**Charity Registration No: 214850** **THE C F LUNOE TRUST FUND ANNUAL REPORT AND ACCOUNTS 30 SEPTEMBER 2025** **THE C F LUNOE TRUST FUND** ## **TRUSTEES’ REPORT** The Trustees present their annual report together with the accounts for the charity for the year ended 30 September 2025. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document and applicable laws. ## **Background History** The trust is a registered charity (number 214850) and is governed by its trust deed. The trust was created in 1960 by the Settlement of shares in Holst & Co. Ltd by Christian F Lunoe, a co-founder in 1918 of the partnership which preceded that company and was the Company Chairman at the time of the Settlement. The Settlement consisted of 200,000 shares of 5 shillings each. ## **Objects** The trustees have the discretion to pay or apply the income of the trust to all or any of the following purposes insofar as they are charitable: - the assistance of persons in needy circumstances, in particular any employees or exemployees or ex-officers of Holst & Co. Ltd (or its successors) or any of their dependents, who through illness, loss or destruction of any property or any other misfortune shall be in needy circumstances. - to make donations or subscriptions to any charitable body, Society, Organisation, Institute or Trust now existing and in particular the Danish Church in London. - to further support and assist technical education training and research in the United Kingdom and in particular young persons especially the children of employees, officers, exemployees or ex-officers of Holst & Co. Ltd or its successors. ## **Review of Activities and Achievements** The board of trustees decide upon grants in meetings in respect of bursaries and study needs. These grants are in accordance with the objects of the charity set out above and due consideration is paid to the Charity Commission guidelines on public benefit. Grants and donations approved and paid this year were as follows: ## _The Danish Church in London_ The charity committed (November 2024 Trustees meeting) to pay the Danish Church £10,000 but did not make this payment until October 2025 (2024: £8,000). This is taken as a liability. ## _University of Leeds_ In December 2024, the Trust was informed by the School of Civil Engineering at the University of Leeds that the University was holding £24,417.30 in unexpended funds received from the Trust over preceding years. It has been agreed that these funds will be used to fund ongoing awards to be authorised by the Trust, before any further payments are made by the Trust. The University utilised some of these unexpended funds to pay for Awards £12,000 (2024: £8,500) and the Lunoe Lecture £3,274.83 (2024: £2,389). The remaining balance of the Trust’s unexpended funds held by the University of Leeds at 30 September 2025 was £20,032, and this amount is shown within debtors on the balance sheet. The Trust has agreed to pay for Awards of £12,600 to be made in November 2025 and £12,600 in November 2026. The total of £25,200 is shown within creditors on the balance sheet accordingly. The Trust has also agreed to fund the CF Lunoe Lecture in November 2025 and 2026, with anticipated costs of c£3,300 in each year. This has been disclosed as a commitment in the accounts. 1 ## **THE C F LUNOE TRUST FUND** ## _I.C.E. QUEST Fund_ The charity approved and paid £37,000 (2024: £34,500) in annual payments and £2,000 (2024: £18,000) in terminal payments to support 20 students (2024: 27) through the ICE Quest Fund. Due to delays in establishing the amount due payment could not be made until 01 October 2025. £39,000 is taken as a liability. ## **TRUSTEES’ REPORT (continued)** ## **Review of activities and achievements (continued)** ## _Imperial College, London_ The charity approved and paid £7,000 as an annual payment to support one disabled engineering student (2024: £7,000). ## _Murray Edwards College, Cambridge_ The charity approved and paid £4,500 (2024: nil) as an annual bursary in engineering. ## _Beneficiaries_ The charity has supported 3 (2024: 3) individuals in the year. One of the beneficiaries passed at the end of the year. Responding to a request from the family Trustees made a donation of £3,570 towards funeral costs. ## **Principal address** The principal address of the Charity is 151 Woodland Drive, Watford, WD17 3DA. ## **Trustees** The Trustees who have served during the year are as follows: J S Henke (Chairman) J A Dodson T Parks (resigned 20/11/24) A F Coghill N McMinn S C Hazleton C D Cox (appointed 04/06/25) The Trustees are appointed and if necessary, removed by the majority decision of all other trustees. ## **Bankers** The bankers of the Charity are CAF Bank Limited, PO Box 289, West Malling, Kent, ME19 4TA. ## **Investment fund managers** The investment fund managers of the Charity are the M&G Group, PO Box 9039, Chelmsford, CM99 2XG. ## **Investment powers** The trust deed states that the trustees may invest in such shares, stocks, funds, securities, land or other investments or property with or without security as the trustees shall in their absolute discretion think fit. The trustees may apply the income fund in accordance with the charitable purpose of the fund however the endowment fund must remain in place to provide the future income for the charitable purposes. The trustees’ policy is still to pursue a diversified medium risk portfolio providing a balance between capital growth and income. 2 ## **THE C F LUNOE TRUST FUND** ## **Risk factors** The Trustees have assessed the major risks to which the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees considered the options outlined in the Boswell Financial Report. ## **Reserves policy** The Charity has a reserve policy which reflects the need to maintain current operations while providing for future commitments. These funds are maintained to meet the future needs of the trust’s beneficiaries. ## **Independent Examiner** The Independent Examiner of the Charity is Paul Windmill FCA of Myers Clark Chartered Accountants, Suite 7A, Building 6, Croxley Park, Hatters Lane, Watford, Hertfordshire WD18 8YH. ## **TRUSTEES’ REPORT (continued)** ## **Trustees’ Responsibilities** The Trustees recognise their responsibilities for keeping proper accounting records and preparing accounts each year. The appended accounts have been prepared on the receipts and payments basis and have been examined by an independent examiner, whose report is also appended. By Order of the Trustees ## **J S Henke – Chairman** 3 December 2025 3 **THE C F LUNOE TRUST FUND** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE C F LUNOE TRUST FUND** I report on the accounts of the C F Lunoe Trust Fund (charity no: 214850) for the year ended 30 September 2025, which are set out on pages 5 to 7. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. ## **Paul Windmill FCA** Myers Clark Chartered Accountants Suite 7A, Building 6, Croxley Park, Hatters Lane Watford, Hertfordshire WD18 8YH Dated: 5 December 2025 4 **THE C F LUNOE TRUST FUND** ## **RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025** ||**Notes**|**2025**|**2024**| |---|---|---|---| |||**£**|**£**| |||**Unrestrict**|**Unrestrict**| |||**ed Funds**|**ed Funds**| |**Receipts**|||| |Dividends & bank interest||111,846|104,255| |Repayment of loan||-|11,643| |Refund of over payment||5,000|-| |**Total receipts**||**116,846**|**115,898**| |**Payments**|||| |Payments to benefciaries||(16,630)|(15,400)| |Grants||(11,500)|(68,000)| |Donations||(13,570)|(10,388)| |Administration costs|3|(6,151)|(3,357)| |Bank charges||(60)|(60)| |**Total payments**||**(47,911)**|**(97,205)**| |Net receipts/(payments) for the||**68,935**|**18,693**| |year|||| |**Net movement in cash**|||| |**balances**||**68,935**|**18,693**| |Cash and bank balances at|||| |the beginning of the year||60,447|41,754| |**Cash and bank balances at**|||| |**the end of the year**||**129,382**|**60,447**| The notes on page 7 form part of these accounts. 5 **THE C F LUNOE TRUST FUND** ## **STATEMENT OF ASSETS AND LIABILITIES AT 30 SEPTEMBER 2025** |||**2025**||**2024**| |---|---|---|---|---| |**Note**|**Endowme**|**Unrestricte**|**Endowment**|**Unrestricted**| ||**nt**|**d**||| ||**£**|**£**|**£**|**£**| |**Cash funds**||||| |Bank and cash balances:||||| |Bank current account||40,760||16,265| |Bank deposit account||88,622||44,182| |||**129,382**||**60,447**| |**Investments at market value**|**No. of**|**No. of**|**No. of units**|**No. of units**| ||**units**|**units**||| |M&G Charifund Income Fund|110,890.1|7,783.633|110,890.147|7,783.633| ||47|||| ||**£**|**£**|**£**|**£**| |Valued at 1,622.25 pence per unit|**1,798,915**|**126,270**|**1,684,133**|**118,213**| |(2024: 1,518.74 pence per unit)||||| |**Other assets**||||| |Unexpended funds held by Leeds||20,032||-| |University||||| |**Liabilities**||||| |Independent examiner’s fee||(2,640)||(2,520)| |QUEST||(39,000)||-| |The Danish Church in London||(10,000)||-| |University of Leeds Awards &||(25,200)||-| |Lectures||||| |||**(76,840)**||**(2,520)**| |**Commitments**||||| |Grant Commitments||(103,100)||(92,500)| |4||||| |||**(103,100)**||**(92,500)**| Approved by the Board of Trustees on 3 December 2025 CHAIRMAN – J S HENKE TRUSTEE – J A DODSON 6 THE C F LUNOE TRUST FUND **THE C F LUNOE TRUST FUND** **NOTES TO THE ACCOUNTS AT 30 SEPTEMBER 2025** ## 1. **Accounting basis** The accounts have been prepared on the receipts and payments basis. ## 2. ## **Accumulated funds** The funds of the charity include permanent endowment funds which consist of the original settlement. These funds are required to be maintained to provide income for distribution. The charity’s permanent endowment funds as at 30 September 2025 were £1,798,915 (2024: £1,684,133). ## 3. **Administration costs** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Trustee expenses|1,131|1,017| |Independent examiners’ fees|2,640|2,340| ||**3,771**|**3,357**| 4. **Commitments** The charity has agreed to support students at university principally via its I.C.E. QUEST Fund for an approximate total of 40 student years, plus 1 potential terminal bonus if the graduate accepts employment with an engineering firm. This amounted to a total commitment at 30 September 2025 of £96,500 payable over the next three years. (2024: 40 student years, 2 terminal bonuses - £71,500). Of this, £2,000 (2024: £4,000) relates to a terminal payment. Included in the previous paragraph are the support of a disabled student at Imperial College with a commitment of £14,000 over the next 2 years and the support of an engineering student at Murray Edwards College of £13,500 over the next 3 years. In addition, the charity has agreed to pay £6,600 to the University of Leeds for future Lunoe Lectures in 2025 and 2026. 5. **Trustee expenses** During the year the trust reimbursed a total of £1,131 (2024: 1,017) to 8 (2024: 6) trustees for travel and administrative expenses. 8