REGISTERED CHARITY NUMBER: 103633 Report of the Trustees &nd Financial Statements FOR THE YEAR ENDED 29 September 2024 for THE WALTER WATSON CHARITABLE TRUST M.B.Mc Grady & Co Chartered Accountants Statutory Audttors Rathmore House 52 St Patricks Avenue Downpatrick Co. DOWD BT30 6DS
THE WALTER WATSON CHARITABLE TRUST Contents of the Financial Statements FOR THE YEAR ENDED 29 SEPTEMBER 2024 Page Report of the Trustees I to 4 Report of the Independent Auditors 5 to 8 SÉ2t¢ment of Fin#nci21 Activities Balanee Sheet io Cash Floiv Statement Notes to the Cash Flow Statenkent 12 Notes to the Flnandal Statements 13 to 19 Detailed SÉatement of Financial Actlvltles 20
THE WALTER WATSON CHAIUTABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 The trustees Present their Teport with the financial staternents of the chaTÈty for the year ended 29 Sepletnber 2024. 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 ACTKVITIES Objectives and aims The Tnjst exists to advance the Christian religion in any part of the Worl and to help in the prevention and relief of poverty, and the provision of healthcare and literncy, T the relief of those in need by reason of youth, age, ill_health, disability or other disadvantage. The Trust is presentIy governed by a trust deed dated 29th September 1989. The TDJSt is established for exclusively ¢haTittble purpose5 and is a registered charity with the ChaTity ComEnission for Northern Ireland, NIC103633. Significant activities The core activities undertaken by the trust are distribution of monies to partnering organisations of similar objectives and aims or to missionaries in the field direct. Cornmullication methods c2n be througb literattre or verbal teaching through missionaries. Over the past year we have continued to achieve many good things in tern]s of lfilling our charithble aims. The TnL8t supports retief organisations operating throughout the world and responds to urgent situations r¢quiTiDg medical and practical aid. The Trust$ are satisfied that the distribution of fll]ancial grants in 2024 has been in accordance with the Tnjsvs PUTposes. The Trustees are satisfied that the financial position is strong. Administrative expendimre is minimal 2nd as the distriblltion of financial grants in the year is detemitned by the level of donation received in the same year, the Trust does not need to hold any significant amount in cash T¢5eryes. The trustees have taken instruction on both the chltieS Act 2(M)8. They have considered in particular the obligattons imposed under the publi¢ benefits test of the Charities Act 2008 and can confErni that the charity meets the critsria set down therein. Walter Walson Charitable TrLst became registered with The Charity Commission for Northern Ireland on 18 September 2015. Public benefit One of the 12 charitable purposes in the Charities Act (Northern Treland) 2008 is the advancement of lIgIon for the public benefit.The public benefit that flows from our purpose is Christ-centered Bible based Education. throu21) discipleship proclairning the Gospel.The ultimate beneficiaries are people in the UK and throughout the world grants are provided to UK registered charities and charities operating in the developing world. Through the promotion of the Cliristian Gospel, lives are transfornied and there 15 a public benefit to society as individuals live in accordan¢e with biblieal values. We seek to ensure the financial resources are making a difference by asking for regular feedback from our participants acro55 t]ie various countries. Thi5 global partnering with charities enables the advan¢ern¢nl of the Christian religion more efficiently and effectively. The benefits cannot be physically measT]red, but can be demonstrated throlluh a greater llnderstanding of the Christian religion. and thus a sense of hope in life. improved beh&viour and contribution the mental health and wellbeing to d105e beneficiaries. who we reach with God's word.
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 ACHIEVEMENT AND PERFOIiTrLINCE Achievements In fmanclal terms. the Tntee'S key objective is to fimd the adwJncement of the C]]ristian religion in any part of the world. During the year under review. the Trnst awaTded 117 grants totalling £634.000 to oroanisations recolSed for their work and ¢xperi¢nce in the areas specified. Beneficiaries are assessed and decisions are made based on our understanding of their ability to use gtaDts wi5¢1y in fulfilling their objectiv¢s, aligned to the Trust's objectives. Restrictions on WI can benefit Given the broad range of organisations that receive grants from the Tn]sL there are no restrictions on who can ultinjately benefiE from the Trust's activities in financially supporting tIse organisations who are providin¢r services and opportuoities for the improvetnent of all. In relation to the promotion of the Christian Gospel, whilst people are invited to embrace the ChrÉstian faith, any iespollse is entirely voluntary. Most of the Cbristian organisations supported by the Tnst are long established and have good reputations in promoting the Christian message, without pres5UTe beinu exerted on anyone to accept it. It is considered that the public benefits outweigh the potential harnL Private benefit Most grants are pald 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 In the year to 29 September 2024 the charity had Det incoD]ing iesoutces in telation to UDrestriGted fimds of £729,766 wÉth a net outgoing of unrestricted funds of £673.279 including a net loss on revaluation of investment property of (£13.926). resulting in a net SUTplus movement of £56.487 for the year.This is compared to a surplus of £54.497 in the year ended 29 September 2023. The charity does not hold restricted funds as at 29 September 2024. Principal funding sources The principal funding source of the charity during the year was that of rentrdl income. The charity received grants and donations tolalling £118,782 during the year. (2023: £104.790). Investment policy and obJeeÉlves Under the Trust Deed. the charity has ihe power to invest in any way the IteeS wlsh. however tn fonnulating an investment policy, the charity has recognised that u,hilst it rnay have sllrplus fidS to invesL these are likely to be called upoii in the short terni. Tlie policy 15 to maintain high levels of capital security by minimising interest rate risk. maximising returns and liquidity and maintaining low transaction costs. Reserves policy The trnslees have taken adviee 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, ndIng s0CeS, future needs, opportunities. economic conditiotLS, and conlingencie5. A policy has ¢sÉabli51ied whereby unreslric¢ed funds have been designated to an investment fund which will allow The Walter Watson Charitable Trust to acliieve its charitable objectives and provide fi]rther deVelOpnt of latKI and property. Total funds are £8,263,290 less amount already spent on fixed assets of £l1.361.822. These reserves have been designated by the tnjstees towards the development of land and property and the strategy is to continue to build reserves not merely to meet the cliarttys obligations but also to build Surpluses which can be re-invesled in developing further services.
THE WALTER WATSON CHAIUTABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 FINIlNCL4L REVIEW Going concern The Trustees bave reviewed their busine&8 plan, forecasts and the level of reSenS held by the kn]st After making enquiries, thc Trust¢¢s Iiave & reasonable expeclation that the trust bas adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt thc goillg concern basis in preparing the annual r¢port and fllJan¢ial statements. FUTURE PLANS The Trnstees, main objective is to secure the lonaer_term f]DaKial viability of the Organisatio by derivinG a tTreater return on its existing core activities and investments. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chaTity is Controlled by its governing docutDenL a deed of ttvst and COtitUteS an unincorpornted charity. Rfisk nJan2oement The trustees have a duty to identify and review the risks to wbich the charity is exposed and to ensure appmpriate controls are In place to provide reasoDable assurance agaiost fraud and eOr. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 103633 Princip212ddress 135 Ballylough Road Castlewellall Co. Dow BT3 I9JQ Trustees Mr I W Watsoa Mr R Trinthle (deceased l913r2024) Mrs S M Watson Mr D J Watson MrDWBarr Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Rathmore House 52 St Patrick5 Avenue Downpatrick Co. Down BT30 6DS Solicitors Michael F CuTfdn 29 The Promenade Newcastle BT33 OAA
THE WALTER WATSON CHARtTABLE TRUST Report ol the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 TRUSTE£SW RESPONSIBILITY STATEMEINT The lrnstees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom AccountintT Stsndards (United Kinlrdom Genera]ly Accepted Accounting Practice) including FiTWLcial Reporting Standard 102 "The Flnancial Reporting Standard applicable in the UK and Republic of Ireland" The law app]icable to cbarities in Northern Ireland is the Clwities Act (Northern Ireland) 2008 and tbe provisions of the trust deed reqlliTes the trustees to prepare financial staternents for each fiDancial year which give a true and faiT view of the state of affairs of the chaTity alld of the incoming resources and application of resources. including the income and expenditure, of the charity for that period. In prep2rAnts those financial statements. the tnleeS are required to - s¢lcct suitable accounting policies and then apply th¢m wnsi5t¢Dtiy, - observe the methods and priThciples in the Cllarity SORP,. - make judgements and esliniales tbal are reasonable and prudenL - state whether applicable accowiting standards have been followed. subject to any material departures disclosed and expl&ined in the financiat statements: - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will ntinue in business. The trustees are r&sponsibl¢ for keeping proper accounting records which disclose with reasonable aecuracy at any linie the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act (Norihern 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 prevenlion and detection of fraud aThd other irregulariti&s. Approved by order of the board of tnjstees on 5 December 2024 and signed on its behalf by: Mr J W Watson- TTUStee
Report of the Independent Auditors to the Trustees of The Walter Wxtson Charitable Trust Opinion We have audited the financial staten]ents of The Walter Watson Clwitsble Tn]st (the 'charity) for the year ended 29 September 2024 which cornprise the Statement of Financial Activities, the Balance Shee( the Cash Flow Statement and notes to the financial statemellts, including a sumtnary of significant accoullting policies, The finallcial reportiThg framework that has been applied An their pparatiOn is applicable law atKI UniÉed Kingdom Accounting Stalldards (United Kingdom Generally Accepted Accounting Practice), including FiDancial Reportinu Standard 102 The Financial Reporting St2nd2Td 2pplieable in the UK and Republic of Ireland. In our opinion the financial statements: give a true and faiT view of the stste of the charitys affairs at 29 September 2024 and of its incoming resources and application of resources, for the year then ended. bave been properly prepared in a¢cordaDce with United Kingdom GeTherdlly Accepted Accounting Practice, including Financial Reporting StandaTd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland have been prepared in accordance with the Tequiremenls of Basis for opinioD We conducted our audit in accordance with International Standards OD Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are firtheT descrtbed in the Auditors, Tesponsibilities for the audit of the financial statements section of our report. We are independent of the tharity in accordance with the ethical requirenients that are relevant to our audit of the financial statements in the UL including the FRC'S Ethical Standard, and we have Ifilled our other ethical responsibilities in a¢Tdance with these requirements. We believe that the audit evidence we have obtained i5 sufficient and appropriate to provide a basis for our opinion. Material uneertalnty relating to going concern In auditing the financial ststements. we have concluded thal the truste&%' use of the goino concern basis of accounting in the preparation of the financial stafrments is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions tbat. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the respotisibilities of the trustees with respect to going concern are described in the relevant sections of this reporL Other information The trustees are responsible for the other inforniation. The other infonnation comprises the infomiation included in the Annual Report, other than the financial staiements and our Report of the Independent Auditors thereon. Our opinion on the financial statements doe5 not cover the other inforniation and. except to the extent otlierwise explicitly stated in our report, we do not expr any fomi of assurance conclusion thereon. In connection with our audit of the financial Staternen our Tesponsibility is to read the other information and, in doing so, consider i¥hether the other infommtion is materially inconsistent wi) the financial slatemeThts or our knowledge obtained in Ilie audit or othetWi5e appears to be materially MISSta(L If we identsfy such material inconsistenci¢5 or apparent material misstatements, we are required to detemiine wliether this gives rise to a material misstatement in tlie financial statements thenLselves. If. based on the work we have performed. we conclude that there is a Material misstatement of this other infomjation. we are required to report that facL We have nodiing to report in this regard. Matters on whieh we are required to report by exception We have nothiELg to report in respect of the following matters where the Charities Commission for Nortliern Treland requires Ds to Teport to you if. in our opinion: - tlie infomwiion given in the Report of the Trustees is inconsistent in any matrial respect with the financial statements. or sufficient accounting records have not been kept- or - the financial statements are not in agreen]ent with the accountTng records and returns. or - we have not received all the infonnation and explanations we require for our audit.
Report of the Independent Auditor5 to the Trustees of The Walter Watson Charitable Trnst Responslbllities of trustees As explained more fully in the Tnees, RLspoDsibilities Statemenl the trustees are responsible for the prepardtion of Ibe financial statements which give a ttue and fair view. and for such internal control as the trustees detern]ine is necessary to enable the preparation of financial statements that are fTee from material misststenKn¢ whether due to fraud or error. In prepin- the fjnancial statements, the trustees are responsible for assessing the charity's ability to continue as a going Conce disclosing, as applicable, ntter$ lated to goillg coDc¢tn aud usillts the going concern basis of accounting unless the trustee5 either intend to liquidate the clwity 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 and report in accordance with the Act and relevant regulations n)ade or having effect theTeutkder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from tllaterial misststemeTht, wheth¢T due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable aSSUTance is a high level of assurance. but is not a guarantee that all audit conducted in accordance with ISAS (UK) wilL always detect a material misstatement when it exAsts. Misstatements can arise from fraud OT error and are considered material i( individually or in the aggregate. they could ronablY be expected to infiuence the economic decisions of users taken on the basis of these financial statements. The extent to whith our procedures are capable of detecting irregularities. including fraud is detailed below: Our approach to identsfying and assessing the risk% of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations. was &8 follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skÉlls to identify OT reCOlse non-cornpliance widl applicable laws and regulations; we identified the laws and regulations applicable to the chartty through discussions with directors and other mana(remenL and frorn our cornnrcIal knowledge and experience of the computer component manufacturing and supply sector. we focused on specifi¢ laws and regulations which we considered rnay have a direct material effect on the financial statements or the operations of the charity, including Charities Act (Northern Ireland) 2008, taxation legislation and data protection, anti-bribery, employmenL environmental and health and safety legislation" we assessed the extent of compliance with the laws and regulation5 identified above through making enquiries of management and inspecting legal correspondence" ar identified laws atld reEulations were communicated within the audit team Tegularly and the team remained alert to instances of non-compliance throughout the audiL We assessed the susceptibility of the charitys financial statements to material mi&8tatement, including obtaining an understanding of how fraud might occur. by: making enquiries of maFJagement as to where they considered there was susceptibility to frdud, their knowledge of actual, suspected and alleged fraud; and - considering tlie internal controls in place to mitigate risks of fraud and nonThcompliance with laws and regulations. To address the risk of fraud through management bias and override of controls. we: - perfornied analytical procedures to identify any unusual or unexpected relationships. - tested journal entries to identify unusual transactions" - assessed whether judgetnents and uMptiOnS made in detemiining the accounting estimates set out in the notes were indicative of potential bias. and - investigated the rationale behind significant or unusu21 traaCtiOnS. In response to the risk of irregularities and non-compliance witli laws and regulations we designed procedures whicli Include but were not limited io= - agreeing financial statement disclosures to underlying supporting documentation. - reading tlie tninutes of JneetiThgs of those charged widi governance" enquirirkg of nianagemeTht as to actual and potential litigation and claims- and - reviewirkg correspondence witli HMRC. TIle are inherent limitations Tn our audil procedures described above. The more removed that laws aTJd regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Audiling standards also limit the audit procedures required to identify nonMplIance with laws and regulations to enquiry of the directors and otber managemenÈ and the inspection of regulatory and legal corresp)ndence, if any.
Report (bf the Independent Auditors to the Trustees of The Walter Watson Charit2ble Trust Material misstatements that arise due to fraud Can be harder to detect than those that arise from aror as they may involve deliberate concealment or collusion. A fjjrther description of our Tesponsibilities for the audit of the financial stafrments is located on the Financial RepoTlincr Council's website at www.frc.org.uklauditorsresponsibilitie& Tbis description forn part of our Report of tILe Independent Auditors. Use of our report This report is made solely to the charitys trustees. as a body. in accordance with Our audit work has been undertaken so that we might state to the chlty'S ÉrusÉ¢¢s tIse n]att¢rs we aT¢ required Éo state to the in an auditors, report and for no other purpose. To the fullest extellt pennitted by law. we do not accept or aSSUn responsibility to anyone other ti]an the charity and the charity's tnteeS as a body, for our audit worL for this repor¢ or for the opinions we have fornd. M.B.Mc Grady Chartered Ac Statutory Aud Rathmore se 52StPa cks Avenue Downpatrick Co. Down BT30 6DS unl Is 5 December 2024
THE WALTER WATSON CHAIUTABLE TRUST StAtement of Fln2n¢i21 Activities FOR THE YEAR ENDED 29 SEPTEMBER 2024 2919124 Unrestrlcted fund 2919123 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 118,78Z 104,790 Jnvestment income 610,984 562,330 Tot21 729,766 667,120 EXPENDITURE ON Raising funds 22,253 2.254 Charitable activities Charitable &ctivity 637,100 610,369 Total 659JS3 612,623 Net gainsl(losses) on investments (13,926) NETTNCOME 56,487 54,497 RECONCILIATION OF FUIYDS To1 funds brought forward &206,803 8.152J06 TOTAL FUNDS CARRIED FORWARD 8.263,290 8,206,803 The notes fonn part of these financial ststements
THE WALTER WATSONI CHARITABLE TRU Balance Sheet 29 SEPTEMBER 2024 2919124 Unrestrieted fund 2919123 Tot81 funds Notes FIXED ASSETS Inveslment property 10 11,361,822 7,613,528 CURJIENT ASSETS Debtors Cash at bank 45J99 737,872 703276 783,271 703,276 CREDrroRS Amounts falling due within one year 12 {631,803) (i 10,001) NET CURRENT ASSETS ISl,468 593,275 TOTAL ASSETS LESS CURRENT LL4BILTTIES 11,513,290 8,206,803 CREDrroRS Amounts falling due after more than one y[ 13 (3,250,000) NET ASSETS 8263,290 8,206,803 14 Unrestricted funds 8,263,290 8,206,803 TOTAL FUNDS 8,263,290 8,206,803 The financi&l statements were approved by the Board of TnLStee5 and authorised for issue on 5 December 2024 and were signed on its behalf by.. Mr J W Watson - Trustee The notes fomi part of these financial statements 10
THE WALTER WATSON CHARITABLE TRUST Cash Flow Statement FOR THE YEAR ENDED 29 SEPTEMBER 2024 2919124 2919123 Notes Cash flows from operating activities Cash generated frotn operations Interest paid 3,794,441 (20.662) 154.431 (185) Net cash Provided by operating activities 3.773,779 154.246 Cash flows from Rnvestino 2etivities Purcliase of investment property IJ]lerest received (3.762,220) 23,037 (53,000) 5,181 Net cash used in investin2 activities {3.739,183) (47,819) Chantse fin cash and cash equivalents in the reporting period Cash and eash equivalents at the beginning of the reporting period 34596 106,427 703,276 596,849 Cash and cash equivalents at the end of the reporting period 737,872 703.276 The notes form part of these financial statements
THE WALTER WATSON CHARtTABLE TRUST Notes to the Cash Flow Statement FOR THE YEAR ENDED 29 SEPTEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2919124 2919123 Net income for the reporrfng period (8s per the Statement of Financial Activities) Adjustments for: Losses on investments Intciest received Inteiest paid (Increaseydecrease in debtors InGrease in Creditors 56,487 54,497 13,926 {23,037) 20,662 (45.399) 3,771,802 (5,181) 185 61,234 43,696 Net cash provided by operations 3,794,441 154,431 ANALYSIS OF CHANGLS IN NET FUNDS At 3019123 Cash floiv At 2919124 Net cash Cash at bank 703,276 34,596 737,872 703.276 34596 737,872 Total 703.276 34,596 737,872 The notes fonn part ofthese fjnancial statements 12
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements FOR THE YEAR EIYDED 29 SEPTEMBER 2024 ACCOUNTING POIJCIES Basis of prepArlng the fmancial statements The financial Statennts of the charilable tn( which is a public benefit entity under FRS 102, have b¢en prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recoll]tlleDded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standatd applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. FinanciaE Reporting Standard 102 The Financial Reporting SÉatLdard applicable in th¢ UK aud RepublTc of Ireland, and the Charities A¢t INorth¢m Ireland) 2008. The fllw)cial statements have been prepared undeF tb¢ historical cost Convention. Critical accounting judgements and key sour8 of estimatlon uncert25nty Estimates alld judgments made in the process of preparing the financial statements are continually evaluated and are based on historical exp¢rieuce and other factors, including expectations of future events that are believed to be reasonabl¢ UDd¢r the circumstances. The Truste&s do llot collsid¢r that there are any critical judgments made in applying the Trusvs accounting poIicies or that there are any Critical accounting estimat&8 or assumptions which nY bave a significant risk of causing a material adjustment to caTryiDg anlounts of assets and liabilities wÈthin the next financial year. Income All income is recognised in the Statement of Financial Activities once the chlty has entitlement to the fimds. it is probable that the income will be received and the allLQUnt can be measured Teliably. Eipendfithre Liabilities are recogntsed as expenditllre as soon as there is a legal or coJ)structive obligation committing the clwity to that penditure, it is probable that & tronsfer of economic benefits will be required in settlernent and the arnouot of the obligation call be m¢asured reliably. ExpenditEwe is accounted for on an accruals basis and has been classified under headill that aggregate all cost related to the category. Where costs caunot be dirtlY attributed to partieu12r 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 dale are noted as a commitment but not aecmed as expenditure. Investment property Investment property is shown at the most recent valuation prepared by Colliers International Property Consultants Limited on 06 November 2024. Any &ggreg&te surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. T2xation The charity is exempt from tax on its charitable activitie& Fund accounting Unrestrtcted ndS can be used in accordance with the charitable objectives at the discretion of the ttustees. Restricted funds can only be used for partscular restricted purposes within the objects of the charity. RestrÉctions arise when specified by the donor or when ndS &re raised for particular restricted purposes. Further explanation of the nature and purpose of each nd is included in the notes to the financial statetnenls. 13 continued...
THE WALTER WATSON CHARITABLE TRusr Notes to the Financi21 Statement$- continued FOR THE YEAR ENDED 29 SEPTEMBER 2024 DONATIONS AND LEGACIES 2919124 2919123 Donations 118,782 I04,790 INVESTMENT llYCOME 2919124 2919123 Rents received Deposit account interest 587,947 23,037 557,149 5.181 610,984 562,330 RAISING FUNDS Raising donations and legacies 2919124 2919123 Insurance Light and heat Support costs (4,092} (3) 4,210 (2,276) 115 (2,276) Investment management Costs 2919124 2919123 Property repairs Interest payable and simtlar cliartses 1,476 20,662 4,345 185 22,138 4.530 Aggregate amounts 22,253 2,254 14 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the FiDan¢iAI Statements- eontlnued FOR THE YEAR ENDED 29 SEPTEMBER 2024 CHARITABLE ACTIVITIFS COSTS Grant funding of activities (see note Support costs (see note D 6) Tot2ls ChaTitable activity 634,000 3,100 637,100 GRANTS PAYABLE 2919124 2919n3 Charitable activity 634,000 603,755 SiTrPORT COSTS Governance costs Raising donations and legacie5 Charitable activity 4,210 3,100 7,310 TRUSTEES, REMUNERATION AND BENEFrrs There were no tntees, remuneration or other benefits for the year ended 29 September 2024 nor for the year ended 29 September 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 29 September 2024 nor for the year ended 29 September2023. COlPARATIVEs FOR THE STATEMENf OF FINANCIAL ACTIVITIES Unrestricted fund JNCOME AND ENDOWMEl4rfs FROM Donations and leg2cies 104.790 Investtyjent income 562,330 Tot21 667,120 EXPENDITURE ON Raising fiTnds 2,254 Charitable activities Charitsble activity 610,369 Total 612.623 15 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial StatenJents- continued FOR TBE YEAR ENDED 29 SEPTEMBER 2024 cOmPARATs FOR THE STATEMENT OF FINANCIAL ACfflryTIES . continued Unrestrlcted fund NET JNCOME 54.497 RECONCtLIATION OF FUIIDS Total fidS brought forward 8,152,306 TOTAL FUNDS CARRIED FORWAIiD 8,206,803 io. DtV£STMENf PROPERTY FAIR VALUE At 30 Septsmber 2023 Additions Revaluation 7,613,528 3,762,220 (13,926) At 29 septenth 2024 11,361,822 NET BOOK VALUE At 29 September 2024 11?61,822 At 29 September 2023 7,613,528 Fair value at 29 September 2024 is representrd b Valuation in 2021 Valuation ill 2024 Cost 3,573,652 (13,926) 7,802,096 11,361,822 If investnjent Property had not been revalued 2024 would have been included at the following historical ¢ost 2919124 2919123 Cost 11375,748 4,039,876 Investjllent propety was valued on an open market basis on 6 Novejnber 2024 by Colliers Jnteniational Valuatiou UK LLP. 16 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements- eontinued FOR THE YEAR ENDED 29 SEPTEMBER 2024 ii. DEBTORS: AMOUNTS FALLING DUE THIN ONE YEAR 2919124 2919123 Other debtOTS Prepayments and aecrned income 42,177 3.222 45J99 12. CREDITORS: AMOiiNTS FALLING DUE wrrEllN ONE YL4R 2919124 2919123 Taxation and social security Other creditors 40,719 591,084 34,291 75,710 631,803 i io,ooi 13. CREDITORS: AMOUNTS FALLING DUE AVIER MORE THAN ONE YEAR 2919124 293 Other creditors 3,250,000 14. MOVEMENT IN FtTNDS Net movement in fuDd5 At 3019123 At 2919124 Unrestricted funds General nd &206,803 56,487 8,263.290 TOTAL FUNDS 8,206,803 56,487 8,263,290 Net movement in funds. included in the above are as folloms: Incoming resources Resources Gains and losses Movement in funds Unrestricted funds General fund 729,766 (659J53) (13,926) 56.487 TOTAL FUNDS 729,766 (659J53) (13,926) 56,487 17 continued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 29 SEPTEMBER 2024 14. MOVEMENT IN FUNDS- contfinued Comp2r2tives for M0vent in lllnds Net movement in fund5 At 3019122 At 2919123 Unrestricted funds General fiind 8,152,306 54,497 8,206,803 TOTAL FUNDS 8,152,306 54,497 8,206,803 Comparative net movement in funds, included in the alK)ve are as follows: Resources expended Movement in funds resources Unrestricted funds General fid 667.120 (612.623) 54.497 TOTAL FUNDS 667,120 (612,623) 54,497 A curreTht year 12 llnths and prior year 12 months combined position is as follows: Net movement in funds At 3019122 At 2919n4 Unrestricted funds General fund 8.152J06 110.984 8,263.290 TOTAL FUNDS S,152,306 110,984 8,263,290 A current yeaT 12 rnontbs and Prior year 12 months combined net movement in fill]ds, included in the above are as follows: Incoming resourc Resources espended Ggins gnd losses Movement in funds Unrestricted fund5 General fund lJ96,886 (1,271.976) (13.926) 110,984 TOTAL FUNDS 1.396.886 (1.271.976) (13.9261 110.984 18 contsnued...
THE WALTER WATSON CHARITABLE TRUST Notes to the Financial Statements - continued FOR THE YEAR ENDED 29 SEPTEMBER 2024 15. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 29 September 2024. 19