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The Howard Foundation
(Registered Charity Number 285822)
Consolidated Annual Report and
Financial Statements
Period ended 31 July 2023

The Howard Foundation
Contents for the period ended 31 July 2023
Page No
Reference and Admini5tiative Details
Trustees Annual Report
Statement of Trustee Responsibilities
Independent Auditorfs Report to the Tru5tee5
Consolidated Statement of Financial Activities
io
Charity Statement of Financial Activities
li
Consolidated Balance Sheet
12
Charity Balance Sheet
13
Con501idated Cash Flow Statement
14
Notes to the Financial Statements
15
The following pages do not form part of the statutory accounts
Income and Expenditure Account
25

The Howard Foundation
Reference and Administrative Details for the period ended 31 July 2023
Charity name
The Howard Foundation
Charity registration number
285822
Board of Trustees
Mr5 J Lambert Ichairper50nl
Mrs A Fleet (resigned 12 April 20231
Professor D Thurnham
Dr A R Leeds (appointed 12 April 20231
Mr A P Lambert lappointed 12 April 20231
Foundation Secretary
Mr l L Howard
Principal Office
52 Woodpecker Way
Witney
Oxfordshire
OX28 6NN
Administrative Office
17 Cricketers Approach
WrÈnthorpe
West Yorkshire
WF2 OJH
Group's Accountant
Mr5 M Everett FCA
Auditor5
SMH lolliffe Cork Audit Ltd
33 George Street
Wakefield
WFI ILX

The Howard Foundation
Report of the Trustees for the perlod ended 31 July 20Z3
The Trustees present their annual report together with the audited Consolidated financial statemÈnts of the
Charity and its subsidiaries for the period ended 31 July 2023.
The Trustees have adopted the provisions of Accounting and Reportin8 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 IFRS 1021 leffective I january 20191 and the Charities Act 2011.
Objectives and activities
Constitution
The Howard Foundation I'the Foundation") is a registered charity and was constituted under 3 trust deed dated
24 October 1982. The Ftsundation's registered number and the address of the principal office, together with details
of the trustees who served during the period are included in the Reference and Administration Detai15 on page l.
Objects of the Fourtdatlon
The Foundation wa5 formed by the late Dr Alan Howard. one of the country's leadine nutritionists based at the
Univer51ty of Cambridge, to promote the Universlty of Cambridge and in particular bio-medical research, especially
in the field of nutrititsn and health and for other humanitarian cause5. The Trustees confirm that they have referred
to the guidance contained in the Charity Commission's general guidance on Public Benefit wheri reviewing the
Foundation's aims and objÈrtives and in planning future activities and sÈtting the grant making policy for the year.
The Ftsundation continue5 to carry out these objective5 by way of grant5 to Downing College and to both the Chair
in Human Nutrition and other research activities at the South East Technological University of Ireland I'SETU'I.
The Chair 15 held by Professor John NoSan I"Prof Nolan").
The Trustees are able to confirm the Foundation's activities are conducted Èn aceordance with the Tequirements
of Section 4 of the Charities Act 2011 and the fulfilment of the Public Benefit provision and guidance publishèd by
the Charity Commission for England and Wale5.
Grfjnt making pollry
Prior to 16 March 2023, the Trustee5 considered grant proposa15 falling within the Charity's Object5 based on ability
to improve its existin@ intellectual property I'IP") and know-how or, in the case of local Cambridge 8r6nt5, the
recipients, need and overall efficacy of the proposed grant. On 16 March 2023, the Trustees of the Foundation
concluded the sale of the Patents held by Howard Foundation Holdin85 together with the intellèctual property
held by the Foundation itself to Maravilla LLC, a US company owned by two long-standing busine55 Partners. IOSA
and the Avantlus Group.
The future policy for making grants. together with a re-alignment of the Trust Deed, is to be reviewed at a future
meeting of the Tru5tee%.
The Foundation may tontinue tts sponsor scientific research where all Such research is required to be peer-
reviewed and published in open scientific publications as well as on web51te5 owned by the Foundation.
The Foundation has continued its ¥esearch partnership with SETU and Prof Nolan. The results of the clinical trial
IReMINDI led to a paper being atcepted by theJourntslofAlzheimerfs Disease I'JAD") in Au8U5t 2022 and published
in JAD 90. pages 233-249.
One new research grant Wa5 made in the financial year 22123 which is for Èhe Sport Nutrition Intervention in
Performonce Environment l-SNIPE~I project which is looking at the influence of Lutein. Zeaxanthin and Meso-
zeaxanthin oin visual function and sport5 performance. This project is managed by NOW-Science (Prof Nolan's
company) in Waterford, Ireland and conducted by the NRCI (Nutrition Research Centre Irelandl at SETU and by
Sport Singapore. This project forms part of the PhD funded by the Foundation at SETU and noted below.
Additional sponsorshlps by the Foundation include". a second memorial lecture at the Royal Society of Medicine,.
the creation of Cedor 2022. a sculpture by Ai Weiwei which now stands in First Court at Downing College and
financing the catalo8uin8 of the papers from Dr Howard by the CambridEe Universlty Library.
The Foundation agreed to set up the Howard Foundation Postgraduate Travel Scholarship in STEM subjects at
Downing College for the total sum of £40,000 to be used over 4 years from 2023 to 2026.

The Howard Foundation
Report bythe Trustees for the period ended 31 July 2023 (continued}
Achievement5 and performance
Chorituble Activitffe5
The BON (Brain and Ocular Nutritionl conferente was held 27-29th July 2022 in Cambridge. This was the fifth
conference on Macular Carotenoids sponsored by the Foundation. Thi5 conference, held over from 2021 due to
the pandemic, wa5 attended by over 130 scientists and commercial partners. There were twenty-four scientific
presentations and a number of poster presentation from young researchers. The organisinE committee made a
special effort to encourage younger scientists to participate. Each of the nine scientific se55ion5 had two Chair5
with one being a young researcher.
A lifetime achievement award wa5 presented to Mr José Torres, the founder of IOSA. to honour hi5 rerllarkable
career in the development of production techniques for the ingredients of supplements containing carotenoids
and towards sponsoring research into their application5.
The BON committee, working together with the Howard Foundation. plan for the next confeTence to be held for
the first timè in the USA in 2025.
In recognition of its 40 anniversary, the Foundation sponsored a lecture at the Royal Socieiy of Medicine on 28
November 2022. This was given by Profe550r Mark Emberton and was titled Seeing is believing
the
transformotion of pr05tote concer munogement over the lost decade.
In January 2023, Howard Foundation Research Limited announced the closure of its Lipotrim programme. This
resulted in the loss of future royalty income to HFH.
At the Trustee meeting in April 2023. Mrs Alice Fleet stepped down as a trustee. Anthony Leeds and Alistair
Lambert have joined as new Trustees. Thi5 bling5 the number of Trustees to four, within the maximum of five
allowed by the Trust Deed.
In May 2023, a dedication ceremony was held in First Court at Downing College to unveil a plaque to cornmemorate
both the creation of Cedor 2022 and the contribution of Dr Alan Howard to Downing College as alumnu5,
nutritionist and benefactoi. The event was attended by Tru5tee5 and associates of Dr Howard. Mrs Julie Lambert,
Foundation Chair, unveiled the pSaque. Cedar 2022 is a sculpture by Ai Weiwei using wood from the blue atlas
cedar tree that used to stand in the East Lodge garden at Downing. The tree had succumbed to a disease and had
to be felled as it Wa5 unsafe.
In August 2023, the Chair ènd secretary travelled to Waterford for the second Alan Howard memorial lecture at
SETU. They took the opportunity to hear presentations from researchers at NRCI Ithe Nutrition Research Centre
Irelandl. These presentations were then made available in the new shared document Store for Trustees to view.
The News section on the Howard Foundation website Iwww.how3rd-foundation.coml is updated regularly. In
particular. pages were added for the memorial service and the lecture at the Royal Society of Medicine I'RSM'I.
Financial review
The Foundation's only direct subsidiary in this financial year was Howard Foundation Holdings Limited IHFHI. which
managed and directed one other active subsidiary tradln@ company. namely Nutriproducts Limited INPI.
On 16 March 2023, the patents held by HFH and the IP rights in nutriceuticals held by the Foundation were sold to
Maravilla LLC, 3 US company formed by two long-standing busine55 partners, IOSA and Avantius. The contract for
the sale was drawn up by Birketts, solicitor5 in Cambridge, England and approved by the Tru5tee5.
NP ceased tradin8 after thi5 Sale and is in the proces5 of winding up. To facilitate this, the financial years for HF and
its subsidiaries were extended to end on 31 July 2023. Due to Charity Commission rules, this year end date for HF
cannot now be changed again for three years.
The sale of patents and IP to Maravilla provides HFH with three payments of £376,000 in April and SepterHber 2023
with a final payment in March 2024. Following this third payment, HFH will itself become dormant
The sale also gives a quarterly income to the Foundation starting in March 2024 and continuing until March 2031.
In addition, Maravilla will give the Foundation payments according to the percentage growth in its sales from the
previous year. Growth payments start in January 2024 with a final payment in January 2032. The measurements
for growth and the relatèd payments are detailed in the Sale contract. Additional legal documents were drawn up
by a US Lawyer to help Safeguard these payments.

The Howard Foundation
Report bythe Trustees for the period ended 31 July 2023 (continued)
Ftnanclal review lcontlnuedl
Prior to the sale. the Foundation relied for its income on both its own investment portfolio and Gift Aid donation5
from these commercial sub51diaries. In this financial period, Gift Aid of £870,832 has been made from the business
to the Foundation.
The Major continuing commitment from the Foundation is for the Howard Chair in Humall Nutrition at SETU. There
are pending discussions as to whether the change from WIT to SETU will affect the current agreement but at
present no significant change 15 expected. The costs of thi5 commitment Icurrently É501,28513re more than
covered by the existing investments of the charity.
The Foundation continues the funding of a PhD student at SETU over four years13t É4,500 per acadernic year with
two further years to payl together with covering the costs of the SNIPE research project which were paid in this
financial year.
Investment policy gnd perftprmtsnce
The Foundation and its sybsidiaiy IHFHI invest through A55et Management Companies or directly through an
advised stock holding programme, backed t>y cash reserves. The Foundation's investment5 are mainly held in Euro
denominated or linked funds owing to commitments to the Chair at SETU and the associated research projects
being payable in Euros. During FY23124, the investment5 held by HFH will be tiansferred to HF.
Rlsk munugement
In future, the principal risks faced by the Foundation will lie in the perforrrance of its investments and operational
risk5 from ineffective grant making.
Incorne resulting from the Sale of patents and IP was agreed to be in GBP and therefore not subject to variations
in the exchange rate. Note that the'growth payments" mentioned in the Finance Review above will be in USD.
The Foundation also faces financial risk from the vtrlatility in eouity markets and investment markets due to wider
economic conditions. The Trustees mana8e the risk through selecting funds which are well managed by
experienced managers within reputable institutions. A spread of investments helps to reduce the risk of the
portfolio as a whole.
Reserve5 policy
The general principle for our reserves policy is to maintain Sufficient investments to cover the commitment to the
Howard Chair at SETU together With cover for unforeseen expenditure.
The aim of our reserves policy for FY23124 is to..
Continue to maintain unrestricted reserves to enable the Foundation to meet its eKlSting Erant obligations
of £514,785 to the Howard Chair at SETU. The current reserve held as investments in eur05 as at 31 July
2023 15 É1,350,164.
Plan to extend the funding of the Chair at SETU to July 3031 with the total commitment 'ring-fenced" in
the inve5tment5 and payments to SETU balanced by the future income from Maravilla until March 2031.
Maintain a level of working capital I£IOO,0001 to cover unforeseen expenditure such as a requirement for
professional advice to represent and protect the Charity and the Trustees in the event of any claims
involving research or other trust activities.
Further information in respect of these obligations can be found in note 19 to the financial statements.

The Howard Foundation
Report by the Trustees for the period ended 31 July 2023 {continued)
Achievements and performan￿ Icontlnuedl
Plans for the future
The Foundation is currently committed to one research project ISNIPEI lasting until 2025. This is u5in8 a new
formulation which is covered by existing patents. This new fortllulation is to be marketed by Matuhealth as a new
product.
At the Trustees meeting in October 2023, it was agreed to sponsor a further lecture at the RSM in 2024 for a
donation not to exceed £25,000.
Also at the meeting, the Chair and Secretary werÈ asked to review the current Trust Deed with Claire Lawton at
SMH Jolliffe Cork Audit Ltd and to propose changes to be reviewed at a future meeting.
Structure, governance and management
Recruitment und oppointment of new Trustees
Mrs Julie Larnbert continues a5 chair. OneTrustee (Alice Fleet) stepped down during the year and two newTrustees
IAnthony Leeds and Alistair Lambert) have been appointed giving a total of four Trustees. The minimum number
of Trustees is two and additional Trustees may be appointed at any time but shall at no time exceed five.
Orgunist7tionol strurture
Currently the Trustees have delegated the day to day running of thè Foundation to a management team
compiisin@.' Mrs Julie Larnbert, who is a director of both HFH and NP a5 well a5 being Chair of the Foundation; Mr
Jon Howard, who is a director of HFH and NP.. Mr Tom Povey 35 manager of HFH & NP,. Mrs M J Everett FCA, who
is the Group5 Accountant.
Mr Howard 15 the point of contact for patents, trade marks, legal and contractual matter5. Mr Povey is the main
contact with business partners. Mrs Everett manage5 the trading operations. Mrs Lambert represents theTrustees.
The directors hold regular video conferences with the rnanager together with regular email exchange. The Groups
Accountant has produced a quarterly review of accounts for the directors. The rnanagèment team maintained
regular contact with both Prof Nolan as the Howard Chair and with business partner5.
Trustees are updated regularly by the directors by email, phone and informal meetings. enabling intefim
rronitorinÈ of activities. Formal meeting5 were held in August 2022, February and April 2023. Following the
Tru5tee5 meeting in April 2023, a secure shared area on Dropbox was created to hold all documents required by
Trustee5 including minutes ol meetings, grant making and research activities.
The organisational Structure for FY 23124 was reviewed at the Trustees meeting in October 2023. With the closure
of their trading activities, Mrs Everett now works reduced hours and Mr Povey no longer needs to maintain
contacts with business partners but continue5 to rnanagè attivities within Howard Foundation Holdings Limlted.
Induction ond troining ofnew Trustees
Trustee5 are inductÈd into a knowledge of the Foundation's research activities and it5 past and currÈnt charitable
interests.
Trustee Artivity
Trustees are expected to attend two trustee meeting5 each period for discussions of the Foundation's work. They
are also encouraged to attend any research seminars and social events aS50ciated with project5 sponsored by the
Foundation so as to understand the nature of the research and its commercia1 implications.

The Howard Foundation
Report by the Trustees for the period ended 31 July 2023 (continued)
Trustees responsibilities in relation to the financial statements
The Trustees Bre responsible for preparing the Trustees. Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdorn Generally Accepted
Accounting Practicel.
The law applicable to charities in Eri8land and Wales requires the Trustees to prepare financial statements for each
financial period which give a true and fair view of the state of affairs of the charitable group and of the income and
expenditure of the charity for that period. In preparing these financial statements, the Trustees are required to
select suitable accounting policies and then apply them consistently-
tsbserve the methods and principle5 in the Charity SORP,.
make judgement5 and accounting estimates that are reasonable and prudent-
state whether applicable accounting standards have been followed, subject to any material
departure5 disclosed and explained in the f1nancial statements, and
prepare the f1nancial Statements on the going concern basi5 unle55 It is inappropriate to presume that
the charity will continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracv
at any time the f1nancial p051tion of the charitable Group and to enable them to ensure that the financial
Statement5 tomply with the Charities Act 2011, the applicable Chaiities (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.
The Trustees are responsible for the maintenance and integrity of the Charity and financial information included
on the Charity's website. Legislation in the United Kingdom governinE the preparation and di55emination of
financial statements may differ from legislation in other jurisdiction5.
Independent auditors
The auditors, SMH lolliffe Cork Audit Ltd. have indicated their willingne55 to remain in office. and a resolution to
reappoint them will be prtsposed at the Annual General Meeting.
Approved by the Trustees and signed on their behalf bv..
Mrs J Lambert- Chairperson

The Howard Foundation
Independent Auditors, Report to the Trustees of The Howard Foundation
Opinion
We have audited the financial statement5 of The Howard Foundation Ithe'charity'l and its subsidiary undertakings
I'the gFOUP'I for the period ended 31 july 2023 which comprise the Statement of Financial Activities, the Statement
of Financial Position, the Statement of Cash Flows and note5 to the fsnancial statements, intluding the significant
accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state of the group's and the parent CharitV5 affairs as at 31 July 2023 and of
its income and expenditure for the period then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,.
and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit ill accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilitie5 under those Standards are further described iri the'Auditorfs responsibilities for the audit
of the financial statements, section of our report. We are independent of the Charity in accordance with the FRC'S
Ethical Standard, and we have fulfilled our other ethical respon5ibilitie5 in accordance with these requirement5.
We believe that the audit evidence we have obtained is sufficient and appropii3te to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the financial statement5, we have concluded that the Trustees, use of the going coll￿rn basis of
accounting in the preparation of the financial statements 15 appropriate.
Based on the work we have performed, we have not identified any material uncertainties ielating to events or
conditions that. individually or collectively, may cast doubt on the ChariWs ability to continue as a going concern
for a period of at least 12 months from when the financial statements are authorised issue.
Our responsibilities afid the respon5ibilitie5 of the TrusteÈ5 With respect to going concern are described in the
relevant sections of this report.
Other information
The other information cornprise5 the information included in the annual report, other than the financial
statements and our auditorfs report thereon. The Trustees are responsible for the other information contained
within the annual report. Our opinion on the financial statements doe5 not cover the other information and, except
to the extent othenMise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and. in doing so, consider whether the other information is
materially inconsistent with the financial statement5 or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. If we identify such rnaterial inconsistencies or apparent material misstatements, we
are required to determine whether this gives rise to material misstatement in the linancial statements themselves.
If, based on the work we have performed, we conclude that there is a material mi55tatement of thi5 Other
information, we are required to report that fact.
We have nothing to report in thi5 regard.

The Howard Foundation
Independent Auditors, Report to the Trustees of The Howard Foundation
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the cour5È of the
audit, we have not identified material misstatements in the Trustees, Repoit.
We have nothing to report in respect of the followinÈ matters wherÈ the Charities Act 2011 requires us to report
to you if, in our opinion..
the information given in the TrustÈes' Report is inconsistent in any material respect with the financial
statements,. or
sufficient accounting recoTds have not been kept,. or
the financial statements are not in a@reement with the accounting record5 and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained rnore fully in the Statement of Trustees Responsibilities set out on page 6, the Trustee5 are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and foi such internal control as the Trustees determine is necessary to enable the preparation of financial
statement5 that are free from material rnis5tatement, whether due to fraud or error.
In preparing the financial statements. the Trustees are responsible for assessing the Charity's ability to continue as
going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of
accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or hève no realistic
Iternative but to do so.
Our responsibilities for the audlt of the financial statements
We have been appointed as auditor under Charities Act 2011 and report in accordance with the Act and relevant
regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material mi55tatement, whether due to fraud or error, and to issue an auditor'5 report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not 3 gL*ar3ntee that an audit conducted in
accordance with ISAS IUKI will always detect a material mis5t3tement when it exi5t5. Mi55tatements 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.
rregulèrities, including fraud, are instances of non-compliance with laws and regulation5. We design procèdures
in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irre8u13rities, including fraud is
detailed below:
The extènt to which the audit was tonsldered capable of detectlng Irregularities including fraud
Our approach to identifying and asse55ing the risks of material mi55tatèmÈnts in respect of irregularities. including
fraud and non-compliance with laws and regulations, was as follows..
the engagement principal ensured that the engagement team collectively had the appropriate compètente.
capabilitie5 and ski115 to identify or reco8ni5e non-compliance with applicable laws and regulations;
WÈ idèntified the13ws and regulations applicable to thè Charity through discussions with the Trustees and
other informed management which we considered may have a direct material effect on the financial
statements or the operations of the Charity and thereafter. the audit team remained alert to instantes of non-
compliance throughout thè audit.

The Howard Foundation
Independent Auditors, Report to the Trustee5 of The Howard Foundation
Our re5ponslbilitie5 for the audit of the financial statements
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining
an understanding of how fraud might occur, by=
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud and.,
considering the internal controls in place to mitigate ri5k5 of Iraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we..
performed analytical procedures to identify any unusual or unexpected relation5hips-
tested journal entries to identify unusual transactions,.
assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bia5', and investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations. we de51gned procedures
which Included, but were not limited to..
agreeing f1nancial statement disclosures to underlying Supporting documentation-
enqyiring of management as to actual and potential litigation and claims.
reading the minutes of meetines of those chafged with governance.
There are inherent limitation5 in our audit procedure5 described above. The rnore removed that laws ènd
regulations are from financial transactions. the le55 likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence. if
any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error a5 they
may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at www.frc.org.uk/auditorsresponsibilitie5. This description forms part of our
auditorfs report.
Use of our report
This report is made solely to the Charity'5 Trystees, as è body. in accordance with Section 144 of the Charities Act
2011 and regulations made under Section 154 of that Act. Our audit work ha5 been undertaken so that we might
state to the Charity's Trustees those matters we are required to State to the Trustees in an auditors, report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Charity and the Charity'5 Trustees as a body, for our audit work. for this report, or for the opinions
we have formed.
(SMH
SM
Cork Audit Ltd
Chartered Accountants and Statutory Auditor
33 George Street
Wakefield
WFI ILX
Dated.. 15 DÉCÉMb￿ 2023.

The Howard Foundation
Consolidated Statement of Financial Activities {incorporating a consolidated Income and
Expenditure account) for the period ended 31 July 2023
Note5
Unrestrirted Re5trirted
Fund5
Funds
Total Unrestricted Restricted
2023
Fund5
Funds
Total
2022
INCOME FROM
2 Donations and legacies
3 Chttrit&Tble uctivities
155034
155,834
4 frodlng Activities
2.583,073
2.583.073 1,569,134
1,569,134
5 Investments
109.708
109,708
39.367
39,367
6 Other
1.951.188
1.951.188
4,799.803
4.799,803 1.608.501
1,608,501
EXPENDITURE ON
7 Investments
24.279
24,279
16,048
16,048
8 Chorltoble ortivitie5
384,910
384,910
162,988
162.988
4 Truding Activities
2,277.218
2.285.498 1.338,012
1.338,012
2.686.407
2.694.687 1,517,048
1,517.048
Realised gain on disposal ol
Investments
11,394
11,394
14 Unre31ised I10ssl/gain on fair value
adjustments lor investments
19,302
19.302
113,3321
113.3321
Taxation
966
966
19661
19661
NET INCOME
FOR THE PERIOD
2.133.664
2.125,384
88.549
88,549
Transfers between funds
NETMOVEMENTIN FUNDS
2,133,664
2.125.384
88,549
88,549
Total funds brought forward
2.534,965
2,534,965 2,446,416
2,446,416
18 TOTAI FUNDS
CARRIED FORWARD
4.668.629
4.660.349 2,534,965
2,534,965
The statement of financial activitles includes all gains and10sses retognised in the period.
All incorne and expenditure derives from continuing activities of the group.
io

The Howard Foundation
Charity Statement of Financlal Artivities for the period ended 31 July 2023
Notes
Unrestricted Restricted
Funds
Funds
Total Unrestricted Re5trict&d
2023
Funds
Funds
Total
2022
INCOME FROM
2 Don(Jtlons gnd legocies
870.832
870.832
284.000
284.000
3 Charitoble ortivities
155.834
155,834
5 Investments
42,290
42,290
155,243
155,243
6 Other
1.281.600
1.281,600
2.350.556
2.350,556
439,243
439,243
EXPENDITURE ON
Roisingfunds
7 Investrnent management costs
8,768
8,768
5,203
5.203
Churitoble octivities..
G&neral
Howard Foundation Chair of Human
Nutrition at SETU
PhD Student at SETU
reMIND
Donations & sponsorship-
Dr A Ploward memorial letture
22.0￿)
Dr A Ploward memorial tree
25.692
Downing college
1,768
Cataloguing Dr Howard's Papers
8,906
Travel scholarships for post graduates 40.000
Brain and Ocular Nutrition Conference 115,865
20.229
20,229
10,164
10.164
143,575
6.875
143,575
6.875
103,124
103,124
16,100
16,100
22.0
25,692
1.768
8.906
40,000
I15￿65
20,(X)O
12,500
I,ioo
20.000
12,500
i.ioo
393,678
393,678
168,191
168,191
Reali5ed Ilossl/gain on disposal of
Investments
Net Ilossesl/gains on fair value
adjustments for Investments
176,796
168,506 1182,5031
1182,5031
NET INCOMÉ
FOR TH£ PERIOD
2.133.674
2,125.384
88,549
88.549
Transfers between funds
NET MOVEMENT IN FUNDS
2.133.674
2.12S.384
88,549
88,549
Total funds brought forward
2,534.965
2.S34,965 2,446,416
2,446,416
18 TOTAL FUNDS
CARRIED FORWARD
4,668.639
4.660,349 2,534,965
2.534,965
The statement of financial activities includes all gains and105se5 recognised in the period.
All incorne and expenditure derive5 from continuing activities.
li

The Howard Foundation
Consolidated Balance Sheet as at 31 July 2023
Notes
2023
2022
Fixed assets
12
13
14
Intangible asset5
Tangible asset5
Investments
213.204
3.117
1,989,109
163
2,740.782
2.740.945
2.205.430
Current a55ets
16
Debtors
Cash at bank and short term deposits
2,100.899
229,739
101,118
366.166
2,330,638
467,284
Liablllties
17
Creditors.. Amounts falling due
within one period
402.954
136.783
Net current assets
1,927,684
33C>,501
Total a55ets less current liabilitles
4,668.629
2.535.931
Provision for Ilabilities
966
Total net assets
4,668,629
2,534,965
The funds of the Charity
18
Unrestricted funds
4,668.629
2,534.965
Total Charity funds
4,668,629
2,534,965
The financial statements were approved by the Trustees on I￿.I￿ .
behalf by:
and slgned on thelr
Mrs J Lambert- Chairperson
12

The Howard Foundation
Charity Balance Sheet as at 31 July 2023
Notes
2023
2022
Flxed Assets
15
Investments
3,202,380
2,343,812
Current A55ets
16
Debtors
Cash at bank
1,348,081
122,678
19,489
175.264
1,470,759
194,753
Creditors
17
Amounts falling due within one period
4.500
3,600
Net Current AssetsllLiabilitiesl
IA66,259
191.153
Total a$5ets less current Ilabiltties
4.668,639
2.534.965
Net asset5
4.668,639
2.534.965
The funds of the Charity
18
Unrestricted funds
4,668,639
2,534.965
Total Charlty Funds
4,668.639
2,534,965
The flnanclal statements were approved by the Trustees on I t_ 11. a
by..
and signed on their behalf
Mrs J Lambert- Chairperson
13

The Howard Foundation
Consolidated cash flow statement for the period ended 31 July 2023
Group
Charity
2023
2023
2022
2022
Net cash provided by/lu5ed in)
operating activities
274,470
174.303
586,896
159,2821
Cash flows from investing activitles:
Dividends and I￿tereSt from investments
Purchase of tangible fixed assets
Purchase of intangible fixed assets
Purchase of fixed assets investment
Sale of tangible fixed assets
Sale of fixed a55ets investment
109.708
39,367
17331
18,3031
19,6741
1756,6501 1100,7521 1690.5401 119.2401
220,069
24.279
42,290
155,243
36,880
8.768
26,035
Net cash (used inl I provided by
investing activities
1410.8971
134,9121 1639,4821
162.038
Change in cash and cash equivalents
In the period
1136,4271
139.391
152.5861
102,756
Cash and cash equivalents at the
beginning of the period
366,166
226.775
175.264
72,508
Cash and cash equivalents at the
end of the period
229,739
366,166
122,678
175.264
Reconciliatlon of net lexpendituielllncome to
net cash flow from operating activltles
Group
Charity
2023
2023
2022
2022
Net income / expenditure ftsr the period
la5 per the stètement of financial activities)
2.210,406
89.515
2.133,674
88.549
Adjustmènts for:
Depreciation charges
Unrealised1055/lgainl on investment
Dividends and interest from investments
Iprofitl/Loss on disposal of tangible fixed assets
Decrease/lincrea5el in debtors
(Decreasellincrease in creditors
Tax paid
3,518
197,0101
1109,7081
875
11,999,7811
266,170
55,182
13,332
139,3671
1176,7961
1168.5061
182,503
142,2901 1155,2431
276,243 11,328.5921 118,2961
1220,6021
9￿)
1156.7951
Net cash provided byllused rnl
operating activitie5
274,470
174,303
586.896
159,2821
14

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
Accounting policies
Bosis of preporution
The group and individual finèncial statement5 of The Howard Foundation Ithe 'Foundation'l have beeft
prepared under the historical cost convention with items recognised at a cost or transaction value unless
otherwise stated in the relevant notes to these financial statements. The financial statements have been
prepared in accordance with the Statement of Recommended Practice. The Trustees have adopted the
provisions of 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 IFRS 1021 leffective I january 20191 and the Charities Act 2011.
The Foundètion meets the definition of a public benefit entity under FRS 102.
The functional and presentation currency for the group is sterling (£1. All financial information presented
has been rounded to the nearest 1£), unle55 Otherwise stated.
Going concern
The current economic conditions continue to present increased risks for all charities. In response to such
uncertain conditions, the Trustees continue to consider these risks carefully and the extent to which they
rright affect the preparation of the financial statements on a going concern basis. Following the
improvement in the financial situation in this financial period. the Foundations, forecasted grant
commitments are now less than the v31uation of its investments. The Trustees have a reasonable
expettation that the Foundation will maintain adequate solvency to continue in operational existence for
the foreseeable future. Accordingly, the Trustees have adopted the going concern basi5 in preparing these
financial statement5.
8ts5is of consolidt7tion
Con501idated financial statements have been prepared for the Foundation and its subsidiary undertakings
on a line-by-line basis. A separate Statement of Financial Activities for the Foundation has been included
on page 11.
Incoming resources
Income is recognised once the Foundation has entitlement to the funds, any performance conditlOn5
relating to the itemlsl of income have been met. it is probably that the income will be received and the
amount can be measured reliably.
Amount5 receivable under gift aid donations are recognised when the Foundation has been notified of both
the amount and the settlement date. Any amount5 of Gift Aid not received by the period end are accounted
for in income and accrued income in debtors.
Incorne from pooled investment vehicles is accounted for when declared by the fund manager.
Royalty income which is included on a receivable basis calculated on sales of product5 Hri5in8 durin8 each
accounting period as reported by licensees. Where royalty income receivable is based on a one off
Settlement, the income is credited to the income statement evenly over a ten period. No account of royalty
income is made until the litigation against a particular supplier is settled.
Resources expended
Liabilities are recognised as expenditure as SODn as there is 3 legal or constructive obligation committing
the Foundation to that expenditure, 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 accounted for on an
accrua15 basis and ha5 been classified under headings that ageregate all c05t related to the category. Where
Costs cannot be directly attributed to particular headings they have been allocated to activities on a basis
consistent with the use of re50urce5.
15

The Howard Foundation
Note5 to the Flnancial Statements for the period ended 31 July 2023
Accountlng policies (continued)
Grants payable are payments made to third partie5 in the furtherance of the charitable objectives o! the
Foundation. Single or multi-period giants are accounted for when either the recipient has a reasonable
expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition,
or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to
the grant is outside of the control of the Foundation.
Allocution and opportionment of costs
Support costs have been allocated between governance c05t5 and other support COSts. Governance costs
cornprise all cost5 involving the public accountability of the Foundation and its compliance with regulation
and good practice.
Fund occountln9
Unrestricted funds can be used in accordance with the tharitable objective5 at the discrÈtion of the
Trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the Foundation.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
Investmertts- Churlty onfy
Investment5 in unlisted companies. where there 15 no readily identifiable market price. are recorded at
cost less impairment. The trustees determine the need for an impairment by reference to the underlying
net assets of the consolidated group of companies.
Inve5tments- Group
Pooled investment vehicles are valued by reference to bid prices at the close of business on the reporting
date.
Re¢l1￿ed goins gndlosse5
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and
105ses on investments are calculated as the difference between the 5ale5 proceeds and their opening
carrying value or their purchase value if acquired subsequent to the first day of the financial period.
Unrealised gains and losses are calculated as the difference between the fair value at the period end and
their carrying value. Realised and unrealised investment 8ains and1055es are combined in the Statement
of Financial Activities.
Putents and trodemorks
The legal fees associated with the registering of patents and trademarks are capitalised to in relation to
new application5.
Am(>rtisation is calculated 50 a5 to write off the cost of an asset. less its estlmated residual value. over the
useful economic life of that asset a5 follows..
Patents
Trademarks
IO% per annum
IO% per annum
16

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
Accounting policies (contlnuedj
Tanglblefixed qssets
Depieciation is provided at the following annual rates in order to write off each asset over its estimated
useful life.
Plant and machinery
Fixtures and fittings
Corrputer equipment
20 % and IO% per annum
IOYO per annum
- 33% per annum
All fixed assets are initially recorded at cost.
Toxation- Charlty only
The Howard Foundation is a registered charity and 35 such tax exemption applies to the incorne arising from
and expended on charitable activities and to its investment income and gains.
Toxotion- Gmup
Taxation for the period comprises current and deferred tax. Tax 15 recognised In the Statement, except to
the extent that it relates to item5 reco8nised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilitie5 are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted
or substantively enacted by the statement of fin6ncial position date.
Deferred tox- Group
Deferred tax is recogni5ed in respect of all timinÈ difference5 that have originated but not reversed at the
statement of finèricial position date.
rimin8 differences arise from the inclusion of incorne and expenses in tax asse55ments in periods different
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates
and laws that have been enacted or substantively enacted by the period end and that are expected to apply
to the reversal of the timing difference.
Unrelieved tax1055e5 and other deferred tax a5set5 are recognised only to the extent that It is probable that
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Research and development
Expenditure on research and dèvelopment is charged to the profit and loss atcount in the period in which
it is incurred with the exception of expenditure on the development of projects where the outcome of those
projects 15 assessed a5 being reasonably certain as regard5 viability and technical feasibility. Suth
expenditure is capitalised and am()rt15ed once commercial production begin5.
Foreign currencies
A55ets and liabilities in foreign currencies ale trans13tè(J into Sterling at the rates of exchange ruling at the
statement of fin3nci31 position date. Transactions in foreign currencies are translated into sterling at th8
rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving
at the operating result.
Pension costs ond otherpost-retlrement benefit5
Howard FoundatioN Holdings Lirnited operates a defined contribution pension scheme. Contribution5
payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Irrecoveroble VA T
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
17

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
Group
tharlty
2023
2023
2022
2022
Income from donations and legacies
Donations under Gift Aid from subsidiaries
870.832
284,OCM)
Income from charitable artivities
Brain and Ocular Nutrition Conference
Contribution towards reMIND
155,834
155.834
155,834
155.834
Income and expenditure from trading activitie5
The trading results of Howard Foundation Holdings Limited and its subsidiary undertakings is set out below..
2023
2022
Income
Income from trading activities
2,583.073
1,569,134
Expenditure
Cost ol sales
Disiributlon Costs
Adrninistrative expense5
11,544,811) 1927.4441
1151,0081 1136,7821
1581,3991 1273.7861
12,277.2181 11,338,012)
Income from Investment5
Managed funds
Dividends from subsidiary undertakings
Deposit income
108,220
39.362
42,108
19,243
136,000
1,488
182
109,708
39,367
42,290
155,243
Other
Realised gain on 5Ble of patents and trademarks
1.951,188
1,281,600
18

The Howard Foundation
Notes to the Financial Statements for the perlod ended 31 July 2023
Group
Charlty
2023
2023
2022
2022
Cost of roising funds
Investment management fees
24.279
16,048
8,768
5.203
24,279
16,048
8.768
5,2Q3
Expenditure from charit3ble actlvltles
2023
Grant
Dirert funding of
Support
Costs
activities
costs
(see note 91 Isee note 101
Totals
General
Howard Foundation Chair of Human
Nutrition at SETU
PhD student at Stru
Re-MIND
Donations & spon50r5hip-
Dr A Howard memorial lerture
Dr A Howard memorial tree
Downing college
Cataloguing Dr Howard'5 Papers
Travel scholarship5 lor p05t graduates
Brain and Ocular Nutrition Conference
11,164
9,065
20,229
143,575
6,875
143,575
6,87S
22,(N)O
25,692
1,768
8.906
40.000
115W65
Z2,000
25.692
1.768
8.906
40,0(X)
115,865
11.164
364,681
9,065
384,910
2022
Grant
funding of
Support
activities
Costs
(see note 101 Isee note 111
Direct
Costs
Totals
General
How8rd Foundation Chair of Human
Nutrition at WIT
Re-MINO
Donations & sponsorship-
Dr A Howard memorial lecture
Dr A Howard memorial tree
Downing college
6,477
3,687
10.164
103.124
11,719
103,124
16,100
4,381
20,000
12,5(X)
I,ioo
20,000
12,50D
I,ioo
10,8S8
148,443
3,687
162,988
19

The Howard Foundation
Notes to the Finanoal Statements for the period ended 31 July 2023
2023
2022
Grants payable
The grant5 paid to institution5 during the period were as follows..
ISETUI South Easl Technological Univer51ty, Ireland
Downing College
Brain and Ocylar Nutrition Conference
150,450
98.366
115.865
114,843
33,600
364,681
148.443
io
Support tosts
Trustees expenses
Audit, accountancy and other professional fees
678
8,387
87
3,600
9.065
3.687
These costs are all directly attributable to the charitable activitie5 of ihe Foundation.
li
Group net intoming resources for the perlod
The net incoming resources is stated after chargin81 Icreditingl-
Realised gains/llosse51 on disposal of investments
Unreali5ed gains/llossesl on fair value
adjustment for investments
Auditors. remuneration..
Audit fees
Other 5ervice5
11,394
19,302
113,3321
4,680
11,175
3,600
9.600
20

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
12
Intangible fixed assets- Group
Patents
and
trademarks
Research and
Development
Costs
Tota15
Cost
At 6 April 2022
Additions
Disposals
568,906
8,303
1577,2091
38,620
607,526
8,303
130.7941 1608,0031
At 31 july 2023
7,826
7,826
Amortisatlon
At 6 April 2022
Arnortisation for period
Disposals
366,428
27,894
394,322
1,438
1,438
121.5061 1387.9341
1366,4281
At 31 july 2023
7,826
7,826
Net book value
At 5 April 2022
202,478
10,726
213,204
At 31 July 2023
13
Tangible fixed assèts- Group
Fixturès
and
Fittings
Plant and
Machinery
Computer
Equlpment
Total
Cost
At 6 April 2022
Additions
Donations
21,165
41.630
10.921
73,716
121,1651
141,6301
110,1881 172,9831
At 31 July 2023
733
733
Depretlation
At 6 April 2022
Charge for period
Donation5
20,868
297
121,1651
39,416
1.340
140,7561
10,315
70,599
443
2,080
110,1881 172.1091
At 31 July 2023
570
570
Net book value
At 31 july 2023
163
163
At 6 April 2022
297
2,214
606
3,117
21

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
Pooled
investment
vehlcles
14
Investments- Group
2023
2022
Market vallhe
At 6 April 2022
Addition5
Disp05a15
Fair value l impairment adjustments
1.989,109
1,938,569
756,650
100,752
124,2791 136,8801
19,302
113.3321
2,740,782
1,989,109
At 31 July 2023
15
Investment5- Charity
Shares in
Subsidiary
Undertakings
Pooled
investment
vehicles
Totals
Market value
At 6 April 2022
Additions
Disposals
Fair value l impairment adjustments
1,488,351
855,461
690,540
18,7681
90,798
2,343,812
690,540
18,7681
176,796
85.998
1,574,349
1,628,031
3,202,380
At 31 July 2023
1,488,351
855,461
2,343,812
At 5 April 2022
The Foundation owns 100% of the issued Share capital of Howard Foundation Holdin8s Limited. This
company in turn owns 100% ol the issued share capital of Nutripioducts Limited and Nutrition Limited. All
of the subsidiary undertakings are registered In England and Wales. In respect of the active companies..
Company
Shareholders
Number
Funds 1£)
01932630
1.566,069
0235150ts
Subsidlary Undertaklng
Howard Foundation Holdings Limited
NutTiproducts Limited
The consolidated performance of these active subsidiaries can be found in note 5 to these financial
statements.
Charity
2023
16
Debtors
Group
2023
2022
2022
72,527
Trade debtors
Vat
Other debtors
Prepayments and accrued income
191
2,044.498
56,210
1,293,600
54,481
28,591
19,489
2.100,899
101,118
1,348.081
19,489
22

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
17
Creditors.. Amounts falling due within one year
Group
Charlty
2023
2022
2023
2022
Trade creditors
Social 5eturitV Costs and other taxes
Other creditors
Accrual and deferred income
11,443
6,324
27
118,989
1.801
401.153
4,500
3,600
402.954
136,783
4,500
3,600
18
Movement In funds- Group and Charity
Net
movèment in
funds
At 6.4.22
At 31.7.23
Unrestrlcted funds
General fund
2.534,965
2,133,674
4,668,639
Total funds
2,534,965
2,133.674
4,668,639
Incoming Resources
Resources expended
Gains and Movement
lossès
in funds
Unrestricted funds
General funds
2,350,556
1393.6781
176,796
2,133,674
Total funds
2,350,556
1393,6781
176,796
2.133,674
Comparatives for movement in funds
Net
movement In
fund5
At 6.4.21
At 5.4.22
Unrestricted funds
General fund
2,446,416
88,549
2.534,965
Total funds
2.446,416
88,549
2,534,965
Comparative net movement in funds. included in the above are as follows-.
Intoming Resources Galns and Movemènt
Resources
expended
losses
In fund5
Unrestrlcted funds
General funds
439.243
1168.1911 1182,5031
88,549
Total funds
439,243
1168,1911 1182,5031
88.549
23

The Howard Foundation
Notes to the Financial Statements for the period ended 31 July 2023
19
Other financ431 commltment5
The Foundation has cofflmitted to South East Technological Univer51ty ISETUI that it will provide
sponsorship of the'Howard Chair in Human Nutrition, for a period of 10 periodg from l October 2016 until
30 September 2026. As at 31 July 2023 the iemaining amount payable under this a8rÈement is £501,28515
April 2022.. É661.0441. The Foundation will be released from this commitment should the current Professor
to whom the endowment has been allocated leave the employment of South East Technological Universitv
and a suitable replacement cannot be found.
The Foundation is also committed to support a research project between the NRCI (Nutrition Research
Centre Irelandl at SETU and Sport Singapore. Known as SN1PE (Sport Nutrition Intervention in Performance
Environment) the outstanding commitment in FY22123 is around £83,500. This is a550ciated with a PhD
programme at SETU which the foundation is funding at £4,500 per period starting September 2022 and
giving an outstanding commitment of É18.000.
20
Related party disclosure
During the accounting period the Foundation received £870,83212022-. £284.0001 under Gift Aid from its
subsidiary undertakings.
24

The Howard Foundation
Income and Expenditure Account
for the period ended 31 July 2023
2023
Total
funds
2022
Total
funds
Unrestricted Restricted
fund5
funds
INCOME
Donattons and legacles
Gift aid
870,832
870,832
284,000
other charitable activities
Brain and Ocular Nutrition Conference
Re-MIND
Realised @ain on sale of patents and trademarks
155,834
155,834
1.281,600
1,281,600
1,437.434
1,437.434
Investment intome
Dep051t account interest
Managed funds- dividend5 rèteivable
Dividends from subsidiarv
182
42,108
182
42,108
19,243
136.000
42,290
42,290
155,243
Total intoming resources
2,350,556
2.350,556
439,243
EXPENDITURE
lrtvestment management costs
Portfolio management
8.768
8.768
5.203
Charitable actlvltles
Sundries
IProfitl/Loss on foreign exchange
Brain & Ocular Nutrition Conference
Bank charges
Grants to institutions
2.747
3,609
4,380
122
148,443
ii.ozi
I15￿65
136
248.816
11.021
IS5.865
136
248.816
375.845
375.845
159,301
Governance tosts
Trustees, expense5
Audit and legal fee5
678
8.387
678
8.387
87
3,600
9.065
9.065
3,687
Total re50uTces expended
393.678
393,678
168,191
Net lexpenditurellincome before gains and
Lo55es
1.956.878
1,956,878
271.052
Reallsed recognised gains and losse5
Realised gainslllossesl on fixed asset investments
176.796
168,506
1182.5031
Net lexpendlturellincome
2.133.674
2,125.384
88,549
25

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