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 f￿anCIal 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 Tn￿teeS 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
T￿￿teeS 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 inforn￿l basis. to
ensure thal the level of public benefit claimcd in the 0ri8inal application has been mct.
Statement on Public Benefit
The Trustees are mInd￿l 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 cOnf￿M 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 Tn￿le¢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 fu￿ncial 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 ma￿et 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
perf0M￿nCe 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 MF￿BC. 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 tn￿tees, 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 dra￿1 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:
R￿lISed
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 perforn￿nCe 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
endo￿nent 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 ￿ll￿1n8 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 eXpendltt￿e.
(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 Tn￿tee5 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 all￿ated 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 Tn￿tee 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 purC1￿eS are reCOgn￿ed 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 Tn￿teeS
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 diSc￿sed 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 Tn￿le¢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
AcCTr￿d 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
preVio￿S 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