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← The E And N Watson Charity

2025-02-28-accounts

Charity Registration No. 1159344

THE E AND N WATSON CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

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THE E AND N WATSON CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Charles Philip Lawrence Clayton
Maxwell Brendan Jack
Dominic Hugh Neville Ogden
Charity number 1159344
Principal address Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB
Independent examiner James Fletcher FCA
Fletcher & Partners
Crown Chambers
Bridge Street
Salisbury
SP1..2LZ
Solicitors Wilsons Solicitors LLP
Alexandra House
St Johns Street
Salisbury
Wiltshire
SP1 2SB
Investmentadvisors Brewin Dolphin Limited
8 Waterloo Place
London
SW1Y4BE

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THE E AND N WATSON CHARITABLE TRUST

CONTENTS

Page
Trustees’ report 1-2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notestotheaccounts 6-10

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THE E AND N WATSON CHARITABLE TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2025

The trustees present their report and accounts for the year ended 28 February 2025.

The E and N Watson Charitable Trust ("the charity") was established by Elizabeth Gwenllian Watson (‘Mrs Watson’) under a Settlement Deed dated 1 April 2014. The charity is unincorporated and all of the Trustees are individuals. Mrs Watson had the power to appoint Trustees during her lifetime and thereafter they may be appointed by a resolution of the Trustees. If for any reason Trustees cannot be appointed in this way, the statutory power (under the Trustee Act 1925) to appoint new or additional Trustees shall be exercisable. The Settlement Deed states that there shall be not less than three Trustees unless a Corporate Trustee is appointed. Mrs Watson died on 5 August 2020. The Trustees do not currently envisage any immediate changes to the Trusteeship. However, they have formulated a policy to ensure that any new Trustee is fully aware of the charity's aims and objectives.

The Trustees meet on a regular basis to decide the charitable grants to be made by the charity. Additional grants may be made between formal Trustees meetings if there is a specific need that is brought to the attention of the Trustees.

The records are maintained by an employee of Wilsons Solicitors LLP.

The charity is not part of a wider network of charitable organisations and there are no subsidiaries nor any other charities and organisations with which it co-operates in the pursuit of its charitable objectives. The Trustees have considered the major risks to which the charity is exposed, and have formulated policies to mitigate those risks. The risks are perceived to be:

1. Record Keeping

The Trust's records are kept at Wilsons Solicitors LLP, where the computer systems upon which they rely are properly backed up. The Trustees consider that the use of Wilsons Solicitors LLP provides professional indemnity for the benefit of the charity and access to systems and skills which the charity could not otherwise afford to provide from its own resources.

2. Investments and income

The principle source of funds is from the investment portfolio held by the Trustees. Therefore the primary risk to the charity can be considered to arise from a lack of return from the investment portfolio. The Trustees have set out the parameters within which the investment advisors may act, in a written Policy Statement. The investment adviser is FSA authorised. The Trustees review the performance of the portfolio on a regular basis. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The charity's funds are held to be applied in donations to charitable institutions at the Trustees’ discretion. The Trustees may accumulate income for the first twenty-one years of the charity's existence; this is income due and/or received before 1 April 2035.

The charity does not engage in fundraising. Following Mrs Watson's death the charity received cash from her estate following a decision by the executors of her will to appoint her residuary estate to the charity. The estate is now wound up and it is not anticipated that further sums will be received.

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THE E AND N WATSON CHARITABLE TRUST

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025

The Trustees would normally expect to make a number of charitable donations each year. Following the receipt of funds from Mrs Watson's estate the Trustees have resolved that they should work towards closure of the charity within the next few years after having expended the Trust's resources on grant giving. This is in accordance with the charity's establishing deed which allows the Endowment Fund to be expended. It also reflects what the Trustees believe to be an appropriate and timely response to the difficult financial circumstances still faced by many charities arising from the Covid-19 pandemic and subsequent economic climate.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Public Benefit

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission.

Achievements and performance

The charity continued to make grants to a number of mature charities supporting the seafaring community and combat veteran communities. The Combat Stress research programmes that have previously received funding from the trust, evaluating novel treatments for PTSD in combat veterans, are now drawing to a close and further programmes may be considered.

It has seemed particularly appropriate to make additional grants to the David Nott Foundation to support its training programmes for war trauma surgeons, considering the ongoing humanitarian and medical crisis in the middle East. This crisis has also demanded the allocation of further resources to Médecins Sans Frontiéres. In other regions of the world, aid to mountain communities affected by earthquakes in Nepal have been supported through Community Action Nepal, while smaller scale relief has been funded in Malawi through the dedicated work of the Phunzira team who aim to build community resilience through their health and education work.

During the year the charity made donations totalling £527,000.

Financial review

The charity received income totalling £67,809 during the year.

Support costs of £8,382 have been incurred, comprising legal and independent examiner's fees, while investment management charges amounted to £19,240.

At the balance sheet date the charity's accumulated funds amounted to £2,658,694.

The Trustees monitor the level of reserves during the course of the year by maintaining detailed book-keeping records and re-assessing the position as and when appropriate.

Structure, governance and management

The trustees who served during the year were: Charles Philip Lawrence Clayton Maxwell Brendan Jack Dominic Hugh Neville Ogden

The trustees’ report was approved by the Board of Trustees.

Maxwell Brendan Jack Trustee

Dated: ABN AGS

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THE E AND N WATSON CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE E AND N WATSON CHARITABLE TRUST

| report on the accounts of the charity for the year ended 28 February 2025, which are set out on pages 4 to 10.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to: (i) | examine the accounts under section 145 of the 2011 Act; (ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

(iii) to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared accounts in accordance with Accounting and reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

| understand that this has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:

(a) which gives me reasonable cause to believe that in any material respect the requirements: (i) | to keep accounting records in accordance with section 130 of the 2011 Act; and (ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act; have not been met or

James Fletcher FCA Fletcher & Partners

Crown Chambers Bridge Street Salisbury SP1 2LZ

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THE E AND N WATSON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 28 FEBRUARY 2025

Unrestricted Expendable Total Total
funds Endowment
funds 2025 2024
Notes £ E £ £
Income from:
Donations and legacies 2 - - : 115,294.87
Investments 3 67,808.66 - 67,808.66 66,512.55
Total income and endowments 67,808.66 - 67,808.66 181,807.42
Expenditure on:
Raising funds 4 - 19,239.72 19,239.72 19,996.91
Charitable activities 5 535,381.72 - 535,381.72 407,793.88
Total resources expended 535,381.72 19,239.72 554,621.44 427,790.79
Transfer from Expendable endowment 467,573.06 (467,573.06) - :
Net gains/ (losses) on investments 9 - 214,724.55 214,724.55 160,224.04
Net movement in funds . (272,088.23) (272,088.23) (85,759.33)
Fund balances at 1 March 2024 - 2,930,782.56 2,930,782.56 3,016,541.89
Fundbalancesat28February2025 - 2,658,694.33 2,658,694.33 2,930,782.56

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE E AND N WATSON CHARITABLE TRUST

BALANCE SHEET

AS AT 28 FEBRUARY 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 10 2,573,594.60 2,812,724.21
Current assets
Cash at bank and in hand 90,520.36 123,861.81
Creditors: amounts falling due within 11
one year (5,420.63) (5,803.46)
Net current assets 85,099.73 118,058.35
Total assets less current liabilities 2,658,694.33 2,930, 782.56
Capital funds
Endowment funds - general 2,658,694.33 2,930,782.56
Income funds
Unrestricted funds - 7
2,658,694.33 2,930,782.56 782.56

The accounts were approved by the Trustees on 33..42.2025...

Maxwell Brendan Jack Trustee

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THE E AND N WATSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

1.1 Accounting convention

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

Endowment funds are held on a long term basis. The income from funds is available to be spent for unrestricted purposes. The capital of spendable endowment funds may be spent at the discretion of the Trustees.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Resources expended

Expenditure is accounted for on an accruals basis

(i) Charitable activities

Grants payable are recognised as expenditure when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Charitable activities include all expenditure associated with grant making and include governance costs.

(ii) Support costs

Support costs consist entirely of the governance costs which comprise of the independent examination, legal advice and compliance with statutory requirements.

(iii) Cost of raising funds

This expenditure is in respect of investment advisory fees charged during the year by the charity's investment advisors,

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THE E AND N WATSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

1 Accounting policies

(Continued)

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y J Donations and legacies

Unrestricted Endowment Total Total
funds funds 2025 2024
general
£ £ £ £
Donations and gifts
Cash - - - 115,294.87
- : - 115,294.87
3.‘ Investments
2025 2024
£ £
Income from listed investments 66,416.52 65,466.78
Interest receivable 1,392.14 1,045.77
67,808.66 66,512.55
4 Raising funds
2025 2024
£ £
Investment management 19,239.72 19,996.91
19,239.72 19,996.91

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THE E AND N WATSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2025

|||5|Charitable activities|||| |---|---|---|---|---|---| |||||2025|2024| |:||||£|£| |||Grant funding of activities (see note 6)||527,000.00|400,000.00| |)||Share of governance costs (see note 7)||8,381.72|7,793.88| |||||535,381.72|407,793.88| ||6|Grants payable|||| |)|||||| |||||2025|2024| |j
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£|||||| |‘
Grants to institutions (6 grants):|||||| |||Medical / Health||100,000.00|100,000.00| |||Community||100,000.00|-| |.||Overseas / Humanitarian||225,000.00|100,000.00| |||Veterans||102,000.00|200,000.00| |||||527,000.00|400,000.00| ||7|Support costs|||| |:|||Governance|2025|2024| ||||costs||| |)||Legal fees|6,596.72|6,596.72|6,053.88| |||Fletcher & Partners|1,770.00|1,770.00|1,740.00| |||Bank charges|15.00|15.00|-| |4|||8,381.72|8,381.72|7,793.88| |||Analysed between|||| |7)||Charitableactivities|8,381.72|8,381.72|7,793.88|

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

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THE E AND N WATSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

9 Net gains/(losses) on investments
2025 2024
£ £
Revaluation of investments 186,427.84 187,177.90
Gain/(loss) on sale of investments 28,296.71 (26,953.86)
214,724.55 160,224.04
10 Fixed asset
investments
Movement in fixed asset listed investments
2025 2024
E £
Market Value as at 1 March 2024 2,812,724.21 2,602,616.22
Acquisitions in year 268,713.07 869,077.17
Disposals in year at carrying value (696,889.19) (869,203.75)
Unrealised gain/(loss) on revaluation 215,094.15 187,177.90
Increase/decrease in investment cash (26,047.64) 23,056.67
As at 29 February 2025 2,573,594.60 2,812,724.21
Historic cost as at 29 February 2025 1,995,072.83 2,394,582.64
Listed investments 2,549,820.01 2,762,901.98
Cash deposits 23,774.59 49,822.23
2,573,594.60 2,812,724.21
11. Creditors: amounts falling due within one year
2025 2024
£ £
Othercreditors 5,420.63 5,803.46

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THE E AND N WATSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2025

12 Prior year statement of financial activities
Unrestricted Expendable
funds Endowment Total
funds 2024
£ E £
Income from:
Donations and legacies 1,672.32 113,622.55 115,294.87
Investments 66,512.55 - 66,512.55
68,184.87 113,622.55 181,807.42
Expenditure:
Raising Funds - 19,996.91 19,996.91
Charitable activities 407,793.88 - 407,793.88
Total resources expended 407,793.88 19,996.91 427,790.79
————————— ee SNCS
Transfer from Expendable endowment 339,609.01 (339,609.01) -
Net gains/ (losses) on investments - 160,224.04 160,224.04
Net movement in funds - (85,759.33) (85,759.33)
Fund balances at 1 March 2023 - 3,016,541.89 3,016,541.89
Fundbalancesat29February2024 - 2,930,782.56 2,930,782.56