JOHN HORNIMAN'S CHILDREN'S TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 MYRUS SMITH Chartered Accountants Norman House 8 Burnell Road Sutton, Surrey SM14BW
JOHN HORNIMAN'S CHILDREN'S TRUST REPORT AND FINANCIAL STATEPJIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Pages: Legal and Administrative Information 2107 Trustees, Annual Report 81010 Independent Auditors Report 11 Statement of Financial Activities 12 Balance Sheet 13to17 Notes to the Financial Statements
JOHN HORNIMAN'S CHILDREN'S TRUST LEGAL AND ADMINISTRATIVE INFORMATION The John Homiman's Convalescent Home was established under a Declarab'on of Trust dated 26 December 1889. The Charity Commission sealed a scheme dated 12 May 2004 which altered the Trusts of the Charity now to be known as John Homiman's Children's Trust and for its administration. Trustees Heather Brayshaw Mary Bullard Paul High (Chairl Fiona Knott Val McFarlane (Deputy Chairl Kevin McNamara Liza Phipps Kate Sewell Sue Sharpe Stephen Wrsi hl ITre2surerl SecTetary Bal Saini Principal Address 6 Upper Vauxhall The Vauxhalls Wolverhampton, VW14SY. Charity Commlsslon Registsred Number 222730 Auditors Kingslon Burrowes Audit Ltd 308 Ewell Road Surbilon Surrey KT6 7AL Bankers Unity Trust Bank PO Box 7193, Planetary Road Willenhall, VW1 9DG Solicitors staffurth & Bray 85 Aldwick Road Bognor Regis. P0212NT Hunters 9 New Square Lincoln's Inn London, WC2A 3QN Independent Investment Advisor Quilter Cheviot Senator House 5 Queen Victoria Street London, EC4V 4AB
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report along with Financial Statements of the charity for the year ended 31 December 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on pages 13 and 14 and comply with the charity's trust deed, the Charities Act 2011 and Aecounling and Reporting by Charities." Ststement of Recommended Practice applicable lo charities preparing their accounts in accordance with FRS 102 The Financial Reporting Standard applicable in the UK anol Republic of Ireland" The Financial Statements have been prepared on the historical cost basis with the exception of investments which are valued as at the date of the Balanc8 Sheet Oblectlves and activities for the public bonefrt The obje¢tives of the Trust are to assist in the relief of sickness and the advancement of education of ¢hildren who are sick, convalescent, or have learning disabilities. The Trustees confirm that they have ferred lo the guidance contained in the Charity Commission's general guidance on public benerrt when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for Ihe year. The criteria for awarding grants are: Criteria for grants All grants musl contribute lo the aims of the John Horniman's Children's Trust, namely.. To assist in Ihe relief of sickness and the advancement of education of children who are sick, convalescent, or have learning disabilities. The Truslees will give priority to projects= run by Quaker charities or bodies, or organisations with historical connections to Quakers,. which can be intrOdUd by a Tnember or attender of a Quaker meeting personally., known to the Trustees., which fvjlfil the objects of our trust., which work with children up to the age of 19 years old. Applications are welcome from charities.. that are well estsblished or., that are newty formed and may be working towards registered status., Ihal operate within the UK. What we will not fund While in general principle the Trustees would not be prepared lo fund work unless there is a reassurance that it will be entirely focused on the needs of children, they are however aayS prepared to look al any special circumstsnces. They believe h¢)wever that grants towards the following are unlikely to fall within their remit.. Adapting buildings to provide disability aCss. All age disabled support groups. General youth work. Another organisats'on that dispenses funds to a third paty. Applications from or on behalf of individuals. Our expectstions following the granting of any award. Granls can be awarded for up lo 3 years on an annual ieview basis. We anticipate that annual grants awarded will be beeen £1,000 and £5,000 per annum. Recipients are asked to send a report of their aclivilies (annual report) for the year of the grant award. We hope that most projects will be monilofed by individu81 Horniman Trustees or by our local contsct leg Local Quaker Meeling}-
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Conlinuedl... Since 2003, as matters of g8neral practice the Trustees have.. Devised and implemented a grant5 2ppli¢ation procedure. Invited. reiVed and screened gtznl applications_ Awarded grants for a range of causes. Agreed a sensible monitoring system by Trustees to ensure that a grdnt be used for the intended purpose. Detemiined to spend the proceeds of investment effecb.vely within the framework of the Trusvs aims. In 2009 Trustees agreed to allocate almost all the income derived from investrnents {retaining only erbough lo cover administration and governance expenses) on a half yearly basis, allowing maximum public benefit to sick childn. However, since 2013 and due lo the significant increase in the number of applications for grants, the Trustees have also used some of the gains on investments held in order to meet this inGreased demand. Achievements and performance Durin9 the year, grants have been made to.. Armonico Consort £3,000 Arts Depot Trust Ltd £3,000 Ataxia Telangiectasia Society £1,500 Autism Bedfordshire £2,000 Bendrigg Trust £2.000 Brighter Opportunities for Special People £1,000 C81ibre Audio £2,000 Candlelighters £1,000 Cerebral Palsy Cymru £2,000 Chailey Heritage Foundation £2,500 Challengers £4,000 Chestnut Tree House £2,000 Child Brain Injury Trust £1,500 Children's Heart Surgery Fund £2,000 Cystic Fibrosis Trust £2,000 Dame Vera Lynn Childn,8 Charity £2,000
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Continuedl.... Douglas Mcmillan Charitable Trust £2,000 Elizabelh Foundation £1,000 English Touring Opera £4.000 Family Action £3,000 Happy Day Children's Charty £2,000 Hearts and Mindg £2,000 Howard League for Penal Refom £1.000 JessieyFund £3,000 Joss Searchlight £3.000 Keech Hospice Care £2,000 Kidney Research Uk £3,000 Kids Can Achieve £2.500 Leeds Childffn's Hospital Charity £1.500 Living Paintings Trust £3.000 London Philharmonic Orchestra £2.000 Megan Baker House £3,000 Museum of London £2,000 Naomi House & Jacksplace £2.000 New Vic Theatre £1,500 Otakar Ktaus Music Trust IOKMT) £500 Polka Theatre £3,000 Rainbow Trust Children's Charity £2,500 Reuben's Retreat £1,500 Sebastian's Action Trust £1,500 Sense £2.000 SHINE (East Norfolk) £3.000 SHINE Icambridgeshirel £2.000 Sick Children's Trust £2,000
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Continuedl...... Strongbones Children's Charitable Trust £2,000 Theatre Troupe £2,000 Tiny rims Childrens Centre £2.250 Welsh National Opera £3,0(NJ Wnizz-Kidz £1.5CK) )thoopsadaisy £4.000 Wingate Centre £1,500 Financial Review The Trust is reliant on the income from its investments, the income from which was £52,94512023 £54.7061. There were nel realised and unrealised gains on investments of £33,58212023 £53,306)- P8yment of grants during the year tolalled £111,250 12023 . £121,750}. The balance of funds at 31 December2024 was £1,378,51712023.' £1,433,588). Investment Policy The Trust's investment strategy was changed following approval by the Charity Commission lo the use of a Total Return approach on the permanent endowment. Our investment advisors use a discretionary management basis and have been instructed to invest in a portfolio which will maximise the Total Return with medium risk. The Trustees have adopted an ethical investment policy and have instructed our investment advisors to exdude investments in companies involved in the following areas.. The production or dealing in armaments Businesses whi¢h are deemed harmful to the environment e.g. oil production and mining Gambling Pomography Companies which have a questionable human rights history. Reserves Policy The Trustees aim to receive an annual income from investments of £80,000, to retain an amount to mt commitments for grants. The Trustees may also apply some of the unapplied total relum to respond to applications for grants and lo cover support costs. Unrestricted funds at 31 December 2024 amounted to £376,354 12023 £392.5601 of which £368,711 {2023.. £377,464) was represented by investments. The Trustees consider that the current level of reserves is adequate lor the needs of trie charity. Rlsk Management The Trustees have reviewed the major risks lo which the Trust is exposed and are satisfied that systems are in place to miligate the exposure to these risks.
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Continuedl...... Plans for the Future To continue the present policy relating to grants and to decide on the level of grants made available from total relum. structure, Governance and Managemenl The John Horniman Convalescent Home was established under a Declaration of Trust dated 26 December 1889,. 8 home for the reception, Care, treatment, edu¢alion and training of children who are sick, convalescent, or have learning disabilities. From 1950, the premises were leased to the Invalid Children's Aid Nationwide as a school for children with spee¢h and 18nguage difficulties. The school was closed in 2003 and the premises sold in 2004, The Charity Commission, by an order dated 12 May 2004, changed the name to John Homiman'¥ Children's Ttust and its objects were the relief of sickness and the advancement of education of children who are sick, convalescent, or have leaming disabilrties. The Charity Commission on 30 March 2005 permitted the Trust lo adopt a total return in relation to the permanent 8ndowment investments. Trustees are appointed by the Trustee body and shall be members of the Religious Society of Friends and may be re-appointed for further triennium. The Charity Commission Order provides that there should be not more than nine and not less than three Trustees. The Trustees normally meet twice a year when they agree the broad strategy and areas of activity for the Trust including consideration of grant making, investment. reserves and risk management policies and performance. The day to day adminislralion of grants and the proSSIng and handling of applications is d818galed to the Secretary. Induction A Trustee who is newly appointed will have been well known to some Trustees. They will have been made familiar with the objectives and activities. Trustees. Responsibilities in relation to the Financial Staternents 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 Practi¢el. The law applicable to charitie5 in England & Wales requires the trustee5 to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resour$ and applicab'on of resources of the charty for that period. In preparing these financial statements, the trustees are required lo- select suitable accounting policies and then apply them consislenlly.. observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudenL slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slaternents on the going concem basis unless it is inappropriate to presume that the charity will continue in operation.
JOHN HORNIMAN'S CHILDREN'S TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Cor71inuedl...... The Trustees are responsible for keeping proper accounting re¢ords that disclose with reasonable a¢curacy al any b'me the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Aot 2011, the Charity {Accounts and Reports) Aegulations 2008 and the provisions of the trust deed. 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. Audlto Kingston Burrowes Audit Ltd took over the audit work of MYTUS Smith from 1 October 2024 and were appointed auditors of the Financial Statements for the year. On behalf of the Trustees Paul Hoi h Chair of Trustees 2025
Indop¢ndent Audttorfs Report to the Trustees of: JOHN HORNIMAN'S CHILDREN'S TRUST Opinion We have audited the financial statements of John Horniman's Children's Trust {Ihe 'charity'} for the year ended 31 December 2024 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting fmmework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finarpoial Reporting Standard 8pplic8ble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming $oUrceS and application of resources, including its income and expendilure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and. have been prepared in accordance wth the iequirements of the Charities Act 2011. Ba$1$ for opinion We conducted our audit in accordance with International Standards on Audlllng IUKI IISAS (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 finar:-. .- statements in the LSK, including the FRC'S Ethical Standard. and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evenCe we have obtained is Skjfficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going coneem 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 cOnM for a period of al least twelve monlhs from when the finan¢ial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report other infomiation The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report. other than the financial statements and our auditor's report thereon_ Our opinion on the fi'nancial statertients does not cover the other information and, except lo the extent olheMise explicitly staled in our report, we do not express any form of assuran¢e Conclusion thereon. In connection with our audit of the financial statements, 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 audit or otheiSe appears lo be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ststemenls or material misstatement of the other inft)rmalion. If, based on the work we have performed, we
Independent Auditorfs Report to the Trustees 01.. JOHN HORNIMAN'S CHILDRENS TRUST Conlinued..... conclude that there is a material misstslement of this other infomialton, we are required to report that fact. We have nolhing 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept,. or the financial statements are not In agreement with the accounting records.. or we have not received all the information and explanation5 we require for our audit. Responsibilltles of trustees As explained more fully in the trustees, responsibilities statement set out on pages 6 & 7, the trustees are responsible for the preparation of financial Statements which give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparab.on 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 concem, disclosin9, as applicable, matters lated lo going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for tho audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance wrth regulations made under seclh)n 154 of thÈt ACL Our objectives are lo 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 IUKI will always detect a material misstatement when it exists. Misstalemer¢ls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedijres in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The specific procedLJres for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance about actual and potental liligalion or claims and the idenlificalion of non-compliance with laws and regulations. Reviewing minutes of meetings of those Charged with governan. Reviewing financial statement disclosures and testing lo supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including testing journal entries and other adjustmenls for appropriateness,. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Indopendent Auditofs Report to the Trnstees of: JOHN HQRNIMAN'S CHILDRENS TRUST Continued..... Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. Professional scepticism in course of the audit and with audit sampling in material audit areas. Because of the inherent limitations of an audit, there is a risk Ihal we will not delect all irregularities, including those leading lo a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regu18tion is removed from the events and transactions reflected in the financial statements, as we will be less likely to becom8 aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or isrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs port. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charilie$ (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo state to them in an auditorfs rewrt and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charlty's trustees as a body, for our audit work, for this report, or ft)r the opinions we have formed. 308 Ewell Road Surbiton SUeY KT6 7AL Kingston Burrowes Audit Ltd statutory Auditor 2025 Kingston Burrowed is eligible to act as an auditoi. in terms of section 1212 Companies Act 2006. 10
JOHN HORNIMAN'S CHILDREN'S TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEM8ER 2024 Unrestricted Endowment Total Funds Fund Fund 2024 Total Funds 2023 Notes Income and endowments Investment Income.. Dividends- UK & Overseas Equities Interest- UK & Overseas Fixed Interest Interest on cash deposits Donations Gift Aid 8,200 5,695 279 1,000 21,360 15,515 29,560 21,210 1,175 1,000 31,065 16,994 935 3,540 2,172 Totsl In¢ome 15,174 37,771 52,945 54,706 Expendlture Cost of raising funds.. Inve5trnent man8gement costs Expenditure on charitable activities. Conference Grants lo institutions Support costs 2,485 6,759 9,244 8,699 3,868 111,250 8,618 3,868 111,250 17,236 121,750 15,305 8.618 Total expendlture 126,221 15.377 141,598 145,754 Net lexpenditurelllncome before investment gainslllosses) 1111,047) 22.394 188,6531 (91,0481 Net Ilosses)Igains on invgstments 13,224 20,358 33,582 53,306 Net incomellexpenditure) (97,8231 42.752 155,0711 (37,7421 Transfers belween funds 81,617 181.6171 Net movement In funds 116,2061 138,8651 155,0711 (37,7421 Reconciliation of funds Total funds brought forward 392,560 1,041,028 1,433,588 1,471,330 Total funds carrigd forward £376,354 £1,002,163 £1,378,517 £1,433,588 All income and expenditure derive from continuing activities. The notes tsn pages 13 to 17 fomi part of these Financial Statements 11
JOHN HORNIMAN'S CHILDREN'S TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 1.370.874 1,418,492 CURRENT ASSETS Debtors Cash at bank- current account 1,660 15,380 9,683 9,683 17,040 LIABILITIES Creditors.. amounts falling due within one year 2,040 NET CURRENT ASSETS 7,643 15,096 1,378,517 TOTAL ASSETS LESS CURRENT LIABILITIES 1.433.588 Provisions for liabilities and charges NET ASSETS 10 £1,378,517 £1,433,588 The funds of the Charity Endowment funds - Permanent Unreslricled income funds 1,002,163 376,354 1,041,028 392,560 TOTAL CHARITY FUNDS £1,378,517 £1,433,588 These Financial Statements have been approved by the TrLtstees and signed on their behall by.. Paul High Chair of Trustees Date.. LG . 2025 The notes on pages 13 to 17 form part of these Financial Statements 12
JOHN HORNIMAN'S CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES Basis of accounting The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convention with ilems re¢ognised al cost or transaction value unless otherwise stated in the relevant note{sl to these accounts. The significant accounting policies applied in the preparation of these financial statements are set OLJI below. These policies have been consistently applied to all years presented unless otherwise slated. Income recognition All incoming resources a included in the Statement of Financial Activities when the charity is legally entitled lo the income after any perfomiance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. Investment income is earned through holdings of listed investments and includes dividends and interest. Income from listed investments is recognised as the charity's right lo receive payment Is estsblished. Bank interest is recognised on a receivable basis. Donations are recognised when the charity has been notified of the amounts and the settlement dale in writing and il is probable that the donor will fulfil their staled obligatKJns. If these conditions are not met the donation is recognised when received. Expenditure recognltlon Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised Whe there is a legal or constructive obligation to make payments to third parties, il is probable that the selllemenl will be required and the amount of the obligation can be measured reliably. It is eategorised under the following headings". Costs of raising funds which comprise investment management fees relating to the charity's portfolio of listed investments (Of the £9,244 expense in 2024. £2,485 was charged lo unrestricted funds and £6,759 to endowment funds). Expenditure on charitable activities which primarily comprise of grants to third parties in furtherance of the charity's objects. Grants are recognised as an expense when the trustees have agreed lo award the payment without condition and the recipient hag a reasonable expectstion of receipt. Grant$ are paid out of the charity's unreslricled funds. Investments Investments are recognised initially al fair value which is normally the transaction price excluding transaction costs. Subsequenlty. they are measured al fair value (quoted market value on a recognised stock exchange) with changes recognised in the Statement of Financ4al Activities rf the investments are publicly traded or their fair v21ue can otherwise be measured reliabty. 13
JOHN HORNIMAN'S CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED 1. ACCOUNTING POLICIES Cont... Debtors and Creditors Debtors and creditors with no slated interest rate and receDiable or payable within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Fund accounting Unrestricted general fvnds are those funds which are freely available for use in furtherance of the objects of the charity and which have not been designated for specifi'c purposes. Endowment funds represent those assets which must be held permanently by the charity. The charity has adopted a total return approach to the investment of those funds. Investment management costs and a proportion ofsupport costs are charged against endowment funds. 2. RELATEO PARTY TRANSACTIONS AND TRUSTEES. REMUNERATION Trustees received no emoluments. Travel expenses lotalling £774 12023 £1,006) were reimbursed to 912023 '. 111 Trustees. 3. INVESThIENT INCOME- COMPARATIVE INFORMATION Unrestricted Fund Endowment Fund Total 2023 Dividends - UK and Overseas Equities Interest- UK And Overseas Fixed Interest Interest on cash deposits 8,362 4,561 486 22,703 12,433 449 31,065 16,994 935 13,409 35,585 48.994 4. SUPPORT COSTS 2024 2023 Secretary's salary and expellses Website costs Room hire and sundry Governan Trustees, expenses Audilorfs remuneration 12,778 591 1,053 11,569 786 774 2,040 1,CH)6 1,944 17,236 15,305 Support costs are allocated equally between the Unreslricled and Endowment Funds. Of the £15,305 support costs incurred in 2023, £7,652 was charged to Unrestricted Funds and £7,653 was charged to Endowment Funds. Of the £145,754 total expenditure incurred in 2023. £131,784 was charged to Unrestricted Funds and £13,970 was charged Io Elid0[rEi Funds. 14
JOHN HORNIMAN'S CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED 5. FIXED ASSET INVESTMENTS The types of investments held at 31 Dernber 2024 and 2023 and their market values were.. 2024 2023 Shares in public limited ¢ompanies Unit Trusts Fixed Interest 600,372 331,408 381,695 625,743 363,859 401,816 1,313,475 1,391,418 Cash held by Quilter Cheviot 57,399 27.074 £1,370,874 £1,418,492 Historical cost £1,109,371 £1,153,245 The investments are held in the UK. The movement in market value during the year was.. Market value al 1 January 2024 Disposals al cost Acquisitions at cost Change in value in the year Increase in cash awaiting investment 1,418,492 1116,813} 42,614 13,744} 30.325 1,465,884 1194,2631 174,270 135,1641 7,765 Market value at 31 December 2024 £1,370.874 £1,418,492 Of the £53,306 nel gain on investments in 2023, £12.045 related to unrestricted fvnds and £40.761 related to endowrnenl funds. 6. DEBTORS 2024 2023 Prepayments £Nil £1,661 15
JOHN HORNIMAN'S CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED CREDITORS: Amounts falling due within one year 2024 2023 Accruals Auditors, Remuneration 2,040 1.944 £2.040 £1,944 APPLICATION OF THE POWER OF TOTAL RETURN The Charity Commission penmrtted the Trust to adopt the use of total return in relation to its permanent endowment investments on 30 March 2005. The power permits the Trustees to invest the portfolio to maximise total return and to apply an appropriate portion of the total return to income each year. Until the power is exercised to transfer a portion of unapplied total return to income las disclosed bek)w), the unapplied total return remains invested as part of the Permanent Endowment. The investment fund and application of total retum to pemianent endowment funds". 2024 2023 Unapplied total return Add.. Investment retum." Dividends and interest Realised and unrealised galnsl{losses) 841,028 37,771 20,356 865,585 35,585 40,761 899,157 16,7591 18,6181 941,931 16,3181 17,6521 Less. Investment management costs Support costs Unapplied total return before transfer to income 883,780 927,691 Less- Unapplied total return applied 181,6171 186,9331 Sublotal.- Unapplied total return as at 31 December 2024 Original value of gift 802,163 200,000 841,028 200,000 Permarsent endowment including unapplied total retum as at 31 December 2024 £1,002,163 £1,041,028 16
JOHN HORNIMAN'S CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED PROVISIONS FOR LIABILITIES AND CHARGES Charitable Commitments Accrued 2024 2023 Material provisions and movement in provisions during the year Commitments outstanding at 1 January 2024 New commitments charged to the SOFA in the year Grants paid in the year 111,250 {111.250) 121,750 1121,7501 Amount of the commitments at 31 December 2024 £Nil £Nil 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Endowmont Fund Fund Total Investrnents Current assets Creditor5 368,711 9,683 12,040) 1,002,163 1,370,874 9,683 12,0401 £376,534 £1,002,163 £1,378,517 The endowment fund is a lund, which may be applied for the unrestricted purposes of the Trus( as determined by the Tnjstees from time to time. Comparative information for the anatysis of nel assets beeen funds in the previous year is as follows: Unrestricted Endowment Fund Fund Totsl Investments Current assets Creditors 377,464 17,040 11,9441 1,041,028 1,418.492 17,040 (1,9441 £392,560 £1,041.028 £1,433,588 17