The Watson Foundation Annual Financial Statement and Trustees’ Report Year Ended 31 March 2025
The Watson Foundation
Annual Financial Statement and Trustees’ Report
Year Ended 31 March 2025
Registered Charity Number: 1144242
1
The Watson Foundation Annual Financial Statement and Trustees’ Report Year Ended 31 March 2025
Table of Contents
| Table of contents | 1 |
|---|---|
| Charity Information | 2 |
| Trustees’ Annual Report | 3-4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Notes to the financial statements | 8-10 |
1
The Watson Foundation Charity Information
| Registered Charity Number: | 1144242 |
|---|---|
| Legal form: | Charitable trust |
| Trustees: | Lucinda Watson |
| Victoria Watson | |
| Ian Watson (chair) | |
| Independent Examiner: | 1g Accountants |
| Churchill House | |
| 137-139 Brent Street | |
| London | |
| NW4 4DJ | |
| Principal Address: | 27 St Leonard’s Terrace |
| London | |
| SW3 4QG |
2
The Watson Foundation Trustees’ Annual Report
The trustees of The Watson Foundation (‘the Charity’) present their annual report and financial statements for the year ending 31 March 2025.
Constitution and objectives
The Charity is a charitable trust registered with the Charity Commission on under registration number 1144242 It is governed by its deed of trust dated 12 October 2011.
Under that constitution, the Charity’s objectives are such exclusively charitable objects and purposes in any part of the world for the benefit of all persons as the Trustees may in their discretion think fit.
Trustees
The following trustees served throughout the financial year and to date:
Lucinda Watson Victoria Watson Ian Watson
Appointment of Trustees is governed by the trust deed of the Chairty. The Board of Trustees is authorised to appoint new Trustees to fill vacancies arising from resignation or death of an existing Trustee. Trustees are provided with an induction upon assuming their role. Trustees act as directors for the purposes of company law.
Achievements and performance and public benefit
During the year, the Charity disbursed 9 grants to organisations totalling £75,335 in support of the performing arts; 1 grant of £5,000 to an organisation in support of humanitarian aid; 1 grant of £19,000 to an individual to support scientific research; and 3 grants to organisations totalling £19,422 in support of education.
The trustees have had regard to charity commission guidance on public benefit in the activities of the Charity and in particular in making grant decisions.
Future Plans
The trustees intend to continue grant making activities on a similar scale to activities reported in these financial statements.
3
The Watson Foundation Trustees’ Annual Report (continued)
Financial Review
During the year income was £76,421 (2024: £75), expenditure was £119,285 (2024: £26,204), and the resulting surplus was £55,816 (2024: £26,129 deficit). The accumulated funds on 31 March 2025 were £16,392 (2024: £1,010).
Reserves policy
As the Charity makes grants on a discretionary basis, the Trustees have set a fixed reserves target of £1,000, which it met in the current and prior year.
Statement Of Trustees Responsibilities
The trustees acknowledge their responsibility for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources for that year. In preparing the financial statements, the trustees are required to
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the applicable Charity SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial 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 financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, applicable Regulations, and the provisions of the constitution. 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 the trustees on 20 November 2025 and signed on their behalf by
Victoria Watson
Trustee
4
The Watson Foundation Independent Examiner’s Report to the Trustees
Year Ending 31 March 2025
I report to the Charity trustees on my examination of the accounts of the Charity for the year ended 31 March 2025.
Responsibilities and basis of report
As the Charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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Accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts do not accord with the records; or
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the accounts do not comply with the relevant accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached
1g Accountants
Shaya Grosskopf FCA 1g Accountants Chartered Accountants Churchill House, 137-139 Brent Street London NW4 4DJ
21 November 2025
5
The Watson Foundation Statement of Financial Activities
For the Year Ending 31 March 2025
| Note Income Donations, legacies and grants 2 Investment income Total income 2 Expenditure Expenditure on charitable activities 3 Governance costs 3 Total expenditure 3 Net income / (deficit) and net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forwards |
Unrestricted Funds 2025 £ 176,250 171 176,421 119,285 1,320 120,605 55,816 1,010 56,826 |
Restricted Funds 2025 £ - - - - - - - - - |
Restricted Funds 2025 £ - - - - - - - - - |
Total Funds 2025 £ 176,250 171 176,421 119,285 1,320 120,605 55,816 1,010 56,826 |
Total Funds 2024 £ - 75 |
|||
|---|---|---|---|---|---|---|---|---|
| 75 26,204 - |
||||||||
| 26,204 | ||||||||
| (26,129) | ||||||||
| 27,139 | ||||||||
| 1,010 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
6
The Watson Foundation Notes to the Financial Statements
Year ending 31 March 2025 (continued)
| Note | Total Funds | Total Funds | |
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Current Assets | |||
| Cash at bank | 6,461 | 1,010 | |
| Debtors | 4 | 51,685 | - |
| Total Current Assets | 58,146 | 1,010 | |
| Liabilities | |||
| Creditors falling due within one year | 5 | (1,320) | - |
| Net current assets | 56,826 | 1,010 | |
| Total assets less current liabilities | 56,826 | 1,010 | |
| Net assets | 56,826 | 1,010 | |
| Charity funds | |||
| Unrestricted funds | 56,826 | 1,010 | |
| Restricted funds | - | - | |
| Total funds carried forwards | 56,826 | 1,010 |
For the year ended 31 March 2025 the company was exempt from audit under section 144 of the Charities Act 20211
The notes at pages 8 to 10 form part of these accounts.
Approved by the trustees on 20 November 2025 and signed on their behalf by:
Victoria Watson Trustee
9
The Watson Foundation Notes to the Financial Statements
Year ending 31 March 2025 (continued)
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The legal form and address of the Charity are presented in the charity information on page 2.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value. Financial amounts are presented to the nearest £ which is the functional and presentation currency of the Charity. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Charity constitutes a public benefit entity as defined by FRS 102.
The Charity qualifies for and has taken advantage of the exemption for smaller entities from preparing a cashflow statement.
(b) Income
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received, and the amount can be measured reliably.
(c) Expenses
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (1e) below.
(d) Taxes
The Charity is exempt from income taxes by virtue of its charitable purpose.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Gift aid recoverable on donations made by individuals is included under the donations heading.
(e) Allocation of costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.
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The Watson Foundation Notes to the Financial Statements
Year ending 31 March 2025 (continued)
Other support costs include other administrative expenses associated with the operation of the Charity are allocated between charitable and governance costs. Bank charges are wholly allocated to the cost of charitable activities.
(f) Going Concern
The trustees have elected to prepare the financial statements on the going concern basis on the basis of its accumulated unrestricted surplus fund.
2. Income
| Donations Total donations, legacies, and grants Bank interest Total Investment income Total income |
Unrestricted Funds 2025 176,250 176,250 171 171 176,721 |
Restricted Funds 2025 - - - - - |
Restricted Funds 2025 - - - - - |
Total Funds 2025 176,250 176,250 171 171 176,721 |
Total Funds 2024 - |
Total Funds 2024 - |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| - | ||||||||||
| 75 | ||||||||||
| 75 | ||||||||||
| 75 |
3. Expenditure
| Costs of charitable activities Grants paid Bank charges (allocated support costs) Total costs of charitable events Governance costs Independent examination fees Total governance costs Total expenses |
Unrestricted Funds 2025 118,757 528 119,285 1,320 1,320 120,65 |
Restricted Funds 2025 - - - - - - |
Restricted Funds 2025 - - - - - - |
Total Funds 2025 118,757 528 119,285 1,320 1,320 120,605 |
Total Funds 2024 25,700 504 |
|||
|---|---|---|---|---|---|---|---|---|
| 26,204 - |
||||||||
| - | ||||||||
| 26,204 |
9
The Watson Foundation Notes to the Financial Statements Year ending 31 March 2025 (continued)
4. Debtors
| 4. Debtors | ||||
|---|---|---|---|---|
| 5. Creditors due in less than one year Other debtors Accrued expenses |
2025 51,685 51,685 2025 1,320 1,320 |
2024 - |
||
| - | ||||
| 2024 - |
||||
| - |
6. Transactions with trustees and related party transactions
No trustee drew remuneration, expenses or obtained any benefits from the charity.
The trustees or those connected to them made donations of £165,000 during the financial year (2023: nil).
Included in other Debtors is an amount of £40,435 (2024: nil) owed from Commonweal Foundation , a US charity connected by virtue of senior management personnel connected to the Trustees. The balance attracts interest at 5% annually, is denominated in US dollars, and repayable upon demand.
6. Independent Examiner’s Fees
The independent examiner was paid £1,320 (2023: nil) in relation to the preparation and examination of the financial statements and gift aid services.
10
Issuer
1g Accountants
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The Watson Foundation 27 St Leonard’s Terrace, London, SE3 4QG
1g Accountants Churchill House 137-139 Brent St London NW4 4DJ
Date: 20 November 2025
Dear Sirs,
FINANCIAL STATEMENTS FOR PERIOD ENDING 31 MARCH 2025 (“REPORTING DATE”)
In connection with your independent examination of the financial statements for the year ended on the Reporting Date, the following representations, which are true to the best of our knowledge and belief are made to supplement information obtained by you from the books and records of the Charity and to confirm information given to you orally bearing in mind the requirements and provisions of the Charities Act 2011.
1. Financial Statements
We acknowledge as trustees our responsibility for the financial statements. All the accounting records have been made available to you for the purpose of your work and all transactions undertaken by the Charity have been properly reflected and recorded in the accounting records.
We acknowledge as trustees our responsibility for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
You have not been engaged to conduct an audit of the Charity’s financial statements. The Charity’s constitution does not require an audit to be carried out. No members of the Charity have required that the company conduct an audit of its financial statements for the year ended on the reporting date and the Charity is a small charity and is therefore not required to conduct an audit.
2. Accounting Policies
The Charity has elected to prepare its accounts using FRS102 and the Charities SORP (FRS102).
3. Capital Commitments
At the reporting date there were no contractual commitments for capital expenditure.
4. Debtors
At the Reporting Date, the Charity was owed £40,435 by Commonweal Foundation and £11,250 in gift aid.
6. Liabilities
All known liabilities of material amount as at the Reporting Date are included in the financial statements. This comprised independent examination fees.
7. Contingent Liabilities
As far as we are aware, there are no contingent liabilities which should be disclosed in the notes to the accounts. There have been no legal claims, whether the subject of legal proceedings or otherwise, which have been made against the Charity of which we are aware.
8. Future Commitments
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(a) At the reporting date the Charity had no significant commitments for forward purchase of materials or other items in excess of normal requirements or significantly in excess of market price.
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(b) At the reporting date the Charity had not entered into any significant commitments at prices which could result in a loss.
9. Future Cash Requirements
In our opinion, the Charity has sufficient cash reserves to meet all its commitments as they fall due for at least the next 12 months. To the best of our knowledge, at the date of signing this letter, there have been no developments which call into doubt the ability of the charity to continue as a going concern.
10. Insurance
Our attention has been drawn to the fact that the Charity’s activities are uninsured.
11. Events after the Reporting Date
No events have occurred between the Reporting Date and the date of this letter which could materially affect the accounts. In addition, we confirm that there have been no events which, while not affecting the accounts, are of such significance that they should be disclosed in the accounts.
In the event of any such post reporting date events occurring in the next 21 days, we undertake to advise you immediately.
12. Income and Expenditure Account
Except as disclosed in the accounts, the results for the accounting period were not materially affected by :-
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(a) Transactions of a sort not usually undertaken by the Charity.
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(b) Circumstances of an exceptional or non-recurrent nature.
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(c) Charges or credits relating to prior years.
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(d) Restricted income and expenses as set out in the accounts are an accurate and complete record of such transactions.
13. Taxation
The Charity is exempt from all corporation taxation.
14. Accounting Records
All receipts and payments were recorded in the books or otherwise accounted for in explanations given to you.
15. Income
All the income of the Charity have been properly included within the bank statements and was available for application against all the charity’s general charitable and governance purposes.
16. Expenses
All the expenses charged in the accounts were incurred wholly and exclusively for the purpose of the charitable activities.
17. Minutes
Minutes of meetings of trustees as recorded in the Minute Book, are complete and authentic records of proceedings at such meetings held during the Charity’s financial year and all subsequent meetings up to the date of this letter.
18. Related Party Transactions
We confirm that there are no related party transactions to be disclosed in the financial statements other than those which are included in the accounts. We confirm we have no familial or financial relationship with beneficiaries of the trust
19. General
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(a) There are no legal actions pending or outstanding against the Charity.
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(b) Except as stated above, there were no commitments or obligations which might
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adversely affect the Charity.
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(c) No matters have transpired or are pending or in prospect, other than as recorded in the Charity’s accounts or indicated above, of such significance to the Charity’s affairs as to require disclosure in the accounts.
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(d) We confirm that we are not aware of any failure to comply with legislation and
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regulations applicable to the Charity’s activities.
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(e) We are not aware of any fraud in connection with the Charity’s activities.
Yours faithfully,
|r
VICTORIA WATSON
FOR AND ON BEHALF OF THE BOARD OF TRUSTEES OF THE WATSON FOUNDATION
Issuer
1g Accountants
Document generated Wed, 19th Nov 2025 23:36:55 GMT
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Thu, 20th Nov 2025 17:44:50 GMT Thu, 20th Nov 2025 20:43:43 GMT
Victoria Watson - Signer (46f9ae96bb5de14e0820fabfe4e51f23) Shaya Grosskopf - Signer (6dd37b31cda8d61a6224fb9a940af4ba)
Audit history log
Date
Action
Wed, 19th Nov 2025 23:36:55 GMT Wed, 19th Nov 2025 23:36:55 GMT
Wed, 19th Nov 2025 23:36:55 GMT
Wed, 19th Nov 2025 23:37:58 GMT
Wed, 19th Nov 2025 23:37:58 GMT Thu, 20th Nov 2025 17:42:20 GMT Thu, 20th Nov 2025 17:44:50 GMT Thu, 20th Nov 2025 17:44:50 GMT
Thu, 20th Nov 2025 17:45:25 GMT Thu, 20th Nov 2025 19:40:46 GMT Thu, 20th Nov 2025 20:43:25 GMT Thu, 20th Nov 2025 20:43:28 GMT Thu, 20th Nov 2025 20:43:43 GMT Thu, 20th Nov 2025 20:43:43 GMT
Envelope generated by Shaya Grosskopf (84.70.180.69) Document generated with fingerprint b4c62f86c8db1de40a976cc26ca20a28 (84.70.180.69)
Document generated with fingerprint 6b642139b8f3674b9e086f673ca8d6bf (84.70.180.69)
Sent the envelope to Victoria Watson (victoriawatson@me.com) for signing (84.70.180.69)
Document emailed to victoriawatson@me.com Victoria Watson viewed the envelope (109.152.159.40) Victoria Watson signed the envelope (109.152.159.40) Sent the envelope to Shaya Grosskopf (sg@1gaccounts.uk) for signing (109.152.159.40)
Document emailed to sg@1gaccounts.uk Shaya Grosskopf opened the document email. (66.249.93.70) Shaya Grosskopf opened the document email. (66.249.93.70) Shaya Grosskopf viewed the envelope (84.70.180.69) Shaya Grosskopf signed the envelope (84.70.180.69) This envelope has been signed by all parties (84.70.180.69)