CHARITY REGISTRATION NUMBER: 235345
Holehird Trust
Financial Statements
31 March 2021
SAINT & CO
Chartered accountants & statutory auditor Sterling House Wavell Drive, Rosehill Carlisle, Cumbria CA1 2SA
Holehird Trust
Financial Statements
Year ended 31 March 2021
| PAGE | |
|---|---|
| Trustee's annual report | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities | 9 |
| Statement of financial position | 10 |
| Notes to the financial statements | 11 |
Holehird Trust
Trustee's Annual Report
Year ended 31 March 2021
The trustee presents his report and the financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
| Registered charity name | Holehird Trust |
|---|---|
| Charity registration number | 235345 |
| Principal office | Cumbria County Council |
| Parkhouse Building | |
| Kingmoor Park | |
| Carlisle | |
| CA6 4SJ | |
| THE TRUSTEE | Cumbria County Council |
| COMMITTEE MEMBERS | Mrs BC Gray |
| Mr D Whipp | |
| Mr J Bland | |
| Mr W Clark | |
| Mr A Connell | |
| Mr P Dew | |
| AUDITOR | Saint & Co |
| Chartered accountants & statutory auditor | |
| Sterling House | |
| Wavell Drive, Rosehill | |
| Carlisle, Cumbria | |
| CA1 2SA |
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Holehird Trust
Trustee's Annual Report
Year ended 31 March 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust is an unincorporated trust, constituted under a trust deed dated 27 July 1949 and is a registered charity, number 235345. The trust was established by the transfer from Mr. Leigh Groves of his Holehird Estate at Windermere to the then Westmorland County Council. On his death a further £ 10,000 was to be donated to the Council for the purpose of developing the estate. The trust's primary source of income is the letting of cottages and farms on the estate.
The trustee is Cumbria County Council (the successor authority to Westmorland due to the local government re-organisation in 1974) which appoints six of its elected members to carry out its duties as trustee. Each member is appointed for three years by one of the Council's sub committees and is eligible for re-appointment after the expiry of this period.
At each of its quarterly meetings a schedule of grant applications is presented for consideration. At the same meetings consideration is also given to investment, reserves and risk policies.
The day to day vetting of grant applications for presentation at each meeting is undertaken by another charity, the Cumbria Community Foundation, which carries out this function on an agency basis.
The on-going maintenance of the trusts accounting records is delegated to the Council's Corporate Director of Finance.
The trustee confirms that it has complied with section 17(5) of the 2011 Charities Act in having paid due regard to the Charities Commission guidance on public benefit.
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Holehird Trust
Trustee's Annual Report (continued)
Year ended 31 March 2021
OBJECTIVES AND ACTIVITIES
The trust's aims are to
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Provide housing for beneficiaries who are in conditions of need or hardship, or who are in need of housing by virtue of age, sickness or infirmity.
-
To advance the education of beneficiaries.
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To relieve children or young people in need.
-
To provide funding to other persons or bodies who could provide the appropriate goods, services and facilities to assist in the above.
ACHIEVEMENTS AND PERFORMANCE
The year again proved successful with 21 grant applications being approved. The total funds expended on grants was £40,007 which was the same as the previous year. The number of grants awarded was lower than the previous year's 28 mainly due to the reduced number of grant applications submitted during the COVID pandemic.
The standard of applications was again good which resulted in less applications being rejected prior to submission to the meetings due to the applications being outside the remit of the trust.
FINANCIAL REVIEW
The trust relies mainly on the letting of cottages and farms on the estate to generate its income which amounted to £192,808 which was higher than that of the previous year's £178,638, mainly due to some properties being occupied after undergoing refurbishment during the previous year.
In addition to the awarding of grants, the other main area of expenditure is the repairs and maintenance of the estate. The amount spent was £102,052 which was higher than the previous year's total of £86,702 mainly due to a greater number of properties requiring repair work to be undertaken.
The valuation of the trust's investments in the Charities Official Investment Fund (COIF) saw an increase from £718,965 to £793,793, this would have increased further but £100,000 was disposed of to finance refurbishment works.
The total funds of the charity at the year end are £9,389,095 (2020: £9,230,903). This is unrestricted free reserves.
Due to the prevailing financial climate this remains an area which will be closely monitored.
RESERVES POLICY
The elected members consider that the amount made available for grants is a prudent amount whilst still allowing the Trust to meet its charitable aims. In view of this, the elected members are satisfied that the activities of the Trust are consistent with maintaining balances. It is the intention that the overall reserves of the Trust will remain in the region of £9.0m which should be achievable based on recent years. Reserves at 31 March 2021 were £9.4m which is in line with the desired level.
PROPERTY VALUATIONS
A revaluation of the estate and its properties was carried out by Savills in November 2015 and is now valued at £8.57m.
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Holehird Trust
Trustee's Annual Report (continued)
Year ended 31 March 2021
PLANS FOR FUTURE PERIODS
The Holehird Trust is a lasting testimony to the donor, Mr. Leigh Groves. By continuing to make funds available in the relief of hardship and for the enhancement of education a commitment is made to ensure that the inhabitants within the Trust's geographical boundaries will continue to be provided for.
Those elected members responsible for carrying out the Council's duties as trustee are mindful of the potential difficulties associated with an ageing local population and are also eager to see the area's young people make appropriate use of educational assistance available through the trust.
The trustee made available £ 150,000 to be awarded on grants to cover the period 01 April 2020 to 31 March 2023. This amount was determined by taking into account the need to make funds available for grants without jeopardising the trust's financial position such as an excessive depletion of reserves.
TRUSTEE'S RESPONSIBILITIES STATEMENT
The trustee is responsible for preparing the trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
In preparing these financial statements, the trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable him to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. He is 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.
The trustee's annual report was approved on ……………………. 2022 and signed on behalf of the board of trustees by:
Cumbria County Council Trustee
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Holehird Trust
Independent Auditor's Report to the Members of Holehird Trust
Year ended 31 March 2021
OPINION
We have audited the financial statements of Holehird Trust (the 'charity') for the year ended 31 March 2021 which comprise the statement of financial activities, statement of financial position 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Charities Act 2011.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
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Holehird Trust
Independent Auditor's Report to the Members of Holehird Trust (continued)
Year ended 31 March 2021
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustee's report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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the information given in the trustee's report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF THE TRUSTEE
As explained more fully in the trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustee is responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
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Holehird Trust
Independent Auditor's Report to the Members of Holehird Trust (continued)
Year ended 31 March 2021
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in
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the accounting policies were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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Holehird Trust
Independent Auditor's Report to the Members of Holehird Trust (continued)
Year ended 31 March 2021
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, the Charity Commission and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
USE OF OUR REPORT
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sterling House Wavell Drive, Rosehill Carlisle, Cumbria CA1 2SA
Saint & Co Chartered accountants & statutory auditor
Date: ……………………………
- 8 -
Holehird Trust
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Investment income | 4 | 192,808 | 192,808 | 178,638 |
| Other income | 5 | 7,500 | 7,500 | 4,850 |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total income | 200,308 | 200,308 | 183,488 | |
| ================================== | ================================== | ================================== | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (134,883) | (134,883) | (118,988) |
| Expenditure on charitable activities | 7,8 | (82,061) | (82,061) | (84,670) |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Total expenditure | (216,944) | (216,944) | (203,658) | |
| ================================== | ================================== | ================================== | ||
| Net gains on investments | 10 | 174,828 | 174,828 | 18,046 |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| Net income/(expenditure) and net movement in funds | 158,192 | 158,192 | (2,124) | |
| ================================== | ================================== | ================================== | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 9,230,903 | 9,230,903 | 9,233,027 | |
| -------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ||
| Total funds carried forward | 9,389,095 | 9,389,095 | 9,230,903 | |
| ============================================ | ============================================ | ============================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 11 to 19 form part of these financial statements.
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Holehird Trust
Statement of Financial Position
31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | ||
| FIXED ASSETS | |||||
| Investments | 14 | 9,364,554 | 9,177,714 | ||
| CURRENT ASSETS | |||||
| Debtors | 15 | 147,899 | 99,723 | ||
| CREDITORS: amounts falling due within one year | 16 | (123,358) | (46,534) | ||
| ---------------------------------- | ----------------------------- | ||||
| NET CURRENT ASSETS | 24,541 | 53,189 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 9,389,095 | 9,230,903 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| NET ASSETS | 9,389,095 | 9,230,903 | |||
| ============================================ | ============================================ | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds: | |||||
| Revaluation reserve | 7,726,048 | 7,726,048 | |||
| Other unrestricted income funds | 1,663,047 | 1,504,855 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Total unrestricted funds | 9,389,095 | 9,230,903 | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Total charity funds | 18 | 9,389,095 | 9,230,903 | ||
| ============================================ | ============================================ |
These financial statements were approved by the board of trustees and authorised for issue on …………….2022, and are signed on behalf of the board by:
Cumbria County Council Trustee
The notes on pages 11 to 19 form part of these financial statements.
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Holehird Trust
Notes to the Financial Statements
Year ended 31 March 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Cumbria County Council, Parkhouse Building, Carlisle, Cumbria, CA6 4SJ.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP 2019 (FRS 102)) and the Charities Act 2011.
The financial statements have been prepared to show a 'true and fair' view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The charity has taken advantage of the disclosure exemptions permitted by the Charities SORP 2015 (FRS102) regarding inclusion of a Statement of Cash Flows as the Charity is a small charity as defined in Update Bulletin 1 of the Charities SORP (FRS102).
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. ACCOUNTING POLICIES (continued)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The Trustee has determined that the debtors are recoverable and no provision is required.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The Trustee has estimated the value of the investment property based on their knowledge of the market and on previous valuations. The value included in the financial statements is £8,557,560.
Cash at bank and in hand
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 deposit or similar account (other than those held for investment purposes).
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values, and a capital reserve representing funds the charity has set aside for improvements and refurbishments to properties.
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Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. ACCOUNTING POLICIES (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
rental income from investment properties is recognised when receipt is probable and entitlement is established.
-
investment income is recognised when receipt is probable and entitlement is established.
Resources expended
Expenditure is accounted for on an accruals basis. Grants awarded to applicants are provided fully within expenditure at the time the award is approved. Support costs comprise costs for processing grants and applications and costs incurred in support of charitable activities. Resources expended for the management and administration of the charity represent the cost of managing the charity.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. ACCOUNTING POLICIES (continued)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
4. INVESTMENT INCOME
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Rental income | 192,808 | 192,808 | 178,563 | 178,563 | |
| Investment income | – | – | 75 | 75 | |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | ||
| 192,808 | 192,808 | 178,638 | 178,638 | ||
| ================================== | ================================== | ================================== | ================================== | ||
| 5. | OTHER INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Other income | 7,500 | 7,500 | 4,850 | 4,850 | |
| ======================== | ======================== | ======================== | ======================== |
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Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
6. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Building & Ground Maintenance | 102,052 | 102,052 | 86,702 | 86,702 |
| Other Premises Costs | 28,813 | 28,813 | 32,286 | 32,286 |
| Bad debt provision | 4,018 | 4,018 | – | – |
| ---------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | |
| 134,883 | 134,883 | 118,988 | 118,988 | |
| ================================== | ================================== | ================================== | ================================== | |
| EXPENDITURE ON CHARITABLE ACTIVITIES | BY FUND TYPE | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Grants awarded | 40,007 | 40,007 | 40,000 | 40,000 |
| Support costs | 42,054 | 42,054 | 44,670 | 44,670 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 82,061 | 82,061 | 84,670 | 84,670 | |
| ============================= | ============================= | ============================= | ============================= | |
| EXPENDITURE ON CHARITABLE ACTIVITIES | BY ACTIVITY TYPE | |||
| Grant funding | Total funds | Total fund | ||
| activities | Support costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Grants awarded | 40,007 | – | 40,007 | 40,000 |
| Governance costs | – | 42,054 | 42,054 | 44,670 |
| ----------------------------- | ----------------------------- | ----------------------------- | ----------------------------- | |
| 40,007 | 42,054 | 82,061 | 84,670 | |
| ============================= | ============================= | ============================= | ============================= | |
| ANALYSIS OF GRANTS | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| GRANTS TO INSTITUTIONS | ||||
| Grants to institutions | 40,007 | 40,000 | ||
| ----------------------------- | ----------------------------- | |||
| Total grants | 40,007 | 40,000 | ||
| ============================= | ============================= |
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
8. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
9. ANALYSIS OF GRANTS
Further information on the beneficiaries of grants awarded in the year are provided in note 23.
10. GOVERNANCE COSTS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accountancy fees | 1,167 | 1,198 |
| Audit fees | 1,800 | 1,700 |
| Agency fees | 27,252 | 26,292 |
| Professional fees | 11,579 | 15,480 |
| Interest payable | 256 | – |
| ----------------------------- | ----------------------------- | |
| 42,054 | 44,670 | |
| ============================= | ============================= |
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Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. NET GAINS ON INVESTMENTS
| Unrestricted | Total Funds |
Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 |
Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains/(losses) on listed investments | 18,096 | 18,096 |
19,994 | 19,994 |
| Unrealised gain/(loss) on investments | 156,732 | 156,732 |
(1,948) | (1,948) |
| ---------------------------------- | ---------------------------------- | ----------------------------- | ----------------------------- | |
| 174,828 | 174,828 |
18,046 | 18,046 | |
| ================================== | ================================== | ============================= | ============================= | |
| AUDITORS REMUNERATION | ||||
| 2021 | 2020 | |||
| £ | £ | |||
| Fees payable for the audit of the financial statements | 1,800 | 1,700 | ||
| ======================== | ======================== | |||
| Fees payable to the charity's auditor and its associates for | other services: | |||
| Other non-audit services | 1,167 | 1,198 | ||
| ======================== | ======================== |
12. AUDITORS REMUNERATION
13. STAFF COSTS
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
14. TRUSTEE REMUNERATION AND EXPENSES
No remuneration, directly or indirectly, out of the funds of the charity was paid, or is payable, to any trustee or to any person, or persons, known to be connected with any of them. No reimbursement of expenses has been made, or is due to be made, to any of the trustees in in the current or preceding year.
15. INVESTMENTS
| Listed | Investment | ||
|---|---|---|---|
| investments | properties | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2020 | 718,965 | 8,458,749 | 9,177,714 |
| Additions | – | 112,012 | 112,012 |
| Disposals | (81,904) | – | (81,904) |
| Other movements | 156,732 | – | 156,732 |
| ---------------------------------- | -------------------------------------------- | -------------------------------------------- | |
| At 31 March 2021 | 793,793 | 8,570,761 | 9,364,554 |
| ================================== | ============================================ | ============================================ | |
| Impairment | |||
| At 1 April 2020 and 31 March 2021 | – | ||
| ============================================ | |||
| Carrying amount | |||
| At 31 March 2021 | 793,793 | 8,570,761 | 9,364,554 |
| ================================== | ============================================ | ============================================ | |
| At 31 March 2020 | 718,965 | 8,458,749 | 9,177,714 |
| ================================== | ============================================ | ============================================ |
All investments shown above are held at valuation.
- 16 -
Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
15. INVESTMENTS (continued)
Investment properties
The investment property is held on the revaluation basis, valued at the market value as at the revaluation date. The property was last revalued in November 2015 at £8,196,000 by an independent valuer holding a recognised and relevant qualification and having recent experience in similar investment properties. Since the date of the valuation, improvement works totalling £409,763 have taken place and a piece of land valued at £35,000 has also been disposed of. The Trustee believes the market values of the investment properties are not materially different to the previous valuation plus the improvements since.
The original cost of the investment properties was £844,713.
Financial assets held at fair value
Listed investments are valued at fair value, being their market value at the balance sheet date.
The original cost of the listed investments was £111,962.
16. DEBTORS
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Prepayments and accrued income | 22,162 | 13,748 |
| Other debtors - Underallocation of grants by agent | 5,992 | – |
| Other debtors | 119,745 | 85,975 |
| ---------------------------------- | ----------------------------- | |
| 147,899 | 99,723 | |
| ================================== | ============================= | |
| CREDITORS: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts | 91,764 | 19,415 |
| Trade creditors | – | 1,544 |
| Accruals and deferred income | 31,594 | 25,575 |
| ---------------------------------- | ----------------------------- | |
| 123,358 | 46,534 | |
| ================================== | ============================= | |
| DEFERRED INCOME | ||
| 2021 | 2020 | |
| £ | £ | |
| At 1 April 2020 | 4,736 | 7,693 |
| Amount released to income | (4,736) | (7,693) |
| Amount deferred in year | 5,907 | 4,736 |
| ------------------------ | ------------------------ | |
| At 31 March 2021 | 5,907 | 4,736 |
| ======================== | ======================== |
17. CREDITORS: amounts falling due within one year
18. DEFERRED INCOME
Deferred income is rental income received which relates to future periods.
- 17 -
Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
19. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| Gains and | At | ||||
| At 1 April 2020 | Income | Expenditure | losses | 31 March 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | 1,504,855 | 200,308 | (216,944) | 174,828 | 1,663,047 |
| Revaluation reserve | 7,726,048 | – | – | – | 7,726,048 |
| -------------------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------------- | -------------------------------------------- | |
| 9,230,903 | 200,308 | (216,944) | 174,828 | 9,389,095 | |
| ============================================ | ================================== | ================================== | ================================== | ============================================ | |
| Gains and | At | ||||
| At 1 April 2019 | Income | Expenditure | losses | 31 March 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | 1,506,979 | 183,488 | (203,658) | 18,046 | 1,504,855 |
| Revaluation reserve | 7,726,048 | – | – | – | 7,726,048 |
| -------------------------------------------- | ---------------------------------- | ---------------------------------- | ----------------------------- | -------------------------------------------- | |
| 9,233,027 | 183,488 | (203,658) | 18,046 | 9,230,903 | |
| ============================================ | ================================== | ================================== | ============================= | ============================================ | |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | |||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Investments | 9,364,554 | 9,364,554 | |||
| Current assets | 147,899 | 147,899 | |||
| Creditors less than 1 year | (123,358) | (123,358) | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Net assets | 9,389,095 | 9,389,095 | |||
| ============================================ | ============================================ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2020 | ||||
| £ | £ | ||||
| Investments | 9,177,714 | 9,177,714 | |||
| Current assets | 99,723 | 99,723 | |||
| Creditors less than 1 year | (46,534) | (46,534) | |||
| -------------------------------------------- | -------------------------------------------- | ||||
| Net assets | 9,230,903 | 9,230,903 | |||
| ============================================ | ============================================ | ||||
| FINANCIAL INSTRUMENTS | |||||
| The carrying amount for each category of financial instrument is as follows: | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Financial assets measured | at fair value through | income and | expenditure | ||
| Investments | 793,793 | 718,965 | |||
| ================================== | ================================== |
20. ANALYSIS OF NET ASSETS BETWEEN FUNDS
21. FINANCIAL INSTRUMENTS
- 18 -
Holehird Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
22. RELATED PARTIES
All transactions relating to income and expenditure are processed through the Land Agent's client records.
There are no related party transactions which require disclosure.
23. GRANT BENEFICIARIES
The charity awarded grants to the following beneficiaries in the year:
| £ | |
|---|---|
| The Lakes School Community Partnership | (500) |
| Windermere Rowing Club | 1,000 |
| New Hutton Institute | 2,000 |
| Shap Community Action Group | 2,000 |
| Cycling Projects | 1,000 |
| Bay Trust Radio | 1,200 |
| Ambleside Action For A Future | 2,000 |
| The Studio Morland CIC | 1,000 |
| Firbank Church Hall | 1,134 |
| Stainton Institute | 3,500 |
| Growing Well Limited | 2,000 |
| Patterdale King George V Playing Field Foundation | 2,000 |
| The Bee Team | 2,000 |
| South Cumbria Breastfeeding Support | 2,000 |
| 106 Partnership | 2,500 |
| The Community Cupboard | 1,967 |
| Stockbridge and Tirril Parish Council | 500 |
| Kirkby Lonsdale Bowling Club | 2,500 |
| Bendrigg Trust | 2,206 |
| Kirkby Lonsdale Play Partnership (KLPP) | 3,000 |
| Winton United Church | 3,000 |
| Lake District Studios and Radio CIC | 2,000 |
| ----------------------------- | |
| 40,007 | |
| ============================= |
- 19 -