Registered number
06324235
The Waterhouse Trust
(Limited by Guarantee)
Filleted Accounts
31 March 2025
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
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