Charity Registratlon No. 1113708 Company Registration No. 5731598 IEngland and Wales) P.H.HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION Trustees Elspelh Ctrtrfslie Amy de Joia Mlchael Furniss Nigel Lanceley DL, FCA Natan Levy Lesley Martin-wiighl lan Mallhews Kénneth Ravenscrrtrft {Appoinled 9 June 20231 Secretary Elspeth Christie Adminlstrator Anne Edwards Email adminislralor@phhollfoundalion.org.uk Telephone and fax 0151237 2663 Website www.phholtfoundalion.org.uk Charlty number 1113708 Company number 5731598 Registered office 151 Dale Stre$t Llvèrpool L2 2AH Auditor BWM Suite 5.1 12 filhèbarn Street Liverpool L2 20T Bankers Bardays Bank PIC Liverpool Branch 48B- 50 Lord Strèet Livèrpool L2 ITD Entèrprise CTedit Union Hall Lane Huyton Meiseyside L36 6AX P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE LEGALAND ADMINISTRATIVE INFORMATION 8ankers Icontinuedl Shawbrook Bank Lutea House Wartey Hill Business Park Great Warley Brènlwood Essex CM13 3BE Solicitors Brabners LLP Horion House Exchange Flags Liverpwl L2 3YL Investment managers Ruffef LLP 80 VidorÈa Stre81 London SW1 E SJL Troy Ass&t Management Limited 33 Davies Street London W1K4BP Kennox Inveslmenl Management Limited 23 Melville Strèet Edinburgh EH3 7PE Evelyn Partners Royal Liver Building Liverpool L3 1NY P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE CONTENTS Pag• Ch8irper80n's statement Trustees. report Slalemenl of Trijslees, responsibililies Independent auditorfs report 8-11 Statement of financial activities 11ncluding income and expenditure a¢counll 12-13 Balance sheet 14 Notes lo the financial slalemellls 15-33 P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE CHAIRPERSON'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 Any hopo that the PDSt-pandemic environmènt would see a return to business as usual lor charities was se.verely challenged over the last twelve months. The war in Ukraine, the fragilily of global supply chains and economic n￿rtainlY all brought pressure to bear on the volunlaiy seBlor as price rises for energy, commodities, food and other liwng ￿$1S took (heir toll, affecting organisalions and bonBficiartes alike. Folbwing two years of increased funding lo counleracl Covid-19 related disiuption, in 2022-23 the Foundalion look the decision to maintain grant expondilure above prtrpandemic levels. being mlndful thal the tough economi¢ climate affecting our communities would likely pèrsist lor some time yet. Hence during Ihfy year, we distributed over £565,000 10 64 charilies. Bursaries were also provided lo 37 students through the Holl Education Trust. Oll 30 June 2023, lan 8akewÈll rèsigned as Chair and TTusle& of the Charity after seven years in that posillon. The TrtE3lees wish to record their apprèciation for his Servi￿ and thank him for all that hè has achieved ill his term of otfice. I lotsk ov6r as Chair on l July 2023 following lan's departure. The Charity conlinu&s in good health and OUT quartÈrly grants programme continues lo opeialo SUCCEsslulty. The political and wortdwide situation has not changed since our yèar end and uncertainly is still prevalent. Many of the recipients of ouf grallls continue to work hard to recover after several diffl¢ull years. On behalf of Ihe trustees. may I thank Anno Edwards for heT great conlribulion lo thè Chartly and for her help and advice to me pèrsonally. Her knowledge and Commitment lo Ihe Charity is vital for our Continued success. Nigel Lanoeley DL,FCA Chalr Date.. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The TruslÉes prèsent thèir report and finanoxal slalemenls IOT the year ended 31 March 2023. Th6 financial stalemenls have been prepared in accord3nGe with the accounting poI￿leS set out in note 1 lo the financial statements and comply with the Qharily's governing documenl, the Companies Act 2006 and "A¢¢ounling and Reporting by Charities.. Slalemenl of Recommendèd Practicé applicablè to charities preparing their accounts in accordartce with the Financial Reporting Standard applicablè in thè UK and Republic of Ireland IFRS 1021" leffeclive 1 Jgnuary 20191. Objectlves and activities The P H Holl Foundation is a regislere(J charity, number 1113708, and charitable company inc￿pOrated on e March 2008. The objects of the Chaiity 3re lo acquire "all the assets and undertaking lincluding all liabililiesl ol the P H Holt Charitable Trust las originally dedaied by a deed of Trust, dated 15 February 19551 Ilhe "Tiusl I and then lo apply the investments and other assets of the Ch81ily from lim& lo lime, whether arising from the aloiesaid acquisition or othèrwise, and whether inGorne or capital, lor charitable purpos?s in the United Kingdom of Great BTilain and Northèrn Irèland. and elsewhere as the ChaTily in ils absolute dis¢relion shall think fil, to the intent that, bul without prejudice to (he goneralily of Ihe foregoing, the principal area of activity ol th8 Chatily shall be the Merseyside area" The P H Holt Foundation also acts as solè Corpordte Trustee to Holt Education Trust, established by Trust Deed c>n 11 Julle 1915, for the promoiion and èncouragemènt ol higher education among the inhabilanls of the City of Liverpool. and the Hundr6d of West Derby and the Hundred ol Witral" The origins of both charities derive from the maritime endeavours of Philip Henry Holt, who in 1865, logether with his brother Alfred, founded the Ocean Steam Ship company Limited in Liverpool. The Company flourished across five continents and foT ove¥ 8 Cerilury gained widespread acdaim as one of the largest merch8nl shipplng eels in the UK. ID the 1980's Ihe company moved ils headquarters lo London. whèreupon the Foundation becarne sole beneficiary of Oeean Steam Ship's colleclion ol nautical memorabilia comprising., paintings, ship rnodels. historical documènts, and seafaring artefacts. These are on permanent display al thè Merseyside Maritime Museum in Ihe Royal Albert DoGk, and shed light on the maritime heritage ol Liverpool as thè wortd's busiest trading port. Philip Holl had dislincl philanthropic interests during his1ifÈtime. The Foundation works lo carry on Philip's s￿131 conceins by supporting inilialives that are reflective of hls civic values. and allow people lo make a real difference to thè communities in which they live and wotk. The P H Holl Foundation awards grants according to five prioiily themes, and which h61p communities and chariiable organisalions create a better future for the people of Merseyside. Crealing opportunities for people lo conlribulé lo their local community Enabling people lo overmme barriers Widening access lo Éducation for all ages Increasing engagement in the arts for excluded groups Encouraging care of the n31ural and built environment. In taking this broad approach lo 118 activities. Ihe Trustees confimi that they have had regard lo Ihe Charity Commission's general guidance on public bénefit. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 AchievemBnts and performance During 2022123. the P H Holl Foundallon and Holl Education Trust received wrillen applications from 137 règistÈrèd chaiilies and university 8ludenis In Liverpool, awarding grants and bursaries of £565,9281£866,213'. 20211221. Sixty four MeT8eyside chgrilies received a lolal of sixty five granls of £525,778. a reduciion on prior year lunding as our Covid funding drew lo a close {£856,213.' 2021r22 comprising 109 awards). The Foundation continued ils staunch support of MerseysidÈ ch2rities, largely small and medium sized oroanisalions which received 904k of available funds. It is predicted that the Foundcltion's funding will help up lo 25,000 d)ildrÈn, young people. and #dults to improve their health, well-being and remain connected lo Iheir1oc81 community, highlighling Ihe strength ol local grass roots groups in reaching into th6 heart of neglected and disadv&nl8ued areas across the fegion. Our aveiage grant rose during the period lo £8,089 as we saw higher demand from charities 88eking salary and core costs {£7.855.. 20211221. Further details are sel out in 1i01gs 6 and 7 to Ihe Financial Stalernenls. The number of ineligible applications outside of grant making criteria, réprÈsanted jusl under a quarter of applications received al 24Y., roughly on a par with Ihe year before where 230/D inèligible applicalions were Teceived. Inèligible applications compiise ch3ri1ies outside our geogrdphic31 area and national orgaTrisalions. Tfrtirty seven Merseyside sludents were awarded bursaries through Holt Education Trust whioh spent £40,150 ftjndino social science, naulie813nd engineering degfees al Liverpool John Moore's University and Liverpool Hope University. The prograrHrnè which has been running for alm051 a de¢ade. provides ftjnding to students from low income families across the region, and Ihe Trust receives exemplary support from both inslilulions who manago student recruilmenl, payments and ￿portIng. Flnancial review The iesulls for the year ending 31 March 2023. are set out in the Slalement of Flnanti81 Activities on page 12. Total incoming resources frorn investments and interest wèrè £473.004 for 2022123. up from £292,g98 for 2021122 due lo more generous income dislribulions on the unilised funds held. Income trom d(￿atiOnS and other sources brought the total incorne for 2022123 lo £476,332. Following an expansion of Ihe grant making programme in 2020r21 and 2021122, thè value of grants awarded In 2022123 reverted to more typical levels, Thls explalned the lower resources expend8d of £624.868. compared lo the pievious year of £921.82612021122}. Investments as of 31 March 2023 stood al £21.778,762, a deerÈase of £fJOG,758 or 2.30A on the previou5 yearfs closing position of £22,285,520. Much ol this was down lo the volatility affecting equity maikels which in autumn 20221od The Foundation lo adjust ratios wilhin our investment portlollo. Nel expenditure before investment gains and losses was £148,5361£628,828'. 20211221. With the nel losses on inveslmenlg of 2500,999 {nel gains of £1.677,917'. 20211221 there was an over811 reduction of £649,535 laddilion ol £l,Q49,089'. 20211221 to the value ol the funds held by the chaTIIy. For 2022123, the nel closing assel position came lo £22,873,001 {£23.522,536-. 2021122). Reserves We inh81il from Ihe Trustees of P H Holt Charitable Trust an aWa￿￿eSS of our obligation to balance the needs ol current and future charitable beneficiaries. The Charity f￿ndS expendilufe from investments and has the freedom to spend both in¢omÉ and capital, prowded the core endowment of Ihe Holl Ediicalion TrLJSt is preserved. Thè Tmstees do not consider the undwlying capital lo be reserves since they form the sole source of revenue for thé Foundation and the inveslmenls held provide a relatively secure and stable stream of income from which lo make grants. P. H. HOLT FOUNDATION COMPANY LIMITED BYGUARANTEE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Fund Structurè. Investment Policy and Perfortnance res ricled Fun Under the terms of ils Memorandum and Articles of Association, P H Holl Found81ion may spend capital, as well as income. loi charitabl8 purposès in th6 United Kingdom and elsewhere, The accumulated funds of the Charity are therefore unreslricled funds for the piirposes of charity law. Transfers are made frott) investments to current 8ssets, as and when liabilities or fequiremenls fall due. Our investment objective Is to preserve the value of capital in re81 terms lo sustain our long-term granl-maklng and future aclivilies. Our inVTrslme￿lS wilh Ruffer LLP, Troy Asset Management Limited and Kennox Assel Management Limited atp held in composite funds. We have confidpnce in our Invèstmènt Managers, abilities lo look after our lunds wisely in ever changing finaneAal markets and are satisfied with Iheir perfoirnance. In accordance wllh thè Trust Deed, incorne from Holl Edufjalion TrEEsI can be used only for specified educational purposÉs and its capital is restricted as a permanent endowment ift charity law. The Holl Education Trust endoivment is rnanaged in a segregated portfolio with balanced invesltn8nl objèctivès. We are satisfied that the Manager al Evelyn PartiieT8 in Liverpool meets these objectives. Rlsk MaTragem8nt The Trustees conlinLsally revÈew the major slralèglc, business, and operational risks lo which the Charity could be exposed and have an agreed risk assessment policy to niiligale signifioanl 115ks. A lormal review of performance against Ihe idenlified risks is conducted annually, reporting into the Boaid. The Truslees are satisfied that the system of internal controls and ongolng reviews currentty in place is adequale. Key Risks include.. ed funds. The P H Holl Foundation has adopted an investment policy which seek8 to oplimlsè perfoirnance through a diversified asset portfolio, monitored monthly and reviewed al each Board Meelittg. The Trustees take an activè role in portfolio management wlh Fund Nlanagers, receiving quarterly reports on investment performance, and more formal annual meetings lo review strategiès and market conditions. Misus@L￿. Grants rnade as Re8lrlded Funds where recipient chalities could apply Ihg 91ft lo other puipos&s. or nol incur the expelldilui8. In order to gu8r8nte6 that funds are used for the intended purpose, allcl as Specified in the granlee's wrillen apF￿ieatIOn, specific tem)s are established al the oulsel of a grant award. If a funded programme undergoes sigiiif1¢anl gdjuslmenls, as il did during the pandemic, they arÉ negoliated iri willing with the eharity. Retum of cash is requiTed foi unapproved alterations. Our monitoring process and roirtine visits by Trustees and the Administrator minimise changes taking place wÈthout the Foundalioii's approval. A final progress reporl from each grantéè ènablas further monitoring of achlevemenls against the original application. Guul¥. The Foundation has security policios in pla¢e and software lo protect against virusès and intrusions. Risk Is miligatÈd through a Risk A55esstn8nl poliGy, Business Conknnuily Plan. and Cloud based back-up serviTrs. The nècèssary permissions and agreement8 are obtained in the processing and storing ol data in accordance with GDPR1ggislation. eresl. The Truslo9s have a detailed polioy wilh specific pro¢edures in pla￿ regarding polenlial conlicls of inleiesl for grant making and operalional decisions. There were no serious incidents recorded duiing tho yeai ended 31 March 2023. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Future plans While IhèrÉ are no plans for new funding initiatives in the coming year. the Foundation airns lo dispense more than £500,000 lo commijnily programmes that fulfil our current Merseyside funding piiorilies throughout 2023-24. Importantly, we have changed the crileiia lo piomotE applicalitsns from smaller organisations and those that have nol previously received backing and may strug9le to secure core funding due to limited infraslruclure. Chaiilies that a￿ particulady vulnerable lo the economic downturn and h8vÈ annual incomès of less than £100,000 account for one-third ol the applications we receive. The Found81ion is è8gei to rÈeèive submissions from Merseyside eharllies that fullil our criteria since 90VA of our funding is alloc81ed Its regislereil ¢harilies with a revenue COnSKlerably undèr £1 million. Structure, governance and management The Trustees. who are also the Diieclors for thè purpose of company law. and who served dur(ng the year and up lo the dale of signature of the fingnci21 slaleménts were.. Ign Bak￿ell Elspelh Chrisiie Amy de Joia Chris Evered Mlchael Furniss Nigel Lanceley DL, FCA Natan Levy Lesley Martin-wrighl lan Mallhews Kènneth Ravenscroft {Re6igned 30 Juno 20231 (Resigned 27 February 20231 (Appolnled 9 June 20231 Thè governing inslruments speafy that thère musl be al least four truslees. One third of trustees retire each year but may bg re-appointed subject to various saleguaids. The Ttuslees agree the 51ialE9y and broad areas of aclivily for the Foundation, and èach year, formally review whether their collectiv9 ski118 and experience remain adequale for the needs of the Foundation. New appoinimenls are chosen with g vièw to maintaining the Board's knowledge, ethos, and independenco. Appmpriate training and induction ig provided, normally by means of meetings and discussions with individual Trustees and theAdrninislralor. accompanied by partioipaling in ¢omtllillee meetings, and, as iequired, conlérenc@s and seminars. Trustees receive updates and irifotmal Iiaining through regular briefings and bulletins. The Foundation is a member of the Association ol Charitable Foundations IACFI and National Council for Voluntary Organisalions INCVOI. 80th organisalions provide inforrnalion on good practicè. governance, and changes legislation. Trustees meet four times each year lo Consider and review inveslments and resetves, risk managemenl pD)ic>es, Iinanclal performance, and grant awards plus dedicating time lo an annual strategy day. All binding decisions about any aspèct of the Charity are only made al a full meeting. To support the gianl making pro￿sS, a sub- comrrillee assesses all applications lo the Foundation prior lo the full meeting, and where il is eonsidered necessary or deslr8bl&, vislls ale arrdnged lo gain a beller understanding of a ¢h3r¢ly's rèqu6sl. Guidelines on how lo make a giant application, togelherwith Ihe eligibility criteria, are posted on the Foundation's websile Iww.phholtfoundation.org.uk). All applications are considered bul the Truste?8 reserve the ri9hl lo turn down applications, albeit appearing lo fall within criteria, due lo the volurne of requests. TheAdministrator is responsible lor the day-lo-day man8gemenl of the Charily, including contact with actual and polenllal grant reciplents, and with the Foundalion's Va￿￿5 associatès 2nd st8keholders. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 IWARCH 2023 Auditor In accordance with the company's articlès, a resolution proposing that BWM be ￿appoInted as audiloT of the company will be put at the Annual General Meeting. Disclosurè of Infom)ation to auditor Each of the Trustees has confirmed that there is no inlormalion of which they are aware which is relevant lo th audil, bul of whieh the auditor is unaware. They have further conflrmed that they have laken appropriate steps lo identify su¢h rèlévant information and lo establish that (he auditor is awaip of such informalion. The Trustees are TespoTTrsible for the mainlEllanee and integrity ol the corporate and financial Information included on the Charitable Conipany's website. Legislation in the United Kingdom governing the preparation 8nd diss¢minalion of financi21 statements may differ Irom18gislallon in other jurisdietions. Small company provisions This report has been p￿pared in accordance with the special provisions relating to small companies within Part 15 ofthe Companies A¢1 2006. The Trustees. report was approved by thè Board ol Truslees. r(1 Nigel Lanoe Trustèè DL, FCA Dated.. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also the dir8Blors of P. H. Holt Foundation for the purpose of company law, are responsible for preparing the Trustees, Report and Ihe financial slalÉménts in accordance with applicable law and Ulliled Kingdorn Accoktnling Slartdards (United Kingdom Generally Acc*ptÉd Aceounling Pr8Cticel. Company Law requires th8 Tiustèès to prepare financial slalemenls for each financial year whiGh give a true and fair iriew of the state ol affairs of the Charity and of the incoming resources and application of resources, inclLÉding the income and expenditure, of the charitable company for that year. In pr￿arIng thes& financial slalements, the Ttuslee8 are requlred to.. select suitable accounb.ng ptslicies and then apply them consislenlly-, - observe Éhe methods and piincÉple$ ift the Chariti&s SORP., makèjudgom6nts and estimales that are reasonable and piudenl- 51ale whether applicable UK Accounting Standards have been followèd, subject to any material departures disclosed and explained in the financial slalements.. and prepare the financial slalemenls on thè going concern basis unless it is inappropriate lo presurng that the Charily will continue in operation. The Trustees are responsible for keeping adequale a¢coLJnling records that disclose with reasonable accuracy al 8ny Ilm¢ Iho finan¢ial position of the Charily and enable thèm lo éngure that the financial slalemenis cornply with the Cornpanigs Act 2006. They are also responsible for safeguarding the asséts ol the Charily and her￿e for taking reasonable steps foi the pievenlion and deleclion ol fraud and olher1rregu18ri11g8. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P. H. HOLT FOUNDATION Opinion We havè audited the financial slalemenls of P, H. Holl Foundat￿On Ilhe'charily'l for the year ended 31 March 2023 which comprisè the statement of financial aolivilies, Ihe balall¢e sheel and notes lo the linanoial statements, including slgnilicanl ac¢ountlng policies. The financial reporting fiamewotk that has bÈ8n applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporttng Standard 102 The Financial Reporting Standard applffGabl& in the UK arfrd RepublNc of Ir&18nd (United Klngdom Geneially A¢cepled Accounting Praclicel. ID our opinion, the financial slalernents.. give a true and fair view of the stale of thè chari18blè company's affairs as at 31 March 2023 and of Ils inGoming resources and application of reS0￿ri￿$, including its ineome and expendilure, for the year Ihen ended., have been properly prepared in accordance with Uniled Kingdom Generally AcLepted Accounting Pract1￿.. and have been prepared in accordan￿ with the requlremenls of the Companies Act 2006. Basis for opinlon We conduded our audit in accordance with llltein#lional Sland8rds on Auditing IUK} IISAS IUKII and applicable law. Our Tesponsibililies under those siandards are further described in the Audilgrfs rpsponsibililies for Ihe audil ol the fiiiancial slalemgnts sèction of our report. We are independent of the Chaiily in awordance with the ethical requiremenls that 8re relgvanl lo our audit of the financial slalemenls in the UK, ill¢luding th8 FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordanTr with these requiiemÈE)Is. Wè bèlieve that the audit evidence we have obtained is 8uffieienl and appropriale to PTovide a basis for our opinion. Collclusion5 relating to golng concern In auditing the financial slatemenls, we have concluded that the Trustees, use of the going concern b88is of awounling in tho preparation of the financial sialemenls is 8ppropriAta. Based on the work we have perlormed, we have not identified any malèr(¥l uncertainties relaling lo events or conditions fftal, indivldually or collectively, May cast significant doubl on Ihp Charily's ability to continue as a going concern for a period of al least Iwèlve months from when the financial Slalernenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concetn ale described in the relevant sections of this report. other informatlon ThÈ othèr information comprises the information included in the annual report other than the linarKial slalèments and otEr auditor's report Ihereon. The Trustees aio TespoTr8ible lor the other information contained within the annual report. Our opinion on th8 financial slalemenls does not Cover the olhÈr information and, except tD the extent othe￿iSe explicitly slated in our report, we do nol express any foTm of assurance Conclusion Ihereon. In connection with our audit of the financial statements. our responsibility is to read the olhB¥ infottnalion and. in Qing so, consider whether the other infomalion is materially inconsislenl with the financial slalemenls or our knowledge oblain@d in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsi8lències or apparent material misstalemenls, we are required lo determine whether thts gives rise lo a material misslalem¢nl in the lin2incial statemenls themselves. If, based on thè work we have perfonned, we condude that there is a rnaleiial misstatement ol this other information, we sre required to report that fact. We have nothing lo report in this regard. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS OF P. H. HOLT FOUNDATION Opinions on other matters prescribed by the Cornpaniès Aet 2006 In oui opinion, based on thè work undertaken in the course of our audit.. the informallon given in the Trustees, reFx)rt for the financial year foi which Ihe financial slaternenls are prepared. which includes the directors, report prepared for Ihe purposes of cofflpany law, is consistent with the financial stalemenls. and directors, report included wilhill the Trustees, report has been prepared In accordan¢e with applicable lega1 requirements. Matters on whlch we are re4uimd to report by exception In (he lighl of the knowledga and understanding of the Charily and its environment obtained in the ¢ourse of the audit, we have not identified rnaloiial tni5btatements in the diieciors, rèport included within the Tiuslees, report. We have nolhlng lo report in respect of the following matters in relation to which the CotTEpanies Acl 20(￿ Tequires us lo report lo you if, in otsr opinion.. adÉquate accounting iecords have nol been kept. or returns adequate for our audit have not been ￿ceIVed from branches not visited by us., or the financial statements are not in ag¥eemenl with the accounting reGords and returns.. or certain disclosures of Iru51ees' remuneralion spécifièd by18w are not made., or we have not rèceived all the information and 8xplanalions we require for OUT audit., or (he Ttuslees were nol enlilled lo prepare the ftnancial statements in accordance with the small comp8nles regime and lake advantage of Ihe small ¢ompanies' exemptions in prepa￿ng the Truste6s' report and from tho Tequiremenl lo prépare a strategic report, Responsibllltles of Trustees As explained more lully in the s12tement of Trustees, rtssponsibililies, Ihe Trustees, who aré also Ihe direclors of the Charity for the purpose of company law. are responsible lor the P￿paratIOn of the financial gtat@mènts and for being satisfied that they give a true and fair view, and lor such internal control as the Trustees determine is necBssary lo enable the preparation of financial slalernenls thal ale Iree frorn matèrial misstatement, whelheT due lo fraud or error. In preparing the financial slalements. the TTuslèès are responsible fof assessing the GharÈty's ability to continue as a going concern, disclosing, as applicable, mallers related to golng concern and using the going concern basis of a￿OuntIng unless the Trustéès either intend lo liquidate (he Gharitable company or lo cease op@f8tions, or have no r@alislic altemative bul lo do so. Auditofs rèsponsibilities for the audit of the financial statements Our obj?olives are lo obtain reasonablè assurance about whether Ihe financial slalemenls as a wholè are free from maleiial misslalpment. whether due to fraud or error, and lo issue an audilovs report that includes our opinion. Reasonable assuranee is a high level of assurance bul is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always dètect a material rnisslalemenl when it exists. Misslalements can arise from fiaud or error and are consicsered material il. individually 01 in the aggregate. they could reasonably be expected lo influence the economic deciswjns of user5 taken on thè basis of these fin8nci81 statements. Irregulaiili¢s, in¢luding fraud, are inslanees of non-corllpliance with laws and regulations. We design procedures in line with our responsibilities. outlined abovè, to detect material misslalements in respect of irregularities, Induding fraud. The extent lo which our procedures 8r& capable of delecling iriegularitiès, induding fraud. is detailed below. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT n price unless thè arrangèment constitutes a financing transaction, where the debt inslrumenl is measured al the present value of the luturè paymènts discounted al a market rale of interest. Financial liabilities dassified as payable within one year are not amortlsed. Debt instruments are subsequently carried al amortised cost, using the effÈ¢livè inlèrèsl rate method. Trade creditors are obligations to pay for goods o¥ services Ihat have been acquired in the ordin8ry course of opèrations from supplièrs. Amounts payable are classified as currenl liabilities if payment is due wilhin one year or less. If not, they arè prèsénled as non-curr6nt liabilities. Trade creditors are recognised initially al transaction pri￿ and subsequently rn8asuT¢d al amortised wsl u5in9 Ihe Effective interest rnethod. Dereeognltlon of Ilnanclal Ilabllltles Financial liabilities are derecognised when the Charity's conlr8¢tual obligations explre or are discharged or Cancelled. Critical accountlng estlmates and Judggmènts In the application of the Charit￿3 8ccounling policies, the Truslees are required lo make judgements. eslimates and assumptions about the carrying amount of ass81g and liabilities that arè not readily apparent from other sources. The estimates and assaoaled assumptions arè based on historical $xperien¢e and other faclors that are considered to be relevant. Aclual results may diffei from these 6stimal¢s. The eslimales and underlying assumpllons are reviewed on an ongoing basis. Revisions lo accounting esliinales ale recogni5ed in the pBriod in whFch the eslimale is revised where the revision affects only that period, or in the period of the revision and fulure periods where the ¥evision affecls bolh 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 2023 Donations and legacies Unrestrlcted funds Unrestricted funds 2023 2022 Donations and gifts 3.228 During ihe year ended 31 March 2023 the charity w88 donalod a painting by David Shepherd CBE. The amount recognised for the donation was thè p￿eedS received nel of expenses when Ihe painting was auctioned in March 2023. 18- f*W O P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 IVIARCH 2023 Raising funds Endowment Endowment funds funds 2023 2022 mana 5,774 6,164 5,774 6,164 Charitable activlttes Total 2023 Total 2022 D?preGiation and impairment Inole 131 Staffing Office costs 450 23,545 11,529 23.549 10,778 35,524 34,327 Grant funding ol aclivllles (see nole 71 Share of governan￿ costs (see note 8) 561,928 20,101 861,941 19,394 617,553 915,662 Analysis by fund Unieslricled funds Restricted funds 587.553 30,￿0 915,662 617,553 915,662 20- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activitlès Icontinuedl Grants to in5titutionts may be categorised as follows: 2023 2022 Programme-rèlated grants Coinmunily and Overcoming Barrlers Engagement in the Arts Access to Education Care of the Environment 426.148 77,440 22,190 388,072 30,695 10.000 2,000 Holt Educatlon Trust 40.150 10,OIX) 565,928 440,767 Resilience Programme grants 425,446 Total grants awarded 565,928 866,213 Prlor y8ar grants returned- Community and Ovèrcoming Barriers 14,0001 14.272) 561.928 861,941 21 P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payablè 2023 Communlty Engagement and Ovarcoming BaNiers151 grdntsl An Hour lor Others Apex Trust Asy5um Link Brecklield & North Everton Nelghbourhood Council Brunswick Youth & Communily Centre Caring Connections Childien Today Charitable Trust Chinésè Wellbeing Dingle Mulli Agency Csntre Lld Edgehill Youth & Community Expect Lld Ferries Family Groups GB Power Hockey Associallon Hope Community Ghureh HuntirTrgltsn's DiseaseAssocialion In Your Shoes Ir8nian Liverpool Cotnmunity Kenisnglon Fieldg Communily Association Knowsley Disability Concein Lilherland Youth & Community Centre Liverpool Heartbeal Liverpool Somali Community Love Jasmine Lyndale Cancer Centre Martin Gallier Project Mencap Livetpool MESAR Mlgranl Workers Sefton Gharlly Parenting 2000 Parkhaven Trust Priority Youth Project Savera UK Sefton Women's & Children's Aid Shaftesbury Youth Club South Central Community Transport Sl Helens Carers Centre St Leonard's Youlh & Community Centre St Luke's Party Sl Helens Support Through Court Team Oasis The Belvidere Centre The First Step Ltd The Filliès The New Belve The Opening Doors Charity 6.180 14.066 10,000 10,000 8,000 t2,tK)O 7,976 lo,(￿0 9,400 8,142 1.500 7,500 8,000 2,000 2,500 10,0 8,500 15,000 3.060 8,000 5,000 9,888 5.000 7,752 6,465 11,000 13,000 9,406 3,000 10.000 7.Q80 10,0(10 10.OCID 6,310 7,885 9,000 3,500 9,676 lo,(￿0 10,000 10,000 8,878 4.000 10,000 -22- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payable Icontinuedl 2023 CommunÉty and Overcoming Barrlers Icontinuedl Toxtelh Women's Centre Tranmere Rovers in the Community West Everton Community Council12 grants) Wirral Women & Children'sAid Wirral Dene Centre 11,336 7,170 20,976 10,000 8,(K)O 426,148 Engagement in the Arts111 grants) 20 Slories High Amadudu Catalyst Dance & Drama Collective En¢ountèrs Early Music as Education LIPA Liverpool ArabicArts Festival Osun Arts Royal Court Liverpool Trust Ltd 81 Gèorge's Hall Windows Projecl Trusl 5,240 8,000 10,000 10,0 5,5 2.000 5.000 4.500 7.200 10.000 10.000 77,440 Acce88 to Education13 Grants Foundation Years Trust Liverpoool School of Tropical Medicine stick N Slep 8.000 5,000 9.19D 22,190 Holt Education Trust Liverpool Hope University Liverpool John Mowes University 25,150 15.000 40,150 Total for 2023 565,928 23- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grarbts payable Icontlnuedl Year endèd 31 March 2022 Programme- related grants to instltutlons153 grants) Community and Over¢omlng Barriers Ainsdale Lunch and Leisure Anfield Sports and Community Centra Apex Chariiable Trust Asylum Link Merseyside Autism Initiatives Bootle Chiist ChuTch Community Qenlrè Btunswiek Youth and Community Centre Caring Connections Limbled Choose Life the Piisontsrs Inhiative Community by Nature Ltd Congtslèsè Association of Mer8eysid8 Dyslexia Foundalion East Liverpool Riding foT the Disabled Edge Hill Youth and Communily Centre Fallen Angels Footsleps 2000 Ltd Foundation Years Trust Frank Hornby Charitable Trust Huritington's Disease Association In your Shoes Kinship Carers Knowsley Disability Concern Koala North W6st Littterland Youth and Gommunily Centre Marybone Youth and Cotntnunity Assoaalion Merseyside Watèr Rescue Migrant Workgrs Sefton Comtllunily Norris Green Communlty Alliance Pagoda Arts Parkhaven Trust PCC Sl John'sAinsdale Person21 Success Piide of Sefton Priority Youth Piojecl Sefton CVS 2022 9,000 1,703 14.066 10.0OCI 5.184 3,000 7,500 10,000 5,220 10,080 5,0 4,850 1e.380 8,142 4,960 7.000 8,000 1.50CI 7,50() 5.000 10,000 7,458 5.000 10,000 6,400 5,000 13,000 8,420 5,050 7,OCK) 1,200 6,964 9,750 10.000 5,(KJO 24- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Granis payable Icontinuedl 2022 Communlty and Overcoming Barrl8Ys {continuedl Shaftesbury Youth Club12 Grat)tsl SSAFA Merseyside Sundowns TEardrops Supporting Your CommunSly Tom Harrison Houso Toxteth Wornen's Cènlre Tuebrook Hope Group Vallèy Bass IHaydoGkl Viking Centre and Youth Club West Everton Community Council Wirral Community Narrowboal Trust Wirr81 Development Trust Ll4J Women's Health Information Support Centre Woodvale and AinsdalB Community AssocAalion Yellow Housè Cultural Centre Y Kids YMCA Sl Helens 20.OCIO 4,685 7.830 16,000 2,500 4,500 6,100 5,000 s,￿0 5,000 5,(K) 10,OOQI 12,000 10,805 4.325 5.000 10,000 388,072 2022 Engagement in the Arts Bluecoal Display Cenlre Collective Encounters Liverpool Lighlhou5e Qpera Viva Roya1 Court Liverpwl Trust Ltd 2,000 8,985 12.210 1,OOLI 6,500 30,695 Access to Educatio Wirral Guides Hadlow Fields 10,000 Care of the Environmènt Tarbock Jubilee Villdge Hall 2,000 Holt Education Trust LiverpoDI Hope University 10,OQIO -25- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Grants payable Icontinuedl Reslllenca Fund149 grants) 2022 Ainsdale Lunch and Leisure Bainslondale Centre Brackfield and North Everton Neighbourhood Council rL¢nswick Youth and Community Centre Catalyst Danco and Dratna Ciladel Arts Cronway Community Centre Daisy Inclusive UK Deysbrook Village Gerntre Egsl Livèrpool Riding for Disabled Edge Hlll Youth and CommunrfLy Centre Family Tree Wirral Ferries Farnily Groups Foundation Years Trusl Garslon Adventure Playground Granby Community Mentsl Health Group Headway Wirral Homeslart Southport Hope Cenlre, St Helens Ibijoke Children's Founi181ion KIND Kindfulnèss Coffee Club Liverpool DomesticAbuse Service Liverpool Somali Comtnunily Liverpool SLSnflowers Mersey Counselling and Therapy C8nlr8s Nelherley Youth and Community Alliance Norris Green Community Alliance Park Farm ACYP Cènlre Paul LavBlle Foundation Raisè Ltd Refugee Women Connéct Sanctuary Farmily Support Sefton Women and Childrens, Aid Shrewsbury House South Liverpool DomeslicAbttse Services St Cyril's Chikliell and Yotjth Project Slick n St6P Team Oasis The New Belve Youth and Community Sports Genlre The Brain Charity Thealie in the Rough Toxelh Women's Centre Valley Brass (Haydockl 5,000 10,000 10,000 10.000 8.938 10.IJOO 7,280 9.464 10,000 6,000 10,650 7,285 12.240 10,WO 15,￿6 6,(￿0 5,700 5,000 7,886 7,450 8.100 8.900 20,0 4,0 7,8 6,233 6,000 7.475 10,000 13,304 5,000 9,875 10.OOD 11,895 11,000 1 J,000 1 D.000 5,000 10,000 4,OOQ 7,000 6,000 5,000 11.030 -26- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants payable contlnuedl Resllience Fund Icontlnuedl 2022 Vauxhall Law Centre Walton Youth and Community Pro5ect w0￿en,$ Heallh Information Support Cenlre Wirral Woman and Children'sAid Yellow House Cultural Cenlrè 5.000 9,206 10,323 15,606 4,000 425,448 Total for 2022 866,213 Supportcosts Support Governance costs costs 2023 Support Governance costs costs 2022 Audit féès Tiusl&es' expenses Staffing Office costs 8,520 13 7,848 3,720 8.520 13 7,848 3,720 7,800 151 7,850 3,593 7,800 151 7,850 3,593 20,101 20,101 19.394 19,394 Analysed be￿een CharilablB aotivities 20,101 20,101 19,394 19,394 Trustee5 None of the Trustees lor any pe¥son8 ¢¢>nnècl8d with theml received any rernuneralion or benpfils from the Charity during the year. One Iruslee12Q22 - Iwol incurred expenses, namely a Companies House fee. The reimbursed costs tolallÈd £13 {2022'. £151 in respèct ot Companies House fees and a NCVQ oonfwencel. qo Employee¥ The¥e were no employeég during the year. The key managernenl personne1 cTrmprise the Trustees only. 27. P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Net gainslllosse5} on Investmer Unrestrlcted Endowment fundB funds gènèral 2023 Totsl Unrestrictèd Endowmènt funds funds general 2022 Total 2023 2023 2022 2022 Revaluation of investments Gainlllossl on sale of investments {446,5471 131.4691 (478.0161 1,647.899 2Ql.051 1,667,950 118,5611 14,4221 122,9831 7.699 2,288 9,967 1465,1Q8) 135,891) (500.9991 1.655.598 22,319 1,677.917 12 Taxatlon The Foundation is a registered Charity, and as such is enliued lo certain lax exemptions on income and profits from inveslmÈnls il these profits are applied solety for chaiilable purposes. The Ch8ri1y is not reglslered for VAT and all expenditure is recorded Inclusivè of any VAT incurred. 13 Tangible fixed assets Flxtures and Ilttlngs Valua￿On Al 1 April 2022 Disposals 5,000 13,6001 At 31 Mard12023 1,400 Depreciatlon and impairment Impairmènt losses 450 Al 31 March 2023 450 Carrying amount At 31 March 2023 950 Al 31 March 2022 5,000 -28- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Tanglble flxed assets Icontlnuèdl The al￿ve a6sels compiise pictures and artefacts Ihzl were gifted lo (he P. H. Holt Foundation by thè Trustees ol P.H. Holl Charitable Trust and relate lo Ocean Steam Ship Company, Ihe Holt family Shipping business. In December 2022, thè trustees agreed lo auction certain paintings wllh Bonhams In Cheslor. following Ihe dtsnalion of a David Shepherd oil painting (note 31. Two of the Ihiee paintings sold al auction ill March 2023 had bgen held for many years and had been previously valued by the Iruslees al £3,600. Their sale in M8rch 2023 yielded prO￿ed5 of £2,059 n81 of fees, realising a10sb Df £1,541. Seven prinls We￿ considered by Bonhams well below the value lo includ8 at auction and 8re held for use by the Chaiily. Following professional advice, the Trustees considered the book valuè of £950 represents a prudent valuation as al 31 March 2023 01 these prints plus a silver engraved sports cup. The dimlnulltsn of £450 has arisen from this revigion of the estimate of Iheir b￿k value. The Maritime Museum in Liverpool holds addllional historical artefacls which are covered by the Government's indernnity scheme arranged by NalÉonal Museurns Llveipool. As such, no value has been Included in the aeLounis in respect of these assols. 14 Fixed asset investffl&nts Listed investments Cash in portlolio Total At falr value At l April 2022 Additions Valuation changes Cash movements Disposals 22,279,855 1,444,967 1478,0161 5.665 22,285,520 1,444,967 1478,0161 11,9501 11,471,759) 11,9501 {1,471,7591 At 31 Marth 2023 21,775,047 3,715 21,778,762 Carrylng amount At 31 Maich 2023 21,775.047 3,715 21,778,762 Al 31 March 2022 22,279.855 5.665 22.285,520 15 Debtors 2023 2022 Amounts falling due within onè year: Other deblors Prepayments and accrued income 5,287 188,721 124.777 194,008 124,7T7 -29- P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 16 Flnanclal Instruments 2023 2022 Carrying amount of finanGial assets Instrurnenls measured al ¢osl less impaiimelll Instruments measured al lair value through profit or loss 1,097.511 21.778.763 1.248,735 22,285,520 Carrylng amount of financial liabilities Measured al amortised cost 8,520 17.883 17 Cyedltors: amount$ falllng rjue wlthln one year 2023 2022 Awruals alld deferred income 8,520 17,863 -30- Q) C zi u Oofo a￿0 ou>0 otsj co ONUI D) f• c￿¢0 P. H. HOLT FOUNDATION COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 21 Related party transactions Thore wèrè no diselosable related party transactions during the year12022- none). However, the Chaiily 15 a local grant piovider which seeks lo maintain close links with many parts of the Merseyside Community. Potential conflicts of interest can therefore arise from time to time. Individual Truslees and their Adminislralor do not participate in decisions when they could be perceived lo be acting other than in the sole interests of the Charity. 22 Legal Status The Charity is a cornpany limited by guarantee, whose regislered office is 151 Dale Street, Liverpcol, L2 2AH, and has no share capilal.1ri the event of the Charity being wound up, the liability in respeel of the guarantee is limited to £1 per member ol the Charity. Undor the Company's Articles of Association, membership is open only lo those individuals who are trustèès of the chaiily or who are due lo be appointed as trustees. ## **Document Activity Report** ## **Document Sent** Thu, 16 Nov 2023 14:34:06 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** You can verify that this is a genuine Portal document by uploading it to the following secure web page: **http://bwm.accountantspace.co.uk/messages/VerifyDocument**