Charity registsation number NIC 100996
SOUTHWELL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

SOUTHWELL TRUST
CONTENTS
Page
Charty Information
Trustees, report
Independent examinerfs report
Statement of financial activities
Balance sheet
Notes to Ihe financial ststements
7-13

SOUTHWELL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs S Beach
Mr M Good
Mr J Brownlow
Mrs R Ward
Charlty number
NIC 100996
Registered office
58 Myra Road ( MAIN)
Downpatrtck
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
Belfast
BT15GB
Bankers
Danske Bank
4￿51 Market Street
Downpatrick
Co Down
BT30 6LR
Solicitors
Cleaver Fulton Rankin
50 Bedford Street
Belfast
BT2 7FW
Investment advisors
Brewin Dolphin Limited
12 Smithfield Street
London
EC1A 9BD

SOUTHWELL TRUST
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees are pleased to present their report together wrth the financial statements of the charty for the year
ended 31 December 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial slatements and comply with the Trust's governing documenl. the Charitie5 Act (N.I.) 2008 and
"Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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 direcled by the Will of Edward Southwell
{deceased} and the maintenan¢e of the Soulhwell buildings whith are used as Almshouses.
The Trustees pursue this objective by the inveslment of funds via stockbrokers and the letting and colleclion of
rents on the property. The current objectives are to continue with the existing activities and to seek funding for
the repair oflhe propety owned.
The Trustees have paid due regard to guidan￿ issued by the Charity Commission in deciding what activities the
Trust should undertake.
Financial review
The Trust receives income from a variety of sources. the principal of which is investment income in the fom of
dividends, gains on sale of shares and rent received in relation to the Trusfs property. Other forms of income can
include private donations and grant funding although these are more infrequenl.
The Trust had net expendtture for the year of (8.978), (2022- net expenditure of {£45.756}. When added to the
reserve5 brought forward the total unrestricted fijnds at 31 Decernber 2023 are £388.$46 {2022 - £397.523).
The Trustees maintain a policy of reviewing the market value of the Trust's assels. Any reduction in the value of
the class of assets is induded in the Financial Statements. This policy assists the Trustees in ensuring that the
Trust has sufficient reseTves to satisfy its objectives.
In nearfy all equity inveslmenl matters, the Trustees act under the advi￿ of Brewn Dolphin Ltd. Investments
remained almost entirely in equity shareholdings in public companies during the year ended 31 ￿ December 2023.
The Trust has a further holding in addition to the Brewin Dolphin portfolio with Ihe Northern Irèland Central
Investmènt Fund for Charities which is managed by the Department for Communities.
The satisf8Ction of the Trust's objectives is dependent on the performance of its investments and the Trustees
review perfomiance on a regular basis.
Risk management
The Trustees have considered the major risks to which the Trust is exposed, those related to the long temi
operational and financial well-being of the Trust and. whilst keeping the matter under review, are satisfied that
systems are in place to mitigate major risks.
Structure, governance and management
The Trust is a charity recognised by Ihe Charity Commission for Northem Ireland No. 100996, registered 1st
September 2016 and does not have a share Capital. The Trust is not a company. It was instituted under Ihe Will
of Edward SouthweS1 and the tems of the Trusl We￿ amended and the Trust is govemed by a Scheme for
Administration under the Educalional Endowments (Ireland) Act 1885. whith Scheme is daled 1Ph February
1934. The Truslees consider the entire fund to be unreslricted funds.
The Trustees listed below all meet as a board 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 the finanual statements were..
Mrs S Beach

SOUTHWELL TRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Mr M Good
Mr J Brownlow
Mrs R Ward
The TNst adopts an open procedure for the appointrnent of Trustees (and volunteets). This indudes expressions
of interest invited to existing Trustees and recommendations from e￿stIng Twstees.
Publle Benefft and Purpose
The provision of almshouse accommodation for those in need prowdes an identifiable public benefit which Is
direcdy in line wrth the Southwell Trusfs aims. Beneficiaries of almshouse accommt)dation in the Southwell Trust
must be in need and will be drawn from that section of the public that is elderfy or suffering from leaming
disability. There is a benefft for such people as they are ¢ornfortabty housed at a nominal cost. This can b8
demoftstrated by the fact that during the last 250 or so years, eldedy or vulnerdble people have been able to live
in a sheltered environment until they die or can no longer look after themselves. We cannot record or anticipate
any harm arising from providing such people wtth safe accommodation in the care of a warden. The only private
benefits th8t arise are received by the warden of the Almshouses and his wife who reside rent free in a dwelling
house on the site of the Almshouse. This house is (rcupied by the warden and his family on th8 condition that
they keep the Amshouse and premises in a good stste and are available to look after the residents should they
require assistance at any time. The alarm system for the Ilats is centred in this house. The warden is otherwise
unpaid unless som8 exceptional problem should arise and demarKI additional work on his parL He keeps the
grounds and buildings in a good stste which would othenvise require the Trustees lo employ someone. Likewise.
a warden is required for the restdents at nighL
Plans for Future Perlods
The main objective for the tnjstees for 2024-2025 will conts'nue to be the maintenanlx, repair and upkeep of the
Southwell buildings. The Trustees had a rewt meeting at the Southwell and inspected the buildings and our
current focus is a number of roof and window repairs and repairs to the house at 48 English Street following
recent water leak with a view lo re4etting the property to raise income for the TrusL The Trustees shall continue
to work dosely with our stockbrokers Brewin Dolphin.
The Truslees, report was approved by the Board of Trustees.
Mr M Good
Trustee
Dated: 25 October 2024

SOUTHWELL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF SOUTHWELL TRUST
I report on the financial statements of the Trust for the yèar ended 31 December 2023, which are set out on pages 5
10 13.
Respective responsibilities of Trustees and examiner
As the charity's trustees you are responsible for the preparation of the accoLtnts in accordance with the Charities Act
(Northern Ireland) 2008.
It is my responsibility to..
Èxamine the accounts under section 65 of the Charities Act
follow the prO￿dureS laid down in the general directions given by the Charity Commission for
Northern Ireland under section 65{9)(b) of the Charities Ad
to state whether particular matters have come to my attention.
Basis of independent examinerfs 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 the general Directions given by the Charity Commission for Northern Ireland under
section 65(9){b) of the Charities Acl. My examination included a rewew of the accounting records kept by the charity
and a comparison of the accounts presented with those records. It also included consideralion of any unusual ilems
or dis¢losures in the accounts. and See￿ng explanations from you as charity truslees concerning any su¢h matters.
My role is to state whether any material matters have come to our attention giving us cause to believe:
1. That accounting records were nol kept in accordance with section 63 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 A¢t
4. That there is further information needed for a Proper undetstanding of the accounts lo be ￿3¢hed.
Independent examinerfs statèment
I have completed our examinalion and have no ￿ncernS in respect of the matters (1) to (4) listed above and, in
connedion wilh following the Directions of the Charity Commission for Northern Ireland, we have found no matters
that require drawing to your attention.
Dr R I Peters Gallagher OBE FCAJFellow of Chartered Accountants Ireland
for and on behatf of Moore (N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT15GB
Dated: 25 October 2024

SOUTHWELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Unrestricted Unrestricted
funds
fund5
2023
2022
Notes
Income and endowments from:
Income from charitable ackn"vities
Investments
Other income
9,180
11,929
8,584
10,510
250
Totsl income
21,109
19,344
enditure on:
Charitable activitiès
13,946
23,266
Other
4,390
4.143
Total resources expended
18,336
27,409
Net loss on investments
10
111,7501
(37,691)
Net movement In funds
{8,9771
(45,756)
Fund balances at 1 January 2023
397,523
443,279
Fund balances at 31 December 2023
388,546
397,523
The statement of financial actiwties incjudes all gains and losses recognised in the year.
The statement of financial acttvitres indudes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.

SOUTHWELL TRUST
BALANCE SHEET
AS A T31 DECEMBER 2023
2023
2022
Notes
Fixed assets
Investments
13
364.703
368,616
Current assets
Deblofs
Cash at bank and in hand
15
4,809
20.546
7.890
22.457
25.355
30,347
Creditors: amounts falllng due within
one year
16
{1,512)
(1,440)
Net current assets
23,843
28,907
Total assets less current liabtitties
388,546
397,523
Not assets
388.546
397,523
The funds of the Trust
Unrestricted funds
388.546
397,523
388,546
397,523
The financial statem8nts were approved by the Trustees on 25 October 2024
Mr M Good
Trustse

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
Charity inforniation
The Southwell Trust is a public benefit enlty and a registered charity in Northem Ireland and is
unincorporatèd. The address of the principal offits is 58 Myra Road, Downpatrick, Co. Down. BT30 7JX.
1.1 Accounting convention
The financial ststements have been prepared in accordance with the Charities Act (Northem Ireland) 2008
and 2013 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2016}.
The charity has taken advantage of the provisions in the SORP for charities apptying FRS 102 Update Bullètin
1 not to prepare a Statement of Cash Flows.
The financial statemenls are prepared in sterling, which is the funclional currency of the charity, Monetary
amounts in these financial statements are rounded to the nea￿st £.
The principal accounting polictes adopted are set out below.
1.2 Going concern
At the lime of approving the financial statements. the Trustees have a reasonable expectation that the Trust
has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the Trustees
continue to adopt the going con￿rn basis of accounting in preparing the financial statemenls.
1.3 Charitsble funds
Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of their charitable
objectives.
Restricted funds are subject to specffic condttions by donors or granlors 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 capital must be maintained by the
Tnjst.
1.4 Income
Income is recognised when the Trust is legally enlitled lo it after any performance conditions have been met,
Ihe amounts can be measured reliably. and it is probable that income will be re￿ived.
Cash donations are recognised on re￿ipt. Other donations are recognised once the Trust has been notffied of
the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation
to donations received under Gift 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 receipt is expected. If Ihe amount is not known. the legacy is treated as a contingent
asset.

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
(Continued}
Expenditure is recogni5ed once there is a legal or constructive obligation lo transfer economic benefit to a
third party, it is probable that a transfer of economic beneffts will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is dassified by adivity. The cost5 of each activty are made up of the tolal of direct costs and
shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single
activity are allocated directly io that activity. Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis
consislenl with the use of reSoU￿s. Central staff costs are allo¢ated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.5 Fixed asset Investments
Fixed asset investments are inttially measured at transaction PTice excluding transaction costs. and are
subsequently measured al fair value al each reporting date. 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 include tssh in hand, deposits held at call with banks, Other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdralis are shown
within borrowings in current liabililies.
1.7 Financial instruments
The Trust has elected to apply the provisions of Section 11 'Basi¢ Financial Instruments, and Section 12
'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trusvs balan￿ sheet when the Trust becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts presented in the finanual statements, when
there is a legally enforceable right to set off the recognised amounls and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
8asic financial assets, which indude debtors and cash and bank balances, are initially measured at
transaction price induding transaction cosls and are subsequently carrièd at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction. where the transaction is
measured at thè present value of the future receipts discounted al a market rate of interest. Financial assets
classified as re￿1vable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are inttially recognised at transaction price unless
the arrangement constitutes a financing transaction, where the debt inslrument is measured at the present
value of the future payments discounted at a market rale of intèrest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective inlerest rate method.
Trade creditors are obligations to pay for goods or seM¢es that have been acquired in the ordinary course of
operations from suppliers. Amounts payable a￿ classified as c￿￿ent liabililies rf payment is due wtthin one
year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at
transaclion pri￿ 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 2023
Accounting policles
(Continued)
De￿cOgnition of financial liabilities
Financial liabilities are derecognised when the Tnjsys conlractual obligations expire or are discharged or
cancelled.
Crttical accounting estimates and judgements
In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimales
and assumptions about the carying amounl of assets and liabilities that are not readily apparent from other
sources. The estimales and associated assumplions are based on historical experience and other factors thal
are considered to be felevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
eslimales are re¢ognised in Ihe period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and fvture periods where the revision affects both current and future
periods.
Income from charitable activities
Unrestricted
funds
2023
Unrestricted
funds
2022
Rent
9.180
8.584
Investments
Unrestricted Unrestricted
funds
funds
2023
2022
Income from listed investments
Interest receivable
10,692
1,237
10,503
11,929
10,510
Other income
Unrestrrcted Unrestricted
funds
funds
2023
2022
Other income
250

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable activities
Charitable Charitsble
Expenditure Expenditure
2023
2022
Maintenance
Insuran
Rates
Electricty
Rental expenses
10.750
1,951
1,845
16001
19,078
1,823
1,773
20
572
13,946
23,266
13,946
23,266
Trustees
None of the Trustees (or any persons connected with them) re￿iVed any remuneration or benefits from Ihe
Trust during the year.
Employees
The average monthly number of employees during the year was:
2023
Number
2022
Number
Total
There were no employees whose annual remuneration was rn0￿ than £60,000.
Expenditure on other activities
Unrestricted UnTrstrictsd
funds
funds
2023
2022
Stockbroker maintenance fees
Accounting
Bank fees
Other expenditure
3,565
756
33
36
3,009
720
32
382
4.390
4.143
10-

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Net gains on investments
Unrestricted Unrestricted
funds
funds
2023
2022
Revaluation of investrnents
Gainl{loss) on sale of investments
111,536)
1214)
{39,216)
1,525
{11,750)
<37,691)
11 Taxation
The charty is exempt from taxation on its acttvities because all its income is applied for charitable purposes.
12 Heritage assets
The Southwell land and historic buildings are A1 listed buildings which were built in thè 1700s. They promde
Almshouses for the elderly and vulnerable. The Southwell land and buildings were donated to Ihe Trust by Ihe
Will of Edward Southwell, with the principal objectivè of the provision of Almshouses and the maintenance of
the Southwell buildings which are slill used for Almshouses. The Southwell land and building5 are not included
within the Southwell Trust's financial slalernents.
11

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Fixed asset investments
Brewin
Dolphin
NICIF
Total
Cost orvaluation
At 1 January 2023
Additions
Valuation changes
Disposals
306,083
12,671
{15,163)
(5.048)
62,533
368,616
12.671
111,536)
(5,048>
3.627
At 31 December 2023
298.543
66,160
364,703
Carrying amount
Al 31 December 2023
298,543
66,160
364,703
Al 31 December 2022
306,083
62,533
368.616
14 Financial instruments
2023
2022
Carrying amount of financial assets
Instruments measured at fair value Ihrough profft or loss
364,703
368,616
15 Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
2.623
2,186
5,839
2.051
4.809
7,890
16 Crèditors: amounts falling due within one year
2023
2022
Accruals and deferred income
1,512
1,440
12-

SOUTHWELL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17 Unrestricted funds
The unrestricted fvnds of the Gharity comprise the unexpended balances of donations and grants which are
not subject to specific condtiions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 January
2023
Incoming
resources
Resources
expended
Gains and
losses
At31
December
2023
General funds
397,523
21,109
118,336}
{11,750)
388,546
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended
Gains and
losses
At31
December
2022
General fund5
443.279
19.344
{27.409)
(37,691)
397,523
18 Related party transactlons
The truslees did not recep4e any remuneration or claim any expenses during the year.
13-