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2023-04-05-accounts

Charity no. 275372

THE LEIGH TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

THE LEIGH TRUST

CONTENTS

Legal and administrative information 1
Trustees' report 2 - 3
Independent examiners' report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7-18

THE LEIGH TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Charity number 275372
Date of trust 29 March 1976
Trustees The Hon. D. S. Bernstein
Caroline Moorehead
Mr Jonathon Bond
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 2023

The trustees present their report and accounts for the year ended 5th April 2023.

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, 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

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

Financial review and reserves policy

Investment income for the year increased to £70k (2022: £62k), while the market value of the investments held by the trust decreased from £3,069k to £2,883k because due to a combination of investment losses and sales exceeding purchases. Losses on sale and revaluation of £149k were credited to the Statement of Financial Activities (2022 gains: £136k). The investment losses are consistent with the overall performance of the market. The trustees are satisfied with the current investment policy and confirm that sufficient reserves are available for future grants.

Page 2

THÉ LEIGH TRUST ANNUAL REPORT FOR THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2023 Statement of truste￿, re5ponslbilities Law applicable to charitie5 in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the trust'5 finarncial activitie5 during the year and of it's financial position at the end of the year. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; make judgement5 and estimates that are reasonable and prudent,. state whether applicable accgunting standards and statemènts of recommended practice have been followed subject to any departures dis£105ed and explained in the financial statement5.' prepare the financial statements on the going concern basis unless it is inappropriate to assume that the trust will continue in operation. The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the finaricièl statements comply with the Charities Art 2011. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. The trustee5 confirm that they have complied with their duty in Sertion 17 of the Charitie5 Act 2011 to have due regard to the Charity Commission's gerieral guidance on public benefit. The report was approved by the trustees on ..... and signed on their The Hon D. S. Bernstein Page 3

THE LEIGH TRUST ACCOUNTS FOR THEYEAR ENDED 5TH APRIL2023 REPORT OF THETRUSTEES I report on tlie accoynts of Tho Leigh Trust for the year ended 5th April 2023, whlch arÈ set out on page$ 5 to 16. Re5ponsSL)Illtles and basis of report As the charity trustee5 YOL4 afe responsible for the preparatlon of the accounts in accordance with the requirements ol the Cliarilies Acl 20111'tlie Aci'l. I report in rospoct of my examlnation of the trust's accounts carried out under setlion 145 of tlie 2011 Acl Jnd in c3rrying out my oxamillation I havc lollowod all the Ir pplicable directlOnS 8iven by tho Charilv Commlssion under se£tion 14515llbl of the Act. Independeiit examlner's statement I lihvÈ toiiipleted my exaininatioii. I confirin tlial i)0 In3terial mètip.rs liave come to my attention in 1ccoiinting rpcnrds wp.rp nt)t kei)t in respect ol the. Tru%t as required by section 130 of tlie Act., or 21 the accounts do not accord with those records., or 31 the account5 do not comply wilh the applicable requirements concerning the form and content ol accounts sel out In tl)e Cliaiities IArcounts and Reports) Regu1ation5 2008 other than any requiremeiit that the a¢couiits give a 'true 3nd fair view which is not 8 matter considered as p3rt ol an Indepeiidellt examinatlon. I have no concern5 and have corne across no oiher matters In tonnectlon with the examination to which attention should be drawn in this report In order to enable a proper understanding of the accounts to be reaclied. Andrew Brooker ACA Begbie5 Chartered Accountants London EC2A 4DI Page 4

THE LEIGH TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5TH APRIL 2023

Notes Unrestricted Unrestricted Unrestricted Unrestricted
Fund Fund
2023 2022
£ £
Income from:
Investments 3 69,442 62,300
Interest 126
Total Income 69,568 62,300
Expenditure on:
Raising funds
Investment manager's fees 18,386 20,813
Charitable activities
Grants payable 4 355,526 260,014
Other expenditure
Audit and accountancy fees 6,480 6,000
Miscellaneous expenses 695 942
Currency exchange (gains)/ losses (18,990) (11,351)
Total expenditure 362,097 276,418
Gains / (losses) on investments (149,291) 135,766
Net income/ expenditure (441,820) (78,352)
Total funds brought forwards 3,331,795 3,410,147
Total funds carried forwards 2,889,975 3,331,795

All amounts derive from continuing activities

All gains and losses recognised in the year are included in the Statement of Financial Activities

Page 5

TPIE LEIGH TRUST BALANCE SHEET AS AT 5TH APRIL 2023 2023 2022 Notes Fixed A55et5 Investments Cash held for investment purposes 2,882.797 25.806 2,908,604 3,068,508 234,342 3.302,850 Current a$5ets Cash at bank 11,691 39,265 Current liabilltleg 9 120,3201 110,3201 Net current assets 1.371 28,945 Non current Ilabilities io ii0,crf￿) Net assets 2,899,975 3,331,795 Funds Unrestricted funds 2.889,975 3.331,795 The financial statements were approved by the trustee5 on The Hon. D. S. Bernstein Trustee Page 6

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

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 charity 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 Reporting Standard for applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis as the trustees believe the charity's substantial 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 7

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

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 2023 2022
Equities 69,442 62,300
Interest 126 -
69,568 62,300
4 Grants Payable
2023 2022
Number £ Number £
Drug and Alcohol Rehab 13 55,000 11 37,000
Asylum Seekers & Refugees 23 50,000 19 36,000
Criminal Justice / Youth at risk 70 155,626 63 100,593
Other 15 94,400 11 86,421
121 355,026 104 260,014

Details of grants paid to institutions are listed in note 13.

5 Trustees' remuneration

No trustee received any remuneration or was reimbursed any expenditure in respect of his or her duties during the year (2023 - nil).

Page 8

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

6 Investments

Market value at 6th April 2022
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation at 5th April 2023
Market value at 5th April 2023
Historic cost at 5th April 2023
2023
£
3,068,508
712,996
(798,894)
(99,812)
2,882,797
2,788,216
2022
£
3,205,137
425,874
(647,095)
84,592
3,068,508
2,777,467

All of the above investments are listed investments carried at fair value and held on a recognised stock exchange. The composition of listed investments is as follows

Cash and short term investments
Bonds and similar positions
Equities and similar positions
Other alternative
2023
£
101,474
920,689
1,615,199
245,435
2,882,797
2022
£
1,034,219
1,827,913
206,376
3,068,508

The following investments represented more than 5% of the portfolio at market value at 5th April 2022 or 5th April 2023

Treasury Stock 0.125% 2026
Ishares GBP Corp Bond UCITS ETF
2023
£
158,082
158,082
2022
£
156,626
156,626

Page 9

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

7 Gains / (losses) on investments

7 Gains / (losses) on investments
2023 2022
£ £ £ £
Disposal proceeds 749,415 698,269
Original purchase cost 702,248 613,502
Unrealised gain/(losses) to date 96,646 33,593
(798,894) (647,095)
Realised gains/(losses) for year (49,479) 51,174
Unrealised gains/(losses) for year (99,812) 84,592
(149,291) 135,766
8 Reconciliation in movements in unrealised gains / (losses)
2023 2022
£ £
Unrealised gains at 6th April 2022 291,041 240,042
Unrealised (gains)/losses crystallised on disposals (96,646) (33,593)
Net gains on revaluation at 5th April 2023 (99,812) 84,592
94,583 291,041
9 Creditors: amounts falling due within one year
2023 2022
£ £
Committed grants 10,000 -
Accrued accountancy and audit 10,320 10,320
10,320 10,320
10 Creditors: amounts falling due after one year
2023 2022
£ £
Committed grants 10,000 -
10,000 0
11 Grant Commitments
2023 2022
£ £
At 6th April 2022 - -
Charged to SOFA in year 30,000 -
Grants paid in year (10,000) -
At 5th April 2023 20,000 -
Page 10

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

12 Related party transactions

During the year the trustees made grants totalling £4,000 (2022: £4,000) to the Helen Bamber Foundation. Caroline Moorehead is a trustee of this charity. During the year the trustees made a grant of £12,000 (2022: £10,000) to La Nuova Musica. The Hon David Bernstein is a trustee of this charity.

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

13 Grants agreed during the year Charity no 2023 2022
£ £ £ £
Drug and Alcoholic Rehab
Adapt 1182087 5,000
Expectations UK 1152491 2,000
Faithwork Wessex 1108714 2,000 3,000
Hebron Trust 1020095 5,000
Hope + Vision Communities 1191323 15,000 -
Life Education Wessex and 1071094 1,000
Thames Valley
MYPAS 1161284 1,000
Nehemiah Project 1058536 3,000 -
New Note Orchestra (Project) 1161284 2,500 2,500
Pathways for All People 1154530 - 3,000
Recovery Cymru 1154530 - 5,000
Spitalfields Crypt Trust 1075947 5,000 5,000
Steps To Active Recovery 1191725 2,000 -
Surrey Drug and Alcohol Care 1151494 2,000 1,500
The Amber Foundation 1051388 5,000 5,000
The Icarus Trust 1148228 2,500
The Keys Project 1154263 3,000 3,000
Tower Hamlets Mission 1154842 5,000 3,000
55,000 37

37,000

Page 12

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

13 **Grants agreed during the year (cont.) ** Charity no 2023 2022
£ £ £ £
Asylum Seekers & Refugees
Access 1186714 1,000
Action for Refugees in Lewisham 1116344 2,000
Asylum Welcome 1056672 2,500
Boaz Trust 1110344 1,500 1,500
Charis Refugees 1169400 2,500
Citizens Advice South Lincs 9935120 2,000
Coventry Refugee Migrant Centre 1090123 1,000
Doctors of the World 1067406 2,000
Entraide UK 1142919 1,500 2,000
Groundwork London 1121105 2,000
Growing Well 1182018 1,500
Hackney Migrant Centre 1122363 2,500
Haringey Migrant Support Centre 1152227 1,000
Hear Me Out Music 1119049 - 3,000
Helen Bamber Foundation 1149652 4,000 4,000
Home Start UK 1108837 2,000 1,000
Hope For The Young 1127017 2,500 -
Islington Centre for Refugees & 1135205 2,000 -
Migrants
Migrants Organise 1077116 2,000
Migrateful 1180110 2,000 3,000
Morton Hall Detainee Visitor 1174085 - -
New Vic Theatre 253242 2,000
Rainbow Haven 1131060 2,000 -
Refugee & Migrant Centre 1104779 - 2,000
Refugee Support Devon 1143884 1,500 -
Refugee Survival Trust SC024328 4,000 -
Refugee Youth LTD 1094296 1,500 -
Seperated Child Foundation 1120669 2,000 1,500
Shropshire Supports Refugees 1196673 - 1,000
South Sudanese East Bank
Community Association 1086644 1,500 -

Page 13

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

13 Grants agreed during the year (cont.) Charity no Grants agreed during the year (cont.) Charity no 2023 2022
£ £ £ £
Asylum Seekers & Refugees (continued)
Streatham Drop in Centre 1156824 2,000
The Haven Wolverhampton 1065427 3,000 -
Together Now 1183639 2,500 3,000
Waterloo Comm Counselling 1045444 1,500 1,000
Women's Health Matters 1048788 1,000 1,000
50,000 36,000

Page 14

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

13 Grants agreed during the year (cont.) Charity no 2023 2022
£ £ £ £
Criminal justice / Young offenders and Youth at Risk
2MakeIT 1157740 2,500 2,000
All Saints Youth Projects 1136158 1,500 1,000
Alternatives to Violence Project Britain 1085709 1,193 -
Aspire Oxfordshire 1117726 1,000
Bang Edutainment 1086541 2,000 1,000
Barnabus Manchester 1174410 2,000
Bede House Association 303199 - 1,000
Bentley Beginnings 1081484 1,250 1,000
Bethany Christian Trust 1171231 3,000 3,000
Birmingham Centre for Arts 1051570 - 1,000
Brighton Oasis Project 269167 - 2,000
Bristol Children's Help Society 1092921 1,500 1,000
Cardinal Hume Centre 1090836 2,000
Carney's Community 1150650 3,500
CHESS Homeless 1093901 1,500 1,000
Chapter 2 1177011 2,000 1,000
Children Ahead 1138140 3,000 2,000
Climbing Out 1145023 1,000
Clapton Common Boys 802717 1,000 -
Communigrow 1159534 1,000 1,000
Criminon UK 1098120 4,250 3,403
Curiosity Collective SC043974 1,000 -
Depaul 802384 2,000
Deventio Charitable Trust 1142979 2,000
Ditch The Label 1156329 1,250 1,000
Eastside Community Trust 1081691 1,000 1,000
Eating Matters 1003974 1,000 1,500
Emerge UK 1152146 1,000
ENYP 1089474 1,000
Families Outside SC025366 2,000 1,000
Fife Young Carers SC047519 1,000
Finding Rhythms 1151872 - 1,500
Fine Cell Work 1049095 - 5,000

Page 15

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

14 Grants agreed during the year (cont.) Charity no 2023 2022
£ £ £ £
Criminal justice / Young offenders and Youth at Risk (continued)
Get Set Girls 1089566 - 2,000
Give a Book 1149664 15,000 2,500
Grove Adventure Playground 1124802 1,250 1,000
Halow Birmingham 1150445 1,250 1,000
Home Link Family Support SC001360 1,000 2,000
Hope, Housing, Training 1133284 1,000 1,000
& Support - -
Kairos Women Working Together 1136695 3,000 -
Key4Life 1152426 4,000 -
Kids N Action 1096182 3,500 1,000
Kids Out UK 1075789 - -
Kids Space 1175338 3,000 2,500
Kingswood Trust 1147599 2,498 2,087
Kits UK (Kids under the Spotlight) 1181577 1,250 -
Kol Boniach 1147599 1,500 1,000
Lending Hope 1179132 3,000 3,500
Life Cycle UK 1077575 2,000
Light Up Learning SC045701 1,000 -
Live Unlimited 1176418 2,500 2,500
Linden Church Trust 1053050 - 2,000
Margaret Carey Foundation 1136858 2,000
Music Relief Foundation 1185747 2,500
NACOA 1009143 2,500
Narthex Sparkhill 1100358 1,500 2,000
NEPACs 1088051 - 1,000
The No Way Trust 1049059 2,000
North London Hill Club 1191936 - 1,000
Oarsome Chance 1167787 2,500 2,500
Oasis Project 1065503 2,435 -
Open Door Exmouth 1094599 - 1,000
Plymouth Music Zone 1100878 2,000
Police Community Club of GB 1079612 1,000 1,000
Power House Community 1107472 - 2,500

Page 16

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

14 Grants agreed during the year (cont.) Charity no 2023 2022
£ £ £ £
Criminal justice / Young offenders and Youth at Risk (continued)
Prevent 2 Protect 1188884 - 1,000
Prison Advice and Care Trust 219278 3,000 -
Prison Choir Project 1174202 8,000 -
Prison Fellowship 1102254 2,500 -
Prisoners Advice Service 1054495 2,000 -
Prisoners Education Trust 1084718 3,000 -
Prodigal Arts 1169287 - 1,000
Regenerate 1191234 2,000 -
Resolve West 1000641 1,000 1,000
Safe Families 1150405 - -
Sapphire Community Trust 1196142 - 2,000
Shift Youth + Community 1183910 1,000
St Edmunds Society 1157532 - 1,000
Standout Programme 1177813 2,500 -
Success Club CIO 1180864 2,000
Sudden Productions 1018887 1,000 1,000
Sunbeams London LTD 1158753 1,500
Sunrise Partnership SC044859 1,000
Healthy Livings Project 1087256 1,500 2,000
Tall Ships Youth Trust 314229 3,000 2,000
Teen Enterprise 1148955 1,500
The Gifted Organisation 1151327 - 1,000
The New Bridge Foundation 1103511 2,500 2,000
The RAW Workshop 1014416 1,000 1,000
The Tavistock & Portman Charity 1191405 - 2,603
The Upper Room 1004354 3,000 2,000
The Venture Trust 285891 2,500 -
Total Insight Theatre 1184076 - 1,000
Volunteering Matters 291222 2,000 2,000
Wellspring Counselling 1042995 1,000 1,000
Wycombe Youth Action 287035 1,000 1,000
Youth On The Move 1171778 - 1,000

155,626

100,593

Page 17

THE LEIGH TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5TH APRIL 2023

14 Grants agreed during the year Charity no 2023 2022
£ £ £ £
Other
Arts At The Old Fire Station 1140525 3,000 2,921
Centre for Social Justice 10,000 10,000
CRESS UK 1141343 - 1,000
Disasters Emergency Committee 1062638 10,000 25,000
Fortalice LTC 1124031 5,000 -
Glyndebourne 243877 10,000 10,000
Hazara Charitable Trust 1100194 - 5,000
IT Schools Africa (ITSA Digital Trust) 1146157 2,000 2,000
La Nuova Musica 1144998 12,000 10,000
Medical Aid for Palestinians 1045315 17,500 10,000
Prisoners Abroad 1093710 8,000 7,500
Special Educational Needs Families 1055954 3400
Support Group
St Luke's Cares 1097720 2,000 -
St Mungo's 1149085 4,000 -
The Nelson Trust 1056672 2,500
Tibet Watch 1114404 - 3,000
Zambian Gems Foundation 1136811 5,000 -
94,400 86,421
355,026 260,014

Page 18