**CHARITY REGISTRATION NUMBER: 261685** 

# **Mrs Waterhouse Charitable Trust Financial Statements** 

**(Working name: The Houghton Dunn Charitable Trust)** 

**5 April 2024** 



## **Mrs Waterhouse Charitable Trust** 

## **Financial Statements** 

## **Year ended 5 April 2024** 

||**Pages**|
|---|---|
|Trustees' annual report|**1 to 6**|
|Independent auditor's report to the trustees of Mrs Waterhouse||
|Charitable Trust|**7 to 11**|
|Statement of financial activities|**12**|
|Statement of financial position|**13**|
|Notes to the financial statements|**14 to 20**|





**Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** 

## **Year ended 5 April 2024** 

The trustees present their report and the financial statements of the charity for the year ended 5 April 2024. 

## **Reference and administrative details** 

|**Registered charity name**|Mrs Waterhouse Charitable Trust|
|---|---|
|**Charity registration number**|261685|
|**Principal office**|231a|
||Hale Road|
||Hale|
||Cheshire|
||WA15 8DN|
|**The trustees**||
||A M H Dunn|
||H M E Dunn|
|**Auditor**|Haffner Hoff Ltd|
||Accountants & statutory auditor|
||2nd Floor - Parkgates|
||Bury New Road|
||Prestwich|
||Manchester|
||M25 0TL|
|**Bankers**|Barclays Bank PLC|
||Leicester|
||LE87 2BB|



**- 1 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Structure, governance and management** 

The trust is an unincorporated trust, constituted under the terms of the Settlement made by Mrs Elsbeth Waterhouse dated 9 October 1967 and is a registered charity, number 261685. The trustees hold the capital and income for exclusively charitable purposes according with the laws of England to be applied in such a way and manner as the trustees, in their absolute discretion, think fit. 

The trust is managed by the trustees, who are responsible for the delivery of its objectives. It is the trustees' aim to keep expenses to a minimum with the result that over recent years almost all of the trust's ordinary income has been available for grant making. 

Recruitment and appointment of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.  A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'. 

There is no chief executive officer or employees in the charity. The day to day affairs are undertaken by Mr A M H Dunn on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. 

## **Risk Management** 

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to manage our exposure to the major risks. 

The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations. 

Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants. 

**- 2 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Objectives and activities** 

The trust makes donations to bodies embracing a wide range of charities, the main fields supported being medical and health, welfare in the community, environment and wildlife, and church and heritage with special reference to charities in, or with branches in the North West of England. 

The trustees do not have the power to accumulate income and accordingly the income of each accounting year is fully disbursed within the following year. 

## **Public Benefit Policy** 

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. 

## **Grant Making Policy** 

The charity has established its grant making policy to achieve its objects for the public benefit. The charity invites applications for funding through contacting the trustees to contribute towards projects that the trustees feel are appropriate for the charities objects. 

The application of the funds by way of grants is to institutions. 

The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year. 

The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way. 

## **Expendable endowment fund** 

Having regard to the original unrestricted endowment by the settlor, the late Mrs Elsbeth Waterhouse, and their powers under the Trust Deed (Clause 11a) to decide what monies represent capital and income, the trustees consider that: 

- (a) the capital of the Trust Fund at 5 April 2024 should be regarded as an Expendable Endowment Fund (“the Fund”), 

- (b) the value of the Fund will be adjusted for annual fluctuations in unrealised gains or losses, 

- (c) the Fund will bear the management expenses of the trust. 

**- 3 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Achievements and performance** 

The fund generated investment income of £361,420 (2023 £363,817) in the year and paid out £932,260 (2023 £591,660) for various charitable causes and support costs. 

All expenditure in the year was in accordance with the objects of the charity. 

In accordance with its governing document the charity has focused distributions on North West England. During the year £888,300 (96%) (2023 £562,700 (95%)) of the grants distributed were to charities based in the North West or the North West operations of national charities. 

The charity has low governance costs. The governance costs incurred relate to professional fees. 

Grants to institutions are as detailed in the notes to the accounts. 

There were no fundraising costs during the year. 

There were recognised gains on investments amounting to £415,689 (2023 losses of £458,030). 

There was net expenditure of £155,151 (2023 £685,873). 

**- 4 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Financial review** 

The trustees do not seek public donations relying upon the fund to generate income to be distributed by grants at the trustees' discretion. 

The trustees feel that the activity in the year reflects the profile and standing within the regional community. 

## **Investment Policy** 

There are no restrictions on the trustees' power to invest the initial endowment fund and its subsequent capital appreciation. As per the trust deed the trustees are not allowed to reinvest the dividends received from the initial endowment fund or any increase in dividend as a result of the endowments subsequent capital appreciation. The investment strategy is set by the trustees over the long-term having regard to their intention to use annual income for grants. 

Their overall policy is to invest in medium risk investment by way of managed investment funds for charitable trusts with a view of ensuring that capital appreciation of the funds exceed inflation over the long term while maintaining a level of income yields from year to year which matches London clearing bank base rates. The strategy is reviewed with the trustees' investment managers annually. 

## **Investment Performance** 

The charity’s dividend yield from its investment was just under 4% during the year. 

There were recognised gains of £415,689 in the year. This represents gains of approximately 4.5%. 

Based on the above, the trustees are of the opinion that the fund performed well in the year, relative to the market as a whole. 

## **Reserves Policy** 

The Endowment Fund represents the unrestricted expendable endowment funds arising from past operating results. 

It is the policy of the trustees to maintain free reserves of approximately one quarter of the annual incoming funds to provide for possible urgent appeals for grants. Subject to this reserve, their intention is to fully distribute income by way of grants. However, they intend to review the application of this reserves policy to any realised investment gains as and when this becomes appropriate. 

The free reserves, represented by the net current assets of the charity, amounted to £140,582 (2023 £111,422) all of which are unrestricted. 

## **Plans for future periods** 

Over the past few years the capital value of the charity has gone up considerably. The trustees are now prepared to grant certain institutions larger donations so that the capital of the charity does not continue to rise without the charitable institutions gaining some benefit from this. In this regard, the charity made a one-off increase of approximately 58% to overall grants paid during the year.  The charity also intends to provide grants of £150,000 to Maggies Cancer Centre in January 2025 and a further £150,000 in January 2026. 

**- 5 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Trustees' responsibilities statement** 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- 

   - observe the methods and principles in the applicable Charities SORP; 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The trustees' annual report was approved on 12[th] August 2024 and signed on behalf of the board of trustees by: 

## **A M H Dunn Trustee** 

**- 6 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Independent Auditor's Report to the Trustees of Mrs Waterhouse Charitable Trust** 

## **Year ended 5 April 2024** 

## **Opinion** 

We have audited the financial statements of Mrs Waterhouse Charitable Trust (the 'charity') for the year ended 5 April 2024 which comprise the statement of financial activities, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

**- 7 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Independent Auditor's Report to the Trustees of Mrs Waterhouse Charitable** 

**Trust** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Other information** 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. 

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion: 

- the information given in the trustees' report is inconsistent in any material respect with the financial statements; or 

- adequate accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

**- 8 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Independent Auditor's Report to the Trustees of Mrs Waterhouse Charitable** 

**Trust** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **Auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: 

the nature of the industry and sector, control environment and business performance; 

results of our enquiries of management about their own identification and assessment of the risks of irregularities; 

any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to (a) identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; (b) detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; (c) the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; (d) the matters identified as to how and where fraud might occur in the financial statements and any potential indicators of fraud. 

In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code, UK tax legislation and UK Charity Act. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. 

As a result of performing the above, we identified no key audit matters relating to the potential risk of fraud. 

Our procedures to respond to risks identified included the following: 

reviewing the financial statement disclosures and testing to supporting documentation to assess 

**- 9 -** 



## **Mrs Waterhouse Charitable Trust** 

**Independent Auditor's Report to the Trustees of Mrs Waterhouse Charitable Trust** _**(continued)**_ 

## **Year ended 5 April 2024** 

compliance with provisions of relevant laws and regulations described as having a direct effect on the 

financial statements; 

enquiring of management concerning actual and potential litigation and claims; 

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and 

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

We remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

" Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

" Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 

" Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 

" Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. 

" Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

We communicate with those charged with governance regarding, among other matters, the planned 

**- 10 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Independent Auditor's Report to the Trustees of Mrs Waterhouse Charitable** 

**Trust** _**(continued)**_ 

## **Year ended 5 April 2024** 

scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. 

Haffner Hoff Ltd Accountants & statutory auditor 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL 

12th August 2024 

**- 11 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Statement of Financial Activities** 

## **Year ended 5 April 2024** 

|||**2024**|**2024**|2023|
|---|---|---|---|---|
|||Endowment|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Investment income|**4**|361,420|**361,420**|363,817|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total income**||361,420|**361,420**|363,817|
|||================================|================================|================================|
|**Expenditure**|||||
|Expenditure on charitable activities|**5,6**|(932,260)|**(932,260)**|(591,660)|
|||--------------------------------|--------------------------------|--------------------------------|
|**Total expenditure**||(932,260)|**(932,260)**|(591,660)|
|||================================|================================|================================|
|Net gains/(losses) on investments|**9**|415,689|**415,689**|(458,030)|
|||--------------------------------|--------------------------------|--------------------------------|
|**Net expenditure and net movement in funds**||(155,151)|**(155,151)**|(685,873)|
|||================================|================================|================================|
|**Reconciliation of funds**|||||
|Total funds brought forward||10,028,130|**10,028,130**|10,714,003|
|||----------------------------------------------|----------------------------------------------|----------------------------------------------|
|**Total funds carried forward**||9,872,979|**9,872,979**|10,028,130|
|||==============================================|==============================================|==============================================|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 14 to 20 form part of these financial statements.** 

**- 12 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Statement of Financial Position** 

## **5 April 2024** 

|||**2024**||2023|
|---|---|---|---|---|
||**Note**|**£**|**£**|£|
|**Fixed assets**|||||
|Investments|**13**||**9,732,397**|9,916,708|
|**Current assets**|||||
|Cash at bank and in hand||**144,542**||115,382|
|**Creditors: amounts falling due within one year**|**14**|**3,960**||3,960|
|||--------------------------------||--------------------------------|
|**Net current assets**|||**140,582**|111,422|
||||-----------------------------------------|----------------------------------------------|
|**Total assets less current liabilities**|||**9,872,979**|10,028,130|
||||-----------------------------------------|----------------------------------------------|
|**Net assets**|||**9,872,979**|10,028,130|
||||=========================================|==============================================|
|**Funds of the charity**|||||
|Endowment funds|||**9,872,979**|10,028,130|
||||-----------------------------------------|----------------------------------------------|
|**Total charity funds**|**15**||**9,872,979**|10,028,130|
||||=========================================|==============================================|



These financial statements were approved by the board of trustees and authorised for issue on 12[th] August  2024, and are signed on behalf of the board by: 

## **A M H Dunn Trustee** 

**The notes on pages 14 to 20 form part of these financial statements.** 

**- 13 -** 



**Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** 

## **Year ended 5 April 2024** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2nd Floor, Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported except for the valuation of the investment properties. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 

**- 14 -** 



**Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: Dividend income is accounted for when the dividend is declared by the investment fund. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Investments** 

Listed investments are measured at fair value with changes in fair value being recognised in other recognised gains and losses on the face of the SOFA. Fair value of listed investments are determined by the closing bid price at the end of the financial reporting period. 

## **Investment property** 

Investments are included in the accounts at their market value. Any fair value movement is shown as other recognised gains and losses on the face of the SOFA. 

## **Impairment of fixed assets** 

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 

**- 15 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

## **4. Investment income** 

||Endowment|**Total Funds**|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Income from investment property|50|**50**|50|50|
|Income from listed investments|353,803|**353,803**|361,494|361,494|
|Bank interest receivable|7,567|**7,567**|2,273|2,273|
||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
||361,420|**361,420**|363,817|363,817|
||================================|================================|================================|================================|



## **5. Expenditure on charitable activities by fund type** 

||Endowment|**Total Funds**|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Charitable activities|928,300|**928,300**|587,700|587,700|
|Support costs|3,960|**3,960**|3,960|3,960|
||--------------------------------|--------------------------------|--------------------------------|--------------------------------|
||932,260|**932,260**|591,660|591,660|
||================================|================================|================================|================================|



## **6. Expenditure on charitable activities by activity type** 

||Grant funding|Support|**Total funds**|Total fund|
|---|---|---|---|---|
||of activities|costs|**2024**|2023|
||£|£|**£**|£|
|Charitable activities|928,300|–|**928,300**|587,700|
|Governance costs|–|3,960|**3,960**|3,960|
||--------------------------------|-----------------------|--------------------------------|--------------------------------|
||928,300|3,960|**932,260**|591,660|
||================================|=======================|================================|================================|



**- 16 -** 



**Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **7. Analysis of support costs** 

|||Analysis of|||
|---|---|---|---|---|
|||support costs|**Total 2024**|Total 2023|
|||£|**£**|£|
||Governance costs|3,960|**3,960**|3,960|
|||=======================|=======================|=======================|
|**8.**|**Analysis of grants**||||
||||**2024**|2023|
||||**£**|£|
||**Grants to institutions**||||
||Alzheimer's Research||**10,000**|10,000|
||Amend||**20,000**|30,000|
||Brainwave||**10,000**|10,000|
||British Forces Foundation||**10,000**|10,000|
||Caritas||**18,000**|20,000|
||Children Adventure Farm Trust||**275,000**|25,000|
||Christie Charitable Trust||**10,000**|10,000|
||Contact||**5,000**|5,000|
||Derian House Children’s Hospice||**–**|10,000|
||Francis House||**15,000**|15,000|
||Guide Dogs For The Blind||**10,000**|10,000|
||James Place||**10,000**|–|
||Lancashire Cricket Foundation||**12,000**|10,500|
||Lords Taverners||**5,500**|5,000|
||Macmillan Cancer Support||**15,000**|15,000|
||Maggie's||**115,000**|15,000|
||Manchester Foundation Trust Charity||**250,000**|250,000|
||Manchester Mind||**12,000**|10,000|
||National Trust Fix The Fells||**10,000**|10,000|
||National Youth Orchestra||**10,000**|10,000|
||North West Air Ambulance Service||**20,000**|20,000|
||Olympias Music Foundation||**2,000**|–|
||On Course Foundation||**3,800**|3,200|
||Prevent Breast Cancer||**10,000**|10,000|
||PSP Association||**10,000**|10,000|
||RNLI||**10,000**|10,000|
||Scope||**10,000**|10,000|
||St Vincent de Paul Society||**5,000**|5,000|
||St Vincents Church Altrincham||**–**|12,000|
||Teenage Cancer Trust||**10,000**|10,000|
||The Prince Trust||**10,000**|10,000|
||The Wellspring||**–**|2,000|
||The Lantern Music Trust||**10,000**|–|
||UK Med||**5,000**|5,000|
||||--------------------------------|--------------------------------|
||||**928,300**|587,700|
||||--------------------------------|--------------------------------|
||Total grants||**928,300**|587,700|
||||================================|================================|



**- 17 -** 



**Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **9. Net gains/(losses) on investments** 

||Endowment|**Total Funds**|Endowment|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Gains/ (losses) on investments|415,689|**415,689**|(458,030)|(458,030)|
||================================|================================|================================|================================|
|**Auditors remuneration**|||||
||||**2024**|2023|
||||**£**|£|
|Fees payable for the audit of the financial statements|||**3,168**|3,168|
||||=======================|=======================|
|Fees payable to the charity's auditor|and its associates for other services:||||
|Other non-audit services|||**792**|792|
||||=======================|=======================|



## **10. Auditors remuneration** 

## **11. Staff costs** 

The average head count of employees during the year was Nil (2023: Nil). 

No employee received employee benefits of more than £60,000 during the year (2023: Nil). 

## **12. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **13. Investments** 

||Listed|Investment||
|---|---|---|---|
||investments|property|**Total**|
||£|£|**£**|
|**Cost or valuation**||||
|At 6 April 2023|9,901,215|15,493|**9,916,708**|
|Additions|200,000|–|**200,000**|
|Disposals|(800,000)|–|**(800,000)**|
|Fair value movements|415,689|–|**415,689**|
||-----------------------------------------|----------------------------|-----------------------------------------|
|**At 5 April 2024**|9,716,904|15,493|**9,732,397**|
||=========================================|============================|=========================================|
|**Impairment**||||
|**At 6 April 2023 and 5 April 2024**|||**–**|
||||=========================================|
|**Carrying amount**||||
|**At 5 April 2024**|9,716,904|15,493|**9,732,397**|
||=========================================|============================|=========================================|
|At 5 April 2023|9,901,215|15,493|9,916,708|
||=========================================|============================|=========================================|



**- 18 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **13. Investments** _**(continued)**_ 

All investments shown above are held at valuation. 

## **Investment property** 

Investment property is shown at market valuation based on professional valuation obtained in a previous financial year. Management is of the opinion that there have been no substantial changes to the investment that would cause a material change to the value of the property since the last external evaluation. The value of the investment property at the year end was £15,493. 

## **Financial assets held at fair value** 

The listed investments are stated at market value based on the published stock market values at the year end. The value of the listed investments at the year end was £9,716,904. 

## **14. Creditors: amounts falling due within one year** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Accruals and deferred income|**3,960**|3,960|
||=======================|=======================|



## **15. Analysis of charitable funds** 

## **Endowment funds** 

||At|||Gains and||**At**|
|---|---|---|---|---|---|---|
||6 April 2023|Income|Expenditure|losses|**5 April 2024**||
||£|£|£|£||**£**|
|Expendable Endowment|||||||
|Fund|10,028,130|361,420|(932,260)|415,689||**9,872,979**|
||==============================================|================================|================================|================================||=========================================|
||At|||Gains and||At|
||6 April 2022|Income|Expenditure|losses|5|April 2023|
||£|£|£|£||£|
|Expendable Endowment|||||||
|Fund|10,714,003|363,817|(591,660)|(458,030)|<br>10,028,130||
||==============================================|================================|================================|================================||==============================================|



**- 19 -** 



## **Mrs Waterhouse Charitable Trust** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 5 April 2024** 

## **16. Analysis of net assets between funds** 

||Endowment|**Total Funds**|
|---|---|---|
||Funds|**2024**|
||£|**£**|
|Investments|9,732,397|**9,732,397**|
|Current assets|144,542|**144,542**|
|Creditors less than 1 year|(3,960)|<br>**(3,960)**|
||-----------------------------------------|-----------------------------------------|
|**Net assets**|9,872,979|**9,872,979**|
||=========================================|=========================================|
||Endowment|Total Funds|
||Funds|2023|
||£|£|
|Investments|9,916,708|9,916,708|
|Current assets|115,382|115,382|
|Creditors less than 1 year|(3,960)|<br>(3,960)|
||----------------------------------------------|----------------------------------------------|
|**Net assets**|10,028,130|10,028,130|
||==============================================|==============================================|



## **17. Taxation** 

Mrs Waterhouse Charitable Trust is a registered charity and therefore is not liable to income tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 

## **18. Related parties** 

There were no related party transactions during the year. 

**- 20 -**