mailes Goldie CMARIEREO ACCOUNT ANTS Charity Registration Number.. 226675 Ann Watson's Trust Financial Statements 31 December 2023 SD4)21451-6 bu170$ I¢AEW CHARTERE ACCOUNTANTS Smalles Goldie is o trading name of Smalles Goldie Partnership.
Ann Watson'• Trust Contont (contInu) Refer•nc• and Adm¥iistratsve Delails 1to2 Tru8teu' Report 3to6 stalement ofTN•tett' Re9ponbIUej Inendent Audltorn, Re 7tog stalement of Finwcial ktkntle• 10 BalanL* Sheat 11 Cafh Flow Statement 12 • to the Flnandal Statements 131028
Ann Watson's Tnt R•forenco and Adminlstratlve D•talls Chaimian J M V Redman (Nominated Tru•tee) P (knr¥oorde ICo4)pted TNBtee) p (yBrten {copted Trustee) Archdeacon A C 8room INomln•ted Tru•tee) Rev G Noor (Exvofficio Tru8tee} S Pulko IEx-offirAo TvuBtee) N J Penton {CovOPted Truitet) Rev O Black {Ex-offido TNslee) Flat 4 The Cdlege College Strnet Sutton Hull HU7 4UP Prfnclpl Offl¢• Ch•rfty R•gl•tr•llon Numb•r 226875 Ind•p•nd•nt Ew•mln•r Smallei Goldte Chartered ACntant# Regenvs CoLWt Prin Streel Hull East YO•hITe HU2 98A Page 1
Ann Watson'• Trust Referonce and Administrative Details (continued> Bank•rn Berda Bank PLC Hull Corporate Banking Centre Hull HU1 1RN Handel8banken 18 Marina Court Castle Slfeet Hull HU1 1TJ Sollcltorn Gosschalks Queens Garden• Hull HU13DZ Loxley Langford Mill Wotton4Jnder-Edge GL12 8RL L•nd Jnd Propo Aq•nl• Dee Atkinson & Harri•on The Exthange Driffield Ea•t Yorkshire Y025 7LJ Haller Evani 6648 Humber Street Hull HU1 1TU Ralhbonei Invellment Management FinUry Clrcu8 London EC2M 7AZ Page 2
Ann Watson's Trust Trust••s' Report The INslee$ presenl the gnnual rewt together ¥thilh the flnandal statements and auditOfS' feport of the Charity for the year ended 31 December 2023. The trusteeg have adopted the prowsiDns of Accaunling and Reporting by Chafitie•'. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK and RepUb.C of Ireland IFRS 102) (effective 1 January 20191. ObJ•ctlv•s al actl¥ltl•A Objtets •nd•lms The objects of the Charlty are lo wovlde accommodallon and relief In need for poor women are rnernbers of the Church of England, preference being given to Buch persons are wdthvs or unmarried daughters of dergymen of the Church of England and lor the advancement of educaiion in promots'ng the education ol person$ under the oge of 25 who are re8ldenl8 of the East Riding of Yorkihlre or vtho attend a t01 In that area. Publlc b•n•fft The Irualees have con#idered The Chafty Commi18ion'• guidance on publK benefit •nd •re of the opinion that this li fulfilled by the chariV$ continLseO educalional and re facilities. The truilèei conllm that they ha¥• coMpld with the requir•menl• of ctIOn 17 of ts Charitie• Act 2011 to have due regafd to the public benefft quldance published by the Gharty Commiuion for England and Wales. AGhl•v•m•nl• •nd p•rformanc• The charity hag continued throughout the year to apply its Income to support and promot¢ it• objectives in providing education and grant8 lo Indlvidud8. Schools and Ilmllar organiBats'ons. The chaTIty has rAintinved ¢0 improvè it• midenual re facility In slon h•wng Incurred further expenditure on refvrbishmenl of living accommod8Uon. Flnan¢l•l Mvl•w The charity ha5 net incoming re8ources of £688,709 12022.. £6,136,481) including realised gains on invejtments 01 £42,268 12022.. lo•se$ £676,861), and unreali$ed gains on knve$tment• of £388,129 (2022.. losses £26,493) and Investment property revaluation gains of nil12022". £6.707.4251. The tharity has free re•er¥e$ defined as unre$tri¢ted fundj of £2,943,156, deBignated funds of £741,416 and endowed funds of £26,722.889 at 31st December 2023. Page 3
Ann Watson's Trust Trusts•s' R•port (continuod) Polky on r•J•ry•8 The dewgnaled fund is the Extraordinary Repair Fund, the purpose of vthich i• lo enure funds are eparatety available for Improvement, maintenance and reIbl•hMenl of the propertiei owned by the charity. EndDwYnent funds comprise a#Jels in • pemianent endowThenl fund with no power lo convert the capital into income. Gain51llossesl on assets held in the endowment fund, both realiied and unreallBed. increa8el{decTeasel the endowment fund. Charity Commission approval has boen grantèd during the year regarding the future #talus of 8 number of the rural proPe.e%. It ij the Gharttys pollcy to retsln ¥ufficient funds to ¢tinue the long.lem oblecllvei ai let out in this report. Tttii requires 8uffiuenl reserves lo be retalned, In the form of investments. to Produce a guarante•d Incomè to maintain its and contsnue wth ils charitable activityes for the foreseeable future. The tru•tee• cOnder Ihe lund• are adequats lor the purpo$e• of the tharlty for the fore•u4ble ftrture. On Isl January 2023 follo9 Charlty Comml#slon approval. the truitee8 have adopted a total relum apprts lo the managernenl of the Trust's investment portfolio. Under this approach the value of the inveilments held on 3111 December 1979 a preieried 88 a pemianent endowment and the value of thi's increa8ed by the rate of RPIICPI in the intervening perfod. Th8 adjusted value as al 1 January 2023 has been calculated as £2,144,023. Surplu8 funds above this amount are dassed al unapplied total relum for alloc3ts.on to the income lund to be used as required to fund any expenditure toward• the alms ofAnn Watson'$ Trust. In¥•8bw•ntpolky obfvcdv The portfolio of investrn•nts i• m8ftaged by RathbDne• In¥tment Management report to the truile•• on a qu•rt•rly ba•b•. The fam in¥e8tmenl propertle# are mana9ed by Land Agent¥ Dee Atklnson & Horrison report to the tru8tees on a poriodic and quarterfy ba$ls. The truste88 Inspect the•e propert¢e8 on an annual basil. The reBldentlal InveBtment properlea are Spllt Into two sepgrale portlollo•, the•e being the Holdemeji based rural properties and the urtjan propeth'es. The Holderneis based propertle8 are manaoed by Dee Alkinson & HaNison and the Uan propeFts'es are managed by Hauer Evan•. The receive perlod reports from the Land agents for the resldentsal wopErtie•. Structure. govemance and man•g•ment Ilatur• of gov•rning do¢um•nt Ann Wat60n'8 Trust wa8 cwaled by the Wlll of Mrs. Ann Walson dated 27th October 1720 arKI i subject to the gulatIOn under a scheme approved on 31st August 1979 and as altered ¢)n 10th January 1984, 1st May 2001, 20th February 2004 and 1st January 2023 ty the Charty Commi$8ioneT¥. Page 4
Ann Watson's Trust Trustses. Report (contlnu•d) Recrullm•ntand•ppolntment of tnmte The Nominated Tru%tee are apwnted as representatives of the Archbishop of Yoth and the Biihop of Hull. The Exvoffityo Tw#tee• are appointed in their capauly as vicars of Hedon, Hull Minster and of Sutton. The Co-opted Twstees are appointed by personal IntrodLbction of eIting trustees bawl on their and polenb' o)ntribution towards the obA'ectives ofthe charity. Associate Tru6lee$ are appointed at • moeling of the Board of TTusleei after considerotion of the specific 8kn118 qUired lo effectively deliver the oty'edive$ of the Trust. The Chair of the Truiteei i• rnIp01blé for the IndtIon of any new Iru•tee vthlch Ind awareness of a Iruslee's responsibility, the goveming document and the hislory and philosophy of the Trust. A nww Trustee receives copie$ of th• relevant documentation. abong ith the previou• accounts, annual report and the goveming document. Ory•nls•d0nStrtKtrn The trustees meet on a quartedy bajis to di•cuss lulure Btrategy and revlew the activities of the arrty, ¢onsider matters arising and aUthOrt grnnt8 and other expendkure. The Chalrman of the Trustees is reBponBible for the day-lothy operatlon of the d)adty, With the support of the Tru8teei and a ialarftd clethJitcr•tary. The relTrIllI faalitiei proded •t The College ore Inspecled by • rota of Iw•t•e• on o regular Rlik The truste have reviewed the major risk$ lo which the charity Is eXp0d and appropriate 8y•lem• have been establlshed to mlttgate Ihose rlskl. Operab'onal riskB are mlnlmlsed by the employment of suitable professional advisers. The charfty allo hai Insurance pollaes In place hlch fvrther miligales risk to the chafrty. A ilralegic riik management revtaw and a full T1 of all the Tru•f• property in•urance$ li undertaken on a cydical basis. Dl•¢lwur• ol Inform•tlon to auditor Each Irustee has taken steps that they ought to have taken as a trustee in order to make themselve¥ aware of any levant gudit infomiation and to establish that the charity'5 auditor IJ aware of that infonnation. The trustees confimi that there li no relant Inlomation that they know of and of which they knw Ihe auditor i& Unrnre. The annual report wa• approved by the trusteeB of the charity on behalf b and Signed on il MVRedm ChaKrnan ominaled Tru$lee> Page 5
Ann Watson's Trust Stat•m•nt of Trnsts•s' Responslbllltles The trustees are responsible for preparing the trustees. report and the financial statements in accordance the United Kingdom Accountsng Standards (United lthngdom Generally AcGepled Accounkn'ng Practice) and applicable law and gUlatiOn1. The law applicable to charities requlre8 the trusleei to ppare finanaal $talemenl8 for each finanrAal year whi¢h give a true and fair vwi of the 6tste of affairs of the ¢harity and of the incoming resources and applicab'on of resour& of the charity for that period. In Paring Ihese financial $tatemenls, the trustees are required to.. lecl suitable arrA)unling policies and then apply them consSthndy,' ObSee the methods and principleB in Ihe Charities SORP., makejudgemerrt• and estimates that are reasonable and prudent.,
tate vthether applicable accounting standards have been folloEd, •ubje¢t to any material
departures dlsclosed and eXplaIr In the financlal statements.. and prepare the finandal statements ort the going c4)ncem basli unleis Li inappropri8t• to pre•um• that the charity 11 continue in b1ftel. The trustees are reJpon8lbl• for keeplng proper accounting re¢ord• that disdose wlth reasonabltr accuracy at any time Ihe finanal position of the chaiity and enable them to ensure that Ihe finanoal statements compty the Charities Act 2011, the Charities {Accounl8 and Reports) Regulalioni 2008. and the provision8 of the consb'tubon. The truotees are also responslble for •ale9uarding the asiets of th? and henu for taking re••onable steps for the prevention and detection of fraud and other iThegularlties. The Iru8tee$ are responsible lor the fflainlenance and Integrlty ol the corporate and financlal infomiab'on induded on the charitable companls website. Legislation governing the preparation and di•#emination of finandal thtements may dffer from legid•lion In other lurlidlctioni. Approved ty the trustees of tho ianty on . and #lgned on It• behalf by.. M V Redman jNomin8le Chaim4n steel Page 8
Ann Watson's Trust Indep•ndent Audltorfs Report to tho Membern of Ann Watson's Trust Oplnlon We have audited the financial statements of Alln Watson's Trust lthe 'charity) for the year ended 31 December 2023, ¥thich comprise the Statement of Financial Actiwbes, Balance Sheet. Cash Flow Statement, ond Notes lo the Fillaral Statewnenl•, induding a summary of significant accounting policie$. The finanryal reporbrbg framework that has been applied in Iheir preparation 18 Uniled 'ngdom Accounting Slandard$, comprisin9 Charibes SORP - FRS 102 Financial Repoiting Standard applicable in the UK and Republic of Ireland, and applicable law (United "nodorn Generally Accepted Accounting Pradice). In our opinion tht flnancl81 statements.. glve a true and fair view of the slate of the ch8rty's affalr8 a• al 31 Deumber 2023 and of Its incoming resources and application of resourcas, induding its income and expendrture, for the year then ended: have been propedy prepared in accordan¢¢ th Unlted lfj'ngdom Generally A¢pIe Accounting Practice,. and have tjeen prepared in accordance wlth the requlremenl• of the Charitie& Act 2011. Ba•1• for oplnlon We conducted our audll In accordance wilh Internab'onal Standard8 on Aud4Ung {UK) {ISAs (UK)) and applicable law. Our responslbllllie$ under thou standardi are further described In th• auditor respon$ibility'e$ for the audit of the finanaal •18temenl8 section of our report. We are independent of the charity In accordance thilh the ethical requirements that are relevant to our audit of the financlal
tatements in the UK, induding the FRC'S Ethical Standard, and we have lulfdled our other ethical
feJponsibilitie¥ in accordance these requirementj. We believe that the audit evidence w• h8 obtained is $ufficlenl and appiopriate to provide * ba•1• for our oplnlon. Conclu•lon• rnl•llng to golng conc•rn In audrting the financial Btalemenls, we ha¥e concluded that the truIte u•e of the golng concern baslg ol accountlng In the preparation of the ffinandal 8tatsment• h approprlale. Based on the worf( we have performed. have not Idenlffied any material uncertainlieB relating to events or condilions that, IndIduallY or collectively, may cast significant doubt on Ihe charity'& abllity lo continLte ag a going concem for a perioLI of al leat month• from when the orlglnal finandal ¥tatements were authorised for i8sue. Our re$pon$ibilits'es ond Ihe responsibilit of Ihe truite•¥ vAth respect to going conGem are de•crilRd in the relevant sections ol this report. Oth•r Inforni•tlon The trustees are re8ponsitAe for the other inft>nnation. The other Inlomiatlon ryjmprises the information induded in the annual report, other than the finanrial slalements and our auditorfs report thereon. Our opinion on the finan¢l•l statements does not cover the other inforniation and, except to the exienl olherwise expliolly stated In our report, v*J do not express any fomi of assurance condusion Ih8reon. Page 7
Ann Watson'5 Trust Ind•p•ndent Auditorfs Report to th• M•mbern of Ann Watson's Truat {contlnued) In connection ith our auth'l of the financial statements. our responsibrfty is to read the other infomiation and, in doing $0. wisider vknether the other infomiation 18 materially inconsislenl with the financial statement$ or our knowledge obtained in the audit or otherwise appears to be matenally misstated. If we identy'fy such material incon$i$tenoes or apparent material misslatements, are required to delennine vthether there is 8 material misslalement in the finantsal statements or a material miiJtatemenl ol the other information. If. baBed on the wort¢ we have perfomied, condude that there is a malerlal ml8Statemenl ol thi# other Infom)aUon, we are required to report that fact. We have nothlng to report In thli regard. Paatt•rn on thich are rnquired to report by •xcèpb'on In the light of our knowAedge and understanding of the charity and its envlronment obtained in the course of the audit, wè have not Identyfied material mis$talements In the TNBtees' Report. We have nothing to report in respect of the following matters vthere the CharlUe% {ACCntS and Report) Regulations 2008 requir uy to repijrt lo you if, in our opinion.. adequate accounting rewd• have not bun kopt. or relum# adequate for our audit ha¥v not bven recesved Irom brancheB not vijiled by us.. or the financlal itatemenls are not In agreemanl vAth tho accountlng records and retum8,' or certaln dliclosurei ol trn#lee# remuneratton 8peclfled by law are not made,. or have not receNed all the infovmation and explanatloni requn for our audll. RPolIblIt1 of tt• Ai explained more lulty in the Statement of Trustees. ReJponsibilitle• l#et out on palle 6), the trustee• are reBponsible for the preparation ol the financial 8tatemenlB and for belng sJti8fied that they glve a truo and lair wew, and lor such internal control as the trn$lee$ delemlne is nece8iary to enable the preparalion of finanty #tatements that art free from matsrial mi••tatem•nl, tthether due to fraud or error. In pr•p8ring the fandal •tatemenli. the tru8tee8 are re•ponsible for 8•%essing the charity's abilty to continue ai a going concem, diiclojing, as applicable, maiters related lo going ¢oncem and uling the going concem basi$ of gccounling unless Ihe trustees either intend to Iwuidate the charity or to cease operatloni. or ha¥e no realislic altemalive bul lo do io. Audltor RMpon•lbllltlM for th• •udlt of tho fimnclal •tal•mont• Our objective# are lo oblain reasonable assurance atjout whether the financi81 stalementj a8 a ale are free from material mi5sLitemenl. whether due to fraud or error, and to issue an auditorf5 report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guaTanlee that an audit conducted in accordance with ISA8 (UK) will a1y5 deteci a material mi8Statement vdhgn it exi$ls. Mis$talem?nts can arise from fraud or error and are nSidered material if, individually or in the aggregate, they could reasonably be expected to influence the economic de(xsions of user• taken on the basis of these financial $t8ments. The extent to vthich our procedures are capable of delecb'ng irregularib'es. induding fraud is detailed below. Page 8
Ann Watson's Trust Independent Auditors Report to tho Members of Ann Walson'• Trust (contlnued) Our approach to identsfying and a88essing the risks of material miBslalement in reBpect of irregulafities, induding fraud al non.compliant* th laws and regulations, was focused on sperAfic laws and regulations vthich we considered may have a direct material effect on the financial
talements or the operatloni of the company, including the Companies Ad 2006, tax legislation, data
prot•¢bon, an1)n.bery, employment. environmenlal and heath and Bafety legislation. understanding of the$e laws and regulations and the extent of compliance wa8 obtw'ned thfou9h discussion with management and in8pecting legal and regulatory Coffegpondence. We a••eiied the sup.bIlity ol the company's flnancial stslements to material misslatement, including obtaining an understsnding of how fraud might occur. by making enquiries of managemenl and rx)nsidering the inlemal cntrol5 in place to mllgate rl#k# of fraud and non-compllance la arml regulab'ons. To addres• the ri•k of fraud through management blas and override of tr01B. we.. A further d•s¢npti'on of our responsibilitie• i• availa10 on th• Financid Reports'ng Counul'• We0 at.. vhw.frc.org.uaUdit0rSreIpOn•i'lIeS. Th1• deKrfpUon formj part of our auditorfj TeporL of our rnport This report ig made Aolely to the charty trustees, ai a body. in accordance Bect)n 144 of the Charfties kl 2011 and regulats'on8 made under 154 of that Act. Our audlt hai been undertaken ao that we mlght 8t#te lo the truilees those mattern VK are requlred to slate lo trusteei in an audilorn, rèport and for no olher purpose. To the fullest exlenl permitted by law, we do not ?pt or 4siume responsibility lo anyone other than the charity and 11$ trustees aj a body, for our audit VKrk, forthi• report, or for the oplnbn• we ha¥• fornd. Sm4iles Goldle Chartered Accountanls Statutory Audrtor Regenfs Cowt Princess Street Hull Ea81 Ytykshire HU2 9BA Smalles Goldie is eligible for appointment as auditor ol the charity by virtue of its digibilty for appoirrtment as auditor of a company under section 1212 of the Companies Act 2006. Page 9
Ann Watson's Trust ststement of Financial Activitie5 for the Year Endèd 31 December 2023 unltrICkd De8lgnJt•d Endowm•nt funds funds funds Tol41 2023 Total 2022 In¢om• •nd Endoinènts from: Investment income 91,384 28,299 617,559 737,222 606,671 Total incorne 91,364 28,299 617.559 737.222 806,671 Exp•ndltur• on: Raising funds Ch•ntat4e octivities 1166.237) 1166.2371 312.673) (195,506) (278,755 312,673 Tot81 Oxpendilure Gainsllosses on investment a$¥els 1312,673) {186.237) {478.910) {474,2611 40,732 15.040 374.625 430,397 ,004,071 Net {expendilurellncome Gros¥ transfers between fundi 1180,577) 43,339 825,947 688,709 6,136.481 489.089 489,089 Net movement In lunds 308.512 43,339 338,858 688,709 6,136,481 R•Gonclll•tlon of lund• Tol81 lunds brought forward 2.634.644 698.077 26.386.031 29,718,752 23,582,271 Total fundi carried forward 17 2,943,156 741,416 28,722,889 30 407.461 29,718,752 All of the charfty's aCtltIeS derive from continulng 0parnOn$ durlng the above Iwo period8. The fund$ br•okdown for 2022 Is shown In note 17. The notes on pages 13 10 26 fomi an integral part of Iheye financial 5talemenls. Page 10
Ann Watson's Trust {Rogl$tratlon number: 226675) Balance Sheat as at 31 December 2023 Unmtrl¢t•d O••lgnitsd Endowm•nt fvnd fvnd 2023 2022 Flx•d a••ets Tangible a8s81• Investment propertlei Listed investment• 12 7.782 7,782 18.273 13 20.084.500 20.084.500 20,084,500 13 1.796.456 741,416 6.477.001 9.014.873 8,838,128 29,107 155 28.736 901 1804,238 741.416 26,561,S01 Curr•nt a•••l• Oebtor• Ca#h al bank and in hand 15 102,380 102,360 50.220 1 103 762 161388 1 265,150 1,367.510 982 407 1.206.122 161.388 1,032,627 Cr•ditov•: Amounts falllng du• *lthln on• yr 50,778 ass•t• 1 138918 1 300,306 981.851 2,943.156 741416 28,722.889 30.407.481 29,718,752 Fund• of th• charfty.. Endo7•( fund• 26,n2,889 26,722.689 26.386.031 Totsl wre•trlcted fvnds 741416 3.884 572 3 332 721 Total fundB 17 741418 26 722 889 30 407.461 29.718 752 The financial statements on pages 10 to 26 wefft appTo¥ed by the trustee8. and authorlsed for l•sue arxl slgned on their behalf by.. JMVR Chalrn)an an omina The notes on pages 13 to 26 fomi an integral part of Ihese ffinanryal Jtslements. Page11
Ann Watson's Trust Cash Flow Statement for the Year Ended 31 Docember 2023 2023 2022 Nots C••h flow• from op•rntlng actlvlll•• Net cash income 688,709 6,136.481 Adjustments to cash flow8 from nonwG•Jh Il•m• Depfeciab'on Investment income Revaluation of Investments 8,491 1737,2221 388 129 9.122 1606,6711 6.680,932 1428,1511 1,142,000) Worf¢lng copltAI •dJu•tm•nts Increase in debtors Increa8elldecrea8el In creditors Nel cash tlows from operating actlvitles C•sh flows from Inv••tlng actlvltl•• Interest receivable and 8imilgr income Purchase of Inve8tmenlB Sale of Investments 15 16 152,140} 18,428 {33,9421 11.415 463,863 1,187.357 737,222 {1,459.734) 1,469,118 606,671 13,483.057> 3.758.921 13 Net cash flows from Invesng activ1•8 Nel increa?el(decre•$e} In cash and cosh equiv41enl• Ca8h and cash equlvalents at 1 January C8#h 4nd cash equivalents at 31 December 746,606 882,535 282,743 (304,822) 1,287,229 982,407 1,265,150 982,407 AJI of the caBh flovU5 are dedved from conlinulng operallon8 dudng th• abovo fvK periods. The notes on pages 13 to 26 form an integral part of these finanaal Statements. Page 12
Ann Watson'8 Trust Notes to the Flnancial Slatements for the Year End•d 31 D•cember 2023 1 Accountlng polici•s Sl•t•m•nt of compllanc• The financial Jtslements have been prepared in accordance the second edition of the ChaTth'e• statement of Recommended Practice issued In October 2019, the FinanGial Reporting Standard applicable in the United lQngdom and Republic of lieland IFRS 102) and the Charities Act 2011. Ba818 of proparallon Ann Watson's Tru61 meets the dafinltlon of a public benefit èntlty under Charity SORP FRS 102. The a¢nIS lfinanual statements) have been prepared under the hi•torical cost convenkn.on 447th item$ recognised al or tran8acb.on Value unle1• olheThMse stately in Ihe relevanl note<•l lo these accounld. Golnq concmn Ttte trniteti conilder that there are no uncert8lnlleA about the chAdty• #bilty to continue as a golng concern. Incom• and •nd0%l•l All income Is recognlsed in the Slatemenl of Flnanclal Acil¥lUe• On the charfty ha• enknent to Ihe fvnds, il i• probable that the Income wll be w1¥0d and the amount can be mea•ured rellabty. Exp•ndltuw• All expenditure i• rKognt•ed once thwe i• • leg•1 or con8tructiv• obligation to that exp•nth'ture, il li probable setuement is required and the amount can be measured reliably. AJI costs are allocated to the appllcable expenditure heading that aggregate similar cofjts to that category. Where costs cannot be direcuy attributed lo particular headings they have been allocated on a basis ¢onw8lent vthh the uoe ol re•ource•, ¥ith central staff costs allocated on the basis of time spent, and deprecialion charges allo¢•ted on the wtlon ol the aiiel'# uie. Other Jupport coth are all¢JCated based on the spread of •tgff cost•. R•tslng fund* These are costs inaNTed in attracbng voluntary Income, the managernent of invMtment• and tho incurred in trading activrtie• that raise funds. Charitable expenditure comprise5 those costs incurred by the charlty In the delivery of ih KI1lIeS and 8èr¥ices for Ils benefiuaries. 11 includes both costs that can be allocated direcuy to suth activitles and thoge costs of an indlrect natu necessary to support them. Page13
Ann Watson's Trust Notos to tho Financial Statements for the Year Ended 31 Docember 2023 (continued) Grant •xp•ndlthrn Grants offered subject to conditions vthich have not been mel at the year end date are noted 3¥ a commitment bul not accrued a$ expenditure. Grantg of an expenditure nature vthich are made lo ¥oti$fy the objective$ of the charity for the advancement of educ8ts.on of persons under the age of 25 who are reybdenls of the East Riding of Yorkshire or attend a school in that area and for provlding any special benefit for schools in that area are charged to the slalement of financial activities in thé pariod in which they become payable. Support cosls Support costs include central funcllon$ and h8v• boen allocated lo activity coyt categories on J basis consistent wilh the use of resOue$, lor example. allocating property costs by floor aa$. or per pil•, staff costs by the time spent and other costs by Ih¢ir utsage. Gov•rnanc• cot• These include the costs attributable lo the charlty's compliance wth conslitulional and stslulory requlremenls. Including Audlt. strategic man8gement and InJstees meetings and reimbursed expense•. Taxatlon The chartty 1$ con81dered lo pas8 the tests set out In Paragraph 1 SGh?dubg 6 of the Fln4nce Act 2010 and therefore il Meets tho definrtion of a charitable company for UK cOrpOraon tax purposes. Accordingty, the charity is potentially exempl from taxation in re8pect ol Income or capital gain8 received withln calegorle$ Govered by Chapter 3 P8rt 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatlon ol Chargeable Gains Act 1992, to the exienl that such income or gain8 are applied exdusively to charitable purposeg. T•nglbl• Ilx•d a•••ts Indlvldual fixed assets are Inltlally recordod al co•t, le8• any subsequent accumulated deprec4g1ion and $ubsequent accumuloled impairment losses. D•prn¢l•tlon and •mortli•tlon Depreoalion 18 provided on 1onglbl8 fixed a$$•l$ so 88 10 4Wite off the cost or valuation. le$$ any eslimaled residual value, over their ex¢{ed uselul economlc life a$ fo11t).. A••t ¢la•• Plant & Machlnery Computer Equipment Dgpro¢l•lbon method and rate Straight Llne over 10 Year8 33% on Cost Inv•stm•nt propertl•$ Investment property is carried at fair value, derid from the current market prices for compaiable real e$late determineil annually by external voluer¥. The valuers use ob8eNable market prlce8, adjusted If necessary for any difference in the nature. location or condition of the 8pecrfic asset. Changes in falr value are recognised in profil or10sS. Page 14
Ann Watson's Trust Notes to tho Flnanclal Statements for the Year Ended 31 Dec•mb8r 2023 Icontlnued) Fixed •M•l In¥Mlm•nl• Fixed a88et investments, other than programme related investmerts, are induded al market value at the balance $heet date. Realised gainj and losses on investments are calculated as the differen(x bets¥een sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Actiwties in the period of di•posal. Unalised gains and 10s8e8 represent the movement m market values dunng the year and gre credited or charged to the Statement of Finanual Achvities based on the market value at the year end. Tr•d• d•btor4 Trade debtors are amounts due from cuolomer¥ lor merchandlse wld or servlcei perfomi•d In tha ordinary cour•e of businèL48. Trade debtors are recognl$ed InttS•My al Ihe Iron•actson prtce. They are 8ubsequonlty measured at amortl8ed cost using the effective intefest method. le88 provi8ion for irnpairment. A provision for the impaimienl of trade debtors li eJtabli8hed en there is objective evidence that the charty WAI not be able to collect all amounts due according to the oriulnal temis of the recelvablèi. Tr•d• cr•dltor• Trade credrtorn are obllgalon• to Pay for good• or 8eNlcei that have been •cquired in the ordinary course of business from suppliers. Aceoun18 payable are d888ified as currenl liabilities il the doe8 not have an uncondib'onal right, al the end of Ihe repo.n9 pertod, to defer settlement ol the creditor for al lea•1 Iwelve monthi after the reporting date. If ther• 1$ an uncondibonal right to defer lettlemenl lor at le••t iwelve monthm afler the reporting dale, they •r• pr•wbted •$ non-current liabllrtl. Trade creditorn are recognlled initially al the trnrnadon price and #ubwuenlly rne••ured at norti••d colt using the effective Interest method. Fund slwclurn Unrestricted InM• fund• are genero1 fund• that are •vaSlable lor u•e at the tNBteeB dibcretion in furtherance of the objectives of the chority. The Emtfaordinary Repair Fund is designated for the ipeciflc purpose ol property Improvements. The fund's g$sfjts are In$1¢d in M&G accumulabon $hare•. Until 31st De¢ember 1993 an annual conlrlbtslion of £4.000 was transferred from InMe account and IB Invested in the alve mentloned shares. Due to the value accumulated in the lund the trustee8 ha deemed that slnce ¢hgt dale no 1urthertran6fe were necessary. End04wmenl funds comprlse assets In a pemianenl endowment lund w1th no power lo convert the capilal into income. Gainslllo$se$l on asset held In Ihe endwment fund. both realiBed and unTealised. i1reaSe1(eeaseI the endowTn•nl fvnd. On 1st January 2023 followng Chority Commission approval. the trustees have adopted a lolal relum approach to the management of the Trust'5 investment portfolio. Under this approach the value of the investments held on 31st December 1979 are preseNefl as a permanent endovmienl and the value of thi$ increased by the rale of RPIICPI In the intervening periL*J. The adjusted value as at 1 January 2023 has been calculated a8 £2,144,023. Surplus funds above thi8 amount are dassed as unapled total rebJm foT allocabon to the Income fund to be used as requlred to fund any expenditure towards the aims of Ann Walson'$ Trust. Page 15
Ann Watson's Trust Notes to the Flnanclal Statements for the Year Ended 31 December 2023 (continued) P•n•ion8 and oth•r po•t v•tlr•m•nt obligatlon• The charity contrtbutes into the private pension schemo of rts employee. Contributions payable to the pension scheme are char9ed to the Statement of Finanual Acliwties in the period to which they relate. 2 Inv•slJn•nt Incom• Unrestrlctsd fundB D•Jlllnatod G•n•rnl Total 2023 Total 2022 Endovmi•nt InleTeBt recelvable on bank deposits Other income from fixed asset investments Residential propety received Farm property rents received 23,370 23,370 5.181 28,299 67,994 176.321 272,614 287,101 94,503 94.503 71.205 346,735 348,735 263,184 28,299 91.364 617,559 737,222 606,671 3 Expendlturo on rnl¥lfig fund• •) InvMtm•nt manig•m•nt ¢t0 Endowm•nt funds P•rman•nt Total 2023 Total 2022 Investment portlolio management costs Property management and rent collecuon Property repairs Propety insurance Legal and profession81 lees 19,545 43,998 25,427 18,921 58,346 168,237 19,545 43,998 25,427 18,921 58,346 38,062 24,833 20,084 12,999 99,528 166,237 195,506 Page 16
Ann Watson's Trust Notas to the Financial Statements for tho Yoar Ended 31 December 2023 (contlnued) 4 Exp•ndltur• on charlLgbl• actl¥lti•s Total 2023 Total 2D22 N¢t• ActivS1ies undertaken dlreGI Grant funding of activitie¥ Allocated $upport costs and govemance cost6 83.292 176.292 73,089 44,923 162,869 70,963 312.673 278,755 6 Actlvltle• undortakon dlrnctty 2023 2022 Rate• Legal and Profemlonal feel Lifeline MalntenAnce and repalrg Garden mainlenanca Llght, he818nd power Insurance Telephone and 14X 3.422 6,741 2,087 1,589 11,787 4,100 11.838 5,553 1,248 44,923 1,288 32,812 3,349 13,922 8,109 590 63.292 Pago 17
Ann Watson's Trust Notss to tho Financial Statements for the Year Ended 31 Docember 2023 (continued> 0 Analysls of govemance and support co•ts Tot•1 2023 Total 2022 Staff cost8 Wag•$ and salarfos Pen8ion costs Audit fees Audlt of the financial 8tatement8 Other fees pald to auditor8 Depreciation, amorb'salion and other similar costs Printlng. postage and 8tslonery Sundry expenses ProfessSonal Indemnlty In•urancè Legal and profe$$lonal Bank chargei 12.500 1,830 10,940 1,983 9,890 8.802 8,491 3,122 11.160 1,100 15,273 1,121 73,089 6,415 8,139 9,122 2,991 13,013 1,274 15,514 1,572 70,963 Page 18
Ann Watson's Trust Notes to the Financial Statements for the Year Ended 31 December 2023 {contlnued) 7 Grantwmaklng Anaty8ls of gr•nts Grnt• to Intttutlon• 2023 2022 Gr*nts to Indl¥ldual¥ 2023 2022 Bamby Moor PCC Dyslexla Inslllute GirfGulding - Hull Ea•t Dlvi$ion HETA Hull Women's Ald Humber Teachlng NHS Foundation Trust Hull School8 Choral Project Rèad for Good Run With It Into Unlverslty St Aidans PCC St. AugUSne ChurGh, Hedon St Columba Church St James C.E. Primary School Unlversity of Hull Employabllily Grant Other In8ti1utions Cl•ryy Widows- Relief In Netd Educath'on Grants Educauon Grants- 8ur8ary Programme 3.000 20.105 3.000 30.000 4,000 12,390 39,375 200 51.689 2.000 58.835 2,000 11.618 16,000 4.200 2,200 3.500 708 1.500 4,140 1,500 20.000 4,615 3,804 5,000 6,490 9.500 15.201 2,800 14,290 162,002 138,168 24,701 Page 19
Ann Watson'8 Trust Notes to the Financial Statements for the Ygar Ended 31 December 2023 (contlnued) 8 Tru•tso• remun•r•tlon and •xpfrnse During the year the charity made the followng Iransadon8 Wbth tru81ee8'. J M V R•dman (Nominated Trte•l £Nil (2022.. £2101 of expenses w8re reimbur8ed lo J M V Redman INomin8t•d Trustee) dur6ng the year. No tru8teeA, nor any person* connected with them, have received any remuneration from the charity during the year. 9 Staff co8t8 The aggregaie payroll costs were as fDIIow8'. 2023 2022 Sthff co•t• dur5ng th• y••r w•r•'. Wages and sal8ri•• Pension c0818 12,500 1,630 14,330 10,940 1,983 12,923 The monthly average number of persons lincluding senlor m8n•gement I leadershlp te8ml employed by the charity durlng the year expreued ai full tSm• equlvalenls wa$ aj follows.. 2023 No 2022 No Admini8tr•tlon and support No employee recelved emoluments of more than £60,000 durlng the year 10 T•xallon Thè charity li a règistered charity and 18 therefore exempt from taxguon. Page 20
Ann Watson's Trust Notes to the Flnanclal Statements lor the Year Ended 31 December 2023 (continued 11 Compar4tlv• SOFA Unrn•trlct•d De•lgn•tsd fund¥ fund Endowm•nt funds Total 2022 Not• Income and Endowm•nts from: Investment inwme 579,018 27,653 806,671 Total income 579,018 27,653 806,871 Expendlturo on: Raising fundB Charitable aCtiVe8 {149,8081 278,755 145,8981 {195,5061 278,755 Total expenditure Gain51105ses on investment 858els {428,3631 145,8981 1474,2611 32,035 21,744 6,057,850 8,004,071 Nel incomellexpendlturel Ng1 movement in fund8 118,620 39,989 6,057,850 6.136.481 118,620 139.989) 8,057,850 6,136,481 R•¢¢)nclllatlon of fund• Total fund8 brought fornard Total fundj ¢8rried forward 2.516.024 738,066 20,328,181 23,582,271 17 2,834,844 698,077 28,386,031 29,718,752 12 Tinglbl• fix•d i•••t• Pl•nt & machlnery Computsr •qulpm•nt Tot•1 Ct At 1 J8nuary 2023 At 31 December 2023 26,472 27,367 25.472 1,895 27.367 D•prgelatlon Al l January 2023 Charge for the year 9,199 8,491 1,895 11,094 8.491 At 31 December 2023 17,690 1.895 Not book v4lue Al 31 December 2023 7,782 7,782 Al 31 December 2022 16,273 16,273 Freehold land and buildings, being The College, 14 College Street. Hull, ovmed by the Charity and used for charitable purposes have not been professionally valued and a included in ltte accounls al £nil value. Page 21
Ann Watson's Trust Notes to the Financial Ststements for the Year Ended 31 Docember 2023 (contlnued 13 Fixed a••et Inv••tm•nts Inv••tment prop•rtl Inv•stm•nt proport1•• Ct or Valutlon At 1 Jjnuary 2023 and 31 Decembor2023 N•t book valu• 20.084.500 At 31 Dtcember 2023 20,084.500 At 31 Dècefflber 2022 20.084.500 F•lr ¥•lu• •t 31•t D•c•mb•r 2023 l• r•pr•••nt•d by: Valu•b'on in 2022 Co31 19,125,60S 958,895 20,084,500 19,12S,605 958,895 20,084,500 Fami properb'es were valued on an open market Value b881s subject to existing lenancles 45 al 318t December 2022 by Dee Atkinson and H8rri$on, Chartered Surveyor8. The trustees conflrm that to the best of Ihelr knovAe¢Jgo. the valuations continue lo be conjistent wlh the falr value ol the prop•rtl•# At 31 December 2023. Olher freehold propertle9 vre vahjed on an open market value bas58 at 3181 December 2022 by Haller Evans Chartered Surveyors. The twslee8 confirm thèl lo the best of Ihelr knowledge. the valualions continue to be con8i8lenl the f8ir Value of the Prope.e$ al 31 December 2023. U•t•d InvMtm•nt• Total Cost or Valu•tSon At 1 January 2023 Additions 0i8pos818 Revaluation 8,636.128 1,459,734 {1.469.118) 388,129 At 31 December 2023 9,014,873 N•t book ¥•lue At 31 December 2023 9,014,873 At 31 December 2022 8,636,128 Page 22
Ann Watson'8 Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (contlnued) List•d inv•stsn•nts Icintinu•dl 2023 2022 UK Govemrnenl Stocks UK Equities & Unil Trust Inlemational Bonds 98,163 8,918,710 187,416 ,331.594 117,118 ,636,128 9,014,873 Inv•stmenls exceeding 5% of rnarket value of portlollo,. 2023 2022 M&G Charlty Mutts Agsel 21,711 accumul8llon 8har•8 2.335.387 2,291,181 14 Totsl retyrn I¥trnont of p•rni•n•nt •ndowm•nt P•miin•nt Inv?•tment PortlolS0 P•min•nt Unappli•d Endovmient.. Tot•1 Rotum Prop•rty 2023 At the b•glnnlng of th• r•portlng pwrlod Glft component of the pernian•nt endowment Unappliod total rolurn 2.144,023 20,084,500 22,228,523 4,157,509 20 084 500 26,386 032 4,157,509 4 157509 2,144,023 PlJov•m•nt8 In r•portlng perlod Inve8lTnenl return.. dividend5 & inlerttt Inve3lmenl retum.. rental Incomè Investment retum,. reali8ed and unreali9ed gain9 and (109gesl Less.. Investment managmenl costs Less.. Property managment costs Total retum allocated to unapplied total return Unapplied total relum allocated lo income in the period 69,991 118,330 176.321 441.238 441,238 127,462 16.6501 247,163 112,895) 374,625 119,5451 1146,692) {146,6921 1180.8031 180,803 194,543 294,546 489,089 336,858 Nel movement in reporting pgriod At end of reporting period Grft componenl of the pemianenl endowment Unapplied total retum 336,858 2,144,023 20,084,500 22,228,523 4,494,367 4,494,367 4,494,367 2,144,023 20.084,500 26,722,890 Page 23
Ann Watson's Trust Notes to the Financial Statements for the Year Ended 31 Decembor 2023 (continued) 15 Dobtorn 2023 2022 Trade debtors Prepayments and accrued inwme VAT recoverable 32,046 70.314 10,605 36,016 3,599 50,220 102,360 16 Cr•dltorn: amounts falllng du• 4%lthln on• y••r 2023 2022 Trade creditor8 VAT repayable Accruals 4,988 26.866 35.350 67,204 9,414 41,362 50,776 17 Fund• B•l•n¢• Blanc• at31 January Incomlng R•sourc•* r•cognlJed D•c•mb•v 2023 r•8ourc•• •ynd•d Tran•f•rn galnsl{loss••l 2023 Unve•trlct•d fund• General 2,834.644 698.077 91,384 28.299 {312,6731 489,089 40.732 2.943.156 De•ignal•d 15.040 741,416 Tot•1 unr•¥trfct•d fund• 3,332,721 119,063 1312,6731 489.089 SS.772 3.684.572 EndoY•Th•nt lund¥ Perrnanent 26.386.031 166.237 489,089 617,559 374,625 26,722,869 Tot•1 fund• 29 718.752 737.222 478 910 430,397 30,407,461 Page 24
Ann Watson's Trust Not88 to tha Financial Statements for the Year Ended 31 December 2023 {contlnued Balancg at Cth•r 31 Resources recognised Decembpr •xpend•d galnjllloiies) 2022 8•lanc• •t 1 January 2022 Incomlng r•sourc•i Unr•strlct•d fund• Genèral 2,516,024 579,018 {428,3831 {45,898 132.0351 2,634,644 21.7441 698,077 Deslgnaled Tot•1 unre8trlct•d lund• 738.066 27,653 3,254,090 608,671 1474,2611 153.779) 3,332,721 Endown•nt fund• Perm•n•nl 20,328,181 6,057,850 28,386,031 474,261 806,671 6,004,071 29,718,752 Tot•1 lund• 23,582,271 The specrfc purpo8e8 lor vthich the fund$ are lo bè applied are 44 follow8.. Unreslricled Fund The charitys general fvndj consist of funds which the charty may use for ils charitable purpoaes al Ill discretion. DeBignaled Fund The deslgnated extraordinary repair lund 19 deslgnaled for the Specific purpose ol propety Improvem8n18. The fund'8 a88818 are Invested in M&G Charity Mulll Asset 8ccumul8llon 8h8re8. Until 3181 December 1993 an annual conlributs'on of £4,000 was Iran8ferred from income account and li inv?$led in the above m?nth'oned share$. Due lo the value accumulated in the fund the tru8le•$ have deemed that since that date no further transfer5 were necessary. Endowment Fund Having obtained professlonal advice from our Investment. legal and finanaal advisors. the Trusleeg of the Ann Wat30n Trust now undeT818nd that the m3jority of the assets held by the charity including the invg$¢menl propertie8 and the investment portfolio were permanent frndowmvnls. Endowment funds comprise assets in a permanent endowment fund with no power to convert the capital into income. Gainslllos5esl on asset held in the endowment fund, both reali5ed and unrealised, Increasel{decreasel the end¢A¥ment fund. Based on the advice given the Trustees have adopted a total return approach wlthin the year lo thè management of th• Trust's inve8lmenl porttolig. Under thi$ adoption the Trustee$ to presetve the value of the investments held on 31 st December 1979 49 a pernanent endovMent and lo inuease this value of this by the rale of RPIICPI in the intervening period. Surplus fund5 will be regarded as unapplied total return for allocation lo the income fund to be used as required to fund any expenditure towards the aims of the Ann Walson's Trugt. Page 25
Ann Watson's Trust Notes to tho Financlal Statementp for the Year Ended 31 Dec•mb•r 2023 (continued) 18 Relatsd party tr•nJactlons During the ye8r the charty made the followlng related party transaclion8-. Olivia Over¥oonle (Daughler of trustee. Peter Overvoorde.) The c08t Incurred by the chadty tho financial year wa8 £NII 12022.. £551. Three quotes were obtalned for the provislon of these services and a decision was madt based on value for money and the applicant's kno*rfedge of the Gh8rity. At the balance #heet d•1• the amount due tolfrom Oliwa Overvoorde was £Nil12022 - £NIII. Page 26