**Charity Registration No. 243516** **THE HORNBY LONSDALE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023** ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Legal and administrative information|1| |Trustees' report|2 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Statement of financial position|7| |Statement of cash flows|8| |Notes to the accounts|9 - 14| |Investment schedule|15 - 26| ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** Mrs J M B Shipp Mr C J L Smith-Maxwell Miss R J Smith-Maxwell Rathbones Trust Company Limited **Secretary** Rathbones Trust Company Limited **Charity number** 243516 **Registered office / address for appeals** 8 Finsbury Circus London EC2M 7AZ **Independent examiner** Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR **Bankers and investment managers** Rathbones Investment Management Limited 8 Finsbury Circus London EC2M 7AZ - 1 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ The Trustees present their annual report and financial statements for the year ended 31 January 2023. The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charities Act 2011 and 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 (FRS 102) (effective 1 January 2019). The Financial Statements also comply with the Charity's governing document. ## **Objectives and activities** The Mrs E G Hornby Charitable Settlement was created by Deed dated 31 March 1965. The Charity received the entire trust fund of the Lonsdale Charitable Trust by way of donation during the year ended 31 January 2008. On 27 January 2020, the name of the Charity was formally changed to The Hornby Lonsdale Charitable Trust to reflect this. Approval from the Charity Commission was received on 28 January 2020. The Trustees shall hold the capital and the income of the Trust Fund upon trust to apply income and, as far as may be necessary, the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may, in their absolute discretion, think fit. ## **Public Benefit** The Trustees support a number of charitable organisations, as shown within note 16 to the financial statements. The Trustees believe all the donations made are for the benefit of the public. ## **Grant making** The Trustees meet annually to review applications for funding, investment performance, income levels and the financial statements. In between Trustees' Meetings the applications are considered and a full presentation is made at the Annual Meeting. The Trustees made charitable donations during the year of £48,700 (£59,200 in 2022). ## **Achievements and performance** Total incoming resources were £54,375 (£50,689 in 2022), with £73,097 (£84,157 in 2022) being committed to charitable activities of which £24,397 (£24,957 in 2022) relates to support and governance costs. There was an unrealised gain of £510 (gain of £122,029 in 2022) on investments and in addition a realised (loss) of £51,743 (gain of £2,126 in 2022) resulting in a net outflow of funds of £69,955 (inflow of £90,687 in 2022). ## **Financial review** The value of the portfolio on 31 January 2023 was £2,164,910. Between 31 January 2022 and 31 January 2023, the value of the portfolio fell by -2.10% in capital terms (before cost of fees); over the same periods the MSCI PIMFA Balanced index fell -4.26% and the FTSE 100 index rose 4.12%. In total return terms (before cost of fees), the portfolio appreciated 0.26% over the period, whilst the MSCI PIMFA Balanced index fell -2.03% and the FTSE 100 rose 8.04%. After lagging for many years, the FTSE 100 has been one of the strongest performing equity indexes thanks to its high allocation of energy, material and financial businesses that continue to benefit from rising interest rates and high commodity prices. The portfolio is managed in line with risk level 4 (on a scale from 1-6 where 6 is highest). This is appropriate for an investor with a medium risk tolerance. It aims to generate a return over the long term of 3% above the rate of inflation. The portfolio is likely to include a substantial exposure to shares and is expected to experience fluctuations in the value of the investments reflecting 60-80% of the volatility of global equity markets. This approach can be suitable for investors with a 6-10 year time horizon and the capacity to tolerate a temporary or, sometimes, permanent capital loss. This risk profile has not changed during the year under review. The Trustees reviewed the risk level of the portfolio with their investment manager in March 2021. ## **Reserves** The Trustees have a balanced investment policy and predominantly use income to fund their donations although they have discretion to resort to the use of the capital. In general however, the Trustees retain the capital for the maintenance and growth of the fund. - 2 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **Investment Policy** The current investment objective is a 'balance between capital growth and income'. This strategy seeks to balance the long term capital growth of the portfolio with the need to generate an income return on the portfolio. This objective has not changed during the year under review. ## **Risks** The Trustees have not identified any major risks and believe that appropriate action has been taken to mitigate these risks. The Trustees will continue to keep the adequacy of the systems in place under review. ## **Structure, governance and management** The Trustees who served during the year were: Mrs J M B Shipp Mr C J L Smith-Maxwell Miss R J Smith-Maxwell Rathbones Trust Company Limited The Charity's other advisors are noted on page 1. The individuals who were directors of Rathbone Trust Company Limited were: Mr Stephen Bilbao Miss Linda Joyce Cousins Mr James Stephen Hurrell Mr Bruce Robert Newbigging Mr Alexander Richmond Mr Timothy Francis Smith Mr Robert Paul Stockton Mr Trevor Harris Mrs Kerry Roberts ## **Decision making** The Trustees meet annually to review applications for funding. Only successful applicants are notified of the Trustees' decision. Certain charities are supported annually, although no commitment is given. ## **Appointment of new Trustees** The continuing Trustees have the power to appoint new or additional Trutees to act jointly with them as they see fit. ## **Trustee training** The Trustees correspond and meet with their professional advisors regularly and the advisors are specifically instructed to appraise the Trustees of relevant technical and practice issues as they arise. ## **Plans for the future** The Trustees do not envisage any significant changes to their aims & objectives and they intend to continue supporting the various causes to a similar level. - 3 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **Statement of Trustees' responsibilities** The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the Charity and of the incoming resources and applications of resources, including the income and expenditure, of the Charity for the period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient 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 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. The trustees' report was approved by the board of Trustees ## **Rathbones Trust Company Limited** Trustee Dated: 31 July 2023 - 4 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE HORNBY LONSDALE CHARITABLE TRUST** I report to the trustees on my examination of the financial statements of The Hornby Lonsdale Charitable Trust (‘the charity’) for the year ended 31 January 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and related notes. This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - (i) accounting records were not kept in respect of the charity as required by section 130 of the Act; or - (ii) the financial statements do not accord with those records; or - (iii) the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ................................................... ## **Stephen Hale** Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR Dated: 8 August 2023 - 5 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Notes**
**Income**
Investment income
**3**
Other income
**4**
**Total income**
**Expenditure**
Charitable activities
**5**
**Total resources expended**
**Net (expenditure) before investment gains**
Net (losses) / gains on investments
**9**
**Net movement in funds**
Fund balances at 1 February 2022
**Fund balances at 31 January 2023**|**2023**
**£**
53,672
703
54,375
73,097
73,097
(18,722)
(51,233)
(69,955)
2,270,087
2,200,132|**2022**
**£**
50,689
-
50,689
84,157
84,157
(33,468)
124,155
90,687
2,179,400
2,270,087| |---|---|---| - 6 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL POSITION** ## _**AS AT 31 JANUARY 2023**_ |**Notes**
**Fixed assets**
Investments
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
Net current assets
**Total assets less current liabilities**
**Income funds**
Unrestricted funds|**2023**
**£**
**£**
2,162,822
2,038
46,672
48,710
(11,400)
37,310
2,200,132
2,200,132
2,200,132|**2022**
**£**
**£**
2,235,715
423
46,747
47,170
(12,798)
34,372
2,270,087
2,270,087
2,270,087|**2022**
**£**
**£**
2,235,715
423
46,747
47,170
(12,798)
34,372
2,270,087
2,270,087
2,270,087| |---|---|---|---| ||||2,270,087| ||||2,270,087| ||||2,270,087| The financial statements were approved by the board of Trustees and authorised for issue on 31 July 2023 and are signed on its behalf by: ## **Rathbones Trust Company Limited** Trustee Dated: 31 July 2023 - 7 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**2023**
**Notes**
**£**
**Cash flows from operating activities**
Cash absorbed by operations
**14**
**Investing activities**
Purchase of investments
(571,248)
Proceeds on disposal of other investments
533,604
Dividends and interest received from investments
54,375
**Net cash generated from investing**
**activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**
**15**|**2022**
**£**
**£**
(76,110)
(296,035)
366,015
50,490
16,731
(59,379)
166,517
107,138|**£**
(82,519)
120,470
37,951
128,566
166,517| |---|---|---| - 8 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **1 Accounting policies** ## **1.1 Accounting convention** 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 (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. ## **1.2 Going concern** The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future. ## **1.3 Charitable funds** Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specific purpose. ## **1.4 Incoming resources** Investment income is accounted for on an accruals basis in the period to which it relates. ## **1.5 Debtors** Debtors are receivable at their expected settlement amount. ## **1.6 Cash and cash equivalents** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.7 Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due. ## **1.8 Resources expended** Grants are included in the financial statements when approved by the Trustees and notified to recipients. The value of committed grants unpaid at the year end is accrued. Grants offered that are subject to conditions that have not been met at the year end are noted as a commitment but not accrued as expenditure. Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of time spent between charitable activities, cost of raising funds and governance costs. Governance costs consist of those costs associated with the overall running of the charity and meeting statutory and regulatory requirements. - 9 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **1 Accounting policies** ## **(Continued)** ## **1.9 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, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure), except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. ## **1.10 Investments** Fixed assets investments represent listed investments which are stated at market valuation, where market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising from investments are accounted for in the Statement of Financial Activities. ## **2 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Investment income** |Income from listed investments
Foreign income
Fixed interest
REITS
Accrued interest|**2023**
**£**
30,384
18,740
1,026
1,053
2,469
53,672|**2022**
**£**
36,051
12,083
1,616
973
(34)| |---|---|---| |||50,689| ## **4 Other income** ||**2023**|**2022**| |---|---|---| ||**£**|**£**| |Bank interest|703|-| - 10 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **5 Charitable activities** |Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)
**Grants payable**
Animal
Cancer & Hospices
Military & Disabled
Religious & Community
Health & Disability
Other|**2023**
**£**
48,700
12,835
11,562
73,097
**2023**
**£**
3,500
14,000
3,000
16,200
10,000
2,000
48,700|**2022**
**£**
59,200
13,719
11,238| |---|---|---| |||84,157| |||**2022**
**£**
2,500
15,000
3,000
15,200
21,500
2,000| |||59,200| ## **6 Grants payable** All of the above grants were payable to institutions. ## **7 Support costs** |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Investment management fees
12,835
-
Management and administration fees
-
9,600
Independent examiner's fee
-
1,962
12,835
11,562|**2023**
**£**
12,835
9,600
1,962
24,397|**2022 Basis of**
**allocation**
**£**
13,719
9,600 Governance
1,638 Governance
24,957| |---|---|---| ## **8 Employees** There were no employees during the year, or the previous year. - 11 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **9 Net (loss) / gain on investments** |Unrealised gain
Realised (loss) / gain on sale of investments|**2023**
**£**
510
(51,743)
(51,233)|**2022**
**£**
122,029
2,126| |---|---|---| |||124,155| ## **10 Fixed asset investments** |**Listed**
**investments**
**£**
**Cost or valuation**
At 31 January 2022
2,115,945
Additions
663,093
Unrealised gain
510
Realised (loss)
(51,743)
Cash invested
-
Disposals
(625,449)
At 31 January 2023
2,102,356|**Cash in**
**portfolio**
**£**
119,770
-
-
-
(59,304)
-
60,466|**Total**
**£**
2,235,715
663,093
510
(51,743
(59,304
(625,449| |---|---|---| |||2,162,822| No Investment represented more than 5% of the portfolio's total market value (excluding cash). |Listed investments
Cash in investment portfolio
Historic cost of investments|**2023**
**£**
2,102,356
60,466
2,162,822
1,651,949|**2022**
**£**
2,115,945
119,770| |---|---|---| |||2,235,715| |||1,453,546| ## **11 Debtors: amounts falling due within one year** |Dividends due
Prepayments and accrued income|**2023**
**£**
-
2,038
2,038|**2022**
**£**
369
54| |---|---|---| |||423| - 12 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **12 Creditors: amounts falling due within one year** |Management and administration fee
Independent examiner's fee|**2023**
**£**
9,600
1,800
11,400|**2022**
**£**
9,600
3,198| |---|---|---| |||12,798| ## **13 Related party transactions** Rathbones Trust Company Limited, who are also trustees received fees of £9,600 (2022 £9,600) for their services during the year which are also detailed in note 7 of these accounts. Rathbones Investment Management (RIM) and Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is undertaken by RIM at their standard terms as offered to other charities, RTC are not obliged to appoint or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services. Details of fees are shown in note 7. ## **14 Cash generated from operations** |(Deficit)/surplus for the year
Adjustments for:
Investment income recognised in profit or loss
Realised loss / (gain) on disposal of investments
Unrealised (gain)
Movements in working capital:
Increase in creditors
**Cash absorbed by operations**
**Cash and cash equivalents**
Cash at bank and in hand
Cash invested||**2023**
**2022**
**£**
**£**
(69,955)
90,687
(55,990)
(50,769)
51,743
(2,126)
(510)
(122,029)
(1,398)
1,638
(76,110)
(82,599)
**2023**
**2022**
**£**
**£**
46,672
46,747
60,466
119,770
107,138
166,517|**2023**
**2022**
**£**
**£**
(69,955)
90,687
(55,990)
(50,769)
51,743
(2,126)
(510)
(122,029)
(1,398)
1,638
(76,110)
(82,599)
**2023**
**2022**
**£**
**£**
46,672
46,747
60,466
119,770
107,138
166,517| |---|---|---|---| ||||(82,599)| ||||**2022**
**£**
46,747
119,770| ||||166,517| ## **15 Cash and cash equivalents** - 13 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ## **16 Donations made during the year** |**Donations made during the year**||| |---|---|---| |All Saint's Church, Fulham
Combat Stress
Crohn’s in Childhood Research Association
Crosslight
Dash Charity
Dionis Church
Dorothy House Hospice
Glass Door
Grow for Life
Friends of the Elderly
Halow Project
Helen & Douglas House
Hilda's House
Hook Church
Hunt Staff Benefit Society
Jamie's Farm
Macmillan Cancer Support
Motor Neurone Disease Association
North Kilworth PCC
PCC of Kingston Lisle
PDSA
Queen Elizabeth Foundation
Queen Mother's Clothing Guild
Rainbow Trust
Royal Marsden Cancer Charity – The Oak Centre
SHOUT
St Andrew's Church North Kilworth
St Michael's Hospice
St Richard's Hospice
Survivors Trust
The Cure Parkinson's Trust
The Irish Draught Horse Society
The Macular Society|**2023**
**£**
2,000
1,000
1,000
500
1,000
2,000
1,000
1,000
2,000
3,000
500
1,500
3,000
1,000
2,000
1,000
1,500
-
1,200
1,000
2,000
1,000
1,000
1,000
3,000
2,000
-
2,000
2,000
1,000
2,500
1,500
2,500
48,700|**2022**
**£**
2,000
1,000
1,000
500
-
2,000
500
1,000
1,000
3,000
500
1,000
3,000
1,000
2,000
1,000
1,500
10,000
-
1,000
1,000
1,000
1,000
1,000
5,000
2,000
1,200
2,000
2,000
1,000
5,000
1,500
2,500| |||59,200| - 14 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ||**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| ||**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| ||**2022**|**2022**|||||||**2023**|**2023**|| |||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Aberforth Smaller Companies Trust|||||||||||| |Ordinary 1p|||||||||||| ||2,900|41,702|||||||||703| |||||||||(1,682)|2,900|40,020|349| |Artemis Fund Managers|||||||||||| |Corporate Bond F GBP Dis|||||||||||| ||28,000|29,742|||||||||231| ||||||||||||210| ||||||||||||228| |||||||||(3,831)|28,000|25,911|258| |Associated British Foods|||||||||||| |Ordinary 5 15/22p|||||||||||| ||1,500|29,115|||||||||207| |||||||||(1,275)|1,500|27,840|449| |AstraZeneca|||||||||||| |Ordinary US $0.25 Stock|||||||||||| ||490|42,223|||||||||712| |||||||||9,668|490|51,891|374| |Aviva PLC|||||||||||| |6.125% Sb Bds 14/11/26|GBP||||||||||| ||||40,000|40,547||||333|40,000|40,880|| |Barings Umbrella Fd Plc|||||||||||| |Emg Mkts Debt Bld Tot Rtn Tr A GBP Dis|||||||||||| ||480|47,189|||480|40,574|(6,615)||||| - 15 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**|||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**||**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**||||||||**2023**|**2023**|| ||**£**||**£**|||**£**|**£**|**£**|**£**|**£**|**£**| |BH Macro Ltd|||||||||||| |NPV Ordinary Shares|||||||||||| |1,246|47,597|||||||7,040|1,246|54,637|| |BHP|||||||||||| |Ordinary NPV|||||||||||| |||1,100||4,620|||||||3,369| ||||||||||||1,236| |||||||||26,466|1,100|31,086|1,666| |BHP Group Plc|||||||||||| |Ordinary USD0.50|||||||||||| |1,100|26,208||||1,100|4,620|(21,588)||||| |Blackrock Fund Managers|||||||||||| |Continental European Income D Units|||||||||||| |18,000|32,256|||(70)|||||||66| ||||||||||||900| ||||||||||||74| |||||||||101|18,000|32,287|99| |Bunzl plc|||||||||||| |Ordinary 32 1/7p shares|||||||||||| |1,500|41,505||||400|11,541|473||||612| |||||||||2,233|1,100|32,670|190| |CG Portfolio Fund|||||||||||| |Real Return 'A'|||||||||||| |315|65,133|||||||(2,042)|315|63,091|1,079| - 16 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| |**1**|**February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| ||**2022**|**2022**|||||||**2023**|**2023**|| |||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |CG Portfolio Fund Plc|||||||||||| |Absolute Return M GBP|||||||||||| ||490|68,291|110|15,275|160|21,410|(874)||||871| |||||(118)||||(1,064)|440|60,100|| |Compass Group Plc|||||||||||| |Ordinary GBP0.1105|||||||||||| ||||1,500|25,609||||3,356|1,500|28,965|141| |Coupland Cardiff Funds|||||||||||| |Japan Alpha T GBP Acc|||||||||||| ||4,600|45,324||||||(1,063)|4,600|44,261|| |Croda International|||||||||||| |Ordinary GBP0.10609756|||||||||||| ||410|32,685|||||||||232| |||||||||(4,452)|410|28,233|193| |Diageo|||||||||||| |Ordinary 28.935185p|||||||||||| ||1,350|50,261|||350|12,946|(85)||||396| |||||||||(2,030)|1,000|35,200|468| |ETFS Hedged Metal Sec Ltd|||||||||||| |Daily Hgd Physical Gold (GBP)|||||||||||| ||7,700|74,729|2,300|25,041|1,800|16,037|(1,921)||||| ||||||1,600|15,130|(834)|1,753|6,600|67,601|| - 17 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Fil Investment Services(Uk)limited||||||||||| |Emerging Markets R GBP Acc||||||||||| |34,691|47,110||282|14,691|17,447|(2,503)|(4,882)|20,000|22,560|282| |Findlay Park Funds Icav||||||||||| |American GBP Hedged Dis||||||||||| |Changed from Findlay Park Funds PLC American GBP Hedged dis on 18/07/2022||||||||||| |1,100|98,835||||||(9,955)|1,100|88,880|| |Franklin Templeton Funds Ii||||||||||| |Ftf Clearbridge US Equity Income X Inc||||||||||| |23,000|73,945|||23,000|77,168|3,223||||328| |Goldman Sachs Group Inc||||||||||| |1.5% Snr EMTN 7/12/2027||||||||||| |||49,000|41,585||||616|49,000|42,201|| |Hicl Infrastructure Plc||||||||||| |Ordinary GBP0.0001||||||||||| |9,766|17,032|9,300|15,737|||||||139| |||||||||||62| |||||||||||107| |||||||||||95| |||||||||||306| |||||||||||86| |||||||||||267| ||||||||(1,119)|19,066|31,650|126| - 18 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Highbridge Multi-Strategy||||||||||| |Cash Exit Entitlement||||||||||| |21,422|3,021||||343|343||||| ||||||326|326|(3,021)|21,422||| |Ifsl Church Hse Inv Grd Fxd Int Fd||||||||||| |Ifsl Ch House Investment Grd Fxd Int Dis||||||||||| |Changed from Church House Investment|Grade Fixed Int Fd Inc on 03/10/2022|||||||||| |||38,000|40,642|||||||126| ||||(179)||||805|38,000|41,268|| |Impax Environmental Markets||||||||||| |Ordinary 10p||||||||||| |16,000|72,320|||5,000|20,181|(2,419)||||114| |||||1,300|5,886|10||||| |||||2,100|8,559|(933)|(1,672)|7,600|32,680|| |Ing Groep N.V.||||||||||| |EUR0.01||||||||||| |||2,500|24,171|||||||739| |||||||||||415| |||||||||||303| ||||||||5,056|2,500|29,227|154| |Intertek Testing||||||||||| |Ordinary GBP0.01||||||||||| |900|48,096|||270|14,044|(385)||||451| |||||630|25,580|(8,087)||||| - 19 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ||**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| |**1**|**February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| ||**2022**|**2022**|||||||**2023**|**2023**|| |||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Ishares|||||||||||| |Ishares S&P 500 Nav (GBP)|||||||||||| ||3,500|115,201|||700|24,428|1,388||||342| ||||||||||||394| ||||||||||||359| |||||||||(584)|2,800|91,577|323| |Jpmorgan Funds Ltd|||||||||||| |US Equity Inc K GBP Net Inc Unhdg|||||||||||| ||49,000|72,520||(42)|||||||345| ||||||||||||372| ||||||||||||431| |||||||||4,354|49,000|76,832|485| |Jupiter Unit Trust Managers|||||||||||| |Japan Income Z GBP Dis|||||||||||| ||45,000|50,328|22,000|24,609|||||||574| |||||(135)||||(419)|67,000|74,383|747| |Legal & General Group|||||||||||| |Ordinary 2.5p|||||||||||| ||10,000|28,740|||||||||1,327| |||||||||(3,340)|10,000|25,400|544| - 20 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Link Fund Solutions Ltd||||||||||| |Cf Ruffer Total Return I Inc||||||||||| |12,000|45,229|10,000|38,775|25,500|87,226|(9,122)||||575| ||||(213)|||||||1,352| |||3,500|12,661|||||||| ||||(104)|||||||| |Link Fund Solutions Ltd||||||||||| |Ruffer Total Return J Dis||||||||||| |||25,379|87,226||||10,047|25,379|97,273|| |Lloyds Banking Group||||||||||| |Ordinary 10p||||||||||| |110,000|56,155|||||||||1,463| ||||||||1,683|110,000|57,838|880| |Marlborough Fd Mgrs Euro Multi Cap P Inc||||||||||| |Units||||||||||| |2,700|21,053|||2,700|18,482|(2,571)||||| |Mercantile Investment Tst Plc(The)||||||||||| |Ordinary GBP0.025||||||||||| |23,000|56,120|||||||||311| |||||||||||656| |||||||||||311| ||||||||(7,935)|23,000|48,185|311| - 21 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |National Grid||||||||||| |Ordinary GBP0.12431289||||||||||| |3,000|32,388|||||||||1,013| ||||||||(1,638)|3,000|30,750|535| |Persimmon||||||||||| |Ordinary 10p||||||||||| |940|22,504|||||||||1,175| ||||||||(9,231)|940|13,273|1,034| |Polar Capital Fund||||||||||| |Global Technology Fund I (GBP)||||||||||| |820|50,282|||120|7,337|(21)|(6,111)|700|36,813|| |Polar Capital Fund||||||||||| |Global Insurance E Dist (GBP)||||||||||| |||5,000|34,571|1,400|10,549|892||||106| ||||(83)|||||||122| ||||||||3,349|3,600|28,180|69| |Polar Capital Funds||||||||||| |Healthcare Opps I Sterling Share Inc Nav||||||||||| |800|36,376|||200|10,620|1,526|5,046|600|32,328|| |Prudential||||||||||| |Ordinary 5p||||||||||| |1,750|21,621|||||||||165| ||||||||1,820|1,750|23,441|87| - 22 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ||**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| |**1**|**February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| ||**2022**|**2022**|||||||**2023**|**2023**|| |||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Relx Plc|||||||||||| |GBP0.1444|||||||||||| ||1,500|34,050|||||||||533| |||||||||1,980|1,500|36,030|236| |Renewables Infrastructure GRP|||||||||||| |NPV Ordinary shares|||||||||||| ||20,000|26,680|||||||||338| ||||||||||||342| ||||||||||||342| |||||||||(640)|20,000|26,040|342| |Rentokil Initial|||||||||||| |Ordinary 1p|||||||||||| ||8,100|41,974|||1,900|9,454|(392)||||348| |||||||||(1,705)|6,200|30,423|149| |Rio Tinto|||||||||||| |Ordinary 10p(Registered)|||||||||||| ||533|27,636|||||||||243| ||||||||||||1,635| |||||||||6,044|533|33,680|1,181| |Roche Holdings Ag|||||||||||| |Genusscheine No Par Value|||||||||||| ||180|51,431|||70|19,421|(580)|(3,688)|110|27,742|535| |Schroder GAIA|||||||||||| |Blue Trend GBP Hedged C Acc|||||||||||| ||||300|40,514||||(3,473)|300|37,041|| - 23 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Schroder Oriental Income Fund||||||||||| |Ord GBP0.01||||||||||| |17,500|47,075|||7,500|18,862|(1,313)||||333| |||||||||||333| |||||||||||350| ||||||||600|10,000|27,500|980| |Schroder Unit Trusts||||||||||| |Asian Income L Inc||||||||||| |38,000|29,473|||||||||585| ||||||||205|38,000|29,678|846| |Smith & Nephew||||||||||| |Ordinary US$0.20||||||||||| |2,000|25,070|||2,000|24,027|(1,043)||||| |SPDR Trust||||||||||| |S&P US Dividends Aristocrats||||||||||| |||1,200|65,530|||||||344| |||||||||||416| ||||||||3,350|1,200|68,880|381| |Treasury||||||||||| |2 1/2% I/l Stk 2024||||||||||| |13,000|47,833|||13,000|49,213|1,380||||523| |Treasury||||||||||| |5% Stk 2025||||||||||| |||30,000|30,411||||666|30,000|31,077|| - 24 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ |**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---| |**1 February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| |**2022**|**2022**|||||||**2023**|**2023**|| ||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Treasury Index linked||||||||||| |0.125% stock 22/03/29||||||||||| |26,000|42,978|||||||||22| ||||||||(3,420)|26,000|39,558|23| |Twentyfour Global Investment Funds||||||||||| |Corporate Bond I GBP Dis||||||||||| |300|29,922|||||||||219| |||||||||||217| |||||||||||222| |||||||||||219| ||||||||(4,707)|300|25,215|240| |Unilever||||||||||| |Ordinary 3 1/9p||||||||||| |1,000|37,875|||||||||360| |||||||||||359| |||||||||||363| ||||||||3,210|1,000|41,085|372| |United Kingdom(Government Of)||||||||||| |0% T-Bill 12/12/2022 GBP500000||||||||||| |||51,000|50,702|51,000|50,515|(187)||||| |Vodafone Group||||||||||| |Ordinary US$0.2095238||||||||||| |||||||||||410| - 25 - ## **THE HORNBY LONSDALE CHARITABLE TRUST** ## **INVESTMENT SCHEDULE** ## _**FOR THE YEAR ENDED 31 JANUARY 2023**_ ||**Holding**|**Market Value**|**Additions**||**Disposals**|**Disposals**|**Realised**|**Unrealised**|**Holding**|**Market Value**|**Net Income**| |---|---|---|---|---|---|---|---|---|---|---|---| |**1**|**February**|**1 February**|**Quantity**|**Cost**|**Quantity**|**Proceeds**|**Profit/(loss)**|**Profit/(loss)**|**31 January**|**31 January**|| ||**2022**|**2022**|||||||**2023**|**2023**|| |||**£**||**£**||**£**|**£**|**£**|**£**|**£**|**£**| |Volkswagon Financial Services 2.25% Gtd|||||||||||| |units|||||||||||| ||||44,000|42,173||||(492)|44,000|41,681|| |Vonovia Se|||||||||||| |NPV shares|||||||||||| ||742|31,111||||||(14,059)|742|17,052|1,042| |Woodside Energy Group Ltd|||||||||||| |Ordinary No Par Value (Di)|||||||||||| ||||198|3,369|198|3,525|170||||| |||||(14)|||||||| |**TOTAL:**||**2,115,944**||**663,092**||**625,451**|**(51,742)**|**251**||**2,102,094**|**51,204**| - 26 -