REGISTERED CHARITY NUMBER: 103633 REPORT OF THE TRUSTEES AND UP4AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 SEPTEMBER 2023 FOR THE WALTER WATSON CHAIUTABLE TRUST M.B.McGrady & Co Chartered Accountallls Raihmore House 52 Si Patricks Avenue Downpalrick Co. Down BT30 6DS
THE WALTER WATSON CHARITABLE TRUST Contents of the Financial Statements FOR THE YEAR ENDED 29 SEPTEMBER 2023 Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Balance Sheet io Cash Flow Statement Notes to the Cash Flow Statement 12 Notes to the Financial Statements 3 to 18 Detailed Statement of Financial Activities 19
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2023 The tTUStees present their report with the financial statements of the charity for the year ended 29 September 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement 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) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Trust exists to advance the Christian religion in any part of the world, and to help in the prevention and relief of poverty, and the provision of healthcare and literacy* and the relief of ihose in need by reason of youth, age, ill-h¢alth, disability or other disadvantage. The Trust is presently governed by a trust deed dated 29th September 1989. The Trust is established for exclusively charitable purposes and is a registered charity Wlth the Charity Commission for Northern Ireland, NICI 03633. Significant activitie5 The core activities undertaken by the trust are distribution of monies to partnering organisations of similar objectives & aims or to rnlS5ionaries in the field direct. Communication methods can be through literature or verbal teaching through missionaries. Over the past year we have continu¢d to achieve many good things in terms of fulfilling our charitable aims. The Trust supports relief organisations operating throughout the world and responds to urgent situations requiring medical and practical aid. The Trustees are satisfied that the distribution of fmancial antS in 2022 has been in accordance with the Trust's pUoses. The Trustees are satisfied that the fmancial position is strong. Administrative expenditure is minimal and as the distribution of fmancial grants in th¢ year is deterniined by the level of donation received in the same year, the Trust does not need to hold any significant amount in cash reserves. The trustees have taken instruction on both the Charities Act 2008. They have considered in particular the obligations imposed under the public benefits test of the Charities Act 2008 and can confm that the charity meets the criteria set down therein. Walter Watson Charitable Trust became registered with The Charity Commission for Northern Ireland on 18 September 2015. Publie benefit One of the 12 charilable purposes in the Charities Act (Northern Ireland) 2008 is the advancement of religion for the public benefit.The public benefit that flows from our purpose is Christ-centered Bible based Education, through discipleship proclaiming the Gospel.The ultimate beneficiaries are people in the UK and throughout the world as grants are provided to UK registered charities and charities operating in the developing world. Through the promotion of th¢ Christian Gospel, lives are transfonned and there is a public benefit to society as individuals live in accordaThce with biblical values. We seek to ensure the fmancial resources are making a difference by asking for regular feedback from our participants across the various countries. This global partnering with charities enables the advancement of the Chrlstian religion more efficiently & effectively. The benefits cannot be physically measured. but can be demonstrated through a greater understanding of the Christian religion, and thus a sense of hope in life, improved behaviour and contribution to the mental health and wellbeing to those beneficiaries, who we reach with God's word.
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2023 ACHIEVEMENT AND PERFORMANCE Achievements In fmancial temis, the Trustee's key objective is to fund the advancement of the Christian religion in any part of the world. During the year under review, the Trust awarded 151 grants totalling £603,755 to organisations recognised for their work and experience in the areas specified. B¢nefi¢iaries are assessed and decisions are made based on our understanding of their ability to use grants wisely in fulfilling their objectives, alled to the Trust's objectives. Restrictions on who can benefit Given the broad range of organisations that receive grants fron) the Trust, there are no restrictions on who can ultimately benefit from the Trust's activities in financially supporting those organisations who are providing services and opportunities for the improvement of all. Hami In relation to the promotion of the Christian Gospel, whilst people are invited to embrace the Christian faith, any response is entirely voluntary. Most of the Christian organisations supported by the Trust are long established and have good reputations in promoting the Christian message, without pressure being exerted on anyone to accept it. It is considered that the public benefits outweigh the potential hann, Private benefit Most grants are paid direct to registered charities and as such there should be no private benefit. Modest grants to smaller local charities are considered incidental. Any private b¢nefit that may arise is considered incidental to the public benefit. FINANCIAL REVIEW Financial position In the year to 29 September 2023 the charity had net incoming resources in relation to unrestricted funds of £667,120, with a ne¢ outgoing of unrestricted lld$ of £612,623, resulting in a net surplus movement of £54,497 for the year.This is compared to a deficit of {£33,126) in the year ended 29 Septembei 2022. The charity does not hold restricted ndS a5 at 29 September 2023. Principal funding sources The principal funding source of the charity during the year was that of renlal income. The charity received grants and donations totalling £104,790 during the year. (2022.. £11,362). Inveslment policy and objectives Under the Trust Deed, the charity has the power to invest in any way the trustees wish, however in fonnulating an investment policy, the charity has iecognised that whilst it may have surplus fAU)ds to invest, these are likely to be called upon in the short term. The policy is to maintain high levels of capital security by minimising interest rate risk, maximising returns and liquidity and maintaining low transaction costs. Reserves policy The trustees have taken advice from professional advisors in respect of the level of reserves necessary to meet legal and fiscal obligations. In developing this policy factors which have been taken into account included, funding sources, future needs, opportunities, economic conditions. and contingencies. A policy has established whereby unrestricted ndS have been designated to an investment lld which will allow The Walter Watson Charitable Trust to achieve its charitable objectives and provid¢ further development of land and property. The charity holds free reserves of £593,275 (Total funds £8,206,803 less amount already spent on fixed assels of £7,613,528). These reserves have been designated by the trustees towards the development of land and property and the strategy is to continue to build reserves not merely to meet the charity's obligations but also to build surpluses which can be re-invested in developing further services.
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2023 FINANCIAL REVIEW Going concern The Trustees have reviewed their business plan, forecasts and the level of reserves held by the trust. After making enquiTies, the Trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparkng the annual report and fmancial statements. FUTURE PLANS The Trustees, main objective is to secure the longer-term fmancial viability of the organisation, by deriving a greater return on its existing core activities & investments. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and Constitules an unincorporated charity. Risk management The trustees have a duty to identify and review the Tisks to which the charity is exposed and io ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 103633 Principal address 135 Ballylough Road Castlewellan Co. Down BT319JQ Trustees Mr J W Watson Mr R Trimble rfvlrs S M Watson Mr D J Watson MrDWBarr Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Dow BT30 6DS Solicitors Michael F Curran 29 The Promenade Newcastle BT33 OAA
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2023 TRUSTEES, RESPONSIBILITY STATEMENT The trustees are responsible for preparing the Report of the Trustees and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The law applicable to charities in Northern Ireland is the Charities Act (Northern Ireland) 2008 and the provisions of the trust deed requires the trustees to prepare fmancial statements for each fmancial year which give a true and fair view of the state of affairs of the charity and of the incoming r¢sources and application of resources, including the income and expenditure, of the charity for that period. In preparing those fmancial statements, the trustees are required to select suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charity SORP. - make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the fll)ancial statements. prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and to enable them to ensure that the fmancial statements comply with the Charities Act (Northern Ireland) 2008, the CharÈty Convnission for Northern Ireland and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and othei irregularities. Approved by order of the board of trustee5 on 13 December 2023 and signed on its behalf by: Mr J W Watson - Trustee
Report of the Independent Auditors to the Trustees of The Walter Watson Charitable Trust Opinion We have audited the fmancial statemenls of The Walter Watson Charitable Trust (the 'charity') for the year ended 29 September 2023 which comprise the Statement of Financtal ActivRties, the Balance Sheet, the Cash Flow Statement and notes to the fmancial statem¢nls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the fmancial statements.. give a true and fair view of the state of the charity's affairs as at 29 September 2023 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounling Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of OUT report. We are ind¢pendent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty relating to going concern In auditing the fmancial statements, we have Concluded that the trustees, use of the going concern basis of accounting in th¢ preparation of the fmancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast stlfiCant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the tSteeS with respect to going concem are descrtbed in the relevant s¢ctions of this report. Other information The trustees are responsible for the oiher inforn]ation. The other infonnation comprises the inforniation included in the Annual Report, other than the fmancial statements and our Report of the Independent Auditors thereon. Our opinion on the fmancial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the fmancial statement5, our responsibility is to read the other inforniation and, in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the fmancial statements themselves. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Commission for Northern Ireland requires us to report to you if, in our opinion.. the inforniation given in the Report of the Trustees is inconsistent in any material respect with the fmancial statements. or sufficient accounting records have not been kept. or the fmancial statements are not in agreement with the accounting records and reMms' or we have not received all the infonnation and explanations we require for our audit.
Report of the Independent Auditors to the Trustees of The Walter Watson Charitable Trust Responsibilities of Irustees As explained more fully in the Trustees, Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the fanCIal statements, the trnstees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Report of the Independent Auditors to the Trustees of The Walter Watson Charitable Trust Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulation5 made or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a R¢port of ihe Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement parÈner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applicable to the company ihrough discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector. we focused on specific laws and regulations which we considered may have a direct material effect on the fmancial statements or the operations of the charity, including Charities Act (Northern Ireland) 2008, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence- and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's fanCIal statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and considering the int¢rnal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: perfonned analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in detem)ining the accounting estimates set out in the notes were indicative of potential bias. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but w¢re not limited to: agreeing financial statement disclosures to underlying supporting documentation. - reading the minutes of meetings of those charged with governance. enquiring of management as to actual and polential litigation and claims. and - reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fLnancial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal COespOndenCe, if any.
Report of the Independent Auditors to the Tru5tee5 of The Walter Watson Charitable Trust Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audi¢ of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fonns part of our Report of the Independent Auditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity'5 trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have fornied. M.B.Mc Grady Chartered Acco Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS 13 December 2023
THE WALTER WATSON CHARITABLE TRUST Statement of Financial Activitles FOR THE YEAR EI NDED 29 SEPTEMBII R 2023 2919123 Unrestricted fund 2919122 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 104,790 11,362 Investment income 562,330 512,234 Total 667,120 523,596 EXPENDITURE ON Raising funds 2,254 10,126 Charitable activities Charitable activity 610,369 546,596 Total 012,623 556.722 NET INCOME/(EXPENDITURE) 54,497 (33,126) RECONCILIATION OF FUNDS Total funds brought forward 8,152,306 8,185,432 TOTAL FUNDS CARIUED FORWARD 8,206,803 8,152,306 The notes form part of these fmancial statements
THE WALTER WATSON CHARITABLE TRUST Balance Sheet 29 SEPTEMBER 2023 2919123 Unrestri¢t¢d fund 2919122 Total funds Notes FIXED ASSETS Investment property io 7,613,528 7,560,528 CURRENT ASSETS Debtors Cash at bank 61,234 596,849 703,276 703,276 658,083 CREDITORS Amounts falling due within one year 12 (i io,ooi) (66,305) NET CURRENT ASSETS 593,275 591,778 TOTAL ASSETS LESS CURRENT LIABILITIES 8,206,803 8,152,306 NET ASSETS 8,206,803 8,152,306 FUNDS Unrestricted funds 13 8,206,803 8,152,306 TOTAL FUNDS 8,206,803 8,152,306 The fanCIal statements were approved by the Board of Trustees and authorised for issue on 13 December 2023 and were Sied on its behalf by.. Mr J W Walson - Trustee The notes forn] part of these fmancial stalements io
THE WALTER WATSON CHARITABLE TRUST Cash Flow Statement FOR THE YEAR ENDED 29 SEPTEMBER 2023 2919123 2919122 Notes Cash flows from operating activities Cash generated from operations Inlerest paid 154,431 (185) 4,625 (185) Net cash provided by operating activities 154,246 4,440 Cash flows from investing activilies Purchase of investment property Interest received (53,000) 5,181 (95,645) Net cash used in investing activities (47,819) (95,645) Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at the beginning of the reporting period 106,427 (91,205) 596,849 688,054 Cash and eash equivalents at the end of the reporting period 703,276 596,849 The notes fonn part of these fmancial statements
THE WALTER WATSON CHARITABLE TRUST Notes to the Cash Flow Statement FOR THE YEAR ENDED 29 SEPTEMBER 2023 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2919123 2919122 Net incomel(expenditure) for the reporting period (as per the Statement of Financial Aetivities) Adjustments for: Depreciation charges Interest received Interest paid Decrease in debtors Increasel(decrease) in creditors 54,497 (33,126) 4.562 (5,181) 185 61,234 43,696 185 38,684 (5,680) Net Cash provided by operations 154,431 4,625 ANALYSIS OF CHANGES IN NET FUNDS At 3019122 Cash flow At 2919123 Net cash Cash at bank 596,849 106,427 703,276 596,849 106,427 703,276 Total 596,849 106,427 703,276 The notes fomi part of these financial statements 12
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Slatements FOR THE YEAR ENDED 29 SEPTEMBER 2023 ACCOUNTING POLICIES Basis of preparing the flnancial statements The fmancial statements of the charitable trust, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement 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) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act (Northern Ireland) 2008. The fmancial statements have been prepared under the historical cost convention. Critical accounting judgements and key sources of estimation uncertainty Estimates and judgments made in the process of preparing the fmancial statemenls ale continually evaluated and are based on historical experi¢nce and other factors. including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Trust's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustsnent to ¢anying amounts of assets and liabilities within the next fmancial year. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expendire as soon as there is a legal or constrnctive obligation conunitting the charity to that expenditure, it is probable that a transfer of economkc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Investment property Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. Taxation Th¢ charity is exempt from tax on its charilable activities. Fund aeeounting Unrestricted fvnds can be used in accordance with the Charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the fmancial statements. 13 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 29 SEPTEMBER 2023 DONATIONS AND LEGACIES 2919123 2919122 Donations 104,790 11,362 INVESTMENT INCOME 2919123 2919122 Rents received Deposit account interest 557,149 5,181 512,234 562,330 512,234 RAISING FUNDS Raising donations and legacies 2919123 2919122 Insurance Light and heat Depreciation (2,276) (2,770) 4,793 4,562 (2376) 6,585 Investment management costs 2919123 2919122 Property repairs Interest payable and similar charges 4,345 185 3,356 185 4,530 3,541 Aggregate amounts 2,254 10,126 14 continued...
THE WALTER W ATSON CHARITABLE TRUST Notes to the Financial Statements - eontinued FOR THE YEAR ENDED 29 SEPTEMBER 2023 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note Support costs (see note 7) 6) Totals Charitable activity 603,755 6,614 010?69 GRANTS PAYABLE 2919123 2919122 Charitable activity 603,755 505,246 SUPPORT COSTS Governance costs Charitable activity 6,614 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 29 September 2023 nor for the year ended 29 September 2022. Trustees, expenses There were no trustees, expenses paid for the year ended 29 September 2023 nor for the year ended 29 September 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 11,362 Investment income 512,234 Total 523,596 EXPENDITURE ON Raising funds 10,126 Charitable activities Charitable activity 546,596 Total 556,722 NET INCOMEI(EXPENDITURE) (33,126) 15 continued...
THE WALTER WATSON CHAIUTABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 29 SEPTEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - eontinued Unrestricted fund RECONCILIATION OF FUNDS Total funds brought forward 8,185,432 TOTAL FUNDS CARRIED FORWARD 8,152,306 io. INVESTMENT PROPERTY FAIR VALUE At 30 September 2022 Additions 7,560,528 53,000 At 29 September 2023 7,613,528 NET BOOK VALUE At 29 September 2023 7,613,528 At 29 September 2022 7,560,528 Fair value at 29 September 2023 is represented by: Valuation in 2021 Cost 3,573,652 4,039,876 7,613,528 If investment property had not been revalued 2021 would have been included at the following historical cost: 2919123 2919122 Cost 4,039,876 3,986,876 Investment property was valued on an open market basis on 29 September 2021 by Colliers International Valuation UK LLP. 16 ontinued...
THE WALTER WATSON CHARITABLE TRUST Notes to th¢ Financial Statements- continued FOR THE YEAR ENDED 29 SEPTEMBER 2023 ii. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2919123 2919122 Other debtors 61,234 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2919123 2919122 Taxation and social security Other creditors 34,291 75,710 31,428 34,877 iio,ooi 66,305 13. MOVEMENT IN FUNDS Net movement in funds At 3019122 At 2919123 Unrestricted funds General fund 8,152,306 54,497 8,206,803 TOTAL FUNDS 8,152,306 54,497 8,206,803 Net movement in fimds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 667,120 (612,623) 54,497 TOTAL FUNDS 667,120 (612,623) 54,497 Cornparatives for movement in funds Net movement in funds At 3019121 At 2919122 Unrestricted funds General fund 8,185,432 (33,126) ,152,306 TOTAL FUNDS 8,185,432 (33,126) 8,152,306 17 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 29 SEPTEMBER 2023 13. MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follow5: Incoming resources Resources expended Movement In funds Unrestricted funds General fund 523,596 (556,722) (33,126) TOTAL FufqDS 523,596 (556,722) (33,126) A cuent year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 3019121 At 2919123 Unrestricted funds General fvnd 8,185,432 21,371 8,206,803 TOTAL FUNDS 8,185,432 21,371 8,206,803 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resourees Resources expended Movement in funds Unrestrieted funds General fund 1,190,716 (1,169,345) 21,371 TOT AL FUNDS 1,190,716 (1,169,345) 21,371 14. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 29 September 2023. 18
THE WALTER WATSON CHARITABLE TRUST Detailed Statement of Financial Aetivities FOR THE YEAR ENDED 29 SEPTEMBER 2023 2919123 2919122 INCOME AND ENDOWMENTS Donations and legacies Donations 104,790 11,362 Investment income Rents received Deposit account interest 557,149 5,181 512,234 562,330 512,234 Total incoming resources 667,120 523,596 EXPENDITURE Raising donations gnd legaeies Insurance Light and heat Motor vehicles (2,276) (2,770) 4,793 4,562 (2,276) 6,585 Inveslment management costs Property repairs Bank interest 4?45 185 3,356 185 4,530 3,541 Charilable activities Grants to individuals 603,755 505,246 Support cost5 Governance eosts Accountancy and legal fees 6,614 41,350 Total resources expended 612,623 556,722 Iyet incomel(expenditure) 54,497 (33,126) This page does not forni part of ihe statutory financial statements 19