2025-04-05-accounts - Holywood Trust

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REGISTERED CHARITY NUMBER: SC009942

Report of the Trustees and

‘

Financial Statements for the Year Ended 5th April 2025

for

The Holywood Trust

Saint & Co Chartered Accountants ‘ Registered Auditors 26 High Street Annan : DUMFRIESSHIRE “ DG12 6AJ

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The Holywood Trust

Contents of the Financial Statements for the Year Ended 5th April 2025

				Page
	Report ofthe Trustees				to	6
	ReportoftheIndependentAnditors		7	to	9	;
.		,
	Statement of Financial Activities			10
	Statement of Financial Position			ll
	Statement ofCash Flows			12
	Notes to the Statement ofCash Flows			13
	Notes to the Financial Statements		14	to	21
	DetailedStatementofFinancialActivities			22

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The Holywood Trust

Report of the Trustees

for the Year Ended 5th April 2025

The trustees present their report with the financial statements of the charity for the year ended Sth April 2025. The trustees have adopted the provisions of 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

Objectives and aims

The principal activity of the Trust is to apply the free annual income from investment, with such part of the capital as the trustees may decide, within such objects and purposes recognised by the law in Scotland as charitable. :

The Trust assists young people, principally between the ages of 15 and 25 years of age, who are or have been resident in Dumfries and Galloway.

It does this by making grant awards to young people, particularly where the Trust's support will contribute to the personal development of the young person in some tangible way. The Trust also provides grants to organisations working with or providing opportunities for young people in Dumfries and Galloway. Grantmaking One of the principal tenets of the Trust is to treat young people as equals, to try wherever possible to facilitate their access to all levels of our organisation, and to assist them in taking responsibility for their own lives and needs. A new online grants management system was set up during the year and allows young people to apply for a grant directly online. Young people are encouraged to make their own applications but they are also free to seek assistance from adults, colleagues, or friends of[their][choosing.]

: Grantmaking

Should the Trust ultimately not be able to assist in full, a partial award can be made, subject to the rest of the funding being secured from other sources. Occasionally, The Holywood Trust staff will assist in researching applications to other grant making organisations, however staff will sign post to appropriate organisations such as Third Sector Dumfries and Galloway.

;

Tn addition to the principal target group, the Trust is also prepared to look at an earlier intervention where there are exceptional grounds for this. ‘

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The Holywood Trust

Report of the Trustees for the Year Ended Sth April 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

2024/25 has been a year of growth for the Trust with the level of demand for the Trust's funding continuing to increase. During the year, the Trust recruited a new Finance and Operations Manager and a Finance and Administration Assistant. With ten staff, the trust employed 8.4fte during the year.

The communications and events team (two part-time staff) has been working hard to further develop the digital content with the aim of reaching more young people across Dumfries and Galloway. In April, the Trust held its annual Spring Gathering at The Bridge in Dumfries. This provided an opportunity for funded organisations and young people to mingle and socialise and for Trustees and staff to meet a broad range of grant recipients - the event was a huge success with Mossburn winning the Holywood Peer Award of £10,000, . The Trust team continues to work hard to maximise the amount of money it can distribute to individuals, groups of young people and organisations - and to make sure that grants are distributed efficiently. The Trust awarded a total of £3,153,423 in grants during 2024/25 and paid out £3,433,443 in grant funding during this period. During the financial year, the value of grants awarded decreased by £1,121,569. This is due to the fact that in the previous financial year, the Trust awarded more due to healthy cash balances throughout the year.

Grants to Individuals

The Trust continues to support a good number of individual young people throughout Dumfries and Galloway who can benefit from relatively small grants (regularly up to £1,000, and increasingly up to £2,500 for those demonstrating talent and potential in a specific area) to improve their lives and make the most of the opportunities afforded to them. During the financial year, 487 applications from young people were received and 371 were awarded grants, totalling £237,642. This represents a success rate of 74%. Five percent of applications considered were unsuccessful, 19% were closed due to loss of contact and 2% were pending consideration at the year end. The average award to young people was £641. This represents a slight increase in the number and amount awarded to young people from the previous financial year. However, there was a slight decrease in the number of applications submitted to this grants programme.

During 2024/25, the three top categories of individual awards were Personal ‘Other’ with 91 grants totalling £59,047, Student Expenses (local, national and international studies) with 60 awards totalling £37,750, Personal Challenge (sports or arts excellence) with 74 awards totalling £69,960 and Driving Lessons 'Work Purposes! with 37 awards totalling £18,906. The remaining grants were split across a variety of categories. Eighty-seven percent of grant recipients were within the Trust's priority age range of 15 - 25 years, and the remaining were aged 12-14 years. Thirty-three percent declared a disability and 13% declared a period in care; both reflected an increase in requests from the previous year. 69% of awardees were in education and 62% were unemployed, with some individuals in both categories.

Grants to Groups of Young People

The Trust only started reporting on the awards made to groups of young people two years ago as this is a relatively new programme. Small amounts of funding are sought, generally towards one-off events such as trips and exhibitions or the purchase of equipment for activities.

During the year, 12 applications were submitted to this programme, a slight decrease from the previous year, with a total request of £15,584. 6 applications were awarded, totalling £4,750. 3 applications were pending consideration at the year-end, and a further 3 had been closed.

It is estimated that there were approximately 224 beneficiaries aged 12 - 25 years, 95% of which were in the Trust's priority age range of 15 - 25 years, with the remaining 5% aged 12 - 14 years.

Grants to Organisations

Grants awarded to organisations can be broadly categorised as:

arts, culture, and events

sport & recreation

youth work

education, training & volunteering

health/substance misuse & disability

social welfare/justice

capital projects (buildings, equipment & vehicles)

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The Holywood Trust

Report of the Trustees for the Year Ended Sth April 2025

During the financial year 24/25, 121 applications were received from organisations with requests totalling £4,577,912. During that . period, ninety-six applications were awarded grants totalling £2,911,031. This is compared to 146 applications received in 2023/24 totalling £5,657,917 in requests, with 134 awards made during the period totalling £4,179,364,

Organisations ; 2024/25 = 2023/24 +=2022/23 NumberTotal amount of applicationsrequested received £4,577,912— «2121 £5,657,917146£4,324,997132 Number of[awards] 96 134 91 Total amount awarded £2,911,031 £4,179,364 £2,256,124

The previous year, 2023/24 was an exceptionally busy with a high level of grants awarded to organisations - the number of applications received from organisations during 2023/24 increased by 10.6%, and the value of the total amount requested had increased by approximately £1.3M. The number of grants awarded increased by 47% and the total amount awarded increased by approximately £1.9M, on the previous year (2022/23). ; The application process can overlap two financial years depending on when an application is submitted. This means the applications considered during 2023/24 are not all necessarily related to applications submitted during this period, some could have been submitted before the beginning of the financial year and considered during the financial year. Also, some applications submitted near the end of the financial year will not be considered until the following financial year.

In relation to the financial levels of grants, the most grants awarded (37) were in the £10,001 - £50,000 category, followed by (29) in ~ the £2,501 - £10,000 bracket, the remainder split between categories and at the higher end, 7 were awarded over £101,000. Of the grants awarded, 37 grants were for project/ events costs, followed by 34 for core and staff costs. This is a change from the previous year when 62 grants were awarded towards staff costs/core revenue. In financial terms 44% (£1,277,752) of the funding awarded was towards core and staffing costs, compared to 24% (£707,659) for project/event costs. This demonstrates the continued demand from third sector organisations for securing core funding. The Trust has changed the way it records the types of beneficiaries and only asks applicants for information relating to the 25-year and under category. Of the 50,767 beneficiaries aged 25 years or under, 35% were in the Trust's priority age range of 15-25 years, with the majority aged under 12 years (44%), and the remainder sitting within the 12 -14 age bracket.

Thirty-two percent of the number of grants awarded to organisations Gl grants), supported education, volunteering, and _ skills development opportunities for young people. Twenty-three percent (22 grants) were towards arts-related opportunities, and 14% (13 grants) supported sports-related activity. The remaining 30 grants were allocated to various other purposes, including youth work, disability-focused activities and supporting social welfare.

; The Trust maintains a high level of ‘live’ organisation grants (those still active and/or reporting), around 200 - 240, at any one time.

We continue to analyse the statistics and see what we can learn about the Trust's grant-giving and how we might improve or amend our approaches.

An aim of the Trust is to make a particular effort to broaden access to its funding and engage with as many different people and organisations as possible. The Trust's approach of conducting face-to-face meetings, project visits and events has allowed the Trust : to broaden its reach. Funding roadshows and networking events have been successful in helping the Trust to develop its engagement levels across the region. Implementation of the communication strategy is well underway through existing and new digital platforms including Facebook, Instagram and Tik Tok. A podcast series has been introduced to help elevate the voices of young people in Dumfriesresource. and Galloway.‘ The Trust has commissioned the development of a new website, creating a dynamic communication — . The Trust continues to offer delegated grant support to further and higher education establishments - Dumfries and Galloway College (Dumfries and Stranraer campuses) and the Barony College. The Trust also continues to support a delegated scheme which provides emergency utility payments. ,

FINANCIAL REVIEW

Financial position , - The Trust is reliant upon the income from its investments, the income from which was £4,340,982. During the year, the Trust spent £3,916,129 on charitable activity and governance and administration of the Trust with the balance being held in reserves. The level of reserves held is determined mostly by the level of- grant commitments which forma large contingent liability each year.

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The Holywood Trust

Report of the Trustees for the Year Ended Sth April 2025

FINANCIAL REVIEW

Investment policy and objectives - In accordance with the trust deed, the trustees have the power to invest in such stocks, shares, investments and property as they see fit. There are no restrictions on the charity's power to invest and the trustees have not adopted an ethical investment policy. During the current year the market value of the investments held increased by 9.6%.This helped to recover the reduction of 24.4% in the previous year. The Trustees are comfortable that the underlying nature of the investments remain strong and will continue to recover in the forthcoming year.

Reserves policy

It is the policy of the charity to maintain unrestricted funds not invested in tangible fixed assets, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure plus any committed grant expenditure. This provides sufficient funds to cover commitments as well as management and administration and support costs and to respond to emergency applications for grants which arise from time to time.The actual level of reserves at 5 April is £3,509,742 which meets these criteria. ; FUTURE PLANS Many third sector organisations are finding things difficult with increasing competition for funding, and low levels of eamed income. The Trust continues to monitor the status of its funded organisations through its regular reporting procedures as well as online and face to face meetings and project visits. During the past year, the Trust worked with Sleeping Giants to further develop and deliver a capacity building programme with a number of its funded organisations. This was the programme's second year, building on recommendations from the evaluation of the first year. The programme is seen to be a valuable resource and will continue in 2025/26.

The Trust recognises the rural challenges facing the region and its young people and is keen to ‘keep improving the geographical spread of our grant giving and to reach young people in the farthest and most remote areas of Dumfries and Galloway. The Trust will continue to adapt its approach towards developing new partnerships, which will help identify suitable projects and strategic gaps that fit with the Trust's aims and objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document ThenumberTrustSC009942.is an unincorporatedThe Trust wastrust,establishedconstitutedby anunderinitiala Trustgift Deedfom fin!dated 16th January 1978rarelyandactivelyis a registeredfundraisesScottishfor itself.charity,. It seeks to continue the philanthropic work desired by the donor through the careful stewardship of its existing resources.

Recruitment and appointment of new trustees

The trustees are appointed by the Board of Trustees for an unspecified period. The Trust Deed provides for a maximum of five trustees.

The trustees who served during the year are set oul on the charity information page on the next page of these accounts.

Organisational structure

A board of trustees, which meets quarterly, administers the charity. A Director is appointed by the trustees to manage the day to day operations of the charity.

At the quarterly trustees’ meeting, the trustees agree the broad strategy and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and development of applications prior to the consideration of the trustees is delegated to the Director and the administrative staff.

The Finance Sub Committee meets monthly and makes recommendations to the main board -egarding financial, insurance, health and safety matters and other relevant areas of concern. The Committee also has delegated authority to approve grant awards of £10,000 and below.

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The Holywood Trust

Report of the Trustees for the Year Ended Sth April 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Induction and training of new trustees

The Trustees keep the necessary skill requirements for the Trustee body under review. In the event that a trustee permanently retires or that additional new trustees are required, individuals are approached to offer themselves for appointment to the board of trustees.

The overall objective of cach trustee should be to ensure that the Trust operates in a manner which enables it to fulfil its objectives as effectively as possible. In particular they should:

ensure that the Trust complies with its founding deed, charity law and all other relevant legislation
ensure that the Trust pursues its charitable objectives as defined in its founding deed
contribute actively to the board's role in giving clear strategic direction to the Trust, setting overall policy, defining goals, setting targets and evaluating performance against agreed targets
safeguard the good name and values of the Trust
ensure the effective and efficient management of the Trust
ensure the Trust's financial stability
ensure the proper investment of the Trust's funds
appoint the Director and monitor his / her performance
use their personal knowledge and experience to help the board make sound decisions and make visits to the Trust to meet the Director and staff.
Make visits to projects funded or being considered for support by the Trust
Meet individual recipients

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number $C009942

Principal address

Hestan House Crichton Business Park Bankend Road Dumfries

DUMFRIESSHIRE DG14TA

Auditors

Saint & Co

Chartered Accountants Registered Auditors 26 High Street Annan

DUMFRIESSHIRE DG12 6AJ

Solicitors

Gillespie, Gifford & Brown LLP 135 King Street

Castle Douglas Dumfriesshire DG7 INA

Director

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The Holywood Trust
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Report of the Trustees for the Year Ended 5th April 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Bankers

HSBC Private Bank (UK) Limited

8 Cork Street London SW1J 3LS

HSBC Bank ple

46 High Street Dumfries DG1 2JA

Accountants Farries Kirk & McVean Chartered Accountants Dumfries Enterprise Park Heathhall Dumfries DG1 3SJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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 Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution, 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 charity and of the incoming resources and application of resources, including the income and expenditure, ofthe charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity 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; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order ofthe board of trustees on ... As\olt9. on. and signed on its behalf by:

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Report of the Independent Auditors to the Trustees of The Holywood Trust

Opinion

We have audited the financial statements of The Holywood Trust (the 'charity') for the year ended Sth April 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 a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view ofthe state of the charity's affairs as at Sth April 2025 and of its incoming resources and application of - haveresources,been properlyfor the yearpreparedthen ended;in accordance with United Kingdom Generally; Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. :

Conclusions relating to going concern .

In auditing the financial statements, we have concluded that the trustees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of[assurance][conclusion][thereon.]

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. Mattershave onnothingwhichtowereportare whichtowereportare wereportare are requiredin toofreport the report the by exceptionmatters ; ‘

WeMattershave onnothingwhichtowereportare requiredin respecttoofreport the followingby exceptionmatters where the Charities Accounts (Scotland) Regulations 2006; requires‘ us to report to you if, in our opinion:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; 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 which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Report of the Independent Auditors to the Trustees of The Holywood Trust

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

financial statements or the operations of[the][charity;]

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.

We assessed the susceptibility of the charity'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 the Office of the Scottish Charity Regulator and the charity'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 enquire of the directors and other management and the inspection of regulatory and legal correspondence, if any. ‘ :

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www. fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Trustees of The Holywood Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. 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 auditors’ 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.

Saint & Co Chartered Accountants Registered Auditors 26 High Street Annan DUMFRIESSHIRE DG12 6AJ ed Date: 3i\eles.

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The Holywood Trust

Statement of Financial Activities for the Year Ended 5th April 2025

							2025		2024
				Unrestricted		Endowment	Total	—	Total
		,		funds		fund	funds		funds
			Notes	£	,	£	£		£
INCOME AND ENDOWMENTS FROM
Donations and legacies			3	7,296		-	7,296		16,221
Investment income			4	4,340,982		-	4,340,982		3,173,019
Total				4,348,278		-	4,348,278		3,189,240
EXPENDITURE ON
Charitable activities			5
Charitable Activities				3,916,129		-	3,916,129		3,877,091
Net gains/(losses) on investments				-		6,772,139	6,772,139		(22,703,579 )
NET INCOME/(EXPENDITURE)				432,149		6,772,139	7,204,288		(23,391,430)
RECONCILIATION OF FUNDS
Total funds brought forward	.			3,559,742		69,458,293	73,018,035		96,409,465
TOTALFUNDSCARRIEDFORWARD				3,991,891		76,230,432	80,222,323		73,018,035

The notes form part of these financial statements

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The Holywood Trust

The Holywood Trust	The Holywood Trust	The Holywood Trust
Statement of Financial Position
		Sth April2025
						2025		2024
		Unrestricted		Endowment		Total		Total
		funds		fund		funds		funds
	Notes	£		Ke		£		3
FIXED ASSETS
Intangible assets	12	28,332			-	28,332		28,332
Tangible assets	13	23,199			-	23,199		34,335
Investments	14	839,490	76,230,432			77,069,922	70,297,783
		891,021	76,230,432			77,121,453	70,360,450
CURRENTASSETS
Debtors	15	19,378			-	19,378		17,968
Cash at bank and in hand	16	3,105,119			-	3,105,119		2,676,767
		3,124,497			-	3,124,497		2,694,735
CREDITORS
Amounts falling due within one year	17	(23,627)			-	(23,627)		(37,150)
NETCURRENT ASSETS		3,100,870			-	3,100,870		2,657,585
TOTAL ASSETS LESSCURRENT LIABILITIES		3,991,891	76,230,432			80,222,323	73,018,035
NET ASSETS		3,991,891	76,230,432			80,222,323	73,018,035
FUNDS	18
Unrestricted funds						3,991,891		3,559,742
Endowment funds						76,230,432	69,458,293
TOTAL FUNDS			.			80,222,323	73,018,035
The financial statements were approved by the Board	ofTrustees and authorised for			issue on	....24lhelezs.	24lhelezs.	seceeee	and were
signedonitsbehalfby:

The notes form part ofthese financial statements

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	The Holywood Trust		;
	Statement ofCash Flows
; for	the Year Ended 5th April	2025	.
			2025		2024
Notes			£		£
Cash flows from operating activities
Cash generated from operations	1		274,661		(808,991 )
Net cash provided by/(used in) operating activities			274,661		(808,991)	:
Cash flowsfrom investingactivities	,
Purchase oftangible fixed assets			(1,889)		(4,984)
Purchase offixed asset investments			-		(50,000)
Interest received			155,580		128,657
Net cash provided by investing activities			153,691		73,673
					:
Change in cash and cash equivalents in the				.
reporting period			428,352		(735,318)
Cash and cash equivalents at the beginning of
the reporting period		2,676,767			3,412,085
Cash and cash equivalents at the end ofthe
reportingperiod ;		3,105,119			2,676,767

The notes. form part of[these][financial][statements]

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The Holywood Trust

Notes to the Statement of Cash Flows

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for the Year Ended Sth April 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES ‘

ACTIVITIES ‘
			2025	2024
			£	£
Net income/(expenditure) for the reporting	period (as per the Statement of
Financial Activities)			7,204,288	(23,391,430 )
Adjustments for:			:
Depreciation charges			13,025	13,101
(Gain)/losses on investments			(6,772,139)	22,703,579
Interest received			(155,580)	(128,657)
Increase in debtors	‘		(1,410)	(10,430)
(Decrease)/increase in creditors			(13,523)	4,846
Net cash provided by/(used in) operations			274,661	(808,991 )
ANALYSIS OF CHANGES IN NET FUNDS
	At	6.4.24	Cash flow	At 5.4.25
		£	£	£
Net cash
Cash at bank and in hand	2,676,767		428,352	3,105,119
	2,676,767		428,352	3,105,119
Total	2,676,767		428,352	3,105,119

ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

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STATUTORY INFORMATION

The Holywood Trust

Notes to the Financial Statements for the Year Ended 5th April 2025

The Holywood Trust is an unincorporated charitable trust, constitutes under a Trust Deed dated 16th January 1978 and is a registered Scottish Charity, SC009942. Further information on this and details of the registered office can be found in the Trustee Report. The presentation currency of the financial statements is the Pound Sterling (£). . ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the unincorporated charitable trust, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. Income ;

ACCOUNTING POLICIES

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. :

Allocation and apportionment of costs

All costs are deemed either direct charitable expenses or management support costs and allocated accordingly.

Tangible fixed assets (cost less accumulated depreciation)

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% on cost Motor vehicles - 25% on cost Taxation : The charity is exempt from tax on its charitable activities.

Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of[the][trustees.]

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement ofFinancial Activities in the period to which they relate.

Judgements and key sources of estimation uncertainty

There were no judgements or estimates made other than those mentioned in separate discosures.

Investments : Investments are included in the balance sheet at market value. Unrealised gains or losses on revaluation are taken to the Statement of Financial Activities in each appropriate year. Gains or losses on disposal during the year are separately identified within the Statement of Financial Activities.

Cash and bank

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The Holywood Trust

Notes to the Financial Statements - continued

for the Year Ended Sth April 2025

2. ACCOUNTING POLICIES- continued

Investments

Cash and bank comprises cash on hand and funds held on deposit. :

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least’ twelve months after the reporting date they are presented as non current liabilities.

3 DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
				2025	2024
				£	£
Donations& Grants				7,296	16,221
INVESTMENT INCOME
				2025	2024
				£	; £
Investment Income				4,185,402	3,044,362
Deposit account interest				155,580	"128,657
		;		4,340,982	3,173,019
CHARITABLE ACTIVITIES COSTS
			Grant
	:		funding of
;			activities	Support
		Direct	(see note	costs (see
		Costs	6)	note 7)	Totals
		£	£	£	£
Charitable Activities		446,407	3,433,443	36,279	3,916,129
GRANTS PAYABLE					;
				2025	2024
				£	£
CharitableActivities				3,433,443	3,411,849

CHARITABLE ACTIVITIES COSTS

Within the total Grants awarded, the sum of £3,213,462was awarded to organisations. The number of awards made have been categorised into payment bands as follows;

Payment Band	No. ofOrganisations	Amount Paid
£10,000 and under	220	£1,245,373
£10,001 - £50,000	85	£1,503,089
£50,001 - £100,000	5	£465,000
£100,001 - £200,000	0	£0
£300,001 - £400,000	0	£0
TOTALS	310	£3,213,462

A full list of grants awarded is on the Trust website, www.holywood-trust.org.uk.

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The Holywood Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

7. SUPPORT COSTS

‘

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Governance| |costs| |£| |Charitable|Activities|36,279| |8.|AUDITORS'|REMUNERATION| |2025|2024| |£|£| |Fees|payable|to|the|charity's|auditors|for|the|audit of the|charity's|financial|statements|3,444|3,276|

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TRUSTEES' REMUNERATION AND BENEFITS

;

: .

There were no trustees' remuneration or other benefits for the year ended Sth April 2025 nor for the year ended 5th April 2024. :

Key Management Personnel

The total remuneration paid to Key Management personnel in the year to 5th April 2025 was £166,759 and in the year to 5th April 2024 was £158,030

Trustees' expenses

There were no trustees' expenses paid for the year ended Sth April 2025 nor for the year ended Sth April 2024.

STAFF COSTS

The numberofstaff receiving emoluments above £60,000 were as follows:

No. of staff

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|||||||||| |---|---|---|---|---|---|---|---|---| |£60,001|-|£70,000|1|‘| |11.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES| |Unrestricted|Endowment|Total| |funds|fund|funds| |£|£|£| |INCOME|AND|ENDOWMENTS|FROM|.| |Donations|and|legacies|16,221|-|16,221| |Investment|income|3,173,019|-|3,173,019|:| |Total|3,189,240|-|3,189,240| |EXPENDITURE|ON| |Charitable|activities| |Charitable|Activities|3,877,091|-|3,877,091| |Net|gains/(losses)|on|investments|-|(22,703,579|)|(22,703,579|)| |NET|INCOME/(EXPENDITURE)|(687,851)|(22,703,579|)|(23,391,430)| |RECONCILIATION|OF FUNDS| |Total|funds|brought|forward|4,247,593|—|92,161,872|96,409,465| |TOTAL|FUNDS|CARRIED|FORWARD|3,559,742|69,458,293|73,018,035|

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INTANGIBLE FIXED ASSETS

The Holywood Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

;

	12.	INTANGIBLE FIXED ASSETS
									Computer
									software
									£
		COST	:
		At 6th April 2024 and Sth April 2025							28,332
		NET BOOK VALUE			i
		AtSth April 2025							28,332
		At 5th April 2024							28,332
	13.	TANGIBLE FIXED ASSETS
		:					Plant and	Motor
				:			machinery	vehicles	Totals
							£	£	£
		COST
		At 6th April2024					38,649	38,597	77,246
:		Additions					1,889	-	1,889
		Disposals					(25,541)	-	(25,541)
		At 5th April 2025					14,997	38,597	53,594
		DEPRECIATION
		At 6th April2024					30,045	12,866	42,911
		Charge for year .					3,376	9,649	13,025
		Eliminated on disposal					(25,541)	-	(25,541)
		At 5th April 2025					7,880	22,515	30,395
		NET BOOKVALUE
		At 5th April 2025					7,117	16,082	23,199
		At 5th April 2024					8,604	25,731	34,335
	14,	FIXED ASSET INVESTMENTS
								2025	2024
								£	£
		Shares						77,019,922	70,247,783
		Other						50,000	50,000	‘
								77,069,922	70,297,783
						.
		Additional information as follows:
									Listed
									investments
									£
		MARKETVALUE
		At 6th April 2024							70,247,783
		Revaluations							6,772,139
		At 5th April 2025							77,019,922
		NET BOOK VALUE
		At 5th April 2025							77,019,922
		At5thApril2024							70,247,783

Investments held outside the UK were in Jardine Matheson Holdings located in Singapore, valued at £77,019,922 at the year end.

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The Holywood Trust

Notes to the Financial Statements - continued for the Year Ended Sth April 2025

14. FIXED ASSET INVESTMENTS- continued

Cost or valuation at Sth April 2025 is represented by:

;

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||||||||| |---|---|---|---|---|---|---|---| |:|Listed| |investments| |£| |Valuation|in|2024|;|77,019,922| |Investments|(neither|listed|nor|unlisted)|were|as|follows:| |;|2025|2024| |£|£| |Additions|50,000|50,000| |15.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |;|2025£|2024£| |Prepayments|and|accrued|income|;|19,378|17,968| |16.|CASH|AT|BANK AND|IN|HAND| |2025|2024| |General|Designated|‘|Total|Total| |fund|Funds|funds|funds| |,|£|£|£|£| |Cash|in|hand|77|-|TT|77| |HSBC|Income|Account|2|-|2|-| |HSBC|Current|Account|285,334|112,262|397,596|281,170| |Bank|account|no,|5|2,707,444|-|2,707,444|2,395,520| |Total|2,992,857|112,262|3,105,119|2,676,767| |17.|CREDITORS:|AMOUNTS FALLING DUE WITHIN ONE YEAR| |2025|2024| |£|£| |Other|creditors|23,627|37,150| |18.|MOVEMENT|IN|FUNDS|‘| |Net| |movement|At| |At|6.4.24|in|funds|5.4.25| |Unrestricted|funds|;|£|£|£|.| |General|fund|3,498,225|432,149|3,930,374| |Designated|Funds|61,517|-|61,517| |3,559,742|432,149|3,991,891| |Endowment|funds| |Endowment|Fund|69,458,293|6,772,139|76,230,432| |TOTAL FUNDS|73,018,035|7,204,288|80,222,323|

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; .

‘The Holywood Trust

Notes to the Financial Statements - continued for the Year Ended 5th April 2025

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

)

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Incoming|Resources|Gains|and|Movement| |;|resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds| |General|fund|4,348,278|(3,916,129)|-|432,149| |Endowment funds| |Endowment Fund|-|-|6,772,139|6,772,139| |TOTAL|FUNDS|4,348,278|(3,916,129|)|6,772,139|7,204,288| |Comparatives|for|movement|in|funds|;| |Net| |movement|At| |At|6.4.23|in|funds|5.4.24|,| |£|£|£| |Unrestricted|funds| |General|fund|4,186,076|(687,851)|3,498,225| |Designated|Funds|61,517|-|61,517| |4,247,593|(687,851)|3,559,742| |Endowment|funds|.| |Endowment Fund|:|92,161,872|(22,703,579|)|69,458,293| |TOTAL|FUNDS|96,409,465|(23,391,430)|73,018,035| |Comparative|net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Gains|and|Movement| |.|;|resources|expended|losses|in|funds| |£|£|£|£| |Unrestricted|funds|:| |General|fund|3,189,240|(3,877,091|)|:|(687,851)| |Endowment|funds| |Endowment|Fund|-|-|*|(22,703,579)|(22,703,579)| |TOTAL FUNDS|3,189,240|(3,877,091|)|(22,703,579|)|(23,391,430)|

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The Holywood Trust

Notes to the Financial Statements -[continued] for the Year Ended 5th April 2025

MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

				Net
				movement	At
			At 6.4.23	in funds	5.4.25
			£	£	£
Unrestricted funds
General fund			4,186,076	(255,702)	3,930,374
Designated Funds			61,517	-	61,517
			4,247,593	(255,702 )	3,991,891
Endowment funds
Endowment Fund			92,161,872	(15,931,440 )	76,230,432
TOTAL FUNDS			96,409,465	(16,187,142)	80,222,323
A current year 12 months and prior year 12 months combined net		movement in funds, included in the above are as follows:
	Incoming		Resources	Gains and	Movement
	resources		expended	losses	in funds
	E		£	£	£
Unrestricted funds
General fund	7,537,518		(7,793,220)	-	(255,702)
Endowment funds
Endowment Fund		-	-	(15,931,440 )	(15,931,440)
TOTALFUNDS	7,537,518		(7,793,220)	(15,931,440)	(16,187,142)

General Fund - This represents the unrestricted funds available for use in the furtherance ofthe charity's objects.

Designated Funds - These are funds which are unrestricted but have been designated towards a major project to supplement the Trust's acti vities.

Endowment Funds - These are funds retained by the charity which may not be spent but the income generated from them is used to fund the charities unrestricted activities.

19, CONTINGENT LIABILITIES

The Trust has potential future grant commitments of £2,915,849. The Trustees consider this to be normal budgeted committed expenditure representing less than 5% of the Trust assets.

RELATED PARTY DISCLOSURES
the . under review, the trust made a - of £125,000 (2023/24 £125,000) to- Cancer - Centres. During the year under review, the trust made a grant of £23,975 (2023/24 £26,200) to the Nith Catchment Fishery Trust. |

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Notes to the Financial Statements - continued for the Year Ended Sth April 2025

The Holywood Trust

21, FINANCIAL INSTRUMENTS

The carrying amounts of the company's financial instruments are as follows:

	.
Financial liabilities
Measured at amortised cost: :
Other creditors 4,867	4,867
Total £4,867	£4,867
FINANCIAL REPORTING STANDARD (FRS) 102
In preparing these accounts, the trustees have considered whether in applying the accounting policies	required by FRS	102
and the Charities SORP FRS 102 the restatement of comparative items was required. No items have been identified		and
therefore no restatement is required. ;

FINANCIAL REPORTING STANDARD (FRS) 102

;

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The Holywood Trust

	.	Detailed Statement of Financial '	Activities
		for the Year Ended 5th April 2025
					20250,	2024
					£	£
					.
	INCOME AND ENDOWMENTS
_
	Donations and legacies
	Donations & Grants				7,296	16,221
	Investment income
	Investment Income	:			4,185,402	3,044,362
	Deposit account interest				155,580	128,657
					4,340,982	3,173,019
	Total incoming resources				4,348,278	3,189,240
	EXPENDITURE
	Charitable activities
	Wages				310,738	291,030
	Pensions				29,079	31,718
	Maintenance				5,634	5,477
	Motor& Travel				1,980	2,340
	Office Costs				70,330	69,076
	Meeting & Subsistence Costs				3,154	3,996
	Subscriptions		;		1,029	1,106
	Training& Conference				11,438	6,988
	Depreciation oftangible fixed assets				13,025	13,101
	Grants to organisations				3,231,411	3,260,837
	Grants to individuals			:	202,032	151,012
					3,879,850	3,836,681
	Support costs
	Governance costs
	Auditors' remuneration		;		3,444	3,276
	Accountancy Fees				3,600	3,540
	Professional Fees				29,235	33,594
					36,279	40,410
	Total resources expended				3,916,129	3,877,091
	Netincome/(expenditure)				432,149	(687,851)

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