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← The Howarth Foundation

2024-01-31-accounts

Charity registration number 1171635

Company registration number 10232376 (England and Wales)

THE HOWARTH FOUNDATION

FINANCIAL STATEMENTS

31 JANUARY 2024

Calvert Dawson Ltd 288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY

THE HOWARTH FOUNDATION

CONTENTS

Page
Trustees report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE HOWARTH FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 JANUARY 2024

The trustees present their annual report and financial statements for the year ended 31 January 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the foundation's constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The prevention or relief of poverty in respect of individuals who are, or who have recently been, homeless in the districts of Leeds Kirklees and Calderdale, by actively sourcing employers willing to offer employment and by providing those individuals with support and guidance, as to be determined by the trustees, to successfully obtain such employment.

The charitable company will raise funds through corporate and personal donations and from other fundraising activities to:

To achieve these main objects the charity will:

Public benefit

The trustees have reviewed the charitable company's objectives and aims and confirm that these are identifiably for the public benefit as required by the Charity Commission. This benefit predominantly falls within the recognised charitable purpose of:

Further public benefit is achieved to a lesser extent in the work carried out by the charity to achieve through the following recognised charitable purpose:

Grantmaking

The charitable company does not make grants, though small amounts are paid to or on behalf of clients, usually for travel costs, meals or to provide suitable work attire, at the discretion of the trustees.

THE HOWARTH FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

Achievements and performance Business Building Futures

BBF is an initiative set up by the charity and is intended to engage local businesses in supporting the homeless, through a membership scheme whereby member companies pay a nominal annual fee of £500 and commit to offer one of three things to the charity:

The BBF initiative is endorsed by Leeds City Council and business membership currently stands at 33 organisations. The Howarth Foundation is still committed to serving the existing BBF members and it is the charities ambition to increase total members to 50 businesses by the end of 2024.

The total amount of membership fees for the 2023-2024 financial year, was £11,200. Along with this, annual renewal fees for BBF membership was £7,500.

Fundraising activities

The Howarth Foundation held their annual Music Extravaganza which raised over £5,000.

A hugely successful corporate charity golf day was held at Cleckheaton & District Golf Club which raised over £8,400.

Other small donations were made from a variety of fundraising schemes such as Facebook birthday giving, ad-hoc donations and monthly supporters.

Donations

Howard Civil Engineering Ltd donated £10,000 to The Howarth Foundation, which was unrestricted for general running costs.

We received over £22,000, in other small donations to our charity.

Financial review

The charity has received a total income of £136,822. Total expenditure for the year was £142,601 creating a small net deficit of £5,956.38. This gives funds carried forward of £21,086 to further progress the charities aims and objectives.

At the start of the financial year, the CEO worked on a part paid and part voluntary basis. By the end of the year the CEO received full-pay for working 4 days per week.

Principal funding sources

Howarths HR and Employment Law Limited made regular donations totalling £41,536 towards running costs in additional to providing office space and utilities on a rent-free period from April 2021.

In respect of the complimentary office space provided by Howarths HR and Employment Law Limited, in monetary terms, the estimated value of the floor space (392ft squared) occupied by the charity and the associated utilities is £4,200 gross for the twelve-month rent free period. This is recognised as donation income and accommodation costs.

Investment policy and objectives

The Charitable Company presently has no funds other than what it requires for operating purposes over a rolling twelve month period. All funds are currently held with CAF Bank Limited.

It is the policy of the foundation that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the foundation’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

THE HOWARTH FOUNDATION

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

Structure, governance and management

The foundation is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr G E Davies

Mr J P Garside

Mrs C Geesin Miss T L Hopkins Mr G J A Howarth Mr J Robinson (Resigned 22 September 2023) Mr A Waugh (Resigned 18 July 2023)

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees report was approved by the Board of Trustees.

Mr G J A Howarth Trustee

14 August 2024

THE HOWARTH FOUNDATION

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE HOWARTH FOUNDATION

I report to the trustees on my examination of the financial statements of The Howarth Foundation (the foundation) for the year ended 31 January 2024.

Responsibilities and basis of report

As the trustees of the foundation (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the foundation’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Calvert Dawson Ltd

288 Oxford Road Gomersal Cleckheaton West Yorkshire BD19 4PY

Dated: 14 August 2024

THE HOWARTH FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JANUARY 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
2
98,118
-
Charitable activities
3
34,937
-
Total income
133,055
-
Expenditure on:
Raising funds
4
24,054
381
Charitable activities
5
119,705
-
Total expenditure
143,759
381
Net expenditure for the year/
Net movement in funds
(10,704)
(381)
Fund balances at 1 February
2023
24,312
1,525
Fund balances at 31 January
2024
13,608
1,144		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
98,118
76,421
-
34,937
15,404
-
133,055
91,825
-
24,435
16,173
1,883
119,705
74,980
1,800
144,140
91,153
3,683
(11,085)
672
(3,683)
25,837
23,640
5,208
14,752
24,312
1,525		 Total
2023
£
76,421
15,404
91,825
18,056
76,780
94,836
(3,011)
28,848
25,837

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE HOWARTH FOUNDATION

BALANCE SHEET

AS AT 31 JANUARY 2024

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Income funds
West Riding Masonic Charities
13
Unrestricted funds - general		 2024
£
2,587
18,494
21,081
(7,472)
1,144		 £
1,143
13,609
14,752
1,144
13,608
14,752		 2023
£
1,919
28,682
30,601
(6,288)
1,525		 £
1,524
24,313
25,837
1,525
24,312
25,837

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 14 August 2024

Mr G J A Howarth Trustee

Company registration number 10232376

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

Charity information

The Howarth Foundation is a private company limited by guarantee incorporated in England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the foundation's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The foundation is a Public Benefit Entity as defined by FRS 102.

The foundation has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the foundation has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% reducing balance basis Computers Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the foundation is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Donations and legacies

Donations and gifts
Grants		 2024
£
88,118
10,000
98,118		 2023
£
76,421
-
76,421

3 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Fundraising events 34,937 15,404

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

4 Raising funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Fundraising and
publicity
Fundrasing costs
10,290
-
Rates and insurance
-
-
Light and heat
-
-
Telephone
-
-
Advertising
3,542
-
Other fundraising costs
650
-
Staff costs
9,572
-
Depreciation and
impairment
-
381
Support costs
-
-
Fundraising and
publicity
24,054
381
24,054
381		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
10,290
5,344
475
-
442
-
-
721
-
-
88
-
3,542
5,778
-
650
500
-
9,572
3,300
900
381
-
508
-
-
-
24,435
16,173
1,883
24,435
16,173
1,883		 Total
2023
£
5,819
442
721
88
5,778
500
4,200
508
475
18,056
18,056

5 Charitable activities

Staff costs
Depreciation and impairment
Legal and professional fees
Client costs
Insurance
Telephone
Computer costs
Motor running expenses
Analysis by fund
Unrestricted funds - general
Restricted funds		 2024
£
95,898
-
7,863
1,724
8,254
-
114
5,852
119,705
119,705
119,705
-		 2023
£
60,995
228
1,300
4,536
7,197
30
2,494
-
76,780
76,780
74,980
1,800

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

6 Trustees' remuneration and benefits

None of the trustees received any remuneration or benefits during the year.

7 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
5 5
Employment costs 2024 2023
£ £
Wages and salaries 104,767 63,440
Other pension costs 703 1,755
105,470 65,195

There were no employees whose annual remuneration was more than £60,000.

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 February 2023
2,710
2,014
At 31 January 2024
2,710
2,014
Depreciation and impairment
At 1 February 2023
1,186
2,014
Depreciation charged in the year
381
-
At 31 January 2024
1,567
2,014
Carrying amount
At 31 January 2024
1,143
-
At 31 January 2023
1,524
-		 Total
£
4,724
4,724
3,200
381
3,581
1,143
1,524

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

10
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
11
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Accruals and deferred income		 2024
£
2,432
155
2,587
2024
£
2,352
237
4,883
7,472		 2023
£
1,770
149
1,919
2023
£
-
200
6,088
6,288

12 Retirement benefit schemes

Defined contribution schemes

The foundation operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the foundation in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £703 (2023 - £1,755).

13 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 February 2022 resources expended 1 February 2023 resources expended 31 January 2024
£ £ £ £ £ £ £
West Riding
Masonic
Charities 2,033 - (508) 1,525 - (381) 1,144
Toyota GB
Charitable
Trust Funding 1,800 - (1,800) - - - -
Sir George
Martin Trust 1,375 - (1,375) - - - -
5,208 - (3,683) 1,525 - (381) 1,144

THE HOWARTH FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2024

14
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 31
January 2024 are
represented by:
Tangible assets
-
1,143
Current assets/(liabilities)
13,608
1
13,608
1,144		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
1,143
-
1,524
13,609
24,312
1
14,752
24,312
1,525		 Total
2023
£
1,524
24,313
25,837

15 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).