I think this was in an anthology of an author’s short stories. I thought it might be Elizabeth Goudge, but I haven’t had any luck finding it. Woman had long lost a cherished doll, and she turns up when the local pond dries up. Set in England before the 70’s. Thanks!
It’s a story in The Little Bookroom, by Eleanor Farjeon.
Something more about the book, and a list of the stories. (You’re looking for San Fairy Ann.)
http://carnegiemedal.blogspot.com/2007/09/little-bookroom-by-eleanor-farjeon-1955.html