mailes Goldie
CMARIEREO ACCOUNT ANTS
Charity Registration Number.. 226675
Ann Watson's Trust
Financial Statements
31 December 2023
SD4)2145￿1-6
bu1￿70$
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' Re9pon￿bI￿Uej
In*endent Audltorn, Re
7tog
stalement of Finwcial ktkntle•
10
BalanL* Sheat
11
Cafh Flow Statement
12
• to the Flnandal Statements
131028

Ann Watson's Tn￿t
R•forenco and Adminlstratlve D•talls
Chaimian
J M V Redman (Nominated Tru•tee)
P (knr¥oorde ICo4)pted TNBtee)
p (yBrten {co￿pted Trustee)
Archdeacon A C 8room INomln•ted Tru•tee)
Rev G No￿or (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 AC￿ntant#
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
Fin￿Ury 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 t￿￿01 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¥• coMpl￿d 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 sl￿on 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 en*ure funds are
eparatety available for Improvement, maintenance and re￿Ibl•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• cOn￿der Ihe lund• are adequats lor the purpo$e• of the tharlty for the fore•u4ble
ftrture.
On Isl January 2023 follo￿￿9 Charlty Comml#slon approval. the truitee8 have adopted a total relum
apprts￿ lo the managernenl of the Trust's investment portfolio. Under this approach the value of the
inveilments held on 3111 December 1979 a￿ preieried 88 a pemianent endowment and the value of
thi's increa8ed by the rate of RPIICPI in the intervening perfod. Th8 adjusted value as al 1 January
2023 has been calculated as £2,144,023. Surplu8 funds above this amount are dassed al unapplied
total relum for alloc3ts.on to the income lund to be used as required to fund any expenditure toward•
the alms ofAnn Watson'$ 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 U￿an 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 e￿Iting 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• rnIp0￿1blé for the Ind￿tIon of any new Iru•tee vthlch In￿d
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•d0n￿StrtKt￿rn
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 rel￿￿TrIllI faalitiei pro￿ded •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 eXp0￿d 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 T￿1￿￿ 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 rel￿ant Inlomation that they know of and of which
they knw Ihe auditor i& Un￿rnre.
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 p￿pare 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 $tatemenls, the
trustees are required to..
lecl suitable arrA)unling policies and then apply them consSthndy,'
ObSe￿e the methods and principleB in Ihe Charities SORP.,
makejudgemerrt• and estimates that are reasonable and prudent.,
#tate vthether applicable accounting standards have been follo￿Ed, •ubje¢t to any material
departures dlsclosed and eXplaIr￿ In the financlal statements.. and
prepare the finandal statements ort the going c4)ncem basli unleis ￿ Li inappropri8t• to pre•um•
that the charity ￿11 continue in b￿1fte*l.
The trustees are reJpon8lbl• for keeplng proper accounting re¢ord• that disdose wlth reasonabltr
accuracy at any time Ihe finan￿al position of the chaiity and enable them to ensure that Ihe finanoal
statements compty the Charities Act 2011, the Charities {Accounl8 and Reports) Regulalioni
2008. and the provision8 of the consb'tubon. The truotees are also responslble for •ale9uarding the
asiets of th? and henu for taking re••onable steps for the prevention and detection of fraud
and other iThegularlties.
The Iru8tee$ 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 i*anty 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 Fillar￿al 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 $ufficlenl and appiopriate to provide * ba•1• for our oplnlon.
Conclu•lon• rnl•llng to golng conc•rn
In audrting the financial Btalemenls, we ha¥e concluded that the truIte￿ u•e of the golng concern
baslg ol accountlng In the preparation of the ffinandal 8tatsment• h approprlale.
Based on the worf( we have performed. have not Idenlffied any material uncertainlieB relating to
events or condilions that, IndI￿duallY or collectively, may cast significant doubt on Ihe charity'& abllity
lo continLte ag a going concem for a perioLI of al lea*t month• from when the orlglnal finandal
¥tatements were authorised for i8sue.
Our re$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$talements In the TNBtees' Report.
We have nothing to report in respect of the following matters vthere the CharlUe% {ACC￿ntS and
Report) Regulations 2008 requir￿ uy to repijrt lo you if, in our opinion..
adequate accounting rewd• have not bun kopt. or relum# adequate for our audit ha¥v not bven
recesved Irom brancheB not vijiled by us.. or
the financlal itatemenls are not In agreemanl vAth tho accountlng records and retum8,' or
certaln dliclosurei ol trn#lee# remuneratton 8peclfled by law are not made,. or
have not receNed all the infovmation and explanatloni requn for our audll.
R￿Po￿lIb￿lIt1￿ of t￿￿t•
Ai explained more lulty in the Statement of Trustees. ReJponsibilitle• l#et out on palle 6), the trustee•
are reBponsible for the preparation ol the financial 8tatemenlB and for belng sJti8fied that they glve a
truo and lair wew, and lor such internal control as the trn$lee$ delemlne is nece8iary to enable the
preparalion of finanty￿ #tatements that art free from matsrial mi••tatem•nl, t*thether due to fraud or
error.
In pr•p8ring the f￿andal •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 a1￿y5 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 $t*8ments.
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, an￿1)n.bery, employment. environmenlal and heath and Bafety legislation.
understanding of the$e laws and regulations and the extent of compliance wa8 obtw'ned thfou9h
discussion with management and in8pecting legal and regulatory Coffegpondence.
We a••eiied the su￿p￿.bIlity ol the company's flnancial stslements to material misslatement,
including obtaining an understsnding of how fraud might occur. by making enquiries of managemenl
and rx)nsidering the inlemal c￿ntrol5 in place to mllgate rl#k# of fraud and non-compllance la
arml regulab'ons.
To addres• the ri•k of fraud through management blas and override of ￿￿tr01B. we..
A further d•s¢npti'on of our responsibilitie• i• availa1￿0 on th• Financid Reports'ng Counul'• We￿￿0
at.. vhw.frc.org.u￿aUdit0rSreIpOn•i￿'l￿IeS. Th1• deKrfpUon formj part of our auditorfj TeporL
of our rnport
This report ig made Aolely to the charty trustees, ai a body. in accordance Bect*)n 144 of the
Charfties kl 2011 and regulats'on8 made under 154 of that Act. Our audlt hai been
undertaken ao that we mlght 8t#te lo the truilees those mattern VK are requlred to slate lo trusteei in
an audilorn, rèport and for no olher purpose. To the fullest exlenl permitted by law, we do not ?￿pt
or 4siume responsibility lo anyone other than the charity and 11$ trustees aj a body, for our audit
VK*rk, forthi• report, or for the oplnbn• we ha¥• forn￿d.
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
unl￿trICkd De8lgnJt•d Endowm•nt
funds
funds
funds
Tol41
2023
Total
2022
In¢om• •nd Endo*inènts 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$¥els
1312,673)
{186.237) {478.910)
{474,2611
40,732
15.040
374.625
430,397
,004,071
Net
{expendilurel*lncome
Gros¥ transfers
between fundi
1180,577)
43,339
825,947
688,709
6,136.481
489.089
489,089
Net movement In
lunds
308.512
43,339
338,858
688,709
6,136,481
R•Gonclll•tlon of lund•
Tol81 lunds brought
forward
2.634.644
698.077 26.386.031 29,718,752 23,582,271
Total fundi carried
forward
17
2,943,156
741,416 28,722,889 30 407.461 29,718,752
All of the charfty's aCt￿ltIeS derive from continulng 0parn￿On$ 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•
y￿r
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..
Endo￿7￿•￿(
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 Inves￿ng activ￿1•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 flov*U5 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 w￿1¥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 KI1￿lIeS
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 resOu￿e$, lor example. allocating property costs by floor a￿a$. or per
pil•, staff costs by the time spent and other costs by Ih¢ir utsage.
Gov•rnanc• co*t•
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 cOrpOra￿on 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, deri￿d 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 $heet date. Realised gainj and losses on investments are calculated as the differen(x
bets¥een sales proceeds and their market value at the start of the year, or their subsequent cost, and
are charged or credited to the Statement of Financial Actiwties in the period of di•posal.
Un￿alised gains and 10s8e8 represent the movement m market values dunng the year and gre
credited or charged to the Statement of Finanual Achvities based on the market value at the year end.
Tr•d• d•btor4
Trade debtors are amounts due from cuolomer¥ lor merchandlse wld or servlcei perfomi•d In tha
ordinary cour•e of businèL48.
Trade debtors are recognl$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 In￿M• 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 $hare•. Until 31st De¢ember 1993 an annual
conlrlbtslion of £4.000 was transferred from In￿Me account and IB Invested in the al￿ve mentloned
shares. Due to the value accumulated in the lund the trustee8 ha￿ deemed that slnce ¢hgt dale no
1urthertran6fe￿ were necessary.
End04wmenl funds comprlse assets In a pemianenl endowment lund w1th no power lo convert the
capilal into income. Gainslllo$se$l on asset held In Ihe endwment fund. both realiBed and
unTealised. i1￿reaSe1(￿e￿easeI the endowTn•nl fvnd.
On 1st January 2023 followng Chority Commission approval. the trustees have adopted a lolal relum
approach to the management of the Trust'5 investment portfolio. Under this approach the value of the
investments held on 31st December 1979 are preseNefl as a permanent endovmienl and the value of
thi$ 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 unap￿led
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
Gr*nt• to In*tttutlon•
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. AugUS￿ne 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 Tr￿te•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 aCtiV￿e8
{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
C￿t
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••
C￿t or Valu*tlon
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$on, Chartered Surveyor8. The trustees conflrm that to the
best of Ihelr knovAe¢Jgo. the valuations continue lo be conjistent wlh the falr value ol the prop•rtl•# At
31 December 2023.
Olher freehold propertle9 v*re vahjed on an open market value bas58 at 3181 December 2022 by
Haller Evans Chartered Surveyors. The twslee8 confirm thèl lo the best of Ihelr knowledge. the
valualions continue to be con8i8lenl the f8ir Value of the Prope￿.e$ 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 Ici*ntinu•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•mi*n•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 inw*me
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¢•
B*lanc•
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.
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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