THE HOWARD FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2023
THE HOWARD FOUNDATION Charity Registration Number.. 1009144 Head Office- 93 Regent Street, Cambridge, C82 IAW Banker5'. Bank of Scotland, 600 Gorgie Road, Edinburgh, EHII 3XP Independent Examiner: The trustees present their report and the accounts for the Charity for the year ended 31 December 2023. l. Objectives The Trustees, statement of objectives is as follows.. 'The Howard Foundation gives financial aid to a number of local, national and international organisation5. The trustees adopt a gospel-centred approach supporting evangelistic outreach, health and educational work. 2. Organisation: The Charity was formed by a Declaration of Trust made on 22 January 1992. The Trustees passed a resolution on 9 July 2024 adopting a new Deed of Amendment and Restatement which was approved by the Charity Commission on 31 July 2024. 3. Review of Activity during the year. The trustees are grateful for donations of £125,000 received in the year. Several grants were made as listed in the accounts. The Foundation owns 5,597 Ordinary shares and 167,910 Preference shares in Howard Investment Company Ltd. It also owns 133 ordinary shares and 1,330 'A' redeemable preference shares in Howard Ventures Ltd. 4. Investment and Reserves Policy In view of the fact that applications for grants could be received at any time, the Trustee5 maintained their policy of leaving any monies that it held on deposit at the Foundation's bankers. All funds are unrestricted and the Trustees have no designated funds. 5. The Trustees during the period under review were: G.E.O. Howard C.L.E.M. Bewes S. Midgley C.C.R. Bewes ON BEHALF OF THE TRUSTEE5: G.E.O HOWARD
(HARITY COMMISSION I Independent examiner's report on the FOR ENGLAND AND WALES accounts Report to the trustees The Howafd Foundation On ac¢ounts for the year 31 December 2023 ended Charity no 1009144 lif any) Set out on pages 4-9 I report to the trustees Dn rny examination of the accounts of the above Gharity {'Ihe Trust") for the year ended 31 Decèmber 2023. Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts In accordance wilh Ihe requiTemerrts of the Chanties Act 2011 I the Act") I report in respect of my examination of the Trust's accounts carried oul undei seGlion 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 14515){b) of the Ad. Independent I have completed my examination. I confirm that no material matters have examiner's $Litèment come to my attention In connection with the examination which gives me cause to believe that in, any material respect.. the accounting records were not kept in accordan with section 130 oflhe Charrt5 AGt, or the accounts did nol aGcord with the acccunling records. or Ihe accounts did nol comply with the applicable requireMeftl* concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter nSIder as part of an Independent examination. I have no concems and have come across no othw matter5 in connecti¢ with the examInatn to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached Signed Date ., 1 October 2024 Name . KA Haddow Rolevant professional qualification FCA AddFe88 24 Mingle Lane Stapleford Cambs
The Howard Foundation - Charity No. 1009144 Annual accounts for the year Ènded 31 Decernber 2023 Stattrrnent tsf ftnancial activities RestriGted income fund8 Unrestrieted funds Endowm8nt Total thls fund$ year D08criptions by natural category Notes Total last year Incomlng resources Donations,18gacie$ and Grants Oividends Received Interest R&cÈived F01 125.000 13.993 588 139,581 F02 F03 125.000 13.993 588 139,581 125.000 15.000 26 140,026 Total Incorning resources Resources oxp8nd&d Donations and Grants Legal and professional fe8s 160.627 3.191 163.818 24,2371 124,2371 626.833 160,627 3,191 163,818 124.2371 124.2371 626.833 118,878 4,148 123,026 17,000 Total r8source$ expended Net {outyoingyin¢oming r&sources Netmovementin funds 17.000 609,833 Total funds brought foard Total funds carrled fonyard 602.596 602,596 626.833 The Howard Foundation Charity Number .' 1009144
Balance sheet Note Total this year Total last year Fixed assets Investments 536,802 536,802 536,802 536,802 Total fixed assets Current assets Cash at bank and in hand 65,794 65,794 90,031 90,031 Total current assets Net current assets 65,794 90,031 Total assets less current liabilities Net assets 602,596 602,596 626,833 626.833 Funds of the Charity Total unrestricted funds 602,596 626,833 Total funds 602,596 626,833 Slgned by G.E.O Howard on behalf of all the trustees Signature Date of approval The Howard Foundation Charity Number .' 1009144
Notes to the accounts Note 1 Basis of preparation 1.1 Basis of accounting The accounts {financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise slated in the relevant notels} to these accounts. The financi81 statements have been prepared in accordance with Ihe second edition of the Charities Statement of Recommended Practice issued in October 201 g, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The trustees consider that there are no material uncertanties about the Trust's ability to continue as a going concern. The Howard Foundation Charity Number - 1009144
Notes to the accounts Note 2 Accounting policies INCOMING RESOURCES Recognition of incoming rèsources These are inclLtded in the Statement of Financial Activities ISOFAI when- the charity becomes entitled to the resources., the trustees are virtually eertain they will receive the resoLJr¢es,' and the monetary value can be measured with sufficient reliability. Where incoming resources have related expenditure las with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA. Grants and donations are only included in the SOFA when the Charity has unconditional entiuemenl lo the resources. Incoming resources with related expenditure Grants and donations Tax reclaims on donations and gifts Contractual income and performance related grants Incoming resources from lax reclaims are included in the SOFA al the same time as the gift to which they relate. This is only included in the SOFA once the related goods or services have been delivered. Gifts in kind Gifts in kind 8re accounted for at a reasonable estimate of their value lo the charity or the amount actLJally realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources wh6n reeeivable. These are only included in incoming resources Iwilh an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and malerial. The value placed on these resources is the estimated value to the charity of the service or facility received. The value of any voluntary help received is not included in the accounts bul is described in the Iru5tees' annual report. Donated services and facilities Volunteer help Investment Income This is included in the accounts when receivable. Investment gains and los$o$ This includes any gain or loss on the sale of investments and any gain or loss r8sulting from revaluing investments lo market value at the end of the year. EXPENDITURE AND LIABILITIES Liabllity recognltlon Liabilities are recoonised as soon as there is a legal or constructive obligation committing the charity lo pay out resources. Where the charity gives a grant wlh conditions for ils payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the g¥anl has provided the specified service or oulpul. These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Grants wlth perfomian¢e conditions Grants payable without performance conditions ASSETS Tangible fixed assets for use These are capitalised if they can be used for more than one year, and cost al least £500. by charity They are valued 8t cost or a reasonable value on receipt. Investments Investments quoted on a recognised stock exchange are valued al market value al the year end. Other investment assets are included al trustees, best estimate of market value. Stocks and work in progress These are valued al the lower of cost or market value. The Howard Foundation Charity Number .' 1009144
Notes to the accounts Note 3 Grantmaklng Grants to institutions Grants to individuals This Year Last Year Purpose for which grants made Support of evangelistic outreach, health and educational work 160,627 160,627 118,878 Total 160,627 160.627 118,878 Grants made Total amount of grants paid £ Narnes of institutions Arbury Road 8aptist Church Azalea Barnwell Baptist Church BCUK Bron & Colin Cleaver CCHP (Sophie Young) Cambridge & District Youth for Christ Chrlstianity Explored Cornerstone Church Crgwe Festim & Elisabeta Hoxhaj Friends International (Josh Bell) George Whitfield College (Thapelo Khumalol GgnR8 Grace Church Porthcawl Home for Good Hope into Action IFES IPC UK Izac Leach) Japan Christian Link IPhilip Glass) JBC Jesus Lane Trust Just Love Kick London Living Keys Mission Macedonia Oak Hill Ridley Hall Romsey MS11 Souster Youth Trust St Andrew's Kendray St George's Church Chesterton St Matthew's Church Cambridge St Neots Evangelical Church St Paul's Harringay (Ben Robinsonl St Peter'$ Fulham (Becca Taylor} St Peter's Fulham {Chloe Yeadonl Terrington St Clement Transformations Leeds Trinity Church Central London Trinity Church Salisbury Youthscape Totsl rants lo institutions 2,000 2,000 6,000 4,000 1,500 5,000 7,752 3,000 2,500 4,500 4,500 3,000 4.000 1,000 5,000 2,300 1,000 4,000 2,500 1,000 6,000 3,750 1.000 4.700 3,000 10,000 1,500 4,000 2.500 8.000 875 3,000 2.500 3,000 3,750 750 3,500 11,000 9,500 8,000 3,750 160,627 The Howard Foundation Charity Number '. 1009144
Nc>tes to the accounts Note 4 Investment assets Flxed a$$ets Investments This year Last year Carrying value al beginning of year Addlldeductl- nel gainlllossl on revaluation Carry'ng value al end of year 536,802 536,802 536,802 536,802 Analysis of investments Value at year end Value at year end Securities not listod on a reco9nlsod Stock Exchang 536,802 536,802 Total 536,802 536,802 Material investment holdings Value at year end Value at year end Investm&nt held 5.597 Ordinary Shares in Howard Investment Company Limited 167.910 Preference Shares in Howard Investment Company Limited 133 £1 Ordinary Shares in Howard Ventur&s Limited 1330 £1 A Redeemable Preference Shares in Howard Ventures Limited Total 365,812 167,910 2,015 1,064 536,802 365.812 167.910 2,015 1,064 536,802 The Howard Foundation Charity Number .' 1009144