2025-07-31-accounts

Charity No. 1004185

THOMAS HOWELL’S TRUST

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

THOMAS HOWELL’S TRUST

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|||||| |---|---|---|---|---| |CONTENTS|Page| |Report|of the|Trustee|1-4| |Independent|auditors’|report|5-7| |Statement|of financial|activities|8| |Balance|sheet|9| |Statement|of Cash Flow|10| |Notes|to the|financial|statements|11-16|

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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

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THOMAS HOWELL’S TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2025

ee The Trustee presents its Report together with the Financial Statements of Thomas Howell's Trust (‘the Charity”) for the year ended 31 July 2025. The Financial Statements have been prepared in accordance with the accounting policies set out in Note | 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 iii) 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 on a 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.

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THOMAS HOWELL’S TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2025

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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 oftrustee 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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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2025

THOMAS HOWELL’S TRUST

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Statement oftrustee 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) 8 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;

• 5 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.

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THOMAS HOWELL’S TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2025

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Achievements and performance

The payment to Howell’s School, Llandaff was £328,860 (2024: £325,697) including £700 for the Monmouth and Newport Scholarships. The sum provided to The Thomas Howell’s Education Fund for North Wales, was £306,748 (2024: £303,584). No awards were made from the Portion and Endowment Fund.

Financial review

Total incoming resources were £642,655 (2024: £636,139). Governance costs were £2,853 (2024: £2,872). Expenditure (including governance costs) on charitable activities was £642,155 (2024: £635,639). Net investment gains of £2,112,618 increased total charitable funds at the year end to £25,734,975.

£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 £19,647 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 £19,647 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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Master
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Clerk
11 December 2025
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Chairman, Finance and Gener4l
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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

THOMAS HOWELL’S TRUST

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Opinion

We have audited the financial statements of Thomas Howell’s Trust for the year ended 31 July 2025 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:

° give a true and fair view of the state of the charity’s affairs as at 31 July 2025 and of its incoming resources and application of resources for the year then ended;

cy 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.

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THOMAS HOWELL’S TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

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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 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

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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: www. fic.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.

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Soffey LL?
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Saffery LLP

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Date: 2 | pauary QZORKE

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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THOMAS HOWELL’S TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025

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	Note	Unrestricted Fund	Restricted Fund	Endowment Fund	Total 2025	Total 2024
		£	£	£	£	£
Income and endowments from:
Donations and legacies Investments	2 3	4,500 638,155	- -	- -	4,500 638,155	4,200 631,939
Total		642,655	-	-	642,655	636,139
Expenditure on:
Charitable activities	4,5	642,155	-	-	642,155	635,639
Total		642,155	-	-	642,155	635,639
Net investment gains/(losses)	7	-	-	2,112,618	2,112,618	1,418,575
Netincome / expenditure		500	-	2,112,618	2,113,118	1,419,075
Transferbetween funds	6	(500)	500	-	-	-
Netmovement in funds		-	500	2,112,618	2,113,118	1,419,075
Balances at 1 August		-	19,147	23,602,710	23,621,857	22,202,782
Balancesat31July		-	19,647	25,715,328	25,734,975	23,621,857

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 11 to 16 form part of these financial statements.

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THOMAS HOWELL’S TRUST

BALANCE SHEET AS AT 31 JULY 2025

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Notes 2025 2024
£ £ £ f
Fixed assets
Investments 7 25,715,328 23,602,710
Current assets
Cash at bank 290,883 224,262
290,883 224,262
Liabilities
Creditors: Amounts
falling due within
one year 9 (271,236) (205,115)
Net current assets 19,647 19,147
Total net assets 8 25,734,975 23,621,857
Represented by:
Capital Funds
Endowment Fund 6 25,715,328 23,602,710
Income Funds
Restricted Funds 6 19,647 19,147
Unrestricted Funds 6 - 5
25,734,975 23,621,857
Approved by the Trustees on 11 December 2025.
Signed for and on behalf of The Drapers’ Company as Trustee.
Master Chairman, Finance and
fh Crenera UE DOSE ommittee
Clerk
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The notes on pages 11 to 16 form part of these financial statements.

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THOMAS HOWELL’S TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 JULY 2025

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			2025	2024
			£	£
Cash flowfrom operating activities:
Netcashprovidedbyoperatingactivities		CF1	(571,534)	(613,857)
Cash flowfrom investing activities:
Dividends, interest andrent from investments Proceeds from the sale ofinvestments			638,155 -	631,939 -
Purchase ofinvestments			.	-
Netcash provided byinvesting activities			66,621	18,082
Changes incash and cash equivalents inthe year
Cash and cash equivalents at 1 August		CF2	224,262	206,180
Cashand cash equivalents at31 July		CF2	290,883	224,262
CF1 Reconciliation ofnet income/expenditure to netcash		flowfrom operating activities
			2025	2024
			£	£
Netincome/(expenditure)			2,113,118	1,419,075
Adjustments for:
(Gains)/Losses oninvestments Dividends, interestandrents from investments (Increase)/decrease in debtors			(2,112,618) (638,155) -	(1,418,575) (631,939) -
Increase/(decrease) in creditors			66,121	17,582
Netcashprovided byoperatingactivities			(571,534)	(613,857)
CF2 Analysis of cash and cash equivalents
			2025	2024
			£	£
Cash inhand Notice deposits (lessthan 3 months)	:	‘	290,883 -	224,262 -
Total cash and cash equivalents			290,883	224,262
Analysis ofchanges in netdebt
At start	ofyear	Cash flows		Atend ofyear
	£		£	£
Cash	224,262		66,621	290,883

The notes on pages 11 to 16 form part of these financial statements

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THOMAS HOWELL’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Dennen eee

• 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. With respect to the next reporting period, 2025-26, 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 2025 5

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 2025. 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

THOMAS HOWELL’S TRUST

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2	Donations
				Total	Total
				2025	2024
				£	£
	Donation from The	Drapers’ Company		4,500	4,200
3	Investment income
			Unrestricted	Endowment	Total
			Funds	Fund	2025
			£	£	£
	Dividends receivable from:
	The Drapers’ Charities PoolingScheme Interest receivable		627,986 10,169	- -	627,986 10,169
			638,155	-	638,155
			Unrestricted	Endowment	Total
			Fund	Fund	2024
			£	£	£
	Dividends receivable from:
	TheDrapers’ Charities PoolingScheme Interest receivable		627,986 3,953	. :	627,986 3,953
			631,939	.	631,939
4	Charitable activities:Costof grantsawarded			Total	Total
				2025	2024
				£	£
	Grants from unrestricted funds:
	TheThomas Howell’s EducationFund forNorth Wales			306,748	303,584
	Girls’ Day School Trustforthe benefit ofHowell’s School, Llandaff			328,860	325,697
	Support Costs Management Costs : Administration Office Finance Costs: Administration Office Governance costs (seeNote 5)			1,229 618 1,229 618 2,853	1,114 629 1,114 629 2,872
				642,155	635,639

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THOMAS HOWELL’S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 I

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Charitable activities: Governance and staff costs

	Total	Total
	2025	2024
	£	£
Administration costs	614	557
Office costs	310	314
Audit fees	1,929	2,001
	2,853	2,872

The average number of employees during the year was 2 (2024: 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 (2024: £0). No employees had employee benefits in excess of £60,000 (2024: none)

6	Funds
				Movements ofFunds
		1 August 2024	Incoming resources £	Resources expended £	Transfers £	Gains/ (losses) £	31 July 2025 £
	Capital Funds:
	Permanent
	Endowment	22,771,591	-	-	-	2,038,226	24,809,817
	LlandaffPremium	831,119				74,392	905,511
		23,602,710	-	-	-	2,112,618	25,715,328
	Income Funds:
	Portion and Endowment Fund Unrestricted Funds	19,147 .	- 642,655	- (642,155)	500 (500)	- .	19,647 *
		cs	eeese—‘=‘“é((NNNN
	Total Funds	23,621,857	642,655	(642,155)	-	2,112,618	25,734,975
				Movements ofFunds
		1 August 2023	Incoming resources £	Resources expended £	Transfers £	(Losses)/ Gains £	31 July 2024 £
	Capital Funds:
	Permanent
	Endowment	21,402,967	-	-	-	1,368,624	22,771,591
	Llandaff Premium	781,168				49,951	831,119
		22,184,135	-	-	-	1,418,575	23,602,710
	Income Funds:
	Portionand Endowment Fund	18,647	=	-	500	-	19,147
	Unrestricted Funds	-	636,139	(635,639)	(500)	-	-
		eee
	TotalFunds	22,202,782	636,139	(635,639)	-	1,418,575	23,621,857

Se

Page 14

THOMAS HOWELL’S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

a<< —

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.

fl Investments

	Total	Total
	2025	2024
	Fs	£
Market value at 1 August	23,602,710	22,184,135
Acquisitions	-	-
Disposals	-	-
Netinvestment gains/(losses)	2,112,618	1,418,575
Marketvalue at 31 July	25,715,328	23,602,710
Historicalcostat31July	9,830,832	9,830,832

All investment assets are held within the United Kingdom.

8	Analysis oftotalnetassets	Unrestricted Fund	Unrestricted Fund	Restricted Fund	Endowment Fund	Total 2025
		£		£	£	£
	TheDrapers’ Charities PoolingScheme		-	-	25,715,328	25,715,328
	Net current assets		-	19,647	-	19,647
			-	19,147	25,715,328	25,734,975
		Unrestricted Fund		Restricted Fund	Endowment Funds	Total 2024
		£		£	£	£
	The Drapers’ Charities PoolingScheme		-	=	23,602,710	23,602,710
	Net current assets		-	19,147	-	19,147
			-	19,147	23,602,710	23,621,857

ee

Page 15

THOMAS HOWELL’S TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

eee

9 Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one yeardue within one yearwithin one yearone yearyear
	2025	2024
	£	£
Amount due to The Thomas Howell’s Education Fund for
North Wales	111,748	103,583
Amount due to Girls’ Day School Truston behalfof
Howell’s School, Llandaff	157,560	99,697
Sundry Creditors	1,928	1,835
	271,236	205,115

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 (204: £nil).

12 Prior year SOFA

	Unrestricted	Restricted	Endowment	Total
	Fund	Fund	Fund	2024
	£	£	£	£
Donations andlegacies Investments	4,200 631,939	- -	- -	4,200 631,939
Total	636,139	-	-	636,139
Expenditure on:
Charitable activities	635,639	-	-	635,639
Total	635,639	-	-	635,639
Net investment gains/(losses)	-	-	1,418,575	1,418,575
Net income /expenditure	500	-	1,418,575	1,419,075
Transferbetween funds	(500)	500	-	-
Netmovement in funds	-	500	1,418,575	1,419,075
Balances at 1 August	-	18,647	22,184,135	22,202,782
Balancesat31July	-	19,147	23,602,710	23,621,857

ee

Page 16

PRINCIPAL BENEFACTORS OF CHARITIES OF WHICH THE DRAPERS’ COMPANY IS THE TRUSTEE

———=—=—SSS—EESSS EEE =

----- Start of picture text -----
|||||| |---|---|---|---|---| |1|The|Drapers’|Charitable|Fund| |Monica McClean|Campbell|(2000)| |John|Sidney|Goddard|(1955)| |Martin Richard|Harris|(1995)| |Samuel|Harwar|(1704)| |Morgan Wynn Humphrey|Davies|(2005)| |Roland|Bower|Jackson|(1972)| |Peter|Francis|Orchard|(1993)| |Anthony|Horatio|Packe|(2004)| |Sir|Ernest|Pooley|(1957)| |Richard|Guy|Powell|(1995)| |Emma|and|Neil|Redcliffe|(2018)| |Mollie|Kate|Stone|(1998)| |Rev.|Peter Taylor|(1997)| |Mrs.|Susan Daphne|Taylor|(1997)| |Baroness|de|Turckheim|(2006)| |John Algar Winter|(2014)| |The|Drapers’|Company|(1959)| |The|Drapers’|Consolidated Charity| |Lady Emma Askew|(1552)| |Robert Buck|(1620)| |Henry|Butler|(1615)| |Christopher|Clarke|(1671)| |William|Dolphin|(1534)| |Sir|John|Milbourne|(1534)| |Thomas|Russell|(1593)| |Samuel|Whitbread|(1797)| |Sir Thomas|Adams|(1666)| |Lady Emma Askew|(1552)| |Sir Edward|Barkham|(1632)| |Giles|Blomer|(1676)| |William|Glynes|Bruty|(1948)| |Robert Buck|(1620)| |Lawrence Campe|(1612)| |Lady|Barbara Champion|(1576)| |Sir Richard|Champion|(1568)| |Owen|Clonne|(1563)| |Sir Alan|Cotton|(1627)| |William|Cotton|(1606)| |Sir Thomas|Cullum|(1664)| |John|Deacle|(1706)| |Alice Dummer|(1574)| |William Dummer|(1574)| |Sir George|Garrett|(1648)| |Martin|Hall|(1658)| |John Heydon|(1579)| |Anthony|Hibbins|(1639)| |Thomas|Hollis|(1714)| |Henry|Jay|(1601)| |Hugh Johnson|(1618)| |Sir|John|Jolles|(1617)| |John Kendrick|(1624)|

----- End of picture text -----

PRINCIPAL BENEFACTORS OF CHARITIES

OF WHICH THE DRAPERS’ COMPANY IS THE TRUSTEE (continued)

The Drapers’ Charitable Fund (continued)

----- Start of picture text -----
|||||| |---|---|---|---|---| |The Drapers’|Consolidated Charity|(continued)| |John Rainey|(1631)| |Lady Mary Ramsay|(1601)| |Theophilus|Royley|(1655)| |Agnes|Smith|(1612)| |John|Smith|(1645)| |Sir|Samuel|Starling|(1673)| |John|Stock|(1780)| |William|Thorogood|(1602)| |John Walter|(1656)| |Nicholas|Wheeler|(1618)| |Robert Wilson|(1639)| |Robert|Wilson|(2nd)|(1660)| |Robert|Winch|(1671)| |Henry Dixon’s|Foundation|for Apprenticing| |Peter|Blundell|(1599)| |Frances|Clarke|(1608)| |Thomas|Corney|(1858)| |Sir Thomas|Cullum|(1664)| |Henry|Dixon|(1693)| |Dr Arthur Edward|Giles|(1936)| |Jonathan|Granger|(1769)| |Sir John|Jolles|(1617)| |John|Kendrick|(1624)| |Richard|Ogborn|(1833)| |Samuel|Pennoyer|(1652)| |Theophilus|Royley|(1655)| |Thomas|Russell|(1593)| |Thomas|Soley|(1879)| |John|Stocker|(1571)| |The Drapers’|(William|and Mary)|Tercentennial Award| |The|Drapers’|Company|(1992)| |2|The|Drapers’|Almshouse|Charity| |John Edmanson|(1695)| |Sir John|Jolles|(1617)| |John Pemel|(1681)| |Ann|Mills|(1690)| |Richard|Mills|(1725)| |Walter|Mills|(1725)| |Robert|Render|(1650)| |Alice|Walter|(1658)| |John|Walter|(1656)| |Sarah|Elizabeth|Giles|(1908)| |William|Lambarde|(1574)| |Joseph Macey|(1791)| |Ralph|Rookby|(1594)| |Edward Walrond|(1720)|

----- End of picture text -----

PRINCIPAL BENEFACTORS OF CHARITIES OF WHICH THE DRAPERS’ COMPANY IS THE TRUSTEE (continued)

2ee

3	Francis Bancroft’s Trust
	Francis Bancroft	(1727)
	Eustace Trevor Hunt	(1981)
	Kevin WingScholarshipFund
	KevinRobertWing	(1993)
	Bancroft’s SchoolPrize FundTrust
	Bancroft’s School Parents Association	(1988)
	Goldie J Benjamin	(1992)
	BrianF Beveridge	(1993)
	ChristopherAndrew Boote	(1990)
	KeithCampbell	(1985)
	The Drapers’ Company	(1985)
	Robert MartinNewton Ellis	(1980)
	Alexander John Escott	(1979)
	Mr& MrsD Foskett	(1997)
	Jean Catherine Giles	(1992)
	F Hodson	(1919)
	Dorothy F Honeybone	(1965)
	Dr Gerard Housden	(1977)
	Reginald WilcoxLone	(1968)
	Mr& Mrs D F Masani	(1990)
	Marjorie Mutch	(1965)
	Mabel Althea Naismith	(1953)
	Edward Playne	(1964)
	Quintet Films Ltd.	(1984)
	Peter Robshaw	(1979)
	Gladys Rogers	(1945)
	The Salters’ Company	(1984)
	Sir Albert Stern	(1942)
	Norman Ewart Thurston	(1970)
	Donald Thomas Alfred Townend	(1984)
	Henry Trower	(1892)
	Mr& MrsG Watkins	(1976)
	Geoffrey Charles Watts	(1992)
	EdithMay Whitmarsh	(1992)
	Mr&MrsR VWingham	(1992)
	Frank Winmill	(1979)
	The Wolfson Foundation	(1983)
	Thomas HenryLittlewood’s Trust
	Thomas Henry Littlewood	(1948)
4	Thomas Howell’s Trust
	ThomasHowell	(1540)

PRINCIPAL BENEFACTORS OF CHARITIES

OF WHICH THE DRAPERS’ COMPANY IS THE TRUSTEE (continued)

—————eee

5	The Thomas Howell’s Education Fund for North	Wales
	Thomas Howell	(1540)
	Howell's School Prize Fund Trust
	Gladys Anne Caleb	(1961)
	Jano Clement Davies	(1945)
	Howard Dennett	(1987)
	The Drapers’ Company	(1985)
	RuthFairclough	(1943)
	GeorginaMcBrien	(1996)
	Old Howellians Association	(Various)
	Gwendoline Mary SabinaOsborne	(1997)
	CharlotteNoraOwen	(1988)
	RebeccaJaneOwen	(1988)
	Mr& MrsDR Parry	(1962)
	Mary Gertrude Pugh	(1946)
	Quintet Films Ltd.	(1984)
	Dorothy Robinson	(1965)
	The Salter’s Company	(1985)
	Mollie Kate Stone	(1967)
	Noel Mursell Timpson	(1942)
	Henry Trower	(1892)
	Eileen Ward	(1987)
	Winifred Annie Woodcock	(1967)
	Howell’s SchoolSpecial GrantsFund
	The Hostel Guarantors at Howell’s School, Denbigh	(1928)
	The RanjitSingh TravellingScholarship Fund
	Ranjit Singh	(1933)
	TheMaryBrearleyMusicFund
	Mary Brearley	(1984)
6	Sir William Boreman’s Foundation
	Sir William Boreman	(1684)
	William Clavell	(1818)
	SirWilliamLanghorn	(1713)

Note: Where a donor has made more than one donation, only the date of the first is shown.

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION

----- Start of picture text -----
||||| |---|---|---|---| |eeenn|eee| |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| |Joshua Bottomley| |Officers|Richard|Winstanley|(Clerk)| |David|Sumner|(Director|of Finance)| |Andrew|Mellows|(Director|of Philanthropy)|

----- End of picture text -----

a

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

Almshouse Managers	The TrustPartnership Ltd
	6 Trull Farm Buildings
	Tetbury
	Gloucestershire
	GL8 8SQ
Auditors	Saffery LLP
	71 Queen Victoria Street
	London
	EC4V 4BE
Bankers	LloydsTSB Ple
	70-71 Cheapside
	London
	EC2V 6EN
Investment Advisors	Redington
	Floor 6
	I Angel Court
	London
	EC2R 7HJ
PropertyValuers	Knight Frank
	20 Hanover Square
	London
	W1ROAH
Securities Custodian	RBC Investor& Treasury Services
	71 Queen Victoria Street
	London
	EC4V 4DE
Solicitors	BroadfieldLawUKLLP
	50 Broadway
	Westminster
	London
	SW1H OBL
Surveyors	Epic Property AssetManagementLtd
	3 Burlington Gardens
	London
	W1S3EP

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

ees

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.

GS

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

ee APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE

Court of Wardens

1 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.

• 1] 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.

eee

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

ee

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.

Cee

eS

APPENDIX B

MEMBERSHIP OF STANDING COMITTEES YEAR ENDED 31 JULY 2025

eee

F&GP
NicholasBence-Trower ee ee ee DavidChalk a oe ee WilliamCharnle ee ee eeOn [JaneMather t—‘“‘SOCOOOSOUOOUOUOO~C~C“(‘$SSCUNONY(C(‘N(NYCC&OQ Philip Ogden ee ee Timothy Orchard ee ekOe
Legend: C =Chairman
M=Member

et

APPENDIX C

CHARITIES ADMINISTERED BY THE DRAPERS’ COMPANY YEAR ENDED 31 JULY 2025

|

General Charities

The Drapers’ Charitable Fund The Drapers’ Charities Pooling Scheme

Albmshouse 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

a

}

|