Charlty Reglstratlon No. 279747 THE HOLLANDS-WARREN FUND TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Prèpared by., Br8cher5 LLP Somerfi81d House 59 London ROJI Maldslone Kent ME16 8JH 571HOL0042.4
THE HOLLANDS-VIARREN FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustoes K Bannister A S Palmer DWHB811 Charity nurnbBr 279747 Prfnclpal address Somgrfield House 59 London Road MaiLlsloNg Kant ME16 Sollcitors Brachers LLP Somerfleld HO$e 59 London Road Maid8tone Kent ME16 8JH Investment advlsors Rathbone Investment Monagermnl Ltd e Finsbury Clrcus London EC2M 7A2 Indep¢hdèht examiner James Francls Ensors Accountants LLP Incubator 2 The Bolevard Enterprise Canwus Alconbury Weald Huntingdon PE28 4XA
THE HOLLANDS-WARREN FUND CONTENTS Pagb Trustees. report Independent exsminofs report sta19m8nt of fitwncial actSvltie8 Ba18llC8 sht Nol&s to thè accounls 7-11
THE HOLLANDS.WARREN FUND TRUSTEES. REPORT FOR THE YEAR ENOED 29 FEBRUARY 2024 The Trustoos preseTTrt their r8POrt and th8 unaudited linancial statgm8nt8 of the Charity for (hè ar ended 29 February 2024. The trustee5 have adopted the provlsiop.s of the Statemont ol Fiecommended Practi ISORPI"Accounling and Reporting by ChBrthe5" IFRS 1021 in pr6paring Ihe annu81 r8POrt and finan¢lal slotemenls of tho tharity. The financial slatem?nts have beeri preparvd ln pccordance with the 2CCOLinting Wicies set out in the notes lo the accounts and ¢omply with the chartly's gevem'ng document, the c.ant*S Ael 2011 and Accountif,g and Roportlng by CliariJe$.' Slat8menl ol Rewnmended Practice applicablE to ch81tbe$ proparing th8ir accounts in accordance wlth the Finaylal Reporting Standard applicablo in the UK ants Republic of Ire'.and publlghèd in October 2019. Obj8cts and a¢tlvltlès for thè publ1¢ btrntrfit The oblecl ol Ihg charityls to asslst wllh lundlng the provlslon ol tempoory medicBI and Trursing seivic68 in the home andlor domestic fv8lp. Following eon8ultalloN wllh thf) Charity Commlsslon Ihe charfly's activity bcMJndiry has been extended from Borough of Matdslone to KeTrnl. Th8 Trust8es continue to alla¢h irnwrtanGe to ensuring Ihal the seNi¢es funded by the ch8rily benefit the people of Maldstone as a prSorty. The Trustees Confirm that they have referred lo the gvldance conl8ined in the Charity CornThission's general oul(Jan¢e on publK benefil when r&vaewing the twsl's Hlmg ar.d oble¢tlves and the p18nning of futur8 dofbaUoTrs and granls. Th8 Trus18es ac¢&pl applicath)ns from t4VIdUal$ and organi$alions. Ead) appllcallon15 consldered relation to the objectives of Ihe Irusl. AchlevementB and porfomiance Dunng th8 year endÈd 29 February 2024, the Trustees approved total grants of £280,OC() tv institutions. As Sel out in Note 2 lo the a¢counls, the ¢hahty conbnueo lo provide grant funding lor nursing cale lo The Hearl ol Kenl Hospi¢e. A one of donation of £150,000 was approved to the Htrart nf Kant Ho5PIGe. At the year end, £75.ODO rèmakn&d payable to The Blackthom Trust ov&r th8 3 y8ar8 to 28 February 2027 in rd3t¥)H to the grant eommilment of £80.000 made In Iha 2024 year. Revlew ol ffin&n¢lal posltlon and a¢tNltle$ Thè results for the year aJe setout on Page 5. Tolal incom8 for the year amounted lo £89,87912023.. £92,0871 representing a gross return o12.5°kn12023 2.50AI on the closing value o,'the investments. Grants made in th6 y8ar amounted lo £280,00012023'. £42,900) representing 311.53°h12023 .' 46.56¥010l in¢omo. Aft6r accounting for other costs. whlch amounted to £16,041 for th8 year12023 . £7,245) and ptsrtfollo ManageOnt feè5 uf £14,8OT12023 .. £14,8331, Ihp fund had a nel1055 of £220.96912023 net profil £27,009) befo Inve$tmenl portlollo gains and lossgs. SlpnKi¢ant reallsed galns and unrealised105ses on the Investment portfollo wgre also rewgni88d during 11)e year1£268.772 and1£235,2301 r&specllvelyl rellÈcling rnarket conditions. As a rosull. tho unr88lricted funds docroased by E187,428 In the year to 29 F8bruary 2024. The valug ol Iho ¢harfll8 Inve8lment portfollo, including cash held lor relnvestment of £48,45212023'. £8,462) amounl8d to £3,587,307 as al 29 February 202412023.. £3.678,342I, Page 1
THE HOLLANDsARREN FUNO TRiJSTEES' REPORT ICONTINUELII FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Reservès Iln¢ludlno Reserve6 Pollcyl Al 29 February 2024, the charivs unreslri¢led re$erve8 amounted ts £3.505,28412023. £3,692,712>. The unresld¢ted fund r8prÈs8nls Ihe amount avallable for gen&ral charilatAe purposès al the discr81ioTh Df the trustge5. Th& trustees, Intenllon lo k8ep reserves 8t16V8Is 5ufflcienl to conliyue to provide income which will enable thetn to provide dona,.n5 lo approved 8ppllcadons, having regard to unfor8S88n volalllity in Investmènt mhrket values. They believe the re5Etves posftion al 29 FebNary 2024 was satlsfactory. Th8 trustees. Intentn Is to k88p a balance of income sufficlenl lo provhI8 Ugh fvind5 at all tim&s lo en8ble thom to ¢ont.'iiue with their current inlendecl ¢omrnilmgnls, considering pot8ntiftl falls in Incoine ields and Interest rates. The trLislè6s also require funds to m8k8 one off dlslrlbuliDns urgent ca8os. AI 29 February 2024 the ch81ity had fr88 ressrves amounting to £-33,571 12023". £22,832). During the y88r & Slgnificanl donallon was awarded to the H6art of KBnl, as this was a one off donaJon Ihg Tru$taes anticipate the gBneral funds will r8turn to il P05111ve In ihe lollowlng year. D6SIgnal luncls a129 F8bnJ8ry 2024 lotal £3,538,5 (2023.. £3,6S9,8801- sèe Itotts B for d&lail8. The TfUStee5 thErelor& anticipate Ih8t the overall level of reserves al 29 February 2024 $ali8faclory, as well us sufticienl to fund the pbanned continued fjnanda,. support of The Heart trf Kent Ho$pl¢e, Blackthom Trusl and Spar5gwork In the year ended 28 February 2025. assumlng donatbn5 CO.Ytinug at simllar levels lo Ih0s8 paid in Ihe year ended 29 February 2024. A further three year commilnients have been to the Blacklhom Ttust and Spadework. Th& Trustees 11 a150 continue lo consldor other funding requesis as receiv8d during the nexltW81v8 monlhs. Investment polky The trustees haye wide powev8 of investment In acctsrdaTrse with the govgmlng instrurnenl Ilhe charitable Irustd88dl and Ihe pro5108 of the Charlll&s A¢1, In conjun¢llon with th8 charill5 invB5tmenl 8dvisor$. the value of the capilal of the fund where possible, thus producing a realistbc incotne from the Capital whlch can Ihen be dlslributsd. Wh•ra approprlale, lh9 tru$18e$ may di5bibute ¢opltal in furtherance of th8 objects of Ihe ¢harily. The Tfu$tees havè revlewed Ihe major risks to lch the charity is exposed and sys18rn5 have beBn established tD mftigate thes8 risks. The funé5 invested and those held on dep081t are 5ubled lo the ompliance procoduros of both the charSl51s Investm8nt advisors ond Brach8rs LLP. Golng concern The Tru3t8es hav8 no reason to b81i8V8 that Ihe eJ)arfly wll be uD.abl& to conllnue operating 85 a golng ¢on¢ern {ab18 lo poy il debts and grant cotnmllment5 as ihoy fall duel for a period oral least 12 months from th8 dale ol opproving th858 accoun15, Page 2
THE HOLLANDS-WARREN FUND TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUARY 2024 StruGtUTe, uov4mance 8nd mana9ement Thè charity was defined by a deed ol tru51 dal8d 18 June 1977, pursuant lo lh8 will of G80rg8 Holland8, who di&d on 27 O¢tob&r 1938 and arislng on the death of IhB former life lenanl14Aiss All Bertha Hollands. It was registered as a ¢hority on 2 Apra 1980 having as lis governing docutnenl a deGl8ralioTr of trust dated 19 October 1979. Its règlSter8d number is 279747. The oxisling Trust898 who serv8d during th& year were K Bannister. A S P8lm8r and O W H B@11. The Trustees comprise professionals lIh appwpriate skills io prop8rly manage Ihe Irusl assets and apply those assets in o¢¢ordance wlth Ihe Irust deeé, glven Iheir knoedge of Ihg local area. Any changas In tsuglee5 are 5ubjectto formal approval by all tru51ee5 offi'ce. Approved by the Iruslees and 61gned on Ihelr behaw: K Bannlstèr Trus188 Dat8d.. 171 IT l.zo"a-Lt Page 3
THE HOLLANDS-WARREN FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOLLANDS.WARREN FUND I rgport to the Iruslees on my examlnail)n of Ihe ac¢xunts of the Hollands-W&rren Fund for th8 yr ended 29 February 2024, whlch are sel out on pagès 5 10 11. Responslbllltl$s and bas1$ of report As the charity Iru¥lees ol the Trust you ar& r&sponslbb IOT lh9 prèparalk)n of the accounts in accordan¢8 with tho requlr8rngnls of Ihè Charltles Act 2011 ltre'Act'l. I rgport In r¢spect of my examlnatlon of the Trusl's ac()unts carfed out under section 145 of the 2011 Act and In carrOng out my examlnatlon I have followtrd all the applicablg Dlr6Clions glven by t Charity C(xnrnission under setst.'on 14515Xbl of the Act. IndgponfJ¢nt 8xamlner's statement I havo complotgd Fny 8xaminallon. l ¢OT)firm that no material matters have come to rny alt8TrUon In nni)¢Uon with the examinats.on giving me causo lo bglievg that in any materia1 r8SP8cL aceounlkng r8¢ords w8re not kept in r8spect of Ihe Tw5t as required by socllon 130 of th8 Acl. or 2. th8 kcounts do not 8ccord th those records" or 3. the aoUnt do not CDmply with the applicable requlrernents concerning the form content ol account5 set out Sn the Ch8riti8s (Accounts and Reportsl Regulations 2fK)8 other (h&n any requirement that the accounts give a'true and fair view, which Is not a matter consSdered as part of an Ind8pend8nt exatninatlon. I have no Concerns and have come acr085 no other malters In connectbn with the ex8[nInatn to whi¢h at18nlK)n should be drawn in thi5 rekK*t in order to enable a proper undwslandir¥g ol the 8ceounls to reach. Jarnes Franc4S Ensors Accountants LLP Incubator 2 The Boulgvar Enlery>rise Campus conbury Woald Hunlingdon PE28 4XA Dal$d.. ITr Page 4
THE HOLLANDS-WARREN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 29 FEBRUARY 2024 Unr8strfcted Fund$ Vnrè8trlctod Funds Yéar ended 2B FebTLtary 2024 Y&ar èndFd 26 Febrvary 2023 Notes INCOME FROM: Investments Deposit ii¢¢ount ané other Interest 89.305 574 91,966 121 TOTAL INCOME 89,879 92.087 EXPENDITURE ON.. Costs of ral$ln0 lund8 Investment maDagoff$ foos 14,807 14,833 Charltablo attlvltle$ Granls payab 280,000 42,900 Other costs 16,041 7,345 TOTAL EXPENDITURE 310.848 65.078 NET ILOSSYINCOME FOR THE YEAR 1220,9691 27,009 OTHER RE¢OGNIS£D GAINS Nel gain on investment8 33.541 36,193 P4ET PIJOVEMENT IN FUNDS 1187.4281 63.202 TOTAL FUNDS PROLIGHT FORWARD 3,692,712 3.629.510 TOTAL FUNDS CARRIED FORWARD 3, Jfo5,284 3,692,712 Pago 5
THE HOLLANDS-WARREN FUND BALANCE SHEET AS A T 29 FEBRUARY 2024 29 F?bruary 2024 28 February 2023 Notts FIXED ASSETS Inv8slm8nt5 3.S87,307 3,678,342 CURfte ASSETS Debtors Cash al bgnk and in hand 184,e67 37,635 164,867 37.635 CREDITORS.- AMOUNTS FALLING OUE WITHIN ONE YEAR 1186,8901 123,26S1 NET CURRENT ASSETSIILIABILITIES (22.0231 14,370 TOTAL ASSETS LESS CURRENT LIABILITIES 3,S6S,284 3,692,712 CREDITORS: AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR 160.0001 NET ASSETS 3,505,284 3,692,112 REPRESENTED BY Unreslricled fund5 Desl9NalL8d fvnds G8naral lurKIs 3,538,855 133.5711 3,669,880 22,632 Total unrestrlcted funds 3,505.284 3,892,712 Approved by the Tiuslees on K1 K Bannister Trustse Pa96 6
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS FOR fHE YEAR ENDED 29 FEBRUAR Y 2024 1 AG¢ountiog policies 1.1 Basls of preparatlon The Hollands-Warn Fund is a charlly reglstered wslh the Charity Commission in the United Kingdom (Enuland & Walosl INO 2797471. The address of the re9islered officg Is Sornèrfiell House, 59 London Road, Maldslone. Kent, ME16 8JH. Th8 financial st8lemenls have been prepared in accordance with Accounting and R8POrting by Charili8s.' Sia18menl ol Recommended Pracllce ISORPI applicable to charities pr8parfng their accounts in accordance wllh th8 Financial Rèporting Standard applicable In the UK arbd Republ of Ir&land IFRS1021 issvod in October 2010 Ihe Fin8ncial Reporting Standard applicable in the United Kingdorn 8nd Repu1¢ ol Ireland IFRS102}, the Charities Act 2011 and UK Gènofally Accepted Practico. The arily constitutes a public benefit entity as deflned by the SORP. Th8 charity has opl8d not to prepare a cash flow 8lalement for Ihe linanclal perlod, as permitted by the 2019 St81ement of Recomm8nd8d Practice. The Ilnandal statements have Iken prepared to giv8 a'truo and fair vieW and havo doparted frotn Ihe Chaiilies (Accounls and Reports) Regulatlons 2008 only to lh& ex18nt required to provide a 'lrue and fair ev/. Thls departu has involved follo9 the Accounting and Fieportin9 by Charities.. Statement of Re¢ommended Pracli¢e applicable to Gharilies prèparing their accounts in accord8nc& with the Financial Reporting Standard appIlble in the UK aTrd Rèpubllc of Ireland IFRS 1021 issued in Oclob61 2019. Th& linanclal slalemenls are preparod on a golng concern basis L4nder th8 historical cost convenllon. modified to Ir*¢lude certaln items al fair value. Tha financ:"al statetnents are pr980nled in slerling whlch 1$ Ihe lunctional ¢urren¢y ol Uie chailly and ftjunded io the nea$1 l. The $ignrficanl accour)liro policies appli&d in the preparatSon ol these financial 5taternents ar8 881 out b8low. These policies havo been consislgnlly applied lo all years psented unle55 Otherwise stal8d. 1.2 Ineornè rneounltlon Donations, legacies and othei lortns of volut¥t8ry inc(8 ar8 recognised as income wh6n rocoivable, except In50far as fhey are Incapablè of financial measurem&nl. Income from Inveslmenls is ¢gnISed on an accruals b8SIS. 1.3 Expendlture recognltlon All expenditurv is aGcoun18d ft)r on an accwals basis and ha5 been clas5ih.ed under h8ading$ that aggregat8 all costs relaled lo the c8legory. Grant oxpenditure 15 recogni58d when awardod to the redpl2nl. The expense is Included on an a¢cruo18 b85is in Ihe year in which a legal or con8tru¢livo ob11galion lo pay the grant arises. Costs ol raising lunds are those investment maNag8m8llt fe8s foT both Inwnie gener81ion and capital malntenance. Charitable 8ctivilics include expeTrdilure associatocl wilh Ihe making of grants don3lions and incluite both the direct costs and indir8¢1 costs relating lo Ibese activities, on an accruals basis. Page 7
THE HOLLANDS.WARREN FUND NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 1.3 Expendllure reco9nition Icontlnuedl Irrecovgrabl8 VAT is charged against tha cato90ry of re8our¢$ 8xpènded forwhich it was Irbcurred. t.4 Investments Inv£slm¢nts aro recogni89d at falr value which is normally the transocllon prfee exdudlng Ifansaction ¢08ls. Subsequen4ly Ih9y are rneasured at lalr valve wth changes recconlsed In'net galnsnosses on inv9slm8nls' In the Slalemgnl of Flnancial Activlli8s ISOFAI If shares a publicly traded ol thelr lalr valu8 c&n othèrwise bg measured relSably. Raali8ed gains and losses arising on dlsposals are cOgnised in the SOFA when the procoed5 are receivable. 1.5 Fund accounllng The funds held by Ihe charity unreslrfcted funds which can be used in accordance the ch8rilable t>btIVeS 91 thè discretlon of the Irusle@s. Designated funds c(>mprlse lund8 which have been set a$icle 8t the discretion of th8 trust66 for spaeific purpos. The purp$ and u$e8 of the designated fund8 are sét out In the nolos lo th8 finandal slal8menl3. 1.6 Cash and ¢a$h equlvalenls Cash Is repr8senl8d by cash In hand and deposits with financial institutions ropayaw 1thl penaliy or nolce ol not mom than 24 hours. 1.7 Llobtors and credltors recelvabl•lpayablg wlthln one yèar Doblors and creditor3 Wth no staled interest rate and receivablg ar payable wllhin one year ar8 recorded at trdn88ction price. Any losses 8rising from impairrnenl 8r8 r8COgnlsed In 8xpendilure. 1.8 Golng Conrn The flr+anclal Èlatemenls have bsen pr&pAred on a going concem basis as the truste8s believe that no malerlal uncertalnlles exist. The trustees have consldered Ihe leve1 of ndS hold and thè expected lev&1 ol incomé and expendllur8 for 12 months from auth0ri8ing these financial stgt8m8nts. They believe that the @SMated Income and Èxpenditure is 8uffici8nt wlth the ac¢umulat8d r058Nes lor th8 charlty lo be able to continue as o going concern. 1.9 Judgemonts and kgy sources of estimation uncertalnty Ac(UtIng estimal8s ludgen)ents ar¢ ¢ontinually evaluated and are based on historical experience 8r5d Other factors. including expectations of future events that are b81iev8d to be reasonable under tho eircumstarfes. Page 8
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Expendlture 2024 2023 Costs gf ralslng funds Investrr*nt management costs 14,807 14,833 CharltablB actlvltlgs Grants to institutions.. The HBart of Kent Hosplce The Heart of Kent Hospice (donation towards new Hosple91 Rapid Respoiise Spadework Limile H05plce In the Weald Hypo Hounds BlaCthorn Trust 20,000 150.000 20.OQO 2,900 10.000 5.000 5.ODO 80.000 80,000 280,000 42,900 Other costs Legal and administration fe8S Independent exam'nation lees Irre¢overable wilhholdillg lax Forelgn exchange dlllerence 12.694 1,890 8,001 1.800 779 461 13,2351 16,041 7,345 Total 310,848 65,078 Reconclllatlon of grants payable Commitments a11 March Grants paid during year Commitments made in year 20.000 155,0001 280,000 45,433 168.3331 42.9 Commitm8nls at year end 245,000 20,000 Commibnents at the year end are payable as follows.. WithlTh one y8ar (note 61 After more than one year (note 71 185.000 60.000 20.000 245.000 20,000 Page 9
THE HOLLANDS-WARREN FUND NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YE4R ENDED 29 FEBRUAR Y 2024 Trust¢•s and relat8d partles None of lh9 Truslaes lor any p8rsons conne¢le(I wlth them) recelved any rèmunerallon orexpens86 18lmbursgd during the year12023.' nono). During the year the trust was Charged £12,69412023 £8,001) lor day to day admlnistiation and accovnlancy sèivlces by Brachèrs LLP. a lirn of solicltors. One of Ihe Trust085, K BaTrnisler, was employed by Brach8rs LLP but has si8 retired. At the year end th¥ Irust owod nil12023 '. £1,465) to Bractrers LLP. Employees There were no ernployÈes durlng the y8ar12023.' none). Flxed asset Invgstrrt8nts 2024 2023 L15tsd Invo$tmentS MaTkel value at l March Additions al cost Dlsposal procegds Reallsed gains on disposals Unrealised galns on rev81u8tion 3,669,880 410,504 1575,071 3.615,975 394.763 1377,0511 268,772 1235.2301 106,030 (69,8371 33,S42 36,193 Marf(et value at yoargnd 3.538.855 3.669,880 Cash 48,452 8,462 3,587,307 3,Q78,342 Historical (yJ5t of Investments 2.427,818 2,323,612 The portfollo was comprsad a8 follo.. Equltios Fixed Interest Unil Trusl Commoditi8$ Cash 2,676,393 494,653 311,915 55.894 48,452 2,743,553 401,988 440,537 83,B22 8,462 3,587,307 3,678.342 Page 10
THE HOLLANDS.WARREN FUND NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Credllors.. amounts falllng dug wlthln ono ygar 2024 2023 other cr8dOtors Grants payable {nolÈ 21 1,89D 185,000 3.28S 20,000 Totsl 186,890 23,265 7 Credltors.. amounts lalllng due after more than one year 2024 2023 Grnnls payable (note 21 60,000 8 D•slgnated funds The income funds of the charity Include the followlng designated funds iyhirh have bBgn 8et aside oirt ol nr85tfiCted fund5 by the trustees ftsr speciflc purposag.. 1 M?h New De$lonalions 2023 d6slgnatlons released 29Fèbruary 2024 Inve51tnent fund 3,869,880 444,046 1575.0711 3,538,8SS 1 Mareh New Designatlons 2022 desl9nalion$ released 28 Ffybrnary 2023 Inveslment lund 3,615,97S 430,956 1377.0511 3.66Q.880 Inveslmeni fur . these lumls are iThv&sted io maximise totsl raturn and generate Incom6. Page 11