Charity number: 1060228
HOLLICK FAMILY FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
HOLLICK FAMILY FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Trustees' Responsibilities Statement | 6 |
| Independent Auditors' Report on the Financial Statements | 7 - 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 - 24 |
HOLLICK FAMILY FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025
| Trustees | Lord C. R. Hollick, Chair |
|---|---|
| Lady S. W. Hollick OBE | |
| The Hon. A. M. Benoliel | |
| The Hon. G. L. Hollick | |
| Mrs C. M. Kemp | |
| Mr D. W. Beech | |
| Mrs L Lambert | |
| Mr D Benoliel (appointed 24 December 2024) | |
| Ms M Carver (appointed 6 March 2025) | |
| Charity registered number 1060228 Registered office c/o David W Beech Prager Metis LLP 5A Bear Lane Southwark London SE1 0UH Independent auditors Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP Bankers Union Bancaire Privée (UK) Limited One Bank Street Canary Wharf London E14 4SG Solicitors David W Beech Prager Metis 5A Bear Lane Southwark London SE1 OUH |
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HOLLICK FAMILY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report together with the audited financial statements of the Charity for the year 6 April 2024 to 5 April 2025.
The Charity has sufficient liquid reserves and expected positive future cash inflows and therefore the impact of the current economic climate is not deemed to affect the going concern status of the Foundation.
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The Charity was established by a declaration of trust on 8th January 1997 (as amended on 5 June 2018) with an initial donation totalling £750,000. The objectives of the Charity are to hold the initial donation and the income tax repaid to the Trustees in respect of such sum as the permanent endowment of the Charity and to apply the income therefrom for such charitable purpose or purposes as the Trustees shall decide from time to time.
b. Activities undertaken to achieve objectives
Any additions by way of gift to the Charity and the income therefrom are to be applied for such charitable purposes as the Trustees shall decide from time to time, unless the donor of any such gift shall specify in writing at the time of such gift that the whole or any part thereof is an addition to the permanent endowment of the Charity in which case the Trustees shall apply the income therefrom for the objectives of the Charity.
The Trustees keep in mind the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives and at the Trustees' meetings at which grants are considered and approved.
c. Grant-making policies
We are a family foundation supporting small and medium sized charities, working predominantly with the most vulnerable in society. We focus on issues that reflect the passions and personal values of the Trustees including: education and skills, human rights, housing, mental health, women and children and the arts. We support community-led organisations working directly with people at the margins of society and with charities in the early stages of development looking for seed funding.
While we have no specific geographic restrictions, we look to support appropriate charities local to our Trustees including Kensington and Chelsea, Camden, East Sussex and Kent. We make one-off donations but prefer to commit to funding for specific projects over a number of years.
ACHIEVEMENTS AND PERFORMANCE
a. Review of activities
The Trustees identified a range of causes during the year to which it was decided to make grants in total of £990,175 (2024: £840,600).
b. Fundraising activities and income generation
The Hollick Family are currently the sole donors. This includes donations made within the terms of an agreement dated 31st December 2017. The Charity does not fundraise from the public.
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HOLLICK FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
ACHIEVEMENTS AND PERFORMANCE (CONTINUED)
c. Investment policy and performance
The investment powers are governed by Clause C of the constituting declaration of trust, which gives a wide range of permitted investments.
The endowment funds are invested in equities, bonds, property and artworks, with a view to long-term capital growth and sustainable levels of income to fund the Charity's activities.
An investment property is held by the Charity for rental income and long-term appreciation. The names of the Trustees holding title to the property on behalf of the Charity were Lord C. R. Hollick and Lady S W Hollick.
As required under the Statement of Recommended Practice for Charities, quoted investments are stated at market value. The net of the loss on revaluation and gain on disposal of all investments was £1,754,448 (2024: gain of £1,867,368).
The Charity received donations of £3,271,348 (2024: £3,774,858) including gift aid, investment income in the form of dividend income £778,439 (2024: £823,554), interest income £407,380 (2024, £122,108) and rental income £33,109 (2024: £37,867). The Charity made 110 donations totalling £990,175 (2024: 108 donations totalling £840,600).
FINANCIAL REVIEW
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
It is the policy of the Charity to maintain unrestricted funds, which are free reserves of the Charity, at a level which equates to one year's expenditure. This provides sufficient funds to cover management, administration and support costs to respond to applications for grants as they arise. The unrestricted general income fund at the year end was £652,989 (2024: £476,921) compared to support costs of £52,685 (2024: £62,236).
c. Material investments policy
The investment policy is to generate income for distribution for charitable purposes and to aim for steady capital growth.
d. Principal funding
Lord C. R. Hollick is the principal funder.
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HOLLICK FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The Charity is an unincorporated Charity, constituted under a declaration of trust dated 8th January 1997 (as amended on 5 June 2018) and is a Charity registered in England and Wales, number 1060228. Legal and administrative information is given on page 1 of these financial statements.
b. Methods of appointment or election of Trustees
New Trustees are appointed by the existing Trustees with a view to ensuring the Trustees have, as a whole, a balance of skills necessary to promote and carry out the objectives of the Charity. No other person has a right to appoint Trustees.
c. Organisational structure and decision-making policies
The Trustees who served during the year were:
Lord C. R. Hollick Lady S. W. Hollick The Hon. G. L. Hollick The Hon. A. M. Benoliel Mrs C. M. Kemp Mr D. W. Beech Mrs L Lambert Mr D Benoliel (appointed 24 December 2024) Ms M C Carver (appointed 6 March 2025)
Trustees' meetings are held at least twice a year.
The Trustees have reviewed and identified the risks to which the Charity is exposed and consider that there are appropriate systems of controls in place to ensure that the risks are minimised.
d. Policies adopted for the induction and training of Trustees
New Trustees are inducted and trained by the Chair and other experienced Trustees, following Charity Commission guidance and the Charity's policy and procedures.
e. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
Hollick Family Foundation is a lasting testimony to the generosity and philanthropic concerns of the donors, the Hollick Family. It is anticipated that the continued involvement of the Hollick Family will provide long-term support for the Foundation's charitable objectives.
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HOLLICK FAMILY FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charity's auditors are aware of that information.
Auditors
The auditors, Bishop Fleming Audit Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the Board of Trustees and signed on their behalf by:
Lady S. W. Hollick OBE (Trustee)
Mr D. W. Beech (Trustee)
Date: 4 February 2026
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HOLLICK FAMILY FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP 2019 (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Lady S. W. Hollick OBE (Trustee)
Mr D. W. Beech (Trustee)
Date: 4 February 2026
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HOLLICK FAMILY FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLLICK FAMILY FOUNDATION
OPINION
We have audited the financial statements of Hollick Family Foundation (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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:
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give a true and fair view of the state of the charity's affairs as at 5 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 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) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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' Report and Financial Statements other than the financial statements and our Auditors' 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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HOLLICK FAMILY FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLLICK FAMILY FOUNDATION (CONTINUED)
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 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Statement of Trustees' Responsibilities, set out on page 6, the Trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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HOLLICK FAMILY FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLLICK FAMILY FOUNDATION (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditor under section 144 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 Auditors' 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:
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We have considered the nature of the sector, control environment, and financial performance;
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We have considered the results of enquiries with management and the Trustees in relation to their own identification and assessment of the risks of irregularities within the entity;
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We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to the completeness of income in respect of investments. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management overrde.
We have also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charities SORP 2019 and FRS 102.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included data protection legislation and health and safety regulations.
Our procedures to respond to risks identified included the following:
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Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
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Enquiring of management in relation to actual and potential claims or litigation;
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Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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Reviewing Trustees' Board meeting minutes;
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Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the cut-off of donations received.
We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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.
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HOLLICK FAMILY FOUNDATION
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLLICK FAMILY FOUNDATION (CONTINUED)
The risk is also greater regarding irregularity occuring due to fraud rather error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
USE OF OUR REPORT
This report is made solely to the charity'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 charity's trustees those matters we are required to state to them in an Auditors' 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 Charity and the Charity's trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Bishop Fleming Audit Limited
Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP
4 February 2026
Bishop Fleming Audit Limited is eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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HOLLICK FAMILY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 4 Investments 5 TOTAL INCOME AND ENDOWMENTS EXPENDITURE ON: Investment management fees 6 Charitable activities 7 TOTAL EXPENDITURE NET INCOME BEFORE NET (LOSSES)/GAINS ON INVESTMENTS Net (losses)/gains on investments NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2025 £ - 1,218,928 1,218,928 - 1,042,860 1,042,860 176,068 - 176,068 476,921 176,068 652,989 |
Endowment funds 2025 £ 3,271,348 - 3,271,348 153,779 - 153,779 3,117,569 (2,183,180) 934,389 40,432,500 934,389 41,366,889 |
Total funds 2025 £ 3,271,348 1,218,928 4,490,276 153,779 1,042,860 1,196,639 3,293,637 (2,183,180) 1,110,457 40,909,421 1,110,457 42,019,878 |
Total funds 2024 £ 3,774,858 983,529 |
|---|---|---|---|---|
| 4,758,387 | ||||
| 191,502 902,836 |
||||
| 1,094,338 | ||||
| 3,664,049 1,867,368 |
||||
| 5,531,417 | ||||
| 35,378,004 5,531,417 |
||||
| 40,909,421 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 24 form part of these financial statements.
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HOLLICK FAMILY FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2025
| 2024 | ||||||
|---|---|---|---|---|---|---|
| 2025 | As restated | |||||
| Note | £ | £ | ||||
| FIXED ASSETS | ||||||
| Investments | 11 | 35,408,415 | 27,503,539 | |||
| Investment property | 10 | 1,525,307 | 1,525,307 | |||
| 36,933,722 | 29,028,846 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 12 | 473,946 | 488,646 | |||
| Investments | 13 | 3,589,430 | 11,231,198 | |||
| Cash at bank and in hand | 1,215,385 | 280,808 | ||||
| 5,278,761 | 12,000,652 | |||||
| CURRENT LIABILITIES | ||||||
| Creditors: amounts falling due within one | ||||||
| year | 14 | (192,605) | (120,077) | |||
| NET CURRENT ASSETS | 5,086,156 | 11,880,575 | ||||
| TOTAL NET ASSETS | 42,019,878 | 40,909,421 | ||||
| CHARITY FUNDS | ||||||
| Endowment funds | 15 | 41,366,889 | 40,432,500 | |||
| Unrestricted funds | 15 | 652,989 | 476,921 | |||
| TOTAL FUNDS | 42,019,878 | 40,909,421 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Lady S. W. Hollick OBE (Trustee)
Mr D. W. Beech (Trustee)
Date: 4 February 2026
The notes on pages 14 to 24 form part of these financial statements.
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HOLLICK FAMILY FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025
| Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 18 CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interests and rents from investments Proceeds from the sale of investments Purchase of Investments NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 19 The notes on pages 14 to 24 form part of these financial statements |
2025 £ (1,180,657) 1,218,928 8,815,652 (9,022,684) 1,011,896 (168,761) 4,852,022 4,683,261 |
2024 £ 2,549,243 983,529 4,921,997 (11,153,762) (5,248,236) (2,698,993) 7,551,015 4,852,022 |
|---|---|---|
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HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. GENERAL INFORMATION
Hollick Family Foundation is a Charity in England. The address of the Charity information is on page 1 of these financial statements. The nature of the Charity's operations and principal activities are to hold donations from Trustees and to apply the income there for such charitable purpose or purposes as the Trustees shall decide from time to time.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Hollick Family Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of the economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
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HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2. ACCOUNTING POLICIES (continued)
2.3 EXPENDITURE (CONTINUED)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.4 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.6 INVESTMENTS
Fixed and Current asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the values cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.7 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 LIABILITIES AND PROVISIONS
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
2. ACCOUNTING POLICIES (continued)
2.9 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
2.11 PERMANENT CAPITAL ENDOWMENT FUND
The permanent endowment capital fund represents the original donation received and any subsequent restricted donations, together with any related credit (tax recoverable).
In accordance with the wishes of the donor, these funds are to be held permanently although their constituent assets may change from time to time. Additionally, income derived from the permanent capital endowment fund may be applied for such charitable purposes as the Trustees shall decide from time to time.
The revaluation reserve fund represents unrealised gains and losses on revaluation of investments to market value in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities.
2.12 INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the Trustees derived from the current market rents and investment property yields for comparable real estates, adjusted if necessary for the difference in the nature, location or condition of the specific assets. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities at each reporting date.
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. This includes the valuation of the investment property.
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HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
| 4. INCOME FROM DONATIONS Endowment funds 2025 £ Endowment donations 3,271,348 TOTAL 2024 3,774,858 5. INVESTMENT INCOME Unrestricted funds 2025 £ Dividend income 778,439 Interest received 407,380 Other investment rental income 33,109 1,218,928 TOTAL 2024 983,529 6. INVESTMENT MANAGEMENT COSTS Endowment funds 2025 £ Investment management fees 153,779 TOTAL 2024 191,502 |
Total funds 2025 £ 3,271,348 3,774,858 Total funds 2025 £ 778,439 407,380 33,109 1,218,928 983,529 Total funds 2025 £ 153,779 191,502 |
Total funds 2024 £ 3,774,858 |
|---|---|---|
| Total funds 2024 £ 823,554 122,108 37,867 |
||
| 983,529 | ||
| Total funds 2024 £ 191,502 |
||
Page 17
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
7. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Grants provided Support costs TOTAL 2024 |
Grant funding of activities 2025 £ 990,175 - 990,175 840,600 |
Support costs 2025 £ - 52,685 52,685 62,236 |
Total funds 2025 £ 990,175 52,685 1,042,860 902,836 |
Total funds 2024 £ 840,600 62,236 |
|---|---|---|---|---|
| 902,836 | ||||
All grants provided consist of amounts provided to institutions (2024: £839,000). There were no grants to individuals during the year (2024: £1,600). The grants were provided to a mixture of local and international charities, with all international grants being made to the United Kingdom based location of the charity.
The charity has awarded conditional grants with a total value of £872,000 (2024: £640,000) that may be payable in future years. The grants are conditional on the trustees of the Hollick Family Foundation being satisfied that the donee will be able to deliver on the agreed objectives and targets. These awards are not reflected in the amounts reported above.
8.
AUDITORS' REMUNERATION
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 13,860 | 12,390 |
| Fees payable to the Charity's auditor in respect of: | ||
| All non-audit services not included above | 7,482 | 5,420 |
9. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
During the year ended 5 April 2025, expenses totalling £135 were reimbursed to 1 Trustee (2024 - £136 reimbursed to 1 Trustee). These expenses related to travel.
Page 18
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
10. INVESTMENT PROPERTY
| VALUATION At 6 April 2024 At 5 April 2025 |
Long-term leasehold investment property £ 1,525,307 |
|---|---|
| 1,525,307 |
The 2025 valuation was made by the Trustees on an open market value for existing use basis.
11. FIXED ASSET INVESTMENTS
| COST OR VALUATION At 6 April 2024 (As restated) Additions Disposals Revaluations AT 5 APRIL 2025 |
Listed investments £ 24,107,055 19,115,470 (9,757,214) (1,924,947) 31,540,364 |
Unlisted investments £ 2,783,630 991,509 (87,667) (238,836) 3,448,636 |
Other fixed asset investments £ 612,854 17,240 (94,480) (116,199) 419,415 |
Total £ 27,503,539 20,124,219 (9,939,361) (2,279,982) |
|---|---|---|---|---|
| 35,408,415 |
The restatement in the prior year relates to the reclassification between listed and unlisted investments. The overall balance of fixed asset investments has remained consistent.
Page 19
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
12. DEBTORS
| DUE WITHIN ONE YEAR Other debtors Prepayments and accrued income |
2025 £ - 473,946 473,946 |
2024 £ 14,700 473,946 |
|---|---|---|
| 488,646 |
The other debtor balance in 2024 relates to an amount owed from a Trust under common control of a trustee of the foundation.
13. CURRENT ASSET INVESTMENTS
| Listed investments Unlisted investments - cash on deposit |
2025 £ 121,554 3,467,876 3,589,430 |
2024 As restated £ 6,659,984 4,571,214 |
|---|---|---|
| 11,231,198 |
The restatement in the prior year relates to the reclassification of current investments that were previously presented as cash and cash equivalents. The overall balance of cash and current investments have remained consistent.
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors Accruals and deferred income |
2025 £ 143,303 49,302 192,605 |
2024 £ 72,475 47,602 |
|---|---|---|
| 120,077 |
Page 20
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
15. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS General Funds ENDOWMENT FUNDS Permanent endowment Revaluation TOTAL OF FUNDS |
Balance at 6 April 2024 £ 476,921 33,669,325 6,763,175 40,432,500 40,909,421 |
Income £ 1,218,928 3,271,348 - 3,271,348 4,490,276 |
Expenditure £ (1,042,860) (153,779) - (153,779) (1,196,639) |
Gains/ (Losses) £ - - (2,183,180) (2,183,180) (2,183,180) |
Balance at 5 April 2025 £ 652,989 |
|---|---|---|---|---|---|
| 36,786,894 4,579,995 |
|||||
| 41,366,889 | |||||
| 42,019,878 |
The specific purposes for which the funds are to be applied are as follows:
Endowment funds
Permanent endowment - This fund is made up of investments and donations which are used to generate unrestricted income.
Revaluation - This represents the revaluation movements on investments held by the Charity.
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS General Funds ENDOWMENT FUNDS Permanent endowment Revaluation TOTAL OF FUNDS |
Balance at 6 April 2023 £ 396,228 30,085,969 4,895,807 34,981,776 35,378,004 |
Income £ 983,529 3,774,858 - 3,774,858 4,758,387 |
Expenditure £ (902,836) (191,502) - (191,502) (1,094,338) |
Gains/ (Losses) £ - - 1,867,368 1,867,368 1,867,368 |
Balance at 5 April 2024 £ 476,921 |
|---|---|---|---|---|---|
| 33,669,325 6,763,175 |
|||||
| 40,432,500 | |||||
| 40,909,421 |
Page 21
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
16. SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
| Balance at 6 | Gains/ | Balance at 5 | |||
|---|---|---|---|---|---|
| April 2024 | Income | Expenditure | (Losses) | April 2025 | |
| £ | £ | £ | £ | £ | |
| General funds | 476,921 | 1,218,928 | (1,042,860) | - | 652,989 |
| Endowment funds | 40,432,500 | 3,271,348 | (153,779) | (2,183,180) | 41,366,889 |
| 40,909,421 | 4,490,276 | (1,196,639) | (2,183,180) | 42,019,878 | |
| SUMMARY OF FUNDS - PRIOR YEAR | |||||
| Balance at | Gains/ | Balance at | |||
| 6 April 2023 | Income | Expenditure | (Losses) | 5 April 2024 | |
| £ | £ | £ | £ | £ | |
| General funds | 396,228 | 983,529 | (902,836) | - | 476,921 |
| Endowment funds | 34,981,776 | 3,774,858 | (191,502) | 1,867,368 | 40,432,500 |
| 35,378,004 | 4,758,387 | (1,094,338) | 1,867,368 | 40,909,421 |
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2025 £ Fixed asset investments - Investment property - Current assets 845,594 Creditors due within one year (192,605) TOTAL 652,989 |
Endowment funds 2025 £ 35,408,415 1,525,307 4,433,167 - 41,366,889 |
Total funds 2025 £ 35,408,415 1,525,307 5,278,761 (192,605) |
|---|---|---|
| 42,019,878 |
Page 22
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
| Unrestricted funds 2024 £ Fixed asset investments - Investment property - Current assets 596,998 Creditors due within one year (120,077) TOTAL 476,921 18. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW ACTIVITIES Net income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Losses/(gains) on investments Dividends, interests and rents from investments Donation of shares Decrease/(increase) in debtors Increase in creditors NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES 19. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Notice deposits (less than 3 months) TOTAL CASH AND CASH EQUIVALENTS |
Endowment funds 2024 Total funds 2024 £ £ 27,503,539 27,503,539 1,525,307 1,525,307 11,403,654 12,000,652 - (120,077) 40,432,500 40,909,421 FROM OPERATING 2025 2024 £ £ 1,110,457 5,531,417 1,856,795 (1,964,275) (1,218,928) (983,529) (2,945,381) - 14,700 (103,490) 1,700 69,120 (1,180,657) 2,549,243 2025 2024 As restated £ £ 1,215,385 280,808 3,467,876 4,571,214 4,683,261 4,852,022 |
|---|---|
The restatement in the prior year relates to the reclassification of current investments that were previously presented as cash and cash equivalents. The overall balance of cash and current investments have remained consistent.
Page 23
HOLLICK FAMILY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
20. ANALYSIS OF CHANGES IN CASH AND LIQUID ASSETS
| Cash at bank and in hand Liquid investments |
At 6 April 2024 As restated £ 280,808 11,231,198 11,512,006 |
Cash flows £ 934,577 (7,641,768) (6,707,191) |
At 5 April 2025 £ 1,215,385 3,589,430 |
|---|---|---|---|
| 4,804,815 |
The restatement in the prior year relates to the reclassification of current investments that were previously presented as cash and cash equivalents. The overall balance of cash and current investments have remained consistent.
21. RELATED PARTY TRANSACTIONS
Included in rental income is £6,250 (2024: £5,750) relating to the rental of two paintings owned by the Charity, to two Trustees. At the year end date rental income of £Nil (2023: £Nil) was owed to the Charity.
During the year, £3,232,635 (2024: £3,743,858) was received from one (2024: one) Trustee as donations. At the year end date and prior year end date no amounts were owed to the Charity.
During the prior year an invoice totalling £14,700 addressed to the Hollick Family Trust was paid in error by the Hollick Family Foundation. The balance was subsequently paid during the year and there is no outstanding balance at the year end (2024: £14,700).
22. CONTROLLING PARTY
The Charity is under the control of the Board of Trustees.
Page 24