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 con￿mIng grant￿1Ving. 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 Institu1￿n$ 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 resou￿S and application of resources of the charity for thal perK)d. In preparing these financial stalements, the Trustees are required to- select suitable a￿OUnting poI￿leS 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 resp￿SIble for safeguarding the assets of the charily and taking reasonable steps for Ihe prevenlion and detection of fraud and other irregularities. Provision of informatiunts 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 unrestr￿led 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.. Ge￿ra1 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*Itab￿￿aIs. 20) RELA TED PAR TY TRANSACTIONS The Trustees all give Ireèty their lin￿ 0￿j eX￿lSe ￿1th￿t 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