Charity Registration No. 243516 THE HORNBY LONSDALE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
THE HORNBY LONSDALE CHARITABLE TRUST CONTENTS Page Legal and administrative information Trustees, report Independent examinerfs report statement of financial acttvtttes Statement of financial position Statement of cash flows Notes to the accounts 9-15 Investment schedule 16-30
THE HORNBY LONSDALE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs J M B Shipp Mr C J L Smith-maxwell Miss R J Smtlh-maxwell Rathbones Twst Company Limited Secretary Rathbones Trust Company Limited Charity number 243516 Registered office l address for appeals 30 Gresham Street London EC2V 7QN Independent examiner Perys Audit Limited Churchdown Chambers Bordyke Tonbridge Kent TN91NR Bankers and investment managers Rathbones Investrnent Managernent Limited 30 Gresham Street London EC2V 7QN
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees present their annual report and financial statements for the year ended 31 January 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 of accounts and comply with the Charities Act 2011 and Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan the Financial Reporting Stsnd8rd applicable in the UK and Republic of Ireland (FRS 1021 (effeth've i January 2019). The Financial Statements also comply with the Charity's goveming document. Objectives and activities The Mrs E G Homby 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 fomially changed to The Homby Lonsdale Charitable Trust to reflect this. Approval from the Charity Commission was received on 28 January 2020. The Tnjstees 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 mcike donations to such charilable bodies or institutioqs 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 charTiable organisations, as shown wtthin note 16 to the financial statements. The Trustee5 believe all the donations made are for the benefit of the public. Grant making The Trustees meet annually to review applications for ftjnding, 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 £49,700 (£49.700 in 2024). Achievements and performance Total incoming resources were £59,598 (£55,670 in 2024), wth £75,829 (£14,711 in 2024) being committed to charitable activities of which £26.129 {£25,011 in 2024) relates to support and governance ccsts. There was an unrealised gain of £167. 104 (loss of £9.110 in 2024} on investments and in addition a realised gain of £10,396 (loss of £20,757 in 2024) resulb.ng in a net inflow of funds of £161,269 (ouffiow of £48,908 in 2024). Financial review The value of the portfolio on 31 January 2025 was £2.260,808 (2024: £2,109,695). Beeen 1 Ferburary 2024 and 31 January 2025 the value of the portfolio increased by 8.430A in capital terms (before cost of fees),. over the same period the MSCI PIMFA Balanced Index rose 12.13Qh and the FTSE 100 Index rose 13.670/o.In 'LOtal return tems (before cost of fees, the porttolio appreciated 11.43% over the period, whilst the MSCI Balanced Index rose by 14.680/0 and the FfsE 100 Index rose by 17.95Dh. 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 retum over the long term of 30A 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 re)lecting 60-800/0 of the volatility of global equty markets. This approach can be suitable for investors with a &10 year b.me 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 %Mth their investment manager in March 2024. Reserves The Trustees have a balanced investment policy and predominantiy use income to fund their donations atthough they have discretion to resort to the use of the capital. In general however, the Trustees retsin the capital for the maintenance and gr0h of the fund. Investment Policy The current investment objecttve is a 'balance beeen capitsl grovrth and income,. This strategy seeks to balance the long tem capital growth of the portfolio wth the need to generate an income retum on the portfolio. This objective has not changed during the year under review.
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Other risks The Trustees have not identtfied any major risks and believe that appropriate action has been takwÈ 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 Limtted The Charity's other advisors are noted on page 1. The individuals who were directors of Rathbones Trust Company Limited were: Miss Linda joy Cousins (resigned 31 December 2024) Mr James Stephen Huffell Mr Bruce Robert Newbigging (resigned 31 Dember 2024) MrAlexander Richmond Mr Robert Paul Stockton Mr Trevor Harris Mr5 Kerry Roberts Decision making The Trustees meet annually to review applications for funding. Only SUCssful applicants a 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 Tnrtees to act jointly with them as they see fit. Trustee training The Trustees correspond and meet wth 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 signfficant changes to "their aims & objectives and they intend to coniinue supporting the various causes to a similar level.
THE HORNBY LONSDALE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Statement of Trustees. responsibilities The Trustees are reiponsible for prepartng the Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in England & lfftkles 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 incomirjg resources and applications of resources, including the income and expenditure. of the Charity for the period. In preparing these financial statements, Ihe 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 concem basis unless it is inappropriate to presu that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounttng records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial s*tements compl/ 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 asseis of the Chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregulanties. The trustees, report was approved by the board of Trustees Alexander Richmond Rathbones Trust Company Limited 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 Homby Lonsdale Charitable Trust I'the charity'l for the year ended 31 January 2025 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 Acl 2011. My work has been undertaken so that I might state to the Charity's Trustees tkiose matters l am required to state to them in this report and for no other purpose. To the fullest extent pemiitted 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 fomied. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordan with the requirements of the Chariti'es Act 2011 (the AGt'). I report in respect of my examination of the charity's finanaal statements carried OLrt under section 145 of the Act and in carrying out my examination I have followed all trie applicable Directions given by the Charity Commission under section 145(5)(b) 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 audttor 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 spectfic matters set out in the independent examiner's statement. Independent examinerfs 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 sectton 130 of the Act,. or (ii) the financial statements do not accord wtth those records". or (iii) the financial statements do not comply with the applicable requirements conceming 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 concems 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 understsnding of the financial staiements 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 2025 2025 2024 Notes Income Investment income Other income 57,565 2,033 53.885 1,785 Total income 59,598 55,670 Expenditure Charitable activities 75,829 74,711 Total resources expended 75,829 74,711 Net {expenditure) before investment gains {16,231) (19,041) Net {lossesl I gains on investments 10 177,500 (29,867) Net movement in funds 161,269 (48,908) Fund balances at 1 February 2024 2,150,956 2,199,864 Fund balances at 31 January 2025 2,312,225 2.150,956
THE HORNBY LONSDALE CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY2025 2025 2024 Notes Fixed assets Investments 11 2,260.808 2,1Q9,695 Current assets Debtor5 Cash at bank and in hand 12 4,266 58,918 3,231 49,797 63,184 53,028 Creditors: amounts falling due within one year 13 (11.767) (11,767) Net current assets 51,417 41,261 Total assets less current liabilities 2,312.225 2,150,956 Income funds Unrestricted funds 2,312,225 2,150,956 2,312,225 2,150,956 The financial statements were approved by the board of TTUStee5 and authotised for issue on ....................... are signed on its behalf by= and Alexander Richmond Rathbones Trust Company Limited Trustee
THE HORNBY LONSDALE CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2025 2025 2024 Notes Cash flows from operating activities Cash absorbed by operations 16 (76.864) (75,537) Investing activities Purchase of investments Proceeds on disposal of other invesbnents Dividends and interest received from investsnents (573.213) 580.267 59,598 {428.487j 446,841 55,665 Net cash generated from investing activities 66,652 74,019 Net decrease in cash and cash equivalents (10.212) ,518> Cash and cash equivalents at beginning of year 105,620 107,138 Cash and cash equivalents at end of year 17 95.408 105,620
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance Vth 'A¢counting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accoi*ntS In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {Secono Edition). an the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the CharitiesAct 2011 and UK GenerallyAccepted practi 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 concem. The review of our financial position. reserves levels and fvture plans gives Truslees confidence t.e charity remains a going concem for the foreseeable fLrture. 1.3 Charitable funds Unrestricted income funds comprise Ihose funds 'which the trustees are free to use for any purpose in furtherance of the charilable objects. Unrestricted funds include designated funds where the Trustees, at their discretion, have created a fund for a specFfic 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 inctudes 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 vthere the charity has a present obligation resulting from a past event thal 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 nomially recognised at their sertlement afnotint 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 cosis incurred in running the charity. They have been apportioned on the basis of time spent between chartiable activrties, cost of raising funds and governance costs. Govemance costs consist of those costs as%Kiated with the overall running of the charity and meeting statutory and regulatory requirements.
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 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 Camed at amortised cost using the effective interest method unless the arrangement constitutes a firlancing transaction, where the trarisaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets. including investrnents in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is nonnally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net incomel{expenditure), except that investments in equity instruments that are noi publicly traded and whose fair alUeS cannot be measured reliably are measured at cost less impairmenL 1.10 Investments Fixed assets investments represent listed investments which are stated at market valuotion, 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 Tor 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 aboLrt the carrying amount of assets and liabilities that are not readily apparent from other source5. 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 undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the esbmate is revised where the revision affeS ([Y that period, or in the period of the revision and Tuture periods where the revision affects both current and future periods. Investment income 2025 2024 Income from listed investments Foreign income Fixed interest REITS Accrued interest 28.511 18,025 9,849 32,280 14,550 5,013 986 1,056 1,180 57,565 53,885 Other income 2025 2024 Bank interest 2.033 1,785 10-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 Charitable activities 2C25 2024 Grant funding of activities (see note 6) 49,700 49,700 Share of support Costs (see note 7) Share of governance costs (see note 7) 13,301 12,672 75,829 74,711 Grants payable 2025 2024 Animal Cancer & Hospices Military & Disabled Religious & Community Health & Disabilty other 4.000 13,000 3,000 14.700 12,000 3,000 4,000 14,000 3,QOO 13,700 13,000 2,000 49,700 49.700 All of the above grants were payable to institutions. Support costs Support Governance costs costs 2025 2024 Basis of allocation Investment management fees Management and administration fees Independent examinerfs fee Trustees. meeting expenses 13.301 13,301 9.600 2,760 468 9,600 2.760 468 9,600 Governance 2,431 Governance 308 Governance 13,301 12.828 26,129 25.011 Employees There were no employees during the year, or the previous year. Taxation The charity is exempt from taxation on its activities because all tts income is applied for charitable purposes. 11
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 10 Net (loss) I gain on investments 2025 2024 Unrealised gain Realised (loss) I gain on sale of investments 167.104 10,396 19,110) (20,757) 177,500 (29.867) 11 Fixed asset investments Listed invest5nents Cash in portfolio Total Cost or valuation At 31 January 2024 Additions Unrealised gain Realised profiV(loss) Disposals 2.053.872 573.213 167.104 10,396 (580,267) 55,823 2,109,695 573,213 147,771 10,396 (580,267) {19,333) At 31 January 2025 2,224,318 36,490 2,260,808 2025 2024 Listed investments Cash in investment portfolio 2.224,318 36,490 2,053,872 55,823 2.260,808 2,109,695 Historic cost of investrnents 1,800.604 1,667,989 12 Debtors: amounts falling due within one year 2025 2024 Trade debtors Prepayments and accrued income 349 3,917 498 2,733 4.266 3,231 12-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2025 13 Creditors: amounts falling due within one year 2025 2024 Management and administration fee Independent examinerfs fee 2,167 2,167 11.767 11,767 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balanS Oi donations and gi ants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestll Cted funds by the trustees for specif.c purposes. At 1 February 2024 Incoming resources Resources Adjustment expended Gains and At 31 Januarj losses 2025 General funds 2.150,956 59.598 (75,829) 177,500 2.312,225 Previous year: At 1 February 2023 Incoming resources Resources Adjustment expended Gains and At 31 January losses 2024 General funds 2,200.132 55.670 174,711) (2681 (29,867) 2,150,956 15 Related party transactions Rathbones Trust Company Limited. .h0 are also trustees received fees of £9,600 {2023: £9.600) for their services during the year which are also detailed in note 7 of these accounts. Rathbones Investment Management Limited. received fees of £13,301 12023: £12,672) in respect of investment management fees. Rathbones Investment Management (RIM) and Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group Plc. The investment management is iindertaken by RIM at their standard terms as offered to other charities, RTC are not obliged to appoint or retain RIM as investment mail agers bLrt do so on the basis that the temis and perfomiance have been satisfactory wher, compared to alternative providers of investment management. The matter 15 onitored and kept under review to ensure that Ihe charity receives appropriate and cost effective investment management services. Details of fees are shown in note 7. 13-
TH'E HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 16 Cash generated from operations 2025 2024 Surplusl{deficit) for the year 161,269 (48,9081 Adjustments for: Investment income recognised in profit or loss Realised loss l (gain) on disposal of investments Unrealised (gain) Movements in working capital: (Increase) in debtors Increase in creditors (59.598) (10.396) {167, 104) {i5,6701 20,757 9,110 (1,035) (1,193) 367 Cash absorbed by operations (76,864) (75,5371 17 Cash and cash equivalents 2025 2024 Cash at bank and in hand Cash invested 58,918 36,490 49,797 55,823 95,408 105,620 14-
THE HORNBY LONSDALE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 18 Donations made during the year 2025 2024 All Saint's Church, Fulham Combat stress Crohn's in Chilohood Research Ass(xiation Crosslight Dash Charity Dionis Church Dorothy House Hospice Glass Door Grow for Life Friends of the Elderly Halow Project Hartlebury Castte 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 lotherf$ Clothing Guild Rainbow Trust Royal Marsden Cancer Charity SHOUT St Michael's Hospi 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 1,500 1,000 1,500 2,000 3,000 500 1,000 1,500 2,000 1,000 1,000 1.000 1,000 2,000 1,000 1,000 2,000 3,000 500 1,500 1,000 2,000 1,000 1,500 3,000 1,200 1.000 1.500 1,000 2.000 1.000 2,000 2.000 2,000 2,000 1,000 1,500 1,500 2,500 1.000 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 49,700 49.700 15-
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