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2021-03-31-accounts

Charity Registration No. 1113708

Company Registration No. 5731598 (England and Wales)

ee

:

COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

P. H.[HOLT][FOUNDATION] COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Trustees lan Bakewell
Elspeth Christie
Amy de Joia
Chris Evered
Lesley Martin-Wright
lan Matthews
Kenneth Ravenscroft
Ann Crotty
Michael Furniss
Grainne Cuerden
Secretary Elspeth Christie
Administrator Anne Edwards
Email administrator@phholtfoundation.org.uk
Telephone and fax 0151 237 2663
Website www.phholtfoundation.org.uk
Charity number 1113708
Company number 5731598
Registered office 151 Dale Street
Liverpool
L2 2AH
Auditor BWM
Castle Chambers
43 Castle Street
Liverpool
L2 9SH
Bankers Barclays Bank Plc
Liverpool Branch
48B - 50 Lord Street
Liverpool
L21TD
Handelsbanken
166 - 169 Exchange Station
Tithebarn Street
Liverpool
L22QP

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION

Shawbrook Bank Lutea House Warley Hill Business Park Great Warley Brentwood Essex CM13 3BE

Solicitors

Investment managers

Brabners LLP Horton House Exchange Flags Liverpool L2 3YL

Ruffer LLP 80 Victoria Street London SWI1E 5JL

Troy Asset Management Limited Brookfield House 40 Davies Street London W1K 5JA

.

Kennox Asset Management Limited 23 Melville Street

Edinburgh EH3 7PE

Tilney Investment Management Royal Liver Building Liverpool L3 1NY

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE CHAIRPERSON'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

The start of the Foundation’s 2020-2021 financial year coincided with the beginnings of the first national lockdown in response to the COVID 19 pandemic. Already facing enormous challenges, charities in the region had to adapt and be flexible to unprecedented conditions whose duration and course were unknown.

There was unanimous agreement amongst the trustees to set up an emergency programme. The programme ran during April and May 2020 and saw radical alterations to our working practices. It involved remote meetings, sub committees set up to review applications by boroughs and/or themes and an electronic payment system extended to distribute grants as quickly as possible. The programme also required reconsideration of our criteria, a simplified application procedure and a realistic approach to reporting. The objective was to get funds into our communities as rapidly as possible to relieve need and deprivation and makea difference.

The Emergency Programme saw over £300,000 committed to just over 80 charities. Over 60% of the grants delivered were to first time applicants and over 90% went to small and medium sized organisations. Inevitably, the vast majority of grants went to welfare groups as activity in the arts sector was seriously curtailed by the inability to stage events.

Our regular grant programme was maintained throughout the year with £395,470 approved in grants to just over 50 organisations. Including monies distributed through the Holt Education bursary programme, the total of grants committed in the year was just under £700,000.

The board is looking to maintain our grant funding at our upper level in 2021-2022 and has introduced a Resilience Programme to support charities across Merseyside to promote sustainability into the future.

My fellow trustees and our administrator Anne Edwards have gone to extraordinary lengths to ensure our work has continued and been enhanced during a difficult year for which | extend my deepest thanks.

The future remains very uncertain particularly as a number of funding programmes and initiatives are coming to an end. The Foundation will continue to endeavour to make a difference to beneficiaries we seek to help in support of our diverse communities.

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lan Bakewell Chair

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report and financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The P H Holt Foundation is a registered charity, number 1113708, and charitable company incorporated on 6 March 2006. The objects of the Charity are to acquire “all the assets and undertaking (including all liabilities) of the P H Holt Charitable Trust (as originally declared by a deed of Trust, dated 15 February 1955) (the "Trust") and then to apply the investments and other assets of the Charity from time to time, whether arising from the aforesaid acquisition or otherwise, and whether income or capital, for charitable purposes in the United Kingdom of Great Britain and Northern Ireland, and elsewhere as the Charity in its absolute discretion shall think fit, to the intent that, but without prejudice to the generality of the foregoing, the principal area of activity of the Charity shall be the Merseyside area".

The P H Holt Foundation also acts as sole Corporate Trustee to Holt Education Trust, established by Trust Deed on 11 June 1915, "for the promotion and encouragement of higher education among the inhabitants of the City of Liverpool, and the Hundred of West Derby and the Hundred of Wirral".

The origins of both charities derive from the maritime endeavours of Philip Henry Holt, who in 1865, together with his brother Alfred, founded the Ocean Steam Ship Company Limited in Liverpool. The Company flourished across five continents and gained international recognition for more than 120 years as one of the largest merchant shipping fleets in the UK. In 1988, with the demise of the remaining shipping line, the Foundation became beneficiaries of Ocean Steam Ship's collection of nautical memorabilia comprising; paintings, ship models, historical documents, and seafaring artefacts. These are loaned and are on public display at the Merseyside Maritime Museum in Royal Albert Dock, forming part of the commercial history of the port of Liverpool.

During his lifetime, Philip Holt had specific philanthropic interests, and the Foundation strives to continue his social concerns by supporting causes where people can makea real contribution to where they live and work. The P H Holt Foundation awards grants according to five priority themes, and which help communities and charitable organisations create a better future for the people of Merseyside.

The Foundation occasionally funds projects that fall within the scope of the Holt Family heritage. This programme is specific to charities where there is a long-standing connection with the Foundation, and which reflect Philip Holt's personal values of civic responsibility, self-improvement, and innovation.

In taking this broad approach to its activities, the Trustees confirm that they have had regard to the Charity Commission's general guidance on public benefit.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

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~ P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Achievements and performance

During 2020/21, the P H Holt Foundation and Holt Education Trust received written applications from 279 registered charities and individual students (179: 2019/20). Grant awards worth £679,472 were made to 132 organisations (£448,213: 2019/20 comprising 66 awards). In addition, 31 Merseyside students were awarded bursaries through Holt Education Trust which spent £20,000. Further details are set out in Notes 5 and 6 to the Financial Statements.

The largest portion of grant expenditure [92%], went in support of grass roots community organisations working across the five metropolitan boroughs. This accounted for £627,037 (£328,008: 2019/20) which funded a range of youth and family programmes, older people's projects, community centres, debt advice schemes, homeless & refugee support, counselling, mentoring initiatives and foodbanks, enabling up to 50,000 people to maintain their health, well-being and stay connected to their local community

The Foundation continued to advance the performing arts and provided £45,413 in grants to 10 organisations to showcase emerging talent, dance, music, and the cultural heritage of the region. This was below previous grant levels (£55,233: 2019/20). Grants to education, incorporating Holt Education Trust came to £27,000 (£64,972: 2019/20). A third of students awarded grants were from BAME communities.

The number of ineligible applications, outside of grant making criteria represented more than 29% of applications received, up from prior year total of 25%.

Financial review

The results for the year ending 31 March 2021, are set out in the Statement of Financial Activities on page 12. Total incoming resources from investments and interest were £192,162 for 2020/21, down from £295,964 in 2019/20. Resources expended rose to £753,892 compared to a previous year of £501,938 (2019/20).

Investments for the year ending 31 March 2021 stood at £21,200,920 on the previous year's closing position of £17,913,630. Also, during the year, disposals of £2,375,000 were made from investment holdings in Ruffer Absolute Return Fund and the Troy Global Equity Fund.

Net expenditure before investment gains/losses was £561,730 (£205,974: 2019/20). For 2020/21, the net closing asset position rose by £3,197,147 to £22,473,447 (£19,276,300: 2019/20).

Reserves

We inherit from the Trustees of P H Holt Charitable Trust an awareness of our obligation to balance the needs of current and future charitable beneficiaries. The Charity funds expenditure from investments and has the freedom to spend both income and capital, provided the core endowment of the Holt Education Trust is preserved.

The Trustees do not consider the underlying capital to be reserves since they form the sole source of revenue for the Foundation and the investments held provide a relatively secure and stable stream of income from which to make grants.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Fund Structure, Investment Policy and Performance

Unrestricted Fund

Under the terms of its Memorandum and Articles of Association, P H Holt Foundation may spend capital as well as income, for charitable purposes in the United Kingdom and elsewhere. The accumulated funds of the Charity are therefore unrestricted funds for the purposes of charity law. Transfers are made from investments to current assets, as and when, liabilities or requirements fall due.

Our investment objective is to preserve the value of capital in real terms to sustain our long-term grant-making and future activities. Our investments with Ruffer LLP, Troy Asset Management Limited and Kennox Asset Management Limited are held in composite funds. We have confidence in our Investment Managers’ abilities to look after our funds wisely in ever changing financial markets and are satisfied with their performance.

Endowed Funds

In accordance with the Trust Deed, income from Holt Education Trust can be used only for specified educational purposes and its capital is restricted as a permanent endowment in charity law. The Holt Education Trust endowment is managed in a segregated portfolio with balanced investment objectives. We are satisfied that the Manager at Tilney in Liverpool meets these objectives.

Risk Management The Trustees continually review the major strategic, business, and operational risks to which the Charity could be exposed and have an agreed risk assessment policy to mitigate significant risks. A formal review of performance against the identified risks is conducted annually reporting into the Board. The Trustees are satisfied that the system of internal controls and ongoing reviews currently in place is adequate.

There were no serious incidents recorded during the year ended 31 March 2021.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Future plans

As the year came to a close, the country was in its third nationwide lockdown. The Emergency Programme which ran during 2020 alleviated the most pressing of needs, but the legacy of the crisis is an overburdened charitable sector experiencing funding issues. At the start of the new financial year, the Trustees agreed to a new fund beyond our normal grant programme to enable the sector to weather the uncertainty. Grant expenditure is likely to remain at comparable levels to last year as we channel additional resource to the infrastructure of local organisations with the aim of improving their resilience.

Our commitment to funding genuine quality work and supporting local communities, particularly those that have a history of disadvantage and poverty, remains paramount.

Structure, governance and management

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

lan Bakewell

Elspeth Christie Amy de Joia Chris Evered Lesley Martin-Wright lan Matthews Kenneth Ravenscroft Ann Crotty Michael Furniss

Grainne Cuerden (appointed 11 June 2021)

The governing instruments specify that there must be at least four trustees. One third of trustees retire each year but may be re-appointed subject to various safeguards.

The Trustees agree the strategy and broad areas of activity for the Foundation, and each year, formally review whether their collective skills and experience remain adequate for the needs of the Foundation. New appointments are chosen with a view to maintaining the Board’s knowledge, ethos, and independence. Appropriate training and induction is provided, normally by means of meetings and discussions with individual Trustees and Administrator, accompanied by participating in committee meetings, and as required conferences and seminars. Trustees receive updates and informal training through regular briefing papers and bulletins. The Foundation is a member of the Association of Charitable Foundations (ACF) and National Council for Voluntary Organisations (NCVO). Both organisations provide information on good practice, governance, and changesin legislation.

Trustees meet four times each year to consider and review investments and reserves, risk management policies, financial performance, and grant awards in addition to dedicating time to an annual strategy day. All binding decisions about any aspect of the Charity are only made at a full meeting. To support the grant making process, a sub-committee assesses all applications to the Foundation prior to the full meeting, and where it is considered necessary or desirable, visits are arranged to gain a better understanding of a charity's request.

Guidelines on how to make a grant application, together with the eligibility criteria are posted on the Foundation's website (www.phholtfoundation.org.uk). All applications are considered but the Trustees reserve the right to turn down applications, albeit appearing to fall within criteria due to the volume of requests.

The Administrator is responsible for the day-to-day management of the Charity, including contact with actual and potential grant recipients, and with the Foundation’s various associates and stakeholders.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Auditor

In accordance with the company's articles, a resolution proposing that BWM be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charitable Company's website. Legislation in the United Kingdom governing the preparation and dissemination offinancial statements may differ from legislation in other jurisdictions.

Small company provisions

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The Trustees' report was approved by the Board of Trustees.

(O.£ew daw

lan Bakewell Trustee

Dated: 24-05 124

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2021

The Trustees, who are also the directors of P. H. Holt Foundation for the purpose of company law, 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).

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 Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate 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 Companies Act 2006. 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.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF P. H. HOLT FOUNDATION

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Opinion

We have audited the financial statements of P. H. Holt Foundation (the ‘Charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and the 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 FRS 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: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditor's 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 UK, including the FRC’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 annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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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~ PH. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF P. H. HOLT FOUNDATION

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

Responsibilities of Trustees

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As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Charity for the purpose of company law, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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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- PH. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF P. H. HOLT FOUNDATION

The extent to which the audit was considered capable of detecting irregularities, including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF P. H. HOLT FOUNDATION

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

forPeter and Taaffeon behalf FCA CTA of BWM DChA (Senior Statutory Auditor)

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Chartered Accountants

Statutory Auditor

Castle Chambers 43 Castle Street Liverpool L2 9SH

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Current financial year
Unrestricted Restricted Endowment Total Total
funds funds funds
2021 2021 2021 2021 2020
Notes £ £ £ £ £
Income from:
Investments 3 179,175 12,987 - 192,162 295,964
Expenditure on:
Raising funds 4 - - 5,568 5,568 7,348
Charitable activities 5 748,324 - - 748,324 494,590
Total resources expended 748,324 - 5,568 753,892 501,938
Net gains/(losses) on investments 10 3,629,839 - 129,038 3,758,877 (372,396)
Net incoming/(outgoing) resources
before transfers 3,060,690 12,987 123,470 3,197,147 (578,370)
Gross transfers between funds 17 (14,562) 14,540 22 - -
Net movement in funds 3,046,128 27,527 123,492 3,197,147 (578,370)
Fund balances at 1 April 2020 18,740,375 6,938 528,987 19,276,300 19,854,670
Fundbalancesat31March2021 21,786,503 34,465 652,479 22,473,447 19,276,300

The statement of financial activities includes all gains and losses recognised in the year.

The movement in funds detailed above complies with the requirements for a statement in changes in equity in FRS102.

All income and expenditure derive from continuing activities.

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. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Prior financial year

Prior financial year
Unrestricted Restricted Endowment Total
funds funds funds
2020 2020 2020 2020
Notes £ £ £ £
Income from:
Investments 3 278,560 17,404 - 295,964
Expenditure on:
Raising funds 4 - - 7,348 7,348
Charitable activities 5 474,590 20,000 - 494,590
Total resources expended 474,590 20,000 7,348 501,938
Net gains/(losses) on investments 10 (303,167) - (69,229) (372,396)
Net incoming/(outgoing) resources before
transfers		 (499,197) (2,596) (76,577) — (578,370)
Gross transfers between funds 17 (683) - 683 -
Net movement in funds (499,880) (2,596) (75,894) (578,370)
Fund balances at 1 April 2019 19,240,255 9,534 604,881 19,854,670
Fundbalancesat31March2020 18,740,375 6,938 528,987 19,276,300

The statement of financial activities includes all gains and losses recognised in the year.

The movement in funds detailed above complies with the requirements for a statement in changes in equity in FRS102.

All income and expenditure derive from continuing activities.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE BALANCE SHEET

AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed assets
Tangible assets 12 5,000 5,000
Investments 13 21,200,920 17,913,630
21,205,920 17,918,630
Current assets
Debtors 15 96,687 80,270
Cash at bank and in hand 1,182,742 1,284,570
1,279,429 1,364,840
Creditors: amounts falling due within
one year 16 (11,902) (7,170)
Net current assets 1,267,527 1,357,670
Total assets less current liabilities 22,473,447 19,276,300
Capital funds
Endowment funds 17 652,479 528,987
Income funds
Restricted funds 18 34,465 6,938
Unrestricted funds 21,786,503 18,740,375
22,473,447 19,276,300

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

The financial; statements were approved by the Trustees ON ..........cececeeeee7-09-25

lan Bakewell Trustee

Company Registration No. 5731598

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Charity information

P. H. Holt Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 151 Dale Street, Liverpool, L2 2AH.

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Restricted and Endowed Funds In accordance with the Trust Deed, income of Holt Education Trust can be used only for specified educational purposes and its capital is restricted as a permanent endowment fund in charity law.

Unrestricted funds Under the terms of its Memorandum of Association, P.H. Holt Foundation may spend capital as well as income for charitable purposes in the United Kingdom and elsewhere. The accumulated funds of the Charity are therefore unrestricted funds for the purposes of charity law. Transfers are made from investments to current assets as and when liabilities fall due.

Investment income, including dividend income, is recognised in the year in which it is receivable.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

(continued)

1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Where possible, expenditure is directly allocated to appropriate categories. The remaining expenditure is apportioned in accordance with a formula which the Trustees consider corresponds realistically to the use of staff time and other resources.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Grants payable

Future grant commitments are fully provided for in the year in which the commitment is made. In the case of an unconditional grant this is accrued once the recipient has been notified of the grant award.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Donated assets are recognised and valued at Trustees' estimate of value at the date of donation.

Depreciation is not charged on pictures and historic assets held by the charity.

The main form of financial risk faced by the Charity is the of volatility in equity markets and investment markets due to wider economic conditions, such as the ongoing Covid-19 pandemic, Brexit, the attitude of investors to investment risk and changes in sentiment incurring equities.

Income from investments, including dividend income, is included together with the related tax credit, in the year in which it is receivable.

Interest on funds held on deposit is recognised when receivable, and the amount can be recognised reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

~_P, H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

(continued)

1.10 Financial instruments The Charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets original effective interest rate.

For financial assets measures at cost less impairment, the impairment loss is measured as the difference between an assets carrying amount and best estimate, which is an approximation of the amount that the Charity would receive for the asset if it were to be sold at the balance sheet date.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

-17-

P. H.[HOLT][FOUNDATION] COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

3 Investments

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |funds|funds|funds|funds| |2021|2021|2021|2020|2020|2020| |£|£|£|£|£|£| |Dividends|-|Listed| |investment|funds|and| |equities|173,492|12,933|186,425|273,027|17,343|290,370| |Bank|interest|5,683|54|5,737|5.533|61|5,594| |179,175|12,987|192,162|278,560|17,404|295,964|

----- End of picture text -----

4 Raising funds

Investment management

----- Start of picture text -----
||| |---|---| |Endowment|Endowment| |funds|funds| |2021|2020| |£|£| |5,568|7,348| |5,568|7,348|

----- End of picture text -----

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

5 Charitable activities

Grant Grant
making making
2021 2020
£ £
Staffing
Office costs		 21,750
9,209		 21,250
8,146
30,959 29,396
Grant funding ofactivities (see note 6) 699,472 448,213
Share ofgovernance costs (see note 7) 17,893 16,981
748,324 494,590
Analysis by fund
Unrestricted funds 748,324 474,590
Restricted funds - 20,000
748,324 494,590
Grants to institutions may be categorised as follows:
2021 2020
£ £
Emergency grants
Communityand Overcoming Barriers 298,002 -
Engagement in theArts 6,000 -
Programme-related grants
Community and Overcoming Barriers 329,055 328,008
Engagement in theArts 39,415 55,233
Access to Education 7,000 34,972
Holt Education Trust 20,000 30,000
699,472 448,213

-19-

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

i

6Grants payable

:

6Grants
Grants payable
2021
£
Emergency Grants to institutions (81 grants)
Community and Overcoming Barriers
ADHD Merseyside 3,000
Age UK Mid Mersey 2,000
Amadudu Steve Biko 5,000
AnthonyWalker Foundation 5,000
Asylum Link 4,020
Autistic Ventures 3,000
Big Help Project 1,500
BootleYMCA 2,500
Bradbury Fields 5,000
Brain Charity 2,000
Bridge Community 3,000
Bronte Centre 5,000
BYF Newton le Wilows 5,000
Care Merseyside 3,840
Centre 63 1,500
Chinese Wellbeing 8,000
City of Liverpool Sea Cadets 1,000
Comedy Trust 4,150
Compassion Acts 3,000
Crossing Points 4,695
Croxteth & Gilmoss Federation 4,625
DaisyUK Ltd 2,000
DeafActive 2,500
Drive
East Liverpool Riding for DisabledAssocation		 3,000
3,000
Eastham Community Centre 2,757
Fairfield Scout Group 1,900
Families Fighting forJustice 5,000
HeadwayWirral 4,200
Helplink
HIYA		 4,000
4,050
HomestartSouthport 2,000
Independence Initiative 3,000
Kensington Fields 3,000
Kind 1,000
Kinship Carers 1,880
Knowsley Disability Concern 5,000
L6 CommunityAssocation 5,000
Leasowe PlayYouth &CommunityAssocation 2,000
Linacre Methodist Mission & Neighbourhood Centre 4,195
ListerSteps 3,000
Litherland Youth & Community Centre 3,500
Liverpool CommunityAdvice Ltd 2,000
Liverpool Homeless Football Club 3,000
LiverpoolIrishCentre 2,000

i

-20-

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Grants payable

(continued)

2021
Community and Overcoming Barriers £
Liverpool Muslim Society 2,000
Liverpool Somali Community 2,684
Liverpool Sunflowers 5,000
Liverpool Veterans 1,500
Mandela 8 5,000
Marine in the Community 3,000
Mencap Wirral 3,000
Merseyside Domestic Violence Service Ltd 5,000
Merseyside Lowland Search & Rescue 2,000
Merseyside Refugee Support Network 6,500
Micah Liverpool 4,690
Moving Senses 1,500
MPAC 3,000
Netherton Park Comm Association 4,500
Norris Green Comm Association 2,460
Orrell Trust 2,212
Philippi Trust 4,000
PLS Food Foundation 4,600
Sahir House 9,660
Sefton Advocacy 2,500
Shoreline 2,400
Shrewsbury House 10,000
Sola Arts 5,000
South Liverpool Foodbank 2,350
St Helen's Mind 2,656
Stick 'n' Step 5,187
SWACA 12,720
The Florrie 7,854
Tomorrow's Women Wirral 3,960
Tuebrook Hope 2,500
Vauxhall Law Centre 5,000
Wirral Change Ltd 5,000
Woodlands Netherley 5,757
Yellowhouse 3,000
298,002
Engagement to the Arts £
Black -E 5,000
Liverpool Carnival Company 4,000
6,000
£
Total 304,002

2944

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

.

6 Grants payable (continued)
Programme-related grants to institutions (51 grants)
2021
Communityand Overcoming Barriers £
Abdullah Quilliam Society 9,828
Aigburth Community Church 10,000
Ainsdale Lunch & Leisure 7,500
Ainsdale Lunch & Leisure 9,000
Belvidere Centre 4,660
Bold Rangers Junior FC 3,100
Business for Youth Newton le Willows 5,000
Centre 63 12,000
Compass Counselling 15,000
Ferries Family Groups 7,800
Friends - Play for Disabled Children 9,720
Garston Activity Playground 9,000
Huntington's Disease Association 5,000
KIND 5,000
Kindfulness Coffee Club 9,256
Koala North West 5,000
Life Hub Bebington 7,500
Liverpool Carnival Company 8,325
Liverpool Homeless Football Club 6,000
Liverpool Somali Community 9,990
Love Jasmine 5,590
Mandela 8 10,000
Marine in the Community 6,400
Mathematical Education on Merseyside 1,000
Merseyside Waterside Rescue 4,000
MigrantWorkers Sefton Community 13,000
Netherton Park CommunityAssociation 10,000
Open DoorCentre 10,000
People First Merseyside Company Limited 8,250
Sanctuary Family Support 10,201
Seaforth Information Network Group 10,000
Sefton Opera 5,000
South Central CommunityTransport 5,630
South Liverpool DomesticAbuse 10,000
St Chads 4,500
St Georges Huyton 2,000
St Leonard's Youth
& Community Centre		 9,000
Triple C 8,000
Vee's Place Community Support Centre 5,000
West Everton Community Council 10,000
WHISC 12,000
Woodvale CommunityAssociation 10,805
329,055

-22 =

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

|

6 Grants payable (continued)
2021
£
Engagement to the Arts
Catalyst Dance & Drama Group 5,000
LIPA 950
The Windows Project 10,000
Collective Encounters 7,565
Metal 5,000
Theatre in the Rough 2,000
Wirral Society ofthe Blind & Partially Sighted 5,000
Foundation forArts & Creative Technology 3,900
39,415
Education £
St Helen'sYoung Carers 7,000
Holt Education Trust £
Liverpool Hope University 10,000
Liverpool John Moores University 10,000
20,000
£
Total 699,472
2020
£
Year ended 31 March 2020
Programme-related grants to institutions (66 Grants)
Community and Overcoming Barriers
Age UK Wirral 5,000
All TogetherNow 6,000
Big Help Project 5,000
Birkdale Community Hub 19,752
BrunswickYouth & Community Centre 8,438
Caring Connections 2,500
Clapperboard UK Limited 9,000
Congolese Association of Merseyside Limited 8,634
Croxteth & Gillmoss Community Council 3,000
Deafness Resource Centre 10,000
Dolcorsllwyn Hall 3,000
Families Fighting for Justice 3,000
FamilyTree Wirral 8,750
Granby4Streets 5,000

«23-

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

)

6 Grants payable (continued)
2020
Community and Overcoming Barriers £
Granby Somali Women's Group 9,600
Halewood Youth in the Community Centre 7,366
Henshaws Society for Blind People 5,000
IBJoke Children Foundation UK
Imagine IfTrust 3,000
Kuumba Imani Millennium Centre 5,000
L21 Community Judo Club 3,000
Listening Ear 10,000
Liverpool Six Community Association 10,000
Lyndale Cancer Centre 10,000
Mersey Counselling &Therapy Centre 5,000
Migrant Workers Sefton Community 13,000
Netherton Feelgood Factory 4,000
Noah's Ark Centre 2,700
Park Farm - TheACYP Centre Ltd 11,200
PCC St Philemon Toxteth 5,000
Phoenix Community &Youth Project 8,780
Porchfield CommunityAssociation 5,570
Royal Albert Dock Liverpool Charitable Foundation 3,500
Savera UK 5,000
St Cyril's Children and Youth Project 10,760
SupportThrough Court Liverpool 2,000
Swan Women's Centre 9,008
Team Oasis 5,000
Triple C 6,758
The Hope Centre St Helens 2,887
Veterans in Sefton 5,000
WEBB- Men Too 10,000
West Everton Community Council 10,000
WHISC 12,000
Wirral ChurchesArk Project 10,000
Woodvale CommunityAssociation 10,805
Y Kids 5,000
328,008

-24-

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

6 Grants payable (continued)
2020
Engagement in theArts £
20 Stories High 1,900
Edgehill Youth
& Community Centre		 5,657
European Opera 5,000
Fearnley Resource Centre 4,440
Heart of Glass 4,000
Marybone Youth & CommunityAssociation 8,736
Metal Liverpool 5,000
National Museums Liverpool 7,500
Toxteth Women's Centre 3,000
Tmesis Theatre 5,000
Whitechapel Centre 5,000
55,233
Education £
Dyslexia Foundation 7,940
Foundation Years Trust 10,000
PriorityYouth Project 10,000
Prisoners Education Trust 4,032
The Bluecoat 3,000
34,972
Holt Education Trust £
Liverpool Hope University 20,000
Liverpool John Moores University 10,000
30,000
£
Total 448,213

-25-

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Support costs
Support Governance 2021 Support Governance 2020
costs costs costs costs
£ £ £ £ £ £
Audit fees - 7,380 7,380 - 7,170 7,170
Trustees' expenses - 193 193 - 13 13
Staffing - 7,250 7,250 - 7,083 7,083
Office costs - 3,070 3,070 - 2,715 2,715
- 17,893 17,893 - 16,981 16,981
Analysed between
Charitableactivities - 17,893 17,893 - 16,981 16,981

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

The only transactions with Trustees related to reimbursement to two trustees of Companies House fees 7 and costs of attending the Association of Charitable Foundations conference. The reimbursed costs totalled £193. (2020: £13 in respect of Companies House fees for one Trustee).

There were no employees during the year. The key management personnel comprise the Trustees only.

10 Net gains/(losses) on investments

Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
general general
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Revaluation of
investments 3,282,027 116,995 3,399,022 (309,281) (70,471) (379,752)
Gain/(loss) on sale of
investments		 347,812 12,043 359,855 6,114 1,242 7,356
3,629,839 129,038 3,758,877 (303,167) (69,229) (372,396)

11. Taxation

The Foundation is a registered Charity, and as such is entitled to certain tax exemptions on income and profits from investments if these profits are applied solely for charitable purposes.

The Charity is not registered for VAT and all expenditure is recorded inclusive of any VAT incurred.

+96 =

P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

12 Tangible fixed assets

Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2020 5,000
At 31 March 2021 5,000
Carrying amount
At 31 March 2021 5,000
At31March2020 5,000

The above assets comprise pictures and artefacts that were gifted to P. H. Holt Foundation by the Trustees of P.H. Holt Charitable Trust which are associated with the historic business interests of Philip Holt and his family. The pictures and some artefacts are held for use by the Charity. Following professional advice the Trustees consider the book value of £5,000, at which the assets were transferred, represents a prudent minimum valuation as at 31 March 2021.

.

There are also additional artefacts that are on loan to the Merseyside Maritime Museum in Liverpool for educational purposes and are covered by the Government's indemnity scheme arranged by the Museum. As such, no value has been included in the accounts in respect of these assets.

13 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £
At fair value
At 1 April 2020 17,898,270 15,360 17,913,630
Additions 2,015,328 125,408 2,140,736
Valuation changes 3,399,022 - 3,399,022
Disposals (2,127,567) (124,901) (2,252,468)
At 31 March 2021 21,185,053 15,867 21,200,920
Carrying amount
At 31 March 2021 21,185,053 15,867 21,200,920
At31March2020 17,898,270 15,360 17,913,630

«D7 «

P. H.[HOLT][FOUNDATION] COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

14 Financial instruments 2021 2020
£ £
Carrying amount offinancial assets
Instruments measured at cost less impairment 1,276,262 1,361,409
Instruments measured at fairvalue through profit or loss 21,200,920 17,913,630
Carrying amount of financial liabilities
Measured at amortised cost 11,902 7,170
15 Debtors
2021 2020
Amounts falling due within one year: £ £
Prepayments and accrued income 96,687 80,270
16 Creditors: amounts falling due within one year
2021 2020
£ £
Accrualsanddeferredincome 11,902 7,170

-28-

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18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Transfers Balance at
1 April 2019 resources expended 1 April 2020 resources 31 March 2021
£ £ £ £ £ £ £
Holt
Education
Trust 9,534 17,404 (20,000) 6,938 12,987 14,540 34,465

The Holt Education Trust fund above represents income generated from the Endowment fund of the same name which, in accordance with the Trust Deed, can only be used for specified educational purposes.

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P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none). However, the Charity is a local grant provider which seeks to maintain close links with many parts of the Merseyside Community. Potential conflicts of interest can therefore arise from time to time. Individual Trustees and_ their Administrator do not participate in decisions when they could be perceived to be acting other than in the sole interests of the Charity.

21 ~+Legal Status

The Charity is a company limited by guarantee, whose registered office is 151 Dale Street, Liverpool, L2 2AH, and has no share capital. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

«9' -