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REGISTERED COMPANY NUMBER: 00547279 (England and Wales)
REGISTERED CHARITY NUMBER: 220116









REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

FOR

THE LENNOX TRUST COMPANY LIMITED
(A COMPANY LIMITED BY GUARANTEE)

THE LENNOX TRUST COMPANY LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024










Page

Report of the Trustees 1 to 3

Statement of Financial Activities 4

Statement of Financial Position 5

Notes to the Financial Statements 6 to 12

THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity are:-

a. To subscribe to any charities and to grant donations for any charitable purpose.
b. To achieve gratuitously by means of pecuniary or other assistance necessitous persons.
c. To promote generally the welfare of the poor and the relief of distress by social and spiritual agencies and to establish conduct, and carry on night shelters and other refuges for the poor.

The Charity achieves its objectives by granting donations for any charitable purpose with an emphasis on support to organisations in the Sussex area.

Public benefit
In shaping our objectives and planning our activities for the year, the trustees have given consideration to the duties set out in section 17(5) of the Charities Act 2011 to have due regard to public benefit. In particular, the trustees have considered how the planned activities will contribute to the overall aims and objectives that they have set. The trustees believe that the following paragraphs, specifically on the 'Objectives and Activities' and 'Achievements and Performance' for the year, relate in detail the benefit that the Charity provides to the public.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the Charity has continued to grant donations to a wide variety of organisations. Total donations of £9,450 (2023: £12,600) were made and are detailed on page 10. The charity continued the "Bear Us in Mind" project started in 2022, providing psychological toolkits for children. The project was started following the outbreak of the war in Ukraine in early 2022 and was launched to support those children who were suffering through separation, loss or bereavement. Separate funding has been raised for this project and donations of £761 (2023: £42,011) had been received for this project.

FINANCIAL REVIEW
Financial position
Funds held as at the balance sheet date amounted to £245,188 (2023: £261,431).

Principal funding sources
The trustees aim to maintain the core investments of the Charity with a view to maintaining the income and level of annual donations. Outside the core investment funding, the trustees aim to expend income as it arises in furtherance of the Charity's objectives.

Investment policy and objectives
The trustees may invest monies of the Company not immediately required for its purpose in investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) as may for the time being be imposed or required by law.

Reserves policy
The trustees may from time to time, at their discretion, raise or borrow, or secure the payment of any sum or sums of money for the purposes of the Company. The Trust has no formal reserves policy.


THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
The Lennox Trust Company Limited (formerly the Earl of March's Trust Company Limited) was incorporated as a company limited by guarantee on 4 April 1955, registered number 00547279. The Company is also a registered charity, registered number 220116.

The Charity's governing deed is the Memorandum of the Company.

Trustees can only be appointed by election by the current trustees and by submission to the Company of an application framed in such terms as the trustees shall from time to time require. Any trustee shall have full power and discretion as to the admission or refusal of any person as trustee. The Company's Articles of Association provide that the total number of trustees may not exceed ten.

Every member of the Company undertakes to contribute to the assets of the Company in the event of it being wound up during the time that he/she is a member or within one year afterwards, for debts and liabilities of the Company such amount as may be required, not exceeding in the case of any member the sum of £5.

The Charity is under the direct control of the trustees who determine the appointment of investment managers for the Charity's core investments and the allocation of income by way of grants or donations in furtherance of the Charity's objectives.

The trustees have reviewed the major risks to which the Company is exposed and are confident that controls are in place to mitigate those risks.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00547279 (England and Wales)

Registered Charity number
220116

Registered office
Goodwood House
Goodwood
Chichester
West Sussex
PO18 OPY

Principal address
Goodwood House
Chichester
West Sussex
PO18 0PY

Trustees
S M Duchess of Richmond Company Director (deceased 13/6/23)
Duke of Richmond and Gordon Company Director
Duchess of J E Richmond and Gordon Company Director
Lady E C S Gordon-Lennox (appointed 28/6/24)

Company Secretary
Mrs K A Palka

Investment Managers
Cantab Asset Management
50 Station Road
Cambridge
Cambridgeshire
CB1 2JH


THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5 APRIL 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Lennox Trust Company Limited for the purposes of company law) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 16 January 2025 and signed on its behalf by:





Duke of Richmond and Gordon - Trustee

THE LENNOX TRUST COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 761 761 71,093

Investment income 2 5,916 - 5,916 4,908
Total 5,916 761 6,677 76,001

EXPENDITURE ON
Raising funds 3 1,928 - 1,928 2,018

Charitable activities 4
Expenditure on charitable activities 9,805 18,229 28,034 148,313
Total 11,733 18,229 29,962 150,331

Net gains/(losses) on investments 7,042 - 7,042 (13,108 )

NET INCOME/(EXPENDITURE) 1,225 (17,468 ) (16,243 ) (87,438 )


RECONCILIATION OF FUNDS
Total funds brought forward 238,562 22,869 261,431 348,869

TOTAL FUNDS CARRIED FORWARD 239,787 5,401 245,188 261,431

THE LENNOX TRUST COMPANY LIMITED (REGISTERED NUMBER: 00547279)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Unrestricted Restricted Total Total
fund fund funds funds
Notes £    £    £    £   
FIXED ASSETS
Investments 11 195,793 - 195,793 196,239

CURRENT ASSETS
Investments 12 14,547 - 14,547 11,998
Cash in hand 34,926 5,401 40,327 57,413
49,473 5,401 54,874 69,411

CREDITORS
Amounts falling due within one year 13 (5,479 ) - (5,479 ) (4,219 )

NET CURRENT ASSETS 43,994 5,401 49,395 65,192

TOTAL ASSETS LESS CURRENT LIABILITIES 239,787 5,401 245,188 261,431

NET ASSETS 239,787 5,401 245,188 261,431
FUNDS 14
Unrestricted funds 239,787 238,562
Restricted funds 5,401 22,869
TOTAL FUNDS 245,188 261,431

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit 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 charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 16 January 2025 and were signed on its behalf by:





Duke of Richmond and Gordon - Trustee

THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', the Companies Act 2006 and where applicable the Charities Act 2011.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The presentation currency is the pound (£) Sterling.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern due to the net asset position.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from donations are recognised upon receipt.

Investment income
Investment income is income receivable in the year including tax credits thereon and is recognised upon receipt.

Donations
Donation income is recognised upon receipt.

Expenditure
Resources expended are accounted for on an accruals basis and include irrecoverable VAT.

Governance costs comprises all costs associated with constitutional and statutory requirements with which the Charity must comply.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds: funds which are expendable at the discretion of the Trustees in the furtherance of the objectives of the charity are classified as unrestricted funds.

Restricted funds: donations or incoming resources which the donor has earmarked for a specific purpose are treated as restricted funds.

Investments
Investments are valued at the closing market value on the Statement of Financial Position date which is considered to be the fair value. Movements in fair value are recognised in the Statement of Financial Activities.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities.


THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


2. INVESTMENT INCOME
2024 2023
£    £   
Income from listed investments 4,699 4,518
Interest received 1,217 390
5,916 4,908

3. RAISING FUNDS

Investment management costs
2024 2023
£    £   
Portfolio management 1,928 2,018

4. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£    £    £   
Expenditure on charitable activities 26,714 1,320 28,034

5. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£    £   
Donations 9,450 12,600
Professional fees 35 211
BUIM costs 18,229 133,967
Unclaimed donation (1,000 ) -
26,714 146,778

6. SUPPORT COSTS
Governance
Finance costs Totals
£    £    £   
Expenditure on charitable activities 60 1,260 1,320

Support costs, included in the above, are as follows:

Finance
2024 2023
Expenditure
on
charitable Total
activities activities
£    £   
Bank charges 60 95

THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


6. SUPPORT COSTS - continued
Governance costs
2024 2023
Expenditure
on
charitable Total
activities activities
£    £   
Accountancy fees 1,260 1,440

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Accountancy fees 1,260 1,440

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.


9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund fund funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 29,082 42,011 71,093

Investment income 4,908 - 4,908
Total 33,990 42,011 76,001

EXPENDITURE ON
Raising funds 2,018 - 2,018

Charitable activities
Expenditure on charitable activities 14,371 133,942 148,313
Total 16,389 133,942 150,331

Net gains/(losses) on investments (13,108 ) - (13,108 )

NET INCOME/(EXPENDITURE) 4,493 (91,931 ) (87,438 )


RECONCILIATION OF FUNDS
Total funds brought forward 234,069 114,800 348,869


THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund fund funds
£    £    £   
TOTAL FUNDS CARRIED FORWARD 238,562 22,869 261,431

10. SCHEDULE OF DONATIONS PAID

2024 2023
£    £   
Christian Youth Enterprises - 500
Parents & Carers Support 500 -
Safe Families for Children 250 -
Case 100 600
Chichester Cathedral Trust 1,000 2,000
Ditch The Label - 500
Lavant Parochial Church Council 1,000 1,000
Dreams Come True Charity - 500
Make Them Smile 250 -
Lifecentre - 500
PCC Southbourne - 1,000
RSPCA Mount Noddy - 500
St Andrews PCC 1,000 1,000
St Georges PCC - 1,000
Horsham Matters Ltd 250 -
Strongbones Children - 1,000
Sunny Day Children's Fund - 500
Tangmere Primary Academy 500 -
Bramber Bakehouse 500 -
CAMHSF 100 -
Cancerwise 500 -
Douglas Bader Foundation 500 -
Havant Passion Play Ltd 250 -
BDAA 500 -
Miss A L Pullen 200 -
Mr K D Turnbull 200 -
Oving Scarecrows Goodwood Estate 100 -
SeeKenya 250
The Priory Church St Mary 1,000 2,000
The Respite Association 250 -
Tylers Trust 250 -


------------------
---
------------------
--
9,450 12,600

=========
==
=========
==


THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


11. FIXED ASSET INVESTMENTS
Investments
£   
MARKET VALUE
At 6 April 2023 196,239
Additions 9,906
Disposals (18,093 )
Realised and unrealised gains 7,741
At 5 April 2024 195,793
NET BOOK VALUE
At 5 April 2024 195,793
At 5 April 2023 196,239

There were no investment assets outside the UK.

Cost or valuation at 5 April 2024 is represented by:

Investments
£   
Valuation in 2024 767
Cost 195,026
195,793

12. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Cash and cash equivalents 14,547 11,998

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Goodwood Estate Company Ltd 4,279 2,779
Accrued expenses 1,200 1,440
5,479 4,219

14. MOVEMENT IN FUNDS
Net
movement At
At 6/4/23 in funds 5/4/24
£    £    £   
Unrestricted funds
General fund 238,562 1,225 239,787

Restricted funds
Bear Us In Mind 22,869 (17,468 ) 5,401

TOTAL FUNDS 261,431 (16,243 ) 245,188

THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


14. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 5,916 (11,733 ) 7,042 1,225

Restricted funds
Bear Us In Mind 761 (18,229 ) - (17,468 )

TOTAL FUNDS 6,677 (29,962 ) 7,042 (16,243 )


Comparatives for movement in funds

Net
movement At
At 6/4/22 in funds 5/4/23
£    £    £   
Unrestricted funds
General fund 234,069 4,493 238,562

Restricted funds
Bear Us In Mind 114,800 (91,931 ) 22,869

TOTAL FUNDS 348,869 (87,438 ) 261,431

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 33,990 (16,389 ) (13,108 ) 4,493

Restricted funds
Bear Us In Mind 42,011 (133,942 ) - (91,931 )

TOTAL FUNDS 76,001 (150,331 ) (13,108 ) (87,438 )

THE LENNOX TRUST COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024


14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 6/4/22 in funds 5/4/24
£    £    £   
Unrestricted funds
General fund 234,069 5,718 239,787

Restricted funds
Bear Us In Mind 114,800 (109,399 ) 5,401

TOTAL FUNDS 348,869 (103,681 ) 245,188

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 39,906 (28,122 ) (6,066 ) 5,718

Restricted funds
Bear Us In Mind 42,772 (152,171 ) - (109,399 )

TOTAL FUNDS 82,678 (180,293 ) (6,066 ) (103,681 )

Restricted funds are solely for use in the 'Bear Us in Mind' project, which provides psychological toolkits for children who are suffering through separation, loss or bereavement, as a result of the war in Ukraine. Funds are received for this project from multiple sources.

15. RELATED PARTY DISCLOSURES

Accountancy fees of £1,260 (2023: £1,440) were incurred on behalf of The Lennox Trust Company Limited by a company under common control. At the year end £4,279 (2023: £2,779) was owed to the company under common control. The balance is unsecured and repayable on demand.