THE JOHN AND RUTH HOWARD CHARITABLE TRUST REPORT & ACCOUNTS YEAR ENDED 31 MARCH 2023 Charity No: 1005072
THE JOHN AND RUTH HOWARD CHARITABLE TRUST CONTENTS OF REPORT AND ACCOUNTS YEAR ENDED 31 MARCH 2023 Page Trustees Annual Roport Independent Examiners Roport Slatement of Flnanclal Actlvltlos Balance Shoot Notes to thg Financlal Statements 7-10
THE JOHN AND RUTH HOWARD CHARrrABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees wesent thelr report with th6 financial statements for the charity forthe yearended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Pr8clice applicable to charilies preparing their accounts in accordance with Ihe Financial Reporting Standard applicable tn the UK and Republ1¢ of Ireland {FRS 1021 (effective 1 January 2019). Ref•ren¢e and admlnlslrative informailon Rogistor•d charity number: 1005072 Prlnclpal addross 183 Uxbtidge Road London W139AA Alexander Atchison {Chair> Vanda Foster Susan Ingall Margaret Majurndar Florence Pinaud (Resigned 12 March 2023) John Halsey Indopondent Examlnor Edmund Cathright FCCA MAAT Johnsons, Chartered Accountants Ground Floor 1-2 Craven Rd London W5 2UA Bankers CAF Bank Lld 25 Kings Hill Avenue. West Malling Kent ME19 4JQ Investment managers Charles Slanley & Co. Limited 55 Bishopsgate London EC2N 3AS truGture Governance and Mana ment Govemin documen The John and Ruth Howard Charitable Trust 18 an unincorporated registered charity and is govemed by a deed of trust dated 24 April 1991. The Tnjst was estsblished by an initial grfi of £127.007 in April 1991 by Mr and Mrs Howard and later further sums left to the charty by Will since they had no children. The Trust does not actively fundraise and seeks to continue the Gharitable worf( desired by the donors through careful stewardship of its existing resources.
THE JOHN AND RUTH HOWARD CHAIUTABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Recruitment and intmellt of new trnstees The Trust deed provides for a minimum of four Trustees and a maximum of Six Trustees. Apart froTn th¢ first Trustee4 every Trnstee is appointed by a sOlUtion of the Trustees. A new trust¢¢ may be appointed by a resolution of the truste¢s. All Trnstees sign a De of Appointrlent. Potential Trust¢cs are invited to observe at Tnle¢ meetings and on appointm¢nt are given Ihe lalesl financial statements. The Trustees generally meet on a regular basis to consider the charity's finances and to ¢onsid¢r applications for grants. Ri$k manyd ement The Truslees have consid¢red the major risks io whith the charity is exposed and have reviewed those risks and established rystems and procedures to manage thos¢ risks. The trustees consid¢r variability of investment retsjn on the pefflnent endowment to constitute the Charity's major financial risk and recent volatility in stock markets has demonslrated this risk. Princi al risk and uncertainties The principal risk io the charity is the fluctuation in the market value of its investments. The charity's investment manager Charles Stanley monitors the perfonnanc¢ of the investments in order to maximise the return on invesiments. Ob"ecdves and 2Ctlvities The four tharitable objects of the Trnst. as desired by John and Ruth Howard and slightly altered by the Charities Commission at the tim¢, are as follows: _ a) 25 % of the Trust income for the advancement of public education in the field of Archaeology. b) 250/0 of the Trust incorne for preservation and protection of buildings for the benefit of the general public. ) 250/0 of the Trnst incom¢ for the advancement of publi¢ education in the field of Choir Schools and associated music of such Cathedrdls. Abbeys. Colleges or similar institutions in England as arc Iiot already well endowed and which in the opinion of the Trustees are centres of excellence for such musi¢. d) 25 % of the TTUSt income to any otber charitsble objrtt or cllarity as may k chosen by the Trustees. Achievements and rforniance The charity made grant payments to 22 organisations during the yeartotalling £57,000 towards its charitable objective$.
RECEIVED 28 OCT 2024 THE JOHN AND RIThH HOWARD CHARrrABLE TRUST TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023 Financial rovi•w The Trust's work is largely reliant on income from investments which fom its endowments. The value of the endowment decreased mainly due to the loss on revaluatlon of investments exceeding the incomè generated. Reserves The Trustees maintain free unrestrlcted funds which are sufficient to meet the support and governance ¢osts of the charty. At 31 March 2023 the unrestricted funds of the charity were £41.295 and these are regarded as the free reseThes of the charty at that date. Futuro The charty will continue to monilor its investmènts so that sufficient income is raised to b8 able to make grants in line wtth the charity's objects. Approved by the Trugtees on ... ..£31ipl.*....... .and signed on their bgh8W by.- Alexander Atchison -chair of Trustees
Independent Examinerfs Report to the Trustees of The John and Ruth Howard Charltable Trust I report to the trustees on my exarn1natn of the account5 of The John and Ruth Howard Charrtable Trust (the Trust) for the year ended 31 March 2023, vthich are set out on pages 4 to9. Rosponslbllltles and basls of report As the charity trustees of the Trust YOU are responsible for the pparatIon of the accounts in accordance with the requirements of the Charities Act 2011('the Act,). I rewrt in respect of my examination of the Trusfs accounts carried under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable D1ctionS glv8n by the Charity Commission urKler section 145{5)(bl of the Act. Independent oxamlnorf$ $tat8ment I have completed my examination. l Confim that no material matters have come to my attention in connection with the examinalion giving me cause to believe that in any materlal respecL {1) accounting recor(Is were not kept in respect of the Trust as required by section 130 of the Act; or (2) the accounts do nol accord with those records: or (3) the accounts do nol comply with the applicable requirements conceming the form and content of accounts set out in the Ch8rities (Accounts and Reports) Regulations 2008 othèr than any requiremenl that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no con¢ems and have come across no other matters in connection with the ex8minatlon to which attention should be dralvn in this report in order to enable a prop8r understanding of the accounls to be reached. Edmund Cathright FCCA MAAT Johnsons Chartered Accountants 1-2 Craven Rd London W5 SUA Date: 8th November 2024
THE JOHN AND RUTH HOWARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account) FOR THE YEAR ENDED 31ST MARCH 2023 Unrnstrl¢ted Endowment Funds Funds Total 2023 Tot•1 2022 Notès Incomin Resources In¢omlng rssour¢8s from g•n•rat•d funds: Investmant income 105 84.282 Total in¢omlng r•8ource8 105 84.387 50.730 gsources Ex ndèd Cost of charil8ble activite5 57.000 57.000 87,645 Costs of generating lunds 3,196 12,333 15,529 10.185 Support costs Totsl resources expeThJgd 6,450 6.000 Net gan(losses) on investments Net Incomel{•xp•nditur•) 100.102 {86.541) (22,263) IW8041 47,002 Transfers belw88n ILmds 83.892 83,892 Not mov•m•nt In funds 17,351 <106,155) 88.8041 47,002 R•conciliation of funds: Total funds brought forward 23,944 1.867.888 1,891,832 1,844.830 Totsl funds rrIed forward 1761733 1.803.028 1.891.832
THE JOHN AND RUTH HOWARD CHARITABLE TRUST BALANCE SHEET AS AT 31ST MARCH 2023 Note 2023 2022 Fixed Ass•ts Investments 1,755211 11 1.849,4 Current Assets Debtors Cash at b8nk Total Curront Assets 6,522 56,435 62.957 18,524 41,344 59,868 Creditors: amounts falling due thin one ye8r 1S,140 17.400 Net Current Assets 47,817 42.468 Net A880ts 1803 028 1891832 The Funds of tho Charlt UnrestrScted Income Funds-De81 natsd Archaeology fund Building fund Choral fund Total Unrt¢ Funds-Designatèd 5trlcted Income Fund Gèneral fund 41,295 23,944 Endow Funds 1,761.733 1,867,888 Total Funds 1803 028 Signed on beh8K of all the Iruslees on -by.. Alexander Alchison Chair of Trustees
THE JOHN AND RirrH HOWARD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Note 1 Accountlng policies Basis of ration of the acGounts The financial statements have been prepared under the historical cost convenllon, as mt)dffied by the revaluation of investments, in accordance with Ihe Charities SORP {FRS 102) 'AUntIng and Repjrting by Charities: Slatement of Recomm8nded Practice applicable lo charities preparing their COUnts in a¢xordance with the Financial Repoiting Standard applirxble in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019),. Incomin re80urce$ l incoming resources are recognised once the Charty has entitlement to the resourc8s. it is certain that the resources will be recewed and the mon6tary value of the incoming resources can be measured wih sufvient reliability. Resour(%s ex nded Liabilities are recognised as resources expended as soon a8 there is a legal or constructive obligation MMItt1ng the charity to the eXndItU. All expenditure has been cla&sified under headings that aggregate all wsts related to the category. Accruals ba8iS All income and expénditure Is CoUnted for on the accNals bask8. Taxation As a non-proflt making body. the Gharity believes that it IS exempt from al forms of taxation other than Value Added Tax (VAT). The charity does not make taxable supplies of goods or seiceS and is thefOre not requKed to be registered for VAT. It is thus not able to recover input tax, where this is ¢harged, and this tax is included within the Trlevant items of 8xp8nditure. Investment income is made up of income from investments and bank det*)8it interest. Cost of tivitie Costs of charitabl8 activities include grants made and an apportionmerrt of support costs. Costs of ner8tin ndS The costs of generating funds consist of investment management costs, bank charges and sundry expenses. rt costs Support costs Include the ntral office functions such as govemance costs, general management and accounting.
THE JOHN AND RUTH HOWARD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 {Cont'dl Note 1 Accountlng policies IGontinued) Fixed asset investments Investrnents are ststed al market value as at the Balance Sheet date. The Statement of Financial Aclivities includes the net gains arKJ losses arising on th8 revaluation and disposals of investments throughout the year. Gains and losses on investments All gains and losses are taken to the St8tement of Financial Activities as Ihey arfse. Realised gains and losses on investments are based on Ihe difference between the sale proceeds and opening Maet value (or purchase dat8 if acquired during the year). Unreali5ed gains and losses are cal¢ulated as the differencè b8tween the market value at the year-ènd {or purchase dale If acquired during the year). Realised and unaliSed gains or losses are not shown separately in the Statement of Financial AGtivities. Note 2 Trustees, r•muneratlon and related party transactlons There were no trustees, remuneration or benefrts for the year12022.' £Nil). There were no trustees, oxpenses for the year (2022= £Nil). Susan Ingall works for Vickers and Co. solicitors who charged a fee of £3,08012022'. £Nil) during the year for administrative servlces provlded to the charity.
THE JOHN AND RUTH HOWARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (Cont'dl Note 3 Expenditure The charity has analysed its resources on the bas5 provided by the Charities SORP IFRS 1021. The items of expondilure are Summ58d lOw. 2022 Costs of charltable actlvltl•s Grants pald: Ahae91OgY Buildings Choral General 25,000 14,645 34,500 13.500 19.000 10,000 28,000 57,000 Grants to institutions 57,000 87.645 2023 2022 3b Costs of 9onor•tlng funds Investment portfolio management fees Offke & admlnistrative services Bank charoes Sundry expenses 12.333 3,080 116 9,931 116 10.185 2023 22 Support ¢o#t¥ Govem8nce costs.. Independent examiner's fee and aCCntancY fee Independent examinerf5 fee and accounts - prior year und8r.provision 6,000 6,000 6,000 Note 4 Flx•d Asset Investment8 Movement In Ilxgd •u•t inv•stments 2023 2022 Market value brougm foN8rd Additions at cost Disposal prOed5 Adjustment to Cost Gainl{loss} on r8v8luation and dispos8ls-change Matl(el valu8 carried forward 1.849,364 31,358 {30.354} 1945) 94,212 1,755,211 1,769.765 57,559 162.7101 2,107 82.643 1.849.364 Investments at mark•t value breakdown: 2023 UK Equities Inlemalional Equities Real Estate Investment Trusts Mixed Investment Funds Allemab'ves 1.131.098 519,454 46,667 26,362 31,630 1,226.783 502.490 50.225 27,839 42.027 1755 211 1.849.364
THE JOHN ANO RUTH HOWARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 Icont'd) Note 5 Debtors: Amount8 Falling Due Within On• Yur 202 2022 Other debtors 6.522 6,522 18,524 18,524 Note 6 Cr•ditors: Amounts Falllng Duo Wllhln On• Yoar 2023 2022 Grants Trade creditors rual$ 4,000 5,400 6,000 17,400 15,140 15.140 Not• 7 Movomont In Funds Balance 01.04.22 Incomlng Resources Gainsl Lossos Balance 31.03.23 Vnre$lricled Funds Endowment Funds 23,944 105 (67,0861 83.892 40,855 1867 888 84.282 83,892 1 761,733 Total 1891832 79,419 1.802.588 Vnrestricl8d funds which are designated comprise ofr. 111 Archaeology fund for the advancement of publSc education in the fields of ar¢haeology'. 121 Building fund for preseNalion and protection of buildings for the benefit of the general public.. 31 Choral fund for the advanc&menl of public education in Ihe field of cholr schools and associated music of such cathedrals, abbeys, colleges or similar instilutions in England as are not already well endi)wed and ¥hich in the opinion of the Trustees are centres of 8xc8llence for such music. Endowmfrnl funds. The Trust was e51abli5hed by an iniiial gift of £127,007 in April 1991 by John and Ruth Howard and later further sums left to Ihe charity by Will since they had no childr8n. The Trust does not actively fundr8ise bul seeks to continue the charitable Vrk desired by the donors through carefijl stewardship of its exbsting resources. The grfts were made to the chartty held as an endownent fund. the income from which 15 freely available lo fund the activities of the charity. Note 8 Funds by Asset nrastrl Fun Unrestricted Fund5- Genoral dow Funds Investments Cash at bank Debtors Creditors 1,755.211 1,755,211 56,435 6,522 (15.1401 56.435 6.522 (15.1401 1761733 1803028 io