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2021-12-31-accounts

REGISTERED CHARITY 291465

THE CUTHBERT HORN TRUST

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2021

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 – 10

THE CUTHBERT HORN TRUST

REPORT OF THE TRUSTEES YEAR ENDED 31ST DECEMBER 2021

The Trustees have pleasure in submitting their report and the financial statements for the year ended 31st December 2021.

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.

1

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 £30,000 (2020: £18,000) 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.

FINANCIAL REVIEW

Principal Funding Sources

During the year the Trust received income of £40,982.58 (2020: £34,185.09) from quoted securities and cash balances and also received rental income of £57,083.33 (2020: £27,500.00).

Market Value

At 31st December 2021 the investments held by the Charity Trustees were valued at £2,336,416 (2020: £2,043,420) and the total net value of the endowment fund including cash at bank and the value of the freehold property at cost was £2,664,307 (2020: £2,382,122). This represents an increase in value of 11.85%.

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 2021 the reserve amounted to £95,038.49 (2020: £70,732.10).

CURRENT AND FUTURE PLANS

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

2

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 ……………………..

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

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

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

CHARITY TRUSTEES

3

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 2021, which are set out on pages 5 to 10.

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:

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:

4

THE CUTHBERT HORN TRUST

RECEIPTS AND PAYMENTS ACCOUNT

YEAR ENDED 31ST DECEMBER 2021

Receipts
Page
Income
Investment Income
Dividends and Interest
10
Canaccord Interest (Gross)
Freehold Property
Rent
7
Refund of Insurance Premium
Capital
Sale of Investment Assets
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
Surveyor Fee
Bank Charges
LEI Charges
Trustee Expenses
Purchase of Investment Assets
Total Payments
Net Receipts/(Payments) for Year
Bank Balances at 31 December
2020
Bank Balances at 31 December
2021
6
Income
Unrestricted
Fund
£
40,982.58
-
57,083.33
98,065.91
5,678.46
-
103,744.37
30,000.00
14,547.56
1,265.84
840.00
2,400.00
2,887.93
20,700.00
6,385.80
410.85
-
-
-
79,437.98
24,306.39
70,732.10
£95,038.49
Capital
Endowment
Fund
£
-
-
-
-
-
742,903.48
742,903.48
-
-
-
-
-
-
-
-
-
-
-
753,715.13
753,715.13
(10,811.65)
38,702.60
£27,890.95
Total
Funds
2021
£
40,982.58
-
57,083.33
98,065.91
5,678.46
742,903.48
846,647.85
30,000.00
14,546.56
1,265.84
840.00
2,400.00
2,887.93
20,700.00
6,385.80
410.85
-
-
753,715.13
833,153.11
13,494.74
109,434.70
£122,929.44
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

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

5

THE CUTHBERT HORN TRUST

STATEMENT OF ASSETS AND LIABILITIES

31ST DECEMBER 2021

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
10
Market value £2,336,416
Freehold Property
47 Cornfield Road
Eastbourne - book value
Liabilities
Cornfield Law LLP
Tenancy Rent Deposit
Income
Unrestricted
Fund
£
91,829.22
3,209.27
95,038.49
18,750.00
-
-
113,788.49
18,750.00
18,750.00
£95,038.49
Capital
Endowment
Fund
£
2,451.38
25,439.57
27,890.95
-
1,580,096.78
300,000.00
1,907,987.73
-
-
£1,907,987.73
Total
Funds
2021
£
94,280.60
28,648.84
122,929.44
18,750.00
1,580,096.78
300,000.00
2,021,776.22
18,750.00
18,750.00
£2,003,026.22
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

The notes on page 7 form part of these financial statements

6

THE CUTHBERT HORN TRUST

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER 2021

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 2021 plus VAT paid by the
authority of the Will of Edgar Cuthbert Horn.
2021
2020
£
£
£57,083.33
£27,500.00
5,000.00
3,000.00
5,000.00
3,000.00
5,000.00
3,000.00
5,000.00
3,000.00
5,000.00
3,000.00
5,000.00
3,000.00
Page 5
£30,000.00
£18,000.00
Page 5
£1,265.84
£3,218.47
Page 5

7

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2021
Holding
01/01/2021
British Government Stocks
Treasury
4.125% Index-Linked Stock 2030 GBP
10,000.00
TOTAL: British Government Stocks
Foreign Securities
Apax Global Alpha Ltd
Ordinary NPV Shares
Brown Advisory Funds
US Sustainable Growth Si GBP Dis
10,265.9574
Digital 9 Infrastructure Plc
Ordinary No Par Value
Findlay Park Funds Plc
American Sm Cos Hedged (GBP)
750.000
Ishares
Core S&P 500 UCITS ETF GBP Dis
4,500.00
Legal & General UCITS ETF Plc
L&G Battery Value-Chain Go UCITS ETF USD
NGAM SA
Loomis Sayles US Grwth Eqty S1A Fund GBP
510.00
Picton Property Income Ltd
Ordinary NPV Shares
35,000
Polar Capital Funds
Healthcare Opps I Sterling Share Inc Nav
2,050.00
Vontobel Asset Management SA
Twentyfour Strat Inc Aqng GBP Dis
550.00
TOTAL: Foreign Securities
UK Equities
ABRDN European Logistics Inc Plc
Ordinary 1p Shares
30,000
Allianz Technology Trust Plc
Ordinary 25p Shares
1,600
Allianz Technology Trust Plc
Ordinary 2.5p Shares
Baillie Gifford European Growth Tst Plc
Ordinary 25p Shares
3,600
Baillie Gifford European Growth Tst Plc
Ordinary 2.5p Shares
Baillie Gifford Shin Nippon Plc
Ordinary 2p Shares
18,000
BB Healthcare Trust Plc
Redeemable Ordinary 1p Shares
Book Value
01/01/2021
Date
Quantity
£
27,129.67
27,129.67
20/05/2021
6,806
102,826.00
09/04/2021
(5,015.9574)
29/09/2021
32,500
25,336.53
59,168.33
20/04/2021
(1,500.00)

03/02/2021
2,550.00
74,818.70
21/04/2021
(165.00)
24,706.00
19,381.08
04/02/2021
(2,050.00)
56,636.00
362,872.64
30,030.00
24/09/2021
7,500
33,681.00
04/05/2021
(1,600)
04/05/2021
16,000
37,261.00
01/02/2021
(3,600)
01/02/2021
36,000
33,576.40
03/02/2021
40,000
Cost
(Proceeds)
£
12,811.63
(65,909.68)
34,937.50
(44,437.50)
32,144.90
(42,650.85)
(99,712.00)
(172,816.00)
8,175.00
(33,681.00)
33,681.00
(37,261.00)
37,261.00
75,776.01
- 8 -
Profit
Holding
(Loss)
31/12/2021

£
10,000.00
6,806
15,668.79
5,250.0000
32,500
750.000
24,714.72
3,000.00
2,550.00
18,444.80
345.00
35,000
80,330.92
550.00
139,159.23
37,500
16,000
36,000
18,000
40,000
Book Value
M
31/12/2021
3
£
27,129.67
27,129.67
12,811.63
52,585.11
34,937.50
25,336.53
39,445.55
32,144.90
50,612.65
24,706.00
56,636.00
329,215.87
38,205.00
33,681.00
37,261.00
33,576.40
75,776.01
arket Val
N
1/12/2021
Date
£
22/01/2021
38,480
22/07/2021
38,480
15,416
17/09/2021
85,943
36,920
23/12/2021
75,165
24/03/2021
30/06/2021
29/09/2021
105,713
31/12/2021
34,996
100,378
26/02/2021
28/05/2021
31/08/2021
35,630
30/11/2021
31/03/2021
30/06/2021
30/09/2021
57,943
31/12/2021
548,104
26/03/2021
26/03/2021
25/06/2021
25/06/2021
24/09/2021
24/09/2021
30/12/2021
43,688
30/12/2021
56,320
29/01/2021
53,460
39,690
30/04/2021
80,200
03/09/2021
et Income
£
446.08
448.07
894.15
406.32
487.50
392.57
263.85
272.43
273.99
280.00
280.00
297.50
297.50
445.50
572.00
478.50
539.00
5,286.66
240.00
132.00
240.00
123.00
285.00
78.00
363.75
90.00
126.00
1,000.00
1,206.00

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2021
Holding Book Value Cost Profit Holding Book Value Market Val Net Income
01/01/2021 01/01/2021 Date Quantity (Proceeds) (Loss) 31/12/2021 31/12/2021 31/12/2021 Date
£ £
£
£
£
£
Blackrock Greater Euro Inv Tst
Ordinary 0.1p Shares 15/03/2021 7,750 41,812.25 04/06/2021 135.63
7,750 41,812.25 53,630 17/12/2021 352.63
Blackrock Smaller Companies Tst Plc
Ordinary 25p Shares 2,000 25,751.00 07/05/2021 1,500 28,981.00 18/06/2021 717.50
3,500 54,732.00 74,025 02/12/2021 455.00
Diageo Plc
Ordinary 28 101/108p Shares
1,250 25,098.86 08/04/2021 349.50
1,250 25,098.86 50,444 07/10/2021 557.38
Dunedin Income Growth Inv Trust Plc
Ordinary 25p Shares 30,000 76,765.85 26/02/2021 900.00
28/05/2021 1,140.00
27/08/2021 900.00
30,000 76,765.85 97,500 26/11/2021 900.00
Ecofin Gbl Utilities & Infr Trust Plc
Ordinary 1p Shares 03/02/2021 21,000 40,420.73 28/05/2021 346.50
31/08/2021 346.50
21,000 40,420.73 41,685 30/11/2021 346.50
Fidelity Japan Trust Plc
Ordinary 25p Shares 21,000 35,180.80 21,000 35,180.80 47,880
Fidelity Special Values Plc
Ordinary 5p Shares 15/03/2021 23,000 60,490.98 23,000 60,490.98 69,230 23/06/2021 499.10
Finsbury Growth & Income Trust Plc
Ordinary 25p Shares 5,000 37,389.50 14/05/2021 400.00
5,000 37,389.50 45,800 12/11/2021 455.00
HICL Infrastructure Plc
Ordinary 0.01p Shares 25,000 29,847.25 31/03/2021 82.40
31/03/2021 432.60
30/06/2021 10.35
30/06/2021 507.15
30/09/2021 252.35
30/09/2021 262.65
31/12/2021 211.15
25,000 29,847.25 44,100 31/12/2021 303.85
Impax Environmental Markets Plc
Ordinary 10p Shares 30,000 53,440.75 15/03/2021 (9,500) (41,728.59) 24,805.69 12/03/2021 300.00
20,500 36,517.85 111,930 27/08/2021 266.50
JP Morgan American Investment Trust
Ordinary 5p Shares 08/04/2021 10,000 62,966.00 28/05/2021 425.00
10,000 62,966.00 76,600 07/10/2021 250.00
JPMorgan Gbl Emerg Mkts Inc Tst Plc
Ordinary 1p Shares 35,000 46,350.00 22/01/2021 350.00
23/04/2021 350.00
30/07/2021 350.00
35,000 46,350.00 50,663 21/10/2021 735.00
Mercantile Investment Trust Plc
Ordinary 2.5p Shares 10,000 22,863.00 04/03/2021 10,000 25,175.00 01/02/2021 135.00
30/04/2021 530.00
02/08/2021 270.00
20,000 48,038.00 53,600 01/11/2021 270.00
Mid Wynd Intern Invest Trust Plc
Ordinary 5p Shares 08/12/2021 8,000 68,049.00 8,000 68,049.00 68,640
Polar Capital Global Financials Tr Plc
Ordinary 5p Shares 13/08/2021 27,610 44,000.00 27,610 44,000.00 47,627
Polar Capital Global Financials Tr Plc
Ordinary Cnv GBP1 Shares
17/06/2021 44,000 44,000.00
13/08/2021 (44,000) (44,000.00)
Polar Capital Technology Trust Plc
Ordinary 25p Shares 2,550 36,250.18 26/02/2021 (2,550) (54,448.06) 18,197.88
Rio Tinto Plc
Ordinary 10p (Regd) Shares
1,050 30,330.74 15/04/2021 2,329.53
15/04/2021 701.09
1,050 30,330.74 51,361 23/09/2021 4,243.05
RIT Capital Partners Plc
Ordinary £1 Shares 2,500 24,797.79 04/10/2021 (700) (17,668.85) 10,725.47 30/04/2021 440.63
1,800 17,854.41 49,410 29/10/2021 440.63
Royal Dutch Shell Plc
Class B Ordinary Euro0.07 Shares
1,723 3,201.43 29/03/2021 206.07
21/06/2021 211.24
20/09/2021 299.46
1,723 3,201.43 27,951 20/12/2021 311.17
- 9 -

The Cuthbert Horn Trust

Schedule of Investments and Income

Year ended 31st December 2021
Holding Book Value Cost Profit Holding Book Value Market Val Net Income
01/01/2021 01/01/2021 Date Quantity (Proceeds) (Loss) 31/12/2021 31/12/2021 31/12/2021 Date
£ £
£
£
£
£
Scottish American Inv Trust Plc
Ordinary 25p Shares 8,700 35,707.98 09/04/2021 261.00
23/06/2021 265.35
20/09/2021 267.53
8,700 35,707.98 46,980 17/12/2021 276.23
Scottish Mortgage Investment Trust Plc
Ordinary 5p Shares 5,500 26,025.65 01/07/2021 108.35
5,500 26,025.65 73,535 02/12/2021 83.60
Smith & Nephew Plc
Ordinary USD0.20 Shares 3,500 21,071.93 03/02/2021 (3,500) (54,613.00) 33,541.07
Smithson Investment Trust Plc
Ordinary 1p Shares 1,700 17,031.00 1,700 17,031.00 34,255
Templeton Emerging Markets Inv Trust Plc
Ordinary 25p Shares 4,500 37,781.50 26/07/2021 (4,500) (37,781.50) 11/01/2021 225.00
11/01/2021 450.00
15/07/2021 630.00
Templeton Emerging Markets Inv Trust Plc
Ordinary 5p Shares 26/07/2021 22,500 37,781.50 22,500 37,781.50 39,915
Triple Point Social Hsg REIT Plc
Ordinary 1p Shares 35,000 35,214.16 16/09/2021 (35,000) (35,171.45) (42.71) 26/03/2021 453.25
25/06/2021 455.00
30/09/2021 455.00
TOTAL: UK Equities 754,647.77 252,216.02 87,227.40 1,094,091.19 1,530,119 32,092.17
Unit Trusts & OEICs
Baillie Gifford & Co
Positive Change B Dis 25,000.00 58,125.00 09/03/2021 (6,000.00) (19,464.00) 5,514.00 19,000.00 44,175.00 71,136
FIL Investment Services (UK) Limited
UK Global Dividend W Inc Nav
52,000.00 86,061.42 09/04/2021 (17,000.00) (36,431.00) 8,295.54 18/01/2021 618.80
09/12/2021 (35,000.00) (77,945.00) 20,019.04 18/04/2021 953.37
16/07/2021 472.50
18/10/2021 472.50
First Sentier Invrs (Uk) Fds Ltd
Stewart Invrs Asia P Ldrs Sust B GBP
6,909.387 20,233.42 31/03/2021 33.43 31/03/2021 33.43
30/09/2021 159.00 6,909.387 20,425.85 74,431 30/09/2021 159.00
Slater Investments Limited
Growth P Acc Units GBP 09/04/2021 8,000.00 65,059.20 8,000.00 65,059.20 74,146
TOTAL: Unit Trusts & OEICs 164,419.84 (68,588.37) 33,828.58 129,660.05 219,713 2,709.60
TOTAL: 1,309,069.92 10,811.65 260,215.21 1,580,096.78 2,336,416 40,982.58