Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 Company Registration Number: 03965249 Charity Registration Number: lo198 THE LENNOX HANNAY CHARITABLE TRUST la Company Limited by Guarantee and Registered as a Charity) REPORT AND FINANCIAL sfATEMEW15 For the year ended 31 Marth 2(r26
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST CONTENTS Page Reference and Administrative Infomation Trustees. Annual Report Report of the Independent Auditor 7-10 Statement of Finanaal Activities li Balance Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 14-21
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARABLE TRUST REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2026 The t£nnox Hannay Charitable Trust is a charitsble company limited by guarantee and incorporated in England and Wales a5 Company numbeT 03965249 m 31 March and resistered as Charity number 1080198 on 3 April 2(m. The company was established under a Memorandum of ASl30n which established the object5 and powers of the charitsble company and is governed under its Artides of Association. The Directors of the charitsble company are its Trustees for the purp(w of charity law and throushout this report are collectively referred to a5 the Trustees. TRUSTEESIDIRECTORS C F Wilmol-sitwell T S Dou8las-Home JKKin8 RF Tstee Co. Limited- COMPANY SECRETARY CESScott REGISTERED OFFICE 14 Buckinsham Street London WC2N 6DF INDEPENDENf AUDITOR Hazlewocds LLP Windsor House Bayshill Road Cheltenham CL50 3AT REGISTERED COMPANY NUMBER 03965249 REGISTERED CHARITY NUMBER 1080198 The directors of RF Tn15tee Co. Limited as at the year end were. P Fleming R M Flemin8 ERHPerks RD Sdiuster L J Sutro Pase I
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARABLE TRUST TRUSTEES, REPORT FOR THE YL4R ENDED 31 CH 2026 The Tntstees are pleased to present their report tO8ether with the finanei31 statements of the Charity for the year ended 31 March 21n6 which are also prepared to meet the requirements for a DiTectof s Report and Accounts for Companies Act purposes. Reference and administrative inforniation set out on page I forrns part of this report. The financial statements comply with the Charities Act 2011, as amded, the Companies Act 2(X]6 and the reviewed Statement of Recommended Praclice- Accountin8 and Reportins by Charitit¥ (Sol 2015). STRUCTURE. GOVERNANCE AND MANAGEMENT The Trustee5 who held Offi throughout the year are Shown on pase l. New Trustees, when rquired, are selLYted by the serving Trustees and are appointed by a Resolution of existins Trustees. New Trustee5 are infornied of the history of the Charity and acquainted with the activities of the Charity. No Trustee receives a fee for the service they provide to the charity. all time spent is donated free of tharge. Manasement Services Limited provides the charity corporatelcharity administration and fsnancial reporting Services. The Tntstees receive resular Teports from RFf Management Services Limited. The TrLtstees meet a rninimum of two tKmes a year. OBJECTS AND ACTtvrrIES The Charitys objects are to prornote and support such charitsble purpose or purposes and such charitable organisation or orsani5ations, being purposes and or8anisations, which are exclusively charitable accoEdin8 to the law of England and Wales. as the Trnstees shall from time to time at their discretion decide. The Charit)45 objectives arewide in scope and allow theTTr to modifytheir 8rant-makin8 activity to consider varyin8 charitsble demands over time. This means that fundins can be applied where the Trustees consider that it is most needed. In furtherance of the objectives the TTUStees continue to make grants to charitable organisations both on a one-off and recurrins basis. TheTrustees aim to conttnueto generatesUffiOtjnCQrne to allow the Charityto meet its srant-making objective. This will be achieved by f(Kvsing on the lon8-term sustainability of the investments and maintaining the capital value to SUPPOrt this income requiremenL The Trustee5 monitor the Perf0rnw ofthe investments a8aiThst their i[e requirement and capital growth objectives in supporting income. Performance is discussed resularly with the investment manaseTS against suitable industry benthrnark Page 2
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrrABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 (CONT) GRANT MAKING POLICY TheTTUStees supporta variety of charitable purpowbyproviding financial support toother registered charities. Whilst the Tmstees are able to advance funds out of the exPdable endowma)t fund the intention for the foreseeable tLAre is to pay expense5 and grants solely out of income. The Trustees met twice durin8 the course of the financial year Lx)vered by this report. and considered the applieations for assistance that had been received. The Trustees have indicated tocertain charities that they maymake furthergrants in forthcoming years. The Trustees retain the option to discontinue the proSECtive instalments at any time. The Trustees require all beneficiaries to acknowled8e 8fdnts made and where possible to provide an update as to how funds have applied by theln in meeting their own charitable objectives and hence that the funds have been put to sd use. The Trustees have considered the Charity Commission guidan on public benefit including the guidance "public benefit ruDnin8 a charity, when forniulatins the grant making policy. The Trustee5 consider how 8rants can be made to ensure maximum befit flows through to the intended ultintste beneficiaries. ACHtEVEMENTS AND PERFORMANCE With the objects in mind the Tntstees. durffin8 the course of the fu1claI year covered by this reporL made 156 srants totalling £776,(KX) to a variety of dwitable causes. The grants benefitted a number of public causes. as detailed in note 7. The Trustees continued with their policy of making a mixture of smaller (£3,(iKJ and below), medium (up to £25,(XK)) and larser grants (f25,(KKJ and above or longer-terni funding that totsl more than £25,(A)O). TheTrustees aremindful that some proFctsrequire rnuch larser filldins levels tobe effective. A wide variety of causes were supporte¢ the m05t significant were in the area5 of The advancement of education The adVanrnent of health or the saving of lives The relief of those in need by reag)n of youttb age. ill-healdL disability. flnanaal or other dAsadvanta8e The advancement of VIronments1 protection or improvement The advancernent of the arts, culture, heritase or stice. The Tntstees l(Ktrk forward to beins able to continue their tharitable work in the coming years in accordance with the 8rant makin8 policy, whith redects the objertives of the Cl)arity. Page 3
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrrABLE TRUST TRUSTEES. REPORT FOR THE Y&4R ENDED 31 MARCH 2026 (CONT} FINANCIAL REVtEW The Charitys principal source of income is from its investments, which aTnounted to £1,210,421 (2025- £1,129.&34). The Trustees do Thot envisage any material change to the operation of the Charity in the lons-terrn. The investments will continue to be manased on a similar basis to now. Notwithstanding this, the Trustees remain flexible in tertns of the type of organisations supported so as to meet the demaDds of the day. RESERVES POLICY It is the Trusted intention to SU5tsin a level of free undistributed funds at a level which will provide sufficient investment income to cover the charitys manageentaThd xdministrationcosts and tobe able to respond to any emergency application5 for support that may are from time to time. The Trustees consider a sustainable level of free undistributed funds to be a minirnum of £150,IXX). At the year the free undistributed fund stsnds at £31120. JNVESTMENf POLICY The TnteeS have agreed an investsnent policy for the Ctharitjrfs investment portfolio and have instructed the Investment manasers thai the portfolio is to be invested to produce a suitable mixture of income, in order that the level of grants nY be maintained and capital growth to Secure the future of the aiarity in the coming years. This policy is monitored by regular investtnent reports and meetings with the investment managers. To meet these objectives, the awitys investments are managed across a range of asset classes, maintaining diversificatiory to Produ an appropriate balan between risk and Teturn. The Trustee5 have decided that it would be inappropriate to imEK>se any specific ethical investment constraints upon thelnvesttnent manageroverand above thosealready contained withinthemana8ers' own ethical and $IallY responsible investment polkcies. RISK MANAGEMENT The Trustees have considered the risks to which the aMrity is exposed and are satisfied that systems are in place to mitigate those risks. The principal risk faced by the Charity is an investsnent risk This risk could be the reduction in the capital value of the investrnents and the income derived from the investments. required by the Tntstees in meeiing their charitable objectives. This risk has beetL addressed by the appointment of Prof1onal advisors to moDitor investment perforniance and to decide on acquisitions and disposal5. Page 4
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 (CONTD) KEY MANAGEMENT PERSONNEL The Trustees are considered to be the Key FAanagement Personnel of the charity. the Trustees are not remunerated for their services and there are no paid employed by the TrusL Day to day ITiana8ement is carried out under an agreement with RFf Management servi Limited. Administratsoncosts (excludins asset manaSeMt and governanc0Sts) amounted to 44% of income (2025: 4.6%). STATEMENT OF TRUSTEES. REsPONslLE5 FOR THE FINANCtAL STATEMENTS The Trustees (who are the directors of the tAinox Hannay Charitable Tntst for the purposes of company law) are rworLsible for preparins the Trustees 'Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice>. The law requires the Tntee5 to prepare flnancial $tatemeThts for each financial year which sive a twe and fair view of the state of affair5 of the Charlty and the resources and application of resources, includin8 the income and exPditre foT that peTiod. In preparing those f&nancial statements the Trustees are required to: Select suitsble accounting poliaes and then apply them consistently: Observe the methods and principles in the Charities SORP: Make iudgernents and L%timate5 that are reasonable and prudenL' StatewhetherUK Accountingstandards havebeenfollowed subject to anymaterial departures disclosed and explained in the financial Statements: and Prepare the financial statements on a soing concern basis unles5 it is inappropriate to presume that the charity will continue in business. Jn so far a5 the Trustees are aware: There is no relevant audit infom)ation of which the charitable ¢ompan*5 auditor 15 unaware: The Trustees have taken all steps that they ought to have taken to make themselves aware of any audit ]nforntiOn and to establish that the auditor is aware of that inforniation. The Trustees are resp)nsible for keepin8 the accounting record5 which disclose with reasonable accuracy at any time the flnancial position of the Charity and enable them to ensure the financial statements complywith the Companies Act 2¢. They are also responsible for 5afesuardins the assets ofthe Charity and hence fortsking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for ensuring that the Truste& Annual Report is prepared in aecordance with company law in the United Kingdorn. Page 5
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2026 (CONTD) INDEPENDENf AUDrroR In accordance with Section 487(2) of the Companies Act 2(K6. HazelwLM)ds LLP are deemed to be re- appointed as Auditors of the Company for the following year. SMALL COMPANY EXEMPTION This report has be prepared in accordance with the special provisions of Part 15 of the Companie5 Act 2(Xkn relating to small companie5. Approved by the Trustees and sisned on their behalf by. R D Schuster On behalf of RF Trustee Co. Limited- Trustee 4 August 2026 The Lennox Hannay Charitable Trust Company Re8iStered Number 3965249 Charlty Registered Number 108D198 Pase 6
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST AUDrroR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2026 We have audited the financial stratements of The I10X Harnuy Ctrthritable Trust for the year ended 31 Marth 2026 which comprise the statemlt of Financial Artivities, the Balan She* and the related notes. The financial reportin8 fvarnework 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 treland (United Kingdom Generally Accepted Accounting Practice). Opinion on finanaal statements In our opinion the financial statemen. give a true and fair view of the state of the charitys affairs as at 31 March 2026 and of its incoming resources and appli(ztion of Twur. induding its income and expenditure, for the year then ended; have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice; aDd have been prepared in accordan with the requirements of the Companies Act 2(K16 and the Charities Art 2011. a8is for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (tSAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 UK including the FRC'S Ethical Standard and we have fulfilled our other ethiol responsibilities in accordance with these requiremenls. We believe that the audit evidentr we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusion8 latIng to 80ing concern We have nothin8 to report in rw ofthe following rnatters in relation to which theISAs IUK) require us to report to you where: the tntees, use of the soing concern basis of accounting in the preparation of the finanoal statements is not appropriate; or the tfttees have not disclosed in the financial statements any identified material uncertainties that may cast significani doubt about the charitys ability to continue to adopt the soing concern basis of accountin8 for a period of at least twelve months from the date when the finanaal 5tstemts are authorised for issue. Other information The other information comprises the inforniation included in the anU#l report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. The other infonrLationcomprises the inforntiOn included in the annual reporL other than the financial statements and our auditors report thereon. Our opinion on the firla1 staterneThts does not cover the other infonnation and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assurance conclusion thereorL Page 7
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LENNOX HANNAY CHAIUTABLE TRUST FOR THE YEAR ENDED 31 MARCH 2026 (CONT'D) In connection with our audit of the financial ststernts our responsibility is to Tead the other infonnation and, in doin8 so. consider whether the other infomxtion is materially inconsistent with the financial ststements, or OUT knowledge thtained in the audit or otherwise appears to be materially misstated. If we identify suth material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the fffinanaal staternts or a material misstatement of the other infomation. based on the work we have perfornied, we conclude that there is a material misstatement of this other infornTrtior¥ we are required to report that fact. We have nothin8 to report in this regard. Matters on which we required to report by eXptIon We have nothing to report in reSPt of the followin8 matters where the Charities Act 2011 requires u5 to report to you if, in our opinion: the infortnatkon given in the finanaal statements is inconsistent in aY material respect with the trustees, report; or suffiCit accounting records have not been kept; or the finanaal statements are not in agreemult with the accountin8 records: or we have not received all the ]nforntIOn and explanations we require for our audit Responsibilities of trustees As explained more ]lY in the tTU5tees' resporLsJbilities siatement. the trustees are rwonsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for 5uth internal control as the trustees determine is necessary to enable the Preparation of financial statements that are free from material mÈ&statemeTh¢ whether due to fraud or error. AudAtorfs responsibAIAties for the audit of the fllwicial statettts Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free frorn material mi5statemenL whether due to fraud or error. and to issue an auditorfs report that indudes our OPiDiQfL Reasonable assurance is a high level of assurance but is not a guarantee that an audit condueted in accordance with ISAS IUK) will always detect a material mis5tstement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggre8ate, they could reasonably be expected to infiuenee the economic decisions of users taken on the basis of these financial statements. As part of an audit accordance with ISAS (UK)), we exer(ise professional iudsement and maintain scepticism throughout the audit. We a150 Identify and assess the risks of material misstatement of the financial ststements, whetheT due to fraud or error, design and perforni audit pr(thlures responsive to th05e risks, and obtain audit evidence that is suffiaent and appropriate to Provide a basi5 for our opinion. The risk of not detectin8a material misstatement resulting from fraud is higher than for one resulting from error, a5 fraud may invo1vecollusi0 forsery. intentional omissions. misrepresentations, or the override of internal control. Obtsin an understanding of internal control relevant to the audit in order to desisn audit pr(edureS that are appropriate in the cirCUnce5, but not for the purposes of expressing an opinion on the effectiv0&$ of the charitfs internal controL Page 8
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST INDEPENDETrrr AUDITOR'S REPORT TO THE TRUSTEES OF THE LENNOX HANNAY CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2026 (CONTTI) Evaluate the appropriatene&sofaccounting policies used and the reasonableness of accountins estimates and related digclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the goins concern basis of accountin8 and, based on the audit evIdere obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the dwitable compan$ ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in OUT auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to rnodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions rnay cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial 5taternents, including the disclosures, and whether the financial statements representtheunderlyins transactions and events in a manner that achieve5 fair presentation. Obtain sufficient appropriate audit eviden¢E regarding the fmaneial ]nforntIOn of the entities or business aCtitieS within the charity to express an opinion on the financial statements. We are resw)nsible for the direction, supervision and perforrnance of the charitys audit. We Temain solely responsiTr>le for our audit opinioTL We have communicated with those charged with governaTh resaTdin& amons other matters. the planned scope and timing of the audit and si8nificant audit findin8s, including any significant deficienoes in internal contsol that we identify during our audiL Extent to whith the audit was considered capable of detecbns irTegularitieg. induding fraud Owing to the inherent limitation5 of an audiL there is an unavoidable risk that material misstatements in the finanoal statements may not be detected. even thou8h the audit is properly planned and perfornied in accordance with the ISAS IUK). In identifyins and assessing the risk of material rni5Statement in respert of frau¢l including itte8ularities and non-complian with laws and resulations. our procedures included the following: We obtained an understanding of the legal and regulatory requirements applicable to the company fmancial statements or that had a fundamental effect on the COMpanS operations. We determined that the most $i1f1(ant resulations included UK GAAP. UK Companies Act 2006 and taxation laws. We understo(Ml how the company is complyins with those le8al and regulatory frameworks by making inquiries of manasemen¢ those responsible for lesal and compliance procedures We assessed the susceptibility of the CornpanS financial statements to material misstatement. induding how fraud might Audit proLYdures performed by the en8agemeDt team included: Identifying and assessin8 the desi1 efftivfts of controls management has in place to prevent and detect fraud; Understandins how those charged with SernanCe considered and addressed the potential for overrise of controls or other inappropriate infiuence over the financial reportin8 process. Detailed analysis of journa15 Posted through the accounting SySteTn during the year to 31 Marth2026 has been undertak. Page 9
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrrABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LENNOX HANNAY CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2026 (CONVD) Understanding the contro15 in place to prevent and detect fraud. Reliance was not pjaced on controls for the entirety of the audi¢ instead tsking a subskntive testing approac however controls were in Pla to preveni fraud and they appeared to be working effectively: Challenging aswmptions and Judgements made by management in its SIlf1(ant Use of OUT report Thi5 report is made solely to the charity s mernbers, as a body, ID aLrordance with Chapter 3 of Part 16 of the Companxes Act 2(KY). Ouraudit work hasbeen undertaken sothat we n)ight state to the chariW5 members those matters weare required to stats to them in an auditof s report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys members as a Ix)dy, for our audit work. foT this report, or for the opinions we have fornied. Martin Howard (knior Statutory Auditor) For and on behalf of HazlewTh)ds LIF. Statutory AuditOT Windsor House Bayshill Road Cheltenham GL50 3AT Date- 61812026 Page 10
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHAIUTABLE TRUST STATEMENT OF FINANaAL AcnvrttES FOR THE YEAR ENDED 31 MARCH 2026 Unrestricted NOTE Expendable Unrestrirted Endowment Income Total 2ff26 Total 2025 COME Investment income Gift TOTAL tNCOME 1,210J45 1210.345 76 1,129,634 76 76 1,210.345 1,210,421 1,129,634 EXPENDTfuRE Costs of generatins funds Charitable activities TOTAL EXPENDITURE 210.131 210,131 838,194 838,194 1,048,325 1.048,325 185,084 794,861 979.945 Gain on revaluation Gain511Losses) on investment Realised Gainsl(tmses) on disposal 13 655,(KJl {30,172) (24.908) 742,183 221586 742,183 221586 NET INCOME 1.363,845 I@20 1525,865 749,610 Gains on foreisn exchange 1.363.889 149,689 1513578 162,Ir20 (149,689) 11331 1S25,9(B 1,525,9(YJ 749,610 Gr05s transfer between funds NET MOVEMENT IN Fuf4DS 15 749,610 RECONCILIATION OF FUNDS Total funds brought torward &5.764.313 29J,&89 36.064,2 35,314,392 BALANCE CARIUED FORWARD 37277WI 311020 37.589.911 36.1)64.2 CONTINUING OPERATIONS: all of the charitys activities re]ate to continuin8 operation5. TOTAL RECOGNISED GAINS AND LOSSES: the charity has no rwised 8ains and losses other than those shown in the Statement of financial activitie Page 11
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2026 N( 2tr26 2025 FIXED ASSETS Investment Propety tnvestments 13 8,455,(KKI 28,822,891 37,271,891 8,055,(JXJ 27,709,313 35,764,313 CURRENT ASSETS Debtors Cash at Bank io 62.803 288,039 285,372 361,143 LIABILITIES Creditors: fallin8 due within (ffte year li (49.123) {51,153) NET CUIIRENT ASSETS 312,020 299,689 TOTAL AsSs LESS CURRENT UABILTrtES 3789,911 36,064,02 Representing: UNRESTIUCTED FUNDS Expendable End0wmt Income 12 37,277.891 312.020 37,589,911 35,764,313 299,689 36,064,(K)2 These accounts have been prepared in aCcordare with the spla1 provisions of Part 15 of the Companies Act 2C(J6 relating to small companies. Approved and authorised for i&we on 4 Ausust 21r26 and sisn&l on their behalf by. RD Schuster For and on behalf of RF Trustee Co. Limited The Lennox Hannay Charitable Trust Company Resistered Number 3965249 Charity Resistered Number 108i1198 Page 12
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrrABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2026 Note 2(r26 2025 NET CASH ABSORBED BY OPERATING ArnES (see below) (663,2031 (1,019,177) Cash flows from inve8tin8 artivities Dividends and interest from investtnents Other Incoming Resources Proceeds from the sale of investments Purchase of investments Net cash provided by investing activities 1,031,028 962,785 179,317 166,849 2.5T1238 1,613,118 12.549.958) 12,150,(K)01 1,231625 592,752 9.13 Chan8e in cash and cash equivalents in period Cash and cash equivalents brought forward Cash and cash equivalents carried forward 169,422 331,189 (426,424) 757,613 5W,611 331,189 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Net movement in funds for the pericxl ended 31 Fdarch 2025 las per the Statement of Financial Activities. page ii) Adjustments for. 1525,9C8 749,610 DideftdS and interest from investments Other Incoming Re50urce5 Realised 8ainsllosses on the sale of investments Unrealised gainsAos5es in revaluing investmentslproperty {lThcrease) in debtors (Deuease) in creditors {1,031,(r28) (17917) (221586) (742.183) (962,7851 1166,849) 24,908 (624,829) 9,13 io li 2,968) {2,0}) {19.429) 119,803) Net cash absorbed by operating artitieS (see above) (663,203) (1,019,177) Analysis of cash and cash equivalents Asat l April 2025 Asat 31 March 2026 Cash Flow Cash at Bank Cash held in investments (2,667) 172.089 169.422 285,372 215,239 500,611 43,1 331,189 Page 13
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHAIUTABLE TRUST NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ACCOUNTING POLICIES (a) Basis of Preparation The financial statements have been prepared in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS lff2}. The Charity is a public benefit entity for the purposes of FRS 102 and a registered chartty established as a company limited by guarantee in the United Kingdom and therefore has a150 prepared its financial ststements in accordance with the Statement of Reeomrnended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the FRS I¢Y2 Charities SORP). the Companies Act 2(K)6 and Charities Act 2011. The accounts are Prepared in sterlin& which is the functional currency of the Charity. ar rounded to the nearest pound. (b) Goin8 Concern The Trustees consider that there are no material uncertainties about the Charit$ ability to continue as a going concern. With respect to the next reporting period 31 March 2027, the most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investment return and the perforn)ance of invesbnent markets {see the investsnent policy and perfornwice and risk management sections of the truste annual report for more In£orntion>. (c) Fund Strurtu Unrestricted Funds comprise those Trds which the Trustees are free to use in accordance with the dthritable objects. The Expendable Endowment Fund represents those a%gets which are held for the longer term for the Charity. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Income Fund. As the Expendable Endowment Fund can be used in accordancewith the objects ofthecharity and is Anduded in the unrestricted income. capital can a15Q t spent in certain orCumstan5 in fulfilment of the Charity5 Objective5. Any capital gains or losses arising on the investsnents held in the Expendable Endowment Fund form part of that fund. Id) Income All income is recwised in the statnent of Financial Activities (SOFA) when the condition5 for receipts have been met and there is reasonable assurance of receipt. The following accounting policies are applied to difference cate8ories of ineome. lttveslmellt Jnc(vh¢ Investsnent income is accounted for when receivabl Rental l*come Rental income from the invtheDt propety is accxwnted for on a I1Vable basis. Page 14
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST NOTES TO THE FtNANCIAL STATEMEFifs FOR THE YEAR ENDED 31 MARCH 2026 ICONTD) ACCOUNTING POLICIES (CONT le) Expenditure Liabilities are recWiS as soon as there is a legal or constructive obligation committing the Charity to the expendlture. All expenditure As accounted for on an accruals basis and has been classified under hEadings that aggregate all costs related to the cate80ry. The following accountin8 poIicAes are applied to the different categories of expenditure: Costs ofgenerntingfv The costs of 8eneratin8 funds corLSiSt of investment mana8emen¢ property manasement and related costs. Charitable Activities Costs of charitable activities indude grants made and support and govemancecosts. Grants payable are reCWis when they are approved by the Trustees and the recipient of the 8Tant has been infonned of the amount to be paid. S#pport And Govmwnc¢ Costs Support and governance costs comprlse all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs indude expense5 related to statutory audit fees. profe55ional and 1+1 kes and support costs. (O Fixed Asset Investments The Trustees believe that induding cash held with investment manager5 within Fixed Asset Investments was a more accurate portrayal of how this (ash is used. The figures show this cash within Fixed Asset Investtnents. Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses on revaluation and disp)sals throu8hout the year. The unlisted investsnentsare valued accordingtotheamount ststed bytheInvestment Fund Manaser5. The investment Property is shown in the Balance Sheet as at 31 March 2026 at market value and is subject to annual revaluation by the managing agent& {@ Foreign Curren<y TransactionB Transaction5 in foreign currencies are recwised at the rate of exthange at the date of Monetary assets and liabilities are translated into sterling at the rate of exchan8e on the balance sheet date. Exchange differences are reco8nised through Ihe statement of financial activities. (h) Rea]ised and Unrealised Gains and All gains and losses are tsken to the SOFA as they arise. Realised gains and losses on iThvesttnents are calculated as all the difference between sales proceeds and opening market value (purchase date if later). UDrealised gains and losses are calculated as the diEference between the market value at the year and openins market value (or purchase date if later)- Page 15
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 ICONT'D) li) Critical accounting estimates and areas of judgement ln preparins firwicial statements. it is necessary to make certain adiusttnents, estimates and assumptions that affect the amounts recogni in the finanoal statements. In the view of the Trustees in applyin8 the accounting policies adopted, nojudgements were requiTed that have a Silf1(aTht effect on the amount TOSnIsed in the firwicial statements noT do any estimates or assumptions made carry a significant risk of material adjusttnent in the next finanoal year. (j) Cash and cash equivalents Cash and cash equivalents indude cash at bank and in hand. (k) Financial tnstruments The Charitys firwiLial instruments all qualify as basic in accordan with Section 11 Baskc Financial InStMentS of FRS 102. Financial instruments are recognised in the Trusys balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilitie5 are offset. with the net amounts presented in the financial Statements. when there is a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. INFORMATION REGARDING TRUSTEES AND EMPLOYEES In the year ded 31 March 2(Y26, none of the Trustee5 received any remuneration or had expenses reimbursed by the Charity. The company has no employees. The Trustees aTe eonsidered to comprise the Charitys key manageTnent. UABILITY OF MEMBERS The Lennox Hannay Charitsble Trust is a dthritable company Itmited by guarantee. Each member of the Charity undertakes to contribute such an amount as may be r4UiTed (not exceeding £10) to the Charitys assets if it should be wound up whi]st helshe is a member. +JCOME Unrestricted Expendable En(loivment 2026 21Y25 Gift from Lennox Hannay Will Trust 76 Unrestricted Income 2U26 2025 Incorne fr(m InveStmLts Income from investment propety Interest on cash deposits I,ff29,79) 179.317 1,238 1.210,345 957,458 166,849 5,327 1,129,634 Pa8e16
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrfABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YTAR ENDED 31 MARCH 2026 (CONTD) COSTS OF GENERATING FUNDS 2026 2025 Investment Management Fees CUStlan and Administration Fees Investment Property Fee5 105.8% 19.618 18,268 66.349 210.131 I,462 18,928 18,274 47,420 185.084 CHARITABLE ACTIVITIES The charity undertook no direct dthritable artivities but awarded grants to a number of institutions in furtherance of its charitable activitie5. These are as follows.'- Friends of the Old Bakehouse Sudden Unexplained Death in Childh(XKI CIhe) Fleming-wyfold Art Foundation Mis5ins Salmon Alliance Redesdale Hall Trust Addenbrookes Charitable Tn Fields in Tntst Orchard Place2Be Sarcoma UK Suicide & Co ArtUK Manivtsi Grants above Q,(KK) and below £15.(KK¥ Grants £2.(XKI and below 25,0(M) 20,IKK> 20,IKK> 20,(KX> 20,IKK) 20,(KK) 15,(MN) 15,(MXJ 135.(K)O 776,(KX) Pa8e 17
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 21Y26 {coNr) ANALYSIS OF GRANTS MADE The number of grants and amounts payable in the year were made for Ihe following purposes: 2026 21r25 226 2025 The prevention or relief of poverty The advancement of education The advanment of religion The advancement of health or the saving of lives The advancemtht of citizlP oi community development The advancement of the arts culture, heritase. or science The advancement of amateur sports The advancement of environmental proterti or improvement The relief of those in need by reason of yout age, Ill-hea1 disability. financial hardship or other disadvantage The advancement of animal welfare Any other dwitable purpose io li 29 31,7 153,250 27,150 219,792 16,0(XJ 186,198 10,750 259,tx)o 39.5(X) io 14 74,5(M) 16,5LXI io 21 27 5,5 25,0 776,(KJO io,o(xTr 736,390 155 Support ard Governance costs (see note 8) 62,194 838,194 58,471 794,861 155 SUPPORT AND GOVERNANCE COSTS 2026 2025 Support IAdmtnistrntive Costs Charity Adminislration and Financial Reportin8 GovenLaftce Costs Auditorfs RemunerationlDisbursements - Current Year - Prior year (over) accrual - Disbursements Legal and Professional Fees Bank charges To Charltable artkvities 53,518 51.630 128 1.765 783 162,194) 315 526 {58,4n) Page18
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHAllffABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONTD) FIXED ASSET INVESTMENTS 2026 2025 Market value brought forward Acquisitions at Cost t*ss.' disposal PnKeeds (realised fdpitai cash) 27,666.163 2549,958 (25T2,238) 27W.883 221,586 742,183 28.607.652 215,239 28.821891 27,184,361 2.150,0(X) 11,613,118) 27.721,243 {24,908) 130,172) 27.666.163 43.150 27,709?13 ReÈlised Gainsl(Losses) on disp(tsaLs Net Gainsl(Losses) on revaluation Cash for Investment Market value at 31 Marth Hi%toncul c05t 41 31 MOT 26,6&3,904 26.406,560 Analysis of Investnlts:. Equities Property funds Bond5 Alternative Investments Cash in liquidity ndS Cash held for reinvestment Market value at 31 Marth 21.011,589 2,881053 3.745,728 182K2 9XJ,(XK) 215.239 28.8U891 20.067.120 2,696,98 4,354.122 47,935 43,150 27.709313 ID. DEBTORS 2026 2025 Income due frorn Propety Investtnent 75,Tn 75.Tn 62,803 62H13 ii. CREDITORS- amounts falling due within one year 2026 225 Accruals 49,123 51,153 49.123 51.153 Page 19
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARrtABLE TRUST NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 MARCH 2026 (CONTD) 11 FUND ANALYSIS Unrestricted Expendable Endowment Unrestricted Income 2026 Total Property Invesbnents Cash at Bank Debtors Creditors 8.455,( 28.822,891 8,455,OCK) 28,822,891 285,372 75,Tn (49,123) 37,589,911 2&5,372 75,7n (49,123) 311020 37277WI Unrestricted Expendable Endowment Unrestricted Jncome 2025 Total Property Inveslments Cash at Bank Debtors CTeditOTS 8,055,(MJl 27,71V).313 8,055,tXK) 27,709,313 288.039 288,039 62,803 62,803 (51.153) (51,1531 299,689 36,064,IM2 35,764J13 13. INVESThfENT PROPERTY The propety owned by the Charity is known as Sars8rove Farni the address bein& Churchill, Chipping NortOD, Oxfordshire OXI 6PB and consists of the foUowin&. Sarsgrove Farnthouse. plus farni workshop, general purpose a range of 5table5, a rnenage and a covered horse walker Number l and Number 2 Cedar Cottages, Sarsbank Cottage, plus large farni buildin& Dl.96 acres of farrn and w(xxllaThd. The date of completion of the purchase was 7 DeLEmber 29. the Purdse price Ib(K>k cost) being £4,186.Ifh including costs. sin the purchase date, the valuation of the propety has rnoved as follow& Purchase price Additions during 2013 Unrealised gain 2014 (arising frorn revaluation) Additions during 2015 Unreali*d gain 2020 (arising from revaluation) Addition5 during 2021 Unrealised gain 2024 (arising from revaluati(} Unreali5ed sain 2025 (Èrising from revaluation) unrealis 8ain 21r26 (arising from Tevaluation) 4.186,166 4,200 9,2 260.9)8 65.0(X) 2,205,0(XI 655,0(X) 8.455,tXM) Pa8e 20
Docusign Envelope ID." F8F7462F-C063-8804-809MCE88B493D16 THE LENNOX HANNAY CHARITABLE TRUST NOTES TO THE FINANCtAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 (CONVD) 14. RELATED PARTY TRANSACTIONS Two of the RF Trustee Co. Limited directors Ère directors of RFf Management Services Limited to whom £50,518 was paid in the year in respect of tharity administration fees (2025: £51,630). At the year-end there was a creditor of£118m with RFT Management servi (2025: £12,124). One ofthe RF Trusteeco. Lirnited directOTS is a truslee ofThe Flemins-wyfold Art Foundatio to whoTn a grant of £25,(KKJ was paid in the year (2025: Q5.(XN)). 15. INCOME RESERVES In accordan with the Truste& intentions to preserve capital and enhance income leve15, a transfer of £149.689 was made from the Income Fund to the Expendable Endowment Fund. Page 21