THE JOHN AND RUTH HOWARD CHARITABLE TRUST REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2022
Charity No: 1005072
THE JOHN AND RUTH HOWARD CHARITABLE TRUST
CONTENTS OF REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| Trustees Annual Report | 1- 2 |
| Independent Examiners Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 - 9 |
THE JOHN AND RUTH HOWARD CHARITABLE TRUST
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report with the financial statements for the charity for the year ended 31 March 2022. 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 FCCA 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.
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2022
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. All Trustees sign a Deed of Appointment. Potential Trustees are invited to observe at Trustee meetings and on appointment are given the latest financial statements.
The Trustees generally meet on a quarterly basis to consider the charity’s finances and to consider applications for grants.
Risk management
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
The trustees consider variability of investment returns on the permanent endowment to constitute the charity’s major financial risk and recent volatility in stock markets has demonstrated this this risk.
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
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: -
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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.
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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.
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d) 25% of the Trust income to any other charitable object or charity as may be chosen by the Trustees.
Grant making policy
The Trust has made grants totalling £87,645 to achieve its objects for the public benefit.
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Financial review
The Trust’s work is largely reliant on income from investments which form its endowments.
As at 31 March 2022 the unrestricted funds of the charity were £23,944 (2021 - £69,114).
Reserves policy
The Trustees maintain free unrestricted funds which are sufficient to meet the support and governance costs of the charity.
Future plans
The charity will continue to monitor its investments so that sufficient income is raised to be able to make grants in line with the charity’s objects.
Approved by the Trustees on 31/01/2023 and signed on their behalf by:
………………………………………….
Alexander Atchison –Chairman of Trustees
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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 2022, 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:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(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 FCCA MAAT Johnsons Chartered Accountants 1-2 Craven Rd London W5 5UA
Date: 31/01/2023
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2022
| 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 Total 2022 Total 2021 £ £ £ £ - 50,730 50,730 52,421 |
|---|---|
| - 50,730 50,730 52,421 |
|
| 87,645 - 87,645 45,000 - 10,185 10,185 16,225 6,000 - 6,000 6,000 |
|
| 93,645 10,185 103,830 67,225 |
|
| - 100,102 100,102 347,465 |
|
| (93,645) 140,647 47,002 332,661 48,475 (48,475) - - |
|
| (45,170) 92,172 47,002 332,661 69,114 1,775,716 1,844,830 1,512,169 |
|
| 23,944 1,867,888 1,891,832 1,844,830 |
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
BALANCE SHEET AS AT 31ST MARCH 2022
| 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 Signed on behalf of all the trustees on 31/01/2023 by: |
2022 £ 1,849,364 1,849,364 18,524 41,344 59,868 17,400 42,468 1,891,832 - - - - 23,944 1,867,888 1,891,832 |
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 | ||
............................................................... Alexander Atchison
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
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 (2021: £Nil).
There were no trustees’ expenses for the year (2021: £Nil).
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 (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 |
|
|---|---|---|
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THE JOHN AND RUTH HOWARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 (Cont'd)
| Note 5 | Creditors: Amounts Falling Due Within One Year Grants Trade creditors Accruals |
2022 £ 4,000 5,400 6,000 |
2021 £ 2,500 - 5,400 |
|
|---|---|---|---|---|
| 17,400 | 7,900 |
Note 6
Funds
| Unrestricted Funds Endowment Funds |
Balance 01.04.21 £ 69,114 1,775,716 |
Incoming Resources £ - 50,730 |
Resources Expended £ (93,645) (10,185) |
Transfers £ 48,475 (48,475) |
Gains/ (Losses) £ - 100,102 |
Balance 31.03.22 £ 23,944 1,867,888 |
|---|---|---|---|---|---|---|
| Total |
1,844,830 | 50,730 | (103,830) | - | 100,102 | 1,891,832 |
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
| Funds by Asset | ||||||
|---|---|---|---|---|---|---|
| Investments Cash at bank Debtors Creditors |
Unrestricted Funds- Designated £ - 4,000 - (4,000) |
Unrestricted Funds- General £ - 37,344 - (13,400) |
Endowment Funds Total £ £ 1,849,364 1,849,364 - 41,344 18,524 18,524 - (17,400) |
|||
| - | 23,944 | 1,867,888 1,891,832 |
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