Ref: NT34 The Howberry Chaiitable Trnst Registered Chai'ity Nurnbor: 1080177 REPORT AND FINANCIAL STATEMENrrs For the year ended 5 April 2024
The Howbery Chantable Trust CONTENrs Page Legal and Administrative Information Tru8tee8' Annual Report 2-4 Report of the Independent Examiner Statement of Finaneial Aetlvitles Balance Sheet Notes to the Financial Statements 8-14
The Howberry Charitable Trnst LEGAL AND ADMINISTRATIVE INFORMATION The Howberry Charitable Trust was established under a Trust deed dated 20 December 1999, which deterniined the objects and powers. The Howberry Charitable Trust is resistered with the Charity Commission for England and Wales as Charity Number 1080177. TRUSTEES Roberta Kate Grlmond John Jasper Grimond Georgia Celia Grimond PRINCIPAL OFFICE The Howberry Charitable Tru8t clo RFf Management Services Limitred 14 Bucklngham Street London WC2N 6DF INDEPENDENT EXAMINER Martin and CompAny Chartered Accvuntant8 25 St Thomas Street Wlnchester Hampshxre S023 9HJ REGISTERED CHARITY NUMBER 1080177 Pase l of 14
The Howberry CharAtable Trust TRUSTEES, ANNUAL REPORT FOR THE YE,AR ENDED 5 APRIL 2024 The Trustees present their report along wxth the financxal statements of the tharity £or the year ended 5 April 2024. The financial stateineiits have been prepared in accordance with the Chaxily's'l'rutst Deed, the Charities Act 2011 and the provisions of Accounting la Reporting by Charities.. Slalenieiit of Recommended Practice applicable to charities preparing their accouiits i)i accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). Lesal and administrative information set on page I forms part of thi.q report. OBJECTS AND ACTIVITIES Thc Trust Deed directs the Trustees shall pay or apply tlie inci)me of the Trust Fund and have power of tlieir dcretIon to pay ur apply up to the whulL' l)r any part or partg of tlie Capital ()£ the Trust Fund to promote and support sucli charities or sucli cliaritable purposes and orgi)nisiilions laLcorduig to the Charity Laws of En8land an£1 Wales) as the Trustees shall from time to lirne in their discretion di'ade. The Tru2$1ees have bet'ii granted wide powers to act in Eurthei'ance of tlie eharity's objectlVL.I8, The Trustees confirm thal thLy have complied with tlie duty in section 17 the C.h(Irities Act 201 l aiid have taken acc()unt of the Charity Commission'y seneral guidaiice on public benefit. The benefit ti) the public is the provision uf fuiidin¥ lo orbrdnisations whicli demoiistrate charitable purpose. GRANT MAKING POLICY The Trustees consider and appruve graiits thruuxhout tlie year and aliiiuu&li tsome are made to the. ame charities each year iione are promi.sed c)r guaranteed. Applications for finaiillal assistance are made to the Principal Offi. A5 required by the Charities Act 2011, the Trustee5 liavL' refL'rrLd to the Charity Commission's general widanc@ on public benefit when formulating the grant making policy. ITh particular, the Trustees conside.r how grants can be made to en&ure maximum benefil flows tlii'oiish to the iiitended ultimate beneficiarxes. ACHJEVEMENTS AND PERFORMANCE During tlie ye.ar the Trustees made donalions lotalling £21,00012023 - £21,30018s detailed in the notes 5 and 6 to the account5. The Trusteey look forward to bcing able to continuL. thL'ir charitable work in the cumiiis years in accordaiice with the grant makin8 policy. FINANCIAL REVIEW, RESERVES POLICY AND INVESTMENT POLICY The Charity's principal siiurce of income is from its iiiveytments, which amouiited to £29,982 (2023 - £31,688). Durins the year £30,451 (2023- £29,942) of investments was gifted to the tharity by the Settlor. The Trutytee?) spent £24,031(2023 - £24,427) un charitable artivitie5 and govemance and administratiun of the Charity. The capit21 is an expendable eiidowment and at thig time. the Trustees do not consider a speciEicReberve Policy necessary. At the Balance Sheet date the reserve¥ of the charity atnvunted to £1,115,689. Pase 2 of 14
The Howberry Charitable Trust TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 ICONT'D) The Trust Deed grants the Trustees wide powers to act in furtherance of the Charitics objectives. With this in mind, the Trustees havc instructed the investment manager that the portfolio is lo be invesled witli a below average level of i'isk to produce a suitable mix of Income and capital growth, with a bias towards income, in order that the level of donations may be maintained and capital gTOWth tv yecurLJ the future OE the Charity in the comins years. Thib polic.y is monitored by iegulaT invLJ.slment repoits and meetings with the investment managers. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees who held office throughout the year are shown on page l. No Trustee receives a fee foi the service they provide to the charity, all time spent is donated free of cliarge. IiFT Management Services Limited provides the charily with charity administration and financial reporting services. The charity is controlled by its governing document, a F)eed of Trust dated 20th December 1999. FUTURE PLANS lic Trustees do not envisage any material changes to the operation OÉ the Charity. The investments will continuc lo be managLid on a similar basis to now. RISK MANAGEMENT The majur risks to which the Charity i.s exposed as Identified by the Trustees, liave been reviewed and the Trustees are satisfiL.d that arrangements are in place lo mitl8ate those risks. KEY MANAGEMENT PERSONNEL The Trustees are considered to be the KLY ManagLJmi*nt Personnel of the charity. The Ti'ustee?i are not remunerated for their services and there are no paid Stuff employed by the Trust. STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENT.S The TTUStee5 are respoiisible for preparing the Truslee.s' Report and the finaiicial .4talem('.nl'5 in accordance wlth applicable law and Uiiited Kingdom Accounlins Standard¥ (Unitcd Kinsdorn Generally Accepted Acc.ounting Practice). The law applicable to charities in England aiid Wales requires the Trustees to prepare fijiancial statements for eath financial year which give a true and fair view of the state of af£atrB of the Charity and of the incomin8 resources and application OE resources for that period. Page 3 of 14
The Howbe CharAtable Trnst TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 (CONT'D) In preparing those financial statement8 the Trustees are requlred to: Select suitable accounting poliaes and then apply them consistently; Observe the methods and principles in the Charities SORP; Make judgments and estimates that are reasonable and prudent,, Prepare the financial statements on a soing concern basis unless Il is inappropriate to pre8urne that the charity will continue in business. The Trustees are responslble Eor keeping proper accounting records that digclose with Teasonable accuracy at any time the flnancial position of the tharlty and to enable them lo ensure the financial statements comply with the Charifies Act 2011, the aiarities SORP and the provisions of the trust deeds. They are also responsible for 8afeguardins the asset$ of the aiarity and hence for takins Tea¥onable step8 for the prevention and detection of fraud and other irresularities. Approved by the Trustees and si8ned on their behalf by: RK GRIMOND Trustee Date., 201* Page 4 of 14
The Howber Charitable Trust INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOWBERRY CHARITABLE TRUST FOR THE YEAR ENDED 5 APRIL 2024 I report to the trustees on my examination of the accounts which are set out on pages 6 to 14 of the Howberry Charitable Trust for the year ended 5 April 2024. Responsibilities and basL8 of report As the charity trutytees of the Irust you ale responsible Eoi. the preparatiun OÉ the accounts in accordanee with the requirements of the Cliarities Act 2011 ('the Act,). I report in respect of my examiltiOTh of the trust's accounts Carried out under sectioii 145 of the 2011 Act and in carrylng out my examination I have followed all the applicable Directions siveii by the Charity Commission undey section 145{5)Ib) of the 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 examinah'on giving me cau%e to believe thtlt in any material respe.cl'. accounting records were not kept in respect of the trust as required by secti(?n 130 uf t.lie Act,. or the accounts do not accord with Ih05c rccords,. or the accounts do not comply with Ihe applicable requirements cuncerning the furrn and conlenl of aceountb set out in the Cliariliets (ALLc)untS dnd Reports) Resulalioiib 2008 other tlian any requirement that the accounts give a 'true aiid fair view wliich is not a mal'ler cunsidei'ed as parl of an independL'nt ex&min¢ilion. have no concerns and havL come across no otlier inalters in Lonnection willi the examination to which attention should bc drawn in thisLep()rt in order to enable a proper undcrstilnding of Ihc,. accounts tu be reaclied. W A Nixey FCA CTA Martin and Compajiy Chartered Accountants 25 St Thomas Street Winchetster Hampshirc, S023 9HJ DatL'; & knL(p Page 5 of 14
The Howberry Charitable Trust STATEMENT OF FINANCIAL AcfIvITES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Funds Expendable Endowment Income Total 2024 Total 2023 NOTES INCOME Investment income Gift from Settlor TOTAL INCOME 29,982 29,982 30,451 60,433 31,688 29,942 61,630 12 30.451 30,451 29,982 EXPENDITURE Costs of Generating Fund$ Charitable activities TOTAL EXPENDITURE 5,322 2,411 7,733 5,322 24,031 29,3.53 5,870 24,427 30,297 21,620 21,620 NETINCOME 22,71 8,362 31,0110 31,333 Lo¥se8 on Eoreign exchange 12) (2) Gains/(Ioss¥s) on investment absets Realised Unrealised NET MOVEMENT IN FUNDS 1,714 65,151 89,581 1,714 65,151 97,943 13,438) 34,T/7) {6,8112) 5,362 RECONCILIATION OF FUNDS Total funds brvught forward 1,004,976 12,770 1,017,746 1,024,628 BALANCE CARRIED FORWARD 1,094,557 21,132 1,115,689 1,017,746 CONTINUING OPIRATIONS . all of the charity's activities relate to continuins operatlons TOTAL RICOGNISED GAINS AND LOSSES: the charity has no recognised gains and losses other than thoE>e t>hown in tlie Statement of Financial Activities. Pase 6 0£ 14
The Howberry Charitable Trust BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 NOTE FIXED ASSETS Investments 1,091,746 1,002,043 CURRENT ASSETS Debtors Cath at Ban io li 2,394 24,251 4,864 13,497 CURRENT LIABILITIES Creditors: amounts falling due wlthtrt one year (2,702) (2,658) NET CURRENT ASSETS 23,943 TOTAL ASSETS LES5 LIABILITIES 1,115,689 1,017,746 Representing., UNRESTRICTED FUNDS Expendable Endowment Income 1,094557 21,132 1,115,689 1,004,976 12,770 1,017,746 Approved by the TNstees and si8ned on their behalf by.. R K GIUMOND Trustee Date., zovt Pase 7 0£ 14
The Howberry Charitable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ICONT'D ACCOUNTING POLJCIES (a) General Inlorniation The Howberry Charltable Trust is a charity registered in England and Wales. The charity's re8lStered number and address can be Eound on Page l. Ib) Basis of PreparatAon The Einancial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Ilepublic of Ireland (FRS 102)- The Charity is a public beneEit entity for the purposes of FRS 102 &nd a registered charity and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable. tn charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The fRS 102 Charities SORPI, and Charities Act 2011. The finanaal statements are prepared in sterlingi which iy the functional currency of the company. Monetary amounts in these finanei411 staternent5 are rouiided lo the nearest pound. Ic) Going Concern The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The most $18nificant areas DE uncertainty that affect the carrying value o& abèietb held by the Charity are the level OE investment relurii and the performance of investment markets (see tlie investment policy Bnd perforniance and risk manasement sections OE the truytees, annual report Eor more information). Id) Fund Structute Unrestricted Fund5 comprise those funds which tlie trustees are free to Use in accordance with the charitable objccts. The Expendable Eiidowment Fund represent8 those assetslcapital which are held for the longer term for the Charityi in accordance with the terms of the Trust Deed. The Expendable EThdL)wmenE Fund can be used in accordance wlth the objects of the Charity and is included in the Unrestricted Funds. Any capital gains or losses arising on the investnients held lli the Expendable Endowment Fund Éorm part of that fund. To the extent that grants paid exceed the amount available from incvme fuiids, transfers are made frorn the Expendable Endowment. Income arising on the Expendable Endowment Fund can be uscd in thc Unrestricted Income Fund. (e) Income All income is recognised in t1 Statement of f4inancial Activities (SOFA) when the conditions for reipt have been met and there is reasonable assuranLe of receipt. Where a claim for repayment of income tax has been or will be made 8uch income is 8rossed up for the tax rccoverable. The following accounting poliaes aTe applied to difference categories of income: GrAnts And Donations Receivoble Granls and doiiations are recosnised in the SOFA when conditions for receipt have been complied with, Investment Irtcome - Investment income is accounted for when receivable and is stated gross of any reclaimable taxation relief. Pase 8 of 14
The Howberry Charitable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ICONT'D) (fi Expenditure Liabilities are recognised as soon ?s there is a legal or constructive obligation committing the charity to the expenditure. All expenditure 18 accounted lor on an accruals basis and has been classified under headings that aggregate all costs related to the category. The followins accounting policies are applied to the different catesories 0£ expenditure: Costs of Generating Funds The cost5 0£ generating funds consist of investment management fees and related costs, Charitrtble Activities - Costs of charitable activities includes grant3 made and support and governance costs. Donations payable are recosnised wheii tliey are approved by the trustees and the recipient of the grant lia8 been informed of the amount paid. Support & Governance Costs - Support and Governance costs comprise all costs Involving the public accountability of the charity and its compliance with regulation and good practice. 'lThese costs include costs related to the independent examiner'.1 fees, professional fees, and support costs. (g> Fixed Asset Investments Investments are gtaled at market value at the balaiice 8heel date. The SOFA includes the net gains and10sses on revaluation and diypo¥als throughout the year. (h) Reali8ed and Unrealised Galns and Losse8 All gains and losse5 are taken tu the SOFA as they arise, Realised satns and lo$se8 on investments are calcu lated a5 811 the difference between sales pruceeds and carrying value (or purchase date if later). Unrealised gains and losses are calculated as the differen between the market value at the year end and opening market value lor purchase date IE later). (i) Critlcal accountlng estimates and areas of Judgement In preparlllg Einancial statements, it is necessary to make certaiii adjuslmenls, estimates and assumptions that affect the amounts recosnised in the financial statements. In tlie view of the Trustees in applyin8 the accounting policies adopted, no judgements were required that have a significant effect on the amounts recosiused in the Einancial statements nvr do any estimate5 OT assumptions made carry a significant risk of material adjustment in the. next financial year. lj) Cash and cash equlvalents Cash and cash equivalents include cash at bank and in hand and short terni deposits with a maturity date OE three Months or less. Ik) Financial In8truments The Charity has elected to apply the provisions OE Section 11 Basic FInnCIal Instruments of FRS 102 to all of its financial instruments. Financial instrument5 arL' fL'cognised in the Charity's balance sheet when the charity becomes party to the CDnlraclual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a lesally enforceable right tu set off the recognised amounts and there is an intenti()n to settle on a net basis or to realise the asset and settle the liabillty simultaneously. Page 9 of 14
The Howberry Chatitable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONT'D) REMUNERATION OF TRUSTEES In the finaneial year ended 5 April 2024, none of the trustees Teceived any remuneration (2023 - nil). There were no related party transactions in the year (2023: None). The trustees are considered to comprise the Charity's key management. There are no etnployees so consequently no staff costs have been incurred. INVESTMENT INCOME 2024 2023 Income from Investments Interest on cash depo¥its 29,582 400 29,982 31,45SJ 230 31,688 COSTS OF GENERATING FUNDS 2024 2023 Investment Management Fees (aEter fee adjustmenvrebates) Custody and AdmlniL4tration Fee 3,435 1,887 3,057 2,813 5,322 5,870 Page 10 of 14
The Howberry Charltable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 20241coNr'D) CHARITABLE ACTIVITIES The charity undertook no direct dritable activities but awarded donations in furtherano of Its charitable activities as follows.'_ British Ukrairrian Aid Kay Mabon Foundation Médecins San5 Frontières St Michael's Trus8ell Trust Compas8ion in World Farmin8 Give a Book Menin8ids Now Parkinsons Spencer Steadman Trust Survival Chiltem Centre Dravet Syndrome UK Mission of Seafarers Nchtma Trust Prisoner8 0£ Conscience Re-cyde Schoolreaders Strength and Leaming through horses Switchback Thame8 Valley Air Ambulance 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 1,000 1,000 500 500 500 500 500 500 500 500 500 5nO 21,000 Support and Governan costs (See note 7) 620 21,620 ANALYSIS OF DONATIONS MADE 2024 2023 2024 2023 The advancement of health or saving lives The advancement of educatlon The preventlon or relief of poverty The advancement of reEigion The advancement of human rights, confliet The advanment of environmental protection or improvement The relief of those in need, by reason of yout age, ill-health, disability , finanaal hardship 8,000 6,500 2,500 2,000 1,500 10,000 2,800 4,000 2,0(i0 1,000 500 1,500 21 17 21,000 21,300 Page 110£ 14
The Howberry ChaTltable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONT'D) ANALYSIS OF SUPPORT AND COVERNANCE COSTS Unrestricted Expendable Endowment 2024 Total Unrestricted 2023 Total Unrestricted Unrestricted tncome Legal and Professional Fees Independent Examiners Fee - Current year Prior year (over) accrual To Charitable activities 2,411 2,411 2,287 800 (180) (620} 800 {180) (3,031) 900 (60) {3,127J (2,411) FIXED ASSET INVESTMENTS Movement in flxed asset investments Unquoted 2024 Quoted 2024 Total 2024 Total 2023 2023 2023 Market Value brou8ht forward Acquisitlons al ¢051 Less dlsP0591 proceeds 13290 12,070 988,113 941,298 1,OOIQ43 204,699 274,660 204699 1394 1181,6281 1183,376 181,861 11,676 1,011,184 1.028,582 1,024,881 263 1,481 (3,7Qll 1,714 1,991 61,670 36,768 65,151 13 390 1.074 335 988 113 1091746 1002W43 12,367 944,4111 917,634 956,666 930,(JOI 953,368 274,660 187,7701 1,040,258 {3,438) 2331 13,697 233 3,481 Reallsed (Los5)/Calns on disposal Net ILo8s)IGaln on revaluation Market Value at 5 Aprll Hisloricdl Co$1 Al S April Geo8r&phical Analy918 United Kingdom Investments Overseas Investments 12,248 1,071586 1,749 986,114 1,071586 1,999 19,160 986,114 15,929 17,411 13,39D Market Value at 5 Aprll 17AII I390 1,074J35 986,113 1,091,746 1,002.043 The followlng investmeiits eomprlse in excess OE 5°k OE the value of the portfolio.. Name Holdlng Value TB Stoneha8e Fleming GBL Equities I Class A TB Evenlode Investment Funds Inc F £ Dis TM RWC UK Equity Income Fund Class L Encome Pimco Fund Global Investors Series PIC- Income Fund HI GBP Artemis Fund ManageTS Ltd United Kingdom (Government) 0.875°L BS Q 3110712033 Bluebay Global Investment Grade Corporate Bond Class Q Ishares USD Treasury Bond 3-7yr ucrrs Clasy GBP 72,413 56,689 72.798 8,737 50,613 85,950 619 11225 316,808 84,462 80,588 79,690 66,991 65,207 57,672 54,927 Pase 12 of 14
The Howberry Charitable Trnst NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ICONT'D) ANALYSIS OF LIABILITIES Unrestricted 2024 Expendable Unrestricted Total Endowment Income Unrestricted Creditors 1,902 1,902 800 800 2,702 2,702 Unrestricted 2023 Expendable Unrestricted Total Endowment Income Unrestrlcted Creditors 1,758 1,758 900 900 2,658 2,658 10. Debtors Unrestricted 2024 Expendable Unrestricted TotNI Endowment Income Unrestricted Debtor8 2,394 2,394 2,394 2,394 Unrestricted 2023 Expendable Unregtrlcted Total Endowment Income Unrestricted Debtor8 222 222 4,642 4.642 4,864 4,864 Pase 13 of 14
The Howberry Charitable Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE ENDED 5 APRIL 2024 ICONT'D 11. ANALYSIS OF CHARITABLE FUNDS Unrestricted Expendable Endowment 2024 Unrestricted Total Income Unrestricted Investments Cash at Bank Debtorg Creditors 1,091,746 4,713 1,091,746 24,251 2,394 12,702) 1,115,689 19,538 2,394 (800) 21,132 11,9021 I,09457 Unrestricted Expendable Endowment 2023 Total Unrestricted Unrestrirted Income Investments Cash at Bank Debtor8 Creditors 1,001043 4,469 222 {1,758) IW4,976 1,002,043 13,497 4,864 (2,6581 1.017,746 9,028 4,642 (900) 12,770 11 RELATED PARTY TRANSACTIONS Durin8 the year, the Settlor glfted £30,451 (2023: £29,942) worth of inve5tment8 to the charity. This is shown within acquisltlons at cost in note 8. Pa8e 14 of 14