Charity registration number NIC 100996
SOUTHWELL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

SOUTHWELL TRUST
CONTENTS
Page
Charty Infomalion
Trustees, report
Independent examinerfs report
Statemenl of financial activities
Balance sheet
Notes to the finan¢ral statements
7-12

SOUTHWELL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs S Beach
Mr M Good
Mr J Brownlow
Mrs R Ward
Charity number
NIC 100996
Registered office
58 Myra Road { MAIN)
Downpatrick
Co Down
BT30 7JX
Independent examiner
Dr R I Peters Gallagher OBE FCA
Moore {N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Beifast
BT15G8
Bankers
Danske Bank
4￿51 Markei street
Downpatridr
Co Down
BT30 6LR
Sollcitors
Cleaver Futton Rankin
50 Bedford Street
Belfast
BT2 7FW
Investment advisors
Brewin Dolphin Limited
12 Smithfield Street
London
EC1A9BD

SOUTHWELL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees are pleased to present their report together with the financial statements of thè chartty for the year
ended 31 December 2022.
ThÈ financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the trusfs tgoverning documentl, the Charities Act 2011 and "Accounting
and Reporting by Charities.- Statement of Recommended Practice applicable lo charities preparing their accounts
in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)"
(effective 1 January 2019).
Objectives and activities
The principal objective of the Trust is the provision of Almshouses as directed by the Will of Edward Southwell
(decea5edl and the maintenance of the Southwell buildings whi¢h are used as Almshouses.
The Trustees pursue this objective by the investment of fvnds via stockbrokers and the letting and collection of
rents on the property. The current objecttves are to continue wrth the existing activities and to seek funding for
the repair of the property owned.
The trustees havè paid due regard to guidance issued by the Charity Commission in deciding what aclivilies the
twst should undertake.
Financial revièw
The Trust receives income from a variety of sources. the principal of which is investment income in the form of
dividend5, gains on sale of shares and rent received in relation to the Trusys property. Other forms of income can
include privale donations and grant funding although these are more infrequent.
The Trust had net income for the year of {£45,756), (2021- net income of £35,711). When added to the reseNes
brought fO￿ard thè total unrestricted fijnds at 31 December 2022 are £397,523 (2021- £443,279).
The Tnjstees mainlain a policy of reviewing the market valLJe of the Trust's assets. Any reduction in the value of
the class of assets is included in the Financial Statements. This policy assists the Trusleès in ensuring that the
Trust has sufficient reserves to satisfy its objectives.
In nearly all equity investment matters, the Trustees act under Ihe advi￿ of Brewin Dolphin Ltd. Investments
remained almost entirely in equity shareholdings in public companies during the year ended 31 $1 December 2022.
The Trust has a further holding in addition to the Brewin Dolphin portfolio with the Northern Ireland Central
Investment Fund for Charities which is managed by the Department for Communities.
The satisfaction of the Trust's objectives is dependent on the perfoman¢e of its investments and the Trustees
review performance on a regular basis.
Risk management
The Trustees have conSide￿d the major risks to which the Trust is exposed, those related to the long term
operational and financial well-being of Ihe Trust and. whilst keeping the matter under review, arè satisfied that
systems are in Pla￿ to mitigate major risks.
Structure. govemance and management
The Trust is a charity recognised by the Charity Commission for Northem Ireland No. 100996, registered 1
September 2016 and does not have a share capital. The Trust 15 not a company. It was instituted under the Will
of Edward Southwell and the tems of the Trust were amended and the Trust is govemed by a Scheme for
Administration under the Educalional Endowment5 (Ireland) Act 1885, which Scheme is dated 17th FèbnFary
1934. The Trustees consider the èntire fund to be unrestricted funds.
The Trustees listed below all meet as a boafd at least once a year. Less formal meetings are arranged to deal
with specific issues as required.
The trustees who served during the year and up to the date of signature of Ihe financial statements were-.
Mrs S Beach

SOUTHWELL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Mr M Good
Mr J Brownlow
Mrs R Ward
The Trust adopts an open procedure for the appointrnent of Trustee5 (and volunteer5). This indudes expressions
of interest invited to existing Trustees and recommendations from existing TTUStees.
Public Benefft and Purpose
The provision of almshouse accommodation for those in need provides an identifiab18 public benefft which is
diredy in line with the Southwell Trusfs aims. Beneficiaries of almshouse accommodation in the Southwell Trust
must be in need and will be drdwn from that section of the public that is elderly or suffering from leaming
disabillty. There is a benefft for such people as they are comfortably housed at a nominal cost. This can be
demonstrated by ihe fact that during the last 250 or so years, elderly or vulnerable people have been able lo live
in a sheltered 8nvironment until they die or can no longer look after themselves. We cannot record or anticipate
any harm arising from providing such people wrth safe accommodation in the care of a warden. The only private
benefits that arise a￿ received by the warden of the Alfflshouses and his wife who reside rent free in a dwelling
house on the site of the Almshouse. This house is occupied by the warden and his family on the condition that
they keep the Almshouse and premises in a good state and are available to look after the ￿Sidents should they
require assistan￿ at any time. The alarm system for the flats is centred in this house. The warden is otherwise
unpaid unless some exceptional problem should arise and demand additional work on his part He keeps the
grounds and buildings in a good stste which would otheThvise require the Trustees to 8mploy someone. knkewise.
a warden is required for the residents at nighL
Plans for Future Periods
As in previous years, the Trustees. main objective will be the maintenance, repair and upkeep of the Southwell
Buildings. To this end, repair work to some windows and the tower is cUrren￿Y undeThvay. V￿th some more work
planned. The Trustees will continue to work dosely with our stockbrokers, Brewtn Dolphin. The portfolio is the
Trust's principal source of financing any repair work that might need to be carried out in the year ahead.
The Trustees, report was approved by the Board of Trustees.
Mr M Good
Trustee
Dated.. 27 October 2023

SOUTHWELL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOUTHWELL TRUST
I report on the financial stslements of the trust for the year ended 31 December 2022, whith are sel out on pages 5
to 12.
Respective responsibilities of trustees and examiner
As the charity's trustees you are responsible for the preparation of the accounts in a¢cordance with the Charities Act
(Northern Ireland) 2008.
It is my responsibilty to..
examine the accounts under section 65 of the Charities Act
follow the procedures laid down in the general direclions given by the Charity Commission for
Northern Ireland under section 65{9){b) of the Charities Act
to state whether particular matters have come to my attention.
Basls of independent examlnerfs report
I have examined your charity accounts as required under section 65 of the Charities Act and our examination was
carried out in accordance with Ihe gÈnÈral Directions given by the Charity Commission for Northern Ireland under
section 65{9)Ibl of the Charities Act. My examination included a review of the accounting records kept by the charity
and a comparison of Ihe accounts presented with those records. It also included consideration of any unusual items
or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.
My role is to state whether any material matters have come to our attention gtving us cause to believe..
1. That ac¢ounting records were not kepl in accordan￿ wrth section 83 of the Charities Act
2. That the accounts do not accord with those accounting records
3. That the accounts do not comply with the accounting requirements of the Charities Act
4. That there is further information needed for a proper underslarbding of Ihe accounts to be reached.
Independent examinerfs statement
I have completed our examination and have no concems in respect of the matters (1> to {4) listed above and, In
connection with following the Directions of the Charity Commission for Northern Ireland. wè have found no matters
that require drawing to your attention.
Dr R I Peters Gallagher OBE FCAIFellow of Chartered Accountants Ireland
for and on behalf of Moore (N.1.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
Dated.. 27 October 2023

SOUTHWELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrestricted Unrestrictèd
funds
funds
2022
2021
Notes
Income and endowments from:
Income from charitable activities
Investmenls
Olher income
8,584
10,510
250
12,792
9,576
Total income
19,344
22,368
enditure on:
Charitable activities
23,266
17,529
Other
4.143
4,184
Total resources expended
27,409
21,713
Net gain(loss) on inveslments
10
(37,691)
35,056
Net movement in funds
(45,756)
35,711
Fund balances at 1 January 2022
443,279
407,588
Fund balances at 31 December 2022
397,523
443,279
The slalement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing acttvities.

SOUTHWELL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
2021
Fixed assets
Investments
13
368,616
407.832
Current assets
Debtors
Cash at bank and in hand
15
7,890
22,457
3.608
33.279
30,347
Creditors." amounts falling due wlthin
one year
36.887
16
(1,440)
(1.4401
Net current assets
28,907
35,447
Total assets less current liabilities
397,523
443.279
Income funds
Unrestricted funds
397.523
443.279
397,523
443,279
The financial statements were approved by the Trustees on 27 0(Aober 2023
Mr M Good
Trustee

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
Charity inforniation
The Southwell Trust is a public benefit entty and a registered charity in Northern Ireland and is
unincorporated. The address of the principal office is 58 Myra Road. Downpatrick, Co. Down. BT30 7JX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Charities Acl {Northern Ireland) 2008
and 2013 and 'Accounting and Reporting by Chartties.. Statement of Recommended Practice applicable to
charities preparing their accounls in accordance with the Finanoal Reporting Slandard applicable in the UK
and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2018).
The charity has taken advantage of thè provisions in the SORP for charities applying FRS 102 Update Bulletin
1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling. which is the fvnctional currency of the charity, Monetary
amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted are set out below.
1.2 Going concern
At the lime of appromng the financial statements, the trustees have a reasonable expectation thal the trust
has adequate resources to continue in operational existence for the foreseeable fvture. Thus the trustees
continue to adopt the going COn￿M basis of accounting in preparing the financial ststements.
1.3 Charitable funds
Unrestricted fvnds are available for use at the discretion of the tnjstees In furtherance of their charitable
objectives.
Reslricted funds a￿ subject to spectfic conditions by donors as to how they may be used. The purposes and
uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capilal must be maintsined by the trust.
1.4 Income
In¢ome is recognised when the trust is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on ￿ceIPt. Other donations are recognised On￿ the trust has been notified of
the donation, unless performance conditions require deferral of the amount. Income tsx recoverable in relation
to donations received under Gifi Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise rf the trust has been notified of an impending distribution, the
amount is known, and re￿Ipl is expected. If the amount is not known. the legacy is trealed as a contingent
asset.

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
(Continued}
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third paty, it is probable that a transfer of economic benefits will be requirèd in settlement, and the amount of
Ihe obligation can be measured reliably.
Expenditure is classffied by actimty. The costs of each activty are made up of the total of direct costs and
shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity and
support costs which are nol attributable to a single activtty are apportioned between those activities on a basis
consistent Wtlh the use of resources. Central staff cosls are allocated on the basis of time spent, and
depreciation Charges are allocated on the portion of the asset's use.
1.S Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are
subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net
incomel{expenditure) for the year. Transaction costs are expensed as incurred.
1.6 Cash and cash equivalents
Cash and cash equivalents inciude cash in hand. depostts held at call with banks, other short-term liquid
investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.7 Financial Instruments
The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 10210 all of its financial instruments.
Financial instruments are recognised in the trusfs balan￿ sheet when Ihe trust becomes paty to Ihe
contradual provisions of the instrumenl.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when
there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settlè on a nel
basis or to realise the asset and settle the liabilty simultaneousty.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using thè effective
interest method unless the arrangement constitules a financing transaction, where the transaction is
measured al the present value of the future receipts discounted at a market rate of interest. Finanaal assets
classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initialty recognised at transaction price unless
the arrangement constilutes a financing transaction. where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities ¢lassified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effectwe interesl rate method.
Trade creditors are obligations to pay for goods or seplices that have been acquired in the ordinary course of
operations from suppliers. Amounls payable are classified as tU￿ent liabililies if payment is due wtthin one
year or less. If not, they are presented a5 nOn-cU￿enl liabilities. Trade creditors are recognised irbitially at
Iransaclion price and subsequently measured at amortised cost using the effective interest method.

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
(Continued)
Derecognition of financial liabilitles
Financial liabilities are derecognised when the trust's contractual obligations expire or are discharged or
cancelled.
Critical accounting estimates and judgements
In the application of the trusvs accounting policies. the trustees are required lo make judgements, estimates
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual ￿su11$ may differ from these estimates.
The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and fijture periods where the revision affects both current and future
periods.
Income from charftable activities
Unrestricted
funds
2022
Unrestricted
funds
2021
Rent
8,584
12.792
Investrnents
Unrestricted Unrèstricted
funds
funds
2022
2021
Income from listed investments
Interest receivable
10,503
9,566
10
10.510
9,576
Other income
Unrestricted
funds
Totsl
2022
2021
Other income
250

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Other income
{Continued)
Charitsble activlties
Charitsble Charitsble
Expenditure Expenditure
2022
2021
Maintenance
Insurance
Rates
Electricty
Rental expenses
19,078
1,823
1,773
20
572
11,990
1,726
1,754
1,939
120
23,266
17,529
23,266
17,529
Trustses
None of the Irustees (or any persons connected with them) received any remuneration or benefits from the
trust during the year.
Employees
The average monthly number of èmployees during the year was..
2022
Number
2021
Number
Total
There were no employees whose annual remuneration was more than £60,000.
Expenditure on other activities
Unrestricted Unrestricted
funds
funds
2022
2021
stockbroker Maintenan￿ fees
Accounting
Bank fees
Other expenditure
3,009
720
32
382
3,171
720
112
181
4,143
4,184
10-

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10 Net gains on investments
Unrestricted Unrestricted
funds
funds
2022
2021
Revaluation of investments
Gainl{loss) on sale of investments
{39,216)
1,525
34,801
255
137,691)
35.056
11 Taxatlon
The charity is exempt from tax on income and gains falling wtthin section 505 of the Taxes Act 1988 or section
252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
12 Heritage assets
The Southwell land and historic buildings are A1 listed buildings which were built in the 1700s. They provide
Almshouses for the elderly and vulnerable. The Southwell land and buildings were donated to the Trust by the
Will of Edward Southwell, wilh the principal objective of the provision of Almshouses and the Maintenan￿ of
the Southwell buildings which are still used for Almshouses. The Southwell land and buildings are not included
within the Southwell Trust's financial stalements.
11

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13 Fixed asset investments
Brewin
Dolphin
DHSS
Charity
Total
Cost or valuation
At 1 January 2022
Valuation changes
336,616
{30,533)
71.216
(8,683)
407,832
{39,216)
At 31 December 2022
306,083
62,533
368,616
Carrying amount
At 31 December 2022
306,083
62,533
368,616
At 31 December 2021
336,616
71,216
407,832
14 Financial instruments
2022
2021
Carrying amount of financial assets
Instruments measured at fair value Ihrough profit or loss
368,616
407,832
15 Debtors
2022
2021
Amounts falling due within one year.
Trade debtors
Prepayments and accrued income
5,839
2,051
1,666
1,942
7,890
3,608
16 Creditors: amounts falling due within one year
2022
2021
Accruals and deferred income
1,440
1,440
17 Related party transactions
The trustees did not receive any remuneration or daim any expenses during the year.
12-