**We are pleased to enclose your annual accounts.** 



REGISTERED CHAIUTY NUMBER: 285822
The Howard Foundation
Report of the Trustees and
Financial Statements
Year Ended 31 July 2025
SMH Jolliffe Cork Audit Ltd
Accountants & Statutory Auditors
33 George Street
Wakefield
West Yorkshire
WFI ILX

The Howard Foulldation
Contellts of the Financial Statements
for the year ended 31 July 2025
Page
Report of the Trustees
Report of the Independent Auditors
Statement of FiDan¢ial AetlvltSe5
io
Statement of FiDancial Posltlon
Statement of Cash Flows
12
Note5 to the Statement of Cash Flows
13
Notes to the Financial Statements
14 to 20

The Howard Foundation
Report of the Trustees
foi. the year ended 31 July 2025
The Tn￿lee$ present their annual report logeiher with the f￿anCIal statements of the Charity for the year endillg 31 July
2025.
The Trustee8 have adopted the provisions of Accounting and Reporting by Charities.- Statement of Recommended
Practice applicable to charities preparing IhEir accounts in accordance witli the Financial Reporting Standard applicable
in the UK and Republic of Ireland IFRS 102} leffeelive l January 20191 and the Charities Act 2011.
OBJECTIVES AND ACTIVITIES
Constitution
The Eloward Foundation ("th¢ Foundation") is a registered cl)arity and was constituted under a trust deed dated 24
October 1982. The Foundation's registered number and the addres8 of the principal office. together with derails of the
trustees who served during the petiod are ijicluded in the Reference and Adrninistration Details on page 4.
Objectives and aetivities for the public benefit
The Foundatitsn was forn)ed by the late Dr Alan Howard, one of the county'.8 leading nutritionists and based at the
University of Catnbridge, its protnote the UniveTsily of Cambridge and ill particular bio-rnedical research, especially in
the field of nutrition and healih and for otlier liumanilarian causes. The T￿St££% confm that they have referred to the
guidance contained in the Charity Coinniission's general guidance on public benefjt when ieviewing the Foundation's
aims and objectives and in planning future activities and setting the grant making wlicy for the year.
The Foundation continues to carry out these objectives by way of grants to Downing College and to both the Chair in
Human Nutrition and other research a¢iivilie5 at the South East Teel￿oI0gj¢aj University OE Ireland I'SETU") iti
Waterfc>rd, Ireland. The Chair is held by Professor John Nolan.
The TTU5tees confimi the Foundation'b activities are ¢ondu¢ted ii) accordance with the requirernents of Section 4 of tlie
Charities Act 2011 and the fialfjlmenl of die Publi¢ Benefit provision and guidance published by the Chaiity
Commission for England and Wales.
Grant tnaking polley
At their meeting in April 2025, the Ttustees agreed rhe areas of interest for giving new grants and al%0 agreed to
forniulate a process for reviewing or declining new grant application8. The pro¢e5S, together with an outline forni with
questions to guide a grant application. were reviewed at the meeting in September 2025. Trustees agreed to follow the
process and use the application forn] foi three illitial grant application8.
The Foundation expe¢ts to continue to sponsor scielltifjc research and all 8uch research is required to be peer-reviewed
and published in open 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 2025
ACHIEVEI MEN'fs AND PERFORMANCE
Charitable activitie5
Fornial meetings were held itj November 2024, April and September 2025. At the September meeting, Trustees
approved a set of Policies and Procedures ab suggested by the Charity Commission. These document8 are held tn the
shared area ftsr Trustees.
In November 2024. the Foundalion aiiiioui)ced approval of a five year extension to tlie Howard Chair in Human
Nuirition. held by Profebsor John Nolan at SETV. Thib extends the support for the Chair to Septembei 203 1. In Ihe
ame month, the Foundation announL¢d the cojnpletion of the archived record8 of Dr Alan Howaid ai the Cambtidge
University Library. The Trusteeb Ylslted the library in May 2025 to see thi8 ar¢hive.
DowninE College contit]ue to make awards to postgraduate students in STEM subjects from the £40.0(K) travel buTsary
budget awarded in FY22123. The Foundation receives detailed feedback from the recipients explaining how the award
has benefited them.
The Trustees visited the NRCI in Waterford in April 2025 for a tour of th¢ research facilities and to see presentations by
members of the research teatn. Tru8tees were provided with an update on progress of the SNIPE project which the
Foundation has sponsored. Data from the trials is beit)g analysed and Trustees look forward to hearing the results before
the end of 2025.
The Trustees held thetr April meeting while at the NRCI when they were asked to provide support for the post of
Deputy Dire¢tor at tlie NRCI. Thi5 was subsequently approved by email and the contra¢1 was signed in June 2025 for
the oiie year post to begin in September 20?5. Thi% was gubsequently ¢onfirn?ed by Trustees ai their Tneeting in
September. Professor Nolan has resumed sllbinitting quarterly report5 to the Ttustees. now assisted by the new Deputy
Director. Dr Anne Graham.
Also at the April meeting. Trnstees dsscussed the fuNre direction of the Foundation. They agreed that it should continue
at leasi until end of ils sponsorship of the Howard Chair alld to Continue with the Objects as covered by the Trust Deed
and ac¢ordillg to the wishes of the Founder in his lifetime. This is discussed in the Grant Making Policy section above.
The Trustees agreed 10 tnove to four meetings a year. two in person and two by video link with additional meetings to
be scheduled as required.
In May 2025. Professor Mike Lean presented the fourth Alan Howard lecture. Held for the first ti￿e in the Howard
Theatre at Downillg College, the le¢ture was titled "Redefining Obesity and Diabetes.. Radi¢al new treatments. clear
thought and Common qense" It was well attended with a video recording available via the Foundalion website.
The BON (Brain and OcularNutritionl conference was held in Boston, USA in June 2025 with the Chair. Treasurer and
Secretary attending. The Foundation was a gold sponsor at]d awarded three travel bursarie.%, foi attendance at the
co￿erenCe, to members tsf the BON Early Investigatoi Society. The Chair presented tbe Howard Medal, recognising
young scientlsts presenting at the conference.
The Foundation has ¢ontributed funding towards a documentary titled "A Vi%ion For Vision" which is due for release in
2026. The Chair and Treasurer facilitated and look part in filming a section at Do￿lIng College.
The Foundation continued to fvnd a PhD student at SETU for which the final payrnent was made in FY 2024125. Minor
additional paymenis tnay be made as the studeni completes the PhD.
The News section on the Howard Foundation website {wwW.howard-foL￿dati0A.cOrn} is updated regularly.
Page 2

The Howard Foundatio
Report of the Trustees
for the year ended 31 July 2025
FINANCIAL REVIEW
Flnancial posffitioD
The Foundation now has llo subsidiary companies. Followilig the sale of patents io Maravilla LLC. a US Company
forn)ed by two long-qtanding bu8ines8 partners, IOSA and Avat)tius, the Foundation receive8 a quarterly income which
Started in March 2024 and continues until Mar¢h 2031. In addition, Maravilla will give the Foundation paJThents
according lo the percentage growth in bale5 related 10 the pattnts from the previous year. These yearly growth payments
started in January 2024 witii a final payment iii January 2032.
The busine$8 8ubsidiaries of the Foundation were fonnally sl]uck off by April 2025 and the Foundation received a
capital di8tribution io shareholders ot just over £IO.000 when the Howard Foundation Floldings {HFHI subsidiary was
finally closed down.
The major continuing committnent from the Fout]dation is for the Howard Chair in Hurnan Nutrition at SETU. The
costts- of thi8 coinmitment, including the ollt year po8r of Deputy Director, are adequately covered by the existing
investments. in Euro fimds, held by the Foundation.
Investment polley aDd objeetlves
The Foundation invests through either Asset Management Companies or directly through an advised stock holding
progiamme, backed by cash reserves. The Foundation's investments are partly held In Euro denominated or linked fimds
owing to commitments to the Chair at SETU and the associated resear¢h projects being payable in Euros.
Rlsk m4nagemellt
In future, the principal risks faced by the Foundation will lie ill the perfomance of its invegtments and operational risks
from ineffective grant making.
Income resulting from the s81e of IP was agreed to be in pounds sterliiig and therefore noi subject to variations in the
exchange rate. Note that the "growih payments mentioned above will be in US dollars.
The Foundation a150 faces financial risk from the volatility Én equity mthets and invesftnent markets due to wider
econotnic condit10115. The Trustees tnanage ihe risk through selecting ￿ndS which are well managed by experienced
lagers within reputable institutions. A spread of investtnents helps to reduce the risk of the portfolio as a whole.
Reserves poiley
The atrn of our reserves policy for FY25126 is to..
Retain 8uffi¢ient investments in euros to cover the existing grant obligation to the Howard Chair at SETU. The
outstanding conunitment at 31 July 2025 is El,035.963 {£895,777} and the investment in euros 1$ É1.617,657
(£1,398.756} held by Fiske.
Maintain a level of working capital I£IOO,000) io cover unforeseen expenditure such as a requirement for professional
advice to represent and protect the Clwity and the Trustees in the event of ally claim8 involving research or other irust
activities.
Further inforniation in respect of these obligations can be found in note 14 to the financial statements.
FUTURE PLANS
7he Trustees are evaluating three initial grani applications for FY 2025126.
STRUCTURE. GOVERNANCE AND WAGEMENT
Govertling document
The Howard Foundation is constituted under a deed dated 24th October 1982.
RecrultmeDt and appointment of Dew trll$tee5
The number of Tnjstees is llow at the maximum number of five.
Page 3

The Howard Foundatiou
Report of the Tru5tee5
for the year ended 31 July 2025
STRUCTURF., GOVEI RNANCE AND LIIANAGEMENT
Organisatioiial sti'uctllrc
The Tru8te¢s have delegated the day tts day running of the Foundation to a nianagement team comprising.. Mts Julie
Lambert, the Chair of the Foundatioii,. Mi Jon Howard. Treasurer and Mr Tom Povey, Secretary.
The management team maintains iegular conlacl witli Professor Nolan as the Howard Chair.
The Treasurer provide8 a quarterly repoi'l on fJnanLial activities including tl)e value and perfornianc¢ of Invest￿ents.
Tru.8tees are updated regularly by ernail, phone and iiifoJYnal meetings, enabling intetim monitoring of actil'itle.￿. A
securc Shared area on Dropbox Iiold5 all documents. required by Trustee5 including minutes of me¢tings, grant ￿￿kIng
and research activities. The Foundation maintains a page on Linkedln.
Inductlon and training of new trustees
Trn8tees are inducted into a knowledge of the Foundation's research activities alld its p&8t and current chariiable
interests.
Trustee Aetivity
TJustee5 are expecied to attend four trustee meetit]g$ each year. two in person and two via video l]nK for discussion and
decision making of the Foundatiotj's work. They are also encouraged to aiiend any research sertLinais and social events
associated wilh projects. sponsored by ihe Foundation to understand the na￿re of the research or other tn]st activities.
REFERENCL AND ADMINISTRATtVE DETAILS
Registered c￿arItY number
285822
Principal address
52 Woodpecker Way
Witney
Oxfordqhire
OX28 6NN
Tru5tee$
Mrs J E Larnbert- Chair
Professor D l Thutnham
Dr A R Leeds
Mr A P Lambert
Mr J L Howard- Treasurer
Foundation Secretary
Mr T Povey
Auditors
SMH Jolliffe Cork Audit Ltd
Accountant5 & Stattktory Auditors
33 George Street
Wakefield
West Yorkshire
WFI ILX
BaDker$
Barclays Bank plc
Leice8ter
LE87 2BB
Page 4

The Howard Foundation
Report of the Trustees
for the year ended 31 July 2025
STATEMENT OF I'RUSTEES, RF.SPONSIBRLI'flES
The ttustees are respoiisible foi preparing ihe Report of the Trustees and the financial stateinents in accordance wiib
applicable law and United Kin¥dom A¢counling Standards {Uiiited Kiiigydoin Generally Accepted Accountii)g Practice}
including Financial Reporting Standard 102 "The Financial Reporling Standard applicable in the UK and Republic of
Ireland"
Charity law requires the trustees to prepare financial statenients for ea¢h financial year. Under that law. the tru8tees
have elected to prepare the financial 51ateineni8 in accordance with Ujiiied Kingdom Generally A¢cepied Accounting
Practice (United Kingdom Accounting Standards and applicable lawl.
Under charity law the trn8tees must not approve the fJnan¢ial ststements unless they are satisfied that they give a true
and fair view of the State of affairs of the charity and of the incoming resources and application of r¢qouFCeS, including
the incorne and expenditure, of the charity for that period. In preparing those fjnancial slaternents, the trustees are
required to
select guitable accounting policies and then apply them consi5tendy,'
observe the methods and principles in the Cliarities SORP.,
make judgements and estimates that are reasonable and prudent.
slate whether applicable accounting standards have been followed. subject to any material departures diselosed and
explained in the finan¢ial Stat£￿ents.
prepare the finaiicial slaternenls on the going concern basis unless il is inappropriate to presume that the Charity will
ctsntinue in business.
The t￿SteeS are respongible for keeping proper accounting records which disclose with reasonable a¢¢uracy al atjy time
the fJnan¢ial position of the charity and to enable them to ensure that t]ie fioanc2al statements comply with the Charities
Act 2011 and The Chaiity IAc¢ounls and Repons'l Regulations 2008. 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
]￿egularitIes.
Auditors
The auditors. SMH Jolliffe Cork Audit Ltd. have indicated their willingness io remain in office, and a restslution to
reappoint them will be proposed at the Annual General Meeting.
Approved by order of the board of ttustees on 5 Dece]nber 2025 and signed otj its behalf by:
Mts J E Lambert- Trustee
Page 5

Report of the Indcpcndent Auditors to the Trustees of
The Howard Foundation
Opinion
We have audited the financiai statements of The Howard Ftsuiidation (the '¢harity'l for the yeai. ended 31 July 2025
which compTise the Siatemeiil of Fii)aiicial Acllvitie.￿, the Siatemeiit of Financial Po8ltion, tlie Statemenl of Cash Flows
and notes to the f￿ancial *tatenients, includingl a sunimary of significant a¢countillg policies. The finanbial reporting
£rainework that has been applsed in their PFeparalion is applicable law and United Kingdo￿ Ac¢ouniinb Standards
(United Kingdom G¢ngrally Accepted Accouiiling Practice). including Financial Reporting Standard 102 'Tlie Finaiicial
Reporting Standard applicable in ihe UK and Republic of Ireland,.
In our oplliion the fii)ancial 8tatemenls'.
give a true and fair view of the state of the chartty's affairs as at 31 July 2025 atMI of its incoming resources and
application of rebources. for the year then ended.,
have been properly prepared in aecordance with United Kingdom Generally A¢¢epled Accounting Practice,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland and
have been prepared in accordance with the reQUire￿entS of the Charities Act 2011.
Basls for opinion
We conducted tsur audit in accordance with Intemational 8tandaids on Auditing IUKI {ISA8 {UK)) and applicable law.
Our re$ponsibilitie5 under those standards are further described ui the Auditors, responsibilities for the audit of the
fi[￿nCIal slatemet]tS section of our repon.
We are independet)t of the charity in accordance with the ethical
requirerneni8 that are relevant to our audit of the F￿8￿¢181 statements in the UK, including the FRC'S Ethical Standard,
aiid we have fulfilled our other ethical responsibilities in accordance with these requirenients. We believe that the
audit evidence we have obtsined is sufficient and appropriat to provide a basis for our tsp￿]0n.
Conclusitsns relating to going concern
In auditing the financial statemeiits, we have ¢L)ncluded that the trustees, Use of the going Concern basis of a¢￿U￿tIng i
the preparation of the f￿ancial statements is appropriate.
Based on the work we have perfonned, we have not identified any material uncertainties relating to events or eonditions
that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going coneem for a
period of at least twelve month$ from when the financial statements are autliorised foi issue.
Our responsibilities and the responsibilities of the tNstees with respect to going concern are described in the relevant
sections of this report.
Other Information
The ttustees are responsible for the other inforniation. The other infonnation ¢omprise8 the infomiation included ill the
Annual Report, other than the financial Statements and our Report of the Independent Auditors thereon.
Our opinion on the financial State￿entS does not cover the other infonnation alld, except to the extent otherwise
explicitly stated in our report. we do not express any forni of assurance conclusion thereon.
In conne¢tion with our audit of the financial Statements. our responsibility is to r¢ad the other informaiion and, in doing
SO, Consider whether the other infomiation is materially in¢onsi5tent with the fU￿ncl91 statements or our knowledge
Cpbtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material Inisstatements. we are required lo detemiine whether this gives rise to a maierial misstatement in the
financial statements themselves. If, based on the work we have perfomed we conclude that there is a material
misstatement of this other infortnation, we are required to report that fact. We have nothing to report in this regard.
Matter$ on whieh we are required to report by exeeption
We have nothing to report in respect of the following ll￿tter$ where the Charities (Acctsunts and Reports} Regulaiions
2008 requires us to repon to you if, in our opinion..
the infomiation given in the Repon of the Trustees is inconsistent in any rnaterial respect with the fmancial
statements., or
suffjcient accounting records have not been kept; or
tILe financial statements are not in agreement with the accounting records and rewrns- or
wc have not rec¢ived all the infortnation and explanations we require for our audit.
Page 6

Report of the Independent Auditors to the Trustees of
Tlie Howard Foiindation
Responsibilities of trustees
As explained inore fully in the Statemenl ofTrustees' Responsibilitie.8, the tNstees are re.spon8ible tor tlie preparation of
the financial qlatenieiits wl)icli give a true and fair view. and for such intenial control as tl)e trustee.8 deteTmine is
ne¢essary to enable the preparation of financial Statements that are free from material mis8tatement, whether due to
fraud or error.
In preparing the fjnaiicial 8tatements, the trustees are re5pon8ible for assessing the charity'5 ability to ¢onlinue a8 a
going concern. dssclosing, a8 applicable, rnatlers related to going concern and USiilE the going Loncern basis of
accounting unlebs the trnstees eitlier intend to liquidate the charity or to cease operations, or have no realistic altemative
but to do so.
Page 7

Report of the IndependeMt Auditors to the Trustees of
The Howard Foundation
Our responsibilities for the audit of tlie fiiiancial statem¢iits
We have beeji appoiiited as auditors iit)der Sectioii 144 of the Charities Act 2011 and report in accordan¢e with the A¢1
and relevant r¢gulaiLOa5 made or Iiaving etTect Ihereunder.
Our objectives are to obtain reasonable assur￿]Ce about whether the flnancial staternenL8 as a whole are fre¢ from
material misstaieinenl, whether due lo fiaud or error, and to issue a Report of tlie liidependeni Auditors that includes
our opinion. Reasonable assurance is a higli level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS {UK) will always delecl a material n)isstetemeni when il exi8Ls. Missiateinenls can arise Iro
fraud or error and are considered inaterial if, individually or in the aggregate, thcy could reasonably be expected to
influence the econon)ic deci8ions ofusers taken on the basib of tlie8e financial siateinents.
The extent to whicl) our pro¢edures are capable of detecting irregularities, including fraud is detailed below..
Our approach to identifying and absessing tlie risks of material misstatements in respect of irregularities, including fraud
and non-compliat]ee with laws and regulations. was as follows..
the engagement pi'incipal ensured that tlie engagement teatn collectively had ihe appropriate cotnpetence, capabilities
and skills to identify or recognise non-compliance with applicable laws and regulations-
we tdentifjed the laws and regulations applicable to the ¢harEly through di%cussions with the Trnstees and tsd)er
inforn)ed management which we constdered may have a direct material effect on the f￿ancial stalementb or the
operations of the company and thereafter. the audit tcam remained alert to instances of non-compliance throughout the
audit.
We absessed the susceptibility of the charity's financial staiements to material misstaternent, including obtaining an
understanding of how fraud might occur. by..
makiiig enquiries of management as to where they considered there was su8ceptibility to fraud, their knowledge of
actual. suspected and alleged fraud.. at]d
considering the internal ¢ontrols iii place to mitigate risks of fraud and non-cornpliance with laws and regulations.
To address the risk of fraud through tnanagement bias and override of controls, we..
perfonned ana1￿iCal procedures to identity any unusual or unexpected relationships,.
tested journal entties to identify unusual transactions:
assessed whether judgements and a5suInplions made in detennining the accounting estimates were indicative of
potential bias; and
inve5tigattd the rationale behind significant or unusual trallsactions.
In response to ihe risk of irregularities and non-compliance with laws and regulations, we desiÈned procedures which
included, bul weie not limited to..
agreeing financial statement disclosures to underlying supporting documentation;
enquiriiig of managetnent as to actual and potential litigation and claims.
- reading the minutes of meetings tsf those charged with governance.
There are inhetent limitations in our audit procedures described above. The more removed that laws and regulations are
from financial iransactions. the less likely it is that we would be¢otne aware of non-compliance. Auditing standards also
limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustee's and
other rnanagement and the inspection of regulatory and legal correspondence, if any.
Material rnisstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve delibeiate concealment Or ¢ollu5ion.
A furth¢r descriptioll of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website ai wsTrw.frc.org.uWauditorsrespon5ibilities. This de8CriPtion fomis part of our RepL¥rt of the
Independent Auditors.
Page 8

Repoi't of the Independent Auditors to the Trustee5 of
The HtsTrYard Fouiidation
Use of our report
This report is made solely to the cliarity's trustees, as a body. in accordance with Part 4 of the Charities {AccounL8 and
Reptsrtsl Regulations 2008. Our audil wvrk lias beei) undertaken so that we niighi 8taie to the charity's trustees tl)ose
matters we are ￿QUired to state to them in auditors, report and for no other purpose. To the fullest extent pern)itted
by law, we do not accept or as.8uine rebponsibility to anyone other than the charity and the chaiily's tsILStee8 &s a body,
for our audit work. for tliis reporl, or for the opinions we have forn)ed.
SMH Jollj
oik Audit Ltd
Accounianis & Statutory Auditors
33 George Street
Wakefield
West Yorkshire
Wbl ILX
JI De￿￿6{24 201 5.
Date..
Page 9

The Howard Foundation
Stateme¥Lt of Fiiianctal Activities
for the year elided 31 July 2025
2025
Unrestricted
fund
2024
Total funds
No￿S
JNCOME AND LNDOIVMENTS FROM
Donatiolls at)d legaGieb
384.000
Inveslinenl income
Oihei incotne
87,045
1,258,746
15.996
Total
118,596
1.658.742
EXPENDITURE ON
Raising funds
Investtnent management costs
16.508
27,829
16,508
Charitable acti￿tieS
Genetal
Howard Foundation Chair of Human Nutrition at
SETU
PhD Student at SETU
Royal Society of Medicine Mernorial Lecture
Annual Howard Lecture
Heong Gallery DO￿lIng College
Brain and Ocular Nutrition {BONI conferen¢e
sponsorship
Vision for Vision Documentary
21 J31
16,963
142,315
3,876
114,207
3.750
25,000
2,795
2.000
5,100
35.581
Total
227J64
214009
Net gain￿(loSSeS) on investments
354.138
1415,699)
NET INCOME
245,370
29.034
RECONCtLIATION OF FUP4DS
Total funds brought fonvard
4,697,673
4,668.639
TOTAL FUNDS CARIUED FORWARD
4 943,043
4.697 673
The notes forni part of these financial statements
Page 10

The Howard Found21tio
Statement of Fiiianeial P051tion
31 July 2025
2025
Uiirestrieted
fund
2024
Total funds
Notes
FIXED ASSETS
Inve.8tmenis
10
3,802,045
3.026.630
CURRFNT ASSETS
Debtors
C&sh at bank
1,055,468
111,S65
1,258.512
417.211
1,167,033
1,675,723
CREDITORS
Amounts falling due within one year
12
(26.035)
{4,680)
NET CURRENT ASSETS
1140,998
1,671.043
TOTAL ASSETS LESS CURRENT
LIABILITIES
4.943,043
4,697.673
NET ASSETS
4,943 043
4,697,673
FUNDS
Unrestricted ￿ttds
13
4 943 043
4,697.673
TOTAL FUNDS
4,943,043
4.697 673
The financial statemenL% were approved by the Board of Trustees and auth0ri5ed for i&sue on 5 Decen]ber 2025 and
were signed on its behalf by:
Mr8 J E Lambert- Trustee
The notes forni part of these financial statements
Pagell

The Howard Foundation
Statemeiit of Cash filow5
for Ihe ycar ellded 31 July 2025
2025
2024
Notes
Cash flows from operating 2Ctivities
Cash generaled froni operations
Finance ¢osts' paid
27,210
281,527
5,7911
Net cash provided by operaling activities
28,S86
275.736
Cash flows from investillg activities
Purchase of fixed asset inve5tn)ents
Sale of fixed ass¢t invesinients
Interest received
Dividet)d8 re¢eived
(500,000)
78,723
73,093
13.952
11.213,413)
{26,536)
45.335
1213,411
Net cash {used in)Iprovided by investing a¢tiviiies
334,2321
18.797
Change cash and cash equivalents in
the reportiiig period
Cash aiid cash equivalents at the
beginning of the reptsrting period
(305,646)
294,533
417.211
122,078
Cash #Jad Cash equlvaleDts at the end of
the reporting period
111.565
417,211
The notes fortn part of these f￿anCIal statements
Page 12

The Howard Foundatlon
Note5 to the Statemeiit of Casli blows
for the year ended 31 July 2025
RECONCILIA TION OF NET INCOME TO NET CASH FLOW FROM OPEILITING
ACTIVITIES
2025
2024
Net inconie for the reporting period (as per the Statement of Financial
Activities)
Adjustments fvr:
(Gainlllosbe& on investments
Interesi received
Finance costs
Dividend5 received
DeLrease in debtors
Increase in creditors
245,370
29,034
{354.138)
1,415,699
(73,093)
145.335)
(1,376)
5.791
(13,9S2) 11.213.411}
203,044
89.569
180
Net eash provided by operatlOn5
281.527
ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.24
Cash flow
At 31.7.25
Net Cash
Ca¥h at bank
417,211
305,640)
111,565
417,211
305,646
111565
Total
417.211
305,646)
111.565
The notes forn) part of these fllWLcial staternents
Page 13

The HoTrvard Foundatioii
Note5 to tlie Financial Statements
for the year eiidtd 31 July 2025
ACCOUNTING POLICIES
Bx5is of preparing the finanei21 statements
The fjnancial statements of the charity. which is a public benefit entity linder FRS 102, have been prepared in
aceordJn¢e with the Charities SORP (FRS 102) 'Accounling and Reporting by Charities.. Statement of
Recommended Praciice applicable to charities preparijig their accoiints in accordance with the Financial
Reporlit]g Staiidard applicable iii the UK and Republic L¥f Irelaiid (FRS 1021 (effeclive l Jat]uary 20191,
Financial Reporring Standard 102 'The Financial Reponing Standard appliLable in the UK and Republic of
Ireland, and the Charities Act 2011. The financial 8tatements have beeT2 prepared under the hisiL¥ri¢al c08t
convention, with the ex¢eption of investments which are included al tnarket value. as rnodified by the
revaluation of certain as8ets.
Incoming resourees
All incojne is re¢ognised in the Statement of Financial Activities once the charity has entitlement to the fr￿d￿, it
is probable that the income will be received and the amount can be measured reliably.
ATnounts receivable under gift aid donations are recognised when the Foundation has been notified of both the
amount and the settietn¢nt dale.
Incorne from pooled investment vehicles is accounted for when declared by the fLmd manager.
Consideration receivable for the a8s1￿nent of current and future IP rights and growth payment are recognised
when the Foundation has been notified of both the atnount and the settlement date.
Resoknrees expended
LiabilitEes are recognised as expertditure as soon as there is a legal or Coastructive obli¥ation committing the
charity to that expertditure, it iq probable that a transfer of economic benefits will be required in seitlement and
the amount of the obligatEon can be measured reliably. Expenditure is accounted for on an accruals basis and has
been ¢lassified under headings that aggregate all cost r¢laled to the category. Where costs cannot be direetly
attributed to particular headings they have been allocated io activities on a basis consistent with the u.8e of
resources.
Grant$ payable are payments made to third parties in the furtherance of the charitable obje¢iiYes of the
Foundation. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation
that they will receive a grant and the trustees have agreed to pay tlie grani without condition, or the recipient has
reasonable expectation that they will receive a grant and any condition attaching to the grant is Outside of the
control of (he Foundation.
Allocation and apportiontnent of costs
Suppon costs have beet] allocated between governance costs and other support costs. Governance costs
¢OTnprise all Gost5 involving the public a¢cOL￿tabilitY of the chariiy and its compliance with regulation and good
practice.
Taxation
The charity is exempt from tax oll its charitable activities.
Fund aecollnting
Unrestricted funds Can be used in accordance with the charitable objectives at the discretion of the trnstees.
Restricted funds call only be used for particular restricted pU￿OseS within the objects of the charity.
Restrictions arise when specified by the donor or when ￿n￿$ are raised for particular resiricted p￿￿OSeS.
Further explanation of the nature and purpose of each ￿nd is included in the llotes to the f￿ancial statemellts.
Page 14
continued...

The Hoiyard Foundation
Notes to the Finaiicial Statements- continued
for the ye#i' ended 31 July 2025
ACCOUNTING POLICIES - contillued
Poreign currencie5
Assets aiid liabilities in foreign currencies are translated into sterling at the rates of exchange rulllig at the
statement of fJnan¢ial position date. Transactions in foreign currencie8 8re translated into qterling at the rate of
exchange n&ling at the date of transaction. Exchange difference8 are taken into account in attiving at ihe
operating result.
IRve5tments
Investmenis in unlisted companies, w'here there is no readily identifiable market price, ate recorded at Cost less
impairn)ent. The trustees deiertnine the need for an impairnienl by reference to the undeilying net assets of the
consolidated group of companies. At the Balance Sheet date, the charity no longer held any iuvestments i
unlisted companies.
Pooled investment vehicles are valued by reference to bid prices at the close of business on the reponing date.
Realised gain5 and losses
All gains and 1088e8 are taken to the Statement of Financial Activities a8 they arise. Realised gains and losses on
investmenis are calculated as the difference between tlie sales proceeds and their opening carryillg value or their
purchase value if acquired subsequent to the fll5t day of the flnancial year. Unrealised gains and losses are
calculated as the difference between the fair value at the year end and their Carrying value. Realised and
unrealised investment gains and losses are Combined in the Stateinent of Finan¢ial Activities.
DONATIONS AND LEGACIES
2025
2024
Gift aid
384.000
All gift aid donations received in to the unrestricted funds are received from the subsidiary undertakings.
INVESTMENT ￿COmE
2025
2024
Distribution from subsEdiary ulldert8kings
Bank deposit interest
Income from pooled itivestment I managed funds
13,952
1,213,411
2,290
43.045
69.837
1.258.746
Page 15
continued...

The Hom'ard Foundation
Notes to the Finaii¢ial St#tements- Contlniied
for the year ended .11 July 2025
OTHEI R INCOME
2025
2024
Growth payment foi. the assignment of Current and future IP rights
31,551
15,996
15.996
INVESTMENT MANAGEMENT COSTS
2025
2024
Portfolio tnanagement
16.508
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
Support
Costs (see
llote 8)
Direct
Costs
71
Totals
Geneial
Howard Foundation Chair of Human
Nutrition at SETU
PhD Stlldent at SETU
Annual Howard Lecture
Brain and Ocular Nutrition {BON)
conference sponsorship
Vision for Vision Documentary
(1,070)
22,407
ZlJ31
142J15
3,876
142,315
3,876
2,795
2.795
5.JOO
24,118
5.100
24.118
146 191
199 S35
GRANTS PAYABLE
202S
2024
Howard Foundation Chair of Human Nutrition at SETU
PhD Student at SETU
142,315
114,207
146 191
117,957
The granis paid to institutions during the year were as follows..
2025
2024
(SETU) South East Technological University, Ireland
146 191
117957
146,191
117,957
Page 16
ontinued...

Tlie Howard Foundation
Notes to Ihe Finaii¢i81 Statements- continued
for tlie yeur ended 31 July 2025
SUPPORT COSTS
Governance
costs
General
TRUSTEES, REMUNERATION AND BENEFITS
There were nts trustees, remuneration or other benefits for the year ended 3 1 July 2025 nor for the year ended
31 July 2024.
Trustees, expen$es
202S
2024
Trustees. expenses
10,233
1,418
io.
FIXED ASSET INVESTMENTS
Shares in
grL¥up
undertakings
Pooled
investmerlt
vehicles
Totals
MARKET VALUE
At l August 2024
Additions
Disposa15
Revaluations
3.026,629
500,000
(120.730)
396,146
3,026,030
500,000
(120,731)
396,146
(i)
At 31 July 2025
3.802 045
NET BOOK VALUE
At 31 July 2025
3,802.045
3,802,045
At 31 July 2024
3 026.629
3,026.630
There were no investment asseis outside the UK.
The historical {bookl Gost of the managed portfolios is £3,08 1,10212024.. £2,520,909).
DEBTORS
ii.
202S
2024
Amounts falling due within one year..
Other debtors
Prepayments accrued income
184,800
1,568
184.800
19,812
180,368
204.612
Page 17
continucd...

The Howard Follndatiott
Notes to thc fiinancial btatemertts- continued
for tlie yeAI' onded 31 July 2025
ii.
DEBTORS- continued
2025
2024
Amounis Falluig due after more than one year:
Other dtbtors
869,100
1.053,900
Aggiegate amounts
1,055.468
1,258,512
12.
CREDITORS: AMOUNTS FALLtIYG DUE WITHIN ONE YEItR
2025
2024
Other creditors
26.035
4.680
13.
MOVEMENT IN FUNDS
Net
rnovenient
in funds
At 1.8.24
At 31.7.25
Unrestricted funds
Gcneral fund
4.697.673
245J70
4.943.043
TOTAL FUNDS
4.097.673
245,370
4.943 043
Net movemellt in funds, included in the above are as follows..
Incoming
resourceb
Resources
expended
Gains and
108ses
Movement
in funds
Unrestricted funds
General fimd
118.596
(227,364)
354,138
245,370
TOTAL FUNDS
118.596
227J64)
354,138
245J70
Comparatlvt5 for movement ill funds
Ntt
movement
in funds
At 1.8.23
At 31.7.24
Unrestricted funds
General fund
4.668.639
29.034
4.697,673
TOTAL FUNDS
4 668,639
4.697 673
Page 18
continued...

The Howard Foundation
Notes to the Financial StatemeDts- continued
for the year eAded 31 Jllly 2025
13.
MOVEMENT IN FUNDS- continued
Coihparative nel movement in funds, in¢luded in the above are as follows..
Incoming
resour¢es
Re8our¢es
expended
Gains and
Movement
in funds
Unrestricted funds
General fund
1.658.742
1214.0091 (1,415,699)
29,034
TOTAL FUNDS
1658 742
214,009) 11,415.699}
29.034
A current year 12 months and prior year 12 months combined position is as follows..
Net
tnovement
in funds
At 1.8.23
At 31.7.25
Unrestri¢ted funds
Geneial tund
4,668,639
274,404
4,943,043
TOTAL FUNDS
4,668.639
274,404
4 943,043
A current year 12 months and prior y&gr 12 month5 combined net tnovement in funds, included in the above are
as fgllows..
Incoming
resources
Resources
expended
Gains and
losses
Movetnent
in funds
UnrestrRcted funds
General fund
1,777,338
{441,373) (1,061,561)
274,404
TOTAL FUNDS
1,777.338
441.373} {1,061,5611
274.404
14.
OTHER FINAf4CIAL COMMITMENTS
The Foundation has Comtnitted to the South Easi Technological University that it will piovide sponsorship of
the 'Howard Chaii in Human Nutritioll, for an additional persod of 5 years from l October 2026. As ai 31 July
2025 the remaining atnount payable under this ag￿ement is now É1,035.963 (31 July 2024.. £1,181,015). The
Foundation will be released from this conunitment should the current Professor to whom the endowment has
been allocated leave the employment of South East Technological University and a suitable replacement camiot
be found.
The Foundation bas signed a new contract with SETU for professional assistance to Prof Nolan. Its a one off
COM￿ltMent of É38.000 payable in two illstalments. one in Septernber 2025 and the other in January 2026.
The Foundation was also Committed tts support a PhD programme at SETU which the foundation is fi￿dIng at
4,500 per year which started September 2022 and giving an outstanding commitment of one paytnent in
FY 24125.
Page 19
ontinued...

The Howard Foundation
Note5 to tlje Finaiieial Statements- eontinued
for the year etlded 31 .luly 2025
14.
OTHER FINANCIAL COMMITMENTS- eontinlled
rurthermore, tlie Foundation continues to be liable for tuition fees of E500 per term for tlie PhD student until the
PhD ib Coinpleted which is expected to be in the Spring of 2026.
Is.
RELATED PARTY DISCLOSURES
The charity lias iaken advantage of exemption, llnder the let￿￿ of Financial Reporting Standard 102 'The
Financial Reponing Standard applicable in the UK and Republic of Ireland,. not io disclose related party
rransactions witli wholly owned subsidiaries within the group.
There were no relaied party transactions for the year ended 31 July 2025.
16.
FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns
to the tax authorities and assist with the preparation of the flnancial staternenls.
Page 20


T: **01924 376045 www.smh.group**