Clearwater Marine Foundation Charity Accounts

COMPANY REGISTRATION NUMBER: 06778533

CHARITY REGISTRATION NUMBER: 1150179

Clearwater Marine Foundation

Company Limited by Guarantee

Unaudited Financial Statements

31 December 2024

Clearwater Marine Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2024

	Page

Directors' 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

Clearwater Marine Foundation

Company Limited by Guarantee

Directors' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2024

The directors, 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 December 2024 .

Reference and administrative details

Registered charity name	Clearwater Marine Foundation

Charity registration number	1150179

Company registration number	06778533

Principal office and registered	5 Underwood Street
office	London
	N1 7LY

The directors

	A L Farrington
	C Blott
	C Hill

Accountants	Robinsons Consulting Limited
	Chartered accountants
	5 Underwood Street
	London
	N1 7LY

Structure, governance and management

The Charity is governed by its trustees.

Objectives and activities

The Company's objects are:

(1) To advance in life and help young people through:

a. The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life; and

b. Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and response individuals;

(2) To relieve financial hardship, sickness and poor health amongst elderly people; and

(3) Otherwise for all purposes that are charitable under the laws of England and Wales and which the members of the Company may from time to time approve.

Achievements and performance

The result of the Company's performance is summarised at page 3.

Financial review

The Company made a deficit in the year of £16,111.

At the year-end, the Company had surplus fund of £322,694 (unrestricted funds represented by net current assets less long term liabilities).

Plans for future periods

All Trustees give their time voluntarily and receive no benefit from the Company. None of the Trustees were reimbursed any expenses and this is disclosed in the notes to the financial statements. The Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to Public Benefit guidance published by the Charities Commission.

APPOINTMENT AND INDUCTION OF TRUSTEES

Procedures for the appointment of trustees are set out in the Company's Memorandum and Articles of Association. Trustees are appointed by the Company by ordinary resolution of the members. At this time the members of the Company are the existing trustees. The Articles include provisions for the retirement of trustees by rotation.

The induction process for new trustees is informal. Prospective trustees are given the opportunity to learn about the Company's objectives and activities through meetings with the executive team and with existing trustees as appropriate. Information about the Company is made available to prospective trustees on request, and prospective trustees are invited to attend a trustees' meeting as an observer before they agree to be put forward for election.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors' annual report was approved on 19 September 2025 and signed on behalf of the board of trustees by:

A L Farrington Director

Clearwater Marine Foundation

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2024

	2024		2023
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Expenditure

Expenditure on charitable activities	5	16,111	16,111	4,647
		--------	--------	-------
Total expenditure		16,111	16,111	4,647
		--------	--------	-------

	--------	--------	-------
Net expenditure and net movement in funds	( 16,111)	( 16,111)	( 4,647)
	--------	--------	-------

Reconciliation of funds

Total funds brought forward	338,805	338,805	343,452
	---------	---------	---------
Total funds carried forward	322,694	322,694	338,805
	---------	---------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Clearwater Marine Foundation

Company Limited by Guarantee

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Current assets

Investments	8	84	84
Cash at bank and in hand		324,584	340,695
		---------	---------
		324,668	340,779

Creditors: amounts falling due within one year	9	1,974		1,974
		---------		---------
Net current assets			322,694	338,805
			---------	---------
Total assets less current liabilities			322,694	338,805
			---------	---------
Net assets			322,694	338,805
			---------	---------

Funds of the charity

Unrestricted funds		322,694	338,805
		---------	---------
Total charity funds	10	322,694	338,805
		---------	---------

For the year ending 31 December 2024 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 19 September 2025 , and are signed on behalf of the board by:

A L Farrington Director

Clearwater Marine Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2024

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 5 Underwood Street, London, N1 7LY.

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. 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.

Disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": (a) No cash flow statement has been presented for the charity. (b) Disclosures in respect of financial instruments have not been presented.

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 directors 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 income is 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. 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.

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 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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The company is a charitable company limited by guarantee.

5. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Activity type 1	13,764	13,764	2,300	2,300
Support costs	2,347	2,347	2,347	2,347
	--------	--------	-------	-------
	16,111	16,111	4,647	4,647
	--------	--------	-------	-------

6. Analysis of support costs

	Analysis of support costs activity 1	Total 2024	Total 2023
	£	£	£
Governance costs	2,347	2,347	2,347
	-------	-------	-------

7. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

8. Investments

	2024	2023
	£	£
Investments	84	84
	----	----

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	1,890	1,890
Other creditors	84	84
	-------	-------
	1,974	1,974
	-------	-------

10. Analysis of charitable funds

Unrestricted funds

	At 1 January 2024	Expenditure	At 31 December 2024
	£	£	£
General funds	338,805	(16,111)	322,694
	---------	--------	---------

	At 1 January 2023	Expenditure	At 31 December 2023
	£	£	£
General funds	343,452	(4,647)	338,805
	---------	-------	---------

11. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2024
	£	£
Investments	84	84
Current assets	324,584	324,584
Creditors less than 1 year	(1,974)	(1,974)
	---------	---------
Net assets	322,694	322,694
	---------	---------

	Unrestricted Funds	Total Funds 2023
	£	£
Investments	84	84
Current assets	340,695	340,695
Creditors less than 1 year	(1,974)	(1,974)
	---------	---------
Net assets	338,805	338,805
	---------	---------