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2021-12-31-accounts

HOLLYHOCK CHARITABLE FOUNDATION

(Registered Charity No. 1186232 and Company No. CE019508) ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

Page
Annual Report of the Trustees 1 - 7
Independent Auditor’s Report 8 - 10
Statement of Financial Activities (including Income and Expenditure Account) 11
Balance Sheet 12
Statement of Cash Flows 13
Notes to the Financial Statements 14 - 20

Page 1

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report and the independently audited financial statements of the Hollyhock Charitable Foundation (“the Foundation” or “the CIO”), for the year ended 31 December 2021. These have been prepared in accordance with the accounting policies set out on pages 14 to 16 and comply with applicable charity law.

1. REFERENCE AND ADMINISTRATIVE DETAILS

Hollyhock Charitable Foundation, (Registered Charity Number 1186232 and Company Number CE019508) is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square, London, EC4A 3AQ.

Trustees:

The Trustees of the Foundation who held office during the period and continue to serve at the date of this report are:

The Trustees did not hold any beneficial interest in the Foundation at 31 December 2021 or at any time during or since the accounting period.

Bankers:

C Hoare & Co

37 Fleet Street, London, EC4P 4DQ

Solicitors:

Ince Gordon Dadds LLP Aldgate Tower, 2 Leman Street, London E1 8QN

Accountants:

Rawlinson & Hunter LLP

Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ

Independent Auditor:

Azets Audit Services Limited

Ashcombe Court, Woolsack Way, Godalming, Surrey, GU7 1LQ

Website:

https://hollyhockfoundation.co.uk/

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HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is a charitable incorporated organisation governed by its Constitution dated 8 November 2019 and is registered as a charity with the Charity Commission for England and Wales.

The Trustees are resident in the United Kingdom and meet regularly to discuss and develop the Foundation’s goals and strategy and to review grant proposals and general grant requests.

The number of Trustees shall be a minimum of three and a maximum of six at any one time and new Trustees shall be appointed by ordinary resolution by the existing Trustees. The range of skills represented on the Trustee Board will be kept under review as the Foundation develops over time.

The Trustees delegate the day to day running of the Foundation to Rawlinson & Hunter LLP.

Induction and Training

As part of their training, Trustees are given an information pack which includes the Foundation's Constitution and the Charity Commission guidance on Trustees' Responsibilities. All Trustees are aware of their legal duties and obligations in respect of the management of the Foundation, including in relation to the protection of its assets.

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 Foundation and of the incoming resources and application of resources, including the income and expenditure of the Foundation for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Foundation’s Constitution. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Page 3

HOLLYHOCK CHARITABLE FOUNDATION ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

2. STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Internal Controls

The Trustees have overall responsibility for ensuring that the Foundation has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements follow best practice and all applicable law, regulation and guidance. The Trustees are also responsible for the Foundation safeguarding it’s assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Risk Management & Corporate Governance

A risk assessment has been undertaken which comprises:

This continuing process will identify risk areas to which the Foundation is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements.

The Trustees have signed fit and proper declarations in line with HMRC guidance.

In addition, the Trustees have taken due consideration of Good Governance – A Code for the Voluntary and Community Sector, ensuring that the seven main principles of the Code are adhered to. These are:

The Trustees recognise that good governance plays an essential part in securing the future of the Foundation and confirm that the said main principles of the Code are followed by them in leading, directing and managing the Foundation.

No Trustee received any remuneration during the year ended 31 December 2021.

The Foundation does not carry out fundraising activities.

Page 4

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

3. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The objects of the Foundation are restricted specifically to the application of CIO funds, at such time or times and in such manner, for the public benefit, as the Foundation Trustees may in their discretion think fit for any exclusively charitable purposes in any part of the world. The Foundation operates as a grant-making charity, supporting charitable projects and organisations with grants of varying sizes and durations.

The Trustees have defined a programme of grant-making to charities. For the foreseeable future, the Foundation’s primary focus will be to:

The Trustees have pursued a broad strategy of ensuring proper due diligence in the assessment of potential grants and ensuring that grants are made subject to appropriate terms and conditions.

Statement of Public Benefit

As a grant-funder, the Foundation’s activities will provide public benefit to the individuals and communities who are beneficiaries of the Foundation’s funded projects. The Foundation’s public benefit is not limited with reference to geography, by the charging of fees or otherwise. The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the Foundation’s aims, activities and achievements in the areas of interest that the Foundation supports, demonstrates the benefit to its beneficiaries and through them to the public, that arise from those activities.

Grant Making Policies

The Trustees’ grant making policy has been to generally consider making donations by way of direct funding and also by way of grants to charitable organisations recognised as such in their respective jurisdictions for projects that are exclusively charitable under English law. The Foundation has begun to put in place sound grant arrangements so that it can properly select appropriate grantees and impose prudent terms on grants, including, as appropriate, monitoring and evaluation of the way in which funds are applied by grantees.

Page 5

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

4. ACHIEVEMENT AND PERFORMANCE

Charitable Activities

The Foundation was established in late 2019 and these financial statements show the activities up to 31 December 2021.

The Foundation has continued to work in a world still dealing with a pandemic and the fall out of that pandemic globally.

As in 2020 the Trustees continued to ensure that in challenging circumstances the needs of those severely impacted were met where possible.

Whilst, of the donations received, 69% were distributed in the year (98% 2020) this is simply a product of the commitments the Foundation has beyond the year end which are clearly laid out in note 7 of the financial statements.

In the Foundation objects are four key pillars. Poverty, Health and Wellbeing, Education and Christianity, nothing has changed here.

Poverty

This accounted for £508,407 in donations, as well as larger donations to Shelter and CRISIS of £100,000 the Trustees have made numerous smaller grants which have a great impact on local communities.

Health and Wellbeing

Whilst the donations this year were only around 25% rather than 50% in 2020 it should be noted that certain donations made in 2020, such as the one to Dogs for Good, would continue to give benefits well beyond the year of the donation. In total £584,805 was donated to this category in 2021.

Education

Only two donations totalling £1,120,000 were made in this area in 2021 but they made up a significant portion of the £2,642,348 total. They included the largest grant of £1,100,000 to Toy Like Me which warrants a longer explanation in this report.

Toy Like Me is a registered arts and play non-profit community interest company based in Norwich and York.

Founded in 2015, Toy Like Me started playful conversations with children about disability to boost self-esteem and grow open minds. They create artwork and public facing exhibitions, educate through schools workshops and resources and influence the global toy and children’s TV industries to better represent 150 million disabled children worldwide in their products and productions.

In 2021 the Hollyhock Foundation agreed a restricted grant of £1.1m to Toy Like Me CIC to support the production of a new pre-school animation series, MixMups, which has been devised and created by Toy Like Me co-founder, Rebecca Atkinson.

Page 6

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

4. ACHIEVEMENT AND PERFORMANCE (continued)

MixMups has been commissioned by Channel 5 in the UK and will launch in autumn 2023. The series comprises of 52 x 10 minute episodes. It will become the first disabled created and led preschool brand to feature two lead disabled characters and provide unprecedented access for disabled audiences through innovative object-based technology, allowing a new form of bespoke online viewing for disabled children.

This restricted grant has been made to Toy Like Me CIC which will use the funds as a loan into MixMups Entertainment Ltd to help fund the production costs of the show and achieve their nonprofit objective of better representation of disability on screen for children.

In exchange for the loan, Toy Like Me will receive a 16% share in MixMups Entertainment Ltd and stand in a position to recoup the loan so that the Hollyhock Charitable Foundation’s donation can continue to serve disabled children in the non-profit sector in perpetuity.

As of writing, none of the £1.1 million has been disbursed but Mixmups is still on target for its launch date in 2023.

Christianity

This benefited with donations of £429,136. This included a donation to New Gate Peace Foundation of £367,728 which is a non-profit organization based in the USA and its purpose is to allow fundraising to be achieved to fund apostolic works by the Legionaries of Christ in Holy Land such as Magdala.

The Magdala project is a unique project which started in 2005 in a property by the sea of Galilee with the aim of establishing a modern-day retreat and pilgrimage center. In 2009 the discovery of the ruins of a first century synagogue, a town, marketplace and a unique housing complex with four fresh mikvaot never before seen in the Holy Land, made Magdala an important area of world reference.

In 2014, the Magdala Archaeological Park and the Duc In Altum church were officially inaugurated and opened to pilgrims and visitors. Later in November 2019, the Magdala Hotel with 156 rooms was opened. All the projects have been funded by donations and so are the new projects such as the Visitor Centre and other programs which will benefit the development of Magdala as one of the main reference sites for Jewish and Christian visitors and pilgrims. One of these new projects is the building of a main restaurant.

The restaurant’s mission is to serve visitors and pilgrims with quality food and offer a space with a view to the Sea of Galilee. Magdala estimates that it will receive one million pilgrims annually by 2025, and the restaurant will become the project’s second largest source of income.

One of our trustees had the opportunity to travel to Magdala in early 2022 and see the area and the restaurant. The construction had been temporarily halted for a period during the pandemic and, subsequently, for the implementation of new regulations and permit requirements for the project, but will now resume in September 2022.

The donation of £367,728 and the additional contingent commitment (see note 8) of US$1,000,000 is to facilitate the building of the restaurant.

Overall

The Trustees have continued to match larger global and national charities with smaller local charities, allowing greater balance in its “giving” policy and they will continue to make efforts through 2022 and beyond to develop that.

Page 7

HOLLYHOCK CHARITABLE FOUNDATION

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

5. FINANCIAL REVIEW

The Statement of Financial Activities on page 11 shows total incoming resources for the period of £3,850,000 (2020: £2,410,643). There was no expenditure on raising funds and grant expenditure amounted to £2,642,348 (2020: £2,327,632). Governance costs amounted to £25,560 (2020: £31,798) and are included within charitable activities.

The principal funding for the Foundation came by way of voluntary donations from an unconnected third party and there were no restrictions attached to these. The funding has allowed the Foundation to operate and award 29 grants to 26 organisations totalling £2,642,348 (2020: £2,327,632) which has in turn benefitted countless thousands.

The balance of reserves at 31 December 2021 is £1,240,377 (2020: £58,715) and all funds are unrestricted.

Reserves Policy

The Trustees have examined the Foundation’s requirement for resources in light of the main risks to the organisation and have no outstanding commitments or cash demands which are not adequately covered by existing resources. The net assets of the Foundation are regarded as free reserves and the funds at 31 December 2021 will be retained to make grants in accordance with the Foundation’s charitable objects and policies. The Trustees consider that the freely expendable funds are appropriate and adequate taking into account plans for grants to be awarded in future and have at present therefore not designated any specific reserves. However, the Trustees will keep this under constant review. In future years, a specific reserves policy may be required.

The Covid-19 pandemic and the ongoing Ukraine conflict (which is a post year end event) have created operational and financial pressures for most organisations. The Trustees have considered the contingency plans in place, the level of funds held, the expected level of income and expenditure and cash flow forecasts for 12 months from authorising these financial statements and believe that no material uncertainties exist. The Trustees consider the adoption of the going concern basis in preparing these financial statements is appropriate.

6. PLANS FOR THE FUTURE

The Trustees do not propose to deviate from the current objectives and activities of the Foundation as detailed in Section 3 of this report but will further develop and refine their strategies, policies and procedures in future.

Approved by the trustees and signed on their behalf by:

Simon Brooks

13/09/2022

………………………………………………… Trustee

………………………………... Date

Page 8

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF

HOLLYHOCK CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of the Hollyhock Charitable Foundation (the ‘Foundation’ or ‘the CIO’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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 Foundation 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 Foundation’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 we do not express any form of assurance conclusion thereon. 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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INDEPENDENT AUDITOR’S REPORT (continued)

TO THE TRUSTEES OF

HOLLYHOCK CHARITABLE FOUNDATION

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the Trustees 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 Foundation’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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

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INDEPENDENT AUDITOR’S REPORT (continued)

TO THE TRUSTEES OF

HOLLYHOCK CHARITABLE FOUNDATION

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the Foundation’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Foundation’s trustees 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 Foundation and the Foundation’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alex Temlett (Senior Statutory Auditor) For and on behalf of Azets Audit Services Limited

Statutory Auditor Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Azets Audit Services Limited is eligible to act as an auditor in accordance with Section 1212 of the Companies Act 2006.

Page 11
HOLLYHOCK CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED TO 31 DECEMBER 2021
Page 2021 2020*
£ £
Income from:
Donations (note 2) 16 3,850,000 2,410,643
Total Income 3,850,000 2,410,643
Expenditure on:
Charitable Activities (note 3)
18		 2,668,308 2,360,278
Total Expenditure 2,668,308 2,360,278
Net income 1,181,692 50,365
Other (Losses)/gains
Realised (losses)/gains on exchange (30) 8,350
Net movement in funds 1,181,662 58,715
Total Fund Brought Forward at 1 January 2021 58,715 -
Total Funds Carried Forward at 31 December 2021 £ 1,240,377 £ 58,715
Comparative figures are for the period from 8 November 2019 to 31 December 2020
ll amounts relate to continuing operations.
here were no recognised gains and losses for the year ended 31 December 2021 other than those
ncluded in the Income and Expenditure Account.
o Trustee received any remuneration or reimbursement of expenses during the year ended
1 December 2021.
The notes on page 14 to 20 form part of these financial statements

*Comparative figures are for the period from 8 November 2019 to 31 December 2020

All amounts relate to continuing operations.

There were no recognised gains and losses for the year ended 31 December 2021 other than those included in the Income and Expenditure Account.

No Trustee received any remuneration or reimbursement of expenses during the year ended 31 December 2021.

Page 12 Page 12
HOLLYHOCK CHARITABLE FOUNDATION
(Registered Charity No. 1186232 and Company No. CE019508)
BALANCE SHEET
AS AT 31 DECEMBER 2021
Page 2021 2020
Current Assets: £ £
Cash at bank (note 4) 18 2,585,424 232,908
Total Current Assets 2,585,424 232,908
Liabilities
Creditors - amounts falling due within one year (note 5) 18 (1,345,047) (174,193)
Total Liabilities (1,345,047) (174,193)
Net Assets £1,240,377 £ 58,715
The funds of the charity:
Unrestricted funds 1,240,377 58,715
Total charity funds £ 1,240,377 £ 58,715
he financial statements were approved and authorised for issue by the Trustees and were signed on their
ehalf by:
imon Brooks 13/09/2022
………………………………………. ……………………………………….
rustee Date
The notes on page 14 to 20 form part of these financial statements

The financial statements were approved and authorised for issue by the Trustees and were signed on their behalf by:

Simon Brooks 13/09/2022 ………………………………………. ………………………………………. Trustee Date

Page 13
HOLLYHOCK CHARITABLE FOUNDATION
(Registered Charity No. 1186232 and Company No. CE019508)
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 2021 2020
Net cash flow from Operating Activities £ £
Net movement on funds for the year 11 1,181,662 58,715
Increase in creditors 1,170,854 174,193
Net cash provided by Operating Activities 2,352,516 232,908
Net increase in cash in the period £ 2,352,516 £ 232,908
Reconciliation of net cash flow to movement in net funds
Net cash resources at 1 January 232,908 -
Net increase in cash 2,352,516 232,908
Net cash resources at 31 December £ 2,585,424 £ 232,908
Analysis of net funds:
Cash at Bank (note 4) 18 2,585,424 232,908
£ 2,585,424 £ 232,908
The notes on page 14 to 20 form part of these financial statements

Page 14

HOLLYHOCK CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDNG 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of Preparation of Financial Statements

The Hollyhock Charitable Foundation (“the Foundation” or “the CIO”), registered charity number 1186232, is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square, London, EC4A 3AQ. The nature of the Foundation’s operations and principal activities are set out in the Trustees’ Annual Report.

The financial statements have been prepared in accordance with 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) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Foundation constitutes a public benefit entity as defined by Charities SORP FRS 102.

In applying the financial reporting framework, the Trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming Resources

All incoming resources are included in the SOFA when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy.

Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest from deposit accounts are included when received.

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HOLLYHOCK CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Resources Expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation committing the Trustees to the expenditure. Irrecoverable VAT is charged against the activity for which expenditure was incurred.

Charitable activities include governance costs incurred during the period and are expended through the SOFA. Governance costs are costs relating to the general running of the Foundation, as opposed to the management functions inherent in generating funds.

Grants payable

Grants payable are made to third parties in furtherance of the Foundation's objects. Single or multiyear grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the Foundation.

Financial instruments

The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Status of funds

The entire resources of the Foundation are unrestricted and the Trustees have complete discretion for their use in pursuance of the Foundation’s objectives.

Foreign currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the statement of financial activities as they arise.

Taxation

The Foundation is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Creditors payable within one year

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are included within borrowing in current liabilities.

Page 16
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
. ACCOUNTING POLICIES (continued)
Provisions
Provisions are recognised when the Foundation has an obligation at the Balance Sheet date as a
result of a past event, it is probable that an outflow of economic benefits will be required in settlement
and the amount can be reliably estimated.
Tangible Fixed Assets
Tangible fixed assets are included at their cost value and depreciated using the straight line method
over 5 years.
Going concern
The Trustees have assessed whether the use of the going concern assumption is appropriate in
preparing these Financial Statements. The Trustees have made this assessment in respect of the a
period of at least 12 months from the date of signing of these financial statements.
The Covid-19 pandemic and the ongoing Ukraine conflict (which is a post year end event) have
created operational and financial pressures for most organisations. The Trustees have considered
the contingency plans in place, the level of funds held, the expected level of income and expenditure
and cash flow forecasts for 12 months from authorising these financial statements and believe that
no material uncertainties exist. The Trustees consider the adoption of the going concern basis in
preparing these financial statements is appropriate.
Page 2021 2020
2. INCOME FROM DONATIONS £ £
Donations received 3,850,000 2,410,643
11 £ 3,850,000 £ 2,410,643
3. EXPENDITURE ON CHARITABLE ACTIVITIES £ £
Grants payable: Charity No.
Toy Like Me 10778527 1,100,000 -
New Gate to Peace Foundation EIN
55-
0907295		 367,728 -
Breast Cancer Now 1160558 150,000 150,000
Shelter 263710 100,000 100,000
CRISIS 1082947 100,000 100,000
YoungMinds Trust 1016968 100,000 -
Music and the Deaf 1000025 65,000 -
Westminster Roman Catholic Diocese 233699 61,408 50,000
CAFOD 1160384 50,683 70,204
Koala North West 1139517 50,000 -
Future Hope (U.K) 1157547 50,000 -
Refuge UK 277424 50,000 -
Magic Breakfast 1102510 50,000 -
Centrepoint Soho 292411 45,201 41,582

1. ACCOUNTING POLICIES (continued)

Page 17
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 2021 2020
3. EXPENDITURE ON CHARITABLE ACTIVITIES (continued) £ £
Charity No.
Same You 1170102 42,627 -
CW+ 1169897 39,900 -
Jedidiah UK 1190382 32,361 -
Little Village 169735 30,000 -
Jedidiah UK 1190382 23,935 -
Embracing Age 1160400 22,500 -
Toy Like Me 10778527 20,000 -
Dame Vera Lynn Children’s Charity 1089657 18,560 23,589
Sense 289868 18,000 -
Whiteglasses Education 14,147 14,600
Mission Aviation Fellowship 1064598 11,000 -
MicroLoan Foundation 1104287 10,000 -
Sense 289868 9,071 -
Mission Without Boarders 270659 5,227 -
KidsOut 1075789 5,000 5,000
Hearing Dogs 293358 - 400,000
Dogs for Good 1092960 - 138,940
Refuge 277424 - 100,000
Trussel Trust 1110522 - 100,000
RNID 207720 - 88,393
CAFOD 1160384 - 68,818
Friends of Hewett 1187100 - 54,000
The Brain Tumour Charity 1150054 - 53,640
National Emergencies Trust 1 - 50,000
Action for Children 1097940 - 50,000
Mind 219830 - 50,000
Westminster Roman Catholic Diocese 233699 - 50,000
National Emergencies Trust 1182809 - 50,000
Trussel Trust 1110522 - 50,000
Friends of Hewett 1187100 - 50,000
Kidscape 326864 - 48,880
Legionaries of Christ - 48,816
Luminary 1181835 - 45,486
St Joseph’s Pastoral 233699 - 42,900
Friends of Hewett 1187100 - 41,000
The Passage 1079764 - 33,757
Feeding Britain 1163986 - 30,000
CCLASP SC047235 - 24,267
Beauty Banks 1184944 - 20,000
Chelsea and Westminster Hospital NHS Foundation 1169897 - 20,000
TBAP Foundation 1164504 - 18,760
Feeding Britain 1163986 - 15,000
Franciscan Friars - 15,000
Sufra NW London 1151911 - 10,000
Friends of Hewett 1187100 - 5,000
Total Grants payable 2,642,348 2,327,632

Page 18

HOLLYHOCK CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
3. EXPENDITURE ON CHARITABLE ACTIVITIES (continued) £ £
Support Costs:
Bank charges 400 848
Total Support costs 400 848
Governance Costs:
Accountancy fees 19,200 24,400
Audit fees 6,360 6,000
Legal fees - 1,398
Total Governance costs: 25,560 31,798
Total Charitable Activities: 11 £ 2,668,308 £ 2,360,278

Auditor remuneration in respect of their audit of the Financial Statements for the period to 31 December 2021 totalled £5,250 excluding VAT.

There were no employees in respect of the year ended 31 December 2021.

No Trustee received any remuneration or reimbursement of expenses during the year ended 31 December 2021.

4. CASH AT BANK
C Hoare & Co GBP Current 2,585,004 232,454
C Hoare & Co EUR Current 420 454
12 £ 2,585,424 £ 232,908
5. CREDITORS - amounts falling due within one year
Grant commitments 19 1,329,147 163,393
Accountancy fees 9,600 4,800
Audit fees 6,300 6,000
12 £ 1,345,047 £ 174,193

Grant commitments falling due within one year are grants which have been awarded by Trustees prior to 31 December 2021 but not paid until after the year-end, and where there is a constructive obligation to pay them. As at the date of this report all bar one outstanding grant commitment has been paid, with the final one expected to be paid in Autumn 2022.

Commented [TG1]: Has this now been paid?

Page 19 Page 19
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page
2021
2020
6. GRANT COMMITMENTS
£		 £
Toy Like Me – MixMUps
1,100,000		 -
Shelter
100,000		 -
The West Yorkshire Music Programme
65,000		 -
Magic Breakfast
50,000		 -
Whiteglasses Education
14,147		 -
Royal National Institute for Deaf People
-		 88,393
Friends of Hewett
-		 50,000
Franciscan Friars
-		 15,000
Beauty Banks
-		 10,000
£ 1,329,147
£ 163,393
. GRANTS PAYABLE – CONTINGENT LIABILITIES
In the period from 8 November 2019 to 31 December 2020 the Trustees made a charitable pledge
to Breast Cancer Now totalling up to £500,000 over a five year period.
The commitment has a number of conditions which are required to be met before further payments
may be released, the unpaid amount has not been recognised in these Financial Statements. At 31
December 2021, the total contingent liability remaining for Breast Cancer Now was £200,000 (2020:
£350,000).
Two further pledges were made during the year to 31 December 2021.
The Trustees pledged up to $1,500,000 to New Gate to Peace Foundation of which £367,728
($500,000) was paid during the year. The commitment has a number of conditions which are
required to be met before further payments may be released, the unpaid amount has not been
recognised in these Financial Statements. At 31 December 2021, the total contingent liability
remaining is £740,028 ($1,000,000).
The Trustees also pledged up to £184,594 to Little Village of which £30,000 was paid during the
year. The commitment has a number of conditions which are required to be met before further
payments may be released, the unpaid amount has not been recognised in these Financial
Statements. At 31 December 2021, the total contingent liability remaining is £154,594.
. RELATED PARTY TRANSACTIONS
No related party transactions occurred during the year ended 31 December 2021 (2020: none).
No Trustee received any remuneration or reimbursement of expenses during the year ended 31
December 2021 (2020: £nil).
. ULTIMATE CONTROLLING PARTY
The Trustees consider that the Foundation is jointly controlled by the Trustees and that there is no
ultimate controlling party.

7. GRANTS PAYABLE – CONTINGENT LIABILITIES

8. RELATED PARTY TRANSACTIONS

9. ULTIMATE CONTROLLING PARTY

Page 20
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10. FINANCIAL INSTRUMENTS Page 2021 2020
£ £
The carry amounts of the Foundation’s financial instruments are
as follows:
Financial assets
Measured at fair value through SOFA:
-Cash at bank and in hand 18 2,585,424 232,908
Financial liabilities
Measured at amortised cost
soured at amortised cost:
-Creditors
-Accrued income		 18 1,345,047 174,193
════════════════════ ════════════════════
The net gains attributable to the Trust’s financial instruments are summarised as follows:
Income and expense
Measured at fair value through SOFA:
-Net gains (including changes in fair value) 11 (30) 8,350
════════════════════ ════════════════════