THE JOHN AND RUTH HOWARD CHARITABLE TRUST REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2021
Charity No: 1005072
**THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **CONTENTS OF REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2021**
||**Page**|
|---|---|
|**Trustees Annual Report**|1- 2|
|**Independent Examiners Report**|3|
|**Statement of Financial Activities**|4|
|**Balance Sheet**|5|
|**Notes to the Financial Statements**|6 - 8|
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2021**
The Trustees present their report with the financial statements for the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Reference and administrative information**
## **Registered charity number: 1005072**
**Principal address** 183 Uxbridge Road London W13 9AA
## **Trustees**
Alexander Atchison (Chair) Vanda Foster Susan Ingall Margaret Majumdar Florence Pinaud John Halsey
## **Independent Examiner**
Edmund Cartwright ACCA MAAT Johnsons, Chartered Accountants Ground Floor 1-2 Craven Rd London W5 2UA
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue, West Malling Kent ME19 4JQ
## **Structure, Governance and Management**
## Governing document
The John and Ruth Howard Charitable Trust is an unincorporated registered charity and is governed by a deed of trust dated 24 April 1991. The Trust was established by an initial gift of £127,007 in April 1991 by Mr and Mrs Howard and later further sums left to the charity by Will since they had no children. The Trust does not actively fundraise and seeks to continue the charitable work desired by the donors through careful stewardship of its existing resources.
1
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **TRUSTEES ANNUAL REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2021**
Recruitment and appointment of new trustees
The Trust deed provides for a minimum of four Trustees and a maximum of six Trustees. Apart from the first Trustees, every Trustee is appointed by a resolution of the Trustees. A new trustee may be appointed by a resolution of the trustees.
## **Risk management**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
## **Principal risk and uncertainties**
The principal risk to the charity is the fluctuation in the market value of its investments. The charity’s investment manager Charles Stanley monitors the performance of the investments in order to maximise the return on investments.
## **Objectives and activities**
## **Objects**
The four charitable objects of the Trust, as desired by John and Ruth Howard and slightly altered by the Charities Commission at the time, are as follows: -
- a) 25% of the Trust income for the advancement of public education in the field of Archaeology.
- b) 25% of the Trust income for preservation and protection of buildings for the benefit of the general public.
- c) 25% of the Trust income for the advancement of public education in the field of Choir Schools and associated music of such Cathedrals, Abbeys, Colleges or similar institutions in England as are not already well endowed and which in the opinion of the Trustees are centres of excellence for such music.
- d) 25% of the Trust income to any other charitable object or charity as may be chosen by the Trustees.
## **Financial review**
The Trust’s work is largely reliant on income from investments which form its endowments.
As at 31 March 2021 the unrestricted reserves of the charity were £43,539 (2020 - £72,438).
## **Reserves policy**
The Trustees maintain free unrestricted funds which are sufficient to meet the support and governance costs of the charity.
Approved by the Trustees on 28 January 2022 and signed on their behalf by:
**………………………………………….**
Alexander Atchison –Chairman of Trustees
2
## **Independent Examiner's Report to the Trustees of The John and Ruth Howard Charitable Trust**
I report to the trustees on my examination of the accounts of The John and Ruth Howard Charitable Trust (the Trust) for the year ended 31 March 2021, which are set out on pages 4 to 8.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached
Edmund Cartwright ACCA MAAT Johnsons Chartered Accountants 1-2 Craven Rd London W5 5UA Date: 28 January 2022
3
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31ST MARCH 2021**
|**Notes**
**Incoming Resources**
**Incoming resources from generated**
**funds:**
Investment income
**Total incoming resources**
**Resources Expended**
Cost of charitable activities
3a
Costs of generating funds
3b
Governance costs
3c
**Total resources expended**
Net gains/(losses) on
investments
**Net income/(expenditure)**
Transfers between funds
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**Funds**
**Endowment**
**Funds**
**£**
**£**
101
52,320|**Total**
**2021**
**£**
52,421
|**Total**
**2020**
**£**
74,675|
|---|---|---|---|
||**101**
**52,320**
|**52,421**
|**74,675**|
||45,000
-
-
16,225
6,000
-|45,000
16,225
6,000|-
11,932
5,130|
||**51,000**
**16,225**|**67,225**|**17,062**|
||-
347,465|347,465
(299,148)||
||**(50,899)**
**383,560**
47,575 (47,575)|**332,661**
**(241,535)**
-
-||
||**(3,324)**
**335,985**
**332,661**
**(241,535)**
72,438
1,439,731
1,512,169
1,753,704|||
||**69,114**
**1,775,716**
**1,844,830**
**1,512,169**|||
4
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **BALANCE SHEET AS AT 31ST MARCH 2021**
|**Note**
**Fixed Assets**
Investments
4
**Current Assets**
Debtors
Cash at bank
**Total Current Assets**
Creditors: amounts falling due
5
within one year
**Net Current Assets**
**Net Assets**
**The Funds of the Charity:**
**Unrestricted Income Funds-Designated**
Archaeology fund
Building fund
Choral fund
**Total Unrestricted Funds-Designated**
**Unrestricted Income Funds-General**
General fund
**Endowment Funds**
**Total Funds**
6|**2021**
**£**
1,769,765
1,769,765
5,951
77,014
82,965
7,900
75,065
**1,844,830**
-
-
-
-
69,114
1,775,716
**1,844,830**|**2020**
**£**
1,435,222|
|---|---|---|
|||1,435,222|
|||4,509
167,780|
|||172,289|
|||95,342
76,947|
|||**1,512,169**|
|||-
-
-|
|||-
72,438
1,439,731|
|||**1,512,169**|
Signed on behalf of all the trustees on 28 January 2022
............................................................... Alexander Atchison
............................................................... Susan Ingall
5
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021**
## **Note 1 Accounting policies**
## Basis of preparation of the accounts
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’.
## Incoming resources
Investment income is made up of income from investments and bank deposit interest.
## Classification of income & expenditure
The classification of income and expenditure is based on the requirements of the charity’s principal sources of funding having regard to current recommended practice.
## Accruals basis
All income and expenditure is accounted for on the accruals basis.
## Investments
Investments have been stated at market value. Gains or losses arising on the revaluation of investments are allocated to the endowment fund.
## Taxation
As a non-profit making body, the charity believes that it is exempt from all forms of taxation other than Value Added Tax (VAT). The charity does not make taxable supplies of goods or services and is therefore not required to be registered for VAT. It is thus not able to recover input tax, where this is charged, and this tax is included within the relevant items of expenditure.
## **Note 2 Trustees’ remuneration and related party transactions**
There were no trustees’ remuneration or benefits for the year (2020: £Nil).
There were no trustees’ expenses for the year (2020: £Nil).
6
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Cont’d)**
## **Note 3 Expenditure**
The charity has analysed its resources on the basis provided by the Charities SORP (FRS 102).
The main items of expenditure are summarised below
|**3a**
**3b**
**3c**
**Note 4**|**Cost of charitable Activities**
**Grants paid:**
Archaeology
Buildings
Choral
General
**Costs of generating funds**
Investment portfolio management fees
Office services
Bank charges
Sundry expenses
**Governance costs**
Independent examiner’s fee and accounts -current year
Independent examiner’s fee and accounts – prior year
under-provision
**Fixed Asset Investments**
**Movement in fixed asset investments**
Market value brought forward
Additions
Disposals
Adjustment to cost
Unrealised gain/(loss) on revaluation-change
Market value carried forward
**Investments at market** **value breakdown:**
**United Kingdom:**
Equities
Real Estate Investment Trusts
Mixed Investment Funds
Alternatives
**Outside United Kingdom:**
Equities|**2021**
**£**
-
15,000
7,000
23,000
**45,000**
**2021**
**£**
10,844
5,280
30
71
**16,225**
**2021**
**£**
5,400
600
**6,000**
**2021**
**£**
1,435,222
110,013
(178,894)
(836)
404,260
**1,769,765**
**2021**
**£**
1,211,090
44,225
29,219
24,909
460,322
**1,769,765**||**2020**
**£**
-
-
-
-|
|---|---|---|---|---|
|||||**-**|
||||**2020**
**£**
11,932
-
-
-||
||||**11,932**||
||||**2020**
**£**
4,800
330||
||||**5,130**||
||||**2020**
**£**
1,738,225
56,707
(18,870)
(2,677)
(338,163)||
||||**1,435,222**||
||||**2020**
**£**
1,046,668
27,375
26,568
-
334,611||
||||||
||||**1,435,222**||
7
## **THE JOHN AND RUTH HOWARD CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021 (Cont'd)**
## **Note 5 Creditors: Amounts Falling Due Within One Year**
|Grants
Trade creditors
Accruals||**2021**
**£**
2,500
-
5,400|**2020**
**£**
85,142
5,400
4,800|
|---|---|---|---|
|||7,900|95,342|
## **Note 6 Funds**
|Unrestricted
Funds
Endowment
Funds
|**Balance**
**01.04.20**
**£**
72,438
1,439,731|**Incoming**
**Resources**
**£**
101
52,320|
|**Resources**
**Expended**
**£**
(51,000)
(16,225)|**Transfers**
**£**
47,575
(47,575)|
|**Gains/**
**(Losses)**
**£**
-
347,465|**Balance**
**31.03.21**
**£**
69,114
1,775,716|
|---|---|---|---|---|---|---|---|---|
|Total
|1,512,169|52,421||(67,225)|-||347,465|1,844,830|
Unrestricted funds which are designated comprise of (1) Archaeology fund for the advancement of public education in the fields of archaeology; (2) Building fund for preservation and protection of buildings for the benefit of the general public; (3) Choral fund for the advancement of public education in the field of choir schools and associated music of such cathedrals, abbeys, colleges or similar institutions in England as are not already well endowed and which in the opinion of the Trustees are centres of excellence for such music.
**Endowment funds** . The Trust was established by an initial gift of £127,007 in April 1991 by Mr and Mrs Howard and later further sums left to the charity by Will since they had no children. The Trust does not actively fundraise but seeks to continue the charitable work desired by the donors through careful stewardship of its existing resources. The gifts were made to the charity held as an endowment fund, the income from which is freely available to fund the activities of the charity.
## **Funds by Asset**
|Investments
Cash at bank
Debtors
Creditors||**Unrestricted**
**Funds-**
**Designated**
**£**
-
2,500
-
(2,500)|**Unrestricted**
**Funds-**
**General**
**£**
-
74,514
-
(5,400)|**Unrestricted**
**Funds-**
**General**
**£**
-
74,514
-
(5,400)|**Endowment**
**Funds**
**Total**
**£**
**£**
1,769,765
1,769,765
-
77,014
5,951
5,951
-
(7,900)|**Endowment**
**Funds**
**Total**
**£**
**£**
1,769,765
1,769,765
-
77,014
5,951
5,951
-
(7,900)|
|---|---|---|---|---|---|---|
||||
||||
||||||||
|||-||69,114||1,775,716
1,844,830|
8