REGISTERED COMPANY NUMBER: 00547279 (England and Wales)

REGISTERED CHARITY NUMBER: 220116

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

FOR

THE LENNOX TRUST COMPANY LIMITED

(A COMPANY LIMITED BY GUARANTEE)

Page

Report of the Trustees

1

to

3

Statement of Financial Activities

4

Statement of Financial Position

5

to

6

Notes to the Financial Statements

7

to

14

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 2025. 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.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year the Charity has continued to grant donations to a wide variety of organisations. Total donations of £22,660 (2024: £9,450) were made and are detailed on page 10.

FINANCIAL REVIEW

Financial position

Funds held as at the balance sheet date amounted to £228,218 (2024: £245,188).

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.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Lennox Trust Company Limited (formerly the Earl of March's Trust Company Limited) was incorporated in England and Wales 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

Duke of Richmond and Gordon Company Director

Duchess of J E Richmond and Gordon Company Director

Lady E C S Gordon-Lennox Company Director (appointed 28/6/24)

Company Secretary

Mrs J L Gadsby

Investment Managers

Cantab Asset Management

50 Station Road

Cambridge

Cambridgeshire

CB1 2JH

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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities 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 9 January 2026 and signed on its behalf by:

Duke of Richmond and Gordon - Trustee

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

-

-

762

Investment income

2

6,640

-

6,640

5,916

Total

6,640

-

6,640

6,678

EXPENDITURE ON

Raising funds

3

2,064

-

2,064

1,929

Charitable activities

4

Expenditure on charitable activities

23,991

168

24,159

28,034

Total

26,055

168

26,223

29,963

Net gains on investments

2,613

-

2,613

7,042

NET INCOME/(EXPENDITURE)

(16,802

)

(168

)

(16,970

)

(16,243

)

RECONCILIATION OF FUNDS

Total funds brought forward

239,787

5,401

245,188

261,431

TOTAL FUNDS CARRIED FORWARD

222,985

5,233

228,218

245,188

2025

2024

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

11

204,222

-

204,222

195,793

CURRENT ASSETS

Investments

12

4,468

-

4,468

14,547

Cash in hand

18,309

5,233

23,542

40,327

22,777

5,233

28,010

54,874

CREDITORS

Amounts falling due within one year

13

(4,014

)

-

(4,014

)

(5,479

)

NET CURRENT ASSETS

18,763

5,233

23,996

49,395

TOTAL ASSETS LESS CURRENT LIABILITIES

222,985

5,233

228,218

245,188

NET ASSETS

222,985

5,233

228,218

245,188

FUNDS

14

Unrestricted funds

222,985

239,787

Restricted funds

5,233

5,401

TOTAL FUNDS

228,218

245,188

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2025 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 9 January 2026 and were signed on its behalf by:

Duke of Richmond and Gordon - Trustee

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.

2.	INVESTMENT INCOME

2025

2024

£

£

Income from listed investments

5,497

4,699

Interest received

1,143

1,217

6,640

5,916

3.	RAISING FUNDS

Investment management costs

2025

2024

£

£

Portfolio management

2,064

1,929

4.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 5)

note 6)

Totals

£

£

£

Expenditure on charitable activities

22,863

1,296

24,159

5.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2025

2024

£

£

Donations

22,660

9,450

Professional fees

35

35

BUIM costs

168

18,229

Unclaimed donation

-

(1,000

)

22,863

26,714

6.	SUPPORT COSTS

Governance

Finance

costs

Totals

£

£

£

Expenditure on charitable activities

60

1,236

1,296

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

Finance

2025

2024

Expenditure

on

charitable

Total

activities

activities

£

£

Bank charges

60

60

Governance costs

2025

2024

Expenditure

on

charitable

Total

activities

activities

£

£

Accountancy fees

1,236

1,260

7.	NET INCOME/(EXPENDITURE)

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

2025

2024

£

£

Accountancy fees

1,236

1,260

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

762

762

Investment income

5,916

-

5,916

Total

5,916

762

6,678

EXPENDITURE ON

Raising funds

1,928

1

1,929

Charitable activities

Expenditure on charitable activities

9,805

18,229

28,034

Total

11,733

18,230

29,963

Net gains on investments

7,042

-

7,042

NET INCOME/(EXPENDITURE)

1,225

(17,468

)

(16,243

)

RECONCILIATION OF FUNDS

Total funds brought forward

238,562

22,869

261,431

TOTAL FUNDS CARRIED FORWARD

239,787

5,401

245,188

10.	SCHEDULE OF DONATIONS PAID

2025

2024

£

£

BDAA

-

500

Best Beginnings

5,000

-

Bramber Bakehouse

-

500

Brighton Women's Centre

500

-

Buttercup Children's Trust

500

-

CAMHSF

-

100

Cancerwise

-

500

CASE

100

100

Chefs in Schools Donation

500

-

Chichester Cathedral Rest

1,000

-

Chichester Cathedral Trust

-

1,000

DEBRA

500

-

Disability Challengers

500

-

Douglas Bader Foundation

-

500

Havant Passion Play Ltd

-

250

Horsham Matters Ltd

-

250

Lavant PCC

1,000

1,000

Lennox Children's Cancer

560

-

Make them smile

-

250

Miss A L Pullen

-

200

Mr K D Turnball

-

200

Oving Scarecrows Goodwood Estate

-

500

Parent & Carers Support

-

500

Safe Families for Children

-

250

SeeKenya

-

250

Singleton Parish Council

500

-

St Andrews PCC

1,000

1,000

Stonepillow

10,000

-

Tangmere Primary Academy

-

500

The Priory Church St Mary

1,000

1,000

The Respite Association

-

250

Tylers Trust

-

250

22,660

9,450

11.	FIXED ASSET INVESTMENTS

Investments

£

MARKET VALUE

At 6 April 2024

195,793

Additions

89,961

Disposals

(82,202

)

Realised and unrealised gains

670

At 5 April 2025

204,222

NET BOOK VALUE

At 5 April 2025

204,222

At 5 April 2024

195,793

There were no investment assets outside the UK.

Cost or valuation at 5 April 2025 is represented by:

Investments

£

Valuation in 2024

767

Valuation in 2025

1,508

Cost

201,947

204,222

12.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Cash and cash equivalents

4,468

14,547

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Goodwood Estate Company Ltd

2,779

4,279

Accrued expenses

1,235

1,200

4,014

5,479

14.	MOVEMENT IN FUNDS

Net

movement

At

At 6/4/24

in funds

5/4/25

£

£

£

Unrestricted funds

General fund

239,787

(16,802

)

222,985

Restricted funds

Bear Us In Mind

5,401

(168

)

5,233

TOTAL FUNDS

245,188

(16,970

)

228,218

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

6,640

(26,055

)

2,613

(16,802

)

Restricted funds

Bear Us In Mind

-

(168

)

-

(168

)

TOTAL FUNDS

6,640

(26,223

)

2,613

(16,970

)

Comparatives for 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

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

5,916

(11,733

)

7,042

1,225

Restricted funds

Bear Us In Mind

762

(18,230

)

-

(17,468

)

TOTAL FUNDS

6,678

(29,963

)

7,042

(16,243

)

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

Net

movement

At

At 6/4/23

in funds

5/4/25

£

£

£

Unrestricted funds

General fund

238,562

(15,577

)

222,985

Restricted funds

Bear Us In Mind

22,869

(17,636

)

5,233

TOTAL FUNDS

261,431

(33,213

)

228,218

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

12,556

(37,788

)

9,655

(15,577

)

Restricted funds

Bear Us In Mind

762

(18,398

)

-

(17,636

)

TOTAL FUNDS

13,318

(56,186

)

9,655

(33,213

)

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 £1,236 (2024: £1,260) were incurred on behalf of The Lennox Trust Company Limited by a company under common control. At the year end £2,779 (2024: £4,279) was owed to the company under common control. The balance is unsecured and repayable on demand.