Smalles Goldie Copy mailes Goldie CHARrfY REGISTRATION NUMBER:226fj75 Ann Watson's Trust Annual Report and Financlal Statements 31 December 2024 SLNV182eo.1 ICAEW CMARTERED ACCOUI4TANT5 Ann Watson's Trust Contents Reference and Admlnlstrative Details 1to2 Trustees, Report 3105 statement of Tru$teey' Responsibilits•s Independent Auditors, Report 7t010 Statement ol Flnand•l Activttles 11 8alance Sheet 12 Cash Flow Stslemenl 13 Note8 lo the FlnAncl81 Stalemerrts 14to29 Ann Watson's Trust Roferonce and Administratlve Details Chalmian J M V Redman Ic0￿pted Trustee) Tru8teo• P Overvoorde ICothOPted Trusleel P O'Bden (Co-opted Trusleel Archdeacon A C Broom (Ex-officio Trusleel Rev G Naylor (Ex-officio Trustee) {resigned OS111120241 S Pulko (Ex-offido Trusleel N J Penlon Ico-opted Tru81eel Rev D Black (Ex-offido Trustee) Rev S Benford (Ex-offlclo TN8lee.' Appolnled 05111120241 Flat 4 The College College Street Sutton Hull HU7 4UP 226675 Prlnclp41 oinco Charity Regl¥tritlon Numb•r Audltor Smalle$ Goldig Chartered Accounlanl8 Regent'5 Court Prince$1 Slreél Hull E831 Yorkshlra HU2 9BA Page 1 Ann Watson's Trust Reference and Admlnistrative Details {continuod) Bankers Handelsbanken 18 Marina Court Ca5tie Street Hull HU1 1TJ Solicitorn Gosschalks Queens Gardens Hull HU1 3DZ Loxley Langford Mill Wottonvunder-Edge GL12 8RL Wil￿'n Chapman Rolllls Citadel Hou80 58 High Street Hull HU1 1QE nd and PrO￿rty Ag•nt• Oee Atkin8on & Harrison The Exchange Driffield Ea$1 Yorkshire Y025 7LJ Haller Evang 86-68 Humber Street Hull HU1 1TU Stockbrok•r¥ R8thbone8 Investment Management 8 Fin8bury Clrcus London EC2M 7AZ Page 2 Ann Watson's Trust Trustees. Report The trustees present the annual report together with the financial statemen18 of the charity for the year ended 31 December 2024. The trustees have adopted the Provisions of Ac¢ounting and Reportin9 by Charibes.. Statement of Recommended Practice applicable lo charities preparing Ihelr account$ in accordance with the Financial Reporting Slandarij applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Oblectlves •nd actlvltl Objects and alms The obiecl8 of the Charity are to provide accommodatlon and rellef to womèn Sn charitsble need who attend the Church of England or one of its Oesignaled Churches, wth preference being given lo women vtho either are or have a familial connection lo clergy of the Church of England and for the advancement of edueats'on in promoting the educulion of persons under the age of 25 are residents of the E881 Riding of Yorkshlre or who attend a school In that ar•a. Publlc b•n•flt The Iru¥lee$ have considered The Charity Commission's guidance on public benefit and are of the opinion that this Is fulfilled by the charity's continued educational and care facilities. The truslees confirm that they have complied wth the requirements of secllon 17 of th• Charities Act 2011 to have due regard lo Ihg public benefit guidance published by the Chanty Commission for England and Wales. Achlevemènts and porformanctr The charity hay continued throughout the year lo apply its income lo support and promot? the obleclives in providin9 education and grants lo individual¥, schools and similar organisation5. The charity ha5 continued lo improve Ily residential care facility in Sutton having incurred furthèr expendlture on refurbishment of living accommodation. Flnanclil revlew The charily has nel incoming resources of £789,646 12023.. £688.709) Includlng reallsed gains on investments of £449,042 12023. £42.268}, and unrealised gains on investments 01 £110,069 12023.. £388,129>, The charity has Iree reserve8 defined a8 unmstricted fund8 of £4,051,647 and end0￿d funds of £27.145,460 8131 $1 December 2024. Pollcy on reserves The charfty's general funds consist of funds %thich the charity m8y use for ils charitable Purposes al Ils discretion. The designated extraordinary repair fund was designated for the specific purpose of property improvements. The fund's assets are Invested in M&G Charity Mulli Asset accumulation shares. Until 31 $1 December 1993 an annual contribution of £4,000 was transferred from income account and 1$ inveBled in the above mentioned 5hare5. After obtaining Charity Commission approval, the Charity arrietJ out a chanye In scheme as of 13 December 2024. The designated fund has been fully transferred lo unrestricted at the end ol the year in order to allow these reseNes lo be utilised under the wider remit ol the Charity'$ objectives, rather then being restricted to an element which iy no longer as relevant, Page 3 Ann Watson's Trust Trustees, Report (continued) Polley on reserves (contlnued) Endowment funds comprise assets in a permangnl endowment fund vAth no power lo convert the capital into income. Gainsllloss&sl on a55ets held in the endowTnenl fvnd, both re81ised and unrealised, increaselldecreasel the endowment fund. Charity Commission approval has been granted during the year regarding the flrture slalus of a number of the rural propèrties. The Trustees have adopted a total retum approach in respect of the Endowed element of the Trust's Investment portfolio. Under this approach the value of the Investments held on 3161 December 1979 are preserved as a permanent endowment and the v8lue of this increased by the rale of RPIICPI in the intervening period. The adju51ed value as at 1 January 2023 has been calculated as £2,144,023. Surplus funds above this amount ara classed as unapplied total retum for allocation lo the Income fund to be uged as required lo fund any expenditure towards the aims of Ann Walson's Trust. 11 is the charity's pollw lo relaln #Lrfficient funds to continue the long-lemi objeclivey a¥ set out in this report. Thi$ requires sufficlenl reserves to be retained, In the form of inveslmenls, lo produce 8 guaranteed income to maintain rty assets and continue ￿th 118 charitable aclivilie$ for the foreseeable fvture. The Iru8teeJ conslder the lund8 are adequate for the purpo8es of the charity for the I0￿8eeab1e future. Invostment pollcy •nd obJ•ctlves The portfolio of inve8lmenlii 18 managed by Ralhbones Investment Management %tho report to the trustees on a quarterfy basis. The farm inve¥lmenl properttes are managed by Land Agents Dee Atkinson & Harr180n who report to the trustees on a periodie and quartedy basis. The trustees inspect these propertieB on an annual ba858. The residenti81 Inveslmenl properties are split into tsvo separate portfolios, these being the Holderness based rural properties #nd the urb8n propertles. The Holdemess based Properties are managed by Dee Alkinson & Harrlson and the urban propertiey are managed by Haller Evans. The trustees receive period report8 from the Land agen18 lor the resldenlial properb'es. 8tructur•i gov•rn•nco and m•nag•m•nt N•turn of 90￿mIng docum•nt Ann Watson's Trust was created by the Will of Mrs. Ann Wal8on dated 27th October 1720 and 18 $ubjecl to the regulallon under a ￿heme approved on 31st August 1979 and as altered on 10th January 1984, 1st May 2001. 20th February 2004 and 181 January 2023 by the Charity Commissioners. Page 4 Ann Watson's Trust Trustees. Report (eontlnued) Recruiyment •nd appolnlment of trustfes The Ex-officio Trustees are appointed in their capacity as the Archdeacon of the EaBI Rlding and the vicars of Hedon, Hull Minster and tsf Sutton. The Co-opted Trustees are appointed by personal introduction of èxisting trustees based on their skills and potential contribution towards the objectives of the charity. Associate Trustees are appointed at a rneeling of the Board of Trustees after Considera￿On af the speciffic skill¥ requlred lo eff8ctlvely deliver the o¥'ectives of the Twsl. The Chair of the Trustees Is re6ponsible for the Induction of any new trustee which include¥ awareness of a trustee's responsibillly, the goveming documenl and the history and philosophy of the Trust. A new Trustee recelves cople$ of the relevant documentation. along wth the previou5 yearfs occount8, annu81 report and the governing documonl. Ory•nls•llon•l structure The trustees meet on a quarterly basis to diBCUSS future 8lrategy and review the activllies of tha charity, congider matters arising and aulhorige grants and other expendlture. The Chairman of the Truytee8 is re5ponslble for the day-to-day operalion of the charlty. with the support of the Trustees and a salaried clerklBecrelary. The ie8identlal facilllles provlded al The Colle9e are Inspected by a rots of truste89 on a regular basis, Rl¥k management The trustees have reviewed the major risks to thi¢h Ihe charlly Is exp08ed and appropriate 8ygtem8 have been established lo mitigate those rlsks. Operational risks are minimised by the employment of guilable professional 8dvi$er5. The charlty also has insurance policies in place which lurther mitsgale¥ r18k lo the charlly. A strategic risk management review and a full review ot all the Trusl's property Insurances is undertaken on 8 cyclical basis. Dl8clo8ur• of Inlorniatlon to auditor Each Irusl8e has taken steps that they ought to have tsken as a trustee in order to make themselves aware of any relevant audit information and lo e81ablish that the ch8rity'S 8uditor is aware of that infomialion. The trustees confimi that there Is no relevant infomiation that they know of and of which they know the auditor Is unaware. The annual report w8$ approved by the trustees of the charity on 22 Aprll 2025 and signed on its behalf by.. J M V Red￿￿rru3Iee) anl opte Chairman Page 5 Ann Watson'8 Trust Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financ4al $18temenls in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr8eticel and applicable law and regulation5. The law applicable to charitie5 require5 the Iruslees lo prepare financi81 ytalements for each finanrAal year vthich give a Irue and fair view of the state of affair5 of the charity and of the incoming resource5 and applicsts'on of resource8 of the charity for that perlod. In preparing these financial statements, the Iruslees are required lo.. select sullable accounting policie$ and then apply Ihem consistently., obswve the methods and princlples in the Charities SORP. make judgementg and eslimales that are reasonable and pwdenl,, Stale whether applicable acwunling standards have been followed. sublecl to any materi81 departures di8cloyed and explained in the financial stalemenls,. and prepare the financi81 slalemenls on the golng concern bas1$ unle$8 il l# inappropriate lo presume that Ihe charity wll conllnue In busine88. The Iruslees are responsible for keeping proper accounting records that disclose with reayonable accuracy al any time the financial position ol the charlly and enable them lo en8UTe that the financlal statements comply vllh the Charities Acl 2011, the Charities (Accounts and Reports) Regulation5 2008, and the provisiDn8 of the conslllulion. The Iruslees are also responsible for safeguarding the 9ssels ol the charity and hence for taking reasonable slep5 for the prevention and detection ol fraud gnd other irregularities. The trustees are responsible for the malntenance and inlegrlty of the Corporate and financial informalivn included on the chariiable company's website. Legislallon governlng the preparation 8nd dissemination of financial Slatements may differ trom legi$lab'on in other junsdicknons. Approved by tho Iru$lees of the charity on 22 April 2025 and signed on rt8 behall by.. M V RedmafftrwTrusleel Chairman Page 6 Ann Wat80n's Trust Independent Auditorfs Report to tho Members of Ann Watson'8 Trust Oplnlon We have audited the financial statements of Ann Watson'5 Trust (the 'charity'l for the year ended 31 December 2024, which comprise the Statement of Financial Ath'vits'es, Balance Sheet, Cash Flow Statement. and Notes lo the Financial Statements, including a summary of Slgnificanl accounting policies. The financial reporting framework that has been applied In their preparation is United Kingdom Accounting Standard9, comprising Charities SORP - FRS 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and applicable law (United lQngdom Generally Accepted Accounting Pr8eticel. In our opinlon the financial stslemenls.. give a true and fair wew ol the slate of the charity's affairs 88 at 31 December 2024 and of 118 incoming resources and appllcalion of re$oLtrces, including its Income and expenditure, for the year then ended., have been properly prepared In accordance ￿th United Kingdom Generally Accepted Accounting Pracllce., and have been prepared In accordance with the requiremonl8 of the Charitie8 Act 2011. 8*11s for oplnlon We conducted our audit in accordance wlh Internats'onal Standards on Audltin9 IUKI IISA8 IUKII and applicable Igw. Our respongibilibe5 undèr those standards are further described In the auditor Te5ponsibilile$ for the audit of Ihe flnancial 81atemenls section ol our report. We afe independent ol the charity In accordance wth the ethical requirements that are relevAnl lo our audit of the finoncial 8talemenls in the UK, including the FRC'S Ethical Standard, and we have fubfilled our other ethical responsibilities in accordance wlh these requiremen15. We believe th4t the Budll evidence wè have obtained is sufficient and appropriate lo provlde a basls for our opinion. Conclu•lon• r•latlng to going conc•rn In audlllng the financlal slalemenls, we have concluded that Ihe trustees use of the going concem ba818 of acccunling in the pr8paralion ol the finanugl ¥tatemenls 1$ appropriate. 8a$ed on the work we have perfomied, we have not idenlrfied any material uncertainties relating lo events or conditions that. individually or collectively, may cast signrficant doubt on the charlty's ability to continue as a going concem for a period of at l•as1 tsvelve month8 Irorn when the origlnal financial statements were aulhorised for issue. Our responsibilllies and the responsibilrtiei ol the tru8lees wth respect to golng concem a described in the relevant Sections of Ihiy report. Page 7 Ann Watson'8 Trust Independent Audltofs Roport to the Members of Ann Watson'8 Trust (continued) Othor Informatlon The trusteeg are responsible for the other infomialion. The other inforrnalion comprises the inforniation included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other informab.on and, except ta the exlent olheNiige explially stated in our report, we do not express any form of assuronce conclusion Ihereon. In connection wth our audit of the financial 8talemenls, our responsibility 18 to read the other information and, in doing so, consider whether the other information Is materialty inconslslenl ￿th the financial statements ar our knowledge obtsined In the audit or otherwise appears lo be materially rnisstated. If we Sdentify such materlal in¢onsislencie3 OT apparent material misstatements, we are required to delerrnine whether there 15 a material mis91alemenl in the financial statemen18 or a material mi85talemenl of the other information. If, based on the work we have perforrned. we conclude that there is a malerlal mi551atemenl ol this other info¥malion, we are required lo report that fact. We have nothing to report in this regard. Mattfrrs on whlch w• arg requlr•d to report by •xc•ptlon In the light ol our kno¥￿￿dge and understanding of the charity and its environment obtained Sn the course of the audit, we have not identified malenal misslatemenls the Trustees, Report. We have nolhing lo report in respect of thè lollowing matters where the Chariliej (Accounts and Report) Regulations 2008 requires us lo report to you if, In our opSnion'. adequate 8ccounling records have not been kept, or returns adequate for our audll have not been recéived from branches nol vislted by us., or the financial slalemenls are not in agreement ￿th the accounting record8 and retum5,' or certain disclosures of trustees remuneration specified by law are not made,. or we have not received all the infomalion and explanations we require for our audit. Respon*ibiliUg¥ of trust••• As explained MO￿ fully In the Stslemenl of Truslee8' Responsibililie818el out on page 61, the trustees are re8ponsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for su¢h internal control as the Iru5tees determine is necessary lo enable the preparalon of flnanrAal 51atemenls that are free from malertal mi551atemenl, whether due to fraud or error. In preparing the financlal 8t8temenl$, the trusleej ar• responsible for asse88lng the charity'8 abllity lo continue a8 a going concern, disclosing, as applicable, m8tters related to going concem and using the going concem baslg of accounting unless the Injstees either intend to liquidate the Charity or to cease operations, or have no realistic alternative bul lo do so. Auditor ResponslbllltlM for thg audlt of th• flnancial stst•ments Our objectiveg 8re lo obtain reasonable a55urance aboul vthether the financial slalemenls as a vthole are free from material mi551alernent, whether due lo fraud or error, and to issue an audblor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in accordance with ISA5 IUKI wll alw8ys detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually oi in the aggregate, they Gould reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Page 8 Ann Watson's Trust Independent Auditor's Report to the Members of Ann Watson's Trust (contlnued) The oxtenl to thlch our procèdures are capable of delectsng irregularrties, including fraud is detailed below.. Our approach lo iijenlifying and assessing the risks of rnalerial misstatement in respect of Irregularilieg, including fraud and non-compliance laws and regulations, was focused on Specifie laws and regulab'ons vthich we wnsidered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation. data protection, ants'_bribery, employment, environmental and health and safely legislation. An understanding of these laws and regulalitsns and the extent of compliance wag obtained through dlscussion with management and inspecting legal and regulatory correspondence. We assessed the 9usceptibilily of the company'5 financial statements to m8leri*l mlJ8latement. Including obtalning an understBnding of how fraud might occur, by m8king enquiries 01 management and considering the internal controls in place lo mth'gale risk¥ of fraud and non-compliance wth low¥ and regulations. To address the risk of fraud Ihrough management bia8 and override of controls, We.. performed analyilcal procedures to Sdenlify any unusual or unoxpected Telab"onghip8', a8$es8èd whether judgements and a8sumplion• made In delermlning the accounting e5timale8 were indicative of polenllal bias., and Investlgaled the rationale behind significant or unusual transactlons. In response to the rlsk of Irregularities and non-compliance with laws 8nd regulations, we de8lgned procedures vthich Included, bul were not limrted to.. agreeing financial statement disclosures to underlylng supporting documentation; reading the mlnute8 of meetings ol those charged wth governance.. enquiring of managernenl a5 10 actual and potential lrtigalion and claims. Including those leading lo a Material mlgslalement in the financiol statements or non-compliance with regulalien. This risk Increases the more that compliance with law or regulation is removed from the events and transacllons rellected In the financial Statements, as we will be less likely lo become aware of instances of non-cornpliance. Auditing slandardg a180 limit the audit procedures required to identify non-compliancè wth laws and regulations lo enquiry of the director¥ and olher management and the inspection of regulatory and legal correspondence, rf any. The rlsk is also greater regardbng irregularilies occurring due lo fraud rather than error. as fraud Involve8 intentional concealment, forgery, collusion. omisjion, or mi5represenlalion. A further description ol our responsibllrties 18 available on the Financial Reporting Council's websrte at.. www.frc.org.uklaudltorsresponsibililieg. This descriptson forms part of our auditor's ieport. UB• of our report This report is made solely lo the charity trustees, a8 a body, in accordance wlh section 144 01 the Charitie8 Act 2011 and regulallons made under 5edion 154 of that Act. Our audit work has been undertaken so that we might stsle lo the Iruslees those matters we are required lo state lo Iru81ees in an audilors, report and for no other purpose. To the fijllest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and it5 trustees as a body, for our audit work, for thi5 report, or for the oplnlons we have fomed. Page 9 Ann Watson's Trust Independenl Auditors Report to the Members of Ann Watson's Trust {contlnued) Smalles Goldle Chartered Account8nts Slatulory Audltor Regent's Coijrt Princess Street Hull East Yorkshire HU2 98A 22 April 2025 Smalles Goldie 1$ eliglble for appointment a¥ audrtor of the charity by virtue ol ily eligibility lor appointment as audllor of a company under section 1212 of the Companies Act 2006. Page 10 Ann Watson's Trust Statement of Financial Activities for the Yoar Ended 31 December 2024 Unrnstrict•d Daslgnated funds funds Endowment funds Total 2024 Totsl 2023 Not• Income and Endovm)onts from: Investment income other income 110.146 38 30.449 602.660 743,255 38 737,222 Total income 110,184 30,449 602,660 743.293 737.222 Expendlturo on: Ralsin9 funds Charitsble ath'vib"eB 1198,1981 1198,1981 314,560 1166,2371 312,673 314,560 Total expendiluro GainsnoBse$ on invé8lmenl a88el8 {314,5601 1198,1961 {512,7581 1478,910) 29,011 481,133 SS9,111 430,397 Nel lexpendilurellincome Gros3 Irangfers between lund$ 1135,4091 59,460 865.595 789,848 688,709 1,243 900 800,876 443,024 Net movement in fund¥ 1,108,491 1741,4161 422,571 789,646 888,709 R•¢onclll•tlon of fund• Total funds brought fO￿ard 2,943 156 741,416 26 722 889 30,407 461 29 718,752 Total fund$ carried forward 16 4 051.647 27 145,460 31.197,107 30 407.461 All of the charity's 8Ctlvilies derive from conllnuing operation8 during the above pèriods. The funds breakdown for 2023 iy Shown in note 16. The notes on p8geg 14 to 29 form an Integr81 part of these financial statements. Page 11 Ann Watson's Trust (Registratlon number: 226675) Balance Sheet as at 31 Decemb8r 2024 Unr•strict•d Designated Endovmient fund fund fund 2024 2023 Not• Flx•d a¥••t8 Tangible a88ets Investment properties Listed Investments 12 10.884 10.884 7,782 13 20,084,500 20,084,500 20.084,500 13 2.735,787 7,027,880 9,763,667 9,014,873 29,859.051 29,107,155 2,746.671 27,112,360 Current 8•sot• Debtor8 Cash 91 bank and In hand 14 74,345 74,345 102,360 1,285,692 33,080 33,080 1,318,772 1,393,117 1,265,150 1.360.037 1,367,510 Credltors". Amount8 falllng du• wlthln on• yoar 65,061 55,081 67,204 Ngt curr•nt 1,304,976 33,080 1,33B,056 1,300,3C6 N•t •ss•t• 4,051,847 27,145,460 31.197,107 30,407,461 Fund• of tho charlty., EndoYmi•nt lund• 27,145,460 27,145,460 26,722,889 Total unreglricled funds 4,051,647 4,051,647 3 684,572 Tol•l fund• 16 4,051,647 27,145,460 31.197,107 30,407,461 The financial stalemenl$ on pages 11 10 29 were approved by the Iruslees, and authorised for issue on 22 April 2025 and signed on their beh8lf by., M V Redman Ico-opled Trusleel Chaimian The notes on pages 14 10 29 form an integral part of these finanrial statements. Page 12 Ann Watson's Trust Cash Flow Statement for tho Year Ended 31 December 2024 2024 2023 Not• Ca•h flo￿ from operatlng actlvltles Net movement in fvnds 769,648 688.709 AdluJtm•nts to ¢a8h flow8 from non