**Charity registration number 235345 (England and Wales)**
## **THE HOLEHIRD TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2025**
## **THE HOLEHIRD TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr W M J Clark|
|---|---|
||Rev P R Dew|
||Mr P J Dixon|
||Mr G Simpkins|
||Ms Pamela Duke|
|**Senior management**|Jennifer Millard|
|**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|
|**Advisors**|Millard Consultants|
||79 Ely Road|
||Little Downham|
||Ely|
||Cambridgeshire|
||CB62SN|
(Appointed 11 June 2024) (Appointed 11 June 2024) (Appointed 11 June 2024) (Appointed 11 June 2024) (Appointed 10 June 2025)
Clerk
## **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 - 22|
## **THE HOLEHIRD TRUST**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
The trustees present their annual report and financial statements for the year ended 31 March 2025.
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.
At the moment the grant giving is paused and will be resumed once the governance review has been finalised.
## _Lakeland Horticultural Society_
The trust has a legal agreement in place with Lakeland Horticultural Society (LHS), which is a charity, for lease and maintenance of Holehird Gardens. Currently the trust is paying approximately £28,000 per annum for maintenance of the gardens. The trustees believe there is more to this relationship than just a financial transaction. They plan to give further consideration to this matter.
- 1 -
## **THE HOLEHIRD TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The year again proved successful with 22 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.
No grants were returned in the current year, compared to two in the previous year.
## **Financial review**
The trust relies primarily on the letting of cottages and farms on the estate to generate its income which amounted to £230,507 which was higher than that of the previous year's £204,216 mainly due to some more properties being occupied after undergoing refurbishment during the previous years.
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 £238,343 which was lower than the previous year's total of £290,513.
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.
As at the 31[st] March 2025 the Holehird Mansion property remains vacant and a sale has been agreed in principle subject to heads of terms and a designated advisors report, the matter is progressing.
The valuation of the trust's investments in the Charities Official Investment Fund (COIF) saw a decrease from £813,228 to £797,073.
The total funds of the charity at the year end are £9,589,999 (2024: £9,712,303). This is unrestricted reserves.
This is a reduction of £122,304 in unrestricted reserves from 31 March 2024 due to deficit for the current year.
## _Reserves policy_
The trustees 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 trustees 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 2025 were £9.589m 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 £8.87m. A full revaluation of the estate will be requested when the disposal of the Holehird Mansion is complete and the major refurbishment work on the remaining assets is complete.
- 2 -
## **THE HOLEHIRD TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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 Charity has engaged Birketts LLP to review help in undertaking a governance review, matters are in hand and the trustees look forward to sharing future updates.
The Trustees are considering the suitability of its objectives and a move to a Charitable Incorporated Organisation (CIO).
## **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 was appointed for three years and was eligible for re-appointment after the expiry of this period. However, 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.
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. This arrangement ceased on 31 March 2025.
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) Rev P R Dew (Appointed 11 June 2024) Mr P J Dixon (Appointed 11 June 2024) Mr G Simpkins (Appointed 11 June 2024) Ms Pamela Duke (Appointed 10 June 2025)
- 3 -
## **THE HOLEHIRD TRUST**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## _Other matters_
The elected members who served on the Holehird Trust committee (acting on behalf of the Council as the sole trustee) during the 2024/25 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**
In addition to registering as a CIO, the trustees are also considering to update the charity's objects.
The ongoing negotiations regarding the sale of the Mansion House continue.
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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**
27 January 2026
- 4 -
## **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 2025 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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with 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 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.
- 5 -
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **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 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;
- we identified the laws and regulations applicable to the company through discussions with directors and other management;
- 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;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
- 6 -
## **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:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- To address the risk of fraud through management bias and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- 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:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- 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 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.
- 7 -
## **THE HOLEHIRD TRUST**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE HOLEHIRD TRUST**
Saint & Co. Chartered Accountants & Statutory Auditor Sterling House Wavell Drive Rosehill Carlisle CA1 2SA
27 January 2026
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.
- 8 -
## **THE HOLEHIRD TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**revaluation**
**reserve**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Investments
**3**
230,507
-
**Expenditure on:**
Raising funds
**4**
238,343
-
Charitable activities
**5**
98,313
-
Total expenditure
336,656
-
Net gains/(losses) on
investments
**11**
(16,155)
-
**Net expenditure and movement**
**in funds**
(122,304)
-
**Reconciliation of funds:**
Fund balances at 1 April 2024
1,986,255
7,726,048
**Fund balances at 31 March 2025**
1,863,951
7,726,048|**Total**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**general**
**revaluation**
**reserve**
**2025**
**2024**
**2024**
**£**
**£**
**£**
230,507
204,216
-
238,343
290,513
-
98,313
112,055
-
336,656
402,568
-
(16,155)
88,248
-
(122,304)
(110,104)
-
9,712,303
2,096,359
7,726,048
9,589,999
1,986,255
7,726,048|**Total**
**2024**
**£**
204,216
290,513
112,055
402,568
88,248
(110,104)
9,822,407
9,712,303|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 9 -
## **THE HOLEHIRD TRUST**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 MARCH 2025**_
|**Notes**
**Fixed assets**
Investment property
**13**
Investments
**14**
**Current assets**
Debtors
**15**
**Creditors: amounts falling due within one year**
**16**
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**The funds of the trust**
Unrestricted funds - general
Unrestricted funds - revaluation reserve
**18**|**2025**
**£**
49,103
(126,714)|**£**
8,870,537
797,073
9,667,610
(77,611)
9,589,999
1,863,951
7,726,048
9,589,999|**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|
The financial statements were approved by the trustees on 27 January 2026
Mr G Simpkins **Trustee**
- 10 -
## **THE HOLEHIRD TRUST**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**2025**
**2024**
**Notes**
**£**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from operations
**22**
(193,854)
**Investing activities**
Purchase of investment property
(36,653)
(258,994)
Investment income received
230,507
204,216
**Net cash generated from/(used in) investing activities**
193,854
**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**
-
The notes on pages 12 to 22 form part of these financial statements.|**£**
54,778
(54,778)
-
-
-
-|
|---|---|
- 11 -
_**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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 Basis of preparation**
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.
- 12 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **1 Accounting policies**
## **(Continued)**
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.
## **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.
- 13 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **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**|
||**2025**|**2024**|
||**£**|**£**|
|Rental income|230,507|204,216|
- 14 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **4 Expenditure on raising funds**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Trading costs**|||
|Other trading activities - bad debt provision|-|(2,415)|
|Maintence of premises|238,343|292,928|
|Total costs|238,343|290,513|
**5 Expenditure on charitable activities**
|||**Grant funding**|**Grant funding**|
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||**Direct costs**|||
||Grant funding of activities (see note 6)|45,455|45,455|
||**Share of support and governance costs (see note 7)**|||
||Governance|52,858|66,600|
|||98,313|112,055|
||**Analysis by fund**|||
||Unrestricted funds - general|98,313|112,055|
|**6**|**Grants payable**|||
|||**Grant funding**|**Grant funding**|
|||**2025**|**2024**|
|||**£**|**£**|
||Grants to institutions:|||
||Institutions|45,455|45,455|
||The charity awarded grants to the following beneficiaries in the year:|||
||||**2025**|
||||**£**|
||Ambleside Rugby Union Football Club||500|
||Arnside Educational Institute||1,500|
||Arnside Playground Working Group||2,000|
||Blackwell Sailing||2,000|
||Bowness and Windermere Community Care Trust||3,000|
- 15 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **6 Grants payable**
## **(Continued)**
|Burton Memorial Hall Management Committee
CancerCare North Lancashire & South Cumbria
Centre for Leadership Performance
CHOFHS Youth Group
Creative Communities CIC
Family and Friends of Sandgate School
Field Broughton Parish Room
Grasmere Village Hall Company
Kirkby Stephen Youth Centre
Penrith Cricket Club
Penrith Rugby Union Football Club
Queen Katherine School Association
Ragtag Arts CIC
Sight Advice South Lakes
Skelsmergh Community Hall
St Mary's Hospice
Windermere Youth Project (WYP)|910
1,995
3,000
2,000
875
2,500
2,000
2,000
3,000
2,000
2,000
1,000
3,000
2,175
3,000
3,000
2,000|
|---|---|
||45,455|
## **7 Support costs allocated to activities**
|**Support costs allocated to activities**|||
|---|---|---|
|Governance costs
**Analysed between:**
Grant funding|**2025**
**£**
52,858
52,858|**2024**
**£**
66,600|
|||66,600|
- 16 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**7**
**Support costs allocated to activities**
**Governance costs comprise:**
Audit fees
Accountancy
Agency fees
Professional fees
**8**
**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|**(Continued)**
**2025**
**2024**
**£**
**£**
5,799
3,545
3,877
2,337
24,657
38,582
18,525
22,136
52,858
66,600
**2025**
**2024**
**£**
**£**
5,799
3,540
3,877
2,340|**(Continued)**
**2025**
**2024**
**£**
**£**
5,799
3,545
3,877
2,337
24,657
38,582
18,525
22,136
52,858
66,600
**2025**
**2024**
**£**
**£**
5,799
3,540
3,877
2,340|
|---|---|---|
|||66,600|
|||**2024**
**£**
3,540
2,340|
## **9 Trustees**
No trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
## **10 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
|**Gains and losses on investments**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2025**|**2024**|
|Gains/(losses) arising on:|**£**|**£**|
|Unrealised gain/(loss) on investments|(16,155)|88,248|
## **11 Gains and losses on investments**
- 17 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **12 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **13 Investment property**
|**Investment property**||
|---|---|
|**Fair value**
At 1 April 2024
Additions through external acquisition
At 31 March 2025|**2025**
**£**
8,833,884
36,653|
||8,870,537|
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|**2025**
**£**
1,144,488
-
1,144,488|**2024**
**£**
1,107,835
-|
|---|---|---|
|||1,107,835|
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 £672,886 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.
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Freehold|8,870,537|8,833,884|
- 18 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **14 Fixed asset investments**
|||**Listed**|
|---|---|---|
|||**investments**|
|||**£**|
|**Cost or valuation**|||
|At 1 April 2024||813,228|
|Valuation changes||(16,155)|
|At 31 March 2025||797,073|
|**Carrying amount**|||
|At 31 March 2025||797,073|
|At 31 March 2024||813,228|
||**2025**|**2024**|
|Listed investments included above:|**£**|**£**|
|Listed investments carrying amount|797,073|813,228|
## **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.
## **15 Debtors**
|**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**Creditors: amounts falling due within one year**
**Notes**
Deferred income
**17**
Other creditors
Accruals|**2025**
**£**
18,131
30,972
49,103
**2025**
**£**
7,475
77,696
41,543
126,714|**2024**
**£**
103,382
22,108|
|---|---|---|
|||125,490|
|||**2024**
**£**
11,471
7,129
41,699|
|||60,299|
## **16 Creditors: amounts falling due within one year**
- 19 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
|**17**
**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 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025|**2025**
**£**
7,475
**2025**
**£**
7,475
11,471
(11,471)
7,475
7,475|**2024**
**£**
11,471
**2024**
**£**
11,471
9,603
(9,603)
11,471
11,471|
|---|---|---|
Deferred income is rental income received which relates to future periods.
## **18 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 2024**
**At 31 March**
**2025**
**£**
**£**
7,726,048
7,726,048
**April 2023**
**At 31 March**
**2024**
**£**
**£**
7,726,048
7,726,048|
|---|---|
- 20 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **19 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 April 2024**
**£**
Unrestricted funds
1,986,255
**Previous year:**
**At 1 April 2023**
**£**
Unrestricted funds
2,096,359
**Analysis of net assets between funds**
**Fund balances at 31 March 2025 are represented by:**
Investment properties
Investments
Current assets/(liabilities)
**Fund balances at 31 March 2024 are represented by:**
Investment properties
Investments
Current assets/(liabilities)|**Incoming**
**resources**
**Resources**
**expended**
**Gains and losses**
**At 31 March**
**2025**
**£**
**£**
**£**
**£**
230,507
(336,656)
(16,155)
1,863,951
**Incoming**
**resources**
**Resources**
**expended**
**Gains and losses**
**At 31 March**
**2024**
**£**
**£**
**£**
**£**
204,216
(402,568)
88,248
1,986,255
**Unrestricted**
**Unrestricted**
**Total**
**funds**
**funds**
**general**
**revaluation**
**reserve**
**2025**
**2025**
**2025**
**£**
**£**
**£**
1,144,489
7,726,048
8,870,537
797,073
-
797,073
(77,611)
-
(77,611)
1,863,951
7,726,048
9,589,999
**Unrestricted**
**Unrestricted**
**Total**
**funds**
**funds**
**general**
**revaluation**
**reserve**
**2024**
**2024**
**2024**
**£**
**£**
**£**
1,107,836
7,726,048
8,833,884
813,228
-
813,228
65,191
-
65,191
1,986,255
7,726,048
9,712,303|
|---|---|
## **20 Analysis of net assets between funds**
- 21 -
## **THE HOLEHIRD TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2025**_
## **21 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 (2024 - none).
|**22**|**Cash (absorbed by)/generated from operations**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||Deficit for the year|(122,304)|(110,104)|
||**Adjustments for:**|||
||Investment income recognised in statement of financial activities|(230,507)|(204,216)|
||Fair value gains and losses on investments|16,155|(88,248)|
||**Movements in working capital:**|||
||Decrease in debtors|76,387|425,203|
||Increase in creditors|70,411|30,275|
||(Decrease)/increase in deferred income|(3,996)|1,868|
||**Cash (absorbed by)/generated from operations**|(193,854)|54,778|
- 22 -