EDWABD HOLT, TRUST i.A. .A_ Edward Holt Trust Trustees Annual Report & Accounts 31st March 2024 Registered Charily Number.. 1188344
Edward Holt Trust 31s1 March 2024 Contents Legal and Administrative Information Trusleeg Annual Rewt Trustees, responsibilities in relation to the finandal ststements Independent Auditor's Report to the Trustees of the Edward Hoh Trust Slatement of Flnantial Artivlties for the year en¢led 31 Marth 2024 Balance Sheet at 31 Marth 2024 13 Notes to thè Flnèncial Statemenis 14
Edward Holt Trust 31st March 2024 Legal and Administratlve Infonnatlon Trustees Mr R P Kershaw (Chair) MrMFry Mr M J Prior Mts J Bird Mrs C Rush Miss J Kershaw Dr R Bromley Resigned 12 June 2023 Appointed 11 June 2024 Secretary Mrs E Willder, FCMA. CG(Affiliated) Auditors DJH Bridge House Ashley Road Altrincham WA14 2UT Bankers The Royal Bank of Scotland st Ann Street Manchesler. M60 2SS Reglstered Address G104. Bolton Arena Arena Approach Horwich Bollon. BL6 6LB Charity Number 1188344 Investment Advisers Sarasin & Partners LLP Juxon House 100 Sl Paul's Churthyard London EC4M 88U Evelyn Partners 3 Floor 9 Colrnore Row Bimiingham B3 28J Sollcitors Addleshaw Goddard LLP One St Peler's Square Manchesler M2 3DE Butcher & Barlow LLP 3 Royal Mews Gadbrook Park Northwch Cheshire CW9 7UD
Edward Holt Trust 31°, March 2024 Trustees, Annual Report Th8 Trustees present Iheir annual report and ffinancial slalements of the tharity for thè period ended 31 March 2024. The financial slal8metits have been prepared in accordance with the accounting policies set oul on page 14 to the financial slatements and comply wilh the charity's Trust deed. Ihe Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charilies preparing their accounts in accord2nce with the Financial Reporting Slandard applicable in the UK and Republic of Ireland published on 16 July2014. Structure, Governance and Management The charity became a Charitable IncortKiraled Organisalh)n {CIO) in March 2020 wlh the charity registralion number. 1188344. Prior to this th8 Trust was an uninwrporated chartiy constituted under a Trust deed dated 24 November 1955 and was a Tegister8d charity, number 224741. The objects of Ihe Trust. as defined in Ihe Constitution, are for general charitable purposes. The unincorporaled Trust was established by a gift from Edward Holt in 1955, following Ihe philanthropic Iradili(In of the Holt family. The Trust does not actively fundraise and seeks lo conbnue Ihe work desired by the donor through the careful stewardship of ils existing resources. The fomial Iransfer of ass8ts took place on 1 April 2021. The Trustees aro awointed by the Board of Trustees and seNe for live years afler which period they may put themselves fotward for Te-appointment. There are no restrictions on the number of Trustees. although it has been detemined that six Truslees will setve, with one Truslee retiring each period on a rolling cycle. At the end of the financial year there were five truslees. At the regular Trustees, meetings. the Trustees agree Ihe broad slrategy and areas of aclivily for the Trust. induding issues surrounding the wnning of Holt House. consideralion of grant-making, inveslment. reseNes and risk management policies and performance. The day lo day administralion of Holl House, the administration of grants and ihe handling and processing of applications before consideration by Ihe Trustees is delegated lo the Secretary. The Board keeps the skill requirements for the Trustee body under review and if a Trustee permanently relires, or additional new Twstees are required, the Board re¢ruil the new Truslee{s). New Tnjstees are normally sought through existlng ontacls. Th& induction process for any newty appointed Trustee comprises an initial meeting with the Chair and the Board. The welcome pack includes a brief hi510ry of Ihe Trust, copy Board minutes. a copy of the last three peiiods of annual reports and financial statemenls. a copy of the governing Trust deed. a copy of the Charity Commission's guidance"The Essenlial Trustee. Whal You Need to Know" a copy of Ihe Charity Commission's guidance 'Charily trustee welcorne pack. and a copy of the Trusts policies.
Edward Holt Trust 31st March 2024 The names of the present Trustees and Secretary are sel out on page 1. Key Management Personnel and Remuneration The Truslees consider Ihe board of Trustees and the Chairman as comprising the key management personnel of the charity in charge of dreding and controlling the charity and running and operaling Ihe charity on a day io day basis. All Trustees give of their lime freely and no Trustee remuneration was paid in the period. Details of related party transactions are disclosed in note 20 to Ihe accounts. In accordance wilh the Trust's Conflict of Inlerest policy, Trustees must declare their business and personal interests. The Secretary maintains a register of interests and updales il on an annual basis. Trustees must withdraw from decisions where they have a conflicl of interest. Risk Management The Trustees have considered in delail the risks facing th8 Ch3rity. the controls in place to rnitlgate these iisks and action plans lo deal with Ihese areas where conlrols could be enhanced, particularly conmIng grant1Ving. The Trustees believe that Ihey have appropriate controls in place, commensurate wilh the size of the organisation and their cosl-effectiveness. to mitigate the risks identified. The Trustees review and updale the assessmenl of lh8 risks facing the Charity annually. together with an assessment of the conirols regularty. Objectives and Actlvities for the Public Benefit The ubjects of the Trust aro wida. as (lefined in the consiitutFon and are Yo use th8 assets of the Charify forsuoh ¢han"table purposes or such charitable organisalions or Institu1n$ as tho Charity Twstees shall in theirabsolule and uncontrolled discrelion delermiiie. The principal activities of the Trust are d8t8mined by the Trustees and continued lo be as follows". The maintenance of the flats and a burigak)w al Holt House, Dene Road, Manchester. for Ihe benefit of older people arKJ 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 mainlenance of Edward Holt House. a property acquired by the Trust for the use of a local charily. The BcM)ths Centre. The maintenance of Edward Holt House (Pa(Idinglon Close), a property acquired by Ihe Trust for the use of a local tharily, Salford Loaves & Fishes. The maintenance of 67 Whitehall Street, Rochdale for the use of a charity working with people who are homeless. The provisK)n of grants lo support charilies working with the homeless or alleviating poverly within Greater Manchester. The Trustees confirm that they have referred lo the guidance contained in the Charity Cornmission's general guidan on public benefii when reviewing the Trust's aims and objectives and in planning future activities and selling the granl-making policy for the period.
Edward Holt Trust 31st March 2024 Achievements and Performance During the year the Trust gave grants lotalling £248,8851o charities and social enterprises operating in Greater Manchesler who work with the people who ar8 Homeless or to alleviate F)ovety. Furlher details of the charities supported can be found in note 8 of the accounls. At Ihe end of the perK)d, all of Ihe flats at Holt House were tenanted. Refurbishmenls have been undertaken on flals as th8y have become vacanl. Financial Review For the year to 31 March 2024. the Trust made a surplus of £206,662 (2023:deficit of £617.727) an increase of £824.389 on the previous year. This was primarily due lo investments vthere ther8 was a gain of £440.290 (2023: a loss of £283,923). Belore Ihe gain {loss} on investments. Ihg deficit was £233.628 (2023: £333.8041 The key reason for Ihe variance is due to a lthver number of grants being awarded in 2023124 (see note 8). The Statemenl of Financial Activities is shown on page 12 and the Balance Sheet is shown on page 13. The Trust receives income from ils inveslmenls and rents and service charges from its properties. Income from its inveslments was £148.730 {2023.' £151.328) The totsl movemenl in funds for the period was an increase of £206,662 (2023.. a decrease £617.727). This has increased unreslllcted funds in the period and the total fund balance at the period end was £8.174.637 (2023.. £7,967.975}. The flats and bungalow at Holl House. Dene Road. Manchester have been carefLJIIy maintained and are in g¢)od repair. Investment Policy and Perfomance Both Sarasin & Partners and Evelyn Partnets were apwnled as the Trusts inveslfflent 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 lo produce the best rinan¢ial relurn within an acceptable level of risk. The inveslmenl objeclive for the resoNes with effect from 1 JanLJary 2016, is to generate a return of 3.50/0 in excess of inllalion. as measured by the UK Consumer Price Index ICPI), over Ihe long lerm to protect the real value of the investment portfolio so that it can lund the fulure activilies of Ihe Trust. In this context, the long-term is laken to be five years plus. This level of growth ought to allow for income to be wilhdrawrb bul for Ihe capilal value to keep pace with inflation, after deduction of the investrnenl managers, fees.
Edward Holt Trust 31$t March 2024 The Trustees also require a regular income from investrnenls to fund the day to day running costs of the trust. The asset allolxlion range is agreed upon the two investment managers who are measured against a tailored benchmark. Two investrnent managers have been selected togelher wilh a specified asset allocation range lo diversfy the investm8nt risk. Each manager altends a Trustee meeling at whith their performance is discussed at leasl once a year. Perforniance During the ye2r the total return on investments vffis a positive of 10.83 /0 Wlth Ihe benchmark at 31 Marth 2024 being 6.7Yo {CPI of 3.2% plus 3.50A). Reserves Policy The Trustees maintain one unrestricted tund. Having reviewed its future funding commitments and taking into account any cosls that woukj be incurred should the Trust cease to exist- Ihe Trustees have delemiined thal Ihe minimurn level of reserves held should be £355.231. This level will be revtewed on an annual basis to ensure that this rèmains an appropriale minimum level. Any surplus funds above this minimum levd will be utilised for the Trust's long-tem) charitable grants 2nd prc4ects. It has been the policy of the Trustees to hold limited cash reseryes. as Ihe inv8slments are easity convertitde if the need should arise. At 31 March 2024, the Trust's free reserves were £5.952,772. Plans for the Future Holt House is a lasting tesb'mony to Ihe generosrty and philanlhropic concems of the donor. Sir Edward Holl. The Trust will conlinue Io SUPF)Ort the 8ldedy and disadvaniaged section of the community in the lo(xl area. The Trustees reviewed their slralegic direction al their February meeting and agreed that they would conlinue to support charities W[kIng with the homeless within Gr8aler Manchester along with thosè working in alleviating poverty. This support would be a mix of bolh capital and grant funding whereby they can assist other charitable organisations Ihat need new premises. Auditors DJH Iformerly Haines Watts) were appointed as auditors by the Charity in November 2021.
Edward Holt Trust 31st March 2024 For and on bahalf of the TTUStees RP Kershaw Chairman of the Trustees 5 November 2024
st Edward Holt Trust 31 March 2024 Trustees, responsibililles in relation to the financial statements The Trustees are responsible for preparing tho Trustees. Annual Report and financial slatements in accordancg wilh applicab law and United Kingdom Accounting standards {Uniled Kingdom Generally Accepied Accounling Practice). Tha law applicable to charities in England and Wales requires the Trustees to prepare financial 8lalements for each finanaal period which give a true and faK view of the stale of affairs of the charity and of the ir)coming resouS and application of resources of the charity for thal perK)d. In preparing these financial stalements, the Trustees are required to- select suitable aOUnting poIleS and then apply them consistently: observe the melhods and principles in the Charilies SORP: rnake judgements and estimates that are reasonable and prudent: stale whelher applicable accounting standard5 have been followed, subject to any maleiial departures disclosed and explained in Ihe finanaal stalemenls: and prepare the financial stalemenls on the going concern basis unless it is inappropriate to presume that the charily will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable thern to ensure thal the financial slalements mplY wilh the Charities Acl 2011, Ihe applicable Charities (Accounts and RepK)rts) Regulations and the provisions of the Trust deed. They are also respSIble for safeguarding the assets of the charily and taking reasonable steps for Ihe prevenlion and detection of fraud and other irregularities. Provision of informati<Jn to the auditor So far as each of the Trustees is aware at Ihe lime the report is approved There is no relevant audil inforrnation of which the Charities. auditor is unaware and The Trustees have taken all steps Ihat they ought to have laken lo make themselves aware of any relevant audil informatii)n and to establish that the auditor is aware of that information. Approved by the Trustees on 5 November 2024 and signed on their behalf by.. RP Kershaw, Chairman of the Truslees
Edward Holt Trust 315t March 2024 Independent Audltorfs Report to the Trustees of the Edward Holt Trust Opinlon We have audited the financial statements of Edward Hdl Trust (Ihe 'charity') for the year ended 31 March 2024 which comprise Statement of Financial Activities, tha Balance Sheet and notes lo the financial stalemenls. induding significant accounting policies. The financial repoiknro framework that has been applied in Ihelr preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdorn Generally Accepled Accounting Practice). In our opinion the financial statements- give a true and fair view of the slate of the charitS affairs as at [dalel, and of ils incomin9 resOurS and application of resources, including its income and expenditure, for the year then ended- have been propeily prepared in accordance with United KiJdOM Generally Accepted Accounting Practice,. and have bean prepared in accordance with the requirements of the Charilies Acl 2011. Basls for opinion We conducted our audil in accordance with International Standards on Audiling (UK) (ISAs (UKII and app&cable law. Our responsibilities under those standards are further described in Ihe auditor responsibililies f(K the audil of Ihe financial s12t@menls section ofour pOrt. We are independent oflhe charity in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulflled our other elhical responsibilities in accordan wilh these requirements. We believe that the audit evidence we have oblained is sufficient and appropriale lo provide a basis for our opinion. ConGluslons relating to going concem In audiiing the financial statements. we have concluded that the trustees. use of Ihe going concern basis of accounting in the preparats'on of Ihe financial statements is appropriate. Based on Ihe work we have perfomied. we have nol identified any material uncertainties relating to events or conditions Ihat. individually or colleclively, May cast significant doubt on the charity's ability to conlinue as a 90ing concern for a period of at leasl twelve months from when Ihe financial statements are authorised for issu8. Our responsibililies and the responsibililies of the ttustees with respect lo going concern are described in the relevanl sections of this report.
Edward Holt Trust 3151 March 2024 Other Information The other information comprises Ihe informalion included in Ihe truslees, annual report2 other than the financial statetnents and our auditorfs report thereon. The trustees are responsible for the other infom)atton. Our opinion on the financial siatements does not cover the other information and we do not express any form of assurance concluslon thereon. Our responsibility is to read the other infom)atioTr and. in doing so. consider whether the other infonnalion is materially inconsistent with the financial stalements or our knowledge obtainod in the course of Ihe audit or olherwise appears lo be materially misstated. If we identify such materlal inconStenc4eS or apparent material misstatements. we are required to detemiine whether this gives rise to a malerial misslatemenl 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 Yeport by exception We have nothing lo report in respecl of Ihe following mallers in relalion to whith the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the trustees, report is inconsistenl in any material respe¢l with the financial slalements.. or sufficient accwnling records have nol been kept: or the financial statements are nol in agreemenl with the accounling records- or we have not received all the informalN)n and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, set out on page 7. the trustees are responsible for the preparation of ihe financial statements and for being satisfied that they give a true and fair view. and such internal conlrol as the trustees determine is necessary to enable Ihe preparation of financial statements Ihal are free from material misstalemenl. whelher due to fraud or error. In preparing Ihe financial slalements. the Irusiee5 are iesponsible for assessing the charity's ability to continue as a going COnrn, disclosing. as applicable. mallers related to going concem and using the going concern basis of accounting unless the truslees either intend lo liquidale the charity or lo cease operations. or have no realistic allernalive bul to do so. Auditor responsibllltles for the audit of thp financial stalemenls We have been appointed as auditor undor seclion 1443 of the Charities Act 2011 and report in accordan with the Acl and relevant iegulalions made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether Ihe financial slalements as a whole are free from material misslalemenl, whether due to fraud or error. and lo issue an audilor's repotl that indudes our opinion. Reasonable assurance is a high level of assuran. bul Is not a guarantee that an audit
Edward Holt Trust 31st March 2024 conducted in accordance with ISAS (UK) will always delect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to inlluence the economic decisions of users taken on the basis ol these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material misstat8ment in respect of irregularities. including fraud. the audit engagement team.. 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 omplying with the legal and regulatory framework., inquired ofmanagement, and those charged with govBmance, about their own identification and assessment of the risks of irregularilies, including any known aclual. 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 whero Ihe financial slalemenls may be suscepiible lo fraud. As a result of these procedures we consider Ihe most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011. the charily's governing document. We performed audit procedures to delect non-compliances which may have a material impact on the financial statements which included reviewing the financial slatemenls including the Trustees. Report. remaining alert to new or unusual transactions which may not be in accordance with the goveming documents. There are no significant laws and regulations that have an indirect impact on the financial slatemenls. The audit engagement team identified the risk of management override of controls as the area where the financial slalements were mosl susceptible to malerial rnisslalemenl due lo fraud. Audil procedures performed included bul were not limited lo testing manual journal entries and olher adjustments. evaluating the business ralionale in relation to significant. unusual transaclions and Iransactions entered into outside the normal course of business, challenging judgments and estimates. A further description of our responsibililies is available on the FRC'S websile at.. hll s'.Ilww.frc.or -uklaudilorslaudil-assurancelaudilor-s-res onsibililies-for-the- audil-of-lhe-fildescri lion-of-the-audilor % E2 /080 /099s-res onsibililies-for.This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's truslees, as a body, in accordance with Part 4 01 the Charities {Accounts and Reports) Regulalions 2008. Our audit work has been underlaken so that we might stale to the chaiity's Iruslees Ihose matters we are required lo slate 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 lo anyone 10
Edward Holt Trust 31st March 2024 other than the charity and the Charis trustees as a body, for our audit Work. lor this report, or for the opiniS we have f0Md. aucLLL (.iN,.,IcJ Candice Beynon FCCA (Senior Statulory Audltor) For and on behalf of DJH Chartered Accountants & Stalutory Auditor Bridge House Ashley Road Hale Altrincham WA14 2UT Date . sl.i.1.110£4
Edward Hoft Trust 3181 March 2024 Statement of Financial AGtlvltles for the yearended 31 March 2024 Unr¢$tri¢tgd Funds 31-MaT.24 Unrèstrlcied Fund$ 314dar43 Note INCOMEAND ENDOWMENTS Inveslmgnl income Income from ¢haRi18bl& hel11•85." Rèsldents. r8nl conlributi(xhs Wayleave #nd gr(xJnd rent TOTAL bNCOME f48.730 151,328 107.238 719 256.687 88.897 89 240,314 EXPENDITURE Costs orrasg lunds.. InveStunI martemen1 cosls Expendilur8 on clparitaL4e aclivthes.. Holi Hous6 Edward Holl House Edward Holl House IPadd(nglon) 67 Whitehall Streel Insliiutional grants Stralegic planning TOTAL EXPENDITURE NET IEXPENDITURE)ANCOME AND NET MOVEMENT IN FUNDS BEFORE GAINS AND LOSSES ON INVESTMENTS Nel Ilossesllgains on investments NET MOVEME IN FUNDS 36.862 37.842 139.960 16.035 135,463 16,0 9,834 15.465 354.935 3,544 574.118 21,679 262.154 3.791 490.315 (233.6281 (333.8041 13 440,290 206.662 1283.9231 1617,727) Reconciliats"on ollunds Total funds brought fofward TOTAL FUNDS CARRIED FORWARD 17, 18 17. 19 7,967.975 8,174.637 8,585,702 7.967.975 12
Edward Holt Trust 31¥1 March 2024 Balance Sheet at 31 March 2024 UnrÈslrtQd FdS UnF8strict•d Funds 314Iar.24 314lar-23 Note FIXED ASSETS Tangle assets Inv&stnIS TOTAL FIXED ASSETS 12 13 2.221,865 5.781,210 8 003.075 2276.479 5506 503 7.782,982 CURRENT ASSETS Debtors Cash at bank3nd in hand TOTAL CURRENT ASSETS 15 14 67.709 159.467 247,176 56.591 229,652 286.243 LIABIUTIES Credilovs: fallg due within perKKI NET CURREtrIT ASSETS 16 75.614 171 101 250 184,993 NET ASSETS 8.174 637 7.967975 THE FUNDS OF THE CHARITY General fund TOTAL CHARITY FUNOS 18 8.174,$37 8 174,637 7.967,975 7.967.975 The notes on pages 14 to 24 form part of these account These financial statements were approved by the board of Trustees and aulhorised for issue on 5 November 2024 arKI were signed its bohalf by: RP Kershaw. Chaimian of the Trustees 13
Edward Holt Trust 31 March 2024 Notes to the Flnancial Statements Accounting Policies a. Basls of Accountin9 The accounts have been prepared under the historical cost cnnvenlion wllh items rocognlsed cost or Iransaclion value unless olherwise staled in the relevant notes to the accounts. The fanCIal statements have been Prepared in acwrdance with Ihe Stalemenl of Recommended Practice: Accounling and Reporting by Chafrlies preparing Iheir accounts in accordance with the Financial Reporting Standard applicabie in Ihe UK and Republic of Iieland (FRS 102) issued on 16 Juty 2014 aThJ Ihe Financial RcportK)g Standard Applicable in Ihe United Kingdom and Republic of Ireland {FRS 1021. arKI Ihe Charities Aci 2011. The Trust constitutes a public berter entity as defined by FRS 102. b. Golng Concern The Trustees believe there are adequate resour(*s whth vdl enable the Trusl lo meet ils liabilitie5 for the foreseeable future. F(w this reason. the Trustees have adopted the going concem basis in preparing the financial statements. ¢. Investments Investments a a form of basic financial instrument and are initially (%)gnised 81 Ihelr Iransaciion value and sub8equenlly measured al their fair vahje as at the balance sheet date of the markel price. The slatemenl of financial activities micdeS the net gak)s and105ses arisirMJ on revaluation and dsp0s8 throughout the period. d. Tangible Fixed Assets and capltalisation poli¢y All additions to fixed assets costing more than £2,000 are induded at cost. Depreciation is provided tangible fixed assels. al ralès Cakulaled to write each asset down lo ils esb'mated residual vakje over ils expecled useful fife as folky8. Holt House, Didsbury Holt Cottage Furniture and frtlings Gard roc4m Improvements lo property Edward Holl House (Booth Centre) Edward Holl House {Salford Loaves and Fishes) 67 Whitehall Slreel 29A slraighl line 2% straight line 15% on Ihe reduL?ng balance 2% slraighl line slraighl line 2% straight line 2Yo straight line 2% strakghl line No depreciation is tharged on freehold land. ¢. Impairment of fixed assets Al each reporting end dale, the Charity reviews Ihe carying amounls ol tls tangible assets lo determine whether there is any indication that those assets have SLrffered arb Impairment loss.11 any such indicalion exists. Ihc recoverable amount of the asset is eslimaled in order to delcmiine the extent o( the impawment loss (if any). f. Irrecoverable Vat INecoverable VAT is charged against the expenditure heading for which it was incurred. g. Funds Structure 14
Edward Holt Trust 31st March 2024 Unrestricted incorne funds comprise those furKls which the truslees we free to us8 for any purpose in furtherance ol the chari18ble objecls. Unrestricted funds include designated funds where the Iruslees. at their disuelion. have created a fund for a sperafic pury)ose. h. InGc*me Recognltion Dividends received from K)veslments are credited by referenc£ lo their ex4tvidend dale. Other income is recognised when it is probablc that the ineorne will be received. and the atnounl of incom& receivable can be measwed refiably. l. Expenditure Re¢ognitlon Li8bililiÈs are recognlsed as resources expeThJed as soon as there is a reg81 (x conslruclive obligation c£)mmlllSng the charity lo the expendtture il Is Probable that selllement will be required, and the amounl of the obligation can be measured re1kfjb. Al expendilure is accounted for on an accruals basis and has been allocaleil or apportioned under heaLlingS that aggregate all costs related lo the categcry. Grants payable are payments to third parli8s in the furtherance of the Charilable objectives of the Trusl. Single or mulli-period grants are accounted for when either the recipient has a feasonable expeclalion that they w1 receive a grant and the Trustees have agreed lo pay the grant wilhoul condition, or the recipient has a rea5{ab expeclalw that they will receive a grant and any condition attaching lo the grant is outsidè of control of lh& TnJs¢. Allocation of Support and Governance Costs Support costs have been differentiated between govemance costs and other supp(Kt costs. Governance costs comprise all costs invofving the publ aca)unlability of the charily and ils compliance with regulation and good practice. These costs indude costs related lo the independenl examin81ion together with an apporiionment of oveihead and support costs related lo secretarial aclivilies. Govern3ftGe costs and support costs relaliro to charitable actmties have been apportioned on the basis of Ihe trme spent on running Holt House. awarthng grants and strategic planning. The allocation of support and governance costs 15 analysed in note 3. k. Costs of Generating Funds The costs ol generating funds consist of investment managemrt fees. l. Charltable Activities Costs of charitable acbvits'es indude grants payable as shcbvn in nole 2. rn. Realised Gains and Losse$ All gains and losses are laken to the Slalemenl of Financial Aclivilies as they arise. Unrealsed gains are calculated as the diffeience belween the mackel vae al Ihe period end and opening rnarkBI value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Aclivilies. Key estimates and accounting judgemènts In applying Ihe charity's accounting poliues. ihe Ttustees are required lo mthe ju(hJemenis. eslimales and assumplKJns in deterniiniThJ tho carying amounts of assels and liabilities. The Trustees. judgernenls. eslimales and assumplions are based the best and most reliable evidence available al the lime when Ihe decisions are made and are based on historical experience and other factors that are considered lo be applicable. Due to Ihè inherenl subjectivily involved in rnaking such judgemenls. estimates ad assUmptis. the actual results and outcomes may differ. 15
Edward Holt Trust 31$t March 2024 Taxation Trustees consider that requirements for the exemption fr taxalion set out in the Income Tax Act 2007. Corporation Tax Act 2010 and section 256 of the TaxalK)n of Chargeable Gains Act 1992 are rnet and, therefore. no provision is made taxation. p. Debtors Trade and other debtors are rerxgnised at the seltlemenl anTh)unt due after any trade discount offered. Prepayments are valLd al the amount prepaid net of any trade discounts due. q. Cash and cash equivalents Cash and cash equivalents include cash in hand. deFK)Sits held at call with banks, olher shclt-term IiqLJid investments vrilh original malurilies of three months or less, and bank oyerdrafts. Creditoys and provlslons Creditors and KKovisions are recognised Whe the charity has a wesenl obligation resulting fiom past event that 11 probably result wi the transfer of funds to a Ihird party and the amount due to settle the obligation call be measured or eslimaled reliably. Crèditors and provisions are nom)ally recognised at their selllemenl amount after allowng for any trade discDunts due. The estimates and undedying a5sumFITrDns are reviewed on an 0rKJ0g basis. Revisions lo the ounting eslimales are recognised in the pericrtl in which Ihe estimate is revised, if the revision affects only that perio¢J. or wi Ihe period of revIn aThJ futwe pericKls. if the revision affects both current ar)d fulure periods. There are no key estimales and judgements. 16
Edward Holt Trust 3191 March 2024 I) INVESTMENT INCOME Vnr•strlcted UfftT¢$1rted 31-Mar-24 314lar-23 Dividend5 received - Sarasin Dividends récèlv8d- Evalyn Partnèrs Bank iqleresl 96.869 51.649 212 148.730 .794 70.476 151.328 2) EXPENDITURE ON CHARITABLEACTivmES The charity undertakes ils dHiilable activities through Ihe runnirg of Holt House aThJ awarded grants i) furtheranco of its dtaritable aclivilies. 31 4lar.24 Support and Govemanco Costs Charkable Aclivities Unrfjstricted 2024 Ncle Holl Hous8 Edward Holt House Edward Holt House (Paddingtonl 67 Whit8hall Sireet Inslilution31 granis Slratsgic planning 127.561 16.03S 9,834 12.201 248.885 12.399 139,960 16,035 9.834 21,679 262,154 3.791 453 453 9.478 13.269 3.791 38,937 414,516 314Aar-23 Support and Govemance C05ts Chaiitable Activitles UnStriCted 2023 Holl Housp E(Iward Holt House Edward Holl House (Paddingtonl 67 Whitehall Street Inslilulional grants str8legiL planniny 114.952 16.035 9.834 7.607 342.534 20.511 135.463 16.035 9.834 16.465 354.935 3.544 536,276 8,858 12.401 3,544 45.314 490 962 For the alocation of supporl cosls, see note 3. 17
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Edward Holl Trust 31st March 2024 4J HOL THOUSE EXPENDITURE 31-Mai-24 31.Ma¥-23 Costs in th& fvrtherance of thq tharilrfs oty"gdive8: Re5idenls' Council Tax Water charges Insumnce Gas 810 3,780 6.529 11.773 4.114 16.637 1,869 5.355 37.380 313 1.183 7.222 32,605 Gar<len expenses Repairs and renewals Tdephone Sundry exponses Cleaning DeprecAation Housing nIagement fees 5.481 32.665 282 474 8.852 30,817 li 14.495 127.561 12. 114952 5J EDWARD HOL THOUSEEXPENDifuRE 31-Atsr-24 314laT-23 Oep¥eciation 16.035 16,035 6) EDWARD HOL THOUSE{PADDINGTON) EXPENDITURE 31-Mar-24 31*T43 Deweciation 9.834 7) 67 WHifEHALL STREEfEXPENDifuRE 31.Mar44 31-Mar-23 Insurance Repairs and tnaintenanfje Utilitres CourKil Tax Deprecialion 2.495 538 246 1.869 7.391 12.201 20 12311 7.280 7.607 19
Edward Holt Trust 31 St March 2024 8) GRANTS 3141ar-24 314lar-23 Back on Track Booth Cenlre Caritas Conlacl Greater MatKhester Youth Netsyork Greater Together MancS[er Keeping It Real 24n Maggte's Manchester Wineyard MASH PC Refurb Our Room {lormerfy Th2 IAen's Room) Rev(Aviry Doors Housing Trust salld Lo8vo8 al Fishes Salford CA8 Stockport Loaves atMJ Fishes The Chrislie Charity The Twelve Tribes of15rael The United Eslales of Wyihenshaw8 7.713 32.500 55.0(M) 10.000 45.(KJO 10.( 37.088 2.200 14.000 29.782 31.158 36.875 30.(xJo 15,1))O 25.1MX) 15.1)IKJ 15.( 30.(KK) 54.103 10.¢) 342.534 248.885 9) AUDITAND ACCOVNTANCYFEES Governance costs Sn audil fee of £7.896 {2023: £7.896). IOJ PA YMENTS TO TRUSTEES During the period. Trustee exnge$ were inCu8d lotal £74 for Iravel costs (2023: £35). No TTustees r8rHved remuneraknon during Ihts period12023= £nlll. 11) INDEMNITYINSURANCE DurirvJ the poriod. indomnity insurance was paid in rcspect of Ihe Truslees in It sum 01 £3.98112023.' £3.9811. 20
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Edward Holt Trust 31°, March 2024 13) INVESTAIENTS General fund maet value al 31 March 2023 Additions tD invesimenls al cost Disw)$8ls 31 Carn9 value Nel gain on reVaallOn Mathet value at 31 MaiGh 3024 5,506.503 209.497 1354,950) 420.16D 781 Cosl at 31 Mar 2024 Market vah 31 Mar 2024 Market value 31 ar 2Q23 Lisfed Fnvestments United Kingdom quoted investmenls 5.276.892 5.781.210 14) CASH A TBANK AND IN HAND 81ar44 31-Mar43 Cash al bank RBS Affirmative Deposit Cash with IVest[net Managets S8rasin LLP Evelyn Partners 79.718 421 118,963 401 78.998 330 159.467 80,128 50.160 229.652 15) DE8TORS 31-Mar-24 31-Mar43 Trada Debt(s Sundry payments in advaTKO arKJ 8red inlerest 46,372 41.337 87.709 20.4B3 36.108 56.591 16) CREDITORS.. Amounls lalliftg duè wllhin on• period 31-Mar-24 3141ar43 Trade creditors Acciuals 13.892 61.722 75.614 6.448 94.802 101.250 22
Edward Holt Trust 31st March 2024 17J AhlAL YSIS OF FUNDS Unre$triclod G•neral Fund Total Fixodes8el$ Tangible assets Investmenls 2.221,865 5.781.210 8.003.075 curtrt a5ts Debtors Cashat bank and in hand 87.709 159.467 247.176 CreditOTS.. AnK>unts falling dilè within one yèar Nel current assets 75.6141 171.562 Told net assets as at 31 Match 2024 8 174.637 Tolal nel assets as al 31 March 2023 7.967.975 Prioryear con)paYatfve Unrestricted Gengr41 Fund Total Fixed assets Tangible assets Investments 2.276,479 s.506.3 7.782.982 Current assels Deblors Cash ol bank and in hand 56,591 229,652 286,243 Credilors.. Amounts lallirvJ due wlhill onè year Nel current a5set5 101.250 184,993 Toial net assels as 8131 March 2023 7.967,975 Totsl ng13ssels as al 31 March 2022 .585.702 23
Edward Holt Trust 31st March 2024 18) MOVEMENT IN FUNDS At 31 Mar 2023 unrealised gains At 31 March 2024 Income Expendlture unrestrled gene¥al fund 7.967,975 256.687 440.290 8.174,637 Prlory8ar comparatlve RealIS and unreali5ed gains At 31 Mar 2022 At 31 March 2023 ID¢omo Expendlttw• Unrestricted geneial fund 8.$85.702 240.314 574.118 283.923 7.967,975 19) UNRESTRICTED FUND POLICY Thè TrLJSt mainlains one unreslrKaed fund. as follows.. Gera1 fund- morM85 from this fund arg used to waintsin Ihe Trust's properties. wlh any surplus funds not required foi this purpose being ulilised lor the Trusl's lor@-temi Ch*ItabaIs. 20) RELA TED PAR TY TRANSACTIONS The Trustees all give Ireèty their lin 0j eXlSe 1tht any kffii of remneratKin or olher benefrt in cash or kind12023'. £nil)- Expenses were rermbursed io Trustees and are delailed in rK)te 10. 24