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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 Fil￿nClaI 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 eTnpIo￿llent 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
Fi￿ancial 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 paY￿ent in January
2032.
Ill this f￿ancial 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 ￿'8￿t 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 expendi￿re 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 eXpendI￿re. 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 fu￿ncta[ 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 gO￿g concern for a
period of ai least twelve months from when tlie fU￿n¢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 re￿rnS.. 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 f￿ancial statements that are free from material misstatement, whether due to
fraud or t￿0￿.
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 fU￿ncl21 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 ti￿oUghoUt 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 fir￿n¢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
PU￿tIaSe 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 c￿￿ent and fu￿re 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 expendi￿re 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 a￿d
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- mat￿ged 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 Incu￿ed 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
L￿L￿RKET 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 F￿al 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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