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). Be￿een 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 gr0￿h of the fund.
Investment Policy
The current investment objecttve is a 'balance be￿een 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 De￿mber 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 SUC￿ssful 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 V￿th '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 affe￿S (￿[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 balan￿S 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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