Howard Watson Symington Memorial Charity REPORT AND FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2023 Charlty Registered Number 512708 IT¥ Edward Thomas Peirson & Sons CHARTERED ACCOUNTANTS
Howard Watson Symington Men]orial Charity Report and Financial Statements for the Nlne Months ended 31 December 2023 CONTENTS Page Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements io
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 The Trustees present their report along with the financial statements of the Charity for the nine months ended 31 D¢cember 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the fanCIal statements and comply with the Charity's governing documents, the Charities Act 2011 and Accounting and Reporting by Charities.. Stat¢m¢nt 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} issued in October 2019 ("SORP {FRS 102)"). REFERENCE AND ADMINISTRATIVE DETAILS Charity Nanie: The Clthrity's 11 name is the Howard Watson Symington Memorial Charity. Charlty Number: 512708 Principal Addrem: 86, SL Mary's Road. Market Harborough. Leicestershire, LE I6 7DX Webslte Addru$: www.hwsmeharity.org.uk Independent Examln¢r: Adrian A. Bentley ACA Edward Thomas Peirson & Sons. Chartered Accountants. 21 The Point, Rockingham Road, Market Harborouth Leicestershire, LE16 7NU Bankers: Lloyds TSB, 40 The Square. Market Harborough. Leicestershire. LE16 7PA Investment ManAger$: Cazenove Capital Management, I, London Wall Place. nd0Th. EC2Y SAU (until 2 July 2024) CCLA Investment Management. One Angel Lane, London, EC4R 3 AB Fundment Limited. 4th Floor. 66*7 Newman Stre¢L London. WIT 3EQ (from 10 January 2024) Tru$tee$: The TnteeS as at the dale of this report and who served during the year are: Roger Dunton MBE Peter Buckingham John Feavyour QPM Dr Sarah Hill Barbara Johnson Pamela Roberts Chair of Trustees The ternis of Trustees. appotntments are intended to be reviewed in rotation at their first meeting following June in any year. At their meeting in June 2023. the trustees noted the need for stability for some of their projects and the emerging joint work with Market Harborough & The Bowdens Charity (see Organisation section below). As a resulL they resolved to leave the trustees unchanged until a further review in June 2025. Accounting perlod: Thc R¢port of the Trustees and the attached fiTJaDcial statements cover the p¢riod of nine month5 from l April 2023 to 31 December 2023 whereas the comparative figures cover the year ended 31 March 2023 and. consequently, they are not entirely comparable. The Trnstees resoved to short¢n the current accounting period so as to bring the year end date into line with Mark¢t Harborough & The Bowdens Charity and moving forward financial stat¢ments will be prepared for the calendar year. Page I
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Objeetives The objects of the Charity are to further such charitable purposes for the general benefit of the inhabitants of th¢ urban arca centred on Market Harborough, Great Bowden and Little Bowden within the County of Leicestershire in one or more of the following ways. or in such other ways as the TteeS see fit: In relieving persons who are in ned. hardship or distress. In reli¢ving persons who are sick: In providing and supporting with the object of improving the conditions of ITfe for the said inhabitants in the interest of social welfare, facilities for recreation and other leiswe time occupation: and In providing and supporting educational facilities. The Charity may apply its incotne in accordance with these objects either directly or by way of grants to individuals or organisations which undertake to apply the whole or part of their income for such charitable purposes. Activiti¢$ The Charity furthers its charitable purposes for the public benefit through the payment of grants, in accordanc¢ with the grant making policy s¢1 out below. Grant Mxklng Pollcy The aim of the Charity is to use the income that it raises to make grants to individuals and organisations that will bc for the public benefit and which will improve the quality of life for all or certain sections of the population within its defined area of benefit. The Charity has devised a standard forni for applications for financial assistance. which is acc¢ssible through its website, and all applications are subjected to a validation process undertaken by th¢ Trustees. This process. amongst other thi'ngs." ensures compliance with the Charity's governing documents. Conf1rn that all ncccssary and relevant supporting documentation is available; and checks the probity of the applicants and their 'StOry of previous applications. The Trustees reserve unto themselves the option to consider applications other than on the standard forn), provided that an equivalent level of validation can be completed. Valid applications are placed on the agenda for the next meeting of the Trusfres who make a decision based on the resources available to the Clwity and the perceived public benefit of the proposed use of the funds. The Trustees have also established a small grants policy to enable two of their number to expedite straightforward grants less than £1,000. The progress of projects that are supported will be monitored subsequently, on an infornl basis. to ensure thal the level of public benefit claimcd in the 0ri8inal application has been mct. Statement on Public Benefit The Trustees are mIndl that it is of paramount importance that the Charity's activities are carri¢d out for the public benefit and the rigorous grant making policy and subs¢quent monitoring, as d¢s¢rib¢d above. ensures that grants are only awarded wh¢Te the public benefit criteria a satisfied and delivered. The Trustees cOnfM that th¢y have referred to the guidance contained in the Charity Commission's generdl guidance on public benefit when reviewing the Charity's aims and objectives, in planning Imre activities and in setting the grant making policy for the year. Page 2
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Th¢ Charity received 88 grant applications during the nine months to 31 December 2023 (53 in the year ended 31 March 2023) of which 61 were approved. Trusfres decliThed twelve applications for various reasons but prinwily because they judged that no or insufficient public benefit would accrue from an award. Th¢y were unable to consider nine applications as the applicant resided outside of the area of b¢n¢fit. and six applications were withdrawn b¢for¢ being consider¢d or otherwise lapsed because of lack of contact from the applicant. The Charity awarded new grants totalling £33,563 to twelve institutions to be applied primarily for the purpose of community supporL the arts and development of young people and £30,341 was awarded to 49 individuals for relief in need, sports. education, and personal developmenl. A final £1,800 was paid to Infonot¢ Datasyst¢ms in r¢spect of a proactiv¢ scheme that commenced in th¢ pr¢vious financial year for the development of a wiki style heritage App for Market Harborough. Further, the Trustees have undertaken another proactive scheme with a budget of £15,000 to provide som¢ r¢li¢f to those in need at a time of increased IiviDg costs due to inflation and high interest rates. During the period they awarded £9,900 by way of Aldi vouchers each worth £75 to 132 applicants whose online r¢qu¢st via HFM (thc local communiiy radio siation) was r¢view¢d by TNstecs before being approved. C¢rtain of thc awards by the Charity rcprescnt pledges, made by the Tnle¢s, where paym¢nt is conditional upon the fulfilment by the applicants of certain conditions. A designated reserve is maintained, by transfer from the general fund, in respect of such pledges. Upon payment of these grants, or in the event of failure to satisfy the conditions, th¢ d¢signaied reserv¢ is released back to th¢ g¢n¢ral fund. Although this applied to various grant awards in the p¢riod, the op¢ning and closin8 balan¢¢ of the designated reserve was £Nil. Details of the grants paid in the year are shown at Note 3 to the funcial sthiements and the principal institutions to have benefited from the Charity's SUPPOrt (including conditional awards which were made in a previous fmancial year) are as follows: Harborou%h Antl-bullying Group Seoutlng Arts Freseo Sea Cadets Shopmobility A local school Great Bowden Recltal Trnst Guide group Historic society Hyglene bsnk £3k for counselling granis £2k towards an event £5k towards the street arts feslival £5k to buy storagc containers for their kit £2.2k to buy some mobility scooters £1,000 for some SEN equipment £2k to a towards a celebratory video £2.8k towards a Camp £2k to publish a history of the town £7.3k for operating costs and products A further 49 grants of betw¢¢n £100 and £2,235 wer¢ awarded to individuals for relief in need, education. or personal development. These grants covered the purchase of items such as carpets, white goods, clothes. university ¢OSts, and grants towards the cost of school trips. The Trustees are satisfied that the grants that they have awarded have proved to be of benefit to the local community and ar¢ pl¢as¢d to report that sincc the end of th¢ financial y¢ar they have r¢c¢iv¢d applications from numerous other good causes which the Charity has been in a position to support. Page 3
Howard Watson Symington MemorRal Charity REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 FIIYANCIAL REVIEW Total incoming resourc¢s for the nine months were £59367 (Year ended 31 March 2023: £74.963) which was generated from the investm¢nt portfolio. The grants awarded and paidlaccw¢d in thc period. as detailed above, were £75.604 (Year ended 31 March 2023.. £130.548) and a further £3,355 (Year ended 31 March 2023: £2.460) was incurred in operational ¢xp¢ns¢s comprising.. Website design and maintenance. publicity & postage. and Independ¢nt Examin¢r's f¢es. As a result, the net outgoing resources of the general fund for the year were £19,592 (Year ended 31 March 2023.. £58.045). Unrealised gains of £90,443 were recorded in the period in the inveslment portfolio. In addition, there were iealised gains of £34,328 on the disposal of investments in the year compared with th¢ir op¢ning values. At 31 December 2023 the value of the investment portfolio was £2,795,644, which was £391,118 above the original cost of the investments. Investment management charges of £4,358 {Year ended 31 March 2023.. £5,952) were incurred and a fvrtheT £I.000 was spenl on an independent review of th¢ portfolio and the perforn)ance of the nd managers, with the r¢sult that the closing balance of th¢ Endowment Fund was £2.791.764 (31 March 2023.. £2,672,351). Reserves Poli¢y There was a brought fonvard balance of £94.385 on unrestricted and undesignat¢d general reserves and the effect of the transactions described above has been to reduce the balance carri¢d forward on the Gen¢ral Fund at 31 D¢c¢mber 2023 10 £74.793. The Trustees aim to find projects worthy of support, in acconlance with the Charity's objects, such that the grants that they award are approximately equal to the Charity's income net of operational expenses. However. reserves are required: to allow for unforeseen reductions in annual in¢om¢ such as that which arose as a consequence of the Coronavirus pandemic; and lo en84ble the Charity to provide fijnds for specific projects so that these projects can be undertaken at short notice. During the year the Trnstees reviewed their reserv¢s policy to ensure il rcmains relevant and appropriate. The Trustees believe that the current level of reserves is sufficient for the Charity's immediate needs. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng Document On 4 June 1946 maet Harborough Urban District Council {'ttbe UDC") resolved to accept the off¢r of a gift. from W. Symington and Company Limited. of a freehold propcrty known as Brooklands, Northampton Road. Markcl Harborough in commemoration and to perp¢tuat¢ th¢ mcmory of Mr Howard Watson Symington. The deed contained a declaration on the part of the UDC that it would hold th¢ propcrty "on tNst for the perpetual use and benefit of the inhabitants of Market Harborough" Although it was not appreciated at the time. the fomi of words used created a charitable tnLSt. Page 4
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT continued Governing Document continued This led to a charitable trust with the UDC as Trnstee. regulansed by a Scheme (Th¢ Schemel executed by tbe Charity Commission in September 1981. The Scheme was amended by th¢ Commission on 22 December 2009 which had the eff¢ct ol updaiing the Obj¢cls of the Charity and giving the Trustee a limited power to am¢nd the charitable trust if il is in the interests of the Charity to do so. The Charity is administered and managed in accordance with the provisions in the Conveyance and th¢ Scheme. as amended. When the forn]¢r Trnstee retired in Oclober 2017, the new Trustees resolved that any ref¢r¢nc¢s in th¢ trust documents to "the Trustee" shall be tsk¢n as references to "the Trustees" to give effect to the proper administration of the Cbarity by the new TnLStees and any fvture Trustees. The Trustees became increasingly aware that ihe area of benefit as expressed in its objectives related to a fixed geography which failed to take account of the natural growth of the towi). Cons¢qu¢ntly. in April 2023, after ¢ar¢ful consideration and in accordance with the powers available to th¢m in their 2009 Scheme, the trustees resolved to change the area of benefit from 'the fornier Urban District of Market Harborough, Leicestershire. to 'the urban area centred on Market Harborough. Great Bowden and Little Bowden within the County of Leic¢sl¢rshire'. Re¢ruitmenL appolntment And triining of Tru$tee$ Wh¢n any futur¢ vacancy aris¢s, the Trustees intend to follow a rKwitm¢nl process to identify persons who have, by virtue of their residence, occupation, employment. or othenvise. knowledge of the area of b¢ncfit andlor have thc ncccssary sktlls relevant lo the management of the Charity's business. The process will include consideration of a candidate's CV, background enquiries, interview by an existing Trustee and fornthl appointment by the Board. New trustees will be briefed on their legal obligations under charity law. the content of the governing documents; the committee and decision making processes; and the future plans and recent financial perf0MnCe of the Charity. They will be encouraged to attend appropriate external training events where these will facilitate the undertaknng of their role. Organisation The Trustees meet on six occasions during the nine months. Matters concerning the management of the Charity were included on the agenda of those meetings, as necessary. Decisions were taken on the basis of consensus although the trustees have adopted a majority vote procedure if necessary. At each meeting a Trustee will declare if they have any conflict of interesi in any of the matters on the agenda and, if so. will absent themselves from tsking part in the discussions and decision-making process concerning that matter. The Chanty currently has no employees and all of its day to day administration has been undertaken by one Trustee, in particular. who wishes to take a step back from this role. As a resulL an agreement has been reached with Matket Harborough & The Bowdens Charity ("MHTBC") whereby they will take on a new ¢mploy¢¢ and will r¢chhrg¢ their employment costs to the ¢xtcnl that they are engaged in the Charity's administration. The &spiration is that this arrang¢m¢nt will provid¢ grcat¢r rcsilicnce in the administration of both charitics. The arrangement will also strengthen ties with MFBC. a charity with very similar objects and two common trustees. with wbom the Charity works closely for the public good in tbeir common area of benefit. Page 5
Howard Watson Symington Memorial CharRty REPORT OF THE TRUSTEES FOR THE NINE MONTHS ENDED 31 DECEMBER 2023 Risk Management The Trnstees have a number of governance policies including for the appointtnent and reappointment of trustees. spending plans, and policies in relation to conflicts of interest, investments, reserves, business continuity. complaints. conflicts of JnteresL safeguarding. vulnerable beneficiaries. and Tisk management. All of these non-grant making D]atters are discussed on rotation and approved during the year if appropriate. In particular, the tntees, risk management strategy, reviewed in Augusi 2023 has due r¢gard to the Charity Commission's guidance on charities and risk management (CC26). Th¢ Trust¢¢s have tak¢n steps to prot¢¢t th¢ value of th¢ Charity's ¢ndowment to enable it to continue to op¢rat¢ in perpetuity. To this end they had appoint¢d two separat¢ firnis of investment managers to manage th¢ inv¢stment portfolio. During the nine months, the trustees reviewed the perfornunce of these managers and noted a malerial difference in the capital growth between them. As a resulL they have transferred the portfolio previously managed by one manager to a diffeT¢nt organisation and will continue to monitor growth and income to assess performance. Inv¢5tm¢nts are spr¢ad over a portfolio of equities, bonds, and cash to reduc¢ the impact of volatility in thc ¢quity market. FuN[RAISING STANDARDS INFORMATION The Charity does not Carry out any fundraising activities involving thc general public. DECLARATION I declare, in my capacity of Charity Trustee, that: The Trustees have approved the report above. and Have authorised me to sign il on their behalf Roger Dunton MBE - Chair of Trustees 30 October 2024 Page 6
Independent Examiner's Report to the Trustees of Howard Watson Symington Memorial Charity I report to th¢ Charity Twstees on my examination of the accounts of th¢ Charity for p¢riod from l April 2023 to 31 December 2023 which are set out on pages 8 to 17. Responsibilities and basis of report As the Ckwity's Trustees you are Te5ponsible for the preparation of the accounts in accordance wilh the requirements of the Cbarities Act 2011 ('ttbe Act"). I rcport in respect of my examination of the Charity's accounts carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Comtnis5ion under section 145(5Xb) of the Act. Independent examiner's statement Your attention is dra1 to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financtal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on l April 2005 which is ref¢rr¢d to in extant regulats'ons but has since been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice ¢ff¢ctive for accounting periods beginning on or after l January 2015. I have completed my examination. I confirn] that no material matters have come to my attention in ¢onn¢ction with the examination giving me caus¢ to bekneve that ia any material respect.. Accounting records were not kept in respect of the charity as required by section 130 of the Act; OT The accounts do not accord with those records: or The accounts do not comply with the applicable requirements concerning the form and content of accounts s¢t out in th¢ Charities (Accounls and Reports) Regulations 2008 other than any r¢quir¢ment that the accounts giv¢ a 'true and fair view. which is not a matter considered as part of an ind¢pendent examination. I have no concerns and have come aLYOSS no oth¢r matters in connection with the examination to which attention should be dr wn in this report in Order to enable a proper understanding of the accounts to bc reached. Adri ntley AC rnas Pe on & so% tants Chartered A 21 The Point Market Harborough Leicestershire LE16 7NU 30 Oclober 2024 Page 7
Howard Watson Symington Memorial Charity Statement of Financial ActivRties for the Nine Months ended 31 December 2023 Total Designated Endowment 9 Mths Ended Fund Fund 31-Dec-23 Total Year Ended 31-Mar-23 General Fund Note INCOME AND ENDOWMENTS FROM: Invejtments: Bank interest receivable Investment portfolio 434 58,933 434 58,933 169 74,794 Totfdl income and eDdowment$ 59,367 59,367 74,963 EXPENDITURE ON: Raising funds: Investment management char8es Independent investment review Charltable aetlvllles: Costs in furtherance of charitable a¢tivilies 4,358 1,000 4.358 1,000 5,952 78,959 78,959 133,008 Total expenditure 5,358 84,317 138,960 Net incomlnyJ(outgolng) resourees before gainsl(losses) on investments {19,592) (5,358) (24.950) (63,997) GAINSI(LOSSES): On investment portfolio: RlISed Unreali8ed 34.328 90.443 34.328 90,443 (7,613) (133,727) Net incomillgl(outgolng) resources before transfers (19,592} 119,413 99,821 (205,337) Net transfers between funds Net Income and net movement Ill funds (19,592) 119,413 99,821 {205,337) Total funds brought forward 94.385 2,672,351 2,766,736 2,972,073 Total funds carried forward 74,793 2.791,764 2.866.557 2,766,736 All a¢tivities relate to Continuing operations The notes on pages 10 to 17 forn] part of these fllW]cial statements Page 8
Howard Watson Symington Memorial Charity Balance Sheet As at 31 December 2023 AsAt 31 December 2023 AsAt 31 March 2023 Note Fixed Assets Investments 2,795,644 2,675,201 Current Assets Cash at bank and in band.. Current accounts Petty cash 82.901 98,849 82.901 98.849 Creditors: Falling due within one year Net Current Assets 11,988 7,314 70,913 91,535 Net Assets 2.866.557 2,766,736 Funds Unrestricted funds General fund Designated fifftd 74,793 94,385 74,793 94,385 Restrlcted fund8 Endowment Fund 2,791.764 2,672,351 Total Funds 2,866,557 2,766,736 The fmancial statements w¢rc approved by the In on 30 October 2024 and signed on their behalf by. Roger Dunton MBE Chaw of Trustees The notes on pages 10 to 17 forn] part of these financial statements Page 9
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the Nine Months ended 31 December 2023 I Principal Accounting Policies (a) Basis of prepAr4tion and assessment of going eoncern The financial statements have been prepared in accordxnce with: Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanc¢ with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) issued in October 2019 ("SORP (FRS 102)"). The Financial Reporting Standard applicable in the United kn'ngdom and Rq)ublic of Ireland {FRS 102) ("FRS 102"). The Chariti¢s Act 2011. and UK G¢n¢rally Accepted Practice as it applies from l January 2015. Th¢ charity constitu*s a public benefil entity as defined by FRS 102. The financial statements have been prepared to give a 'true al fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to ihe exient required to provide a 'trne and fair view.. This departure has involved following SORP {FRS 102) rather than the Accounting and Reporting by Charities: Stalem¢nt of Recommended Practice etTeclAve from l April 2005 which has 5inc¢ b¢¢n withdrawn. The going conccrn basis and historical cost convention have been us¢d in preparing the financial ststements. The Trustees consider that there are no material uncertainties about th¢ Charity's ability to continue as a goin8 concern. The most significant area of uncertainty, which affects the continuing income of the Charity, are the levels of investment return and performance of investment markets. Note 7 to the financial statements provid¢s detail of th¢ action taken by the Trustees to mitigate the risks involved. The financial statements cover the period of nine months from l April 2023 to 31 Deccmbcr 2023 whereas the comparative figures cov¢r th¢ year ended 31 March 2023 and. consequently, they are not entirely comparable. The Trustees resolved to shorten th¢ current accounting period so as to bring the year end date into line with Market Harborough & The Bowdens Charity and moving forward financial statements will be prepared for the calendar year. (b) Income recognfitlon Income is accounted for on an accruals b&sis and is reported gross of any related expenditure. It is recognised when the Charity has entitlement to the funds. any perfornnCe conditions attached to the items of income have be¢n me( it is probable that the income will be received and the amount Can be measured reliably and is not deferred. lovestment Ancome represents interest and dividends on stocks. shares and bank deposits held on the endonent and unrestricted funds. Such income is recognised on a receivable basis and where appropriate, this includes the income tsx recoverable. Incoming resources from investments held as part of the endowment fimd are unrestricted. Page 10
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the Nine Months ended 31 December 2023 Principal Accounting Policies (continued) (b) Income reeognitlOD {continued) Whercvcr possiblc. income is reported gross of any Telated expenditure. However, in the case of investment management costs within managed funds il is not always practicable to identify such costs with reasonable accuracy and, ther¢for¢. the inv¢stment income is reported net of these costs. In accordance with SORP (FRS 102) no arnount is included in the financial ststements for volunt¢er time. (e) Expenditure reeognition All expenditure is included on an accruals basis and is recognised where there is a legal or constructive obligation to make payinent to third parties, il is probable that settlement will be required and the amount of the obligation can be measured reliably. As the Charity is nol registered for VAT, all ¢xp¢nditur¢ is shown gross of irrecoverable VAT. Expenditur¢ is, as appropriate. classified under the following activity beadings.. Raising funds. Charitable activities. and Other expenditure Charitsble activity expenses comprise grants paid to individuals and organisations as approv¢d by the Trustees in accordance with the Charity's governing documents and asw¢iated costs. Where unconditional grants are offered the expenditure is accrued as soon as the recipient is notified of the grant and there is a reasonable expectation that it will be paid. Where grants 8re pledged, but payment is condittonal on the perforniance of the recipient, the amount is not recognised as an expense until the conditions have been lfIlled. However. an amount equivalent to that pledged is transferred to a designated reserve. (d) Allocation of ¢o$ts Costs which are directly attributsble to a single activity are allocated directly to that actlvlty. Shared costs which contribute directly to more than one activity are apportioned between those activities on th¢ basis of usage by each activity. Support costs r¢pr¢s¢nt the remaining costs that are not capable of direct attribution. They include Governance costs, which represent the expenses of Trustees, meetings and legal and professional fees related to the ll1n8 and mana8ement of the Charity (including external examiner's fees). They are allocated to activities on the basis of the utilisation of the support costs by each activity. This allocation process involves a significant element of judgement as the charity has to consider the cost of d¢tail¢d calculations and record keeping with the resultani b¢n¢fit. Page 11
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the Nine Months ended 31 December 2023 I Principal Accounting Policies (continued) (e) Investments Investments are initially recorded at their trdnsaction price (including costs). Investments within the portfolio are revalued annually at their market value on the last day of the financial year. All investments are a forn) of basic financial instrument which are traded in quoted public markets. The Charity does not acquire put oplions. d¢rivativ¢s or other complex financial instruments. Realised gains and loss¢s on inv¢stm¢nts are calculat¢d as the diff¢renc¢ b¢twe¢n the sale proc¢¢ds and th¢ir market value at the start of the year, or subsequent cost. Unrealised gains and losses represent the movemenl in market values between valuations. Both types of gains and losses are credited or charged to the Statement of Finaneial Activities in the year of gain or loss. (O Debtors 2nd ¢reditor$ receivablelpay2ble within one year Debtors and creditors receivable and payable within one year are recorded at transaction price. Any losses arising from impairnient are included wtthi'n eXpendltte. (g) Cash at bank and In hand Cash at bank and in hand includes cash and short tcnn highly liquid invcstmcnts with a short maturity of ihree months or less from the date of acquisition or opening of the deposit or similar account. (h) Fund Accounting Unrestrleted funds comprise those ndS which the Trustees are free to use in accordance with the Charity's obj¢ctive$. Deslgn2ted funds are unrestricted funds which the Trustees have earniarked for the specific purpose of the payment of grants which the Charity has pledg¢d to make bul where no binding commitment exists al the balance sheet date. Transfers are made to thi's fund from the General Fund for arnounts pledged in the year which have not been paid by the year ¢nd. A transfer is also made from this fund to the General Fund for amounts pledged in previous years which have either been paid in the year or where the pledge has been withdrawn. Endowment Funds are capital fi]nds which the Tntee5 Cannot spend. The income arising from the endowment fimds is unrestricted. Details regarding these funds, including the assets and liabilities by which the fund balances are represented. are included at Note 9 to these financial statements. Page 12
Howard Watson Symlngton Memorial Charity Notes forming part of the Financial Statements for the nine months ended 31 December 2023 2 Income from Investments: Investment portfolio 9 Mths Ended 31-Dee-23 Year Ended 31-Mar-23 Dividends & interest receivable from COIF Collective Investments: Charities Short Duration Bond Fund Charities Investment Fund Charities Global Equity Fund Charities Propety Fund Dividends & interest receivable from other Collectlve Investments". Bond funds UK Equity Funds International Equity Funds Multi-Asset Funds Alternatives 1,695 12,711 13,610 4,046 2,662 16,994 18,129 5,356 3.232 6,669 12,588 5,243 5,972 14.695 142 5,601 169 4,382 434 Interest on eash aTrviiting Investment 59,367 74,963 Incoming resources from investments held as part of the endowment fund are unrestricted. 3 Costs in furtherance of charltable activities 9 Mths Ended Year Ended 31-Dee-23 31-Mar-23 Funded from the GenerAA Fund Grants p2y2ble'. To institutio$ To individuals 45,263 30,341 115,091 15,457 75,604 130,548 Other dlrect Costs of charltable actlvllles: Website design and maintenance Costs Publicity & posla8e Governanee eo$ts (Note 4) 492 535 540 2,328 1,920 78,959 133,008 Grants payable are analysed as follows.. Grants to ingtltutlons for the purpose of social welfaN reereatlon Ind other lelsure tlme activities. Instltutlon Market Harborough Hygiene Bank Arts Fresco Market Harborough Sea Cadets Harborough Against Bullying 1st Jordan Guides Market Harborougb Shopmobility 3rd Market Harborougb Scouts Great Bowden Recital Trust Market Harborough Historical Society Proactive proj¢Gts: Aldi Stores Limited Infonote Datssystems Purpose of Grant Household Cleaning Products Street theatre event costs Storage containers for equipment Counselling grants Attendance at an international camp Wheelchairs and mobility scooter Attendance at National Group Camp Mental healthlsocial benefits of music Publication of Vol. 2 of town history 7.320 5,000 5,000 3,000 2,800 2.193 2,000 2,000 2,000 Food Vouchers for Relief in Need Electronic heritage trail 9,900 1,800 43.013 2,250 111,647 3,444 Others ¢a¢h less than £2.000 Various - 3 in total (2023.5) 45.263 115,091 Page 13
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the nlne months ended 31 December 2023 9 Mths Ended 31-Dec-23 Year Ended 31-Mar-23 3 Costs in furtherance of charitable activities (continued) Grants to individua15 for the purpose of: Relief of persons in nccd, hardship or distress Supporting educational and sporting needs Ukrainian refugees, travel for residency vi Christmas gifts for Ukrainian Children 29 Individuals (2023.- 5) 20 Individuals (2023: 15) Individuals (2023- 7) Individuals (2023: 27) 16.928 13,413 2,631 11,896 390 540 30.341 15,457 4 Analysis and allocation of supports costs Governance costs represent the only support costs incurred by the charity and are allated entirely to the Cost of Charitable Activities on the basis on lime spent. They comprise the following: 9 Mlbs Ended 31-Det-23 Yevdr Ended 31-Mar-23 Fees payable for Indq)endent Examination 2.328 2,328 1.920 1.920 5 Trustee's remuneration, reimbursement of expenses and related Party transactions None of the Truslecs received remuneration for their services as Tntee of the Charity in either the year ended 31 March 2023 or the nine months to 31 December 2023. One Trustee was reimbursed £145 in the penod for postage expenses incurred on behalf of the Charity (Year Ended 31 March 2023.. One Trustec: £48 for website relaied expenses). There were no other transactions with related parties in either period. 6 Staff numbers and costs The Charity had no employees in the year or the preceding year AsAt 31-Dec-23 AsAt 31-Mar-23 7 Fixed Asset Investments Movements in the listed investment portfolio are as follows.. Market value at the beginning of the year Acquisitions at cost Sales proceeds from disFK)sals Realised gains/{10&8es) on th'sposals Unrealised gain(lOsses) on revaluation 2,662.006 68,306 2,821,282 231,264 (1,040,377) 34,328 {249.200) (7,613) 90,443 (133,727) 1.814.706 2,662,006 Cash at bank on depositlawaiting investment 980.938 13,195 Market value at the end of the year 2,795,644 2,675,201 Historical cost at the end of the year 2,404,526 2,250,624 Page 14
Howard Watson Symington Memorial Charity Notes forming part of the FRnancial Statements for the nine months ended 31 December 2023 7 Fixed Asset Investments (continued) As At 31-Dec-23 As At 31-Mar-23 All investments are UK listed and are represented by: Managed by CCLA Investment M2n2gement COIF Short duration bond fund COIF Investment fund COIF Global equity fund COIF Charities property fimd 101.104 619,034 741.730 98,321 3.62% 97,021 583. 745 682, 454 102,779 3.630/0 21.82% 25.5]% 3.84/0 3.520/0 MinY4ged by Cazenove Capital Management UK Bond fund8: Indexed Linked Treasury Stock 22.11.27 Schroder Sterling Cotporate Bond Fund Schroder Strategic Credi( Fund InternAtlonAI Bond Funds: Federated Hernies Unconstrained Credit Fund O.OOO/o O.OOO/o 1.70% 24,067 34,279 46,106 0.92% 1.280/0 47,425 15,651 0.560/0 15,141 UK Equlty fund8: Charity Equity income Fund M&G Equities Investment Fund for Charities (Charifund) I'rojan Income Fund (Class S) International Equity fund$: Atlas Global Infr&slnKture Fund Fidelity Global Dividend Fund HSBC FTSE All-world Index JP Morgan US Equity Inc Fund (Class C2 GBP) M&G Global Dividend Inc. Fund Nxnety One III Global Environment Fund Neuberger Bern]an US Large Value Fund Robeco BP Global Premium Equities Fund Scbroder Asian Income Fund Vanguard S&P 500 UCITS ETF Wellingion Global Healthcare Fund Multi-Asset funds: Capita Financial Managers Trojan Fund Alternative fund8: ishares Pbysical Gold Reg-s ETC L&G Multi -strategy Enhanced commoditi ucfTS Acc. Propety Income Trust for Charities Schroder Diversified Alternative Fund O.OOQ/o 1.600/0 O.OOO/o 84,345 46,127 36.845 44,628 0.00% O.OOO/o 0.00% O.OOO/o O.OOQ/o O.OOO/o O.OOlb/o O.OOO/o O.OOO/o 0.00% O.OOO/o 20,217 126.289 58,159 49, 702 128,210 JO,538 31,110 44,670 80,282 96,235 33,776 3.00% 3.60% 24,811 0.890/0 28,139 O.OOO/o 0.0/0 2.560/0 1.8(V/o 27,092 41,699 74. 720 51.659 71,667 50.335 2. 790/0 Cash on depositlawaiting investment 980,938 13.195 2,795,644 2.075,201 The investments in the portfolio are carried at their fair value wbich is the quoted market value in respect of equities and fixed interest securities and the bid price for units in common investment fimds. unit t[sts and open-ended investment ¢ompanies. Investment sal&8 and purC1eS are reCOgned at tbe dat¢ of trad¢ at their transaction value, net of costs in the respect of sales and inclusive of costs in respect of purclwes. Page 15
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the nine months ended 31 December 2023 7 Fixed Asset Investments (conthiued) investments are basic finaucial instruments trdded on quoted public markets, prin)arily the London Stock Exchange. The Charity does not make use of derivatives and similar complex financial instruments as the TnteeS take the view that investments are held for their longer tenn eld and totsl return and that any short-tern) volatility in the markets will norn]ally be COrr¢d in any fiv¢ ycar period. Tbe significance of investments to the ongoing fllwicial stability of the Charity is firther diScsed in the sections of the Report of the Trustees dealing with Investment Policy and Financial Review,. The Charity relies on income from it8 inve8trnents to cover costs used in its operating activities and also on capitsl growth to ensure tbat the long-terni value of the Endowment Fund keeps pace with inflation. Investment returns are exposed to various risks which include crediL liquidity and market risks. Both Credit and liquidity risks are a& as low as the Chanty invests predominantly in bluevchip securities in which the failure rate is historically low and all investments are traded on markets in which central banks and other regulators have an interest in ensuring continuation of orderly trading. Market risk is the principal risk faced by the Charity due to a Combination of uncertainty in investment markets and volalilily in yields and interest rates. These factors are of particular relevance to the Charity as it is reliant on investment returns to finance its grant making activities. As many of its collective investment llds include significant holdu]gs in internatiot)al equitses alld bonds wlll'ch are denominated in foreign currencies, the Clwity also has exposure (o exchange rate risk. The Tnle¢S manage these risks by retsining the expert services of two separate fund managers. as shown in the above analysis of the portfolio. and in operating an investment policy which provides for a high degree of diversification of holdings within investsnent asset Classes providing for a balance of income and long-terni capiLg1 Following an independent review of investhleni performance, whi¢h was commissioned in the period. the Trustees took the deci810Th to switch the share of the portfolio managed by Cazenove Capital Management to the management Fundment Limited. As a result at 31 December 2023, Caz¢nove Capithl Management were in the process of liquidatin8 the portfolio which resultrd in a large cash balance on deposit at 31 Dccembcr 2023 that was reinvested by Fundrnent Limited carly in 2024. 8 Creditors: Amounts falling due within one year AsAt AsAt 31-Dee-23 31-Mar-23 Grants Payable AcCTrd Expenses 4,485 7,503 2,138 5,176 11.988 7,314 9 Funds The Charitys funds are as follows.. Endowment Fund: This represents the pennanent capital of the Charity. Although the individual a8%eL8 held within the fund may be sold any proceeds received must be reinvested and held indefinitely. The Trustee has no power to convert the capital into income. General Fund: These are unrestricted fimds that the Trustee can freely apply in accordance with the Charitys objects. Designated Fund: This is an unrestricted fimd that b&s been earniarked for the specific purpose of the pa)rnent of grants which the Charity has pledged to make but where no bindmg con]mitnient exists at the balance sheet date. Page 16
Hoivard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the nlne months ended 31 December 2023 9 Funds (Continued) Transfers are made to this fLmd from the Generdl Fund for amounts pledged in the year which have not been paid by the y¢ar end. A transfer is also made from this fund to the Generdl Fund for amounts pledged in preVioS years which have either been paid in the year or where the pledge b&s b¢en withdrawn. Movements in the fimd balances are $ummwd as follows.. General Fund Designated Endowment Fund Fund Total Funds As at 31 March 2022 Income Expenditur¢ Gainsl{losses) on investments Transfers 50,680 74,963 {133.8) 101,750 2.819,643 2,972,073 74,963 (5,952) (138,960) (141,340) (141,340) 101.750 (101,750) As at 31 MY4r¢h 2023 94.385 2,672,351 2,766.736 General Fund Designated Endowment Fund Fund Total Funds As at 31 March 2023 Income Expenditure Gainsl(losses) on investnmts Transfe[8 94.385 59.367 (78,959) 2,672,351 2,766,736 59,367 (84,317) 124.771 (5.358) 124,771 As at 31 December 2023 74,793 2,791,764 2.866.557 The 888ets and liabilities of the Charity at 31 December 2023 are allocated between the fimds as follows.. General Fund Designated Endowment Fund Fund Total Investments Cash at bank and in hand Creditors Loan Between Fund8 2,795,644 2,795,644 82,901 (11,988) 82,901 (10,534) 2.426 (1,454) (2,426) 74.793 2,791,764 2,866,557 The allocation at the end of the previous financial year was as follows: Ceneral Fund Designated Endowment Fnnd Fund Total Investments Cash at bank and in hand Creditors Loan Between Funds 2,675,201 2,675,201 98.849 (7.314) 98.849 (5,858) 1,394 (1.456) (1,394) 2,672,351 94,385 2,766,736 Page 17