Charity Registration No. 243516 THE HORNBY LONSDALE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
THE HORNBY LONSDALE CHARITABLE TRUST CONTENTS Page Legal and administrative information Trustees, report Independent examinerfs report Staternent of financial activities Slatement of financial position Statement of cash flows Notes lo the accounts 9-15 Investment SGhedule 16-27
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 Reglstered offlce l address for appeals 30 Gresham Street London EC2V 7QN Independent examiner Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN91NR Bankers and investment managers Rathbones Investment Management Limited 30 Gresham Street London EC2V 7QN
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2024 The Trustees present their annual report and financial statements for the year ended 31 January 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the Charities Acl 2011 and Accounting and Reporting by Charities= Siatement 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 Charily'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 Irusl 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 Homby 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 lowards such charitable purposes and to makè donations to such charitable bodies or inslilutions 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, investmenl 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 Gharitable donations during the year of £49,700 (£48,700 in 20231. Achievements and performance Total incoming resources were £55,6701£54,375 in 2023), with £74,711 {£73,097 in 20231 being committed to charitable activities of which £25,011 (£24,397 in 20231 relates to support and governance costs. There was an unrealised loss of £9,110 (gain of £510 in 2023) on investmenls and in addition a realised (loss) of £20,756 {Ioss of £51,743 in 20231 resulting in a net ouffiow offunds of £48,908 (outflow of £69,955 in 2023). Flnanclal revlew The value of the portfolio on 31 January 2024 was £2,053,872 (2023.. £2,102,356). Beeen 31 January 2023 and 31 January 2024, the value of the portfolio fell by -2.54 % in capital terms (before cost of fees)., over the same periods the MSCI PIMFA Balanced index rose 5.8010 and the FTSE 100 index rose 1.7 10. In total return terms (before cost of fees), the portfolio appreciated 0.260/D over the period, whilst the MSCI PIMFA Balanced index fell -5.81 % and the FTSE 100 fell 1.8 %. 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 rales 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 temi of 3 % above the rate of inflalion. 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 wilh 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 balanGed investment policy and predorninantly 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.
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Investment Policy The currenl investment objective is a 'balance between capital growth and income,. This strategy seeks to balance the long term capital growth of the portfolio wilh the need to generate an income return on the portrolio. This objective has not changed during the year under review. Other risks The Trustees have not idenlified 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 seNed 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 Rathbones Trust Company Limited were.. Miss Linda Joyce Cousins Mr James Slephen Hurrell Mr Bruce Robert Newbigging Mr Alexander Richmond Mr Roberi 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, allhough no commitment is given. Appolntment of new Trustees The continuing Trustees have the power to appoint new or additional Trutees to act jointly with them as they see 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.
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 ststement of Trustees. responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. The13w 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 resoUrs, including the inGome 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 ihe 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 Ralhbones Trust Company Limiled Trustee Dated:
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'l for the year ended 31 January 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and relaled notes. This report is made solely to the Charity's Truslees, as a body, in accordance with section 145 of the Charities Acl 2011. My work has been undertaken so that I mighl stale lo the Charily's Trustees those matters l am required to stste to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity and the Gharity's trustees as a body, for my work. for this report, or for the opinions I have fomied. 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 AGt'). 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(51(bl of the Act. An independent examination does not involve gathering all the eviden 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 l 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 examinerfs stalement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me Gause to believe that in any material respect.. (i) accounting records were not kept in respeci of the charity as required by section 130 of the Act- or lil) the financial statements do not accord with those records., or lili) 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 FCA FCCA Perrys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN91NR Dated:
THE HORNBY LONSDALE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Notes Income Inveslment income Other income 53,885 1,785 53,672 703 Total Income 55,670 54,375 Expenditure Charilable activities 74,711 73,097 Total resources expended 74,711 73,097 Net (expenditure) before investment gains 119,041) (18,722) Net (losses) I gains on investments 10 129,8671 (51,233) Nèt movement In funds 148,9081 (69,955) Fund balances at 1 February 2023 As originally reported Prior year adjustment As restated 2,200, 132 2,270,087 (268) 2,199,864 2,270,087 Fund balances at 31 January 2024 2,150,956 2,200,132
THE HORNBY LONSDALE CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY2024 2024 2023 Notes Fixed assets Investments 11 2,109,695 2,162,822 Current assets Debtors Cash at bank and in hand 12 3.231 49.797 2,038 46,672 53,028 48,710 Creditors: amounts falling due within one year 13 111,767) (11,400) Net current assets 41,261 37,310 Total assets less current liabilities 2,150,956 2,200,132 Income fund8 Unrestricted funds 2,150,956 2,200,132 2,150,956 2,200.132 The financial statements were approved by the board of Trustees and authorised for issue on are signed on its behalf by.. and Rathbones Trust Company Llmlted Trustee Dated:
THE HORNBY LONSDALE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 16 (75,537) (76,110) Investing activities Purchase of investments Proceeds on disposal of other investments Dividends and interest received from investments (428,487) 446,841 55,665 (571,248) 533,604 54,375 Nel cash generated from investing activities 74,019 16,731 Net decrease in cash and cash equivalents 11,518) (59,379) Cash and cash equivalents at beginning of year 107,138 166,517 Cash and cash equivalents at end of year 17 105,620 107,138
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance with 'Accounling and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Second Edition), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK GenerallyAccepted Praclice 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 confidenGe the charity remains a going concern for the foreseeable future. 1.3 Charitable funds Unrestricted inoome 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 Incomlng resources Investfflent income is accounted for on an accruals basis in the period to which it relates. 1.5 Debtors Debtors are re1vable 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 malurity of three months or less from the date of acquisition or opening of Ihe deposit or similar accounl. 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 consisl of Ihose cosls associated wilh the overall running of the charity and meeting stalutory and regulatory requirements.
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 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 (he effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measurad at thg pr8sent value of the future receipts discountèd at a mark8t rate of intarest. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured al fair value, which is normally the transaction price. Such assets are subsequenlly carried al fair value and the changes in fair value are recognisad in net incomellexpenditurel, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured al cost less impairment. 1.10 Investments Fixed assets investments represenl listed investments which are staled 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. 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 carying 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 tUre periods. Investment income 2024 2023 Income from listed investments Foreign income Fixed interest REITS Accrued interest 32,280 14,550 5,013 986 1,056 30,384 18,740 1,026 1,053 2.469 53,885 53,672 other income 2024 2023 Bank interest 1,785 703 10-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 Charitable activities 2024 2023 Granl funding of aclivilies (see note 61 49,700 48,700 Share of support costs {see note 7) Share of governance costs (see note 71 12,672 12,339 12.835 11.562 74,711 73,097 Grants payable 2024 2023 Animal Cancer & Hospices Military & Disabled Religious & Community Health & Disability Other charities 4,000 14,000 3,000 13,700 13,000 2.000 3,500 14,000 3,000 16,200 10.000 2.000 49,700 48.700 All of the above grants were payable to institutions. Support costs Support Governance costs costs 2024 2023 Basis of allocalion Investment management fees Management and administration fees Independent examinerfs fee Trustees, meeting expenses 12,672 12,672 9,600 2,431 308 12,835 9,600 Governance 1,962 Governance Governance 9,600 2,431 308 12,672 12,339 25,011 24,397 Employees There were no employees during the year, or the pr8vious yaar. Taxalion The charity is exempt from taxation on its activities because all its income is applied for Gharitable purposes. 11
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 10 Net (loss) I gain on investments 2024 2023 Unrealised gain Realised (loss) I gain on sale of investmenls (9,110) (20,757) 510 {51,7431 (29,867) {51.2331 11 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 31 January 2023 Additions Unrealised gain Realised (loss) Prior year adjustment Disposals 2,102,356 428,488 19,1111 120,757) {263) 1446,841) 60,466 2,162,822 428,488 {13,7541 {20,7571 12631 (446,8411 (4,643) At 31 January 2024 2,053,872 55,823 2,109,695 2024 2023 Listed investments Cash in investment portfolio 2,053,872 55,823 2,102,356 60,466 2,109,695 2,162,822 Historic cost of investments 1,667,989 1,651,949 12 Debtors: amounts falling due within one year 2024 2023 Trade debtors Prepayments and accrued income 498 2,733 2,038 3,231 2,038 12-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 13 Creditors: amounts falling due within one year 2024 2023 Management and administration fee Independent examiner's fee 9,600 2,167 9,600 1,800 11,767 11,400 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how Ihey may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 February 2023 Incoming resources Resources expended Gains and At 31 January losses 2024 General funds 2,200,132 55,670 174,711) (29,8671 2,151,224 Previous year: At 1 February 2022 Incoming resources Resources expended Gains and At 31 January losses 2023 General funds 2,270,087 54,375 {73,097) (51,2331 2,200,132 15 Related party transactions Rathbones Trust Company Limited, who are also trustees received fees of £9,600 12022 £9.600) for their services during the year which are also detailed in note 7 of these accounts. Rathbones Investment Management IRIMI and Rathbones Trust Company (RTCI 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 tems and performan 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 Gost effective investment management services. Details of fees are shown in note 7. 13-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 16 Cash generated from operations 2024 2023 Deficil for the year {48,9081 (69,9551 Adjusiments for.. Investment income recognised in profit or loss Realised loss / (gain} on disposal of investments Unrealised Igainl Movements in working capital: Ilncrease) in debtors Increase in creditors (55,6701 20,757 9,110 {55.9901 51.743 15101 (1,193) 367 {1,3981 Cash absorbed by operations (75,537) (76,1101 17 Cash and cash equivalents 2024 2023 Cash at bank and in hand Cash invested 49,797 55,823 46,672 60.466 105,620 107.138 14-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024 18 Donations made during the year 2024 2023 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 Molor Neurone Disease Association North Kilworth PCC PCC of Kingston Lisle PDSA Queen Elizabeth Foundation Queen Mother's Clothing Guild Rainbow Trusl Royal Marsden Cancer Charity- The Oak Centre SHOUT St Michael's Hospice St Richard's Hospice Survivors Trust The Cure Parkinson's Trust The Irish Draught Horse Society The Macular Society Vet Life 2,000 1,000 1,000 1,000 1,000 2,000 1,000 1,000 2,000 3,000 500 1,500 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 1,000 2,000 1,000 1,500 3,000 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 2,500 500 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 49,700 48,700 15-
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