REGISTERED CHARITY NUMBER: 1156845
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE HOLROYD FOUNDATION
Clarke Nicklin LLP Chartered Accountants Clarke Nicklin House Brooks Drive Cheadle Royal Business Park Cheadle Cheshire SK8 3TD
THE HOLROYD FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 15 |
| Detailed Statement of Financial Activities | 16 |
THE HOLROYD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Formation of the Trust
The Trust was established by a Trust Deed dated 12 February 2014 and was registered with the Charities Commission.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Trust, as set out in the Trust Deed, are such purposes as shall be exclusively charitable as the Trustees at their absolute discretion from time to time think.
Public benefit
The Trustees have had regard to the guidance contained in the Charity Commissioners General Guidance on public benefit when reviewing their aims and objectives. They consider that the broad range of organisations assisted demonstrates a wide public benefit and that the Trust satisfies the Commission"s requirements on public benefit.
Grant-making Policy, Aims and Objectives
(1) The objects of the Trust are furthered by the making of grants from the income of the Trust.
(2) The Trustees support a number of charities by way of regular annual grants, but otherwise the Trustees aim where possible to award grants for specific projects as opposed to general running costs. In this way the Trustees aim to assist charities to achieve particular objectives such as acquiring or replacing essential equipment or extending the scope of the benefits which they provide. In making grants the Trustees are particularly concerned to establish that projects are viable. Accordingly grants are awarded subject to such conditions as to funding or otherwise as the Trustees consider appropriate and payment is deferred until the conditions are satisfied. If these cannot be fulfilled the grant is cancelled.
(3) The Trustees policy is generally to award modest grants to a relatively large number of bodies rather than a few large grants. The charities supported cover a wide range of activities. In this way the Trustees aim to provide for a wide variety of needs of persons resident in the geographical area of the Trust.
(4) There is no fixed apportionment of grants; each application is dealt with on its merits. If a grant is for a specific project, the recipient is asked to confirm when the project is completed.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The grants made during the period are listed in Note 4 to the financial statements. Grants approved totalled £471,288 (2020: £471,450) and assisted over 30 organisations. Significant grants are monitored for one year after the grant has been made.
Page 1
THE HOLROYD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW Financial position
Income and expenditure
(1) The Trust received £18,970 (2020: £34,137) investment income in the year and there were gains on investments of £155,416 (2020: losses of £94,372).
(2) Grants totalling £471,288 (2020: £471,450) were approved in the period.
Reserves policy and future plans
The trustees intend to apply all of the Trust’s assets to charitable purposes over the next five years.
Investment Management
The Trust has delegated the day to day management of its investments to Artorius Wealth Investment Managers. The management fee basis is a fixed percentage of assets under management.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Charity constitution
The minimum number of Trustees is three. On establishment of the Trust, the First Trustees were appointed being C W Holroyd, J R Holroyd and J C Roberts. The First Trustees are appointed for a period of 3 years and are eligible for re-appointment for one or more terms of three years each. Further Trustees are appointed by resolution of the existing Trustees, at any time, for terms of office of three years. Trustees may be re-appointed at the end of the term of office.
The aim of the Trustees in making appointments is to have a range of skills, qualifications and experience suited to achieving the objects of the Trust.
The Trustees meet at least twice a year and make all decisions regarding investments and payment of grants.
On appointment, Trustees are provided with a copy of the Trust Deed, the most recent financial statements and investment reports and minutes of Trustees meetings. The experience of the persons appointed usually means that they have a good understanding of the responsibilities of a charity trustee, but where necessary guidance is available from the Trust"s solicitors. Relevant Charity Commission publications are also available to the Trustees.
Risk management
The Trustees have considered any risks to which the Trust might be exposed and are satisfied that the administrative, investment and financial procedures which are in place, minimise the risk of any loss to the Trust. The position is reviewed regularly by the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1156845
Principal address
Abbots Moss Hall Tarporley Road Oakmere Northwich Cheshire CW8 2ES
Page 2
THE HOLROYD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
Trustees C W Holroyd J F Kay J C Roberts J R Holroyd M H Burrill (resigned 6.8.20) J A Ankers Independent Examiner Graham Travis FCA Clarke Nicklin LLP Chartered Accountants Clarke Nicklin House Brooks Drive Cheadle Royal Business Park Cheadle Cheshire SK8 3TD Solicitors Molesworths Bright Clegg Octagon House 25-27 Yorkshire Street Rochdale OL16 1RH Bankers Handelsbanken First Floor Sunlight House Quay Street Manchester M3 3JZ Investment Managers Artorius Wealth 2nd Floor, The Boardwalk 21 Little Peter Street Manchester M15 4PS
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. J A Ankers - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOLROYD FOUNDATION
Independent examiner's report to the trustees of The Holroyd Foundation
I report to the charity trustees on my examination of the accounts of The Holroyd Foundation (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Graham Travis FCA Clarke Nicklin LLP Chartered Accountants Clarke Nicklin House Brooks Drive Cheadle Royal Business Park Cheadle Cheshire SK8 3TD
Date: .............................................
Page 4
THE HOLROYD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Grants payable in furtherance of charity's objectives Support Costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 1,433 18,970 20,403 17,657 418,288 9,777 445,722 155,416 (269,903) 1,356,815 1,086,912 |
Restricted fund £ 50,000 - 50,000 - 53,000 - 53,000 - (3,000) 38,350 35,350 |
2021 Total funds £ 51,433 18,970 70,403 17,657 471,288 9,777 498,722 155,416 (272,903) 1,395,165 1,122,262 |
2020 Total funds £ 7,014 34,137 41,151 24,610 471,450 13,789 509,849 (94,372) (563,070) 1,958,235 1,395,165 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
THE HOLROYD FOUNDATION
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 939,090 661 244,556 245,217 (97,395) 147,822 1,086,912 1,086,912 |
Restricted fund £ - - 35,350 35,350 - 35,350 35,350 35,350 |
2021 Total funds £ 939,090 661 279,906 280,567 (97,395) 183,172 1,122,262 1,122,262 1,086,912 35,350 1,122,262 |
2020 Total funds £ 1,432,802 661 115,102 115,763 (153,400) (37,637) 1,395,165 1,395,165 1,356,815 38,350 1,395,165 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J A Ankers - Trustee
The notes form part of these financial statements
Page 6
THE HOLROYD FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are presented in Sterling (£).
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income and bank interest are accounted for as and when they are received.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are included in the balance sheet at market value. Proceeds from sale of rights issues are credited against the cost of investment. The Statement of Financial Activities includes the unrealised gains and losses arising on revaluation of investments held at the period end and the realised gains and losses on disposals throughout the period.
Page 7
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 2. INVESTMENT INCOME Dividends Interest 3. RAISING FUNDS Investment management costs Portfolio management |
2021 £ 18,529 441 18,970 2021 £ 17,657 |
2020 £ 33,173 964 |
|---|---|---|
| 34,137 | ||
| 2020 £ 24,610 |
Page 8
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
4. GRANTS PAYABLE
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Access Sport | - | 15,000 |
| Active Cheshire | - | 1,000 |
| Age UK | 1,000 | 10,000 |
| Alzheimers Research UK | - | 50,000 |
| An Hour For Others | - | 15,000 |
| Apex 2100 Foundation | 5,000 | 10,000 |
| Avonleigh Gardens | 500 | - |
| BHIT-now CycleSmart | 3,000 | - |
| Blackburn Youth Zone | - | 15,000 |
| Blood Cancer UK | 1,000 | - |
| Bolton Lads and Girls Club | 50,000 | - |
| Brainwave | - | 2,000 |
| Cares Charity | - | 2,000 |
| Carlisle Youth Centre | 4,000 | - |
| Centre for Social Justice | 50,000 | 50,000 |
| Changing Lives Together | 5,000 | - |
| Cheshire Community Foundation | 110,000 | 65,000 |
| Cheshire Connect | 15,000 | 15,000 |
| Cheshire Wildlife | 5,000 | - |
| Chorley YZ | - | 2,000 |
| Citizens Advice | 5,000 | 10,000 |
| Community Sports | - | 2,800 |
| Cotebrook Village Hall - Roof appeal | - | 5,000 |
| Cotebrook Village Hall - Donation towards dinner | - | 1,597 |
| Cycle Smart - was BHIT | - | 6,500 |
| David Shaw - Sponsorship for Holly Staff and James Griffith | 14,000 | 17,000 |
| Duke of Edinburgh Award | 20,000 | 20,000 |
| Grants individually <£1,000 | - | 4,171 |
| Hand Shake Ltd | 840 | - |
| Hope and Homes for Children | 5,000 | - |
| Lakeside YMCA | 2,005 | - |
| Leonard Cheshire Home | 300 | - |
| Lotus Tree | - | 2,500 |
| Maggies | 12,500 | - |
| Mahdlo | 513 | 1,240 |
| Manchester Camerata | - | 50,000 |
| Manchester Foundation Trust | - | 7,000 |
| Manchester University NHS Found Trust | - | 5,000 |
| Mid Cheshire Food Bank | 12,000 | - |
| Manchester Youth Zone | - | 2,500 |
| Motherwell | 10,000 | - |
| Octagon Theatre | - | 25,000 |
| Oldham Coliseum | 3,000 | - |
| Oldham Coliseum (returned funds - holding for a later date) | - | (15,000) |
| Onside Youth Zone | - | 1,555 |
| Queens Commonwealth Trust | 100,000 | 1,000 |
| Rainbow Hub | 9,500 | 54,000 |
| Rainbow Trust | - | 1,000 |
| Carried forward | 444,158 | 454,863 |
Page 9
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
4. GRANTS PAYABLE - continued
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Brought forward | 444,158 | 454,863 |
| RNCM Awards | 2,000 | - |
| Starlight | 100 | - |
| Sight Savers | 1,000 | - |
| St Luke's Hospice | 355 | - |
| St Rocco's Hospice | - | 1,062 |
| The Hive Youth Zone | - | 10,000 |
| The PCC of St Helens | 100 | - |
| The Salvation Army | 50 | - |
| Up and Away | 1,000 | - |
| Warrington Youth Zone | 20,000 | - |
| Wigan Youth Zone | 500 | - |
| Womens Aid | 2,025 | - |
| Wolverhampton YZ | - | 5,525 |
| 471,288 | 471,450 | |
| Grants approved conditionally in period but not paid by period end | ||
| 2021 | 2020 | |
| £ | £ | |
| Anglican Parish North Beach | 2,994 | 4,000 |
| CAAP | - | 2,000 |
| Centre for Social Justice | - | 25,000 |
| Citizens Advice | 5,000 | 5,000 |
| East Cheshire Hospice | 5,000 | 10,000 |
| Manchester Camerata | 33,400 | 33,400 |
| Rainbow Hub | 36,000 | 54,000 |
| Shelter | - | 5,000 |
| Tarporley WM Hospital | 4,200 | 4,200 |
| UBS Optimus | 5,000 | 5,000 |
| 91,594 | 147,600 | |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Page 10
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 7,014 Investment income 34,137 Total 41,151 EXPENDITURE ON Raising funds 24,610 Charitable activities Grants payable in furtherance of charity's objectives 476,450 Support Costs 13,789 Total 514,849 Net gains/(losses) on investments (94,372) NET INCOME/(EXPENDITURE) (568,070) RECONCILIATION OF FUNDS Total funds brought forward 1,924,885 TOTAL FUNDS CARRIED FORWARD 1,356,815 |
Restricted fund £ - - - - (5,000) - (5,000) - 5,000 33,350 38,350 |
Total funds £ 7,014 34,137 41,151 24,610 471,450 13,789 509,849 (94,372) (563,070) 1,958,235 1,395,165 |
|---|---|---|
Page 11
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2020 Additions Disposals Revaluations At 31 March 2021 HISTORICAL COST At 1 April 2020 At 31 March 2021 Investment categories Equities Fixed income Alternative investments Liquidity - cash 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors |
Listed Investments £ 1,432,802 18,529 (667,657) 155,416 939,090 1,453,340 862,038 |
Listed Investments £ 1,432,802 18,529 (667,657) 155,416 939,090 1,453,340 862,038 |
|
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| 354,948 | 477,542 | ||
| 446,399 | 589,013 | ||
| 99,938 | 49,924 | ||
| 37,805 | 316,323 | ||
| 939,090 | 1,432,802 | ||
| 2021 £ 661 |
2020 £ 661 |
Page 12
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 10. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 1,356,815 Restricted funds Restricted funds 38,350 TOTAL FUNDS 1,395,165 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 20,403 (445,722) Restricted funds Restricted funds 50,000 (53,000) TOTAL FUNDS 70,403 (498,722) Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund 1,924,885 Restricted funds Restricted funds 33,350 TOTAL FUNDS 1,958,235 |
2021 £ 97,395 Net movement in funds £ (269,903) (3,000) (272,903) Gains and losses £ 155,416 - 155,416 Net movement in funds £ (568,070) 5,000 (563,070) |
2020 £ 153,400 At 31.3.21 £ 1,086,912 35,350 1,122,262 Movement in funds £ (269,903) (3,000) (272,903) At 31.3.20 £ 1,356,815 38,350 1,395,165 |
|
|---|---|---|---|
Page 13
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 41,151 - 41,151 |
Resources expended £ (514,849) 5,000 (509,849) |
Gains and Movement losses in funds £ £ (94,372) (568,070) - 5,000 (94,372) (563,070) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
At 1.4.19 £ 1,924,885 33,350 1,958,235 |
Net movement in funds £ (837,973) 2,000 (835,973) |
At 31.3.21 £ 1,086,912 35,350 |
|---|---|---|---|
| 1,122,262 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 61,554 | (960,571) | 61,044 | (837,973) |
| Restricted funds | ||||
| Restricted funds | 50,000 | (48,000) | - | 2,000 |
| TOTAL FUNDS | 111,554 | (1,008,571) | 61,044 | (835,973) |
In a prior year the Trustees designated £100,000 to be spent on Oldham projects, by a transfer of £100,000 from general unrestricted funds. During the year £3,000 of grants were awarded to Oldham Projects, leaving £35,350 carried forward as designated for Oldham projects.
During the year £50,000 was donated for onward grant to the Centre For Social Justice. £50,000 was granted, leaving nil carried forward.
Page 14
continued...
THE HOLROYD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. RELATED PARTY DISCLOSURES
The cost of administration of the Foundation is borne by C W Holroyd, a Trustee, however the administration costs are immaterial and therefore no value has been placed on them in the Statement of Financial Activities.
Page 15
THE HOLROYD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 51,433 | 7,014 |
| Investment income | ||
| Dividends | 18,529 | 33,173 |
| Interest | 441 | 964 |
| 18,970 | 34,137 | |
| Total incoming resources | 70,403 | 41,151 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 17,657 | 24,610 |
| Charitable activities | ||
| Grants to institutions | 471,288 | 471,450 |
| Support costs | ||
| Finance | ||
| Bank charges | 25 | 20 |
| Other | ||
| Sundries | - | 134 |
| Governance costs | ||
| Legal and professional fees | 4,952 | 8,835 |
| Accountancy | 4,800 | 4,800 |
| 9,752 | 13,635 | |
| Total resources expended | 498,722 | 509,849 |
| Net expenditure before gains and losses | (428,319) | (468,698) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 83,648 | 12,467 |
| Net expenditure | (344,671) | (456,231) |
This page does not form part of the statutory financial statements
Page 16