The Edward Holt Trust

REPORT AND FINANCIAL STATEMENTS

S April 2015

Registered Charity Number: 224741

The Edward Holt TrustCONTENTS

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES' REPORT

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATFMFNTS 6

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EDWARD HOLT TRUST 7

STATEMENT OF FINANCIAL ACTIVITIFS

BALANCE SHEET

ACCOUNTING POLICIES

NOTES TO THE FINANCIAL STATEMENTS

10

12

The Edward Holt TrustLEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES Mr RP Kershaw (Chairman)Mr DJ TullyMrs A Roden MBEMr M FryMrs AE WilliamsMr MJ Prior

SECRETARY Mr B Peak ACIB

AUDITORS RSM UK Audit LLP (formerly Baker Tilly UK Audit LLP)Chartered AccountantsSteam MillChesterCH3 SAN

BANKERS The Royal Bank of Scotland picSt Ann StreetManchesterM60 2SS

REGISTERED ADDRESS 22 Ashworth ParkKnutsfordCheshireWA16 9DE

CHARITY NUMBER 224741

GOVERNING INSTRUMENT Deed of Settlement dated 24 November 1955 made bySir Edward Holt

OBJECTS OF THE TRUST The objects of the Trust, as defined in the Deed ofSettlement, are general charitable purposes

INVESTMENT ADVISERS Castlefield Investment Partners LLP9 Floor111PiccadillyManchesterMl 2HY

Cazenove Capital Management Limited12 MoorgateLondonEC2R 6DA

Page I

The Edward Holt TrustLEGAL AND ADMINISTRATIVE INFORMATION

SOLICITORS Addleshaw Goddard100 Barbirolli SquareManchesterM2 3AB

Butcher and Barlow31 Middlewich RoadSandbachCheshireCWI I IHW

RETAINED ARCHITECTS Lloyd Evans Prichard Limited

5 The ParsonageManchesterM3 2HS

Page 2

The Edward Holt TrustTRUSTEES* REPORT

The Trustees present their report along with the financial statements of the charity for the year ended 5

April 2015. The financial statements have been prepared in accordance with the accounting policies set out

on page 10 to the financial statements and comply with the charity's Trust deed, the Charities Act 2011and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005.

STRUCTURE, GOVERNANCE AND MAINTENANCEThe Trust is an unincorporated Trust, constituted under a Trust deed dated 24 November 1955 and is a

registered charity, number 224741. The Trust was established by a gift from Edward Holt in 1955,following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks tocontinue the work desired by the donor through the careful stewardship of its existing resources.

The Trustees are appointed by the Board of Trustees and serve for five years after which period they may

put themselves forward for re-appointment. There are no restrictions on the number of Trustees, although ithas been determined that six Trustees will serve, with one Trustee retiring each year on a rolling cycle.

At the half-yearly Trustees' meetings, the Trustees agree the broad strategy and areas of activity for the

Trust, including issues surrounding the running of Holt House, consideration of grant making, investment,

reserves and risk management policies and performance. The day to day administration of Holt House, the

administranon of grants, and the handling and processing of applications prior to consideration by the

Trustees is delegated to the Secretary.

The Board keeps the skill requirements for the Trustee body under review and in the event that a Trustee

permanently retires or additional new Trustees are required, the Board recruit the new Trustee(s). New

Trustees are normally sought through existing contacts.

The induction process for any newly appointed Trustee comprises an initial meeting with the Chair and the

Board. The welcome pack includes a brief history of the Trust, copy Board minutes, a copy of the last

three years' of annual reports and financial statements, a copy of the governing Trust deed, and a copy ofthe Charity Commission's guidance 'The Essential Trustee: What You Need to Know'.

The names of the present Trustees and Secretary are set out on page l.

RISK MANAGEMENTAt their meeting on 10 September 2002 the Trustees considered in detail the risks facing the Charity, the

controls in place to mitigate those risks and action plans to deal with those areas where controls could beenhanced, particularly concerning grant giving. The Trustees believe that they have appropriate controls in

place, commensurate with the size of the organisation and their cost effectiveness, to mitigate the risks

identified. The Trustees review and update the assessment of the risks facing the Charity annually, together

with an assessment of the controls on a regular basis.

The risk policy was last reviewed and reconfirmed by the Trustees at their meeting on 19 September 2014.

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFITThe objects of the Trust are wide, as defined in the deed of settlement and are for general charitable

purposes. The principal activities of the Trust are determined by the Trustees and continued to be as

follows;

~ The maintenance of the flats and a caretaker's bungalow at Holt House, Dene Road, Manchester,

for the benefit of old people and ensuring that, as far as possible, the flats are fully occupied. It is

to this purpose that the income of the Trust is primarily applied.~ The maintenance of Edward Holt House, a property acquired by the Trust for the use a local

charity, The Booths Centre.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's

general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future

activities and setting the grant making policy for the year.

Page 3

The Edward Holt TrustTRUSTEES' REPORT

ACHIEVEMENTS AND PERFORMANCEEdward Holt House continues to be leased to the Booths Centre at a peppercorn rent for 99 years, enablingthe Centre to expand and improve the work they do for the benefit of the homeless in Manchester andSalford. This is part of the Trustees' aim to use their resources to fund an innovative project for work with

the elderly or socially disadvantaged. The new Centre opened for business in March 2014 and is alreadyproving a great success. Plans to support a similar scheme for another organisation have continued with thesearch for a suitable building.

In conjunction with the Peter Kershaw Trust and Joseph Holt Ltd, the Trust agreed in 2014 to help fund the

development of the reception area at the new integrated procedures unit at the Christie Hospital inManchester over three years. In total, the Trustees will make grants of X90,000. The first instalment of this

grant was paid during the year.

At the end of the year, all flats were fully occupied.

FINANCIAL REVIEWThe Trustees consider the financial situation of the Trust to be satisfactory.

The Statement of Financial Activities is shown on page 8 and the Balance Sheet is shown on page 9.

The Trust is reliant on the income flom its investments, the income from which was f166,560 (2014:f166,281).

The Trust had a surplus in the year of f.15,746 (2014: deficit of f92,738). After realised and unrealisedgains on investments of f293,305 (2014: f580,771), the total surplus for the year was f309,051 (2014:f488,033). This has increased unrestricted funds in the year and the total fund balance at the year end was

K8,219,284 (2014: f7,910,233).

The flats and caretaker's bungalow at Holt House, Dene Road, Manchester have been carefully maintainedand are in good repair.

During the previous year grant commitments of EI27,500 were made to a number of institutions, but noadditional grants were made in the year to 5 April 2015 as the Trustees are still actively seeking further

capital projects to support.

INVESTMENT POLICY AND PERFORMANCEDuring the year, the Trustees continued to use the services of the investment managers, Cazenove CapitalManagement Limited and Castlefield Investment Partners LLP.

The Trustees have set their investment policy with their investment managers to retain the real value of theTrust's capital over the long term and generate sufficient income to maintain Holt House and providegrants. The asset allocation range is agreed with the two investment managers who are measured against a

tailored benchmark. Two investment managers have been selected together with a specified assetallocation range to diversify the investment risk. Each manager attends a Trustee meeting at which theirperformance is discussed at least once a year.

RESERVES POLICYThe Trustees maintain one fund, as follows:

~ Unrestricted general fund —monies &om this fund are used to maintain Holt House, with anysurplus funds not required for this purpose being utilised for the Trust's long-term charitablegrants.

It has been the policy of the Trustees to hold no material cash reserves, as the investments are easilyconvertible if the need should arise. However, in order to ensure that funds are readily available to use forthe Trust's strategy projects, revenue income is currently being accrued to avoid the need to dispose of

Page 4

The Edward Holt TrustTRUSTEES' REPORT

further capital. Trustees are mindful that the level of cash reserves should not fall below f15,000, as this is

the level required for the day to day running of Holt House.

PLANS FOR THE FUTUREIn conjunction with the Peter Kershaw Trust and Joseph Holt Ltd, the Trust agreed, in 2014, to help fund a

major development at the Christie Hospital in Manchester over three years. In total, the Trustees will make

grants off90,000. The first instalment was paid during the current year.

Holt House is a lasting tesnmony to the generosity and philanthropic concerns of the donor, Edward Holt.

The Trust will continue to support the elderly and disadvantaged section of the community in the local

area.

The Trustees continue to look out for further suitable capital projects whereby they can assist other

charitable organisations that need new premises.

AUDITORSBaker Tilly UK Audit LLP, Chartered Accountants were reappointed as auditors by the charity at 14September 2014.

For and on behalf of the Trustees

RP KershawChairman of the Trustees

2015

Page 5

The Edward Holt TrustTRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

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 charity and of the

incoming resources and application of resources of the charity for that period. In preparing these financial

statements, the trustees are required to:

a. select suitable accounting policies and then apply them consistently;

b. observe the methods and principles in the Charities SORP;

c. make judgements and esdmates 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 business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy

at any time the financial position of the charity 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 charity and hence

for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

For the purpose of charity law the trustees who served during the year are set out on page 1.

In accordance with charity law, as the Trustees, we certify that:

~ So far as we are aware, there is no relevant audit information of which the Trust's auditors are

unaware; and

~ As the Trustees of the Trust, we have taken all the steps that we ought to have taken in order to make

ourselves aware of any relevant audit information and to establish that it has been communicated to the

auditor.

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EDWARD HOLTTRUST

We have audited the financial statements of The Edward Holt Trust the year ended 5 April 2015 on pages8 to 18. The financial reporting framework that has been applied in their preparation is applicable law andUnited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity's trustees as a body, in accordance with the Charities Act 2011.Our audit work has been undertaken so that we might state to the charity's trustees those matters we arerequired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted bylaw, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees asa body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditorAs explained more fully in the Statement of Trustees' responsibilities set out on page 6 the trustees areresponsible for the preparation of the financial statements and for being satisfied that they give a true andfair view.

We have been appointed as auditors under section 145 of the Charities Act 2011 and report in accordancewith regulations made under section 154 of that Act. Our responsibility is to audit and express an opinionon the financial statements in accordance with applicable law and International Standards on Auditing (UKand Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's) EthicalStandards for Auditors.

Scope of the audit of the financial statementsA description of the scope of an audit of financial statements is provided on the Financial ReportingCouncil's website at www. &c.org. uk/auditscopeukprivate.

Opinion on financial statementsIn our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 5 April 2015 and of its incomingresources and application of resources for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice; andhave been prepared in accordance with the requirements of the Charities Act 2011.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matters where the Charities Act 2011 requires us toreport to you if, in our opinion:

the information given in the Trustees' Report is not consistent with the financial statements; orthe charity has not kept sufficient accounting records; orthe financial statements are not in agreement with the accounting records and returns; orwe have not received all the information and explanations we require for our audit.

RSM UK AUDIT LLP (formerly BAKER TILLY UK AUDIT LLP)Statutory AuditorChartered AccountantsFestival WayStoke on TrentStaffordshireST I 5BB

Page 7

The Edward Holt TrustSTATEMENT OF FINANCIAL ACTIVITIESfor the year ended 5 A ri12015

Note 2015

UnrestrictedGeneral Fund

2014

INCOMING RESOURCES

Incoming resources porn generated funds.

Investment incomeIncoming resources porn charitable activities:

Service charge to residentsResidents' rent contributions

WayleaveOtherinr. ome

166,560

13,71732,284

80190

166,281

17,16125,822

8042

TOTAL INCOMING RESOURCES 212,831 209,386

RESOURCES EXPENDEDCosts ofgenerating fundst

Investment management costsCharuable activaies:

Holt HouseEdward Holt HouseInstitutional grantsStrategic plantung

Governance costs

29,696

135,31019,194

2884,7997,798

37,012

108,49419,685

127,5931,7667,574

TOTAL OUTGOING RESOURCES (197,085) (302,124)

NET INCOMING/(OUTGOING)RESOURCES BEFORE OTHERRECOGMSED GAINS AND LOSSESOther recognised gains and losses:

Realised and unrealised gains on investments 13

15,746

293805

(92,738)

580,771

NET MOVEMENT IN FUNDSTotal funds brought forward 18

309,0517,910,233

488,0337,422,200

TOTAL FUNDS CARRIED FORWARD 18 8,219,284 7,910,233

The incoming resources and resources expended derive Irom continuing operations.

No separate Statement ofTotal Recognised Gains and Losses has been prepared as all such gains and losses have

been dealt with in the Statement of Financial Activities for the year.

Page 8

The Edward Holt TrustBALANCE SHEETat 5 A ril 2015

Note

UnrestrictedFunds

2015

UnrestrictedFunds

2014

FIXED ASSETSTangible fixed assets

Investments

1213

1,623,880 1,632,0886,154,096 5,854,423

7,777,976 7,486,511

CURRENT ASSETSDebtorsCash at bank and in hand

CURRENT LIABILITIESCreditors: Amounts falling due within one year

1415

16

3,113506,124

509,237

(37,929)

3,222526,220

529,442

(45,720)

NET CURRENT ASSETS

Creditors: Amounts falling due after one year

NET ASSETS

17

471,308

(30,000)

8,219,284

483,722

(60,000)

7,910,233

REPRESENTED BY UNRESTRICTED FUNDSGeneral fund 18 8,219,284 7,910,233

These financial statements were approved by the board of Trustees and authorised for issue on

~~ (tsi ( 2015 and were signed on its behalfby:

RP KershawChairman of the Trustees

Registered Charity Number: 224741

Page 9

The Edward Holt TrustACCOUNTING POLICIES

BASIS OF ACCOUNTINGThe financial statements have been prepared under the historical cost convenfion with the exception that

investments are included at market value. The financial statements have been prepared in accordance with

the Statement of Recommended Practice: "Accounting and Reporting by Charities'* (SORP 2005), other

applicable UK accounting standards and the Charities Act 2011.

The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the

foreseeable future. For this reason, the Trustees have adopted the going concern basis in preparing the

financial statements.

INVESTMENTSIn accordance with the SORP 2005, listed investments are stated at market value at the balance sheet date.

Realised and unrealised surpluses and deficits on investments are included in the statement of financial

activities.

TANGIBLE FIXED ASSETS

Depreciation is provided on tangible fixed assets, at rates calculated to write each asset down to its

estimated residual value over its expected useful life as follows:

Block of flatsHolt CottageFurniture and fittingsGarden roomImprovements to propertyEdward Holt House

2% straight line2% straight line15% on the reducing balance2% straight line2% straight line2% straight line

No depreciation is charged on freehold land.

VALUE ADDED TAXIrrecoverable VAT is charged against the category of resources expended or capital expenditure for which

it was incurred.

INCOMING RESOURCESDividends received from investments are credited by reference to their ex-dividend date. Other income,

principally service charges receivable and rent contributions from residents, is recognised when it is due to

be received.

RESOURCES EXPENDEDLiabilities are recognised as resources expended as soon as there is a legal or constructive obligation

committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has

been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the

Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation

that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the

recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant

is outside of the control of the Trust.

ALLOCATION OF OVERHEAD AND SUPPORT COSTSOverhead and support costs have been allocated first between charitable activity and governance.

Overhead and support costs relating to charitable activities have been apportioned based on the time spent

on running Holt House, awarding grants and strategic planning. The allocation of support costs and

overheads is analysed in note 4.

Page 10

The Edward Holt TrustACCOUNTING POLICIES

COSTS OF GENERATING FUNDSThe costs of generating funds consist of investment management fees.

CHARITABLE ACTIVITIESCosts of charitable activities include grants payable as shown in note 7.

GOVERNANCE COSTSGovernance costs comprise all costs including the public accountability of the charity and its compliancewith regulation and good practice. These costs include costs related to statutory audit and legal fees.

REALISED GAINS AND LOSSESAll gains and losses are taken to the statement of financial activities as they arise. Unrealised gains arecalculated as the difference between the market value at the year end and opening market value.

Page 11

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ri1 2015

I NET MOVEMENT IN FUNDS FOR THE FINANCIAL YEAR

The net movement in funds for the financial year is stated aher charging:

2015 2014

Depreciation and other amounts written off tangible fixed assets;

Charge for the year:- Owned assets 35,592 35,098

Auditor's remuneration- Audit— Other services

3,3421,428

3,2461,392

2 INVESTMENT INCOME

2015 2014

Dividends received —CazenoveDividends received —CastlefieldBank interest

Investment managers' interest

99,15666,234

1,017153

97,04066,678

2,428135

166,560 166,281

RESOURCES EXPENDED - CHARITABLE ACTIVITIES

The charity undertakes its charitable activities through the running of Holt House and awarded grants

in furtherance of its charitable activities.

NoteCharitable

AcnvitySupport

CostsTotal2015

Total2014

E

Holt HouseEdward Holt HouseInstitutional grantsStrategic planning

117,34419,194

17,966

2884,799

135,31019,194

2884,799

108,49419,685

127,5931,766

136,538 23,053 159,591 257,538

For the allocation of support costs, see note 4.

Page 12

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the year ended 5 A ril 2015

4 ALLOCATION SUPPORT COSTS

The total support costs and overheads attributable to charitable activity is apportioned as shown

below:

HoltHouse

EdwardHolt

HouseInstitutional

GrantsStrategicplanning

Totalallocated

Basis ofallocation

Secretarial feesPayrollmaintenance

feesIndemnity

insurance

Legal andprofessionalfeesTrusteeexpenses

8,151

576

2,438

6,620

181

288 1,151 9,590 Staff time

576All attributableto Holt House

2,438 Split pro rata

181 Split pro rata

3,648 10,268 Actual

17,966 288 4,799 23,053

5 HOLT HOUSE EXPENDITURE2015 2014

Costs in the furtherance of the charity's objecdves:Residents' Council TaxWater chargesInsurance

GasElectricityLitt maintenanceGarden expensesRepairs and renewals

TelephoneFire alarm maintenance and circuit rental

Sundry expensesCaretaker's salaryResidents' pastoral careCleaningDepreciationBank charges

6,4762,8165,5879,9012,4391,1255,003

27,314964

15,4D7

6507,229

11,4971,0D8

19,928

6,2822,9396,1728, 1702,6421,2096,100

12,798842

5,6831,1977,273

11,9881,092

19,96730

117,344 94,384

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The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ril 2015

6 EDWARD HOLT HOUSE EXPENDITURE2015 2014

DepreciationLand leasesGround rent

15,6643,500

30

15,131

19,194 15,131

7 GRANTS PAYABLE2015 2014

Institutional grants:Didsbury Good Neighbours

Age Concern

Christie Hospital

27,50010,00090,000

127,500

8 GOVERNANCE COSTS2015 2014

Secretarial expensesAudit and accountancy fees

3,0284,770

2,9364,638

7,798 7,574

The total cost of secretarial fees in the year, including those allocated directly to charitableactivities was f12,618 (2014: f.12,233).

9 STAFF COSTS2015 2014

Salaries and wages 10,546 10,265

The average number of part-time employees during the year (excluding trustees) was 2 (2014: 2)with all employee time involved in providing support services to charitable activities.

10 PAYMENTS TO TRUSTEES

During the year, expenses totalling f151 (2014: f167) were reimbursed to Mrs A Roden a Trustee.No Trustees received remuneration during the year (2014: anil).

Page 14

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ril 2015

11 INDEMNITY INSURANCE

During the year, indemnity insurance was paid in respect of the Trustees in the sum of 52,438 (2014:L2,438).

12 TANGIBLE FIXED ASSETS

LandBlock of

flats

FurnitureHolt and

Cottage fittings

PropertyGarden improve-

room ments

EdwardHolt

House Total

CostAt beginning of yearAdditions

3,058 62,067 5,291 4,594 56,992 856,054 756,530 1,744,586697 26,687 27,384

At end of year 3,058 62,067 5,291 4,594 56,992 856,751 783,217 1,771,970

DepreciationAt beginning of yearCharge in year

6,205 530 2,556 5,700 82,376 15,131 112,4981,241 106 306 1,140 17,135 15,664 35,592

At end of year 7,446 636 2,862 6,840 99,511 30,795 148,090

Net book value

At 5 April 2015 3,058 54,621 4,655 1,732 50,152 757,240 752,422 1,623,880

At 5 April 2014 3,058 55,862 4,761 2,038 51,292 773,678 741,399 1,632,088

13 INVESTMENTSGeneral fund

Market value at 5 April 2014Additions to investments at costDisposals at market valueNet gain on revaluation

5,854,4231,136,017

(1,129,649)293,305

Market value at 5 April 2015 6,154,096

Listed investments

Cost at5 April

2015

Marketvalue

5 April2015

g

Marketvalue

5 April2014

United Kingdom investments 4,753,025 6,154,096 5,854,423

Page 15

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ril 2015

14 DEBTORS2015 2014

Sundry payments in advance and accrued interest 3,113 3,222

15 CASH AT BANK AND IN HAND

The Royal Bank of Scotland pic:Current accountDeposit accountScottish Widows BankThe Affirmative Deposit Fund

2015

50074,483

147,09559,782

2014f

50048,427

146,50979,425

Investment managers' accounts:Castlefield Investment Parmers LLPCazenove Capital Management Limited

281,860

6,339217,925

274,861

31,343220,016

506,124 526,220

16 CREDITORS: Amounts falling due within one year2015 2014

f

CreditorsAccrualsGrants payable

6,995934

30,000

8,6702,050

35,000

37,929 45,720

17 CREDITORS: Amounts falling due after one year2015

f2014

Grants payable 30,000 60,000

Page 16

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the earended 5 A ril 2015

18 ANALYSIS OF FUNDSUnrestricted

General FundTotal

Fixed assetsFreehold propertyInvestments

1,623,8806,154,096

7,777,976

Current assetsDebtorsCash at bank and in hand

Creditors: Amounts falling due within one year

3,113506, 124

509,237

(37,929)

Net current assets

Creditors: Amounts falling due after year

471,308

(30,000)

Total net assets as at 5 April 2015 8,219,284

Total net assets as at 5 April 2014 7,910,233

Page 17

The Edward Holt TrustNOTES TO THE FINANCIAL STATEMENTSfor the ear ended 5 A ril 2015

19 MOVEMENT IN FUNDSAt 6 April

2014Incomingresources

Resources Realised andexpended unrealised

gains

At 5 April2015

Unrestricted general fund 7,910,233 212,831 (197,085) 293,305 8,219,284

20 UNRESTRICTED FUND POLICY

The Trust maintains one unrestricted fund, as follows:

General fund —monies from this fund are used to maintain Holt House, with any surplus funds not

required for this purpose being utilised for the Trust's long-term charitable goals.

Page 18