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REGISTERED CHARITY f4UMBER: 285822 The Howard Foundation Report of the Trustees and Financial Statements Year Ended 31 July 2024 SMH Jolliffe Cork Audit Ltd Chartered Accountants & Statutory Auditor 33 George Street Wakefield West Yorkshire WFI ILX
The Howard Foundation Contents of the Fimaneial Statements for the year ended 31 July 2024 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities 10 to 11 Statement of Financial Position 12 Statement of Casb Floivs 13 Notes to the StateJDent of CAsh Flows 14 Notes to the Financial St4tements 15 to 21
The Howard Foundotion Report of tbt Trllstee5 for the year ended 31 July 2024 Tlie Trustees present their annual report together with the financial statem¢nts of the Charity for the year ended 31 July 2024. Tlie Tn]stees liave adopted the piovisioiis of Accounting ai)d Rcponing by Charitie5.' Statement of Recoinmended Practice applicabl¢ to charities preparing tlieir accounts in accordance wilh the FilnClaI Reporting Standard applicable tn the UK and Republic of Ireland IFRS 102) (effective l January 2019) and the Charities Act 2011. OBJECTIVES AND ACTIVITIES Constitutio The Howard Foundation {"the Foundation") is a regisÈercd Charity and was constituted under a trust deed dated 24 October 1982. The Foundation's r¢gistered number aiid th¢ address of tl)e principal otTice, together witl) details of tlie trustees who served during the p¢riod are included in th¢ Reference and Administration Details on page 4. Objeetive5 and activities for the public benefit The Foundation was fornied by the late Dr Alan Howard, one tsf the country's leading nutritionists based at the University of Cambrid¥e. lo promote the University of Cambridge and in particular bio-medical research, especially in the field of nutrition and liealth and for other huinanitarian causes. The Trustees eonfirm that they have referred to the guidance coiitained in the Charity Commission's general guidance on Public Benefit when reviewing ihe Foundation, aims and objectives and in planning future activities and setting the grant making policy for tli¢ year. The Foundation continues to carry out these obj¢ctives by way of grants to Downing Coll¢ge and to both the Chair in Human Nuthtion and other research activities al the South East Technologrcal Universiry of IT¢land ("SETU"l. Th¢ Chair is held by Professor John Nolan. The TNstee5 ar¢ able to confirni thc Foundation's activities are condiicted in accordance witli tlie requirements of Section 4 of tlie Charities Act 2011 and the fuifilment of the Public Benefit provislOD and guidanc¢ published by the Charity Commission for England and Wales. Grant making policy Outside of the support for the Chair at SETU, the Trustees will only make small grants until such time as they have discussed and agreed upon the future direction foi the charity. The Foundation may continue to sponsor scientifi¢ research and all such research is requir¢d to be peer-reviewcd and published in op¢n scientific publications as well as on websites owned by the Foundation. Page I
The Howard Foundation Report of the Trustees for the year ended 31 July 2024 ACHIEVEMENT AIYD PERFORMANCE Charitable activities In August 2023, rhe Alan Howard Memorial Lecwre was given at Carriganore House. SETU West Campus, i Waterford, Ireland. This is the location of the Nutrition Researcli Centre Ir¢land INRCI} wliere Professor Nolan leads the research. The lecture was attended by members of the Foundation. At tlie Tnistee meeting in October 2023, Professor Nolan gave a prc.%¢ntation to the Ttustees oil his past, current and future rol¢ as Chair in Human Nutritioji at SETU. Following this, the Trust¢¢8 approved the extension of the funding of the Chair for a further five yeaTS to July 3031 with the total coinniitmciit 'ring-fenced" in tlie existlllg investments. The definition of the role was agreed and the extension of the contract with SETU was signed in May 2024. It was also agre¢d thai Piofes50r Nolan would submit quarterly reports to thc Tnjstees. In May 2024. the Fouiidation sponsored a lecture by Professor Nolan at the Royal Socicty of Medicine in Loiidon tltled Connecting Carotenoids froin Eye to Brain.. a new vision for management of age-related macular degenetation and d¢mentia" At the TnLStee tneetiiig in May 2024, the Trustccs agreed that Jon Howard should become a TtUSÈee with the role of Treasurei and Tojn Povey become Secretary. both ¢(>ming into effect when they ceased eTnpIollent witli Howard Foundaiion Holdings Limited IHFH) on 12 July 2024. The Trustees also agreed that the seed money lefi with tlie BON conference organisers after the 2022 conference will be considered as sponsorsliip of the 2025 confeTence. The next BON conference is to be held in Boston, USA in June 2025 with the opporniniry for Trustees to atiend. The Trustees approved the award of thr¢¢ iravel buisaties, for attendance at ihe confeienc¢, to mcmb¢rs of the BON Early Inv¢stigator Society. This IS to bc paid in FY 24125. The Cainbridge University Library has completed the archiving of papers from the late Dr Alan Howard within th¢ budget agreed in Apiil 20?3. Up until tl)e end of July 2024. Downing College have madc awards lotalling £12,000 to elev¢n posigraduate students in STEM subjects from the £40,000 travel bursary budget awarded in FY22123. Th¢ Foundation receives d¢tailed feedback frLim the recipients explaining how ihe award has benefited them. The Foundation continued to fund a PhD student at SETU for which the final payment is lo b¢ made in FY 2024125. The News section on the Howard Foundation website (www.howard-foundation.cotn) is updated regularly. FINANCIAL REVIEW Fiancial position The Foundation's only direct subsidiary in this finatjcial y¢ar was Howard Foundation Holdings Limited IHFH). On 16 March 2023, the patents held by HFH and ihe Intellectual Property (IPI rights itk nutric¢uticals held by the Foundation were sold to Maravilla LLC, a US company fomied by two long-standing business partners, IOSA and Avantius. The final payment to HFH was inade in March 2024. Followillg this ti)ird payment. HFH has its¢lf become dormant and employ¢¢5 took redundancy in Jiily 2024. The sale also gives a quarterly income to the Foundation which started in March 2024 and continues until March 2031. In addition, M2ravilla will give the Foundation payments according to th¢ percentage oWth in sal¢s related to the patents froin the previous year. These yearly growth payments started in January 2024 with a final paYent in January 2032. Ill this fancial year, gift aid of £384,000 has been made from HFH to the Foundation. In addition, the Foundation received a distribution of £1,258,746 fron) investments Owlled by HFH and will receive a further sum of around £14,000 in FY 24125 as a capital distriblltion t(Tr shareholder when HFH Rs finally ¢los¢d down. The major continuing commitment from th¢ Foundation is for the Howard ChaiT in Human Nutrition at SETU. The costs of tliis ¢ornmiunent are adequately cov¢rcd by the existing investments held by tlie charity. Pag¢ 2
The Howard Foulldatio Report ol the Trustees for the year ended 31 July 2024 FINANCIAL REVIEW Investment polfficy #nd objectives Tlie Foundation invests ihrough either Asset Management Companies or directly through an advised stock holding programmc, backed by cash reserves. The Foundarion's investmcnts are partly held in Euro denominated or linked funds owing to committneDts to the Chair at SETU and the associatcd r¢se2rch projects being payable in Euros. Dllring FY23124. tlje inves¢ment5 held by HFH (in sterling) wer¢ transferred to tl)e Foundation. Risk managemertt In future, Ihe principal risks faced by the Foundation will lie in the perforniance of its investments and operational risks from ineftective '8t Inaking. Income iesulting from the sale of patents and IP was agr¢ed to be in GBP and therefore not subject to variations in the exchange rate. Note that the "growth paymenrs" tnention¢d above will be in USD. The Foundation also faces ftnancial risk frorn th¢ volatility in equity markets and illvestnient maikets diie to wider economic condirions. The Trnstees manage Ihc risk ihrougli Selecting funds wliich are well manabFed by ¢xperienced manager5 Wlthin reputable institutions. A spread of investtnents helps to reduce the risk of the portfolio a5 a wliole. Reserves policy The aim of (Trur reserves policy for FY24P5 is to.. Continue to inaintain unTestriclcd Teserves at a level to enable ihe FoundatTon to mcct its eKlStii?g grant obligations of 1,181,015 (£992,053) to the Howard Cliair ai SETU. Th¢ current reserve li¢ld a5 investments in euros as at 31 July is ,507,394 {£1.270,6881. Maintain a level of working capital {£IQO,0001 io cover unforeseen expendire such as a Tequirement for professional advice to repie5ent and proiect the Cliarity and ihe Trusttes in the event of any claims involving research or otlier trust activities. Further infomiatioll in respect of these obligations can b¢ found in note 16 to the financial stateinents. FUTURE PLANS The Trustees will only make small grants until sucli time as they have discussed and agreed llpon the fi]ture direction for thc charity. The current Trust Decd was reviewed by a charity lawyer with a view to propose chan¥es which are to be reviewed 81 a future meeting. STRUCTURE, GOVERIYANCE AND MANACEMENT Governing doeument Tlie Howard Foundation is constituted under a trust deed dated 24th October 1982. Recruitment and appointtnent of neiv trustees Witli the addition of Jon Howard. the number of Trustees is now at the maxinium number of five. Organis#tionlll strueture Currently tlie Trusiees have delegated the day to day running of th¢ Foundation to a management team comprising.. Mrs Julie Lainbert, the ChaiT of the Foundation,. Mr Jon Howard, Treasurer and Mr Tom Povey, Secretary. Ms Michelle Everett resign¢d as group accountant its July 2024. The manag¢Jnent team maintains regular contact with Professor Nolan as ihe Howard Chair. Trustees are updaied regularly by email. phon¢ and inforffjal tneetÈngs, enablin¥ tnterim monitoring of activities. Fomial meetings were held in October 2023 aiid May 2n24 witli a further m¢eting planned for November 2024. A secure shared area on Dropbox holds all documents iequired by TNstees including minutes of meetings. grant making and research activities. The Foundation Tnaintains a page on Linkedln. Page 3
The Howard Foundation Report of the Trustees for the year ended 31 July 2024 STRUCTURE, GOVEUAIYCE AND MANAGEMENT Induction training of new trustees Truslees are inducted into a knowledgL of the Foundation's research activities and its P2St and current charitable inter¢st by existin¥ Trustees. Trustee Aetivity Trusle¢s are expected to attend two trustee Tncetings each year for discussions of thc Foundation's WOTk. They are also encourabied to attend any research seminars and social events associaied with pr0jcCL sponsored by Éhe Foundation so as to undeTStand tl)e nature of the Teseaich and its commercial implications. REFERENCE AIYD ADMENISTRATIVE DETAILS Registered Charity number 285822 Princapal address 52 Woodpecker Way Witney Oxfordshire OX28 6NN Trustees Mrs J E Lambert Professor D l Thurnham Dr A R Leeds Mr A P Lainbert Mr J L Howard (appointed 12.7.2024) Foundation Secretary Mr T Povey Auditors SMH Jolliffe Cork Alldit Ltd Chartered Accountants & Statutory Auditor 33 George Street Wakefield W¢st Yorkshire WFI ILX Bankers Barclays Bank plc Leicester LE87 2BB STATEMEiYT OF TRUSTEES, RESPONSIBILITIES The trnstees are responsibl¢ for preparing the Report of the Trustees and tlie financial statenients in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Irelalld" Page 4
The Howard Foundatio Report of the Trustees for the year ended 31 July 2024 STATEMENT OF TRUSTEES, RESPOIYSIBILITIES- continued The law applicable to chaiiti¢s in Englajid and Wales, the Cbariiies Aci 2011, Charity (Accounts and Reports) Regulations 20ll8 and the provisions of the tTUSt deed requires tlie trustees to prepare financial stateincnts foi eacli finaiicial year whicli bFive a true and fair view of the slate of affairs of the charity and of the incojning resources ai)d application of resoiirces, including the incorne and eXpendIre. of the charity for that period. In preparing those financial statements, the trustees are required to select suitsble aceountillg policies and then apply them consistently,. observe the tnetliods and principle5 in the Chariry SORP., Jnake judsrements and estimates that are reasonable and prndcnt. Stalc whether appli¢able accounting standards l)ave been followed, subject to ally rnaterial departures disclosed and explained in the financial stcltenients; prepare the financial siatements ot) the going concem basis unlcss it ts inappropriate to presurne that the charity will continue in business. The trustee5 are responsible for keeping proper accounting r¢cords which diselose with reasonable accuracy at any lime the financial position of the charity and to enaL)le tl)em to cnsure that the functa[ statements coniply witli the Charities Act 2011, tlie Charity (Accounts and Reports} Regulations 2008 and tile provisions of the ttU5t deed. They art also responsible for safeguarding the assets of the cliarity and hence for taking reasonable steps foT the prevention and detection of fraud and other irregularities. Auditors Tl)e auditor5, SMH Jolliff¢ Cork Audit Ltd, havc indicated their willingness to remain in office. and a iesolution Eo reappoint them will be proposed at the Annual General Meeting. Approved by order of tlie board of trustees ot] 28 November 2024 and signed on its behalf by.. Mrs J E Lambert- TTUStee Page 5
Report of the Independent Auditors to the Trustees of Tbe Howard Foundatio Opinion We Iiave aiidit¢d the financial statements of The Howard Foundation (the 'cliarity'} for the year ended 31 July ?024 which compris¢ the Statenient of Financial Activities, the Staieinenl of Financial Position. the Statement of Casli Flows and notes to the financial slatem¢nts, including a Summary of significant accounttng policies. The financial reporting framework tliat has been applied in their preparation is applicable law and Unitcd Kingdoin Accouiitiiig Standards (United Killgdom Generdlly Accepted Accounting Practice), including Financial Rcporting Standard 102 'The Finaiicial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the fiiian¢ial statements-. give a tNe and faiT view of tlie state of the charity's affairs as at 31 July 2024 and of its incoming resources and application of resources, for the year then ended. hal'e bten properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. including Financial R¢portitig Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland," and have been prepar¢d in accordance witli the Tequiremenis of th¢ Charities Aet 2011. Basis for opinion We conducted our audit in Accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further deseribcd in the Auditors, responsibilitie5 for tilt audit of the finanLial statements section of our report. We arc independent of the charity in #ccordaiice with the ethical requirements that are relevant to oiir audit of the financial statements in the UK, incliiding the FRC'S Etl)ical Siandard, and we have l[l1[cd our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence w¢ have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons rclating to going concern auditing the financial statements, we hav¢ concliided that th¢ trustees, use of the going concern basis of accounting in the preparation ol'the fit]aiicial statements is appropriate. Based on the work we have peTfornied. we hav¢ not identified any material uncertainties relating io events or conditions that. individually or collectively. niay cast significant doubt on the charity's ability to continue as a gOg concern for a period of ai least twelve months from when tlie fUn¢tal statements are authorised for issue. Our responsibilities and tli¢ responsibilitie5 of the trnstees with resp¢¢t to going concern are described in the Televant sections of this repoil. Other itkformation The trustees are responsible for the other infomiation. The other information comprises the infomiation in¢luded in the Annual Report, other than tht financial statements and our Report of thc Independent Auditors thereon. Our opinion on the financial statements docs not cover the oth¢r information and, except to the extent othenvise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of th¢ financial statetnents, our responsibility is to read the other inforn]ation and. in doing 59, consider whether the other inforn)ation is materially inconsisteni with the financial statements or our knowl¢dge obtsined in the audit 01 otherwise appears 10 be materially misstated. If wc identity such material inconsistenci¢s or apparent material misstateTnents, we are required to dctcrniine whether this gives rise lo a material misstatement in the rinancial statem¢nts themselves. If, based on tlie work we have perfonncd, we conclude that there is a tnat¢rial misstaiemenl of tliis other infomiation, we are required to report tliat fact. We have nothing to r¢port in this regard. Mxtters on which we are required to report bv exeeption We have nothing to report in respect of ihe folloiving matters where the Chariti¢s (Accounts and R¢portsl Regulations 2008 requires us to report to you if. in our opinion.. Ihe infonnation given in thc Report of the Trustees is inconsistent in any maierial respect with the financial statements., or sufficlent accounting records have not been kept: or the financial statements ale not in agreement with the accounting records And rernS.. or we hayc not received all thc inforniation and eXpla[tIOnS we require for our audit. Page 6
Report of the Independent Auditors to the Trllstees of The Hoivard Foundation Responsibilitie5 of trustees As explained niore fully in the Statement of Trustees, Responsibilities. the trustees arc responsible for the preparation Of the fu]aiicial statements which give a Ime and fair View, and for such internal control as the trustees detemiine is necessary to enable the preparatioii of fancial statements that are free from material misstatement, whether due to fraud or t0. In preparing the financial si8teineiTrts, tlie trusiees are responsible for assessinb tlic cliarity's ability to continue as a going concern, disLlosinu. as applicable. n)atters related to going concern and using the going concern basis of accountijig unless the trustecs either intend to liquidate the charity or to cease opcrations, or have no realistic aliertjative but to do so. Page 7
Report of the Indepelldent Auditors to the Trustees of The Howard Foundatio Our responsibslities for the audit tsf the financial statements We have beeii appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant r¢gulittions ii)ade or having effeLI tliereunder. Our objectives are lo obtain r¢asonable assurance about whether ihe f5nancial statements as a whole are free from Inaterial Inisstatement, whetlier diie ¢0 fraud OT error, and to issue a Report of tlic Independent Aiiditors thai includes our opiiiioo. Reasonable assurance is a l)igli level of assurance. bul is not a guarantee that ali audit conducted i accordance with ISAS (UK) will always detect a material misstatemcni when it exists. Misstateinents can atise fro fraiid or error and are considered niaieiial if. ii)dividually 01 in the aggrcgatc, they could reasonably be expected to influence the economic decisions of users taken on til¢ basis of these fUncl21 statcments. The extent to which our procedures ale capable of detecting irregularities, including fraud is detailed below". Our approacli to idet]tifying and assessing tl)e risks of material misstatcm¢nts in respect of irregularities. including fraud and non-compliance with laws and regulations, was as folltsws.. th¢ cngagemenl principal ensured thai the engagement arn collectivcly had the appropriate competence, capabilities and skills lo identify or recognise non-COTnpliance with applicable laws and regulations: we ideniified the laws and regulatioiis applicable lo the charity through discugsioiis with the Trnstees and other informed managcment which we eonsidered may have a direct material effect on the financial statements OT the operations of the company and thereafter, the audit t¢am remained alert to instances of non4ompliaiice tioUghoUt the audit. We assessed the susceptibility of the charity's fInancial statements tr> tnaterial misstatement. including obtaining a understanding of how fraud iniglit occur, by." making enquirie5 of managejnent as to wher¢ th¢y considered there was Susceptibility to fraud, their knowl¢dge of actual. susp¢cted and alleged fraud,. and considering the intemal coi)trols in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and overrTde of controls, we.. perfonned analytical procedures lo identify any unusual 01 unexpected relationships., tested journal entries to identify unusual transactions: asses%d whe¢l)eT judgenients and assumptions made in detem)ining ihe accounting ¢stimates were indicative of potential bias,. and irtvestigated the rational¢ behind signifjcant or unusual transactions. response to the risk of irregulaiities and non-compliance with laws and Eegulations, we designed procedures which included, but were not limited to". agreeiiig firn¢la1 statenient disclosuies to uiiderlying supporting documentation" enquiring of managernent as to acwal and potcntial litigation and claims. readinbF the minutes of meetings of those cliaTged with govemance. There are inherent limitatiorks in our audit procedures des¢ribed #bove. The more removed thai laws and regulations are fron) finanLial transactions, the less likely it is thai we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliancc with laws and regulations to enquiry of the Trustee's and othcr management and the inspection of regulatory and Icgal correspondence, if any. Material misstateinents that ari5c due to fraud can be harder to detect than those that aTise from error as tl)ey may involve deliberate concealment or collusion. A further description of our responsEbilities for the audit of the financial statements is located on the Financlal R¢porting Council's website at M¥w.frc.org.uklauditorsTesponsibilities. This description fotnis pan of our Report of the Independent Auditors. Page 8
Report of the Independent Auditors to the Trustees of The Howard Foundation Use of our report Thi5 report Is made solely to tl)e charity's trustees, as a body, in accordance with Part 4 of the Charitics (Accounts and Reports) Regulations 2(H)8. Our audit work has been undertaken s(F tliat we mighi state to the cliarity's irustees those Inatters we ar¢ r¢quired io state to tli¢m in an auditors. report and for no otlier purpose. To the fullest ¢xtent petmitted by law, w¢ do not aLcepl or assuinc responsibility to aiiyone other than the charity and the charity's trusiees as a body, for our audit work. for thi5 report, or for the opinion5 we have fomied. SM e Cork Audit Ltd Chartcre Accountants & Statutory Auditor 33 Georg¢ Street Wakefield West Yorkshire WFI ILX Date-. Page 9
The Howard Foundation Statement ol Financial Activities for the year ended 31 July 2024 Period Yegr ended 31.7.24 Unrestricted lund to 31.7.23 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 384.000 870,832 Charitable activities Brain and Ocular Nutrition {BON) Confeience 2022 155,834 lllvestment income Other income 1,258,746 15.996 42.290 1,281,600 Total 1,658 742 2,350,556 EXPENDITURE ON Raising funds Inveblment management cost5 8.768 16,508 8.768 ChAritable aetivities General Howard Foundation Chair of Human Nutrition at SETU Donations & sponsorship Brain and Ocular Nutrition {BON) Conference 2022 PhD Student at SETU Royal Society ofmedicine Memorial Lecture Sculpture of a Memorial Tree Meinorial concert Heong Gallery Downing College Brain and Ocular Nutrition IBONI conference sponsorship ?025 Downing Travel Bursaries 16,963 29,378 114,207 143.575 115,865 6,875 22.000 25,692 1.525 3,750 25.000 2,000 35581 40.000 Total 214,009 393.678 Net gainsl(losses) on investments {1,415,6991 176,796 NET INCOME 29.034 2,133.674 RECONCILIATION OF FUNDS Total funds brought forward 4,668.639 2,534,965 The no$ form part of these financial stateEnentS Page 10
The Howard Foundation Statement of Financial Activities for the year ended 31 July 2024 Period 6.4.22 to 31.7.23 Total funds Yegr ended 31.7.24 Unrestrieted fund Notes TOTAL FUNDS CARRIED FORWARD 4,697,673 4.668 639 The notes fom pan of these financial sthtements Pagell
The How9rd Foundation Statement of Financial Position 31 July 2024 2024 Unrestrieted fund 2023 Total funds Notes FIXED ASSETS Investmeiits 3,026,631 3,202,380 CURRENT ASSETS Debtors Cash at bank 12 1,258,512 417,211 1,348.081 122.678 1,675.723 1.470,759 CREDITORS Amounts falling due within one year (4,680) (4.500) NET CURRENT ASSETS 671,043 1,466,259 TOTAL ASSETS LESS CURRENT LIABILITIES 4.697,673 4,668.639 NET ASSETS 4,697,673 4.668,639 Fuf4DS Unrestricted funds 14 4,697.673 4,668,639 TOTAL FUNDS 4.697,673 4,668,639 The financial statemellts w¢re approved by the Board of TNsiees and authorised for issue on 28 November 2024 and were signed on its behalf by.. Mrs J E Lambert- TTUStee The TLOtes forni part (Trf th¢se financial statements Pag¢ 12
The Howard Foundation Statement of Cash Flows for the year ended 31 Julv 2024 Pcriod YeAr ended 31.7.24 to 31.7.23 Note5 Cash flows from operating activities Cash geneTated from operations Finance costs paid 281.527 (5,791 598,053 Nel cas11 provided by opeiatiiig activities 275,736 586,896 Cash flows from investing activitie5 PUtIaSe of fjxed assct investhneiits Sale of fixed a55ei investments Intercst received Dividends received (1.213,413) 126.536) 45,335 1.213,411 (690,5401 8.768 42.290 Net cash provided byl{used inl investing activitie5 18,797 639,4821 Change in cash and eash equivalents in the reporting period CA5h and cash equivalents at the beginning of the reporting period 294,533 {52.586) 122,678 175.264 Cash and cash equivalents at the ettd of the reporting period 417 211 122,678 The notes fonn part gf these flnancial statements Page 13
The Howard Foundation Notes to the Statement of Cash Flows for the year ended 31 July 2024 RECONCILIA TION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Period 6.4.22 to 31.7.23 Year ended 31.7.24 Net Rncome lor the reporting period (as per the Statement of Financial Aetivities) Adjustments for- Lossesllgainl on investments Interest received Finance costs Dividends received D¢creasellincTease) in debtors Increase in cieditors 29.034 2,133,674 1.415,699 145,335) S,791 (1313,411) 89,569 180 1176.796) (4?.290} 11.157 (1.328,592} 900 Net easb provided by operations 281527 598.053 ANALYSIS OF CHANGES IIY P4ET FUNDS At 1.8.23 Cash flow At 31.7.24 Net cash Casb at bank 122.678 294.533 417,211 122,678 294,533 417,211 Total 122 678 294 533 417,211 The notes forni part of these financial statements Page 14
The Howard Foundation Notes to the Financial Statements for the year ended 31 July 2024 ACCOUNTJNG POLICIES Basi5 of preparing the financial statements The Iinancial statements of tlie charity, which is a public benefit entity linder FRS 102, have been prepar¢d in accoidance with tl)e Charities SORP (FRS 102) 'Accounling and Reporting by Cbarilies.. Stat¢m¢nt of Recojnniended Practice applicable to charities preparitkg their accollnts in accordance with thc Financial Reportiiig Standard applicable in tlie UK and Republic of Ireland IFRS 1021 {effective l January 2019}'. Financial Reporting Standard 102 The Financial Reporiing Standard applicable in the UK and Republic of Ir¢lai)d' aiid tlie Chariiies Act 2011. Th¢ financial statements have been prcpared under the historical cost convention, with the eKception of investments which are incllld¢d at market value. as modificd by the revaluation of certain assets. Jneoming resources All inconie is re¢ognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be r¢c¢ived and the amount can be m¢asured reliably. Amounts receivable under gift aid donations are recognised when the Foundation has be¢n notified of both the amount and ihe settlement date. Encome from pooled investment vehicles is accounted for when declared by the fund manager. CoJistder3tion Teceivable for the assignment of cent and fure IP rights ar¢ recognised when the Foundaiion has been notifi¢d of both the atnount ld ili¢ selllement date. Resources expended Liabilities are T¢cognised as expendire as soon as there is a legal or constructive obligation eommittillg tlie charity to that expenditure, it l5 probable that a iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendimre is accounted for on an accruals basis and has been classified under headin¥5 tliat aggr¢gate all cost related to the category. WheTe costs cannot be directly attributed to particular headin¥5 tliey have been allocated to activities on a basis con5lSt¢nt with the use of r¢sources. Grants payabl¢ are payments mad¢ to third parties in the rth¢rance of the ch2ritable objectives of the Foundatkon. Single or multi-year grants are accounted ftsr when ¢ither the recipient has a reasonable expectation Ihat they will receive a grant and the trustees have agreed to pay the grant without condition. 01 the recipient has a reasonable cxpecialion tliat they will receive a grant and any condition aitaching to the grant is outside of th¢ control of the Foundaiion. Allocation and apportiortmeNt of cost5 Support Costs l)ave been allocated between goverTonce costs and other support costs. Governance costs ¢omprise all costs involving the public accountsbility of the charity and its compliance with regulation aiid good practice. Taxation The chariry is exempt from tax on its charitable activities. Funrt accounting Unrestricted funds cau be used in accordance with the charitable objectives at the discretion of the trllste¢s. Restricted ttinds can only be used for particular reslricled piirposes within the objects of the charity. Restrictions aT15e when specified by the donor or when futlds ale raised for particular restricted purposes. Further explanatign of the nature and purpos¢ of each lld is included in the notes to the fllvdncial stat¢ments. Page 15 continued...
The Howard Foundation Notes to the Finallcial Statements- eoThtinued for the )'ear ended 31 July 2024 ACCOUNTING POLICIES- contiDlled Investments Investinents in Ulllisted companies, where there is no readily ideniifiable tnarket price, are recorded at cost less iinpainnent. Tlie trustees determine th¢ need for an impaimient by reference to the underlying net assets of the consolidated group of comp)leS. Pooled investment vehicles are valued by reference to bid prices at the close of business on the reporting date. Realised gains and losses All gaiiis and losses are taken to the Slatement of Financial Activities as they arise. Realiscd gains and losse5 on investhients are calculated as the difference between the sales proceeds and their opening carrying value or tli¢ir purchase value it. acquired subsequent to the first day of the financial year. Untealiscd gains and losses are calculated as the differeiice between the fair valu¢ at the year end and their carrying value. Realised ad unrealised investment gains and losses are combined in the Siaiement of Financial Activities. DONATIONS AND LEGACIES Period 6.4.22 to 31.7.23 Year ended 31.7.24 Gift aid 384,000 870,832 All gift aid donations received in to the unrestricied funds are received from the subsidiary und¢rtakings. INVESTMENT INCOME Period 6.4.22 to 31.7.23 YeAr ended 31.7.24 Distribulioll from subsidiary uudertskings Deposit interest Dividends receivable- matged funds 1,213,411 2,290 43,045 182 42,108 1,258,746 42,290 Page 16 continued...
The Howard Foundatio Notes to the Financial Statements continued for the yegr ended 31 July 2024 INCOME FROM CILIRITABLE ACTIVITIES Period 6.4.22 to 31.7.23 Year ended 31.7.24 Activity Brain and Ocular Nutrition {BONI Conferenc¢ 2022 Brain and Ocular Nutrttion Conference 155,834 OTHER JNCOME Period 6.4.22 to 31.7.23 Year ended 31.7.24 Consideration receivable for the assignment of current & future IP ri¥his Piofessiot]al fees Incued in connection with the sal¢ 15.996 1,293.600 112,000) 1,281.6(K) INVESTMENT MAIYAGEMENT COSTS Period 6.4.22 to 31.7.23 Year ended 31.7.24 Portfolio management 16,508 8,768 CHARITABLE ACTIVITIES COSTS Grai)t funding of activities (see note Support ctssts (see note 91 Direct Costs 8) Totals Generdl Howard Foundation Chair of Human Nutrition at SETU PhD Student at SETU Royal Society of Medicin¢ Memorial Lecture Heong Gallery Downing College Brain and Ocular Nutrition IBONI conference sponsorship 2025 5,806 11,157 16,963 114.207 3.750 114,207 3,750 25.01)0 2,000 25.000 2,000 35381 68,387 117 957 11.157 197,501 Page 17 coniit]utd...
The Hoivard Foundation Trlotcs to the Financilll Statement5- Colltinued for the year ended 31 July 2024 GIL4NTS PAYABLE Period 6.4.22 to Year ended 31.7.24 Howard Foundation Cliair of Human Nutrition at SETU PhD Studejit at SETU 114,207 3,750 143,575 6,875 117.957 150,450 The grants paid to institutions during the year were as follows.. Period 6.4.22 to 31.7.23 Year ended 31.7.24 (SETU) South East Technological University, Ireland 117,957 150,450 117957 150.450 SUPPORT COSTS Governance ¢osts General 11.157 io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, reniuneration or other benefits for the year ended 31 Jllly 2024 nor for the period ended 31 July 2023. Tru5tees' expenses Peiiod 6.4.22 to 31.7.23 Year ended 31.7.24 Trustee5' expenses 1,418 678 Page 18 continued...
The Howard Foundation Notes to the Finjncial Statefflent5- continued for the year ended 31 July 2024 FIXED ASSET INVESTMENTS ShaTes in Pooled investtnent vehicles undertakings Totals LLRKET VALUE At l August 2023 Additions Revaluations 1,574,349 1,628,031 1,213,411 185,187 3,202J80 1.213,411 1,389,161) I,S74,348) At 31 July 2024 3 026,629 3 026,630 NET BOOK VALUE At 31 Jiily 2024 3 026,629 3 026,630 At 31 July 2023 1,574,349 1.628,031 3.202.380 There wer¢ no investment assets outside the UK. The historical Ibook) cost of the managed portfolios is £2.520,90912023.. £1.508.8791. 12. DEBTORS 2024 2023 Amounts falling due within olle year.. Other debtors Prepayments and accrued income 184,800 184,800 54.481 204,612 239,281 Amounts falling due after more than one year-. Other debiors 1,053,900 1.108,800 Aggregate amounts 1,258,512 1.348.081 Page 19 continued...
The Howard Foundotion Notes to the Financial Statements- eontinued for the year ended 31 July 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other Creditors 4,680 14. MOVEMENT I.N Fuf4DS Nel movement in funds At 31.7.24 At 1.8.23 Unrestricted fund5 General 4.668,639 29.034 4,697.673 TOTAL FUNDS 4,668,639 29,034 4 697,673 Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and losges Movement in funds Unrestricted funds General fund 1,658,742 (214,009) (1.415,699) 29,034 TOTAL FUNDS 1,4J5,699) 29.034 Comparatives for MOve¢t in funds Net movement in funds At 31.7.23 At 6.4.22 Unrestricted funds General nd 2,534.965 2,133,674 4.668,639 TOTAL FUNDS 2,534,965 2,133,674 4.668,639 Coniparative net movetnellt Éry funds. included ill the above are as follows.. Incoming resouTce5 Resources expended Gains and losses Moyernent in funds Unr¢5tricted funds General fund 2,350,556 (393,6781 176,796 2.133.674 TOTAL FUNDS 2,350,556 393,6781 176.796 2.133,674 Page 20 continu¢d...
The Howard FouRdAtion Notes to the Financial StAtemeDts- eontinued for th¢ year ended 31 July 2024 15. OTHER FINANCIAL COMMITMENTS The Foundation has LomTnitted to the Souih East Technological University that it will provide sponsorsliip of tlie 'Howard Chair in Huinan Nutrition, for an additional period of 5 yeaTS from 30 September 2026. As al 31 July 2024 the remaininsy amount payable under thi5 agi'eein¢nt is now el.181.015 {31 July 2023.. E501,285). Tlie Foundation will be releas¢d from this cominittnent should the cutrent Profcssor to whom ihe endowment has been allocated leave the employment of South East Technological Univcrsity and a suitable replacement cannot be found. Tlie Foundation 15 also committed to 5UPPOrt a PhD progra¢ at SETU which the foundation is funding at 4.500 per year which started Septeinber 2022 and giviny an Outsta[]ng commitmeut of one Fal payment i FY 24125 The Foundation has agreed to sponsor three travel bursaries to the BON Conference 2025 with a ¢ost of E6.000. 16. RELATED PARTY DISCLOSURES Tlie charity has taken advai)tage of exemption, under the temis of Financial Reporting Standard 102 'The Financial R¢porting Standaid applicable in the UK and Republic of Ireland,, not to disclose related party transaetions with wholly owned subsidiaries withill the group. There were no related party transactions for the year ended 31 July 2024. Page 21
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