Howard Watson Symington Memorial Charity REPORT AND FINANCIAL STATEMENTS YEAR ELYDED 31 DECEMBER 2024 Charity Registered Nunther 512708 Edward Thomas Peirson & Sons CHARTERED ACCOUNTANTS
Howard Watson Symington Memorial Charity Report and Financial Statements for the Year ended 31 December 2024 CONTENTS Page Report of tbe Trustses R¢port of the Independent Exanjiner Statetnent of Financial Activities Bal&n¢¢ She¢t Notes to the Financial Stat¢m¢nts Io
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR EIYDED 31 DECEMBER 2024 The Trustees present their report along with the financial stat¢tnents of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting poltcies set out in note I to the fll]ancial stat¢m¢nts and Comply with the Charity's governing documents, the Charities Act 2011 alld Accounting and R¢porting by Charities: Statemettt of Recommended Prnctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Irelalld (FRS 102) ESSL1 in October 2019 ("SORP (FRS 102)"). REFERENCE AND ADMINISTRATIVE DETAILS Charity Name: The Charity's full nam¢ is the Howard Watson Syn)ington M¢morial Charkty. Charity Number. 512708 PrincipaI Address: 86, SL Mary's Road, Market Harborough, Leicestershire, LE16 7DX Webslt¢ Address: www.hwsmchartty.org.uk Independent Examiner: Adriall A. Bentley ACA Edward Thom&9 Peirson & Sons, Chartered Accountants, 21 The PoinL Rockingham Roa¢ Market Harborough, Leicestershire, LE16 7NU Bankers: Lloyds Bank Investment Managers: Cazenove Capital Management, I, London Wall Place. London. EC2Y SAU (until 2 July 2024) CCLA Investment Managen]ent, One Angel Lane, Londoo EC4R 3 AB Fundment Limited, 4th Floor. 66-67 Newman Street, Lolldo WIT 3EQ (from 10 January 2024) Trustees.. The Trust¢es as at the date of this repo¢ all of whom served throughout th¢ y¢ar. as follows: Roger Dunton MBE Peter Buckingham John Feavyour QPM Dr Sarah Hill Pamela Roberts Chair of Trustees Barbara Jobnson, who also served as a TnLSt¢¢ throughout the year, sadly dÈed ou 24 April 2025. The terms of Trust¢¢s' appointtn¢nts are tntellded to be reviewed in rotstion at their first meeting following June in ally year. At their m¢¢ting in June 2023, the trusfres lloted the need for stability for some of their projects alld tbe etnerging joint work with Market Harborough & The Bowdens Chty (see Organisatton section below). As a r¢sulC they resolved to leav¢ the trustees unchang¢d until a furtkn r¢vi¢w in June 2025. Accounting period: The Report of the Trustees and the attached financial ststements cover the year ended 31 December 2024 whereas the comparative figures cover the period of nine months from l April 2023 to 31 December and, consequ¢DtIy. they are not entirely Comparable. Page I
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIES ObjectÉves Tbe objects of the Charity are to fiher such charitable puzposes for the general benefit of the inhabitants of the urban area centred on Market HarborougL Great Bowden and Littl¢ Bowd¢n within the County of Leicestershire in ooe or more of the following ways, or in such other ways as the Trust¥ see fit: In relieving persons wllo are in need, hardshlp or distress; tn relieving persons who are sick. In proTriding and supporting with the object of tmproving the conditions of life for the said inhabitants in the interest of social welfate, facilities for r¢cr¢ation and odLer leisure time occupation. and In providing and supporting educational facilities. The Charity may apply its income in accordance with these objects eith¢r direcdy or by way of grants to indivtduals or organisations which undertake to apply the whole or part of tbeir iticome for swh Charitable purposes. Actlvities Tbe Charity finthers its charitable pthToses for the public benefit through the payment of grants, in accordance with the grant making policy set out below. Grant Making Policy The aim of the Charity is to use the incon]e that it raises to mak¢ grants to indivAduals and organisations that that d¢liv¢r & demonstrable public b¢nefit, ¢nhancing the qualtty of life for the wider community- or for certaill groups-withill th¢ Charity's defined area of benefit. Applications for fmancial assistance must be submitted using the Charity's standard application forni, available on its website. All applications undergo a validatton process conduct¢d by the trnstses. This process ensures compliance witll the Cbarity's governillg documents, ¢onfirn budget availabiltty, checks for relevant supporting documentatioty and considers th¢ applicants. integrity and any history of previous applications. Trllst¢es may, at their discretion, consider non-stalldard applications if they are satisfied that an equival¢nt lev¢1 of validation can be acbieved. Valid applications are added to the Lgenda of the next tnte¢s, meeting, wbere d¢cisions are made based on the Charity's avaklable resources and the perceived public benefit of the proposed use of fim&8. Additionally, a small grants policy is in place which allows two trustees to approve StraigtfOrWard applications for grants under £1,000 outside of forn1 meetings. Supported projects are monitored infomlllly to ensure they deliver the public benefit outltned in the Orial application. Statement on Publie Benefit The trustees recognise the fimdall]entsl importance of ensuring that all of the Ch&rity's tiV[tieS serve the public benefit. The rigorous grant-making polxcy and the follow-up monitoring pro¢¢ss¢s described above are designed to ensure that are awarded only where the crit¢ria for public benefit are clearly met and effectively delivered. The Irustees also confim tha¢ in reviewing the Charity's aims and objectiv¢s. planuillg activities, and setting the grant-making polxcy for the year, they have had due regard to the Charity Commission's general guidance on public benefit. Page 2
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ElED 31 DECEMBER2024 ACHtEVEMENTS AIYD PERFORMANCE In 2024, the Charity processed a total of 81 grant applications. The outcomes were as follows: 56 grants approved 16 applications declined - for various reasons but primarily due to insufficient evidence of public benefit 5 applications ineligible - as the applicants were outside the designated area of benefit l application iTrithdrawn - prior to assessment 3 applications closed or lapsed - due to a lack of contact or the applicant's inability to secure match funding Overall, the Charity awarded grants totalling £51,677, distributed as follows.. £23,566 to nine organisations prirnarily to support cotnmunity initiatives, recreational facilities, youth developnlent and the arts" and £28,611 to 47 individuaIs - in areas including relief in need, educatio sports. and personal deVelOpent. FurtELer, details of the grants awarded during the year Gan be found in Note 3 to the financial stateJnent8. The principal organisations to hav¢ benefited from the Charity's support in 2024 are listed below. Harborough FM (Hfm) £7,500 towards an outreach vehicle Home Start South Leicestershire £5,000 towards nujning costs Brickwork Studios £5,000 towards running costs of record label Market uborough Rugby Club £2,000 for accommodation at a rugby festival Robert Smyth Academy £1,500 towards buying a grand piano Harborough Fixers £1,000 for fitting out their cabin 3 Market Harborough Beaver Group £700 towards travel costs Harborough & Dlstrict Bowls Club £666 towards replacement of ditch tiles Market Harborough STvim Club £200 to buy a pace clock An additional 47 grants, ranging from £60 to £2,700, were awarded to individuals for purposes including relief in need (24 grants), education and personal development (23 grants). These grants supported the purchase of essential items such as Catpets, white goods, clothing, contributions toward university expenses, and assistance with the cost of school trips. The trnstees are confident that tbe8e awards have made a meaningful contrÉbution to the local community. They are also pleased to report that, since the end of the financial year, the Charity has received applications from several other worthwhile causes-alld has been well placed to offer support. FINANCL4L REVIEW The Charity's investment portfolio generated an income of £89.729 in the year. Grants awarded and paid or accrued during the year totalled £51.677. In addition, the Charity incurred operational expenses of £5,592 covering websits design and maintenance, ICO registratio advertising, secretarial support and Independent Examiner's fees. As a result, the net income added to the general fund for the year was £32,460. Page 3
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW contRnued The investnLent portfolio generated unrealised gains of £137,963 during the year alld realised losses of £5,533 w¢re recorded on the sale of investments con]pared with their openAng values. At 31 December 2024 th¢ value of the Investment portfolio was £2.910.101, which v$ £548.501 abov¢ the original cost of th¢ investnnts. Investment management Clg¢S for the year w¢r¢ £12,889 witb the result that th¢ closing balanc¢ of the Endowment Fund was £2,911,305 (31 Decejnber 2023.. £2,791,764). Reserves Polley There v¥as a brought forward balance of £74.793 on ullrestricted general reserves aDd the effect of the transactions described above has been to increase the balanc¢ carried forward on the Gerleral Fund at 31 December 2024 to £107,253. tn line with the Charity's objectives, the trustees aim to identify and support pn)j¢¢ts such that the total value of grants awarded broadly matches the Charity's incom¢, net of operational expettses. N¢v¢rtheless, holding reserves ren1 essential in order to: Allow for unfor¢s¢en reduction5 in annual Incon such as may arise as R consequenc¢ of unexpect¢d changes in the Knvestm¢nt portfolio. and Enable the Charity to respolld promptly to fiwding ne¢ds for specific prOjts that may aris¢ at hort notice. The trustees beIiev¢ that the current level of reserves is suffici¢nt for the Charitys immediate needs. STRUCTURE, GOVERNANCE AND IIIANAGEMENT The tsuste¢s where minded to amend th¢ir CO$tItUtion with a resolution in April 2023 to reflect the organic growth of the town. The previous area of benefit was amended from 'the fornier Urban District of Market Harborougb, Leicest¢rshire' to 'th¢ urban area centred on Mket Harborough, Great Bowden and Little Bowden witbin the County of Leicestershir¢'. This change to the Charity's governing document took eff¢ct 8 M&y 2025. Governing Document On 4 June 1946 Market Harborough Urban District Council ('the UDC") resolved to accept the offer of a gitl from W. Symington and Company Litnited, of a freehold property known as BrOOandS, Northamptoll Road, Market Harborough in comnoration and to peryetuate the memory of Mr Howdrd Watson Symington. The deed contained a declaration on th¢ part of the UDC that it would hold the property "on trust for the perpthal use and benefit of the inhabitants of Market Harborough" Althougb it was not appreciated at tbe time, the forni of words used ¢reatsd a charitable twsL This led to a charitabIe trust with the UDC as Ttee, regularÉsed by a Scheme (The Schetne) ex¢¢uted by the Charity Commtssion in September 1981. The Sch¢me was amended by the Commission on 22 Dec¢mber 2009 which had the effect of updating th¢ Objects of the Charity and giving the TTUStee a limited power to amend the charitable trust if it is in the interests of the Cbarity to do so. The Chlty is ad]ninist¢r¢d and managed in acrdallce with the provisions in the Conveyance and the Scheme, as amended. When the forn]er Tntee retired in October 2017, the new Trnstees Tesolv¢d that any r¢f¢r¢nc¢s in the trust documents to "the Ttustee" shall be taken as references to "tb¢ Tntees, to give effect to the proper athinistratioll of the ChaTity by the new Trustses and any tllre Trustees. Page 4
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT continued Recruitment, appointment and training of Trnstees When any tUre vacancy arises, the Trnstees intend to follow a recrnitment process to identify persons who have, by Vkrthe of their residence, occupation, employment, or otherwise, knowledge of tELe area of benefit andlor bave the necessary skills relevant to the management of the Charity's business. The process will include considerdtion of a candidate's CV, background enquirie4 intervtew by an ¢xisting Tntee and forn1 appointment by the Boar(L New trustees will be briefed on their legal obligations und¢r ¢harity law. the content of the governing documents. the committee and decision niaking process¢s' and the future plans and recent fllW]cAal perfornnce of the Charity. They will be encouraged to attend appropriate external training events wh¢re these will facilitate the undertaking of their rol¢. The ternis of trustee appointments are norn]ally r¢view¢d on a rolling basis at the fst meeting following June each year. However, at the June 2023 meeting, the trustees recognised the importance of maintaining continuity for several ongoing proj¢¢ts and for the developing joint work wttb the Market Harborougb & Th¢ Bowd¢ns Charity (s¢¢ Organisation section below). In light of this, they agreed to d¢f¢r any challg¢s to the trustee board until the next scheduled review in June 2025. It ts with great sadness that th¢ ttust¢¢s knOwledge the passing of our valued ¢olleagu¢. Barbara Johnson. on 24 April 2025. OrgAnisation TILe trust¢¢s held nine eCting$ over th¢ coursc of the year, with the Finan¢e Sub Conllnittee Convening onc¢ during 2024. Matters relating to the managetnent of the CbaTtty, including governance alld policy, were addressed as required. While decisions were generally reached by Consensus, tbe trustees have adopted a majority vote procedure should it be needed. At each meeting, trustees are asked to declare any confiicts of int¢Test or loyalty in relation to items on the agenda. Where a conflict is identified, the trustee in qu¢stion withdraws from discussion and decision-making on that lltter. Following a joint 'Away Day, with the Market Harborough and the Bowdens Charity (MHTBC) in anuary. the Cbarity began a process of closer collaboration, including the integration of IT systems and alignment of policies. Tbis sbared working has fostered greater cooperation and mutual learning between the two organisations. In Septsmber, the trustees appoint¢d a part-time Administrator to support the day-to4ay operations of the Charity. As a result. Tnte¢ John F¢avyour st¢pped dowu from his role as S¢cr¢tary. Tbe Administrator is ¢mployed by MHTBC, operates from their office5, and is fLmd¢d by the Charity. Risk Management The trust¢¢s nIntaIll & compr¢hensiv¢ set of gov¢mance policies, covering areas such as trustee appotntment and r¢appointm¢nL financtal plavning, contlicts of interest. inv¢stmellts, reserves, business continuity, complaints handling, safeguarding, support for vulnerable belleficiaries. and risk management. These non-grant-nthking policies are reviewed on a rotational basis tknugbout the year, and ar¢ updat¢d or approved as appropriat¢. During the y¢ar. the ttvsfres reviewed and adopted updated versions of th¢ following policies: Complaints Policy and Procedure Contlicts of tllterest and Collfiicts of Loyalty Policy Data Protection Policy Page 5
Howard Watson Symington Memorial Charity REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEIIIBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT continued Risk Management continued Ill additio the tsustees reaffmed their Risk Management Strategy. originally adopted in 2023, which continues to refle¢t the guidance set out by the Charity Commission in its publication Charities and Riskmanagernent (CC20). As part of their ongoing Colllloitment to dats protection and privacy, the CharKty registered with the Inforntion Commissioner's Office UCO) to ellsure con]pliance with relevant data protection legislation and safeguard personal illfornmtioll. The trustees are committed to preservitLg the lollg-terni valu¢ of the Cbatity's endovm]en( enabling it to operate sustainably illto the ture. In 2023, two separate firnis of investment managers were appointed to mallage tbe investment portfolio. Performance is monitored regularly, with investments spread across equAties, boTJds, and cash to reduce exposure to market volatility and ensure a balanced approach to iaCOEne and capital growth. FUND-IL4ISLYG STANDARDS INFORMATION The Cbarity does not cary out atty ndraiSIng activities involving th¢ general public. DECLAIi4TtON I declare, in tlly capacity of Charity Trustee, that: The Trustees bave approved the report above" and Have authorised me to sign it on their behalf Roger Dunton MBE- Cbair of Trnstees 28 October 2025 Page 6
Independent xaminer'S Report to the Trustees of Howard Watson Symington Memorial Charity I report to the Chlty Trustees on my examination of the accounts of the Clwity for the year ended 31 December 2024 which are set out on pages 8 to 17. Responsibilitie8 and basis of report As the Charity'5 Trustees you are respong11)le for the preparation of the accounts in a¢cordance with tELe requIrents of the Clwities A¢t 2011 ('ttbe A¢t'). I report in respect of my examination of the Cbarity's CoUnts carried out under section 145 of the Act and in carrying out my examination I have frjllowed all the applkcable DireGtion8 given by the Cb&rity Couttttission under 8tiOll 145(5)(b) of the Act. Independent examiner's statement Your attention is drawn to the faGt tbat the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Stafrment of Recon]mellded PraGtice applicable to ¢harities preparing their accounts in accordance Wkth the Finan¢ial 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 Practlce issued on l April 2005 which is referred to in extant regulations but has SillGe been withdrawn. I understand that thxs has been done ill order for the accounts to provide a ttue and fair vÉew in accordance with Generally AcGepted Accountillg Practice effective for accounting periods beginning on or after l January 2015. I have Gompleted rny examination. I confum that no material matters have oome to my attcntion in connection w£th the examination giving me cause to believe that in any material respect: Accounting records were not kept in respect of the charity as reqllid by section 130 of the Act" or The ao¢oullts do not cOrd with those records. or The accounts do not comply with the appli¢able requir¢entS concerning the forn] and contrllt of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other tllan any requ7ment that the a¢¢ounts give a 'true and view. which is not a tnatter considered as part of an independent xamination. I have no Gollcerns and bave come across no other matters in connection with the eAamillation to wbich attentioll should b drawn in this report in order to enable a proper understarlding of tbe accounts to be reached. Adrian Ed dTh Chartered Accountants 21 The Point Market Harborougb l£icestershire LE16 7NU ley ACA & Sons 28 October 2025 Page 7
Howard Watson Symington Memorial Charity Statement of Financial Activities for the Year ended 31 December 2024 TotaI Ceneral Endowment Year Ended Fund Fund 31-De¢-24 Total 9 Mths Ended 31-Dee-23 Note INCOME AIW ENDOWMENTS FROM: Investments: Bank illterest receivable Investment portfolio 2,630 87,099 2.630 87.099 434 55,701 Total income and endowmellts 89,729 89,729 56,135 EXPENDITURE ON: Raising funds: Investment n]anagement charges Independent inv¢stnKllt review Charitable aetivities: Costs in fillerall¢e of charitable activities 12,889 12.889 4,358 1,000 57,269 57.269 78,959 Total expenditure 57,269 12,889 70,158 84,317 Net incomillgl(outgoing) resources before gainsloosses) on investments 32,460 (12,889) 19.571 (28,182) GAINSI(LOSSES): On investment portfolio: Realised Unrealised (5.533) 137,963 (5,533) 137.963 34,328 90,443 Net incomin(ovtgoing) resources before transfers Net transfers between lld5 32,460 119,541 152.001 96,589 Net income and net movement in fullds 32.460 119,541 152,001 96,589 Total funds brought forsvard Total funds carried forward 74,793 2,791,764 2,866.557 2,766,736 107,253 2,911,305 3,018,558 2,863,325 All activities relate to continuing operations The notes on pages 10 to 17 forni part of these financial ststements Page 8
Howard Watson Symington Memorial Charity Balance Sheet As at 31 December 2024 AsAt 31 December 2024 AsAt 31 December 2023 Note Fixed Assets Investments 2,910,101 2,795,644 Current Assets Cash at bank and in hand: Cwrent a¢¢ounts Pety cash 121,352 82,901 121,352 82,901 Creditors: Falling due within one year Net Current Assets 12.895 11,988 108,457 70,913 Net Assets 3,018,558 2,866,557 Funds Unrestricted funds General fund 107,253 74,793 Restricted funds Endowment Fund 2,911,305 2,791,764 Total Funds 3,018,558 2,866,557 The financial statements were a roved by the trSteeS on 27 October 2025 and signed on their beIlf by. Roger Dunton MBE Chair of Trustees The notes on pages 10 to 17 forni part of these financial statements Page 9
Howard Watson Symington Memorial Charity Notes forming part of tbe Financial Statements For the year ended 31 December 2024 I Principal Accounting Policies (a) Basis of preparation and assessment of going Concern The fillancial statements have been prepared in accordance with: Accounting and Reporting by Charities: Statement of Reconllnended Practice applicable to charities preparing their accounts in accordance witb the Financial Reporting StalldaTd applicable tn the UK and Republic of Ireland (FRS 102) issued in October 2019 ("SORP (FRS 102),). The Financial Reporting Standard applicable in the United Kingdom and Republic of freland (FRS 102) ("FRS 102,)" Tbe Charities Act 201 I. and UK Generally Accepted Practice. Th¢ charity constitutes a public benefit entity as defined by FRS IO2. Tb¢ fthancial statements have been prepared to give a 'true and fair, view and hav¢ d¢part¢d from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'tsne and fair view.. Tbis departure has involved following SORP (FRS 102) rather than the Accoullting and Reporting by Cbarities: Statement of Reconllnended Practice effective from l April 2005 which h&s since been withdrawn. The going concern basis and historical cost convention hav¢ been used in preparing the financial statements. The Trustees consider that there are no material uncertainties about th¢ Charity's ability to continue as a going concern. The most significant area of uncertainty, which atyects the colltinuing income of the Charity. arc tbe levels of inv¢stment return and perforn]ance of inv¢stm¢nt n)arkets. Note 7 to the fUncIal statements provides detail of the action taken by the Trnstees to mitigate the risks involved. The financial ststements cov¢r the year end¢d 31 De¢¢mb¢r 2024 whereas the Comparative figLwes cover the period of nine months from l April 2023 to 31 December 2023 and. ¢onsequ¢ntly, th¢y are not entirely comparabl¢. Th¢ TnteeS resolved to shorten the previous accounting perÈod so as to bring th¢ y¢ar end date into lin¢ with Market Harborough & The Bowdens Charity. Ib) Income reeognxtion tncome is accounted for on an a¢cruS basis and is reported gross of any related expenditure. It is recogrrised when th¢ Charity has entitl¢m¢nt to th¢ funds, any perfortnance conditions attached to the iten]s of income bave been met, it IS Probabl¢ that the income Moll b¢ r¢c¢iv¢d and the atnount can be measured reliably and is not defeffed. Investment Income represents interest and dividends on stocks, shares and bank deposits held on th¢ endowtD¢nt alld unrestrtct¢d fjjllds. Such in¢om¢ is recogois¢d Oll a receivable basis and where appropriate, this iticludes the income tax recoverable. Incoming resources from investments held as part of the endowllkent fimd are unrestricted. Pag¢ 10
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the year ended 31 December 2024 Principal Accounting Policies (continued) (b) Ineome reeognition (eontinued) Wherever possible, income is reported 05S of any related expenditure. How¢v¢r, in the case of investment management costs within managed fimds it is not always practicable to identify such rosts with reasonable accuracy and, therefore, the investtn¢nt income Is rq)orted net of these costs. In accordance with SORP (FRS 102) no amount is included in the financial statements for volunteer (c) Expendlture recognition All expenditure is tncluded on an accruals basis and is recognised where th¢re is a legal or constructive obligation to tnake payment to third parties, it is probable that settlement will be required and the amount of tb¢ obligation can be measured reliably. As the Charity is not registered for VAT, all expenditure is shown gross of 1COv¢rable VAT. Expenditure is, as appropriate, classified under the following activity headings: Raising fill$. Charitable activities. and Other expenditLwe Charitable activity expenses comprise grants paid to individuals and organisations as approved by the Tnt¢¢$ in ac¢ordawe with th¢ Clwity's governing documents and associated costs. Wh¢re unconditional grants are offered the expenditure is accrued as soon as the recipi¢nt is notified of the grant and there is a reasonable expectation that it will be paid. Where grants are pledged, but payment is conditional on the perforn]ance of the r¢cipien¢ the amount is not recognis¢d as an expense until th¢ conditions have been fulfilled. However, an amount ¢qutval¢nt to that pledged is transferred to a designated reserve. {d) Allocation of costs Costs which ar¢ directly attributable to & Sill81¢ activity are allocated directly to that actiVAty. Shared costs which contribute directly to more than one activity are apportioned between those activities on the basis of usage by each activity. Support costs represent the remaining costs that are not capable of dir¢ct attribution. They includ¢ Gov¢rJMice costs, which represent the expenses of Trustees. meetings and legal and professional fees r¢lated to the rLU]ning and llwiagement of th¢ Clwity (including externak examiner's fees). They are allocated to activities on th¢ basis of the utilisation of the support costs by ¢&cb a¢tivity. Tbis allocation process illvolves a signifEcant ¢lement of judgement as th¢ charity has to consider the cost of d¢tail¢d calculations alld record keeping with the resultant benefit. Pagell
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements For the year ended 31 December 2024 Principal Accounting Policies (continued) (e) Investments Investtneats are iDAtially recorded at their tra$aCtiOll pric¢ (including costs). Inveslments wttbin the portfolio ar¢ revalued annually at tbeir market value on the last day of th¢ financial year. i¥ll investments are a forni of basic financial Insent which ar¢ traded in quoted public markets. The CIwity does not acquir¢ put options. derivatives or other complex fn¢la1 instnllllents. Realtsed gains and loss¢s on knvest£nents are calculated as the difference betweeL] the sale proceeds and their nwket value at the start of the year. or subsequent cost. Unrealised gains and losses represent the movement in market values between valuations. Botb types of gaitis alld losses ar¢ ¢r¢dit¢d or charged to the Statement of FinancÉal Activtti¢s in the y¢ar of gain or Ioss. (O Debtors and ereditors reeeiyablelpayable within one year Debtors and creditors re¢¢ivabl¢ and payable within one year are record¢d at transaction price. Any osses atisillg from impairment are included within expenditure. (g) Cash at bank and in hand Cash at bank and in hand includes cash and short tenn highly Itquid investments Wtth a short mattlty of three montbs or less from tb¢ date of acquisition or opening of the deposit or similar account. (h) Fund Accounting Unrestricted funds comprise those funds which th¢ Trnstees are free to use in accordance with the Charity's objectives. Endowment Funds are capital funds which th¢ Trust¢es cannot spend. The incom¢ arising from the elldowment fimds is unrestricted. Details regarding these fids, including the assets and liabilities by which the fid balances are represent¢l are included at Note 9 to these financial statements. Page 12
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 December 2024 2 Income from Investments: Investment portfolio Year Ended 31-De¢-24 9 Mths Ended 31-Dee-23 Dividends & interest receivable from COIF Collective Envestments: Clwities Short Duration Bond Fwid Clwtties Invest]nent Fund Charities Global Equity Fund Charities Property Fund 2,612 17,231 18,288 5,433 1,695 12,711 13,610 4,046 Dividends & interest receivable from other Collective Investments: Manag¢d by Cazenove Capital Management Managed by Fundment Limitsd Interest on eash awaitÉng investment 9,543 33,992 2.630 23,639 434 89,729 56,135 Incoming resources from inv¢sttn¢nts held as part of the elldowment fund are u]]restri¢tsd. 3 Costs in furtherance of charitable activities Year Ellded 9 Mths Ended 31-Dec-24 31-Dee-23 Funded from the GeneraI Fund Grants payable: To institutions 23,566 28,111 45,263 30,341 To individuals 51,677 75,604 Other direct eosts of charitable activities: Website design and mainter1cC costs Publicity & postage Governance costs (Note 4) 492 60 492 535 5,040 2,328 57,269 78,959 Grants payable are analysed as follows: Grants to institutions for the purpose of social we]fare, recreation and other leisure time activities. Institution Harborough FM Home Start South Leicestershire Brickwork Studios M2rk¢t Harborough RFC Purpose of Grant Towards an outreach vehicle Running costs Running costs of record label Project Accommodation at a Rugby festival 7,500 5,000 5,000 2,000 19.500 4.066 43,013 2,250 Others each less than £2,000 Various - 5 in total (2023.3) 23,566 45,263 Grants to individugdls for the purpose of: Relief ofpersons in need, dShip or distress Supporting educational and sporting n¢¢ds Grants paid in previous year rett]rn¢d Supporting educational 2nd sporting needs O Indivtduals (2023: 29) O Individuals (2023: 20) 13,559 15,052 16,928 L3,413 Individual (500) 28.111 30,341 Page 13
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 December 2024 4 Analysis and allocation of supports costs Governance costs represent the only wpport costs in¢urred by the charity and are allocated entirely to the Cost of Charitable Activities on th¢ basis on till spent. They comprise the following: Year Ended 31-Dec-24 9 Mths Ended 31-Dec-23 Secretarial support costs (see Note 6) Infornmtion Conllnissioner's Office GDPR Registration Fees payable for Independent Exanjination 2,737 35 2.268 5.040 2,328 2328 5 Trustee's remuneration, reimbursement of expellses and related party transactions None of the TSteeS received Temuneration for their s¢rYi¢¢s as Trnstee of the CILarity in etther the nine months to 31 Decenther 2023 or the year ended 31 December 2024. No Trnstee received any expenses in the year (Nine Months Ended 31 Decemb¢r 2023: One Trustee reimbursed £145 for postage expenses). The only trausa¢tions WAth r¢Eated parties ill either paiod are described in Note 6. 6 Staff numbers and costs The ChaTity had no employees in the year or the pr¢c¢ding y¢ar The Charity is related to the Market Harborough and The Bowdens Charity - Charity Number 1157787 {"MHTBC") by virtu¢ of having two tsustees in ¢ommoL DLillg the year the NIHTBC employed a new part-ttme member of stsff who has been engaged entirely in supportrng the Charity's administration alld grant making activities. The Charity bas reimbursed MHTBC for the direct employment r¢lat¢d costs of the employee, which awounted to £2.737. No unpaid amounts w¢r¢ outstanding at 31 December 2024. AsAt 31-Dec-24 AsAt 31-Dec-23 7 Fixed Asset Investments Movements in the Listed investment portfolio are as follows: Market value at the begtnning of the y¢ar Acquisxtiolls at cost Sales proceeds from disposals Realised gains/Oosses) on disposals Unrealised gainsl(losses) on revaluation 1,814,706 2,662,006 1,206,734 68,306 (260,668) (5,533) 137,963 (1,040,377) 34.328 90,443 2.893.202 1,814,706 Cash at batjk on depositlawaiting inveslment 16,899 980,938 Market value at the end of the year 2,910,101 2,795,644 Historical cost at the end of the year 2,361,600 2,404.526 Page 14
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 December 2024 7 Fixed Asset Investments (continued) As At 31-Dec-24 As AÉ 31-De¢-23 All Anv¢stments are UK listed and are represented by,. Managed by CCLA InVeStnt Management COIF Short duration bond fimd COIF Ittvestsnent fimd COIF Global ¢quity fund COIF Charities propety fund 04.195 633.018 783,410 98,790 3.580/0 101,104 619, 034 741, 730 98,321 26.921J/o 26.53Yo 3.52/0 Managed by Cazenove Capltal Management Schroder Strategic Credit Fund Federated Hern$ Un¢onstrained Credit Fund M&G Equities Investment Fund for Chartti¢s (Charifund) Capita FinancÉal Managers Trojan Fund Propety Income Trust for Charlties Schroder Diversified Alten]ative Fulld 47,425 15,651 44, 628 24,811 71,667 50.335 1.80/(1 Managed by Fundment LIted Artemis Income Fund I Inc. Artemis SmartGARP Global Em¢rging Markets Equity I Inc. BlackRock Continental Europe Income Fund D Inc. BlackRock ICS Sterlkng Liquidity Class Pren]mier Acc GBP Close Select Fixed lllcome Fund X Inc. HSBC UK Gilt Index Fund Inc. C Invesco Asian Equity Incom¢ Fund (UK) Z Inc. JPM Enwging Markets Income Fund C N¢t Inc. JPM US Equity Income Fund C Net Inc. M&G Global Macro Bond Fund Sterling I Inc. M&G Optirnal Income Fund Sterling I Inc Man GLG DYmIC Income IF H GBP Man GLG Japan Core Alpha Fund Professional Inc. D Oaktree Global High Yield Bond Fund Ib GBP Inc Schroder Asian Income Maxtmiz¢r Z Inc. Scbroder UK Listed Equity Income Maximiser Fund Z tnc S¢hrod¢r US Equity COme Maximiser Fund Z Inc Vangukrd Global Bond Ind¢x Fund GBP Hedged Inc. Vontobel Enierging Mark¢ts Bleud AQHN Hedg¢d GBP vr Gravis DigitaI tnfrastructur¢ Income Fund GBP C Inc. 54,771 43,943 140,085 19,668 32,242 26.923 56,759 63,595 93,187 36.823 46,688 75,505 28,223 90,260 81,876 79,869 140,269 24,328 82,085 56,690 1.880/0 1.510/0 0.680/ 0.930/0 1.95% 2.191J/o 3.201F/o 1.27/0 0.970/ 3.100/0 2.810/0 2.740/0 1.950/0 Cash on deposltlawaiting investmeut 16,899 0.590/0 980.938 2,910,101 2, 795,644 100.00/00 The invesiments in the portfolio are carried at their fair value wljich is the quoted market valu¢ in resp¢ct of equities and fixed interest securities and the bkd price for units in con]mon investm¢nt fids, unit tThts and open-end¢d investment compaDi¢S. Investtn¢nt sales and pur¢has¢s are recognised at the date of trade at th¢ir transaction value, net of costs in the resp¢¢t of sales and inclusive of costs in respect of purchas¢s. Pag¢ 15
Howard Watson Symington Memorial Charity Notes forming part of the Financial Statements for the year ended 31 December 2024 7 Fixed Asset Investments (continued) All investments are basic financial instnunents traded on quoted public nthrkets. primarily the London Stock Ex¢bang¢. The Charity does not make use of derivatives and simtlar complex financial instruments as th¢ Trnstees take the view that investtnents are beld for their Konger terni yield and total return and that any short-tenn volatilÈty in the llwk¢ts will nonnally b¢ corrected in any five year period. The significance of investments to the ongoing financial stability of the Charity is further discussed in the sections of the Report of the Ttee8 dealillg with lllvestment Policy alld Financial Review. The Clwity relies on income from its inv¢stsn¢nts to cover costs Used in its operating activities and also on capital growtb to ensure that the long-tern] value of the Endowmellt Fund keeps pace with inllation. Investment returns are exposed to various risks wbicb include credit, liquidity and market risks. Both credit and liquidity risks are assessed as low as tbe Charity invests predominantly in blue-chip securities in which the failure r&t¢ is historically low and all investments are traded Oll markets in which central banks and other r¢gulators have an interest in ensuring continuation of orderly trading. Market risk is th¢ principal risk faced by the Charity due to a ¢ombination of uncertainty in illvesttnellt tnarkets and volatiIity in ytelds 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 funds include significant holdings in int¢mational equities and Ix)nds which are denominat¢d in foreign currencies. tILe Charity also has exposure to exchange rdte risk The Trustees manage these risks by retailling tILe expert Senrices of two separate fLmd nwlagets, as shovm in the above analysis of the portfolio, and in operating an investment polÈcy which provides for a high d¢gr¢e of diversification of holdings within investment asset classes providing for a balance of incon]e and long-terni capital growth. Following an Indepdellt r¢vi¢w of investrnent perforn]ance, wbi¢h vrns commissioned in 2023, the Tntr¢S took th¢ decision to swttch the sbare of the portfolio managed by Cazenove Capital Managem¢nt to the management of Fundment Limited. As a result at 31 December 2023. Cazenove Capital Management were in the process of liquidating the portfolio wbich resulted in a large cash balance on deposit at 31 D¢cember 2023 that was r¢inv¢st¢d by Funthnent Limited early in 2024. 8 Creditors: Amounts falling due Ivithin one year AsAt AsAt 31-Dec-24 31-Dec-23 Grants Payable Accrued Exp¢nses 10,627 2,268 4,485 7,503 12,895 11,988 9 Funds The Charitys fidS are as follows: Endowment Fund= This represents the permanent capital of the Charity. Although the individual assets h¢ld within the fund Enay be sold any proceeds received must be reinvested alld be beld indefinitely. The Trustee has no power to convert tbe capital into income. General Fund: These are unrestrictsd fimds that the Trustee can freely apply in 8ccordan¢¢ with the chlS objects. Page 16
Howard Watson Symillgton Memorial Charity Notes forming part of the Financial Statements for the year ended 31 December 2024 9 Funds (continued) Movements ill the fijnd balances are summaris¢d as follows: General Fund Endowment Fund TotaI Funds As at 31 March 2023 Income Expenditure Gain(Los8e$) on investnKnts Transfers 94,385 59,367 (78,959) 2,672,351 2.766,736 59,367 (84,3 17) 124,771 (5,358) 124,771 As at 31 Deeember 2023 74,793 2,791.764 2,866,557 General Fund Endowment Fund Total Funds As at 31 December 2023 Income Expenditur¢ Gainsloosses) on investnMts Transfers 74,793 89.729 (57.269) 2.791,764 2,866,557 89,729 (70,158) 132,430 {12,889) 132,430 As at 31 December 2024 107,253 2,911,305 3,018.558 The assets and liabilities of the Charity at 31 December 2024 are allocated betwe¢n th¢ fimds as follows: Genernl Fund Endojyment Fund Total Investments Cash at bank and in hand Creditors 2,910,101 1,204 2,910,LOI 121,352 {12.895) 3.018,558 120,148 (12.895) 107,253 2,911,305 The allocation at the end of the previous financial year was as follows: Ceneral Fund Endowment Fund Total Investments Cash at bank and in hand Creditors Loan Between Futtds 2,795,644 2,795,644 82,901 (11988) 82,901 (10,534) 2,426 (1,454) (2,426) 2.791,764 2.866,557 74.793 Page 17