HORNBIES FOUNDATION CHARITY NUMBER 503802 TRUSTEES REPORT AND FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Independent Exarniners Report Statement of Financial Activities Balance Sheet 4 - 8 Notes to the Accounts APPENDIX Charity Information Trustees Rcport HORNBIES FOUNDATION Page I INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF HORNBIES FOUNDATION FOR THE YEAR ENDED 31ST DECEMBER 2023 I report on th¢ accounts of the Trnst for the year ended 31, December 2023 which are set out on pages 2 to 8. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER As the Charity's Trustees you are responsible for the preparation of the accounts, you consider that the audit reqUir￿￿ent of section 144(2) of the Charities Act 2011 (the Act) does not apply and that an independent examination is need￿. It is my responsibility to examine the accounts under Section 145 of the Act and to state, on the basis of procedures speckfied in the General Directions given by the Charity Commissioners under Section 145(5)(b) of the Act, whether particular rnatters have come to my attention. BASIS OF INDEPENDENT EL4MtNERS REPORT My examination was carried out in accordance with the General Directions given by the Charity Collllnissioners. An exarnination includes a revicw of the accoimting records kept by the Ch￿lty and a comparison of the accounts pr¢sented with those records. It also includ¢s consideration of any unusual items or disclosurcs in the accounts and seeking explan&tiO]LS froin you as Trustees concerning any such matters. The procedures undertaken do not providc all the evidence that woiild be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. INDEPENDENT EXAMINER'S STATENIENT In connection with rny examinations, no matter has come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the reqii1re￿entS to keep accounting records in acc()rdancG with the Act, and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of thc Act have not been rnet. or (2) to which in my opinion attention should be drawn in order to enable a propcr understanding of the accounts tobe ached. I.C. HARRISON F.C.A Rawcliffe and Co. Ltd, Unit l Barons Court, Graceways, Blackpool, FY4 5GP Date: ilh April 2024 HORNBILS FOUI¥DATION Page 2 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDll¥G 31ST DECEMBER 2023 Note 2023 2022 2021 tNCOMING RESOURCES Covcnantcd and voluntary incoine Investment income Other Income Realised gains TOTAL INCOME 65,689 3,650 67,727 71,893 i 0,000 69,339 67,727 113,761 RESOURCES EXPENDED DArect charitable Charitable gifts and recoupment Othcr Ex cnditurc Management and administration Work on fann properties TOTAL EXPENDITURE Net incorne/(d¢ficiency) for the year 65,000 120,000 25,000 18,399 5,097 88,496 19,157 16,778 19,145 155,923 88,196 20,701 28,834 74,535 STATEMENT OF OTHER RECOGNISED GAINS Unrealised investment gainsloosses): 106,967 (142,959) 144,204 NET MOVEIVIENT IN FUNDS FOR THE YEAR 87,810 231,155 183,430 The notes on pages 4 to 8 form part of these accounts. HORNBIES FOUNDATION Page 3 BALANCE SHEET AS AT 31ST DECEMBER 2023 Note 2023 2022 2021 FIXED ASSETS Investments 4,809,253 4,693,768 4 926,783 CURRENT ASSETS Debtors Cash at Bank and in hand 28,236 16,223 44,459 32,702 32,702 Less: CURRENT LIABILITIBS 6,488 3,187 16,804 NET CURRENT ASSETS £1,840 £29,515 £27,655 TOTAL ASSETS LESS CURRENT LIABILITIES £4 811,093 £4 954 438 £4 723 283 CAPITAL Pennanent Endowed Fund Unrestricted ftmds: Capital Income Revaluation reservc 1,105 1,105 1,105 2,732,475 2,625,508 2,768,467 230,506 249,663 337,859 1,847,007 1,847,007 1,847,007 £4,811,093 £4,723,283 £4,954,438 Approved by the Trustees on 17 April 2024 and signed on thcir behalf TRUSTEE The notes on pages 4 to 8 fomi part of thcse accounts. HO BIES FOUNDATION Pagc 4 NOTLS TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 I. ACCOUNTLNG POLICIES I, I BASIS OF PREPARATION OF ACCOUNTS The accounts arc prcparcd under the historical cost convention and include the results of the charity's operations which are described in the Trustees Report and all of which are continuing. The accounts have been prepared in accordance with the Statement of Reconllnended Practice for charity accounts. The charity has taken advantage of the exeinption in Financial Reporting Standard No l from the requirement to produce a cash flow statement on the ￿OUndS that it qualifies as a sinall charity. 1.2 TANGIBLE FIXED ASSETS FOR USE BY THE CHARITY Taugiblc fixcd assGts for usc by thG charity aTe statcd at cost less depreciation. 1.3 INVESTMENTS Investments are stated at market value witb the exception of invcstment propcrtics which arc to be revalued with sufficient regularity in line with FRS 102 regulations. Realised and unrealised gains and losses on investments are dealt with in the statement of Financial Activities. Illvestmcnt income plus associated tax rccovcrablc is crcditcd to incomc oll an accruals basis, using dates of payment for dividends and daily accrual for interest. Land and buildings are shown at a valuation iLndertaken in December 2018 plus capital expenditure since that date. 1,4 INCOME Voluntary income and donations are accounted for as received by the charity. No pemanent endowrncnts have bccn rccciv¢d in thc pcriod. 1.5 VALUE ADDED TAX Value Addcd Tax is partially recoverable by the cliarity, otherwise it Is included in the relevant costs in the Statement of Financial Activities. 1.6 MANAGEMENT AND ADMINISTRATION ExpenditLre on management and administration of the charity iiicludes all expenditure not directly related to the charitable activity. HORNBIES FOUNDATION Page 5 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 2. COVENANTED AND VOLUNTARY INCOMB 2023 2022 2021 Donations from individuals Donations from corporate sponsors 3. INVESTMENT & OTHER tNCOME 2023 55,760 9,929 2022 55,510 12,217 2021 55,510 16,383 i 0,000 Rental income Income received including way leaves Option to purchase land development Completion inonies from Vincents 3,650 £69 339 £67 727 £81893 4. MANAGENffiNf AND ADMfNISTRATIVE EXPENDITURE 2023 7,340 3,310 2022 6,076 3,115 2021 5,971 3,075 2,300 3,000 6,150 205 Insurance Accountancy charges Legal and professional fees Clerlcs salary Propcrty management charges Trustees expenses HMRC interest 3,000 4,376 255 118 £18,399 3,000 4,247 340 £16 778 £20 701 5. INVESTMENTS Cost or Revaluation 2022 5.1 INVESTMENT LAND AND BUILDINGS 2023 2021 The following investmcnt properties are owned by the Trust: l. l. Lower House & Marsh View Farms, PR4 ITS 1,2. South Greenhills Farni, PR4 3HR 1.3, Newton Hall Fann, PR4 3RT 1.4. 14.96 acres Land adj Bluecoat School, PR4 3RT 1.5. 16.59 acres at Ncw Hey Lane, PR4 3SA 1.6. 80.50 acres at Wesham House Farm, PR4 3HD 1.7. Paddock Land at Bush Lane, PR4 ISA 850,000 850,000 850,000 775,000 775,000 775,000 700,000 700,000 700,000 45,000 45,000 45,000 50,000 50,000 50,000 725,000 725,000 725,000 20,000 20,000 20,000 £3 165,000 £3,165 000 £3 165,000 The land and properties are shown at a valuation carried out by SHP Valuers Limited on 12 December 2018. The nuinbering corresponds to their numbering in the vall￿tiOn report, HORNBIES FOUNDATION Page 6 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2023 5,2 INVESTMENTS - SHARES AND UNIT TRUSTS 13,794.72 COIF Income Shares 670.87 COIF Accumulation Shares 1,933.91 COIF Accumiilation Shares 752.29 ASI American Equity Fund A Ac 5,381.993 Artemis UK Select Fund Class 'C' Accwnulation Units Barings Strategic Bond Fimd (Income Units) Fidelity Sustainable European Equity Fund A-Accurnulation Fidelity Sustainable European Equity W Acc Fidelity Global Special Situations Fund 2023 273,756 166,376 479,610 28,966 2022 250,365 147,852 426,210 26,477 2021 283,708 162,701 469,017 31,880 42,195 35,575 39,611 16,955.31 19,448 58,554 10,866.44 64,873 57,316 359.53 21,464 25,512 19,016 25,189 21,388 25,387 10,408.79 Fidelity MoneyBuildcr Dividcnd Fidelity Money Builder Dividend Fund A-Income Fidclity Money Builder Dividend Fund W Income Fidelity South East Asia Fund Accumulation Fidelity Asia W Accumulation Fidelity Special Situation Fund A AXA Framlington American Growth Fund R Accuniulation AXA Framlington American Growth Fund W Accumulation GAM UIC equity incom¢ HSBC UK Growth & Incoine Fund (Income C) JPM Japan Fund B Accumidation JPM UIC Equity Growth Fund B AccLunulation M&G Gilt & Fixed Interest Income Fund M&G Charifund - Equities Investment Fund for Charities Accumulation M&G Charifund - Income Shares Schroder UIC Equity Fund Z Income Schroder UIC Alpha Plus Z Income SUTL Cazenove Charity Equity Value Fund A Income Thr¢adnccdlc American Select Fiwd Retail Net Accumulation Funds disposal - further infomiation pcnding 64 52.58 67 66 41,293 2,350.49 359.53 35,022 16,819 36,339 15,949 16,143 36,316 34,766 3,368.794 45,344 2,852.46 11,401.52 28,724 29,323 8,143 7,364 7,877 6,738 7,978 9,116 1,278.51 8,001.48 14,323 12,882 14,883 23,750,00 18,014 18,062 23,990 157.97 47,386 13,962 20,668 17,042 45,726 14,298 19,538 15,999 45,819 15,142 18,347 973,00 26,225.49 22,382.90 8,125,19 37,863 34,451 35,913 4,161.34 22,513 19,350 22,804 12,314 £1,414,961 £1,378,969 £1,272,002 Page 7 Market value Market vallle Market Yallle COIF Shares Other investments 919,742 459 227 £1378 969 824,427 447,575 £1,272,002 915,426 499 535 £1,414 961 5.3. INVESTMENTS - OTHER COIF - Charity Deposit Account 2023 2022 2021 265 284 256,766 346,822 £265 284 £256,766 £346,822 5.4 SUMMARY Investment land & buildings Investments - shares and unit trnsts Invest￿entS - other 2023 2022 2021 3,165,000 3,165,000 3,165,000 1,378,969 1,272,002 1,414,961 265,284 256 766 346,822 £4,809,253 £4,693 768 £4 926,783 6. DEBTORS 2023 2022 2021 Due within one year: Rent debtor VAT debtor 27,555 681 £28,236 7. CREDITORS 2023 3,488 2022 3,187 2021 VAT liability Trade creditors Accruals 16,804 3,000 £6,488 £3,187 £16 804 8. FUNDS OF THE CHARtrY 8.1 PERMANENT ENDOWMENT FUND Legacy from John Hornby on 13 June 1730 2023 £1,105 2022 2021 £1,105 8,2. UNRESTRICTED FUNDS - CAPITAL Funds broil￿t forward Unrealised gains/(losses) Funds cariied forward 2023 2022 2021 2,625,508 2,768,467 2,624,263 106,967 142,959 144,204 £2 732 475 £2 625 508 £2 768 467 8.3 UNRESTRICTED FUNDS - INCOME Funds brOu￿1t fonvard Net incomel{deficicncy) for tbe year Funds carried forward 2023 2022 2021 249,663 337,859 298,633 19,157 88,196 39,226 £230,506 £249,663 £337,859 8.4 UNRESTRICTED FUNDS - REVALUATION . Revaluation reserve brought forward Funds carried fonvard 2023 2022 2021 1,847,007 1,847,007 1,847,007 £1,847,007 £1,847,007 £1,847 007 Pagc 8 9. CHARITABLE GIFTS & RECOUPMENTS 2023 2022 2021 These are as follows: Newton Blueeoat 65,000 120,000 £65 000 £120 000 25,000 £25,000 HORNBIES FOUNDATION CHARITY INFORMATION Appendix I TRUSTE Mr8. E.R. Hardma I l Hornby Drive Newton with Scales Preston PR4 3TR MT. C. BaL]nister 26 Southlands Kirkhatn Preston PR4 2TR Mr. T.J. Parkin8on Church Farni Blaclcpool Road Newton ThTth Scales Preston PR4 3RJ Mr8. J.C. Benson Coronation Villa Moor Hall Lane Newton with Scale8 Preston PR4 3RY Mr. R. Tomlinson Marsh Farm Clifton Preston PR4 OXB Mr. W. Winlow 32 Hill Crescent Newton witb S¢ales Preston PR4 3TR Mr. G. Fogden The Gables New Hey Lane Newton wAth Scales Preston PR4 3SB Mr. M. Gornall Autumn Fold Thames Street Newton Preston PR4 3RH Mr. M. Tomlinson Salwick Hall Farn] Salwick Preston PR4 OYJ Mr, J.C. Mathews 15 Beaurnont Gardens Poulton-le-Fylde Lall¢ashire FY6 7NX Cllr. P. Rigby Wrea Brook Fann Wr¢a Brook Lane Brynillg Kirkbam Preston PR4 3PP CHARITY NUMBER 503802 CHARITY OFFICES Clo Vin¢¢nt Solicitors, 25 Park Street, Lytham, Y8 SLU, INDEPENDENT EXAMINER l.C. Harrison F.C.A. Raw¢liffe and Co. Ltd, Unit l Barons Court, GraGeways, Blackpool, FY4 5GP BAIYI