Charity r¢gi$tralion number: 274309 Howard Charitable Trust Annual Report alld Fitw)cio1 Statements for the Year Ended 5 April 2025
Howard Charltable Trusl Contsnts (continued) Reference and Administrative Details Tnt¢¢s, Report Statement of Truskes, Responsibilities Ind¢p¢nd¢nt ExamineS Report StstenTht of Financial A¢tiviti¢s Balance Sheet Notes to th¢ Financial Stsl¢nts 7t013
HoJv8rd Charltable Trust Reference and Administrative Details Trustees Mr M J H Hod8skiD.Brovin Mr AJ Parkcr Mr DP Ensell Charity Regi51r*tlon Number 274309 Principol Oflke We5thaven House Arle5ton Way Solihull B90 4LH Ind¢pend¢nt EIamlner David Bezattt FCCA Buckler Spencw Ltd Old Police Statiot) Church Streei Swad]incole Derbyshire DEII 8LN Page I
Howard Charitable Trust Trustees, Report Th¢ lThsl¢¢s pIesent the anttual report together with the fmallcial stst¢meDts of the charity for the year ended 5 April 2025. Obje¢tive5 and tIvIde5 Ohj¢¢ts tTUNS All d¢cisions on the fiberanCe of th¢ Charitys aims. and the donations given, are made at th¢ trilstees rneeti ¥hen planning makitig activitie5 in ihe year, the tnjgtees bav¢ coDsidered the commission guidance on pub]ic benefit. Pmblie behefrt Th¢ trustees confirm that they hav¢ ¢ornplied with the requirements of seclion 17 of the Chariti¢s Act 2011 to have due regard to the public b¢fil guidance published by the ChaTity Commission for England and Wales. StrvctUT& governance ind maDagement Natsre ofgoverning documeRI The charity is controll¢d by its governing documenl 4 d¢¢d of &( and ConStite$ hn unincoTrorated cl]arity. Recruifmenl ohdwoinlmenl oftruslees The trwstees have the pow¢r of appointment of additioD&I trustC¢5. They appoint as wh¢n llecessary. t&knng inlo account the mix of skills and exp¢rience tbat the trustees fe¢1 is necessary for th¢ charity to fiLIfiI its objectives. Mfjjor risks olfhose 17sks Rtsk mantsgemenl The trustees have a duty to id¢nlify and review tb¢ risks ty which the cljarity is exposed and to ensure appropriate eontrols ar¢ in palce lo provide ieagonabl¢ assurance against fraud and error. They have identificd tb¢ rn&jor risks which the trust faces and hav¢ put ID plac¢ procedures to mitiimisc tbem. Th¢ trust¢¢S T¢gularly review the investm¢nts of th¢ charity to ensure th2t ih¢r¢ 18 a good spread of ass¢ts, to ty and T¢dU th¢ Ovall risk of the portfolio. Fitiancial instrumeDts Objeclives dAdpolicies The charity holds AS8¢ts in the forn] of cash, sbareg ad proputy. These are itiveded to wovide for b)tb the sknrt and long-terni n¢¢ds of the cbarity to enable it to meet its obj¢ctives. The trustee5 considu thal in order to meet its objectives in the long-terni the chaTity is required to hold significant reserves. Th¢ i¢port was approved by the ttvst¢¢s of th¢ charity on. Is . atKI signed on its behalf by: Mr DP Ens¢ll Page 2
Howard Charitable Trust Statement of Trnstses. Responslbllltie5 Th¢ trustees are respoJJsible for pr¢paring the ttees, report and the financiAI Statellnts in accordallce wlth the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Attd applicable law and reguIations. Th¢ Ig4W applicable to cbarities requircs the tfU5t¢es to PTtpare fiDan¢ial statements for each fmancial year whi¢h give & lrne and fair view of the stat¢ of affairs of the charlty and of the incomin8 r¢50urc¢s a]xl application of r¢sources of the charity for that p¢riod. In prep18 these fitwhcial ststements, the trst#S are r¢quired to: s¢l¢cl suitable accounting po]iCi 8Dd then apply them COtL8iSt¢nt, observe tbe methods at¥1 principl iD th¢ Clwities SORP. rnak¢ judgements and estitDafrs that reasonabk and pnul¢nt' state whether applic4ble accounting standards have been followeiL subject to any mat¢rial departL¢S disclosed and explained in the financial slat¢m¢nts" and prepare tIK fanCIal ststelrnts on the Boing concern basis UDless it is inappropriate to presume that thc haTity will continue in business. Th¢ trusÈ¢¢s are T¢sponsiThle for keeping prop¢r olting records that disc108¢ with reasonable ac¢uracy ai any tb¢ financial position of the chayity ¢[b]e them to ensure that the fiDaD¢i815tatements comply with the Cb3Tities Act 2011, the Cbarities (AG¢ouryls and Reports) Re8u]ation$ 2008, and th¢ provisions of the constitution. The trustees are aIso r¢spoEJsible for safeguarding the 2ss¢ts of the ch8rfjty and h¢n¢¢ for taking reasonable steps for the prev¢ntion and d¢¢¢ction of fraud and other irr¢gu]arities. The Irustees ar¢ rc5ponsible for the maintenanc¢ and tDt¢grity of the corporJ¢e and financi information included on thc ¢haritsble companys website. Ixgislation governing th¢ pr¢paration and dissemination of statements may differ from legislation in other jurisdictions. Approved by the tnLStees of th¢ ¢h8rity on . and signed on its behalf by. Mr DP En5¢11 Pa8e 3
Howard Charitable Trnst Independent Examlner's Report to the trustees of Howard Charitsble Trust I report to the tsLee5 on my examination of the &c¢ounts of Howard Cbaritable Trth8t for th¢ y¢aT ¢nded 5 April 2025. Responslblutles and ba$ts of report As th¢ charity trSt¢¢S of Howard chtable Tnjst YOU Ar¢ r¢spoDsible for the preparthn of th¢ s¢nts ID accordaDC¢ with th¢ rwuirements of the Charities A¢t 2011 ('Ihe Act,). I rwrt ID spt of my &x8mination of the Howard Charirable Trnsvs accow)ts canied out tsndcr scction 145 of the 2011 Act and tn callg out my examination I hav¢ followed all the appli¢abl¢ Diredions gven by the Charity Commission er section 145(5)(b) of the ACL Independemt enller'S ststement I have completed my examination. l ¢onfinn that no nterial matters bave ¢om¢ W my attentio¥A in ComitIOn ith the exomination giving m¢ ¢Aus¢ to beli¢ that ID nmterial respe¢t.. l. accouDting records were nth kw in SpeCt of Howard ClwitabLe Trnst Tequired by sectlon 130 of th¢ Acl., or 2. the accounts do not accord with thos¢ re¢ord8.' OT 3. the accounts do nol comply with the a¢¢ounting requirem18 ColernIllg the fornk aTKI contenl of accounts set out in the Charities (Accouttts and R¢ports) Regulations 2(K)8 other than any requirement that the Accounts give & 'true and fair vi¢w' which is not a matter ¢otssid¢T¢d as p&rt of an independent examination. I have no concerns and have come across llo other matt¢rs in connection with the examination lo which attention should be drawn in this Teport in order to ertable k prop¢r widetEtanding of the accounts to be reached. David B¢T3nl FCCA Buckler Spencer Ltd Old Police Station Church Street Swadlincote Derbyshire DEI I8LN Page 4
Howard Charltable Trnst Statement of Financial Activities for the Year Ended 5 AprRI 2025 Total 2025 UDrestrlcted Not¢ IA¢ome EndoTYmeDts from: Investsnent incom¢ Other Aticom¢ 43,485 49,986 43,485 49.986 Total In¢om¢ 93.471 93.471 Expendhure on: Raisitig fimds Charitable aetiviti¢$ (47,309) (72,719) (47.309) (72.719) Tothi Exp¢ndiro 120,028) 120.028) Nel ¢xpenditure Unrealised gains/Oosses) on investments (26,5S7) 36.770 (26.557) 36.770 Net moveffjt in fiwls 10213 10,213 Reconduatlon offwnds Totsl fiwds bTought foTward 2,125,243 2.125243 Tot funds carried forward 13 2.135,456 2,135,456 Totsl 2024 UDre$trl¢ted Note Income and Elldowmentl froth: IestMe1)t income Oth¢r TrDcon 53,766 40.177 53.766 40,177 Totsl Itme 93,943 93,943 Expenditsre OD: Raising funds Charitable a¢tiviti¢$ {11,954) 163.895 (11,954) 163,895 Total ExpeDditUTe 175,849) (175.849) Net exp¢nditure UnTealised gainslOosse$) on investments Net movement ill fithds (81.906) (558,866 (81,906) (558.866) (640.772) (640,772) Recomelllatlon of Totsl fi]nds brought forward 2,766,015 2.766.015 Totsi fimd5 WTi¢d fonvard 13 2,125,243 2.125.243 All of th¢ Chity'S activities derive from contitiuing operations during the abov¢ two petiods. Th¢ fimds breakdo for 2024 is shown in note 13. Th¢ not¢5 pages 7 to 13 forn) an intcgrnl part of these financial stat¢EKDts. Page S
Howard Charitable Trust (Regl8tratfion number: 274309) Balance Sheet as at 5 Aprll 2025 2025 21124 Note Flxed assets Tangibl¢ us¢ts 745.292 667.550 Current assets Debtors Inv¢5tm¢ntS Cash at ballk and in hand 12,085 1,332,647 91.872 9,842 ,348,636 130,595 io 1.436.604 1,489.073 Creditors: AllUntI faUSng due wltlthi one y¢#r Net current Assets 12 46.440 31,380 1.390,164 1,457.693 Net ¥s$ets 2,135,456 2,125.243 FuDds of the charity". Unrestrieted fund$ UnTestricted 2,135.456 2,125.243 Total funds 13 2,135,456 2.125243 ancial statem¢nts on pag¢s 5 to 13 were approved by the irnst¢¢s. and authoTised for issue on i.S.. ¥ud $ign¢d on their beb8]f by: Mr DP Ens¢ll Trustee Thc no1¢5 on pages 7 to 13 forni integral part of these fmancial statements. Page 6
Holvard Charitable Trust Note5 to the FinanciaI Statements for the Year Ended S Aprll 2025 l Accounting polldes StAtemeDt of compllance Th¢ fjnaD¢ial $tat¢ment5 hav¢ b¢¢n prepared in accordance with the S¢CODd ¢dition of the ClJariti¢s Stat¢m¢nt of Re¢omm¢nd¢d PTactiC¢ issued in October 2019, the Financial R¢portiDg Standard AppIT¢abl¢ in the United Kingdom R¢publi¢ of Ireland (FRS 102) and the Chariti¢8 Act 2011. B*si$ of prep2ratitsD Howard Clwitsble Trust meets th¢ d¢fit)itiott of 8 public benefit entity under FRS 102. Tbe accow)ts (financial statements) have been prepared ulld¢r th¢ histori¢ai c05t ¢onYention with items reColS¢d at cost or tranStion V¢ wiless otIrwise $tai¢d An th¢ r¢l¢vant note(s) to these accounts. Going coD¢erD The truste¢s ¢on8ider that there 8t¢ no material ullc¢rtainties abow th¢ charitys abi]ity to contiMu¢ as * going ¢OnC¢nL Ineome and endowments Exptndlthre All ¢xpendilure is r¢cogni5ed once there is a legal oi Constru]ve ob]igation to that expenditure. it is probabl¢ settlent is required and the amowit can be measured Teli8bty. All costs are allocated to th¢ applicabl¢ expenditw¢ h¢ading that aggregate simtlar costs that ¢at¢gory. Where costs cannoi be dircdly attrRbut¢d to particular headings they have been allocated on a basis consistent with the use of resources, CCDtral 6tAff costs allwAted on the basis of spettl and depr¢ciation charges allocated on tb¢ portion of the asset's we. Other support costs are allocaÉed based on the spr¢ad of staff costs. CharAbLe aclivilies Charitsble expendittue eornprises thos¢ costs ithgurrea by the charity in tbe d¢]iv¢ry of it5 activities and seTYices for its beneficiaries. It includes both costs tbat can b¢ allocated directly to such activiti¢s and those Costs of an Itlre¢t natte necessary to support them. DuTtng th¢ y¢ar, £52,719 was donated to thc charity Chrisiad¢lphian Care Homes (CCH) who and manage multiple care homes throughout tlje UK. The doDation is to help subsidise th¢ r¢sid¢nts who are non-ChristAd¢lphian l£163.225 2024). In additio £1,324 was donated to CCH to fvnd tra1 eXP¢DS¢S so that residents are abl¢ to BO OD OUtiTrgs (£670 2024}. GMntprowi¥ions Provisions for grants are mad¢ wh¢n th¢ ititrntion to make a grant has been commutti¢4ted io the recipient but there is unrtainty about eith¢r th¢ liming of the grant OT the 8mouDt of grant P8yabl¢. Support fosts Support ro$ts in¢lwl¢ c¢ntrat fiutionS and have been allocated to activity Cost categories on a basis consistent with tb¢ use of resowces, for exa)nple. alltitig prowty costs by flooT areas, or per capit4 staff costs by the time spent and other cosls by their usage. Page 7
Howard Charltsble Trust Notes to the Flnancial Statements for the Year Ended 5 Aprll 2025 (continued) TautlDn The chatity is coD5ideTed to pa&$ the tests set out in Paragraph I Schthl¢ 6 of the Finanec knt 2010 aDd therefor¢ it meets the definition of a ehÈr¥tabl¢ company foi UK coOratIOn tax purpose5. A¢wrdingly. ihe ¢htirity is potentially exempt from taxalion tn respect of incoTne or capital gains rcceivd witbin categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or S¢¢tlOD 256 tsf the Taxation of ChaTgeable Gains Act 1992, 10 the ent thai 5ucb income or 8ains are appli ¢xclusively to charttsble puryoses. Current asset knve8tments Cutr¢Di ¥ss¢t inv¢stmeDts ore %luded at markct value based oo a vacant POSS¢%5ion basis. TrAde debtors TT&de d¢btors are amounts duc from cu5ton)ers for merdJandis¢ sold OT Services perform¢d its th¢ ordinary ours¢ of bus7ness. Trad¢ dcbtors are recognised initially at th¢ transaction pric¢. IW Jr¢ subsequently ll&$¢d at amortised cost using th¢ ¢ffective interest method. I¢ss provision for Ilnpairnt. A PTOViSiOll for the impairm¢nt of is ¢stablisbed when there is objective evid¢n¢e that the will b¢ abl¢ lo ¢ollect all amoullts due aCCOTding to the OTiginal tern of the receivabks. C*sh and ¢a5h equivalents Casb and cash ¢quivalents comprise cash on hand and call deposits, and other short-terni bighly ]iquid inve5th¢Dts that are Teadily convertible to a known amount of cash and are subject to an illsignifi¢ant risk of change in valu¢. Fwid strnttsr¢ uleStrIcted incolne fia5 are general funds that are av8ilabl¢ for use ai the tteeS discr¢tion in fivtheTance of the objectiycs of th¢ charity. Finan¢i&l iDStrurnents Clws4ficalioR Financial assets and fanCIal liabilit1¢5 aTe reco8nised vkn¢n th¢ charity beconKs A paty ¢0 the COntrtual provisions of the instrum¢nt. Ftnancial liabilitiBs and ¢quity iDslnmxnt5 are Classified A¢¢ording to the substan¢e of the contsactrjal atrangements entered into. An ¢quity insknnt is any contra¢t that evidences a residual iDt¢r¢sl in the assets of the charity after d¢ducting all of its liabilitie5. Pag¢ 8
Howard Charltable Trnst Notes to the Financlal Statements for the Year Ended 5 Aprffil 2025 (continued) Recognlrfom and All financkal &$set8 and liabAliti¢s iDitiaIly med tranStiOn pric¢ (including transaclion costs), except fot thos¢ finaDcial as8¢ts cla5sifi¢d a5 at fair value througb profit or los& whi¢b 8r¢ initially measured ai fair value {which is nornully the transaction price ex¢luding transaction costs), unless the Arrangement romstitut¢s financing transactÉon. If an arrangement constifytss a fin8n¢iDg transaction, tbe financi ass¢t or f]nan¢ial liability is measured at the presetjt value of th¢ fitture pJynKnts discowlted at a m8rk¢t 13t¢ of Intere foT a similar debt instsument. Fillancial ass¢ts and liabiltti¢s only offset in the Stell1 of fillanc positiou Whe and only when there ists a l¢gally ¢nfor¢¢abl¢ right to set off the recognised amounts and tb¢ charity int¢nds either to setde o basis, or to T¢alis¢ the ass¢t and settle the liability simultaneously. Financial assets are derecognised when and only wh¢n a) the ¢on¢rnCtual rights to the aesb flows from ti fumncial asset expire or are settled. b) th¢ cbarity transfers to another party substantially all of the risks and rewards of ownership of the fjnancial assel w ¢1 th¢ ¢hority. despite having retsined som¢. bul Dot all. signifjcant risks rewards of ownership. has trausf¢tt¢d control of the asset to aJM)ther paty. Financial liabililies are derecognised only when th¢ obligation spe¢ified in the Contract is dilged, ¢an¢elled OT expires. Inveslments Invesknents in non-convertible preference sbares and nott-puttabl¢ ordinary or weference sl)ares {Mrhere slwes e publicly traded or tbeir fair value is Teliably meLsurnble) are measuT¢d at fair value through ptofit or loss. Where fair value cannot be measured reliably, inv¢skn¢nts •r¢ rncasurcd P4t cost less impairment. Inv¢sknents iti sub$idiari¢s aud Lsso¢iat¢s are measured at cost less impairmellt. For inv¢strn¢nts in subsidiaries a¢quired for ¢0sidtiOn iti¢ludittg th¢ issue of shares qualifying for merger rc]ief, wst is nased by r¢f¢r¢n¢e to the nomiml valu¢ of the 5bare8 issued Ph fair V8h of other considu&tioTh Any premiw)] is iored. F4ir value measurement Th¢ besi ¢videnc¢ of fair value is a quoted price for an identical asset in an active rnarket. When quoted prices r¢ UDavailabl¢, th¢ pri¢¢ of a ¢¢nI ¢rdn5actioD for an identical asset provides evidenc¢ of fair value as long 8S th¢r¢ b&5 not be¢D a 5ignifi¢ant chang¢ in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and reeent trangactions of an identical asset on their own are not a good estimate of fair value. the fair value is estinMted by using a va]uation technique. 2 Investment IDcome Unrestrlctsd fund8 G¢nerl Tot1 funds Other inconK from fixed asset investmellts 43,485 43,485 Totsi ffjr 2025 43,485 43,485 Totsl for 21124 53.766 53,766 Page 9
Howard Charitable Trnst Notes to the Financial Statements for the Year Ended S April 2025 (continued) 3 Other Income Unrestrleted funds General Total fDDds R¢ntsl incomc 37,807 37.807 Total for 2025 37,807 37,807 Totsl for 2924 37.380 37.380 4 EipeDdlture rgislllg funds *) Cort$ of tradIg a¢tiviti¢s Unr¢stricttd fvnds General Total ds Note Other direct cosls of activities for generating fijnds 58,985 58,985 Totsl for 2025 58.985 58,985 Totsl for 2024 16,563 5 Expenditsre on chlritsble A¢tiviti UnrestrActed Total funds General Note Grant fijnding of activities 72,719 72,719 Tol•l for 2024 163,895 163.895 Page 10
Howard Charitable Trust Notes to the Financial Statement5 foT the Year Ended S April 2025 (continued) 6 Trustees remuneratlon and expenses No tystee5. nor any Persons conn¢ct¢d with theni have Teceived any remWration from the charity during the No trust¢¢s hav¢ r¢c¢tY¢d any r¢imbursed ¢xper]s¢s or any oth¢r b¢n¢fits fTom the chartty during the year. 7 Tax*tloD The chatity is a registered charity attd 1$ therefoTe exempt from taxatio 8 Fixed asset Investments 2025 2024 Tangible assets 745.292 667,550 IDvestmenl propertiei Tanglble assets Cost or ValuatS0 At 6 April 2024 RevahtiQD 667.550 77.742 At 5 April 2025 745,292 Provlslon At 5 April 2025 Net book value At 5 ApTiI 2025 745,292 At 5 Aptil 2024 There has bttn a valuation of investment propety by an ixikpend¢rt VA]uer in this year. 667.550 9 DebtDTS 2(125 2024 Trad¢ d¢btors 12,085 9.842 Page 11
Howard Charitable Trust Notes to the Financial Statements for the Year Ended 5 Aprll 2025 (continued) 10 Current asset investments 2025 2024 Listed other shares Unlisted other shares .206,521 126,126 ,206,745 141,891 1.332.647 1,348,636 11 Co8h 4nd ¢•sh equlvglents 21125 2024 Cash ai bank 91,872 130,595 12 Cr¢ditorJ: amoun15 falllng due wkhln ye4T 2025 2024 Other creditors 46,440 31.380 13 Funds Other Restsree& reEiSed Balance *t S expended galnsloosses) Aprll 2025 Balan¢e 4t Apnl 2024 Incojjthig re50urce8 Unrestrl¢ted funds General 2,125,243 93,471 (120.028) 36,770 2.135,456 Other r¢¢ognl$ed Balamce at 5 gAIDsIO086e5) April 2024 Balance 4t 6 AprS12023 Re50urees expended r¢wur¢es UDrestrlcled fKnds General 2,766,015 93,943 ]75 8491 558,866 2,125.243 Page 12
Howard CharitPdble Trust Notes to the Financial Statements for the Year Ended 5 April 2025 (contlnved) 14 Analysi5 of net *etS between funds Unrestrithd fwnds General Total funds at 5 Aprll 2025 Fixed asset itivesttnen Current assets Cury¢nt liabilities 74S,292 1.436,604 (46,440) 745,292 1.436.604 (46,440 Totsl net assets 2.135.456 2.135.456 Unrestricted fuTrd5 GeDeral Totsl fuDd$ at 5 April 2024 Fixed asset inve51ments Cumt assets 667,550 1.489,073 31,380 667,550 1.489.073 31,380 Current liabilities Totsl net assets 2 125 243 2 125 243 Pag¢ 13
Howard Charitable Trust Detsiled Statement of Financial Aetivities for the Year Ended 5 April 2025 Total 2025 Total 124 1Come and Endowrnents from: InvesthKDi in¢ome (analysed below) Other income (analysed below) Total in¢om¢ 43,485 49.986 53,7fO 40.177 93,471 93,943 Eipendlture on: Raising fidS (analiT¢d below) ChaTitsbl¢ activities (anatysed below) Total expenditure Net expenditur¢ Unr¢aliscd gain on investsnents (analys IKlow) (47,309) {72,719) (11,954) (163,895} 120,028) 175.849 (26.557) 36,770 (81,906) 558.866 Net movement in fill1$ 10213 (640.7721 R¢¢Dncili*tioD of fllDds Total funds brought foThvard 2,125.243 2,766,015 Total fimds caTried fonvard 2,135 456 2 125 243 This page do¢s not fomi part of the statutory rmala7 statenKnts. Pag¢ 14
Howard Charitable Trust Detailed Statement of Financial Activities for the Year Ended S April 2025 (contfinued) Total 2025 Totsi 21124 Investhentifteome Incom¢ from listed investsnents 43,485 43,485 53,766 53.766 Other ineome Rental income Otbet Ancojne 37,807 12,179 37.380 2,797 40.177 49,986 Rulsihgfmnds R¢ntsl prop¢rty ¢xp¢ns¢s Charitsble donalions ItsdependeDt exatniner's fee (PTofitVloss on sale of intangible fixed ossets held foy charits4s own us¢ (58.985) {3(Kb) (1,440) 13,416 (16,563) (8,011) (1,380) 14,000 (11.954) Charitable aclivihes Grants payJble- instilutions (72,719) (72,719} 163,895) (163,895) Fund5 - TTaDsfeE of r¢alis¢d ievaluation profit5 36,770 (558,866) This pag¢ does noi forni part of the statOry f11 stat¢m¢nts. Page 15