THE HOWARD FOUNDATION REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024
THE HOWARD FOUNDATION Charity Registration Number: 1009144 Head Office: 93 Regent Street, Cambridge, CB2 IAW Bankers- Bank of Scotland, 600 Gorgie Road, Edinburgh, EHII 3XP Independent Examiner: FCA l+ Ai>J¥£ &W&, STATh&Fc, cMI£ The trustees present their report and the accounts for the Charity for the year ended 31 December 2024. l. Objectives The Trustees, statement of objectives is as follows: 'The Howard Foundation gives financial aid to a number of local, national and international organisations. 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 Trustees 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 TRUSTEES: G.E.O HOWARD
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Report to the trustees The Howard Foundation On accounts for the year ended 31 December 2024 Charity no (If any) 1009144 Set out on pages I report to the trustees on my examination of the accounts of the above charity (Ihe Trust.) for the year ended 31 December 2024. Responsibilities and As the charitys trustees, you are responsible for the preparation of the basis of report accounts in accordan with the requirements of the Charities Act 2011 ('the Act"). 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 all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent I have completed my examination. I confirm that no material matters have examiner's statement 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 accordance with section 130 of the Charities Act", or the accounts did not accord wtth the accounting records" or the accounts did not comply with 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 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. Signed Date 15 July 2025 Name KA Haddow Relevant professional qualification FCA Address 24 Mingle Lane Stapleford Cambs
The Howard Foundation - Charity No. 1009144 Annual accounts for the year ended 31 December 2024 statement ol financial activities Restrfcted Income funds Unrestricted funds Endowment Total thls funds year Descriptions by natural category Total last year Incomlng msourcts Donations. legacies and Grants Dividends Received Interest Received F01 125,000 15,000 593 140,593 F02 F03 125,000 1 S.000 593 140.593 125,000 13.993 588 139.581 Total incomlng resourcgs R•sources expended Donations and Grants Legal and professional fees 1e5,664 165.664 160,627 3,191 163,818 24,237 Total resources expended 165.664 25.071 165.864 25,071 Not foutyoingylncoming re50uroes Al•t movementin funds 25,071 602.596 25,071 802,596 Total funds brought forward 626,833 Total funds carrled forward 577.525 577 525 602 596 The Howard Foundation Charity Number '. 1009144
Balance sheet Note Totsl 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 40,723 40,723 65,794 65,794 Total current assets Net current assets 40,723 65,794 Total assets less current liabilities Net assets 577,525 577,525 602,596 602,596 Funds of the Charity Total unrestricted funds 577,525 602,596 Total funds 577,525 602,596 Signed 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 stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) 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 resources These are included in the Statement of Financial Activities (SOFA) when.. the charity becomes entitled to the resources., the trustees are virtually certain they will re1ve the reSourS., and the monetary value can be measured with sufficient reliability. Where incorning resour$ have related expendilure 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 entitlement to the resources. Incoming resources wlth related expenditure Grants and donatlons Tax reclaims on donations and gifts Contractual income and performance related grants Incoming resources from tax reclaims are included in the SOFA at 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 are accounted for at a reasonable esb'mate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gift$ only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the Charity of the Servi or facility CeIved. The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. This is included in the accounts when receivable. Donated services and facilities Volunteer help Investment income Investment gains and losses This indudes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND LIABILITIES Liability recognition Liabilities are recognised as soon as there is a legal or construct've obligation committing the charity to pay out resources. Where the charity gives a grant wth conditions for its 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 grant has provided the specified service or output. These are only CogniSed in the accounts when a commitment has been made and there are no conditions to be met relating to the grant whictt remain in Ihe control of the charity. Grants with performance conditions Grants payable without perfomian¢e condition$ ASSETS Tangible fixed a89ets for use These are capitalised if they can be used for more than one year, and cost at least £500. by charity They are valued al cost or a reasonable value on receipt. Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees, best estimate of market value. Stocks and work in progres$ These are valued al the lower of cost or market value. The Howard Foundation Charity Number '. 1009144
Notes to the accounts Note 3 Grantmaking Grants to Grants to Institutions Individuals Thls Year Last Year Purpose for which rants made Support of evangelistic outreach, health and educational work 165,664 165,684 165,664 165,664 160,627 Total 160,627 Grants made Total amount of grants paid £ Names of institutlons Arbury Road Baptist Church Azalea Bamwell Baptist ChuKh BCUK Bron & Colin Cleaver CCHP (Sophie Young) Chrlst Church Trumpington Cambridge & District Youth for Christ Christians in Sport Cornerstone Church Crewe F•stim & Elisabeta Hoxhaj Freel Recovery Frlends International GenR8 Grace Church Coventry Home for Good Hope into Action HoverAld Institute of Bible Teachlng IPC UK (Zac Lea¢hl Japan Christian Link (Philip Glass> JBC Jesus Lane Trust Just Love Kick London Mission Macedonia Oak Hill Oughtlbridge Parish Chur¢h Ridley Hall Romsey Mill Souster Youth Trust St Andrew's Kendray St George's Church Chesterton St Peter's Fulham {Chloe Yeadonl Terrington St Clgrnent Th• Boathouse Church Putney {David W) The Bridge Church 8attersea (Lewis B) The Bridge Church Batteryea (Jessica A) Trinity Church CentratLbndon Trinty Church Salisbury Youthscape Total rants to inslilutions 2,000 4,000 6,000 8,000 6,000 5,000 750 5,814 3,000 5,000 6,000 1,000 4,000 3,000 1.000 5,000 4.600 2,000 2,000 4,000 5,000 4,000 6,000 5,000 4,000 3,000 5,000 1,000 6,000 4,000 5,000 2,000 3,500 3,000 5,000 1,000 1,500 500 10,000 8,000 5,000 165.664 The Howard Foundation Charity Number '. 1009144
Notes to the accounts Note 4 Investment assets Fixed assets investments This year Last year Carrying value at beginning of year Addl{deduet>: net gainl{lossl on revaluation Carrying value at end of year 536,802 536.802 536,802 536.802 Analysis of investments Value atYr end Value at year end Socurtties not listed on a recognised Stock Exchange 536,802 536,802 Totsl 536,802 536,802 Material investment holdings Valuè at year end Value at yèar end Investment held 5,597 Ordinary Shares in Howard Investment Company Limited 167.910 Preference Shares in Howard Investmènt Company Limited 133 £1 Ordinary Shares in Howard VentLJre8 Lim(ted 1330 £1 A Redeemablè pference Shares in Howard Ventures Lirniled Total 365.812 167,910 2,015 1,064 536,802 365812 167,910 2,015 1,064 536.802 The Howard Foundation Charity Number '. 1009144