Hoivard Watson Symington Memorial Charity REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 Tr1ARCH 2023 Charity Regtstered Number $1271)8 Edward Thomas Peirson & Sons CHARTERED ACCOUNTANTS Howard Watson Symington Memorial Charity Report and FiDancial Statements for the year ended 31 March 2023 CONTEiYrs Page R¢port of the T[￿￿te¢S Report of the Independent Examiner Stat¢m¢nt of Financial A¢tivities Balance Sheet Notes to the FiDan¢ial Statements 10 Hoivard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The Ttustees present th¢ir report along with the financial State]ne]￿ of the Cbatity for th¢ ycar ended 31 March 2023. The statements have been prepared in accordance with the accounting policies set out in note I to the flnaneial statements and comply with the Charity's goyerning documents. the Charities Act 2011 and Accounting and Rq)orting by Chttrities". Statement of Recotntllended Practice applicable to chartties preparing thcir accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Iteland (FRS 102) issued in October 2019 ("SORP (FRS 102).). REFERENCE AND ADMINISTRATIVE DETAIIS Charity Name: The CF￿lty'S ￿11 nawe is the HOW8￿ Watson Symingtott Memorial CbarÈty. Charity Number: 512708 Principal Artdre￿. 86. SL Mary's R(Md. Market Harborouth Leicestershire. LE16 7DX Web51te Address: www.hwsmchariry.org.uk Independent Examiner: Adrian A. B¢ntley ACA Edward Thon￿ PeÈrson & Sons, Chartered Accoutstants. 2E The Poiu4 RockiDghatn Roa(L Market Hart￿rougty t£ice5terSb￿c, LE16 7NU Bankers: Lloyds TSB. 40 The Square, Market HarbOrOug￿ Leicestrrshire. LE16 7PA Investment Managers: Cazenove Capitsl Managemenl l. London Wall Place, London, EC2Y SAU CCLA tnvestjnent Manag¢TneThL One Angel Lane. London. EC4R 3 AB Trustees: The Trustees as at the date of this r¢p)rt and who %Tved during the year are". Roger Dunton MBE Peter Buckingham John Feafvyour QPM Dr Sarah Hill Barbara JohTh8OD Pamela Rob¢rtS Cbair of Tr￿￿tee$ The ter￿ of T[￿tee￿. app)tntnients are intended to be reviewed in rotation at their first meeting following Jutte iD any year in accordance with this practice. Roger Dllllto￿ Barbard Jobnson and Peter Buckingham were reappointed in the year. OBJECTIVES AND ACTEvrriES ObJeetiv¢s The objeets of the Charity are ￿ fijrther such charitsble purposes for the general benefit of the inhabkrants of the urban area ¢¢ntred on Markd Haiboiougty Great Bowden and Little Bowden within the County of Leicestershire in one or ttK>re ol the following ways. or in such other ways as the Trustees see fit.. In retsevtng P¢Tsons vrtb) are in need. hardship or distress. In r¢lL¢VLng persons wh) are sic(. Ill provid￿8 aDd supp)rting with the object of irnproviDg the ¢onditioThs of life for tbe said iDhabitants in the interest of so¢i41 w¢lfate. facilities for r￿reatiOn and other leisure time occupation. and In providing and supporting educatiOEthI facilities. Page I Hoivard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 TrIARCH 2023 OBJECTIVES Af4D ACTIVITIES IcoDtinued) Objectives (continued) The Chartly may apply its income in accordan(¢ with these objects either directly or by way of grant5 lo individuals or organisations Twhi¢h undertake io apply the wbole or part of their income for such charitable purpos¢s. Activities Th¢ Charity furthets its charitable purpos¢s for the public benefit through th¢ payment of grants. in accotdallce with the grdnt making policy se( out below. Grant Maidng Policy Th¢ aim olthe Chariry is th use the income that it rdises io make grants to individuals and orwLisations that will be for the public benefit and which will irnprove the quality of life for all or eertasn sections of th¢ population within its defined area of b¢n¢fii. The Charity has devised a stsndard fortn for applications for financial assistsnce, which is accessible through its website, and all applications are subjected to a validation procc5s undertaken by ihe Tn￿tees. This process, amongst other things". elhsures compliance wirh the Charity's govettjing docunKnts' Conf1rn￿ that all Decessary and r¢l¢Yant supportillg doCu￿entation i5 available; and checks the probity of the applicants and their history of previous applications. Tbe Tn￿[eeS resetve unto thetnselves the optlon to considei aPp￿catiOnS other than on the stalldatd forll4 provid¢d tbat an equhval¢nt level of validatiotL can be complete Valid ttpplications are placed on the agetkda foi tbe Thext me￿ing of the Trustee5 who make a deei$Èon based on the resources avallable to th¢ Charity and the perceived publi¢ benefit of the proposed use of the funds. The TTUSte¢s have also established a stnall grdnts policy ro enable two of their Tkutnber to expedL"tr strxightfonvard grants less than £l.O(K). The Progress of projects that art supported will be moTLitored Subsequently, on an infornul basis. to etLgure that th¢ l¢v¢l of public ttnefit cla]med in the original application has been met. StatemeDt Public Benefit The Ttwtees are miudful that it is of paratt￿ullt in)portance that th¢ Cbarity's activities ate carried out for the p￿bIle benefit and the rigorous grant th.ng policy and subsequent ttM)niioring. as described above, ensures that grants are otdy awarded where the public benefit criteria are satisfi¢d and d¢liv¢r¢LL Tbc Trustees co]LfJrni that they hav¢ referred to the guidance contained in th¢ Ch3riry Cor(Jmi5SiOll'S general guidance on public benefit whell reviewing the Clwity's aims and obj¢ctiv¢s, in plannÈng future activities and in setting the grant making rNiiÉcy for ihe year. ACHIEVEMENfs AND PERFORMANCE The Charity receivcd 53 applications during ihe year of which 38 were approvod {one of which was return￿1. Trustccs declitted Eline application5 for various reasons but prijnaiily becaus¢ th¢y judged that no or insufficieIit publi¢ benefit would accDJe frorn an award. They were unable to consider three applications as the applicant resided outside of the area of benefi¢ and rhree applications were withdravm before being considered. Th¢ Charity awarded new grants iotklling £23,814 10 ten I￿StibjtiOnS io be applied prittwsly for th¢ purpose of community SUPPOrt, the arts and developmeni of young pcopl¢_ £11.52? was awarded ro 19 individuals for relief tn need. SPOTts. ¢ducation. and personal deyelopment. A fi]rther £390 was given to seven faTnili¢s who had arrived in the area of benefit fle¢ing thc war in Ukraine to facilitate iheir travel to obtain relevant visas and £540 was Pa￿ in Christmas gifts to 27 children of such Ukrainiall families. Page 2 Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENTS AND PERFORMAL¥CE (eoDtiDued) Certain of the grants awarded by the Charity represent pledges, made by the Trustees. where payment is ¢onditional upon the fiLifilment by the applicants of certain condilioDs. A desig[kn￿ted reserve is maintained, by transf¢r from the generdl fitnve. were £130.548 {2022." £34,734} 8t￿ a further £2,46012022.. £2.286) was ineutted iti opentional expenses comprising.. W¢b51t¢ design and maintenance. and Independent Exalniner's fees. As a resulL the net outgoing resources of the generdl fiu￿ for the year were £58.M5 (2022: £38.004 net inconiingl. However. following the release of £101.750 from the designated reSC￿e for grants pledged conditionally, ￿ referred to above. there w&$ a net increase of £43,705 in the General Fund reserves during the year. Following an initial r¢covery in stock lljarkets around the World following th¢ Coronavirus pandemic, the market fell sharply, largely as a result of the war ID Ukraille. attd this resulted iti unrealised losses of £133.727 in the investrncnt portfolio for the y￿. ltt addition, there were realised loses of £7.613 on the disposal of investments in the year compared with their opeDing Yalues. At 31 March 2023 the value of the investmen¢ portfolio was £2,675201. which was £424.577 atx)ve the original cosi of the invest￿¢￿¢S. tuvestment roanagement cFthrges of £5.95? 12022". £6.148} were ill¢u￿¢d. with the r¢sult that the closing balance of Endowm¢nt Fund was £2,672,351 {2022.. £2.819.643). Reservtg Poli¢y There was a brought fonvard balance of £50,680 on unrestricted aTrJ undesignated general reserves and th¢ ¢ffKt of the transactions described above has been to incr&qse the balance carried forwdrd on th¢ General Fulld at 31 March 2023 to £94,385. The Trustees aim to find projects worthy of support. in accordaThce with the Clwity's objects, such that the grants that they award arc approximately equal io the Charity's It￿Me net of operational expenses. However. reserves are requkred.. to allow for unforeseen reductioLs in annual i￿ome such &$ aris¢ as a consequene¢ of th¢ Coronavirus patmlemic" and to enable the Charity to provide fillmls for specific proje¢ts 50 that these projeets Can be undertakell at short notice. During tbe yw the Tnstres reviewed their reserves policy to ensure i( remains relevani and appropriate. The TTh￿tee5 believe that the current l¢v¢l of r¢s¢rve5 ts wffici¢nt for the Charity's immediak A¢eds. Page 4 Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE. GOVERNANCE AND MAf4AGEMEf4T Governing Do¢ymeDt On 4 June 1946 Market Harborougb Urball Districl Council ('Ybe UDC"} resolved to accept the offer of a gift, from W. Symillgton and Coropany Litniied. of a freebold property known as Brooklands. Northampton Road. Market Harborough in comrnemoration and ￿ perpth8￿ the memory of Mr Howard Watson SymIng￿n. The deed contsined a declaration on (he part of th¢ u[￿ that it would hold the property "on twt for the perpetual use and benefit of th¢ itthabitants of Market HarboTough" Although it was not ppre¢iated at the tÈtne, the fonn of words used created a ¢haritable trnst. This led to a clwiiable tnst with the UDC as TTUStee, regularised by a Scheme (The Scheme) executed by the Charity Cornmission in Septetnber 1981. Th¢ Scheme was amended by the Cotnmission on 22 December 2009 which had the effect of updating the Objects of the Charity a[￿ giving the Tn￿tee a limited power to atnelld the eharitsble rThst if 1¢ 1% ill the interests of the Charity to do so. Th¢ Charity is administered and mar￿ged in accordaJKe with the provisions in the Conveyance and the Scheme. as aTnended. When the fOrn￿r Trustee retired in October 2017. the new Trustees resolved that any refercnces in the trusi documents tts "the Trustee. shall be taken as references to "the TNstees" to give effecr to the proper adtDilliStration of the Cljatity by the new Truste￿ and any fijture Trust￿$. During the year. the ￿￿teeS became increasingly aware the area of benefit as expressed in its objectives rela￿d to a fLxed geography whÈch failed to take accouni of the naDJral grov(h of the town. In April 2023. after careful consideration and in aecordance with the powers available to them in their 2(K)9 Scheme, the t[￿le¢S resolv¢d to change the area of benefit a[￿ after obtaining approval from the Charity Collllnission aMe[￿ed it to be.. 'The urban area celltred on Mark¢t H￿bOroUgh, Gre*t BoTYden and Little Bowden within the County ol Leicestershire, Recruitmen¢ appoiDtmettt And trdiniDg of Trustees any fiLture vacancy arises. the Trustees Inte[￿ to follow a rttrnithielli process to id¢ntify persons wh(Tr have, by virtue of theit r¢si(kn¢¢, occupalion. employment, or oth¢nvise, knowledge of the area of benefit andlor have th¢ necessary skills relevant tt> the rnonagemeni of the Charity's business. Th¢ process will include consideration of a candidate's CV. background enquiries, interview by an existing TÈiJstee and fomwl appointment by tbe Board. New trustees will be bri¢fed on their legal Obligat￿01)S under clwity law,. the content of the governing document5: the committee and decision making processes: and the future plan5 and r¢c¢nt finan¢ial perf0M￿llee of the Charity. Th¢y will be encouraged to attend appropria(e exrernal traillittg events where these will facilitate the ulldertaknng of their rolc. OrgaDl$ation The Trustees meet on at least six occasions throughoui the year. Matters concerning the management of the Clwiry will be included in the agenda of tbose me¢tings. as necessary. Decisions were taken on the basis of consensus although the tsus1¢￿ hav¢ adopted a majority VO￿ procedure if necessary. At e2ch tneeting a Trustee Trill deelare if they have any conflict of illterest in any of the rnatters on the agenda and, if so, will abs¢nt themselves from taking part in the discussions and decision-making process concerning that matter. Page 5 Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 STRUCTURE, GOVERf4ANCE AND MANAGEMENT Icontinued) Risk Managernent The Trustccs have developed a 'ForwdTd L￿k. d¢xument to ensute they regutarly review and if necessary update their corpordte governance ￿tt¢lL%. The document sets out the schedule for the year and includes.. the appointment at￿ r￿ppOIntMent of stees. spending plans, and policies in relation to confiiets of interest, investmenis. reserves. business continuity, complaints. confliets of tnteres( safeguarding. vulnerable beneficiaries, and risk management. All of these Nots-grant makllLg tllatt¢rs have been discussed 3Dd approved during the year accordingly. In particular. th¢ trustees, risk manageD]ent Strateg), has due regard w (he Charity CommissioTh's guidance on charities and risk nllnagetnent (CC26). Additionally. th¢ Tn]5ttts bave tsken steps io protect the value of the Charitys endowment to enable it to continue to opeiate itl perpetuity. To this end (he Tr￿￿tee$ bave apw)inted two s¢parat¢ firn￿ of Investment MatVdg¢rs to manage the investment portfolio. Inv¢stments are spread over a portfolio of equities. bonds. and cash io reduce the itlpact of volatility in the equity market a[￿ Trustees meet with investment managers on a regular basis to review the ryjrtfolio and consider their r¢comJnendations. FUND-EL4ISING STANDAiU)S INFORJIATION The Charity does not carry out any fimdrnising acuvilie5 involving th¢ genernl public. DECLARATION I declare. in my ¢apa¢ity of Clwity Tn￿tee. that.. The Trustees have approved the report above. and Have authorised me to sign it on their behalf RogeT Dunton MBE- Chatr of Tr￿Ste¢S 29 January 2024 Pag¢ 6 Independent Examiner's Report to the Trustees of Howard Watson Symington Memorial Charity I r¢port to the Clmtity Trustees on my examiuxtion of the accounts of the Cbarity for the year ended 31 Marc 2023 which arc s¢t out on pag&q 8 10 17. Responsibilities and basis of report As the Charity's Trustees you are responsible for the prepardtion of th¢ aC￿ll￿ts in accordance with the r¢quirements of the CbaTiiies A¢t 2011 {'Ihe Aci"}. I report in Tespect of my examination (Trf the Clwity's accoullts carried out under stttion 145 of the Act and itt carrying out my exami1￿tioll I have followed all the appli¢able Directions givett by thc Charity commi￿￿0￿ under 5¢Gtion 145{5MbJ of the Act. Independent examiner's statement Your attention is drdWTh to the fact that th¢ Charity bas prepared the accounts iti accordancc with Accounting and Reporting by Chariiies-. Statement of Recommended Practice appltcable to charities preparing rheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 ID preferenc¢ to th¢ Accouniing and Reporttng by Charitie5.' Ststement of Recommended Practtce issued on K April 2005 which is referred io in extant regulations but has since been withdrnwn. I understand that this has been done in order for the accounts 10 piovide a true and fair view in accordance with Generally Accepied Accounting Prdciice effecttve for &¢¢ounting periods beginning on or after l January 2015. I hav¢ cotnpleted rny examination. l ¢onfirni that no material mitters have come ttTr my attention in comiection with the examination ￿villg me cause to bekn.eve that in Jny material respecL Accounting records were not kept in respect of the cbarity as required by seciioD 130 of the Act" or The accounts do not accord with th05e Tecords" or The accounts do not ¢Otnply with the applic#bl¢ rwuirements concerning the forni and content of accounts sei tsut in the Charities (Accoullts and Reports) Regulations 2008 other than any r¢quirernent that the accounts give a 'true and fatr view. wkn.ch is not a Matter considered as part of all independent exarnLfLation. I have no concerns and have corne across no other matter5 in cozusectson with the examination to which atterttion should edra in this report in order to enable a proper wlderstanding of the accounts to be reached. Adri Bentley AC ard omas Pe on & Sons Chartered A¢¢ountants 21 The Point Market Harboroug Leicestershire LE16 7NU 29 January 2024 Page 7 Howard Watson Symington Memorial Charity Statement of Financial Activities for the year ended 31 March 2023 Ceneral Fund Designated Elldowmemt Fund Fund Total 2023 Total 2022 Note INCOME AND ENDOWMENTS FROM: IDvestments: Bank interest receivable lnvesknent portfolio 169 74,794 169 74,794 75,024 Total income and endoivtnent5 74.963 74,963 75,024 EXPENDITURE ON: Raising funds: Investtnent mknageluellt charges Charitsble activities: Costs in fiwtherance of charitable acttvities 5.952 5.952 6,148 133.008 133,008 37,020 Total expenditure 133.008 5.952 138.960 43.168 Net incomingl(outgoing} resources before gainsl(lo$ses) on investments {58.045) (5,952) (63,997) 3 1,856 GAINSI{LOSSES): On investment portfolio: Realised {7.613} {7.613} (133.727) (133.727) 6.219 214.805 Unrealised Net incomingl(outgoing) resources before traNsfers (58.045) (147.292) {205.337) 252.880 Net transfers behveen funds 101,750 (101.750) Net income 4nd net n)ovement in funds 43.705 (101,750) {R47,2921 (205,337) 252.880 Total funds brought forward Total fund$ carried forward 50,680 101,750 2,819,643 2,972,073 2,719.193 94.385 2.672,351 2,766,736 2,972.073 All activities relate to continuing operations The no*$ on pages 10 to 17 foTm Part of these financial $tstements Page 8 HoTrvard Watson Symington Memorial Charity Balance Sheet As at 31 March 2023 2023 2022 Ntste Fixed Assets Inv¢stments 2.675.201 2,822,607 Current Assets C&8h ki bank and in haNI: Curr¢nt accounts Petty cash 98.849 163.048 98.849 163.048 Creditors: Falling due within one year Net Current Assets 7J14 13.582 91.535 149,466 Net Assets 2,766,736 2,972,073 Funds Unrestri¢ted funds Gelleral (und D&4ignated fund 94.385 50,680 101.750 94.385 152,430 Restrirted funds Etldowtneut Fund 2.672.351 2,819,643 Total Funds 2.766.736 2,972,073 Tb¢ fjnancial ststements wer¢ ttppr0v￿ by tbe trustees on 29 Jamory 2024 a￿1 signed on their behalf by.. Roger Dunton MBE Chair of Trustees Th¢ notes on pages 10 to 17 forni part of th￿¢ financial slatements Page 9 Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the year ended 31 March 2023 I Principal Accountlng Polieies ) Basis of preparation and a5sesstDent of going concern The f￿ancIal sta*tnellts have been prepared in a￿rdall¢e wittL" Accounting and Reporting by Charitie5'. Ststement of Reconllnended Practice applicable t charities pr¢p8ring their accounts in accordan¢e with the Financial Reporting Swidard applicabl¢ in the UK and Republic of Ireland IFRS 102) issued in (ktolxr 2019 {"SORP (FRS I02)"). The Financial Reporting Stsndard applicable ID the United Ktngdom alld Republic of trelalld (FRS 102) {-FRS 102-)- The ctwi.ties Ad 2011; and UK Generally Accepted Practic¢ as it applies from l January 2015. The cban.ty COnStitut¢s a public benefit entity as defined by FRS 102. The financial sratements have been prepared ￿ gtve a .tn￿ and fair. vi¢w and have depart¢d from th¢ Charities (Accounts and Reports) Regulations 2008 only to tbe exrent required io provide a 'true al fair view,. This departute has involved following SORP (FRS 1021 fdther than the Accountin8 and Reporting by Chariti￿. Ststemellt of Recoll]￿ended Prnctice effective from l April 2005 W￿"ch has since been witlthwn. The going concern basis and hi5tori¢al cost conyentiot) have been used in pieparing th¢ fmancial statements. The Tnjstees eotsider that there material uncertainti&8 alK)Ut the Charity's ability to ontinue as a going concern. The most Sig￿lficant area of uncertainty. which affects the continutng income of the Charity, are the levels of Investn￿ttl rettjtn knd performance of invesnneni markets. Note 7 to the financial statetnents provides detail of the actioll taken by the Trust¢¢S to mitigate the risks involved. The Covid-19 pandemic and tbe subsequent Wdr ID Ukraine bave Created ttrnil in the financial markets with th¢ ffsult that the value ofthe I￿Vest￿￿￿t portfolio ren￿in$ vo]atile. tllveson¢ni income fell in the year by over £12.0(M) in 2020r21 (eomp2red with 2019r201 &$ ¢ompani¢s sought to preserve cash during th¢ pandemic and reduced or postponed dividends payments. Whilst there has been some mll recovery in dividend income it Temains significantly below pre-pandemic levels. The Cbariry maiDtsiDs ieserY¢s to allow for such unforeseen reduciioDS Èn income and has continued to award grants which bave made a Meaning￿1 difference to the recipients. (b) Inco]De recognition Income is accounted for on an accrnttls b&%is and is reported gross of any related expend1tt￿e. It is r¢cognised when the Chartty has eutitlement to the fimd5. any perfornwlce Condit￿on5 attached to the items of income bave been nleu it is probable thkt the income will be ieeeived and the amount can be measured reliably aThd is not deferr&L Investment income represents ititerest and dividends on Sto¢￿ sbares and baok deposits held oll the Klowin¢nt and unrcstricied fimds. Such iticonK 15 recogni5¢d on a w¢ivabl¢ basis and wherc appropriate, this includ￿ the income tsx tecovetable. Incotllillg resourocs frgtn investtnents h¢ld as part of the eE￿o￿￿n¢￿t fimd are unrestric*d. Page 10 Howard Watsoll Symington Memorial Charity Notes forming part of the Financial Statements For the year ended 31 March 2022 I Principal Accounting Policies (continued) (b) Income reeognition (continued) Wherever possible. income is reported gross of any retated expenditute. How¢vcr, in the case of investment rnanagement costs wilbin ttthnag¢d fimds it is not always praCti￿b]e to identify such costs with reasonable ae¢urncy therefore, the investment income is reported net of these tosts. In accordance with SORP (FRS 1021 no anb)uni is includcd in the stalements for volunteer tirn¢. (e) Expenditsre recognition All expenditure is included on an accn￿lS basis and is recogtllsed where there is a legal or constructive obligation to mak¢ pa￿ent to third parties. it is probable that settlement will be required and the amount of the obligation can be measured reli8bly. As the Ctwity is not registered for VAT, all expenditure is sbown gr¢)ss Oli￿et0Ve[&blt VAT. ExExnditure is. &$ approptiate, cla&sified under the following activity headings." Raising fimds" Charitable activities: and Other ¢xpcnditwe Charitsble activity expetws comprise grants paid to individuals and orgatiisations &% approv¢d by th¢ Twstees in accordance with the Clwiry's governing documents and associated costs. Where nconditional ￿ants are offered the expendilure is accrued &$ so(Trn as the recipient is notified of the grant and there is a reasonable expecthiion that it will be pakd. Where grants are pledged. but payment is conditÉQDal on the perfom)ance of the recipieni the amount is not recognisea as an expense until th¢ conditions have been ￿lfilled. However. 8n xmount equivalent to that pledged is transferred to a designated rts¢rY¢. (d) A110¢4tion of costs Costs which kre directly attributable io a single activity are allocated directly to that aetivity. Shared costs which contribut¢ direcily to more tljall on¢ activity are apportioned be￿een thos¢ a¢tivilies on the basis of usage by each activity. Support eosts r¢present the remaining costs that are not capable of direct attributio￿ They include Govemance eosts, which represent the expenses of Tru%tees' Tneetings and legal and prof¢5sional fees related to th¢ running and management of the Charity {Encludin8 external examKller's fees). They are allocated to activiti¢s on the b&sis of the utitisatioll of the suppott costs by eacb activity. This allocation process involves a slwfi￿t Clement of judgenkettt as tbe harity bas to consider the cost of dclailcd calculations and record keeping with the resultsnt benefit. Pagell Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the year ended 31 March 2023 Principal Accounting Policies (Continued) (e) IThvesttneDts Investments are initially recorded at their tran5artion price (illcluding costs). Inve5tm¢nts within the portfolio are revalued annually ￿ their njarket value on the last day of the financial year. All inv¢stments ate a form of basie financial Itisttu￿ellt which are traded in quoted public nwkets. The Charity does Dot acqutre put options. derivatives or othcr complex financial instnmients. Realised gains and lo&ses on investments are calculated as the differencc between the sale proceeds a￿l their mark¢t value at the stsrt of the year, or subsequent cost. tinrealised gains and losses represent the moveTnent in tnarket values between valuations. Both types of and loss¢s are credited or charged to the StaieEuent of Financial Activities in the year of gatn or loss. (D Debtiirs ADd creditors reeelvabltrJpay•ble witlkio otte ye*r Debtors and creditors re¢¢ivable and payable within one year are recorded at traI￿rtion price. Any loss¢s arisiti8 fiotn impairuKnt ate included with.tn expendihjre. (g) Cash at bank in b4nd Cash at bank and in ha￿￿ includ¢s cash and short tertn highly liquid investments with a short Tnlltyrity of three months or less frofft the date of acquisition or opening of the deposii or sin)ilar accoullt. (h) Fund AeeountiDg Unrestricted funds ¢ornpris¢ those futth wkn.eh tb¢ Tn￿te¢S are free to ￿ in a¢cordIn￿ with th¢ Cbarity's objective& Designated T￿ndS ar¢ iu)restricted funds which the Tn￿tee& have ear￿arked for the specifie purpose of the pay￿ellt of grants which the Charity h&5 pledged w ll￿ke but wheie no binding commitment exists at the baiallce sheet date. Transfers are rnade to this fi￿d from the Gelleral Fund for amounts pledged in the year wlll"¢h have not been paid by the year end. A transfer is also ma(k froln this fund to the General Fund for aTTh)unts pledged in pievÈow years which have either been paid in th¢ yeai or wher¢ the pledge has been withdraw ExdowmeDt Funds or¢ capital which th¢ Trusttts call￿t spend. Th¢ incorne arising from the endowtnent fill￿ls is UDrestricted. Details regarding these fimds. including the and liabilitie5 by which the fund balaThce$ 2 represented. are includ¢d at Note 9 to these financial stat¢tncnts. Page 12 Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 March 2023 2 Income Irom Investments: Investment portfolio 2023 ZO22 Divldends & interest reeetvable from COIF Collective Investments: Charities Fixed Int¢rest Charities Investsnent Fund Global Equity Fund Charities Property Fund Dividends & lllterest receivable from other Collective Investments: Bond ￿ndS UK Equity Funds International Equity Fullds Multi-Asset Funds Alternatives 2,662 16,994 18,129 5.356 2,976 16,660 18,l29 5.356 5.243 5.972 14.695 142 5,601 169 4.819 6.873 15.252 162 4.797 Interest OD cash #waltittg illvestment 74.963 75,024 Incoming resourc¢s frorn investments held as part of th¢ ¢ndowment fjjrwj are ut]restricted. 3 Costs in furtherance of Charitable activities FuDded from the General Fund 21123 2022 Grant$ payable: To institutions 115.091 15.457 15.145 19.589 To individuals 130,548 34,734 Other dlreet costs of Charitable ￿tiVItieS. Website design and mainte[w￿e costs Governance ¢ost$ (Note 41 54 486 1.920 1,800 133.008 37,020 Grants paydblc are analysed as follows: GrAnts to institutions for the purpose of srtixl welf•rfy re¢re*tion and other leisure time activitieL 2023 2022 In$titstioll Market Harborougb Rugby Club Market Harborough CELn"stian Couoselling Serv. Market Harborough Scout Groups Mark¢t Harbotougb Tentiis Club Great Bowd¢n & Ridgeway Prirnary Sch¢)ols South Leicestersbire Toy Library 1st Bowden Scouts HarbOrOug￿ FM Arfs Fresco St. Hugh'5 Parocbial Church Coullcil Proactive projects-. Leics & Rutlalld WildlifelL¢arn Academies Trusts Foresi School sessions Quinns Bookshop Book vouchers for school children Infonoie Darasyst¢ms Electronic to￿ heritage trail app. Purpose of Grattt FloOd￿"8b(lu8 for th¢ pitches Disabled Acces5 Ramp & Toilets Attendance at World Scouts Jamboree New pavilion Creation of sensory gardens Runnit)g costs of loy library Attendance at Interllational Jarnboree Replacen￿nI of rr Scrver Rutming costs of street th￿tre event Church garden 25,053 18.000 6.000 5.000 5.(MJO 5.000 3.200 3.170 3.000 2,250 9.325 10.449 16.200 111,647 12.000 3.145 Other5 ¢ach less than £2,000 Various- 5 in tot21 (2022..31 115,091 15,145 Page 13 Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 March 2023 3 Costs in furtherance of charitable activities (eontlnued) 2023 2022 Grants to individuals for the puryo$e of: Ukrainian re￿gets, travel foi residency vi Christmas gifts for Ukrainian Children Relief of persons in need. hardship or distr¢5S Supporting educational and sporting needs [ndIv￿ua]S {2022: 0) 27 Indiwduals {2022.. 0) lttdividuals {2022.. 81 15 Indiyiduals (2022= 30) 390 540 2.631 11.896 5,882 13,707 15,457 19.589 4 Analysis and allocation of supports costs Gov¢rnan¢¢ ¢osts represent the only support costs incurred by the clharity and are allocated entirely to the Cost of Charitable Activities on the basi$ on time speni. They comptis¢ th¢ following: 2023 2022 Fe¢$ payable for tnd¢pendent Examinauon 1.920 1,800 1,920 1,800 5 Trustee's remuneration and reimbursement of expenses None of the T￿￿te¢S received re￿￿￿tion for their seryices as Tr￿$teC of tbe Charity ill either of the year5 ¢t￿¢d 31 March 2022 or 2023. One Trustee was reimbursed £48 in th¢ year for webstte related expeD%S in¢urred on behalf of th¢ Charity (2022.. One Truste¢.' £419 for assets purchased in fulfi]m¢nt of a grdnt OD behalf of the clwity}. 6 Staff numbers and costs The Charity had no enu)loyees in the year or th¢ preceding year 7 Fixed Asset Investments Movements in the listed inv¢stm¢nt portfolio axe as follows.. 31-MaT-23 31-Mar-22 Market value at the beginnillg of the y¢8T Acquisitiolls at cost Sales proceeds from disposa]s Realised gaind{losses) on disposals Uwealised gainsl(105sesl OTh revaluation 2,821,282 2,602,864 231264 263,951 (249200) (7.613) (133.727) {266,557) 6219 214,805 2,662,006 2,821,282 Cash at bank on deposirlawaiting investment 13,195 1,325 Markei value at the end of the yeAr 2,675,201 2,822,607 Histori¢81 ¢ost at th¢ ¢nd of the year 2,2iO,624 2,236,064 Page 14 Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 March 2023 7 Fixed Asset Investments (continued) All investrnents ore UK tisted and are represented by: 31-Mar-23 31-Mév-22 Managed by CCLA Investment MaDagemeDt COIF UK Fix¢d interest fund COLF Investment fi￿d COIF Global equity fund COLF Charities property fiwd 97,021 583.745 682,454 102.779 3.63% 21.820/0 25.510/0 3.84Y. 103,459 607.446 708.078 124,081 M4llage41 by CAzenove Capital Management UK Bond funds: Indexed Lillked Treasury Stock 22.11.27 Schroder Sterling Corporate Bond Fund Schrtsd¢r Strdtegic Credit Fund lllternational Bolld Fund$: Federated Herni¢s Utkconstained Credi Fund MU Lyxoi Core US TIPS IDR) UCITS FtF UK Equity funds: Charity Equity Income Fund M&G Equities Investtnet)t Fund for Charities (charif￿) Trojall Inc(Trme Fund (Class S) International Equity fund5: Atlas Global Infrastrncture Fund Fidelity Global Dividend FuTJd HSBC FTSE All-world Index Inveso EQQQ NASDAQ-100 UCITS ETF P Morgau US Equity Inc Fund (Class C2 GBP) M&G Global Dividend Inc. Fund Ninety One IIE Global Environment F￿nd Neuberger BemiaTh US EArge Value Fund Polar Global Insurance Fund Robeco BP Global Premium Equities Fulld Sehtoder Asian In¢ome Fund Schroder Global Equity In¢ome Fw Vanguard S&P 500 UCITS ETF WelliTLgton Globa] Healthcare Fund Multi-Asset fund$: Capita Financial MaDa8ef5 Ttojan Fund Alternative ftsnds: ishares Physical Gold Reg-s ETC L&G Multi-strategy Enhan¢¢d Commodities ucrrs A¢¢. Property tncorne Trust for Charities Schroder Diversified Alternative Fund WisdomTree Enhaneed CO￿￿Od1ty Uctrs ETF C•sh on depo$ltlawAiting ittvesttoent 24.667 34,279 46,106 0.92Q/o 1.28Q/o 1.72Vo 41,8Jl 56,296 15,141 0.57•/ 0.0￿/ 16.970 34.604 84.345 46,127 36,845 3.15/ 1.72•/. 92,133 87,558 3.JOfjA 20.217 126,289 58,159 0.764/0 4.72OA 2.170 0.00% J9,806 123,948 65,430 20.988 0. 700A 2.520/. 0. 740A 49,702 128210 16,538 31,110 4.79% 0.62/0 129,870 15,823 31,350 20,689 41.369 85,138 20.935 101, 967 33,869 O.I)OO/• 1.670/• 3.(M)•/• 0. 73Yo 44,670 80282 96235 33,776 3.￿￿A .26•A 1.20Yo 28.139 1.05. 83,715 27.092 41.699 74.720 51.659 i.o1°h O.OOY? Q.OOY? 3.24¥9 2.7P/o 1.93D/o O.OOYo 9J,577 25. 734 3(1,638 1.09% 13.195 2.37/q 1,325 0.050A 2,675,201 IIM).Tr)OA 2,822,607 100.OOY The itLvestments in the portfolio are carried at th¢ir fair value which is the quoted ￿t￿rket value iu r¢sp¢ot of ¢quiti¢s and fixed interest securities aThd th¢ bid price for units ID ¢onuTh)rL inv¢sttnent fi￿ds. unit trusts and openrs hav¢ n interest in ensuring continuation of orderly trading. Market risk is the principal risk fac¢d by the Charity due to a combinatson of uncertainty in invesiment markets and volariliry in yield5. This was highlighted recelltly by thc effect of the global Covid-19 pandemic ort the fi[￿n¢la1 markets which ￿quIted in sharp reductio￿9 in l)oth prices hnd divid¢nd& as further discussed in Note l{al. In addition. despite som¢ rccent upward tnovements. int¢r¢st rates renniti at att all titne low. These factors are of particulaT relevance to the Ch8rÈty as it is reliant on investmeni retsjrns to fiTwice its grant making activities. As many of its collective investment fijnds incluik sigwfiwt holdings in intenwional 4uiÉies alld boThds whieh ar¢ d¢nominated in foreigtt currencies, the Charity also has exposure to exehangc rate risk. The Ttustees nunage these risks by retaining the exp¢rt scrvices of rwo separate fulld tnanagers, as sho￿) the above analysis of the wbrtfolio, and SD operaiing all investment policy vAii¢h provides for a high de￿te of diversification gf holdings within investtnent Asset el8sse5 providing for a balance of income alld loug-trtn Capital 8 Creditors: Amounts falling due within one year 31-M*r-23 31-Mar-22 Grants Payable Accrued Expenses 2,138 5,176 6,592 6,990 7,314 13,582 9 Funds The Ctwitgs are as follows.. Endowment Fllnd: This rcpresents the pernunelli capitrl of the Charity. Although the individual assets held within the fund may be sold any pro¢eeds received must be reinvested and be held indefinitely. The Trusiee has ptswer to convert the capital inio income. Cenernl Fund: These are UDrestricted fjjnds that the Trwstee can freely apply in accordattce with tbe Charitys objects. DesignAted Fund: This is an unreslricted fi￿d that bas beetk earrDarked f(Trr the specific purpose of the paynMIt of grants which the Charity has pledged to make but where DO binding commitment exists at the balance she¢t dale. Page 16 Hoivard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 Marcb 2023 9 Funds (eontinued) Transfers are made to thi5 fund frotn the General Fund foT amounts pledged ill the year which have ttot been paid by th¢ year end. A transf¢r is also Tnade from this fund to the General F￿)d for amounts pl¢dg¢d in previo￿ years which have either been paid in the yeai or wh¢re the pledge has been ￿thdraWn. Movements in the balances are SUMM￿5￿ as follows: Gellernl FuDd Designated Endowment Fund Fund Total Funds As at 31March 2021 Income Expendi￿re Gain￿(loSses) investments Transfers 110.996 75.024 (37,0201 3,430 2,604,767 2,719,193 75.024 {43.1681 221.024 {6,148) 221.024 (98,3201 98.320 A$ at 31Marcb 2022 50.680 101,750 2.819,643 2.972.073 Genernl Deslgllated EDdowment FuDd Fund Totsl Funds As ¥t 31March 2022 Income Expenditure G&in51(losses) Oll Investn￿nts Transfers 50.680 74.963 (133.(M)8} 101.750 2.819,643 2,972.073 74.963 {5.952) (138,960) (141.340) (141,340) 101.750 (101,7501 As *t JIMirch 2(123 94.385 2,672.351 2.766.736 Th¢ assets and liabilities of the Charity at 31 March 2023 are all(￿al¢d between the fijnds as follows.. GeDeral Fund Deslgllatrd Endowment Fund Fund Total Inve5trn¢nts Cash at bank and in halld Creditors Loan Becweell Fund5 2.675.201 2,675,201 98,849 (7,314) 98.849 (5.858) 1,394 {1,456) 11,394) 2.672,351 94,385 2.766,736 The allocation at the end of the prev50us finar￿la1 year w&5 &5 follows.. Genernl Fund Designated Endowmettt Fynd Fund Total Investsnents Cash at bank and ill haThd Creditors Loan Between Funds 2.822.607 2.822.607 163.048 (13.582) 61298 (12.046) .428 IOE,750 (1.536) (1.4?8) 2,819.643 50.680 101,750 2,972.073 Page 17