mailes Goldie CHARTÉRED ACCOLIMTANTS Smalles Goldie Copy Ann Watson's Trust Annual Report and Financial Statements 31st Dacember 2025 ieAEW CHAfftREO ACCOUNTANTS Ann Watson's Trust Contents Reference and Adminislrativg Details 1to2 Trustees, Report 3to5 Statement of TTuslee8' Re8ponslblllttes Independent Auditorn, Report 7t010 Statomenl of Financial ActivltSei Balan￿ Shoet 12 Cash Flow Statem&nt 13 Notes to the Flnanclal Statements 14to30 Ann Watson's Trust Reference and Administrative Details halmian J M V Redman (Ctropted Truyleel Tw$lees'. P Overvoorde ICo-OPted Trustee) P O'Brien Icfyopled Trusle•l Venerable A C Broom (Ex-offiuo TTUSteel Rev Dr S Pulko (Ex-officio Trustee) N J Pènton (Co-opted Trusleel Rev Canon Dr D Black {Ex￿ffici0 Tru8teel Rt Rev S Benlord IEx-offi¢lu Tru8leel K Palmer (Co-opted Trustee) (appointed 4 November 20251 Prlnclyl Office Fl* 4 The College College Street Sutton Hull HU7 4UP Charlty R•gI•￿tIon Numb•r 226675 Audltor Smalle8 Goldle Chartered Accountsnl$ Regent's Court Prin¢es8 Street Hull East Yorkshire HU2 gBA Page 1 Ann Watson'$ Trust Referenco and Administrative Details leontlnued) Bankers Handelsbanken 18 Marfna Court Ca5￿8 Street Hull HU1 1TJ 8ollclt¢ Gosschalks Queens Gardens Hull HUI 3DZ Loxley Langford Mill Wotton-under-Edge GL12 8RL Wllknn Chapman Rolllts Citadel House 58 High Street Hull HUI 1QE Land and Prop•rty Ag•nts Dee Alklnson & Haffison Exchange Street Orrffield Y025 6LD Haller Evans 6&68 Humber Street Hull HU1 1TU Slo¢kbrok•rs Rathbones Investment Management 30 Gresham Street London EC2V 7QN Page 2 Ann Watson's Trust Trustees. Report Th8 trustees present thg annual report together the financl81 st8tements of the charity for the year end8d 31 Decernber 2025. The tnJsteg$ have adopted the provl8ions of Accounllng 8nd Reporfng by Ch8rfU8s'. Stalemenl of R8commended Practice appI￿able lo charfties preparing thelr accounts in accordance with the Financial ReportirvJ Stand8T(J Bpplicable in the UK and Rèpubllc of Ireland IFRS 1021 leffective 1 January 20191. Objectiv•• and ￿tIVItI•$ ObJ*¢t$ and alms Th8 objects of the Charity are lo provlde accommodallon and relbf to women In tharftable need who attend the Church of England of ona of bts Oe8lgn8t8d Churthes. wllh prefer8nce beiThJ given to WOrn8n who either a￿ or have a familial connection lo clergy of the Church of England. After expèndlture Incurred on ralslng funds, rnaintsiniw the accommodalion 8fKI on gov6marKe 8nd 8UPPOrt C08ts, Ih Truslegs apply the income of the Charity.. for relief of in need residents of the almshous88 or widow8, wldowers or other8 a close famlllal ¢onnection lo clergy of the Church of England. tor the advancement of educ8tN)n of p8r8on8 under 25 ye8r8 and who ar8 r981dant In the Clty of Klngston upon Hull And County of the E88t RldlrrfJ of Yorkshlre or arg attendlng or havo attanded a Khool In Ihg sald area. for Ihg provlslon of gr8nl8 lo support the religk*us and other chartt8ble Work of the Church of England In Eccles5astscal pari8hes and churches in and aroun¢J Ihe Cty ol Klng8lon upon Hull and the County of East Ridlng of Yothshlre. Publlc ljeneftt Tho IruBtoes have Con￿dered Th& Charfty Commlssion's guldance on public tr4n6fl1 and are of Ihg oplnlon that th1818 fulfilled by thè charity's continued 8duc81ionel and care l&cllllle8. The trustees confirm th81 thgy have complied wth the requirements of sedon 17 of the Ch8rfti88 Act 2011 to have dug regard to the public benefrt guidance published by th& Charlty Commi88lon for England and W81es. Achl•v•ments and p•rformanc• Th6 charfty has contlnued throughout the year to 8pply an increaslng proportion ol Sts income to support and prornol8 the objactives In providing educatlon and grants to Indlviduals, churcknes and other organlsallons. Tha charity has continued to Improve Its readentlal carg faclllly In Sutton havSng IncuwTed fvrther expendlture on rafurblshmenl of IMryJ 8ccommodatS0n. Flnanclal revl•w The charlty has not incomlng fesources of £1,004,75812024.. £789,648) including re811880 Ios8e8 on InveBtrnenls of £48,99612024.' gains of £449.0421, and unre8li88d g8ln8 on Inv88tments of £879,63112024.. £110,069). The charfty has frea reserves dgfined a8 unrestrlcted fuThJs of £4.799,010 and gfKJovffjd funds of £27,402,855 al 31st December 2025. Pollcy on rns•tv•s The charity's general funds consist of funds whlch the tharity may use for Its charflable purposes at Sts I18cro￿On. The deslgnated extraordin8ry repair fund was created for the specAfic purp088 of propety Smprovgments. The hjnd. 888el$ ar¢ Invested in M&G Charity Multl Asset accumulation shares. Until 31 st December 1993 an annual contribution of £4,000 was transferred from incoma account and 18 Inv8Sted in the above mentloned shares. Aft&r obtalnlng Charity Cornrnis%on approval, the Chorfty ¢8rrled oul a charyje in scheme as of 13 Dgcgmbar 2024. The (185ignat8d fund was fully tran8(erred to unrestricted al tho ènd ol Ihe 2024 financial year in order lo allow these reseN88 to be utllised under Ihg wder ramil of the Ch8rity's oblectives, rather then being restricted. Page 3 Ann Watson's Trust Trustses. Report {continued) Polky on re$enies (contlnued) Endowment funds comprise assels in a permanent endowment fund wlh no power to convert the capital into income. Gainslllossesl on as5els held in the endowment fund. bolh realised and unrealised, lncre8sel1dec￿aseI the endowment fund. Charity Commission approval was granted on 8th February 2023 regarding the status of a number of the rural propefles.and 2 of these ¥¥ere 501d in the finan￿al year. The Trustees have adopted a total retum approach In w9pecl of the Endowed element of the Trust's Investment portfolio. Under thls approach the value of the investments held on 31st December 1979 are preserved as a pemianent endowment and the value of this increasBd by the rale of RPIICPI In the inleNening period. The adjusted value as 811 January 2023 has been calculated as £2, 144,023. Surplus lunds above this amount are classed as unapplled lolal return for allocation to the Income fund lo be used as required to fijnd any expenditure towardg tho aims ol Ann Walson'y Trust. It is the tharitys polbcy lo relain sufficient funds lo continue the long-lerm oblecllves as set out in thls report. This requlres gufficient reserves to be retained. in the form of investments, lo prodvca guaranteed incom• lo maintain ils assets and ¢onllnue wth its chwilable activities for thè foreseeable future. The Iruslees consldgr the funds are adequate for the purposes of th? charity for the foresoeabl fvture. Investmentpolky •nd obJ•cllvos The Portfollo of Snvestmenls is managed by Rathbone$ Investment Management report to the trustees on a quarterly ba¥l¥. The fam inve51menl propertieB are managed by Land Agents Dee Atkinson & Harri50n vtho rep¢rt to the trustees on a periodic and quarterfy basis. The tru8leeg insp•cl theje wopert108 on an annual ba81S. Thg residential Investrnenl properts'es are $pllt Into tsvo separate portfolloa, these being the Holdeme$8 based rur81 properties and the urban properties. The Holderness based properties are man8ged by Dee Atklnson & Harrigon and the urban properbes are managed by Haller Evans. The trustees receive quarterty reports trom the Land agenls for rhe residenti81 prOpe￿.e5. StruGtur•i gov•m•nce and manag•m•nt Alaturn olgovernlng document Ann W8tson's Trust was created by the Will of Mr5. Ann Watson dated 27th October 1720 and 18 yubjecl lo the regulation under a gcheme approved on 31st August 1979 and as varied by gchemes on 10th January 1984, 1st May 2001, 20th February 2004, 1st November 2022, as amended by resolution dated 8th February 2023 and as amended by Schgme dated 13th December 2024 by the Chanty Commissloners. Page 4 Ann Watson's Trust Trustees, Report {continu8d) Recrultment •nd appointm•nt of trustees The Ex-offi¢io Trustee6 are appointed in their capacity a8 the Archdeacon of the East Riding and the cars ol Hedon, Hull Minster and of Sutton. The Cwpled Trustees are appointed by personal introduction of exl8tlng trustees based on their ski115 and potential conlributson toward5 the objectives of the charity. A8sociate Tru51ees are appointed at a meeting of the Board of Trusteeg after consideration of the speclfie sklll$ required lo effectively deliver th& obleclives of the TnJ8t. The Chair of the Tmsttes Is responsible for the Indudon of any new trustee which Sndudes awareness of a Iru8lee's responsibility, the governing document and the history and philosophy of the Trust, A new Trustee recelves Coples of the relevant documentslion, along vAth the previous yea￿# accounts, annual report and the govemlng document. Orpafttsatlon•l structurn The trustee8 m8el ¢Jn a quartedy basis lo di5¢US8 future strategy and review the activlties of the harlty, consider matteryJ 8ri9ing and authorise grant$ and other expenditure. The Chaimion of the TrusleeB15 responsible for the day-104ay operallon ol the charity. with the support of the Trustees •nd a 88laried clerkjsecretsry. The regidenllal facilities provmled ot The College are Inspecltsd by a rota of Iru8tees on a r•gular basis. Rlsk mAn•g•m•ftt The trustees have reviewed the major risks lo which the charity 15 exposed and appropriate gyslem5 have been established lo mitigate those rlsk5. Operational risks are minimi5ed by the employment of sultable professionor adviserg. The charlty also has insurance policies In place which further mitigates nsk lo the charity. A straleglc risk management review and • full review of all the Tru8Vy property insurances 15 undertaken on a ¢y¢lical basi8. Dlselosur• of Information to audltor Eath Iru51ee has taken steps that they ought lo havè taken as a ITusl¢e In order lo make themselves aware of any relevant audit information and to establish that the ch8rrty'$ 8udilor Is aware of that inlomalon. The trustees confirm that ther• 18 no relevant infornialion thal they know of and of whi they know the 8udilor is unaware. The annual report wa¥ approved by the trujtees of the charty on 28 Aprfl 2026 and Signed on its behalf by.. J M V Redman ICovOPted Trustee) Chaimian Page S Ann Watson's TNst Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the ffinancial slalernents in accordance with the United Kingdom Accounting Slanrjards (United Kingdom Generally Accepted Accounting Praclicel ond appll¢8ble law and regulations. The law applicable lo ¢h8rtties requires the Iruslees lo prepore financial statements for each financial year which give a true 8nd tsir view of the stste of affairs of the charity and of tha incoming reSoU￿e$ and application ol resources of the charity for that period. In preparing these ffinancial stalemenls, the trustees are required to,. Select suitable accounung policSe8 and then apply them con8i4lently', obseNe the methods and prindple8 in the Charities SORP-, make judgements and estimates that are reasonable and prudent., stale whether appllcable accounting standards have been followed, sublect to any material departures dlsdosed and explained in the flnancial siatements", and prepare the financial gtatemenls on the going concern basls unless It Is inappropriate lo presume that the charlty wll continue in business. The tru51ees are responsible lor keeping proper accounting records that disclose vlth reasonable accuracy al any Ilme the financlal po811ion of the chafity and •nable Ihgm lo ensure that the financlal stalernents comply wth the Charibes Act 2011. the Charities (Accounts and Report91 Regulats'ons 2008, and the provisions of the const'tub'on. The Irugtees are also re3ponslble for Safeguardlng the a55el8 of the charity and hence for taking rea3￿able 8lep8 for the prevention and detection of fraud and other irregUlar￿'e8. The trustee5 are responsible for the malnlenance and Integrity of the COTporale and flnandal infomiation included on the charllable cornpany's website. Legi$18llon govtmlng the preparation and di8semlnatlon olfinanclal statements may *Jiff•r from legislation In otherjuri8dlclSons. Approved by the tTU8t••s ol the charty on 28 April 2026 and signed on behalf by.. Redman Ico-optecl Trustee) Chairman Page 6 Ann Watson's Trust Independent Audltorfs Report to the Members of Ann Watson's Trust Opinio We have audited the financial statements of Ann Watson's Trust (the 'tharily'l for the ye8r ended 31 December 2025, which comprise the Statement of Financial Actiwties, 8alan¢e Sheet, Cash Flow Statement, and Notes lo the Financial Statements, including a summary of significant accounting pollcies. The financial reportlng framework that has been applied in their preparation is United Kingdom Accounting Standards, cornprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and applicable law (United Klngdom Generally Accepted Accounting Practice). In our opinion the financial slalements.. give a tru8 and falr view of the stsle ol the charity's affalr8 as at 31 December 2025 and of its incoming resources and 8ppllcalion ol resources. includlTrg ils Income and expendllure, for the year then ended., have been properly prepared In accordance wlh Unrted Kingdom Generally Accepted Accounting Pr4clice'. and have been prepared In Accordance with the requlrements ol the ChaTltie¥ Acl 2011. Ba•1• for oplnlon We conducted our audit In accordance ￿th Inlemalional Slandar¢Js on Audrting IUKI IISAS IUKII and applicable low. Our re8ponslbllllles under those standards are further deycribed in the auditor respon5ibilits.es for the audit of the financial slaternenls section of our report. We are independent of the charhy In accordance wth the ethical requirements that are relevant to our audit of the financlal $taternents in the UK. includlng the FRC'3 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requlremgnls. We believe that the 8udit evidencè we have obtained is sufficient and appropriate lo provide a b0818 for our opinlon. Concluilons relatlng to golng concern In auditing the financial slalemenls, we have concluded that the trustees use of the golng concern ba51¥ of accounting In the preparatlon of the flngncial slatemenlg Ss appropri8te. 8ased on the work we have performed. we hava not identified any material uncertainties relating to events or conditions that, indiwdually or collects'vely. may ¢a$l slgnrflcanl doubt on the charity's abillty lo continue as a going concem for 8 period of al leasl fvmlve months from when the OTigin81 financlal $18temen15 were authorised lor issue. Our responyibilitiej and the responsibillties of th• trustees wth regpecl lo going con¢om are described in the relevant section6 of this rèporL Page 7 Ann Watson's Trust Independent Auditor's Report to the Members of Ann Watson's Tru8t {continuedl Oth•r Infornia￿on The trustees are respollslble for the other infomialion. The other information comprises the information included In the annual report, other than the flnancial statements and our auditor's report thereon. Our oplnion on the financial Slatements does not cover the other information and, ex¢ept to the extent otherwise expli¢iUy stated in our report, we do not express any ftsm of 888ur8nce nclusion Ihereon. In connectlon with our audit of the financial stslemenls, our responsiblllty Is lo read the other inforniation and, in doing $0, consider svhether the other infomiation is materially inct)ng18tenl wlh the financial ststernent$ or our knowledge obtained in the audit or olherwl3e appears lo be materially misstsled. If we identify Such material ineonsistencies of apparent material misstatements, we are required lo determine whether there is a material mlsstalemenl in the financial statement3 or a material misslaternenl of the oth&r information.11, based on the work we have performed, we conclude tfvat there is a materi31 misslalemenl of IhlB Other Snlomiation, V￿ are required lo report that facl. We have nolhlng lo report in this regaid. Mattor• on vthlch w• ar• r•qulr•d to r•port by •xc•ptlon In the light of cur knovledge and understanding of the charity and ils environment obtsined in the course of the audit, we have not identified rnalerial misstslements in the Trugtees, Report. We have nothing to report in respect of the following matters ￿tre the Charities (Accounts and R•portl RegUlats.￿s 2008 requires us lo report lo you if, in OUT opinion.. adequate 8ccountlng records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us,. or the fin8nci81318temenls are not In agTeem•nl wlh the a¢counling records and retum$,' or certaln disclosures of Iruslees remuneration sp•clfied by law are not made., or we have not received all the informatlon and explanations we require for our audit. R•Jponslbllltl•$ of trust•e• As explained more fully in the Slaternenl of Tru$lee$' Responsibilrties (set out on page 61, the trustees re responsible for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such inlemal control as the trustee5 delemine is necessary to enable the preparats'on of financial slatemenlg that are free from material mi99latemenl, whether due lo fraud or error. In prepartng the financial glalements. the bustees are regpon81ble for assessing the charity's ability to continue as a going concern, disclosing. a$ applicable, matters rolaled to going concern and using the going concern basi5 of aGc¢unling unless the trustees ether intend to Ilquidate the charity or to cea¥8 operab'on5. or have no realistic altemats've but lo do go. Auditor Re•p¢nsibiliti•s for the audit of the finan¢l•l statefflents Our objeth'ves are lo obtsin reasonable assurance aboul vh)ether the financS81 statements as a ￿ole are Iree frorn material misstatement. whether due to fraud or error, and to issue an audil0rf5 report that includes our opinion. Reasonable assuran¢e is a high level of a55uran¢a, but is not a guarantee Ihal an audit conducted In accordan¢e wth ISAS IUKI will always detect a material miystalemenl when rt exists. Misslatemenls ¢an arise from fraud or error and are considered material If, individually or in the aggregate. they Could reasonably be expected lo influence the economic d￿lS1On5 of usèrs taken on the bagis of these financial statements. Page 8 Ann Watson's Trust Independent Auditorfs Report to the Members of Ann Watson's Trust (continJi ed) The extent lo vthich our procedures are capable of detecting irregularities. induding fraud is detailed below.. Our approach to identifying and assesslng the Tisks of material misstslemenl respect cf Irregularities, Inctuding fraud and non-compliance wf(h law5 and regulations, wa5 focused on specific la￿ and regulaknons which we considered may have a dlrecl material effect on the finanoal statement3 or the operations of the charty. including the Charitie5 Act 2011, tax legislation. data prote￿On, anti-bribery, employrnenl, environmental and health and safety legislation. understanding of these law5 and regulations and the extent of compliance was obtalned through discussion with management and inspecting legal and regulatory correspon¢Jance. We assessgd Ihg gusceplibillty cf ihe charrty'8 financial $talemenl$ lo material mi891alement. Including obtaining an understanding of how fraud might occur. by making enquiries of management and considering the inlemol control¥ in place to mi119ate rfsk$ of fraud and non-cornplian¢e with laws and regulations. To address the rfsk of fraud through management bias and overrfde of controls, we.. performed anal￿[¢#1 procedures to identify any unusual or unexpected relationshlp$'. 88e58ed whether judgements and assumptions made in detefmlning the accounting e8limale8 were Indicative of potential biaB,' and inve$ligat•d the rationale behind $ignlfi¢anl or unusual transaclionB. In response lo the rlsk 01 IrregularNes and non-compllance wth law8 and regulallons, we deslgn• 6 Actlvlti•s und•rtal(en dlr•ctly 2025 2024 Rates Telephong and intemel feline Maintenance and repairs Garden maintenance Ughl, heat and power Insurantti 6.921 1.876 4,305 31.403 3,018 13,338 11,689 5,232 1,726 2,338 29.525 2.831 10,149 8.522 72,348 60,325 6 An•ly•h ofgov•manco and •upport co•ts Total 2025 Totsl 2024 Staff costs Wages and salarf81 Pension cost¥ Audh fee8 Audii of the financial 81alements Other fee$ paid lo auditors Depreciation. amortl$atlon and other $lmllaT costs Printlng, postage and stationery Sundry expense8 Profeg9ional indemnity insurance Legal and professbonal Bank charg•$ 13,565 241 15,011 1,168 8.381 8,306 2,653 3,193 14,127 1,086 2,336 1,507 8,028 8,687 1,871 3,820 1,689 8,852 1,227 50,354 55,395 Page 19 Ann Watson's Trust Notes to the Financial Statements for the Year Ended 31 December 2025 (contlnued) 7 Grnnt-maklng Qrants to In•titutlon 2025 Grnnts to Ind1vld￿ll 2025 2024 2024 I Saint PCC Drifflekj AST Churth Bevertey Schools Christian Trust Bridges Hull Ltd Cgtzero Ltd Chnst Churth Bridlington Dove House Hospice Downright Spod•l Ganton SthoDI HETA HEY Children's Unlv•r81ty Hull Minster Hull School8 Choral Prol•ct Hull Women's Aid Hull YFC Hunsley Chrl8llqn Youth Trust Little Weighlon School Marfieet PCC NAPA New Llfe Church Otteringham PCC St Aidans PCC St Anthonys (St Cuthbert Trusti St Columba Churth Sl J¥m88 C.E. Prfmary School St John's M8ffleet St Mark$ Bellfieh Sloneferry Primary Sc*od St Phlllips Churc Twp8ndyk•s School Read fDr Good Run Wth It Other Institukn'on8 Cl•rgy wido￿￿- R¢ll•f in Ne•d Educatson Grant# Educats'on Gran18- Burs8ry Pfogramrne 2,000 10,000 16,045 10.000 24.000 6.450 20,000 12,000 14,856 20,000 2,500 30,000 40.000 5,000 1S.000 40.500 10,000 53.817 4,000 3,OthJ 3,333 1,500 3,000 10,500 1,850 1,500 7,000 3,500 4,685 12,200 1,000 3,000 1,290 8,015 3,000 2,000 1,080 3,000 2,000 15,809 3,855 2,000 8.132 2.803 3.600 8,100 7,600 4.850 27,000 38.700 14.400 267,809 177,031 26,850 Page 20 Ann Watson's TNst Notes to the Flnanelal Statements for the Year Ended 31 December 2025 {continu8d) 8 Trugt••s r•mun•rntlon and gxp•nMs No trustee¥, nor any pernons connected them, have received any remuneralion from the charity during the 2025 or 2024 financlal year. No trustees havo received any relmbur5ed expenses from the charity during the 2025 or 2024 flnanclal year. g Stsff ¢wt• The aggregate payroll co31s were ag follow8-. 2025 2024 staff ¢￿ts durlng tho y•ar w•r•.' Wages and 8alarte8 Penjlon Costs 13.565 241 15,011 1,168 13,806 16.179 The monthly average number of persons {Indudlng 8enlor managèment I l•adershlp leaml employed by the charity during tha yegr express•d as full lime oquivalont8 was as lollows.. 2025 2024 No Adminlstra￿Dn and support No employee received emolumtrnts of more than £60,000 during the year 10 Taxitlon The Charity is a reglslered charity and is therefore exempt from taX8tlon. Page 21 Ann Watson's Trust N¢)te$ to the Financial Statements for tho Y•ar Ended 31 December 2025 (contlnuedl 11 Comparntlv• SOFA Unr•stricted DMlgn4tsd fund funds Endownent funds Total 2024 Not• Incom• and Endowm•nts Ir¢m: Investment income Other income 110,146 38 30,449 602,660 743,255 38 Total incom• 110,184 30,449 602,880 743,293 Exp•nditurn on: Raising fvnds Charitable activiJes 1198,1981 {198.t981 314,560 314,560 Total exp•nditur• Gainsllo8ses on Investment asgets 1314.560) 1198,1981 {512.7581 88,987 29,011 481.133 559,111 Net lexpendilureifincome Grosg transfers betsveen fvnd8 1135.409) 59,460 865.595 789,648 800,876 443,024 Net movement in fund5 1,108.491 (741,418) 422.571 789,648 R•conclllatSon of fund• Total fundf brought fomard Total fvnd8 carried forward 2 943.158 741,416 28.722,889 30,407.461 31.197 107 17 4,051,647 27 145.460 Page 22 Ann Watson's Trust Noto8 to the Financial Statements for the Year Ended 31 December 2025 (contlnued) 12 Tangibl• flxod ass•ts PknTrt & m•chlnfrry Computsr •qulpment Totsl Co At 1 January 2025 Addrtion8 25,472 6,868 201 32,340 201 At 31 December 2025 25,472 7,069 32,541 D•proclatlon Al 1 January 2025 Charge for the year At 31 December 2025 18,663 973 2.793 1,680 21,456 2,653 N•t book valu• At 31 De¢ern￿r 2025 5.836 2,596 8,432 At 31 December 2024 6.809 4,075 10,884 Freehold land and buildlng8, belng The College. 14 College Street, HUN, owne%Y by the Chartty and uyed for charitable purposes have not been professionally valued and ar• included in the accounts at £nil value. Page 23 Ann Watson's Trust Notes to the Flnancial Statements for the Year Ended 31 December 2025 (continued) 13 Flxed a8••t Investments Inv8•tm•nt prop•rtl•s Inv•8tm•nt prop•rtl Co•t or Valuation At 1 January 2025 and 310ecember 2025 Dijpotsalts 20,084,500 455,0001 At 31 D•cembèr 2025 19,629,500 N•t book v*lu• At 31 December 2025 19,629,500 At 31 December 2024 20,084,500 Falr v•lue at 31•t D•c•mbor 20251* r•pr•4ontsd by: Valuation Sn 2022 Cost 18,670,605 958,895 19.629,500 Fami properties were valu•d on an open market valuo ba¥1¥ subject to existing tenandes 88 4131st December 2022 by Dee Atkinson and Harrfson, Chartered Surveyor8. The trustees confirm that lo the best of their kno￿edge, the valuations confjnue lo be ¢onsislÈnt wlh th• fair valua of the properbes al 31 December 2025. Other freehold properties We￿ valued on an open market value basis al 31 st December 2022 by Haller Evans Chartered Surveyors. The trustees confimi that lo the be81 of their kn0%￿￿d9e, the V8lugli¢)n$ continue lo be consi8lenl Mlh the fair value of the properties at 31 De¢ember 2025. Page 24 Ann Watson's Trust Notes to the Financial Ststements for the Year Ended 31 December 2026 (contlnued) Ll•tsd Investments Tot•1 Cost or Valuallon At 1 January 2025 Addity'ons Disposals Revaluation 9,763,667 1.332,783 (1,261,531) 879.631 Al 31 December 2025 10.714,550 Not book value At 31 December 2025 10,714,550 At 31 0•cember 2024 9,763.667 U•t•d Inv••tm•nts Icontlnu•dl 2025 2024 UK Fixed Int•resl Ov¢r¥ea8 Fixed Interest UK Equities & Unll Trust Oversea8 Equitse8 & Unit Tru8t 51.074 44,819 5.644,405 4,974,252 10714.550 48,636 44,603 5,352.428 4.318,000 9,763,667 Invejtmentg exceeding 5% of market value of portfollo.. 2025 2024 M&G Charity Multi A￿￿1 21,711 accumulation 8hare¥ 3,102,951 2.628,581 14 Debtor• 2025 2024 Trade deblo Prepayments and accrued income 86,728 35,923 102,649 74.345 Page 25 Ann Watson's Trust Notes to the Financial Statement8 for the Yoar Ended 31 December 2025 (continued) 18 Credltows: amounts falllng due wlthln on• y•ar 2026 2024 Trade credTtOfg VAT repayable Accruals 6.354 19,770 31,372 57.496 7,207 7,921 39,933 55,081 11 Commltm•nt• C•pltal commltm•nts Durlng the year the charlty entered Into contracts for rofurbi8hment costs. One for Wyton Fami and another for of the Colltsgt Street flats. Th• total amount contracted for bul not prov7ded in thè finandal 8talements wa8 £260,520 (2024 £NIII. Page 28 Ann Wat4*￿.• TnJ•¢ N¢>t•• to th• FIn￿ellI Ststwmnts for th• YHr End•d 31 D•comb•r 2026 l¢ontlnu•dl 17 c•AtI J•nu•ry r•cognls•d D•t•mb•r r•boure•A •ApW￿•d UnNW¢f•d lynd4 4,0$1,647 214,W 1434,152) 647,081 J1I.6•0 4,7B9.010 P•rrn&N•ni 17.146110 16UZ27 174.696 510.945 27.4Q2 T¢4•1 fundi 31.197 1Q7 78J,071 fjQU.948 30,03 Pw27 Ann Watson'• Tru•t Not•A to th• Flnancw Sl•t•m•nt• forth• Y•u End•d JI D•r•rnb•r 1020 Icorbtlnu•dl Oth•r r•Eggnh• •t Ji Drt•Mb•r 2024 Incornln9 Jiy*J•ry 1011 •xp•nd•d Unr•thEtsd rsÉrA•r 2,14).188 741.416 110,1 1314.SMI 1,243,800 800,876 4,061,147 D•lgn*•d 3,OB4,672 140.633 IJ14,6¢41 443,024 87,8n 4,051.e47 P*Imv￿fit 1$722.119 188,1 30407.481 743.293 511.7 J1 197 107 Pqlle Ann Watson's Trust Notes to the Financial Statoments for the Year Ended 31 December 2025 (continued) The Specific purposes for vthich the funds are to be applied are as follows: Unro•trlctsd Fund The charity's general funds consist Df funds which the charity may use for its charitable purp08es at its dlscrelion. Designatod Fund The designated extraordinary repair fvnd was designated for the specific purpose of propgty improvements. The fund'5 assets are invested in M&G Charity Mulb Asset accurnulation shares. Until 31st December 1993 an annual contributs'on of £4,000 was tran51erred from income account and is Invested in the above mentloned 5hare$. After oblalning Charity Commission approval. the Charity rTied out a change in 8cheme as of 13 Decernber 2024. The d•$lgnated fund has been fully Irsnsferred lo unreslricled al the end of the year in order to allow these reserves to be ulili5ed under the wider remit of the Charity'8 obiects'ves, rathtrr then being r¢stricl?d lo on element vthich Is no longer as relevant. End0V￿ont Fund Endowment fundg Comprtse a59ets in o permanent •ndowment fund th no power to convert the capital into income. Galn8lllos$e$l on asset held in the endowment lund, both realised and unreali¥e(1, Sn¢reaselldecrea8al the endowment fund. The Trustees have adopted a total return apprDach in respeet of the Endowgd element of the Trusfs Inve8tmenl purtlolio. Under thls approach the value of the inveslmenls held on 31st December 1979 are preserved 89 8 perrnanenl endowrnent and the value of thls increased by the rale of RPIICPI In the intervening period. The adjusted value as at 1 January 2023 has been calculated as £2,144,023. Surplu$ funds above this amount are classed as unapplied to181 relum lor allocation lo the incom• nd lo be used as requlred tts lund any eX￿ndIture towards the aims of Ann Watson's Trust. P8ge 29 Ann Watson'$ Trust Notes to the Financial Statements for the Year Ended 31 December 2025 (contlnued) 18 Total return Inv•stment of permanonl and05￿nent Pernianent Invgstment Portfolio Permanent Endov•rynent: Prop•rty Unapplied Total R•turn 2025 At th• beglnnlng of the r•portlng rlod Grft Cornponent of the pemianenl endowment Unapplled total return 2, 144,023 20,084,500 22,228,523 4,916,937 20,084.500 27.145,460 4,916,937 4,916,937 2,144,023 Movem•nt• In r•portlng porl¢)d Investment return.. dlvidends & interest Investment return.. rental Income Inv•slment return.. realised Ind unrealised gains and Ilosse81 Less.. Investment managmgnt cost5 L•ss.' Property managment cost$ Total relum allocated to unapplied total retum Unapplled total return allocated to Income In tha period Nel movernenl In reporting p&rlod At Ond of roportlng perlod Gift component of the pemanenl •ndowmenl Unapplied lotsl return 42,319 97,050 139.389 428,508 428,508 159,201 {12,9871 365.099 129,7841 113,3551 510,945 142,7711 1131,9251 1131.9251 1188,533) 188,533 38,228 646,731 455,000 712,395 ￿ 257.395 2,144,023 19,629.500 21,773,523 5,629,332 19 629 500 27,402,855 5 629,332 2.144 023 5 629.332 19 Ralat•d party tranBactlon8 There were no rel8ted paty tran￿CtionS in the yeor ended 2025 or 2024. Page 30