2022-03-31-accounts

Edward Holt Trust Trustees Annual Report & Accounts

31st March 2022

Registered Charity Number: 1188344

Edward Holt Trust 31[st] March 2022

Contents

Edward Holt Trust 31st March 2022 Contents
Legal and Administrative Information	1
Trustees’ Annual Report	2
Trustees’ responsibilities in relation to the financial statements	7
Independent Auditor’s Report to the Trustees of the Edward Holt Trust	8
Statement of Financial Activities for the year ended 31 March 2022	12
Balance Sheet at 31 March 2022	13
Notes to the Financial Statements	14

Edward Holt Trust 31[st] March 2022

Legal and Administrative Information

Trustees Mr R P Kershaw (Chair) Mr M Fry Mr M J Prior Mrs J Bird Mrs C Rush Secretary Mrs E Willder, FCMA, CG(Affiliated) Auditors Haines Watts Bridge House Ashley Road Altrincham WA14 2UT Bankers The Royal Bank of Scotland plc St Ann Street Manchester M60 2SS Registered Address G104, Bolton Arena Arena Approach Horwich Bolton, BL6 6LB Charity Number 1188344 Investment Advisers Sarasin & Partners LLP Juxon House 100 St Paul’s Churchyard London EC4M 8BU Evelyn Partners 3[rd ] Floor 9 Colmore Row Birmingham B3 2BJ Solicitors Addleshaw Goddard One St Peter’s Square Manchester M2 3DE Butcher and Barlow 3 Royal Mews Gadbrook Park Northwich Cheshire CW9 7UD

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Edward Holt Trust 31[st] March 2022

Trustees’ Annual Report

The Trustees present their annual report and financial statements of the charity for the period ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out on page 13 to the financial statements and comply with the charity’s Trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Structure, Governance and Management

The charity became a Charitable Incorporated Organisation (CIO) in March 2020 with the charity registration number, 1188344. Prior to this the Trust was an unincorporated charity constituted under a Trust deed dated 24 November 1955 and is a registered charity, number 224741. The objects of the Trust, as defined in the Constitution, are for general charitable purposes.

The unincorporated Trust was established by a gift from Edward Holt in 1955, following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks to continue the work desired by the donor through the careful stewardship of its existing resources.

The formal transfer of assets took place on 1 April 2021.

The Trustees are appointed by the Board of Trustees and serve for five years after which period they may put themselves forward for re-appointment. There are no restrictions on the number of Trustees, although it has been determined that six Trustees will serve, with one Trustee retiring each period on a rolling cycle. At the end of the financial year there were five trustees.

At the regular Trustees’ meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including issues surrounding the running of Holt House, consideration of grant-making, investment, reserves and risk management policies and performance. The day to day administration of Holt House, the administration of grants and the handling and processing of applications before consideration by the Trustees is delegated to the Secretary.

The Board keeps the skill requirements for the Trustee body under review and if a Trustee permanently retires, or additional new Trustees are required, the Board recruit the new Trustee(s). New Trustees are normally sought through existing contacts.

The induction process for any newly appointed Trustee comprises an initial meeting with the Chair and the Board. The welcome pack includes a brief history of the Trust, copy Board minutes, a copy of the last three periods of annual reports and financial statements, a copy of the governing Trust deed, a copy of the Charity Commission’s guidance “The Essential Trustee: What You Need to Know”, a copy of the Charity Commission’s guidance ‘Charity trustee welcome pack’ and a copy of the Trusts policies.

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Edward Holt Trust 31[st] March 2022

The names of the present Trustees and Secretary are set out on page 1.

There were no Trustee appointments or resignations in the year.

Key Management Personnel and Remuneration

The Trustees consider the board of Trustees and the Chairman as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the period. Details of related party transactions are disclosed in note 20 to the accounts.

In accordance with the Trust’s Conflict of Interest policy, trustees must declare their business and personal interests. The Secretary maintains a register of interests and updates it on an annual basis. Trustees must withdraw from decisions where they have a conflict of interest.

Risk Management

The Trustees have considered in detail the risks facing the Charity, the controls in place to mitigate these risks and action plans to deal with these areas where controls could be enhanced, particularly concerning grant-giving. The Trustees believe that they have appropriate controls in place, commensurate with the size of the organisation and their cost-effectiveness, to mitigate the risks identified.

The Trustees review and update the assessment of the risks facing the Charity annually, together with an assessment of the controls regularly.

Objectives and Activities for the Public Benefit

The objects of the Trust are wide, as defined in the constitution and are “to use the assets of the Charity for such charitable purposes or such charitable organisations or institutions as the Charity Trustees shall in their absolute and uncontrolled discretion determine” . The principal activities of the Trust are determined by the Trustees and continued to be as follows:

• The maintenance of the flats and a bungalow at Holt House, Dene Road, Manchester, for the benefit of older people with limited means and ensuring that, as far as possible, the flats are fully occupied. It is to this purpose that the income of the Trust is primarily applied.

• The maintenance of Edward Holt House, a property acquired by the Trust for the use of a local charity, The Booths Centre as a day centre.

• The maintenance of Edward Holt House (Paddington Close), a property acquired by the Trust for the use of a local charity, Salford Loaves & Fishes as a day centre.

• The provision of grants to support charities working with the homeless within Greater Manchester

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant-making policy for the period.

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Edward Holt Trust 31[st] March 2022

Achievements and Performance

During the year the Trust gave grants totalling £254,298 to charities and social enterprises operating in Greater Manchester who work with the people who are homeless. Further details of the charities supported can be found in note 8 of the accounts.

In addition, the Trust purchased a property in Rochdale that has been leased to On the Out CIC for a peppercorn rent. On the Out CIC will be using the property for their LifeHab project.

At the end of the period, all of the flats at Holt House except one were tenanted. Refurbishments have been undertaken on flats as they have become vacant.

Financial Review

For the year to 31 March 2022, the Trust made a deficit of £50,888, a decrease of £1,119,690 on the previous year. This was primarily due to investments where there was a gain of £202,487 (2021: £1,314,533) due to markets falling following the uncertainty of the Russian invasion of Ukraine.

Before investment gains, the deficit was £253,375 (2021: £245,731). The budgeted deficit for the year was £239,183. The key reason for the variance relates to lower than expected dividend returns coupled with an underspend on grants given.

The Statement of Financial Activities is shown on page 11 and the Balance Sheet is shown on page 12.

The Trust receives income from its investments and rents and service charges from its properties. Income from its investments was £142,876 (2021: £141,765).

The total movement in funds for the period was a decrease of £50,888 (2021: an increase £1,068,804). This has decreased unrestricted funds in the period and the total fund balance at the period end was £8,585,702 (2021: £8,636,590).

The flats and bungalow at Holt House, Dene Road, Manchester have been carefully maintained and are in good repair.

Investment Policy and Performance

Both Sarasin & Partners and Smith & Williamson were appointed as the Trusts investment managers in March 2020.

The Trustees have an investment policy with the investment managers that is reviewed on an annual basis.

Policy

The Trust seeks to produce the best financial return within an acceptable level of risk.

The investment objective for the reserves with effect from 1 January 2016, is to generate a return of 3.5% in excess of inflation, as measured by the UK Consumer Price Index (CPI), over the long term to protect the real value of the investment portfolio so that it can fund the future activities of the Trust.

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Edward Holt Trust 31[st] March 2022

In this context, the long-term is taken to be five years plus. This level of growth ought to allow for income to be withdrawn but for the capital value to keep pace with inflation, after deduction of the investment managers’ fees.

The Trustees also require a regular income from investments to fund the day to day running costs of the trust.

The asset allocation range is agreed upon with the two investment managers who are measured against a tailored benchmark. Two investment managers have been selected together with a specified asset allocation range to diversify the investment risk. Each manager attends a Trustee meeting at which their performance is discussed at least once a year.

Performance

During the year the total return on investments was a positive of 5.34% with the benchmark at 31 March 2022 being 11% (CPI of 7% plus 4%).

Reserves Policy

The Trustees maintain one unrestricted fund. Having reviewed its future funding commitments and taking into account any costs that would be incurred should the Trust cease to exist; the Trustees have determined that the minimum level of reserves held should be £496,041.

This level will be reviewed on an annual basis to ensure that this remains an appropriate minimum level.

Any surplus funds above this minimum level will be utilised for the Trust’s long-term charitable grants and projects.

It has been the policy of the Trustees to hold limited cash reserves, as the investments are easily convertible if the need should arise.

At 31 March 2022, the Trust’s free reserves were £6,286,759.

Plans for the Future

Holt House is a lasting testimony to the generosity and philanthropic concerns of the donor, Sir Edward Holt.

The Trust will continue to support the elderly and disadvantaged section of the community in the local area.

The Trustees reviewed their strategic direction at their February meeting and agreed that they would continue to support charities working with the homeless within Greater Manchester. This support would be a mix of both capital and grant funding whereby they can assist other charitable organisations that need new premises.

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Edward Holt Trust 31[st] March 2022

Auditors

Haines Watts were appointed as auditors by the charity in November 2021.

For and on behalf of the Trustees

RP Kershaw Chairman of the Trustees 10 November 2022

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Edward Holt Trust 31[st] March 2022

Trustees’ responsibilities in relation to the financial statements

The Trustees are responsible for preparing the Trustees’ Annual Report and 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 period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable 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 concern basis unless it is inappropriate to presume that the charity will continue in business.

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

Approved by the Trustees on 10 November 2022 and signed on their behalf by:

RP Kershaw Chairman of the Trustees

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Edward Holt Trust 31[st] March 2022

Independent Auditor’s Report to the Trustees of the Edward Holt Trust

Opinion

We have audited the financial statements of Edward Holt Trust (the ‘charity’) for the year ended 31 March 2022 which comprise Statement of Financial Activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

• give a true and fair view of the state of the charity’s affairs as at 31 March 2022, and of its incoming resources and application of resources, including its income and expenditure, 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 Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Edward Holt Trust 31[st] March 2022

Other information

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

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.

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:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• the charity has not kept adequate accounting records; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Edward Holt Trust 31[st] March 2022

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144[3 ] of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the charity operate in and how the charity is complying with the legal and regulatory framework;

• inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

• discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• 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. 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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity’s internal control.

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Edward Holt Trust 31[st] March 2022

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

………………………… Candice Beynon FCCA For and on behalf of Haines Watts Chartered Accountants & Statutory Auditor Bridge House Ashley Road Hale Altrincham WA14 2UT

Date: 10 November 2022

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Edward Holt Trust 31[st] March 2022

Statement of Financial Activities for the year ended 31 March 2022

		Unrestricted Funds	Unrestricted Funds
	Note	31-Mar-22	31-Mar-21
		£	£
INCOME AND ENDOWMENTS
Investment income	1	142,876	141,765
Income from charitable activities:
Residents’ rent contributions		92,261	91,351
Wayleave and ground rent		89	93
TOTAL INCOME		235,226	233,209
EXPENDITURE
Costs of raising funds:
Investment management costs		42,762	18,739
Expenditure on charitable activities:
Holt House	2	124,553	103,463
Edward Holt House	2	16,035	16,035
Edward Holt House (Paddington)	2	9,834	9,834
67 Whitehall Street	2	25,655	-
Institutional grants	2	266,310	327,336
Strategic planning	2	3,452	3,533
TOTAL EXPENDITURE		488,601	478,940
NET (EXPENDITURE)/INCOME AND
NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON		(253,375)	(245,731)
INVESTMENTS
Net (losses)/gains on investments	13	202,487	1,314,533
NET MOVEMENT IN FUNDS		(50,888)	1,068,802
Reconciliation of funds
Total funds brought forward	17, 18	8,636,590	7,567,788
TOTAL FUNDS CARRIED FORWARD	17, 18	8,585,702	8,636,590

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Edward Holt Trust 31[st] March 2022

Balance Sheet at 31 March 2022

Note FIXED ASSETS Tangible assets 12 Investments 13 TOTAL FIXED ASSETS CURRENT ASSETS Debtors 15 Cash at bank and in hand 14 TOTAL CURRENT ASSETS LIABILITIES Creditors: falling due within one period 16 NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY General fund 18 TOTAL CHARITY FUNDS	Unrestricted Funds 31-Mar-22 £ 2,298,943 6,074,647 8,373,590 59,548 184,746 244,294 (32,182) 212,112 8,585,702 8,585,702 8,585,702		Unrestricted Funds 31-Mar-21 £ 1,933,396 6,348,559
			8,281,955
			67,294 330,158
			397,452
			(42,816)
			354,636
			8,636,591
			8,636,591
			8,636,591

The notes on pages 14 to 24 form part of these accounts.

These financial statements were approved by the board of Trustees and authorised for issue on 10 November 2022 and were signed on its behalf by:

RP Kershaw, Chairman of the Trustees

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Edward Holt Trust 31[st] March 2022

Notes to the Financial Statements

Accounting Policies

a. Basis of Accounting

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

b. Going Concern

The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the foreseeable future. For this reason, the Trustees have adopted the going concern basis in preparing the financial statements.

c. Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date of the market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.

d. Tangible Fixed Assets

Depreciation is provided on tangible fixed assets, at rates calculated to write each asset down to its estimated residual value over its expected useful life as follows:

Block of flats 2% straight line Holt Cottage 2% straight line Furniture and fittings 15% on the reducing balance Garden room 2% straight line Improvements to property 2% straight line Edward Holt House 2% straight line Edward Holt House (Paddington) 2% straight line 67 Whitehall Street 2% straight line

No depreciation is charged on freehold land.

e. Irrecoverable Vat

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

f. Funds Structure

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

g. Income Recognition

Dividends received from investments are credited by reference to their ex-dividend date. Other income is recognised when it is probable that the income will be received, and the amount of income receivable can be measured reliably.

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Edward Holt Trust 31[st] March 2022

h. Expenditure Recognition

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been allocated or apportioned under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-period 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 any condition attaching to the grant is outside of the control of the Trust.

i. Allocation of Support and Governance Costs

Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination together with an apportionment of overhead and support costs related to secretarial activities.

Governance costs and support costs relating to charitable activities have been apportioned on the basis of the time spent on running Holt House, awarding grants and strategic planning. The allocation of support and governance costs is analysed in note 3.

j. Costs of Generating Funds

The costs of generating funds consist of investment management fees.

k. Charitable Activities

Costs of charitable activities include grants payable as shown in note 2.

l. Realised Gains and Losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains are calculated as the difference between the market value at the period end and opening market value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

m. Key estimates and accounting judgements

In applying the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The Trustees’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates ad assumptions, the actual results and outcomes may differ.

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

There are no key estimates and judgements.

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Edward Holt Trust 31[st] March 2022

1) INVESTMENT INCOME

Dividends received – Cazenove Dividends received – Castlefield Dividends received - Sarasin Dividends received - Smith & Williamson Bank interest	Unrestricted Unrestricted 31-Mar-22 31-Mar-21 £ £ - 9,545 - 42,695 100,351 66,895 38,960 19,511 3,565 3,119
	142,876 141,765

2) EXPENDITURE ON CHARITABLE ACTIVITIES

The charity undertakes its charitable activities through the running of Holt House and awarded grants in furtherance of its charitable activities.

Note Holt House 4 Edward Holt House 5 Edward Holt House (Paddington) 6 67 Whitehall Street 7 Institutional grants 8 Strategic planning 3	31-Mar-22 Charitable Activities Support and Governance Costs Unrestricted 2022 £ £ £ 98,479 26,074 124,553 16,035 - 16,035 9,834 - 9,834 9,983 15,672 25,655 254,298 12,012 266,310 - 3,452 3,452
	388,629 57,210 445,839

Holt House Edward Holt House Edward Holt House (Paddington) 67 Whitehall Street Institutional grants Strategic planning	31-Mar-21 Charitable Activities Support and Governance Costs Unrestricted 2021 £ £ £ 89,331 14,133 103,464 16,035 - 16,035 9,834 - 9,834 - - - 309,670 17,666 327,336 - 3,533 3,533
	424,870 35,332 460,202

For the allocation of support costs, see note 3.

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3) ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS

The total support costs and overheads attributable to charitable activity is apportioned as shown below:

Secretarial fees Legal and professional fees Bank Charges Trustee expenses	Holt House Edward Holt House Edward Holt House (Paddington) 67 Whitehall Street Institutional grants Strategic planning Total allocated Basis of allocation £ £ £ £ £ £ 6,525 - - 5,438 7,613 2,175 21,751Staff time 15,779 - - 7,051 - - 22,830 Actual - - - 40 - 20 60 Actual 23 - - 20 27 8 78Split pro rata 22,327 - - 12,549 7,640 2,203 44,719

GOVERNANCE COSTS

Audit fee Secretarial expenses Other Professional Fees Trustee Training Trustee Indemnity Insurance	31-Mar-22 31-Mar-21 £ £ 7,896 11,100 469 315 146 894 198 42 3,782 3,582
	12,491 15,933

The total governance cost attributable to charitable activities is then apportioned in the same ratio as the other support costs:

ALLOCATION OF GOVERNANCE COSTS

Holt House Edward Holt House Edward Holt House (Paddington) 67 Whitehall Street Institutional grants Strategic planning	31-Mar-22 31-Mar-21 £ £ 3,747 6,373 - - - - 3,123 - 4,372 7,966 1,249 1,593
	12,491 15,932

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Edward Holt Trust 31[st] March 2022

4) HOLT HOUSE EXPENDITURE

4) HOLT HOUSE EXPENDITURE
	31-Mar-22	31-Mar-21
	£	£
Costs in the furtherance of the charity’s
objectives:
Residents’ Council Tax	1,143	906
Water charges	4,302	4,061
Insurance	6,024	5,460
Gas	9,043	8,723
Electricity	1,691	1,891
Garden expenses	4,869	5,119
Repairs and renewals	21,899	18,505
Telephone	261	243
Sundry expenses	499	551
Cleaning	8,024	7,956
Depreciation	28,519	23,715
Housing management fees	12,205	12,200
	98,479	89,330
5) EDWARD HOLT HOUSE EXPENDITURE
	31-Mar-22	31-Mar-21
	£	£
Depreciation	16,035	16,035
6) EDWARD HOLT HOUSE (PADDINGTON)	EXPENDITURE
	31-Mar-22	31-Mar-21
	£	£
Depreciation	9,834	9,834
7) 67 WHITEHALL STREET EXPENDITURE
	31-Mar-22	31-Mar-21
	£	£
Insurance	444	-
Repairs and maintenance	3,785	-
Utilities	488	-
Council Tax	925	-
Depreciation	4,341	-
	9,983	-

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Edward Holt Trust 31[st] March 2022

8) GRANTS

Back on Track Booth Centre Caritas Contact Emmaus Salford Greater Together Manchester Justlife Maggie's On the Out Salford Loaves and Fishes Salford CAB SSG Sustainable Living Other small donation	31-Mar-22 31-Mar-21 £ £ - 7,220 32,500 32,250 65,000 - 10,000 20,000 - 22,000 43,576 48,834 - 49,817 12,000 10,000 26,222 29,222 35,000 41,937 30,000 33,390 - 15,000 - - 254,298 309,670

9) AUDIT AND ACCOUNTANCY FEES

Governance costs include an audit fee of £7,896 (2021: £11,100).

10) PAYMENTS TO TRUSTEES

During the period, no Trustee expenses were incurred (2021: nil). No Trustees received remuneration during the period (2021: £nil).

11) INDEMNITY INSURANCE

During the period, indemnity insurance was paid in respect of the Trustees in the sum of £3,782 (2021: £3,582).

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Edward Holt Trust 31[st] March 2022

12) TANGIBLE FIXED ASSETS

Cost At beginning of period Additions At end of period Depreciation At beginning of period Charge in period At end of period Net book value At 31 March 2022 At 31 March 2021	Land Block of flats Holt Cottage Furniture and fittings Garden room Improvements to property Edward Holt House Holt House (Paddington) 67 Whitehall Street Total £ £ £ £ £ £ £ £ £ 3,058 62,067 5,291 48,974 56,992 864,450 801,731 502,004 - 2,344,567 - - - 47,006 - 15,129 - - 362,143 424,278
	3,058 62,067 5,291 95,980 56,992 879,579 801,731 502,004 362,143 2,768,845
	- 14,894 1,271 9,538 13,680 202,731 126,262 42,797 - 411,173 - 1,241 106 8,743 1,140 17,289 16,035 9,834 4,341 58,729
	- 16,135 1,377 18,281 14,820 220,020 142,297 52,631 4,341 469,902
	3,058 45,932 3,914 77,699 42,172 659,559 659,434 449,373 357,802 2,298,943
	3,058 47,173 4,020 39,437 43,312 661,719 675,469 459,207 - 1,933,396

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Edward Holt Trust 31[st] March 2022

13) INVESTMENTS

13) INVESTMENTS
					General
					fund
					£
Market value at 31 March 2021					6,348,559
Additions to investments at cost					582,931
Disposals at carrying value					(778,521)
Net (loss) on revaluation					(78,322
Market value at 31 March 2022					6,074,647
	Cost at 31 Mar 2021		Market value 31 Mar 2022		Market value 31 Mar 2021
Listed investments	£		£		£
United Kingdom quoted investments	4,541,181		6,074,646		6,348,559
14) CASH AT BANK AND IN HAND
	31-Mar-22		31-Mar-21
	£		£
Cash at bank
RBS	160,193		125,926
Affirmative Deposit		394		11,394
Cash with Investment Managers
Sarasin		88		50,001
Smith & Williamson	24,071			142,838
	184,746		330,159
15) DEBTORS
	31-Mar-22		31-Mar-21
		£		£
Trade Debtors			-	19,788
Prepayments and accrued income		59,548		47,506
		59,548		67,294
16) CREDITORS: Amounts falling due	within one period
	31-Mar-22		31-Mar-21
		£		£
Trade creditors		4,099		2,772
Accruals		28,083		40,043
		32,182		42,815

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Edward Holt Trust 31[st] March 2022

17) ANALYSIS OF FUNDS

17) ANALYSIS OF FUNDS
Fixed assets Tangible assets Investments Current assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Net current assets Total net assets as at 31 March 2022 Total net assets as at 31 March 2021 Prior year comparative Fixed assets Tangible assets Investments Current assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Net current assets Total net assets as at 31 March 2021 Total net assets as at 31 March 2020	Unrestricted General Fund Total £ 2,298,943 6,074,647
	8,373,590 59,548 184,746
	244,294 (32,182)
	212,112
	8,585,702
	8,636,591
	Unrestricted General Fund Total £ 1,933,396 6,348,559
	8,281,955 67,294 330,158
	397,452 (42,816)
	354,636
	8,636,591
	7,567,788

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Edward Holt Trust 31[st] March 2022

18) MOVEMENT IN FUNDS

Unrestricted general fund Prior year comparative Unrestricted general fund	At 31 Mar 2021 Income Expenditure Realised and unrealised gains At 31 March 2022 £ £ £ £ £ 8,636,591 235,226 (488,601) 202,487 8,585,703
	At 31 Mar 2020 Income Expenditure Realised and unrealised gains At 31 March 2021 £ £ £ £ £ 7,567,788 233,210 (478,940) 1,314,533 8,636,591

19) UNRESTRICTED FUND POLI CY

The Trust maintains one unrestricted fund, as follows:

General fund – monies from this fund are used to maintain the Trust’s properties, with any surplus funds not required for this purpose being utilised for the Trust’s long-term charitable goals.

20) RELATED PARTY TRANSACTIONS

The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2021: £nil).

Expenses were reimbursed to Trustees and are detailed in note 10.

21) MERGER DISCLOSURES

The Edward Holt Trust CIO (registered charity number 1188344) merged with the Edward Holt Trust (registered charity number 224741) on 1 April 2021. The objects of both charities are the same.

Analysis of principal SoFA components for the current reporting period

Total income Total expenditure Net income/(expenditure) Other gains / (losses) Net movement in funds	Edward Holt Trust CIO Edward Holt Trust Charity Combined Total (pre-merger) (pre-merger) (post merger) - - 235,226 235,226 - - 465,886 465,886 - - (230,661) (230,661) - - 179,677 179,677
	- - (50,984) (50,984)

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Edward Holt Trust 31[st] March 2022

21) MERGER DISCLOSURES (cont)

Analysis of principal SoFA components for the previous reporting period

	Edward Holt Trust CIO	Edward Holt Trust	Combined Total
Total income	-	233,209	233,209
Total expenditure	-	478,940	478,940
Other gains / (losses)	-	1,314,533	1,314,533
Net income/(expenditure)	-	1,068,802	1,068,802
Total funds brought forward	-	7,567,788	7,567,788
Total funds carried forward	-	8,636,590	8,636,590

Analysis of net assets at the date of merger

Net assets	Edward Holt Trust CIO Edward Holt Trust Combined Total - 8,636,590 8,636,590
Represented by: Unrestricted funds	- 8,636,591 8,636,591
Total funds	- 8,636,590 8,636,590

22) CAPITAL COMMITMENTS AT THE YEAR END

At the year-end date the Trust had outstanding capital commitments of £41,147 (inc.VAT) in relation to fire risk assessment works taking place at Holt House. This work will be completed in the next financial year and will be funded from unrestricted funds.

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