2024-03-31-accounts

Charity number: 1010625

THE THOMAS J HORNE MEMORIAL TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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 2024

Trustees	J T Horne
	J L Horne
	E J Horne (deceased 19 May 2023)
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 1 Angel Court London EC2R 7HJ

Page 1

THE THOMAS J HORNE MEMORIAL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Trust for the year 1 April 2023 to 31 March 2024.

Objectives and Activities

a. 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.

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

Achievements and Performance

a. Review of Activities

In total £922,500 of grants were given to wide-ranging institutions (2023 - £917,500) with the Trust supporting a total of 120 institutions (2023 - 121). Details have been given in Note 5 to the financial statements.

b. 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 £469,476 (2023 - £359,569).

Financial Review

a. 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.

Page 2

THE THOMAS J HORNE MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

b. 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.

At the year end the charity had endowment funds of £19,426,387 (2023 - £19,307,487) represented by the value of the fixed asset investments, and unrestricted funds of £37,530 (2023 - £4,491).

Endowment funds are held by the charity to generate investment income each year which is expended through charitable grants paid to a wide range of insitutions.

c. 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 deem appropriate.

Structure, Governance and Management

a. Constitution

The Thomas J Horne Memorial Trust is a registered charity, number 1010625, and is constituted under a Trust deed dated 19 March 1992.

b. 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.

c. 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.

d. 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.

e. Future plans

The Trustees remain committed to supporting charitable institutions in the next financial year.

Page 3

THE THOMAS J HORNE MEMORIAL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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;

• 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.

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 charity'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 charity's auditors are aware of that information.

Approved by order of the members of the board of Trustees on 24 January 2025 and signed on their behalf by:

................................................

J T Horne (Trustee)

................................................ J L Horne (Trustee)

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 2024 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 2024 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.

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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

N.B. The date of signing should be entered in 'ACCOUNTS COMPLETION' section Date: 27 January 2025

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 2024

Note Income and endowments from: Investments 3 Total income and endowments Expenditure on: Charitable activities Total expenditure Net expenditure before net gains/(losses) on investments Net gains/(losses) 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 2024 £ - - - - - 609,865 609,865 (490,556) 119,309 19,307,487 119,309 19,426,796	Unrestricted funds 2024 £ 470,103 470,103 927,620 927,620 (457,517) - (457,517) 490,556 33,039 4,491 33,039 37,530	Total funds 2024 £ 470,103 470,103 927,620 927,620 (457,517) 609,865 152,348 - 152,348 19,311,978 152,348 19,464,326	Total funds 2023 £ 359,934 359,934 922,688 922,688 (562,754) (1,728,931) (2,291,685) - (2,291,685) 21,603,663 (2,291,685) 19,311,978

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 2024

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	42,730 42,730 (5,200)	2024 £ 19,426,796 19,426,796 37,530 19,464,326 19,426,796 37,530 19,464,326	9,519 9,519 (5,028)	2023 £ 19,307,487
				19,307,487 4,491
				19,311,978
				19,307,487 4,491
				19,311,978

The financial statements were approved and authorised for issue by the Trustees on 24 January 2025 and signed on their behalf by:

................................................

J T Horne (Trustee)

................................................ J L Horne (Trustee)

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 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends and interest 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	2024 £ (927,448) 470,103 (469,476) 960,032 960,659 33,211 9,519 42,730	2023 £ (922,274) 359,934 (359,569) 880,000 880,365 (41,909) 51,428 9,519

The notes on pages 12 to 23 form part of these financial statements

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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) 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.

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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.

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. Investment income

Unrestricted funds 2024 £ Investment portfolio income 469,476 Bank Interest Received 627 470,103 Total 2023 359,934	Total funds 2024 £ 469,476 627 470,103 359,934	Total funds 2023 £ 359,569 365
		359,934

4. Analysis of expenditure by activities

Grants to institutions Total 2023	Activities undertaken directly 2024 £ 5,120 5,188	Grant funding of activities 2024 £ 922,500 917,500	Total funds 2024 £ 927,620 922,688	Total funds 2023 £ 922,688

Analysis of direct costs

Bank Charges Governance Costs	Total funds 2024 £ 60 5,060 5,120	Total funds 2023 £ 168 5,020
		5,188

All costs are directly attributable to the sole charitable activity of the Trust which is the distribution of grants to institutions.

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Analysis of grants paid

	2024	2023
	£	£
Grants to Charitable Institutions:
Acorns Children's Hospice Trust	8,500	8,500
Air Ambulance Charity Kent Surrey Sussex	6,500	6,500
Alzheimer's Society	9,000	8,500
Ardgowan Hospice, Greenrock	-	7,500
Autism at Kingwood	7,500	7,500
Bliss - The National Charity for the Newborn	8,000	7,500
Bowel Research UK	8,500	8,000
Butterwick Limited	7,500	7,000
Canine Partners for Independence	6,500	6,500
Changing Faces	7,000	7,000
Children's Hospices Across Scotland	8,000	7,500
Children's Hospice South West	7,500	7,500
Claire House	8,500	8,500
Compaid Trust	9,500	9,500
Compassion in Care	6,500	6,500
Compton Care Group Limited	6,500	6,500
Cope Childrens Trust (Rainbows Children's Hospice)	8,500	8,500
Corby and District Cancer Care (Lakelands Hospice)	8,500	8,000
Dame Vera Lynn Children's Charity	6,500	6,500
Deafblind UK	6,500	6,500
Demand Design and Manufacture for Disability	7,000	7,000
Demelza House Children's Hospice	11,000	11,000
Deptford Action Group for the Elderly	5,500	5,500
Derwentside Hospice Care Foundation (Willow Burn Hospice)	8,500	8,000
Dog Assistance in Disability	3,500	3,500
Douglas Macmillan Hospice	8,500	8,500
Dove Cottage Day Hospice	8,000	7,500
Dove House Hospice Limited	6,500	6,500
Down's Syndrome Association	7,000	7,000
East Anglia's Children's Hospices	6,500	6,500
Ellenor	10,500	10,500
Farleigh Hospice	7,500	7,500
Francis House Family Trust	8,500	8,000
Friends of Humberston Park Special School	-	5,000
Great Oaks Hospice	6,500	6,500
Greenwich and Bexley Community Hospice Limited	9,000	8,500
Grief Encounter	8,000	8,000
Guild Care	6,500	6,000

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Haven House Foundation	8,500	8,500
Hope and Homes for Children	7,000	8,000
Hope House Children's Hospices	7,000	7,000
Hospice in the Weald	10,500	10,500
Hospiscare	8,500	8,000
Ican Charity	7,000	7,000
Involve Kent	4,500	4,500
Julia's House Limited	-	7,500
Katharine House Hospice	8,000	8,000
Keech Hospice Care	8,000	8,000
Kent Multiple Sclerosis Therapy Centre Limited	6,000	5,000
Laura Campbell-Preston Charitable Trust	9,000	9,000
Leukaemia UK	6,000	6,000
Lifelites	6,500	6,000
Longfield Hospice Care	6,500	6,500
Macmillan Cancer Support	9,500	9,500
Maggie Keswick Jencks Cancer Caring Centres Trust	6,500	6,000
Marie Curie	6,500	6,500
Martin House	6,500	6,500
Merlin Neuro Therapy Centre Ltd	9,000	9,000
Mobility Trust II	6,000	6,000
Mountbatten Hospice	7,000	7,000
Noah's Ark - The Children's Hospice	8,500	8,000
North Yorkshire Hospice Care (Saint Michael's Hospice)	12,000	12,000
Practical Action	8,000	8,000
Prospect Hospice Limited	7,500	7,000
Remap 2010	7,000	7,000
Rennie Grove Hospice Care	9,000	9,000
Royal National Mission to Deep Sea Fishermen	7,500	7,500
Royal Trinity Hospice	9,000	9,000
Saint Catherine's Hospice Trust	8,000	8,000
Saint Francis Hospice	7,000	7,000
Sand Dams Worldwide Limited	6,500	6,500
Self Help Africa (UK)	7,000	6,500
Sense, The National Deafblind and Rubella Association	8,000	8,000
Share Community Ltd	6,500	-
Shooting Star Children's Hospices	9,500	9,000
Sobell House Hospice Charity	8,000	8,000
Soundabout	3,500	3,000
South Bucks Hospice	7,500	7,500
St Andrews Hospice Limited	10,000	10,000
St Barnabas Hospice Trust (Lincolnshire)	8,000	7,500
St Catherine's Hospice Limited	8,000	8,000

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

St Christophers Hospice	8,000	8,000
St Clare West Essex Hospice Care Trust	8,500	8,000
St Gemma's Hospice	7,500	7,000
St Giles Trust	7,000	6,000
St Luke's Hospice (Basildon and District) Limited	6,500	6,500
St Michael's Hospice Hastings and Rother	7,000	7,000
St Nicholas Hospice Suffolk	7,000	7,000
St Peter's Hospice	9,500	9,000
St Raphael's Hospice	7,500	7,500
St Richards Hospice Foundation	8,000	7,500
St Wilfrid's Hospice (South Coast) Limited	8,000	8,000
St. Barnabas Hospices (Sussex) Ltd (Chestnut Tree House)	8,500	8,500
Sue Ryder	6,500	6,000
Teesside Hospice Care Foundation	6,500	6,500
The Amber Trust	5,500	5,500
The Federation of London Youth Clubs	3,500	3,000
The Friends of the Wisdom Hospice Limited	-	8,000
The Hartlepool Hospice Limited (Alice House Hospice)	6,500	6,500
The Heart of Kent Hospice	10,500	10,500
The Jessie May Trust	8,500	8,000
The Martlets Hospice Limited	10,000	10,000
The Myton Hospices	8,000	8,000
The Neurofibromatosis Association	6,000	6,000
The Norfolk Hospice	9,000	8,000
The North Northumberland Hospice	8,000	8,000
The Nottinghamshire Hospice Limited	8,000	7,500
The Pepper Foundation	8,500	8,500
The Royal Society for Blind Children	6,500	6,000
The Royal United Kingdom Beneficent Association	7,000	7,000
The Shakespeare Hospice	6,000	6,000
The Sick Children's Trust	8,500	8,000
The Smile Train UK	6,500	6,500
The St Peter and St James Charitable Trust	8,000	8,000
Together For Short Lives	8,500	8,000
Tools For Self Reliance	6,500	6,500
Treetops Hospice Trust	7,000	7,000
Wessex Children's Hospice Trust (Naomi House and Jacks Place)	9,000	8,500
Weston Hospicecare Limited	7,000	7,000
Whitby Dog Rescue	-	1,000
Willen Hospice	8,500	8,500
Willow Burn Hospice	8,500	-
Woodlands Hospice Charitable Trust	6,500	6,000
World Medical Fund	20,000	20,000

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Yorkshire Air Ambulance Limited Total	6,500 922,500	6,000
		917,500

6. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £4,660 (2023 £4,620 ) , and other services of £400 ( 2023 - £ 400).

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .

8. Fixed asset investments

Cost or valuation At 1 April 2023 Additions Disposals Revaluations At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Investment Portfolio £ 19,307,487 469,476 (960,032) 609,865 19,426,796 19,426,796 19,307,487

Disposals represents the value of cash withdrawn from the investment portfolio during the year.

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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	2024 £ 17,314,452 409 17,314,861 19,426,387 409 19,426,796	2023 £ 17,727,217 508
		17,727,725
		19,306,979 508
		19,307,487

10. Creditors: Amounts falling due within one year

	2024	2023
	£	£
Accruals	5,200	5,028

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

11. Statement of funds

Statement of funds - current year

						Balance at
	Balance at 1			Transfers	Gains/	31 March
	April 2023	Income	Expenditure	in/out	(Losses)	2024
	£	£	£	£	£	£
Unrestricted
funds
General funds	4,491	470,103	(927,620)	490,556	-	37,530
Endowment
funds
Endowment
fund	19,307,487	-	-	(490,556)	609,865	19,426,796
Total of Funds	19,311,978	470,103	(927,620)	-	609,865	19,464,326
Statement of funds - prior year
						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April 2022	Income	Expenditure	in/out	(Losses)	2023
	£	£	£	£	£	£
Unrestricted
funds
General funds	46,814	359,934	(922,688)	520,431	-	4,491
Endowment
funds
Endowment
fund	21,556,849	-	-	(520,431)	(1,728,931)	19,307,487
Total of Funds	21,603,663	359,934	(922,688)	-	(1,728,931)	19,311,978

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 expendable endowment which has been invested by the Trust.

Material transfers:

Transfers represents the net transfer of cash from the expendable 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 2023	Income	Expenditure	in/out	(Losses)	2024
	£	£	£	£	£	£
General funds	4,491	470,103	(927,620)	490,556	-	37,530
Endowment
funds	19,307,487	-	-	(490,556)	609,865	19,426,796
	19,311,978	470,103	(927,620)	-	609,865	19,464,326
Summary of funds - prior year
						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April 2022	Income	Expenditure	in/out	(Losses)	2023
	£	£	£	£	£	£
General funds	46,814	359,934	(922,688)	520,431	-	4,491
Endowment
funds	21,556,849	-	-	(520,431)	(1,728,931)	19,307,487
	21,603,663	359,934	(922,688)	-	(1,728,931)	19,311,978

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Endowment funds 2024 Unrestricted funds 2024 £ £ Fixed asset investments 19,426,796 - Current assets - 42,730 Creditors due within one year - (5,200) Total 19,426,796 37,530 Analysis of net assets between funds - prior period Endowment funds 2023 Unrestricted funds 2023 £ £ Fixed asset investments 19,307,487 - Current assets - 9,519 Creditors due within one year - (5,028) Total 19,307,487 4,491 Reconciliation of net movement in funds to net cash flow from operating activities 2024 £ Net income/expenditure for the period (as per Statement of Financial Activities) 152,348 Adjustments for: Gain on investments (609,865) Dividends and interest (470,103) Increase in creditors 172 Net cash used in operating activities (927,448)

Total funds 2024 £ 19,426,796 42,730 (5,200) 19,464,326 Total funds 2023 £ 19,307,487 9,519 (5,028) 19,311,978 2023 £ (2,291,685) 1,728,931 (359,934) 414 (922,274)

15. Reconciliation of net movement in funds to net cash flow from operating activities

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THE THOMAS J HORNE MEMORIAL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	2024 £ 42,730 42,730	2023 £ 9,519
		9,519

17. Analysis of changes in net debt

	At	1 April		At 31 March
		2023	Cash flows	2024
		£	£	£
Cash at bank and in hand		9,519	33,211	42,730

18. Related party transactions

There have been no related party transactions in the current or previous year that require disclosure in the financial statements.

Page 23