
Central School of Ballet
Royal Academy of Dance
Royal Northern College of Music
Royal Birmingham Conservatoire - Birmingham City University
Lyme Regis Boat Building Academy
Truro Cathedral
Royal Opera House Covent Garden Foundation
Bromley Youth Music Trust
Royal College of Music
Net grants payable/cancelled up to £20,000
Health and Social Welfare
Tutor Trust
IntoUniversity
Community Advice Ards & North Down
Turtle Key Arts
Home-Start UK
Independence at Home
DrugFAM / The Nicholas Mills Foundation
Marriage Foundation
Sufra NW London
Age UK Lancashire
Age UK North Tyneside
Age UK Sheffield
Bristol North West Food Bank
Citizens Advice Carlisle & Eden
Citizens Advice Cornwall
Citizens Advice Hull & East Riding
Citizens Advice North-East Lincolnshire
Citizens Advice SORT Group
Commonside Community Development Trust
Family Action
Hackney Quest
Norfolk Citizens Advice
Peterborough Citizens Advice Bureau
Place2Be
King's Cross Brunswick Neighbourhood Association (KCBNA)
Age Concern Wigan Borough
Net grants payable/cancelled up to £30,000
Total grants payable per Statement of Financial Activities		 2,250,000
225,000
108,000
60,000
60,000
53,662
50,000
50,000
50,000
50,000
40,000
743,267
80,000
57,000
50,000
46,000
40,000
24,500
50,000
50,000
40,000
40,000
35,900
33,321
30,000
30,000
20,000
66,620
100,000
100,000
70,000
56,000
50,000
50,000
50,000
40,000
35,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
212,753
5,707,023

Report and Accounts – 5 April 2024

THE HEADLEY TRUST 5 A p r i l 2 0 2 4

NOTES TO THE ACCOUNTS Appendix A

The amounts payable in the year ended 2023 consisted of the following:

£

Arts and Heritage - UK
National Gallery
Art Fund - National Art Collections Fund
Salisbury Museum
National Churches Trust
Unicorn Preservation Society
Whithorn Trust
Poole Museum Foundation
Lichfield Cathedral
Newport Cathedral (St Woolos Cathedral)
Corn Exchange Trust
Dundee Heritage Trust
Food Museum (formerly Museum of East Anglian Life)
Net grants payable/cancelled up to £40,000
Overseas
Village Water
Home-Start Uganda
Schools and Teachers Innovating for Results - STIR
Taakulo Somali Community
Balkan Museum Network
Net grants payable/cancelled up to £20,000
Education
Royal College of Music
City & Guilds of London Art School
London Contemporary Dance School (The Place)
Royal Ballet School
University of York - Office of Philanthropic Partnerships and Alumni
ASONE Hub
International Musicians Seminar
Youth Music Centre
Net grants payable/cancelled up to £20,000
Health and Social Welfare
Place2Be
Independence at Home
Age UK Lancashire
Age UK North Tyneside
Age UK Sheffield
Age UK Wigan Borough
Bristol North West Food Bank
Citizens Advice Carlisle & Eden
Citizens Advice Cornwall
Citizens Advice Hull & East Riding
Citizens Advice North-East Lincolnshire
Citizens Advice SORT Group
Commonside Community Development Trust
Family Action
Hackney Quest
Norfolk Citizens Advice
Peterborough Citizens Advice Bureau
Sufra NW London
Net grants payable/cancelled up to £30,000
Total grants payable per Statement of Financial Activities		 2,250,000
400,000
150,000
100,000
100,000
60,000
50,000
45,000
40,000
40,000
40,000
40,000
659,188
60,000
40,000
40,000
35,000
20,000
58,500
40,000
30,000
30,000
30,000
20,000
20,000
20,000
20,000
41,500
60,000
45,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
30,000
387,700
5,451,888

Report and Accounts – 5 April 2024