2024-04-05-accounts

HORNE FOUNDATION

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

REGISTERED CHARITY NUMBER 283751

HORNE FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2024

Contents

Trustees' report	1 to 2
Statement of trustees' responsibilities in respect of the Trustees' Report and the financial statements	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 to 9

Registered number 283751

HORNE FOUNDATION COMPANY INFORMATION

5 April 2024

Trustees E J Davenport R M Harwood J Harwood (appointed 3 November 2023) Secretary R M Harwood Principal office of charity PO Box 6165 Newbury RG14 9FY Independent Examiner Debra Knighton FCCA Spencer Gardner Dickins Limited 3 Coventry Innovation Village Cheetah Road Coventry CV1 2TL Investment Managers Rathbones Port of Liverpool Building Pier Head Liverpool L3 1NW

HORNE FOUNDATION REPORT OF THE TRUSTEES

for the year ended 5 April 2024

Trustees report

The trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS102.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The foundation was established and is governed by a Trust Deed dated 23 October 1981. All of the trustees, who are shown on the previous page, served throughout the year. The foundation is a registered charity and has confirmed its charitable status with HM Revenue and Customs.

The power to appoint new trustees rests with the existing trustees.

Organisation structure

The trustees meet at three monthly intervals to agree donations and to monitor finances. Day to day administration is performed on an occasional basis from the trustees home.

Related Parties

Details of transactions between trustees and the charity are given in note 9 of the financial statements.

Risk review

The trustees have considered the major risks to which the charity is exposed, and procedures have been established to mitigate those risks.

OBJECTIVES AND ACTIVITIES

Objects of the charity

The objects of the charity are the advancement of education and other such charitable purposes as the trustees may determine. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, in planning future activities, and setting the grant making policy for the year.

It continues to be the intention of the trustees to transfer the investments held by the organisation to a charity, or group of charities, where they would be better used to fulfil the objects of the charity.

Grant making policy

The policy of the trustees is to make substantial grants towards major educational projects that involve new buildings, once every few years. In addition, there are regular smaller donations to local projects in the Northampton and Oxfordshire area, and student bursaries for higher education through Northampton schools. One off donations to National Charities are also made when the trustees deem appropriate.

The trustees are aware that in recent years National Charities have been the main beneficiaries of the charity. However, it is their intention to transfer the investments held to a charity, or group of charities, that share The Horne Foundation's charitable objectives so that they can be better utilised.

FINANCIAL REVIEW

Reserves policy

The policy is to normally distribute an amount approximately equal to the investment income received. This is not strictly adhered to since large donations towards building projects are not regularly spaced.

Financial

The financial progress of the foundation is disclosed in the financial statements. Details of the grants made are disclosed in note 4. Total investments at 5 April 2024 were £1,172,566 (2023 ‐ £1,298,794) which resulted in a decrease of £126,228.

The net assets of the fund, at 5 April 2024, are £ 1,170,715 (2023: £1,298,477).

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HORNE FOUNDATION

REPORT OF THE TRUSTEES for the year ended 5 April 2024

Trustees report ‐ continued

PLANS FOR FUTURE PERIODS

The plan for the future is to still close down the Foundation during the next financial year. The portfolio of investments handled by Rathbones Investments has been converted to cash to facilitate the donations. There now remains a balance of £1,172,000 held by rathbones and the Trustees plan to donate most of this during the next six months.

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INDEPENDENTEXAMINER'S REPORTTOThETrUSTEESOF HORNE FOiMDATION Imdependent exarnlner's reporttt>thetrusteosofth Horne Fowd3￿( I reportto the charitytrustees on rnyexamiTration of theaccountsof the Ch2rfty forthe yearenited 5 Aprfl 2024. RespJnslknllUe$8nd b￿lS0f report As the trustees of the Charity, you are responsible forthe preparation of the accounts In accordance vrith the requSrernents of theCharitlesArt 2011 (￿eA￿l. I report in respett of nWeXaminati￿ of your ¢haritO5 acEount5 as carried out under Section 145 of the Charit5 Act 20111.the 2011 Acri. In ￿rryIn8DLlt my èxaminatlon, I have folknyedthe Direttions &'ven bythe Charity Commis5￿fft lundEf5ecbon 14515llbl of the 2011 Att. Ind￿n￿entexaMltte1$￿4ternent I have completed myexam5naty￿. I confimthat no m?terial matter5 haVe￿met0 my attentith wh￿h 8Nesme cause to believe that.. ccounting ￿cOldswere not keptln accordartr with sethiTrn 130 of theArt,' or the accounts ￿ld not èccordwith such records., or • the ac¢ounts did not cornply with the appliGJble reouirements cooceming the form and content of accounts set Out in the tharlfjes IAtcounts Reports) Re8ulatv)ll5 2(K)8 other than any requirement th* the accounts ￿ve a 'true and fall view which Is not a rnatter con￿d&red aspart of an indÉpendeDt examlnatloTr. I have no concerns and have come across no other matters in ¢onnecbon with the examinatlDn to which attention sh￿Id be drdwn in this rewrt iTrorder toenlbleè properunderstsndingof the accountsto be reached. Debra Knighton FCCA Spencerfjardner Dickins Limlted 3 C¢veDlry Innovatlon lrtliage Cheetah Road Cvi 2TL Datsd.. So g025

HORNE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024

Note Income from charitable activities Investment income 2 Total income Expenditure on charitable activities Cost of generating funds 3 Charitable expenditure Grants and donations 4 Governance costs 5 Total expenditure Net (expenditure)/income before investment gains Net gains/(losses) on investments Realised Unrealised Net movement in funds Balance brought forward at 6 April 2023 Balance carried forward at 5 April 2024	Unrestricted funds Unrestricted funds 2024 2023 £ £ 52,839 47,175
	52,839 47,175
	6,595 14,662 170,000 6,823,285 4,006 4,926
	180,601 6,842,873
	(127,762) (6,795,698) ‐ 1,104,741 ‐ (653,285)
	(127,762) (6,344,242) 1,298,477 7,642,719
	1,170,715 1,298,477

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HORNE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024

1 Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to the accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Going Concern

The financial statements are prepared on a going concern basis as the trustees are of the opinion that sufficient funds are available to enable the charity to continue operating.

Income

Dividends are accounted for on a receivable basis. Interest is accounted for on an accruals basis.

Expenditure

Expenditure is classified under type of expense, and accounted for on an accruals basis. Grants payable are charged in the year when the offer is conveyed to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.

Costs of generating funds comprise investment management fees. Governance costs comprise costs for the running of the charity, itself, as an organisation.

Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Funds

The unrestricted general funds represent funds which are available for use, at the discretion of the trustees, in furtherance of the general objectives of the charity, and which have not been designated for specific purposes.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their purchase value. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value.

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HORNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS ‐ CONTINUED

for the year ended 5 April 2024

2 Investment income Dividend income received Interest received Interest from fixed rate investments Other investment revenue 3 Cost of generating funds Investment management fees 4 Grants and donations Donations Crisis UK St Martin in the fields christmas fun McMillan cancer support Headlands primary school LAE Tottenham MiSST Music in Secondary Schools Norbert Robbins, Music Therapy Walgrave Primary, Music Room Northampton Community Foundation Crisis at Christmas Ackland Burghly School LEA School St Joseph's School Headlands Primary National Youth Orchestra Other donations 5 Governance costs Administration charge Accountancy fees Legal & professional fees Other costs	2024 £ ‐ ‐ 52,839 ‐	£ ‐ 170,000 2024 £ 424 3,582 ‐ ‐ 4,006	2023 £ 8,922 2,211 36,042 ‐ 47,175 2023 £ 14,662 £ £ ‐ 5,000,000 1,000,000 27,000 100,000 20,000 225,000 20,000 35,000 50,000 200,000 146,285 6,823,285 2023 £ 418 3,450 1,020 38 4,926 2023	2023 £ 8,922 2,211 36,042 ‐ 47,175 2023 £ 14,662 £ £ ‐ 5,000,000 1,000,000 27,000 100,000 20,000 225,000 20,000 35,000 50,000 200,000 146,285 6,823,285 2023 £ 418 3,450 1,020 38 4,926 2023
	52,839
	2024 £ 6,595
	£ 20,000 15,000 15,000 20,000 100,000 2024
				2023 £ 418 3,450 1,020 38
				4,926

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HORNE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ‐ CONTINUED for the year ended 5 April 2024

6 Investments 2024 £ Market value at beginning of year ‐ Disposal at opening book value ‐ (Loss)/Profit on revaluation at end of year ‐ ‐ Cash awaiting investment 1,172,566 Market value at end of year 1,172,566 Listed Other £ £ At market value: Bank and short term deposits ‐ 1,172,566 ‐ 1,172,566 The historical cost of the investment portfolio was £1,172,566 (2023: £1,298,794) 7 2024 £ Investment income receivable ‐ 8 Liabilities: Amounts falling due within one year 2024 £ Accruals 3,901 2024 Prepayments and accrued income	2023 £ 3,107,680 (3,559,136) 451,456 ‐ 1,298,794 1,298,794 Listed Other £ £ ‐ 1,298,794 ‐ 1,298,794 2023 £ 959 2023 £ 3,750 2023	2023 £ 3,107,680 (3,559,136) 451,456
		‐ 1,298,794
		1,298,794
		1,298,794
		2023 £ 959
		2023 £ 3,750

9 Related parties

No trustees were paid salary for 2024 and 2023.

There were £nil of trustees expenses paid during the year (2023 ‐ £nil). The average number of employees during the year was 0 (2023 ‐ 0).

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