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2021-04-05-accounts

Charity no. 275372 THE LEIGH TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL2021

THE LEIGH TRUST

CONTENTS

Legal and administrative information 1
Trustees' report 2 - 3
Independent auditors' report 4-6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9-16

THE LEIGH TRUST

LEGAL AND ADMNISTRATIVE INFORMATION

Charity number 275372
Date of trust 29 March 1976
Trustees The Hon. D. S. Bernstein
Caroline Moorehead
Mr Jonathon Bond (appointed 07/08/2018)
Registered office 9 Bonhill Street
London
EC2A 4DJ
Bankers Hoare & Co
37 Fleet Street
London
E4CP 4DQ
Solicitors Speechly Bircham LLP
6 New Square
London
EC4A 3LX
Auditors Begbies Chartered Accountants
9 Bonhill Street
London
EC2A 4DJ
Investment managers Julius Baer International Ltd
1 St Martin's Le Grand
London
EC1A 1HQ

Page 1

THE LEIGH TRUST

ANNUAL REPORT FOR THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

The trustees present their report and accounts for the year ended 5th April 2021.

Structure, governance and management

The trust was created by a deed dated 29 March 1976 as a trust exclusively for charitable purposes, 'charitable' meaning charitable according to English law. The trust was registered with the Charity Commission on 7 April 1978 (charity registration no. 275372). Trustees are appointed in accordance with the deed.

Risk management

The trustees minimise investment risk through the use of professional investment advisors and the maintenance of a diverse portfolio. General operating risk is minimised through the regular review of the trust's activities and procedures.

Objectives and activities

The trustees review the trust's areas of interest on a regular basis. Currently the trust provides support to organisations working in the field of drug and alcohol rehabilitation, criminal justice, asylum seekers and racial equality and youth at risk.

Organisations applying for grants must provide their most recent audited accounts, a registered charity number and, most importantly, a cash flow statement for the next twelve months. Similarly all organisations to whom conditional commitments have been made must submit their annual report and accounts each year until these commitments have been fulfilled The policy of the trustees is to support those organisations which they believe to be in greatest need. The trustees can only respond favourably to very few applicants.

Achievements and performance

53 grants were made during the year and these are listed in note 12.

Financial review and reserves policy

Investment income for the year decreased to £64k (2020: £95k), while the market value of the investments held by the trust increased from £2,704k to £3,183k. Gains on sale and revaluation of £594k were credited to the Statement of Financial Activities (2020 losses: £408k). The investment gains are consistent with the overall performance of the market and reflect ongoing recovery following the onset of the Coronavirus crisis in early 2020. Reduced investment income is consistent with falling yields in the market after the onset of the coronavirus recession. The trustees are satisfied with the current investment policy and confirm that sufficient reserves are available for future grants.

Page 2

ThE LEIGH TRusr ANNUAL REPORT FOR THE TRiimES FOR THE YEAR E14DeD 5TH APRIL2021 Law applltsble to thar5tle5 In Erqland and W•l•s rnqulrns the trustw tg pfep•rn fiMnd•l st•t•m•nts for exh Iln•ridal ye•r whlth a tru¢ and fatr th of the tru81'$ Iln•ncl•l •ctMtles durtiithe ye•r •nd of Its fln•nd•l poslllon •t ttr￿ •nd of th• y••r. In pr•p•rfnB those rt•ternents, the trusltts •re r•qulr•dto: - select sult•ble account1￿ pol￿8$ and th•n •pplv th•rn consbt•ntly; - make lu*ments and e5tlmatesthat 4re fe4wn•b￿ •nd prud•nt' - state whether applkable accountjrf Stsnd•rd$ Ind ststements of recommended pracike h•ve been followed sublert to any dèpartures dbck)sed and exptslned In the flnanclil ststements; and - prep•re the flnandal statsments on the 8oln8 ¢onc•rn b•sls unless It Is Inapproprfate to assume that the trust wlll contlnue In operatlon. The trustees are responslble for keeplng ac¢ourtln8 records whlth dlsclose wlth rewonable •coJrncy at any tlme th• flnandal posltlon of the trust and •n•ble them to ensure th•t the fina￿1•1 stst•m•nts comply wlth the Charftl•s Act 2011. are •1so Msponslblè for $•f•8u•rflni th• assets ot the trt￿t and h•nce for t•klrf I￿10n•ble steps for the prev•ntlon Ind detectlon of fr•ud and other Thetrustee$ confijm. thot they h•ve eomplhd wlth thelr<W In S•ctlon 17 of the Chrlths Act 2011 to have due relard to tho Charlty Cèmmlssion's pnernl luklino on publk b¢nefft. The r•port was apptoved byth¢ trustees on....--... ... ........ -- .....--..........-. and slyd on th•lr behff bv Th•HonD.&

THE LEIGH TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

Opinion

We have audited the financial statements of The Leigh Trust for the year ended 5th April 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 the provisions available for small entities, 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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 4

THE LEIGH TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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

In the light of the knowledge and understanding of the Charity and its' environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 4), 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Page 5

THE LEIGH TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

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.

Our responsibilities for the audit of the financial statement

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. A summary of these procedures, together with a review of the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below

• In relation to the risk of management override of controls, by undertaking procedures to review journal entries and evaluating whether there was any evidence of bias that represented a risk of material misstatement due to fraud; and

• We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur, by considering the key risks impacting the financial statements, and designing our audit procedures to respond to these risks.

Page 6

THE LEIGH TRUST

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

FOR THE YEAR ENDED 5TH APRIL 2021

Our audit procedures were designed to respond to risks of material misstatements in the financial statements, recognising that the risk of not detecting a material mistatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

There are inherent limitations in the audit procedures performed and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located 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 Charityʼs trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charityʼs trustees those matters we are required to state to them in an auditorʼs 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 Charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………………………………………………..

Robert Maples ACA BEGBIES Chartered Accountants & Registered Auditors

9 Bonhill Street London, EC2A 4DJ

16/02/2022 Date…………………………………..

Page 7

THE LEIGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2021

Notes Unrestricted Unrestricted
Fund Fund
2021 2020
£ £
Income from:
Investments 3 64,910 94,915
Total income 64,910 94,915
Expenditure on:
Raising funds
Investment manager's fees 14,205 20,796
Charitable activities
Grants payable 4 119,252 165,121
Other expenditure
Currency exchange (gains) / losses 15,034 (9,432)
Audit and accountancy fees 5,400 5,160
Miscellaneous expenses 990 120
Total expenditure 154,881 181,765
Gains / (losses) on investments 593,826 (408,080)
Net income / expenditure 503,855 (494,930)
Total funds brought forwards 2,906,292 3,401,222
Total funds carried forwards 3,410,147 2,906,292

All amounts derive from continuing activities All gains and losses recognised in the year are included in the Statement of Financial Activities

Page 8

THE Le￿N TRUST BALANCE SHEEr AS AT5Th APRIL 2021 2021 Investments Cash h•ld for Investment purposes 3205,137 214,108 3N19245 2,704,361 185,387 2.889.748 Cash * b•nk 37,864 Currant 121320 19ml) 16.544 io, 2,906,292 44 2,9)6,292 The fln• statemerts were apprmd tythetnth•s on .....

FOR THE YEAR ENDED 5TH APRIL 2021

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

1. Accounting policies

1.1 Accounting convention

The accounts have been prepared in accordance with applicable accounting standards under the historical cost convention, modified to include the revaluation of listed investments to fair value. In preparing the accounts the charitable company has followed best practice as set out in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with

The financial statements are prepared on a going concern basis as the trustees believe the charity's susbstantial reserves means that no material uncertainties exist regarding the charity's ability to continue as a going concern.

The financial statements are prepared in sterling and rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS 102.

Cash Flow

The Fund qualifies as a small charity under the terms of the Charities Act 2011. As a consequence it is exempt from the requirement to publish a cash flow statement.

1.2 Income

Income from listed investments is accounted for by reference to the date on which distributions are receivable. Interest is accounted for on an accruals basis.

1.3 Expenditure

Expenditure is accounted for on an accruals basis. Grants are accounted for when the trustees have agreed to pay the grant without condition or any conditions attached to the grant are not in control of the trustees.

1.4 Investments

Investments are included in the accounts at market value at the end of the financial year less a provision for any permanent diminution in value. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise.

1.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the SOFA.

Page 10

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

1.6 Financial instruments

Aside from the accounting policy in respect of listed investments (see 1.4 above), the only financial instruments typically held by the charity are cash at bank or other basic financial instruments such as debtors and creditors receivable or payable in less than one year, which are carried at transaction price subject to provision for impairment.

2 Taxation

The trust is a registered charity under the Charities Act 2011 and is not subject to taxation.

3

Investment income
UK equities
Overseas equities		 2021
2020
£
£
64,910
94,915
-
-
64,910
94,915

4 Grants payable

Drug and Alcohol Rehab
Asylum Seekers & Refugees
Criminal Justice / Youth at risk
Other		 Number
£
Number
£
6
25,500
7
19,500
19
33,500
16
39,200
23
46,331
43
79,500
5
13,921
8
26,921
53
119,252
74
165,121
2021
2020

Details of grants paid to institutions are listed in note 12.

5 Trustees' remuneration

No trustee received any remuneration or was reimbursed any expenditure in respect of his or her duties during the year (2020 - nil).

Page 11

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

6 Investments

Investments
Market value at 6th April 2020
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation at 5th April 2021
Market value at 5th April 2021
Historic cost at 5th April 2021		 2021
£
2,704,360
2,082,857
(1,826,554)
244,474
3,205,137
2,965,095		 2020
£
3,182,773
1,179,049
(1,205,489)
(451,972)
2,704,360
2,947,918

All of the above investments are held on a recognised stock exchange

The following investments represented more than 5% of the portfolio at market value at 5th April 2020 or 5th April 2021

Treasury Stock 0.5% 2022
7
Gains / (losses) on investments
Disposal proceeds
Original purchase cost
Unrealised gain/(losses) to date
Realised gains/(losses) for year
Unrealised gains/(losses) for year		 2021
2020
£
£
135,683
-
135,683
£
£
£
£
2,175,906
1,249,381
2,065,679
899,994
(239,125)
305,494
(1,826,554)
(1,205,488)
349,352
43,893
244,474
(451,972)
593,826
(408,079)
2020
2021		 2020
£
135,683
135,683

Page 12

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

8
Reconciliation in movements in unrealised gains / (losses)
2021
£
Unrealised gains at 6th April 2020
(243,557)
Unrealised (gains)/losses crystallised on disposals
239,125
Net gains on revaluation at 5th April 2021
244,474
240,042
9
Creditors: amounts falling due within one year
2021
£
Accrued grants
Accrued accountancy and audit
10,320
10,320
10
Grant Commitments
2021
£
At 6th April 2020
11,000
Grants paid in year
(11,000)
Grants written off in year
-
Charged to SOFA in year
At 5th April 2021
-
11
Related party transactions		 2020
£
513,910
(305,494)
(451,973)
(243,557)
2020
£
47,500
10,320
57,820
2020
£
47,500
-
-
47,500

During the year the trustees made grants totalling £4,000 (2020: £10,000) to the Helen Bamber Foundation. Caroline Moorehead is a trustee of this charity. During the year the trustees made a grant of £7,500 to La Nuova Musica. The Hon David Bernstein is a trustee of this charity.

Page 13

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

12 Grants agreed during the year Charity no 2021 2020
£ £ £ £
Drug and Alcoholic Rehab
Back On Track Manchester 1017467 - 2,000
Barons Court Project 296034 - 3,000
Brighton Oasis Project 269167 - 2,500
Brynawel House 1113952 5,000 -
Create Recovery 1158885 - 1,000
Hebron Trust 1020095 5,000 -
The Keys Project 1154263 3,000 3,000
The Matthew Project 1122801 5,000 -
New Note Orchestra 1161284 2,500 -
Surrey Drug and Alcohol Care 1151494 - 3,000
The Amber Foundation 1051388 - 5,000
Tower Hamlets Mission 1154842 5,000 -
25,500 19,500
Asylum Seekers & Refugees
Article I 1124746 4,000 -
Asylum Welcome 1092265 4,000 -
BACA Charity 1124569 2,000 -
Birbeck College RC00048 2,000 3,000
Boaz Trust 1110344 1,000 3,000
Helen Bamber Foundation 1149652 4,000 10,000
Hope For The Young 1127017 2,500 -
International Care Network 1099400 - 2,000
Islington Centre for Refugees & M 1135205 3,000 -
Migrants Organise 1077116 2,000 2,000
Morton Hall Detainee Visitor Cent 1174085 1,500 2,000
Music in Detention 1119049 1,500
Mustard Tree 1135192 - 1,200
Narthex Sparkhill 1100358 1,000 1,000
Pecan 801819 2,000 -
Refugee Info Bus 1168538 2,000
Restore 274222 - 2,000
Scottish Detainee Visitors SC033781 - 1,000
South Sudan East Bank Com Assoc 1086644 - 1,500
St Augustine Centre 1131784 - 2,500

Page 14

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

14 Grants agreed during the year Charity no 2021 2020
£ £ £ £
Asylum Seekers & Refugees (continued)
Suffolk Refugee Support 1078794 - 1,500
The Destitution Project 1109703 1,000 2,500
The Dounie Trust SC034571 - 3,000
Waterloo Comm Counselling 1045444 - 1,000
33,500 39,200
Criminal justice / Young offenders
All Saints Youth Projects 1136158 - 1,000
Ansar Youth Project 119724 - 3,000
Aspire Oxfordshire 1117726 1,000 -
Back On Track 1169764 1,000 -
Barnabus Manchester 1055993 2,000 -
Bede House Association 303199 - 1,000
Bethany Christian Trust SC003783 3,000 -
Birmingham Centre for Arts 1051570 -
Therapy -
Carney's Community 1150650 - 2,000
CHESS 1093901 - 1,000
Clapton Common Boys 802717 1,000 -
Code 4000 118486 - 1,000
Communigrow 1159534 - 1,000
Coram Children's Legal Centre 28122 - 2,000
Create Arts 1099733 - 1,000
Criminon UK 1098120 2,731 -
Drop Zone 1102656 - 1,000
Eating Matters 1003974 - 1,000
Fair Share Gloucestershire 1110418 - 1,000
Families Outside SC025366 - 1,000
FAYAP 1101303 - 1,000
Get Set Girls 1089566 - 1,000
Give a Book 1149664 7,500 -
Healthy Living Projects 1087256 - 2,000
IT Schools Africa 1146157 - 2,500
Key4Life 1152426 3000 -
Khulisha 1120562 - 3,000
Kids N Action 1096182 - 2,500
Kids Out UK 1075789 2,500 2,000
Loughborough Junction Action 1150852 1,000 -
Group

Page 15

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

14 Grants agreed during the year Charity no 2021 2020
£ £ £ £
Criminal justice / Young offenders (continued)
The Koestler Trust 1105759 1,000 -
Linden Church Trust 1053050 - 2,500
NACOA 1009143 1,000 -
NEPACs 1088051 - 1,000
The No Way Trust 1049059 2,000 -
Oarsome Chance 1167787 2,500 -
Penal Reform Trust 1035525 - 2,000
Pennywell Youth Project 1143789 500 -
Police Community Club of GB 1079612 - 2,000
Prison Chior Trust 1174202 - 7,500
Prisoners Abroad 1093710 - 5,000
Prisoners Advice Service 1054495 - 2,000
Refocus Projects ltd 1150441 - 1,000
Regenerate 1087134 - 2,000
Relate 207314 - 2,000
Safe Families 1150405 1,000 -
Southwest Community Chaplaincy 1128372 - 2,500
Step Together 1038253 - 2,000
Stonebridge City Farm 1125245 2,000 -
Sudden Productions 1018887 - 1,000
Tall Ships Youth Trust 314229 2,100 1,500
The Burnbake Trust 291726 - 1,000
The Fostering Network 280852 - 1,000
The Kingswood Trust 1149688 2,000 -
The New Bridge Foundation 1103511 2,000 -
The RAW Workshop 1014416 - 2,000
The Upper Room 1174700 - 1,500
The Wheels Project 1081236 - 1,000
The Venture Trust 285891 2,500
Voices From Care 1108430 1,000 -
Volunteering Matters 291222 2,000 -
Women's Health Matters 1048788 - 1,000
Wycombe Youth Action 287035 - 2,000
YMCA Reading 1140731 - 2,000
Youth On The Move 1171778 - 1,000
46,331 77,500

Page 16

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2021

14 Grants agreed during the year Charity no 2021 2020
£ £ £ £
Other
African Prisons Project 1121764 1,000 2,000
Alt Theatre Company 270080 - 3,000
Arts At The Old Fire Station 1140525 2,921 2,921
Anthony Matsena 1,500 -
Cardinal Hume Centre 1090836 1,000 -
CRESS UK 1141343 - 1,000
Durrell Wildlife Conservation Trust 1121989 - 2,000
La Folia Musica 1121989 - 5,000
La Nuova Musica 1144998 7,500 -
Music For Awhile - 2,500
The People's Trust - 3,000
The Tavener Foundation 284545 - 7,500
13,921 28,921
119,252 165,121

Page 17