Charity number: 1077820
THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Armstrongwatson,
Accountants, Busine55 & Financial Advisers

THE JOHN HORSEMAN TRUST
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
Trustees, Report
Independent Auditors. Report on the Financial Ststements
10-13
ststement of Financial Activities
14
Balance Sheet
15
Statement of Cash Flows
16
Notes to the Financial Ststements
17-29

THE JOHN HORSEMAN TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
J R Horseman. Chair
M C S Horseman
L C S Horseman
G R Horseman
W J Horseman
Charity registered
number
1077820
Principal office
Acton Hall Cottage
Felton
Morpeth
Nortumberland
NE65 9NU
Independent auditors
Armstrong Watson Audit Limited
One Strawberry Lane
Newcastle upon Tyne
NE14BX
Bankers
Coutts and Co
440 Strand
London
WC2R OQS
Page 1

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their trustees report together with the audited financial statements of The John Horseman
Trust IJHT) for the year 1 April 2023 to 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out on pages 17 to
19 and comply with the charity's trust deed, the Charities Act 2011 and 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).
Objectives and activities
a. Policies and objectives
Under the trust deed, the trustees shall hold the trust fund and its income upon trust to apply the same at such
time or times and in such manner to or for the benefit of such exclusively charitable objects and purposes in any
part of the world as the trustees may in their discretion think fit.
The trustees currently have a policy of supporting three types of charitable activity which are of practical utility
and benefit for the environment, education and local communities.
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, including the guidance 'Public benefit.. running a
charity {PB2}' and are confident that this is achieved through the grants made to charities.
b. Procedures and policy for grant making
The trustees identify projects and organisations they wish to support and the Trust has a policy of not making
grants to people or organisations who apply speculatively.
A formal review meeting of grant applications by all trustees is held once a year. At other times or more
trustees hold informal meetings to make decisions on new grants and to review ongoing regular grants and their
effectiveness. In general, these infomial meetings occur approximately On￿ per month.
Wherever possible, grants are made to organisations working in the appropriate field, which themselves hold
charitable status and therefore have their own accountability procedures. Grants to other organisations, or to
overseas non-profit organisations are made only when the Trust has personal contact and is able to verify the
correct accountability for the use of the grant.
The Trust makes donations on an annual basis with the majority of donations going out in January. Other grants
are made at different times during the year, either as one-off donations, or as annual grants, which as with the
January donations are made on the basis of a 5 to 10 year plan.
The charities benefit more from this approach to grant making as it allows them to plan their finances. The
trustees have also found that the feedback they re￿1ve is more thorough and the grants more effectively used.
Achievements and performance
. Annual review
The Italian economist Vilfredo Pareto one hundred years ago observed that out of the sweet peas growing in his
garden only a fifth thrived. From this simple observation he developed the Pareto principle, or 80120 rule. This
rule is often applied by analysts to organisations to show that often only 20 % of the workforce is effective. With
five trustees, one trust administrator, and a programme of donations amounting to just over £710,000 over the
year 2023124, the management of the JHT runs counter to this general rule.
Page 2

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
As the new financial year opened the aim of the trustees was to grow the per￿ntage of donations by an
additional 250/0. This resolve was not to be characterised though by reckless giving just to meet a target. A policy
which has always worked well for the Trust has been the principle of making smaller gifts which over time grow
to bigger ones. Based on an expectation of good reporting, low levels of personnel turnover and obvious
benefits and impact, these relationships have been rewarding for both parties. Such examples would be
Streatham Youth Club, St Martin's in the Field, and Farms for City Children. The trustees have been very
pleased to observe how well their Trust Administrator has taken over the management of these long standing
connections, and developed a larger and more diverse giving profile with them. The biggest growth in giving for
the Trust has been through the nurturing of the charities on the annual grant list. Over half the charities listed in
the annual giving profile are ones with a connection going back be￿een five and ten years.
In order to go beyond this historrc list and grow the giving, the trustees decided to repeat what has worked so
well. The usual careful analysis was made for any new applications. The trustees like to see sound finances
with a healthy but not excessive level of reserves. Very small charities are unlikely to make it through the first
assessment level. Larger charities can also falter in this assessment prO￿sS though. Too many highly paid
employees, an annual report which fails to show the clear direction of the charity and an undue dependence
upon government contracts will all be a cause for concern. Successful applications result in a single one off
donation being made. Sometimes a visit is made prior to this donation, but generally the donation comes first
and the follow up is designed to dig deeper and assess whether further donations will be forthcoming. All
beneficiaries need to sign off on the Trust's terms and conditions which simply state the need for an interim six
month report and a fuller annual one. A receipt for the donation is expected within a month of the money being
received.
This simple but carefrjl prO￿sS works well. A failure to provide a re￿[pt or reports often indicates other
underlying issues at the charity- A visit by the trustees or Trust Administrator can often provide insights both
good and bad, so that the decision not to renew the gift and set up a standing order is not based on a whim or a
hunch by the trustees. It's a sound and carefully thought through process that involves time and commitment on
the part of the JHT.
The Health Bus in Bournemouth is a model example of an application. The request indicated very clearly the
nature of the work being done and how the money requested would be used. The fundraiser signed off on the
terms and conditions promptly and did not need a reminder for either the six monthly or annual review. Our
Trust Administrator was welcomed on her visit and left with very positive feedback advising the trustees to set up
a standing order for future donations.
With the 38 new charities added to the list of beneficiaries over the 2023-24, 23% have already more than
fulfilled the terms and conditions, and will convert to longer temi standing orders which the trustees hope to grow
over the years. As many of the gifts were made in the latter part of the year it is too early to say yet what will be
the final conversion figure. At present 11 Oh will not be carrying over, but it is hoped that the remaining 66 % will
show sufficient promise to continue to grow in their relationship with the Trust. It's very encouraging for us all to
be a part of this. In this list there is only one large donation of £60,000, the remainder being in the region of
be￿een £5,000 and £15,000. The small to medium donations given over a three to five year period, or more in
some exceptional cases, provide stability and a lasting impact which is rewarding for all parties.
With only 11 % of charities not making it onto the long list for 2024125, the trustees can confidently say that
Vilfedo Pareto would be pleased to see a lean organisation operating well above the low expectation set by him
when he looked out at his sweetpeas.
Page 3

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
b. Achievements and perforniance of the Trust
The performance of the Trust is dependent upon the efficiency of the two founding trustees, John and Moyra
Horseman and their Trust Administrator, Sarah Timmis. Now into her third year of working with the JHT, our
Trust Administrator has established excellent contacts with long standing charities supported by the Trust, and is
developing new contacts through the one off donation system referred to in the Annual Review. Geographically
most of the attention of the JHT is focussed on the North East where the Trust is registered, but our Trust
Administrator is based in the South West, thereby opening up another area for the Trust to focus upon. The
trustees retain an interest in South London. providing opportunities for support in areas of need.
Reviewing the year 2023-24 the trustees can confidenUy say that there are more donations that have worked
than have failed. Donations fall into various categories. There are the longstanding ones where the trustees
decided to increase the standing order to cover general running costs,. examples being the children's hospice
Shooting Star, the neurological support charity INS, Fareshare, the Royal Marines Veterans charity and the Halo
Trust. The JHT trustees are happy with the reporting, there appears to be very little staff tumover and when staff
do leave there is a good handover. The reporting shows that the work is being carried out according to the
charity's stated aims and objectives. Included in this category would be the conversion of an unrestricted
donation to a specific cause. Farms for City Children and Ufton Court are two adventure holiday schools for
inner city children. Both charities approached our Trust Administrator with a pitch to request for funding to be
increased slightly but allocated to a particular school. In both cases visits were made and the trustees adhered
to this request.
The second group connects up with the first and is referred to by the trustees as "spin off, donations. A charity
with a good track record in reporting approaches the JHT for a one off donation for a specific project, such as
Pelton Youth Project in County Durham. The youth club was fundraising for a capital project to improve the
outside garden spa￿. Evidence was provided of effort to raise funds elsewhere and the JHT was able to top up
the balan￿ to achieve the target. Sometimes these 'spin off donations come through another charity operating
in an area. The trustees made a visit to St Mary's School in Jarrow to see the work of Magic Breakfast. The
Headteacher gave the trustees a tour of the school and explained about the efforts of the PTA to fund raise for
an outdoor play area. This project is one the JHT hopes to help fund in 2024125 working with the PTA and
Headteacher. The Trust has future plans to help with other capital projects during 2024-25 with Bede House,
London City Mission and Streatham Youth Club. As yet nothing has been confirmed with these projects a5 all
three charities are awaiting final estimates.
The next category are the new one off donations which the trustees feel confident will convert into longer term
annual grants. As the annual review indicated this is the largest area of growth in giving for the trust. With good
reporting, a regular programme of visits and good staff handovers where appropriate, the trustees hope to retain
many on this list. Read Easy, the Bobby Van Trust in Wiltshire, and the Mary Hare Foundation, are good
examples of charities with a clear brief and good reporting, but there are many others offering the same
indicators and providing hope for future positive progress for the Trust.
There have been three projects this year where the trustees have overridden their concerns with continuing
support. In most InStan￿S poor reporting indicates more fundamental issues in the charity, but there may be
extenuating circumstances. If the cause and charity are sound and a plausible reason is given for the lapse in
communication, the trustees can have a change of heart. A visit is a￿ayS undertaken before the donation is
renewed. Three such projects over the year were.. the Salvation Army, Austin House Centre in Sunderland.,
Maggs Day Centre Gloucester., and Umbrella Children's Centre, Derby. The trustees look forward to growing a
partnership with all three charities.
With the increase in interest rates, and rising costs, the Trust re￿iVeS fewer applications for large capital
building projects. The trustees often feel that the contribution that they can make will not be sufficiently
significant to make any real difference. Coming in towards the end of a project however can be very rewarding
for both parties as the Trust can help with the final payment to enable the project to be realised. One such
example is that of St Chad's College Chapel at Durham University. The trustees were delighted to attend the
Page 4

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
Christmas carol cOn￿rt in the newty refurbished chapel. The connections made here may well lead to further
support for the College.
Tree planting and community engagement with gardening and green initiatives continue to be a cause supported
by the Trust. Our Trust Administrator is able to monitor the three year support being offered to Westonbirt
Arboretum's Silk Wood project. The trustees plan to make further visits to the Edinburgh Botanic Garden to see
the work they are doing with the schools programme supported by the JHT. Ripple Africa's tree planting and
farming practices continue to thrive as does the Cheetah Outreach programme in South Africa. The Brooke
Hospital equine welfare charity is another long term beneficiary working overseas offering support to
communities in Africa and India. KIKN, the London based charity providing education and provision for Orphans
in Nepal continues to thrive despite the death of its founder, Lai See Chew. Her husband Stephen Smith has
taken over the running of the charity and has honoured Lai See's work and memory in the seamless handover
and effectiveness of the application of funds. Greenacres Academy in Uganda continues to be connected to the
Trust and benefits from an annual donation. The Trust has made a one off donation to the Lumos Foundation
specifically towards its work with orphans in Ukraine. It is hoped this can be developed. The trustees continue to
be cautious with supporting charities working overseas, largely due to our inability to conduct visits. Webinars,
zoom calls and excellent reporting are all necessary requirements to provide compliance with the due diligence
expected by the trustees.
Not everything has gone to plan over the year. Extreme weather conditions with Autumn storms and consequent
flooding forced the trustees to abandon the October board meeting booked in Derbyshire. The meeting was held
instead over the Christmas holiday period when the trustees. all family members, were together. This is a pattern
likely to continue with increasing weather and transport issues making travel unreliable. Nor did all the donations
go to plan. Complete absence of reporting or receipts, impersonal reporting bearrng no connection to the
donation made, confused and rambling applications with no clear objectives, or multiple applications made by
professional fundraisers who have little or no insight into the charity they are fundraising for, all characterise the
year but thankfully only in small measure.
The trustees were very disappointed to have to ￿ase with immediate effect their support of Liverpool Cares, a
charity successfully supporting communities across Liverpool. This model was replicated across the UK
operating in other major cities. Unfortunately the London branch experienced financial difficulties, in part due to
its status as a CIC. Other branches had to cross finance the London branch, but with mounting debts the official
receiver was called in and the whole charity disbanded. The trustees will in future approach with caution any
charity working within a ne￿Ork of other charities. Evidence of protection and ring fencing of each individual pot
of money will need to be demonstrated to the trustees. CIC'S have never been supported by the JHT and this will
continue to be the stated policy of the trustees.
The hoped for linking up with other Trusts in the area didn't work out but an unexpected bonus was a successful
connection with the Big Give. The Big Give does now seem to have set up a much better system for giving for
Trusts and Foundations with well publicised campaigns for specific regional causes. This is a very efficient way
for donors to find out about local causes in arts, education, and environment and offer matched funding. This is
definitely an area the trustees will watch with interest.
The trustees continue to be impressed and often humbled by so many individuals working in the charity sector
trying to make a difference to those in great need or discomfort. Working to make communities brighter and
lives richer and more fulfilling. Fundraising is hard work in these financially challenging times. Government
funding is under pressure and volunteering continues to decline. The trustees are pleased that they can look
back on a year, and look forward to the next, in expectation of a steady growth in giving that aims to make some
positive ripples in communities and in the lives of individuals.
Page 5

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Financial review
Financials
The Trust's net assets increased by £1,304,341 (2023: decreased by £802,581) during the year to £28,598,211
(2023.. £27,293,870), after grants of £710,067 (2023: £455,991) were made.
Donations of £1,000,000 {2023'. £1,000,000), before attributable gift aid, were given to the Trust during the year
by Mr J R Horseman, trustee. In addition a donation of £126,286 was received from Russell Clark Investment
Management Ltd, a company of which Mr Horseman was a former director. The fInan￿S of The John Horseman
Trust are in a healthy state. The charity has no borrowings and is not dependant on outside support to maintain
its spending.
The trustees are satisfied with the position of the Trust at the balance sheet date.
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THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
b. Investment policy and perfomiance
There are no restrictions in the trust deed on the trustees, power to invest.
For those of us who have had the responsibility of investing our own and other peoples, money, the death of
Charlie Munger last November marked a poignant day. Just a few weeks short of his hundredth birthday when
he died, he was an inspiration to anyone attempting to put their savings to work, however large or small. As the
right hand man to Warren Buffett, the famed chaimian and CEO of Berkshire Hathaway, his Influen￿ extended
far beyond the role of adviser, and was instrumental in making Berkshire the investment powerhouse which it
has become.
Adopting a rational approach to the facts as we find them perhaps sums up Charlie's philosophy and this has
been as important this year as in any other. In eady 2022 the Central Bank of the United States, the Federal
Reserve raised interest rates from near zero to where they currently stand at around 5.3 %, marking the end of
the easy credit conditions which had prevailed since the financial crisis back in 2008. This would have important
implications for the Trust as it raised the 'holding cost, of any shares or securities the Trust might own. After all,
if interest rates of 50/0 are to prevail for any length of time, the resulting annual income of £1.4 million on the
Trust's assets of roughly £28 million would easily cover the Trust's spending commitments of £0.7m to £1 m per
annum. For example, the Trust's purchase of UK gilts which will mature in October 2025 will yield a fixed annual
4.750/0 until maturity. It is no surprise therefore that the Trust's equity holdings at less than 30 % of the fund's
assets are dwarfed by holdings of higher yielding, mostly short dated securities.
That is not to say that the Trust is unable to find any value in equities. The Trust made three purchases during
the year and what follows is a review of these. The first is the US telephone utility company Verizon. It is one of
only three full service telephony companies in America offering mobile, broadband and fixed line servI￿s. It
stands to benefit from the enormous growth in data demand from the public and from business in coming years
as society becomes ever more digitized. This is likely to be the case whether or not Al becomes a reality.
However, in order to meet this growth has necessitated large capital expenditures while also having to incur the
cost of the shrinking landline business. The shares have fallen from favour despite clear evidence that the period
of high spending is falling and that the landline business is stabilising at a lower level. The shares offer a
generous dividend of 6.5 % which should grow over time, whether or not the grovrth potential is realised.
The second investment is the Norwegian oil giant Equinor. From its origins as the entity responsible for
developing the country's North Sea oil, it has expanded internationally using its development expertise in Brazil,
the UK, the United States and elsewhere to further its ambitions. As Europe redU￿S its exposure to Russian
gas, Norwegian gas supplies are growing in importance. Equinor is also growing its green energy portfolio with a
wind farm development off the US Atlantic coast and the largest wind farm in Europe supplying electricity to six
million homes in the United Kingdom. Over the next decade further projects are likely providing an attractive
avenue for growth for Equinor. The company is buying back its own shares and offers a generous dividend in
excess of 5 %.
The third investment is the food and retailing group AB Foods in the United Kingdom. The company is principally
known for its ownership of the high street chain Primark but it also owns agricultural interests in sugar refining as
well as many food brands such as Twinings tea and Fox's Biscuits. After a period of slower growth, new store
openings and better margins in its food business are raising growth expectations.
Looking ahead, we are again reminded of Charlie Mungerfs quote, "You don't have to be brilliant, only a little bit
wiser than the other guys, on average, for a long, long, time." By keeping a careful eye on the risks we are
taking we aim to do just that.
Page 7

THE JOHN HORSEMAN TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
. 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. Further details regarding the adoption of the going
concem basis can be found in the accounting policies.
d. Reserves policy
The trust deed requires the trustees to use the income of the Trust in promoting its objects. The use of the
Trust's reserves is therefore wholty at the discretion of the trustees, with no particular level of reserves required
to be maintained.
Structure, governance and management
. Governing document
The John Horseman Trust was fomied by a declaration of trust on 5 May 1999, and as amended by
supplemented deeds dated 17 September 1999 and 16 November 2009. It was registered as a charity on 15
October 1999. The trust deed establishes the objects and powers of the charity under which it is govemed.
Both the initial donation from Mr J R Horseman and additional amounts donated since have been under terms
which allow the trustees to either retain the amounts as capital or to spend them.
b. Management and governance arrangements
The trust deed provides for at least trustees. The power of appointing new trustees and removing trustees is
vested in the children of Moyra and John Horseman.
The chair of trustees is responsible for the induction of any new trustee, which involves awareness of a trustee's
responsibilities, the governing document, administrative procedures, the history and philosophical approach of
the charity. A new trustee receives copies of the previous yearfs annual report and accounts and a copy of the
Charity Commission leaflet'The Essential Trustee.. What You Need to Know,.
c. Risk management
The trustees annually review the risks that the charity fa￿s.
The trustees are aware of the risks associated with making grants. They continue to review procedures to
reduce risk in this area.
Plans for future periods
The trustees plan to build on the steady growth in giving with existing partnerships and in exploring new relations
in the charity sector.
Page 8

THE JOHN HORSEMAN 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
Practi￿).
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 Charity and of its incoming resources
and application of reSoUr￿s, 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 consistentty.,
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 con￿rn basis unless it is inappropriate to presume that the
Charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
Charity's transactions and 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, the Charity {Accounts
and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding
the assets of the Charity and hen￿ 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.
Auditors
The auditors, Armstrong Watson Audit Limited, have indicated their willingness to continue in office. The
designated trustees will propose a motion reappointing the auditors at a meeting of the trustees.
Approved by order of the members of the board of trustees and signed on their behalf by..
J R Horseman
Trustee
Date: 8 September 2024
Page 9

THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN TRUST
Opinion
We have audited the financial statements of The John Horseman Trust (the 'charity') for the year ended 31
March 2024 which comprise the statement of financial activities, the balan￿ 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 practi￿}.
The financial statements have been prepared in accordan￿ with Accounting and Reporting by Charities
preparing their accounts in accordan￿ 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 accordan￿ with the Generally
AC￿pted 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 accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordan￿ with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with Intemational 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 accordan￿ 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 con￿rn 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 10

THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN TRUST
(CONTINUED)
other inforniation
The other information comprises the information included in the trustees report other than the financial
statements and our auditors. report thereon. The trustees are responsible for the other information contained
within the trustees report. Our opinion on the financial statements does not cover the other infomiation 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 Report5)
Regulations 2008 requires us to report to you if, in our opinion..
the infomiation 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.
Page11

THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN 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 assuran￿ 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 InStan￿S 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 prO￿dureS are capable of detecting irregularities, including fraud is
detailed below=
Based on our understanding of the Trust, discussions with the trustees and those charged with
governance, we considered that the most significant laws and regulations that have a direct impact on the
financial statements are FRS 102, the Charities SORP (FRS 102), the Charities Act 2011, the Charities (Account
and Reports) Regulations 2008 and UK tax legislation.
As part of the engagement team discussion about the susceptibility of the Trust's financial statements to material
misstatement due to fraud, we did not identify any areas with an increased risk.
Our audit prO￿dureS were designed to respond to identified risks, including non-compliance with laws and
regulations and fraud, which may have a material effect on the financial statements. Our audit procedures
included but were not limited to..
enquiry of the trustees and review of any relevant correspondence with legal advisers regarding any instances
of non-compliance with laws and regulations and any actual, suspected or alleged fraud,.
communicating identified laws and regulations and the risks of fraud with our engagement team and remaining
alert to any indications of non-compliance or fraud;
gaining an understanding of the internal controls established to mitigate risks related to fraud-
examining supporting documents for all material balances, transactions and disclosures-
review of the minutes of the board of trustees.,
review of accounting estimates for management override and bias.,
analytical prO￿dureS to identify any unusual transactions"
identifying and testing joumal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material
misstatements of the financial statements may not be detected. even though the audit is properly planned
and performed in accordan￿ with the ISAS (UK).
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from
fraud because fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
override of intemal controls.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those
charged with governan￿.
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.or
-uklauditorsres
onsibilities. This description forms part of our
auditors, report.
Page 12

THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN TRUST
(CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordarrce 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 pemiitted 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 fomied.
Armstrong Watson Audit Limited
Newcastle upon Tyne
18 September 2024
Armstrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act
2006.
Page 13

THE JOHN HORSEMAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Investments
1,376,286
459.199
1,376,286
459.199
1,250,000
442,766
Total income
1,835.485
1,835,485
1,692,766
Expenditure on:
Charitable activities
Other expenditure
735.965
1200,600)
735,965
1200,600)
475,983
(451,8201
Total expenditure
535,365
535,365
24,163
Net gainsl(losses) on investments
Net income (expenditure) and net movement in
funds
4.221
4.221
{2,471,1841
1,304.341
1,304.341
(802,5811
Reconciliation of funds:
Total funds brought fomard
Net movement in funds
27,293.870
1,304,341
27,293,870
1,304,341
28,096,451
(802,5811
Total funds carried forward
28,598.211
28,598,211
27,293,870
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 17 to 29 form part of these financial statements.
Page 14

THE JOHN HORSEMAN TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Fixed assets
Investments
10
27,344,584
13,923,263
27.344.584
13,923,263
Current assets
Debtors
Cash at bank and in hand
250.000
1,011.435
250,000
13,136,351
1,261,435
13,386,351
Creditors.. amounts falling due within one
year
12
17,808)
(15,744)
Net current assets
1,253.627
13,370,607
Total net assets
28,598,211
27,293,870
Charity funds
Unrestricted funds
13
28,598,211
27,293,870
Total funds
28,598.211
27,293,870
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
J R Horseman
Trustee
Date. 8 September 2024
The notes on pages 17 to 29 form part of these financial statements.
Page 15

THE JOHN HORSEMAN TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Cash flows from operating activities
Net cash provided by operating activities
832,985
1,235,818
Cash flows from investing activities
Dividends and interest from investments
Proceeds from sale of investments
459,199
442,766
15.843.525 16,621,776
(29,260,625I (13,247,670)
Purchase of investments
Net cash {used in)Iprovided by investing activities
(12,957.901)
3.816.872
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
(12,124,916)
13,136,351
5,052,690
8,083,661
Cash and cash equivalents at the end of the year
1.011.435 13,136,351
The notes on pages 17 to 29 form part of these financial statements
Page 16

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
General information
The John Horseman Trust is an an unincorporated charity registered in England and Wales, charity
number 1077820. The principal office of the Trust is Acton Hall Cottage, Felton, Morpeth,
Northumberland, NE65 9NU. The principal activity of the Trust is grant giving from donation and
investment income.
Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordan￿ with the Charities SORP {FRS 102)
Accounting and Reporting by Charities.. Statement of Recommended practi￿ 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), 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 fairf view. This departure has involved following the Charities SORP (FRS 102} published in
October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practi￿ effective from 1 April 2005 which has Sin￿ been withdrawn.
The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are
initially recognised at historical cost or transaction value unless otherwise stated in the relevant
accounting policy.
The financial statements are prepared in sterling, which is the fijnctional currency of the Trust.
2.2 Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as
a going COn￿M.
2.3 Income
All income is included in the statement of financial activities when the Trust has entitlement to the
income, it is probable that the income will be re￿ived, and the amount of income re￿1vable can be
measured reliably.
The following specific policies are applied to particular categories of income..
Donations are included in frjll in the statement of financial activities when receivable. Such income is
only deferred when the donor specifies that the donation must only be used in future accounting
periods, or the donor has imposed conditions which must be met before the charity has unconditional
entitlement.
Investment income such as dividends and interest are included when re￿1Vable.
Page 17

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
2A 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. All expenditure is accounted for on an
accruals basis, inclusive of any VAT which cannot be recovered.
Grants payable are recorded once the Trust has made an unconditional commitment to pay the grant
which is communicated to the beneficiary or the grant has been paid, whichever is earliest. Grants
offered subject to conditions which have not been met at the balan￿ sheet date are noted as a
commitment, but not provided as expenditure.
Governan￿ costs comprise all costs involving the public accountability of the charity and its
compliance with regulation and good practice.
Support costs are shown in note 6 to the financial statements.
2.5 Fixed asset investments
Listed investments
Investments are a form of basic financial instrument and are initially recognised at their transaction
value and subsequently measured at their fair value as at the balance sheet date, using mid-market
prI￿S from the appropriate stock exchange or bid price from the relevant fund manager, or last
traded price where applicable.
Gains or losses arising on revaluation or disposal are recognised in the statement of financial
activities in the funds in which the investments are held.
2.6 Cash at bank and in hand
Cash at bank includes a Steding current account and two foreign currency current accounts each
with linked interest bearing resepie accounts together with a dormant Sterling 90 day account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balan￿ 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 re￿IVed as advanced payments for the goods or ServI￿S it must provide.
2.8 Foreign currency
Transactions denominated in foreign currencies are translated into sterlirrg and recorded at the rate
of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are translated into sterling at the exchange rate ruling at the balan￿ sheet date.
Page 18

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies (continued)
2.9 Financial instruments
With the ex￿ptIOn of investments described above. 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.
2.10 Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtheran￿ of the general
objectives of the Trust and which have not been designated for other purposes.
Income from donations and legacies
Unrestricted
funds
2024
Total
funds
2024
Donations
1,376,286
1.376,286
Unrestricted
funds
2023
Total
funds
2023
Donations
1,250,000
1,250,000
Investment income
Unrestricted
funds
2024
Total
funds
2024
Dividends and interest receivable from listed investments
Bank interest re￿1vable
422,134
37,065
422,134
37.065
459,199
459,199
Page 19

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Investment income (continued)
Unrestricted
funds
2023
Total
funds
2023
Dividend and interest receivable from listed investments
442,766
442,766
Other expenditure
Unrestricted
funds
2024
Total
funds
2024
Gain on foreign exchange retranslation
1200,6001
(200,600)
Unrestricted
funds
2023
Total
funds
2023
Gains on foreign exchange retranslation
(451,8201
(451,8201
Analysis of charitable expenditure by activities
Grant
funding of
activities
2024
Support
costs
2024
Total
funds
2024
Grants payable to institutions (Note 7)
Administration
710,067
710,067
11,504
3,881
7,608
2,905
11,504
3,881
7,608
2,905
Bank charges
Governan￿ costs
Travel and subsistence
710,067
25,898
735,965
Page 20

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Anatysis of charitable expenditure by activities (continued)
Governan￿ costs includes fees payable to the auditor for the audit and preparation of the Trust's
statutory accounts of £4,640 (net) and £1,450 (net) for accountants fees for other services.
Grant
fijnding of
activities
2023
Support
costs
2023
Total
funds
2023
Grants payable to insts-tutions (Note 7)
Administration
455,991
455,991
11,703
2,480
5,244
565
11,703
2,480
5,244
565
Bank charges
Governan￿ costs
Travel and subsistence
455,991
19,992
475,983
Governan￿ costs includes fees payable to the auditor for the audit and preparation of the Trust's
statutory accounts of £3,250 (net) and £1,120 (net) for accountants fees for other services.
Page 21

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Grants to institutions
2024
2023
Age UK Merton
Amy and Friends
Asylum Welcome
Bede House Association
Be Free Young Carers
Big Give
Big Issue Foundation
Bloomsbury Football Association
Braille Chess Association
3,000
3,000
5,000
5,000
5,000
5,000
3,000
5,000
3,000
2,000
5,000
2,000
18,000
5,000
3,000
5,249
10,614
10,000
5,000
5,000
1,000
Break
Brooke Hospital for Animals
Castle Point Social Car Scheme
Cheetah Outreach, South Africa
Chronicle Sunshine Fund
5,000
5,062
Dementia UK
Disabilty Advice Service
Ebony Horse Club
Epic Restart Foundation
Fareshare
5,000
5,000
10,000
11,469
15,000
12,002
10,000
2,000
5,000
60,000
10,000
5,000
Farms for City Children
FEAST
Florence Nightingale Museum
Francis House Children's Hospi
Friends of Westonbirt Art)oretum
5,000
GL11 Community Project
Go Beyond
Green Light Trust
Carried forward
5,000
5,000
218,865
70,531
Page 22

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Grants to institutions {continued)
2024
2023
Brought foward
Greenacres Education Trust, Uganda
Grove Adventure Playground
Halo Trust
HealthBus
Heel and Toe Children's Charity
HighTide Theatre
Hospice Charity Partnership
Integrated Neurological Services
Julia's House
218,865
5,000
70,531
5,000
5,000
5,000
5,000
11,775
10,000
6,650
5,000
15,000
5,000
10,000
10,000
5,000
Kids in Kathmandu, Nepal
Lennox Children's Can￿r Fund
Leonard Cheshire Disability
Lewis Manning Hospice
Link Age Southwark
Literary and Philosophical Society
Live Music Now North East
5,000
5,000
5,000
5,000
3,000
5,000
3,000
500
5,000
5,000
Live Theatre
5,000
3,000
2,000
5,000
Liverpool Cares
London City Mission
London Wildlife Trust
London's Air Ambulan
2,000
5,000
5,000
5,000
10,000
10,000
25,000
10,000
Lumos
Maggs Day Centre
Magic Breakfast
Marie Curie Can￿r Care
10,000
25,000
Mary Hare Foundation
Maxability
Carried fomard
387,790
173,531
Page 23

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Grants to institutions {continued)
2024
2023
Brought foward
National Numeracy
Newcastle United Foundation
387,790
173,531
5,000
10,000
15,000
4,000
10,000
10,000
10,000
3,000
10,000
5,000
North Music Trust (Glasshouse)
North Northumberland Hospice
Northumberland National Park
Off The Streets
Pallion Action Group
Parochial Church (St Michael's PCC)
Pelton Community Centre
Pelton Youth Club
5,000
2,500
5,000
16,527
1,000
20,000
Place2Be
Polka Theatre
Rape Chrisis Tyneside and Northumberland
Read Easy UK
Redthread
Ripple Africa, Malawi
Royal National Lifeboat Institution
Royal Botanic Gardens Edinburgh
Royal Marines Association
Royal Zoological Society for Scotland
Saint Michael's Hospice
Salvation Amiy
S E Can￿r Help Centre
Shine
Shooting Star Hospi
Snowdon Trust
10,000
5,000
5,400
5,000
5,000
6,000
10,000
9,720
5,000
5,000
6,020
5,000
5,000
3,000
5,000
3,000
10,000
3,000
20,000
5,000
10,000
10,000
5,000
20,000
St Chad's college
Carried fomard
569,037
315,451
Page 24

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Grants to institutions {continued)
2024
2023
Brought foward
St Christopher's Hospi
St David's Hospice
St George's Hospitsl
St Martin-in-the-Fields Trust
St Mungo's
St Peter's Church Parr
569,037
5,000
6,000
315,451
5,000
10,000
5,000
10,000
3,000
5,000
5,000
3,000
5,000
12,730
5,000
10,000
5,000
St Raphael's Hospice
Stewardship
Streatham Youth and Community Trust
Stroke Association
3,000
5,000
Surfers Against Sewage
The Cowshed
The Oaks Community Church
The Together Trust
The Worth Foundation
Tiyeni Fund
Tyne and Wear RDA
Ufton Court
2,000
10,000
23,000
5,500
3,000
6,500
5,000
1,300
5,000
35,000
10,000
5,000
10,000
12,540
5,000
35,000
Umbrella
University of Birmingham - Access to Birmingham Scheme
University of Birmingham - Sanctuary Scholarships Scheme
Wiltshire Bobby Van Trust
YMCA Boumemouth
Voice21
5000
710 067
455 991
Page 25

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Auditors. remuneration
2024
2023
Fees payable to the Charity's auditor for the audit and preparation of the
Charity's statutory accounts (net)
4.640
3,250
Trustees. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
The Trust considers its key management personnel to be the trustees.
During the year ended 31 March 2024. expenses totalling £3,451 were reimbursed to 2 trustees (2023.. £
2,311 to 2 trustees). These expenses related to travel and subsistence.
10. Fixed asset investments
Listed
investments
Cost or valuation
At 1 April 2023
Additions
13,923,263
29.260,625
(15,743,203)
(96.101)
Disposals
Revaluations
At 31 March 2024
27,344,584
Net book value
At 31 March 2024
27.344.584
At 31 March 2023
13,923,263
All investments are carried at their fair value. Investments in equities and fixed interest securities are all
traded in quoted public markets. The basis of fair value for quoted investments is the mid market value
from the appropriate stock exchange or bid price from the relevant fund manager, or last traded price
where applicable.
Page 26

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.
Debtors
2024
2023
Due within one year
Gift aid recoverable
260.000
250,000
250,000
250,000
12. Creditors: Amounts falling due within one year
2024
2023
Grants payable
Accruals
500
10,500
5,244
7.308
7,808
15,744
13. Ststement of funds
ststement of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Gainsl
(Losses)
Income Expenditure
Unrestricted funds
Unrestricted funds
27,293,870
1,835,485
1535,365)
4,221 28,598,211
ststement of funds - prior year
Balance at
31 March
2023
Balan￿ at
1 April 2022
Gainsl
(Losses)
Income Expenditure
Unrestricted funds
Unrestricted funds
28,096,451
1,692,766
(24,163) (2,471,184) 27,293,870
Page 27

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.
Analysis of net assets between funds
Anatysis of net assets between funds - current period
Unrestricted
funds
2024
Total
funds
2024
Fixed asset investments
27,344,584 27.344,584
1,261,435
1,261,435
(7,8081
{7.808)
Current assets
Creditors due within one year
Total
28.598,211 28.598,211
Anatysis of net assets between funds - prior period
Unrestricted
funds
2023
Total
funds
2023
Fixed asset investments
Current assets
Creditors due within one year
13,923,263 13,923,263
13,386,351
13,386,351
(15,744)
(15,7441
Total
27,293,870 27,293,870
15. Grant commitments
2024
2023
Commitments payable in 1 year
Commitments payable in over 1 year
130.000
235,000
83,000
250,000
365,000
333,000
In addition, at the year end, the charity had annual grant commitments of £237,000 (2023: £211,020).
These grant commitments are not provided as liabilities in the financial statements. The amounts
represent future amounts of grants offered at the balan￿ sheet date, which are subject to ongoing
reviews and are payable out of future income.
Page 28

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16.
Related party transactions
other than trustees expenses as disclosed in Note 9 there are no additional related party transactions
which require disclosure within the financial statements.
17.
Reconciliation of net movement in funds to net cash flow from operating activities
2024
2023
Net incomelexpenditure for the period (as per Statement of Financial
Activities)
1,304,341
(802,5811
Adjustments for:
(Gains)Ilosses on investments
Dividends and interest from investments
Increasel(decrease) in creditors
{4.221)
2,471,184
1459,1991 (442,7661
{7.936)
9,981
Net cash provided by operating activities
832,985
1,235,818
18. Analysis of cash and cash equivalents
2024
2023
Cash at bank
1,011.435 13,136,351
Total cash and cash equivalents
1,011,435 13,136,351
19. Anatysis of changes in net debt
Changes in
market
value and
exchange
At 1 April
rate At 31 March
2023 Cash flows movements
2024
Cash at bank and in hand
13,136.351 {12,329.738)
204.822
1.011.435
13,136.351 {12,329.738)
204.822
1.011.435
Page 29