| The Waterhouse Trust |
| Registered number: |
06324235 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Investments |
4 |
|
|
1,883,688 |
|
|
1,883,688 |
|
|
|
|
1,883,688 |
|
|
1,883,688 |
|
| Current assets |
| Debtors and prepayments |
5 |
|
3,568 |
|
|
66 |
| Cash at bank and in hand |
6 |
|
209,080 |
|
|
172,141 |
|
|
|
212,648 |
|
|
172,207 |
|
| Creditors: amounts falling due within one year |
7 |
|
(9,103) |
|
|
(2,703) |
|
| Net current assets |
|
|
|
203,545 |
|
|
169,504 |
|
| Net assets |
|
|
|
2,087,233 |
|
|
2,053,192 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Revaluation reserve |
4 |
|
|
637,618 |
|
|
637,618 |
| Unrestricted and Permanent Endowment funds |
|
|
|
1,449,615 |
|
|
1,415,574 |
|
|
|
|
|
2,087,233 |
|
|
2,053,192 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. |
| The accounts were approved by the Board of Trustees on 20/05/2025 and signed on it's behalf by: |
|
|
|
| J D Miller |
| Trustee |
|
| The Waterhouse Trust |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
| 1 |
Accounting policies |
|
Accounting convention |
|
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities' : 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) (effective January 2019) Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' the Charities Act 2011 and the Companies Act 2006. |
|
Incoming resources |
|
All incoming resources, including income from investments, are included on the SOFA when received or due. The value of services provided by volunteers has not been included in these accounts. |
|
Resources expended |
|
All expenditure is included on an accrual basis. All costs have been attributed to one of the categories of resources expended in the SOFA. |
|
Tangible fixed assets |
|
The Freehold properties values are reviewed annually and no depreciation is provided in relation to the properties. |
|
Taxation |
|
The company is exempt from corporation tax on its charitable activities. |
|
Fund accounting |
|
Details and the nature and purpose of each fund is set out in notes to the accounts. |
|
|
| 2 |
Staff costs |
|
|
|
|
|
|
|
|
2025 |
|
2024 |
| Number |
Number |
|
Average monthly number of employees |
- |
|
- |
|
|
No wages were paid to the charity's trustees for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
|
There were no Trustee's expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. |
|
|
| 3 |
Donations made |
2025 |
|
2024 |
| £ |
£ |
|
|
Kingsbridge Food Bank |
360 |
|
360 |
|
The Wind Project |
4,000 |
|
- |
|
East Portlemouth Village Hall |
450 |
|
480 |
|
Private individuals |
1,314 |
|
- |
|
|
|
|
|
|
|
|
6,124 |
|
840 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Tangible fixed assets (investment property) |
(Permanent Endowment Fund) |
|
|
|
|
|
|
|
|
|
|
Freehold buildings |
| £ |
|
Cost/Valuation |
|
At 1 April 2024 |
1,883,688 |
|
At 31 March 2025 |
1,883,688 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
At 31 March 2025 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2025 |
1,883,688 |
|
At 31 March 2024 |
1,883,688 |
|
Historical cost |
|
At 1 April 2024 |
1,246,070 |
|
At 31 March 2025 |
1,246,070 |
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation |
|
At 1 April 2024 |
637,618 |
|
At 31 March 2025 |
637,618 |
|
|
|
|
|
|
|
|
|
|
|
|
The fixed assets comprise of 8 properties in East Portlemouth, six of these were built following the issue of a S106 planning notice which significantly restricts their use and any future sale. Properties were revalued in 2016 following a professional valuation by Charles Head & Son. A further property was purchased in December 2021. Taking this information into account the Trustees are of the opinion that the value of the properties will not have changed significantly and that no revaluation is required this year. |
|
|
| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Prepayments and accrued income |
3,568 |
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Cash at bank and in hand |
2025 |
|
2024 |
| £ |
£ |
|
|
Trustee account |
67,131 |
|
34,799 |
|
Savings account |
43,897 |
|
42,837 |
|
Refurbishment account |
32,013 |
|
31,635 |
|
Fixed term account |
66,039 |
|
62,870 |
|
|
|
|
|
|
|
|
|
209,080 |
|
172,141 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Creditors and accruals |
7,394 |
|
1,955 |
|
Other creditors and accruals |
1,709 |
|
748 |
|
|
|
|
|
|
|
|
9,103 |
|
2,703 |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Funds |
|
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objects. |
|
Restricted funds can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
|
The permanent endowment fund consists of the investment properties of the charity, income generated from the permanent endowment is unrestricted in its use. |
|
|
| 9 |
Outline summary of funds movements |
|
|
|
|
|
|
Unrestricted General Fund |
|
Unrestricted Replacement and Refurbishment Fund |
|
Permanent Endowment Fund |
|
|
Fund balance 1 April 2024 |
127,431 |
|
42,073 |
|
1,883,688 |
|
Income |
74,417 |
|
- |
|
- |
|
Expenditure |
(40,376) |
|
- |
|
- |
|
Transfers between funds |
- |
|
- |
|
- |
|
Fund balance 31 March 2025 |
161,472 |
|
42,073 |
|
1,883,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Movement of funds previous year |
|
|
|
|
|
|
Unrestricted General Fund |
|
Unrestricted Replacement and Refurbishment Fund |
|
Permanent Endowment Fund |
|
|
Fund balance at start |
90,096 |
|
42,073 |
|
1,883,688 |
|
Income |
67,909 |
|
- |
|
- |
|
Expenditure |
(30,574) |
|
- |
|
- |
|
Transfers between funds |
- |
|
- |
|
- |
|
Fund balance 31 March 2024 |
127,431 |
|
42,073 |
|
1,883,688 |
|
|
|
|
|
|
|
|
|
|
|
|
| 10 |
Related parties |
|
There were no related party transactions for the year ended 31 March 2025 |
|
|
| 11 |
Controlling party |
|
The charity is controlled by the Trustees shown on the Trustees report. |
|
|
| 12 |
Other Information |
|
The Waterhouse Trust is a private company limited by guarantee and incorporated in England. Its registered Office is: |
|
C/o Morgan Accountants Ltd |
|
Duke Court |
|
Bridge street |
|
Kingsbridge |
|
TQ7 1HX |