Charlty Règistratlon No. 279747 THE HOLLANDS-WARREN FUND TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Prepared by.. Brachers LLP Somerfigld House 59 London Road Maidslone Kent ME16 8JH 571HOL0042.4
THE HOLLANDS-WARREN FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees K Harrington A S Palmer DWHBell Charity number 279747 PrlnGlpal 4ddras$ Somerfield Housg 59 London Road Maldslone Kent ME16 8JH Sollcltors Brachers LLP Somerfield Htruse 59 London Road Maldstone Kent ME16 8JH Investmont advlsors Rathbone Investment Management Ltd 8 Finsbury Clrcus London EC2M 7AZ Indapgndent examiner Michelle Wilkes FCA Azels Audit Servlces Globe House Eclipse Park Sillingbourng Road Maldslon8 Kent ME14 3EN
THE HOLLANDS-WARREN FUND CONTENTS P4ge Trustees, report Independent examlner's report Statement of fln8nclal a¢tivities Balance sheet Notes lo the accounts 7-11
THE HOLLANDS-WARREN FUND TRUSTEES. REPORT FOR THE YEAR ENDED 28 FEBRUAR Y 2022 Thg Trustee5 pres8nl their report and the unaudited financial statements of the charlty for the year ended 28 Fobruary 2022. The Iruslees have adopted the provisions of the Statement of Re¢ommended Practice {SORPI'Acoounling and Reporting by Charities. IFRS 1021 In praparlng the annual report and financlal stal8monls of the charity. The financlal slalements have been prepared in accordance with the accounllng policies sel out in the notes lo tha accounts and ¢(pIY with the charivs governing document, Ihe ChariU&s Act 2011 and AccountiThJ and Reportlng by Chartli&s'. Staltsment of Recommended Practice applicable lo chari11ts5 prgparing their accounts In 8ccord8nce wlh the Financial Reporting Standard applicable in tho UK and Republic of Ireland publlshèd In October 2019. Objects and actlvltlgs for tho publlc bgngflt Thè oblect of thè ¢harily is to assist with funding Ihe provision of temporary medical and nurslng serv4ces Irb Ihe home andlor domesti¢ help. Following ¢onsullaliori with the Charity Commisslon thg ¢harity's aclivty boundary has boen extended from the Borough of Maidslone lo Kent. The Trustees ¢onlSnue lo attach importanc6 10 ansuring that Ihg servi¢&s funded by the charity benefit the people of Maldslone as a prforily. Th& Trustaès eonf1rm that thgy have referred lo the guidance contained in the Charfty Commisslon'8 gènerdl guldancè on public b9nefit when revlewing tho trust's aims and objectives and In th& planning of fvlur8 donallons and grants. Tha Trusteès a¢¢ept applications from individuals and Organisations. Each appllcalk)n Ss conslder8d In ralatlon to th8 obj$cliv95 of the trusL AchelMont$ and performance During tha yaar 6nd8d 28 Fgbwary 2022, the Truslo9s approved lolal grants of £137,000 to inslSlulSons. As set out In Nol$ 2 to the accounts, the chavity continued lo provlde grant funding for nurslng care lo Th& Heart ol Kent Hosplce, and Rapld Respon88 Iformèrfy Twlllght NursSng Sarvicesl an Inlllallve of The Kent Communlly Health NHS Trust. In addition this year, the trustees approved Nvo addltlonal grants Its The Blacklhom Trust and Spadeworf( {amounting lo £50,000 and £10,000 respectively). Thè Iru$lg9s also approved funding lo the Blackthorn Trust amounting to £20,000 per annum for thre8 y&8rs Al the year 8nd, £5,433 remalned payable lo Rapld Response over lh8 three year8 to 28 F8bNary 2023 in relatlon lo a grant commllmenl of £135,749 made in the 2019 financlal ar 8nd £40,000 remalned payable lo Ihts Blacklhom Trust over the three years to 28 February 2024 In relauon lo the grant commltm8nl of £60,000 made In tha 2022 year. Ravlgw of flnanclal pogltlon and •¢tlvitles Tho results for thg year arg sel out on Page 5. Total Income for the yoar amounted to £95,501 (2021 £82,1561 representing a gross return of 2.61 Yo on the closSng value of the inveslmenls. Grants made in the year amounted to £137,00012021 £106,000) r6pr898nllng 143.450/012021 128.94%) of Income. After accounung for other costs, whl¢h amounted to £12853 for the year12021 £12.6701 and portfolio manag&m6nl fges of £15,55812021 .. £13,671), the fund had a net loss of £69,010 before invoslmenl portfollo gains and1osses. Significant reali5ed gains and unrealised galns on thg Invoslmenl portfolio were 8150 re¢ognised during the year1£89,448 and £77,323 respeclivelyl rgfleetlng market conditions. As a result, the unreslricled funds increased by £96,861 in the year lo 28 Fgbruary 2022. The value of the charills investment portfolio, including cash held lor reinvestment of £36,54012021 £46,1151 amounted lo £3,652,515 as al 28 February 2022 12021 . £3,525,2e71. Page 1
THE HOLLANDS.WARREN FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y2022 R8seMs {Includlng Reserves PollGyl At 28 February 2022, the charws unrestrfct@d r6s8rvgs amounted to £3,629,51012021 '. £3,532,849). The unreslricled fund reprtrsenls thé amount avallabla for ganoral ¢harilable purposes al the discretion of the Irustegs. The truslÉos' intention Is to keep reserv6s a116vels sufficient lo continue lo provide income which will enable thgm lo providtr donatlons to approved appllcallons, having regard to unforeseen volalility in nveslm8nl market values. Thay b611av6 th& raserv6s poslllon al 28 February 2022 was satisfactory. The trustees. Inlonfjon is lo kgap a balanoa of Incomè suffi¢i&nt lo provide enough funds al all lime8 lo enabl8 Ihern lo continue with their current Intènded commllmants, ¢tsnsidering potential falls in income w'elds and nleresl rates. The Irustotrs also r6qulrè funds lo makg one off distributions for urgent cases. At 28 February 2022 the Charity had free ièsèrv&s amounting to £13,53512021.. £53,497). Designated funds at 28 February 2022 lolal £3,615,97512021.' £3,749,1521- $99 note 9 for details. The Trustees therefore anlicxpale that the oveTall level of reserves at 28 February 2022 was sallsfactory, as well as sufficient to fund the planned continued financial support of The Heart of Kent Hospice, Blackthorn Trust and Rapid Response in the year ended 28 February 2023, assuming donallons conJnue al simllar lgvels lo those paid in the year ended 28 February 2022. The Trustees will also continue to consld&r olhor funding requesls as received during the next twelve months. Investment policy The trustees havè wlde powers of Investment in accordance th the govemlNJ Inslrumènl Ith8 charftsblè trust deed) and the provlslons ol the Charities Act. In conlunctlon wllh the charity's investmonl advisors, the value of the ¢apitsl ol the fund where possible, thus produclng a reallsllc income from the ¢apSlal whlch can then be dlslrlbuled. Whera appropriate, the trustees may dislrlbule capital in furth8r8nc8 tsf the objects of the charlty. Thè Truste6s have reviewed the major risks to which the charity Is èxposgd and systems have bee gstsbllshed lo mltlgata these risks. The funds invested and thosè held on dgPOs11 are subject lo the complSan¢o procsduras of both the charity's investment advlsors and Brachers LLP. The Trustees have consldered the Impact ofthe Covld Pandemlc on the chatlty's funds and OPaTalSons. They believe they hav8 iaken adequate steps lo mlllgale tha extent of any 8dv@rse Impact and hav8 no reason to belleve that committed grant fundlng obllgallons al 28 February 2022 wlll not be fulfllled. Golng concern The Truslegs have no reason lo belleve that th8 charlty wlll bg unable lo conunue operatlng as a golng ¢oncom lable lo pay11 debts and grant commllmenis as thgy fall duel for a perfod of al18asl 12 months from (he dale of approvlng these ac¢ounls. Page 2
THE HOLLANDS-WARREN FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2022 Strucre* gov•rnancg and managgmgnt The charfty wa8 defined by a deed of trust dated 18 June 1977, pur8uanl to the wlll of George Hollands, who died on 27 October 1938 and arising on the death of the former life tenant Mlss Allce Bertha Hollands. Itwas registered as a charlty on 2 April 1980 havlng as ils gove¥nSng document a declarallon of trust dated 19 Oolober 1979. Its registered number Is 279747. The exlstlng Trustee$ who 86rved durfng the year were K Harrington, A S Palmer and D W H Bell. The Tiust8es comprise professionals th approprfale skllls lo properly manage tho trust assets and apply those aS8els In acGordancE 1 the trust deod. glven Ihelr thovledge of the local area. Any Ghange8 In Iru8tees are sublectto fomal approval by all trustees In offlce. Approved by the trustees and sloned on their behalf.. K Harrlngto Trustee Dated.. l ?- l L- 20Z2_ Pag6 3
THE HOLLAND&WARREN FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOLLANDS-WARREN FUND I report to the Iruslees on my 8xaminalion of the accounts of the Hollands-warren Fund for the yoar anded 28 Fgbruary 2022. whSch are sel out on pages S to 11. R8sponslbllltlès and basls of report As the charity trustees of the Trust you are responslble for tha preparatlon of the accounts in accordance wllh tha roqulr6mgnts of tha ChariJes Act 2011 Ithe'Act'l. I report In respect of my examination of th8 Trust's accounts arrfed out under sectlon 145 of the 2011 Act and In caryng out my examlnallon I have followed all the appllcable Dlrectlons glven by the Charlty Commlssion under section 145(5llbl of Ihg Aol. Indgpondont examlngrfs statement I have completed my examination. l Confirm that no material mallers have come lo my attention in connection with the examination giving me cause lo believe that in any matetlal respGcl= 1. a¢¢ountlng reoords were nol kgpl In rgspg01 of the Trust as requlrad by section 130 of the Act., or 2. the accounts do not accord with thosg records- or 3. the accounts do not comply with th& applicable requirem&nls concernlng the fomi and cont8nl of accounts sel out in the Charities (Accounts and Rgportsl Rggulalions 2008 other than any requlremenl that the accounts give a 'true and fair vl6w' which Is not a malt6r consldarad as part of an Sndgpendenl gxaminallon. I have no concerns ar)d have corne across no other mallers in connection with the examination to which allenlion should be drawn in this report in order lo enable a proper undarslandlng ol Ihg accounts lo be reached. Mlchelle Wilkes FCA Azels Audll Services Globo House E¢llpse Park SStUnobourng Road Maidstone Kent ME14 3EN Dated.. 19 Decetnber 2022 Page 4
THE HOLLANDS-WARREN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUAR Y 2022 Unreslrf¢tod Funds Unreslrlctod Funds Yoar endod 28 February 2022 Yoar onded 28 February 2021 Not8s INCOME FROM: Invesbments D8POSIt account and other interest 95,501 82.160 TOTAL INCOME 95,501 82,156 EXPENDITURE ON: Costs of ralslng funds Investment manager's lees 15,558 13,671 Charltablo actlvltlos G¥anl8 payabl8 137,IXIO 106,000 other costs 12,853 12,670 TOTAL EXPENDITURE 165,411 132,341 NET ILOSSIIINCOME FOR THE YEAR 169,9101 150,1851 OTHER RECOGNISED GAINS Net gain on investments 166,771 327,687 NET MOVEMENT IN FUNDS 96,861 277,502 TOTAL FUNDS BROUGHT FORWARD 3,532,649 3,255,147 TOTAL FUNDS CARRIED FORWARD 3,629,510 3,532,649 Page 5
THE HOLLANDS-WARREN FUND BALANCE SHEET AS A T 28 FEBRUARY 2022 28 Fèbruary 2022 28 February 2021 Notes FIXED ASSETS Investments 3,652,515 3,525,267 CURRENT Assyrs Debtors Cash at bank and In hand 176 35,298 28,239 26,239 35,474 CREIYITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 129,2441 124.326> NET CURRENT {LtA8ILITIES}IASSET8 13,0051 11,148 TOTAL ASSETS LESS CURRENT LIABILITIES 3,649,510 3,536.415 CREDITORS: AMOUNT FALLINQ DUE AFTER MORE THAN ONE YEAR 120.0001 {3.7661 NET ASSETS 3,629.510 3,532,649 REPRESENTED BY ed Deslgnaled fvnd8 G6neral funds 3,615,975 13,535 3,479,152 63,497 Total unre8lrlcted funds 3,629.510 3.532,649 Approved by th6 Trustees on I g- 12 IOZ.2- K Harrlnoton Trustè& P8g6 6
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUAR Y 2022 l A¢¢ountlng pollcley 1.1 B0818 of prgparatSon The Hollands-warren Fund is a charity registered with the Challty Commission in the United Kingdom (England & Wales) INQ 2797471. The address ol the registered office Is Somorfleld House, 59 London Road, Maidslone, Kenl, ME16 8JH. The financbal ststemenls have been prepared in accordance wth Accounllng and Repothng by Charities.. Stslement of Recommended Pra¢li¢e ISORPI applicable lo charities preparing Ihelr accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 Issued In Octobef 2019, the Financial Reporting Standard applicable In the Unlted Kingdom and RepublSc of Irgland IFRS1021, the Charities Act 2011 and UK Generally Accepted Practice. The charity conslitules a public benefit entity as deflned by the SORP. The charlty has opted not lo prepare a cash flow statement for the flnanclal perlod, as pemitted by the 2019 Stslement of Recommended Pracllce. Thg flnandal statements have beon prepared lo glv8 a 'true and fair vieW and have departed from the Charities (Accounts and Reports) Regulallons 2008 only lo the exlenl qUired lo provide a 'lrue and f8lr vlew,. Thls departure has Involvèd following the Accounting and RepDrUng by Charltles.. SÉatemenl of Recommended Practlce applicable ID charfNes preparing thelr accounts In accordance with the Flnancial Reporting Standard appll¢8bl6 In the UK and Republic ol Ireland {FRS 1021 Issufjd in October 2019. The financial statements are prepared on a going Concern basls under the historical cost conv&nllon, modifled lo Include certaln Items al fair value. The financial stalemfjnts are presented In sterling whioh is the functional currency of the ¢harlty and rounded lo the nearest £. Thg ¥lgnificanl accounting policlgs applled In the preparallon of these financial slalemenls are sel out below. These pollcies havè been consistently applied lo a15 years presented unless otheIse slated. 1.2 Income rocognltlon Donations, legacies and other form5 01 voluntary incomo ar6 rocognlsed as Sncome when receivable, 8x¢opI Insofar as Ihoy are Incapable of financial measurement. Income from investments is recognised on an accruals basls. 1.3 Expondlture recognition All expendllure Is aOUnted for on an accruals basls and has been Gl8ssSfled under headlngs that aggregate 811 costs related to the category. Grant expenditure Is recognised when awarded lo the reclplenl. The expense Is Included on an ac¢ru818 basls In the year Sn whlch a legal or construotlve obllgallon lo pay the grant arises. Costs of rdlslng funds are thos8 Investment management fees for both Income generallon and capital malntenance. Charitsble 8ctivllies Include expendllure assodaled with the making of grants and donallons and indude both the direct costs and indirect costs relating lo these activities, on an accruals basis. Page 7
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 13 Expendlturfy racognltion Icontinued) Irrecoverable VAT Is charged against the category of resource expended for whlchll was Incurred. 1.4 Investments Investments are recDgnised al lair value which is nomially the transaction price excluding transaction costs. Subsequently Ihey are measured at fair value with changes recogni58d in 'nel gainsllossgs on Inveslmenls, In the Statement of Flnanclal Acllvllles ISOFAI If shares are publlcally traded or their falr value c8n olherwlse be measured reliably. Realised gains and losses arising on disposals are recognised in the SOFA when the proceeds are receivable. 1.5 Fund accountlng The funds held by the charity are unrestricted funds whlch can be used In accordance wllh the charllable objectives at the discretion of the trustees. Designated funds compris2 funds which have been sel aside at the discretion Df truslee for specific purposes. The purposes and uses ol the designated funds are sel out in the notes to the financial slatemenls. 1.6 Cash and cash gqulval8nts Cash is represèntad by cash In hand and deposlts wllh flnanclal Inslllullons repayable without penalty or notice of not more than 24 hours. 1.7 Debtors and credltors receivablelpayable within one year Debtors 8nd credllors with no slated Interest rate and recelvable or pay8ble wllhln one year are recorded 81 tr8nsa¢llon price. Any losses arislng from Impalrrnenl are recognised In expendllure. 1.8 Golng Concern The financlal statements havo been prepared on a golng concern basls as the trustees believe that no matsrlal unrtain¢s8$ exisL The trustees have considered Ihe level of funds held and Ihg expeGled level ol income and expenditure for 12 months from aulhorising these financial stslements. They believe that the esliwnaled income and expenditure is sullicienl wilh the accumulated reserves for the charity lo be able lo conllnue as a golng concern. 1.9 Judgoments and key sources of estimation unogrtglnty Accounting eslimales and judgements are continually evaluated and are based on historical experlence and other factors, Includlng expeclallons of future events Ihal are bellevod lo be reasonable under the drcurnslances. The trustees belleve the Impact of the Covid Pandefflic has not been signlficant on the charlty's operallons at the Ilme of approvlng these a¢o)unls. No otherludgem6nls or key assumptions were made In the prep8r2tion of these accounts. Page 8
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 Expenditure 2022 2021 Costs of raising funds Instment management costs 15,558 13,671 Chorltable actlvltlos Grants lo Instllutlons.. The Heart of Kent Hosplce The Heart of Kent Hospice- Covid grant Spadework Limited Blackthorn Trust- Covid grant Blackthorn Trust 17,000 16,000 60,000 10,000 30,000 110,000 137,000 106,000 Other costs Legal and admlnlslrallon fees Independent examinafjon fees Aocounlancy fees Irre¢overable wiiholding lax Foreign exchange dlffgrgnce 9,800 2,520 480 808 17551 10,303 2,340 976 19491 12,853 12,670 Total 165,411 132,341 Reconclllatlon of grants payable Commitments al 1 Mah 2021 Grants pald durlng year Commllmenls made In y&ar 23,766 {115,333) 137,000 62,099 1144,3331 106,000 Commitments al 28 February 2022 45,433 23,766 Commltmenls a128 February 2022 are payable as follows.. within one year Inole 7) 25,433 Aftgr more It)an one year (note 81 20,000 20.0 3,766 45.433 23,766 Page g
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 Trustoos and rolatod partlas None of the Truslaes {or any persons connected wllh them) received any remuneration or expenses relmbursed durtng the year {2021.' none}. Durfng the year tho trust was charged £9,80012021 £10,303) for day lo day admlnlstr8tlon and 8¢Gountsncy servlces by Brach8rs LLP, a firm of SDlicllors. One of the Trustees. K Harrington, was employed by Brachers LLP but has slnce retired. At the year end the Iwsl owed £1,92112021 Nill lo Brachers LLP. Employees There were no employees during ihe year12021= nonel- Flxgd a$$9t Invpstments 2022 2021 Listed Investments Markgl value at 1 Maich 2021 Additions al cost Disposal proceeds Realised gains on dlsposals Unroallsed gains on revaluat(on 3,479,1 $2 122,920 11 $2,868) 3,269.060 223.970 1341,5651 89,448 77,323 13.601 314,086 166,771 327,687 Markot value at 28 Februory 2022 3.615,975 3,479,152 Cash 36.540 46,115 3,652,515 3,525,267 Hlslorfcal cost of investments 2,197,976 2,244.365 There was one material investment that comprisod more than 5Vo of the total market value of the listed Invostmenls portfolio al 28 February 2022. which was Polar Capital Teohnology al 5.32% of the portfollo. The portfolio was comprlsed as follows.. Equities xed Interest Unll Trust Commodities Cash 2.749,477 431,791 355,723 78,984 36,540 2,632,754 455,711 321,705 68,982 46,115 3,652,51 S 3,525.267 Page 10
THE HOLLANDS.WARREN FUND NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022 6 Debtors 2022 2021 Accrued Interest 178 7 Credltors: amounts falling dua wlthln one year 2022 2021 Other creditors ants payable (note 21 3,811 25,433 4,326 20,000 Total 29,244 24,326 8 Creditors- amounts falllng dua after more than ona year 2022 2021 Grants payable Inole 21 20,OIX) 3,766 9 Doslgnatod funds The Income fltnds of the charity include the follong deslgnaled funds whlch have been set aslde out of unreslricled funds by the trustees specffic purposes.. 1 Mar¢h New Dèsignations 2021 designations roloasad 28 February 2022 Investment fund 3,479,152 289,891 1152,8681 3,615,975 1 March New Da8lgnalions 2020 d•signatlons relea$ed 29 Fgbruary 2021 Investment fund 3,269,060 551,e57 1341,565) 3,479,152 Inveslrnenl fund- these funds are Invested to maximise total return and generate income. Pagè11