Registered Charity No. 1089931 ## **THE HOLLIDAY FOUNDATION** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** _Page 1_ ## **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 _Page 2_ ## **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| _Page 3_ ## **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. _Page 4_ ## **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 _Page 5_ 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 proCedu￿S 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 l￿d 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**
=====| |---|---|---| |||| _Page 7_ ## **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 _Page 8_ ## **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. _Page 9_ ## **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**| |---|---| _Page 10_