HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 CONTENTS Pa Scheme Trustees and Advisors Trustees, Report Statement of Trustees, Responsibilities Statement of Financial Activities Balance Sheet Notes to the Accounts
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY Scheme Trustees and Advisors in the Year Trustees Official G Lavender A Long G,J. Saville Chief Executive & Secretary of M C C Other Trustees J R T Barclay, D.L A H. Bartlett Hon. T.M Lamb l. N Lovett G.T. Smal (Resigned 29 November 2023) Bank CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Investment Mana er Vermeer Partners, 130 Jermyn Street, London SW1Y 4UR Scheme Secreta S. P. Coverdale AddsS for corres ondence 1 Court Cottages, Overstone Park. Overstone, Northampton NN6 OAP Emai Page 1
HORNSBY PROFESSIONAL CRICKETERS FUND CHARIT 1 Charity Reglstratlon Number: 235561 2 Offlclal addresg . 1 Court Cottages, Overstone Paik. Over3tor. Northampion NN6 OAP 3 Objects ol the Charity The Trust exists to offer Supp to former prolessional cnckelers or theif Immediate dependants Help given ty Ihe Trust can take the forni of regular monthty contnbutions, special payments at Christmas or In mJ-summer, payments to assist wth wnter heating bills, or one-off payments to help wth a parbcular or urgent need Addrtjonalty the Trust can contntxrte tcwaros cost of medical assistsnce or treatmenc the provision ol speaal equipment (such as an electnc wheelchaif, stsir lift. mc#Yifications to Cars to help those th limited mobility. or the provision of wheelchair. fnendty ramps or doofs), and by helping In other similar arcumstances. The Trusts. inc(xne comes from Investment5, donabons and legacies All such donabons to the Trust's wofk are greauy welcomed, as are donati1$ fr(yn individuals, from County Cncket Clubs, Former Players, Assoaations. and other similar bodies. Where appfOP(iate the Trust often endeaVr5 to create a partnership the PCA and a former playerfs County when offering supp)rt. 4 Management of the Fund The Seuetary IcK)ks into the circumstsnces of each potential tenefiaary before (eFortsng to the full tM)ard ol Trustees who make the final deasion on Ihe grants Full detsils are contained In the minutes of Trustee meetsngs The Trustees meet not less than tvK) tsmes a year and detailed minutes of each meeting a sent to all the Trustees S Coverdale as Secretary to the Trustees deals wth all administrative matters, on which he repJrts at the fvll meebngs. The full Board of Trustees delegates the administration of the Investments to S Coverdale and A H Bartlett Managernent of the Investrnents Is camed out by Verneer Partners 5 Appolntment of Trustees Officlal Trustees There are currenuy four offiaal Trustees comprising, the President of the Marylebone Cncket Club (MCC), the Chief Executsve & Seuetsry of the MCC and the President and Secretsry of the former Cricketers Fund Friendly Sety. Other Trustees There are currently five other Trustees Any vacancy among the Trustees is filled as soon as reasonably possible by the appointment of a new Trust* by resolutson of the surviving or conbnuing Trustees. 6 Investment Pollcy The Hornsby Trust compnses two portfolios. The Capitsl Fund, which is the main endcmment. provides 6nc£xne which can be used for chantable purposes. The Bedser Fund was set up in 2010 follown9 a legacy from the Eststes of Sir Alec and Enc Bedser. This fund is not restncted In usage . The Investment objethves aim to Pfovide a balance between capilal groth and income. but the Trustees put an emphasis on providing the best possible Income to the grantees, wthout lo3ina &ght of the need for long iefm capitsl growth ft remains the policy of the Truslees to invest pnmarily in equities and. most importantty. to seek to maintsin and, whenever possible. to Increase the level of Income. Page 2
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY 7 Investment Performance Capltal Fuild 1 June 2023- 1 June 2022- 31-May-23 The Bedser Bequest 1 Jun• 2023- 1 Jun• 2022- 31-May-24 314lay.23 31-M•y-24 Total Portfollo Return FTSE WMA BALANCED (fR) FTSE UK ALL SHARE (GBP) (TR) FTSE UK GILTS ALL (TR) FfsE WORLD EX UK (GBP) (TR) 14 17 •/0 1044 0 3470 14.17 /• -2 00 '/0 347 /0 18 55 0/0 0660/0 Incase/(DecreaSe) In Total Value ol Portfolio Increasel (Decrease) in Market Value Dividends Received Est Dividend Yield £27,058 £29,879 £10,094 5.09 0/. £(24,256) £(27,675) £10.094 £4,712 £4,712 £1.647 £(6,489) £(4,084) £1,647 After a bumpy start to the year, the UK struggled as rt went into the end of the second quarter of 2023. Inflation was easing slightly despite oil stocks being high wlh the hike In oil pnces and the Inflation tsrget of 20/0 by the end of 2024 was looking actually doable 11 had, however, been a bumpy six months The hostilities in the Middle East which started in October 2023 had affected the oil prices and vital crude supplies Ongoing geopolilical uncertainty cast a shadow over the Iirst quarter of 2024. By this time Inflation was down al 3 4 % and fcKKI and energy prices were dropping We started to see buoyant markets on both sides of the Atlantsc and the hope of Interest rate cuts seemed to be moving In the right direthon. The general electson was looming but inflation was moving doser to Its target by the end of May. Elections are distracting and Investors looked more towards short-temi outcomes Instead of concentraling on long-term requirements. The market over this 12-month penod was quite robust because we had a 'Santa' rally up to the end of 2023. Bonds and equities over those couple of weeks had lifted the market m(x)d because of a Chan of the interest rates falling after we had had five base rate nses In 2023, There was hope Ihat each meeting of the Bank of England would bnng a rate reduction and that the US Federal Reserve and European Central Banks were also going to cut rates St(k pnS throughout remained resilient up to the summer. 8 Review of the year Income Overall income received was £26.117 an increase of £2,670 on 2023. Grants and donabons receNed We £12.000 (2023: £7,500) of which nothing was restncted (2023, £nil). Dividend Income was £13.057 (2023. £11,741) The Trust made a profit on sale of shares of £407 (2023. Profit £3,885) The market value of the two funds inueased by £34,591 in the year (2023 Decrease £31.759) enditure Dunng the year, the chanty was able to support six individuals (2023: 7); the support given compnsed monthly allowances of £350, a summer (£1,000) and/or winter (£1,500) allowance and further donatsons of £300 were paid lo two benefioanes previously supported by the Walter Hammond Memorial Fund Total alloWanS paid in the year were £17.650 (2023. £19.770) Administratson costs for the year were £6,888 (2023.. £6,672). ur lus l Deficit Net Incoming resources for the year were £1,579 (2023 net outgoing £2,995) Due to the Increase In the market value of the Inveslment portfolio, there was an overall Increase in net funds of £36,170 (2023. net decrease £34,754). Balance Sheet The investment p)rtfolio value at 31 May 2024 was £276,139 (2023 £244,369) Cash reserves were £17,597 (2023" £13,197) and net assets were £293.736 (2023. £257,566). Trustee: Zfft. lft/y7/ Signed Date. ZS" Page 3
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY STATEMENT OF TRUSTEES, RESPONSIBILITIES The financial statements are the responsibility of the Trustees. Regulations require the Trustees to make available to scheme members, beneficiaries and certain other parties, financial statements for each scheme year which show a true and fair view of the financial transactions of the scheme during the year and of the income and expenditure for that period. The Trustees have supervised the preparation of the financial statements and have agreed suitable accounting policies, to be applied consistently, making any estimates and judgments on a prudent and reasonable basis. The Trustees have general responsibility for ensuring that adequate accounting records are kept and for taking such steps as are reasonably open to them to safeguard the assets of the scheme and to prevent and detect fraud and other irregularities. Page 4
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2024 Note 2024 2023 Incomlng Resources Grants & Donatlon8 Re eived Unrestncted FurKIs 12,000 7,500 Total Grants & Donatlon8 Recelved 12,000 7,500 Investment Retum 14,117 15,947 Total Incomlng Resource8 26,117 23,447 Resources Used Dlrect Charltsble Ex ndlture Grants and Allowances Paid 17,650 19,770 Administrabon Cost 6,888 6,672 Total Resources Used 26,442 Net Incomlng l (Outgoing) Resources for year 1.579 2,995 Other Reco nised Galns Increasel(Decrease) In Market Value of Investments 34,591 (31,759) Net Increasel(Decrease) In Funds 36.170 34,754 Balance Brought Forward at 1 June 257.566 292,320 Balance Carrfed Forward at 31 May 293,736 257.666 Page 5
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY BALANCE SHEET AS AT 31 MAY 2024 Note 2024 2023 Investments 276,139 244,369 Current Assets Current Account Cash Held at Investment Manager 12,996 4601 17,597 8,726 4471 13,197 NET CURRENT ASSETS 293,736 257,566 Represented by . GENERAL FUND Opening Balance Income and Expenditure Account 257,566 36,170 292,320 (34,754) 293,736 257,566 Page 6
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 1. ACCOUNTING POUCIES a) Basis of Accounlin The Accounls are pcepared under Ihe histoncal cosl convenbon and are stated on a receipts and paymenls ba3. b) Investments Investments are valued at Iheif mid market pnce at the balance sheel dale. 2. GRANTS & DONATIONS RECEIVED 2024 2023 Unreslrided Funds MCC Rotx'ns Vem)eer Partners Charitable Trust 5.000 5,000 2,000 5.000 2,500 12,000 7,500 3. INVESTMENT RETURNS Dividends Interest Receivable Profft on Sale of Investments 13,057 653 407 11,741 321 3,885 14,117 15,947 4. GRANTS PAID Regular Monthly Allowances to Four Reapients (2023.3) Summer Allowances lo Three Recipients (2023.3) Winter Allowances to Three Recipients (2023.3) Allowances to Two Fomier W.H.M.F. Recipients (2023.2) Addrtional Speaal Grants (2023.1) 12,950 2,000 1.500 1,200 11.620 3.000 3.000 1,200 950 S. ADMINISTRATION COST Honoranum Allowance Bank Charges Fund Manager Fee Inkerman Grft 3,500 77 3,098 213 3,500 140 3,032 6,888 6,672 Page 7
HORNSBY PROFESSIONAL CRICKETERS FUND CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 6. INVESTMENTS Valuation at 1 June 2023 Purchases Sales or Equallsation Change In market value Valuation at 31 May 2024 ital Fund Inveslments 198.687 (2,821) 29,879 225,745 Total 198,687 2,821 29.879 225,745 The Bedser Be uest Investments 45.682 4.712 50,394 Total 45,682 Totsl Investment Funds 244,369 2,821 34,591 276 139 7. RELATED PARTIES The MCC have kindty agreed to contsnue Io PfOVKle support in Pfoduang the annual accounts for the Charity al no charge lo the Homsby Trust. 8. AUDIT The Hornsby TNst has taken advantage of the chariti.es Act which states thal an audit is onty required rf rts gross annual income Is above £500,000 or rt has an annu81 incoffe over £100.000 and assets exceeding £2.8 mifffl. or regardless of any of these Ihresholds. rf its goveming d¢xumenl states that rt must have a profesgona audrt or the Commission orders the accounts ol the chgnty to be professK)naty audrted. None of the above apply to The Homsby Tnjsl. Page 8