THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2023 The trustees 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 aim5 The Trust exists to advance the Christian religion in any part of the world, and to help in the prevention and relief of povety, and the provision of healthcare and literacy. and the relief of those in need by reason of youth, age, ill-health, disability or other disadvantage. The Tt is presently governed by a tntst deed dated 29th September 1989. The Tnt is established foT exclusively charitable purposes and is a registered charity With the Charity Commission for Northem Ireland, NIC103633. Significant activiti The core activities undertaken by the ttvst are distribution of monies to partnering organisations of similar objectives & aims or to missionaries in the field direct. Communication methods can be through literature or verbal teaching through missionaries. Over the past year we have continued 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 fanCIal grants in 2022 has been in accordance with the Trust's purposes. The Trustees are satisfied that the financial position is strong. Administrative expenditure is rninimal and as the distribution of fanCIal grants in the year is determined by the level of donation received in the same year, the Trnst 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 confirm that the charity meets the criteria set down therein. Walter Watson ChaTitable Trust became registered with The Ctwity Commission for Northern Ireland on 18 September 2015, Public benefit One of the 12 charitable 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 the Christian Gospel, lives are transfonned and there is a public benefit to society as individuals live in accordance with biblical values. We seek to ensure the financial resources 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 Christian religion more efficiently & effectively. The benefits caDnot be physically measureLL 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 tern]s, 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 Tecognised for their work and experience in the areas specified. Beneficiaries are assessed and decisions are made based on our understanding of their ability to use grants wisely in fulfilling their objectives, aligned to the Trust's objectives. Restrictions on who can benefit Giv¢n the broad range of organisalions that receive grants from the Trust, there are no restrictions on who can ultimately benefit from the Trust's activities in fllwicially supporting those organisations who are providing services and opportunities for the impmvement of all. Hami In relation to the promotion of the Christtan Gospel, whilst people are invited to embrace the c11stIan 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 outweÈgb tbe potential harni. 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 benefit that may arise is considered incidental to the public benefit. FINANCIAL REVIEW Financial position tn the year to 29 September 2023 the charity had net incoming resources in relation to unrestricted funds of £667,120, with a net outgoing of unrestricted fi]nds 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 September 2022. The charity does not hold restricted funds as 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). Investment poliey and objectives Under the Trust Deed, the charity has the power to invest in any way the trustee5 wish, however in fornlulating an investtllent policy. the charity has recognised that whilst it may have surplus fiulds 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 source5, future needs, opportunitie5, economic conditions. and contingencies. A policy has established whereby unrestricted funds have been designated to an investment fimd which will allow The Walter Watson Charitable Trust to achieve its charitable objectives and provide 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 assets of £7,613,528). These re5erve5 have been designated by the trustees towards the development of land and property and the strategy is to continue to build reserve5 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 Teviewed their business plan, forecasts and the level of reserves held by the trust. After making enquiries, the Trustees have a reasonable expectation that the trust has adequate resources to continue In operationa existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annua report and fmancial statements. FUTURE PLANS The Trustees, main objective is to secure the longer-terni fmancial viability of the organisation, by deriving a greater return on its existing core activities & investments. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated charity. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and em)r. 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 Mrs S M Watson Mr D J Watson mrDWBT Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patricks Avenue Downpatrick Co. Down BT30 6DS Solicitors Mkchael F CutTan 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 NortheTn Ireland is the Charities Act (Northern Ireland) 2008 and the provisions of the trust deed requires the trustees to prepare fllwcial statements for each fmancial Ye which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those fllmncial statements, the trustees are required to select suitable accounting policies and then apply them consistently. - observe the methods and principles in the Charity SOIiP; - make judgement5 and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fmancial statements. prepare the fanCIal 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 posltion of the cbarity and to enable them to ensure that the fmancial statements comply with the Charities Act (Northern Ireland) 2008, the Charity Commission 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 other irregularities. Approved by order of the board of trustees on 13 December 2023 and signed on its behalf by: Mr J W Watson - Trustee