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Company number 00585533 (England and Wales)
THE HENRY LESTER TRUST LIMITED (limited by guarantee) Registered charity no 313892
ANNUAL REPORT & ACCOUNTS for the year ended 30 April 2025
THE HENRY LESTER TRUST LIMITED (limited by guarantee)
DIRECTORS MR W Warren (Chairman) RE T Bennett RL Guy A C Hamilton FCA NJA Rigg (Appointed 17 October 2024) GM Millar J PC Moffett J M Moore
EXECUTIVE OFFICER Miss Lindsay Jones ed@henrylestertrust.com
SECRETARY AND REGISTERED OFFICE A C Hamilton FCA Apartment 802 Grand Tower, Plaza Gardens, London SW15 2DF andrew@hamilton67.co.uk
COMPANY NUMBER 00585533 (England and Wales)
REGISTERED CHARITY NUMBER 313892
AUDITOR Blue Spire Limited Cawley Priory, South Pallant, Chichester PO19 ISY
BANKERS Metro Bank PLC One Southampton Row, London WC1B SHA
National Westminster Bank PLC 111-117 Putney High Street, London SW15 2LL
INVESTMENT MANAGERS Sarasin & Partners LLP Juxon House, 100 St Paul’s Churchyard, London EC4M 8BU
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| . THE HENRY LESTER TRUST LIMITED | (limited by guarantee)
| TRUSTEES’ REPORT FOR THE YEAR ENDED 30 APRIL 2025 | Registered name and and governing document document
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| The current directors retiring , offer themselves | retires and being being : Risk management The trustees have to ensure appropriate : error. The trustees be exposed and | mitigate these. | Objectives
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Registered name and and governing document document The registered name of the charity is The Henry Lester Trust Limited and the governing document is the company's Memorandum and Articles of Association.
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Legal status
The company is limited by guarantee as set out in the Memorandum of Association in the sum of £1 per member. There are currently 8 members.
| Organisational structure
The directors, who are the trustees of the charity, assisted by the Executive Officer, carry out all the operational functions including the day to day administrative requirements and operational decisions.
There is no reliance upon contributions from outside volunteers.
Directors and their appointment
In accordance with Company Law and the Articles of Association one third of the number of directors retire at each AGM and are eligible for re-appointment. The directors can appoint additional directors, and fill casual vacancies in their number, between AGMs but those so appointed must seek re-election at the next AGM.
The current directors are shown on Page 1 and have held office throughout the year. The directors retiring by rotation are Mr M R W Warren and Mr R L Guy both, being eligible, offer themselves for re-election. Mr N J A Rigg having been appointed since the last AGM, retires and being being eligible, offers himself for re-election.
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have conducted a review of the major risks to which the company could be exposed and have established, so far as is practical in a small organisation, procedures to mitigate these. Objectives The primary aims of the company, as a charity, is to provide financial support to graduates from the Peoples Republic of China (PRC) to study at a higher level in specified fields at universities and high level reseach establishments in the United Kingdom. The specified fields are those which the trustees consider follow the areas supported by Henry Lester prior to his death in China in 1926 where he had spent most of his professional life. These fields are kept under review by the trustees.
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Public benefit
In setting our objectives and planning our activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and, in particular, to its supplementary public benefit guidance on advancing education in so far as it is applicable to our support to students from the PRC studying at universities and other high level research establishments in the United Kingdom.
THE HENRY LESTER TRUST LIMITED (limited by guarantee)
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Awards policy
All relevant applications are considered on their individual merits.
Reserves policy
It is the trustees’ policy to retain sufficient reserves to maximise grant giving, each year, and thus maintaining, for the foreseeable future, the primary aims of the company.
Investment powers
The company has no specific restrictions over its investment powers. The investments are managed, on a discretionary basis, by Sarasin & Partners LLP, who have considerable experience in acting for charities. The investments are held in their Common Investment Fund for Charities with the aim to secure both income and longer-term capital growth.
Funding sources
Income is derived from the charity’s investment portfolio.
Review of developments, activities, achievements and future plans During the year grants totaling £31,800 (2024 £62,895) were made to support the studies and research of 6 (2024 21) persons from the PRC studying in the medical, architectural and certain aspects of the engineering and scientific fields at universities and other high level establishments in the United Kingdom in line with the policies based on the criteria exemplified by Henry Lester in his lifetime.
The reduction in the number of grants paid arises from two reasons, Firstly there has been a fall off in demand indicating that potential applicants are finding opportunities elsewhere in the world, as well as in the PRC. Secondly we have changed our application schedule to fit better with our quarterly income from our investment managers. As a result we only paid three quarterly tranches in the financial year. We will be paying four quarterly tranches in the current financial year but, it is difficult to know how the demand will stand up. We have already looked favourably at marginal subjects to support as long as they will still benefit the people of the PRC. The past year has been difficult for investment values with, often daily, swings in valuations. However, our market investment values between the two years increased by an unrealised profit of £18,077 (2024 £43,138). There were also realised gains on the sale of investments of £8,473 (2024 £7,106). These sales were to release funds to meet the cost of current and future grants.
With the help of our Investment Managers operating an invest ment equalisation scheme to help maintain a consistant level of income, our income decreased by just over 1%reflectimg the sale of investment units in the year.
Results for the year
There was an operating deficit in the year of £9,505 (2024 £34,049). After adding the net gain on investment movements of £26,550, the net surplus for the year was £17,045 (2024 £16,195). This, when added to the total Fund balance brought forward, gives reserves of £1,290,570 to carry forward.
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(limited by guarantee)
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THE HENRY LESTER TRUST LIMITED
Trustees’ responsibilities
The trustees (who are also the directors of the company for Companies Act purposes) are | responsible for preparing the Report of the trustees and the financial statements in accordance | with applicable law and United Kingdom Accounting Standards (United Kingdom generally | accepted accounting practice). | Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the company for that period.
In preparing those financial statements, the trustees are required to:
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adopt suitable accounting policies and then apply them consistently;
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- observe the methods and principles of the Charity SORP 2019 (FRS 102); * make judgements and estimates that are reasonable and prudent, * prepare the financial statements on the going concern basis unless it is inappropriate to presume the company will continue in business;
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- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the company and to enable them to ensure that the financial’ statements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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In so far as the trustees are aware:
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«there is no relevant audit information of which the company’s auditors are unaware, and * the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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The trustees acknowledge their responsibility for: * ensuring that the company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its result for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Blue Spire Limited, Chartered Accountants, will be proposed for re-appointment at the forthcoming AGM.
| This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006. This report was approved by the board on 6 October 2025
ANDREW HAMILTON Trustee and secretary
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THE HENRY LESTER TRUST LIMITED (Limited by guarantee) Seat at
Independent Auditor’s Report to the Trustees of The Henry Lester Trust Limited
Opinion
We have audited the financial statements of The Henry Lester Trust Limited (the ‘charitable company’) for the year ended 30 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements: * give a true and fair view of the state of the charitable company’s affairs as at 30 April 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted
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Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (SAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
| misstatement of this other information, we are required to report that fact. | We have nothing to report in this regard.
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THE HENRY LESTER TRUST LIMITED
(Limited by guarantee)
Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: + the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
* sufficient accounting records have not been kept; or
« the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act and the Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
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THE HENRY LESTER TRUST LIMITED (Limited by guarantee) Seas ce?
In addition, the charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included: * Enquiry of those charged with the governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations.
* Reviewing minutes of meetings of those charged with governance.
- Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https://www. fre.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the -fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Blue Spire Limited (Statutory Auditor) Cawley Priory South Pallant Chichester West Sussex PO19 ISY
l7 October 2025
Blue Spire Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE HENRY LESTER TRUST LIMITED (Limited by guarantee)
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STATEMENT OF FINANCIAL ACTIVITIES Incorporating an Income and Expenditure Account for the year ended 30 April 2025
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| 2025 | 2024 | |||
|---|---|---|---|---|
| Notes | Unrestricted funds | Unrestricted funds | ||
| £ | £ | |||
| INCOMEfromInvestments DONATION |
2 | 36,240 0 |
36,688 5,000 |
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| Totalincome | 36,240 | 41,688 | ||
| EXPENDITURE on | ||||
| Charitable activities | 3 | 31,800 | 62,895 | |
| Governance and other costs | 4 | 13,945 | 12,842 | |
| Total expenditure | 45,745 | 75,737 | ||
| NETOPERATING RESULT | (9,505) | (34,049) | ||
| Net gains and (losses) on | investments | 26,550 | 50,244 | |
| Netmovement in funds | 17,045 | 16,195 | ||
| Funds brought forward at | 1 May2024 | 7 | 1,273,525 | 1,257,330 |
| Fundscarriedforwardat30April2025 | 7 | 1,290,570 | 1,273,525 |
All the above results derive from continuing activities.
The notes on pages 10 to 12 form part of these accounts.
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THE HENRY LESTER TRUST LIMITED (Limited by guarantee)
Company number 00585533 (England and Wales) Charity number 313892
BALANCE SHEET at 30 April 2025
| BALANCE SHEETSHEET at 3030 April 2025 | |||
|---|---|---|---|
| 2025 | 2024 | ||
| notes | £ | £ | |
| FIXED ASSETS | |||
| Investments at fair value | 6 | 1,281,028 | 1,274,488 |
| CURRENT ASSETS | |||
| Cash atbank | 12,848 | 2,345 | |
| CREDITORS — Other creditors | |||
| Amounts fallingduewithin one year | (3,306) | (3,308) | |
| 9,542 | (963) | ||
| TOTALASSETS | |||
| LESS CURRENTLIABILITIES | 1,290,570 | 1,273,525 | |
| NETASSETS | 1,290,570 | 1,273,525 | |
| FUNDS | |||
| Fair value reserve General fund |
507,211 783,359 |
489,134 784,391 |
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| Unrestrictedfunds | 7 | 1,290,570 | 1,273,525 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.
The members have not deposited notice pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The accounts on pages 8 to 12 approved by the board on L October 2025 Mark Warren Chairman AL The notes on pages 10 to 12 form part of these accounts. ea
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| The financial statements are presented in UK sterling which is the functioning currency of the charity and rounded, where appropriate, to the nearest £. | Income and expenditure Income represents all amounts receivable during the year. Expenditure is accounted | for on an accrual’s basis. Direct charitable expenditure relates to all grant amounts
THE HENRY LESTER TRUST LIMITED
(limited by guarantee)
NOTES to the Accounts
For the year ended 30 April 2025
The charity is a private company, limited by guarantee, and incorporated in England. Its registered office is shown on page | and the nature of its operations are shown in the Trustees’ Report.
The financial statements do not include a statement of cash flows on the basis that the Charity is applying FRS102 1A.
1 Accounting policies
Basis of preparation The financial statements of the company, which is a public benefit entity under the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006.
| The accounts are prepared under the historical cost accounting convention with the exception of investments, which are included at fair value, as modified by the revaluation of certain assets.
Income and expenditure Income represents all amounts receivable during the year. Expenditure is accounted for on an accrual’s basis. Direct charitable expenditure relates to all grant amounts payable during the year. Other expenditure is allocated to Governance costs.
Taxation
The company is exempt from capital and income taxes as its activities fall within the various exemptions available to registered charities.
Fund accounting The General Fund is available for use at the discretion of the trustees in furtherance of the general objectives of the company.
Fixed asset investments These are stated at their fair value based on market value as suppled by the Fund Managers.
2 Investment income
| 2025 | 2024 | ||||
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| £ | £ | ||||
| Dividends | and | interest | received | 36,240 | 36,688 |
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THE HENRY LESTER TRUST LIMITED (limited by guarantee)
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|3|Charitable|activities|costs|
|2025|2024|
|£|£|
|Grants|and|awards|paid|to|and|for|the|
|benefit|of individuals|31,800|62,895|
|4|Governance|and|support|costs|
|2025|2024|
|£|£|
|Contractors’|fees|10,200|10,000|
|Auditor’s|remuneration|for|audit|services|2,160|2,160|
|Sundry|expenses|1,585|682|
|13,945|12,842|
|5|Trustees’|remuneration|and|expenses|
|2025|2024|
|£|£|
|Other|trustees’|expenses|to|cover|traveling,|telephone|
|and|other|incidental|costs|for|8|trustees|239|157|
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Remuneration for executive services is authorised in the company's Articles of Association. All the directors received no remuneration. There are no other employees and no person with emoluments above £60,000 per annum.
The average monthly number of trustees during the year was 8 (2024 7)
6 Fixed asset investments - managed funds
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|2025|2024|
|£|£|
|Fair value|at beginning|of the|period|1,274,488|1,244,244|
|Additions|at|cost|-|-|
|Disposals|proceeds|(20,010)|(20,000)|
|Revaluations|-|Realised|8,473|7,106|
|Unrealised|18,077|43,138|
|Fair|value|at|end|of financial|period|1,281,028|1,274,488|
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There were no investment assets held directly outside the UK.
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