Charity registrdtion number.. 274309 Howard Charitable Trust Annual Report and Financial Statement5 for the Year Ended 5 April 2024 Howard Charitable Trust Contents {¢ontinued} R¢ference and Administrative Details Truste¢s' Report Statement of Trusttts. ReS￿nSibilItIeS Independent Exa[nine￿S Report StatCTnent of Finmcial Activiiie5 Balancc Sheet Notes to the FIn￿cial Ststements 7t013 Howard Charitable Trust Reference and Administrative Delails Trustees Mr M J H Hodgskin-Brown Mr AJ Parker Mr DP Ensell Charity Regi51rgtion Number 274309 Principal 0￿]ce W¢5thaven House Arleston Way Solihull B90 4LH Independent Examiner David Be3ant FCCA Buckler Spencer Ltd Old Police Station Church Street Swadlincote Derby$hire DEI 18LN Pag¢ I How8rd Charitable Trust Trustees, R¢port The Irustees present the annual report together with the financial staiernen(5 of the charity for ihe year ¢ndcd 5 April 2024. Objectives and aclivities Objects uims All decisions L)n lh¢ furtheiance of ih¢ chaTity's aims. and the donations given, are made at the trn5tees meeiing. Vhen planning grant Illiikin&> activiti¢5 ID the year, the trustees havc considered the COTnmission guidance on public benefit. Publlc b¢Mef The trustec8 confimi that they haye complied with the require￿ents of section 17 of the Charities Act 2011 to have duo regllrd to the public benefit guidance published by the Charity Commission for England and Wales. S¢ructMrey governance aDd m#nagtm¢nt JVuiATre ofgoverning documeNI The charity is c(Trntrolled by its governing document, a dced of trust. and constitutes an Wiinco￿Or￿ted charity. RecruitmeNt andappoinlmenl of trnsleo The trusrees have the power of appointment of addiiional trLLsiees. Th¢y appoint as and when ne¢essary, taking into account th¢ mix of skills and experience that th¢ trus*es feel is necessary tor the charity to fvlfKI its obje¢tiV¢5. Muivr rlsks andmunugemenl ofihgse rtsks Risk monagemeylf The trustees have a duty to identify and review the risks to which th¢ charity És exposed and to ensure ppropriate Controls ate in palce to provid¢ reasonable asS￿rance against fraud and error. They have identified the major risks which the irust face5 and hav¢ put in place protedures to minimise them. The tn]s(ees regularly review th¢ investtnents of thc Charity to ensure that th¢r¢ is a good spread of &s5ets, to try and reduce ihe overall risk of the portfolio. Financial instruments Obieetivu and￿lICI&S The charity holds a&se(s in the fomi of cash, shares and property. These are invested to provide tor both the short and long-(erm needs of the eharity to enable it to meet its objectives. The trustees consider thdi in order to meet it5 vbjeciives in ihe long-tem (he charity is required to hold significani Te5erves. The annual report Wd5 approved by thc trustees ofthe charity on 28 November 2024 and signed on its behalf by.. Mr DP En5ell Trustee Pag¢ 2 Howard Charitable Trust Statement of Trustees, Responsibilities The trustees are responsible for preparing the intstees, report and the financtal statements in accordance with the United Kingdom Accounting &andards (United Kingdom Generally Accepted A¢counting Prarticel and applicable law and regulations. The law applicable (o charities requires th¢ t￿￿tee￿ to prepare financial statements for each finan¢ial ytar which give a true and fair view of the state of affai[5 01 the charity and of thc ineoming resources and application of resource5 of the charity for thai peri￿. In preparing these financial statements, the trustees are required to.. s¢l¢ct suitsble accounting policies and then apply them con8istently' observe the mdhods and principles in the Ch41ri(ies SORF,. make judgcmenrs and cstimaies that are reasonable and prudent. stale wheiher applicable accounting standards have been followed, subject to any material departures disclosed dnd explained in the financial sta￿mentS. and prepare the fu]ancial statements on the going concern basis unless it is inappropriate to pr¢sume that ihc harity will continue in busine5S. The trustees are responsible for keeping proper aCCOUDting records that di5¢1ose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wilh the Charities Act 2011, the Charities {Ac¢oullts and Reports) Regulations 2008, and the provisions (Trf the constitution. The tnjstees are also responsibl¢ for safeguarding the asset5 of the chariry and hence for taki￿8 reasonable step$ for the prevcntion and deteclign of fraud and other irregularities. The trustees aT¢ responsible for the maintenance and integrity of the corporate and financial inforniaiion included on lh¢ ¢hariiable company's website. Legisl&tion governing the PT¢paration and dissemination of financial sthtem¢nts may differ froin legislation in other jurisdictions. Approved by the rustees of th¢ charity on 28 November 2024 and Signed on its behalf by.. Mr DP Ensell TNstee Page 3 Howard Charitable Trust Independent ExanJin¢r's Report to the trustees of Hoivard Charitable Trusl Teport lo the tru*ees on my examination of the accounts of Howard Charitable Trust for the year ended 5 April 2024. Responsibilitie5 basis of report A.% (hc charity trustees of Howard Charitable -frust you are r¢sponsible for thc preparation of the ac¢ount5 in accordavct wilh the requirements of the Charities Act 2011 ('the Act,). I report in respect of my exatnination of the HO￿rd Charitable Trust's accounts carried out urAder seclion 145 of the 2011 Act and in carrying oul m), examination I have followed all the applicable Dire¢tions given by the Charity Commission under section 145{5)(bl of the Act. Indepcndcnt examincr's st¥tement I bave cotnpleied my examination. I confirm that no material matters have come to my attention in connection with the examination giving me causc to believe that in any material respect.. accounting records were not kept in respect of Iloward Charitable Trt￿l as required by s¢ction 130 of the Act., or 2. the accounts do not accord with thosc records. or the accounts do not comply with the accountin&T requirements conceming the fomi and conteDI of accounts set out in ihe Charities (Accounts and Reports) Regulations 2008 other than any requir¢Tnent rhat the accounts give a 'Thue and fair vieMI which is not a matter Considered as part of an independeDt examination. I have no ¢oncems and have come acrtsss no other ma(rers in connection with the exatnination to which alt¢ntion should be draum in this report in order to enable a proper understanding of the accounts io be rcachcd. l)avid (Sezant ACCA Buckler Spencer Ltd Old Police Station Churcb Str¢et Swadlincote Derbyshire DEII 8LN 28 Novemljer 2024 Page 4 Howard Charitable Trust Statement of Finaneial Activities for the Year Ended 5 April 2024 Tot91 2024 Unrestrleted Note Income and EndowmeDts from: Invcslment income Other income 53,766 40,177 53.766 40,177 Total lllcome 93,943 93,943 Expendi¢uTe on: Raising funds Charitable aclivities (11,954) {163.895) 111,954) (163,895) Toial Expenditure Nt( expenditure Uniealised gainsl(losses) on investments 1175.849) (175,849) (81,906) (558,866) 181,9061 (558,866) Net tnovement in funds {640.772) (640,772) Reton¢iliatioA of fwnd$ Total ￿ndS brought forward Totsl funds carried fonvard 2,766,015 2,766,015 13 2,125.243 2,125.243 Total 2023 Unr¢￿Tle1¢d Note Ineomc and EMdowments frum: Investment incorne Other inctsme 54,012 36,038 54,012 36.038 -1 otal Income 90,050 90.050 ExPe￿dit￿re on: Raising funds Lharitable aclivities (20,584) (33,319) (20,584) {33,i19) (53,903) 'I'otal E4xpenditurc (53,903) Net income Unre411ised g&in51(losses) on investments Nel move1￿ent in lunds 36.147 352,256 36,147 352,256 388,403 J88,403 Reconcilialiun of funds -1.oial funds brought forward Total fi￿d& carri¢d fotward 2,377,612 2,377.612 2,766,015 13 2.766,015 All of the charity's activities derive from continuing optrations during ihe abov¢ two pcriods. 'rh¢ funds breakdown for 2023 is shown in note 13. I'he notes on pa8￿ 7 to 13 fom) an integral part of thes¢ f]nancial staternemts. Page 5 Howard Charitable Trust (R¢gistration number: 274309) Balance Sheet as at 5 April 2024 2024 2023 Note Fixed assets Tangible asscls 667.550 1.235,000 Curr¢nt assets Debtors 9,842 1.348,636 liO,595 ,489,073 9,594 1,347,129 191,612 Investments Cash at bank and in hand io 1,548,335 {17,i20) Creditors: Amounts falling due within one year 12 31,380 Net ¢urreThl assets 1,457,693 1.531.015 Nct assets 2,125,243 2,766.(115 Funds •[ the charity: Unrestricted income thnds Unrcstricted 2, 525,243 2.766,015 Total fund5 2,125,243 2.766.015 The financial statements on pages 5 to l) were appFoved by the tyStee4 and auihoriwi for issue oll 28 November 2024 attd signed on their behalf by.. Mr DP bns¢ll TTUStce The notcs on pag¢$ 7 10 13 form an integral part of these financial Statements. Page 6 Howard Charitable Trnst Notes to the Financial Statements for the Year Ended 5 April 2024 l Accounting policies Statement of compliance The finan¢ial statements have been prepared in accordanc¢ with ihe second edition of the Charities Siatement of Recoinmended Practice issued in O¢tobcr 2019, the Financial Reportin& Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation Howard ChaTjtable Trust meets the definition of a public benefit enlity under FRS 102. The accounts (financial siaiementsl have been prcpared under the hi5ttsrical cost convention with items recwi5ed al cost or transaction value unle55 otherwise stated in the relevant noiels) io these accounts. (Toing eoneern The irubiees consider th&t there are no material uncertainties about the charitys ability to continue a going concern. Income and endowments Expenditure All expenditure is r¢cognised once there is a legal or constTUCtive obligatiun to that expenditure, it l5 probable settl¢men( is required and the amount Can be measurcd reliably. All cosis are allocated to the applicable expendilure heading that aggregate similar costs to that catcgory. Where costs cannot be directly attributed io particular headings they have been allocaicd on a basis con5lStetit with the use of resources, with ccntral staff costs allocated on the basis of time spent, and depTeciation ¢harges all(Kaied on the portion of the assei's use. oiher support wsts are allocated b&8ed on the spreiid of staff ¢osts. Choriittble fjclivilies Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for lis beDeficiaiies. It includes both costs that can bc allocated directly to such aLtivities and ihose costs of an indirect narnre necessary to support th¢m. During the yeat, £163,225 was donated to the charity Christadelphian C￿¢ HO￿eS (CCH) who own and manag¢ multiple care homes throughout the UK. The donation IS (o help subsidise the residents who are non-christadelphian (£32,115 2023). In addition, £670 was donaied to CCEI to fund travel expenses so that r¢sidents are 7&ble to go on outings {£1.204 2023). GrntttpTovisiolls Provisions for gr&￿1$ are mad¢ when the intention to make a grant ha5 bcen communicated to th¢ recipient but there is uncertainty about ¢ither the timing of the gtant orthe ￿nO￿nI of grant payable. Supporl costs Support costs inclllde central function5 and have been allocaiod to aciivity cosl categories ¢m a basis consistent with the use of r¢sources, for ¢xample, &llocaiing property Costs by floor ar¢as, or per capita, Staff costs by the lime spent and other costs by their usage. Page 7 HowArd Charilable Trust Notes to Ihe Financial Statements for the Year Ended S April 2024 (continued) I'he charity is considered to pass the tests set out in Paragraph I Schedule 6 of ihe Financc Aci 2010 and Iherefore it mcets the definition of a charilabl¢ tompany for UK corporation tax purpose5. Aecordingly, the charity is potentially exeinpt from taxation in respect ol. income or capital gain￿ received wthin categorie5 covered by Chapter 3 Part I l of the Corporation Tax ALI 2010 or Section 256 of the Taxation of Chargeabl¢ Gains Act 1992, to the exteiit that such inLome or gains ale applicd exclusively to charitable Pu￿oSes. Curren¢ a¥5et inYestmeDts Cuneni assei investments are included at markei value based on a va¢ant possession b￿ls. Trade debtors Trade debtors are afftounts due from customers for merchandise sold or servi¢¢s p￿fOrn¢d in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They ar¢ subsequently mea5UTed at amortised cost using the ettECtiv¢ interest method, le%s provision for impairment. A provision for the itntkqirn)ent of is esiablished when therc is objective evidencc that the will noi be able to collect all atnounts duc according to the original terms of the receivables. Cash and eash equivalents Cash and cash equivalents ¢omprise cash on hand and call dep051ts, and oiher short-tern) highly liquid inve5tmenis that are readily cot)vertible to a known anjount of cash and are 5ubj¢cl to an insignificant risk of change in value. Fund structure Unrc5tricied income funds ar¢ general funds that are available for us¢ at the trLlStee5 di5creiion in fvrtheiance of the objectives of ihe charity. Financial instruments Clo.*fifica¢ion Financial 8ssets and financial liabilities ar¢ recognised when the charlty becomes a party to the contractual provisions of the instruinent. Financial liabilities and equity insuuments are Cl￿gir1ed accordhng to th¢ substance of the contractual arrangements entered into. An equity instrument is any Contraci thal evidences a residual interest in the as5¢ts of the Charity after deducting all of its liabililies. Page 8 Howard Charit#ble Trusl Notes to the Financial Statements for the Year EDded S April 2024 (continued) Recognltlom anrfmea$4Tement All financial assets and liabiliiies are iDlti&lly measured at transaction price (including transaction costs), except for those financial assets cl&8sified as at fair value through profit OT 1055. which are initially medsurcd ai fair value (which is nornially the transaction price excluding transaction c05ts), unless the arrangement constituies a rinancing transaction. If an affangcment constituies a financing tTansaction, Ihe financial asset or financial liability 15 measured at the present valuc of the future payments discoUn￿d al a market late o( interest lor a sirnilar debt instrumtnt. Financial assets and liabilities are only (Trffset in the statement of financial position when, and only when ihere exists a legally enforceable right to sct off the recognised amounts and the Charity intends either to settle on a Thet b&si5, or to realis¢ th¢ asset and settlc ihe liability sirnultaneously. inaiicial 355e15 are d¢re¢0￿7Sed when and only when a) the contractual rights to thc cash flows from the rinancial asset expire or are settled. b) thc charity transfers to anoth¢r party substantiall JJ all of the risks and rewards of ownership of the financial asset, or c) tbe charity, despite having retaillcd some, but N)t r411, significant risks and rewards of owjership. has transfeThed control of the asset io another paty. Fitsancial liabilities are der¢e0￿1sed only when the obligation specifjed in the contract is discharged, cancelled or cxpires. JAv£simeuts Investineilts in non.convertible preference shares and nmwullable ordinary or preference shares {wheTe shares ate publicly traded or their fair value is reliably measurable) are m¢a5Uted ai fair value 1hrou￿} profit or 1ts5S. Where fair value cannot be measured rcliably, invesknentg are measured ai Lost1¢s5 impairnient. Investments in subsidjarics and associates are measured at cost less impaimient. For investments in subsidiaries acquired for cortsideration including the issue of shares qualifying for merger relicf. cosi is measured by referenc¢ to the nominal value of the shares issued plus fail. value of otlier considcrotion. Any prctnium is ibmored. Fthir v41ue ￿￿￿$￿Temen1 The best evidence of fair value is a quoted price for an ideniical assei in an active market. When quotEd prices are unavailable. Ibe price of a recent transaction for an idenli¢al &8sei provides evidence of fair value as long Js there has nor been a significant change in ¢conomi¢ circumstanLes or a significant lapse of time since the transaction ￿0k place. If the markct 15 noi activ¢ and recent transactions of an identical asset OTh their own are not a good eslimate of fair value, the fahr value is estimated by using a valuation trchnique. 2 Inve5t]NeDt intome Unrestrieted fll￿dS Gentr•l Total funds Other incorne from fixed asset investments 53,766 53,706 Total for 2024 53.766 53.766 Total for 2023 54,012 Page 9 Hojvard Charitable Trust Notes to th¢ Financial Statements for the Year Ended 5 April 2024 (continued) 3 Other income Unrestricted fllnds General Total funds Renial income 37,380 37,380 Tolal lor 2024 37,380 Tolsl for 2023 35,651 35,651 4 Expenditure rnising funds a) Costs of trading activities Unre5trieted funds General Tot&1 funds Note (Ah¢r direct costs of activities for generating funds 16,563 16,563 Tolal for 2024 16,563 Totsl for 2023 8,273 8,27i 5 Expendltwre on charitable activities Unrestricted fuDd5 Gcneral Total funds Note Grani funding of actLVlties 163,895 16),895 Total for 2023 33,319 Page 10 Howard Charitablc Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (Continued) 6 Trustees remuneration and expense5 No truste¢s, nor any persons connected with them. have r¢¢cived any remuneration from ihe charity during the year. No trustees havc re￿ived any reimbursed expense5 or any other benefits from the charity during the year. 7 Taxation The charity is a registered charity and is therefore exempi from iaxation. 8 Fixed asset investmf Ilts 2024 2023 Tangible assEts 667.550 1,235,000 Investment propertie Tangiblc assets Cost or Valuation At 6 Apr512023 Revaluation ,235.1100 (567,450) At 5 April 2024 667,550 Proviyion At 5 April 2024 Net book vilue At 5 April 2024 667,550 At 5 April 2023 Thert has been a valuation of investment property by an independent valuer in this yeaT. 1,235,000 g Debtors 2024 2023 Trade debtors 9,842 9,594 Pagell Howard Charitable Trnst Note5 to the Financial Statemenls for thc Year Ended 5 April 2024 (continued) 10 Current asset investments 2024 21123 Listed other Shares Unlisted oiher share5 ,206,745 141,891 1,184.968 162,161 1,348,6i6 I,i47,129 J I Cash and cash e4Mlv?lents 2024 2023 Cash at bank 130.595 191,612 12 Creditors: amount$ (gllling due within one year 2024 2023 Other creditors 31,380 17,320 IJ Fund5 Other Tecogniscd Balance at S Eainsl(losse5) April 2024 Balgnfe at 6 April 2023 In