2022-12-31-accounts - The Keith Howard Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 1127093

Reportofthe Trustees and

; Finanelal Statements for the Year Ended 31 December 2022

for

The Kelth Howard Foundation

| |

The Keith Howard Foundation

Contents of the Financial Statements for the Year Ended 31 December 2022 ;

		Page
ReferenceandAdministrative Details		1
ReportoftheTrustees	2	to	5
Report ofthe Independent Auditors	6	to	9
Statement of Financial Activitles		10
Balance Sheet		11
Cash FlowStatement		12
"Notes tothe Cash FlowStatement		13
NotestotheFinancialStatements	14	to	20

The Kelth Howard Foundation

Inistrative Detai for the Year Ended 31 December 2022

TRUSTEES Ms V Williams Trustee (appointed 29/6/2022) HM A Fojt Trustee (appointed 29/6/2022) Mrs E Tregenza M J Hasyn , Mrs M Tomlinson , Mrs K N Fojt P GM Meredith PRINCIPAL ADDRESS PO Box 379 : likley ; LS29 1JR REGISTERED CHARITY 1127093 NUMBER ;

AUDITORS Haines Watts Chartered Accountants & . Statutory Auditors 3rd Floor 56 Wellington Street Leeds West Yorkshire : LS1 2EE SOLICITORS Progeny ; ; Leeds1A Tower Square LS1 4DL BANKERS Barclays Bank Ple 10 Market Street Bradford , BD1 ANR

;

Page 4

‘

; :

‘

The Keith Howard Foundation

Report of the Trustees

for the Year Ended 31 December 2022

The trustees present their annual report and financlal statements of the charlty for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policles set out In note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and the Charitles Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

OBJECTIVES AND ACTIVITIES

Objectives and alms . The trustees confirm that they have complied with the duty In section 4 of the Charittes Act 2011 to have due regard to the Charity's Commission's general guidance on public benefit "Charitles and Public Benefit". The Trustees' Report clearly sets out the charitable objectives, our current activities and how they benefit the public,

The main objectives of the trust are the promotion of:

the performing aris;

animal welfare;
Sport » = Education ; The trust carries out these objectives through the provision of grants to charitles which fall within the criteria above.

Grantmaking — - The trust Invites applications for grants through the trustees’ contacts and word of mouth. Details of how to apply for grants are available on the charity's website. During the year and following into 2023 the Trustees worked to update and upgrade the website and to professtonalise the grant application process. A new website is now available as well as an online application process. Trustees take responsibility for developing and maintalning relationships with key charlty partners.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

In the year, the trust has made grants totalling £1,001,500 (2021: £586,000).

Princlpal risks and uncertainties

The trustees consider there to be no significant risks or uncertainties to the charity.

)

FINANCIAL REVIEW

Financial position

The trust has previously been reliant on It's income from Emerald Group Holdings Limited (“Emeraid"), the Income from which was £890,000 (2021: £890,000) during the year. There was also £50,000 (2021: £Nil) recelved from Emerald Works. Emerald was sold In June 2022 . Following a gift of shares in the company by Karen Fojt the charity received a substantlal capital sum as a result of the sale of Emerald. Taking account of the avallabllity of working capital, the trustees have concluded that the trust will be able fo continue to meet its financial obligations as they fall due for at least twelve months from the date of approval of these financial statements. Consequenily, these financial statements have been prepared on the basis that the trust is a go!ng concern. .

The total expenditure in the year was £1,024,727 (2021: £595,600) of which £1,001,700 relates to donations pald during the year and donations committed to be paid at the year end. As a result the deficit In charity funds is now a surplus of £18,357,774 (2021: Deficit of £726,573).

Page 2

: | | | |

Report of the Trustees for the Year Ended 31 December 2022

FINANCIAL REVIEW

Investment policy and objectives . ’ Prior to the sale of Emerald any surplus funds held by the charity were invested in a deposit account. The trustees aimed to spend the majority of the annual income. Future plans following the death of Keith Howard (previous Chalr) and the selling of Emerald Group Holdings Limited had an Impact on the funding of the Foundation In 2022. The trustees appolnted Progeny Asset Management following the sale of Emerald to ensure that the majority of capital funds were held in suitable investments until such time as the Trustees were able to agree a long term investment strategy and appoint long term Investment managers.

Reserves policy

The trustees alm prior to the sale of Emerald was to pay out the majority of incoming resources In charitable grants. Following the capital received the Trustees are now formalising a new policy which will be formalised during 2023.

The actual level of reserves at 31 December 2022 was a surplus of £18,357,774 (2021: Deficit of £726,573).

FUTURE PLANS

lt is the intention of the trustees that the capltal from the Trust Fund will be used wholly for charitable purposes In accordance with the objectives and strategies of the foundation.

The Trustees will continue to support charities that fall under the four focus areas, with ‘Education’ adapting to ‘Social Mobility! charities to broaden and widen the pool of applicants. In addition, successful applicants will be able to demonstrate impact In one or more of our key strands of education, access & participation, and healthier lives. The Trustees also wish to make an ‘emergency fund' available which has been a catalyst of the change in our economic environment. £100, 000 from the budget will be available for use outside of the four focus areas, where there Is a significant need within the Yorkshire Region.

The funding window will also be changed to the timeframe of March and June of each year, applied through the website form.

The Foundation will not support Capital Projects or Salaries.

STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governanceand management

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

i |

;

Page 3

: |

The Keith Howard Foundation Reportfor the Yearof the EndedTrustees.31 Dacamber 2022

The trust Is an unincorporated trust, constituted under a Trust Deed dated 7 December 2018 and Is a registered charity, number 1127093, The trust was established by an initial donation from K Howard and subsequent donations from Emerald Group Holdings Limited. The trust does not actively. fundraise and seeks to continue the philanthropic work desired by the donor through the careful stewardship of Its existing resources. The original trustees were appointed by the Deed and serve five years after which perlod they may put themselves forward for reappointment. The Trust Deed provides for a minimum of three trustees. Due to the change of stewardship from the passing of Keith Howard, the Trustees met to discuss the strategy for future years, Including consideration of grant making, investment, reserves and risk management policies and performance. Actions were agreed and are being actively worked on by each Trustee to ensure the continuity of the Foundation. Melissa Tomlinson was approved to be the Chair and Sylvia Hall resigned from the position of Secretary. The Chair will complete the day to day administration of grants and the processing and handling of applications prior to consideration by the trustees.

The website was developed, adopting a new way for charities to submit applications for grants which will first be used in 2023.

The Board keeps the skill requirements for the Trustee Body under review and in the event that a trustee permanently retires, or additional new trustees are required, New trustees may be sought by open advertisement or through a dialogue with major grant recipients. The ultimate decision on selection Is, however, a matter of the Board of Trustees.

The introduction process for any newly appointed trustee will comprise an initlal meeting with the Chair and the Board, followed by a series of short meetings on Investments, the grant making process, powers and responsibilities of the trustee board.

Key management remuneration

The trustees consider the.board of trustees and the Chair as comprising the key management personne! of the charity in charge of directIng and controlling the charity and running and operating the charity ona day to day basis. All trustees give of their time freely and no trustee remuneration was pald in the year. The trustees' report was approved by the Board of Trustees.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and ’ Reports} Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financlal year which give a true and falr view of the state of affairs of the charity and of ' the incoming resources and application of resources, including the Income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent; - prepare the financlal statements on the going concern basis unless It Is inappropriate to presume that the charity will continue In business.

' The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2041, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. :

. _

Page 4

The Keith Howard Foundation

Report of the Trustees for the Year Ended 31 December 2022

Approved by order of the board of trustees on 7 November 2023 and signed on its behalf by:

Melissa “Tomlinson

: Mrs M Tomlinson - Trustee

;

Page 5

: '

Report of the Independent Auditors to the Trustees of The Kelth Howard Foundation ;

' Opinion

We have audited the financial statements of The Kelth Howard Foundation (the 'charity’) for the year ended . 31 December 2022 which comprise the Statement of Flnanclal Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Including a summary of significant accounting policles. The ' financial reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

~ give a true and fair view of the state of the charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charitles Act 2011.

Basis for opinion . We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responslbllitles under those standards are further described In the Auditors' responsibilltiss for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained Is sufficient and appropriate to provide a basls for our opinion. Conclusions relatIng to going concern . In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the flnanclal statements is appropriate. Based on the work we have performed, we have not Identified any material uncertainties relating to events or conditions that, Individually or collectively, may cast significant doubt on the charlty's ability to continue - asfor agolngissue. concern for a perlod of at least :twelve months from when, the financial statements are authorised Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report. . Other information , The trustees are responsible for the other information, The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. ‘ : Our opinion on the financial statements does not cover the other information and, except to the extent _ otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identify such materlal inconsistencies or apparent material misstatements, we are required to determine whether this gives rise fo a material misstatement In the financial statements themselves. If, based on the workrequired we haveto reportperformed,that fact.weWeconcludehave nothingthat thereto reportis a materialIn this regard,misstatement of , this other information, we are

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charitles (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information glven In the Report of the Trustees is inconsistent In any material respect with the flnancial statements; or

sufficient accounting records have not been kept; or
- the financial statements are not In agreement with the accounting records and returns; or - we have not received ail the information and explanations we require for our audit.

; , ‘

Page 6

. | | |

Report of the Independent Auditors to the Trustees of The Kelth Howard Foundation

Responslblilitles of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which glve a true and fair view, and for such Internal control as_ the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. .

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but todo so. -

Page 7

Report of the Independent Auditors to the Trustees of The Keith Howard Foundation :

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charlties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a ‘guarantee that an audit conducted in accordance with ISAs (UK) will always detect a materia! misstalement when it exists. Mlsstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couid reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ;

The extent to which our procedures are capable of detecting irregularities, Including fraud is detailed below:

Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibllities, outlined above, to detect material misstatements in respect of Irregularitles, including fraud.

Our approach to identifying and assessing the risks of material. misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ; - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to Identify or recognise non-compliance with applicable laws and regulatlons; . , - we identified the laws and regulations applicable to the charity through discussions with trustees and other. management; and from our commerclal knowledge and experience of the charity sector - we focused on specific laws and regulations which we considered may have a direct material effect on the andfinanclaldata statementsprotection, anti-bribery,or the operationsemploymentof the charity,and healthIncludingand safetythe Companieslegislation;Act— 2006, taxation legistation - - we assessed the extent of compliance with laws and regulations identified above through making enquiries of management; and ;

identified jaws and regulatlons were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit

We assessed the suscaptibillty of the charity's financial statements to misstatement, Including obtaining an understanding of how fraud might occur, by: . - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the Internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
understanding the design of the charity's remuneration pollcies.

To address the risk of fraud through management blas and override of controls, including the [mpact on revenue recognition, we: ;

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed wheiher judgements and assumptions made In determining the accounting estimates set out in note 3 were indicative of potential blas; and
investigated the rationale behind significant or unusual transactions; and

In response to the risk of irregutaritles and non-compliance with laws and regulations, we designed procedures which Included, but were not limited to:

agreaing financial statement disclosure to underlying supporting documentation;
reading the minutes of meetings of the trustees; and
enquiring of management as to actual and potential litigation and claims

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less Ilkely it Is that we would become aware of non-compliance. Auditing standards also limit the audlt procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the Inspection of regulatory and legal correspondence, if any.

Page 8

] | | |

Report of the Independent Auditors to the Trustees of The Kelth Howard Foundation

Materlal misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate ‘concealment or collusion. .

;

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsiblilties. This description forms part of our Report of the Independent Auditors.

Use of our report , This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors’ report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed,

Hurnes Wotts

----- Start of picture text -----
)
----- End of picture text -----

Haines Watts Chartered Accountants & Statutory Auditors 3rd Floor 56 Wellington Street Leeds , West Yorkshire LS1 2EE :

----- Start of picture text -----
2
----- End of picture text -----

9 November 2023

;

Page 9

The Kelth Howard Foundation

Statement of Financlat Activities _ for the Year Ended 31 December 2022

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2022|2021| |Unrestricted|Total| |fund|funds| |:|Notes|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|20,038,679|890,000| |Investment Income|3|150|-| |Total|.|20,038,829|890,000| |EXPENDITURE|ON| |Charitable|activities|.|‘| |Performing|Arts|370,000|231,600| |Education|52,000|44,000| |Sport|210,000|440,000| |Animais|300,000|240,000| |Emergency|69,500|-| |Other|a|23,227|-| |Total|1,024,727|595,600| |.|.| |Net gains|on|Investments|70,245|-| |NET|INCOME|—|,|19,084,347|294,400| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|(726,573)|(1,020,973)| |TOTAL FUNDS CARRIED|FORWARD|48,357,774|(726,573)|

----- End of picture text -----

The notes form part of these financial statements

Page 10

: | |

The Keith Howard Foundation

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance|Sheet| |31|December 2022| |2022|2021| |:|Unrestricted|Total| |.|Notes|fund£|funds£| |FIXED|ASSETS| |Investments|7|15,045,245|-| |CURRENT ASSETS| |Cash|at bank|:|4,185,373|18,227| |CREDITORS| |Amounts|falling due within one year|8|(872,844)|(744,800)| |NET. CURRENT|ASSETS/(LIABILITIES)|3,312,529|(726,573)| |)| |TOTAL|ASSETS|LESS|CURRENT||| |’|LIABILITIES|18,357,774|(726,573)| |NET ASSETS/(LIABILITIES)|18,357,774|(726,573)| ||| |FUNDS|9| |Unresiricted|funds|48,357,774|(726,573)| |TOTAL FUNDS|18,357,774|(726,573)|

----- End of picture text -----

The financial statements were approved by the Board of Trustees and authorised for Issue on 7 November 2023 and were signed on its behalf by:

Melissa “Tomlinson

: Mellssa Tomilnson Trustee

The notes form part of these financial statements

Page 11

The Keith Howard Foundation

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Cash|Flow|Statement| |for|the Year|Ended|31|December|2022|

----- End of picture text -----

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2022|2021| |Notes|£|£| |Cash|flows from|operating|activitles| |Cash|generated|from operatlons|4|43,318|13,000| |Net cash|provided|by operating|activities|43,318|13,000| |Cash|flows from|Investing|activitles| |Purchase|of fixed|asset Investments|(14,994,419)|-| |Sale|of fixed|asset|Investments|19,118,097|.| |Interest|racelved|150|-| |Net cash|provided by investing|activitles|4,123,828|:|-| |Change|In|cash|and cash|equivalents| |in|the|reporting|perlod|4,167,146|13,000| |Cash|and|cash|equivalents|at the| |beglnning|of the|reporting|period|18,227|5,227| |.| |Cash|and|cash|equlvalents|at the|end| |of the|reporting|perlod|.|4,185,373|18,227|

----- End of picture text -----

The notes form part of these financial statements :

Page 12

The Keith Howard Foundation -

Notes to the Cash Flow Statement ; for the Year Ended 31 December 2022

1.	RECONCILIATIONOFNETINCOMETONETCASH FLOWFROM OPERATING ACTIVITIES	RECONCILIATIONOFNETINCOMETONETCASH FLOWFROM OPERATING ACTIVITIES	RECONCILIATIONOFNETINCOMETONETCASH FLOWFROM OPERATING ACTIVITIES	RECONCILIATIONOFNETINCOMETONETCASH FLOWFROM OPERATING ACTIVITIES	RECONCILIATIONOFNETINCOMETONETCASH FLOWFROM OPERATING ACTIVITIES
				2022	2021
				£	£
	Net incomeforthe reporting perlod (as per the		Statement of
	Financial Activitles)				19,084,347	294,400
	Adjustmentsfor:
	Losses on investments			(70,245)	-
	Interestrecelved			(150)	-
	Non-Cash Gifts			(19,098,678)	-
	Increase/(decrease) In	creditors		128,044	(281,400)
	Netcashprovided byoperations	operations		43,318	13,000
2.	ANALYSISOFCHANGES IN NET FUNDS
			At 1/1/22	Cash flow	At31/12/22
			£	£	£
	Netcash					a
	Cash at bank		48,227	4,167,146	4,185,373
			18,227	4,167,146	4,185,373
	Total		18,227	4,167,146	4,185,373

The notes form part of these financlal statements

Page 13

;

The Keith Howard Foundation

it the Financ! for the Year Ended 31 December 2022

GENERAL INFORMATION

The Keith Howard Foundation (formerly The Emerald Foundation) is an unincorporated trust, constituted under a Trust Deed dated 7 December 2018 and Is a registered charity in England and Wales, under the charity registered number 11270, registered at PO Box 379, likley, LS29 1JR. The principal!BD16 1WA.place of business is Howard House, Dowley Gap Business Park, Dowley Gap Lane, , Bingley,

ACCOUNTING POLICIES

Basis of preparing the financial statements The financial statements of the charity, which Is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitles preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 41 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of Investments which are included at market value, as modified by the revaluation of certain assets.

Golng concem

The financial statements have been prepared on a going concer basis. The Trustees have reviewed and considered relevant Information, including the annual budget, in making thelr assessment. Based on these assessments and the current resources available, the Trustees have concluded that they can continue to adopt the going concem basis in preparing the annual report and accounts.

Income All income fs recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it Is probable that the income will be received and the amount can be measured rellably.

income received In the form of assets rather than cash Is recognised at its falr value at that date.

Expenditure

Liabilities are recognised as expenditure as soon as there Is a legal or constructive obligation committing the charity to that expenditure, it Is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure [s accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. , Grants payable are payments made to third parties in the furtherance of the charitable objectives of — the trust. Single or multi year grants are accounted for when either the recipient has a reasonable , expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the reciplent has a reasonable expectation that they will recelve a grant and any conditlon attaching to the grant Is outside of the control of the trust.

Taxation

The charity is exempt from tax on Its charitable activities.

)

Fund accountlng

Unrestricted funds can be used In accordance with the charitable objectives at the discretion of the trustees.

‘

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for partlcular restricted purposes.

Further explanation of the nature and purpose of each fund I[s Included In the notes to the financial statements.

Page 14

. | |

The Keith Howard Foundation

Note ~ continued for the Year Ended 31 Dacember 2022

;

ACCOUNTING POLICIES - continued

Interest recelvable

Interest on funds held on deposit is included when receivable and the amount can be measured rellably by the company; this Is normally upon notification of the interest paid or payable by the Bank. -

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due,

Cash at Bank and in hand

Cash at bank and in hand Includes cash and short term highly liquid Investments with a short maturity ’ of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabllitles and provisions

Liabilities -are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated rellably. Liabilities are recognised at the amount that the company anticipates It will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liabillty. The unwinding of the discount Is recognised within interest payable and similar charges. ;

;

Derecognitlon of liabilities

Financlal liabilities are derecognised when the charity's contractual obligatlons expire or are discharged or cancelled. ;

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for what it was Incurred .

Financlal Instruments

The company only has financial assets and financiai Ilabillttes of a kind that qualify as basic financial instruments. Basic financial Instruments are initlally recognised at transaction value and subsequently measured: at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective Interest method.

Charitable activitles

Costs of charitable activities include grants made and governance costs Incurred.

Govemance costs

Govemance costs comprise all costs Involving the public accountabllity of the charity and its compliance with regulation and good practice. These costs Include costs related to statutory audit and legal fees together with overhead and support costs.

Page 15

The Keith Howard Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

3. INVESTMENT INCOME

3.	INVESTMENT INCOME
			2022	2021
		.	£	£
	Depositaccount interest		150	-
A	GRANTS PAYABLE
			2022	2021
			£	£
	Performing Arts		370,000	222,000
	Education Sport Animals Emergency		52,200 210,000 300,000 69,500	44,000 110,000 210,000 -
		.	1,001,700	586,000
	The total grants paid to institutions	during the yearwas as
	follows:
			2022	2021
			£	£
	general		1,001,700	586,000

Page 16 .

The Keith Howard Foundation

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

GRANTS PAYABLE - continued

;

----- Start of picture text -----
||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |,|;|£|J|&£| |'|Bradford|City of Sanctuary|1,500|-| |Bradford|Grammar School|25,000|25,000| |:|Bradford|North|Foodbank|40,000|-| |Bradford|Year 6|Reading|Project|-|4,000| |,|Bumble|Bees Mixed|Ability|Rugby|-|5,000|'| |Centrepoint|Bursary Fund|20,000|5,000| |Children's|Charity|Circle|Bradford|10,000|-| |Cross|Gates &|District Good|Neighbours|Scheme|15,000|-| |Filey Cat|Rescue|15,000|-| |Good|Life Dog|Rescue|20,000|-| |Grace's|Kitchen|20,000|-| |.|Grand|Futures|85,000|-| |Harewood|School|PTA|200|-| |Hope|Pastures|10,000|5,000| |Keighley|Imagination|Library|2,000|2,000| |:|;|LeedsLeeds Grammar Baby Bank School|25,00010,000|25,000-| |Leeds|International|Piano Competition|20,000|20,000| |Leeds|Playhouse|50,000|-| |Leeds|Rugby|Foundation|‘70,000|—-|50,000| |Life|Education|30,000|30,000| |Moorview Rescue|(Now Yorkshire|Rescue)|10,000|40,000| |Nell|Bank|;|20,000|10,000| |.|Northern|Ballet|.|85,000|-| |Opera|North|130,000|150,000| |Rotary|Disability Games|3,000|-| |‘Saltburn|Animal|Rescue|-|20,000| |SARA|35,000|-| |TIA Greyhound|;|20,000|30,000| |West|Yorkshire Animals|In|Needs|20,000.|10,000| |Whitby|Dog|Rescue|10,000|-| |Whitehall|Dog|Rescue|-|120,000|120,000| |Yorkshire|Animal|Shelter|,|5,000|5,000| |Yorkshire|Cat Rascue|25,000|10,000| |Yorkshire|Cricket Foundation|70,000|50,000| |:|Yorkshire|Rescue|10,000|-| |1,001,700|.|586,000| |5,|TRUSTEES'|REMUNERATION|AND|BENEFITS| |-|There|were|no|trustees'|remuneration|or|other|benefits|for|the|year|ended|31|December|2022|nor|for| |the|year ended|31|December 2021.|;| |Trustees’ expenses|,|

----- End of picture text -----

There were no trustees' expenses pald for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Page 17

[he Keith Howard Foundation

Notes to the Financlal Statements - continued

for the Year Ended 31 Dacember 2022

be COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

					Unrestricted	Unrestricted
					fund
					£
	INCOME AND ENDOWMENTS FROM
	Donationsand legacies				890,000	-
	EXPENDITURE ON
	Charitable activities
	Performing Arts		.		231,600
	Education Sport Animals	‘			44,000 -110,000 210,000
	Total				595,600
	NET INCOME				294,400
				,
	RECONCILIATION OF FUNDS
	Total funds broughtforward				(1,020,973)
	TOTALFUNDS CARRIED FORWARD		:		(726,573)
	FIXED ASSET INVESTMENTS
			Listed	Unlisted
			investments	investments	Totals
			£	£	£
	MARKETVALUE
	Additions Disposals Revaluations		14,975,000 - 70,245	19,118,097 (19,118,097) -	34,093,097 (19,118,097) 70,245
	At31 December2022		415,045,245	-	15,045,245
	NETBOOKVALUE
	At 31 December2022		15,045,245	-	15,045,245
	At 34 December 2024		-	-	-
.	There were noInvestmentassetsoutside theUK.
	Costorvaluation at 31 December2022 is represented by:		,	:
					Listed
					investments
					£
	Valuation in 2022		'		70,245		©
	Cost				44,975,000
					45,045,245

, |

Page 18

The Keith Howard Foundation

Notes to the Financial Statements - continued . for the Year Ended 31 December 2022

8, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2022|2021| |£|£| |Trade creditors|344|-| |Grant|creditors|872,500|744,800| |872,844|744,800| |9.|MOVEMENT|IN|FUNDS| |‘|Net| |movement|At| |At|1/1/22|In|funds|31/42/22| |£|£|£| |Unrestricted|funds| |General|fund|(726,573)|19,084,347|18,357,774| |TOTAL FUNDS|(726,573)|19,084,347|18,357,774| |Net|movement|in|funds,|included|In|the|above|are|as|follows:| |Incoming|-|Resources|Gains|and|Movement| |resources|expended|losses|in|funds| |£|£|£|£| |GeneralUnrestrictedfund|funds|20,038,829|(1,024,727);|70,245|19,084,347| |TOTAL FUNDS|20,038,828|(1,024,727)|70,245|19,084,347|—| |Comparatives|for|movement|In|funds| |Net| |movement|At| |_|At1/1/21|In|funds|31/12/21| |£|£|£| |Unrestricted|funds| |General|fund|(1,020,973)|294,400|(726,573)| |TOTAL FUNDS|(1,020,973)|294,400|(726,573)| |Comparative|net|movement|In|funds,|Included|in|the|above|are|as|follows:| |Incoming|Resourcas|Movement| |.|resources|expended|In|funds| |£|£|£| |Unrestricted|funds| |General|fund|-|890,000|(595,600)|294,400| |TOTAL FUNDS|990,000|(595,600)|294,400|

----- End of picture text -----

;

Page 19

The Keith Howard Foundation

Notes to the Financlal Statements - continued for the Year Ended 31 December 2022

8. MOVEMENT IN FUNDS - continued

Accurrent year 12 months and prior year 12 months combined position is as follows:

	.		Net
			movement	At
	;	Ati/1/21		In funds
a		£	£	£
Unrestricted funds
General fund		(1,020,973)	19,378,747	18,357,774
TOTALFUNDS	.	(1,020,973)	19,378,747	18,357,774
A current year 12 months and prior year 12 months combined net movement in funds,				included in the
above are as follows:				,
	Incoming resources	Resources expended	Gainsand losses	Movement infunds
	£	£	£	£
Unrestrictedfunds
General fund	20,928,829	(1,620,327)	70,245	19,378,747
TOTALFUNDS	20,928,829	(1,620,327)	70,245	19,378,747
RELATEDPARTYDISCLOSURES		.

10. RELATED PARTY DISCLOSURES

During the year the trust received income totalling £940,000 (2021: £890,000) from Emerald Group ‘ Haldings Limlted, a company in which E Tregenza wasa director at the time of the donation. K Fojt Is a trustee of Whitehall Dog Rescue. Grants totalling £120,000 (2021: £120,000) were made during the year.

M Tomilnson Is a director of Life Education (Bradford) Limited. Grants totalling £30,000 (2021: £30,000) were made during the year.

The trustees belleve there are no other related party transactlons to disclose.

Page 20