REG5STERED CHARITY NUMBER.. 1127093 ort ol the Trustees and Flnanclal Slalemenls lor (he Year Ended 31 December 2023 for The Keith Howard Foundation
Th8 Keith Howard Foundation Contents of the Financlal Slalemenls for the Year Ended 31 December 2023 Page Reference and Adminlslralive Details Repc)rt of the Trusl?es Report of tho Independer¢l Audllors Slalemenl of Flnanclal Acllvllle5 10 Balanc8 Sheet 11 Cash FIDW Slalemenl 12 Notes lo Ihe Cash Flow Slalemenl 13 Notes lo the Flnanclal Slalemenls 14 10 21
he dali Reference and Adminislrallve Delalls for the Year Ended 31 Decembèr 2023 TRUSTEES Ms V Williams HMAFojl Mrs E Tr8genza Ireslgned 1111120231 M J Ha3yn Mrs M Tomllnson Mrs K N Foll P G M M8redllh (resigned 111 fj120231 Ms S Foll lappolnled 113120241 PRINCIPAL ADDRESS 12 Wells Promonado LS29 9LF REGISTERED CHARITY NUMBER 1127093 AUDITORS CLA Ev615m Partners Llmlled Chartered Accounlanls & Slalulory Auditors 3rd Floor 56 Wollinglon Slr8el Leèds Wesl Yorkshire LS12EE SOLICITORS Progeny 1A Tower Square Leeds LSI 4DL BANKERS BarLlays Bank PIC 10 Market Slregt Bradford 8D1 1NR Page 1
The Kellh Howard Foundation Re ort ol the Trustees for the Year Endod 31 December 2023 The Irusle88 Ptesenl IheiT annual report and Ilnanclal slalemenls of the charily for the year ended 31 December 2023. The flnanclal slalemenls have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply th the charilvs trust deed, the Ch8rilles Ad 2011 and Accounllng and the Charllies Slalemenl of Recommendgd Practice Isecond edition} and Financial Reporting Standard FRS 102. OBJECTIVES AND ACTIVITIES Oblectlves and alms The Irusleès confirm that they have complied wlth the duly in section 4 of the Charities Acl 2011 lo) have due regard lo Ihg Charills Commlsslon's general guldance on public benefit 'Charilies and Public Benefit" The Trustees, Report cl88rly sets out the charitable oblecllves. our CLTrrrenl acllvllies and how they benelil the publlc. The maln objecbves ol the trust are the promotion of., Ihe performing arts- anlmal welfare., - Sport Sooial Mobility The trust carrles out these objectives through the pro$[On of grants lo charilles which fall wlhln the crilerla abov8. Grantmaklng Details of how to apply for grants are availablè on the ¢harlly's website and also th8 trust Invites appllcallons lor granls through IhE Iruslees, conlacls and word of rnoulh. Duilng the yoar th8 TiusleBs worked lo updalo and upgrade the website and lo profasslon81isa tha gr8nl appllcalion pr(Kess. A website is now av8ilable as well as an onllne appllcallon process. Trusl88s lake responslblllty for developlng and malnlalnlng relallonshSps wllh key charlly partners. ACHIEVEMENT AND PERFORMANCE Charltable actlvltles In the year. the trust has made granls lolalling £928,645 12022.. £1,001,700). Prln¢lpal rlsks and uncertalntles The Iruslees conslder Ihere lo be no snifICant risks or uncertainlies lo th8 charity. FINANCIAL REVIEW Financlal posltlon Prlor lo the sale ol the lamlly buslness In June 2022 (Emerald Group Holdings Limited I"Emerald11 the Iiusl has been reliant on It's Income from Emerald, Ihe incDme from which was £Nil12022'. £940,000) during Ihe year. There was also £Nil12022'. £50,OtIOl received from Emerald Works. Followlng a gill of shares in the company by the family prior ID Ihe sale Ihe ¢harily re¢eived a substantial capital sum as a result of the sale of Emerald. Taklng account of the availabilily ol working capital, the Iruslees have conGluded Ihal the trust wlll bg abl& lo continue lo meet Ils fln2ncial obligallons as they fall due for al least twelve months from the dale of approval of these financial slalemenls. Contsequenlly, IhgsB linanclal slalemenls have been prepargd on the basls that Ihe trust Is a going concern. The lolal expenditure in the year was £969,070 12022 reslaled.. £1,026,527) ol whlch £928,834 relates lo donallons paid during the year and donalions commilled lo be paid al th8 yaar end. As a result th8 charity lunds are a surplus of £18,149,67012022 reslaled: £18,375,392}. Page 2
The Keith Howard Fo ndali ort of the Trustees lor the Y8ar Ended 31 Dember 2023 FINANCIAL REVIEW Investment policy and obJ8Ctlv@s The Iruslees appolnled Progeny Asset Manag8menl lollowng the sa18 01 Emerald lo ensure that the majority of capital funds were held in sullabla inveslmenls unlll such Ilme as the Trustees were ablg lo agree a long term inve8lmenl strategy and appolnl long term investment managers. This has now been completed and funds ale Invested accordingly with long term Inveslmenl manggers al Cazenove Capital and Sarasin Assel Management. Reserves poll¢y The Iruslees alm prlor lo the sale of Emerald was lo pay out the majorlty of Incomlng resources in charitable granls. The actual level of reserves al 31 December 2023 was a surplus DI £18,149,670 {2022 restated., £18,375,392). FUTURE PLANS 11 Is the Intention of Ihe trustees Ihal the capital from the Trust will be usod wholly for charllable purposes in accordance with Ihe objectives and slr2legios of thè loundalion. The Iruslees Inlenlion is lo distribute granls each year from the invBslm8nl Income and ¢apilal rÈserves a$ deemed appropriate, whilst maintaining sullicienl reserves lo allow Ihe Gharlly lo have a slgnlllcant Ilfe span. The IrL6slees will conlinue to SLfpporl charitiès th81 fall under the four fo¢u$ ar8&8 staled on Ihelr webslle, In addilion, successlul appli¢aiilts will bg ablg lu demonblrale Impact in on8 or mor6 of our k8y strands of education. accgss & p2rlicipallon, and heallhier livès. The Trusteès have 81so made an 'emergency fund, available which has been a calalysl of the chango In oui 8conomlc environment. £fjOO. 000 from the budget will be avallable for use oulsld& ol Ihe four focus aieas, where there Is a slgnlflcanl need wilhln the YoTkshlre Region. Th8 funding window will also be changed lo the Ilmelrame of March and June of each year, applled through Ihe website foim. Thè Foundallon wlll not support Capllal Piolects or Salarles. STRUCTURE, GOVERNANCE AND MANAGEMENT structure, governance and management The charily Is conlrolled by 518 governing doeumenl, a dèed of trust and conslllules an unlncorporaled charlly. Page 3
Th¥ K&llh Howard Foundallon Re ort of the Trustees for the Yoar Ended 31 December 2023 The trust Is an unincorporal&d Irusl, ¢onslilulèd under a T¥usl Deed dated 7 December 2018 and is a reg131ered charlly, number 1127093. The trust does not actively fundraise and seeks to continue the phllaTrlhroplc work deslred by tho donor through Ihe careful stewardship ol ils exlsling resources. The original truslees were appo1tbled by the Deed and serve flve ytsars afltrr whi¢h p$rlod Ihey may pul themselves forward for reappolnlmenl. The Trust Deed provide5 for a mlnlmum ol three Iruslees. Due lo the change of slewardshlp from th8 passing of Keith Howard, the Truslees mel lo dl3cu8$ Ihe stratY for lulure years, Includlng conslderalion of grant making, investment, reseTves and risk management pollcles aTrd performance. Acllons were agregd and are belng actlvely worked on by each Trusletr to 8nsur8 th& conlinuily ol the Foundation. Melissa Tomlinson continues lo act as Chali. The Chali 11 complete the day ID day administration ol grants and the processlng and handllng of appllcallons prlor lo considaralion by the Iruslees. Two of the Trustees resigned in November 2023, Emma Treger)za and Peter Meredlth. Slobhan Fojt was appointed as a Trustee in Maich 2024. The w&bsll6 was developed, adopling 8 new way for oharllles lo submil applications for grants. This was Ilrsl used In 2023 and was hlghly successful, with 8 total of 65 charities applying for fundlng, Ihe most the Foundallon has ever reLYived. The Board keeps the sklll fequlrements for the Trustee 8cHJy under revlew and In the event Ihal a trustee permanently rellres, or additional new Iruslee$ ara requirèd. Néw Irusle6s may be SOLtghl by ope advertlsemor51 or through a dlak)oue wilh malor grant reGlpi8nls. The ulllmale decision on selection is, however, a maller of the Board of Trustees. The inlroduclion proc8ss for any newly appDlnted Iruslee wlll comprlse an Inlllal meellng wllh the Chalr and the Board. followed by a serles of short meetings on Inveslmenls, the gr8nl msklng process, powers and responslbllilies of the Iiusle8 board. Key management remunoratlon The Irusl885 conslder the board ol Iruslees and the Chalr as compri$lng the key management personnel of the chaiily in charg8 of dlrecllng and controlling the charlty and runnlng and operating the charily on a day lo day basls. All Iruslees g1ve of Ih81r lime freely and no Iruslee remun&ratlon was pald In the year. The Iruslees, reF)Ort was approved by tho Board of Trustees. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responslble for preparing thè Rèport of the Trusl86S and the financial slalemenls In accordance wllh appllcable law and Unlled Klngdom AccDunllng Standards Ivniled Kingdom Generally Accepted Accounting Praclicel. The law appllcable lo charllles Irb England and Wales. the Charllies Act 2011, Charily (A¢¢ounls and RBp¢xtsl Regulations 2008 and Ihe provlsions of the Irusl deed requires the Iruslees Ic> prepare flnancial glalements for each linanolal year which give a true and fair wew of the slate of affairs ol the charlly and of the incoming resources and application of resources, Including the Income and expenditure, of the charily lor that period. In preparing those financial slalemenls. Ihe Iruslees are iequlred lo select suitable accounllng policies and then appty Ihgm conslslenlly. observe the methods and principles in Ihe Charity SORP- make judgemenls and eslimales that are reasonable and prudent.. prepare the financial slalemenls on the going concern basis unless it is inappropriate lo presume that Ihe cJ)arily will continue in business. Th& trustees are responsible for keeping proper 2ccounllng records which disclose wlh reasonablB accuracy al any lime the financi21 position of the chailty and lo gnable them lo ensure that the financial slalemenls comply wllh the Charilies Acl 2011. the Charity (Accounts and Reports} Regulallons 2008 and Ihe provlsions of thè trust dr4ed. They are also responsible for safeguarding the assets of the cliarity and henc& for laklng reasonable sleps for Ihe prevention and deledion of fraud and Dlher irregLtlarllles. PagE 4
The Kellh Howard FoundaliorL rt of the Trustees for Ihe Year Ended 31 December 2023 Approved by order of the board ol Iruslees on 24 September 2024 ancs signed on ils behalf by.. Mrs M Tomlinson - Trustee Page 5
Re orl of the Inde endenl Auditors to the Trustees of The Keith Howard Foundation Oplnlon We have audited the financial slalemenls of The Keith Howard Foundation (the 'charily') for the y8ar ended 31 December 2023 which comprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Cash Flow Slalemenl and noles lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been opplied in Ihelr prepaialion is applicable law and United Kingdom Accour)ling Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion Ihe flnancial statèments.. give a true and fair view of the slate ol the charity's affalrs as al 31 December 2023 an($ of ils incoming resources and application of resources, lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accountin9 Pracllce., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls lor oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those slandards are further described in the Auditors, responsibilities lor the audit of the financial slalemenls section ol our report. We are independent of the charity accordance wllh the elhical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparallon of the financial slalements is appropriate. Based on Ihe work we have performed, we have not identified any mateTial uncertainties relalir¢g to events or conditions that, individually or collectively, may casl significant doubt on the charity's abilily to continue as a going concern for a period of al least twelve months from when the financial slaleTllents are authorised for issue. Our responsibilitiès and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The Iruslees are responsible for Ihe other information. The other infoTmalion comprises the information included in the Annual Reporl, olher than the financial statements and our Report of the Independent Auditors Ihereon, Our opinion on the flnanclal sla18m8nls does not Cover Ihe other Information and, except lo the exlènl otheiSe explicitly slated in our report, we do r¢ol express any form of assurance conclusion Ihereon. In connecllon with our audil of the financial slatemenls, our responsibility is to Tead the other infomiation and, in doing so, consider whelher the other information is materially inconsistent with the financial slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. Sf we identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls Ihem%lves. If, based on the work we have performecl, we concludè that there is a matèrial misslalement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception Vve have nothing lo report in respect of the following mallers where the Charities (Accounts and Reports) Regulations 2008 requires us lo reFKJrt to you if, in our opinion.. the information given in the Report of the Trustees Is Inconslstent In any material respect with the fin2nclal stalemenl8', or sufficient accounling records have not been kept.. or the financial slalemenls are not in agreement with the accounting records and returns. or we have not receiveé all the information and explanation8 we require for our audit. Page 6
Re orl of the Inde ndenl Auditors to the Trustees of The Keith Howard Foundation Responsiblllties of trustees As explained more fully in the Slalemenl ol Trustees, Responsibilities, the Iruslees are responsible for the preparation of the financial statements which give a true and fair view. and for such internal control as the trustees determine is necessary lo enable the preparation ol financial slalemenls that are free from malertal misslalemenl, whether due lo fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ablllly lo continuo as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidale the charity or to cease operations, or have no realistic alternative bul lo do so, Page 7
Re orl of the Inde endenl Auditors lo the Trustees ol The Keith Howard Foundation Our rasponslbllltles for the audlt of the flnanclal statements We have been appointed as auditors under Section 144 of the Charllles Act 2011 and report in accordance wilh the Act and relevant regulations made or having eflecl Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whelheT due lo fraud or erfor, and to Issue a Report of the Independent Auditors that in¢lLfdès our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always delecl a material misslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered malerial if, individually or in the aggregale, they could reasonab5y be expected to influence the economic decisions of users taken on the basis ol thes8 financial slalements. The exlenl lo which our procedures are capable of detecting irregularilie5, including fraud is detailed below.. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delect malerial misstalemenls in respect of irregularities, includlng Iraud. Our approach to identifying and assessing the risks of maleTlal misslalement in respect of irregularities, Including fraud and non-compliancè wlh laws and regulations, was as follows.. Ihe engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise noii-compliance with applicable laws and regulations., we identified the laws and regulations applicable lo the charity through discussions with Iruslees and other management,, and from our commercial knowledge and experience of the charity sector we f(uSed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operalions ol the charily, including the Companies Act 2006, laxalion legislation and data protection, ar)li-bribery, employment and health and safely legislation., we assessed the exlenl of compliance wlh laws and regkjlalions identified above through making enquiries of management,. and identified laws and re9ulalions were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit We assessed the susceptibility of the charity's financial statements lo misslalemenl, Including obtaining an understadIng of how fraud might occur, by.. making enquiries ol management as lo where they considered there was susceptibility lo fraud, their knowledge of actual. suspected and alleged fraud., onslderlng the internal controls in place lo mitigate risks ol fraud and non-compliance with laws and regulations., and understanding the design ol the charity's remuneration policies. To address the risk of fraud through management bias and override of controls, including the impact on revenue recognition, we.. performed analytical procedures lo identify any unusual or unexpected relationships. 1851ed journal entries lo identify unusual Iransaclions., assessed wheth8r judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative ol potential bias.. and investigated the rationale behind significant or unusual Iransaclions,. and In response lo the risk ol Irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited lo.. agreeing financial slalemenl disclosure lo underlying supporting documenlalion,. reading the minutes ol meetings of the Iruslees., and enquiring of management as to actual and potential liligalion and claims There are ir)herent limilalions in our audit procedures described above. The more removed that laws and regulations are from financial transa¢lions, Ihe less likely it is that we would become aware. of non-compliance. Auditing standards also limit the audit procedures required lo Identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspeGlion of regulatory and legal correspondence, if any. P2ge 8
Re ort of the Inde endenl Auditors to the Trustees of The Keith Howard Foundation Material mi5slalemenls that arise due lo fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion A fuilhei description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's w8bsi18 al www.frc.org.uklaudilorsresponsibililies. This description forms part of our Report of the Independent Auditors. Use of our report Thi8 report is made solely lo the ¢harily's Iru51ees, as a body. in accordance wlh Parl 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that wè might slate lo the charity's Iruslees those mallers we are rèquired lo slate lo them in an auditors, report and for no other purpose. To the fullest exlent permilled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audil work, lor this report, or for thè opinions we have formed. CLA Evelyn Partners Limited Chartered Accounlanls & Slalulory Audilors 3rd Floor 56 Wellington Street Leèds Wesl Yorkshire LSI 2EE 27 September 2024 Page g
The Keith Howard Foundalion Slalemenl ol Financial Acliviliss for Ihg Year Ended 31 December 2023 2023 Unreslrlcted fund 2022 Total funds as reslaled Notes INCOME AND ENDOWMENTS FROM Donations and legacles 34,180 20,058,097 Investment Income 458,341 1S0 Total 492,521 20,058,247 EXPENDITURE ON Ralsing funds 24.595 1,800 Charitable actlvltles Performing Arts Sporl Animals Emergency Social Mobilily 316,683 231,000 185,000 27,000 169,151 370.000 210,000 300,000 69,500 52,000 Olher 15,641 23,227 Total 969,070 1,026,527 Nel gair¢s Dn investments 250,827 70,245 NET INCOMEIIEXPENDITUREI 1225,7221 19.101,965 RECONCILIATION OF FUNDS Total funds brought forward As prevlously reported Prlor year adluslmenl 18,357.774 17,618 1726.573) A5 restated 18,375,392 1726,573) TOTAL FUNDS CARRIED FORWARD 18.149.670 18.375,392 The notes form part of Ihesè financial slal8m8nls P¥gè 10
The Kellh Howard Foundallon Balan¢e Sheet 31 Decembsr 2023 2023 Unreslricled fund 2022 Total funds as reslaled Notes FIXED ASSETS Inveslmenls 17,666,516 15,045.245 CURRENT ASSETS Cash 81 bank 1,334,799 4.202,992 CREDITORS Amounts f811ing due Mfjlhln one year 10 1851,6451 1872,845) NET CURRENT ASSETS 483,154 3,330,147 TOTAL ASSETS LESS CURRENT LIABILITIES 18,149,670 18,375,392 NET ASSETS 18,149,670 18.375,392 FUNDS Unreslricled frS 11 18,149,670 18,375.392 TOTAL FUNDS 18,149,670 18,375,392 The Ilnanolal $lalem$nl$ warè approv by th6 Board ol Truslees and aulhorlsed lor Issue on 24 Seplembor 2024 and were slgned on Ils behalf by.. M Tomlinson- Trustee Th& notes form parl of Ih$$g linan¢ial slal8menls Page11
The Kellh Howard Foundation Cash Flow Slalemenl lor the Year Ended 31 December 2023 2023 2022 as iesla18d Notes Cash flows from operatlng actlvltle5 Cash generated from operations 1956.0901 60,937 Nel cash lused inllprovlded by operating acllvilies 1956,0901 60,937 Cash flow8 from Invesllng actlvllles Purchase ol fixed asset Investments Salg of Ilxed asset investments Interest recelved 134.500.1981 32.129.754 458,341 114,994,419} 19,118,097 Nel cash (used inllprDvid2d by inveslSng acllvilles {1,912,1031 4,123.828 Change In cash and cash equlvalents In thE reporting perlod Cash and cash equlvalents at the bpglnnlng of the roportlng porlod {2.868.1931 4,184.765 4,202,992 18,227 Cash and cash èqulvalents at the end of the reportlng perlod 1,334,799 4.202,992 The notes IOTM part of these financial slatements Page 12
The Keith Howard Founda lon Notes lo the Cash Flow Slalemenl for the Year Ended 31 December 2023 RECONCILIATION OF NET IEXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 as reslaled Nel (Dxpenditurelllncome for the reporting period las per the Statement of Flnanclal Actlvltiesl Adjustments for.. Gain ori Investments Interest received Non-cash Gifts (Decreasellincrease in creditors 1225,7221 19,101,965 1250,8271 1458,341} 170,2451 11501 119,098,678> 128.045 121,200) Net Cash (used Inllprovlded by operatlon5 1956,090} 60,937 ANALYSIS OF CHANGES IN NET FUNDS Al 111123 Cash flow Al 31112123 Net cash Cash al bonk 4,202,992 12,868,193) 1,334,7S9 4,202,992 12,868.1931 1,334.799 Total 4,202,992 12,868.1931 1,334,799 The notes form part ol these Ilnancial slalements Page 13
The Kellh Howard Foundallon Nol88 lo the Flnanclal Slalemenls for the Year Ended 31 December 2023 GENERAL INFORMATION The Keith Howard Foundallon (formerly The Emerald Foundallonl Is an unlncoiporaled Itust. consliluled under a Trust De&d dalod 7 0ec8mb8T 2018 and is a 18glsler8d charity in England and Wales, under Ihe charlly reglsleTed number 11270. registered al 12 Wells Promenade, Ilkley, LS29 9LF. The prlnclpal place of buslness is Howard House, Dowley Gap Business Paik. Dowley Gap Lane. Blngley. BD16 IWA. ACCOUNTING POLICIES Basls of preparlng the flnanclal statements Th8 linanclal slalemenls of the ¢harlly, whlch Is a publlc benefll enllly under FRS 102. have been prepared in accordance wllh th6 Charlli85 SORP IFRS 1021 'AcCoU({ng and Rgporting by Charities.. Slalémènl of Re¢ommand6d Pracllce appllcable lo charllles preparlng their accounts In accordan with Ihe Financlal Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 18llecliv& 1 January 2019),, Financial Reportlng Standard 102 'The Finandal Reporting Standard applScable In the UK and Republic of Irgland, and the Charities Acl 2011, Tlie linancial slalemenls have been prepared under the historical cost Convention, with Ihe exception of investments which are Included al rnarkel value. as modified by the revaluation of rtain assets. Golng concern The financial slalemenls have been prepared on a going concern basls. The Trustees have reviewed and considered rglevanl Infofmalion, including Ihe annual budgel, in makiiig Ilieir assessment. Based on these assessments and fhe current resixjrces available, the Trustees have concluded that they can conllnue lo adopt the going concern basis in preparing the annual report and a¢counls. Income All income is recognlsed In the Slalemenl of Flnanclal Acllvllies once the charity has enlillemenl lo the lunds.11 Is probable th31 Ihe Incom8 will be received and the amount can be measured reliably. Income recelved In the form of assets rather Ihan cash is recognised al ils fair value al that dale. Expendlture Liabilities are recognised as exper1(ure as soon as there a legal or conslrL£cllve obllgallon commllllng the charity lo Ihal expendlluie, il Is piobable Ihal a transfer ol economic benefits will be r8quir8d in s8lllemenl and the amount of the obligation can be measured rellably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to Ihe category, Where costs cannol be direclly allrlbuled lo particular headings they have been allocated lo activities on a basls consislenl with the use of resources. Grants payable are payments made lo Ihird pgrtles in the furtherance ol thè charitable objectlves ol the Irusl. Single or mulli year granls are ac¢ounled for when ellher the reclpienl has a reasonable xpeclalion that Ihey will receive a grant and the Iruslaes have agreed Io pay the gr8nl w51)1 condition, or the re¢ipienl has a reasonable axpeclalion that Ihay wlll recelve a grant and any ¢ondllion allaching lo the granlls oulslde Df Ihe conlrol of the Irusl. Taxatlon The charity is exempl from lax on ils charllable a¢llville8. Fund accountlng Unreslricled funds can be used In accordance wlh the charitable objectives al Ihe discretion of the Iruslees. Reslrlcled funds can only be used for parlicular restricted purposes wilhin Ihe objects of the charity. Reslrlclions arise when sperylied by Ihe donor or wh&n funds are ralsed for partlcular restricted purposes. Furiher explanation ol the nature and purpose ol each lund is includéd in the notes lo tha financial slalemenls. Page 14
The Keilh Howard Foundallon Notes lo the Financi81 Slalemenl$- Gonllnued for the ear Ended 31 Deueinber 2023 ACCOUNTING POLICIES- continued Intorest re¢elvablv InlÈr&sl on funds hèld on deposit is Included when receivable and the amount can b& measured rgliably by the company- this is normally upon nolificallon ol Ihe Interest pald or payable by the Bank. Debtors Trade and other debtors are recognised al the selllemenl amount after any trade dlscounl offered. Prepayments are valued al the amount prepald nel of any trade dlscounls due. Cash at Bank and In hand Cash al bank and In hand Includes cash and short term Iilglily liquid inveslmenls wllh a short malurily of Ihree months or less from the dale ol aequisilion or opening of tha deposit or similar ac¢c>unl. Llabllltles and provlslons Llabilllles are recognlsed when there Is an Dbligalion al the Balance sheet dale as a result of a past event, il Is probable that a transfer of economlc benefll wlll be required In selllemenl, and the amo(Jnl of the settlement can bg eslimaled reliably. Liabilities are reuognibe(f <11 Ilie <llTiouiII Ihul the coinpany anlicipales it will pay lo sellle the debt or the amounl il has received as advanc¢d paymènts for th6 goods or services il musl provide. Provisions are measured al IhE best e51imale ol the amounts requlred lo sellle Ihe Oblallon. Where Ihe ellecl ol the lime value of money Is maleilal, th6 provislon is based Dn the present value ol those amounts, dis¢ounled al th& pre-lax dlscounl rale Ihal reflects Ihe risks sp8cific lo the liaLilily. The unwindiiig uf Ihe dlbBounl Is rebDgnised wllhln inlorfjsl payable 8nd similar charges. DerÈetsgnltlon of Ilabllltles Flnancial Ilabllllles are derecognised when Ihe oharllys conlraclual obllgalions explre or are dlscharged or cancelled. Irrgcoverable VAT Irrecoverable VAT is charged against the category of resourcas 8xpèndad foi what il was Incurred Flnanclal In5trument5 Tho company only has financial assets and flnancial liabilllles of a kind that qualify as baslc linAnclal inslrumenls. Basic financial instruments ara initially reeognised al Iransa¢lion value and subsequently measured al IhgSr selllemenl valtje with Ihe exception ol b<iiik10<111S whitih ¢ire tsubb¥querilly meabured al amortised cosl using the effective interest method. Charltable actlvltles Costs of charllable acllvllles Include grants made and governance costs incurred. Governance costs Governance costs comprfse all costs involving the public aountablI1{Y of the ¢harily and Its compllance with regulation and good praclice. These costs include costs related lo slalulory audit and legal fees together M4lh overhead and support costs. Page 15
The Keith Howa¥d Foundallon Nolas lo Ihe Financial Slalemenls- conllnue for Ihe Year Eiid¥d 31 Decembgr 2023 INVESTMENT INCOME 2023 2022 a$ re8taled Interest on Inveslrnenls Deposit account inleresl 399.110 59,231 150 458.341 150 RAISING FUNDS Ralsino donatlons and legacles 2023 2022 as ieslaled Support Wsls 1,800 Investment managemonl costs 2023 2022 as rest21ed Portfollo management 24,595 Aggregate amounts 24,595 1,800 GRANTS PAYABLE 2023 2022 as reslaled P8rforming Art8 Sport Anlmals Emergency Social Mobility 316,683 231,000 185,000 27,000 169,151 370,000 210,000 300,000 69,500 52,200 928,834 1,001.700 The lolal gF2nls paid lo inslilulions during the year was as follows.. 2023 2022 as r85taled General 928,834 1,001,700 Page 16
The Kellh Howard Fouridalion Notes lo the Financial Slaleineiils - conlinued for the Year Ended 31 December 2023 GRANTS PAYABLE- continued 2023 2022 Action for sport Ago UK Bradford Care NHS FoundaliDn Tru$l Bradlord Clty ol Sanctuary Bradlord Grammar School Bradforol Norlh Foodbank Bradford University Cenlrep(Mnl 8urs2ry Fund Children's Charity ClrLlts eradford Cross Gales & Dislricl Go(xl Nelghbouis Scheme Filey Cal Rescue First Story Generation You Employed Good Lile Dog Rgscu6 Gr8ce's Kilehan Grand Fulures Graeaé Theatre Company GSAL HarBwoocJ School PTA Hope Pastures Inlounlvgrslly Kidz Awaie Kelghley Imaglnalion Library Leeds Baby Bank Leeds Grammar School Leeds Inlernallonal Plano comp8lilion Leeds Playhouse Leeds Rugby Foundation Life Education Moorview Rescue {Now Yorkshlre Rescue} Nell Bank Northern Ballet Opera Norih Participate Projects Pilot The4lr Rotary Disability Games SARA Speakers Trust TIA Greyhound Wesl York5hlTe Anlrnals in Needs Whilby Dog R8scu& Whllehall Dog Rescu& Womenzone Community Centre WYAIN Yorkshlre Animal Shelter YorkshSre Childrens Trust Yorkshlre Cal Rescu8 Yorkshlre Crid(el FOnd2110n Yorkshlre Dance Yorkshiie Rescue Yorkshlre Youth and Music Zatach Foundation 10.000 6.000 25,000 1,50 25,000 10,000 25.000 20,651 20,000 20,000 10,000 15,000 15,000 s,000 8,000 1 Cl,000 10,000 20,000 20,000 85,000 85,000 3,000 17,OJO 200 10,000 5,000 1 (1,000 3,000 2.OQO 10,000 25,000 20,000 50,000 70,000 30,000 10,000 20,000 85,000 130,000 20,000 55,000 70,000 3D,OC)O 20,QOO 85,000 7,500 11,994 10,000 3,00 35,000 20,000 10,000 20,000 20,000 10,000 120.000 s,000 120,000 1,500 10.000 5,000 17,000 10,000 70,000 10,000 10,000 19.000 10.000 928,645 25,OOC) 70,000 10,00 1.001,700 Page 17
The Keith Howard Foundation Notes lo the Flnanclal Slalemenls contin for Ihp Year Ended 31 December 2023 TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslees, remunerallon or other benefits for the year ended 31 DecembBr 2023 nor for th8 year 8ndèd 31 December 2022. Trusle&$' expenses There were no Iruslees. expenses paid for the year ended 31 Decemb8r 2023 nor for the ar &nd8d 3106cember 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslriclgd lund as rèslaled INCOME AND ENDOWMENTS FROM Donations and legacles 20,058,097 Investment Income 150 Total 20,058,247 EXPENDITURE ON Raislng funds 1,800 Charltable aGtlvllle$ Pertorming Arts Sp(¥i Animals Emergency Social Mobilily 370,000 210,000 300,000 69, Jroo 52,OQlO Other 23,227 Total 1,026,527 Nel gslns on Inveslmenls 70,245 NET INCOME 19,101,9S5 RECONCILIATION OF FUNDS Total lund$ broughl foNard 1726,5731 TOTAL FUNDS CARRIED FORWARD 18,375,392 Page 18
The Keith Howard Foundallo Notes lo eFi cial Sl¢il¥iner)Is - conllnued for the Yeai Ended 31 December 2023 PRIOR YEAR ADJUSTMENT Th& pilor year adluslmenlls in relation lo the capital sum recelved In the prlor year as a result of the Sale of Emerald Group Holdlngs Limiled. This is an adjuslmenl lo incre8so Incom8 and Cash al Bank by£17,618, FIXED ASSET INVESTMENTS Llsled investments MARKET VALUE Al 1 January 2023 Addlllons Dlsposals Revalualk)ns 15.045,245 34.500.198 {32,063,6521 184.725 Al 31 December 2023 17.668,516 NET BOOK VALUE Al 31 December 2023 17.666,516 Al 31 December 2022 15,045,245 There were no investment assets oulslde the UK. Cost or valuallon al 31 December 2023 Is represented by.. Llsled Inveslmenls Valuation In 2023 17,666,516 CREDITORS., AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as r88laltsd Trade Gredllors Grant creditors 345 872.500 851,645 851,645 872,845 11, MOVEMENT IN FUNDS Prk)r year adjuslmenl Nel movement In funds Al 31112123 Al 111123 Unrestrlct8d funds General fund 18,357,774 17,618 1225,7221 18,149,670 TOTAL FUNDS 18,357,774 17,618 1225.7221 18.149,670 Page 19
The Kellh Howard Foundation Notes lo Ihe Flnanclal Statements- continued for th¢ Year Ended 31 Dec8mber 2023 11. MOVEMENT IN FUNDS- cantlnued Nel movement In funds, Includod in the above are 2s follows.. Incoming resources Resour¢e$ exponded Gains and Movement Ioss8S in funds Unreslrlcted funds GenEr<il fund 492,521 1969,0701 250.827 1225.7221 TOTAL FUNDS 492,521 1969,0701 250,827 1225,7221 Comparatlves for movement In funds N81 fflovemenl In lurKIs Al 31112122 Al 111122 Unrestrlct6d funds General fund 1726,5731 19,101,965 18,375,392 TOTAL FUNDS 1726,5731 19,101,965 18,375,392 Comparallve nel movement In funds, Included in the above are as follows.. Incoming resources Re5Durces expandèd Galns and Movement losses In funds Unreslrlcted funds General fund 20,058,247 11,026,527) 70,245 19,101,965 TOTAL FUNDS 20,058,247 {1,026,5271 70,245 19,101,965 A current year 12 months and prior year 12 mor*lhs comblned poslllon as follow8.' PrSor year adluslmenl Nel movement In funds Al 31112123 Al 111122 Unrestrlctéd funds General fund 1726.5731 17,618 18,876,243 18,167,288 TOTAL FUNDS 1726,5731 17.618 18.876.243 18.167.288 Page 20
Tho Kellh Howard Foundallon Nol@s lo the Financial Slal$menls- conli lor thè Year Ended 31 Oecember 2023 ued MOVEMENT IN FUNDS . conllnued A ¢urrenl year 12 monlhs and prlor year 12 months Combined rbel movement in funds, Included in the abov8 are as follows.. IncDmlng resourcès ReSoUS expended Gains and Movement losses In funds Unr¢slrlcted funds Geneial fund 20,550,768 11,995,597) 321,072 18,876,243 TOTAL FUNDS 20,550,768 11,995.5971 321,072 18,876,242 12. RELATED PARTY DISCLOSURES During the year Ihe trust rec81ved income l01811ing £Nil12022'. £940,000) Iruin Emei8ld Group Holdings Llmiled, a company In which E Tregenza was a dlreclor al the lime ol the donation, K Foll Is a Iruslee of Whllehall Dog Rescue. Gran18 lolalling £120.000 {2022.' E120,000) were made during the year. M Tomlinson was a director (resigned 2022} ol Llfe Education (Bradlordl Limlled. Grants IDtalling £30.00012022'. £30,000) were made duilng tho year. The Iruslè8$ belleve there are rKJ other related Fydrty transactions lo disdose. Page 21