Charlty numbw: 1208092 THE HOLSOME FOUNDATION TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED S APRIL 2025
THE HOLSOME FOUNDATION CONTENTS Pag& R•f¢rnnc• and admlnl$tr•tlv• dètalls of the Charfty, It$ Trustee and advl$or8 Trustee's roport Indgpendent audltors, report on flnanclal statoments Statement of Ilnan¢lal actlvltlos 7-10 11 Balance sheet 12 Statement of Ga$h flow• 13 Notss te th• flnanclal statsmgnts 14-20
THE HOL80ME FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE PERIOD ENDED S APRIL 2025 Hulme Trusteg Ltd {appointed 12 December 2024) Rlvlngton Twslegs Ltd {appointed 1 May 2024, reslgned 12 December 20241 Ch•rlty r•glsterod number 1208092 Prlnclpal offic• Wedlake Bell Llp 71, Queen Victoria Straat London EC4V 4AY Admlnlstrator ROb9a Hewitt Opratlons Manag•r Guriq Porter Indopond•nt aud1$ WR Partners Chartered Accountants Belmont House Shrewsbury 8u$in8ss Park Shr8wsbury Shropshire SY2 6LG Bankerg 8¥13YE Bank 1 Churchlll Place London E145RB Cazenove Capltsl 1 London Wall Place London EC2Y SAU Sollcltors Wedlake Bell LLP 71 Queen Victoria Slrael London EC4V 4AY Inv••tm•nt Managor Schroder & Co. Llmited Icozenove Capilall 1 London Wall Place. London EC2Y SAU Dl•clors of Corporat• Trustso C Gardngr R Lambert J Macklntosh IVl$¢ounl of Halifaxl C Smith Page 1
THE HOLSOME FOUNDATION TRUSTEE'S REPORT FOR THE PERIOD ENDED S APRIL 2025 The Iruslee presents its annual report together with the financial statements for the year ended 5 April 2025. This is The Holsome Foundation's inaugural year. during which the foundations for strong 9overnance, financial SU518inability, and effective granl-m8king warè èstablished. The Holsome FOUndaOn, which is also referred lo as the Charity throughout this report. derives ils incom8 trom inveslmersts, and ils investment objectives continue to be influenced by geopolitical uncertainligs and inflation, the oulk)ok for which remains unpreietabIe. Despilo these challenges, the trustee is pleased with the performance of the inveslm&nls. The trustee is confident that thg Trust remains in a strong financial position and, importantly, dog5 not feel constrained in its ability lo make grants. Reporting Fram8work The Trustee has adopted the provisions of the Statement of Recommended Practice ISORP 20191 Accounting and Reporting by Charities in preparing the annual report and financial slalemgnts. These finan¢ial statements have been prepared in acwrdance with the charity's trust dééd, the Charities Act 2011, and the requirements of Accounting and Reporting by Charitlgs.. Siatement of Recommendèd Practice applicable lo charib'es pr8paring their accounts in accordance with FRS 102 leffgctive 1 January 20191. Reference and admlnlstratSv• detall$ of thg charlty. its tru$tee$ and advisors The inforrnation with respgcl lo the Iruslee, officer5 and advisors is sel out at the front of this document and forms part of this report. Oble¢tlv&s and activltles Poll¢l•s and obloctlves In setting objectives and planning activities. the Iruslee has given due consideration lo the Charity Commission's guidance on public benefit. In practice. this requirement presents little difficully. as all grants are inlgnded for and have been mad& lo registered charities. The Chariws objectives, as slated in ils goveming document, are lo advance such charitsble purposes (according lo the law of England and Wales} as the trustee may determine from lime to time. Current funding priorities include.. Providing relief and support to people affected by mental illness throughout England and Wales. ProvKJing relief and support lo serving military personnel, vtsterans, and their families throughout Englar and W81es. Promoting charitable purposes for tho benefit of the communily in the county of Devon. Organisalions do rkol have lo be rggistgred Charities lo apply., howgver, the Charity will only make general running cost or unrgslricled grants lo registered charities. Grant requests may be received from various sources and are reviewed by the trustee, who retains ullimale discretion over which applications are supt>orted. The Irustee considers the wishes of the family beneficiaries of the family Irusl, from which the initial inveslmenl 8ros& in reaching ils decisions. Page 2
THE HOLSOME FOUNDATION TRUSTEE'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 5 APRIL 2025 Oblectlves and a1¥1•S Icontlnuedl b. Grantrymaking polSclos The Holsome Foundation's Grant Making Policy oulines how Ils tTusIg9 awards grants lo advance thg Charity's objects, prioritising organisations in England and Wales that support mental health, serving milrtary personnel, veterans and their families, or those that benefit communities in Devon. The Iruslee assesses applications annually lor more frequently if required), taking into account need, public benefit. priorities, funding levels and impact. and may undertake due diligence befor& making decisions. A¢hievements and performance . Maln achievéments of the Charity The Slalemenl of Financial Activities for the year Is presented on pagè1111 of the financial slalèmenls. In ils inaugural year, th8 Charity was established with an initial donation of £5 million in investments and £50,000 in cash. During the year, the Charity reiVed total investmgnl income of £86,580 and awarded grants amounting to £22,500. From lime lo lime, the Iruslee may make conditional awards subject lo applicants meeting specific requirements. Such awards are not recognised as liabilities unbl the conditions have been fully satisfied. Investment powers are govemed by the Conslilulion. The Trustee's intention is to maintain the real value of the Charity's investments over the long term. The Charitys primary investment is a holding in the Thomlon Fund, received as the endowment. The principal risk lo the long-term sustalnability of the Charty is inflation. Accordingly, the Charity's assets are invested lo mitigate this risk over time. The Thomlon Fund's bgnchmark aims to deliver an annualiseé real total return of 3.5% alx>ve CPI. measured on a rolling five-y8ar basis. The Trustee is satisfied that the Thornton Fund comprises a diversified portfolio and mgels the Chanty's objectives. This holding and the Charills investment objectives will be reviewed periodically. The Trustee does not inlend lo make any changes to the Charity's objectives or operations in the coming year. b. Sustainabl• Investment The charity has committed to appointing an Investment Manager who is aclivety employed in apply'ng an EnvironTnental, Social and Governance IESGI policy which is shown on their website.. https.'Ilwww.caz8novecapilal.comluklprivate-di8nV. Financial review . Going concern After making appropriate enquiries. the Trustee has a reasonable expectation that the Charity has adequate resources lo continue in opgralional existence for the foreseeable future. For this reason. they Continue lo adopt the going conc8m basis in preparing the financial statements. Page 3
THE HOLSOME FOUNDATION TRUSTEE'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 5 APRIL 2025 b. Reserves pollcy The Trustee has adopted a policy to maintain free ras8eS lunreslricted funds represen18d by cashl at a level sufficient to cover al least two months of expected grant 8xpenditure, based on average monthly commitments to dale. This ensures the Charty can continue its grant-rnaking acts'v1'6S in the event ol short-lem income disrupts'on. As of the current year. res8rves exceed this minimum requirement. Total funds al ygar end stood al £5,064,236. The free reserves are calculated as L+nrestricled funds less any designated funds and unreslricled fixed assets. Al year end the free reserves were £59,820. Structure. govgrnanca and management a. Structur8, governance and managament The Charity is constituted as a Charitabl8 Incorporated Organisation ICIOI and is registered with the Charity Commission in England and Wales under charity number 1208092. The Charlty is established undèr a Constitution, dated 29 April 2024. Management of the Charity rests hth the Iruslee, appointed in aceordance with the terms of Ihg Constitution. Hulme Trustee Ltd acts as the sole corporate Irusleg. supported by a govgmance framewoth that includes documented polici85. During the year, Hulme Trustee Ltd replaced Rivington Trustees Ltd, to simplify future administration. Hulme Trustee Ltd, along with the previous trustee, brings extensive professional Injslee exp8rien¢g and longstsnding understanding of the history and inleresls of the trust and ils benefactor family. Regular truste8 meetings are held lo review aclivilies. approva grants, and monitor investment P8rfomance. b. Constltutlon The Holsome Foundation Is a registered charity, number 1208092, and is consliluled undgr a Constitution. c. Financlal rlsk management The Iruslee continually reviews the major slralegic, operational, and financial risks lo which thè Charity is gxposed. Risk management is a forrnal and ongoing process, designed lo ensure that appropriate systems and procedures are in place lo mitigate and monitor these risks and to minimise any potential impact on the Charity should thèy materialise. Key risks and miligatlon measures identified includ8'. Mlsapproprlatlon of funds As sole trustee, Hulme Trustee Ltd optrrales within a robust internal control framework with a process of review of gran15 and segregation of inputter and authoriser on bank payments. While misappropriation remains Sgrious risk in principle, the trLJslee considers the likelihood low given the controlled processes and professional oversight in place. External financlal loss or fraud As with any organisalic>n holding slo¢k market investments and liquid assets, some level of finan¢i81 risk is unavoidabl8. This is actively managed through the appointment of Schroder & Co as the investment manager of the Thornton Fund. The trust88 receives regular reporting and meets with the manager lo assess performance and compliance. Page 4
THE HOLSOME FOUNDATION TRUSTEE'S REPORT ICONTINUEDI FOR THE PERIOD ENDED S APRIL 2025 Structure* govemance and management (¢ontlnugd) Grant misus• or nonwcompliance by recipients Grants may b8 ma(Je on a restricted basis. The trustee acknowlèdgès th8 risk that these funds may not be used strictly in a¢¢ordance with the agreed purpose. However. in line with proportionality and charitable efficioncy. the Charity does not currently opgrale a posl-award audit system. The majority of grants arè made lo well- establishgd charits'es with a Clear track record of compliance. Governance and oversight Hulme Trustee Ltd acts as the sole trustee and is responsible for all govemance and oversight. The governance model is periodically reviewed lo maintain high standards of transparency and integrity. Data Protèctlon and Processlng Arrangements The risk ol èlectronic data breaches and complaints regarding daia handling is an ongoing concern and one that the Charity recognises as a persistent feature of operating in a digital environment. To address Ihis, a comprehensive Privacy Policy was adopt8d. A copy is available upon wrillen or email request to the Charity's adminislralor (see page 1 for con18¢1 delailsl. In addition, the Charity has entered into a formal service agreement with the Levethulme Eslale Offican organisalion with which rt shares a long-standing and natural working relationship. Undèr this agreement, the Eslale Office assumes responsibility for data processing on behalf of the Charity. The ITUStee considers that this arrangement provides an additional safeguard, reinforcing both the Charity's legal compliance and ils comrnilmenl lo protecting personal data. The Iruslee is satisfied that appropriate safeguards are in place across all major risk areas and that risk management procedures are proportionate lo the size and complexity of the Charity's operations. d. Public bgngfit The trustee has $01Ve thal= 11 is entitled to assume that all registered Charities meet the Public Benefit requirements and. therelore, do not record separate reasons for grants made lo such Drganisations. Th8 same presutnplion generally applies to charities that are exempl from regislralion, though the Iruslee reco9nises that enquiries may occasionally be nece55ary and reasons documented where appropriate. For all other organisalions, the Iruslee will consider the Public Benefit requirement, make appropriate enquiries, and record the reasons for any gTanls rnadg. e. Fundralslng The Charity dogs not carry out slgnificanl fundraising aclivilies. Plans for future periods This is a newly formed charily.11 wlll continue lo award grants in line with ils objectives. Pag8 5
THE HOLSOME FOUNDATION TRUSTEE'S REPORT ICONTINUEDI FOR THE PERIOD ENDED S APRIL 2025 Statement of Trustee's responsibilities The Trustee is resty)nsible for preparing lh8 Trust8&'s report and the financial stst8menls in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustee lo prepare financial statements for each finanaal period which give a true and fair view of the stale Df affairs of the Charity and of ils incoming resources and application of resources. including ils income and 8xpendilure, for that period. In preparing these financial Statements, the Trustee are required lo: select suiiablo accounting policie5 and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., rnake judgments and accounting eslimales that are reasonable and prudent- state whether appli¢able UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slalements., prepare the financial slalements on the going concern basis unless il 15 inappropriate lo presume that the Charity will continue In busin8SS. The Trustee is responsibl& for keeping adequate ac¢ounting Tecords that are sufficient to show and explaln thg Charills transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable th8m to ensure that the finan¢ial statemenls comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Conslilution. They are also responsible for safeguarding the assets of the Charity and hence lor taking reasonable steps for the Prevention and detection of fraud and other irregul8rilies. Disclosurg of information to audltors The Trustee at the ts'me when this Trustee's report is approved has confirmed that.. so far as Ihal Trustee is aware, there is no relevant audit infomialion of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Truslee in order to be aware of any relevant audit inforrnalion and to establish that the charity's auditors are aware of that infomialion. Audltors The requirement for an audit arose due lo the initial investment received by the ch8rity. As the charity is exp8Cted to generate income only from those funds in ftjture years, it is not antiapated that an audit will be requir8d going forward. WR PartnBrs offer themselves for reappointment as auditors lo the charity should an Audit be requlred in future. Approved by order of the members ol the board of Trustee and signed on their bohall by.. Mizcki46osk Hulme Tru$to8 Ltd (Trusieel Dale: 2010212026 Page 6
THE HOLSOME FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HOLSOME FOUNDATION Opinlon We have audited the financial statements of The Holsome Foundation Ithe 'charityl for the period ended 5 April 2025 which comprise the Slalemenl of financial activities, the Balance sheet, the Slalemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, Iuniled Kingdom Generally Accepted Accounting Praclicel. The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndards applicable in the UK and Republic of Ireland IFRS 1021 in pr8fer8nce lo the Accounting and Reporting by Charities.. Slalemenl of Rècommendèd Practice issued on 1 April 2005 which is rgferred lo in the 9Xtant regulations but has been withdrawn. This has been done in order for the accounts to provide a Iwe and fair vitrw in accordance with the Generally ACpIed Accounting Practice effective lor reporting periods beginning on or after 1 January 2015. In our opinion the financial stalemenls.. give a iru8 and fair view of the state of the charitys affairs as al 5 April 2025 and ol its incoming resources and application of resources lor the period 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 oplnlon We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further des¢ribed in the Auditors, responsibiliti8s for tho audit of the financial statements section of our report. We are independent of the charity in aordanCe with the ethical requirements that are relevant to our audit of the financial slalemenls in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fu111ed our other ethical responsibilities in accordance with these requiremenls. We believe that the audit evidence we have obtained is Suffient and appropriate lo provido a basis for our opinion. Con¢lusions relating to going concern In auditing the financial statements, we have concluded that the Trustee's use of the going concern basls of accounting in the preparation of the flnancial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to evgnls or conditions that, individLJally or ¢olle¢tively, may ca51 significant doubl on the charitys ability lo continue as a going concern lor a period ol al least twelve months from when the financial slalemenls are aulhoyised for issue. Our responsibilities and the Tesponsibililies of the Trustee with respect lo going concern are described in Ihe relevant sections of this report. Page 7
THE HOLSOME FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HOLSOME FOUNDATION {CONTINUEDI Other infomiation The other information comprises th8 infomiab'on included in the Annual report other than the financial slalemenls and our Auditors, report Ihereon. The Trustee are responsible for the other infomialion contained within the Annual report. Our opinion on the financial slalemenls do8s not cover the other infomalion and. except lo the exlenl otherwise explicitly Staled in our report, we do not express any forrn of assurance conclusion Ihereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsist8nt with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo b8 mal&rially misstated. If we identify such material inconsistencies or apparent material mlsslalemenls. we are required lo determine whether this giv8s rise lo a material missialgment in the financial statements themselves. If, bas8d on the work we have performed, we Conclude that there is a material misslalement ol this other information, we are T&quired lo report that lacl. We have nothing lo report in this regard. Matters on which we are required to report by éxception We have nothing to report in respect of the following matters where the Charities IAccounls and Reports) Regulations 2008 rgqtJir@s us to report lo you if, in our opinion.. the information given in the Trustee's report is inconsistent in any material resp8cI wth the financial 5tatemenls,' or Sufficient 8ccounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and 8xplanallons we require for our audit. Responslbllltlgs of trustees As explained more fully in the Trustee's responsibilities slalemenl, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such inlefnal control as the Trustee determines is necessary lo enable the preparation of finanaal statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the charills ability to continue as a going concem, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless th& Trustee either intends lo liquidatg the charity or lo cease operations, or have no realistic allernalive bul to do so. Page 8
THE HOLSOME FOUNDAnON INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HOLSOME FOUNDATION ICONTINUEDI Auditors. responslbllltles for the audit of the financial statements We have been appointed as audrtor under section 144 of the Charities Act 2011 and report in accordance wf(h tt)e Ael and relevant regulations made or having effect Ihereunder. Our objectives are lo obtsin reasonable assurance about whether the financial slalernents as a whole are free from material misslalemenl, whether due to fraud or error. and lo issue an Auditors. report that includes our trpinion. Reasonable assurance is a high level of assurancè, but is not 3 guarantee Ihal an audit conducted in accordance with ISAS IUKI will always delecl a material mi5slatemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularrties, including fraud, ale instances of non-compliance wi(h laws and regulations. We design procedures In line with our responsibilities, outlined above. lo delecl material misslalemenls in respect of irregularities, including fraud. The exienl lo which our procoduw are ¢apabke of delecling irregularities, including fraud is detailed below.. We reviewed the susceptibility of Ihe charity's financial statements to material misslalemenl and idenlifted the principal risks. implementing a Series of testing procedures lo provide us with sufficient comfort lo issue our opinion. We reviewed the charity's regulatory environment lo ensure we could conclude that il had acted in accordance with the framework levant lo the charity and its environment and identify any instances of non-compliance. We also assessed the charty's inlemal control procedures lo ensure that we could appropriately scrulinise these controls and establish whether our understanding of the control environment was SLJffi'cienl to supplement our additional lesling procedures. The engagomenl team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charity awareness to ¢arry out Quf WOTk to the required standard. A further description of our responsibilities for the audit of the financial statements is locateil on tho Financial Reporting Council's website at.. wrn.frc.or .ukJaudilorsres onsibililies. This description foms part of our Auditors. report. Page 9
THE HOLSOME FOUhtDATION INDEPENDENT AUDITORS. REPORT TO THE MEM8ERS OF THE HOLSOME FOUNDATION ICONTINUEDI U$0 ofour report This ieport is made Solely to the charitys trustee, as a body, in accordance with Part 4 of the Charities IAccounl$ and Reportsl Regulations 2008. Our audit work has baen undertaken so th* we might stale lo the charity's trustee those mallers we are requir to state lo them in an Audf(ors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or a8sume responsibility to anyone other than the charity and its tN$lee. as a body. for our audit work. for this report, or foi the opinions we have formed. WR Partnorn Chartered Accaunlanl$ Stalulory Auditors Belmont House Shrewsbury Busine$$ Park Shrewsbury Shropshi SY2 6LG WR Partners are gligiblg to as auditors in tems of sertion 1212 of the Companies Act 2006. Page 10
THE HOLSOME FOUNDATION STATEMENT OF FINANCIAL ACTivinES FOR THE PERIOD ENDED 5 APRIL 2025 Unr•strlcted funds 2025 Total funds 2025 Income from: Donatlons and legacies Inveslm¢nts 5.050,000 86,580 s.oso.000 86.580 Total Income 5.136.580 5.136,580 Expendlture on: Charitable activities 26,780 26.760 Total exp•ndllur• 26,760 26,760 Net Incom0 before n•t1088•9 on Invegtmentg Nel losses on investrnents 5.109,820 145.5841 5,109,820 {45.584) N•t movement In fvnds 5.064.236 5,004,236 RKonclllatlon of funds". Nel movement in funds 5,064,236 5,064,236 Total fund$ ¢arrled forward 5,064,236 5,064,236 The Statement of financlal acttvitles indudes 811 gains and losses reeognlsed In the perfod. The notes on pages 14 10 20 form part of these financlal ststements. Page 11
THE HOLSOME FOUNDATION BALANCE SHEET AS AT 5 APRIL 2025 2025 Note Fixed assèts Investments 5,004,416 5,004,416 Current assets Debtors Cash at bank and in hand 12 39,969 46,611 86,580 Current Ilabiliti•s Creditors.. amounts falling due within one year {26,760} Not current assets 59,820 Total a55ets less Current Ilabllitias 5.064,236 Total net assats 5,064,236 Charlty funds Reslricled funds Unrestricted lunds 14 14 5,064,236 Total funds 5,064,236 The financial slalemenls were approved and aulhorised for issue by the Trustee and signed on their behalf by.. IFety20 GMTI Hulme Trustoa Ltd ITrusteg1 Dale.. 2010212026 The notes on pages 14 10 20 forln part of these financial slatemenls. Page 12
THE HOLSOME FOUNDATtON STATEMENT OF CASH FLOYIS FOR THE PERIOD ENDED S APRIL 2025 2025 Cash flow• from op•ratlng actlvlths Nel cash used in operating 8Glivilies 5.010,031 Cash fl¢>ws from Inv•stlng actlvltl•8 Dividends. interests and rents from inv¢stm¢nls Purthase of investments 86.580 {5.050.0001 N•1 ¢agh uud In Inv•stlng •¢tlvltl•$ 14,963,420) Cash fl¢)ws from tlnanclng 4ctlvltlo9 N•t cash provld•d by fin•n¢lng aCtitIo9 Chang8 In ¢•sh and c•$h •qulval•nt8 In th• p•rlod 48,611 Cash and cash aqulval•nts at th• end ol th• perlod 46,611 The noies on page5 14 to 20 form part of these financial stslements Page 13
THE HOLSOME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOO ENDED 5 APRIL 2025 General Informatlon The Holsome Foundation is a CIO that was registered w((h the Charity Commission on 1 May 2024, charity No 1208092. The charity gives grants lo other charities or voluntary bodies throughout England and Wales. Accounting poli¢ies 2.1 Basis of prèparation of financial statèmonts The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 A¢counting and Rgporting by ChariliÈs'. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicablè in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicabl8 in ihe UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalemenls have been prepared lo gNe a 'lrue and fair vigw and have departed from the Charities (Accounls and Reports) Regulations 2008 only lo the extent qUired to provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Holsome Foundation rneols the definition ol a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has entitlement lo the incomg, 11 is probable that the income will be received and the amount of income receivable can be measured reliably. 2.3 Expenditur8 Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs ol each aclivity are made up of the total of direct costs and shared ¢osls, in¢luding support costs involved in undertaking each activity. Dire¢t Costs attributable lo a single activity are allocatèd directly lo that aclivily. Shared costs which contribute to mole than on8 activity and support Costs whi¢h ar8 not attributable to a single activity are apportioned between those activities on a basis consistent with the us8 of resources. Central staff costs are allocated on the basis of time sptsnl, and depr8ciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditu when the conditions attaching are fulfilled. Grants offered subje¢l to conditions which have not been mel at the pèriod end are noted as a comrnitmenl, bul not accrued as expenditure. All expgndilure is inclusive of irrecoverable VAT. Page 14
THE HOLSOME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENOED 5 APRIL 2025 Accounting policies Icontinuedl 2.4 Int&re$t rg¢elvabl¢ Interest on funds held on depos11 is included when receivable and the amount can be measured reliably by the Charity,. this is nomially upon notification of the interest paid or payable by the institution with whom the funds ar& deposited. 2.5 Investments Fixed asset investments afe a form of financial instrument and arg initially recognised at their transaction cost and subsequently measured at fair value al the Balance sheet datè, unless the value cannol be measured reliably in which case il is measured at CDSt less impairrnenl. Investment gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on nveslmenls, in the Slalemenl of financial aclivitios. 2.6 Dèbtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malurily of three months or s$ from the date of acquisition or opening of the deposit or similar account. 2.B Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet dale a5 8 result of a past event, il is probable that a Iransler of economic benefit will be required in settlement, and the amount of the selllemenl can be estimated reliably. Liabilities are cOgnised al the amount that the Charity anticipates it will pay to setue the debt or the arnounl il has received as advanced payrnenls for the goods c>r services il musl provide. Provisions are measured al the best estimat8 of the amounts required lo settle the obligation. Where the effect of the lime value of money is material. the provision is based on thg present value of those amounts. discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of thè discount is recognised in the Statement of financial ath'vilies a5 a finan¢8 cost. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind thal qualrfy as basic financial inslrumenls. Basic financial instruments are initially recognised al Ir8nsa¢lion value and subsequenuy measured at their settlement value with the exception of bank loans which are subsequently m8asur8d at amortised ¢ost using th8 8ff8cliv8 int8rast method. 2.10 Fund accounting General funds are unreslri¢ted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Page15
THE HOLSOME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR ThE PERIOD ENDED 5 APRIL 2025 Income from donatlons and1ogaclg8 Unr•strlctsd funds 2025 Total lunds 2025 Donations 5,050,000 5,050,000 Investment Income Unre$trSctsd funds 2025 Total fund¥ 2025 Dividend Income Interest income 85,769 811 85,789 811 86,580 86.580 Analys18 of grants Grants to Instltutlons 202S Total fund$ 2025 Charitable grants 22.500 22,51XI Grants allocated In year 2025 Brilsh Heart Foundation Cancer Researth UK Crisis 7.500 7,500 Page 16
THE HOL80ME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED S APRIL 2025 Analysls of expènditure on charltabl• actlvltles Summary byfund type Unrostrlthd fund• 2025 Total 202S Chadlable activSty 26.760 26.760 Analysis of expenditur• by actlvltles Grant fundlng of actl¥ltl•s 2025 Support costs 2025 Total funds 2025 Charitable aGlivity 22,500 4,260 26.760 Analy•l• of 8UPPOrt ¢ost$ Total funds 2025 Actlvltl•s 2025 Professional Fees Accountancy costs 1.260 3,000 1.260 3.OOQ 4,280 4.260 Audltors, r•munoratlon 2025 F98s payable to the ChariWs auditor for the audit of the Charitys annual accounts 3.0110 Pag& 17
THE HOLSOME FOUNDATION NOTES ro THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED S APRIL 2025 10. Trustee's rgmungratlon and •xpen88S During the Perd. the Iruslee did not receive any remuneration or other benefits. During the perk)d ended S April 2025. no Trusteè expenses have been incurred. 11. Flxod as$•t Investments Listod Inv•stments Cash Total Cost or valuatlon Addf(ions Revaluations s.000.000 145.584) 50,000 5,050,000 {45,5841 Al 5 April 2025 4.954,416 50.000 5,004,416 N•t book value Al 5 April 2025 4,954,416 50.000 5,004,416 12. D•btorn 2025 Due wlthln one yoar Prepayments and accrued income 39,969 39,9e9 13. Crodltors: Amounts fjlling due wlthln one year 202S OlheT creditors Accruals and dofèrrod In¢om6 Grants 8ccfLted- inslitLrtional 1,260 3,000 22.500 26.760 Page 18
THE HOLSOME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 202S 14. statement of funds Statement of fundg- current period Gainsl Balance at 5 {Losse$l Aprll 2025 Income Expgndlture Unrestricted funds General Funds 5,136,580 126,760 145,5841 5.064,236 15. Analysis of net assets behva8n funds Analy$l8 of net assets between funds - current period Unrestrlcted funds 2025 Total funds 2025 Fixed asset investments Current assets Creditors due wrthin one year 5.004,416 86,580 126,7601 5,004.416 86,580 {26,7601 Total 5,064,236 5,064.238 16. Reconciliation of net movement In funds to net cash flow from operating activities 2025 Nel income for the period las per Statement of Financial Activities) 6,064.236 Adjustments for: Gains on investments Dividends, interests and rents from investments Decreasellincrease} in debtors Increase in creditors 45.584 186,5801 139,9691 26,760 Net cash provided by operating activitles 5,010,031 Page19
THE HOLSOME FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THe PERIOD ENDED 6 APRIL 2025 17. Analys18 of cash and ¢a$h equlvalents 2028 Cash in hand 46,611 Total cash and cash •qulval•nt$ 46,611 18. Analys1$ of changes in net debt At S Aprfl 2025 Cuh flow• Cash at bank and in hand 46,611 46,611 46.811 46.611 19. Related party transactions The initial donation of £5.050.000 wa$ made from a family trust. the Trustses of whh are common directors with the Corporate Trustee. Page 20