Registered Charity
No. 1089931
THE HOLLIDAY FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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THE HOLLIDAY FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LEGAL AND ADMINISTRATIVE INFORMATION
Deed of Trust Established by Deed of Trust on 26 May 2001 Trustees D W J Garrett (Chairman) Mrs J M Garrett J A Cave A R Wilson Ms A J Hurst T J Braiden Charity Number 1089931 Address 34 Sackville Street London W1S 3ED Independent Examiner D McKinley 16 Southway London NW11 6RU Bankers Virgin Money 154-158 Kensington High Street London W8 7RL Investment Manager Cerno Capital Partners LLP 34 Sackville Street London W1S 3ED Solicitors Farrer and Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Appointment of New Trustees By resolution of the Trustees
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THE HOLLIDAY FOUNDATION
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
| ___________ | ___________ |
|---|---|
| Page | |
| Trustees' Report | 4 & 5 |
| Statement of Trustees' Responsibilities and | |
| Report of Independent Examiner | 6 |
| Receipts and Payments Account | 7 |
| Statement of Assets and Liabilities | 8 |
| Notes to the Financial Statements | 9 & 10 |
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THE HOLLIDAY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their report and financial statements for the year ended 31 March 2024.
Objects of the Charity
The Foundation is a grant-making charity with wide powers to promote charitable objectives. It may distribute income and capital.
The Foundation is governed by Deed of Trust and the Trustees meet on a regular basis, normally four times a year, to review investments and consider requests for grants.
A sub-committee has been set up to investigate and propose suitable benefactions. The trustees’ have particular interest in enabling children and young people to better themselves including apprenticeships, grants and bursaries. They also make grants to support the Arts.
Review of Activities and Public Benefit
During the year the Trustees approved and made grants and donations totalling £50,000 as set out in Note 4. They aim to benefit a wide range of individuals either directly or through other charities.
The Trustees confirm that they have had regard to Charity Commission guidance on public benefit.
Trust Investments
In the year to 31 March 2024 the custodian of the Foundation investments was Multrees Investor Services Ltd.
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THE HOLLIDAY FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
Policies
Reserves
The Trustees anticipate that, year on year, the whole income of the Foundation will be distributed. They may also distribute investment gains or capital.
Investments
Cerno Capital Partners LLP has been appointed as discretionary investment manager. The trustees review investment policy on a regular basis.
Grants
The Trustees review requests for grants and may request further information or visit applicants before deciding whether to make a payment. The use of grants is followed-up
Risk Management
The Trustees assess the risks facing the charity and are satisfied that the controls in place mitigate exposure to those risks.
Appointment of Trustees
New Trustees may be appointed by resolution of the trustees. Potential new trustees are provided with relevant information and recent financial statements. They are invited to attend at least one trustees' meeting before appointment. Where they have not previously held similar appointments they may discuss the responsibilities involved with the Charity's solicitors.
Trustees Remuneration
None of the trustees received remuneration for their services. As disclosed in the notes to the financial statements, fees were paid to Alvarium Investment Managers (UK) LLP between March 2023 and November 2023 and in which Mr J A Cave was a Partner and Cerno Capital Partners LLP between December 2023 and March 2024 in which Mr J A Cave is a Director.
Approved by the Trustees on: 15 January 2025
Signed ……………………………………………………….
D W J Garrett, Trustee
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THE HOLLIDAY FOUNDATON INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS SET OUT ON PACES 7 TO 10 Rtspeetive Respon8lbilitia of TnLgtses and Ex*miDer Tlie charil) s trustees arc tESW)nsiblc for the preparation of the accounis. The ¢hat7ty'S trustecs consider that an audit is not ryuired for this year under section 144 of the Charities Act 2Q I l {the Charities Art) and thal an ind¢pendent examination is needed. It is my responsibilily to: examine the accounts under section 145 of the Charities Act; to follow the proCeduS laid down in the general Directions given by th¢ Chariry Commission (under section 145(5Xb) of the Charitics Act)" aiid to Stale whether particular matter5 have come to my atkniion. B¥sl¥ of Independent Examintr'9J Statemenl 4y exainination was carryed out li) accordance with general DiTeclions given by the Chariti, C.oinmission. An examination includes a review of Ihe accounting r¢cords kept by the charity aiid a cornparison of the accoiints presented with those records. It also includes consideration ot any unusual items or disclosures in th¢ accounts and seeking cxplanarions froin the trustees coiicerning any suLh matters. Ihe procedures und¢rtaken do not pmvide all the evidence thdl w'uuld be reqiiiiyd in an audit and consequently no opinion is given a8 to wheiher the account5 pirsenr a 'irue and fair, view ld the report is liiniled to thosc matters set out in ihe slaleinenl below. Independent Examiner's Ststement In connedion with my examinaliun. nu matter has come to my attention: Ivhich Lvives me re&sonable cause to believe thal in any rnat¢rial reS¢L ihe requiremenis.. to keep &ccounting r¢cords in ac¢ordance with section 130 of the Chatities Acl- to prepare accounts which accord with the accounting iycords and comply with the ac¢ountin¥ requirements ot the Charitle5 Act have not been met. or to which, ill my opinion, attention should be drawn in OTder to enable a proper understanding ofthe accounts to be reached. D McKinley INDEPENDENT EXAMINER Date: Pose6
THE HOLLIDAY FOUNDATION
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Notes RECEIPTS Investment income Investment sales Tax refund Exchange Loss Total receipts PAYMENTS Management and Administration: Investment management fees Custody and administration fees Independent Examiner Bank charges & interest Legal & Other Fees Charitable Expenditure: Grants and donations made Investment purchases Total payments Net receipts (payments) Cash funds brought forward Cash funds carried forward 2 3 4 |
2024 2023 £ £ Unrestricted funds 24,952 - 481 (2,427) 23,006 9,257 2,824 - 80 5,934 18,095 35,000 53,095 - 53,095 (30,089) 211,389 181,300 ===== 21,284 177,918 - - 199,202 9,694 3,191 - 80 - 12,965 20,691 33,656 - 33,656 165,546 45,843 211,389 ===== |
|
|---|---|---|
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THE HOLLIDAY FOUNDATION
STATEMENT OF ASSETS AND LIABILITIES AT 31 MARCH 2024
| Notes | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| CASH FUNDS | 181,300 | 211,389 | |
| INVESTMENT ASSETS | 1,388,452 | 1,202,218 | |
| DEBTORS | |||
| - | - | ||
| __ | __ | ||
| 1,569,752 | 1,413,607 | ||
| CREDITORS | |||
| Accruals - payable in up to 12 months | (18,288) | (3,055) | |
| NET ASSETS | 1,551,464 | 1,410,552 | |
| ======== | ======== |
15 January 2025 and were signed on its behalf by:
………………………………………………. D W J Garrett, Trustee
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THE HOLLIDAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1 ACCOUNTING POLICIES
1.1 Basis of Preparation
The Receipts and Payments Form of reporting has been adopted by the Trustees.
1.2 Investments
Quoted investments are stated at market value calculated by their mid-market value at the balance sheet date.
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THE HOLLIDAY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2 INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Listed Investments | 24,952 | 21,284 |
| ===== | ===== |
3 RELATED PARTIES
During the period, Investment management fees of £9,257 were paid to Alvarium Investment Managers (UK) LLP, in which Mr J A Cave was a Partner and Cerno Capital Partners LLP, in which Mr J A Cave is a Director..
| 4 GRANTS AND DONATIONS MADE TO INSTITUTIONS Pimlico Opera Magic Breakfast Tim Henman Foundation Paid Charsfield Recreation Ground (In banking system on 31 March) |
2024 £ 20,000 5,000 10,000 35,000 15,000 _____ 50,000 |
|---|---|
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