Docusign Envelope ID: 334E2C45-0358-4A7D-A83D-529A42B669EB
HORNE FOUNDATION
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
REGISTERED CHARITY NUMBER 283751
Docusign Envelope ID: 334E2C45-0358-4A7D-A83D-529A42B669EB
HORNE FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 5 April 2025
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 |
Docusign Envelope ID: 334E2C45-0358-4A7D-A83D-529A42B669EB
Registered number 283751
HORNE FOUNDATION COMPANY INFORMATION for the year ended 5 April 2025
| Trustees | E J Davenport |
|---|---|
| R M Harwood | |
| J Harwood | |
| Secretary | R M Harwood |
| Principal office of charity | PO Box 6165 |
| Newbury | |
| RG14 9FY | |
| Independent Examiner | Demsey Slater 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 |
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HORNE FOUNDATION REPORT OF THE TRUSTEES for the year ended 5 April 2025
Trustees report
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2025. 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 trustee's home.
Related Parties
Details of transactions between trustees and the charity are given in note 7 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.
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HORNE FOUNDATION
REPORT OF THE TRUSTEES for the year ended 5 April 2025
Trustees report ‐ continued
Financial
The financial progress of the foundation is disclosed in the financial statements. Details of the donations made are disclosed in note 4. Total cash at 5 April 2025 was £689,938 (2024 ‐ £1,172,566), a decrease of £482,628.
The net assets of the foundation, at 5 April 2025, are £687,888 (2024: £1,170,715).
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 or cash equivalents to facilitate the donations. There now remains a balance of £689,938 held by Rathbones and the Trustees plan to donate most of this during the next six months.
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Registered number 283751
HORNE FOUNDATION REPORT OF THE TRUSTEES for the year ended 5 April 2025
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year. Under the law they have elected to prepare the financial statements in accordance with UK Accounting Standards.
The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and estimates that are reasonable and prudent;
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observe the methods and principles in the Charity SORP;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that its financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
Approved by the trustees on and signed on their behalf by: Jan 29, 2026 | 17:12 GMT
R M Harwood
Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HORNE FOUNDATION
Independent examiner's report to the trustees of the Horne Foundation
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
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accounting records were not kept in accordance with section 130 of the Act ; or
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the accounts did not accord with such records; or
• the accounts did 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 accounts to be reached.
Demsey Slater FCCA Spencer Gardner Dickins Limited 3 Coventry Innovation Village Cheetah Road Coventry CV1 2TL
Dated: Jan 29, 2026 | 18:08 GMT
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HORNE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2025
| 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 2024 Balance carried forward at 5 April 2025 |
Unrestricted funds Unrestricted funds 2025 2024 £ £ 39,241 52,839 |
|---|---|
| 39,241 52,839 |
|
| 3,199 6,595 516,260 170,000 4,056 4,006 |
|
| 523,515 180,601 |
|
| (484,274) (127,762) 2,182 ‐ (735) ‐ |
|
| (482,827) (127,762) 1,170,715 1,298,477 |
|
| 687,888 1,170,715 |
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| Note £ £ Current assets Other debtors 2,050 Cash at bank 689,938 691,988 Liabilities: Amounts falling due within one year 6 Accruals and deferred income (4,100) Net current assets 687,888 Funds Unrestricted general funds 687,888 HORNE FOUNDATION BALANCE SHEET as at 5 April 2025 2025 |
£ £ 2,050 1,172,566 1,174,616 (3,901) 1,170,715 1,170,715 2024 |
£ £ 2,050 1,172,566 1,174,616 (3,901) 1,170,715 1,170,715 2024 |
|---|---|---|
| 1,170,715 | ||
| 1,170,715 |
The notes on pages 7 to 9 form part of these accounts.
These financial statements were approved by the trustees on and signed on their behalf by:
R M Harwood
Trustee
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HORNE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025
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 notes 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 charity. 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 2025
2 Investment income
| Interest from fixed rate investments Cost of generating funds Investment management fees Grants and donations Donations Our Lady and St Joseph School Earls Barton School Just for Kids Crisis at Christmas St Martins Christmas Appeal McMillan cancer support Heartlands School, London LAE Tottenham Crisis UK St Martin in the fields Christmas fun Governance costs Administration charge Accountancy fees |
2025 £ |
£ ‐ 516,260 2025 £ 424 3,632 4,056 |
2024 £ 52,839 2024 £ 6,595 £ £ ‐ 15,000 20,000 100,000 20,000 15,000 170,000 2024 £ 424 3,582 4,006 2024 |
2024 £ 52,839 2024 £ 6,595 £ £ ‐ 15,000 20,000 100,000 20,000 15,000 170,000 2024 £ 424 3,582 4,006 2024 |
|---|---|---|---|---|
| 39,241 | ||||
| 2025 £ 3,199 |
||||
| £ 109,000 20,360 50,000 20,000 20,000 20,000 76,900 200,000 ‐ ‐ 2025 |
||||
| 2024 £ 424 3,582 |
||||
| 4,006 |
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3 Cost of generating funds
-
4 Grants and donations
5 Governance costs
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HORNE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS ‐ CONTINUED for the year ended 5 April 2025
6 Liabilities: Amounts falling due within one year
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Accruals | 4,100 | 3,901 |
7 Related parties
No trustees were paid salary for 2025 and 2024. There were £nil of trustees expenses paid during the year (2024 ‐ £nil). The average number of employees during the year was 0 (2024 ‐ 0).
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