Charity number: 1010625
THE THOMAS J HORNE MEMORIAL TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE THOMAS J HORNE MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Trust, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent auditors' report on the financial statements | 5 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 23 |
THE THOMAS J HORNE MEMORIAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | J T Horne |
|---|---|
| J L Horne | |
| E J Horne | |
| Charity Registered Number 1010625 Principal Office Kingsdown Warmlake Road Chart Sutton Maidstone Kent ME17 3RP Independent Auditors Streets Audit LLP Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Manager Seven Investment Management 55 Bishopsgate London EC2N 3AS |
Page 1
THE THOMAS J HORNE MEMORIAL TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the audited financial statements of the Trust for the year 1 April 2021 to 31 March 2022.
Objectives and Activities
Policies and Objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
The objects of the Trust are to pay or apply so much of the income and capital of the Trust Fund as the Trustees may from time to time determine to such charities or for such charitable purposes and in such proportions and in such manner and subject to such terms and conditions as the Trustees may from time to time determine at their absolute discretion, provided always the Trustees shall have power to accumulate all or any part of the income of the Trust Fund for a period of 21 years from the date of the Trust Deed or such other period as the law allows.
Achievements and Performance
Review of Activities
In total £895,790 of grants were given to wide-ranging institutions (2021 - £868,500) with the Trust supporting a total of 121 institutions (2021 - 121). Details have been given in Note 5 to the financial statements.
Investment Policy and Performance
The Trust's funds are invested in a portfolio with a Balanced Risk Profile. Total dividend income received from the portfolio was £346,834 (2021 - £296,168).
Financial Review
Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Reserves Policy
The Trustees have reviewed the reserves policy of the Charity, particularly with respect to the Expendable Endowment fund. This review encompassed the nature of the income and expenditure streams, and the need to match variable income with commitments. The policy of the Trustees is to distribute unrestricted funds taking one year with another.
Material Investments Policy
The Trust's investments are managed by a firm of professional investment managers. To reduce risk the Trustees have instructed the investment managers to hold a balanced portfolio. In addition the Trustees have requested that the Trust’s investment managers maintain the sustainable progression of their investments.
The Trustees are required to apply the income of the Trust towards the objects of the Trust and they may apply all or part of the capital of the Trust fund as if it were income as they think fit.
Page 2
THE THOMAS J HORNE MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Structure, Governance and Management
Constitution
The Thomas J Horne Memorial Trust is a registered charity, number 1010625, and is constituted under a Trust deed dated 19 March 1992.
Methods of Appointment or Election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Organisational Structure and Decision-Making Policies
The Trust does not employ any members of staff. The Trustees carry out all operational duties.
Grant making decisions are made at Trustees meetings, when applications received from charities will be discussed with a view to acceptance. A quorum for the meeting is two, and all matters are determined by a simple majority of Trustees present.
Financial Risk Management
The Trustees view that the Trust does not face any particular risk. Any reduction in income will be matched by a reduction in expenditure.
Future Plans
The Trustees remain committed to supporting charitable institutions in the next financial year.
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' report 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.
Page 3
THE THOMAS J HORNE MEMORIAL TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Disclosure of Information to Auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
-
so far as that Trustee is aware, there is no relevant audit information of which the Trust's auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Trust's auditors are aware of that information.
Approved by order of the members of the board of Trustees on 23 January 2023 and signed on their behalf by:
J T Horne
J L Horne
Page 4
THE THOMAS J HORNE MEMORIAL TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THOMAS J HORNE MEMORIAL TRUST
Opinion
We have audited the financial statements of The Thomas J Horne Memorial Trust (the 'charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Trustees with respect to going concern are described in the relevant sections of this report.
Page 5
THE THOMAS J HORNE MEMORIAL TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THOMAS J HORNE MEMORIAL TRUST (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 6
THE THOMAS J HORNE MEMORIAL TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THOMAS J HORNE MEMORIAL TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
through our discussions with the Trustees and our own knowledge of the Trust, no specific laws and regulations were identified except for general compliance with charity legislation.
We assessed the susceptibility of the Trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risk.
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
reviewed the income received by reference to third party documentation; and
-
reviewed the approval and acknowledgments received for a sample of grants made in the year.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included the agreement of financial statement disclosures to underlying supporting documentation.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' report.
Page 7
THE THOMAS J HORNE MEMORIAL TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THOMAS J HORNE MEMORIAL TRUST (CONTINUED)
Use of our report
This report is made solely to the Charity's Trustees, 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 Charity's Trustees those matters we are required to state to them in an Auditors' 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 its Trustees as a body for our audit work, for this report, or for the opinions we have formed.
Streets Audit LLP
Chartered Accountants and Statutory Auditor Tower House Lucy Tower Street Lincoln LN1 1XW 26 January 2023
Streets Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
THE THOMAS J HORNE MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Charitable activities 4 Total expenditure Net expenditure before net (losses)/gains on investments Net (losses)/gains on investments Net income / (expenditure) Transfers between funds 11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ - - - - - (113,537) (113,537) (533,166) (646,703) 22,203,552 (646,703) 21,556,849 |
Unrestricted funds 2022 £ 346,843 346,843 900,547 900,547 (553,704) - (553,704) 533,166 (20,538) 67,352 (20,538) 46,814 |
Total funds 2022 £ 346,843 346,843 900,547 900,547 (553,704) (113,537) (667,241) - (667,241) 22,270,904 (667,241) 21,603,663 |
Total funds 2021 £ 296,213 296,213 872,829 872,829 (576,616) 3,187,933 2,611,317 - 2,611,317 19,659,587 2,611,317 22,270,904 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 23 form part of these financial statements.
Page 9
THE THOMAS J HORNE MEMORIAL TRUST
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Investments 8 Current assets Cash at bank Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Endowment funds 11 Unrestricted funds 11 Total funds |
51,428 51,428 (4,614) |
2022 £ 21,556,849 21,556,849 46,814 21,603,663 21,556,849 46,814 21,603,663 |
71,580 71,580 (4,228) |
2021 £ 22,203,552 |
|---|---|---|---|---|
| 22,203,552 67,352 |
||||
| 22,270,904 | ||||
| 22,203,552 67,352 |
||||
| 22,270,904 |
The financial statements were approved and authorised for issue by the Trustees on 23 January 2023 and signed on their behalf by:
J T Horne
J L Horne
The notes on pages 12 to 23 form part of these financial statements.
Page 10
THE THOMAS J HORNE MEMORIAL TRUST
| STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 |
2021 £ (876,789) 296,213 (296,168) 820,000 820,045 (56,744) 128,324 71,580 |
|
|---|---|---|
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends and interest from investments Additions to the investment portfolio Net cash transferred from investment portfolio Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 12 to 23 form part of these financial statements |
2022 £ (900,161) 346,843 (346,834) 880,000 880,009 (20,152) 71,580 51,428 |
Page 11
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
The Thomas J Horne Memorial Trust (the Trust) is an unincorporated registered charity. The Trust's registered office is at Kingsdown, Warmlake Road, Chart Sutton, Maidstone, ME17 3RP. The Trust makes grants primarily to the hospice movement and related charities in the UK, but also to other organisations such as those aiding disabled and homeless people and third world self-help groups.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Thomas J Horne Memorial Trust meets the definition of a public benefit entity under FRS 102.
2.2 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 12
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains / (Losses) on investments’ in the Statement of financial activities.
Investments held as fixed assets are shown at cost less provision for impairment.
2.6 Cash at bank
Cash at bank represents amounts held in current and deposit account facilities only.
2.7 Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.8 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.
The Trust holds an expendable endowment fund created by the initial gift to the Trust. The income of this fund is available for providing grants to grants to institutions to allow them to provide the care as determined by the institutions' objectives and activities. The terms of the endowment allow the capital of the fund to be spent if the Trustees so determine.
Investment income, gains and losses are allocated to the appropriate fund.
Page 13
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Investment income
| Unrestricted funds 2022 £ Dividends 346,834 Bank Interest Received 9 346,843 Total 2021 296,213 |
Total funds 2022 £ 346,834 9 346,843 296,213 |
Total funds 2021 £ 296,168 45 296,213 |
|---|---|---|
4. Analysis of expenditure by activities
| Resources Expended on Charitable Activities Total 2021 |
Activities undertaken directly 2022 £ 4,757 4,329 |
Grant funding of activities 2022 £ 895,790 868,500 |
Total funds 2022 £ 900,547 872,829 |
Total funds 2021 £ 872,829 |
|---|---|---|---|---|
Analysis of direct costs
| Bank Charges Governance Costs Total 2022 |
Total funds 2022 £ 157 4,600 4,757 |
Total funds 2021 £ 129 4,200 4,329 |
|---|---|---|
All costs are directly attributable to the sole charitable activity of the Trust which is the distribution of grants to institutions.
Page 14
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. Analysis of grants paid
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants to Charitable Institutions: | ||
| Acorns Children's Hospice Trust | 8,290 | 8,000 |
| Air Ambulance Charity Kent Surrey Sussex | 6,500 | 6,500 |
| Alzheimer's Society | 8,500 | 8,500 |
| Ardgowan Hospice Ltd | 7,500 | 7,500 |
| Autism at Kingwood | - | 7,000 |
| Bliss - The National Charity for the Newborn | 7,500 | 7,500 |
| Bowel Disease Research Foundation | - | 8,000 |
| Bowel Research UK | 8,000 | - |
| Butterwick Limited | 7,500 | 7,500 |
| Canine Partners for Independence | 6,500 | 6,000 |
| Changing Faces | 7,000 | 6,000 |
| Children's Hospices Across Scotland | 7,500 | 7,500 |
| Children's Hospice South West | 7,500 | 6,500 |
| Claire House | 8,500 | 8,000 |
| Compaid Trust | 9,000 | 9,000 |
| Compassion in Care | 6,000 | 6,000 |
| Compton Care Group Limited | 6,500 | 6,000 |
| Cope Childrens Trust (Rainbows Children's Hospice) | 8,500 | 8,000 |
| Corby and District Cancer Care (Lakelands Hospice) | 8,000 | 8,000 |
| Dame Vera Lynn Children's Charity | 6,500 | 6,000 |
| Deafblind UK | 6,000 | - |
| Demand Design and Manufacture for Disability | 6,500 | 6,000 |
| Demelza House Childrens Hospice | 10,000 | 10,000 |
| Deptford Action Group for the Elderly | 5,500 | 5,000 |
| Derwentside Hospice Care Foundation (Willow Burn Hospice) | 8,000 | 8,000 |
| Dog Assistance in Disability | 3,500 | 3,000 |
| Douglas Macmillan Hospice | 8,500 | - |
| Dove Cottage Day Hospice | 7,500 | 7,500 |
| Dove House Hospice Limited | 6,500 | 6,000 |
| Down's Syndrome Association | 7,000 | 6,500 |
| Earl Mountbatten Hospice | 7,000 | 6,500 |
| East Anglia's Children's Hospices | 6,500 | 6,000 |
| Ellenor | 10,000 | 10,000 |
| Farleigh Hospice | 7,500 | 7,500 |
| Francis House Family Trust | 8,000 | 8,000 |
| Friends of Humberston Park Special School | 5,000 | 5,000 |
| Great Oaks Hospice | 6,500 | 6,000 |
| Greenwich and Bexley Community Hospice Limited | 8,500 | 8,500 |
Page 15
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Grief Encounter | 8,000 | 7,500 |
|---|---|---|
| Guild Care | 6,000 | 6,000 |
| Haven House Foundation | 8,500 | 8,000 |
| Hope and Homes for Children | - | 6,000 |
| Hospice in the Weald | 10,000 | 10,000 |
| Hospiscare | 8,000 | 8,000 |
| Ican Charity | 7,000 | 6,000 |
| Involve Kent | 4,000 | 4,000 |
| Julia's House Limited | 8,000 | 8,000 |
| Katharine House Hospice | 8,000 | 7,500 |
| Keech Hospice Care | 8,000 | 7,500 |
| Kent Multiple Sclerosis Therapy Centre Limited | 5,000 | 5,000 |
| Laura Campbell-Preston Charitable Trust | 9,500 | 9,500 |
| Leukaemia UK | 6,000 | 6,000 |
| Lifelites | 6,000 | 6,000 |
| Longfield Hospice Care | 6,500 | 6,000 |
| Macmillan Cancer Support | 9,500 | 9,000 |
| Maggie Keswick Jencks Cancer Caring Centres Trust | 6,000 | 6,000 |
| Marie Curie | 6,500 | 6,000 |
| Martin House | 6,500 | 6,000 |
| Merlin Neuro Therapy Centre Ltd | 8,500 | 8,500 |
| Mobility Trust II | 6,000 | 6,000 |
| Noah's Ark - The Children's Hospice | 8,000 | 8,000 |
| North Yorkshire Hospice Care (Saint Michael's Hospice) | 12,500 | 12,500 |
| Practical Action | 8,000 | 8,000 |
| Prospect Hospice Limited | 7,500 | 7,000 |
| Remap 2010 | 7,000 | 6,000 |
| Rennie Grove Hospice Care | 8,500 | 8,500 |
| Royal National Mission to Deep Sea Fishermen | 7,500 | 7,000 |
| Royal Trinity Hospice | 9,000 | 8,000 |
| Saint Catherine's Hospice Trust | 8,000 | 8,000 |
| Saint Francis Hospice | 7,000 | 7,000 |
| Sand Dams Worldwide Limited | 6,500 | 6,000 |
| Self Help Africa (UK) | 6,500 | 6,000 |
| Sense, The National Deafblind and Rubella Association | 8,000 | 8,000 |
| Share Community Limited | 6,000 | 6,000 |
| Shooting Star Children's Hospices | 9,000 | 8,000 |
| Sobell House Hospice Charity | 8,000 | 7,500 |
| Soundabout | 3,000 | 3,000 |
| South Bucks Hospice | 7,500 | - |
| St Andrews Hospice Limited | 10,000 | 10,000 |
| St Barnabas Hospice Trust (Lincolnshire) | 7,500 | 7,500 |
| St Catherine's Hospice Limited | 8,000 | 7,500 |
Page 16
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| St Christophers Hospice | 8,000 | 7,000 |
|---|---|---|
| St Clare West Essex Hospice Care Trust | 8,500 | 8,500 |
| St Gemma's Hospice | 7,000 | 7,000 |
| St Giles Trust | 6,000 | 6,000 |
| St Luke's Hospice (Basildon and District) Limited | 6,500 | - |
| St Michael's Hospice Hastings and Rother | 7,000 | 6,500 |
| St Nicholas Hospice Suffolk | 7,000 | 6,500 |
| St Peter's Hospice | 9,000 | 9,000 |
| St Richards Hospice Foundation | 7,500 | 7,500 |
| St Wilfrid's Hospice (South Coast) Limited | 8,000 | 8,000 |
| St. Barnabas Hospices (Sussex) Ltd (Chestnut Tree House) | 8,500 | 8,000 |
| Sue Ryder | 6,000 | 6,000 |
| Teesside Hospice Care Foundation | 6,500 | 6,000 |
| The Amber Trust | 5,500 | 5,000 |
| The Butterfly Hospice Trust | - | 8,000 |
| The Congregation of the Daughters of the Cross of Liege (St Raphael's | ||
| Hospice) | 8,000 | 8,000 |
| The Donna Louise Trust | - | 8,000 |
| The Federation of London Youth Clubs | 3,000 | 3,000 |
| The Friends of the Wisdom Hospice Limited | 8,000 | 8,000 |
| The Hartlepool Hospice Limited (Alice House Hospice) | 6,000 | 6,000 |
| The Heart of Kent Hospice | 10,000 | 10,000 |
| The Jessie May Trust | 8,000 | 8,000 |
| The Martlets Hospice Limited | 9,000 | 8,000 |
| The Myton Hospices | 8,000 | 7,500 |
| The Neurofibromatosis Association | 5,000 | 5,000 |
| The Norfolk Hospice | 8,000 | 8,000 |
| The North Northumberland Hospice | 8,000 | 8,000 |
| The Nottinghamshire Hospice Limited | 8,000 | 8,000 |
| The Pepper Foundation | 8,000 | 8,000 |
| The Royal Society for Blind Children | 6,000 | 6,000 |
| The Royal United Kingdom Beneficent Association | 7,000 | 6,000 |
| The Shakespeare Hospice | 6,000 | 6,000 |
| The Sick Children's Trust | 8,000 | 8,000 |
| The Smile Train UK | 6,500 | 6,000 |
| The St Peter and St James Charitable Trust | 8,000 | 8,000 |
| Together For Short Lives | 8,000 | 8,000 |
| Tools For Self Reliance | 6,500 | 6,000 |
| Treetops Hospice Trust | 7,000 | 7,000 |
| Wessex Children's Hospice Trust (Naomi House and Jacks Place) | 8,500 | 8,500 |
| Weston Hospicecare Limited | 7,000 | 6,500 |
| Whitby Dog Rescue | 1,000 | 1,000 |
| Willen Hospice | 8,000 | 8,000 |
Page 17
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Woodlands Hospice Charitable Trust World Medical Fund Yorkshire Air Ambulance Limited Total |
6,500 20,000 6,000 895,790 |
6,000 20,000 6,000 868,500 |
|---|---|---|
6. Auditors' remuneration
- The auditors' remuneration amounts to an auditor fee of £4,300 (2021 £3,960) , and other services of £300 ( 2021 - £240 ).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
8. Fixed asset investments
| Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Investment Portfolio £ 22,203,552 346,834 (880,000) (113,537) 21,556,849 21,556,849 22,203,552 |
|---|---|
Disposals represents the value of cash withdrawn from the investment portfolio during the year.
Page 18
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Material investments
| Deemed Cost: 7IM Sustainable Balance Fund Class C Income Total Cash in Portfolio Market Value: 7IM Sustainable Balance Fund Class C Income Total Cash in Portfolio Creditors: Amounts falling due within one year Accruals |
2022 £ 17,972,232 201,939 18,174,171 21,354,910 201,939 21,556,849 2022 £ 4,614 |
2021 £ 18,241,040 305,105 18,546,145 |
|---|---|---|
| 21,898,447 305,105 22,203,552 |
||
| 2021 £ 4,228 |
10. Creditors: Amounts falling due within one year
Page 19
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Statement of funds
Statement of funds - current year
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | Transfers | Gains/ | 31 | March | |||
| April 2021 | Income | Expenditure | in/out | (Losses) | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted | |||||||
| Funds | |||||||
| General Funds | 67,352 | 346,843 | (900,547) | 533,166 | - | 46,814 | |
| Endowment | |||||||
| Funds | |||||||
| Endowment | |||||||
| Fund | 22,203,552 | - | - | (533,166) | (113,537) | 21,556,849 | |
| Total of Funds | 22,270,904 | 346,843 | (900,547) | - | (113,537) | 21,603,663 | |
| Statement of funds - prior year | |||||||
| Balance at | |||||||
| Balance at | Transfers | Gains/ | 31 March | ||||
| 1 April 2020 | Income | Expenditure | in/out | (Losses) | 2021 | ||
| £ | £ | £ | £ | £ | £ | ||
| Unrestricted | |||||||
| Funds | |||||||
| General Funds | 120,136 | 296,213 | (872,829) | 523,832 | - | 67,352 | |
| Endowment | |||||||
| Funds | |||||||
| Endowment | |||||||
| Fund | 19,539,451 | - | - | (523,832) | 3,187,933 | 22,203,552 | |
| Total of Funds | 19,659,587 | 296,213 | (872,829) | - | 3,187,933 | 22,270,904 | |
Page 20
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Nature of funds and material transfers
Unrestricted Funds:
General Funds are those funds that can be used towards the Trust's objectives at the discretion of the Trustees. Funds have not been designated for any particular purpose.
Endowment Funds:
The Endowment Fund represents the total endowment which has been invested by the Trust.
Material Transfers:
Transfers represents the net transfer of cash from the endowment portfolio to the bank account to make grants to institutions.
13. Summary of funds
Summary of funds - current year
| Balance at | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Transfers | Gains/ | 31 March | |||||||||
| April 2021 | Income | Expenditure | in/out | (Losses) | 2022 | |||||||
| £ | £ | £ | £ | £ | £ | |||||||
| General funds | 67,352 | 346,843 | (900,547) | 533,166 | - | 46,814 | ||||||
| Endowment | ||||||||||||
| funds | 22,203,552 | - | - | (533,166) | (113,537) | 21,556,849 | ||||||
| 22,270,904 | 346,843 | (900,547) | - | (113,537) | 21,603,663 | |||||||
| Summary of funds - prior year | ||||||||||||
| Balance at | ||||||||||||
| Balance at | Transfers | Gains/ | 31 March | |||||||||
| 1 April 2020 | Income | Expenditure | in/out | (Losses) | 2021 | |||||||
| £ | £ | £ | £ | £ | £ | |||||||
| General funds | 120,136 | 296,213 | (872,829) | 523,832 | - | 67,352 | ||||||
| Endowment | ||||||||||||
| funds | 19,539,451 | - | - | (523,832) | 3,187,933 | 22,203,552 | ||||||
| 19,659,587 | 296,213 | (872,829) | - | 3,187,933 | 22,270,904 |
Page 21
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. Analysis of net assets between funds
| Analysis of net assets between funds - current year Endowment funds 2022 Unrestricted funds 2022 £ £ Fixed asset investments 21,556,849 - Current assets - 51,428 Creditors due within one year - (4,614) Total 21,556,849 46,814 Analysis of net assets between funds - prior year Endowment funds 2021 Unrestricted funds 2021 £ £ Fixed asset investments 22,203,552 - Current assets - 71,580 Creditors due within one year - (4,228) Total 22,203,552 67,352 Reconciliation of net movement in funds to net cash flow from operating activities 2022 £ Net income/expenditure for the year (as per Statement of Financial Activities) (667,241) Adjustments for: (Gains) / losses on investments 113,537 Dividends, interest from investments (346,843) Increase/(decrease) in creditors 386 Net cash used in operating activities (900,161) |
Total funds 2022 £ 21,556,849 51,428 (4,614) 21,603,663 Total funds 2021 £ 22,203,552 71,580 (4,228) 22,270,904 2021 £ 2,611,317 (3,187,933) (296,213) (3,960) (876,789) |
|---|---|
15. Reconciliation of net movement in funds to net cash flow from operating activities
Page 22
THE THOMAS J HORNE MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents Analysis of changes in net debt At 1 April 2021 £ Cash at bank and in hand 71,580 |
2022 2021 £ £ 51,428 71,580 51,428 71,580 Cash flows At 31 March 2022 £ £ (20,152) 51,428 |
2021 £ 71,580 |
|---|---|---|
| 71,580 |
17. Analysis of changes in net debt
18. Related party transactions
There have been no related party transactions in the year that require disclosure in the financial statements.
Page 23