Charity number: 1077820
THE JOHN HORSEMAN
TRUST
THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ArmstrongWatson®
Accountants, Business & Financial Advisers

THE JOHN HORSEMAN TRUST
CONTENTS
Reference and Administrative Details of the Charity, its Trustees and Advisers
Trustees' Report
Independent Auditors' Report on the Financial Statements
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
Notes to the Financial Statements
Page
1
2-10
11 - 14
15
16
17
18 - 31

THE JOHN HORSEMAN TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
Charity registered
number
Principal office
Independent auditors
Bankers
JR Horseman, Chair
M C S Horseman
L C S Horseman
G R Horseman
W J Horseman
1077820
Acton Hall Cottage
Felton
Morpeth
Nortumberland
NE65 9NU
Armstrong Watson Audit Limited
One Strawberry Lane
Newcastle upon Tyne
NE1 4BX
Coutts and Co
440 Strand
London
WC2R OQS
Page 1

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their Trustees report together with the audited financial statements of The John Horseman
Trust (JHT) for the year 1 April 2024 to 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out on pages 16 t
18 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 th
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 two or more
Trustees hold informal meetings to make decisions on new grants and to review ongoing regular grants and their
effectiveness. In general, these informal meetings occur approximately once 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 mad at dies are me on has at a en in
are made at different times during the year, either as one-off donations, or as annual grants, which as with the
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 receive is more thorough and the grants more effectively used.
Achievements and performance
a. Annual review
The Trustees of The John Horseman Trust set themselves the target of growing their giving from the previous
year's figure of £710,067. They are very pleased to report that the year-end figure for 2024-25 stands just over
£845,000, representing a 19% increase. Achieving this growth hasn't come about by some sort of magic process
or opaque algorithm. As Bill Gates once observed philanthropy involves the "same kind of focus and skills that
building a business requires". The Trustees and Trust Administrator have worked hard over the year to achieve
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THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (continued)
The Trust received 93 applications during 2024/25 which surprisingly was the same number as in the previous
year. The process of analysing applications remains the same as it has always been. The simple system set up
in the early days of the Trust still works, it's just applied these days to more applications.
The majority of
applications come to the Trust from charities who have searched the charity commission site and seen a match
with our profile. Our Trust Administrator is often asked if we have an applications process. We don't, but we do
have a very high expectation of clarity in an application with a request for money for a single cause. A clear
covering letter or email, with attached accounts and latest annual report make for a good start.
repeatedly stating each year that we prefer online applications via our Horseman Trust email, we still receive
postal applications. The Trustees would urge charities not to submit applications via the post but instead use the
more eco-friendly, cheaper option of email.
There has been a 12% increase in the number of charities receiving a grant from the JHT this year. Out of the 93
applications received, 36 were successful, 45 were rejected and 12 are either still in the assessment process at
the time of writing or had not responded to queries about the application from the Trust Administrator - so a final
decision had not been made either way by the Trustees. Elaborating upon how these charities have made it
through the process can offer useful insights to potential applicants.
Size doesn't always matter for the Trustees. Three smaller charities, ABC to Read, Dressability and the
Streatham Lunch Club made applications which demonstrated a clear need, good volunteer base, sufficient
reserves and an income not lower than £50k. Our Trust Administrator's queries were responded to promptly.
giving us a hint of good subsequent reporting. Another small but effective charity is the Braille Chess
Association. Into our third year of support, with an income of £113k and no paid staff, the charity continues to
offer accommodation and travel grants to enable visually impaired players to get to take part in chess events all
over the country.
The Trustees are also more likely to support a smaller charity if it is local to them in the North East and London
or for the Trust Administrator in Wiltshire and the West Country. A visit can be made and a relationship
established. The American Philanthropist Marc Benioff commented that "philanthropy isn't just about big gifts,
it's about participation. It is about the grace that comes from working together." An example of this is the visit
made by the Trustees to England's most northerly prison. The Trustees were invited to see the work of the
Oswin Project, a charity offering training and mentoring to prisoners and ex-offenders.
One of the many
initiatives managed by the charity is a bakery and coffee shop inside the prison. The Trustees enjoyed coffee
and cake, and saw a variety of pies, cakes and bread being baked by prisoners learning a new skill to help them
secure work upon discharge. The charity also runs a farm shop and bike repair workshop in the prison car park.
Shopping here is a lot more worthwhile than giving business to any of the local supermarkets.
With the Trust's profile in giving to education and disability the Trustees are very pleased to report on two
charities, Flamingo Chicks and Northern Ballet both offering dance programmes for a range of ages and abilities.
Flamingo Chicks and the Northern Ballet may be different in size but share the same purpose through their
inclusive dance programmes. The Trustees were impressed with Flamingo Chick's geographic reach given its
small cohort of staff, and their ability to harness the power of a large and committed volunteer base to make
dance accessible to all. Equally, the Northern Ballet's dance programme is pioneering ways to embed inclusive
practice across all of their work, rather than delivering it as a discrete strand of activity. Both charities also have
strong monitoring and evaluation procedures in place to aid reporting.
An application from a large, well-established charity can sometimes be off putting. "Drops in oceans" come to
mind as the Trustees consider the likely impact of a donation, and the overheads of running a large charity. If
the application comes from a larger charity the Trustees will want to see that it is being made for a specific
project, ideally with a relevant regional connection for the Trust. One good example this year has been the
application from the Variety Club of Great Britain for a minibus for Eslington Primary School in Gateshead. The
fundraiser offered a breakdown with levels of funding, enabling the Trustees to feel part of a manageable project.
This sense of a project being too big to offer meaningful impact has always been an issue for the Trustees with
large building projects. Due to economic uncertainty the number of applications for capital projects has seen a
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THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (continued)
marked decline. Last year's review made reference to a playground fundraising appeal for a primary school in
Jarrow. Varied and valid reasons have caused delays to the project, but the all-round frustration affirmed the
Trustees' policy of not offering pledges and caution in accepting applications for building projects.
In addition to the nature of the application and whether it comes from a large or smaller charity, the appraisal
process always takes into account the size of the reserves relative to the income, staff and volunteer numbers,
chief executive salary and other senior staff
, dependence upon Government grants and variety of income
sources, commitment to fundraising and financial restraint. The Trustees do appreciate the financial pressures
faced by the third sector, but the assessment process has to be maintained in order for the Trustees to feel
confident about the success of a donation and the sustainability of the charity being supported
Without wanting to sound too much like Dickens' Thomas Gradgrind in "Hard Times", graphs and figures in
applications and annual updates from charities show clear delivery of objectives and value for money.
alone are wanted in life" says Thomas Gradgrind, "plant nothing else". Such an extreme view is not entirely
supported by the Trustees, but helpful stats go a long way in giving confidence to the Trustees about the impact
of their donations. To know that the donation of £20,000 to Magic Breakfast has provided 71,000 breakfasts to
school children, or a donation of £9,720 to the Royal Botanic Garden in Edinburgh has enabled 873 children to
learn more about plants and insects, is hugely rewarding and inspiring.
There are times when the reporting isn't regular or is disappointing. Sometimes the Trustees make the decision
to let the charity go. The cause may be good, but the work involved on our side to convince the charity to meet
our objectives is too great. Sometimes setting up a zoom call or making a visit will re-ignite the relationship and
get things back on track.
The policy of one-off donations leading to repeat donations through standing orders has been clearly stated in
previous annual reports. The following charities are ones which stand out over 2024-25 as examples where
excellent reporting has led to the setting up of regular donations: Asylum Welcome, Read Easy, the community
outreach work of St John's church in Yeovil, and the health centre based in a bus, Us in a Bus. Charities are
always grateful for this commitment to longer term funding. So long as good reporting is maintained the JHT will
offer this security.
The Trustees remain cautious in developing giving overseas but are happy to report that the charities supported
to date thrive and continue to offer excellent reporting. The Brooke Hospital, KIKN, Ripple Africa, Cheetah
Outreach, the Halo Trust working in mine clearance, and Greenacres Academy, have all been longstanding
beneficiaries of the Trust. An additional charity was taken on during 2024-25 called Chameleon Buddies. This
Alnwick based charity working in Kenya was recently set up by the inspiring Gill Castle, the world's first "stoma
swimmer" to cross the English Channel. Gillian and her small team raise money and supply stoma bags and
other medical supplies to patients at the Gynocare and Fistula Hospital in Eldoret, Kenya. Gillian makes six
monthly visits to the hospital and will be undertaking a fundraising climb of Kilimanjaro with other stoma wearing
friends to bring in much needed funds for a new wing at the hospital in Eldoret.
as requiring the business skills referred to earlier in this review, Bill Gates also remarked that
philanthropy can be "fun and fulfilling".
• The Trustees are happy to report that there has been so much over this
past year that has been fulfilling but also fun. From learning how to make a good flat white at the Norwich based
charity Break, or a behind the scenes tour of the archives at the Bowes Museum in Barnard Castle, there has
been much fun to be had along the way. It has as always been a huge privilege to meet so many committed
people doing their bit to make the world just a little bit better. In the words of American cartoonist Dr Seuss,
"Unless someone like you cares a whole awful lot, nothing is going to get better. It's not".
Page 4

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (continued)
b. Trust Administrator's report
This year I have been able to visit a range of beneficiaries carrying out a variety of work across the charity
sector. Some highlights include the HealthBus in Bournemouth, a small charity supporting the homeless in
Bournemouth, Christchurch and Poole. Their holistic, specialised outreach work is particularly impressive and
provides a very clear impact for the Trustees' donation. I was warmly welcomed at Go Beyond's Daleside centre
in October, a charity which JHT has been supporting for a number of years and who provide consistently
excellent reporting. The Centre and committed staff (as well as the wonderful setting) provide a welcoming and
"family holiday" environment for vulnerable children who benefit from a much-needed break. Again, it was so
clear to see the impact of the Trustees' support, both in the short-term and long-term as staff work with Go
Beyond alumni to assess this.
Hospices, including hospice care in the community, remain a strong theme through the Trustees' giving again
this year. It has been good to visit and develop relationships with Shipston Home Nursing, St Peter's Hospice in
Bristol, Birmingham Hospice and Julia's House in Devizes. The consistent thread running through all these visits
was the severe funding crisis currently faced by hospices, with in-patient beds being cut, staff redundancies and
community services decreasing. Despite all of this, the high standard of care and support given to both patients
and their families never fails to make an impact and further highlights the importance of the Trustees' generous
Other highlights include St John's Church in Yeovil - situated in the centre of the town, this church has a well
thought through community programme that enables them to engage with a wide range of people in their local
community who need them most; and spending a day out in the van with the Wiltshire Bobby Van Trust visiting
victims of crime.
Finally, in January I re-visited Westonbirt to see the progress of the Silk Wood Community Project that has
benefitted from JHT's largest donation made in the last two financial years. With several staff changes over the
past year, it was good to visit again and see the community work in action, with a group from Bristol Youth
planting some of the 9,000 trees that will make up this new area of the woodland, and to see the noticeable
change in landscape from our last visit in spring 2024 - something that really was pleasing to see in person
rather than in a report.
Going forwards, the Trustees hope to increase the number of visits undertaken to other parts of the UK outside
of the North East, South West and London. This is a reflection of the growth in the number of beneficiaries and a
desire by the Trustees to gain a deeper understanding of the vital work of the organisations who benefit from
their support.
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THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (continued)
c. Year in numbers
TOTAL AMOUNT OF GRANTS BY
REGION
I Rest of UK
• North East
i London
overseas
TOTAL AMOUNT OF GRANTS BY
CATEGORY
I Community
• Education
• Environment
TOTAL AMOUNT OF GRANTS BY
TYPE
• One off donations
• Regular donations
47%
53%
ANALYSIS OF ONGOING
SUPPORT GIVEN TO NEW
CHARITIES OVER AN 18 MONTH
PERIOD (OCTOBER 2023 TO
MARCH 2025)
*TOTAL OF 48 NEW CHARITIES
SUPPORTED
•Ongoing support TEC
#No further donations
Further one-off donation made
•Further donation made via ongoing standing
order commitment
GRANT SIZE
Largest grant
Smallest grant
Average grant size -
12%
£60,000
22,000
€9,000
5%
1996
Page 6

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial review
a. Financials
The Trust's net assets increased by £1,406,438 (2024: increased by £1,304,341) during the year to £30,004,649
(2024: £28,598,211), after grants of £845,961 (2024: £710,067) were made.
Jonations of £1,000,000 (2024: £1,000,000), betore attributable gift aid, were given to the Trust during the yea
y Mr J R Horseman, Trustee. In addition a donation of £Nil (2024: £126,286) was received from Russell Clar
vestment Management Ltd, a company of which Mr Horseman was a former director. The finances of Th
ohn Horseman Trust are in a healthy state. The charity has no borrowings and is not dependant on outsic
support to maintain its spending.
The Trustees are satisfied with the position of the Trust at the balance sheet date.
b. Investment policy and performance
There are no restrictions in the Trust deed on the Trustees' power to invest.
As we complete the end of the financial year, the Charity remains in a healthy state. Net assets have grown by
almost 5% from £28.6 million at the end of the 2024 financial year and now stand at approximately £30 million.
This is after making donations of approximately £845,000 during the year, an increase of around 19% from the
previous year's total. We are particularly proud of the causes we support and feel privileged to be able to work
with many amazing people in pursuit of their aims.
The investment portfolio made a small gain during the year, helped by dividends from its equity holdings, interest
on the US treasury bonds and bills, UK gilts and corporate bonds. These gains were partly offset by a mildly
stronger pound during the year against all major currencies, where the Trust has its investments. In keeping with
the long-term nature of our investment policy, there were just two transactions during the year, which 1 detail
The first of these was the purchase of a position in the US mobile phone, broadband and telephony provider
Verizon. The company is the second largest provider of these communication services in the United States with
an approximately 25% market share, or more than $134 billion in revenue. A dividend yield in excess of 6% is
well covered by profits and should grow over time. How fast this grows will depend in part on the capital
commitments required by the authorities to maintain and improve the network, but with the 5G spectrum now
largely built out, we can expect this to decline. The company should benefit from acquisitions as smaller players
who lease capacity on the network are pressured to merge with larger players. Many cable companies offered
'packages' of television, mobile and broadband but as cable faces increasing pressure from streaming, it seems
likely that cable will exit the mobile business, providing an opportunity for Verizon to pick up new clients.
The other investment was in Alphabet, the owner of YouTube, Google and Android. Revenues at all three
subsidiaries are growing rapidly, with Youtube in the UK now attracting more viewing time than the BBC.
Although there are possible long-term threats to the industry for example from regulatory break up, where the
company is forced to sell or divest itself of Google Search, the outlook continues to look bright.
The Trust has important relationships with a considerable number of recipient charities where we hope to
continue giving year in, year out.
Many of our recipients have been on the receiving end of the Trust for more
than a decade and we hope will continue to partner with us. These appreciate the consistency of approach and
the reliability of being able to plan ahead. I have been exposed to bodies which rely on government funding
which from year to year are subject to a huge degree of uncertainty as budgets are cut or diverted, making
planning almost impossible.
It is therefore important that we maintain the resources to be able to do this and it
is a reason why our giving is at a level which can be maintained. It follows that In all of our investment thinking
we follow a very low risk approach to maintain and grow our charity. This plays out in a number of ways. Firstly.
we do not expose the charity to individual positions in equities which would compromise the charity's purpose
We recognise that we are going to get things wrong and cannot 'know the future' in any precise way. Alphabet is
Page 7

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
a case in point; we are facing losses on the position, but we have no reason to change our basic belief. A
commitment of barely 1.5% of the fund's assets to the investment means we can afford to wait without worrying
too much about its impact.
The second element of our approach is to be mindful of the charity's needs and to tailor the investment approach
accordingly. Interest rates of 4% themselves imply annual income in excess of £1 million, more than enough to
satisfy our giving requirements as they currently stand. If we are going to invest in more risky assets, then the
'hurdle' they have to jump to be acceptable is all the higher. A high proportion, around 70% is invested in interest
bearing fixed income and treasury securities, a key factor in providing income to meet our commitments.
Thirdly, we are not tied to any index or client expectation. My own background is in the fund management
industry, where a considerable amount of time is spent looking over your shoulder. It matters not an iota for
example whether Artificial Intelligence is a commercial success or failure, only whether others think it will be such
and buy the shares of companies associated with it. As these companies such as Nvidia grow in size, not to
invest in them risks gross underperformance versus the competition and the consequent loss of clients,
whatever you think about the underlying technology. Clearly this message has not been lost on investors who at
the last count had risked $3 trillion dollars on the success of the technology with little so far commercially to back
it up. As an aside, I asked Al which is offered to me for free, to write this piece and the result was as my teacher
used to say 'must try harder.'
As we turn to the new financial year, I would like to end on a happier note, but we are in a dilemma not seen
since the 1930s. President Trump, in an attempt to reduce the US's burgeoning trade deficit, has introduced
tariffs on trade at such a level and against all trading nations (even some which are uninhabited with only birds
and penguins to reciprocate) to threaten the entire trading system. Risks can come from anywhere when
investing but it is fair to say that that they should be self-induced is somewhat rare. If the tariffs are not reversed,
which seems unlikely although who can tell with Mr Trump, then higher inflation and a recession seem very
likely. Sadly, the more obvious panacea of tax rises, which would reduce both the trade and the budget deficit in
America and therefore go a long way to achieve the same objective are too unpalatable to be considered. Better
to have foreigners subsidise US spending it seems.
c. 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
concern 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 wholly at the discretion of the Trustees, with no particular level of reserves requires
to be maintained.
Page 8

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management
a. Governing document
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 two 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 year's 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 faces.
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 9

THE JOHN HORSEMAN TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
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
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 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.
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 Horseman
J Horseman (Sep 2, 2025 17:08:35 GMT+1)
J R Horseman
Trustee
Date: 02/09/2025
Page 10

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 2025 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
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 2025 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.
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THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN TRUST
(CONTINUED)
Other information
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 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.
realistic alternative but to do so.
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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 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
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:
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 procedures 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;
doumans
• review of the minutes of the board of Trustees;
• review of accounting estimates for management override and bias;
• analytical procedures to identify any unusual transactions;
• identifying and testing journal 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 accordance 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 internal controls.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those
charged with governance.
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
Page 13

THE JOHN HORSEMAN TRUST
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE JOHN HORSEMAN TRUST
(CONTINUED)
Use of our report
Kave Rae
Karen Rae (Sep 5, 2025 14:03:14 GMT+1)
Armstrong Watson Audit Limited
Newcastle upon Tyne
Date: 05/09/2025
Armstrong Watson Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act
2006.
Page 14

THE JOHN HORSEMAN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
funds
2025
Note
Income from:
Donations and legacies
Investments
Total income
Expenditure on:
Charitable activities
Other expenditure
Total expenditure
Net gains on investments
Net income (expenditure) and net movement in
funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
3
4
6
5
1,250,000
659,894
1,909,894
880,508
(108,239)
772,269
268,813
1,406,438
28,598,211
1,406,438
30,004,649
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 31 form part of these financial statements.
Total
funds
2025
1,250,000
659,894
1,909,894
880,508
(108,239)
772,269
268,813
1,406,438
28,598,211
1,406,438
30,004,649
Total
funds
2024
1,376,286
459,199
1,835,485
735,965
(200,600)
535,365
4,221
1,304,341
27,293,870
1,304,341
28,598,211
Page 15

THE JOHN HORSEMAN TRUST
BALANCE SHEET
AS AT 31 MARCH 2025
2025
Fixed assets
Tangible assets
Investments
Note
10
11
649
28,794,330
28,794,979
2024
-
27,344,584
27,344,584
Current assets
Debtors
Cash at bank and in hand
12
250,000
975,326
1,225,326
(15,656)
250,000
1,011,435
1,261,435
(7,808)
Creditors: amounts falling due within one
year
13
Net current assets
Total net assets
1,209,670
30,004,649
1,253,627
28,598,211
Charity funds
Unrestricted funds
14
30,004,649
28,598,211
Total funds
30,004,649
28,598,211
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
J Horseman
J Horseman (Sep 2, 2025 17:08:35 GMT+1)
J R Horseman
Trustee
Date: 02/09/2025
The notes on pages 18 to 31 form part of these financial statements.
Page 16

THE JOHN HORSEMAN TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 31 form part of these financial statements
485,590
2024
£
832,985
659,894
459,199
(660)
14,579,288
15,843,525
(15,760,221) (29,260,625)
(521,699) (12,957,901)
(36,109) (12,124,916)
1,011,435
13,136,351
975,326
1,011,435
Page 17

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.
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
Vorthumberana, NEpune oficipal activity of the Trust is grant gitag from donation at
investment income.
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), the Financial Reporting Standaro
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true
and fair' view. This departure has involved following the Charities SORP (FRS 102) published in
October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended
Practice effective from 1 April 2005 which has since 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 functional 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 concern.
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 received, and the amount of income receivable can be
measured reliably.
The following specific policies are applied to particular categories of income:
Donations are included in full 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 receivable.
Page 18

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Charity's objectives, as well as any associated support costs.
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 balance sheet date are noted as a
commitment, but not provided as expenditure.
Governance 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 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be
included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value
over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment
-
20% straight line
2.6 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
prices 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.
2.7
Cash at bank and in hand
Cash at bank includes a Sterling current account and two foreign currency current accounts each
with linked interest bearing reserve accounts together with a dormant Sterling 90 day account.
Page 19

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies (continued)
2.8 Liabilities and provisions
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.
2.9 Foreign currency
Transactions denominated in foreign currencies are translated into sterling 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 balance sheet date.
2.10 Financial instruments
With the exception 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.
2.11 Fund accounting
Unrestricted funds 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.
Income from donations and legacies
Donations (including gift aid)
Unrestricted
funds
2025
1,250,000
Total
funds
2025
1,250,000
Donations (including gift aid)
Unrestricted
funds
2024
1,376,286
Total
funds
2024
1,376,286
Page 20

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
4.
Investment income
Dividends and interest receivable from listed investments
Bank interest receivable
Unrestricted
funds
2025
645,079
14,815
659,894
Dividend and interest receivable from listed investments
Investment income - local cash
Unrestricted
funds
2024
422,134
37,065
459,199
Other expenditure
Gain on foreign exchange retranslation
Unrestricted
funds
2025
(108,239)
Gains on foreign exchange retranslation
Unrestricted
funds
2024
(200,600)
Total
funds
2025
645,079
14,815
659,894
Total
funds
2024
422,134
37,065
459,199
Total
funds
2025
(108,239)
Total
funds
2024
(200,600)
Page 21

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of charitable expenditure by activities
Grant
funding of
activities
2025
€
845,961
Support
costs
2025
Grants payable to institutions (Note 7)
Administration
Bank charges
Governance costs
Travel and subsistence
Depreciation
845,961
-
12,058
4,065
16,992
1,421
11
34,547
Total
funds
2025
845,961
12,058
4,065
16,992
1,421
11
880,508
Governance costs include fees payable to the auditor for the audit and preparation of the Trust's statutory
accounts and for accountants fees for other services. These costs are detailed in note 8
Grants payable to institutions (Note 7)
Administration
Bank charges
Governance costs
Travel and subsistence
Grant
funding of
activities
2024
710,067
-
710,067
Support
costs
2024
-
11,504
3,881
7,608
2,905
25,898
Total
funds
2024
710,067
11,504
3,881
7,608
2,905
735,965
Governance costs include fees payable to the auditor for the audit and preparation of the Trust's statutory
accounts and for accountants fees for other services. These costs are detailed in note 8.
Page 22

7.
THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants to institutions
Assisting Berkshire Children to Read (ABC to Read)
Age UK Merton
Amber Trust
Amy and Friends
Asylum Welcome
Be Free Young Carers
Bede House Association
Big Give
Bletchley Park
Bloomsbury Football Association
Bowes Museum
Braille Chess Association
Break
Brooke Hospital for Animals
Castle Point Social Car Scheme
Chameleon Buddies
Cheetah Outreach, South Africa
Chronicle Sunshine Fund
Dementia UK
Disabilty Advice Service
Dressability
Ebony Horse Club
Family Gateway
FareShare
Farms for City Children
FEAST
Flamingo Chicks
Florence Nightingale Museum
Francis House Children's Hospice
Friends of Westonbirt Arboretum
Future Frontiers
GL11 Community Project
Go Beyond
Green Light Trust
Carried forward
2025
3,000
5,000
3,000
5,000
5,000
5,000
5,000
5,000
15,000
7,000
2,000
18,000
5,000
5,299
5,000
5,000
10,000
15,000
20,000
10,000
5,000
-
5,000
60,000
10,000
10,000
5,000
253,299
2024
3,000
-
3,000
5,000
5,000
5,000
5,000
-
5,000
2.000
18,000
5,000
3,000
-
5,249
10,614
10,000
5,000
-
5,000
15,000
12,002
10,000
2,000
5,000
60,000
10,000
5,000
5.000
218,865
Page 23

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants to institutions (continued)
Brought forward
Greenacres Education Trust, Uganda
Halo Trust
Hand Of
HealthBus
Heel and Toe Children's Charity
HighTide Theatre
Horsham Matters
Hospice Charity Partnership
Integrated Neurological Services
James' Place
Julia's House
Kensington Dragons FC
Kids in Kathmandu, Nepal
Lewis Manning Hospice
Link Age Southwark
Literary and Philosophical Society
Live Music Now North East
Live Theatre
London City Mission
London Wildlife Trust
London's Air Ambulance
Lumos
Maggs Day Centre
Magic Breakfast
Marie Curie Cancer Care
Mary Hare Foundation
Maxability
Carried forward
2025
253,299
5,000
10,000
5,000
15,000
10,000
8,000
2,000
-
10,000
10,000
5,000
3,000
10,000
5,000
3,000
5,000
32,000
5,000
5,000
10,000
20.000
25,000
-
461,299
2024
218,865
5,000
5,000
-
11,775
10,000
6,650
5,000
15,000
5,000
10,000
5,000
3,000
500
5,000
5,000
2,000
5,000
5,000
5,000
10,000
10,000
25,000
10,000
5,000
387,790
Page 24

7.
THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants to institutions (continued)
Brought forward
Newcastle United Foundation
North Music Trust (Glasshouse)
North Northumberland Hospice
Northern Ballet
Northumberland National Park
Off The Streets
Oswin Project
Pelton Youth and Community Centre
Place2Be
Prison Me No Way (No Way Trust)
Read Easy UK
Redthread
Ripple Africa, Malawi
Royal Botanic Gardens Edinburgh
Royal Marines Association
Royal National Lifeboat Institution
Royal Zoological Society for Scotland
Saint Michael's Hospice
Salvation Army
Samling Institute for Young Artists
SELFA
Shine
Shipston Home Nursing
Shooting Star Hospice
Snowdon Trust
South East Cancer Help Centre
St Chad's College
Carried forward
2025
461,299
10,000
10,000
3,000
10,000
10,000
10,000
5,000
20,000
5,000
5,000
6,000
10,000
5,000
5,000
5,000
5,000
10.000
10,000
20,000
6,000
636,299
2024
387,790
10,000
10,000
3,000
10,000
5,000
-
17,527
20,000
5,000
5,000
6,000
9,720
5,000
10,000
5,000
10,000
:
10,000
5,000
20,000
-
15,000
569,037
Page 25

7.
THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Grants to institutions (continued)
Brought forward
St Christopher's Hospice
St David's Hospice
St John's Yeovil
St Martin-in-the-Fields Trust
St Mungo's
St Peter's Church Parr
St Peter's Hospice
St Raphael's Hospice
STAA
Stewardship
Streatham Youth and Community Trust
Stroke Association
Strongbones Children's Charitable Trust
Surfers Against Sewage
Tarka Valley Railway
Teesside Hospice
The Cowshed
The Lunch Club
The Outward Bound Trust
Tyne and Wear RDA
Ufton Court
Umbrella
University of Birmingham - Access to Birmingham Scheme
University of Birmingham - Sanctuary Scholarships Scheme
Us in a Bus
Variety, The Children's Charity
Vine Counselling
Weldmar Hospice
Wiltshire Bobby Van Trust
YMCA Bournemouth
2025
636,299
5,000
5,000
10,000
5,000
5,000
13,552
5,062
13,370
12,976
5,000
10,000
2,000
10,000
10,000
2,000
3,150
5,000
12,000
5,000
35,000
5,100
10,452
5,000
15,000
:
845,961
2024
569,037
5,000
6,000
-
10,000
3,000
5,000
3,000
5,000
12,730
:
10,000
:
5,000
1,300
5,000
35,000
10,000
5,000
10,000
710.067
Page 26

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Auditors' remuneration
The auditors' remuneration amounts to an auditor fee of £9,540 (2024 - £5,568), and bookkeeping
statutory accounts and ad hoc work of £7,452 (2024 - £2,040).
9.
10.
Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
The Trust considers its key management personnel to be the Trustees.
During the year ended 31 March 2025, expenses totalling £1,421 were reimbursed to 2 Trustees (2024:
£3,451 to 2 Trustees). These expenses related to travel and subsistence.
Tangible fixed assets
Office
equipment
Cost or valuation
Additions
At 31 March 2025
660
660
Depreciation
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
649
Page 27

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11. Fixed asset investments
Cost or valuation
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
Listed
investments
27,344,584
15,760,221
(14,597,872)
287,397
28,794,330
Net book value
At 31 March 2025
28,794,330
At 31 March 2024
27,344,584
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
12. Debtors
2025
2024
Due within one year
Gift aid recoverable
250,000
250,000
250,000
250,000
13.
Creditors: Amounts falling due within one year
Grants payable
Accruals
2025
500
15,156
15,656
2024
500
7,308
7,808
Page 28

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. Statement of funds
Statement of funds - current year
Balance at 1
April 2024
Gains/
(Losses)
Unrestricted funds
Unrestricted funds
Statement of funds - prior year
28,598,211
Income Expenditure
1,909,894
(772,269)
268,813
Balance at
1 April 2023
Unrestricted funds
Unrestricted funds
27,293,870
Income Expenditure
1,835,485
(535,365)
Gains/
(Losses)
4,221
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total
Unrestricted
funds
2025
649
28,794,330
1,225,326
(15,656)
30,004,649
Balance at
31 March
2025
30,004,649
Balance at
31 March
2024
28,598,211
Total
funds
2025
649
28,794,330
1,225,326
(15,656)
30,004,649
Page 29

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
Fixed asset investments
Current assets
Creditors due within one year
Total
Unrestricted
funds
2024
27,344,584
1,261,435
(7,808)
28,598,211
Total
funds
2024
27,344,584
1,261,435
(7,808)
28,598,211
16.
Grant commitments
17.
Commitments payable in 1 year
Commitments payable in over 1 year
2025
130,000
190,000
320,000
2024
130,000
235,000
365,000
In addition, at the year end, the charity had annual grant commitments of £300,000 (2024: £237,000).
These grant commitments are not provided as liabilities in the financial statements. The amounts
represent future amounts of grants offered at the balance sheet date, which are subject to ongoing
reviews and are payable out of future income.
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.
Page 30

THE JOHN HORSEMAN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
18. Reconciliation of net movement in funds to net cash flow from operating activities
2025
1,406,438
2024
1,304,341
Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gains) on investments
Dividends and interest from investments
Increase/(decrease) in creditors
Net cash provided by operating activities
(268,813)
(659,894)
7,848
485,590
-
(4,221)
(459,199)
(7,936)
832,985
19. Analysis of cash and cash equivalents
Cash at bank
Total cash and cash equivalents
2025
975,326
975,326
2024
€
1,011,435
1,011,435
20. Analysis of changes in net debt
Cash at bank and in hand
At 1 April
2024
1.011.435
1,011,435
Cash flows
(36,109)
(36,109)
At 31 March
2025
€
975,326
975,326
Page 31