A S Hornby Educational Trust CIO Trustees, Report and Accounts For the year ended 31 March 2024 haty Reglstratlon No. 1198267
A S Hornby Educational Trust CIO Trustees, Report and Accounts For the year ended 31 March 2024 Charlty Reglstratlon No. 1198267
A S Hornby Educational Trust cio Reference and administrative information Trust••s Prof H Kuchah Kuchah IChaiF} J Whitehead (Vice Chalrl A Manek (Treasurer) Dr B Chakravarti Dr M Wedell Prof A Padwaé C Moore A Searle Dr N Kemp Prof G Hall Secretary K hAonaghan Charity number 1198267 Prlnclpal address Orbital House 20 Eastern Road Romlord Essex RM1 3PJ Ind•p•ndènt Auditors Moore Kingston Smith LLP Orbital House 20 Eastem Road Romlord Essex RM1 3PJ Bankers Lloyds TSB 1 Reading Road Henley-on-Thame5 Oxon RG9 1AE Investment advlsors Qullter Chèviol Senator House 85 Queen Victoria Street London EC4V 4AB Legal advlsors Ston8 King LLP Boundary House 91 Gharterhouse Sl Barbican London EC1M 6HR
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 Pag• Trustees. I8port Indepenctent auditor's report 10-13 Statemènl of financial activities 14 Balance sheet 15 Notes lo the financial statements 16-23
A S Hornby Educational Trust cio Report of the Trustees For the year ended 31 March 2024 The TrLJslees presenl their report and accounts for the year ended 31 March 2024. They confirm that the accounts comply with ¢urrenl statutory requirerrents and with the requiremènts of the Trust Deed. l. Structure and governance 1.1 Legal status and relation to predecessor unin¢orporat&d Trust The A.S. Hornby Educational Trust CIO was established on 16 March 2022 with Charity Cornmission registration number 1198267. 11 was established with a view lo modernising the structure of ils unincorporated predecessor, tho A.S. Hornby Educational Trust. which had been established through a Deed executed by A.S. Hornby IASHI on 17 November 1961 and registered with the Charity Commission on 3 July 1962 with registration number 313394. On 23 October 2022 the assets, liabilities and activities of the unincorporated charity were transferred lo the CIO. Operationally the athivities have rèmained the same. Lloyds Bank (who since ils inception have been th8 unincorporated Trust's bankers) have opened a new bank account for the CIO. The process of s&lling up Trustees for online banking is in pro¢6ss. Once this has bèen completed. the old Trust's cash holdings will be transferred to it. The Deed of Transfer governing the transfer of the old Trust's assets. liabilities and activities lexeculed on 21 October 20221 provides (Clause 2.41 that, until such time as the new bank ac¢ount is opened, the existing bank account shall be operated on behalf of both the unincorporated Trust and the CIO. Following the opening of the new CIO account and the transfer lo il of the unincorporated Trust's cash balance. the old unincorporated Trust will be merged into the new CIO on the Charity Commission's Register of Mergers. 1.2 Presentation of Financial Statements In the presentation of these Financial Sl8lemenls the CIO has taken advantage of the mergèr accounting principles of the Statement of Recommended Practice on Accounting and Reporting by Charilies IFRS 102 SORPI. The resuts of Ihfj full ac¢ounling year ending 31 March 2024 are accordingly presented together wl(h comparative figures for the previous year. 1.3 The Board of Trustee5 The affairs of the Trust are ¢onducted through a Board of Tru51ees that meets regularly throughout the year. The Chair of the Board is chosen by Trustees from among Trustèes. No new Iruslees were appointed in 2023-24. Susan Maingay retired as a truste6 on 17 June 2024. New Trustees receive do¢umentalion covering all aspects of the activities of thè Trust and the functions of the Board of Trustees. They normally attend a Trustees. meeting prior lo appointment and are offered the opportunity to attend a briefing. Although it is no longer a legallregulatory requirement for CIOS, Trustees have d&cided to continue the practice of holding an Annual General Meeting in December between the Trustees and their auditors. accountants and investment managers, at which a financial statement is submitted. and investment policy discussed against the background of the e¢onomic situation Trvslees meet on a regular basis, usually bi-monthly. Nominated Working Groups of Trustees hold scheduled meetings lo conduct sCIfiC aspects of the Trust's activities or management and may arrang8 other meetings at such limes as reqLJired for specific purposes. Items requiring formal approval by all Trustees are referred to the appropriate Trustees Meetings. Trustees have drawn up a reglster of the major govemance, strategic and operational risks which the charity faces. and actions which have been, or need lo be, taken to mitigate these. A Risk Page 1
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 Management CorTimittee has been established lo review this register on a quarterly basis and lo report back lo all Irustees on any additions or amendments that are needed. The Risk Management Committee is currently devising an updated risk management structure and format which will be proposed to trustees during 2024. The CIO maintains the practice established by ils predecessor unincorporated Trust of each year adopting a rolling Ihree-year Business Plan lo come into effect al the beginning of the forthcoming financial year. In addition, Trustees mainlain and develop policy docLJmenls relating to the following areas.. risk management," safeguarding., priva¢y including GDPR," ¢onllicl of interest,, cyber-security,. compliance (fraud and counler-terrorisml", Trustee recruitrnenl. selection and induction- and general operations, through an Operations Manual. These are reviewed by all Trustees on an annual basis. 2. Objects and a¢tivities The charitable obje¢ts of the CIO remain identical in all respe¢ls lo those originally spgcified by A.S Hornby when establishing the predecessor unincorporated Trust. viz: 'The objects of the A.S. Homby Educational Trust are exclusively charitable and subject therelo are th& advancement of Ihe study of English Language and the teachffng and learning of English as a Foreign Language such manner and by such means as Ihe Trust&es shall from lime lo lime thAnk fil and in particular byproviding scholarships and grants lo be called he Hornby Scholarships ' to enable foreign and commonw881(h teachers to comg to Ihe United Kingdom and there lo study the Ertglish Language." In accordance with the foundevs expressed wish regarding the financial proceeds from sales of his dictionaries and other works, lo 'have the money used for education an¢J go back lo the covnlries from which it ¢om&s', the Trust rnainly Ilhough not exclusivelyl focuses on improvernenl of English learning and teaching within public edu¢ation In low- and lower-middle-income countries. In line with this aim, the TrLJSt has for rnany years awarded scholarships lo support students from developing and transitional countrie5 to follow one-year MA courses at British universities. Since 1971, when the Hornby Scholarships programme was first insliluled, more than 450 Hornby S¢holars worldwide have benelitted from tha Trust's support. Since 2018119 the Trust has also sought lo prioritise the'decenlring of ELf, which is taken to mean, primarily, promoting new thinking lon methodology, materials design, curriculum development, teacher education, elcl which is led by participants in lowlrniddle-income counlrios, rather than by 'oulside experts, Further details of the above, and other areas of the Trust's aclivilies, are given in section 3 below. The Trustees confirm that they have had due regard lo the Charity Commission's guidance on publi¢ bènefit when considering their activities in pursuit of the Trust's charitsble objectives. Page 2
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 3. A¢tivities in the reporting year Hornby Scholarships. The Trust'5 flagship charitable activity has always been the Hornby Scholarships programme, previously managed by the British Council. Since 1971, when the Hornby Scholarships programme was fir51 insliluled, more than 450 Hornby Scholars worldwide have bengfitted from the Trust's support. In 2022.23 a total of 11 Scholars comrllenced the Warwick University MA TESOL which they completed in September 2023. Of these, 7 achieved overall Distin¢lions and the remaining 4, Merits. These included the holder of the Trust's first°Homby RefLJgee Scholarship" (see below). This group was the last Warwick cohort, since the current legal agreement been the University and the British Council lacling on behalf Df the Trusll reached the end of its term in summer 2023. In summer 2022 the British Council informed us that they would, regretfully, no longer be able lo continue with the key role in Hornby scholarships recruitment and management which thèy have played, to distinguished effect. ever since the programme first started. This reduction in support was necessitaled by major organisational and resource reslru¢turing following the Covid pandemic. The British CounGil however confirmed that it would continue lo provide scholarship managèment for the last Warwick cohort lacademi¢ year 2022-231. Following a competitive tender. organised by the Trust, thè University of Exeler was selected as the preferred supplier universily for a Master's in TESOL programme. Accordingly, the Trust on 27th February 2023 signed a Strategic Partnership Agreement with the University of Exeler, lo govern thè Homby Scholarship arrangements for thé 3 academic years 2023-24 10 2025-26. The first cohort of 9 Hornby Scholars under these new ariangemen15 Started Iheir MEd TESOL programmes at Exeter in September 2023 In 2022-23 the Trust introduced. as an addition to the existing scholarships programrne. a TESOL Master's degree scholarship to sUPPOrt the teaching of English to refugees. We were able lo award the scholarship lo a recent refugee from Syria in Sepltrmber 2022. They joined the cohort of regular Hornby s¢holar5 al Warwick. Following a positlvtr assessment of the impact of this initiative it was decided to make similar awards in the future fo¥ Exèter University's MEd TESOL, starting in academic year 2024-25. Alumni support After completing their scholarship MA studies many Hornby 8lumni resume or move on lo senior professional positions within their own or other countries. The Trust attaches great importance Its fostering the continuing development of this professional network, and. wherever appropriate and feasible, supporting contributions by alumni to current and planned Trust activities. The Trust has becc)me lully responsible for this activity, following the British Council'5 Wlthdrawal of support for the reasons described above. Alumni Prol8ct grants. For a number of years the Trust has encouraged Hornby alumni lo apply lor grants lup lo £2,500 for an individual project or £4,000 If a project involves alumni from more than one lo¢alionl lo support the implementation of projects designed to support effective English language leaching in their home contexts. In 2023-24 there were five successful alumni individual project applications. Mentoring support lor project applicalions is Page 3
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 now provided by Prof Amol Padwad la Trusleel. A one-day proje¢l design and planning workshop at Exettrr with all scholars took place in June 2024 for the 2023-24 cohort. Alumni participation in IATEFL annual Internatlonal Confèrences. The Trust also attaches importance lo supporting the partl¢ipalion of alumni in each yeaf s IATEFL Conference. In 2023-24 the Trust again chose the leaders of bNo Alumni Projects to present their work al IATEFL 2023. We also set LJP a 'Think Tank, event- organised by the Alumni Development Coordinator Dr Komila Tangirova lalumnal from the University of Warwick - al the conference for all scholars, alumni and Trustees allending. This provided a further opportunity for alumni to meet one another and discuss how the alumni ntrlwork might be further developed. Tea¢her education curriculum development grants scheme. This schème provides grants of up lo £2,QOO lo Hornby alumni currèntly involved in delivering existing in-service MA and related teacher education programmes, lo enable them lo identify and draw on local expertise for intfoducing CLJrriculum development measures dèsigned to strengthen the programme's focus on classroorn-based. leacher-cenlred approa¢hes lo teacher education. The s¢herne's pilot round in 2021-22 resulted in the launch of one such project in India, and implementstion continued in 2022-23 with mentoring support from ¢urrenl and past HDrnby Iruslees. Constr8inls on staff lime have delayed a second Call for Applications under the schème until 2023124. Alumni ELT Journal {ELTJI and related Professional publi¢ations articles mèntoring schème. The first round of this scheme ended in 2023-24 with four papers published in ELTJ. Of these so far 2 have been 'èdilor's choice. and are freely available online. It is planned that the scheme will enter ils second round in 2024-25 with 8 new mentor Dr Dario Banegas lalumnusl. The range ofjournals to which alumni can submit has been extended lo include System and potentially journals in the region about which the alumni are writing. Online alumnl gatherlngs, A decision was made in 2023-24 to no longer edit Project reports. We changed the format to make the reports briefer and are asking TAS and alumni to include a short video SLJmmary with their final reports. These reports will begin to appear on the website at.. https."l/www.hornby-Irusl.org.uWprojects#Proiects. Frotn 1 September 2024, Korni18 Tan9irova will be @mployed part-lime as the Alumni Development Coordinator. Tea¢her Associatlon support The Hornby Teacher Association ITAI Project Award S¢heme, launched in 2019-20, offers funding each year for projects which. through TA activity, stimLJlale and enhance the professional development ol ELT practitioners, especially in public education systems in low- and middle-income countries. In 2023-24, awards for TA projects were increased lo £4,000 for an individual TA project, and up lo £6.000 for TAS from different locations working together. Sinee this adjustment happened mid-year, we did not have a specific number of projects on offer. Seven awards were made. These projects highlight the desirability of Connecting project airns to aspects of the Trust's Decentring initiative (see below) wherever possible. In addition lo the online gathering a TA project-specific WhalsApp group was sel up to lacililale contscl and sharing for awardees throughout the year. As part of our support for Teacher Associations in 2023-24 we continue(J a scheme introduced in 2022-23 to celebrate the contribution made to ELT and to the work of the Trusl by the late Dr Roger Page 4
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 Bowers, a former Hornby Chair. Under the Roger Bowers Teacher Participation Grants Scheme we asked Teacher Associations to bid for a small grant of up to £500 each to enable them to help d&sèrving teachers from under-resourced contexts to attend a specrfied TA event. A.S. Hornby Dictionary Resoar¢h Awards IASHDRAI. Through these annual awards we aim to facilitate innovative research into areas of lexi¢ography which reflect and extend the pioneering contributions ol A.S. Hornby within the field of language education. In 2023-24 we were able lo rnake an award to a two-year Gla5sroom research project in China, while two other projects continued into their second year. For the call for applications in December 2023, there were 28 appli¢alions from 17 countries in lolal, although two countries, Uzbekistan and Thailand, were partners in UK-led applications. Two awards were made to a project team based in Mexico and to a UKllndia project team (with the projèct itself - fo¢us. research etc- located in India).. Over the course ol Ihe scheme, eight final reports have so far b88n received, ol which were re¢eived in the period 2023-24. The projects and edited versions of these reports are available on the Hornby Trust website. Decentring English Language Teaching IELTI Since 2018 the Trust has been developing a 'Decenlring English. initiative. Work undertaken within Ihat initiative and involving Hornby alumni, TAS and related professionals worldwide has resulted in a eeper, albeit still evolving, understanding of what we mean by "Decentring ELT,. This has most recently IDe¢embor 20221 been expressed as follows.. A decenlring PerSptive involves valuing and se8king to undersland how t&achers, 0ft8n ¢ollabor8ting with each olh8r, try to 8rticu1810 keyfealur85 of their work {in¢luding the rgasons for these fe8turesl and ways they feel theirpractKe can be iftnproved. It highlighls teache, own development of contextU8lly approprialg thinklng and a¢lion (on melhodology, m81erials design. eurriculum development. lea¢her educalion, and so Dn} in latIon lo Ihe n88ds of th&irlo¢al contexts. Decentring EL T enables exploration of allematives to English language teaching centred on outsiderfagendas [...J We invited the 2023-24 Hornby Scholars lo join a meeting of the Trustees, Decenlring Group which mel alongside the IATEFL conference in 8righlon in late spring 2024. We reflected on the Global Decenlring week which took place in early April 2024. This consisted of three webinars- representing TAS in Latin America, Africa and South Asia. Ea¢h webinar invited TAS in the region lo discuss their understanding ol De¢enlring and teacher support activities they have carried out which they feel reflects this understanding. Under the global leadership of Dr Paula Rebolledo lalumnal the webinars were organis8d and chaired by TAS in Chile. Cameroon and India who have all been previous re¢ipienls of TA award5 and have participatgd in the two DC conferences. A decis0 was made for TAS lo view the videos of the webinars from other regions lo consider the extent to which these represent different understandings and actions. Thèse were reviewed in a further webinar held in July 2024 chaired by Dr Amira Salama forrnerly President of Africa ELTA. Members from each region viewed webinars from a diffèrènt region and discussed similaritiesldifferen¢es in perceptions and activities. This discussion will inform Decenlring aclivily for 2024-25. P89e 5
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 History of English Language Education IHELEI. This initiative involves support for the consolidation and enhancement of a ¢ollection of historical ELT materials, as well as its active dissemination and exploitation for practical use by English language learners and leaching practitioners around the world. The initiative includes svpport for the development, in partnership with Hornby alumni in India, of 8 preliminary bibliography of India published materials for teaching English. During 2023-24 the second HELE In(lia conference look place in December 2023, hosted by the University of Hyderabad. It led lo the formal launch of the Society for Studies ol HELE, which is now going to launch a journal of HELE Studies and initiate other activities. The work on HELE bibliography and digital archive is still underway. A ViSed edition of the Warwick ELT Archives catalogue was launched as planned. In addition, a network 'Friends of ELT Archives. has also been set up wilh the Initiative of Prof. Richard Smith. In May-June 2023 a series of webinars on the history of ELE in Bengal and the contribution of Michael Wesl was organised by the Bangladesh ELT Association with the support of the Trust. 4. Other Grant$ Since 2018-19 il has been the Trust's policy lo no longer offer grants lo general education charitiès. and instead to focus such support on organisations with strategic synérgy with the Hornby Trust's charitsble Dbjecls and strategic focus, or on suitable organisations or individuals for activrties which Contribute lo the celebration and enhancement of A.S. Hornby's profè$5ional interests and achievements, and so enhance the Hornby brand. In 2023-24 thè following grants were made.. L¥xicography. We ¢onlinued our grant support to the major lexicographic biennial conferences run by Euralfjx and eLex. In 2023-24 a grant of £5,000 was made to the organis&rs of a conference on 'Ele¢tronic lexicography in the 21st ¢entury' which look place in Bmo. Czech Republi¢ Iface to face and also on-line). Thè grant funded the offer of grants by the organisers to widen participation in thè event. There was also a specific slot in which current holders of the Trust's A.S. Homby Dictionary Reséarch Awards (see 3.4 above) presented their projècts. 5. Plans for future pfrrlods 5.1 Plans for future charitsble activity and expenditure will be developed and agreed by Trustees in thè form of the CIO'S 2024-25 BLJsiness Plan, lo be approved by Trustees before 1 April 2024. 5.2 Impaet Study. The Study will provid8 a means lo assess the charitable and educational impact the Trust has achieved through its programmes over the years. Pressure on Iruslees, lime meant that we needed to conlinue lo postpone the recruitment of consultants lo undertake this study. Draft Terrrs of Reference have been developed for the Sludy and il is intended that the call for proposals will be launched in 2024. 5.3 A S Hornby Regional Workshops. For many years, the Trust and the British Council have collaborated to organise and ¢o-lund 2 to 3 in-service training workshops for ELT practitioners in different regions in the world. More recently. the Trust's strategy for these Regional Workshops has been increasingly focused on working with local Teacher Associations In order lo lal develop Page 6
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 the capacity of TAS lo organise initiatives and a¢livilies which support and develop tea¢hers', Ibl develop expertise within TAS so that they can play a role in teacher development policy initiatives al IDcal and national levels., and Icl develop TAS, expertise lo plan and implement projects and research their impact on teachers and the classroom experience. This strategic focus aligns with the Trust's Decenlring ELT initiative (see 3.5 above) which has a focus on understanding and extending local expertise in English language education. Key lo this activity stream had been the involvement and support of the 8ritish Council in delivery. The Trust continues to Consider how the concept of Regional Workshops may be adjusted in the light of the withdrawal of the British Council for the reasons slated above. The focus on supporting TAS lo develop thinking and activities that are relevant lo (eachers in Iheir local Contexts remains primary. 5.4 Principal rlsks and un¢ertaintle$ These are currently idenlifled as.. Stock market volatllity laffecting the Trust's inveslmenl asselsl. This risk is m8naged through continLJing dialogue between Iruslees and the Trust's Investment Managers Quier Cheviol. Sustainability of levellrange of operations in the light of support staff capacity. Having engaged è part-lime OperaliDns Manager in 2022-23. we went on in 2023-24 to review our need for further support staff following the change in OLJf working relationship with the British Council, In November we engaged a Trust Secretary and pul in place a plan to recruit a part-lime Banking and Finance Officer, lo provide trLtstees with support in the ¢onLlucl of the CIO'S charitable activities and functions. The Trust will continue lo procure land pay reasonable and appropriate fees for) the services ol suitably qualified individualslc)rganisalions to Ljndertake agreed operational andlor adminislralive tasks for which resour¢es are not available on the Board or within the support staff team (Secretary, Operations Coordinator, and Banking and Finance Offi¢erl Successlon plannlng for Chalr. Deputy Chair, Trustees and supportlng staff. The Trust'y Recruilmenl Policy is being developed lo Include robust succession planning procedures lo be implemented in advance of the retirement of any Office holder, Trustee or support staff, or any other personnel with key skills andlor experience le.g. financiall. Intgrnational bank transfers Ifor the paymènt of grants awarded to organisation$ or individuals based overseasl. The Trust is increasingly paying grants directly lo overseas- based organisalions and individuals through international bank transfers. In order to mitigate the risk of the Trust being accused of inadvertently failing lo comply with Anti-rnoney-laundering and Prevention of Terrorism legal and regulatory provisions, a new Compliance Policy is being piepared which will draw on specialist advice and current best practice lo prescribed standards and procedures to which the TrLJSt will adhere in thèse respects. Delivery partner malfeasanc¢. Each delivery partner is rigorously vetted In advance. In all cases wrillen Agreements are signed in advance and include provisions to protect the Trust's interests in the evenl the partner Is negligent, engage5 in fraudulent PTaclices, or fails to meet required operational standards. 6. Flnancial Review, Ineluding Sources of Fundlng and Resèrves The principal sources of income are royalty income and investrnenl income. Page 7
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 Trustees, current policy is to allow annual expenditure to exceed operational income, with the consequent reduction in the Trust's reserves being carefully monitored each ye8T in finalising Ihe business plan for the folbwing year in order to maintain the long-term viability of the Trust. Investments were managed during the year within the criteria set out in the Trusfs investment policy, which along with other policie5 is reviewed annually. Variations of investment were made regularly during the year to ensure that the investments held were maximised in relation lo market conditions. The majority of the Trust's holdings were not high risk, and discussitsns were held bebNaen the Investment Manager and Trustèes as to the proportion of investments lo be held al drfferent levels of risk and in cash. The nel movement of funds for the year was an increase of £393,800 following the previous year's decrease of £498,440. Excluding investment gains and lossgs, the Trust had net outgoing resources of £221,72312023'. £301,591}. The markèt value of the charity's investments increased by 3.7 /0 fore laking account of the withdrawals from the invèstment portfolio12023.. decreased by 2.6•/0l. There are no ieslrictions on the charity's investment powers. The Trust will have sufficient funds lo meet all its ongoing activities and ¢urrent commilmenls. 7. Govgrnan¢• and administration The Trust CIO is administered by a Board of up lo ten Trustees, of whom one is ils Chair. Specialist $8rvices are provided by th& CIO'S Accountants and its Legal and Financial Advisers. Following the resignation tsl a consultant Operations and Governance Manager in the reporting year. a new Operations Manager was contracted with an amended job specification in January 2023, this post refle¢ling the reduced support the British Coun¢il is now able lo provide for the administration of Trust aclivilies. The Trust remains a small organisation, with overheads in line with charity sector best practice, commilled to good stewardship of A S Homby's18g8Cy. 7.1 Trustees. r•sponsibillti•s for preparlng rèports and financial statement$. The trustees as al the dale of approval of this report are listed on its first page. The Trustees re responsible for preparing the Trustees. (Annuall Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law appllc8ble to charities in England & Wales requires the trustees to prepare finan¢ial slalements for each financial year which give a true and fair view of the state of the affairs of th& chaiity and of the incoming resources and application of resources of the charty for that period. In pparIng these financial statements, the trustees are reqUId lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP,. make judgernents and estimates that are reasonable and prLJdent,' state whether applicable accounting standards have been followed, subject lo any rnaterial departures discloséd and explained in the financial Stslemenls, prepare the financial statements on the going concern basis unless it is inappropriate lo Page 8
A S Hornby Educational Trust CIO Report of the Trustees For the year ended 31 March 2024 presume that the charity will continue in business. The Trustees are responsible lor keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Chadty (Accounts and Reportsl Regulations 2008 and the provisions of the trust deeds. They are also responsible for safeguarding the assets of the ¢harily and hence for taking reasonable steps for the prevention and delecb'on of fraud and other irregulari11gS. On behalf of the Board of Tru$te•s Date- 10 December 2024 Professor Hary Kuchah Kuchah, Chair. Board of Twslees Page 9
A S Hornby Educational Trust CIO Independent Auditor's Report To the Members of A S Hornby Educational Trust CIO Oplnion We have audited the financial statements of A S Hornby Educational Trust CIO lor the year ended 31 March 2024 which comprise the Statement of Financial Aclivilie5, the Balance Sheet and notes lo the financial stalernents, in¢luding a SLJmmary of significant accounting policies. The financial reporting framework Ih8t has been applied in their pr8paralion is applicable law and United Kingdom Ac¢ounling Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland. (Uniled Kingdom Generally Acc&pled Accounting Praclicel. In our opinion Ihe financial statements.. give a true and fair view (>1 the state of the charity's affairs as al 31 March 2024 and of its incoming resources and application of r&sources, including its income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice," and have been prepared in accordance with the requiremènts of the Charities Act 2011. Basis for opinion We conducted our audit in ac¢ordance wilh Intemational Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those stsndards 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 ol the financial statements in the UK, including the FRC'S Ethical Stsndard, and we hav8 fulfilled our other ethi¢al responsibilities in accordan¢e with ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lusions relatlng to going ¢gncem In aL4diting the financial slalements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materi81 uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charitsble Company's ability lo continue as a going concern for a period of al least twelve months from when the financial statements ar@ aulhorised for Issue. Our responsibilities and the responsibilities of the trustees wlh respe¢t lo going concern are described in the relevant sections of this report. Oth•r infomiation The other information comprisès the information included in the annual report, other than the financial stsleTNents and our auditor's report theréon. The trustees are responsible foi the othèr information contsined within the annual report. Our opinion on the financial slalements does not cover the other information and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course ol the audit or otherwise appears to be materially misstalad. If we identify such material inconsistències or apparent material misstatements, we are required lo determinè whether there is a material misstatement in the financial slalemenls themselves. If, based on the work we have performed. we con¢lude that there is a matèrial misslalement of this other information, we are required to report that fact. Page 10
A S Hornby Educational Trust CIO Independent Audilor's Report (Continued) To the Members of A S Hornby Educational Trust cio We have nothing lo report in this regard. PAatters on which wè are required to report by exc•ption We have nothing to report in respect of the following rnatters where the Charities Act 2011 qUireS us lo report lo you if, in our opinion.. the information given in the Trustees, Annual Report is inconsistent in any material respect with the financial statéments., or the charitable company has not kept adequate accounting records,. or the financial slalemenls are not in agreement wlh the a¢wunting records and relums., or we have not reiVed all the informab'on and explanations we required for our audil. R¢sponsibllities of tw$tees As explained more fully in the Iru8tees' responsibilities Statement sel out on page 8, the trustees are responsible for the prèparation of the financi81 slalemenls and for being satisfied that thèy give a trLJe and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalements that are free from material misslalement. whether due to fraud or error. In preparing the financial slalemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing. as applicable, matters related to going concern and using the going concern basis of ac¢ounling unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic allernalive bul to do so. Auditor's Responslbillties for the audlt of the financial statoments We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assuranGe about whether the financial statements as a whole are free from material misslalemenl. whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran¢e, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstslemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate they could reasonably be expected lo influènce the e¢onornic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS IUK} we exercise professional judgement and mainlaln professional s¢oplicism throughout the audit. We also.. Identify and assess the risk5 of material rnisstatemenl of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for oijr opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud rnay involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant lo the aLJdil in order to design audit procedures that are appropriate in the circLJmslances, but not for the purposes of expressing an opinion on the effectiveness of the charity's intemal Control. Evaluate thè appropriateness of a¢¢ounling policie5 used and thg reasonableness of a¢¢ounling èstimates and related disclosures made by the trLJStees. Page 11
A S Hornby Educational Trust cio Independenl Auditor's Report (Continued) To the Members of A S Hornby Educational Trust CIO Conclude on the appropriateness of the trustees. use of the going con¢em basis of accounling and, based on the audit evidence obtained, whether 8 material uncertainty exists related to events or ¢ondilions that may casl significant doubt on the chaiity's ability to continue as a going ¢oncern. If we conclude Ihat a material uncertainty exists. we are required to draw attention In our auditor's report to the relaled disclosures in the financial statements or, rf such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our auditor's report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the fi'nancial statements, including the disclosures, and whether the finan¢ial statements represent the underlying transactions and events in a manner that achieves tair presentation. We communicate with those charged with govemance regarding, among olhgr matters, the planned scope and liming of Ihtr audit and significant audit findings, in¢lutling any significant dgficiencies in internal control that we identify during our audit. Explanation as to what extont the audit wa$ considgr8d capable of detecting IrregularitlÈ$. includlng fraud Irregularities, including fraud, are instances of non-compliance with laws and regLJlations. We design procedures in line with our responsibilitias, outlined above. to detect material misstatewents in r&spect of irregularities, including fraud. The exlenl to which our procedures are Capable of delecling irreguL4rities. including fraud is detailed below. The objectives ol our audit in respect of fraud. are,. lo identify and assess the risks of material misstatement of the financial statements due to fraud,. lo obtain sufficient appropnale audit evidenc& regarding the assessed risks of rnaterial misslalemenl due lo fraud. through designing and implementing appropriate response5 to those a$5essed risks". and to respond appropriately lo instances of fraud or suspected IraLJd identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests wrth both management and those charged with governance of the charity. Our approa¢h was as follow5.. We obtained an understanding of the legal and regulatory requ1mentS applicable lo the charity and considered that the most significant are Ithe Charitie5 Act 2011. the Charity SORP, an(J UK finan¢ial reporting standards as issued by the Financial Reporting Councill We obtained an understanding of how the ¢harily complies with these requirements by disGussions with management and those charged with gov¢man. We assessgd the risk of material misstatement of the tinancial slaternenls, including the risk of material misstalemenl due to fraud and how it might occur, by h(>lding discussions with management and those charged with govemance. We inquired of management and those charged wilh governance as lo any known instances ol non-compliance or suspected non-compliance wilh laws and regulations. Based on this understsnding, we designed specific appropriate audit procedures lo identify instances of non-compliance with laws and gUlations. This included making enquiries ol management and those charged with governance and obtaining additional corroborative evidence as required. Page 12
A S Hornby Educational Trust CIO Independent Auditor's Report (Continued) To the Members of A S Hornby Educational Trust CIO There are Inhent limitations in the audit procedures described above. We a less likely to becomg aware of instances of non<ompliance with laws and regulations that are not closely related lo events and transactions reflected in the financial slalements. Also, the risk of not detecting a material IS51atemenl due to fraLJd is higher than the risk of not detecting one resulting from error. as fraud m8y involve deliberate concealfflent by, for example, forgery or intentional misrepresentalions, or through collusion. Use of our report This report is made solely to the charills trustees, as a body. in accordan¢e with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's Iruslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do nol acp1 or assume responsibility lo any party other than the charity and charity's Iruslees as a body. for our audit work. for this report, or for the opinion we have formo¢J. Moore Kingston Smith LLP 14 January 2025 Chartered Accountants Statutory auditor Orbital Hous8 20 Eastern Road Romlord Essex RM1 3PJ Moore Kingston Smith LLP is eligible to a¢1 as auditor in lerrns of Section 1212 of the Companies A¢1 2006. Page 13
A S Hornby Educational Trust CIO Statement of Financial Aclivities For the year ended 31 March 2024 Unrestricted funds Endowment fund$ Totsl 2024 Totsl 2023 Notes Income from charltablè activities: Royalties 131.443 131.443 117,506 Incom• from raisln9 funds.. Investment income 180,927 180,927 156,893 Total 312.370 312,370 274.399 Expenditure on: Charitable activities". Grants payable and 8ssociated support cc>sl$ Raising funds.. Investment management fees 504.523 504,523 29,570 547.916 28,074 29,570 Tatal 504,523 29,570 534.093 575,990 Net opèrating deficit 1192,1531 129,5701 1221,7231 {301,5911 Oth•r r•eogni5ed gains Realised gainslllos5esl on investment assèts Unrealised gainslllossesl on investment 85se¢s 27.1B5 5B8.338 27,185 588,338 154,4761 1142,3731 Net incomellexpenditurel for tho year 1192,153} 585.953 393,BOO 1498,4401 Transfers betw•*n funds 192,153 {192,1531 Fund balancès at 1 April 2023 7,325.052 7,325,052 7.823,492 Fund balane•s at 31 March 2024 7,718.852 7,718,8S2 7,325,052 The notes on pages 15- 23 form part of these accounts. All incorne resources and expenditure derive from conb'nuing activities. The ststement of financial activities included all gains and losses reco9ni$ed in the year. The detai comparative information for Ihe slalement of financial activities is included at note 14. Page 14
A S Hornby Educational Trust CIO Balance Sheet As al 31 March 2024 2024 2023 Notès Flxed assets Investments 7.342.717 7,079,751 Current assets Debtors Cash at bank and in hand 21,7S7 372.111 22.895 242.051 393,868 264,946 Creditors: amounts fallin9 due within one y•ar 10 117.7331 119,6451 Net ¢urrent ass•ts 376,135 245,301 Totsl assets less current liabllltlès 7,718,852 7,325,052 Capital funds Endowment funds 11 7.718,852 7,325,052 7.718.852 7,325,052 The accounts were approved by the Board of Trustees on 10 December 2024 Harry Kuchah Kuchah Truste+ Charity Registratioll No. 1198267 Page 15
A S Hornby Educational Trust CIO Notes to the Financial Statements For Ihe year ended 31 March 2024 Accountlng polici•s Legal status A S Hornby Educational Trust CIO is a charity registered in England & Wales. The registefed office is Orbit81 House. 20 Eastern Road. Romlord, Essex, RM1 3PJ. Basls of preparatlon The accounts are prepared under th8 historical cost Conventitsn, except for investments, which ar8 included at market value. They are presented in steding which is th8 functs.onal currency of the charity. Monetsry amounts in these financial statements are rounded to the near85t pound. The financial statements have been prepared in accordance with the Statement of Recommended Practsce applicable to charities preparing their accounts In accordance with thè Financial Reporting Standard applicable in the UK and Republi¢ ol Irèland effective 1 January 2019 (The FRS 102 Charities SORPI and Charities Act 2011. The accounts have been prepared to give a 'true and fair. view and have departad from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required lo provide a Irue and fair view.. Thi5 departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 lather than the Accounting and Reporting by Charities.. Statement ol Recommended Practice effective frorn 1 April 2005 which has since been withdrawn. The Trustees confirrn that the Charity meets the definition ol a public benefit ents'ty under FRS 102. Going concern The financial statern8nts are prepartrd on a going concem basis. The trustees have assessed whether Ihe use of thè going concern basis is appropriate and have considered possible even15 or conditions that might cause sigriificant doubt on the ability of the charity lo continue as 8 going concern. Th8 trustees have made this assessrnenl for a period of al least one year from the date of approval ol the financial statements. In particular the trustees have considered the charity's foreeasls and projections and have taken account of pressures on royally and investrnent income. Trustees are also sure that A S Hornby Educational Trust CIO has sufficient Ggn8ral Reserves to enable lime lor plan5 to be developed and implemented in a strategic and timely way, ensuring long-lerm linanoial stability. After making enquiries the Iru51ees have concluded that there is a reasonable expèctation that the charity has adequate rèsources to continue in operational existence for the foreseeab future. Accordingly the Irustees continue to adopt the goin9 concem basis in the prepar8tion ol the financial Statements. Income Income repSentS all ineome receiv8bl&. All income is rècognised when the is entitlement to the funds. the receipt is probable and the amount can bè measured reliably. Investment income is received net ol Investment m8n8gemenl lees bul is grossed up in the accounts for inv8Stment management lees. Expenditure All expenditure is accounted for on an accruals basis and has been clas51fied under headings that aggregate 311 costs related lo the category. net ol recoverable VAT. Expenditure is recogni5ed once there is 8 legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of Èctsnomic benefit is reqUId in settlement and the amount can be measured reliably. Page 16
A S Hornby Educational Trust CIO Notes to the Finan¢ial Statements (continued) For the year ended 31 March 2024 Accounting policies Icontinuedl 1A Grants payablè are payments made lo third parties in the furtherance of the chariiable objects of the Charity. Unconditional grant offers are accrued on¢e the recipient has been ntst1fied ol the grant aw8rd 8nd its payment is probable. Irrecovgrable VAT Irrecoverab5e VAT is included as part of the expendilure to which it relates. C05ts of raising funds The ¢osls of raising funds consist of investment management f8es. Charltable actlvltles Costs ol charitable activiti8s include grants payable. Support costs Support costs include the cost of g8neral overh&8ds, and governance arrangements relating to the administration ol the charily. Fix•d a$$et inv•stments Investments are initially measured al their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at thé balance sheet date. Chang85 in fair value and gains and losses 8rising on the disposal of investments are realised in the Sternent tsf Financial ActNlties. 1.10 Rèallsed gains and losses All gains and losses are taken lo the Stalement of Financial ActNities as they arise. Realised g8ins and lossès on inv8Stmenl are ralculated as the difference bemeen sales proceeds and original cost. Unrealised gains and losses a calculated as the differenc8 between rnaTket value at the end of the year and the opening rnarket valLJe or cost at purchase dale if later. 1.11 Flnancial assets The Charity has elected to apply Ihe provisions of Section 11 'B8sic Financial Instruments. and S8ctton 12 'Olher Financial Instruments Issues. of FRS 102 to all of its financial instrLJments. Basic financial assets, which include trade and other receivable5 and cash and bank balances, are initially measured at transaction price including transaction costs and a subsequently carried at amortised cost using the effective interest method. unless the arr8ngement constitutes a fnancing transaction, where the transaction is measured at the present value ol the future receipts discounted at 8 market rate of Interest. Other financial assets classified as 18ir value through profit or loss are measured at lair value. They are subsequenlty carried at arntsrtised cost, Using the effective interest rate method. Impairment of financial assets Financial assets. olhei than those held at fair value through profit and loss. are assessed for indicators ol impairmenl al each reportino end date. Financial assats are impaired where there is obje¢live evidence that. as a result of one or more events that occurred after the initial recognition of the financial asset, the estimatèd future cash flows have been affected. The impaiment loss is recognised in profit or loss. Derecognltion of financial assets Financial assets arè derecognis8d only when the contractual rights lo the cash flows from the asset expire, or whgn it transfers the financial asset and substantially all the dsks and r8waids of own8rship to another entity. Page 17
A S Hornby Educational Trust CIO Notes to the Financial Statements (continued) For the year ended 31 March 2024 Accounting policits Icontinuedl 1.12 Financial liabilitiès Basic financial 5iabilities are initially measured at transaction price, unless the arrangement constitutes a rinancing Iransaclion, where the debt inslrurnent is measured at the present value of the future receipts discounted at a market rate ol interest. Other financial liabilities classified as lair value through protit or loss are measured at fair value. They are subsequentty carried at amortssed cost, using the effective Interest rate method. D¥recognition ot financial li?bililie$ Financial liabilities are derecognised when. and only when. ihe company's obligations are discharged, cancelled. or they expire. 1.13 Cash and cash èqulval•nts Cash and cash equivalents include cash in hand. deposits held at Call with banks. other short-term liquid nve5tments with original maturities of Ihree months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.14 Fund accounting Details ol expendable endowment lunds are given in note 11. Crltical accountlng estSmates and judgements In the view of the trustees in applying Ihe accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised In the financial statements noT do any estim8te5 or assumptions made carry a significant risk of material adjuslrn8nt in th& next rinancial year. Royaltl*s 2024 2023 Unrestricted funds., United Kingdtsm- Oxford University P$$ ALCS 131,358 85 116,659 847 131,443 117,506 Investment Income 2024 2023 Dividends on listed investments and other income Gill int8rèst racèivsd grts5S 177,708 3,219 114.736 42.157 180,927 156,893 Page 18
A S Hornby Educational Trust CIO Noles to the Financial Statements Iconlinuedl For the year ended 31 March 2024 Grants payable and assoclatod support costs Unrestricted funds Endowment funds Total 2024 Total 2023 Grants to British Council Scholarships Alumni sUPPQrt Teacher Association Support Gènèral ELT purposes Grants not used 310,000 310,000 406.713 6,014 6.718 20,000 19,4451 15,927 15,927 325,927 325.927 430.000 Grants paid directly by Trust S¢holar5hips Euralex Alumni support Teacher Associalion Support Dith'onary Search awards Decenlring ELT History of English language education 7,866 5.000 4,673 3.331 23,067 4,323 10,000 5,000 29.425 38.300 27,020 8.164 16,015 5.000 29,425 38,300 27,020 8,164 16,015 123.924 123,924 58,260 Support costs Website expenses Irrecoverable VAT Bank charges Accountancy Legal and professional Secretarial services Miscellaneous expenses Subscriptions 2,033 8,561 219 9.993 2.033 8,561 219 9,993 722 7,901 306 8,246 12,316 20.391 22.131 1,115 22,131 1,115 510 44.052 44,052 50,392 Page 19
A S Hornby Educational Trust CIO Notes to the Financial Ststements (continued) For the year ended 31 March 2024 Grants payable and assoclated support e05ts Icontinuedl Governance ¢ost$ Audit and other setvices Trustees, expenses 8,800 1,820 8,800 1,820 7,920 1,344 10,620 10,620 9,264 Total 504.523 504,523 547.916 Support costs inclu¢Jes payments to the auditors 01£8,88012023'. £7,920) lor audit lees and £9,99312023.' £8,246) for non-audit services. Trustees None of the trustees lor any persons connected with thèm) te1Ved any remuneration or honoraria during the year. 512023". 31 trustees were reimbursed £1,820 12023.. £1.3441 travelling and accommodation expenses in connection with Trust aclivits'es. Employees Thèr6 werè no employees during the year. Fixed asset investments 2024 2023 Market value al 1 April 2023 Disposals at opening markèt value (Proceeds £1,194.7211 Acquisitions al cost Change in value in the year 7,079,751 11.167.535) 843,658 5B6.843 7,549.720 1913,3641 587.041 1143.6461 Market valu• at 31 Mèreh 2024 7,342,717 7.079.751 Historical cost.. 4,104,918 4,122.242 Page 20
A S Hornby Educational Trust CIO Notes to the Financial Statements {continued) For the year ended 31 March 2024 Flxèd asset investments l¢ontinuedl In accordance with the Statement of Recommended Pracll¢e - Accounting and Reporting by Charities. investments have been included 8t market value. The following investment holdings rep¥esent mtsre than 5°A of the value of the portfolio 8t 31 March 2024.. SPDR S&P500 Etf Trust Units Ser 1 S&P Ishares Trust Corè S&P Mid-cap Eff Findlay Park Plo Fp American Smlr Cos Treasury 8.75°A Gilt 994,351 890,051 467,116 428.350 2,779,868 Debtors 2024 2023 Accrued income VAT 21.S28 229 21,528 1,367 21,7S7 22.895 10 Credltors.. amount5 falling du• within one year 2024 2023 Accruals and othei creditors 17,733 19.645 17,733 19.645 11 Endowment funds Mov•mènt in funds Balance al Investment Expenditur• 1 April 2023 gain Transfer b¢een funds Balance at 31 March 2024 Expendable endowment Leg8cies from the founder and his widow 7,325.052 615,523 129,5701 1192,1531 7.718,852 Page21
A S Hornby Educational Trust cio Notes to the Financial Statements Icontinuedl For the year ended 31 March 2024 12 Analysls of nèt assets betweèn funds Unr•strieted Endowmtnt fvnds tund Total Fund balances at 31 March 2024 are rèpresenled by: Investments Current assets Creditor5'. amounts falling within one yeèr 7,342,717 393.868 117,7331 7,342,915 393.868 117,7331 7.718,852 7,719,050 Unrestrlcted Endowment funds funds Total Fund balances at 31 March 2023 arè r•presented by: Investments Current assets Creditors.. amounts falling due within one year 7.079,751 264,946 119,6451 7,079,751 264,946 119,6451 7,325,052 7.325,052 13 Related party transactions The Trustees consider that there are no related party tran5a¢tions during thè year that require disclosure. Page 22
A S Hornby Educational Trust CIO Notes to the Financial Statements (continued} For the year ended 31 MarGh 2024 14 Prior ytar statement of finan¢ial activitl•s Unrestricted Endowm•nt nds funds Total 2023 In¢ome from charltable aetivitl•s.' Roy81kn'es 117,506 117,506 Ineome from raising fvnds.. Investment income 156,893 159,893 Total 274,399 274,399 Exp•ndlture on.. Charilable activ(ties.' Grants payable and associated support costs Raising funds.. Investment management fees 547.916 547,916 28.074 28,074 Total 547,916 28.074 575,990 Net op•rating deficlt 1273.5171 128,0741 1291,9811 Other recognlsed gains and loss•s Realised losses on investment assets Unrealised losses on investment assets 154,4761 1142,3731 154.476) 1142,3731 Nèt expenditure for the year (273,5171 (224.9231 1498,4401 Translers between funds 273.517 {273,5171 Fund balances al 1 April 2022 7,823.492 7,823,492 Fund balances at 31 Mareh 2023 7,325.052 7,325,052 Page 23
A S Hornby Educational Trust CIO Cash Account For the year ended 31 March 2024 Balances at 1 April 2023 Lloyds TSB TreaSurS account QLJiller Capital 139,177 102.934 Recèipts Royalties Dividends received Sale ol sharès Value added tax repayments 242.051 178.918 178,443 1,197,204 2.855 Payments Purchase of shar&$ Grants Value added tax payments Administration expense5 Investment management fees 1,557,420 1842,3601 1310.0001 126.7511 1213.7011 135,5481 11,428,3601 371,111 Balane8$ at 31 March 2024 repres•nted by-. Lloyds TSB Treasurers account Quilter.. Interest bearing income account Interest bearing cash and dealing accovnt 215.458 61,360 94,293 155,653 371,111 This page doès not forrn part of thè statutory financial statements. Page 24