**REGISTERED CHARITY 291465**
## **THE CUTHBERT HORN TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31ST DECEMBER 2024**
**UNAUDITED**
**THE CUTHBERT HORN TRUST**
## **REPORT OF THE TRUSTEES**
## **YEAR ENDED 31ST DECEMBER 2024**
## **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|
**THE CUTHBERT HORN TRUST**
## **REPORT OF THE TRUSTEES**
## **YEAR ENDED 31ST DECEMBER 2024**
The Trustees have pleasure in submitting their report and the financial statements for the year ended 31st December 2024.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
Charity name The Cuthbert Horn Trust Charity registration number 291465 Registered address 6th Floor Capital Tower 91 Waterloo Road London SE1 8RT
## **Trustees**
Apex Corporate Trustees (UK) Limited (Directors – S P Martin and S G Geddes) Prosper Henry Marr-Johnson Rory William Ramsay Johnston
## **Solicitors**
Thrings LLP, 20 St Andrew Street, London EC4A 3AG
## **Accountants and Administrators**
Arnold Hill & Co LLP, 6th Floor Capital Tower, 91 Waterloo Road, London SE1 8RT
## **Investment Advisors**
Canaccord Genuity Wealth Management, 88 Wood Street, London EC2V 7QR
## **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**
**THE CUTHBERT HORN TRUST**
## **REPORT OF THE TRUSTEES**
## **YEAR ENDED 31ST DECEMBER 2024**
## **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 £0 (2023: £47,000), Last year charitable donations were made to 7 different organisations, with a range of activities covering education, help for disadvantaged children, mental and physical health, orchestral music, and veterans of the armed forces.
## **FINANCIAL REVIEW**
## **Principal Funding Sources**
During the year the Trust received income of £51,138.09 (2023: £51,287.94) from quoted securities and cash balances and received rental income of £37,500.00 (2023: £37,500.00).
## **Market Value**
At 31st December 2024 the investments held by the Charity Trustees were valued at £2,117,299.00 (2023: £2,007,756.00) and the total net value of the endowment fund including cash at bank and the value of the freehold property at cost was £2,420,884.76 (2023: £2,310,462.70). This represents an increase in value of 4.77%.
## **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 2024 the reserve amounted to £200,654.07 (2023: £132,562.15).
## **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**
## **THE CUTHBERT HORN TRUST**
## **REPORT OF THE TRUSTEES**
## **YEAR ENDED 31ST DECEMBER 2024**
## **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 3 November 2025.
.................................................................... Apex Corporate Trustees (UK) Limited Authorised Signatory
.................................................................... Prosper Henry Marr-Johnson
.................................................................... Rory William Ramsay Johnston
## **CHARITY TRUSTEES**
**3**
**THE CUTHBERT HORN TRUST**
## **REPORT OF THE TRUSTEES**
## **YEAR ENDED 31ST DECEMBER 2024**
## **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 2024, which are set out on pages 5 to 7.
## **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.
## **Justin Moore**
Arnold Hill & Co LLP Chartered Accountants 6th Floor Capital Tower 91 Waterloo Road London SE1 8RT Date: 3 November 2025
4
## **THE CUTHBERT HORN TRUST**
## **RECEIPTS AND PAYMENTS ACCOUNT**
## **YEAR ENDED 31ST DECEMBER 2024**
|**Receipts**
**Page**
**Income**
Investment Income
Dividends and Interest
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
Bank Charges
Purchase of Investment Assets
Total Payments
**Net Receipts/(Payments) for Year**
Bank Balances at 31 December 2023
**Bank Balances at 31 December 2024**
6|**Income**
**Unrestricted Fund**
**£**
51,040.21
97.88
37,500.00
88,638.09
1,912.55
-
90,550.64
-
13,968.95
-
2,027.27
4,560.00
1,691.65
210.85
-
22,458.72
68,091.92
132,562.15
200,654.07|**Capital**
**Endowment**
**Fund**
**£**
-
-
-
-
-
306,364.28
306,364.28
-
-
-
-
-
-
-
305,525.22
305,525.22
839.06
2,706.70
3,545.76|**Total**
**Funds 2024**
**£**
51,040.21
97.88
37,500.00
88,638.09
1,912.55
306,364.28
396,914.92
-
13,968.95
-
2,027.27
4,560.00
1,691.65
210.85
305,525.22
327,983.94
68,930.98
135,268.85
204,199.83|**Total**
**Funds 2023**
**£**
50,312.63
975.31
37,500.00|
|---|---|---|---|---|
|||||88,787.94
4,906.56
295,971.56|
|||||389,666.06|
|||||47,000.00
13,062.26
1,545.32
840.00
1,080.00
1,912.55
408.05
307,366.61|
|||||373,214.79|
|||||16,451.27
118,817.58
135,268.85|
The notes on page 7 form part of these financial statements
**5**
## **THE CUTHBERT HORN TRUST**
## **STATEMENT OF ASSETS AND LIABILITIES**
## **31ST DECEMBER 2024**
|**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
Market value £2,117,299
Freehold Property
47 Cornfield Road Eastbourne - book
value
**Liabilities**
Cornfield Law LLP
Tenancy Rent Deposit|**Income**
**Unrestricted Fund**
**£**
197,350.03
3,304.04
200,654.07
18,750.00
-
-
219,404.07
18,750.00
18,750.00
200,654.07|**Capital**
**Endowment**
**Fund**
**£**
1,524.29
2,021.47
3,545.76
-
1,652,097.98
300,000.00
1,955,643.74
-
-
1,955,643.74|**Total**
**Funds 2024**
**£**
198,874.32
5,325.51
204,199.83
18,750.00
1,652,097.98
300,000.00
2,175,047.81
18,750.00
18,750.00
2,156,297.81|**Total**
**Funds 2023**
**£**
131,234.37
4,034.48|
|---|---|---|---|---|
|||||135,268.85
18,750.00
1,614,025.20
300,000.00|
|||||2,068,044.05|
|||||18,750.00|
|||||18,750.00
2,049,294.05|
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 2024**
## **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 Trust
Farms for City Children (FFCC)
Help 4 Forgotten Allies
Horatio’s Garden
Kensington Symphony Orchestra
Neurofibromatosis Association
The Island Trust Limited
**4. Apex Corporate Trustees (UK) Limited**
Trustee fee for 2023 plus VAT paid by the
authority of the Will of Edgar Cuthbert Horn.||2024
2023
£
£
£37,500.00
£37,500.00|
|---|---|---|
|||-
5,000.00
-
7,000.00
-
7,000.00
-
7,000.00
-
7,000.00
-
7,000.00
-
7,000.00
£ -
£47,000.00
Page 5
£ -
£1,545.32
Page 5
Page 5|
||||
||||
||||
47 Cornfield Road, Eastbourne
## **3. Charitable Donations**
7