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) ESSL￿1 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 Ch￿￿ty
(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 fi￿her 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 tn￿te¢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
Straig￿tfOrWard applications for grants under £1,000 outside of forn￿1 meetings.
Supported projects are monitored infomlllly to ensure they deliver the public benefit outltned in the
Ori￿al 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 El￿ED
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
deVelOp￿ent.
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 u￿borough 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¢ investn￿nts.
Investment management Cl￿g¢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 ren￿1￿ 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 prOj￿ts 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 M￿ket 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 BrOO￿andS,
Northamptoll Road, Market Harborough in comn￿￿oration 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 T￿￿tee, 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 Ch￿lty is ad]ninist¢r¢d and managed in ac￿rdallce with the provisions in the Conveyance and the
Scheme, as amended. When the forn]er Tn￿tee 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¢ Tn￿tees, 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
Tn￿tee and forn￿1 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
perforn￿nce 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 f￿st 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 ll￿tter.
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. Tn￿te¢ 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 n￿IntaIll & 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
Inforn￿tion 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 Ch￿lty 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
requIren￿ts 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 8￿tiOll 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 reqlli￿d 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 requ7￿ment 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 fi￿llerall¢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 tr￿SteeS on 27 October 2025 and signed on their beI￿lf 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 fU￿ncIal 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¢ Tn￿teeS 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¢cru￿S 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 1￿COv¢rable VAT.
Expenditure is, as appropriate, classified under the following activity headings:
Raising fill￿$.
Charitable activities. and
Other expenditLwe
Charitable activity expenses comprise grants paid to individuals and organisations as approved by the
Tn￿t¢¢$ 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 Ins￿ent which ar¢ traded in quoted public markets. The
CIwity does not acquir¢ put options. derivatives or other complex f￿￿n¢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 matt￿lty
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 fi￿ds, including the assets and liabilities by which the fi￿d 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 mainter￿1cC 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 T￿SteeS 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 DL￿illg 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 InVeStn￿￿t 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 LI￿￿ted
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 DY￿￿mIC 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 fi￿ds, unit tTh￿ts 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 T￿￿tee8 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 Indep￿dellt r¢vi¢w of investrnent perforn]ance, wbi¢h vrns commissioned in 2023, the Tn￿tr¢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 fi￿dS 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 ch￿l￿S
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