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COMPANY REGISTRATION NUMBER: 05867911
CHARITY REGISTRATION NUMBER: 1121794
Water Incorporated
Company Limited by Guarantee
Unaudited Financial Statements
31 July 2023
Water Incorporated
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2023
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
3
Statement of financial position
4
Notes to the financial statements
5
Water Incorporated
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 July 2023 .
Reference and administrative details
Registered charity name
Water Incorporated
Charity registration number
1121794
Company registration number
05867911
Principal office and registered
Northside House
office
Mount Pleasant
Barnet
EN4 9EE
Herts
The trustees
Mr A Davis
Mr P Ulrich
Accountants
Davis Bonley
Chartered accountants
Northside House
Mount Pleasant
Barnet
Herts
EN4 9EE
Structure, governance and management
The charity is a company limited by guarantee incorporated in England.
Objectives and activities
The objects of the charity are to relieve poverty and sickness and to preserve and protect health in under developed countries, by the provision and maintenance of clean water supplies and to extend public awareness of the importance of sustainable water usage.
Achievements and performance
The company is now in planning for commencement of its charitable activities.
Financial review
The charity has received donations which have been placed on bank deposit for subsequent charitable use. As the charity is still in planning, there are statutory maintenance expenses only. Funds may be made available again subject to the nature and timing of future opportunities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 18 January 2024 and signed on behalf of the board of trustees by:
Mr P Ulrich
Trustee
Water Incorporated
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 July 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
3,500
3,500
Other trading activities
6
( 635)
Investment income
7
3
3
-------
-------
----
Total income
3,503
3,503
( 635)
-------
-------
----
Expenditure
Expenditure on charitable activities
8,9
1,490
1,490
1,539
Other expenditure
10
1,528
1,528
-------
-------
-------
Total expenditure
3,018
3,018
1,539
-------
-------
-------
-------
-------
-------
Net income/(expenditure) and net movement in funds
485
485
( 2,174)
-------
-------
-------
Reconciliation of funds
Total funds brought forward
3,777
3,777
5,951
-------
-------
-------
Total funds carried forward
4,262
4,262
3,777
-------
-------
-------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Water Incorporated
Company Limited by Guarantee
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
14
1,000
7,500
Current assets
Cash at bank and in hand
4,198
77
Creditors: amounts falling due within one year
15
936
3,800
-------
-------
Net current assets
3,262
( 3,723)
-------
-------
Total assets less current liabilities
4,262
3,777
-------
-------
Net assets
4,262
3,777
-------
-------
Funds of the charity
Unrestricted funds
4,262
3,777
-------
-------
Total charity funds
16
4,262
3,777
-------
-------
For the year ending 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mr P Ulrich
Trustee
Water Incorporated
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Northside House, Mount Pleasant, Barnet, Herts, EN4 9EE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: " income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. " legacy income is recognised when receipt is probable and entitlement is established. " income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. " income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
" expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
" expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
" other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
4. Limited by guarantee
The charity is a company limited by guarantee incorporated in England.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations type 1
3,500
3,500
-------
-------
----
----
6. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Other income from other trading activities type 1
( 635)
( 635)
----
----
----
----
7. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable type 1
3
3
----
----
----
----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Support costs
1,490
1,490
1,539
1,539
-------
-------
-------
-------
9. Expenditure on charitable activities by activity type
Support costs
Total funds 2023
Total fund 2022
£
£
£
Governance costs
1,490
1,490
1,539
-------
-------
-------
10. Other expenditure
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Loss on disposal of tangible fixed assets held for charity's own use
1,528
1,528
-------
-------
----
----
11. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023
2022
£
£
Loss on disposal of tangible fixed assets
1,528
-------
----
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
The average head count of employees during the year was 2 (2022: 4 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - type 1
2
4
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 August 2022
7,500
Disposals
( 6,500)
-------
At 31 July 2023
1,000
-------
Depreciation
At 1 August 2022 and 31 July 2023
-------
Carrying amount
At 31 July 2023
1,000
-------
At 31 July 2022
7,500
-------
15. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
936
1,800
Other creditors
2,000
----
-------
936
3,800
----
-------
16. Analysis of charitable funds
Unrestricted funds
At 1 August 2022
Income
Expenditure
At 31 July 2023
£
£
£
£
General funds
3,777
3,503
(3,018)
4,262
-------
-------
-------
-------
At 1 August 2021
Income
Expenditure
At 31 July 2022
£
£
£
£
General funds
5,951
(635)
(1,539)
3,777
-------
----
-------
-------
17. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
1,000
1,000
Current assets
4,198
4,198
Creditors less than 1 year
(936)
(936)
-------
-------
Net assets
4,262
4,262
-------
-------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
7,500
7,500
Current assets
77
77
Creditors less than 1 year
(3,800)
(3,800)
-------
-------
Net assets
3,777
3,777
-------
-------