Charity number: 1025258
THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
THE GEOFFREY WATLING CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 8 |
| Trustees' Responsibilities Statement | 9 |
| Independent Auditors' Report on the Financial Statements | 10 - 13 |
| Consolidated Statement of Financial Activities | 14 |
| Consolidated Balance Sheet | 15 - 16 |
| Charity Balance Sheet | 17 - 18 |
| Consolidated Statement of Cash Flows | 19 |
| Notes to the Financial Statements | 20 - 39 |
THE GEOFFREY WATLING CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Trustees | A C Watling, (Chair to 5 December 2025) |
|---|---|
| S P Watling | |
| R S Marks | |
| D J Lundean | |
| A M Haswell, (Chair from 5 December 2025) | |
| N Khandpur (appointed 7 March 2025) | |
| Charity registered number 1025258 Principal office The Geoffrey Watling Charity 8A Ber Street Norwich Norfolk NR1 3EJ Grants administrator S Pearce (appointed 8 November 2024) Independent auditors MA Partners Audit LLP Chartered Accountants and Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ Bankers Barclays Bank Plc Barclay's Business Centre 3 St. James Court Whitefriars Norwich NR3 1RJ Insignis Asset Management Ltd St John's Innovation Centre Cowley Road, Milton Cambridge CB4 0WS Property investment advisors Brown & Co 25-26 Tuesday Market Place Kings Lynn Norfolk PE30 1JJ Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU |
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees have pleasure in presenting their report and audited consolidated financial statements for the year ended 30 September 2025. The report and financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s Settlement Deed (as amended), the Charities Act 2011 and the Statement of Recommended Practice (SORP) applicable to charities preparing their (consolidated) accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, published in October 2019.The accounts presented here are the consolidated accounts of the Charity and of Geoffrey Watling (Norwich) Limited, the Company wholly-owned by the Charity.
The accounts presented here are the consolidated accounts of the Charity and of Geoffrey Watling (Norwich) Limited, the Company wholly-owned by the Charity.
Objectives and activities
a. Policies and objectives
The Deed of Settlement dated 4 August 1993, as amended, defines the ‘object’ of The Geoffrey Watling Charity (‘GWC’) as:
“To pay or apply the annual income of the Charity’s funds to such charity or charities or for such charitable purpose or purposes as the Trustees shall from time to time in their absolute discretion determine.”
The geographical ‘area of benefit’ is ‘the County of Norfolk and the Waveney District of Suffolk’.
The means by which the Charity seeks to meet this object are:
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to invest optimally the assets of the Charity and its wholly owned Company, (the “Group”).
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to make grants to organisations with a charitable purpose whose beneficiaries reside within the area of benefit in order to enhance their welfare.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Optimum investment of the Group’s assets
The Trustees are mindful that their ability to allocate the Charity’s funds now, and in the future, by making grants to others in need, is only possible if they manage the Group’s investments effectively. The value of the investments at 30 September 2025 was £19,751,255 (2024: £18,972,566) comprising £2,780,985 (2024: £2,701,550) in investment property and £16,970,270 (2024: £16,271,016) in quoted investments and cash. The Trustees have decided that their two overall objectives in this area are:
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as far as is practicable, to treat current and future beneficiaries equally, given that the Charity is intended to exist in the long-term, although not necessarily in perpetuity.
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to achieve an optimum balance between risk and total return in order to set a consistent short-to mediumterm budget for expenditure on its charitable objectives and priorities.
The Trustees have an investment policy developed in conjunction with the Charity’s discretionary investment managers, Sarasin & Partners LLP.
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Objectives and activities (continued)
c. Grant-making policies
The Charity aims to make the greatest positive impact for the good of its beneficiaries to the best of its ability with the finite resources it has. To this end, the Charity makes grants to other organisations with an approved charitable purpose. Trustees consider all applications they receive and consider each on its own merits and within the terms of the Deed of Settlement. They have no priority areas for grant-making.
Achievements and performance
Based on the above objectives and activities, the Trustees are pleased to report on the achievements and performance of the Charity during the year to 30 September 2025.
a. Grant-making
During the year 2024/25, the Trustees authorised spending of £581,750 on 139 grants and donations to other bodies with a charitable purpose, after taking account of a small number of grants which were withdrawn (see Note 6 to the financial statements). Of the £581,750, £547,750 (2024: £512,650) were grants and £34,000 (2024: £26,000) were donations. The cost to the Charity of managing these activities was £28,209 (2024: £50,661).
An analysis of the grants made for various categories of purpose is set out in Note 6 to the financial statements. The following chart shows the relative distribution, by value, of the total grants awarded:
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance (continued)
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In assessing the beneficial effect of their grant making, the Trustees focus on:
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feedback from beneficiaries
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observing the effect on organisations to which grants have been made
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finding and considering any research evidence relating to the likely effect of a planned intervention supported by a grant
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paying site visits and attending presentations, at the request of beneficiaries, to see the impact of grants made or applied for.
The Charity’s investment portfolio value increased in the year by £556,873 inclusive of additions, with the market value of the investment portfolio at 30 September 2025 totalling £15,785,236.
The Group’s property assets market value was £2,780,985 at 30 September 2025.
Overall, the total return (capital gain and income) on the Group’s assets invested was 6.4%. Just over half of this return arose because of the unrealised gain made on revaluing the portfolio of listed investments to their market value at 30 September 2025.
The Charity has, however, always based its grant making decisions on the realised income generated by its investments. In the year to 30 September 2025, £593,586 of net income was generated, representing a 3% return on investments (2024: £595,578, 3.4%).
Trustees meet the discretionary investment manager and adviser, Sarasin & Partners LLP, once a year for a formal review of their performance and to discuss likely future issues, including risk. The property portfolio is managed by John Weston, MRICS, of Brown & Co who reports to the Director of Geoffrey Watling (Norwich) Limited, the Charity's wholly-owned subsidiary.
The Charity does not have an explicit policy on social, environmental or ethical matters in relation to its investments. Rather it subscribes to the policy of its discretionary investment managers, Sarasin & Partners LLP who state that: “The fund does not invest in tobacco manufacturers and will also avoid investment in companies that generate significant revenues from the following: alcohol manufacture; armaments; gambling; pornography”. Since at least COP26, Sarasin & Partners LLP have also withdrawn investments that could affect global warming.
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Achievements and performance (continued)
Financial review
During the year ended 30 September 2025 the Group generated net realised income of £469,846, from which it awarded £581,750 in grants and donations. The listed investment portfolio produced a net unrealised gain of £632,033 on revaluation to market value at 30 September 2025, on investments held. In total, the net assets of the Group increased during the year by £520,129, a revaluation gain of £103,155 was made during the year on investment properties, making the total funds of the Group £19,894,038 at 30 September 2025.
In addition to the investment portfolio the Charity holds £875,136 with Insignis Asset Management Ltd in a mixture of short- and longer-term cash deposits.
Fortunately, the winter of 2024-2025 caused less erosion of the Hemsby Marrams land than the previous winter and there continues to be close co-operation with The Crown Estate to remove debris and prevent further erosion as far as possible.
The sale of the Hollywood Diner property owned by the Company was in progress at the year end and completion took place on the 24 November 2025.
During the year a review of the of the Group’s auditors and insurance brokers took place. This resulted in the decision to move to MA Partners Audit LLP for the audit provision and to Hugh J Boswell (now known as Everywhen) for the insurance broker service.
The Charity’s new grant database system has been operational from October 2024 and has increased the efficiency of handling the grant administration process. To help deal with a high volume of grant applications the terms of reference for grant applicants were updated during the year and an additional Trustee meeting held in January 2025.
Further details of the consolidated financial results for the year ended 30 September 2025 can be found in the financial statements.
a. Reserves policy
The policy of the Trustees is to ensure that it holds net current assets sufficient to cover the operational running costs of the Charity for a six month period. This includes sums sufficient to pay out all approved grants.
At the year-end, free reserves (being net current assets) held within the general fund and investment fund totalled £954k (2024: £949k) which amounts to 13 months of expenditure. In addition, a further £15.8m (2024: £15.2m) was held within the investment portfolio, which is retained to generate a return on investment in accordance with the investment policy.
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Structure, governance and management
a. Constitution
The Geoffrey Watling Charity is a registered Charity, number 1025258. It is an unincorporated association with significant invested funds.
Geoffrey Watling (Norwich) Limited ("the Company") is a Registered Company (number 00957457), the shares of which are owned wholly by The Geoffrey Watling Charity. Alan Watling is the sole Director of the Company and is also a Trustee of the Geoffrey Watling Charity. Colin Ford is the Company Secretary. The Company directly owns properties, principally in Hemsby, Norfolk. The Company remits annually an appropriate and permitted amount of its profits through Gift Aid to the Charity.
b. Methods of appointment or election of Trustees
The Board of Trustees comprises not fewer than 3 and not more than 6 Trustees who are appointed by the Board at the time. Those who served in these capacities during 2024/25 and/or are Trustees at the time of the approval of these financial statements are shown on page 1.
c. Organisational structure and decision-making policies
The Trustees meet formally every three months, with the appropriate officers and advisers, to agree plans, programmes and budgets; agree and review policies; and to monitor progress and review performance. The Director of the Company meets with the Company’s property adviser on a regular basis and visits the Company’s properties particularly during the summer season at Hemsby.
Alexandra Haswell is Chair of the Board.
Trustee Period of office Alan C Watling To June 2027 Susan P Watling To June 2026 Richard S Marks To December 2026 David J Lundean To March 2028 Alexandra Haswell To December 2027 Nik Khandpur To March 2028
Brown & Co is the property adviser to the Company and Charity, responsible for the management of the invested estate and for advising the Trustees on these matters. Brown & Co's representative is John Weston, MRICS and Registered Valuer and his services are received through a service level agreement.
In addition, the Trustees employ senior officers to advise them and to carry out their approved plans: Colin Ford Finance Manager Sian Pearce ( appointed 8 November 2024 ) Grants Administrator
d. Policies adopted for the induction and training of Trustees
When a new Trustee is appointed, there is a short briefing procedure covering relevant governance issues.
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Structure, governance and management (continued)
e. Trustees and key management personnel
The Trustees consider that the Board of Trustees is responsible for directing and controlling the Charity and running and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustees’ expenses are disclosed in note 10 to the financial statements.
Trustees are required to disclose all relevant interests to the Grants Administrator and to their colleagues and to withdraw from decisions where a conflict of interest arises.
The remuneration of the Group’s staff is reviewed annually.
f. Risk management
Trustees also monitor closely the risks to which the Charity is exposed, many of which are not directly financial in nature but which, if they materialise, could have financial consequences. A Risk Assessment Register ("the Register") for the Company and Charity was first presented at the meeting of the Trustees, held on 6 December 2019 and approved at their meeting on 6 March 2020. The Register sets down the probability and impact of each foreseeable risk and the preventative or mitigating actions which should be taken. The Trustees are responsible for the maintenance, and at least annual review, of the Register. A partial review of the Register was undertaken in December 2025 and a full review will be carried out in the first quarter of 2026.
Plans for future periods
Completion of the sale of the Hollywood Diner and the offering to the leaseholders of The Glebe the opportunity to purchase their freehold interest.
Further enhancement of the Charity’s grants database system to further improve the process of grant application administration.
Review of the Charity’s investment portfolio policy together with continued monitoring of the Company’s investment assets to maximise the effectiveness of the operation of the Charity.
Fundraising Standards Information
The Charity does not participate in fundraising activities or instruct anyone to act on their behalf with regards to fundraising.
True and fair override
The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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THE GEOFFREY WATLING CHARITY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Thanks
Thanks are due to Colin Ford, Sian Pearce and John Weston and his team. Without their dedication and skill, the Charity’s work would not be as effective and valued as it is.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, MA Partners Audit LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
A M Haswell
(Chair of Trustees)
Date: 13 March 2026
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THE GEOFFREY WATLING CHARITY
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
A M Haswell (Chair of Trustees)
Date: 13 March 2026
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THE GEOFFREY WATLING CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEOFFREY WATLING CHARITY
Opinion
We have audited the financial statements of The Geoffrey Watling Charity (the 'parent charity') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the parent charity's affairs as at 30 September 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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THE GEOFFREY WATLING CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEOFFREY WATLING CHARITY (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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the parent Charity has not kept sufficient accounting records; or
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the parent Charity financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
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THE GEOFFREY WATLING CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEOFFREY WATLING CHARITY (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and the parent charity.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory requirements applicable to the group and the parent charity and identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011.
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We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur.
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We carried out testing of journal entries and challenged assumptions and judgements made by management in their accounting estimates.
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We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations and fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE GEOFFREY WATLING CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GEOFFREY WATLING CHARITY (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
MA Partners Audit LLP
Chartered Accountants and Statutory Auditors 7 The Close Norwich Norfolk NR1 4DJ
N.B. The date of signing should be entered in 'ACCOUNTS COMPLETION' section
Date:
MA Partners Audit LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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THE GEOFFREY WATLING CHARITY
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Note Income from: Investments 4 Total income Expenditure on: Raising funds 5 Charitable activities 7 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 792,180 792,180 294,124 609,960 904,084 (111,904) 632,033 520,129 103,155 623,284 19,270,754 623,284 19,894,038 |
Total funds 2025 £ 792,180 792,180 294,124 609,960 904,084 (111,904) 632,033 520,129 103,155 623,284 19,270,754 623,284 19,894,038 |
Total funds 2024 £ 805,721 805,721 286,208 587,799 874,007 (68,286) 1,829,858 1,761,572 (100,000) 1,661,572 17,609,182 1,661,572 19,270,754 |
|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 20 to 39 form part of these financial statements.
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THE GEOFFREY WATLING CHARITY
CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets Tangible assets 11 Investments 13 Investment property 12 Current assets Debtors 14 Investments 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds General funds 19 Investment fund 19 Total unrestricted funds 19 Total funds |
371,319 480,000 705,034 1,556,353 (323,228) 1,165,841 18,728,197 |
2025 £ 94,692 15,785,236 2,780,985 18,660,913 1,233,125 19,894,038 19,894,038 19,894,038 19,894,038 |
386,085 419,700 911,295 1,717,080 (472,556) 1,171,894 18,098,860 |
As restated 2024 £ 96,317 15,228,363 2,701,550 |
|---|---|---|---|---|
| 18,026,230 1,244,524 |
||||
| 19,270,754 | ||||
| 19,270,754 | ||||
| 19,270,754 | ||||
| 19,270,754 |
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THE GEOFFREY WATLING CHARITY
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
A M Haswell
(Chair of Trustees)
Date: 13 March 2026
The notes on pages 20 to 39 form part of these financial statements.
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THE GEOFFREY WATLING CHARITY
CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets Tangible assets 11 Investments 13 Investment property 12 Current assets Debtors 14 Investments 15 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 16 Net current liabilities Total assets less current liabilities Total net assets Charity funds Unrestricted funds Investment fund 19 General fund 19 Total unrestricted funds 19 Total funds |
120,031 480,000 512,473 1,112,504 (1,598,063) 17,978,708 498,907 |
2025 £ 80,000 18,633,174 250,000 18,963,174 (485,559) 18,477,615 18,477,615 18,477,615 18,477,615 |
147,987 419,700 622,953 1,190,640 (1,667,450) 17,452,830 476,661 |
As restated 2024 £ 80,000 18,076,301 250,000 18,406,301 (476,810) 17,929,491 17,929,491 17,929,491 17,929,491 |
|---|---|---|---|---|
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THE GEOFFREY WATLING CHARITY
CHARITY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025
The Charity's net movement in funds for the year was £ 548,124 (2024 - £1,758,041) .
The financial statements were approved and authorised for issue by the Trustees on 13 March 2026 and signed on their behalf by:
A M Haswell
(Chair of Trustees)
The notes on pages 20 to 39 form part of these financial statements.
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THE GEOFFREY WATLING CHARITY
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Cash flows from operating activities Net cash used in operating activities (note 22) Cash flows from investing activities Rents received from investment properties Interest receivable Investment portfolio income Purchase of tangible fixed assets Purchase of investments Purchase of current investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year (note 23) |
2025 £ (903,971) 318,611 64,721 408,848 (4,791) (29,379) (60,300) 697,710 (206,261) 911,295 705,034 |
As restated 2024 £ (738,281) 325,869 62,737 417,116 (11,560) (67,288) (419,700) 307,174 (431,107) 1,342,402 911,295 |
|---|---|---|
The notes on pages 20 to 39 form part of these financial statements
Page 19
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. General information
The Geoffrey Watling Charity is an unincorporated charity in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the Charity's operations and principal activities remains as described within the Trustees Report on pages 2 to 3.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Geoffrey Watling Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Charity's right to receive payment is established.
Page 20
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on raising funds comprise the costs associated with property and investment management..
Expenditure on charitable activities comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Charity.
Irrecoverable VAT is charged as an expense against the general activity category for which expenditure arose.
2.5 Tangible fixed assets and depreciation
Investment properties All investment properties owned by the Charity are included at fair value with changes in fair value recognised as net gains / (losses) on investment in the SOFA. Current values are based on a valuation undertaken by John Weston of Brown & Co on 30 September 2021.
Land and property is included at fair value with changes in fair value recognised as net gains / (losses) on investment in the SOFA, and current value is based on a valuation undertaken by John Weston of Brown & Co on 30 September 2021. No depreciation is charged as property is subject to regular revaluation and any depreciation is considered to be immaterial.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
| Office equipment | - | 25% |
|---|---|---|
| Other fixed assets | - | 25% |
Page 21
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.6 Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in net gains / (losses) on investments in the SOFA, based upon the market value at the period end.
The SOFA includes net gains and losses arising on revaluation and disposals throughout the year together with rebates received from investment managers.
The Charity's subsidiary is included at deemed cost based on the net asset value of the Company at the date of transfer from the estate of the late Geoffrey Watling, less any impairment.
The Charity's investment policy is laid out in the Trustees Annual Report.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Debtors receivable after one year constitute loans and mortgages which are initially recognised at the transaction price. Subsequently they are measured at amortised cost using the effective interest rate method less impairment.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.10 Financial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
Page 22
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
2. Accounting policies (continued)
2.12 Fund accounting
All of the Charity's funds are unrestricted funds.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
The Investment Fund was established with the initial transfer of capital from the estate of the late Geoffrey Watling and is unrestricted. The income from the fund is used by the Charity to undertake its objectives.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Fair value of investment properties: Investment properties are recorded at fair value. Such values require the application of judgement with regard to the nature of such properties taking account of current market conditions, lease terms and factors specific to individual properties. An independent valuer is retained to provide an estimate of fair values for financial statement purposes. Further information is provided in note 12.
Page 23
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. Investment income
| Unrestricted funds 2025 £ Rental income 318,611 Investment portfolio income 408,848 Deposit interest 43,909 Interest on loans 20,812 Total 2025 792,180 Total 2024 805,721 |
Total funds 2025 £ 318,611 408,848 43,909 20,812 792,180 805,721 |
Total funds 2024 £ 325,869 417,116 35,826 26,910 805,721 |
|---|---|---|
5. Investment management costs
| Unrestricted funds 2025 £ Rent, rates and insurance and utilities 46,199 Repairs and maintenance 41,567 Sundry 23,412 Management charges 101,432 Legal and professional fees 2,651 Governance costs 4,447 Wages and Directors remuneration 40,100 National Insurance 1,163 Pension costs 3,017 Depreciation and loss on disposal of assets 30,136 Total 2025 294,124 Total 2024 286,208 |
Total funds 2025 £ 46,199 41,567 23,412 101,432 2,651 4,447 40,100 1,163 3,017 30,136 294,124 286,208 |
Total funds 2024 £ 41,021 63,025 23,304 96,542 350 7,708 43,889 1,512 2,231 6,626 286,208 |
|---|---|---|
Page 24
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. Analysis of grants
| Grants Donations Total 2025 Total 2024 |
Grants to Institutions 2025 £ 547,750 34,000 581,750 538,650 |
Total funds 2025 £ 547,750 34,000 581,750 538,650 |
Total funds 2024 £ 512,650 26,000 538,650 |
|---|---|---|---|
The grants and donations recognised during the period are analysed as follows :
| Purpose | Number | 2025 £ |
Number | 2024 £ |
|---|---|---|---|---|
| Social and Welfare | 64 | 221,250 | 47 | 166,500 |
| Churches and Historic Buildings | 23 | 93,600 | 23 | 47,450 |
| Education and Arts | 26 | 104,400 | 26 | 106,500 |
| Environment | 10 | 52,000 | 10 | 80,700 |
| Medical | 3 | 48,500 | 3 | 32,500 |
| Sporting | 6 | 39,000 | 6 | 113,000 |
| Infrastructure | 14 | 60,500 | - | - |
| Grants withdrawn Total grants and donations |
146 7 139 |
619,250 37,500 581,750 |
115 3 112 |
546,650 8,000 538,650 |
Page 25
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
All grants and donations authorised during the year were payable to institutions. Below are details of the activities which have been funded by grants and donations authorised of £10,000 or more:
| £ | ||
|---|---|---|
| Norfolk Wildlife Trust | Norfolk Wildlife Trust's Sweet Briar Marshes - facilitating | |
| access to nature for all. | 40,000 | |
| University of East Anglia | A centre of excellence in Norfolk to train future medical | |
| professionals | 25,000 | |
| Norfolk Heritage Fleet Trust | Funding to continue the Schools, Youth & Community | |
| project-Project Starfish | 20,000 | |
| Creative Arts East | Assemble: a programme of contemporary arts residencies | |
| for primary schools in King's Lynn | 15,000 | |
| St Martins | Seasonal Donation in support of activities during the 2024 | |
| festive period | 15,000 | |
| SeaChange Trust - | Fitting-out of the Ice House, Great Yarmouth as a fully | |
| SeaChange Arts | operational multi-use venue | 12,000 |
| SOS Bus Norwich | Funding for the SOS Bus Norwich, a vital service in | |
| Norwich for over 23 years | 10,000 | |
| Norfolk Community Law | Continuation of the Immigration, Domestic Abuse and | |
| Service | Family Court Support services | 10,000 |
| Lighthouse Community | Towards an extension to their Soft Play space | |
| Church | 10,000 | |
| Hear for Norfolk (Norfolk Deaf | A Mobile Hearing Assessment and Ear Care Unit to take | |
| Assn) | across Norfolk | 10,000 |
| Norfolk Schools Sailing | Purchase of 3 electric powered boats to upgrade the safety | |
| Association | fleet / reduce carbon footprint | 10,000 |
Page 26
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2025 £ Grants (note 6) 547,750 Donations (note 6) 34,000 Salaries 14,010 Sundry expenses 3,464 Governance costs 10,736 Total 2025 609,960 Total 2024 587,799 8. Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts current year Fees payable to the Charity's auditor in respect of: Fees payable to the Charity's auditor for the audit of the Charity's annual accounts prior year All non-audit services not included above 9. Staff costs Group Group 2025 2024 £ £ Wages and salaries 54,110 63,939 Social security costs 1,163 1,512 Contribution to defined contribution pension schemes 3,017 2,231 58,290 67,682 |
Total 2025 £ 547,750 34,000 14,010 3,464 10,736 609,960 587,799 2025 £ 12,500 (180) 2,445 Charity 2025 £ 14,010 1,163 1,089 16,262 |
Total 2024 £ 512,650 26,000 20,050 20,622 8,477 587,799 |
|---|---|---|
| 2024 £ 14,000 305 1,845 |
||
| Charity 2024 £ 20,050 1,512 - 21,562 |
Page 27
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. Staff costs (continued)
The average monthly number of employees during the year was three part time individuals, two of which are included in Investment Management Costs and one in Charitable Activities.
| Group | Group | Charity | Charity |
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
| No. | No. | No. | No. |
| 3 | 3 | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
The total amount of employee benefits received by key management personnel is £58,290 (2024: £67,682). The Trustees consider all employees to be key management personnel.
Page 28
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. Trustees' remuneration and expenses
The Trustees did not receive any remuneration from the Charity in respect of their roles as Trustees during the period. The following were made by the Charity's subsidiary:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| A C Watling | Remuneration | 16,000 | 16,000 |
During the year ended 30 September 2025, expenses totalling £ 236 were reimbursed or paid directly to 1 Trustee (2024 - £149 to 1 Trustee) relating to travel.
11. Tangible fixed assets
Group
| Cost or valuation At 1 October 2024 Additions Disposals At 30 September 2025 Depreciation At 1 October 2024 Charge for the year On disposals At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 |
Freehold property £ 80,000 - - 80,000 - - - - 80,000 80,000 |
Office equipment £ 10,354 - (6,401) 3,953 8,132 556 (5,262) 3,426 527 2,222 |
Other fixed assets £ 39,426 4,791 - 44,217 25,331 4,721 - 30,052 14,165 14,095 |
Total £ 129,780 4,791 (6,401) 128,170 |
|---|---|---|---|---|
| 33,463 5,277 (5,262) 33,478 |
||||
| 94,692 | ||||
| 96,317 |
Page 29
THE GEOFFREY WATLING CHARITY
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 |
|
|---|---|
| 11. Tangible fixed assets (continued) Charity Cost or valuation At 1 October 2024 At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 12. Investment property Group Valuation At 1 October 2024 Disposals Surplus on revaluation At 30 September 2025 |
Freehold property £ 80,000 80,000 80,000 80,000 Freehold investment property £ 2,701,550 (23,720) 103,155 2,780,985 |
Page 30
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. Investment property (continued)
Charity
| Valuation At 1 October 2024 At 30 September 2025 |
Freehold investment property £ 250,000 |
|---|---|
| 250,000 |
Investment properties and freehold tangible property owned by the Charity and Group are included at fair value. Current values are based on a valuation undertaken by John Weston BSc (Hons) MRICS of Brown & Co on 30 September 2021.
The methods and significant assumptions used to ascertain the fair value of £2,780,985 (2024: £2,701,550) for the Group of investment and tangible property and £250,000 (2024: £250,000) for the Charity investment and tangible property are as follows:
Valuation is made in accordance with the RCIS Valuation - Professional Standards and complies with the International Valuation Standards.
The basis of the valuation is the estimated amount for which the assets should exchange on the valuation date in an arms length transaction based on vacant possession.
During the year ended 31 September 2025 the Hollywood Diner and The Glebe freeholds have been increased to reflect their sales values. The Hollywood Diner was sold in November 2025.
The historical cost of the investment property is £1,284,016 (2024: £1,309,706).
Page 31
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. Fixed asset investments
| Group Cost or valuation At 1 October 2024 Additions Revaluations At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 Charity Cost or valuation At 1 October 2024 Additions Revaluations At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 |
Investments in subsidiary companies £ 2,847,938 - - 2,847,938 2,847,938 2,847,938 |
Listed investments £ 15,228,363 29,379 527,494 15,785,236 15,785,236 15,228,363 |
Listed investments £ 15,228,363 29,379 527,494 |
|---|---|---|---|
| 15,785,236 | |||
| 15,785,236 | |||
| 15,228,363 | |||
| Total £ 18,076,301 29,379 527,494 18,633,174 |
|||
| 18,633,174 18,076,301 |
Page 32
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. Fixed asset investments (continued)
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name Company number Registered office or principal place of business Geoffrey Watling (Norwich) Limited 00957457 8a Ber St, Norwich, Norfolk, United Kingdom, NR1 3EJ The financial results of the subsidiary for the year were: Name Income £ Expenditure £ Profit for the year £ Geoffrey Watling (Norwich) Limited 422,110 210,918 211,192 Debtors Group Group Charity 2025 2024 2025 £ £ £ Due after more than one year Other debtors 279,407 295,059 - 279,407 295,059 - Due within one year Trade debtors 42,743 54,035 6,775 Amounts owed by group undertakings - - 86,033 Other debtors 49,169 36,991 27,223 371,319 386,085 120,031 |
Holding 100% Net assets £ 4,161,448 Charity 2024 £ - |
|---|---|
| - 6,000 121,161 20,826 |
|
| 147,987 |
14. Debtors
Other debtors includes £297,761 (2024: £309,589) representing four long-term loans, all of which are unsecured.
15. Current asset investments
Deposit accounts
| Group | Group | Charity | Charity |
|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
| £ | £ | £ | £ |
| 480,000 | 419,700 | 480,000 | 419,700 |
Page 33
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Accruals and deferred income Grants accrued - individual Deferred income at 1 October 2024 Resources deferred during the year Amounts released from previous periods |
Group 2025 £ 8,417 - 12,631 92,380 209,800 323,228 |
Group 2024 £ 6,207 - 2,714 101,635 362,000 472,556 |
Charity 2025 £ 489 1,357,430 4,134 26,210 209,800 1,598,063 Group 2025 £ 59,305 53,004 (59,305) 53,004 |
Charity 2024 £ - 1,278,520 952 25,978 362,000 |
|---|---|---|---|---|
| 1,667,450 | ||||
| Group 2024 £ 66,086 59,305 (66,086) |
||||
| 59,305 |
Deferred income relates to rental income invoiced in advance of future periods.
17. Financial instruments
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Financial assets measured at fair value | ||||
| through income and expenditure | 1,185,034 | 1,330,995 | 992,473 | 1,042,653 |
18. Prior year adjustments
During the current year, it was identified that deposit accounts where maturity was greater than 3 months were recognised as cash balances in the prior year financial statements. As a result, deposit accounts which had a maturity greater than 3 months have been reclassified to current asset investments in the comparatives.
The cash balance in the comparative has decreased £419,700 and current asset investments increased £419,700 on the balance sheet. Cash and cash equivalents have also decreased on the cash flow statement by £419,700 and the cashflow includes the £419,700 for the purchase of the deposit accounts.
Page 34
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. Statement of funds
Statement of funds - current year
| Balance at | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 1 | 30 | |||||||||
| October | Gains/ | September | ||||||||
| 2024 | Income | Expenditure | (Losses) | 2025 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Unrestricted funds | ||||||||||
| General Funds | 1,171,894 | 792,180 | (798,233) | - | 1,165,841 | |||||
| Investment fund | 18,098,860 | - | (105,851) | 735,188 | 18,728,197 | |||||
| 19,270,754 | 792,180 | (904,084) | 735,188 | 19,894,038 | ||||||
| Statement of funds - prior year | ||||||||||
| Balance at | ||||||||||
| Balance at | 30 | |||||||||
| 1 October | Gains/ | September | ||||||||
| 2023 | Income | Expenditure | (Losses) | 2024 | ||||||
| £ | £ | £ | £ | £ | ||||||
| Unrestricted funds | ||||||||||
| General Funds | 1,161,178 | 805,721 | (795,005) | - | 1,171,894 | |||||
| Investment fund | 16,448,004 | - | (79,002) | 1,729,858 | 18,098,860 | |||||
| 17,609,182 | 805,721 | (874,007) | 1,729,858 | 19,270,754 |
Page 35
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
20. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 October 2024 £ 19,270,754 Balance at 1 October 2023 £ 17,609,182 |
Income £ 792,180 Income £ 805,721 |
Expenditure £ (904,084) Expenditure £ (874,007) |
Gains/ (Losses) £ 735,188 Gains/ (Losses) £ 1,729,858 |
Balance at 30 September 2025 £ 19,894,038 |
|---|---|---|---|---|---|
| Balance at 30 September 2024 £ 19,270,754 |
|||||
| Summary of funds - prior year | |||||
| General funds |
21. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Tangible fixed assets 94,692 Fixed asset investments 15,785,236 Investment property 2,780,985 Debtors due after more than one year 279,407 Current assets 1,276,946 Creditors due within one year (323,228) Total 19,894,038 |
Total funds 2025 £ 94,692 15,785,236 2,780,985 279,407 1,276,946 (323,228) 19,894,038 |
|---|---|
Page 36
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Debtors due after more than one year Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 96,317 15,228,363 2,701,550 295,059 1,422,021 (472,556) 19,270,754 |
Total funds 2024 £ 96,317 15,228,363 2,701,550 295,059 1,422,021 (472,556) 19,270,754 |
|---|---|---|
22. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains on investments Investment management fees Loss on the sale of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Rents received from investment properties Interest receivable Investment portfolio income Net cash used in operating activities |
Group 2025 £ 520,129 5,277 (632,033) 104,539 24,859 14,766 (149,328) (318,611) (64,721) (408,848) (903,971) |
Group 2024 £ 1,761,572 5,736 (1,829,858) 105,347 890 (4,799) 28,553 (325,869) (62,737) (417,116) (738,281) |
|---|---|---|
Page 37
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
23. Analysis of cash and cash equivalents
| Cash in hand Notice deposits (less than 3 months) Total cash and cash equivalents |
Group 2025 £ 309,403 395,631 705,034 |
Group 2024 £ 426,368 484,927 |
|---|---|---|
| 911,295 |
24. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 October 2024 £ 911,295 419,700 1,330,995 |
Cash flows £ (206,261) 60,300 (145,961) |
At 30 September 2025 £ 705,034 480,000 1,185,034 |
|---|---|---|---|
25. Pension commitments
The Group operates a defined contributions pension scheme. The pension cost charge represents contributions payable by the Group to the fund and amounted to £3,017 (2024 - £2,231). Contributions totalling £Nil (2024 - £Nil) were payable at the reporting date and are included in creditors.
26. Operating leases
The Group acts as lessor for a number of properties leased to third-party tenants under non-cancellable operating leases. Lease income is recognised on a straight-line basis over the lease term in accordance with FRS 102 Section 20.
Lease income recognised during the year was as follows: Lease income recognised £191,188.
27. Related party transactions
During the year £230 was received by the Charity for stamps and computer services from two Trustees (2024 - £Nil).
Page 38
THE GEOFFREY WATLING CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
28. Post balance sheet events
The sale of the Hollywood Diner freehold property at Hemsby owned by Geoffrey Watling (Norwich) Limited was in progress at the year end and completion took place on the 24 November 2025.
Page 39