CHARITY NUMBER: 223046
THE JOHN HOLFORD CHARITY
FINANCIAL STATEMENTS
31 DECEMBER 2024
THE JOHN HOLFORD CHARITY FINANCIAL STATEMENTS 31 DECEMBER 2024
CONTENTS
| Page | |
|---|---|
| Charity Information | 1 |
| Report of the Trustees | 2 |
| Independent Examiners Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet |
7 |
| Notes to the Financial Statements | 8 |
Page 1
THE JOHN HOLFORD CHARITY FINANCIAL STATEMENTS 31 DECEMBER 2024 CHARITY INFORMATION
PRINCIPAL ADDRESS
The Parish Office St Peters Church The Cross Chester CH1 2LA
TRUSTEES
Co-opted Trustees: Mrs Isabella Roberts Mrs Fionnuala Keen Mr Christopher Henretty (Chair) Mr Denis Murphy Mrs Jane Shelmerdine (Appointed 28 October 2024) Ex-officio Trustees: The Rev’d Simon Drew (Resigned 31 July 2025) The Revd Anne-Marie Naylor (Resigned 21 July 2024) The Revd Ian Enticott The Revd Heather Carter (Appointed 17 March 2025)
REGISTERED CHARITY NUMBER :
223046
INVESTMENT ADVISORS:
Torevell & Partners Wealth Management 5 Oxford Court Manchester M2 3WQ
INDEPENDENT EXAMINERS:
Xeinadin North West Limited First Floor, The Foundation Herons Way Chester Business Park Chester Cheshire CH4 9GB
Page 2
THE JOHN HOLFORD CHARITY FINANCIAL STATEMENTS 31 DECEMBER 2024 REPORT OF THE TRUSTEES
The Trustees present their report and the financial statements for year ended 31 December 2024. The Trustees confirm that their annual report and the financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of 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 (FRS 102) (effective 1 January 2019) (Charities SORP (FRS102)).
STRUCTURE, GOVERNANACE AND MANAGEMENT
The John Holford charity was registered on 14 November 1984. The charity is registered in England and Wales.
The assets of the charity consist of significant fund investments and some properties in Cheshire.
The charity appoints ex officio trustees automatically when they take up a parish in Clutton, Middlewich or Congleton. Co-opted trustees are elected by the current trustees on their knowledge of the local district that the charity operates in.
OBJECTIVES AND ACTIVITIES
The objects of the charity are the relieving either generally or individually persons resident in the parish of Clutton, parish of Middlewich, Borough of Congleton and part of Astbury who are in conditions of need, hardship or distress. The trustees use the income to support with total and absolute discretion.
ACHIEVEMENTS AND PERFORMANCE
The trustees managed the charity’s assets competently and were able to make significant and wide-ranging grants to many individuals and organisations. The charity has made a huge difference to its beneficiaries by aiding families who are struggling financially for example with the purchase of school uniform and school trips, in addition to helping disadvantaged and disabled people by purchasing much needed equipment.
GRANT MAKING POLICY
The trustees mainly support applications from a wide variety of good causes with the underlying principle that the grants will be used in the specific geographical area of Cheshire. Trustees prefer to award monies through third parties via schools, suppliers of school uniforms or through social services. Individuals often approach the charity with requests however estimates are required first in order to fund them.
FINANCIAL REVIEW
The Trustees are continuing to incur property expenses with a view to increasing income in the medium to long term.
During the year the charity received rents and investment income of £613,154 (2023 - £256,144). It made charitable grants of £93,628 (2023 - £44,305) and incurred other property and administration expenditure of £193,605 (2023 - £49,510). Total expenditure was £290,007 (2023 - £94,995) so income exceeded expenditure by £323,147 (2023 – £161,149).
In addition the charity made a loss on disposal of investments of £29,440 (2023 – £3,322) and revaluation of investments of £68,441 (2023 - £16,192). Investment property was also revalued upwards by £Nil (2023 – £2,475K)
At 31 December 2024 the unrestricted fund stood at £5,275,905 (2023 - £4,913,757).
FUTURE PLANS
The trustees will continue with progressing the mineral Option at Holford Farm. Overall the good management of all the investments will be maintained.
Reviews of the charity’s administration, investment advice and on-going training will be monitored.
Page 3
THE JOHN HOLFORD CHARITY FINANCIAL STATEMENTS 31 DECEMBER 2024 REPORT OF THE TRUSTEES (continued)
PUBLIC BENEFIT
The distribution of grant money to individuals and organisations, many of whom have experienced considerable loss of income due to the financial situation in the country, is of enormous benefit to them all.
RISK MANAGEMENT
As indicated in their future plans, the trustees intend to maintain their prudent position regarding the management costs and investment advice.
INVESTMENT POLICY
The trustees take a medium risk approach to investments and rely on advice from their investment managers who follow charity law guidelines regarding risk.
RESERVES POLICY
The trustees have no plans to diminish the considerable assets that they hold and consider its free reserves adequate to for the charity’s needs in the foreseeable future.
TRUSTEES
The trustees who served during the year and up to the date of signature of the financial statements were:
Mr Christopher Henretty (Chair) Mr Denis Murphy Mrs Isabella Roberts Mrs Jane Shelmerdine Mrs Fionnuala Keen The Rev’d Simon Drew The Rev’d Ian Enticott The Revd Anne-Marie Naylor The Revd Heather Carter
Trustees are appointed in accordance with the governing document of the charity.
The two following trustees are connected to organisations that the John Holford Trust funds. Simon Drew is the vicar of Middlewich Parish Church
Isabella Roberts is the CEO of the Clonter Farm Music Trust
When requests for grants for the Middlewich foodbank and the Clonter Farm Music Trust are discussed and voted upon, the respective related parties are not present.
All Trustees have defined areas of responsibility commensurate with their skills and experience. An appropriate financial control policy is in place and is reviewed regularly by the trustees.
RECRUITMENT AND APPOINTMENT OF NEW TRUSTEES
New trustees are recruited and appointed by the existing trustees as vacancies arise on the Board.
INDUCTION AND TRAINING OF TRUSTEES
New trustees are provided with information about the charity and its work and their role and responsibilities as trustees.
Page 4
THE JOHN HOLFORD CHARITY FINANCIAL STATEMENTS 31 DECEMBER 2024 REPORT OF THE TRUSTEES (continued)
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Charity Law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those 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 (FRS102).
-
Make judgements and estimates that are reasonable and prudent.
-
Prepare the accounts 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, which disclose with reasonable accuracy, the financial position of the charity and to enable them to ensure that the accounts show a true and fair state of affairs and of the income and expenditure. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the trustees Signed on its behalf by:
Mr Christopher Henretty (Chair) DATE: 10/10/2025
Page 5
THE JOHN HOLFORD CHARITY YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JOHN HOLFORD CHARITY
I report to the trustees on my examination of the financial statements of The John Holford Charity (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Robert Pearl BEng BSc ACA Xeinadin North West Limited First Floor, The Foundation Herons Way Chester Business Park Chester Cheshire CH4 9GB
DATE: 10/10/2025
Page 6
THE JOHN HOLFORD CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024
INCOME Investment income 2 Income from charitable activities 3 Other income TOTAL INCOME EXPENDITURE Expenditure on charitable activities 4 TOTAL EXPENDITURE NET INCOME BEFORE GAINS AND LOSSES ON INVESTMENTS Loss on disposal of investments Surplus on revaluation of investments 10 Revaluation of investment property NET MOVEMENT IN FUNDS FOR THE YEAR Balances brought forward at 1 January 2024 BALANCES CARRIED FORWARD At 31 December 2024 |
2024 2023 Total Total £ £ 36,972 24,965 576,182 231,179 - - __ _ 613,154 256,144 290,007 94,995 290,007 94,995 323,147 160,268 (29,440) (3,322) 68,441 16,192 - 2,475,294 _ _ 362,148 2,648,432 4,913,757 2,264,444 _ _ 5,275,905 4,913,757 _ _____ |
|---|---|
All activities relate to continuing operations.
The notes on pages 8 to 14 form part of these financial statements.
Page 7
THE JOHN HOLFORD CHARITY BALANCE SHEET 31 DECEMBER 2024
| 2024 2023 | ||
|---|---|---|
| £ £ | ||
| TANGIBLE FIXED ASSETS | 9 | |
| Investment property | 3,825,000 3,825,000 | |
| _ _ | ||
| FIXED ASSET INVESTMENTS | 10 | |
| Investments at Market Value | 1,416,655 865,204 | |
| _ _ | ||
| 5,241,655 4,690,204 | ||
| _ _ | ||
| CURRENT ASSETS | ||
| Cash at Property Agents | - 56,221 | |
| Cash at Bank | 58,856 168,182 | |
| _ _ | ||
| 58,856 224,403 | ||
| _ _ | ||
| Creditors: amounts falling due within one year | (24,606) (850) | |
| _ _ | ||
| Net Current Assets | 34,250 223,553 | |
| _ _ | ||
| TOTAL NET ASSETS | 5,275,905 4,913,757 | |
| _ _ | ||
| FUNDS | ||
| Unrestricted Funds | 5,275,905 4,913,757 | |
| _ ______ | ||
| 5,275,905 4,913,757 | ||
| _ _ | ||
| Approved by the Trustees on: | ||
| Signed on its behalf by: |
Mr Christopher Henretty CHAIR
The notes on pages 8 to 14 form part of these financial statements
Page 8
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
the preparation of the financial statements are as follows:
a) Basis of preparation
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019).
The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
b) Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
c) Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
d) Income
Grants and donations are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Investment income is recognised on a received basis.
e) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Page 9
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
e) Expenditure (continued)
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
f) Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
g) Fixed asset investments
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
h) Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.
i) Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted.
2. INVESTMENT INCOME
| 2024 2023 | ||
|---|---|---|
| Total Total | ||
| £ £ | ||
| Dividends and interest | 36,972 24,965 | |
| __ ____ | ||
| 3. | INCOME ON CHARITABLE ACTIVITIES | |
| 2024 2023 | ||
| Total Total | ||
| £ £ | ||
| Property rentals | 576,182 231,179 | |
| __ ____ |
Page 10
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
4. EXPENDITURE ON CHARITABLE ACTIVITIES
| 2024 2023 | ||
|---|---|---|
| Total Total | ||
| £ £ | ||
| Grants (note 7) | 93,628 44,305 | |
| Direct costs (note 5) | 193,605 48,629 | |
| Governance costs (note 6) | 2,774 2,061 | |
| __ ____ | ||
| 290,007 94,995 | ||
| __ ____ | ||
| 5. | DIRECT COSTS | |
| 2024 2023 | ||
| Total Total | ||
| £ £ | ||
| Property insurance | 5,363 4,369 | |
| Property maintenance | 81,989 5,010 | |
| Legal and professional fees | 63,756 2,859 | |
| Administration/Clerk fees | 13,000 12,000 | |
| Property fees | 25,391 22,663 | |
| Investment fees | 3,799 951 | |
| Subscriptions | 307 777 | |
| __ ____ | ||
| 193,605 48,629 | ||
| __ ____ | ||
| 6. | GOVERNANCE COSTS | |
| 2024 2023 | ||
| Total Total | ||
| £ £ | ||
| Accountancy fees – independent review | 1,540 850 | |
| Trustees professional indemnity | 1,234 1,211 | |
| __ ___ | ||
| 2,774 2,061 | ||
| __ ___ |
Page 11
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
7. ANALYSIS OF GRANTS
All grants were awarded to institutions to support specific charitable projects or activities. Recipients of grants for 2024 comprise:
| Recipients of grants for 2024 comprise: | |
|---|---|
| £ | |
| 2024 | |
| Middlewich & District food bank | 30,000 |
| Congleton Carpets - various households | 5,085 |
| Clonter Farm Music Trust | 10,000 |
| DP Sportswear – school uniforms | 18,539 |
| The Old Sawmill | 8,000 |
| Visyon | 8,600 |
| Other grants | 13,404 |
| ______ | |
| 93,628 | |
| ______ |
| 93,628 ______ |
|
|---|---|
| Recipients of grants for 2023 comprise: | |
| Middlewich & District food bank | 10,000 |
| Ableworld UK | 1,800 |
| Congleton Carpets - various households | 6,462 |
| Clonter Farm Music Trust | 7,500 |
| DP Sportswear - school uniforms | 9,546 |
| Other grants |
8,997 |
| ______ | |
| 44,305 | |
| ______ |
Page 12
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
| 8. 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | 8. 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | 8. 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|---|---|---|
| 2023 2022 | ||
| Total Total | ||
| £ £ | ||
| INCOME | ||
| Investment income |
2 | 24,965 19,252 |
| Income from charitable activities |
3 | 231,179 111,508 |
| Other income | - - | |
| __ ____ | ||
| TOTAL INCOME | 256,144 130,760 | |
| __ ____ | ||
| EXPENDITURE | ||
| Expenditure on charitable activities | 4 | 94,995 88,950 |
| __ ____ | ||
| TOTAL EXPENDITURE | 94,995 88,950 | |
| __ ____ | ||
| NET INCOME BEFORE | ||
| GAINS AND LOSSES ON INVESTMENTS | 161,149 41,810 | |
| Loss on disposal of investments | (3,322) - | |
| Surplus on revaluation of | ||
| investments |
10 | 16,192 5,397 |
| Revaluation of investment property | 2,475,294 - | |
| TRANSFER IN FUNDS | - - | |
| __ ____ | ||
| NET MOVEMENT IN FUNDS FOR THE YEAR | 2,649,313 47,207 | |
| Balances brought forward at | ||
| 1 January 2023 | 2,264,444 2,217,237 | |
| _ _ | ||
| BALANCES CARRIED FORWARD | ||
| At 31 December 2023 | 4,913,757 2,264,444 | |
| __ _ |
Page 13
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
9. INVESTMENT PROPERTIES
| Holford Farm | 998,000 3,390,000 |
|---|---|
| Land at Brownlow | 10,000 50,000 |
| Land at Canal Street | 10,000 115,000 |
| 23 West Street | 75,000 62,500 |
| 25 West Street | 82,500 62,500 |
| 27 West Street | 80,000 145,000 |
| West Street refurbishments 2014 | 38,219 Included above |
| West Street refurbishments 2015 | 32,500 Included above |
| West Street refurbishments 2015 | 23.487 Included above |
| _ _ | |
| Carried Forward | 1,349,706 3,825,000 |
| __ ___ | |
| 2024 2023 | |
| £ £ |
|
| Brought Forward | 1,349,706 1,349,706 |
| Revaluation | 2,475,294 2,475,294 |
| _ _ | |
| Carried Forward | 3,825,000 3,825,000 |
| __ ___ |
December 2023. The historic cost of the properties is £1,349,706 (2023: £1,349,706).
10. FIXED ASSET INVESTMENTS
| Market value |
Listed 2024 |
|---|---|
| Securities Total | |
| £ £ | |
| At 1 January 2024 |
865,204 865,204 |
| Additions | 592,024 592,024 |
| Revaluations | 68,441 68,441 |
| Disposals | (109,014) (109,014) |
| _ _ | |
| At 31 December 2024 |
1,416,655 1,416,655 |
| _ _ | |
| Listed securities comprise UK fund investments. | |
| The cost associated with these investments is £1,204,575 (2023: £724,574). |
Page 14
THE JOHN HOLFORD CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
11. STATEMENT OF FUNDS
Year Ended 31 December 2024
| 1 January 2024 £ Unrestricted Fund 4,913,757 4,913,757 Year Ended 31 December 2023 As at 1 January 2023 £ Unrestricted Fund 2,264,444 2,264,444 |
Income £ 613,154 613,154 Income £ 256,144 256,144 |
Expenditure £ (290,007) (290,007) Expenditure £ (94,995) (94,995) |
Other Movements £ 39,001 39,001 Other Movements £ 2,488,164 2,488,164 |
As at 31 December 2024 £ 5,275,905 |
|---|---|---|---|---|
| 5,275,905 | ||||
| As at 31 December 2023 £ 4,913,757 |
||||
| 4,913,757 |
12. ANALYSIS OF FUNDS
All transactions are included within the unrestricted fund.
13. RELATED PARTY TRANSACTIONS
Trustee Simon Drew is the vicar of Middlewich Parish Church and Isabella Roberts is the CEO of the Clonter Farm Music Trust. When requests for grants for the Middlewich foodbank and the Clonter Farm Music Trust are discussed and voted upon, the respective related parties are not present.
During the year grants were awarded to Clonter Farm Music Trust totalling £10,000 (2023: £7,500) and £30,000 for Middlewich foodbank. (2023: £10,000)