THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 The trustees present their report with the financial statellnts of the ¢haTity for the year ended 29 September 2024. The stees have adopted the prOs10S of Accounting and Reporting by Charities: Statement of Reconunended Pwtice applicable to charities prcpaTiDU their accounts in accordance wtth the Financial Reporting StaDdard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectlves and aims The Trust exists to advance tlie Chtistian religion in any part of the world, and to help in the prevention and Teli¢f of poverty, and the provision of healthcare and literacy. and the relief of those in lleed by reason of youth, age, ill-health, disability OT other disadvantage. The Trust is presently governed by a trust deed dated 29th September 1989. The Trust is established for exclusively charitable purp05cs and is a registered charity witb the Charity Commission for Northern Ireland, NIC103633. Significsnt activities The core activities undertaken by the trnsl are distribution of monies to partnerlng organisations of similar objectives and aims or to missionaries in the field direcL Communication methods can be througlj li*rature or verbal leaching through missionaries. Over the past year we have continued to achieve many good things in ternis of fvlfilling our ¢IMritsble aims. The Trust supports relief organisalions opeTating throughout the world and responds to urgent situations requiring medical and practical aid. The Ttr¢s are satisfied that the distribution of financial grants in 2024 has been in accordance wtth the Trnst's purposes. The Tntee$ are satisfied that the financial position is strong, Administrative expenditure is minimal and as Ihc distribution of financial grants in the year is delernlined by the level of donation received in the same year, the Trust does not need lo hold any significant amount in cash reserves. The trustees have laken instruction on both the Charilies Act 2008. They have considered in particular the obligations imposed under the public benefits test of the Charities Act 2008 and can ¢onfirn) that the charity meets the criteria set down therein. Walter Walson Charitable Trust became registered with The Charity Commission for Northern Ireland on 18 September 2015. Public benetit One of the 12 chariiable 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 Edueati()n. througli discipleship proclaiming thc CJospel.The ultimate beneficiaries are people in the UK and tl)roughout Ilie world as grants are provided to UK registered cl)arities and charities operating in the developing world. Througll the promotion of the Christian Gospel, lives are transfomied and there is a public benefit to society as individuals live in accordance wilh biblical values. We seek lo ensure Il]e financial resources are making a difference by asking for regular feedback from our participants across the various countries. Tliis global partnering with charities enables the advancement of tli¢ Cliristian religion more efficiently and effectively. The benefits earlnot 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 contribulton to the mental health and wellbeing to those beneficiaries, who we reach with God's wor(L
THE WALTER WATSON CHARrrABLE TRUST Report of the Trusteos FOR THE YEAR ENDED 29 SEPTEMBER 2024 ACHIEVEMENT AND PERFORMANCE Achievements In financial tern]s, the TTUStee's key objective is to fLd the advancement of the Christian religion in any part of the world. During the year uThder VIeW. the Tn]st awarded 117 grants totalling £634,000 to organisations recognised for their work and experience in the areas sp¢cifJcd. Beneficiarie5 are assessed and decisions are made based on our understanding of their ability to use grants wisely in fjjlfilling their objectives. aliglled to the Trust's objectives. Restrictions OTh who can benefjt Given the bioad range of organisations that receive grants from the Tn( there are no restrictions on who can ultimately benefit from the TrJst's activities in financially supporting those organtsations wbo are providing seTViCCS and opportunilies for the improvement of all. In relation to the promotion of the Cbristian Gospel, whilst people are invited to embrace the Christian faith, any respoitse is entirely voluntary. Most of the ChTislian orgdnisations supported by the Trust are long established aDd have good reputations in promoting the ChTislian nxssage, without pressure being exerted on anyone to accept it. It is considered that the public benefits outweigh the potential ham Private benefit Most granls are paid direct to registered charities and as such there should be no private benefit. Modest gTanls 10 smaller local charities are considercd incidental. Any private benefit that may arise is considered incidental to the public benefit. FINANCIAL REVIEW Flnanclal posltlon In the year lo 29 Seplernber 2024 the charity had net incoming resources in relation to unrestricted funds of £729.766 with a net outgoing of unrestricted fimds of £673,279 including a net loss on revaluation of invesltnent propety of (£13,926), resulting in a net surplus 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 rcslricted fiinds as at 29 September 2024. Prlnclp21 fundlng sourees The principal fvnding source of the charity during the year was that of rental income. The charity received grants and donations lotalling £118,782 during the year. (2023: £104,790). Investment pollcy and objectives Under the "frust Deed. the charity has the power to invest in any way the ttustees wish, however in foi'mulating an investrnenl policy, the charity has reco8nised that whilst it may have surplus funds to inv¢st, these are likely to be called upon iii the short temi. The policy is to maintain high levels of capitsl security by rninirnising interest rate risk. maximising returns and liquidity and maintaining low transaction costs. Reserves policy The truslees have taken advice from professional advisors in respect of the level of reserves necessary lo n)eet legal and fiscal obligations. In developin£ this policy factors wliich have been taken into account included, funding sowces. tUre needs, opportunitle5, economic conditions, and contingencies. A policy l)as eslablisl)¢d whereby unrestricted funds l)ave been designated to an investment fjjnd wliich will allow The Waltr Watson Cliari&ble Trust to achieve its charitable objectives and provide further development of land and PToperty. Total ndS are £8,263,290 less amount already spent on fixed assets of £11,361,822. These reserves have been designated by th¢ trustees towards the development of land and PTopety and the strategy is to continue lo build reserves not merely to meet the charitys obligations but also to build surpluses which caTh be re-invested in developing fiwLh¢r services.
THE WALTER WATSON CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 FINANCIAL REVIEW Golng concern The Trustees bave reviewed their business plan, forecasts and the level of reserves held by the trust. After rnaking enquiries. the Trustees have a reasonable expectation tbat the tn]st bas adequate resources to continue in operational existence for the foreseeable future. AccoTdingly. they continue to adopt the going concern basis in prepaTing the annual report and financial statements. FUTURE PLANS The Trustees, main objective is to secure the longer-teTrn fmancial viability of the organisation, by deriving a greater reÉurn on its existing eorc activities and investmen STRUCTURE, GOVERNANCE AND MANAGEMENT Governing docurnent Th¢ charity is controlled by its goveming do¢umenL a deed of ttust and constimtes an unincorporated charity. Rtsk mBnagement The trustees have a duty to identify and review the risks to which the charity is exposed and to gllre appropriat¢ controls are in place to provide reasonable assuraoce against fraud ar error. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charlty number 103633 Prlncipal address 135 Ballylough Road Castlewellan Co. Down BT319JQ Trustees Mi. J W Watson Mi R Trimble (deceased 191312024) Mi's S M Watson .DJWatson Mi. D W Barr Auditors M.B.Mc Grady & Co Chartered Accountants Statutory Auditors Raihmore House 52 St Patricks Avenue Downpatriek Co. Down BT30 6DS Solicitors Michael F CuTrdn 29 The Promenade Newcastle BT33 OAA
THE WALTER WATSON cHATABLE TRUST Report of the Trustees FOR THE YEAR ENDED 29 SEPTEMBER 2024 TRUSTEES, RISPoNSlLITy STATEMENT The trnslees are responsible for preparing the Report of the Trustee5 and the finaDcial ststements in accordance with applicable law and United Kingdotn A¢¢ountin- Standards (United Kin-dom Generally Accepted Accounting Practice) includino Financial ReportiDU Stalldd 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 th¢ provisions of the trnst deed requires the trustees to prepare financial statements for each financial year which give a and fair view of the slate of affatTS of the charity and of the incomii)g resources and application of resowces. including the income and expenditur4 of the cbarity for that period. In preparing those financial statements, the trnslees are required to - select suitable accountiDg policies and then apply them cousist¢ntly' - observe the methods and principles in the Charity SORP. - make judgements and estirnates that are rcasonable and prudent. slate whether applicable accounting standards have been followrf subject to any material departures disclosed and explained in the financial statements. - pi'epare the financial statements on the going concern basis Unl it is inappropriate to presunx that the chlty will continue in business. The tnjstees are responsible for keeping proper a¢counting records whtch disclose wtlh reasonable accuracy at any tinie the financial position of the charity and to enable them to ensure that Ihe financial statements comply with the Charities Act (Northern Ireland} 2008, the Charity Commission for Northern Jreland and the provisions of the trust deed. They are also responsible for safeguardTng 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 in]stees on 5 December 2024 and signed on its behalf by: Mr J W Watson - Trustee