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). Be￿een 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 resoUr￿s, 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 re￿1vable 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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