Charity Number.. 206515
THE TH0￿s WATSON corrAGE HOMES
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER 2024
CONTENTS:
Page 1
Trust Information
Report ofthe Truste8s
Auditors. report
Statement of financial activities
10
Balan￿ sheet
11 19 Notes to the financial statements
6-8

THE THOMAS WATSON COThAGE HOMES
6A The Hall
Leecroft Road
Barnet
Herts EN5 2TJ
REFERENCE AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER:
206515
TRUSTEES:
Mrs J S Harrold (Chairman)
Mrs S H Housden
MrRWPeart
Mrs V E Corrlgan
MrDLKay
Mrs C L Corbett
Mrs S K Mallon
MrA K Edrupt
Mr S C de Galleani
CLERK TO THE TRUSTEES..
Mrs J I Scott (appointed February 2024)
Mr J Alford (retired January 20241
FINANCE MANAGER:
Mrs M P Dye (resigned 3161 October 2024)
Mrs K Kendall (appointed 16th July 20241
SHELTERED HOUSING MANAGER
Mrs S E Baker
SOLICITORS..
Wedlake Bell LLP
71 Queen Victoria Street
London
EC4V 4AY
AUDITORS:
Keelings Limited
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG
BANKERS:
CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

THE THOMAS WATSON COThAGE HOMES
REPORT OF THE TRUSTEES
The Trustees present th&ir report and the audited financial statements for Ihe year ended 319t
December 2024. These have been prepared in aGG0rdan￿ with the Statement of Recom-
mended Practice Issued applicable to Charities preparing their accounts in accordan￿ with
the Statement of Recommended Practice.. Ac¢ounling and Reporting by Charities preparing
their accounts in accordance with th6 Financial Reporting Standard applicable in the UK and
Republic of Ireland {FRS 102) issued on 16 July 2014 and Financial Reporting Standard ap-
plicable in the UK and Republic of Ireland {FRS 102) and Charities Act 2011 and the Charity's
goveming documen1$.
TRUSTEES, RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees, Annual Report and the financi81
statements in aC¢Ordan￿ with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practi￿).
The law applicable to Charities In England & Wales requires the Trustees to prepare financial
Statements for each financlal year which give a true and fair view of the state of affalrs of the
Charity and of the incomlng resources and application of resources of th6 Charity for that
period. In preparing these financial slatements, the Trustees are required to:
select suitable accounting policies and then apply them consistently.,
observe the methods anij principles In the Charities SORP.,
make judgments and estimates that are reasonable and prudent.,
state whelher applicable accounting standards have been followed, subject to any mate-
rial departures disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unless it is irtappropriate to
presume that Ihe Charity will ¢onlinue in business.
The Truslees are responslble for keeplng proper accounting records that disclose with re8-
sonable accuracy at any time the financial position of the Charity and enable them to ensure
that the financial statements comply with the Charities Act 2011, the Charity (Accounts and
Reports) Regulations 2008 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 irregularlties.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constltutlon
The Charity was established on 25 November 1913 and in 1980 ¢ombined with the Charity
of Annie Lucy Watson, established by Will on 2 March 1937. The Charity is regulated by a
scheme of the Charity Commissioners of 15 August 1980, as affe￿ed by the Scheme of th8
Commissioners of 26 October 1987 (Aulhority to Sell land), and as varied by Ihe provisions
of the Schemes dated 24th June 1991 (to establish a Cyclical Maintenance Fund and extend
qualification to SPOUS6s), 10th June 1992 (authority for exp&ndilure of £145,000 on refurbish-
ment of Cottages, subject to direction to recoup over 15 year$}, 251h January 1996 (authority
for expenditure of £600.000 towards construction of at least 10 flat8 subject to direction to
recoup over 60 years) and supplemental order, dated 81h Seplember1996 (authority to expend
a further £50,000 on construction of a further flat), and 18 February 2010 (authority for ex-
penditure of not more than £1,300,000 towards construction of further eight housing units sub-

ject to direction to recoup over 60 y88rs).
THE THOMAS WATSON COThAGE HOMES
REPORT OF THE TRUSTEES
- continued
Trustee8
The Trustees appointed to the Thomas Watson Cottage Homes show a balance of skills in
order to run this Charity effectively. At the year end, there are four Trustees who are directly
related to the Founders, I￿0 others who are former employees of NFC and on6 who is a local
residenl. Their expèrtise Covers Pmperty and Planning, Finance and Welfare.
There are no outsidè parties who can appoint Trustèes for the Thomas Watson Cottage
Homes.
Each Trustee Is appointed for a tenn of five years by a resolution of the existing Trusiees and
may be reappolnted at the end of such term.
All new Truslees are givèn a copy of the Residents. Handbook, full details on the runnlng of
the Charily and guidelines from the Charity Commission for this scheme. Any other opportu-
nities for training are also considered.
structure of Organisation
The Trustees met four times during Ihe year in person and via zoom as and when required.
To ￿VIeW the finances of the Charity.
To consider on-going requirements for the maintenance and upkeep of the indivldual
housing unlls and for the estate in general.
To determine action required in relation to future developments on the estate.
To receive reports from the Clerk on Ihe health and well-being of residents and olher
matters relating to the running of the ChaTtty, including Housing Benefit.
There wero Su￿roMmittee meetings during the year as required.
The day-to-day administralive activitles were carried out by the Clerk to the Tiusteès, wlth
assistance from the Sheltered Housing Manager and the Finance Manager.
Statement of Risk Management
The Trustees have considered the risks to whl¢h The Thomas Watson Cottage Homes are
exposed. Thesè risks ar& miligaled by:
A Board of Trustees with the necessary experience and competence to ensure the 8UC-
cessful running of the Charity;
Regular Trustees, meetings with effective reporting lo ensure propar rèview of operations.,
Maintenance of a sufficient reserve lo implement an effective relocation programme in th8
event of a disaster affe￿Ing Ihe habitability of the accommodation:
other financial risks have been addressed by insurance.

THE THOMAS WATSON CO￿AGE HOMES
REPORT OF THE TRUSTEES
- continued
CHARITY OBJECTIVES AND ACTIVITIES
The Oblective Is to run Almshouses for the benefft of th& followlng persons. They shall be
aged or poor persons of the following classes and their spouses or widows In the following
order of priority..
Formèr employees of Sutton and Company. Sutton and Company Llmited and Sutton and
Company (Manchester) Limited.,
Employees or former employees of any successor company of the said companies or any
company of NFC plc:
Employees or fomier employees of any person, firm, company or undertaklng engaged
in the business of carrylng freight.
Employees or former employees of any other carrier of freight.
Provlded that when selecllng resldenls in 811 the above classes preference shall be given to
such persons who have been employed as above mentioned for the longest period.
NFC plc changed ils name to EXEL pl¢ and then merged with Ocean Group plc. This group
now forms part of DHL which in turn is owned by Deulsche Post AG. The Charity Commission
advise that thls does not require a change in the Scheme of the Charity.
Subject to the expenses of Management, transfers to a Cyclical maintenan￿ Fund and an
Extraordinary Repair Fund, the Trustees shall apply the income of the Charity for the benefit
of the residents in the Almshouses of the Charity or any of them in such manner as the Tru8-
tees think fit from time to lime.
The Trustees confim7 that the Charity Commission's general guidan￿ on public benefit has
been considered in relation to the objectives of th8 Charity. The report Sets out those objec-
tlve5 and describes how they have been met in the current year.
The only volunteers are the Trustees.
The Charity does not engage in fundraising activities.
ACHIEVEMENTS AND PERFORMANCE
In 2024 we had 91% occupancy, which is down from 98% in 2023. This is mainly due to a
significant refurbishment project for one Cottage, which saw this Cottage being unoccupied
for the most part of the year. The next steps with regards to the future of said Cottage are
currently being discussed by the Tnjstees.
One flat in Colgale Court continues to be used as a guest flat and for other facilities for the
benefit of the residents.
The Clerk to the TTUStees, Mr Jeremy Alford, retired after 15 years of valuable se￿1￿. Mrs Jo
Scott joined the staff in February and was fomially accepted after her probationary period. All
the Staff have provided excellent care and SUPFK>rt to our Residents and assistance to the
Trustees.
The significant conslruction work required to Secure and stabilise the embankment to the rear
of 15-17 Jubilee Cottages took place during the year and was finalised towards the end of
2024.

THE TrIOMAS WATSON corrAGE HOMES
REPORT OF THE TRUSTEES
continued
FINANCIAL REVIEW
The Trustees have consldered reserves required as part of their assessment of risk and also
taken into account the annual requiremenl to transfer recoupment funds to the Endowment
Fund. This year the amount transferred was £10,832 for Colgate Court and £21,664 for the
new Cottages.
It Is the Truslees, policy to maintain a ba18nce on genèral reserves which equate5 to at least
6 months g6neral expenditure. Tha balance at the year end was £204,621 which exceeds thls
target, but is considerèd prudent by the Trustees.
Having assessed the Charity's financial circumstances the Trustees have a reasonable ex-
pectation that the Charity has adequate resources to Gontinue118 operations for the foreseea-
ble future.
The principal fvnding source is Weekly Maintenance Contributions from the Cottages and
Flals.
The average Contribution per unit of occupled accommodation was £9,318 per annum. Resi-
dents of 8 unit5 received Housing Bènefit during the year. Weekly Maintenance Contributions
were increased from April 2024 by approximately 5%.
The Charity does not rely on voluntary work nor does it receive any gifts in kind. Th6 Finance
sub-committee recommends the investment policy, which 1$ ratified atthe full quarterlyTrustee
meetings.
The balan￿ of Recoupment fund8 continue to be held in Deposil Accounts and investments.
The equity market has fluctuated during the year and the investments held throughout Ihe year
in¢reased in value by a net total of £43,139, with unrealised gains of £40.776 and realised
gain8 of £2,363.
The investment policy of the Chafity Is to mitigate its risk by having a spread of Investment
funds, with review by the Trustees on a quarterly basis. The Charity's policy on resèrves is
determined by the various Charity Commission Orders on an ongoing concern basis. The
Charity aims to b￿ak even from its operations on the General Fund year on year.
PLANS FOR THE FUTURE
Future quinquennial inspections will take place on a rotation basis be+￿een the Original Col-
tages, Colgate Court and Jubilee Cottages.
A decision by the Truslees with regard to the future of one of the larger Original Cottage$ is
currenlly being made. This will include the option of a general refurbishment, or alternalively
splitling the existing Cottage into two. smaller, new dwellings.
Thomas Watson Cottage Homes
Leecroft Road
Bamet
Herts EN5 2TJ
CHAIR
AN

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE THOMAS
WATSON COThAGE HOMES
Opinion
We have audited the financial slalements of The Thomas Watson Cottage Homes (the
'Charily'l for the year ended 31st December 2024 which Comprise the Statement of Financial
Activities, the Balance Sheet and notes lo th8 financial statements, including a summary of
significant accounting policies. The financial reporting framewod( that has been applied in their
preparation is appllcable 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 Ir6land'.
In our opinion the financial statements:
give a true and fair view of tha slate of the Charity's affairs as al 31st December 2024
and of ils incoming resourGes and application of resources for the year then ended;
have been properly prepared In accordance with United Kingdom G8nerally Accepted
Accounting Practice, including Financial Reporting Standard 102 'The FinanGial Re-
porting Standard applicable in the UK and the Republic of Ireland,: and
have been prepared in accordancè with the requiremenls of the Charities Act 2011.
Basls for oplnlon
We conducted our audit in accordance with Intemalional Standards on Audillng (UK) (ISAS
(UK)) and appli¢able law. Our responsibilities under those standards are further described in
the Auditors responsibilities for the audit of the financial statements section of our report. We
are independent of Ihe Charity In accordance with the ethical requirements thal are relevant
to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and
we have fulfilled our other ethical responsibilities in accordance with these ￿qUirements. We
believe that the audit evidence we have obtained is sufficient and appropriale to provide a
basis for our opinion.
Conclusions relatlng to golng concèrn
In auditing the financial statements, we have concluded that the Trustees, use of the going
concern basis of accounting in the preparation of thè financial statements is appropriate.
Based on the work we have perfomed, we have not identified any material uncertainties re-
laling to events or condltions that, individually or collectively. may ¢ast significanl doubl on the
Charity's ability lo continue as a going concém for a period of at least twelve months from
when the financial statements are authorised for Issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going con￿rn are
described in the relevant sections of this report.
Other Infomiatlon
The Trustees are responsible for the other information. The other information comprises the
information included in the annual report, other th8n the financial statements and our Report
of the IndependentAuditors Ih8reon.
Our opinion on the financial statements does not cover the other information and, except lo
the extent olherwise explicttly stated in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the finan¢ial slalements, our responsibility is to read the other
information and. in doing so, consider whether the other information 19 malerially inconsistenl

with the financial statements or our knowledge obtained in the audit or otherwise appears to
be materially misstated. If we Identify such material inconsistencies or apparent material
misstatemer)Is, we are required to determine whether there is a material misslalement In the
financial statements or a material misstatement of the other information. If, based on the work
we have performed, we conclude Ihat there is a material misstatement of this other infor-
mation, we are required to report that fact. We have nothing to report In this regard.
Matters on whlch we are required to report by oxceptlon
We have nothing to report in respect of the following matters where the Charities Act 2011
requires US lo report to you if. in our opinion:
Ihe information given in the Report of the Trustees is inconsistent in any matérial
respect with the financial stalemenls; or
sufficient accounting records have not been kept., or
the financlal statements are not In agreement with the accounting records and re-
tums. or
W8 have not received all the infomalion and explanations we require for our audit.
Responslbllltles of Trustses
As explained more fully in the Statement of Trustees Responsibilitie8, the Trustees are re-
sponsible for the preparation of the financlal statements which give a true and fair view, and
for such internal control as the Trustees detemine is necessary lo enable the preparation of
financial statements that are free from material misstat6ment, whether due to fraud or error.
In preparing the financial statements, thè Trustees are responsible for assessing the Charity's
ability to continue as a going concern. disclosing, as applicable, matters related to going con-
cem and using the going concern basis of accounting unless the Trustees either intend to
liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Our responslbllltles for the audlt of the finanelal statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report
in accordance with the Act and relevanl regulations made or having effect thèréunder.
Our objectlves are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due lo fraud or error, and to issue a
Report of Ihe Independent Auditors that includes our opinion. Reasonable assurance is a hlgh
level of assurance, but is not a guarantee that an audrt conducted in accordance with ISAS
(UK) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, Individually or in the aggregate, they could rea-
sonably be expected to influence the economic decisions of u8ers taken on thè basis of Ihese
financial statement8.
Irregularities, Including fraud, are instances of non-compliance with laws and regulalions. We
design procedures in line with our responsibilities, Qutlined above, to detect material misstate-
ments in respect of irregularities, including fraud. The extent to which our proGedures are ca-
pable of detecting irregularities, including fraud is detailed below..
We gained an underslanding of the legal and regulatory framework applicable to the Entity
and the industry in which it operates and considered the risk of a￿S by Management and
whi¢h were contrary to applicable laws and regulations. Induding fraud. Thesè included, but
were not limited to, compliance with Financial Reporting Framework FRS 102, Charities Act
2011, General Data Protection Regulations, and applicable Health and Safety and Em-
ploymenl Legislation. We made enquiries of the Trustees of the Charity to obtain further un-
derstanding of the risks of non4ompliance. We focused on laws and regulations thal could

give rise to a material misstatement in the financial statements. Our tests included, but were
not limited to..
agreement of the financial statement disclosures lo underlying supporting dooumenta-
tion.,
enquiries of Management regarding known or suspeded instances of non-oompliance
with laws and regulations.,
review of minutes of the Board meetings throughout the year,.
obtaining an understanding of the control environment in place to prevent and detect
Irregularities.
Our audil procedures were designed to respond to risks of material misstatement in the finan-
cial statements. recognising that the risk of not detecting a materlal mlsstatement due to fraud
is higher than the risk of not delecling one resulting from error. Because of the inherent limit2-
lions of an audit. theré is a r¢sk that we will not detect all irfegularilies, including those leading
to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed fiom the events
and transactions reflected in the financial Statements, as we wlll be léss likely to become aware
of instan￿$ of non-compliance. The risk is also greater regarding irregularities occurring due
to fraud rather than error, as fraud involves intentional ¢once8lment, forgery, collusion, omis-
sion or misrepresentation.
A further descrlption of our responsibillties for the audit of the financial statements is located
on the Financial Reporting Council's website at www.frc.org.uklauditor8responsibilities. This
desoription forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to ihe Charity's Trustees, as a body, in accordance with Section 144
of the Charilies Act 2011 and regulations made under Section 154 of that Act. Our audit work
has been undertaken so that we might state to the Charity's Trustees those matters we are
required to state to them in an auditors, report and for no olher purpose. To the fullest extent
permitted by law. we do not accept or assume responsibilily to anyone other than the Charity
and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we
have formed.
Keelings Limited
Statutory Auditors. Chartered Tax Advisers
and Chartered Certified Accountants
Broad House
1 The Broadway
Old Haffield
Hertfordshir8
AL9 5BG

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Èl}i-

THE THOMAS WATSON CO￿AGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 ST DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of Pre
Talion of Financial Statemen
The financial slalements have been prepared under the historical cost convention with items recognised al
cost or Ifansaclion value unless olhetwise stsled in the relevant notes lo these accounts. The financial
slalemenls have been prepared In accordan￿ with the Statement of Recommended Practice.. Accounllng
and Reporting by Charities preparing their accounts in accordance with the FinancSal Reporting Standard
appllcable in the UK and Republic ol Ireland IFRS 102) issued on 16 July 2014 and Financial Reporting
Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and Charitles Act 2011.
The financial statements have been prePa￿d to glve a Yiue and fairf view and have Iherefore departed
from the Charities IAccounls and Reports) Regulations 2008. This departure has inVo￿ed following the
Charities SORP IFRS 102) as stated above, rather than the Aecounting and Reporting by Charities
Slalemenl of Recomended Pracllce effethe from 1st April 2005 which has since been withdrawn.
The Thomas Watson Cottages Homes Con51[￿leS a public benefit enlty as deflned by FRS 102.
The reporting cuirency Is GBP and all amounts have been rounded lo the nearest £.
d Attountin
General funds are un￿$1￿cted funds whkh afe available for Ltse al the discretion of the Trustees in
furthei£nGe of the general obieollves of the ChoTity and which have not been designated for other
purposes.
Restricted fvnd5 are funds whtch are lo be used In accordance with specific restrictions imposed by donors
or which have been allocated by the Charlty for particular purposes. The costs of raislng and administering
such funds are charged against the specific fvnd. The alm and use of each restficted fund is sel out In the
notes lo th6 financial statements.
Oesignaled funds are represented by the CyclKal Maintenance Fund and the Exlraoidlnary Repair Fund
whlch were sel up lo be used agalnsl th& regular upkeep and maintenance of the properties.
The End¢)wment Fund represents the endowment made by the daughters of Thomas Walson for the
primary purpose of the Charity.
Investment income, gains and losses are allocated to the appropriate fund.
Reval lion of Fixed
vestmen
In accordance with the SORP, Investments of the Chaftty have been revalued at the balanc6 sheet dale.
The value shown in the 8¢counts is the mld-market price.
Land held by the Charity with no prospect of development or sale has not been revalued.
Incomin
res
urces
All incoming resources are included Sn the Statement of Flnancial Aclivllies when the Charlty Is ￿allY
enlilled lo the income.
Resources Ex ended
ReSoUr￿S expended a￿ accounted lor on an accruals basis. It is the policy of the Trustees not lo
capi181ise new offKe equiwnent costtng less than £5,000.
Al resources expended are inclusive of iriecoverabFe VAT, which is charged against the expense trj which
il relates.
11

THE THOMAS WATSON COThAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
- continued
1. ACCOUNTING POLICIES {contlnued)
Resoufces Ex
ended
continued
During the year. the Charèty generated a Sufplvs of £199,286 after revaluation of inveslments12023'.
£118.6641. which translates to a SL¢rplus of £156,22712023= deficit of £61,867) before revaluation of
investments.
The Trustees consider The Thomas Watson Cott8ge Homes 8 going concern for the fO￿seeable future,
this being at leas112 months from the date the balance sheet was slgned.
This is due lo the con5h*r8ble endowment held by the Charity, whlch genefates income. The weekly
maintenance conlrlbutions paid by the residenls represent ca. 90Qh of market rent, and it can be expected
that a slmilar level of income can b8 achieved In that regard in the nexl year. The Trustees btsdgel for 5%
of the Properties being vacant during the year, which would not cause the Charity any financial hardship.
Additionally, the Ch8rfty holds a large Investment portfollo which generatss ¢8. 20% of ils Incomg after
adlusting for &xceptional income In 2024. It is split betsveen equlty and treasury stock to reduce Tisk while
still being able to generate good retums.
Unexpected expenses are unlikely to occur as quinquennial works are cafried out on thè cottages to
ensure that they are In good stsles of repair, and any issues can be addressed immediately or can be
budgeted for.
Cash F
The financial statements do not Include a cash flow statement because the Charity. as a small reporting
entity, 1$ exempt ftom the requirements to prepare such a slatement under the Charilles SORP IFRS 1021.
Cash Is represented by cash In hand and depDSits with financial institutions repayable without penalty on
notice of not more than 24 hours. Cash equivalents are highly liquifj investments that mature In no more
than three months from the date ol acquisition and that are readily convertible lo known amounts of cash
wlth In8lgn¢ficant rfsk of change In value.
The cost of Colgate Court and Jubilee Cottages is amortlsed at rates c81culated to be in accordance wlth
th& recoupment rate set down by the Charty Commlssion as set out below..
Colgate Court
Jubilee Cottages
- over 60 years
- over 60 years
The Trustees consider the lime period for the amortisalion appropriate in view of the directions of the
Charlty Commission irs th¢ Schemes dated 25th January 1996 and 16th February 2010.
eresl Receiv8ble
Interest on funds held on deposit 1$ included when re￿ivable and the amount Can be measured reliably by
the Charity; this 18 normally upon noiificatlon of the interest pald or payable by the bank.
Debtors
Trade and other debtors are recognlsed al the settlement 8mounl after any trade dlscount offered.
Prepayments are valued at the amount prepatd net of any trade discounts due.
12-

THE THOMAS WATSON COThAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
contlnued
1. ACCOUNTING POLICIES Iconlinuedl
Lia
es and
rovlsion
Liabllilies are recognssed when there is an obligation at the Balance sheet date as a result of a past event.
il Is probable that a transfer of economic benefit wlll be required in settlement. and the amount of the
settl8menl can be estimated reliabsy.
Liabilities are recognised al the amounl that the Charity anli¢lpates il will pay to settle Ihe debt or the
amount il has received as advanced payments for the g¢)ods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
Where the effect of the time value of money is material, the provlsion is based on the present value of
those amounts, discounted at the pre-tax discount rale that reflects the risks spe¢ifl¢ to the liabllity. The
unwinding of the discount is reGognised within interest payable and similar charges.
Flnancial Instruments
With the exception of fixed asset investments. thè Chadty On￿ has ffnanc1818ssets and finoncial liabilities
of a kind that quallfy as basic financlal Inslrumenls. Basic financial Instruments are Initially recognised at
transaction value and SLsbsequentty measured at their settlement value.
JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION
In the application of the Charitys accounting policies. the Trustees may be required to make judgements,
estimates and assumptions about the carrying arnounl of assets and IlabS1ilies that are not readily apparent
from other sources. The estirrFatss and assoclated assumptions are based on hlslorical experlence and
other factors that are consKlored to be relevant. Actual results may differ from these estimates.
The estimates and underlying as$umpt¢on are revlewed on an ongoing basis. Revisions lo accounllng
estimates are recognised in the perlod in whiGh the estimate Is revlsed If the revision affeols only that
period, or in a period of the revision and future periods if the revision offecls koth current and flrture
periods.
At the year gnd dale the Trustees had idenlified the following relevant estimates forwhich assumptions
might be needed in the financial ststements..
Amortlsatlon (Rocoupmentl
The cost of Colgate Court and Jubilee Cottages Is amortised at rates calculated to be In accordance with
the recoupment rate Set down by the Charity Commission (60 years).
Dlvldends and Intorest Income
Official informallon on interest and dlvidends receivable for the latter part of the yearlg usu81ty re￿iVed
after the year end and after the aGcounts have been prepared, making it necessary to estimate the
anticipated inleresv dividend income. Estimates are made based on experience and interest received for
previous periods.
13-

THE THOMAS WATSON COThAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
3 MAINTENANCE OF SITE AND PROPERTIES
2024
2023
INCOME FUND
Maintonance and general upkeep
Maintenance salaries
Landscaping. gardening and grounds
Light and heat
Rates and Insurance
Planning Co8t8 & Other Prof fee$
39,943
33.417
6,841
20.537
27.736
50.437
31,794
3,083
15,414
22,655
128,473
124.163
CYCLICAL MAINTENANCE FUND
Quinquennlal Works & professlonal fees
EXTRA-ORDINARY REPAIR FUND
Exceptional repair works & Profess¢onal fees
ENDOWMENT FUND
Amort15ation of Colgate Court
Amortisation of Jubilee Cottagos
Remedial Costs for Jubile8 Cottages (see note 13)
14.646
107,085
80.813
10.832
21.664
279,994
312.490
10,832
21.664
60.498
92,994
TOTAL FUNDS
553 081
312.616
4 DIRECT WAGE COSTS & RESIDENTS, AMENITIES
2024
2023
Wages and natwjnal insuran
Alarm sy8tem
Residents Amenities & Welfare
39,762
2.012
6,821
48,596
37,817
3,954
7,112
48.883
5 OTHER RUNNING COSTS
2024
2023
Clerk's Salary
Telephone. Postage and Slalionery
National AssoGlalion of Almshouses
Sundry expenses
Office Equipment & Computer maintenance
Recruitment & Trslnlng
Audll
Trustee5' expenses
Flnancial Se￿iceS
Professlonal fees
32.129
2.852
662
511
25,795
1,612
413
326
1,199
1,172
3.402
604
10.064
903
3,488
427
15.290
1.500
58,605
44,587
Total salary costs amounted to £105,30812023'. £95.4(￿) induding £4.537 (2023.. £3,543) employe¢s national
insurance contributions. Average stsff members in the year were 312023.. 31
No Trustee received or waived any remuneratlon In the year. Trustees expenses relate lo the attendance al
meetings and assoclated c08ts IncuTred by all Trustees.
Key management comprises the Trustees who glve their time frèely and do not receive any romuneralion.
14-

THE THOMAS WATSON COThAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
- continued
6 INVESTMENTS
Market Inleresu
Value
Dividend
Cost
Endowment Fund
2.59A IndexLink TSY Stock 2024
4.125% IndexLink TSY Stock 2030
2% IndexLink TSY Stock 2035
C.O.l.F. Investment income shares- 58.915.50
BLK Charities UK Equlty Fund- A
BLK Charitles UK Bond Fund- Class A In¢
M&G Charlty Mulli Asset Fund
2,237
8,005
2,029
42.393
13,285
1.575
172,025 392,284
149.890 128.352
750.004 1.559.196
185.10S 385.588
50.000
37.274
25.828 180.273
General fund:
156.85 COIF Accum. Shares12002.. Cost £3,000)
TOTAL INVESTMENTS
3,000
40,878
1,335,853 2,723,825
69.526
SUMMARY OF MOVEMENTS IN YEAR
Market value at 181 J8nuary 2024
Purchases in the year
Sales in the year- proceeds
Realised Gain
Unrealised gairs
2.680.685
220.181
1220,1811
2.363
40,776
Market value al 3181 December 2024
2,723,825
All investment5 are UK investments
15-

THE THOMAS WATSON CO￿AGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
- continued
7 LAND AND BUILDINGS
The Charty owns the freehold lo 6.3 acres of land al Chlpping Bamet together wilh 20 cottages and 11 flats,
being 30 units of accommodation for reskjenls, and one residents. guest suite.
The land together with the 12 original cottage homes was donated to the Charity by the Founders in 1913. This
cost attributed lo the original cottages Is their 2008 valuation and the Trustees have adopted Ihls figure for the
purposes ol FRS 102. 11 will not be subject to further revaluation and the depreciation charged reco9nises that
they have been occupied for charitsble purposes for in ex¢os$ of 60 years, boing the period of amortisat(on
adopted as explained below.
On 25th January 1995, the Charity Commissioners aulhoTised the Trustees of the Charity to expend from its
pem)at)enl endowment not more than £600,000 lin¢Teased to £650.000 on 8th September 1995) towards thè
conslruolion of at least eleven flats. Construction commenced during 1995 and final payments were made
dullng 1998 on conlra¢t value of £674,629. The cost in excess of the Charity Commlsslon aulhorisotion has
been met from Interest earned on the £650,000 during the course of development. The Trustees are required to
recoup the sums expended by transfer from income over 60 years. The depreciation method adopted reflects
the recoupment p&rlod and has therefore been set to write off the cost of buildings over SO years. As 8 result,
the original cottages are considered fvlly depreclaled and amortisalion provisions continue to be made for the
flats and lubllee cottages.
On ieth. February 2010, the Charity Commissioners authortged the Tfustees of the Chartty to expeNI from Its
permanent endowment not more than £1,300,000, towards the Construdon of eight cottages. Work was
completed durlng 2011 and the Trustees will be require(f to recoup the 8um expended by transfer from In￿m8
over 60 years and this 1$ ￿llected in the depreciation charge.
The cost of other land represents the expenditure incurfed during 2008 In securing the land not considered
avallable for sale. This 1$ consldered by the Trustees to be a reasonable estimate of the value of that land.
Jubilee
Other
Cottages Cottaggs
Land Total
Flats
COST OR VALUATION
At 1st January 2024
Cost durfng the year
At 31st Dtr¢•mb•r 2024
674,629 2,384,226 1.299,717
14,789 4,373,361
674.629 2,384,226 1,299,717
14,789 4,373,361
AMORTISATION
Al 181 January 2024
Provision in year
At 31st December 2024
295,201 2,384.226
10,832
306.033 2.384,226
270,772
21,864
292,436
2,9SO.199
32,496
2.982,695
NET BOOK VALUE
At 31st December 2024
368,596
1,007,281
14,789 1,390,686
Al 31st December 2023
379.428
1,028.94S
14,7B9 1,423.162
16-

THE THOMAS WATSON COThAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
- continued
8 DEBTORS
2024
2023
Piepayments
Accrued Income
7.606
21.792
29,399
9,172
25.129
34.301
g CASH AT BANK AND CASH EQUIVALENTS
2024
2023
Ca8h at bank
Cash equivalents
193.808
402,294
596.101
110.542
256,702
367.244
10 CREDITORS
2024
2023
Amounts falling due within one
Acruals
Deferred Income
Accounts Payable
Other Tax & Sorial Security
Sundry
49,071
13,770
1,217
2.307
54
14,285
14,517
2,284
66,419
31,086
17-

THE THOMAS WATSON COTTAGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
Conllnued
11 EXTRAORDINARY REPAIR FUND
YEAR ENDED 31ST DECEMBER 2024
Fund at 1st January 2024
Transfer in the year
WilhdrawnlRecouped during the year
Fund at 31st December 2024
2024
2023
61,302
30,225
{7,5041
84,023
82,115
60,000
180,813}
61,302
REPRESENTED BY..
V8f#)us cash deposits
84.023
61.302
Inoluded In the net movement of £7.504 is'other In¢ome" of £99.581 whiGh represents insurance refunds In
connection with the refurblshment of one of the cottages.
12 CYCLICAL MAINTENANCE FUND
YEAR ENDED 31ST DECEMBER 2024
Fund as 8t 1st January 2024
Transfer in the year
Expenditure in the year
Fund at 31st Decemb8r 2024
2024
2023
69,506
40.033
15,0331
104.508
69,152
15,000
{14.6461
69,506
REPRESENTED BY:
Creditors
V8rious ¢ash derx>sIts
15.0331
109.539
104.506
69,5(
69,506
A specific fttnd was established in 2001 and is shown Separate￿ In accordance with SORP 2015. It is the
intent￿n of the Trustees to maintain the fund by regular transfers from the general fund.
2024
13 ENDOWMENT FUND
YEAR ENDED 31ST DECEMBER 2024
Fund as at 1st January 2024
Transfer in the year
RecoupmenVDepreciallon
Expenditure in the year
Income in the year
GainslLosses on Investment Assets
Fund at 31st December 2024
2023
4,159,640
32,496
132.496)
1279,9941
360.000
40.776
4,280.422
4,043,938
32.496
{32,4961
180,4981
176,200
4.159,640
REPRESENTED BY..
Land and Buildings
Investments
Credllors
Cash deposlls
1.423,162
2,682,947
{34.9411
209,254
4 280,422
1,423,162
2.641,786
94.692
4,159 640
18-

THE THOMAS WATSON co￿AGE HOMES
NOTES TO THE FINANCIAL STATEMENTS
onlinued
13 ENDOWMENT FUND
YEAR ENDED 31ST DECEMBER 2024 Iconlinuedl
The Chartty Commi8slon has approved the use of Endowment Fund5 to monitor. investigate, effect abnom)al
andlor emerggnGy repalrs lo drains and pallos. carry out abnormal remedial works including design and
supervision and inour independent expert and associated legal costs relating lo the movement and subsld6ncg
In the embankment to the roar of Nos 15-17 Jubilee Cottages. Three applicat¢ons We￿ approved by the Charity
Commlssion for this pu¥pose- In October 2019. August 2022 and December 2023-10 the value of £490,000.
The accounts include £279,994 of suth costs durlng the year12023 £60,498.) So far, £478,110 has been spent
on repairs attrlbutable lo the Endowmenl Fund.
In July 2024. the Charty received compensation of £360.000 for costs Ineurred in conneclion with the WOTk on
the ernbankment The incoff￿ Is Included In the SOFA under'olher Income..
14 GENERAL FUND
YEAR ENDED 31 ST DECEMBER 2024
Fund as al Isl January 2024
Nel IncomelExpendituie before tfansfers
Transfers in the year
GainsllLossesl on Investment Assets
Fund al 31st December 2024
2024
2023
183.858
121,154
{102,754}
2,363
204.621
160.437
126,586
(107,496)
4.331
183,858
REPRESENTED BY..
Investments
Net current Assets
40.878
163,743
204,621
38,899
144.959
183858
15 RESERVES
As noted in the Risk Assessment section of the Trustees, Report. the princrpal purwsg of Ihg general reserve is
to provide for relocation and care of r&sid8nls in the event of a majoT incident dgpriving the Trustees of the use
of the resldential buildings. The Charity also requires funds to plan foT growih and this is sp8clfically assessed
from time to lime.
16 FINANCIAL INSTRUMENTS
Flnanclal Assets
2024
2023
Financial assets measured at fair value through the SOFA
2.723,825
2,680.685
Flnat)cial assets measured at falr value through the SOFA comprise investments
15 RELATED PARTIES
Durlng the year ended 2024. there were no transactions wth reFated parties12023 none)
19-