Charity No. 1004185 

## THOMAS HOWELL’S TRUST 

REPORT AND FINANCIAL STATEMENTS 

YEAR ENDED 31 JULY 2024 



## THOMAS HOWELL’S TRUST 

|CONTENTS|Page|
|---|---|
|Report ofthe Trustee|1-4|
|Independent auditors’ report|5-8|
|Statement offinancial activities|9|
|Balance sheet|10|
|StatementofCash Flow|11|
|Notestothefinancialstatements|12-17|



## Appendix A 

Reference and Administrative information 

## Appendix B 

Members of The Drapers’ Company Court of Assistants and Standing Committees 

## Appendix C 

Charities Administered by The Drapers’ Company 



THOMAS HOWELL’S TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 Neeee The Trustee presents its Report together with the Financial Statements of Thomas Howell's Trust (‘the Charity”) for the year ended 31 July 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the Financial Statements and comply with the Charities Act 2011, 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, and the documents governing the constitution of the Charity. 

## Reference and administrative information 

The legal and administrative details set out in Appendices A to C form part of this report. 

## Structure, governance and management 

Origin The Charity originated from the will of Thomas Howell who died around 1539. The original bequest was to provide assistance to orphan girls. 

The Trust is governed by the following documents: 

- a) Will of Thomas Howell dated circa 1538 

- b) Act of Parliament of 1852 15 and 16 Vict.c.14 

- c) Schemes of the High Court of Chancery dated:- 

   - i) 23 March 1853 ii) 23 December 1859 ili) 9 August 1865 iv) 29 January 1885 

- d) Scheme of the Minister of Education dated 7 December 1962 

- e) Scheme of the Charity Commissioners dated 17 July 1991 

- f) Scheme of the Charity Commissioners dated 11 August 2000 

## Governance and management 

The Charity uses The Drapers’ Company for the provision of administration services, which are provided ona shared basis with other charities under common trusteeship of the Company. The Charity is a participant in The Drapers’ Charities Pooling Scheme. 

The Trustee, The Drapers’ Company, is also trustee of The Thomas Howell’s Education Fund for North Wales. Further details of this charity may be found in its Report and Financial Statements. Howell’s School, Llandaff is owned by the Girls’ Day School Trust and administered by a Board of Governors, one of whom is nominated by The Drapers’ Company. 

- Ss.S.....5.5858ggSSSSSSqVqnaQzQzQESs . 

Page | 



THOMAS HOWELL’S TRUST 

## REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

## Governance and management 

The Drapers’ Company is the Charity’s Trustee and acts through its Court of Assistants (“‘the Court”), which meets at least six times a year, agrees overall strategy and takes all policy decisions. These policies are developed and refined by three Standing Committees which oversee grant allocation, finance and investments respectively, and once decisions have been taken and ratified they are implemented by the Company’s Officers. 

The operation of the Committees is reviewed annually by the Court for effectiveness against the overall aims and objectives of the Company and its Charities. 

The Court takes decisions on the award of grants above £50,000. The Trustee delegates authority for the award of grants up to £50,000 and the implementation of the agreed grant-making policy to the Charities Committee. The Committee membership is drawn from the Court and other members of the Company. Composition of the Committee is reviewed and confirmed each year. The Committee, which meets five times a year, has clearly defined terms of reference. 

Each year the Court normally elects at least one new member from the Company membership who is given specific training on trustee duties and obligations by the Company’s Officers and external providers before taking up their position. In addition, all members of the Court receive regular and ongoing trustee training in relevant areas. 

## Key management personnel remuneration 

The Trustee considers the members of the Court as Trustee and together with the members of the Charities Committee, who have limited and clearly defined terms of reference, comprise the key management personnel of the Charity in charge of directing and controlling the Charity and overseeing the running and operating of the Charity on a day-to-day basis. The members of the Court, in their capacity as Trustee, give their time freely and no trustee remuneration was paid in the year. 

Trustees are required to disclose all relevant interests and register them with the Director of Philanthropy & Governance and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the members of the Court, as Trustee, have interests with beneficiary charities, but any such interests would be disclosed. 

## Risk management 

The principal risk faced by the Charity concerns the performance of its investments. The operational risk are minor given the grant-making policy of Thomas Howell’s Trust is narrowly defined, being the payment of the net income from the Charity to Howell's School, Llandaff and The Thomas Howell’s Education Fund for North Wales. 

The Trustee mitigates the investment risk through the regular review of investment strategy and portfolio performance by the Investment Committee and professional advisors. The Common Investment Fund (The Drapers’ Charities Pooling Scheme) in which the Charity’s assets are invested also assists in spreading the risk. 

## Statement of trustee responsibilities 

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

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THOMAS HOWELL’S TRUST 

## REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 Neeneeeeen 

Statement of trustee responsibilities (continued) The law applicable to charities in England & Wales requires the Trustee 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 Trustee is required to: 

- ° select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP (FRS 102) ° 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; 

- e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business 

The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it 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. The Trustee is 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. 

In the opinion of the Trustee, the Charity is adequately resourced to continue to benefit those in need of charitable assistance, in accordance with its objects. The financial statements have been prepared on a going concern basis. 

Objectives and activities for the public benefit The main object of the Charity is the advancement of education, which is achieved through distribution of the net income of the Charity to Howell’s School, Llandaff (Girls’ Day School Trust) in South Wales for the maintenance of the girls’ school, and the provision of more general educational support for young people throughout North Wales via The Thomas Howell’s Education Fund for North Wales. 

The Portion and Endowment Fund is a restricted fund the object of which was established by Order of the High Court of Chancery in 1853 and last amended by a Charity Commission Scheme in 1991, and is to perpetuate, insofar as is practicable, the original intention of Thomas Howell by setting aside the sum of £500 per annum into a fund, “for the benefit of former pupils of Howell’s School, Denbigh who have not attained the age of 25 years, are in need of financial assistance, outfits, clothing, tools, instruments or books or by such other means as will fit them to earn their own living or advance them in life. Provided that in applying such fund preference will be given to orphans.” 

The Scheme dated 7 December 1962 detailed a further restriction that up to £700 is to be paid to the Governors of Howell’s School, Llandaff for application towards the cost of maintaining scholarships at the School for the benefit of girls resident in Monmouthshire and Newport. 

The policy of Thomas Howell’s Trust is narrowly defined, being the payment of the net income from the Charity, firstly, in satisfying the requirements of the Portion and Endowment Fund and Scholarships at Howell’s School, Llandaff. The residue of the net income is to be divided between The Thomas Howell’s Education Fund for North Wales and Howell’s School, Llandaff. 

The Trustee has complied with the Charities Act 2011, having due regard for the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, setting the grant-making policy and in awarding grants. 

## De 

## ee 

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## THOMAS HOWELL’S TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

## Achievements and performance 

The payment to Howell’s School, Llandaff was £325,697 (2022/23: £324,027) including £700 for the Monmouth and Newport Scholarships. The sum provided to The Thomas Howell’s Education Fund for North Wales, was £303,584 (2022/23: £301,914). No awards were made from the Portion and Endowment Fund. 

## Financial review 

Total incoming resources were £636,139 (2022/23: £631,986). Governance costs were £2,872 (2022/23: £2,446). Expenditure (including governance costs) on charitable activities was £635,639 (2022/23: £631,486). Net investment gains of £1,418,575 increased total charitable funds at the year end to £23,621,857. 

£500 was transferred from the Unrestricted Fund to the Portion and Endowment Fund, a Restricted Fund, in accordance with the Charity Commission Scheme, leaving a balance at the year end of £19,147 in the Portion and Endowment Fund. 

## Investment policy and performance 

There are no restrictions on the Charity’s power to invest. The investment objective of the Trustee is to combine income and capital growth in a conservative manner. In keeping with this aim, the Trustee regularly reviews the allocation of investment assets of those charities for which it has responsibility. The Charity’s investments consist of holdings in The Drapers’ Charities Pooling Scheme (Registered Charity Number 1061675). The Trustee does not take any specific social, environmental or ethical considerations when carrying out the investment objective. 

## Restricted Fund 

Details of the Portion and Endowment Fund are set out in Note 6 to the Financial Statements. 

## Reserves 

No reserves are held in general funds by the Charity as all available income is distributed in accordance with the Scheme. A small surplus of £19,147 is held in the Portion and Endowment Fund. 

## Plans for future periods 

The grant-making policies of the Charity are narrowly defined with no changes anticipated in the foreseeable future. 

Signed for and on behalf of The Drapers’ Company as Trustee 


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**----- Start of picture text -----**<br>
Wey)vaGn~~ Wie [|Wp<br>Chairman, Finance.and Genera<br>Purposes Committee<br>**----- End of picture text -----**<br>


12 December 2024 

## Renee 

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THOMAS HOWELL’S TRUST 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

## ee 

## Opinion 

We have audited the financial statements of Thomas Howell’s Trust for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: 

- e give a true and fair view of the state of the charity’s affairs as at 31 July 2024 and of its incoming resources and application of resources for the year then ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- ° have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 trustee with respect to going concern are described in the relevant sections of this report. 

## Other information 

The trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. 

We have nothing to report in this regard. 

## Denneneeennn Page 5 



THOMAS HOWELL’S TRUST 

## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- ° the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or 

- ° the charity has not kept sufficient accounting records; 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 Trustee’s Responsibilities Statement set out on pages 2-3, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustee determines 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 trustee is 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 trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. 

## Auditors’ responsibilities for the audit of the financial statements 

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

## Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the trustee and updating our understanding of the sector in which the charity operates. 

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. 

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THOMAS HOWELL’S TRUST 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

## a 

## Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: wiww.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Use of our Report 

This report is made solely to the charity’s trustee in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

> Nyy—E7_——~EE EEE Page 7 



## THOMAS HOWELL’S TRUST 

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 

Saffery LLP ‘ 

## Statutory Auditors 

71 Queen Victoria Street London EC4V 4BE 

Date: ( 0 ewe} POS Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 

Page 8 



## THOMAS HOWELL’S TRUST 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 

aee 

||Note|Unrestricted<br>Fund|Restricted<br>Fund|Endowment<br>Fund|Total<br>_ 2023/24|Total<br>2022/23|
|---|---|---|---|---|---|---|
|||£|£|£|£|£|
|Income and endowments from:|||||||
|Donations and legacies<br>Investments|2<br>3|4,200<br>631,939|-<br>-|-<br>-|4,200<br>631,939|4,000<br>627,986|
|Total||636,139|-|-|636,139|631,986|
|Expenditure on:|||||||
|Charitable activities|4,5|635,639|-|-|635.639|631,486|
|Total||635,639|-|-|635,639|631,486|
|Netinvestmentgains/(losses)|7|-|-|1,418,575|1,418,575|(531,582)|
|Netincome /expenditure||500|-|1,418,575|1,419,075|(531,082)|
|Transferbetween funds|6|(500)|500|-|-|-|
|Netmovement in funds||-|500|1,418,575|1,419,075|(531,082)|
|Balances at 1 August||-|18,647|22,184,135|22,202,782|22,733,864|
|Balancesat31July||-|19,147|23,602,710|23,621,857|22,202,782|



All of the above results derive from continuing activities 

There are no other gains and losses other than those noted above. 

The notes on pages 12 to 17 form part of these financial statements. 

SSee 

Page 9 



## THOMAS HOWELL’S TRUST 

BALANCE SHEET AS AT 31 JULY 2024 


**----- Start of picture text -----**<br>
Notes 31.07.24 31.07.23<br>£ £ £ £<br>Fixed assets<br>Investments v/ 23,602,710 22,184,135<br>Current assets<br>Cash at bank 224,262 206,180<br>224,262 206,180<br>Liabilities<br>Creditors: Amounts<br>falling due within<br>one year 9 (205,115) (187,533)<br>Net current assets 19,147 18,647<br>Total net assets 8 23,621,857 22,202,782<br>Represented by:<br>Capital Funds<br>Endowment Fund 6 23,602,710 22,184,135<br>Income Funds<br>Restricted Funds 6 19,147 18,647<br>Unrestricted Funds 6 - .<br>23,621,857 22,202,782<br>Approved by the Trustees on 12 December 2024.<br>Signed for and on behalf of The of The The Drapers’ Company as Trustee.<br>Master Chairman, arid<br>mm General Purposes Committee<br>Clerk<br>**----- End of picture text -----**<br>


Approved by the Trustees on 12 December 2024. 

Signed for and on behalf of The of The The Drapers’ Company as Trustee. 

The notes on pages 12 to 17 form part of these financial statements. 

Page 10 



THOMAS HOWELL’S TRUST 

## STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 JOLY 2024 

## ee 

|||||2024|2023|
|---|---|---|---|---|---|
|||||£|£|
|Cash flowfrom operating activities:||||||
|Netcash provided byoperating activities||CF1|(613,857)||(618,578)|
|Cash flow from investing activities:<br>Dividends, interestandrentfrom investments||||631,939|627,986|
|Proceeds from the sale ofinvestments||||-|-|
|Purchase ofinvestments||||-|-|
|Netcash provided byinvesting activities||||18,082|9,408|
|Changes in cashand cash equivalents|intheyear|||||
|Cashand cash equivalents at<br>1 August||CF2||206,180|196,772|
|Cashand cash equivalents at31 July||CF2||224,262|206,180|
|CF1 Reconciliation of netincome/expenditure to net cash flowfrom operating||||activities||
|||||2024|2023|
|||||£|if|
|Netincome/(expenditure)|||1,419,075||(531,082)|
|Adjustments for:<br>Gains/(Losses) on investments<br>Dividends income and rents from investments|||(1,418,575)<br>(631,939)||531,582<br>(627,986)|
|(Increase)/decrease in debtors<br>Increase/(decrease) in creditors||||-<br>17,582|-<br>8,908|
|Netcash provided byoperatingactivities|||(613,857)||(618,578)|
|CF2 Analysis of cash and cash equivalents||||||
|||||2024|2023|
|||||es|£|
|Cash inhand||||224,262|206,180|
|Notice deposits (lessthan 3 months)||||-|-|
|Total cash and cash equivalents||||224,262|206,180|
|Analysis ofchanges in net debt|At start|ofyear|Cash flows||At end ofyear|
|||£|Fa||£|
|Cash||206,180|18,082||224,262|



The notes on pages 12 to 17 form part of these financial statements 

ee 

Page 11 



## THOMAS HOWELL’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 

- 1 Accounting policies 

1.1. Basis of preparation The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed asset investments, and applicable accounting standards in the United Kingdom. The financial statements have been prepared in accordance with the Second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The Charity constitutes a public entity as defined by FRS 102. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’view. This departure has involved following Accounting and Reporting by 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

- 1.2 Going concern 

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the final quarter’s dividend income from the Charity’s equity holdings in The Drapers’ Charities Pooling Scheme. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustee’s annual report for more information). 

- 1.3 Income 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## Voluntary income 

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period. 

## Investment income 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest pair or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. 

1.4 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 settlement will be required and the amount of obligation can be measured reliably. 

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## THOMAS HOWELL’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 a 

Expenditure (continued) All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. 

The provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the Charity that would permit the Charity to avoid making the future payment(s), settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. This discount rate is regarded by the Trustees as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity. 

## 1.5 Investments 

Investments are a form of basic financial instrument representing shares in The Drapers’ Charities Pooling Scheme and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the proportionate amount of the net asset value of the Scheme pool as at 31 July 2024. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust does not acquire put options, derivatives or other complex financial instruments. 

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. 

- 1.6 Funds 

The Charity maintains three types of funds: 

Permanent Endowment Fund - where the capital is held in perpetuity to generate income for furtherance of the Charity’s objects. This income and its application are accounted for in the Charity’s unrestricted fund as there are no restrictions on its use. 

Restricted Fund — where the purpose for which the capital and income of the funds may be used has been restricted by the Charity Commission or by specific trusts declared by the donors (Note 6 provides further details) 

Unrestricted Fund - where the fund is not restricted as to use, within the Charity’s objects. 

1.7 Critical accounting judgements and key sources of estimation uncertainty In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

Key sources of estimation uncertainty 

Unlisted investments — based on the share of the nest assets of the pooling scheme. 

## aS 

Page 13 



## THOMAS HOWELL’S TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 

## 2 Donations 

|Donations||||||
|---|---|---|---|---|---|
|||||Total|Total|
|||||2023/24|2022/23|
|||||£|£|
|Donation from The|Drapers’ Company|||4,200|4,000|
|Investment income||||||
||||Unrestricted|Endowment|Total|
||||Funds|Fund|2023/24|
||||£|£|£|
|Dividends receivable from:||||||
|The Drapers’ Charities Pooling||Scheme|627,986|-|627,986|
|Interest receivable|||3,953|-|3,953|
||||631,939|-|631,939|
||||Unrestricted|Endowment|Total|
||||Fund|Fund|2022/23|
||||£|£|£|
|Dividends receivable from:||||||
|The Drapers’ Charities Pooling||Scheme|627,986|-|627,986|
||||627,986|-|627,986|
|Charitable activities: Cost ofgrantsawarded||||||
|||||Total|Total|
|||||2023/24|2022/23|
|||||£|£|
|Grants from unrestricted funds:||||||
|TheThomas Howell’s EducationFund||Fund forNorth Wales||303,584|301,914|
|Girls’ Day School Trust forthe benefit ofHowell’s School, Llandaff||||325,697|324,027|
|Support Costs||||||
|Management Costs<br>:|Administration|||1,114|1,021|
||Office|||629|529|
|Finance Costs:|Administration|||1,114|1,021|
||Office|||629|528|
|Governance costs (seeNote 5)||||2,872|2,446|
|||||635,639|631,486|



## 3 Investment income 

4 Charitable activities: Cost of grants awarded 

Page 14 



## THOMAS HOWELL’S TRUST 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 

## ee 

|5|Charitable activities: Governance and staffcosts|||
|---|---|---|---|
|||Total|Total|
|||2023/24|2022/23|
|||£|£|
||Administration costs|557|510|
||Office costs|314|264|
||Audit fees|2,001|1,672|
|||2,872|2,446|



The average number of employees during the year was 2 (2023: 2) with all employee involved in providing either support to the governance of the charity or support services to charitable activities. 

The Charity considers its key management personnel comprise the members of the Court of Assistants together with the members of the Charities Committee, who have limited and clearly defined term of reference. The total employment benefits including employer pension contributions of the key management personnel were £0 (2023: £0). No employees had employee benefits in excess of £60,000 (2023: none) 

|6|Funds|||||||
|---|---|---|---|---|---|---|---|
|||||Movements ofFunds||||
|||Balance|Incoming|Resources||Gains/|Balance|
|||01.08.23|resources<br>£|expended<br>£|Transfers<br>£|(losses)<br>£|31.07.24<br>£|
||Capital Funds:|||||||
||Permanent|||||||
||Endowment|22,184,135|-|-|-|1,418,575|23,602,710|
|||22,184,135|-|-|-|1,418,575|23,602,710|
||Income Funds:|||||||
||Portion and|18,647|-|-|500|-|19,147|
||Endowment|||||||
||Fund<br>Unrestricted||636,139|(635,639)|(500)|‘|.|
||Funds|||||||
|||og||||||
||TotalFunds|22,202,782|636,139|(635,639)|-|1,418,575|23,621,857|
|||||Movements ofFunds||||
|||Balance|Incoming|Resources||(Losses)/|Balance|
|||01.08.22|resources<br>£|expended<br>£|Transfers<br>£|Gains<br>£|31.07.23<br>£|
||Capital Funds:|||||||
||Permanent|||||||
||Endowment|22,715,717|-|-|-|(531,582)|22,184,135|
|||22,715,717|-|-|-|(531,582)|22,184,135|
||Income Funds:|||||||
||Portion and|18,147|-|-|500|-|18,647|
||Endowment|||||||
||Fund<br>Unrestricted|z|631,986|(631,486)|(500)|.|:|
||Funds<br>TotalFunds|gg<br>22,733,864<br>631,986<br>(631,486)<br>is||||(531,582)|A SS<br>22,202,782|
|ee||||||||



Page 15 



See7 

## THOMAS HOWELL’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 

The Permanent Endowment Fund is the capital of the Charity to be held in perpetuity to generate income for the Charity’s objects. 

The Portion and Endowment Fund is to benefit former pupils of Howell’s School, Denbigh who are under the age of 25 and are in need of financial assistance, outfits, clothing, tools, instruments or books or such other means as will enable them to earn a living or advance them in life, preference being given to orphans. 

## 7 Investments 

||Total|Total|
|---|---|---|
||2023/24|2022/23|
||£|£|
|Marketvalue at 1 August|22,184,135|22,715,717|
|Acquisitions|-|:|
|Disposals|°|-|
|Net investment gains/(losses)|1,418,575|(531,582)|
|Marketvalue at 31 July|23,602,710|22,184,135|
|Historicalcostat31July|9,830,832|9,830,832|



All investment assets are held within the United Kingdom. 

|8|Analysis oftotal net assets|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Endowment|Total|
|||Fund|Fund|Fund|31.07.24|
|||£|£|£|£|
||The Drapers’ Charities Pooling Scheme|-|.|23,602,710|23,602,710|
||Net current assets|-|19,147|-|19,147|
|||-|19,147|23,602,710|23,621,857|
|||Unrestricted|Restricted|Endowment|Total|
|||Fund|Fund|Funds|31.07.23|
|||£|£|£|£|
||The Drapers’ Charities Pooling Scheme|-|:|22,184,135|22,184,135|
||Net current assets|-|18,647|-|18,647|
|||-|18,647|22,184,135|22,202,782|



8 

Page 16 



## THOMAS HOWELL’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 

## a 

|9<br>Creditors: Amounts falling due within one year|9<br>Creditors: Amounts falling due within one year|9<br>Creditors: Amounts falling due within one year|
|---|---|---|
||31.07.24|31.07.23|
||£|£|
|Amount due to The Thomas Howell’s EducationFund for|||
|NorthWales|103,583|101,914|
|Amount dueto Girls’ Day School! Trust on behalfof|||
|Howell’s School, Llandaff|99,697|84,027|
|Sundry Creditors|1,835|1,592|
||205,115|187,533|



10 Transactions with related parties 

During the year, the Trustee of the Charity, The Drapers’ Company, acted as Trustee for six other charities, details of which are provided in Appendix C to the Trustee’s Report. Details of the dividend income received from The Drapers’ Charities Pooling Scheme are shown in Note 3. The Charity also received a donation from the Drapers’ Company details are shown in Note 2. 

## 11 Trustee remuneration 

The members of the Drapers’ Company Court of Assistants, as Trustee, give freely their time and expertise without any form of remuneration or other benefit in cash or kind, or the reimbursement of any expenses by the Charity (2023: £nil). 

## 12 Prior year SOFA 

||Unrestricted<br>Fund|Restricted<br>Fund|Endowment<br>Fund|Total<br>2022/23|
|---|---|---|---|---|
||£|£|£|£|
|Donations and legacies<br>Investments|4,000<br>627,986|-<br>-|-<br>-|4,000<br>627,986|
|Total|631,986|-|-|631,986|
|Expenditure on:|||||
|Charitable activities|631,486|-|-|631,486|
|Total|631,486|-|-|631,486|
|Netinvestment (losses)/gains|-|.|(531,582)|(531,582)|
|Netincome /expenditure|500|-|(531,582)|(531,082)|
|Transferbetween funds|(500)|500|-|-|
|Netmovement in funds|.|500|(531,582)|(531,082)|
|Balances at 1 August|-|18,147|22,715,717|22,733,864|
|Balancesat31July|-|18,647|22,184,135|22,202,782|



## << 

Page 17 



APPENDIX A 

## REFERENCE AND ADMINISTRATIVE INFORMATION 

## ee 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Trustee|The Drapers’|Company|
|Principal|office|Drapers’|Hall|
|Throgmorton|Avenue|
|London|
|EC2N 2DQ|
|Court|of Assistants|Nicholas|Bence-Trower|
|David|Chalk|
|William|Charnley|
|Jane|Mather|
|Philp|Ogden|
|Timothy|Orchard|
|Thomas|Harris|
|Stuart|Shilson|
|Patrick|Beddows|
|Philip|Lawford|
|Morag|Shiach|
|Timothy|Page|
|Richard|Horner|
|Luke|Savage|
|Andrew|Ford|
|Neil|Redcliffe|
|Benedict|Dunhill|
|Officers|Richard|Winstanley|(Clerk)|
|David|Sumner|(Director|of Finance)|
|Andrew Mellows|(Director|of Philanthropy)|

**----- End of picture text -----**<br>


## Neen 



APPENDIX A 

## REFERENCE AND ADMINISTRATIVE INFORMATION (continued) 

|Almshouse Managers|The Trust Partnership Ltd|
|---|---|
||6 Trull Farm Buildings|
||Tetbury|
||Gloucestershire|
||GL8 8SQ|
|Auditors|SafferyLLP|
||71 Queen Victoria Street|
||London|
||EC4V 4BE|
|Bankers|LloydsTSB Plc|
||70-71 Cheapside|
||London|
||EC2V 6EN|
|Investment Advisors|Redington|
||Floor 6|
||I Angel Court|
||London|
||EC2R 7HJ|
|Property Valuers|Knight Frank|
||20 Hanover Square|
||London|
||W1ROAH|
|Securities Custodian|RBC Investor& Treasury Services|
||71 Queen Victoria Street|
||London|
||EC4V4DE|
|Solicitors|BDB PitmansLLP|
||50 Broadway|
||Westminster|
||London|
||SW1H OBL|
|Surveyors|Epic PropertyAssetManagementLtd|
||3 Burlington Gardens|
||London|
||W1S3EP|





APPENDIX A 

## REFERENCE AND ADMINISTRATIVE INFORMATION (continued) 

## a 

## GOVERNANCE 

- l The Drapers’ Company is the Trustee and acts through its Court of Assistants (“the Court”), which meets at least six times a year and takes all policy decisions. Three Standing Committees oversee grant allocation, finance, and investments respectively while the running of the Almshouses is overseen by the Court of Wardens. Further details are given below. Appendix B lists Members of the Court and the Standing Committees. 

- 2 The Court acts as the main Board of Trustees, setting policy guidelines, approving Financial Statements, budgets and major investment decisions. Detailed work is handled by the Company’s Standing Committees and the Court of Wardens. 

- 3 The Investments Committee, the Court of Wardens and the Finance and General Purposes Committee usually meet between five and ten times a year, according to need, whilst the Charities Committee, which is responsible for the allocation of grants, meets five times a year. 

- 4 Once decisions have been taken and, if necessary, amended or ratified by the Court, they are implemented by the Company’s Officers 

- 5 The operation of the Committees is reviewed annually by the Court for effectiveness against the overall aims and objectives of the Company and its Charities. 

- 6 Each year the Court elects at least one new member from the Company membership and they are given specific training on trustee duties and obligations by the Company’s Officers and external providers before taking up their position. In addition, all members of the Court receive regular and ongoing trustee training in relevant areas. 

## ——————— 

EEE EE ESS SE 

SS 



APPENDIX A 

## REFERENCE AND ADMINISTRATIVE INFORMATION (continued) 

## APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE 

## Court of Wardens 

- I To oversee the day to day management of the almshouse Charities other than any financial or strategic aspects relating to the almshouses dealt with by the Finance and General Purposes Committee. 

## Investments Committee 

- 2 To determine investment strategy for the Charities and to monitor and oversee the management of investments including property, equities, bonds, cash and other classes of investment. 

- 3 To make recommendations to the Court as to the allocation of assets among different classes of investments having regard to risk diversification and where applicable best practice for charities. 

- 4 To keep the performance of the Charities’ investment advisors under review and to make recommendations to the Court on their appointment, terms of reference and fees, without detracting from the responsibilities delegated to the Clerk. 

- 5 To examine the performance of the Charities’ investments at intervals of not more than three months and to report to the Court. 

- 6 To approve all lettings, purchases and sales of investment property, rent reviews and other property transactions and to make recommendations to the Court for approval of all substantial investment property transactions. 

- 7 To keep the condition of the Charities’ investment properties under review. 

- 8 To ensure that the Charities’ investment properties are properly and adequately insured. 

## Finance and General Purposes Committee 

- 9 To be the supervisory body for the financial strategy and financial control and keep the financial arrangements of the Company under review, including the preparation and presentation of accounts and budgetary control. 

- 10 To present to the Court not later than their December meeting in each year the final audited Financial Statements and Accounts in respect of Charities for the previous year ended the 31 July duly reviewed by the Charities’ Auditors. 

- 11 To review and advise on the Charities’ compliance with all legal, audit and regulatory requirements and best practice. 

- 12 To ensure that risk assessments for the Charities are duly carried out and that recommendations are implemented. 

- 13 To set the Charities’ grant-making budgets in each Company Year, subject to the approval of the Court and generally to review and advise on all matters relating to the financial strategy and financial arrangements of the Charities. 



APPENDIX A 

## REFERENCE AND ADMINISTRATIVE INFORMATION (continued) 

## aeee eee APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE (continued) 

## Charities Committee 

- 14 To keep the objects of each Charity under review and ensure that they are up to date and relevant. 

- 15 To review grant making policy (including themes for support) and procedures at least every three years and to make recommendations to the Court. 

- 16 To review the provision, value and administration of continuing grants (including block grants) at least every three years. 

- 17 To manage the disbursement of all charitable monies and ensure that effective use is made of charitable income. 

- 18 To consider and approve any grants up to £50,000 for each Charity and to recommend to the Court any grants exceeding £50,000, provided that no grant shall be paid to the relevant beneficiary until the minutes of the Charities Committee have been received by the Court. 

- 19 To allocate charitable expenditure within the overall grant making budgets approved by the Court. 

- 20 To receive reports on any grants made by the chairman under delegated authority. 

- 21 To evaluate and monitor the effectiveness of all charitable activities. 

- 22 To oversee the work of the Thomas Howell Education Fund for North Wales (THEFNW) and the Governors of Sir William Boreman Foundation. 

DNeee. 



APPENDIX B 

## MEMBERSHIP OF STANDING COMITTEES YEAR ENDED 31 JULY 2024 

|TT<br>|NicholasBence-Trower<br>CC<br>C™C~C*~dYSC“(‘iM _=dCdi<br>|DavidChalk<br>|William Chamley<br>|JaneMather<br>|PhilipOgdenOM<br>Timothy Orchard<br>CE<br>CdCC|
|---|
||StuartShilson<br>|PatrickBeddows<br>TC<br>|PhilipLawford<br>CM<br>|MoragShiach<br>CCCs<br>|TimothyPage<br>|RichardHorer<br>Cd CUM<br>|LukeSavageCE<br>Cd CUMUd<br>pAndrewFord<br>[NeilRedcliffe0<br>|BenedictDunhill<br>CM<br>a<br>| Additional Committee Members (Liverymen & Freemen) |<br>|<br>Ti<br>JanBickers0M<br>RefBhumbra<br>|KatherineBurns<br>dT CUM<br>|PatriciaGallan<br>Cd<br>CUMUC<br>|MichaelHughes<br>CT<br>Cd CUM<br>|QuentinMarshall<br>CCU<br>CUMOU<br>|VictoriaShapiro,<br>CE<br>CU CM**M**<br>|Graham Turnock<br>|C<br>|AndrewYounger<br>CE<br>Cd<br>CCidrECeMi|



Legend: C = Chairman M = Member 



APPENDIX C 

CHARITIES ADMINISTERED BY THE DRAPERS’ COMPANY YEAR ENDED 31 JULY 2024 

ee 

## General Charities 

The Drapers’ Charitable Fund The Drapers’ Charities Pooling Scheme 

## Almshouse Charity 

The Drapers’ Almshouse Charity 

## Education Charities 

Francis Bancroft’s Trust Thomas Howell’s Trust 

The Thomas Howell’s Education Fund for North Wales Sir William Boreman’s Foundation 

i