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2024-03-31-accounts

Charity registration number 235345 (England and Wales)

THE HOLEHIRD TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

THE HOLEHIRD TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr W M J Clark
Mr P R Dew
Mr P J Dixon
Mr G Simpkins
Charity number (England and Wales) 235345
Principal address 79 Ely Road
Little Downham
Ely
Cambridgeshire
CB62SN
Auditor Saint & Co.
Sterling House
Wavell Drive
Rosehill
Carlisle
CA1 2SA
Property manager Savills
64 Warwick Road
Carlisle
CA1 1DR

(Appointed 11 June 2024) (Appointed 11 June 2024) (Appointed 11 June 2024) (Appointed 11 June 2024)

THE HOLEHIRD TRUST

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 8
Statement of financial activities 9
Statement of financial position 10
Statement of cash flows 11
Notes to the financial statements 12 - 23

THE HOLEHIRD TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "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).

Objectives and activities

The trust's aims are to

  1. 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.

  2. To advance the education of beneficiaries.

  3. To relieve children or young people in need.

  4. To provide funding to other persons or bodies who could provide the appropriate goods, services and facilities to assist in the above.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Grant making policy

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, based on guidance issued by the trust. Priority will be given to projects which support one of the following: elderly people, disabled people or children and young people up to the age of 18. Grants will normally be less than £2,000 over one year. A full list of the parishes and communities who are eligible to apply can be found on their website. A schedule of grant applications is then presented for consideration to the trust.

Achievements and performance

Significant activities and achievements against objectives

The year again proved successful with 25 grant applications being approved. The total funds expended on grants was £45,455 which was the same as in the previous year. Cumbria Community Foundation receive a payment of £4,545 (10% of the overall grant expenditure) to provide the administration of the grants and to review the eligibility and financial robustness of the applications prior to recommending approval of the grants to the trustees.

The standard of applications was again good which resulted in less applications being rejected prior to submission to the meeting.

Two grants were returned. One reflected a lower value required than originally anticipated - Warcop Methodist Church - £1,000 awarded in February 23 for a Winter Warm Spot. £173.77 of this was returned as un spent money.

The second grant was awarded to Allithwaite & Cartmel Parish Council £2,000) in September 22 for rebuilding the public toilets, conditional on them securing funding from other sources to complete the project. Unfortunately, the full funding required was not achieved and the project has been stopped.

THE HOLEHIRD TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The trust relies primarily on the letting of cottages and farms on the estate to generate its income which amounted to £204,216 which was higher than that of the previous year's £197,273 mainly due to some more 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 £292,928 which was higher than the previous year's total of £194,750.

In 2021/22 the trust made a demand for dilapidations from the previous occupant of the Holehird Mansion and the additional £700,000 of income was recognised in that financial year. This £700,000 has been gradually utilised over the last three financial years partly to refurbish the existing properties on the estate and partly to support the annual administration costs of the Trust.

In respect of maintenance of properties across the estate £300k has been utilised for the Renovation of Low Borrans Cottage in March 2023 and a further £200k in 2023 and 2024 for the costs of securing and insuring Holehird Mansions whilst the sale progresses and other required renovations across the estate.

The Holehird Mansion property is vacant and has been actively marketed for sale. As at the 31[st] March 2024 the sale process had not progressed to a final offer stage but interested parties were in negotiation with the Trust in respect of potential sale offers.

The valuation of the trust's investments in the Charities Official Investment Fund (COIF) saw an increase from £724,980 to £813,228.

The total funds of the charity at the year end are £9,712,303 (2023: £9,822,407). This is unrestricted reserves.

This is a reduction of £110,104 in unrestricted reserves from 31 March 2023.

Reserves policy

The elected members of the Holehird Committee (acting on behalf of the Council as the sole Trustee) 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 Holehird Committee members are satisfied that the activities of the Trust will remain in the region of £9.0m which should be achievable based on previous years. Reserves at 31 March 2024 were £9.712m 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, following subsequent additions and disposals, the estate is now valued at £8.57m. A full revaluation of the estate will be requested once the potential sale of the Holehird Mansion is completed and the major refurbishment work on the remaining assets is complete.

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.

The trustee made available £200,000 to be awarded on grants to cover the period 01 April 2020 to 31 March 2024. 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.

THE HOLEHIRD TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

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 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 to 31.03.23 was Cumbria County Council but due to the restructure of Local Government in the geographical County of Cumbria the trustee responsibility transferred to Westmorland & Furness Council from 01.04.23. Six of its elected members were appointed to carry out its duties as trustee through the Holehird Trust committee. Each member is appointed for three years 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. Over the twelve month period 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 was delegated to the Council's Corporate Director of Resources and Westmorland and Furness Council provided in kind support to the Trust in respect of financial, legal and property advice and guidance.

The trustees who served during the year and up to the date of signature of the financial statements were:

Westmorland and Furness Council (Resigned 11 June 2024)
Mr W M J Clark (Appointed 11 June 2024)
Mr P R Dew (Appointed 11 June 2024)
Mr P J Dixon (Appointed 11 June 2024)
Mr G Simpkins (Appointed 11 June 2024)

Other matters

The elected members who served on the Holehird Trust committee (acting on behalf of the Council as the sole trustee) during the 2023/24 financial year were:

Mr W M J Clark Mr P R Dew Mr P J Dixon Mr G Simpkins Mrs J Battye Mr A Connell

Post Balance sheet event

Westmorland and Furness Council resigned as the sole trustee of the Holehird Trust on the 11 June 2024. This decision was taken by full Council.

A number of the existing elected members involved with the Trust agreed to continue as Trustees in their personal capacity from the 11 June 2024 and were subsequently appointed as Trustees.

The Council agreed to continue to provide the required officer support, including financial management support, during 2024/ 25 in order to ensure a smooth transition for the Trust. During 2024/25 the required legal transfer of the assets, bank account and investments has taken place.

THE HOLEHIRD TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mr G Simpkins

Trustee

10 June 2025

THE HOLEHIRD TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE HOLEHIRD TRUST

Opinion

We have audited the financial statements of The Holehird Trust (the ‘trust’) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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 of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 trust 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 trustees' 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 trust’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 trustees with respect to going concern are described in the relevant sections of this report.

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 trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE HOLEHIRD TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE HOLEHIRD TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are 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 trustees determine 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 trustees are responsible for assessing the trust’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 trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 our procedures are capable of detecting irregularities, including fraud, is detailed below.

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:

THE HOLEHIRD TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE HOLEHIRD TRUST

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THE HOLEHIRD TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE HOLEHIRD TRUST

Stuart Farrer (Senior Statutory Auditor)

For and on behalf of Saint & Co., Statutory Auditor & Chartered Accountants Sterling House Wavell Drive Rosehill Carlisle CA1 2SA

10 June 2025

Saint & Co. is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE HOLEHIRD TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Unrestricted
funds
funds
general
revaluation
reserve
2024
2024
Notes
£
£
Income and endowments from:
Investments
3
204,216
-
Other income
4
-
-
Total income
204,216
-
Expenditure on:
Raising funds
5
290,513
-
Charitable activities
6
112,055
-
Total expenditure
402,568
-
Net gains/(losses) on
investments
12
88,248
-
Net expenditure and movement
in funds
(110,104)
-
Reconciliation of funds:
Fund balances at 1 April 2023
2,096,359
7,726,048
Fund balances at 31 March 2024
1,986,255
7,726,048		 Total
Unrestricted
Unrestricted
funds
funds
general
revaluation
reserve
2024
2023
2023
£
£
£
204,216
197,273
-
-
26,770
-
204,216
224,043
-
290,513
198,231
-
112,055
193,032
-
402,568
391,263
-
88,248
(11,126)
-
(110,104)
(178,346)
-
9,822,407
2,274,705
7,726,048
9,712,303
2,096,359
7,726,048		 Total
2023
£
197,273
26,770
224,043
198,231
193,032
391,263
(11,126)
(178,346)
10,000,753
9,822,407

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE HOLEHIRD TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2024

Notes
Fixed assets
Investment property
14
Investments
15
Current assets
Debtors
16
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
The funds of the trust
Unrestricted funds - general
Unrestricted funds - revaluation reserve
19		 2024
£
125,490
(60,299)		 £
8,833,884
813,228
9,647,112
65,191
9,712,303
1,986,255
7,726,048
9,712,303		 2023
£
550,693
(28,156)		 £
8,574,890
724,980
9,299,870
522,537
9,822,407
2,096,359
7,726,048
9,822,407

The financial statements were approved by the trustees on 10 June 2025

Mr G Simpkins Trustee

THE HOLEHIRD TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024
Notes
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
Investing activities
Purchase of investment property
(258,994)
Proceeds from disposal of other investments
-
Investment income received
204,216
Net cash (used in)/generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
54,778
(54,778)
-
-
-
-		 2023
£
£
(347,273)
-
150,000
197,273
347,273
-
-
-
-

The notes on pages 12 to 23 form part of these financial statements.

FOR THE YEAR ENDED 31 MARCH 2024

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

The Holehird Trust is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 79 Ely Road, Little Downham, Ely, Cambridgeshire, CB6 2SN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the trust'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 trust is a Public Benefit Entity as defined by FRS 102.

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 trust. 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

The following specific policies are applied to particular categories of income:

1.5 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.

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.

1.6 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. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The trust 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 trust's balance sheet when the trust 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.

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date, being the market value at the reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

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 at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Investment property valuation

The trustees have 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 £8,833,884.

3 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 204,216 197,273

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Miscellaneous income - 26,770
5 Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Trading costs
Other trading activities - bad debt provision (2,415) 3,481
Maintence of premises 292,928 194,750
Total costs 290,513 198,231
6 Expenditure on charitable activities
Grant funding Grant funding
2024 2023
£ £
Direct costs
Grant funding of activities (see note 7) 45,455 45,455
Share of support and governance costs (see note 8)
Governance 66,600 147,577
112,055 193,032
Analysis by fund
Unrestricted funds - general 112,055 193,032
7 Grants payable
Grant funding Grant funding
2024 2023
£ £
Grants to institutions (25 grants):
Institutions 45,455 45,455

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Grants payable

(Continued)

The charity awarded grants to the following beneficiaries in the year:

Bendrigg Trust
Support for Shap Skaters
Appleby-in-Westmorland Town Council
Askham and District Community Centre
Space 2 Create
South Lakeland Hydrotherapy (Trust) Limited
AWAZ
Hutton Roof Village Hall
Kirkbarrow Residents Association
Creative Communities
The Kendal Brewery Arts Centre Trust Limited
Stavely Village Association
Mainspring Arts
Shap Community CIO
Kendal Windows On Art
Kendal & District Parkinsons Support Group
Burton Memorial Hall
Helsington and Brigsteer Village Hall
Tebay Methodist Church
South Lakeland Breastfeeding
CancerCare North Lancashire & South Cumbria
Studio Morland
The Riverside Group
Going for Old
Citizens Advice Carlisle & Eden
Grants returned during 2023/24:
Warcop Methodist Church - £1,000 awarded in 2022/23
Allithwaite & Cartmel Parish Council - £2,000 awarded in 2022/23		 2024
£
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,160
2,000
2,000
2,000
1,800
2,000
2,000
2,000
2,000
2,000
1,000
2,000
1,668
2,000
1,000
2,000
(173)
(2,000)
45,455

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Governance costs
Analysed between:
Grant funding
Governance costs comprise:
Audit fees
Accountancy
Agency fees
Professional fees
Interest payable
9
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
- for other financial services		 2024
£
66,600
66,600
2024
£
3,545
2,337
38,582
22,136
-
66,600
2024
£
3,540
2,340		 2023
£
147,577
147,577
2023
£
2,067
1,243
34,013
110,187
67
147,577
2023
£
2,067
1,243

10 Trustees

No trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Unrealised gain/(loss) on investments 88,248 (6,514)
Sale of investments - (4,612)
88,248 (11,126)

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Investment property

Investment property
Fair value
At 1 April 2023
Additions through external acquisition
At 31 March 2024		 2024
£
8,574,890
258,994
8,833,884

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

Cost
Accumulated depreciation
Carrying amount		 2024
£
1,107,835
-
1,107,835		 2023
£
848,841
-
848,841

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 £672,884 have taken place and a piece of land valued at £35,000 has also been disposed of. The Trustees believe that the market value of the investment properties are at least equal to the valuation or have increased in value. The Trustees will have the properties revalued after completion of the current refurbishment works.

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14
Investment property
Freehold
15
Fixed asset investments
Cost or valuation
At 1 April 2023
Valuation changes
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
Listed investments included above:
Listed investments carrying amount		 (Continued)
2024
2023
£
£
8,833,884
8,574,890
Listed
investments
£
724,980
88,248
813,228
813,228
724,980
2024
2023
£
£
813,228
724,980		 (Continued)
2024
2023
£
£
8,833,884
8,574,890
Listed
investments
£
724,980
88,248
813,228
813,228
724,980
2024
2023
£
£
813,228
724,980
813,228
813,228
724,980
2023
£
724,980

Fixed asset investments revalued

Listed investments are valued at fair value, being their market value at the balance sheet date.

If the listed investments were stated on an historical cost basis, the amount to be included would be £92,427.

16
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
103,382
22,108
125,490		 2023
£
520,474
30,219
550,693

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

17 Creditors: amounts falling due within one year

Notes
Deferred income
18
Other creditors
Accruals
18
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024		 2024
£
11,471
7,129
41,699
60,299
2024
£
11,471
2024
£
11,471
9,603
(9,603)
11,471
11,471		 2023
£
9,603
2,688
15,865
28,156
2023
£
9,603
2023
£
9,603
8,621
(8,621)
9,603
9,603

Deferred income is rental income received which relates to future periods.

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

19 Unrestricted funds - revaluation reserve

These are unrestricted funds which are material to the trust's activities.

At 1
Revaluation reserve
Previous year:
At 1
Revaluation reserve		 April 2023
At 31 March
2024
£
£
7,726,048
7,726,048
April 2022
At 31 March
2023
£
£
7,726,048
7,726,048

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.

At 1
Unrestricted funds
Previous year:
At 1
Unrestricted funds		 April 2023
£
2,096,359
April 2022
£
2,274,705		 Incoming
resources
£
204,216
Incoming
resources
£
224,043		 Resources
expended
Gains
£
(402,568)
Resources
expended
Gains
£
(391,263)		 and losses
At 31 March
2024
£
£
88,248
1,986,255
and losses
At 31 March
2023
£
£
(11,126)
2,096,359

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

21 Analysis of net assets between funds

Unrestricted
Unrestricted
funds
funds
general
revaluation
reserve
2024
2024
£
£
Fund balances at 31 March 2024 are represented by:
Investment properties
1,107,836
7,726,048
Investments
813,228
-
Current assets/(liabilities)
65,191
-
1,986,255
7,726,048
Unrestricted
Unrestricted
funds
funds
general
revaluation
reserve
2023
2023
£
£
Fund balances at 31 March 2023 are represented by:
Investment properties
848,842
7,726,048
Investments
724,980
-
Current assets/(liabilities)
522,537
-
2,096,359
7,726,048		 Total
2024
£
8,833,884
813,228
65,191
9,712,303
Total
2023
£
8,574,890
724,980
522,537
9,822,407

22 Related party transactions

All transactions relating to income and expenditure are processed through the Land Agent's client records.

There were no disclosable related party transactions during the year (2023 - none).

THE HOLEHIRD TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

23 Cash generated from/(absorbed by) operations 2024 2023
£ £
Deficit for the year (110,104) (178,346)
Adjustments for:
Investment income recognised in statement of financial activities (204,216) (197,273)
(Gain)/loss on disposal of investments - 4,612
Fair value gains and losses on investments (88,248) 6,514
Movements in working capital:
Decrease in debtors 425,203 239,332
Increase/(decrease) in creditors 30,275 (223,094)
Increase in deferred income 1,868 982
Cash generated from/(absorbed by) operations 54,778 (347,273)