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2025-03-31-accounts

A S Hornby Educational Trust CIO

Trustees' Report and Accounts For the year ended 31 March 2025

Charity Registration No. 1198267

A S Hornby Educational Trust CIO

Reference and administrative information

Trustees Prof H Kuchah Kuchah (Chair)
J Whitehead (Vice Chair)
A Manek (Treasurer)
Dr B Chakravarti
Dr M Wedell
Prof A Padwad
C Moore
A Searle
Dr N Kemp
Prof G Hall
Charity number 1198267
Principal address Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Independent Auditors Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Bankers Lloyds TSB
1 Reading Road
Henley-on-Thames
Oxon
RG9 1AE
Investment advisors Quilter Cheviot
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Legal advisors Stone King LLP
Boundary House
91 Charterhouse St
Barbican
London
EC1M 6HR

A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

Page
Trustees' report 1 – 11
Independent auditor’s report 12 – 16
Statement of financial activities 17
Balance sheet 18
Notes to the financial statements 19 - 26

A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

The Trustees present their report and accounts for the year ended 31 March 2025. They confirm that the accounts comply with current statutory requirements and with the requirements of the Trust Deed.

1. Structure and governance

1.1 Legal status and relation to predecessor unincorporated Trust

The A.S. Hornby Educational Trust CIO was established on 16 March 2022 with Charity Commission registration number 1198267. Its predecessor the unincorporated A.S. Hornby Educational Trust (registration number 313394) was, on 6 October 2022, merged with the new CIO on the Charity Commission’s Register of Mergers, with a transfer date of 23 October 2022.

1.2 Presentation of Financial Statements

In the presentation of these Financial Statements the CIO has taken advantage of the merger accounting principles of the Statement of Recommended Practice on Accounting and Reporting by Charities (FRS 102 SORP). The results of the full accounting year ending 31 March 2025 are accordingly presented together with comparative figures for the previous year.

1.3 The Board of Trustees

The affairs of the Trust are conducted through a Board of Trustees that meets regularly throughout the year.

In 2024-25 Susan Maingay retired as a trustee and Vice Chair of the Board of Trustees and John Whitehead was appointed to succeed her in these roles.

New Trustees receive documentation covering all aspects of the activities of the Trust and the functions of the Board of Trustees. They normally attend a Trustees' meeting prior to appointment and are offered the opportunity to attend a briefing. Although it is no longer a legal/regulatory requirement for CIOs, Trustees have decided 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 economic situation.

Nominated Working Groups of Trustees hold scheduled meetings to conduct specific aspects of the Trust's activities or management and may arrange other meetings at such times as required for specific purposes. Items requiring formal approval by all Trustees are referred to the appropriate Board of Trustees Meetings.

Trustees have drawn up a register of the major governance, strategic and operational risks which the charity faces, and actions which have been, or need to be, taken to mitigate these. A Risk Management Committee has been established to review this register on a quarterly basis and to report back to all trustees on any additions or amendments that are needed. The Risk Management Committee has devised an updated risk management structure and format which was agreed by trustees in November 2025.

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Report of the Trustees (Continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

The CIO maintains the practice established by its predecessor unincorporated Trust of each year adopting a rolling three-year Business Plan to come into effect at the beginning of the forthcoming financial year. In addition, Trustees maintain and develop policy documents relating to the following areas: risk management; safeguarding; data privacy including GDPR; conflict of interest; cyber security; compliance (fraud and counter-terrorism) and Trustee recruitment, selection and induction. These policy documents are reviewed by all Trustees on a specified regular basis.

2. Objects and activities

The charitable objects of the CIO remain identical in all respects to those originally specified by A.S Hornby when establishing the predecessor unincorporated Trust, viz:

"The objects of the A.S. Hornby Educational Trust are exclusively charitable and subject thereto are the advancement of the study of English Language and the teaching and learning of English as a Foreign Language in such manner and by such means as the Trustees shall from time to time think fit and in particular by providing scholarships and grants to be called "the Hornby Scholarships" to enable foreign and commonwealth teachers to come to the United Kingdom and there to study the English Language."

In accordance with the founder's expressed wish regarding the financial proceeds from sales of his dictionaries and other works, to 'have the money used for education and go back to the countries from which it comes’, the Trust mainly (though not exclusively) focuses on improvement of English learning and teaching within public education in low- and lower-middle-income countries.

In line with this aim, the Trust has for many years awarded scholarships to support students from developing and transitional countries to follow one-year masters courses at British universities. Since 1971, when the Hornby Scholarships programme was first instituted, more than 450 Hornby Scholars worldwide have benefitted from the Trust's support.

Since 2018/19 the Trust has also sought to prioritise the 'decentring of ELT', which is taken to mean, primarily, promoting new thinking (on methodology, materials design, curriculum development, teacher education, etc) which is led by participants in low/middle-income countries, rather than by 'outside experts'

Further details of the above, and other areas of the Trust's activities, are given in section 3 below.

The Trustees confirm that they have had due regard to the Charity Commission's guidance on public benefit when considering their activities in pursuit of the Trust's charitable objectives.

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Report of the Trustees (Continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

3. Activities in the reporting year

3.1 Hornby Scholarships

The Trust's flagship charitable activity has always been the Hornby Scholarships programme, previously managed by the British Council. Since 1971, when the Hornby Scholarships programme was first instituted, more than 450 Hornby Scholars worldwide have benefitted from the Trust's support.

Following a competitive tender organised by the Trust, the University of Exeter was selected as the preferred supplier university for a Master’s in TESOL programme. Accordingly, the Trust on 27th February 2023 signed a Strategic Partnership Agreement (SPA) with the University of Exeter, to govern the Hornby Scholarship arrangements for the 3 academic years 2023-24 to 2025-26. The second cohort of Hornby Scholars under these new arrangements started their MEd TESOL programmes at Exeter in September 2024.

3.1.1 Eight of the scholars completed the MEd programme in September 2024, with one scholar unable to complete due to health conditions (though arrangements have been made to ensure that he can still complete if he submits his unfinished assignments and dissertation). Of the 8 that did complete, 6 were awarded Distinctions, and the other 2 Merits. These results maintain the pleasingly strong track record established by previous years' scholars. Professor Richard Smith (Hornby Trustee Emeritus) successfully mentored the scholars to give a well-attended and received presentation at IATEFL in 2024 in Brighton. 6 of the Scholars returned home at the conclusion of their MEds: one with a health condition has yet to return home, and the whereabouts of another are currently not known (although Trust support ceased upon the expiry of her UK Student Visa). The second cohort of scholars for Exeter was selected in June 2024, by a joint Exeter-Trustee team and 10 new scholars commenced the MEd TESOL programme in September 2024. The scholars are from a good spread of the Trust’s priority low and middle-income countries (including Argentina, Brazil, Nigeria, Pakistan, Sri Lanka, Mexico, Uzbekistan. Zimbabwe and Turkey, as well as the first Hornby scholar from Papua-New Guinea).

3.1.2 Evaluating and enhancing the Scholars' experience

Trustees also decided to initiate an evaluation of the scholars’ experiences whilst at Exeter and, following their return, in their countries. The first was undertaken through a detailed follow-up questionnaire involving September 2024 graduates and the approach will be used again for the 202425 cohort after they have completed their MEd and returned home.

Analysis of the scholar/alumni responses indicates are that there is a high degree of scholar satisfaction with their experiences. Much gratitude was expressed to the Trust for having supported them, as well as an enthusiasm to progress initiatives, started in Exeter, in their countries. They will be looking for some Trust support for activities (e.g. through the Alumni Projects Grants scheme (see 3.2.1 below).

An outcome from this evaluation was to review with Exeter how we might make initial payments for new scholars prior to departure e.g. for visa, NHS supplement and air fares. The new possibilities will be available for 2025/26 scholars.

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A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

An additional follow-up was for Trustees to meet with and run the first introductory session with the new scholars in November 2024. This to start preparing them for both IATEFL presentations and project work, relating to achieving impact in their work situation, after completing their programme. This was followed up by Trustee visits to Exeter to further develop the professional activities - rather than employing an external consultant.

3.1.3 Refugee Scholarship

In 2024/25 we provided a second such Refugee Scholarship to an Iranian teacher of ESOL for refugees who herself has refugee status, and who accordingly joined the other 10 Hornby Scholars provided for under the SPA with Exeter University. Following a review of the Refugee Scholarship’s impact on the individual scholar and its potential to contribute to the field of TESOL for refugees in the UK, we will in 2025/26 offer a third Hornby Refugee Scholarship. The selection process will be separate from, but closely co-ordinated with, the selection process for the ‘regular’ 2025/26 Hornby Scholars and will involve both trustees and University of Exeter academic staff.

3.2 Alumni network development

After completing their scholarship MEd studies many Hornby alumni resume or move on to senior professional positions within their own or other countries. The Trust attaches great importance to 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 become fully responsible for this activity, following the British Council’s withdrawal of support for the reasons described above.

In 2024/25 Komila Tangirova Hornby alumna currently working at Warwick University, was contracted as part-time Hornby Alumni Development Co-ordinator. In this capacity her brief is to animate this work in a proactive and consistent manner. Her initial focus has been on

3.2.1 Alumni Project Grants

For a number of years the Trust has encouraged Hornby alumni to apply for grants (up to £2,500 for an individual project or £4,000 if a project involves alumni from more than one location) to support the implementation of projects designed to support effective English language teaching in their home contexts. Mentoring support for project applications is now provided by Prof Amol Padwad (a Trustee). A one-day project design and planning workshop at Exeter with all scholars took place in June 2024 for the 2023/24 cohort.

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Report of the Trustees (Continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

In 2024/25 there was a reduced field for applications for grants under the Scheme, and only 3 grants were awarded for projects in Nepal, Peru and Indonesia which address concrete concerns of teachers in their local contexts.

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 Teacher Associations (TA) and alumni to include a short video summary with their final reports. These reports began to appear on the website at: - https://www.hornby trust.org.uWprojects#Proiects from 1 September 2024.

3.2.2 Alumni participation in IATEFL Annual Conferences

The Trust also attaches importance to supporting the participation of alumni in each year's IATEFL Conference. In 2024/25 the Trust supported the leaders of two Alumni Projects from Zambia and Ukraine to give presentations at IATEFL Brighton, summarising their projects' achieved outcomes and learning points. Working with IATEFL, the speakers and talks ASHET supported were scheduled to provide an identifiable ASHET strand of presentations taking place on a single day and in a single room, highlighted in the conference programme. This had a positive effect on audience attendance, which averaged around 25-30 delegates per talk.

3.2.3 Teacher Education Curriculum Development Grants Scheme

This scheme provides grants of up to £2,000 to Hornby alumni currently involved in delivering existing in-service masters and related teacher education programmes, to enable them to identify and draw on local expertise for introducing curriculum development measures designed to strengthen the programme's focus on classroom-based, teacher-centred approaches to teacher education. In 2024/25 a "Multilingual Pedagogy and Materials Curriculum Development project" led by Prof Ravinath Chakrakodi (Academic Head of RIESI - the Regional Institute of English, South India in Bengaluru) continued to be successfully implemented for a third year, with mentoring support from Dr Martin Wedell and Prof Graham Hall (Hornby trustees). The project draws on teachers' classroom experience to develop multilingual approaches and materials for ELT in schools in four southern sites which between them speak - generally on a mutually incomprehensible basis - three large and wellestablished regional languages (to which mix Urdu, Hindi and English are also added). During the year, practitioner workshops for, and led by, local teachers shared, tested and collated a number of strategies and techniques which have resulted in demonstrable increases in participation in multilingual classrooms by students with differing first languages - and began to explore to what extent this is resulting in improved learning of English.

3.2.4 Alumni ELT Journal (ELTJ) and related professional publications articles mentoring scheme

In 2024/25 the scheme continued to support four alumni to develop later drafts of their papers in response to reviewers’ comments. By January 2025 all four of these papers had been accepted for publication by the ELT Journal (with acknowledgement of Hornby Trust support). Two of these were ‘Editor’s Choice’ papers and so available on Open Access. The Trust is grateful to the first mentor, Dr Jason Anderson of Warwick University, for his important contribution to the success of this first cycle. Dr Dario Banegas (Hornby alumnus University of Edinburgh) has agreed to take over the mentoring role for the second cycle. A further call to alumni for expressions of interest was opened.

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Report of the Trustees (Continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

3.3 Teacher Association support

The Hornby Teacher Association (TA) Project Award Scheme, launched in 2019-20, offers funding each year for projects which, through TA activity, stimulate and enhance the professional development of ELT practitioners, especially in public education systems in low- and middle-income countries.

3.3.1 TA Project Awards

In 2023/24, awards for TA projects were increased to £4,000 for an individual TA project, and up to £6,000 for TAs from different locations working together. In 2024/25 we planned to offer up to 15 project awards. In accordance with our previous decision to take steps to try to reduce the number of unsuccessful applications, interested parties were required first to submit a draft proposal to the Project Mentor, Dr Martin Wedell, who thus was able to engage with applicants prior to final submission. We received 30 finalised applications, and after evaluation awarded 11 grants. One further successful application was deferred to become an alumni project. An online meeting for successful applicants was held in February 2025 and a WhatsApp group was established to enable communication and sharing. Applications for 2025/26 will open in August 2025.

3.3.2 TA representatives to IATEFL

In 2024/25 two TA representatives (from Argentina and Vietnam) were supported to attend and make presentations at IATEFL 2024 held in Brighton. The speakers reported on their completed TA Grant supported project

3.4 A.S. Hornby Dictionary Research Awards (ASHDRA)

Through these annual awards we aim to facilitate innovative research into areas of lexicography which reflect and extend the pioneering contributions of A S Hornby within the field of language education. In 2024/25 two new projects were awarded grants – the first to a Canadian team of scholars and practitioners based in Mexico for the development of an interactive oral English/Zapotec dictionary using AI, and the second to a team of scholars and practitioners based in the UK and India for the development of a bilingual bimodal function-word dictionary with deaf sign language for users in India. In addition, a second tranche of funding was provided for the second year of a project for improving dictionary skills of teacher trainees in less resourced areas of China

3.5 Support for Major Internal Lexicography Conference

In 2024/25 we gave a grant of £5,000 to Euralex to support the attendance at their 21st International Congress of the deliverer of the association’s annual Hornby Lecture (Dr Kory Stamper, a distinguished lexicographer whose appearance in all 6 episodes of the Netflix “History of Swear Words” series led to her being billed by the Hollywood Reporter as “probably the breakout expert among talking heads”), and also to provide 7 bursaries for students and other participants who would otherwise have been unable to attend the event. We continued our grant support to the major lexicographic biennial conferences run by Euralex and eLex. In 2024 a grant of £5,000 was made to the organisers of a conference on ‘Electronic lexicography in the 21st century’ which took place in Brno, Czech Republic (face to face and also on-line). The grant funded the offer of grants by the organisers to widen participation in the event. There was also a specific slot in which current holders of the Trust’s A S Hornby Dictionary Research Awards (see 3.4 above) presented their projects.

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A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

3.6 Decentring English Language Teaching

Since 2018 the Trust has been developing a 'Decentring English' initiative. Work undertaken within that initiative and involving Hornby alumni, TAs and related professionals worldwide has resulted in a deeper, albeit still evolving, understanding of what we mean by ‘Decentring ELT'. This has most recently (December 2022) been expressed as follows:

A decentring perspective involves valuing and seeking to understand how teachers, often collaborating with each other, try to articulate key features of their work (including the reasons for these features) and ways they feel their practice can be improved. It highlights teachers' own development of contextually appropriate thinking and action (on methodology, materials design, curriculum development, teacher education, and so on) in relation to the needs of their local contexts. Decentring ELT enables exploration of alternatives to English language teaching centred on 'outsider' agendas […]

In 2024/25 local participants suggested holding a series of Decentring webinars, each hosted by a Teacher Association from a different continent, in which understandings and experiences of Decentring activity across TAs in each region were exemplified and discussed. Thereafter, representatives of the three groups viewed the videos of each other’s webinars. At a meeting chaired by Amira Salama (Nile University, Egypt, and of Africa ELTA) they discussed their perceptions of similarities and differences in terms of how decentring is understood and acted upon across the three continents. Videos of all the above activities are available on the Hornby Decentring website. Group members noticed many similarities across their contexts. All shared a view that the next step should be to explore and disseminate grassroots evidence of teachers’ understandings of the concept, and the real decentring artefacts and/or activities designed, planned and implemented in their classrooms to reflect such understanding.

3.7 History of English Language Education (HELE)

This initiative involves support for the consolidation and enhancement of a collection of historical ELT materials, as well as its active dissemination and exploitation for practical use by English language learners and teaching practitioners around the world. The initiative includes support for the development, in partnership with Hornby alumni in India, of a preliminary bibliography of India published materials for teaching English.

In 2024/25, the HELE India Group prepared the draft of an annotated bibliography on the history of textbooks from the colonial period in India and started work on a monograph on the history of English textbooks. The previously mooted “HELE Society” was also formally established, and the process of formalizing it as a registered society is underway. The HELE India Group also hosted the 3rd HELE India Conference in January 2025 at Hyderabad. A publication of select papers presented at the previous HELE conferences is under preparation.

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A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

3.8 HELE at Warwick University

In 2024/25 an updated edition of the Warwick ELT Archive catalogue was published, including all items published in the 1980s. The collection since has been expanded also to include material from the 1980s and 1990s. Work has begun on identifying and procuring items to fill gaps in the collection (for example textbooks published in China). Digitisation of parts of the collection is proceeding and

being made available on an open-access basis, with an initial focus on archival items relating to the work of A S Hornby and to published items relating to India.

The Warwick ELT Archive has also been sharing its resources and providing support to other universities and agencies on HELE in their respective contexts (e.g. a Michael West bibliography and digitised resources for the Dhaka (Bangladesh) Teacher Training College, digital copies of textbooks for the Beijing Foreign Studies University and advice for the ELT Archive Italy at the University of Milan. A ‘Friends of the ELT Archive’ Facebook group has been inaugurated, and is now in active use with announcements of events, publications etc. The Group was also used to publicise the newly created ELT Archive blog, which is now recording regular updates which will be compiled for wider dissemination via an annual newsletter. In addition, an ‘Invited Speaker Talk Series’ was instituted at which specialists led open-access seminars on relevant aspects of HELE.

3.9 A S Hornby Regional Workshops

For many years, the Trust and the British Council have collaborated to organise and co-fund two to three 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 to (a) develop the capacity of TAs to organise initiatives and activities which support and develop teachers; (b) develop expertise within TAs so that they can play a role in teacher development policy initiatives at local and national levels; and (c) develop TAs’ expertise to plan and implement projects and research their impact on teachers and the classroom experience. This strategic focus aligns with the Trust’s Decentring ELT initiative (see 3.6 above) which has a focus on understanding and extending local expertise in English language education. Key to this activity stream had been the involvement and support of the British Council in delivery

The focus on supporting TAs to develop thinking and activities that are relevant to teachers in their local contexts remains primary. A working group of the trustees continued to consider how the concept of Regional Workshops may be adjusted in the light of the withdrawal of the British Council for the reasons stated above.

The recommendations of the group were to relaunch the scheme with a refreshed format, in which the focus would, in line with the Trust’s Decentring approach (see 3.6 above), give priority to supporting selected local partners to lead on formulating the objectives, structure, participation and follow-up programme for future regional workshops. In 2024/25 this proposal was further reviewed by the Decentring ELT Working Group which recommended discontinuing the Trust’s well-established practice of organising a number of Regional Workshops each year in favour of a single high-level policy/practitioner forum to be held every few years.

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A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

3.10 Roger Bowers Teacher Participation Grants Scheme

In 2024/25 only two applications were received for grants under the Scheme, one of which (from Nigeria) was successful. Meanwhile project completion reports from successful 2023/24 grant recipients from ELTAN (Nigeria), API (Cuba) and NELTA (Nepal) were evaluated to inform planning for future years.

3.11 Other Grants

Since 2018/19 it has been the Trust's policy to no longer offer grants to general education charities, and instead to focus such support on organisations with strategic synergy with the

Hornby Trust's charitable objects and strategic focus, or on suitable organisations or individuals for activities which contribute to the celebration and enhancement of A S Hornby's professional interests and achievements, and so enhance the Hornby brand.

3.12 British Council Strategic Partnership Agreement

The SPA has continued to facilitate the very valuable pro bono support to Trust activities (including Alumni Grants, TA Grants and website development) generously provided by Louise Westman, an ELT-qualified staff member of the British Council. Resource and time issues on both sides continue to constrain further development of concrete proposals for specific collaborative activities.

3.13 Impact Study

In 2024/25 the Trust developed Terms of Reference for the recruitment of a professional consultant to design and conduct research into the charitable and educational impact the Trust has achieved since its inception in 1961. However, in view of the paucity of long term record, the study will mainly cover the last decade. The study commenced in May 2025. The results of the study will inform the prioritisation and planning for the Trust’s activities going forward and will feed into the Comprehensive Strategic Review which is also currently underway..

4 Principal risks and uncertainties

These are currently identified as:

Having engaged a part-time Operations Manager in 2022-23, we went on in 2023-24 to review our need for further support staff following the change in our working relationship with the British Council. In November we recruited a part-time Banking and Finance Officer and an Operations Co-ordinator, to provide trustees with support in the conduct of the CIO's charitable activities and functions. The Trust will continue to procure (and pay reasonable and appropriate fees for) the services of suitably qualified individuals/organisations to undertake agreed operational and/or administrative tasks for which resources are not available on the Board or within the support staff team (Secretary, Operations Coordinator, and Banking and Finance Officer)

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Report of the Trustees (Continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

International bank transfers (for the payment of grants awarded to organisations or

individuals based overseas). The Trust is increasingly paying grants directly to overseasbased organisations and individuals through international bank transfers. In order to mitigate the risk of the Trust being accused of inadvertently failing to comply with Anti-money-laundering and Prevention of Terrorism legal and regulatory provisions, a new Compliance Policy is being prepared which will draw on specialist advice and current best practice to prescribed standards and procedures to which the Trust will adhere in these respects.

• Delivery partner malfeasance. Each delivery partner is rigorously vetted in advance. In all cases written Agreements are signed in advance and include provisions to protect the Trust's interests in the event the partner is negligent, engages in fraudulent practices, or fails to meet required operational standards.

5 Financial Review, including Sources of Funding and Reserves

The principal sources of income are royalty income and investment income.

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 year in finalising the business Plan for the following 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 Trust's investment policy which, along with other policies, is reviewed annually. Variations of investment were made regularly during the year to ensure that the investments held were maximised in relation to market conditions.

The majority of the Trust's holdings were not high risk, and discussions were held between the Investment Manager and Trustees as to the proportion of investments to be held at different levels of risk and in cash.

The net movement of funds for the year was a decrease of £412,162 following the previous year's increase of £393,800. Excluding investment gains and losses, the Trust had net outgoing resources of £432,644 (2024: £221,723).

The market value of the charity's investments decreased by 1.8% before taking account of the withdrawals from the investment portfolio (2024: increased by 3.7%). There are no restrictions on the charity's investment powers. The Trust will have sufficient funds to meet all its ongoing activities and current commitments.

6 Governance and administration

The Trust CIO is administered by a Board of up to ten Trustees, of whom one is its Chair. Specialist services are provided by the CIO's Accountants and its Legal and Financial Advisers. A new Operations Manager was contracted with an amended job specification in January 2023, this post reflecting the reduced support the British Council is now able to provide for the administration of Trust activities. The postholder remained in post during the reporting yesr.

The Trust remains a small organisation, with overheads in line with charity sector best practice, committed to good stewardship of A S Hornby's legacy.

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A S Hornby Educational Trust CIO

Report of the Trustees (Continued) For the year ended 31 March 2025

7 Trustees' responsibilities for preparing reports and financial statements

The trustees as at the date of approval of this report are listed on its first page. The Trustees are responsible for preparing the Trustees' (Annual) Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deeds. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Board of Trustees Date: 8 December 2025 Prof H Kuchah Kuchah, Chair, Board of Trustees

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A S Hornby Educational Trust CIO

Independent Auditor’s Report To the Members of A S Hornby Educational Trust CIO

Opinion

We have audited the financial statements of A S Hornby Educational Trust CIO for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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A S Hornby Educational Trust CIO

Independent Auditor’s Report (Continued) To the Members of A S Hornby Educational Trust CIO

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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A S Hornby Educational Trust CIO

Independent Auditor’s Report (Continued) To the Members of A S Hornby Educational Trust CIO

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Page 14

A S Hornby Educational Trust CIO

Independent Auditor’s Report (Continued) To the Members of A S Hornby Educational Trust CIO

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 15

A S Hornby Educational Trust CIO

Independent Auditor’s Report (Continued) To the Members of A S Hornby Educational Trust CIO

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance 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 trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Paul Springfield (Senior Statutory Auditor) For and on behalf of Moore Kingston Smith LLP

21 January 2026

Chartered Accountants Statutory auditor

Orbital House 20 Eastern Road Romford Essex RM1 3PJ

Page 16

A S Hornby Educational Trust CIO

Statement of Financial Activities For the year ended 31 March 2025

Unrestricted Endowment Total Total
funds funds 2025 2024
Notes £ £ £. £
Income from charitable activities:
Royalties 3 143,945 - 143,945 131,443
Income from raising funds:
Investment income 4 182,007 - 182,007 180,927
──────── ──────── ──────── ────────
Total 325,952 - 325,952 312,370
──────── ──────── ──────── ────────
Expenditure on:
Charitable activities: Grants payable and
associated support costs 5 728,084 - 728,084 504,523
Raising funds: Investment management fees - 30,512 30,512 29,570
──────── ──────── ──────── ────────
Total 728,084 30,512 758,596 534,093
──────── ──────── ──────── ────────
Net operating deficit (402,132) (30,512) (432,644) (221,723)
Other recognised gains
Realised gains on investment assets 8 - 51,490 51,490 27,185
Unrealised (losses)/gains on investment assets 8 - (31,008) (31,008) 588,338
──────── ──────── ──────── ────────
Net (expenditure)/income for the year (402,132) (10,030) (412,162) 393,800
Transfers between funds 402,132 (402,132) - -
Fund balances at 1 April 2024 - 7,718,852 7,718,852 7,325,052
──────── ──────── ──────── ────────
Fund balances at 31 March 2025 - 7,306,690 7,306,690 7,718,852
════════ ════════ ════════ ════════

The notes on pages 19 - 26 form part of these accounts. All income resources and expenditure derive from continuing activities. The statement of financial activities included all gains and losses recognised in the year.

The detailed comparative information for the statement of financial activities is included at note 14.

Page 17

A S Hornby Educational Trust CIO

Balance Sheet As at 31 March 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 8 7,206,053 7,342,717
Current assets
Debtors 9 24,297 21,757
Cash at bank and in hand 96,661 372,111
──────── ────────
120,958 393,868
Creditors: amounts falling due within
one year 10 (20,321) (17,733)
──────── ────────
Net current assets 100,637 376,135
──────── ────────
Total assets less current liabilities 7,306,690 7,718,852
════════ ════════
Capital funds
Endowment funds 11 7,306,690 7,718,852
──────── ────────
7,306,690 7,718,852
════════ ════════

The accounts were approved by the Board of Trustees on ………………………

.............................. Date: 8 December 2025 Prof H Kuchah Kuchah Trustee

Charity Registration No. 1198267

Page 18

Notes to the Financial Statements For the year ended 31 March 2025

A S Hornby Educational Trust CIO

1 Accounting policies

Legal status

A S Hornby Educational Trust CIO is a charity registered in England & Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

1.1

Basis of preparation

The accounts are prepared under the historical cost convention, except for investments, which are included at market value. They are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective 1 January 2019 (The FRS 102 Charities SORP) and Charities Act 2011.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees confirm that the Charity meets the definition of a public benefit entity under FRS 102.

1.2

Going concern

The financial statements are prepared on a going concern basis. The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cause significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on royalty and investment income. Trustees are also sure that A S Hornby Educational Trust CIO has sufficient General Reserves to enable time for plans to be developed and implemented in a strategic and timely way, ensuring long-term financial stability. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly the trustees continue to adopt the going concern basis in the preparation of the financial statements.

1.3 Income

Income represents all income receivable.

All income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably.

Investment income is received net of investment management fees but is grossed up in the accounts for investment management fees.

1.4 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category, net of recoverable VAT.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit is required in settlement and the amount can be measured reliably.

Page 19

Notes to the Financial Statements (continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

1 Accounting policies (continued)

1.4 Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. Unconditional grant offers are accrued once the recipient has been notified of the grant award and its payment is probable.

1.5 Irrecoverable VAT

Irrecoverable VAT is included as part of the expenditure to which it relates.

1.6 Costs of raising funds

The costs of raising funds consist of investment management fees.

1.7 Charitable activities

Costs of charitable activities include grants payable.

1.8 Support costs

Support costs include the cost of general overheads, and governance arrangements relating to the administration of the charity.

1.9 Fixed asset investments

Investments are initially measured at their cost and subsequently measured at their fair value at each reporting date. Fair value is based on their quoted price at the balance sheet date.

Changes in fair value and gains and losses arising on the disposal of investments are realised in the Statement of Financial Activities.

1.10 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investment are calculated as the difference between sales proceeds and original cost. Unrealised gains and losses are calculated as the difference between market value at the end of the year and the opening market value or cost at purchase date if later.

1.11

Financial assets

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value. They are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Page 20

A S Hornby Educational Trust CIO

Notes to the Financial Statements (continued) For the year ended 31 March 2025

1 Accounting policies (continued)

1.12 Financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value. They are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the charity’s obligations are discharged, cancelled, or they expire.

1.13 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14 Fund accounting

Details of expendable endowment funds are given in note 11.

2 Critical accounting estimates and judgements

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

3 Royalties

Royalties
2025 2024
£ £
Unrestricted funds:
United Kingdom - Oxford University Press 143,123 131,358
ALCS 822 85
──────── ────────
143,945 131,443
════════ ════════
Investment income
2025 2024
£ £
Dividends on listed investments and other income 179,930 177,708
Gilts interest received gross 2,077 3,219
──────── ────────
182,007 180,927
════════ ════════

4 Investment income

Page 21

A S Hornby Educational Trust CIO

Notes to the Financial Statements (continued) For the year ended 31 March 2025

Unrestricted Endowment Total Total
funds funds 2025 2024
£ £ £ £
Grants to British Council
Scholarships - - - 110,000
General ELT purposes - - - 15,927
──────── ──────── ──────── ────────
- - - 125,927
──────── ──────── ──────── ────────
Grants to Exeter University
Exeter University SPA Year 2 403,937 - 403,937 -
Exeter University SPA Year 1 138,079 - 138,079 200,000
──────── ──────── ──────── ────────
542,016 - 542,016 200,000
──────── ──────── ──────── ────────
Grants paid directly by Trust
Euralex 5,015 - 5,015 5,000
Alumni support 26,030 - 26,030 29,425
Teacher Association Support 54,059 - 54,059 38,300
Dictionary research awards 17,760 - 17,760 27,020
Decentring ELT 2,473 - 2,473 8,164
History of English language education - - - 16,015
──────── ──────── ──────── ────────
105,337 - 105,337 123,924
──────── ──────── ──────── ────────
Support costs
Website expenses 3,408 - 3,408 2,033
Irrecoverable VAT 8,219 - 8,219 8,561
Bank charges 367 - 367 219
Accountancy 6,522 - 6,522 9,993
Professional services 4,171 - 4,171 -
Secretarial services 39,997 - 39,997 22,131
Miscellaneous expenses 1,426 - 1,426 1,115
Travel expenses 1,332 - 1,332 -
──────── ──────── ──────── ────────
65,442 - 65,442 44,052
──────── ──────── ──────── ────────

Page 22

A S Hornby Educational Trust CIO

Notes to the Financial Statements (continued) For the year ended 31 March 2025

5 Grants payable and associated support costs (continued)

Governance costs
Audit and other services 9,666 - 9,666 8,800
Trustees’ expenses 2,981 - 2,981 1,820
Governance 2,642 - 2,642 -
──────── ──────── ──────── ────────
15,289 - 15,289 10,620
──────── ──────── ──────── ────────
──────── ──────── ──────── ────────
Total 728,084 - 728,084 504,523
════════ ════════ ════════ ════════

Support costs includes payments to the auditors of £9,666 (2024: £8,880) for audit fees and £6,522 (2024: £9,993) for non-audit services.

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or honoraria during the year. 7 (2024: 5) trustees were reimbursed £2,981 (2024: £1,820) travelling and accommodation expenses in connection with Trust activities.

7 Employees

There were no employees during the year (2024: Nil).

8 Fixed asset investments 2025 2024
£ £
Market value at 1 April 2024 7,342,717 7,079,751
Disposals at opening market value (Proceeds £782,303) (730,813) (1,167,535)
Acquisitions at cost 625,157 843,658
Change in value in the year (31,008) 586,843
──────── ────────
Market value at 31 March 2025 7,206,053 7,342,717
════════ ════════
Historical cost: 3,996,546 4,104,918
════════ ════════

Page 23

Notes to the Financial Statements (continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

8 Fixed asset investments (continued)

In accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities, investments have been included at market value.

The following investment holdings represent more than 5% of the value of the portfolio at 31 March 2025:

2025 2024
£ £
SPDR S&P500 Etf Trust Units Ser 1 S&P 1,039,348 994,351
Ishares Trust Core S&P Mid-Cap Etf 835,695 890,051
Findlay Park Plc Fp American SmIr Cos 451,892 467,116
Treasury 8.75% Gilt 434,290 428,350
United Kingdom 4.5% Gilt Snr 431,334 -
─────── ───────
3,192,559 2,779,868
═══════ ═══════
9 Debtors 2025 2024
£ £
Accrued income 23,987 21,528
VAT 310 229
─────── ───────
24,297 21,757
═══════ ═══════
10 Creditors: amounts falling due within one year 2025 2024
£ £
Accruals and other creditors 20,321 17,733
─────── ───────
20,321 17,733
═══════ ═══════
11 Endowment funds
Movement in funds
Balance at Investment Expenditure Transfer Balance at
1 April 2024 gain between 31 March
funds 2025
£ £ £ £ £
Expendable endowment
Legacies from the founder and his
widow 7,718,852 20,482 (30,512) (402,132) 7,306,690
═══════ ═══════ ═══════ ═══════ ═══════

Page 24

A S Hornby Educational Trust CIO

Notes to the Financial Statements (continued) For the year ended 31 March 2025

12 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Endowment Total
funds funds
£ £ £
Fund balances at 31 March 2025 are represented by:
Investments - 7,206,053 7,206,053
Current assets - 120,958 120,958
Creditors: amounts falling due within one year - (20,321) (20,321)
───────
───────		 ───────
- 7,306,690 7,306,690
═══════
═══════		 ═══════
Unrestricted Endowment Total
funds funds
£ £ £
Fund balances at 31 March 2024 are represented by:
Investments - 7,342,717 7,342,717
Current assets - 393,868 393,868
Creditors: amounts falling due within one year - (17,733) (17,733)
───────
───────		 ───────
- 7,718,852 7,718,852
═══════
═══════		 ═══════

13 Related party transactions

The Trustees consider that there are no related party transactions during the year that require disclosure.

Page 25

Notes to the Financial Statements (continued) For the year ended 31 March 2025

A S Hornby Educational Trust CIO

14 Prior year statement of financial activities

Unrestricted Endowment Total
funds funds 2024
Notes £ £. £
Income from charitable activities:
Royalties 3 131,443 - 131,443
Income from raising funds:
Investment income 4 180,927 - 180,927
──────── ──────── ────────
Total 312,370 - 312,370
──────── ──────── ────────
Expenditure on:
Charitable activities: Grants payable and
associated support costs 5 504,523 - 504,523
Raising funds: Investment management
fees - 29,570 29,570
──────── ──────── ────────
Total 504,523 29,570 534,093
──────── ──────── ────────
Net operating deficit (192,153) (29,570) (221,723)
Other recognised gains and losses
Realised losses on investment assets 8 - 27,185 27,185
Unrealised gains on investment assets 8 - 588,338 588,338
──────── ──────── ────────
Net expenditure/(income) for the year (192,153) 585,953 393,800
Transfers between funds 192,153 (192,153) -
Fund balances at 1 April 2023 - 7,325,052 7,325,052
──────── ──────── ───────
Fund balances at 31 March 2024 - 7,718,852 7,718,852
════════ ════════ ═══════

Page 26

A S Hornby Educational Trust CIO

Cash Account For the year ended 31 March 2025

£ £
Balances at 1 April 2024
Lloyds TSB Treasurers account 216,459
Quilter:
Interest bearing income account 61,360
Interest bearing cash and dealing account 94,292
───────
372,111
Receipts
Royalties 143,945
Dividends received 182,007
Sale of shares 782,304
Trade creditor movement 2,588
───────
1,110,844
Payments
Purchase of shares 625,157
Grants 640,867
Value added tax payments 2,541
Administration expenses 87,217
Investment management fees 30,512
───────
(1,386,294)
───────
96,661
═══════
Balances at 31 March 2025 represented by:
Lloyds TSB Treasurers account 62,046
Soldo Card 3,661
Quilter:
Interest bearing income account 24,912
Interest bearing cash and dealing account 6,042
───────
96,661
───────
96,661
═══════

This page does not form part of the statutory financial statements.

Page 27