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The
Horlock
Educational
Trust
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

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Contents
Page
REFERENCE AND ADMINISTRATIVE INFORMATION
REPORT OF THE TRUSTEES
Structure, governance and management
Risk Management
Objectives and activities for the public benefit
Grant making policy
Monitoring achievement
Financial review
Investment policy and perfonnance
Reserves policy
Plans for the future
Trustees. Responsibilities Statement
INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
10
Notes to the accounts
11-13

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REFERENCE AND ADMINISTRATIVE INFORMATION
The Horlock Educational Trust
(Charttable Trust, established by Deed. 26th July 2005)
Registered Charity Number 1117166
Trustees
The Viscount Gough (Deceased 14 April 2023>
William Fraser OBE
William Dyson-Laurie
Richard Davies
Prof Owen Darbishire (Chair)
Clive Parsons
Dr Benjamin Powell
Sarah Miles
Thomas Hardy (from 26 February 2024)
Principal Office
Kendall & Davies
Station Road
Bourton-on-the Water
Cheltenham
GL54 2AA
Independent Examlners
Hazlewoods LLP
Staverton Court
Staverton,
Cheltenham
GL51 OUX
Investment Portfolio Manager
J.M. Finn
25 Copthall Avenue
London, EC2R 7AH

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REPORT OF THE TRUSTEES FOR THE YEAR TO 31ST JANUARY
2024
Structure, governance and management
Histo
The Horlock Educational Trust (HET) was set up in 2005 by Wimbum and Robin Horlock. Robin had
established a highly successful pre-preparatory school in North London in the earty 1960s. Wimbum
had a close connection with the City of London. where he was elected Sheriff in 1972. In later life they
retired to their home in Gloucestershire. Having no children, they decided to establish an educational
charity.
The Trust was initially endowed with capital sufficient to provide an income for grants totalling about
£4.000 annually and this enabled the trustees to explore how best to carry out the Horlock's wishes
wilhin the defined objects of the charity. From this there developed a particular interest in preparing
disadvantaged young people for (and to find) work. Grants were often linked to personal development
and trade skills rather than academic studies.
Wimbum Horlock died in 2009 and Robin in 2020. Their home was left to The Horfock Educational
Trust. The proceeds of its sale were received in March 2021 and were immediately invested.
Meetin
The trustees normally meet ￿lce a year in March and September. These meetings are usually in
person, though may also be online if required. Between meetings communication is continued by email
where necessary and for the circulation of reports.
Administrator
The trustees rely on an Administrator, Neil Hewitt, of Kendall and Davies, to advise them on their
responsibilities, distribute the grants, manage the banking and circulate the papers. He is the linchpin
of the organisation and the trustees are very grateful for his hard work, pats-ence and reliability.
Induction and trainin
of trustees
New trustees are introduced by personal recommendation, subject to interview, which Lakes into
account their professional experien￿ and proven interest in the objectives of HET. Trustee training
from a relevant professional is provided as an extension to trustees, meetings
Risk Management
The trustees considered the major risks to which the charity is exposed.
HET has investments which are the source of funds for the grants it gives. As such. HET depends on
the investment market for maintaining its grant budget, though it has over 20 years of grant making
capacity at the current level without any market growih. The long temi expectation is that grants will be
funded from a combination of dividend yield and capital grovrth. While dividend yield is reasonably
predictable, capital growth is far less certain.
To mitigate these risks, HET established an investment sub-committee. comprising William Fraser
(Chair), William Dyson-Laurie, Dr Benjamin Powell and Viscount Gough, and appointed a team within
J M Finn which specialises in advising clients in the Charity Sector. They receive regular performance

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figures from Flnns. vh)ose investrnent managers report In person to all the trustees annually. (Very
sadly, Viscount Gough died during the year.)
The grant budget is reviewed at least twice a year, at the March and September meetlngs. Bearlng in
mind the intention normalty to have inttial three year arrangements with beneficiaries, to continue on a
rolling basis subject to regular reviews by the trustees. adjustments are made rf the trustees judge that
HET'S Capital is be￿MIng excessively eroded.
Objectives and activities for the public benefit
ectives of the Cha '
as sel out in the Twst Deed
Awarding scholarships exhibitions bursaries or maintenance allowances tenable at any school
university or other educational establishment approved by the trustees to persons under 25
years ol age who the Irustees deem lo be in need ol financial assistance
Providing financial assislance outfits ck)thing tools instruments or books lo such persons on
leaving school university or other educats'onal establishment to prepare them for or assist their
entry into trade profession or serrfice
In Other￿lse furthering the educatK)n of such persons
Grant making policy
The tru51ees have decided Ihal while HET wli I generally distribute its grant budget in support of
educational and vttatsonal needs via chanties and other organisations with similar interests. il will
consider applications from individuals, including descendants of Frederick and Gwenooline Tanner,
(Robin Horlock's parents) as and when they occur. on their own merits and alignmenl to Ihe charitable
aims of the TrusL
Followng the substsntial in¢￿8$e in HET'S assets in March 2021. the truslees raised the annual grants
budget to £400.C>QO, although Ihis is subject lo wular review.
Grants to charities and other organisations will generally be for an inltial perlod of three years to continue
on a rolling basis so that rf one of the grants is to be reduced or cease Ihe beneficiary receives at I&￿1
One dear year's nolice. These are 'core granls,.
In addition. trustees may. as appropriate. distribute 'ad Ix)c' grants- for a single F>eriod - when suitable
beneficiaries come to our attention and funds perTnit
Develo
ments in the
ar to 31st Janua
2024
HET has developed relationships with eighteen partner organisations who have al￿ne(l goals and
thfough which it seeks io achieve tts objectives. Ottasional ad hoc grants can also be made.
During the year to 3151 January 2024, the following have received grants of £10.000 or mo￿.
QEST
RNLI
Future Gardeners
XLP
Treloar Trust
Prisoners. Education Trusl
Saddlers. Company Charilable Fund
Sylva
Hugh WestWOLMJ Educational Trust
Fund apprenticeships
ALC apprentice scheme - single apprentice
Participants up to 25 years old
Ready for Work project
Outdoor Learning Cenl
Distance leaming for undef 25 year okls
Walsall Leather Sknlls Centre
Wood School
Unrestricted
£35.0(h)
£15.223
£10,000
£SO.O(K)
£50.000
£10.000
£20.000
£10.0(YJ
£10.000

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Ruskin Mill College
Wool Bam Leaming Area
£10,000
Trinity Winchester
SKILL programme
£50,000
Ebony Horse Club
RIDE programme
£10,000
King's College London
Extended Medical Degree Programme
£38,000
The Roberts Centre
BOOST programme
£25,000
City of London Academy
Tutoring-tO-Thrive programme
£15,000
Greater Change
Employment & educations support for homeless £15.000
Pembroke College, University of Oxford Bursaries for in-need graduates
£15,000
Mary Chan Watson
Completion of education at ISPP. Cambodia
£10,000
Royal Agricultural College
Bursaries for in-need undergraduates
£25 000
£423,223
Having relatively few beneficiaries, a trustee has been nominated to be the point of contact with each.
The trustees thus lend lo be invited by 'their' beneficiary to attend special events or briefings. Their
reports are then circulated.
Monitoring achievement
Each beneficiary has a Trustee who serves as the primary point of contact and who monitors the
effectiveness of the grants given through visits and the receipt of reports. Reports are circulated to all
trustees, who review progress at their meetings in March and September to check that the grants
accord with the Horlocks, wishes and to ensure that the funds provided by HET are properly used for
the benefit of deserving young people.
Financial review
HET'S principal income, other than at the time of the original endowment in 2005 and the bequest in
2021. has been from its investments. It d￿$ not raise funds from the general public.
The trustees. aspiration is that, after sufficient funds to pay grants and operating expenses are paid out,
the fund should remain in the region of £10 million. However. the decline in the financial markets did
result in the value of the investments falling to £8.2m at 31 January 2024.While invested capiial yielded
2.13 %, the value of the capital itself reduced by 40/0.
The trustees agreed that, regrettably. some reductions in grants were necessary in 2025 to reflect the
reduced income. and the affected beneficiaries duly received over 12 months notice.
Investment policy and performance
Investment mana
ement
HET'S assets are invested through J M Finn on a discretionary management basis, to achieve a
combined return from income and capital growth. Trustees decided that the risk profile is medium,
with no minimum percentage in low risk investments.
Environmental Social and Governan￿ considerations
The trustees discussed ESG considerations wtth our Inveslment Portfolio Managers. J. M. Finn
confirmed that they apply generally accepted standards when reviewing investments. The trustees did
not ask for any special restrictions.

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Perfomiance
The value of the Charity's investments dedined over the past year to £8.2m at year end. This resulted
primarily from the declinlng equty markel. wthile expenditure was sustsined and was just over £410k.
Performance was slighty below the bespoke benchmark selected. as well as below the Inflation (CPI)
+ 4% benchmark.
Reserves policy
The charity'5 invested assets are tts sole reserves. The trustees note that these are SLrfficient to pay
grants at the existing budgeted levels for which HET is committed, for over 20 years without any financial
rna￿at growth.
Plans for the future
Having Identified eighteen organisations whictt already provide the sort of direct support, trdining and
care for young people to which HET grants would make a Signif￿nI difference. we are now building
those relationships. Our grant budget is now largely. rf r￿t fully, committed.
Four of the existing e￿h1 trustees were appolnted frfxn the slart. in 2005. All the Iruslees recognise the
Importance of properly managed succession and are actively looking for nèw trustèès with appropriatèly
diverse expertise. Sarah Miles was appointed as a new trustee dunng the year.
Trustees, Responsibilities Statement
The Trustèes are responsible for preparing lh8 Trustees. Rep(xt afKI the financial stalements in
accordance with applicable law and United Kingdom accounts'ng stsndards (United Kingdom Generally
Accepted Accounting Practice), inclu¢Jing FRS102. The law applicable to charities in England & Wales
requires the trustees to prepare financial statements for each financial year which give a Irue and fair
view of the state of affairs of the charty and of movement in funds for that penod. In preparing Ihese
financial statements. the trustees are required to:
select suitable accounting policies and then appty them consistently:
observe the methods and principles in the Charities, SORP:
make Judgements and estimates that are reasonable and pwdent-.
state whether applicable accounting standards have been followed. subject to any material
departures disdosed and explained in the financial slalements,.
prepare the financial statements on the going conc8m basis unless it is inappropriat8 to
presume that the charity will continue in busine5S.
Th8 trus18es are reSpJnSib￿ for keeping proper accounting records that disdos8 wilh reasonable
atturacy at any ts'me the financial position of the Chantse5 and enable them to ensure that the financial
statemenls comply with the Charities Act 2011. the Charity (Accounts and Rewrtsl Regulations and
the provisions of the trust deed and Chanty Commission Scheme. They are also responsible for
safeguarding Ihe asseis of the Charity and herKe for taking reasonable steps for the prevention and
detection of fraud and other iiregularities.
Signed by the Chair of Trustees on behaN of all the Trustees:
Owen Darblshire
Date: 26/10/2024

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The Horlock Edu&itional Trust
INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES FOR THE
YEAR ENDED 31 JANUARY 2024
I report on the a¢￿Unts of The Hoflock Educational Trust for the period ended 31 J8nu8ry 2024,
which are set out below.
Respective responslbilities of trustees and examiner
The trustees a￿ ￿spOnSible for the preparatw of the accounts. The trusiees consider Ihat an audil is
not required for this year {under section 144 of the Charities Act 2011 (the Act)) and thal an independent
examination is needed.11 is my responsibility to:
exarnine Ihe accounts (under section 145 of the Act):
to follow the applicable d1￿ctionS given by the Charity C￿MISsion (under section 1495)(b) of
the Act); and
to slate whether particular matters have come to my attention.
Basis of independent examlnefs, report
My examination was carried oul in accor(Jance with the General Directions glven by the Charity
Commission. An examinalion includes a review of Ihe accounting records kepi by the charity and a
comparison of the accounts presenled with those records. It also includes consideration of any unusual
items or disdosures in the accounts and seeking explanations from the trustees conceming any such
matters. The procedures undertaken do not provide all the evidence Ihat would be required in an audil,
and consequenlty no opinion is gNen as to whether the accounis present a 'true and fair. vlew and the
report is Ilmlted to those matter5 set out in the statement below.
Independent •xaminers' statemenl
In connectlon with my examination. no material matter has come to ry attentlon ¥thlch gNes me
cause to believe that, in any material respecL'
the accounting records were rK)t kept in accordance wrth Section 130 of the Acl: or
Ihe accounts did not accord with the accounting records: or
Ihe accounts did not comply with Ihe accounting requirements concerning the forni and
Itent of accounts set out in the Charities (Accounts and Reports) Regulation5 2008, other
Ihan any requirement that the accounts give a 'true and fair, view, which is not a matter
considered as part of an independent examinatKM.
I have no concerns and have come across no other matters in connection wTrth the examination to
which attention should be drawn in this report in order to enable a proper underslanding of the
accounts to be reached.
26/10/2024
Date: .......-.........
Martln Howard FCA
Hazlewoods LLP
Chartered Accountants

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STATEMENT OF FINANCIAL ACTIVITIES
Notes
Year to 31101124 Year to 31101123
(£)
(£)
Incoming Resources
Investments
Total
Resources Expended
Raising funds
Charitable activities
Other
Total
Net incomel(expenditure) before investment
gainsl(losses)
Net gainsl(losses) on investments
Net incomel(expenditure)
Net movement in funds
210,154
210,154
246,001
246,001
39,233
438.282
1,020
478,535
(268,381)
43,437
422.960
840
467,367
(221.366)
(173,331)
(441,712)
(441,712)
{1,139,725)
{1,361,091)
{1,361.091)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
8,693.171
8.251,459
10.054,262
8,693,171

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BALANCE SHEET
Notes
Unrestrlcted Unrestrlcted funds
funds 311011241£)
31101123 (£)
Flxed assels
Investments
Tolal fixed assets
8.154.794
8,154,794
8.407,113
8.407,113
Current assets
Accrued income
Cash at band and in hand
Total current assets
6,122
96.853
102.975
20,209
274,731
294,940
Creditors: amounts falling due within one
year
(6,310)
(8,881>
Net current assets
96.665
286,OS9
Total assets less Current liabilities
8,251.459
8.693,171
Total net assets
,251.459
8.693,171
Funds of the Charity
Total funds
8,251,459
8,693.171
Signed by the Chair of Trustees on behalf of all the Trustees:
Owen Darbishire
26/10/2024
Date:
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Notes to the accounts
1. Accounting policies
Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost
or transaction value unless otherwise stated in the relevant note{s) to these accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice:
Accounting and Reporting by Charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014
The accounts have been prepared on the going concern basis. The Trustees do not believe that there
are material uncertainties related to events or conditions that cast significant doubt on the charity's
ability to continue as a going concem.
Recognition of legacy income
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of
probate, Ihe executors have established that there are sufficient assets in the estate and any conditions
attached to the legacy are either within the control of the charity or have been met.
Recognition of income from interest and dividends
This is included in the accounts when receipt is probable and the amount receivable can be measured
reliably.
Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss
resulting from revaluing investments to market value at the end of the year.
Liabilities
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation
committing the charity to pay out resources and the amount of the obligation can be measured with
reasonable ￿rtainty.
Govemance and support costs
Governance and support costs are presented as a single cost incurred while conducting charitable
activities. It is not possible to disaggregate these costs and to classify them.
Multl-year grants
Some grants are awarded to cover several years and are paid in instalments. The payment of
instalments after the first is contingent on the receipt by the Trustees of a report from the grant recipient
outlining how the funds granted to date have been used while achieving the aims forwhich they applied.
Such grants are only recognised in the SOFA when this performance condition is salisfied.
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially
at cost and subsequently at fair value (their market value) at the year end.

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2. Incoming resources
Year to 31101124 (£)
Year to 31101123 (£)
Investments
Interest income
Dividend income
31,084
179.070
210,154
14,702
231,299
246,001
Total
3. Resources expended
Year to 31101124 (£) Year to 31101123 (£)
Expenditure on raising funds
Investment management costs
Total expendlture on ralslng funds
39,233
43,437
43,437
Expendlture on charltable activltles
Grants made
Governance and support costs
Total expenditure on charitable activities
428,723
9,559
438,282
411,869
11,221
423,090
Other expenditure
Statutory assurance fees
Total other expenditure
1,020
1,020
1,000
1.000
4. Grant making
Analysis of grants paid (included in expenditure on charitable activities) by nature of recipient. Grants
are made in the furtheran￿ of HET'S general charitable aims and are not categorised according to
activity type. Govemance and support costs relating to individual grants are not identified or allocaled.
Year to 311011241£) Year to 31101123 (£)
418,723
410,369
10,000
1,500
428,723
411.869
Grants to institutions
Grants to individuals
Total
HET has made grants to particular instilutions in the year lo 3110112024 that are malerial in the context
of its grant making by virtue of the amounts granted relative to total expenditure on grants.
Names of institution
Purpose
Total amount of
grants paid (£)
50,000
XLP. a company limited by
Supporting the "Ready for Work
guarantee, registered in England
Programme" which helps young
and Wales. number 4959458, and a people from challenging backgrounds
registered charity, number 1101095 gain access to intensive courses,
workshops, 1-2-1 coaching session,
work experien￿. volunteering
opportunities. job application and
interview support.
Supporting the 'Learning 4 Life"
programme. a collection of initiatives
designed to help young people cope
with life and find employment.
Trinity Winchester. a registered
charity, number 1074604
50,000
Treloar Trust, a registered charity.
number 1092857
Supporting the Outdoor Leaming
Centre, Outdoor Leaming Technician
and Learning Technology for severely
disabled children to equip them for
independent lives.
50,000
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Total materlal grants to Institutlons Sn the reportlng perlod
Other unanalysed grants
Total grants paid
150,000
268,723
418,723
5. Fixed asset investments
All fixed asset investments are listed investments
Year to 31101124 (£)
Year to 31101123(£)
Fair value at beginning of period
Additions
Disposals
Net gainl(loss)
Fair value at end of year
8,407,113
1,953,340
{2,032,327)
(173,331)
,154,794
9,980,908
648,136
(1,082.207)
(1,139,725)
8,407.113
6. Cash at bank and in hand
31101124 {£)
31101123 {£)
Short term deposits
Current account
Cash on hand at investment manager
Total cash at bank and on hand
7.443
471
88,940
96,853
70,063
906
203,762
274,731
7. Creditors: amounts falling due within one year
31101124 {£)
31101123 (£)
2.340
Trade creditors
Accruals
Total creditors falling due wlthin one year
6.310
6,310
6,541
8,881
8. Transactions with Trustees and related parties
No Trustees have been paid any remuneration or benefits in the reporting period, or prior reporting
period. Trustee expenses totalling £369 have been reimbursed to Mr Clive Parsons and to Mr Richard
Davies, expenses of £130 were reimbursed in the prior reporting period.
Mr Richard Davies. a Trustee of HET, is a partner of Kendall & Davies Limited who provide govemance
and support services. An expense of £8,946 to Kendal & Davies Limited was recognised for services
rendered in the year to 31101124 (£11,091, in the year to 31101123).
13