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← Quintin Hogg Trust

2025-07-31-accounts

Quintin Hogg Trust (Charity Number 1010404)

Report & Financial Statements

Year Ended 31 July 2025

The Quintin Hogg Trustee Company is a Charitable Company Limited by Guarantee Registered Office: 66 Lincoln’s Inn Fields, London WC2A 3LH, Registered Company Number: 10281253 Sole Trustee to the Quintin Hogg Trust and Quintin Hogg Memorial Fund, Charities. Registered with the Charity Commission, Registration numbers: 1010404 and 288144

www.quintinhoggtrust.org

Quintin Hogg Trust - Report and Financial Statements – July 2025

CONTENTS

CONTENTS Page
Reference and administrative details 3
Report of the Trustee 4
Independent Auditor's report to the Trustee of the Quintin Hogg Trust 8
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the accounts 15

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Quintin Hogg Trust - Report and Financial Statements – July 2025

REFERENCE AND ADMINISTRATIVE DETAILS

TRUSTEE

Quintin Hogg Trustee Company (QHTC) - a company limited by guarantee

Patron

The Hon Dame Mary Hogg DBE

Directors and Members (of the Trustee, QHTC)

Victoria Batten Jifree Cader Dr Geoffrey Copland CBE (resigned on 24 June 2025) Paula Doyle Liz Duff Joanna Embling (resigned on 24 June 2025) Miles Muthu (appointed on 6 March 2025) Mark Pryce Dani Salvadori Andrew Saunders-Davies (Chair) Maria Semedalas Tim Sketchley (appointed on 24 June 2025)

Business and Governance Manager (QHTC)

Charmaine Pryce

AUDITORS

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

BANKERS

National Westminster Bank PLC 135 Bishopsgate London EC2M 3UR

SOLICITORS

Farrer & Co LLP Clyde & Co LLP 66 Lincolns Inn Fields 138 Houndsditch London WC2A 3LH London EC3A 7AR

INVESTMENT MANAGERS

Rathbones Wealth & Investment Management UBS 30 Gresham Street 5 Broadgate London EC2V 7QN London EC2M 2QS

ACCOUNTANT

CMFC Accounting Limited

QHTC REGISTERED OFFICE AND QUINTIN HOGG TRUST PRINCIPAL OFFICE

66 Lincoln’s Inn Fields London WC2A 3LH

CHARITY NUMBER

1010404

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Quintin Hogg Trust - Report and Financial Statements – July 2025

REPORT OF THE TRUSTEE

The Trustee presents its report and the audited financial statements for the year ended 31 July 2025 of Quintin Hogg Trust (the Trust), a registered charity no. 1010404. The financial statements have been prepared in accordance with the Trust’s governing document and the requirements of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The information on page 3 forms part of this report.

Structure, Governance and Management

Quintin Hogg was a Victorian philanthropist most remembered for starting in the late 19[th] century what became known as the Regent Street Polytechnic (now the University of Westminster (the University)). Trusts in Quintin Hogg’s name were first set up in the early 1900s, with the current Trust being established in 2001.

The Trust is administered by Quintin Hogg Trustee Company (QHTC), as Trustee. Its Board (the Board) currently has ten directors, all of whom are members and each of whom is appointed to serve for three years with options to renew for up to nine years. Board members are chosen for their expertise and experience in relevant fields and their support for the objectives of the Trust. Induction training is provided for new Board members and a formal recruitment policy is in place. There are regular development days for continued Board member training.

The Trust has one employee (2024:one ), its Business and Governance Manager. It has engaged an outsourced accountant to undertake the accounting functions.

The Trust is related to one other charitable trust, Quintin Hogg Memorial Fund (QHMF). These two trusts share the same Trustee and therefore common control exists. The Trust owns a subsidiary company, 1903 Limited (1903), further details of which are set out below. Details of transactions with related parties are disclosed in note 21 to the financial statements.

A number of Directors are alumni and/or have other past connections with the University. The Patron of QHTC is a member of the Hogg family.

Objects and activities

The object of the Trust is the advancement of education. QHTC allows the land and buildings belonging to the Trust at 307-311 Regent Street, in Little Titchfield Street, at other central London locations and at Chiswick to be used by the University. Income remaining after deduction of appropriate expenditure must be applied for the benefit of the University and its students. The Trust does this in the main by awarding grants on an annual basis. Further details of the process are set out later in this report.

The Trust owns the beneficial interest in a number of long leasehold properties in central London with leases expiring between 11 October 2919 and 11 October 2933, as well as the freehold to some seven acres of land at Chiswick that forms part of the Quintin Hogg Memorial Sports Ground.

QHTC confirms that it has complied with the duty in section 4 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. The Trust's public benefit is realised through the provision of properties and by the awarding of grants for the benefit of University of Westminster students.

The Trustee takes its responsibility under The Charities (Protection and Social Investment) Act 2016 seriously. The Trust does not engage in any fundraising with the general public and therefore does not have a formal fundraising policy in place. It can accept donations but it does not actively seek them. No donations were received during the year ( 2024: £nil ) nor any complaints regarding fundraising.

The Chiswick Site

The Trustee regards the Trust’s landholdings at Chiswick, together with those of QHMF (which owns the larger part of the Quintin Hogg Memorial Sports Ground, including land on which a boathouse stands), as part of a unique legacy to be preserved and maintained for the benefit of students of the University and of other young people. While retaining that focus, QHTC has a long-term ambition to create a centre of sporting excellence on the site for athletes of all abilities, with modern 21[st] century facilities. The first stage of this plan, the creation of floodlit 3G all-weather sports and training pitches, changing facilities, new access and managed car parking on QHT’s land is now fully operational.

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Quintin Hogg Trust - Report and Financial Statements – July 2025

1903 Limited (“1903”), was established in 2022, beneficially owned by QHT, to operate the new pitches and related facilities. QHT granted to 1903 a licence to occupy the site and entered into an operating agreement with it, under which 1903 undertook to operate the site. QHT also advanced to 1903 during the year to 31 July 2023 amounts totalling £150,131 to fund its start-up costs and working capital for the time it takes for 1903 to build up its operations and become profitable. The loan balance has now been fully repaid by 1903 Limited to QHT.

1903 has engaged Athis Limited, a specialist sports management company, to manage the day-to-day running of the site, to oversee maintenance and to market the pitches.

The Trustee considers that 1903 enables QHT most effectively to satisfy its object and the conditions attached to planning consent for the pitches, while ring-fencing the operation of the pitches from the principal charitable activities of the Trust. The Trustee will continue to oversee the activities of 1903 to ensure that it operates in the best interests of QHT.

Costs incurred by QHT on behalf of 1903 and recharged to it during the year were £1,960 ( 2024: £410 ). Interest of £nil ( 2024: £1,346) and a licence fee of £20,416 ( 2024: £18,756) were charged to 1903 during the year.

Grant Funding Process

QHT’s Grants Committee, comprising four Directors, receives an annual submission of grant applications from the University, reviews each one and makes recommendations to the Board as to which should succeed. The Committee keeps all aspects of the Trust's grant funding programme under review and meets regularly with the University’s Development team. It reviews spending against approved applications and supervises the release of funds to the University. Members of the Grants Committee meet with members of the University Executive Board (UEB) at least once each year to discuss their priorities.

Grant Funding Submission for implementation from 2025/26

In April this year, the Grants Committee met to review the submissions received from the University and make recommendations to the Board for the academic year 2025/26. The proposals were for seven major projects, supporting strategic objectives of the University including Research and Knowledge Exchange, Employability, Sports Funding, Peer Support, Centre for Education and Teaching, Living Expenses Support as well as the Westminster Working Cultures Programme.

In January 2025, the University submitted proposals in outline for the Trust’s approval in principle. A more formal presentation of the proposals to the Grants Committee followed, with the final submission of bids in late spring to the Grants Committee, followed by final approval by the Board.

Total requests to the value of £5,641k were received from the University for projects due to start in 2025/26, with some extending into 2028/29. An administrative uplift fee of £118k is also included.

To stimulate innovation within the University, the Trust’s grants include funds for intermediate projects and an Innovation Fund. The objective of these is to spark creativity at a grassroots level and enhance the student experience and encourage greater collaboration between students and staff. To date, the calibre of the projects has been exceptional with excellent outcomes.

The full amount of the approved awards is included as a creditor in the financial statements for the year. During the next year, the University reports as to how much has been spent and QHTC confirms what the Trust will pay (on recommendation of the Grants Committee). Any underspend by the University is recognised by reduction of the creditor. Early in the following academic year, payment is made and the creditor is reduced accordingly.

A full list of the awards made for the year 2024/25, together with a description of each, as well as details of selected past projects, can be found on the QHT website (http://www.quintinhoggtrust.org).

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Quintin Hogg Trust - Report and Financial Statements – July 2025

Financial review

QHTC reports net income for the Trust of £1,599k (2024: £ 1,005 k net income) on unrestricted funds, before gains/losses on investments and disposals, decreasing to a net surplus of £1,532k (2024: £1,329k net surplus) after investment losses. A deficit of £715k arose on endowment funds (2024: £621k deficit) . A deficit of £457k (2024: £140K surplus) was recorded on endowment funds after investment gains ( 2024 ~~g~~ ains ). 2025 saw increases in investment income of £195k, reductions in grant and increase in depreciation expense of £626k and £109k respectively.

At the year end, the Trust had retained unrestricted funds amounting in total to £9.1m (2024: £7.6m) and retained endowment funds of £19.0m (2024: £19.5m) .

QHTC considers that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. Nevertheless, in the judgement of the Trustee, the Trust's level of reserves and low level of non-discretionary expenditure provide adequate assurance that the Trust is able to continue as a going concern over at least 24 months.

Reserves Policy and resources

As a grant awarding charity, QHT has control of a large part of its future expenditure. The Trust maintains cash and short-term investments to enable it to continue awarding grants in the event of an unexpected drop in income and to provide a buffer in the event of a fall in value of investment assets.

The Trustee has decided that the Trust should aim to hold at least £5m of free unrestricted reserves, an amount approximately equivalent to the value of grants awarded in one year. Free unrestricted reserves at the end of the year were £9.1m ( 2024: £7.6m ). In addition, the Trust had endowment reserves of £19.0m ( 2024: £19.5m ).

Of the resources available to the Trust, fixed asset endowment investments amounting to £7.7m ( 2024 ~~: £~~ 7.4m ) result from the disposal of an endowment property in a prior year. Under the terms of the trust’s governing document, such funds are required to be invested and, accordingly, are available for the purposes of the Trust, subject to that condition.

The Trust’s other available resources comprise fixed asset investments £7.4m (2 024: £7.0m) and cash, of £18.3 ( 2024: £17.8m) . These resources are available for the purposes of the Trust, subject to cash flow constraints, such as those arising from commitments to pay grants to the University for its benefit in future periods, amounting to £9.7m ( 2024: £10.8m ).

Investment Policy

The aim of the investment policy is to invest in a mixed portfolio from which the income can be used for the furtherance of the Trust’s aims. In addition to this, the objective is also to maintain sufficient cash in current account and short- and/or medium-term interest-bearing deposits and/or liquid money market funds to fund at least one year’s grant awards and for any other anticipated future spend, based on cash flow forecasts.

The Trust holds investment portfolios with Rathbones Wealth and Investment Management (formerly Investec), with which it agrees a suitable risk profile for the investments in each fund. The Trustee has resolved that it does not wish to invest in companies that engage in the arms trade, tobacco, animal exploitation, gambling, pornography or pay-day loans. It also considers long term sustainability important and has asked that this principle is taken into account when the Trust’s funds are being invested. The investment policy is kept under review in consultation with the Investment Manager.

During the year, the Trust’s investment portfolio provided income of £1,147k ( 2024: £952k ). This consisted of £566k interest on cash deposits ( 2024:£616k ) and dividends, other investment income and fixed interest £580k ( 2024:£336k ). As reported by Rathbones, The endowment fixed asset investment produced a total return of 5.0% (2024: 10.5%) and the unrestricted fixed asset investment produced a total return of 4.9% (2024: 9.9%), net of fees. The performance of each fund is measured against a bespoke benchmark comprising elements of various indices and interest rates appropriate to the Trust’s portfolio. Rathbones reported that, during the year, the benchmark for the endowment fixed asset investment produced a total return before fees of 11.6% (2024: 14.7%) and that for the unrestricted fixed asset investment produced a total return of 10.5% (2024: 13.3%).

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Quintin Hogg Trust - Report and Financial Statements – July 2025

Management of conflicts of interest

QHTC maintains a formal conflicts of interest policy. All Directors complete a declaration of interests, and a register of interests is maintained by the business and governance manager and reviewed annually by the Board.

Risk management

The Trustee is committed to undertaking a regular review of the significant strategic and operational risks affecting the Trust. The risk management policy and risk register are reviewed regularly by the Board. Major risks to which the Trust may be exposed include fluctuation in the performance of its investments. Actions taken to mitigate these risks include regular review of investment portfolios to ensure appropriate levels of risk for investments, in consultation with fund managers.

Auditors

Saffery LLP has indicated its willingness to continue in office and, in accordance with the provisions of the Charities Act 2011, it is proposed that it be re-appointed as auditor to the Trust for the ensuing year.

Statement of Trustee’s responsibilities in respect of the Trustee’s annual report and the financial statements

The Trustee is responsible for preparing the Report of the Trustee and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable it to ensure that the financial statements comply with the Charities Act 2011, applicable accounting regulations and the provisions of the Trust’s governing document. The Trustee is 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 Trustee is responsible for the maintenance and integrity of the Trust and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by QHTC and signed on behalf of the Board

Andrew Saunders Davies Chair, QHTC Date: 9 December 2025

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Quintin Hogg Trust - Report and Financial Statements – July 2025

QUINTIN HOGG TRUST

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE

Opinion

We have audited the financial statements of Quintin Hogg Trust for the year ended 31 July 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 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 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 trustee’s 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 charity’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 trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is 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.

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.

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Quintin Hogg Trust - Report and Financial Statements – July 2025

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 require us to report to you if, in our opinion:

Responsibilities of the Trustee

As explained more fully in the Trustee’s Responsibilities Statement set out on page 7 the trustee is 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 trustee determines 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 trustee is 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 trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under 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 auditors’ 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with the trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

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Quintin Hogg Trust - Report and Financial Statements – July 2025

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, the risk of not detecting a material misstatement 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 or intentional misrepresentations, or through collusion.

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 trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee 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 trustee as a body, for our audit work, for this report, or for the opinions we have formed.

71 Queen Victoria Street London Statutory Auditors EC4V 4BE

Date: 11 December 2025

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

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Quintin Hogg Trust - Report and Financial Statements – July 2025

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 JULY 2025

Unrestricted
Funds
Endowment
Funds
Total Funds
2025
£
£
£
Note
INCOME FROM:
Charitable activities
4
5,799,517
-
5,799,517
Investment income
5
1,146,544
-
1,146,544
Other
6
63,029
-
63,029
TOTAL INCOME
7,009,090
-
7,009,090
EXPENDITURE
ON:
Raising Funds
7
31,213
33,009
64,222
Charitable activities
8
5,294,340
682,057
5,976,397
Other costs
11
84,271
-
84,271
TOTAL
EXPENDITURE
5,409,824
715,066
6,124,890
NET
INCOME/EXPEND
ITURE BEFORE
GAIN/LOSS ON
INVESTMENTS
1,599,266
(715,066)
884,200
Net (losses)/gains
on investments
13
(67,081)
258,206
191,125
NET MOVEMENT
IN FUNDS
1,532,185
(456,860)
1,075,325
RECONCILIATION OF FUNDS
Total funds brought
forward
7,645,043
19,511,310
27,156,353
TOTAL FUNDS
CARRIED
FORWARD
17
9,177,228
19,054,450
28,231,678		 Unrestricted
Funds
Endowment
Funds
Total Funds
2024
£
£
£
5,797,857
-
5,797,857
951,744
-
951,744
22,514
-
22,514
6,772,115
-
6,772,115
22,049
39,540
61,589
5,876,036
581,547
6,457,583
(130,601)
-
(130,601)
5,767,484
621,087
6,388,571
1,004,631
(621,087)
383,544
323,980
760,979
1,084,959
1,328,611
139,892
1,468,503
6,316,432
19,371,418
25,587,850
7,645,043
19,511,310
27,156,353

All of the above results derive from the continuing activities of the Trust

There are no gains or losses other than as included above.

The notes on pages 15 to 25 form part of these financial statements

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Quintin Hogg Trust - Report and Financial Statements – July 2025

BALANCE SHEET

AS AT 31 JULY 2025

2025 2024 2024
£ £ £ £
Note
FIXED ASSETS
Tangible assets 12 11,356,366 12,034,671
Investments 13 15,085,950 14,448,801
26,442,316 26,483,472
CURRENT ASSETS
Debtors 14 92,945 170,989 170,989
Cash at bank 18,458,781 17,813,421 17,813,421
18,551,726 17,984,410 17,984,410
LIABILITIES
Creditors falling due 15 (7,086,484) (6,508,634)
within one year
NET CURRENT 11,465,242 11,475,776
ASSETS
Creditors: amounts 16 (9,675,880) (10,802,895)
falling due after more
than one year
NET ASSETS 28,231,678 27,156,353

FUNDS
Endowment funds 17 19,054,450 19,511,310 19,511,310
Unrestricted funds 17 9,177,228 7,645,043
28,231,678 27,156,353

The notes on pages 15 to 25 form part of these financial statements.

Approved by QHTC and signed on behalf of the Trust

Anchww Saundura-DPavet

Andrew Saunders-Davies Chair, QHTC Date: 9 December 2025

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Quintin Hogg Trust - Report and Financial Statements – July 2025

STATEMENT OF CASH FLOWS

YEAR ENDED 31 JULY 2025

Cash inflow from operating activities
Cash flows from investing activities
Interest and investment income
Proceeds from sale of investments
VAT reclaim on fixed asset expenditure
Purchase of investments
Cash provided by investing activities
Increase in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of
the year
Total cash and cash equivalents at the end of
the year		 2025
£
£
(52,849)
1,146,544
2,167,572
-
(2,575,036)
739,080
686,231
18,204,449
18,890,680		 2024
£
£
1,698,876
951,744
1,795,598
562,402
(2,137,302)
1,172,442
2,871,318
15,333,131
18,204,449		 2024
£
£
1,698,876
951,744
1,795,598
562,402
(2,137,302)
1,172,442
2,871,318
15,333,131
18,204,449
2,871,318
15,333,131
18,204,449

See notes to the cash flow on the next page.

The notes on pages 15 to 25 form part of these financial statements.

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Quintin Hogg Trust - Report and Financial Statements – July 2025

Notes to the cash flow statement
Reconciliation of Net Income to Net Cash Flow from
Operating Activities
Net movement in funds for the year
Interest and investment income receivable
Depreciation and amortisation
Gains on investments – note 13
Decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/generated by operating
activities
Analysis of Cash and Cash Equivalents
Cash at bank and in hand
Money market funds
Cash on deposit at bank
Cash held by investment managers		 2025
£
1,075,324
(1,146,544)
678,305
(188,812)
78,044
(549,166)
(52,849)
6,570,837
98,343
11,789,601
431,899
18,890,680		 2024
£
1,468,503
(951,744)
569,101
(1,084,959)
1,432,027
265,950
1,698,876
6,535,327
-
11,278,094
391,028
18,204,449

The Trust has no overdrafts, loans or finance lease obligations

Analysis of change in net debt
Cash at bank and in hand
Money market funds
Cash on deposit at bank
Cash held by investment managers		 01 Aug 2024
Cash flows
31 Jul 2025
£
£
£
6,535,327
35,510
6,570,837
-
98,343
98,343
11,278,094
511,507
11,789,601
391,028
40,871
431,899
18,204,449
686,231
18,890,680

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Quintin Hogg Trust - Report and Financial Statements – July 2025

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

1. TRUST STATUS

The Trust was registered as a charity on 11 April 1990. Details of the registered office are provided on page 1.

2. BASIS OF PREPARATION

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102.

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 (FRS 102), rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

Consolidated financial statements are not prepared as the results and net assets of 1903 Limited are not material to the group.

Going concern basis

QHTC considers that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. Nevertheless, in the judgement of QHTC, the Trust’s level of unrestricted reserves and low level of non-discretionary expenditure provide adequate assurance that the Trust is able to continue as a going concern for at least 24 months.

ACCOUNTING POLICIES

Income Tax and Corporation Tax

The Trust is a registered charity and is not liable to income tax to the extent that income and gains are applied exclusively to charitable activities.

Amounts of expenditure are shown including irrecoverable VAT, where appropriate.

Fund Accounting

The Trust maintains two types of fund:

Further details of the nature and purpose of each fund are set out in Note 17 to the Financial Statements.

15

Quintin Hogg Trust - Report and Financial Statements – July 2025

Income

All incoming resources are included in the Statement of Financial Activities when the Trust is entitled to the income and the amounts can be quantified with reasonable accuracy.

Rental income from property is recognised in the Statement of Financial Activities based on income receivable under the terms of the lease for the year in question, calculated on a straight-line basis.

Income from listed investments is recognised when the amount can be measured reliably by the Trust. This is normally upon notification by the investment advisor of the yield of the investment portfolio. Interest on cash funds and fixed interest investments is recognised, where material, on an accruals basis, and calculated when the amount can be measured reliably by the Trust; this is normally upon notification of the interest income by the bank or investment advisor.

Expenditure

All expenditure is accounted for on an accruals basis. Expenditure on raising funds is those costs directly attributable to managing the investment portfolio and raising investment income.

Expenditure on charitable activities is grant funding costs and relevant overhead and support costs. The full amounts of the approved awards for grants is included in expenditure in the financial statements for the year.

Governance costs comprise all costs involved in the public accountability of the Trust and its compliance with regulation and good practice. These costs include costs relating to statutory audit. Governance and support costs are allocated between endowment and unrestricted funds on the basis of the nature of the underlying item.

Financial Instruments

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. The fair value of equity investments is measured using the closing quoted market price.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised and unrealised investment gains/losses are combined on the Statement of Financial Activities. The Fund does not hold options, derivatives or other complex financial instruments.

The Trust has financial assets and financial liabilities of a kind that qualify only as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Trust did not have any bank loans in the current financial period.

Cash and cash equivalents

Cash and cash equivalents are short term highly liquid investments, plus current and deposit bank accounts.

Investment in Subsidiary

Quintin Hogg Trust Company owns 100% of the ordinary Share Capital (£100) in 1903 Limited for the benefit of QHT.

Tangible fixed assets and depreciation

Tangible fixed assets are held at cost/deemed cost less accumulated depreciation, less any impairment where applicable.

The long leasehold property at 307-311 Regent Street in which the Trust has a beneficial interest was revalued at 31 July 1995. The basis of valuation was open market value. The other long leasehold properties in which the Trust has a beneficial interest were revalued in 1991. The basis of valuation was open market value. On transition to FRS102, the then Directors elected to carry long leasehold property at deemed cost based on these valuations.

16

Quintin Hogg Trust - Report and Financial Statements – July 2025

While no valuation of properties has been carried out in recent years, the Trustee believes that their current value is significantly in excess of the amounts at which they are shown in the balance sheet.

A review for impairment of fixed assets is carried out if events or changes in circumstances indicate that the carrying amount of the fixed assets may not be recoverable.

Depreciation is provided on all tangible assets on cost or revalued amounts in equal instalments over the estimated lives of the assets. The rates of depreciation are as follows:

Pitch, access and 10% per year parking Plant and machinery 10-20% per year Freehold land Not depreciated Leasehold buildings 2% per year Leasehold Amortised over the shorter of their useful economic life improvements and the remaining term of the lease by equal instalments

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY AREAS OF UNCERTAINTY

Judgements and estimations are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In making these estimates the Trustee makes assumptions concerning the future.

The key areas of uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Fixed Asset investments

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in the market’s disposition towards equities within particular sectors or sub-sectors. Fixed asset investments are held at valuation and both unrealised and realised gains are taken to the statement of financial activities.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Rent receivable
Licence fee receivable		 Total Funds
2025
£
5,779,101
20,416
5,799,517		 Total Funds
2024
£
5,779,101
18,756
5,797,857

17

Quintin Hogg Trust - Report and Financial Statements – July 2025

5. INVESTMENT INCOME

NVESTMENT INCOME
Unrestricted
Dividends - equities
Interest - fixed interest
securities
Takeover proceeds
Interest on cash deposits		 Total Funds
2025
£
222,815
76,173
281,441
566,115
1,146,544		 Total Funds
2024
£
223,345
112,408
-
615,991
951,744

During the year the Charity received income of £281,441 (2024: £nil) arising from a corporate restructuring event involving a company in which the charity held an investment. This income represents a one-off distribution resulting from the restructure and is not expected to recur. It has been classified as other investment income and is disclosed separately above due to its non-routine nature.

6. OTHER INCOME

Other income in 2025 and 2024 includes gift aid payment from 1903 Limited.

7. COSTS OF RAISING FUNDS

Unrestricted
Investec Wealth & Investment
Limited


2023
Unrestricted
Investec Wealth & Investment
Limited
 Unrestricted
Funds
Endowment
Funds
£
£
31,213
33,009
31,213
33,009
Unrestricted
Funds
Endowment
Funds
£
£
22,049
39,540
22,049
39,540		 Total
Funds
2025
£
64,222
64,222
Total
Funds
2024
£
61,589
61,589

8. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE

Grants awarded
Support and Governance
costs		 Unrestricted
Funds
Endowment
Funds
£
£
5,110,668
-
183,672
682,057
5,294,340
682,057		 Total Funds
2025
£
5,110,668
865,729
5,976,397

Grants awarded were payable to the University of Westminster (including the University of Westminster Students’ Union). During the year ended 31 July 2025 grants paid to the University of Westminster were £5,662,671 (2024: £5,400,459).

18

Quintin Hogg Trust - Report and Financial Statements – July 2025

COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE (continued)

2024
Grants awarded
Support and Governance costs		 Unrestricted
Funds
Endowment
Funds
£
£
5,736,690
-
139,346
581,547
5,876,036
581,547		 Total Funds 2024
£
5,736,690
720,893
6,457,583

COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE – there is a single charitable activity. The advancement of education and therefore grants have not been further analysed.

SUPPORT AND GOVERNANCE COSTS
Unrestricted
Funds
Endowment
Funds
£
£
SUPPORT COSTS
Legal and professional fees
49,647
9,000
Salaries
27,854
-
Rent and rates
37,953
-
Other expenditure
28,167
-
Depreciation
5,248
673,057

GOVERNANCE COSTS
Audit Fees
12,600
-
Other governance costs
20,858
-
Trustee Meetings
1,346
-

183,672
682,057

2024
Unrestricted
Funds
Endowment
Funds
£
£
SUPPORT COSTS

Legal and professional fees
27,726
15,600
Salaries
23,472
-
Rent and rates
40,159
-
Other expenditure
26,904
-
Depreciation
3,154
565,947

GOVERNANCE COSTS
Audit Fees
12,400
-
Other governance costs
3,369
-
Trustee Meetings
2,162
-

139,346
581,547		 Total Funds
2025
£
58,647
27,854
37,953
28,167
678,305
12,600
20,858
1,346
865,729
Total Funds
2024
£
43,326
23,472
40,159
26,904
569,101
12,400
3,369
2,162
720,893

During the year no fees were paid to the auditor’s for VAT advisory services (2024: £6,600).

19

Quintin Hogg Trust - Report and Financial Statements – July 2025

9. STAFF COSTS AND EMPLOYEE BENEFITS

The Trust had one employee during the year ended 31 July 2025 ( 2024: two employee ). No employee received employee benefits of more than £60,000 . Expenditure on salaries was £25,671 (2024:£22,308). There were social security costs of £905 ( 2024: £nil ) and pension costs of £1,278 (2024: £1,164 ).

10. EMOLUMENTS OF DIRECTORS

The key management personnel are the Directors of Quintin Hogg Trustee Company (QHTC). During the year, the directors did not receive any emoluments ( 2024: nil ). Two directors was reimbursed expenses totalling £1,346 ( 2024: three £2,162) none of QHTC's directors were reimbursed) relating to travel and miscellaneous expenses.

11. OTHER COSTS

Development costs:
Development of Chiswick site
 Total Funds
2025
£
84,271
84,271		 Total Funds
2024
£
(130,601)
(130,601)

Other costs for the development of the Chiswick site show a credit in 2024 due to a VAT payback claim.

12. TANGIBLE FIXED ASSETS

Cost/valuation
At 1 August 2024
Additions/(disposals)
At 31 July 2025
Depreciation
At 1 August 2024
Charge for year
At 31 July 2025
Net Book Value
At 31 July 2025
At 31 July 2024		 Pitch,
Access
Road
and
Parking
Freehold
land
Long
leasehold
Improve-
ments to
leasehold
Plant &
Machinery
Total
£
£
£
£
3,080,092
5,145
18,400,000
5,787,585
32,091
27,304,913
-
-
-
-
3,080,092
5,145
18,400,000
5,787,585
32,091
923,200
-
8,543,712
5,787,585
15,745
15,270,242
308,009
-
365,048
-
5,248
678,305
1,231,209
-
8,908,760
5,787,585
20,993
15,948,548
1,848,883
5,145
9,491,240
-
11,098
11,356,366
2,156,892
5,145
9,856,288
-
16,346
12,034,671

All assets are used for charitable activities. The pitch, access road and parking are leased to 1903 Limited under a licence agreement.

20

Quintin Hogg Trust - Report and Financial Statements – July 2025

13. FIXED ASSET INVESTMENTS

Movement in fixed asset listed investments

Unrestricted
Funds
Endowment
Funds
Total Funds
2025
£
£
£
Market value at 1 August
6,965,148
7,483,553
14,448,701
Acquisitions at cost
2,222,224
352,812
2,575,036
Disposal proceeds
(1,864,854)
(302,716)
(2,167,570)
Movement on cash
123,976
(83,105)
40,871
Revaluation (loss)/gains
(69,394)
258,206
188,812
Market value at 31 July
7,377,100
7,708,750
15,085,850
.
Investment in Subsidiary
Unrestricted
Funds
Endowment
Funds
Total Funds
2025
1903 Limited
£
£
£
Cost at 1 August 2024 & 31
July 2025
100
-
100
Investments at fair value comprised:
Unrestricted
Funds
Endowment
Funds
Total Funds
2025
£
£
£
Fixed interest securities
1,333,883
768,160
2,102,043
Equities
4,913,571
6,186,557
11,100,128
Alternative assets - property
785,054
666,726
1,451,780
1903 Limited, trading
subsidiary
Cash
100
344,592
-
87,307
100
431,899
7,377,200
7,708,750
15,085,950
Net gains on investments
2025
2024
£
£
Revaluation gains
188,812
1,084,959
Gains on Money Market Funds
2,313
-

191,125
1,084,959		 Unrestricted
Funds
Endowment
Funds
Total Funds
2025
£
£
£
Market value at 1 August
6,965,148
7,483,553
14,448,701
Acquisitions at cost
2,222,224
352,812
2,575,036
Disposal proceeds
(1,864,854)
(302,716)
(2,167,570)
Movement on cash
123,976
(83,105)
40,871
Revaluation (loss)/gains
(69,394)
258,206
188,812
Market value at 31 July
7,377,100
7,708,750
15,085,850
.
Investment in Subsidiary
Unrestricted
Funds
Endowment
Funds
Total Funds
2025
1903 Limited
£
£
£
Cost at 1 August 2024 & 31
July 2025
100
-
100
Investments at fair value comprised:
Unrestricted
Funds
Endowment
Funds
Total Funds
2025
£
£
£
Fixed interest securities
1,333,883
768,160
2,102,043
Equities
4,913,571
6,186,557
11,100,128
Alternative assets - property
785,054
666,726
1,451,780
1903 Limited, trading
subsidiary
Cash
100
344,592
-
87,307
100
431,899
7,377,200
7,708,750
15,085,950
Net gains on investments
2025
2024
£
£
Revaluation gains
188,812
1,084,959
Gains on Money Market Funds
2,313
-

191,125
1,084,959		 Total Funds
2024
£
13,088,469
2,137,302
(1,795,598)
(66,431)
1,084,959
14,448,701
Total Funds
2024
£
100
Total Funds
2024
£
2,089,264
9,296,621
2,671,788
100
391,028
14,448,801
1,084,959

14. DEBTORS

21

Quintin Hogg Trust - Report and Financial Statements – July 2025

Amounts falling due
within one year
Accounts Receivable
Other tax and social security
Quintin Hogg Memorial Fund
Prepayments & accrued income

Amounts falling due
within more than one
year
Loan to 1903 Limited
Total debtors		 Total Funds
2025
£
2,529
2,781
43,545
44,090
92,945
-
92,945		 Total Funds
2024
£
-
16,256
66,915
60,977
144,148
26,841
170,989

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

University of Westminster - rent received in advance
Accounts payable
Taxation and social security
Other creditors
Grants payable to University of Westminster and
Students Union
Other accruals and deferred income
 2025
£
834,828
1,340
680
100
6,220,784
28,752
7,086,484		 2024
£
834,828
5,028
417
100
5,622,090
46,171
6,508,634

In both years, all deferred income relates to the subsequent financial year and comprises rental income.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grants payable to University of Westminster
 Total Funds
2025
£
9,675,880
9,675,880		 Total Funds
2024
£
10,802,895
10,802,895

17. MOVEMENT ON CHARITABLE FUNDS

Endowment Funds
Unrestricted Funds
Total Funds		 Balance at
1 Aug 2024
Income
Expenditure
Gains and
losses
Balance at
31 Jul 2025
£
£
£
£
£
19,511,310
-
(715,066)
258,206
19,054,450
7,645,043
7,009,090
(5,409,824)
(67,081)
9,177,228
27,156,353
7,009,090
(6,124,890)
191,125
28,231,678

Movement on Funds 2023-24

22

Quintin Hogg Trust - Report and Financial Statements – July 2025

Endowment Funds
Unrestricted Funds
Total Funds		 Balance at
1 Aug 2023
Income
Expenditure
Gains and
losses
Balance at
31 Jul 2024
£
£
£
£
£
19,371,418
-
(621,087)
760,979
19,511,310
6,316,432
6,772,115
(5,767,484)
323,980
7,645,043
25,687,850
6,772,115
(6,388,571)
1,084,959
27,156,353

The permanent endowment comprises (i) London properties that are made available to the University of Westminster, (ii) the proceeds of the sale of a property that have been invested and (iii) the amount received in respect of rights granted over one of the properties, the income from all of which is used for the general purposes of the Trust.

18. Analysis of net assets between funds

Fixed assets – Land
Fixed assets – Buildings
Fixed assets – Pitch, Access
Road and Parking
Fixed assets – other
Investments
Net current assets/liabilities
Creditors due after one year

2024
Fixed assets – Land
Fixed assets – Buildings
Fixed assets – Pitch, Access
Road and Parking
Fixed assets – other
Investments
Net current assets/liabilities
Creditors due after one year		 Endowment
Fund
Unrestricted
fund
£
£
5,145
-
9,491,240
-
1,848,883
-
11,098
7,708,750
7,377,200
432
11,464,810
-
(9,675,880)
19,054,450
9,177,228

Endowment
Fund
Unrestricted
fund
£
£
5,145
-
9,856,288
-
2,156,892
-
16,346
7,483,553
6,965,248
9,432
11,466,344
-
(10,802,895)
19,511,310
7,645,043		 Total Funds
2025
£
5,145
9,491,240
1,848,883
11,098
15,085,950
11,465,242
(9,675,880)
28,231,678
Total Funds
2024
£
5,145
9,856,288
2,156,892
16,346
14,448,801
11,475,776
(10,802,895)
27,156,353

19. FINANCIAL COMMITMENTS

Operating leases

At 31 July 2025 and 2024 the Trust was committed to paying £1,100 per year in respect of operating leases which expire in 2919 and 2933.

Capital commitments

At 31 July 2025 there were no capital commitments (2024: no capital commitments).

20. RENT RECEIPTS FROM NON-CANCELLABLE LEASES

23

Quintin Hogg Trust - Report and Financial Statements – July 2025

At 31 July 2025, lease agreements were in place with the University of Westminster for four central London properties.

The minimum rent receipts under the terms of the operating leases are as follows:

Receivable within:
One year
Two to five years
Greater than five years
 2025
£
5,779,101
23,132,237
68,795,051
97,706,389		 2024
£
5,779,101
23,132,237
74,574,152
103,483,490

21. RELATED PARTY TRANSACTIONS

QHT is related to one other separate charitable trust, QHMF. These two Trusts have the same Trustee and therefore common control exists. The transactions between QHT and QHMF during the year were as follows:


follows:
Transactions during the year:
Income from QHMF's element of shared costs
Repayment to QHT
Total during the year

Amounts due from Quintin Hogg Memorial Fund:
Debtor for other costs incurred by QHT but relating to QHMF
Total		 2025
£
41,630
(65,000)
(23,370)
43,545
43,545		 2024
£
42,858
-
42,858
66,915
66,915

1903 Limited was formed in 2022 year to act as an operating company to run the Chiswick site. Quintin Hogg Trust Company owns 100% of the ordinary Share Capital in 1903 Limited for the benefit of QHT. The material transactions with the QHT and 1903 Limited during the year are as follows:

2025 2024
£ £
Accrued interest from 1903
- 1,346
Accrued licence fee 20,416 18,756
Salary recharge
760 410
Legal fee recharge 1,200 -
Gift Aid Distribution from 1903 Limited
60,871 22,514
Amounts due from 1903 at the year end:
Share Capital (100) (100)
Loan - 26,841
Accrued interest - 1,346
Accrued licence fee 20,416 18,756
Total 20,316 46,843

The spouse of one of the trustees was employed by the Trust during the year as the Business and Governance Manager. The total remuneration paid (including employers’ national insurance and pension contributions amounts to £27,097 (2024 £5,722). Authorised expenses of £4,085 (2024 £nil) were also reimbursed, which are in line with the Trust’s expenses policy.

24

Quintin Hogg Trust - Report and Financial Statements – July 2025

There is no entitlement to any other benefits during the employment.

The appointment was made in accordance with the Trusts recruitment policy, and the related trustee was not involved in the selection processes relating to this employment.

The trustees are satisfied that the employment was undertaken on normal terms and conditions and that it was in the best interests of the Trust.

There are no other related party transactions that require disclosure.

22. FINANCIAL INSTRUMENTS

Financial assets measured at fair value 2025 2024
Cash held at Investment £431,899 £391,028
Managers
Money Market Funds £98,343 -
Investments £15,085,950 £14,448,801

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the Trust is Quintin Hogg Trustee Company (QHTC)

QHTC, as the parent of this group, has taken advantage of the exemption under section 398 of the Companies Act 2006 regarding the preparation of consolidated financial statements.

25