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 2022
RAWLINSON
&HUNTER

HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CONTENTS
Page
Annual Report of the Trustees
Independent Audilor's Report
8-10
Statement of Financral Activities (including Income and Expenditure Account)
Balance Sheet
12
Statement of Cash Flows
13
Notes to the Financial Statements
14-22

Page 1
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and the independently audited financial slatemenls of the Hollyhock
Charitable Foundalion {'Ihe Foundation. or'the CIO"), for the year ended 31 December 2022. These have
been prepared in accordance wilh the accounting policies set out on pages 14 to 16 and comply with
applicable charity law.
REFERENCE AND ADMINISTRATIVE DETAILS
Hollyhock Charitable Foundation. {Régislered Charity Number 1186232 and Company Number
CE0195081 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..
Berta Burguera
Simon Brooks
Simon Peck
Rupert Elwes
Simon Jeffries
The Truslees did not hold any beneficial interest in the Foundation al 31 December 2022 or at any
time during or Sin￿ the accounting period.
Bankers:
C Hoare & Co
37 Fleet Street, London, EC4P 4DQ
Investment Managers:
Rothschild Asset Management
New Court, Sl Swilhin's Lane, London EC4N 8AL
Sarasin & Partners LLP
100 St. Paul's Churchyard, London EC4M 8BU
Waverton Investments Ltd
16 Babmaes Sl, St. James's, London SW1Y 6AH
Solicitors:
Ince Gordon Dadds LLP
Aldg8te Tower. 2 Lem8n 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 Vvay, Godalming, Surrey, GU7 1LQ
Wgbsitg:
https'.Ilhollyhockfoundation co.ukj

Page 2
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Foundation is a charitable incorporated organisalion governed by its Constitution dated 8
November 2019 and is registered as a charity with the Charity Commission for England and Wales.
The majority of Trustees are residenl 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 numberofTrustees shall be a minimum of three and a maximum of six at any one time and new
Trustees shall be appoinled by ordinary resolulion by the exisling Trust6es. The range of skills
represented on the Trustee Board will be kept under review as the Foundation develops over time.
The Truslees delegate the day to day running of the Foundation lo Rawlinson & Hunter LLP.
Inductlon and Tralnlng
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 Truslees a
aware of their legal duties and obligations in respect of the management of Ihe Foundation, including
in relation to the protection of its assets.
Statgmgnt of Trustees, Responsibilities
The Trustees are responsibl@ for preparing the Annual Report of the Trustees and the financial
statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounling 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 Ihe incoming resources and application of resources, including the income and
expenditure of the Foundation for that period. In preparing these financial slalements, the Trustees
are required to=
select suilable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements., and
prepare the financial statements on the going concem basis unless it is inappropriate to
presume that the Foundation will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable
accuracy al any time the financial position of the Foundation and enable them to ensurè thal the
financial statements comply with the Charities Act 2011 and where applicable, the Charities Act
2022. the Charity (Accounts and Reporls) Regulations 2008 and the provisions of the Foundation's
Constitution. Théy arè also responsible for safeguarding the assets of the Foundation and hence for
taking reasonable steps for the prevention and delection of fraud and other i￿egUlar1ties.
The Trustees are responsible for Ihe maintenance and inlegrily of the corporate and financial
information included on the Foundation's website. Legislalion in Ihe United Kingdom governing the
preparation and dissemination of financial statements may differ from legislation in otherjurisdictions.

Page 3
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
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 lime the financial position of the Foundation and enable them lo ensure
that the financial slalemenls follow best practice and all applicable law. regulation and guidanc8.
The Trustees are also responsible for Ihe Foundation safeguarding it's assets and for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The system of inlemal controls is dèsignèd to provide reasonable, but not absolute. assurance
against material misslatement or loss.
Risk Management & Corporate Governance
A risk assessment has been undertaken which comprises:
An annual review of the risks the Foundation may face.,
The establishment of systems and Pro￿dureS to mitigate those risks- and
The implementation of prO￿dureS designed to minimise any potential impact on the
Foundation should those risks materialise.
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 pla￿. No major risks were identified at the date
of these financial slatemenls.
The Trustees have signed fit and proper declarations in line with HMRC guidance.
In addition, the Trustees have taken due consideration of Good Govemance
A Code for th8
Voluntary and Community Seclor, ensuring that the seven main prir)ciples of the Code are adhered
to. These are..
Organisational purpose-
Leadership-,
Integrily.,
Decision-making, risk and control.,
Board effectiveness.,
Equality, diversity and inclusion,. and
Openness and accessibility.
The Trustees recognise that good governance plays an essential part in securing the future of the
Foundation and confimi that the said main principles of the Code are followed by them in leading,
directing and managing the Foundalion.
No Truslee received any remuneration during the year ended 31 December 2022.
The Foundation does not carry out fundraising activities. All fundraising costs relate to the
management of their investment assets.

Page 4
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of th8 Foundation are restricled speGifically lo the appliGation of CIO funds, at such time
or tlmes 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 organisalions 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..
prevent or relieve povety worldwde for individuals in need-,
advance the health and wellbeing of the general public (including preventing or relieving
sickness. disease or suffering, as well as the promotion of good health);
support programmes which promote and advance the educalion of the general public. and
prornole and support Christianity for the benefit of the general public.
The Trustees have pursued a broad stratégy of ensuring proper due diligence in the assessment of
potential grants and ensuring that grants are Tnade subject lo appropriate terms and conditions.
Statement of Public Benefit
As a grant-funder, the Foundation's activities will provide public benefit to the individu81s and
communities who are beneficiaries of the Foundation's funded projects. The Foundation's public
benefit is not limited with referenGe 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
omplied with the duly in SeGtion 4 of the Charities Act 2011 to have due regard to it. They Gonsider
the infomiation 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 lo generalty consider making donations by way of direct
funding and also by way of grants lo charitable organisations reGognised as such In their respective
jurisdictions for projects that are exclusively charitable under English law. The Foundation has begun
lo put in place sound grant a￿angeMentS 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 DECEkqBER 2022
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
The Foundation has continued to work in a world that is ever changing- the conflict in Ukraine,
increases in cosl of living and the ongoing backlash from the pandemic. All these factors have
created great demand on the Foundation and, as in previous years, it has met that challenge.
Whilst Charitable giving is always at the forefront of this report, 2022 was a watershed year for the
Foundation. Over the past three years the Foundation has been reliant on the generosity of ils donor.
In 2022 that donor decided to close its doors and, at the same time, donate three investment
portfolios tolalling nearly £26 million. This has made an enormous differen￿ and allowed us to start
considering annuilies to several charities. alongside a large number of individual granls.
The Foundation's objects have not changed, with ils four key pillars being Povety, Heallh and
Wellbeing, Education and Christianily.
Poverty
This accounted for £712,817 in donations. The foundation continued lo help Shelter and CRISIS
with further amounts of £100,000. It also made a Ihree-year commitment to Fareshare of £200,000
per year, with the first amount paid in 2022.
As in 2021 numerous smaller grants were made lo small charities.
Health and Wellbeing
Not surprisingly, this made up a higher proporlion of donalions than in 2022, with donations totalling
£1,340,077. The reason for this was twofold, as the fall-oul from the pandemic and increases in cost
of living both Caught up with society, which enhan￿d mental health problems. In this instance, there
are no large donations lo highlight, and wè are more inclined to note that this amount was distribut8d
over 25 different charities.
Educatlon
This was an area that only made up £165,870 of grants in 2022. This included £50,000 to help send
GB'S team to the Special Olympics.
It is also worth mentioning here Ihal the first episode of Mixmups which was referenced in 2021, will
be broadcast on 4 November 2023. We are delighted lo have helped bring this to its ¢on¢lusion with
the large grant made last year.
Christianity
Due to the fact that we still have a large commitment to the restaurant in Magdala {see 2021 report)
there was only one small donation of £18,000 in this area in 2022.
The projgct in Magdala will continue to take Tllost of this area of donations as the restauranl project
re starts this Autumn aft&r a r8vision to costs.
Overall
The Trustees are delighted to now have a fund to allow us to benefrt small and large charities in all
four areas of our objects for some time into the future.

Page 6
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
The Statement of Financial Activilies on page 11 shows total in¢oming resources for the period of
£26,673,826 {2021: £3,850,000). £28,152 was expended on Ihe management of investment
portfolios12021: £nil) and granl expenditurè amounted to £2,236,764 (2021: £2,642.348). Support
cosls amounled to £33,301 (2021.. £25,960} and are included within Charitable aclivities.
The principal funding for the Foundation Came by way of voluntary donations from an unconnected
third paty and there were no restrictions attached to these. The funding has allowed the Foundation
to operate and award 39 grants lo 37 organisations totalling £2,236,764 {2021.- £2,642,348
comprising 29 grants 10 26 Drganisation} which has in turn benefitled countless thousands.
The balance of reserves at 31 De￿mber 2022 is £26,002,647 (2021.. £1,240,377) ané all funds are
unrestricted.
Investment policy and perfornianco
The investment objective is to generate over the long lerm a total retum per annum above inflation.
before grant making & expenditure, las measur8d by CPl+3.5Oh) while providing adequate liquidity
for annual grant making & expenditures. At current or even higher grant making18vels, this approach
should allow the Charity at least to maintain the value of its assets whilst keeping lo the expe¢led
spend dowr) schedule.
The Charity relies on the inveslment portfolios to fund its grant making. The key risk to Ihe long-lemi
5UStainabilily of Ihe Charity is inflation. over and above the spend-down schedule, and so Ihe assets
should be invested lo mitigate this risk over the long term. The trustees understand that this is likely
lo mean that investment will be concentrated in real assets and that the capital value will fluctuate.
The tnjstees are able to toleratè volatility of the capital value of the Charity, consistent with the
investment objectives, as long as it is able to meet its ongoing grant making commitments through
either income or liquidating capital assets.
The Charity's assets can be invested widely and asset classes can include cash, bonds, equities
and property, and any other asset that is deemed suitable for the Charity. The porlfolio should be
diversified and invested in line with the Elhical Restrictions.
Given the geographic area in which the Charity operates and their attitude lo risk the Trustees
request thal any investment manager build a portfolio in line with the following guidelines..
A neulral equily weighting of 70 % of the portfolio,. and
Sterlin9 reporting mandates with a minimum of 50 /0 hèld in sterling assets.
The Trustees are satisfied with Ihe performance of their investment portfolios since they were gifted
the investments, which produced income during the year of £53,396 and capit81 appreciation of
£124,178. The Trustees monitor performance of the underlying investments and managers on a
regular basis, Ihrough face lo face reviews, investment reports and comparisons to peer groups and
appropriate Indi￿S.

Page 7
HOLLYHOCK CHARITABLE FOUNDATION
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW {continuedl
Reserves Policy
The Trustees have examined the Foundation's requirement for resources in light of the main risks lo
the organisalion and have no outstanding commitments or cash demands which are not adequately
covered by existing resources. The nel assets of Ihe Foundation are regarded as free reserves and
the funds at 31 December 2022 will be retained to make grants in accordance with the Foundalion's
charitable objects and policies. The Trustees consider that the freely expendable funds are
appropriate and adequate taking inlo account plans for grants to be awarded in future and have al
present therefore not designated any specific reseNes. However. the Trustees will keep this under
constsnl review. In future years, a specrfic reserves policy may bo required.
The ongoing conflict in Ukraine and the resulting high energy costs and other cost inflating factors
have affected the global economy. Having considered the contingency plans in place and having
reviewed updated cashflow forecasts, the Trustees consider the adoption of the going concern basis
in preparing these financial statements continues to be appropriate.
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:
241,.J 7oZ5
Date
Trustee

Page 8
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF
HOLLYHOCK CHARITABLE FOUNDATION
Opinion
We have audiled the financial stalernenls of the Hollyhock Charitable Foundation (the 'Foundalion' or 'the
CIO,) for the year ended 31 December 2022 which comprise the statement of financial activities, the
balan￿ sheet and the notes to the financial stalements, 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 Slandard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted
Accounting Praclice).
In our opinion the financial statements..
give a true and fair view of the stale of the Foundalion's affairs as al 31 Dècember 2022 and of its
incoming resources and applicalion of resources, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We Conducted our audit in accordance with International Standards on Audits'ng (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 Ihal are relevant lo our audit of the financial
slalements 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 lo provide a basis for our opinion.
Conclusions relating to going concorn
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 perfomied, 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 concem are described in
thè relevanl sections of this report.
Other Informatlon
The other infomation comprises the infom)ation included in the annual r6POrt other than Ihe financial
statements and our auditor's report Ihereon. The Trustees are responsible for the other information
contained within the annual report. Our opinion on the financial ststements does not cover the olher
information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read
the other information and, in doing so, consider whether the other information is materially inconsistent
wilh the financial slaternents 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 lo a material misstslemenl in the financial statements
themselves. If, based on Ihe work we have performed, we conclude that there is a material misstatement
of this olher information, we are required lo report thal fact.
We have nothing to report in this regard.

Page 9
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 lo which the Chanlies (Accounts
and Reports) Regulations 2008 require us to report to you if, in our opinion..
the information given in the financial statements is in¢onsislent in any material respect wilh the
Iruslees, report- or
sufficient accounting records have nol been kept. or
the financial statements are not in agr&ement with Ihe acwunling records; or
we have not received all the information and explanations we require for our audit.
Responsibilities of Irustees
As explained more fully in the statement of trustees, responsibilities. the Trustees are responsible for the
preparation of the financial statements and for being salisfied 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, whelher due to fraud or error. In preparing the
financial stalements. the Trustees are responsible for assessing the Foundation's ability to continue as a
going concern, disclosing, as applicable, matters related to going Gon￿rn and using the going concem
basis of accounting unless Ihe Trustees either intend to ￿ase operalions, or have no realistic alternative
bul 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
wilh the Act and relevant regulations made or having effeGt 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 auditorfs 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) wi51 always detect a material misstalement when it exists.
Misslatemenls 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 websile at:
httPS:Ilwww.frc.org.uklaLKJitorsresponsibilities. This description fonns part of our auditor's report.
Extent to which the audlt 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 responsibililies, outlined above and on the Financial Reporting Council's
website, to detect material misstatements in respect of irregularities, in¢ludin9 fraud.
We obtain and update our understanding of the enlily, 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 idenlify and assess the risks of
malerial misstatement of the financial statements, whether due to fraud or error, design and perform audit
procedures responsive lo 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 thal were contrary to
applicable laws and regulations, including fraud.

Page 10
INDEPENDENT AUDITOR'S REPORT {continu•d)
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:
Enquiry of management and those charged with govemance around actual and potential liligation
and claims as well as actual, suspected and alleged fraud.,
Reviewing minutes of meetings of those charged with governance-
Assessing Ihe extent of compliance with the laws and re9ulations considered to have a direct
material effect on the financial statements or Ihe operations of the entity through enquiry and
inspection..
Reviewing financial statement disclosures and lesting to supporting documèntation lo assess
compliance with applicable laws and regulations., and
Perfomiing audit work over the risk of management bias and ovèrride of controls, including testir
of journal entries and other adjustments for appropriateness. evaluating the business rationale of
Significant transactions outside the normal course of business and reviewing accounting estimates
for indicators of potential bias.
Because of the inherenl limitations of an audil, there is a risk that we will nol detect all irregularilies.
including Ihose 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 likefy lo become aware of
instances of non-compliance. The risk of not detecting a material misstslement resulting from fraud is
higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions,
misrepresentations. or the override of Snlernal control.
Use of our report
This report is made solelyto the Foundation's trustees, as a body, in accordance with part 4 ofthe Charities
{Accounts and Reports) Regulations 2008. Our audit work has been undertaken so Ihat we might stale lo
the Foundation's truslees those matters we are required lo slate to them in an auéilors, report and for no
other purpose. To the fullesl extent pérmitted by law. we do not accept or assume responsibility to anyone
other than the Foundation and the Foundats'on's trustees as a body, for our audit work, for this report, or
for the opinions we have fomied.
Alex Temlett (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
Slalutory Auditor
Ashcombe Court
Woolsack Way
Godalming
Surrey
GU7 1LQ
Date.. 24 October 2023
Azets Audit se￿ices Limited is eligible to act as an auditor in accordance with Section 1212 of the
Companies Act 2006.

Page11
HOLLYHOCK CHARITABLE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED TO 31 DECEMBER 2022
Page
2022
2021
Income from:
Donations (note 2)
Investments Inole 3)
17
26,619,496
54,330
3.850,000
Total Income
26.673,826
3,850,000
Expenditure on:
Charitable Activities (note 41
Raising funds (note 5)
19
19
2,270,065
28.152
2,668,308
Total Expenditure
2,298,217
2,668,308
Not income before other recognised gains
24,375,609
1,181,692
Gains on investment assets (note 6}
19
124.178
Net income
24,499.787
1.181,692
Other gainsl(losses)
Net gainsl(lossesl on currency exchange
262.483
130)
Not movèmènt in funds
24,762,270
1,181,662
Total Funds Brought Forward at 1 January 2022
1,240.377
58.715
Total Funds Carrled Fo￿ard at 31 Decembèr 2022
£26.002,647 £ 1.240,377
All amounts relate to continuing operations.
There were no recognised gains and losses for the year ended 31 December 2022 other than Ihos8
included in the Income and Expenditure Account.
No Trustee received any remuneration or reimbursement of expenses during the year ended
31 De￿rnber 2022.
The notes on page 14 to 22 form part of these financial statements

Page 12
HOLLYHOCK CHARITABLE FOUNDATION
(R8gist•red Charity No. 1186232 and Company No. CE019508}
BALANCE SHEET
AS AT 31 DECEMBER 2022
Page
2022
2021
Fixed Assets..
Investments and cash under management (note 6)
19
25,748,474
Current Assets:
Debtors (note 7)
Cash at bank (note 8)
20
20
52,297
381,081
2,585,424
Totsl Current Assets
433.378
2,585,424
Liabilities
Creditors - amounts falling du8 within one year (note 9)
20
{179,205) {1,345,047)
Totsl Liabilities
1179,205) {1,345,047)
Net current assets
254.173
1,240,377
Total assets less current liabilities
£26,002,647 £1,240,377
The funds of the charity:
Unrestricted funds
26,002,647
1,240,377
Total charity funds
£26,002,647 £ 1,240,377
The financial statements were approved and authorised for issue by th8 Trustees and were signed on their
behalf by".
2*11-1?023
Trustee
SI•M￿ Ilr
Date
The notes on page 14 to 22 form part of these financial statements

Page13
HOLLYHOCK CHARITABLE FOUNDATION
{Registered Charity No. 1186232 and Company No. CE019508}
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page
2022
2021
Cash flows from operating activities
Nel movemenl in funds for the year
Adjustments for..
Income from investments and deposils
Nei gain on investment assets
{Increaselldecreas8 in debtors
{Decrease)lincrease in creditors
Portfolios donated in specie
24,499,787
1,181,992
{54,330)
(124,178)
152,297)
(1,165.842)
(23,067,132)
1,170,854
Net cash provided by operating activities
36,008
2,352,546
Cash flows from investing activlties
Income from investments
Deposil interest
48,162
6,168
Acquisition of inveslments
Receipts from sales of Investments
(7,740,273)
7,294,191
Net Gash (used in) by investing activities
1391,752)
Net change in cash and cash equivalents for the year
1355,744}
2,352,546
Cash and cash equivalenls at 1 January 2022
Gainl(lossl on foreign Currency
2,585,424
262,483
232,908
130)
Cash and cash equivalents at 31 December 2022
£ 2,492,163 £ 2,585,424
Cash and Gash equivalents consist of:
Cash held with investment managers (note 6)
Cash held at bank Inole 8)
Ig
20
2,111,082
381,081
2,585,424
£ 2,492,163 £ 2,585,424
The notes on page 14 to 22 fomi part of these financial statements

Page 14
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDNG 31 DECEMBER 2022
ACCOUNTING POLICIES
Basls of Preparation of Financial Statements
Th8 Hollyhock Charitable Foundation ('the Foundation. or 'lhe CIO"), registered ch8rily 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 Ihe 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 Reporling 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
1021 {Charities SORP FRS 1021, Ihe Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland {FRS 102), the Charities Act 2011 and where applicable, the Charities Act
2022, and UK Generally Accepted Accounting Praclicè.
The financial slalem8nts have been prepared lo give a 'twe 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..
Slatement 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 ralherthan 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 resped of significant accounting eslimales. 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 Ihe circumstances. The nature
of estimation means the actual outcomes could differ from those eslimales. Any significant estimates
and judgements affecting these financial statements are detailed within the relevant accounting
policy below.
The significant accounting policies applied in the preparalion of these financial slatements are sel
out below. These policies have been consistenlly applied to all years presented unless otheNis8
slated.
Incoming Resources
All incoming resources are included in the SOFA when the Trust is entitled lo the income and Ihe
amount Gan be quantified with reasonable accuracy.
Voluntary donations include donations under Gift Aid with the associaled tax credits included when
receivable. Interest from deposit accounts are included when re￿ived.
Investment income is derived from interest and dividends receivable from investments and is
accounted for in the period in which the Foundation is entitled to receipt. Interest from bank accounts
are included when re￿1vable only.

Page15
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Resource$ Expondgd
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. It is ¢ategorised under the
following heaéings..
Support CDSts - consists of advertising, markeling and direct mail malerials, including publicity
costs not associated with educational material designed wholly or mainly to further the charitable
company s purposes. Support costs are those that assist the work of the Foundation but do not
directly represent charitable activities and include office costs and administrative payroll costs.
They are incurred direclly in support of expendilure on the objects of the charilable company.
Charitable activities comprise grants and donations made during Ihe period and are expended
through the Statement of Financial Activities when the offer is conveyed to the recipient.
Grants payable
Grants payable are made to Ihird parties in furtherance of the Foundation's objects. Single or multi-
year grants are accounted for then either the recipienl 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 lo 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 inslrumenls. Basic financial inslrurnents are recognised al trans8clion value and
subsequently measured at their settlement value.
Fixed Asset Invostments
Quoted investments are included at closing mid-market value al the Balance Sheet date. Realised
gains and losses on investments are recognised on disposal on investments and any gain or loss
on revaluation is taken to the Statement of Financial Activities (SOFA). The detemiin81ion of any
gains and losses is calculated by reference lo the value of such assets al the beginning of Ihe
accounting period.
Mid-market values are provided by independent dala feed rather than inveslmenl manager
valuations.
Cash held for investmenl is included within the Fixed Assets Investments in accordance with the
applicable statement of Recommended Practi￿.
Status of funds
The entire reSoUr￿S of the Foundation are unreslricled and the Trustees have complete discretion
for their use In pursuance of the Foundation's objeotives.
Foreign curroncy
Assets and liabilities denominated in foreign currencies are translated at the rate of excharge ruling
at the Balance Sheet date. Transactions denominated in foreign currencies are converted at thè rate
of exchange ruling at the date of the Iransaction. All translalion differences are taken to the statement
of financial activities as Ihey arise.

Page16
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Taxation
The Foundation is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged
againsl the category of resources expended for whi¢h it was incurred.
Creditors payable within one year
Creditors with no slated interest rate and payable wilhin one year are recorded at transaclion price.
Any losses arising from impairment are recognised as expenditure.
Cash and cash equivalents
Cash and cash equivalents include ¢ash in hand, deposits held on call with banks, other short-lerm
highly liquid investmenls with original maturities of three months or less and bank overdrafts. Bank
overdrafts. when applicable, are included within borrowing in current liabilities.
Provlslons
Provisions are recognised when Ihe Foundation has an obligation at the Balance Sheet date as a
result of a past event, il is probable that an oufflow of economic benefits will be required in settlemenl
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 concorn
The financial statements have been prepared on a going concern basis as the Trustees believe that
no matenal uncertainties exist. The Trustees have considered the level of funds held and the
expected level of income and expenditure for ￿e1ve months from the date of signing of these
financial slatemenls. The forecast income and reserves are sufficient lo cover all of the budgeted
expenditure to be able lo continue as a going concem.
The current ongoing conflict in Ukraine and the resulting high energy costs and other cosl inflating
factors have affected the global economy. Having Considered the contingency plans in place and
having reviewed updated cashflow forecasts, the Trustees consider the adoplion of the going
con￿rn basis in preparing these financial statements continues to be appropriate.

Page17
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page
2022
2021
INCOME FROM DONATIONS
Investment portfolios and cash under management
donaled in specie
Cash donations received
25,869.496
750,000
3,850,000
£ 26,619.496 £ 3.850,000
INCOME FROM INVESTMENTS
Sarasin & Partners LLP
Rothschild Asset Management
Waverton Investments Limited
Bank Inlerest
14,945
16,905
21,546
934
£ 54,330
EXPENDITURE ON CHARITABLE ACTIVITIES
Grants payable:
Fareshare
Jessie May Trust
Breast Cancer Now
Shelter
CRISIS
Greggs Foundation
Mercy Corps
Make a Wish
Children's Hospice Southwest
RNID
Young Minds Trust
Claire House Children's Hospice
Little Village
Centrepoint Soho
Future Hope (U.K}
Bels Brucha
Sense
MAD Foundation
Special Olympics GB
Carers UK
Our Special Friends
Children on the Edge
Harrisons Fund Limited
Luminary
Luminary
Charity No.
1100051
1086048
1160558
263710
1082947
296590
SC030289
295672
1003314
207720
1016968
1004058
169735
292411
1157547
1131109
289868
1111805
800329
246329
1156778
1101441
1146662
1181835
1181835
200,000
128.509
100,000
100,000
100,000
100.000
100.000
100,000
90.627
87,905
81.568
72.964
62.297
61,550
50.060
53.000
50,000
50.000
50.000
50,000
39,190
30,147
22,500
45.999
45,999
150,000
100,000
100,000
30,000
45,201
50,000
18,000

Pagè 18
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
EXPENDITURE ON CHARITABLE ACTIVITIES Icontlnued)
Charity No.
Kidscape
Wesee Education
Sense International
Jedidiah UK
Multiple System Atrophy Trust
Sense
The Brain Tumour Charity
Wave Project
Grief Encounter
21&Co
Dame Vera Lynn Children's Charity
The Message Trust
Hotline Meals
Royal Marine Charity
Toy Like Me
New Gale to Peace Foundation
Youngminds Trust
Music and the Deaf
Vvestminster Roman Caiholic Diocese
CAFOD
Koala North West
Refuge UK
Magic Breakfast
Same You
CW+
Jedidiah UK
Embracing Age
Toy Like Me
Mission Aviation Fellowship
MicroLoan Foundation
Mission Without Boarders
Kidsout
326884
45,723
40,000
36,302
31,260
30,500
30,000
30,000
25,000
24,121
21,085
19,808
18.000
7,650
5.000
14.147
1076497
1190382
1137652
289868
1150054
1163421
1175837
1149464
1089657
3961183
1066575
1134205
10778527
EIN 55-0907295
1016968
1000025
233699
1160384
1139517
277424
1102510
1170102
1169897
1190382
1160400
10778527
1064598
1104287
270659
1075789
32,361
9,071
18,560
1,100.000
367.728
100.000
65.000
61.408
50.683
50.000
50.000
50.000
42.627
39.900
23.935
22.500
20.000
11.000
10.000
5.227
5.000
Total Grants payable
2.236.764
2,642.348
Support Costs:
Bank charges
421
400
Total Support costs
421
400

Page 19
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page
EXPENDITURE ON CHARITABLE ACTIVITIES {continued)
2022
2021
Governance Costs:
Accountancy fees
Audit fees
24.120
8,760
19,200
6,360
Total Governance costs:
32.880
25,560
Total Charitable Activities:
11
£ 2,270.065 £ 2,360,278
Auditor remuneration in respect of their audil of the Financial Statements for the p&riod to
31 December 2022 lotalled £7,250 excluding VAT12021.' £5,250 exduding VAT).
The Foundation had no employees during the years ended 31 De￿rnber 2021 and 2022.
No Trustee received any rèmuneration or reimbursement of expenses during the year ended
31 December 2022.
2022
2021
EXPENDITURE ON RAISING FUNDS
Investment Management Fee$:
Waverton Investmenl Management
Rothschild Asset Managem8nt
Sarasin and Partners
11,543
8,745
7,864
28,152
FIXED ASSET INVESTMENTS
Quoted invgstments and cash under management
Inveslments al tnarket value as 1 January 2022
Additions at cost
Disposals al carying value
30,807,405
(7,464,870)
23,342,535
Realised gainl(loss) on disposals
Unrealised gain on revaluation
(261,226)
385,404
Net Gain on Investment Assets
11
124,178
Markel value at 31 December 2022
Forward Currency Contracts awaiting settlement
Cash
23,466,713
170.679
2,111,082
Total Value at 31 December 2022
12
£ 25,748,474

Page 20
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
DEBTORS
Page
Inveslmenl transactions awaiting settlement
Dividends in thé ¢ourse of colledion
45,251
7,046
12
£ 52,297
CASH AT BANK
C Hoare & Co GBP Current
C Hogre & Co EUR Current
380.642
439
2,585,004
420
12
£ 381,081 £ 2,585,424
CREDITORS. amounts falling duo within one year
Granl commilments
Investment Management fees
Audit fees
Accountancy fees
20
145,999
19,406
8,700
5,100
1,329,147
6,300
9,600
12
£ 179,205 £ 1,345,047
Grant Gommilmenls falling due within one year are grants which have been awarded by Truslees prior
to 31 De￿mber 2022 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 have been paid.
2022
2021
10. GRANT COMMITMENTS
Crisis
Luminary Bakery
Toy Like Me- Mixmups
Shelter
The Wesl Yorkshire Music Programme
Magic Breakfast
Whiteglasses Education
100.000
45,999
1,100.000
100.000
65.000
50,000
14,147
20
£ 145.999 £ 1,329.147

Page 21
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11. GRANTS PAYABLE- CONTINGENT LIABILITIES
The Trustees have made a number of commitments for which several conditions are réquired to be
met before further paymenls may be released and therefore unpaid amounls have not been
recognised in these Financial Slalements.
In the period from 8 November 2019 to 31 December 2020 Ihe Trustees made a charitable pledge
lo Breast Cancer Now totalling up to £500,000 over a five year period. At 31 December 2022, the
lotal conting8nt liability remaining for Breast Cancer Now was £100,00012021.- £200.000}.
Two further pledges were made during the year to 31 December 2021.
The Trustees pledged up to $1,500,000 to New Gate lo Peace Foundation of which £367.728
($500,000) was paid during Ihe year. At 31 December 2022, 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 to 31 December 2021 and £62,297 in the year to 31 December 2022. AI 31 December 2022,
the totsl conlingenl liability rernaining is £92,297.
During the year lo 31 December 2022 the Trustees made three further pledges were made.
Fareshare were pledged £600.000 overa three year period ofwhich £400.000 remained outstanding
at year end, Sheller were pledged £500,000 over a five year period of which £400,000 remained
outstanding at the year end and Sense International were pledged £91,335 over a three year period
of which £55,033 remained oulstanding al the year end.
Additionally Cenlrepoint Soho was pledged £194,037 over 8 three year period of which £132,487
was oulstanding al the year end. However it was confirmed after the year end that thg project would
not be continuing, justifying the Trustees decision not lo recognise the grant in the Financial
Statements.
12. RELATED PARTY TRANSACTIONS
No related party transactions occurred during Ihe year ended 31 De￿mber 2022 {2021'. none).
No Trustee received any remuneration or reimbursement of expenses during the year ended 31
December 2022 (2021- £nil).
13. ULTIMATE CONTROLLING PARTY
The Truslees consider that the Foundation is joinlly controlled by the Trustees and thal there is no
ultimate controlling party.

Page 22
HOLLYHOCK CHARITABLE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
14. FINANCIAL INSTRUMENTS
Page
2022
2021
The carry amounts of the Foundation's financial instruments are
as follows:
Financial assels
Measured al fair value through SOFA..
-Fixed asset investments
-cash at bank and in hand
19
20
25.748,474
381,081
2.585,424
Financial liabilities
Measured al amortised Gost
-creditors
179.205
1,345,047
The nel gains attributable to the Trusl's financial Inslrumènls are summarised as follows-.
Income and expense
Measured al fair value through SOFA..
-Nel gains (including Ghanges in fair value)
386,661
(30)