Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7B-764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARtrY No. 1005072
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST CONTENTS Page Reference and Administration Details Trustees, Report Independent Examinels Report Statement of Financial Activities Balance Sheet Notes to the financial statements
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7B-764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 MARCH 2025 Registered charity number 1005072 Trustees Alexander Atchison (Chair) Susan Ingall Margaret Majumdar John Halsey Principal address 183 Uxbridge Road London W139AA Independent examiner Helen D'monte Broadfield Law UK LLP One Bartholomew Close London EC1A 7BL Accountants & legal advisers Broadfield Law UK LLP One Bartholomew Close London EC1A 7BL Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4LQ Investment managers Charles Stanley & Co Limited Ropemaker Place 25 Ropemaker Street London EC2Y 9LY Page 1
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report and accounts for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out on note 1 to the accounts and comply with the Chariws trust deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practice) and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). Introduction The John and Ruth Howard Charitable Trust (the trust) was created by a deed 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. Activities, Specific Objectives and Relevant Policies Activities and specific objectives The four charitable objects of the trust. as desired by John and Ruth Howard and slightly altered by the Charity Commission at the time, are as follows.. (al 25 % of the trust income for Ihe advancement of public education in the field of archaeology. (bl 25Yo of the trust income for the preservation and protection of buildings for the benefit of the general public., Icl 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 excellen for such music- and (dl 250/0 of the trust income to any other charitsble object or charity as may be chosen by the trustees. Objectives and activities for the public benefit The trust's sole activity is making grants to charitable organisations, fulfilling their aim to help people and the society they live in. The Trustees have had regard to the Charity Commission's guidance on public benefit. The charity's aims are far-reaching and for the public benefit. The Trustees are confident that their public benefit duty is fulfilled the Trustees also consider that there is no detriment, harm or private benefit that arises from carrying out the charity's aims. Grant making policy and aims The trust has established its grant making policy to achieve its objects for the public benefit and in order to award funding, the trustees carry out research as to which organisations have the impact. Achievements and Performance Review of activities In the year, the trust received investment income of £65,041 (2024: £63,427) and grants of £55,000 were awarded (2024.. £90.000). Page 2
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Achievements and Performance (continued) Incoming resources The total incoming resources in the Unrestricted Fund for the year ended 31 March 2025 were £65,041 {2024'. £63,427). Expenditure Resources of £78,313 were expended during the year (2024: £106,468). Support costs were £7,200 {2024.' £3,540). Charitsble grants of £55.000 were committed during the year (2024.. £90,000) and costs of raising funds were £15,613 {2024.' £12,928). Financial Review Results for the year The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations. 1 Cash held al the year end was £43,870 {2024= £32,601). 2 Investment values have decreased by £27,987 (2024.. increase of £64.113). Details of the movements are shown in note 7. 3 Total Funds have decreased by £29,747 (2024.. increase of £35.942). The Statement of Financial Activities shows the movement in detail. Reserves Policy and going concem The trustees maintain free unrestricted reserves funds which are sufficient to meet the support and govemance costs of the charity. At 31 March 2025 the unrestricted funds of the charity were £4,991 {2024: £9,561) and these are regarded as the free reserves of the charity at that date. The trustees are of the view that the trust is a going concem. Investment Policy The investment advisors are instructed to invest in a portfolio vthich will provide the Optimum weld by way of capital appreciation and income consistent with reducing risk to a minimum. Governance, Structure and Management Appointment of trustees and trustee induction and training The trust 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. Potential trustees are invited to obseNe at trustee meetings and on appointment are given the latest financial slalements. The trustees meet on a regular basis to consider the charitys finances and to consider applications for grants. Risk Management The Trustees have considered the major risks to which the charity is exposed and believe Ihat appropriate action has been taken to mitigate these risks. The Trustees will continue to keep the adequacy of the systems under review. Page 3
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Governance. Structure and Management (cont.) Risk Management (cont.) 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 that risk. The charitWs investment manager, Charles Stanley. monitors the perfomiance of the investrnents in order to maximise the retum on the investments. Future plans The trustees will continue to monitor the investments so that sufficient income is raised to be able to make grants in line with the trust's objects. The Trustees. Report was approved by the Board of trustees and signed on their behalf by.. SvJDed by.. YJ02A3737S78427.. Alexander Atchison Chair of Trustees 211112026 Dated.. Page 4
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 2025, which are set out on pages 5 to 11. Responsibilities and basis of report As the charity trustees of the tmst. you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Act 2011 {Ihe Acr). I report in respect of my examination of the trust's accounts carried out under Section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable direclions given by the Charity Commission under Section 145{5){bl of the Act. Independent examinerfs sL*ement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination qivinq me cause to believe that in any material respect- (a} accounting records were not kept in respect of the trust as required by section 130 of the Act,. or (b) the accounts do not accord with those records., or (c} the accounts do not comply wth the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008, other than any requirement that the accounts qive a Irue and fair Vie which is not a matter considered as part of an independent I have no concems and have come across no 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. br. O'rtdL 14 Helen D'monte Broadfield Law UK LLP One Bartholomew Close London EC1A 7BL 211112026 Dated: Page 5
Docusign Envelope ID.. D9C2ABSA-2cF44789E7B-764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Expéndablé Notes Unrastrlct8d Endowment Funds Fund Expendable Endowment Fund Unrestrict8d Fund Total Total Income from: Investments, incoTne and inlerest receivable 65,041 65,041 63,427 63,427 Total Income 65,041 65,041 63,427 63,427 Exp8ndlture on: Raising funds Charitsble activities 3,076 62,700 12,537 15,613 62,700 1,258 93,540 11,670 12,928 93,540 Total expendlture Net Income I lexpendltur8) 65,776 12,537 78,313 94,798 11,670 106,468 (735> {12,537> (13,272) 131,371) 111,6701 143,0411 Gains Ilossesl on investments <16,475> <16,475) 78,983 78,983 (735> {29,012> {29,747) 131,3711 67,313 35,942 Gross Iransfers betW88n funds (3,835) 3,835 (363) 363 Net movement in funds (4.570> {25.177) {29.747) 131,734) 67,676 35,942 Reconciliation of funds: Total funds brought forward 9,561 1,829,409 1,838,970 41,295 1.761,733 1,803,028 Total funds carrled forward 4,991 1,804,232 1,809.223 9,561 1,829,409 1,838,970 The notes on pages 8 to 11 form part of thesé financial statements. Page 6
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 Notes 2025 2024 Fixed Assets Investments 1.791,337 1.819,324 Current Assets Debtors Cash at bank Current Assets 12,895 43,870 56,765 10,085 32,601 42,686 Less: Current liabilities Creditors 38.879 23,040 Nel Current Assets 17,886 19,646 Total Net Assets 1.809.223 1,838,970 Funds of the charity: Unrestricled Fund Expendable Endowment Fund 4.991 1.804,232 9,561 1,829,409 1,809,223 1,838,970 The notes on pages 8 to 11 form part of these financial statements. The accounts and balance sheet were approved by the trustees on 211112026 Authorised to sign on behalf of the trustees: Swd by. Trustee Page 7
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting Policies Basis of accounting The financial statements have been prepared in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. Having assessed the Charity's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on a going concern basis. Funds Unrestricted Funds comprise those funds which the trustees are free to use in accordance with Ihe charitable objects. The Expendable Endowment Fund represents those assets which are held for the longer tem) for the Trust, in accordance with the temis of the Trust deed. Income arising on the Expendable Endowment Fund can be used in accordance with the objects of the Trust and is included in the Unrestricled Fund. As an Expendable Endowment, capitsl can also be spent in Gertain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund fomi part of the Fund. Investment income Income from interest is recognised when receivable. Dividends are recognised when the shareholder's right to receive payment is established. although at the year end rf the dividend is due but nol received (i.e. it is "ex-dividend") it is not included in these accounts, il will be shown in the subsequenl year when reived. Some investments accumulate dividends. As these are added to Ihe undedying holding and not paid out (to use for charitable purposes). they are not shown in these accounts. Charitable expenditure A liability and related expenditure is recognised when there is a legal or constructive obligation at the balan sheet date as a result of a past event.. that it is likely to be selued and that it can be measured or estimated reliably. Charitable expenditure represents those costs incurred by the charity in providing grantsldonations to its beneficiaries. It includes both amounts directly paid to the beneficiaries and management and administration costs necessary to support them. Grants are recognised when the trustees have made a decision to make a payment and that decision has been communicated to the recipient and it is probable that payment will take pla. However, the recognttion of any liability will be deDendent on anv conditions attachino to the commithient. Investments Quoted investments are included at market value at the Balance Sheet date. Realised and unrealised gainsllosses on investments Realised gainsllosses on the disposal of investments are calculated by reference to the market value of those investments at the start of the accounting period or. if purchased during the accounting period, the cost of acquisition. Unrealised gainsllosses reflect the increaseldecrease in value during the accounting period of investments held throughout that period or, in the case of investments purchased during the accounting period and still held at the end of the period. the increaseldecrease in value compared to their acquisition cost. Going concern The accounts have been prepared on the going concem basis. Page 8
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2 Investments 2025 2024 Income from listed investments Bank and Brokerfs interest 64.809 232 63,303 124 65,041 63,427 3 Costs of generating funds 2025 2024 Charles Stanley investment management fees Custody fees Office and administrative services Independent examinerfs fee and accounts - prior year {over)l underprovision Bank charges Sundry 12,477 60 3,000 11,626 44 1,568 {4401 86 44 76 15.613 12,928 4 Charitable activities 2025 2024 Grants {4.11 Support costs {4.2} 55,500 7,200 90,000 3,540 62.700 93,540 4.1 Grants payable 2025 2024 Archaeology Buildings Choral General 8,500 6,500 18,500 22.000 13,000 19,000 23,000 35,000 55,500 90,000 4.2 Support Costs 2025 2024 Independent examiner's fee and accounlancy fee Independent examiner's fee and accounts - prior year (overllunderprovision 5,400 1.800 3,600 (601 7.200 3,540 5 Trustees and related party transactions None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity, no trustee expenses have been incurred nor have there been any related party transactions in the reporting period that require disclosure (2024 also £nil in all cases). The Charity had no employees in the year {2024 - nil). Page 9
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6 Employees There were no employees during the year or the previous year. 7 Fixed asset investments 2025 2024 Movement in investments= Market value brought fomard Additions Disposals Realised and unrealised gainsl {losses) 1.819.324 26,116 {37,628) (16,475) 1,755,211 20,137 135,0071 78,983 Market value carried forward 1,791,337 1,819,324 Cost at 31 March 2025 796.451 805,657 8 Debtors 2025 2024 Other debtors 12,895 10,085 12,895 10,085 9 Cash at bank and in hand 2025 2024 Cafcash Vickers Client Account 43.870 29,639 2,962 43,870 32,601 10 Creditors 2025 2024 Grants Accruals 27,500 11.379 13,500 9,540 38.879 23,040 11 Reserves Expendable Unrestricted Endowment Funds Fund Total 2025 Balance brought forward, 1 April 2024 Incorne Expenditure Gainsl Ilossesl on investments Transfers between funds 9.561 65,041 (65,776) 1.829.409 1.838.970 65,041 {78,313) {16.475) (12,537) (16.475) 3.835 {3.835} Balance carried forward, 31 March 2025 4,991 1,804,232 1,809,223 Page 10
Docusign Envelope ID.. D9C2AB5A-2CF4478D-9E7&764B91ADEACB THE JOHN AND RUTH HOWARD CHARITABLE TRUST NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11 Reserves {cont.) Expendable Endowment Fund Unrestricted Funds Total 2024 Balance brought forward, 1 April 2023 Income Expenditure Gainsl Ilossesl on investments Transfers between funds 41.295 63.427 194.7981 1,761,733 1,803,028 63,427 1106,4681 78,983 {11,6701 78,983 363 (363) Balance carried forward, 31 March 2024 9.561 1,829,409 1,838,970 12 Net assets between funds Expendable Unrestricted Endowment Funds Fund Total 2025 Fixed assets Current assets Current liabilities 1.791.337 12.895 1.791.337 56,765 {38,879) 43.870 {38,879) 4,991 1,804,232 1,809,223 Expendable Endowment Fund Unrestricted Funds Total 2024 Fixed assets Current assets Current liabilities 1,819,324 10,085 1,819,324 42,686 123,0401 32,601 {23.040) 9.561 1.829.409 1,838,970 13 Taxation The John and Ruth Howard Charitable Trust is a registered charity and is potentially exempt from taxation in respect of income and capital gains within the categories covered by Part11 of the Corporation Tax Act 2010 or Section 256 ofthe Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes. Page11