## **THE HEADLEY TRUST**
ANNUAL REPORT AND FINANCIAL STATEMENTS
5 APRIL 2025
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 Financial Statements|23-35|
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **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 (Retired 30thApril 2025)
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 (to 31stMay 2025)
All the Principal Officers are employed on a part-time basis
(see Note 6).
Royal Bank of Scotland
36 St Andrew Square
Edinburgh EH2 2YB
Broadfield Law UK LLP
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 2025
- 1 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **The Report of the Trustees**
The Trustees present their report and the audited financial statements for the year ended 5 April 2025.
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 new and previously funded organisations, and to organisations with grant schemes for other organisations and individuals. 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 decreased by 11.4% from £71.6 million at 5 April 2024 to £63.4 million at 5 April 2025 due to capital spend. The net unrestricted income of the Trust for the year after charging grant related support costs was £1.0 million compared to £1.6 million for the year to 5 April 2024.
Report and Accounts – 5 April 2025
- 2 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
During the year grants to the value of £10.6 million were approved (2024: £4.1 million). The increase of approved grants compared to last year is due to the approval of a £5 million grant to the British Museum Development Trust. Certain grants are payable over more than one year and those due to be paid after 5 April 2025 and not accrued in these accounts amounted to £3.8 million at the year end. Grants paid of £7.7 million to 5 April 2025 include payments from capital as follows:
National Gallery £2,250,000 British Museum Development Trust £1,250,000
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 8% of the value of grants paid, which totalled £7.7 million (2024: 10%).
## **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 £3.8 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 the 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 2025. 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 £6.5 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 2025, the Trust held total funds of £63.4 million (2024: £71.6 million), comprising an expendable endowment fund of £63.1 million (2024: £70.7 million) and unrestricted reserves of £0.2 million (2024: £0.9 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 to income and capital growth for their grant making.
The Trust’s portfolio decreased in value over the past 12 months to 5 April 2025. The main portfolio generated a total return net of all costs of -1.1%. This was behind the composite benchmark return of +0.4% and the ARC Steady Growth Charity peer group index return of
Report and Accounts – 5 April 2025
- 3 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
+2.7%. Markets were volatile but strong for much of 2024, largely in anticipation of and just after the US presidential election. The period of uncertainty that emerged post-election, particularly following the announcement and implementation of a new tariff regime, resulted in notable market declines between February and April 2025.
While the portfolio captured some gains from equities during 2024, it lacked sufficient exposure to certain asset classes that outperformed following the US election result, such as US smaller companies, banks, and specific stocks including Tesla. In response to rising market risks, the portfolio was de-risked in the first quarter of 2025, with a shift away from high-growth technology stocks in favour of more defensive sectors. Allocations to cash and gold were also increased to provide downside protection in the event of further market weakness.
The Trust received £1.6 million of income (2024: £2.2 million) over the 12-month period and a further £6.5 million was withdrawn from the portfolio to support the Trust’s grant expenditure (2024: £3.8 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.
Report and Accounts – 5 April 2025
- 4 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
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.
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:|||
|---|---|---|
||**Grants**|**Value**|
||**Approved**|**£**|
|Arts and Heritage UK|78|£7,577,337|
|Overseas|17|£604,500|
|Education|18|£647,345|
|Health and Social Welfare|66|£1,774,500|
||179|£10,603,682|
Report and Accounts – 5 April 2025
- 5 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **ARTS AND HERITAGE UK - £7,577,337**
Trustees funded a wide variety of projects to conserve and enhance important aspects of the UK’s cultural heritage. This included support for:
- Regional museums and galleries including local authority museums, with special consideration for curatorial support and acquisitions;
- The display, study, and acquisition of British ceramics;
- Conservation of industrial, maritime and built heritage;
- Archaeology;
- Arts education/outreach and access to the arts for disabled and disadvantaged people;
- • The Headley Museums Archaeological Acquisition Fund.
## **Arkwright Society - £65,000**
Towards improving poor rainwater disposal, drainage and urgent works to the Grade I listed Cromford Mills complex.
## **Art UK - £50,000**
The costs of a Ceramics Scoping project.
## **Baltic Flour Mills Visual Arts Trust - £96,403**
Towards the salary costs of an Assistant Curator.
## **Birmingham Museums Trust - £94,479**
Towards the salary and set up costs of the Collections Information Assistant for the Dynamics Collections project.
## **Britannia Sailing Trust - £5,000**
Towards the fit out below decks and the re-rigging of Britannia.
## **British Museum Development Trust - £37,900**
Towards the Portable Antiquities Scheme internships.
## **British Museum Development Trust - £5,000,000**
Towards the Museum's five-year programme to document and digitise its collection.
## **Clyne Heritage Society - £5,000**
Towards the post-excavation analysis of two archaeological digs.
## **Corn Exchange Trust - £40,000**
Towards the salary costs of the Learning and Participation Team to support its work with young people.
## **Dorset Museum & Art Gallery - £108,000**
Towards the salary of a full-time archaeology curator.
## **Friends of the Stockton & Darlington Railway - £10,000**
Towards the purchase, renovation and reopening of the Heighington Station building.
Report and Accounts – 5 April 2025
- 6 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Gainsborough's House - £105,000**
Towards the post of Assistant Curator.
## **Hearth Historic Buildings Trust - £50,000**
Towards a new staircase to give safe access to the upper floors of Riddel’s Warehouse.
## **Hepworth Wakefield - £5,000**
Towards the Elizabeth Fritsch retrospective.
## **Ironbridge Gorge Museum Trust - £59,100**
Towards the cost of two Learning Officers and educational materials at Blists Hill Victorian Town.
**John Rae Society - £10,000**
Towards the conservation of the Hall of Clestrain, Orkney.
## **Lotherton Hall, Leeds Museums and Galleries - £23,200**
Towards the costs of three new display cases in Lotherton Hall for the British ceramics collection.
## **Milton's Cottage Trust - £10,000**
Towards core costs.
## **National Archives Trust - £6,000**
Towards the Education Bursary Scheme.
## **National Churches Trust - £100,000**
To award parish church grants on behalf of the Headley Trust, subject to certain specifications.
## **Newbury Spring Festival - £20,000**
Towards the Young Artists 2025 lunchtime concert series and transport costs for schoolchildren.
**Newlyn Art Gallery - £61,416**
Towards the costs of the programme curator for the Skills Assembly project.
**Nimrud Archaeological Trust - £10,000**
Towards restoring the excavated sites at Nimrud.
**Opera Holland Park - £20,000**
Towards the schools’ matinee performance and workshops for Gioachino Rossini’s opera, The Barber of Seville.
## **People's Theatre Collective - £20,000**
Towards the Amplify Programme.
## **PK Porthcurno Museum of Global Communications - £19,719**
Towards a new Assistant Curator and training costs.
Report and Accounts – 5 April 2025
- 7 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Rescue Wooden Boats - £5,000**
Towards the restoration and conservation of _Bessie_ .
## **Ripon Museum Trust - £63,220**
Towards the Police History Collection project including a Collections Access Officer.
## **Royal Exchange Theatre, Manchester - £5,000**
Towards the Elders Programme.
## **Science Museum Group - £50,000**
Towards the costs of the restoration and fit-out of the Power Hall at the Science and Industry Museum, Manchester.
**Silk Heritage Trust - £125,250**
Towards the salary of a full-time curator for the Paradise Mill.
## **St John's Church, Notting Hill - £10,000**
Towards the Light on the Hill Appeal for restoration work.
## **St Neots Museum - £5,000**
Towards the purchase of a high security display case.
## **Swandro-Orkney Coastal Archaeology Trust - £10,000**
Towards the final excavation of the Knowe of Swandro site and subsequent research.
**The Bluecoat, Liverpool - £40,000**
Towards the costs of the repair and restoration of the cupola.
## **The Line - £10,000**
Towards the “Art and Heritage for Brain Health” programme of group walks and workshops for individuals with early-stage dementia.
## **The Sainsbury Archive - £300,000**
Towards running costs.
**Threlkeld Quarry and Mining Museum - £5,000**
Towards the costs of the fit out of the new museum shell.
## **Tyne and Wear Archives and Museums Development Trust - £53,100**
Towards an Assistant Keeper for the Steam to Green exhibition.
## **University of Oxford - Ashmolean Museum - £250,000**
Towards the purchase of Fra Angelico's 'The Crucifixion'.
## **Victoria & Albert Museum - £300,000**
Two grants **t** owards the purchase of the Deposition of the Cross.
## **Watermill Theatre Trust - £30,000**
Towards core support.
Report and Accounts – 5 April 2025
- 8 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Wells Cathedral - £25,000**
Towards building conservation and repairs to the medieval buildings in The Vicars’ Close, Wells Cathedral.
Another 10 smaller grants were awarded within Arts & Heritage UK totalling £17,100.
## **- The Cathedrals Programme £200,000**
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.
## **Brecon Cathedral - £30,000**
Towards roof repairs.
**Derby Cathedral - £30,000**
Towards the costs of the Tower roof repairs.
## **Gloucester Cathedral - £40,000**
Towards the conservation costs of the fan-vaulted cloister.
## **Rochester Cathedral Trust - £50,000**
For the masonry repairs and conservation of elements of the Cathedral Garth project.
## **Southwark Cathedral - £30,000**
Towards the conservation and repair of the choir East Window.
## **St Mary's and St John's Parochial Church Council, Totnes - £20,000**
Towards repairs to the nave floors.
## **– The Headley Museums Archaeological Acquisition Fund £42,450**
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 & Albert Museum Purchase Grant Fund. 18 grants totalling £42,450 were awarded this year to the following museums, making a total of 403 since the scheme began.
**Bristol Museums, Galleries & Archives - Bristol City Museum & Art Gallery Bury Art Museum & Sculpture Centre Discover Bucks Museum (previously Buckinghamshire County Museum) Halesworth & District Museum**
**Ipswich Museum Lancashire County Museum Service (Clitheroe Castle Museum) Ludlow Museum - Shropshire Museum Service Moyse's Hall Museum Newport Museum & Art Gallery North Lincolnshire Museum Norwich Castle Museum & Art Gallery Oriel Môn, Llangefni**
Report and Accounts – 5 April 2025
- 9 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Salisbury Museum**
**Shrewsbury Museum & Art Gallery - Shropshire Museum Service The Box Plymouth**
## **OVERSEAS - £604,500**
Trustees supported development projects that focus on education and employment interventions for women and girls and water, sanitation and hygiene and community health programmes in the poorest anglophone countries in sub-Saharan 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. This funding priority is now delivered locally by the Balkan Museums Network through the Headley South Eastern Europe Cultural Heritage Scheme.
## **Busoga Trust - £75,000**
Towards the rehabilitation of water sources and community sanitation in rural districts in eastern Uganda.
## **Eyelliance - £50,000**
Towards a pilot programme to develop Government-led school and community eye health services in Uganda.
**Five Talents - £50,000**
Towards the development and expansion of the savings group programme in South Sudan.
## **Friends of Aphrodisias Trust - £51,000**
To continue to excavate, study, conserve and publish finds on The House of Kybele at the Aphrodisias site in Turkey.
## **Innovista International - £5,000**
Towards the support of Ukrainian church leaders.
**Irise International - £90,000**
Towards work to improve menstrual health support in Uganda.
**Nasio Trust - £33,000**
To pilot the Peer Education Programme in Kakuma, Kenya.
## **Path to Prosper, Uganda - £8,000**
To support young women to attend vocational courses in Uganda.
## **Schools and Teachers Innovating for Results - £50,000**
Towards the expansion of its programme to improve teaching in primary schools in Uganda.
Report and Accounts – 5 April 2025
- 10 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
**Taakulo Somali Community - £5,000** Towards post-conflict support for families in the most urgent need in Cael Afweyn, Somaliland.
**Technology Motivation Empowerment Organisation (Tech ME) - £35,000** Towards the Women ICTpreneurs programme.
**Village Water - £110,000** Towards community water and sanitation provision in Zambia.
## **Youth Impact Malawi - £35,000**
Towards core costs.
Another four smaller grants were awarded in the Overseas category totalling £7,500.
## **EDUCATION - £647,345**
The main focus was to provide bursaries for UK students (principally postgraduate) of music and dance, and apprenticeships and vocational training in conservation and heritage skills.
## **Conservation - £130,000**
**City & Guilds of London Art School - £60,000** Bursary/hardship support for BA and MA students in carving and conservation.
## **National Museums Liverpool - £10,000**
Towards an industrial placement at the University of Durham for a student of Conservation of Archaeological and Museum Objects.
**Royal School of Needlework - £36,000** Towards a scholarship for the Professional Embroidery Tutor Programme.
**Textile Conservation Foundation - £24,000** Towards bursaries/hardship support for the MPhil Textile Conservation course.
## **Music/Dance - £517,345**
## **ASONE Hub - £45,000**
Towards scholarship support for individual instrumental music lessons and ensemble attendance for pupils in Cornwall.
## **Chichester Cathedral Restoration & Development Trust - £36,945**
Towards the costs of the Organ Scholar.
## **London Youth Choirs - £10,000**
Towards the costs of the Experience programme and the provision of free choir places.
Report and Accounts – 5 April 2025
- 11 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Nucleo Project - £40,000**
Towards the beginner level ensemble.
## **Royal Ballet School - £60,000**
Towards the White Lodge Music Bursaries.
## **Royal College of Music - £75,000**
Towards scholarship support for UK postgraduate instrumental students (wind, brass, percussion).
**Royal Holloway University of London - £75,000**
Towards scholarships for UK postgraduate music students.
## **Royal Liverpool Philharmonic Society - £20,000**
Towards the In Harmony programme.
**Sinfonia Smith Square - £66,000**
Towards bursaries for musicians to take part in the orchestra’s professional development programme.
## **Trinity Laban Conservatoire of Music & Dance - £75,000**
Towards scholarships for Foundation and undergraduate students of contemporary dance.
**Tunnell Trust - £8,000**
Towards the costs of the 2024 and 2025 Music Colls.
Another three smaller grants were awarded in the Music/Dance category totalling £6,400.
## **HEALTH AND SOCIAL WELFARE - £1,774,500**
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 quality of life in residential care homes, including supporting people with dementia; carers’ projects.
- **Disadvantaged families and young people** – projects that support families, including pre-school children.
**Afasic - £75,000**
Online training and peer support for parents of children with a developmental language disorder.
Report and Accounts – 5 April 2025
- 12 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Age UK Lancashire - £90,000**
Towards the advice service.
## **Age UK North Tyneside - £90,000**
Towards the advice service.
## **AT The Bus - £60,000**
Towards the development of art therapy services in schools.
## **Attend - £119,000**
Towards engaging a Care Connector to restart volunteer-led activities in care homes.
## **Become - £120,000**
Towards the Care Advice Service.
## **Best Beginnings - £5,000**
Towards the final operational and closure costs of the charity to enable the transfer of the BabyBuddy app and five staff to Babyzone.
## **Child Accident Prevention Trust - £5,000**
Towards the running costs.
## **Clement James Centre - £75,000**
Towards the running costs.
## **Curve Theatre - £33,000**
Salary of a community engagement practitioner to deliver an arts outreach programme for older people in and around Leicester.
## **Dingley's Promise - £10,000**
Towards the running costs of the West Berkshire centre.
**Hampshire Hospitals Charity - £100,000**
Towards the appeal to purchase a surgical robot.
## **Hayle Youth Project - £60,000**
Towards the cost of youth work services.
## **Independence at Home - £100,000**
Towards making small grants to disabled people for mobility equipment and adaptations.
## **King's Cross Brunswick Neighbourhood Association (KCBNA) - £60,000**
Towards the costs of two part-time sessional youth workers.
## **Living Paintings Trust - £75,000**
Towards the provision of Touch to See books to blind and visually impaired children.
## **My Life Films - £150,000**
Towards production costs for media tailored to people with dementia.
Report and Accounts – 5 April 2025
- 13 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **Shared Lives Plus - £70,000**
Towards employing an officer to develop Shared Lives schemes for autistic care leavers.
**Social Ark - £45,000**
Towards supporting young people in east London to develop their own social enterprises.
## **Foodbanks - £380,000**
Grants of £20,000 each were made to the following organisations for the provision of help with food and other basic needs:
**Bethel Trust Black Country Foodbank Blackpool Food Bank Bow Foodbank Bristol North West Food Bank Carlisle Foodbank Family Action 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 The Passage, Victoria**
Another 28 smaller grants were awarded in the Health and Social Welfare category totalling £52,500.
## **Cancelled Grants**
One grant totalling £5,000 was cancelled.
## **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 effects of the Covid-19 pandemic and cost of living challenges.
Report and Accounts – 5 April 2025
- 14 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **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:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice 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 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 20 October 2025 and signed on their behalf by
……………………………………………TRUSTEE James Sainsbury
Report and Accounts – 5 April 2025
- 15 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **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 2025 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:
- Give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended
- Have been properly prepared in accordance with United Kingdom Generally Accepted 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 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.
Report and Accounts – 5 April 2025
- 16 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **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:
- The information given in the Trustees’ annual report is inconsistent 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 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.
Report and Accounts – 5 April 2025
- 17 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **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:
- We enquired of management and the board of Trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with 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 noncompliance 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 the operations of the charity from our professional and sector experience.
- 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 compliance with applicable laws and regulations.
Report and Accounts – 5 April 2025
- 18 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management 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 course of business.
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: 3 November 2025 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 2025
- 19 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|||**Unrestricted**|**Unrestricted**|**Expendable**|**Total**|**_Total_**|
|---|---|---|---|---|---|---|
||||**Funds**|**Endowment**|**Funds**|**_Funds_**|
||**Notes**||||**2025**|**_2024_**|
||||**£’000**|**£’000**|**£’000**|**_£’000_**|
|**Income**|||||||
|Income from investments|**_2_**||1,596|-|1,596|_2,165_|
|**Total income**|||1,596|-|1,596|_2,165_|
|**Expenditure**|||||||
|**_Cost of raising funds_**|||||||
|Investment management costs|**_3_**||-|290|290|_300_|
|**_Charitable activities_**|||||||
|Grant-making:|||||||
|Grant expenditure|**_4_**||8,184|
-|8,184|_5,707_|
|Grant related support costs|**_5_**||594|
-|594|_528_|
|**Cost of grant-making**|||8,778|-|8,778|_6,235_|
|**Total expenditure**|||8,778|
290|9,068|_6,535_|
|**Net expenditure before net**|||||||
|**gains/(losses)**|||(7,182)|(290)|(7,472)|_(4,370)_|
|Currency exchange gains/(losses)|||-|532|532|_102_|
|Net gains/(losses) on investments|**_8_**||-|(1,227)|(1,227)|_4,979_|
|Transfers between funds|**_11_**||6,500|(6,500)|-|_-_|
|**Net movement in funds**|||(682)|(7,485)|(8,167)|_711_|
|**Reconciliation of funds**|||||||
|Total funds brought forward|||933|70,679|71,612|_70,901_|
|Total funds carried forward|||251|
63,194|63,445|_71,612_|
The notes on pages 23 to 35 form part of these accounts.
Report and Accounts – 5 April 2025
- 20 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **BALANCE SHEET AS AT 5 APRIL 2025**
|**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_**||**2025**
**£’000**
8
67,357
67,365
(3,920)
63,445
63,194
251
63,445|**_2024_**|
|---|---|---|---|---|
||**_7_**
**_8_**
**_9_**
**_10_**
**_11_**
**_11_**|**£’000**
115
589||**_£’000_**
_12_
_74,861_|
|||||_74,873_
_210_
_622_|
|||704
4,624||_832_
_4,093_|
|||||_(3,261)_|
|||||_71,612_|
|||||_70,679_
_933_|
|||||_71,612_|
The financial statements were approved and authorised for issue by the Trustees on 20 October 2025 and were signed on their behalf by :
……………………………………………………… TRUSTEE
James Sainsbury
The notes on pages 23 to 35 form part of these accounts.
Report and Accounts – 5 April 2025
- 21 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025**
|**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
Losses/(gains) 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|**2025**
**£’000**
(7,966)
1,596
(42,127)
_48,604_
8,073
107
5,434
5,541
**2025**
£’000
(8,167)
1,227
(1,596)
(59)
4
92
533
(7,966)|**_2024_**|
|---|---|---|
|||**_£’000_**
_(6,021)_|
|||_2,165_
_(27,578)_
_26,258_|
|||_845_|
|||_(5,176)_
_10,610_|
|||_5,434_|
|||**_2024_**|
|||_£’000_
_711_
_(4,979)_
_(2,165)_
_151_
_4_
_(63)_
_320_|
|||_(6,021)_|
## **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_**
**2025**
**2024**
**_year_**|
|---|---|
||£’000
£’000
_£’000_
589
623
_(34)_
4,952
4,811
_141_|
||5,541 5,434
_107_|
Report and Accounts – 5 April 2025
- 22 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **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.
Report and Accounts – 5 April 2025
- 23 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. PRINCIPAL ACCOUNTING POLICIES continued**
## **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.
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.
## **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.
Report and Accounts – 5 April 2025
- 24 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. PRINCIPAL ACCOUNTING POLICIES continued**
## **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 2025
- 25 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **2. INCOME FROM INVESTMENTS**
Income received on investments is as follows:
|Government fixed interest
Other fixed interest
Equities
Property
Alternative investments
Interest/Other|**2025**
**_2024_**|
|---|---|
||**£’000**
**%**
**_£’000_**
**_%_**
74
5_256_
_12_
99 6_599 28_
817 51_1,131 52_
117 7_149 7_
207 13_28 1_
282 18_2 0_|
||1,596
100
_2,165_
_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**|||||
|---|---|---|---|---|
|**£’000**
**Reconciliation of grants payable:**
Commitments at 6 April 2024
Grants not accrued at 5 April 2024
1,339
Grants approved in the year
10,604
Grants cancelled, refunded or amended
(5)
Grants not accrued at 5 April 2025
(3,754)
**Grants payable for the year**
Grants paid during the year
Commitments at 5 April 2025
**Commitments at 5 April 2025 are payable as follows:**
Within one year (note 10)||**2025**||**_2024_**|
||**£’000**
1,339
10,604
(5)
(3,754)|
**£’000**
3,969
8,184
(7,676)|
**_£’000_**
_2,983_
_4,105_
_(42)_
_(1,339)_|
**_£’000_**
_3,546_
_5,707_
_(5,284)_|
||||
||
|||4,477||_3,969_|
|||**2025**||**_2024_**|
|||**£’000**
4,477||**_£’000_**
_3,969_|
## **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 2025 was £3,754,380 (2024: £1,338,919).
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 2025
- 26 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **5. GRANT RELATED SUPPORT COSTS**
|**GRANT RELATED SUPPORT COSTS**||
|---|---|
|Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Consultancy
Auditor's remuneration|**2025**
**_2024_**
**Grant- Governance**
**Total**
**_Total_**
**making**|
||**£’000**
**£’000**
**£’000**
**_£’000_**
424
6
430
_386_
129
-
129
_96_
8
-
8
_8_
4
-
4
_4_
11
-
11
_22_
-
-
-
_-_
-
12
12
_12_|
||576
18
594
_528_|
The auditor's remuneration excluding VAT is £10,110. Included in the support costs for 2025 are governance costs of £18,139 which was comprised of staff costs of £6,019 and auditor's remuneration of £12,120.
## **6. ANALYSIS OF STAFF COSTS**
|**ANALYSIS OF STAFF COSTS**||
|---|---|
|Wages and salaries
Social security costs
Other pension costs|**2025**
**_2024_**|
||**£’000**
**_£’000_**
352
_317_
39
_35_
39
_34_|
||430
_386_|
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. 3.4% (2024: 3.7%) 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 2025.
The total number of staff employed during the year was 10, all on a part-time basis (2024: 10) This equates to 3.0 full-time employees (2024: 3.3).
Having regard to the small number of employees, the Trust considers its key management personnel to comprise of 5 part-time staff (2024: 5). The total employment benefits, including employer contributions to group personal pensions, of these key management personnel, were £237,035 (2024: £232,748). The number of employees whose total employee benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2025: One employee who earned between £60,000 - £70,000 (2024:one).
During the year no Trustee received any remuneration or reimbursement of expenses (2023: NIL).
Report and Accounts – 5 April 2025
- 27 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **7. TANGIBLE FIXED ASSETS Leasehold Improvements**
|**TANGIBLE FIXED ASSETS**
**Leasehold Improvements**||
|---|---|
|**Cost**
At 6 April 2024
Disposals
At 6 April 2025
**Depreciation**
At 6 April 2024
Charge for the year
Disposals
At 6 April 2025
**Net Book Value**
At 5 April 2025
At 5 April 2024|**2025**
**_2024_**|
||**£’000**
**_£’000_**
27
_27_
-
_-_|
||27
_27_|
||15
_12_
4
_3_
-
_-_|
||19
_15_|
||8
_12_|
||12
_15_|
All of the above assets are used for charitable purposes.
Report and Accounts – 5 April 2025
- 28 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
|**Market value 6 April 2024**
Less: Disposals at proceeds
Add: Acquisitions at cost
Net gains/(losses) on investments
**Market value 5 April 2025**
Investment cash
**Total investments**|**2025**
**_2024_**|
||**£’000**
**_£’000_**
70,109
_63,809_
(48,604)
_(26,258)_
42,127
_27,579_
(1,227)
_4,979_|
||62,405
_70,109_
4,952
_4,752_|
||67,357
_74,861_|
Investments held at 5 April 2025 were as follows:
|Fixed Income
Equities
Property
Alternative Investments
Other|**2025**
**_2024_**|
|---|---|
||Cost
Market
_Cost_
_Market_
Value
_Value_|
||**£’000**
**£’000**
**_£’000_**
**_£’000_**
3,189
2,838
_7,259_
_6,168_
36,330
36,592
_43,180_
_51,164_
2,336
2,132
_2,589_
_2,344_
6,679
7,032
_7,716_
_7,208_
11,799
13,811
_3,289_
_3,225_|
||60,333 62,405
_64,033_
_70,109_|
As part of the overall management of funds, the investment managers have entered into commitments to sell EUR 2,811,229; JPY 58,967,000; CHF 950,800; and USD 12,601,339 and buy USD 700,000 under forward rate contracts as at 5 April 2024. (2024: sell a total of EUR 3,741,452; JPY 58,967,000; CHF 410,000; NOK 14,324,000 and USD 15,609,974).
All contracts mature on 12 June 2025 and are included within investments as forward exchange contracts.
## **9. DEBTORS**
|Other debtors|**2025**
**_2024_**|
|---|---|
||**£’000**
**_£’000_**
115
_210_|
||115
_210_|
## **10. CREDITORS - amounts falling due within one year**
|**CREDITORS - amounts falling due within one year**||
|---|---|
|Grants payable within one year
Professional charges
Other creditors and Intercompany|**2025**
**_2024_**|
||**£’000**
**_£’000_**
4,477
_3,969_
14
_18_
133
_106_|
||4,624
_4,093_|
Report and Accounts – 5 April 2025
- 29 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **11. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Unrestricted**|**Expendable**|**Totals**|
|---|---|---|---|
||**Funds**|**Endowment**|**2025**|
||**£’000**|**£’000**|**£’000**|
|Fund Balances at 5 April 2025 are represented by:||||
|Tangible fixed assets|-|8|8|
|Investments|-|67,357|67,357|
|Current assets|4,742|(4,038)|704|
|Current liabilities|(4,491)|(133)|(4,624)|
|**Total net assets**|251|63,194|63,445|
|**Movement in the year**||||
|Opening balance as at 5 April 2024|933|70,679|71,612|
|Total income and endowments|1,596|-|1,596|
|Cost of raising funds|-|(290)|(290)|
|Cost of grant-making|(8,778)|-|(8,778)|
|Currency exchange gains|-|532|532|
|Net losses on investments|-|(1,227)|(1,227)|
|Transfers between funds|6,500|(6,500)|-|
|Closing balance as at 5 April 2025|251|63,194|63,445|
|A transfer of £6.5m (2024: £4.5m) was made from|Expendable Endowment to Unrestricted||Funds|
|to cover the deficit during the year.||||
|**Comparative**|**_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_|_(4,089)_|_831_|
|Current liabilities|_(3,987)_|_(105)_|_(4,092)_|
|**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 (losses)|_-_|_102_|_102_|
|Net gains 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_|
Report and Accounts – 5 April 2025
- 30 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **12. RELATED PARTY TRANSACTIONS**
Included within grant-related support costs is a total of £9,832 (2024: £20.580) payable for legal services to Broadfield Law UK LLP, 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.
## **13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024**
|**Income**
Income from investments
**Total income and endowments**
**Expenditure**
**_Cost of raising funds_**
Investment management costs
**_Charitable activities_**
Grant-making:
Grant expenditure
Grant related support costs
**Cost of grant-making**
**Total expenditure**
**Net expenditure before net (losses)**
Currency exchange gains
Net gains on investments
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Expendable**
**_Total Funds_**
**Funds**
**Endowment**
**_2024_**|
|---|---|
||**£’000**
**£’000**
**_£’000_**
_2,165_
_-_
_2,165_|
||_2,165_
_-_
_2,165_|
||_-_
_300_
_300_|
||_5,707_
_-_
_5,707_
_528_
_-_
_528_|
||_6,235_
_-_
_6,235_|
||_6,235_
_300_
_6,535_|
||_(4,070)_
_(300)_
_(4,370)_
_-_
_102_
_102_
_-_
_4,979_
_4,979_
_4,500_
_(4,500)_
_-_|
||_430_
_281_
_711_
_503_
_70,398_
_70,901_|
||_933_
_70,679_
_71,612_|
Report and Accounts – 5 April 2025
- 31 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS Appendix A**
|**ES TO THE FINANCIAL STATEMENTS**
**endix A**||
|---|---|
|The amounts payable in the year ended 2025 consisted of the following:|**£**|
|**Arts and Heritage - UK**||
|British Museum Development Trust|2,500,000|
|National Gallery|500,000|
|Tate St Ives|500,000|
|University of Oxford - Ashmolean Museum|250,000|
|Victoria & Albert Museum|200,000|
|National Churches Trust|100,000|
|Victoria & Albert Museum|100,000|
|Silk Heritage Trust|83,500|
|Gainsborough's House|70,000|
|Arkwright Society|65,000|
|Birmingham Museums Trust|64,322|
|Baltic Flour Mills Visual Arts Trust|63,630|
|Ironbridge Gorge Museum Trust|59,100|
|Art UK (previously known as Public Catalogue Foundation)|50,000|
|Hearth Historic Buildings Trust|50,000|
|Rochester Cathedral Trust|50,000|
|Science Museum Group|50,000|
|Tyne and Wear Archives and Museums Development Trust|46,167|
|Newlyn Art Gallery|40,503|
|Corn Exchange Trust|40,000|
|Gloucester Cathedral|40,000|
|The Bluecoat|40,000|
|Net grants payable/cancelled up to £40,000|605,453|
|**Overseas**||
|Village Water|110,000|
|Balkan Museums Network|90,000|
|Irise International|60,000|
|Schools and Teachers Innovating for Results - STIR|50,000|
|Five Talents|50,000|
|Busoga Trust|50,000|
|Eyelliance|50,000|
|Technology Motivation Empowerment Organisation (Tech ME)|35,000|
|Youth Impact Malawi|35,000|
|Nasio Trust|33,000|
|Net grants payable/cancelled up to £20,000|52,500|
|**Education**||
|City & Guilds of London Art School|40,000|
|Royal College of Music|50,000|
|Trinity Laban Conservatoire of Music & Dance|50,000|
|Royal Holloway University of London|49,000|
|Sinfonia Smith Square (formerly Southbank Sinfonia)|44,000|
|Royal Ballet School|40,000|
|Nucleo Project|40,000|
|ASONE Hub|30,000|
|Textile Conservation Foundation|24,000|
|Chichester Cathedral Restoration & Development Trust CIO|23,671|
|Royal Liverpool Philharmonic Society|20,000|
|Royal Northern College of Music|20,000|
|Royal Birmingham Conservatoire - Birmingham City University|20,000|
|Net grants payable/cancelled up to £20,000|65,225|
Report and Accounts – 5 April 2025
- 32 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS Appendix A continued**
|**Health and Social Welfare**
Hampshire Hospitals Charity
Independence at Home
My Life Films
Become
Attend
Shared Lives Plus
Age UK Lancashire
Age UK North Tyneside
AT The Bus
Clement James Centre
Afasic
Living Paintings Trust
King's Cross Brunswick Neighbourhood Association (KCBNA)
Hayle Youth Project
Age UK Redbridge Barking and Havering (Age UK RBH)
Curve Theatre
Social Ark
Net grants payable/cancelled up to £30,000
Total grants payable per Statement of Financial Activities|100,000
100,000
100,000
80,000
77,000
70,000
60,000
60,000
60,000
50,000
50,000
50,000
40,000
40,000
18,900
33,000
30,000
465,250|
|---|---|
||**8,183,221**|
Report and Accounts – 5 April 2025
- 33 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS Appendix A continued**
|The amounts payable in the year ended 2024 consisted of the following:|**£**|
|---|---|
|**Arts and Heritage - UK**||
|National Gallery|2,250,000|
|Foundling Museum|225,000|
|National Holocaust Centre & Museum|108,000|
|People's History Museum|60,000|
|University of Oxford - Ashmolean Museum|60,000|
|Brighton & Hove Museums|53,662|
|Tullie House Museum & Art Gallery|50,000|
|Glastonbury Abbey|50,000|
|Brunel Museum|50,000|
|Scottish Fisheries Museum Trust|50,000|
|Zurbaran Trust|40,000|
|Net grants payable/cancelled up to £40,000|743,267|
|**Overseas**||
|Dig Deep|80,000|
|Microloan Foundation|57,000|
|CBM UK|50,000|
|Cambridge Global Health Partnerships|46,000|
|Primary Care International|40,000|
|Net grants payable/cancelled up to £20,000|24,500|
|**Education**||
|Central School of Ballet|50,000|
|Royal Academy of Dance|50,000|
|Royal Northern College of Music|40,000|
|Royal Birmingham Conservatoire - Birmingham City University|40,000|
|Lyme Regis Boat Building Academy|35,900|
|Truro Cathedral|33,321|
|Royal Opera House Covent Garden Foundation|30,000|
|Bromley Youth Music Trust|30,000|
|Royal College of Music|20,000|
|Net grants payable/cancelled up to £20,000|66,620|
Report and Accounts – 5 April 2025
- 34 -
**THE HEADLEY TRUST 5 A p r i l 2 0 2 5**
## **NOTES TO THE FINANCIAL STATEMENTS Appendix A continued**
|**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|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 2025
- 35 -