REGISTERED CHARITY NUMBER.. 1127093 Re ort of the Trustees and Financial Statements for the Year Ended 31 December 2024 for The Keith Howard Foundation The Keith Howard Foundation Contents of the Financial Statements for the Year Ended 31 December 2024 Page Reference and Adminislralive Details Report of the Trustees Report of the Independent Auditors statement of Financial Activities Balance Sheet 10 Cash Fk)w Statement Notes lo the Cash Flow Statement 12 Notes lo the Financial Statements 13 to 20 The Keith Howard Foundation Reference and Adminislralive Details for the Year Ended 31 December 2024 TRUSTEES Ms V Williams HMAFojt M J Hasyn (resigned 9110120251 Mrs M Tomlinson Mrs K N Foll Ms S Foll (appointed 113120241 PRINCIPAL ADDRESS 12 Wells Promenade Ilkley LS29 gLF REGISTERED CHARITY NUMBER 1127093 AUDITORS S&W Audit stalulory Auditor Chartered Accountants 3rd Floor 56 Wellington Street Leeds West Yorkshire LS1 2EE SOLICITORS Progeny 1A Tower Square Leeds LS14DL BANKERS C Hoare & Co 37 Fleet Street London EC4P 4DQ Page 1 The Keith Howard Foundation Re ort of the Trustees for the Year Ended 31 December 2024 The Iruslees present their annual report and fi'nancial statements of the charity for the year ended 31 December 2024. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with the charity's trust deed, the charib.es Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102. OBJECTIVES AND ACTIVITIES Objectives and aims The Iruslees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard lo the Charity's Commission's general guidance on public benefit "Charities 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 arts., - animal welfare., - Sport Social Mobility The trust carries out these objectives through the provision of grants to charities which fall within the criteria above. Grantmaking Details of how to apply for grants are available on the charity's website and also the trust invites applications for grants through the trustees, contacts and word of mouth. Trustees take responsibility for developing and maintaining relationships with key charity partners. ACHIEVEMENT AND PERFORMANCE Charitable activities In the year, the trust has made grants tolalling £1,023,119 12023.. £928,834). Principal risks and uncertainties The trustees consider there to be no significant risks or uncertainties lo the charity. FINANCIAL REVIEW Financial position Taking account of the availability of working capital, the trustees have concluded that the trust will be able to continue to meet ils financial obligations as they fall due for at least Iwelve months from the date of approval of these financial statements. Consequently. these financial statements have been prepared on the basis that the trust is a going concern. The total expenditure in the year was £1,082,56812023'. £969,070} of which £1,023,119 relates to donations paid during the year and donations committed lo be paid al the year end. As a result the charity funds are a surplus of £17,921,35012023. £18,149,670). Investment policy and objectives The Iruslees appointed Progeny Asset Management following the sale of Emerald lo ensure that the majority of capitsl 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. This has now been completed and funds are invested accordingly with long term investment managers at Cazenove Capital and Sarasin Asset Management. Reserves policy The revised plans for the enb'ty and ils reserves are set out in the Future Plans section of this report Page 2 The Keith Howard Foundation Re ort of the Trustees for the Year Ended 31 December 2024 FUTURE PLANS It Is the intention of the trustees that the capital from the Trust Fund will be used wholty for charitable purposes in awordan¢e with the objectives and strategies of the foundation. The trustees intention is to distribute grants each year from the investment income and capital reserves as deemed appropriate, whilst maintaining sufficient reserves to allow the charity to have a significant life span. The Iruslees will continue to support charities that fall under the four focus areas stated on their website. In addition, successful applicants will be able to demonstrate impact in one or more of our key stonds of education, access & participation, and healthier lives. The Trustees have also made an 'emergency fund, available which has been a calalysl 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 lo the timeframe of July and September of each year, applied through the website form. The Foundation will not support Capital Projects or Salaries. STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governance and management The charity is controlled by ils governing document, a deed of trust and constitutes an unincorporated charity. The trust is an unincorporated Irusl, constituted under a Trust Deed dated 7 De￿mber 2018 and is a registered charity, number 1127093. The trust does not actively fundraise and seeks lo continue the philanthropic work desired by the donor through the careful stewardship of its existing resources. The original Iruslees were appointed by the Deed and serve five years after which period they may pul themselves forward for reappointment The Trust Deed provides for a minimum of three Iruslees. Due to the change of stewardship from the passing of Keith Howard, the Trustees mel 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 lo ensure the conlinuily of the Foundation. Melissa Tomlinson continues to act as Chair. The Chair will complete the day to day administration of grants and the processing and handling of applications prior lo consideration by the Iruslees. Siobhan Foll was appointed as a Trustee in March 2024. The website continues to be a successful way of applying for Charities, which is updated periodically, when required. The Board keeps the skill requirements for the Trustee Body under review and in the event that a trustee permanenlty retires, or additional new Iruslees are required. New Iruslees may be sought by open advertisement or through a dialogue with major grant recipients. The ulbmate decision on selection is, however, a matter of the Board of Trustees. The introduction process for any newly appointed trustee will comprise an initial 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 Iruslee board. Key management remuneration The Iruslees consider the board of Iruslees and the Chair as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Iruslees give of their time freely and no trustee remuneration was paid 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 Stsndards (United Kingdom Generally Accepted Accounting Practice). Page 3 The Keith Howard Foundation Re ort of the Trustees for the Year Ended 31 December 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES- continued The law applicable to charities in England and Wales, the Charities Act 2011, Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate 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 Iruslees are required to select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to p￿Surne that the charity will conts'nue in business. The Iruslees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and lo enable them lo ensure that the financial statements comply with the Charities Act 2011, 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. Approved by order of the board of trustees on 30 October 2025 and signed on its behalf by.. Mrs M Tomlinson - Trustee Page 4 Re ort of the Inde endent Auditors to the Trustees of The Keith Howard Foundation Opinion We have audited the financial stslements of The Keith Howard Foundation (the 'charity'l for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial stslements.. give a true and fair view of the stale of the charity's affairs as at 31 December 2024 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance wth United Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities 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 lo our audit of the financial ststemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the aLJdil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial 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 charity's ability to continue as a going concern for a period of al least ￿e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are described in the relevant sections of this report. Other information The other information comprises the information included in the Report of the Trustees and Financial statements, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the Report of the Trustees and Financial Statements. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such Material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements, or sufficient accounting records have not been kept, or the financial statements are not in agreement with the accounting records and retums,. or we have not re￿iVed all the information and explanations we require for our audiL Page 5 Re ort of the Inde endent Auditors to the Trustees of The Keith Howard Foundation Responsibilities of trustees As explained more fully in the Statement of 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 Iruslees determine is necessary lo 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 charitys ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernab've but to do so. Page 6 Re ort of the Inde endent 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 Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objecb'ves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLJe lo 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 IUKI will always detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslatemenls in respect irregularities. The extent lo which our prO￿dureS are capable of dete¢ling irregularities, including fraud. We obtained a general understsnding of the Charity's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Charity's industry and regulation. We understand that the Charity complies with the framework through.. Outsourcing accounts preparation and tax compliance lo external experts. Subscribing lo relevant updates from extemal experts, and making changes to intemal procedures and controls as neTrssary. Chair and Key Management Personnel's cjose involvement in the day-l￿aY running of the Charity, and regular Trustee meetings, meaning that any litigation or claims would come to their attention d1￿Cl1y. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial slalements, which are central to the Charity's ability to conduct its business, andlor where there is a risk that failure lo comply could result in material penalties. We identifi'ed the following laws and regulations as being of signifieanee in the eontext of the Charity". - The Charity SORP IFRS 1021 in respect of the preparation and presentation of the financial statements. The Charities Act 2011 and the Charity Commission We performed the following specific procedures lo gain evidence about compliance with the significant laws and regulations identified above". Made enquiries of management regarding Complian￿ with laws and regulations and any known non