Charity registration number: 1060330
**LORINERS CHARITABLE TRUST TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025**
Chippendale and Clark
## **Loriners Charitable Trust Contents**
||**Page**|
|---|---|
|Trustees' Report|1—4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Comparative Statement of Financial Activities|7|
|Statement of Financial Position|8|
|Notes to the Financial Statements|9—12|
|The following pages do not form part of the statutory accounts:||
|Detailed Statement of Financial Activities|13|
**Trustees' Report For The Year Ended 31 October 2025**
## **Loriners Charitable Trust**
The trustees present their report and the financial statements for the year ended 31 October 2025.
## **Objectives and Activities**
## **Aims and Objectives**
The objects of the Charity are to apply its income to one or more charitable purposes as the Trustees shall direct from time to time to City of London based charities, to equestrian education organisations by way of direct payments for education, bursaries, prizes and sponsorship and to equine related charities. Income from the Seear & Spaul investments is firstly to be applied to the well-being of Liverymen and their families in distress or need and, if there is no such priority claim, then the earnings are to be available as unrestricted funds in any year.
The Trustees have complied with the duty in section 17 of the 2011 Charities Act and have given consideration to the Charity Commission's general guidance on public benefit.
The Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
## **Public Benefit**
The Trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
## **Financial Review**
## **Financial Position**
The Trustees report that the net movement in funds for the year was a (deficit)/surplus of £114,408 (2024: £207,330). The Balance Sheet at the year end remains satisfactory with total funds of £2,040,553 (2024: £1,926,145), of which £482,507 (2024: £451,616) are restricted as they relate to the Rodney Fitzgerald Fund.
The results for the year have enabled the Charity to continue its equestrian education programme and other charitable grant giving. There are no restrictions on the Charity's power to invest. The investment strategy is set by the Trustees annually and takes account of any demands for funds and the quality of applications. The Trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in the future. This strategy is set within an overall policy, which states that the investments should be medium low risk with a view to ensuring that capital appreciation exceeds inflation whilst maintaining a consistent income stream. This strategy is reviewed annually with the investment managers.
## **Reserves Policy**
The Trustees consider this to be primarily an investment fund held to generate income and ensure the stability of their grant making programme. The Trustees' investment objective is therefore to give priority to preserving and, where prudent, enhancing the income from investments so as to provide full scope for charitable giving, while seeking at least to maintain the value of the capital.
## **Going Concern**
The Trustees have examined the major strategic, business and operational risks which the Charity faces, considered the vulnerability of the Charity to factors which could seriously impair its ability to achieve its objectives and ensured that the Charity's systems enable these risks to be managed. The main income sources are donations, including Gift Aid tax recovery, and investment and interest income. The ability of the Charity to make grants at the current level is dependent on members of the Worshipful Company of Loriners continuing to maintain their value of giving and on the stream of investment income.
## **Structure, Governance and Management**
## **Governing Document**
The Loriners Charitable Trust is a registered Charity (Charity No. 1060330) constituted under a Trust Deed dated 20 August 1962. The Charity operates under the direction of the Trustees. The Trustees are appointed by the Court of the Worshipful Company of Loriners, on the basis of experience, interest and commitment.
The Trustees recognise their duty to keep up to date with the developments in charity law. Each year they make a declaration that they are competent to act as Trustees. They act appropriately in relation to any conflict of interest arising during the year. New Trustees receive an induction pack describing the activities of the Charity and Trustees' responsibilities.
...CONTINUED
Page 1
## **Loriners Charitable Trust Trustees' Report (continued) For The Year Ended 31 October 2025**
## **Governing Document - continued**
Connected Companies are the Worshipful Company of Loriners and The Loriners Investment Company Limited. This Charity incorporates the Seear and Spaul Charity.
The Trustees have delegated day to day management of the trust to the clerk, Simon Ovens.
The Charity's Trustees are responsible for preparing the Trustees Annual 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 and 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 Charity and of the incoming resources and application of resources of the Charity 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 in the Charities SORP;
Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards 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 Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## Direction to Trustees:
When the Fitz Fund was added to the LCT the amount equated to 27% of the total LCT. Subsequent direction was approved by the Trustees in October 2023.
- Growth: Growth within the overall LCT can be achieved either by donations/legacies etc or by Capital/Income Growth in the investments. Any such growth (unless specifically articulated to the contrary) is to be split 73% to 27%. Costs: Likewise any costs should be borne on an equitable split of 73% to 27%.
- Working on the direction that all Growth and Costs are borne equally during the year this means that at the end of the year the Fitz Fund should still be 27% of the LCT.
In order for the Objects of the Fitz Fund to be complied with, 27% of the Donations each year need to be exclusively for charitable purposes particularly for the 'horse world'. For 2024 the conservative estimate is that this has been 51%.
## **Reference and Administrative Details**
## **Trustees**
Mr Alan Morton Mr Nicholas Bensted-Smith Mr Nick Athienitis (appointed 31/01/2025) Dr Richard Forster (appointed 31/01/2025) Ms Debra Moorby-Connolly (appointed 30/01/2026) Mr Colin Gurley (resigned 30/01/2026) Dr George Anderson (resigned 30/01/2025) Mr RI Wingfield (resigned 30/01/2025)
## **Charity Number**
1060330
## **Principal Address**
46 Somerset Avenue West Wimbeldon
Page 2
**Loriners Charitable Trust Trustees' Report (continued) For The Year Ended 31 October 2025**
London SW20 0BJ
## **Independent Examiner**
Philip Clark ACMA Chartered Management Accountants Chippendale and Clark Chartered Management Accountants 7/8 Avon Reach Chippenham SN15 1EE
Page 3
**Loriners Charitable Trust Trustees' Report (continued) For The Year Ended 31 October 2025**
The trustees' report was approved by the board of trustees and signed on its behalf by:
Mr Alan Morton Trustee 05/06/2026
Page 4
## **Loriners Charitable Trust Independent Examiner's Report to the Trustees of Loriners Charitable Trust For The Year Ended 31 October 2025**
I report to the Trustees' on my examination of the accounts of Loriners Charitable Trust (the Trust) for the year ended 31 October 2025.
## **Responsibilities and Basis of Report**
As the charity Trustees' of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- �. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Philip Clark ACMA Chartered Management Accountants 31/03/2026 7/8 Avon Reach Chippenham SN15 1EE
Page 5
## **Loriners Charitable Trust Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Investments
**4**
**EXPENDITURE ON:**
Raising funds
**5**
Charitable activities:
**5**
The Charity principally supports equine and City of London related
charities
**NET EXPENDITURE BEFORE INVESTMENT LOSSES**
Net gains on investments
**NET EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**12**|**Unrestricted**
**funds**
**£**
11,321
37,855|**Restricted**
**funds**
**£**
4,188
14,002|**2025**
**Total funds **
**£**
15,509
51,857|**2024**
**Total funds**
**£**
18,672
50,594|
|---|---|---|---|---|
||49,176|18,190|67,366|69,266|
||(10,972)
(50,625)|(4,061)
(18,723)|(15,033)
(69,348)|(14,533)
(72,945)|
||(61,597)|(22,784)|(84,381)|(87,478)|
||(12,421)
95,939|(4,594)
35,484|(17,015)
131,423|(18,212)
225,542|
||83,518|30,890|114,408|207,330|
||83,518
1,474,528|30,890
451,617|114,408
1,926,145|207,330
1,718,815|
||1,558,046|482,507|2,040,553|1,926,145|
The notes on pages 9 to 12 form part of these financial statements.
Page 6
## **Loriners Charitable Trust Comparative Statement of Financial Activities For The Year Ended 31 October 2025**
|**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Investments
**4**
**EXPENDITURE ON:**
Raising funds
**5**
Charitable activities:
**5**
The Charity principally supports equine and City of London related charities
**NET EXPENDITURE BEFORE INVESTMENT LOSSES**
Net gains on investments
**NET EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**12**|**Unrestricted**
**funds**
**£**
13,631
36,933|**Restricted**
**funds**
**£**
5,041
13,661|**2024**
**Total funds**
**£**
18,672
50,594|
|---|---|---|---|
||50,564|18,702|69,266|
||(10,610)
(53,249)|(3,923)
(19,696)|(14,533)
(72,945)|
||(63,859)|(23,619)|(87,478)|
||(13,295)
164,646|(4,917)
60,896|(18,212)
225,542|
||151,351|55,979|207,330|
||151,351
1,323,177|55,979
395,638|207,330
1,718,815|
||1,474,528|451,617|1,926,145|
The notes on pages 9 to 12 form part of these financial statements.
Page 7
**Loriners Charitable Trust Statement of Financial Position As At 31 October 2025**
|**Notes**
**FIXED ASSETS**
Investments
**9**
**CURRENT ASSETS**
Debtors
**10**
Cash at bank and in hand
**Creditors: Amounts Falling Due Within One Year**
**11**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Restricted Funds
Unrestricted Funds
**TOTAL FUNDS**
**12**
On behalf of the board|**Unrestricted**
**funds**
**£**
1,480,727|**Restricted**
**funds**
**£**
459,619|**2025**
**Total funds **
**£**
1,940,346|**2024**
**Total funds**
**£**
1,808,845|
|---|---|---|---|---|
||1,480,727
5,615
71,704|459,619
1,696
21,192|1,940,346
7,311
92,896|1,808,845
7,835
109,467|
||77,319
-|22,888
-|100,207
-|117,302
(2)|
||77,319|22,888|100,207|117,300|
||1,558,046|482,507|2,040,553|1,926,145|
||1,558,046|482,507|2,040,553|1,926,145|
||||482,507
1,558,046|451,617
1,474,528|
||||2,040,553|1,926,145|
||||||
Mr Alan Morton Trustee 05/06/2026
The notes on pages 9 to 12 form part of these financial statements.
Page 8
**Loriners Charitable Trust Notes to the Financial Statements For The Year Ended 31 October 2025**
## 1. **General Information**
Loriners Charitable Trust is an unincorporated charity registered with the Charity Commission, registered charity number 1060330. The principal address is 46 Somerset Avenue, West Wimbeldon, London, SW20 0BJ.
## 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) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
## 2.2. **Going Concern Disclosure**
The Trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charity's ability to continue as a going concern.
## 2.3. **Cash and Cash Equivalents**
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
## 3. **Income from Donations and Legacies**
|.
**Income from Donations and Legacies**||||
|---|---|---|---|
|Donations and gifts
Gift aid
Donations and gifts
Gift aid
.
**Investment Income**
Interest from other fixed asset investments - listed
Dividends from other fixed asset investments - listed
Income from investment property companies|**Unrestricted**
**funds**
**£**
3,556
7,765|**Restricted**
**funds**
**£**
1,316
2,872|**2025**
**Total**
**funds**
**£**
4,872
10,637|
||11,321|4,188|15,509|
||**Unrestricted**
**funds**
**£**
4,614
9,017|**Restricted**
**funds**
**£**
1,706
3,335|**2024**
**Total**
**funds**
**£**
6,320
12,352|
||13,631|5,041|18,672|
||**Unrestricted**
**funds**
**£**
7,939
29,272
644|**Restricted**
**funds**
**£**
2,936
10,827
239|**2025**
**Total**
**funds**
**£**
10,875
40,099
883|
||37,855|14,002|51,857|
## 4. **Investment Income**
Page 9
**Loriners Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|Interest from other fixed asset investments - listed
Dividends from other fixed asset investments - listed
Income from investment property companies|**Unrestricted**
**funds**
**£**
5,985
30,601
347|**Restricted**
**funds**
**£**
2,214
11,318
129|**2024**
**Total**
**funds**
**£**
8,199
41,919
476|
|---|---|---|---|
||36,933|13,661|50,594|
## 5. **Analysis of Expenditure**
|Raising funds
The Charity principally supports equine and City of London related charities
Raising funds
The Charity principally supports equine and City of London related charities
.
**Support Costs**
General administration|**Activities**
**undertaken**
**directly**
**£**
15,032
6,300|**Support costs**
(see note 6)
**£**
1
63,048|**2025**
**Total**
**£**
15,033
69,348|
|---|---|---|---|
||21,332|63,049|84,381|
||**Activities**
**undertaken**
**directly**
**£**
14,530
8,200|**Support costs**
(see note 6)
**£**
3
64,745|**2024**
**Total**
**£**
14,533
72,945|
||22,730|64,748|87,478|
||**Raising funds**
**£**
1|**The Charity**
**principally**
**supports**
**equine and**
**City of London**
**related**
**charities**
**£**
63,048|**2025**
**Total**
**£**
63,049|
## 6. **Support Costs**
Page 10
**Loriners Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
|General administration
7.
**Independent Examiner's Remuneration**
Independent examination of the financial statements
8.
**Average Number of Employees**
Average number of employees during the year was: 1 (2024: 1)
9.
**Investments**
**Cost or Valuation**
As at 1 November 2024
Additions
Disposals
Revaluations
As at 31 October 2025
**Provision**
As at 1 November 2024
As at 31 October 2025
**Net Book Value**
As at 31 October 2025
As at 1 November 2024
10.
**Debtors**
**Due within one year**
Other debtors
**Due after more than one year**
Amounts owed by participating interests|**Raising funds**
**£**
3|**Raising funds**
**£**
3|**The Charity**
**principally**
**supports**
**equine and**
**City of London**
**related**
**charities**
**£**
64,745|**2024**
**Total**
**£**
64,748|
|---|---|---|---|---|
||||**2025**
**£**
719
**2025**
**£**
2,687
4,624
7,311|**2024**
**£**
576|
|||||**Listed**
**£**
1,808,845
288,864
(231,651)
74,288|
|||||1,940,346|
|||||-|
|||||-|
|||||1,940,346|
|||||1,808,845|
|||||**2024**
**£**
2,867
4,968|
|||||7,835|
Page 11
## **Loriners Charitable Trust Notes to the Financial Statements (continued) For The Year Ended 31 October 2025**
## 11. **Creditors: Amounts Falling Due Within One Year**
|Trade creditors
2.
**Movement in Funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
The Cyril & Rodney Fitzgerald Fund
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
The Cyril & Rodney Fitzgerald Fund
**Total funds**|**As at 1**
**November**
**2024**
**£**
1,474,528
451,617|**Income**
**£**
49,176
18,190||**2025**
**£**
-
**Expenditure**
**£**
34,342
12,700|**2024**
**£**
2|
|---|---|---|---|---|---|
||||||**As at 31**
**October 2025**
**£**
1,558,046
482,507|
||1,926,145|67,366||47,042|2,040,553|
||**As at 1**
**November**
**2023**
**£**
1,323,177
395,638|**Income**
**£**
50,564
18,702||**Expenditure**
**£**
100,787
37,277|**As at 31**
**October 2024**
**£**
1,474,528
451,617|
||1,718,815|69,266||138,064|1,926,145|
## 12. **Movement in Funds**
## 13. **Transactions with Trustees**
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
## 14. **Related Party Disclosures**
There have been no related party transactions in the reporting period that require disclosure.
Page 12
## **Loriners Charitable Trust Detailed Statement of Financial Activities For The Year Ended 31 October 2025**
|**INCOME AND ENDOWMENTS FROM:**
**Donations and legacies**
Donations and gifts
Gift aided Donations
**Investments**
Dividends from other fixed asset investments - listed
Interest from other fixed asset investments - listed
Income from investment property companies
**EXPENDITURE ON:**
**Raising funds**
Investment management costs
Sundry expenses
**Charitable Activities:**
**The Charity principally supports equine and City of London related charities**
Purchases
Support and administration costs
Computer and IT consumables
Insurance
Advertising and marketing costs
Independent examiner's fees
Accountancy fees
Bookkeeping fees
Charitable donations
Irrecoverable Foreign Tax
**NET EXPENDITURE BEFORE INVESTMENT LOSSES**
**Net gains on investments**
Surplus/(deficit) on disposal of listed fixed asset investments
Fair value surplus on revaluation of investments
**NET INCOME**|**2025**
**Total**
**funds**
**£**
4,872
10,637|**2024**
**Total**
**funds**
**£**
6,320
12,352|
|---|---|---|
||15,509
40,099
10,875
883|18,672
41,919
8,199
476|
||51,857|50,594|
||67,366
(15,032)
(1)|69,266
(14,530)
(3)|
||(15,033)
-
(6,300)
(547)
(162)
(290)
(719)
(2,157)
(883)
(56,622)
(1,668)|(14,533)
(700)
(7,500)
(600)
(152)
-
(576)
(1,728)
(804)
(58,900)
(1,985)|
||(69,348)|(72,945)|
||(84,381)|(87,478)|
||(17,015)
60,247
71,176|(18,212)
(12,406)
237,948|
||131,423|225,542|
||114,408|207,330|
Page 13
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