2020-12-31-accounts - The Cuthbert Horn Trust

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REGISTERED CHARITY 291465

THE CUTHBERT HORN TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2020

UNAUDITED

INDEX

	PAGE
Report of the Trustees	1 – 2
Statement of Trustees’ Responsibilities	3
Independent Examiner’s Report	4
Receipts and Payments Account	5
Statement of Assets and Liabilities	6
Notes to the Financial Statements	7
Investments and Income	8 – 12

THE CUTHBERT HORN TRUST

REPORT OF THE TRUSTEES

YEAR ENDED 31ST DECEMBER 2020

The Trustees have pleasure in submitting their report and the financial statements for the year ended 31st December 2020.

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity name	The Cuthbert Horn Trust
Charity registration number	291465
Registered address	Craven House
	16 Northumberland Avenue
	London
	WC2N 5AP
Trustees
Apex Corporate Trustees (UK) Limited (Directors – S P Martin and C A Benford)
Prosper Henry Marr-Johnson
Rory William Ramsay Johnston

Solicitors

Thrings LLP, Kinnaird House, 1 Pall Mall East, London SW1Y 5AU

Accountants and Administrators

Arnold Hill & Co LLP, Craven House, 16 Northumberland Avenue, London WC2N 5AP

Investment Advisors

Canaccord Genuity Wealth Management, 41 Lothbury, London EC2R 7AE

Bankers

Coutts & Co, 440 Strand, London WC2R 0QS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Cuthbert Horn Trust is an unincorporated charitable trust constituted on 5th May 1983 under the Will dated 22nd March 1983 of Edgar Cuthbert Horn.

Recruitment AND Appointment Of Trustees

Trustees are appointed under the statutory power of appointment in Section 36 of the Trustees Act 1925.

By a Deed of Appointment and Retirement dated 7th November 2006, Alliance Assurance Company Limited retired as a Trustee and Apex Corporate Trustees (UK) Limited and Prosper Henry Marr-Johnson were appointed as additional Trustees. By a Deed of Appointment dated 19th April 2011, Rory William Ramsay Johnston was appointed as an additional Trustee.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the returns on investments. A formal review of the Charity’s risk management process is undertaken on an annual basis.

O BJECTIVE AND ACTIVITIES FOR THE PUBLIC BENEFIT

The trust property is held upon trust and the Trustees’ policy is to apply the net income for such charitable purposes as they determine, and as widely as possible for the public benefit. Trust capital forms a permanent endowment and is not distributed. During the year the Charity Trustees continued with the duty in Section 4 of the Charities Act 2011 to have due regard to the public guidance published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

During the year charitable donations totalling £18,000 (2019: £12,000) were made to 6 different organisations, with a range of activities covering education, help for disadvantaged children, mental health, orchestral music, and veterans of the armed forces. Donations have been reduced in the last two years pending the outcome of lease negotiations and the potential costs of the negotiations.

FINANCIAL REVIEW

Principal Funding Sources

During the year the Trust received income of £34,185.09 (2019: £39,583.84) from quoted securities and cash balances and also received rental income of £27,500.00 (2019: £27,500.00).

Market Value

At 31st December 2020 the investments held by the Charity Trustees were valued at £2,043,420 (2019: £1,871,749) and the total net value of the endowment fund including cash at bank and the value of the freehold property at cost was £2,382,122 (2019: £2,175,060). This represents an increase in value of 9.52%.

Investments AND Reserves Policies

The investments are managed with a view to capital preservation, concentrating on capital growth with a stable and growing income stream. A reserve is held in the Unrestricted Fund which the Trustees consider sufficient to meet liabilities and provide funds for the payment of charitable donations. At 31st December 2020 the reserve amounted to £70,732.10 (2019: £94,181.33).

CURRENT AND FUTURE PLANS

In the coming year the Cuthbert Horn Trust will continue to support similar charities to those supported in previous years.

RESPONSIBILITIES OF THE TRUSTEES

Charity law permits the Trustees to prepare a receipts and payments account summarising the Charity’s transactions for the year and a statement of assets and liabilities at the end of the year. While there are no statutory requirements as to the content of these accounts, the Trustees may be expected to follow guidance issued by the Charity Commission on recommended best practice.

The Trustees are responsible for maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable them to ensure that the accounts comply with the necessary regulations. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of error, fraud and other irregularities.

The Trustees are also responsible for deciding whether the accounts should be subject to audit or independent examination, and they have decided that an independent examination of the Charity’s accounts is appropriate.

These financial statements were approved by the Trustees on 30th July 2021.

.................................................................... Apex Corporate Trustees (UK) Limited Authorised Signatory

.................................................................... Prosper Henry Marr-Johnson

.................................................................... Rory William Ramsay Johnston

CHARITY TRUSTEES

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE CUTHBERT HORN TRUST

I report on the accounts of the Trust for the year ended 31st December 2020, which are set out on pages 5 to 12.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below,

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;

have not been met; or

2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Lucy J Duncan ACA TEP

Arnold Hill & Co LLP Chartered Accountants Craven House 16 Northumberland Avenue London WC2N 5AP

Date: 30th July 2021

THE CUTHBERT HORN TRUST

RECEIPTS AND PAYMENTS ACCOUNT

YEAR ENDED 31ST DECEMBER 2020

Receipts Page Income Investment Income Dividends and Interest 12 Canaccord Interest (Gross) Freehold Property Rent 7 Refund of Insurance Premium Capital Sale of Investment Assets 12 Total Receipts Payments Direct Charitable Expenditure Grants to Charities 7 Other Expenditure Investment Management Fees Trustee Fees 7 Independent Examiner Fee Accountancy Fee Insurance Premium Legal Fees Property Agents Fee Bank Charges Energy Performance Cert. Fee LEI Charges Trustee Expenses Purchase of Investment Assets 12 Total Payments Net Receipts/(Payments) for Year Bank Balances at 31 December 2019 Bank Balances at 31 December 2020 6	Income Unrestricte d Fund £ 34,183.69 1.40 27,500.00 61,685.09 - - 61,685.09 18,000.00 12,229.78 3,218.47 720.00 2,040.00 2,804.16 45,442.60 - 412.03 - 217.05 50.23 - 85,134.32 (23,449.23) 94,181.33 £70,732.10	Capital Endowment Fund £ - - - - - 531,962.03 531,962.03 - - - - - - - - - - - - 496,570.31 496,570.31 35,391.72 3,310.88 £38,702.60	Total Funds 2020 £ 34,183.69 1.40 27,500.00 61,685.09 - 531,962.03 593,647.12 18,000.00 12,229.78 3,218.47 720.00 2,040.00 2,804.16 45,442.60 - 412.03 - 217.05 50.23 496,570.31 581,704.63 11,942.49 97,492.21 £109,434.70	Total Funds 2019 £ 39,576.19 7.65 27,500.00
				67,083.84 5,555.97 214,909.33
				287,549.14
				12,000.00 12,031.30 1,228.04 720.00 2,040.00 2,805.90 7,782.00 3,000.00 332.04 275.00 105.41 - 218,267.85
				260,587.54
				26,961.60 70,530.61
				£97,492.21

The notes on page 7 form part of these financial statements.

THE CUTHBERT HORN TRUST

STATEMENT OF ASSETS AND LIABILITIES

31ST DECEMBER 2020

Page Monetary Assets Cash at Bank Coutts & Co Current A/c Canaccord Client A/cs 5 Coutts & Co – Rental Deposit Non-Monetary Assets Investments Quoted securities at book value 12 Market value £2,043,420 Freehold Property 47 Cornfield Road Eastbourne - book value Liabilities Cornfield Law LLP Tenancy Rent Deposit	Income Unrestricte d Fund £ 68,004.18 2,727.92 70,732.10 13,752.58 - - 84,484.68 13,752.58 13,752.58 £70,732.10	Capital Endowment Fund £ 2,643.81 36,058.79 38,702.60 - 1,309,069.92 300,000.00 1,647,772.52 - - £1,647,772.52	Total Funds 2020 £ 70,647.99 38,786.71 109,434.70 13,752.58 1,309,069.92 300,000.00 1,732,257.20 13,752.58 13,752.58 £1,718,504.62	Total Funds 2019 £ 93,641.22 3,850.99
				97,492.21 13,750.00 1,286,075.39 300,000.00
				1,697,317.60
				13,750.00
				13,750.00
				£1,683,567.60

The notes on page 7 form part of these financial statements

THE CUTHBERT HORN TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2020

1. Basis of Accounting

The accounts have been prepared to comply with Section 133 of the Charities Act 2011, on a receipts and payments basis and in accordance with the historic cost convention.

2. Freehold Property 47 Cornfield Road, Eastbourne Receipts Gross rent received 3. Charitable Donations Registered Charity No. Charlie Waller Memorial Trust 1109984 Farms for City Children (FFCC) 325120 Help 4 Forgotten Allies 1139273 Horatio’s Garden 1151475 Kensington Symphony Orchestra 1069620 The Island Trust 1049722 4. Link Corporate Trustees (UK) Limited Trustee fee for 2019 plus VAT paid by the authority of the Will of Edgar Cuthbert Horn.	2020 2019 £ £ £27,500.00 £27,500.00
	3,000.00 - 3,000.00 - 3,000.00 4,000.00 3,000.00 - 3,000.00 4,000.00 3,000.00 4,000.00 Page 5
	£18,000.00 £12,000.00
	Page 5 £3,218.47 £1,228.04
	Page 5

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2020 Holding 01/01/2020 British Government Stocks Treasury 4.125% Index-Linked Stock 2030 GBP 10,000.00 TOTAL: British Government Stocks Foreign Securities Brown Advisory Funds US Sustainable Growth B GBP Dis Brown Advisory Funds US Sustainable Growth Si GBP Dis Findlay Park Funds Plc American Sm Cos Hedged (GBP) 750.000 Ishares Core S&P 500 UCITS ETF GBP Dis 4,500.00 NGAM SA Loomis Sayles US Grwth Eqty S1A Fund GBP 400.00 Picton Property Income Ltd Ordinary NPV Shares 35,000 Polar Capital Funds Healthcare Opps I Sterling Share Inc Nav 2,050.00 Polar Capital Funds North American Hedged I GBP Dis Nav 3,828.701	Book Value Additions Disposals Profit Holding 01/01/2020 Date Quantity Cost Date Quantity Proceeds (Loss) 31/12/2020 £ £ £ £ 27,129.67 10,000.00 27,129.67 08/01/2020 2,800.00 44,970.00 12/08/2020 6,000.00 102,826.00 21/05/2020 3,200.00 57,856.00 12/08/2020 10,265.9574 102,826.00 10,265.9574 25,336.53 750.000 59,168.33 4,500.00 51,238.00 22/05/2020 110.00 23,580.70 510.00 24,706.00 35,000 19,381.08 2,050.00 48,316.33 21/05/2020 3,828.701 82,087.35 33,771.02	Book Value Market Value Ne 31/12/2020 31/12/2020 Date £ £ 22/01/2020 27,129.67 38,072 22/07/2020 27,129.67 38,072 102,826.00 128,324 25,336.53 60,120 07/01/2020 25/03/2020 24/06/2020 30/09/2020 59,168.33 122,468 23/12/2020 74,818.70 123,976 28/02/2020 29/05/2020 28/08/2020 24,706.00 26,250 30/11/2020 19,381.08 96,842	t Income £ 441.50 444.25 885.75 2.10 493.33 435.79 398.64 383.63 306.25 218.75 218.75 245.00

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2020 Holding 01/01/2020 Vanguard Investment Series US Opportunities Fund-Inv GBP Inc 115.00 Vontobel Asset Management SA Twentyfour Strat Inc Aqng GBP Dis 550.00 TOTAL: Foreign Securities UK Equities Aberdeen Standard Eur Logis Inc Plc Ordinary 1p Shares 30,000 Allianz Technology Trust Plc Ordinary 25p Shares Baillie Gifford European Growth Tst Plc Ordinary 25p Shares Baillie Gifford Shin Nippon Plc Ordinary 2p Shares 13,000 Blackrock Smaller Companies Tst Plc Ordinary 25p Shares 2,000 BT Group Plc Ordinary 5p Shares 7,500 Diageo Plc Ordinary 28 101/108p Shares 1,250 Dunedin Income Growth Inv Trust Plc Ordinary 25p Shares 11,250	Book Value Additions 01/01/2020 Date Quantity £ 67,972.16 56,636.00 352,754.43 30,030.00 21/05/2020 1,600 19/06/2020 3,600 24,601.00 06/01/2020 5,000 25,751.00 30,392.03 25,098.86 30,254.13 07/04/2020 12,000 21/05/2020 6,750	Disposals Cost Date Quantity £ 06/01/2020 115.00 229,232.70 33,681.00 37,261.00 8,975.40 07/02/2020 7,500 29,521.00 16,990.72 - 9 -	Proceeds £ 101,532.22 286,445.57 11,579.45	Profit Holding (Loss) 31/12/2020 £ 33,560.06 550.00 67,331.08 30,000 1,600 3,600 18,000 2,000 (18,812.58) 1,250 30,000	Book Value Market Value N 31/12/2020 31/12/2020 Date £ £ 31/03/2020 30/06/2020 30/09/2020 56,636.00 58,636 31/12/2020 362,872.64 616,616 27/03/2020 27/03/2020 26/06/2020 26/06/2020 25/09/2020 25/09/2020 30/12/2020 30,030.00 32,400 30/12/2020 33,681.00 47,440 37,261.00 51,300 33,576.40 47,970 29/06/2020 25,751.00 34,760 02/12/2020 03/02/2020 09/04/2020 25,098.86 35,969 08/10/2020 28/02/2020 29/05/2020 28/08/2020 76,765.85 86,850 27/11/2020	et Income £ 445.50 451.00 544.50 528.00 4,671.24 270.00 111.00 315.00 57.00 279.00 93.00 153.00 219.00 394.00 256.00 346.50 342.63 530.88 337.50 860.25 900.00 900.00

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2020
	Holding	Book Value		Additions			Disposals		Profit	Holding	Book Value	Market Value		Net Income
	01/01/2020	01/01/2020	Date	Quantity	Cost	Date	Quantity	Proceeds	(Loss)	31/12/2020	31/12/2020	31/12/2020	Date
		£			£			£	£		£	£		£
European Opps Trust Plc
Ordinary 1p Shares	7,500	52,746.63				29/04/2020	7,500	54,362.01	1,615.38
Fidelity Japan Turst Plc
Ordinary 25p Shares	16,000	26,351.00	06/01/2020	5,000	8,829.80					21,000	35,180.80	46,095
Fidelity Special Values Plc
Ordinary 5p Shares	10,000	26,368.00				21/05/2020	10,000	17,063.37	(9,304.63)				15/01/2020	365.00
													15/01/2020	150.00
													24/06/2020	210.00
Finsbury Growth & Income Trust Plc
Ordinary 25p Shares	5,000	37,389.50											15/05/2020	400.00
										5,000	37,389.50	43,700	13/11/2020	430.00
HICL Infrastructure Plc
Ordinary 0.01p Shares	25,000	29,847.25											31/03/2020	175.10
													31/03/2020	339.90
													30/06/2020	315.68
													30/06/2020	201.83
													30/09/2020	226.60
													30/09/2020	288.40
													31/12/2020	303.85
										25,000	29,847.25	43,450	31/12/2020	211.15
Impax Environmental Markets Plc
Ordinary 10p Shares	30,000	53,440.75											24/04/2020	900.00
										30,000	53,440.75	126,600	28/08/2020	390.00
JPMorgan Gbl Emerg Mkts Inc Tst	Plc
Ordinary 1p Shares	35,000	46,350.00											24/01/2020	350.00
													24/04/2020	350.00
													31/07/2020	350.00
										35,000	46,350.00	51,013	23/10/2020	735.00
Mercantile Investment Trust Plc
Ordinary 2.5p Shares	10,000	22,863.00											03/02/2020	135.00
													15/05/2020	255.00
													03/08/2020	135.00
										10,000	22,863.00	24,700	02/11/2020	135.00
Polar Capital Technology Trust Plc
Ordinary 25p Shares	2,550	36,250.18								2,550	36,250.18	58,650
Rio Tinto Plc
Ordinary 10p (Regd) Shares
	1,050	30,330.74											16/04/2020	1,863.44
										1,050	30,330.74	57,425	17/09/2020	1,257.27
RIT Capital Partners Plc
Ordinary £1 Shares	2,500	24,797.79											30/04/2020	437.50
										2,500	24,797.79	51,500	30/10/2020	437.50
						- 10 -

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2020

Holding 01/01/2020 Royal Dutch Shell Plc Class B Ordinary Euro0.07 Shares 1,723 Scottish American Inv Trust Plc Ordinary 25p Shares Scottish Mortgage Investment Trust Plc Ordinary 5p Shares 5,500 Smith & Nephew Plc Ordinary USD0.20 Shares 3,500 Smithson Investment Trust Plc Ordinary 1p Shares 1,700 Templeton Emerging Markets Inv Trust Plc Ordinary 25p Shares Triple Point Social Hsg REIT Plc Ordinary 1p Shares 35,000 TOTAL: UK Equities Unit Trusts & OEICs Artemis Fund Managers Global Income Units Instl Inc 85,000.00 Baillie Gifford & Co Positive Change B Dis BNY Mellon Fund Managers Limited Newton Global Equity W Net Instl Inc Nav 56,354.954	Book Value Additions 01/01/2020 Date Quantity £ 3,201.43 26/06/2020 8,700 26,025.65 21,071.93 17,031.00 06/01/2020 4,500 35,214.16 655,406.03 73,202.83 27/05/2020 25,000.00 71,751.80	Disposals Cost Date Quantity £ 35,707.98 37,781.50 208,748.40 05/03/2020 85,000.00 58,125.00 27/03/2020 56,354.954	Proceeds £ 83,004.83 75,454.50 87,057.13	Profit Holding (Loss) 31/12/2020 £ 1,723 8,700 5,500 3,500 1,700 4,500 35,000 (26,501.83) 2,251.67 25,000.00 15,305.33	Book Value M 31/12/2020 £ 3,201.43 35,707.98 26,025.65 21,071.93 17,031.00 37,781.50 35,214.16 754,647.77 58,125.00	arket Value 31/12/2020 Date £ 23/03/2020 22/06/2020 21/09/2020 21,696 17/12/2020 18/09/2020 40,281 18/12/2020 01/07/2020 66,715 04/12/2020 06/05/2020 52,833 28/10/2020 29,036 42,705 17/07/2020 27/03/2020 27/03/2020 26/06/2020 26/06/2020 25/09/2020 25/09/2020 18/12/2020 38,850 18/12/2020 1,131,938 31/03/2020 84,475 28/02/2020	Net Income £ 627.17 218.48 208.31 215.03 261.00 261.00 102.30 79.75 653.10 387.45 630.00 404.78 44.98 407.93 45.33 407.93 45.33 45.33 407.93 23,166.11 909.42 744.56

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The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2020

Year ended 31st December 2020
Holding	Book Value		Additions			Disposals		Profit	Holding	Book Value		Market Value		Net Income
01/01/2020	01/01/2020	Date	Quantity	Cost	Date	Quantity	Proceeds	(Loss)	31/12/2020	31/12/2020		31/12/2020	Date
	£			£			£	£			£	£		£
FIL Investment Services (UK) Limited
UK Global Dividend W Inc Nav
52,000.00	86,061.42												18/01/2020	618.80
													18/04/2020	1,194.96
													18/07/2020	1,250.18
									52,000.00	86,061.42		106,392	18/10/2020	278.46
First Sentier Invrs (Uk) Fds Ltd
Stewart Invrs Asia P Ldrs Sust B GBP
Changed from First State Investments (UK)	Stewart Inv Asia Pacific Leaders B Acc on 22/09/2020
6,909.387	19,769.21	31/03/2020		104.11									31/03/2020	104.11
		30/09/2020		360.10					6,909.387	20,233.42		65,927	30/09/2020	360.10
TOTAL: Unit Trusts & OEICs	250,785.26			58,589.21			162,511.63	17,557.00		164,419.84		256,794		5,460.59

TOTAL:	1,286,075.39			496,570.31			531,962.03	58,386.25		1,309,069.92		2,043,420		34,183.69

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