Charlty registratlon numb&r: 1091626 G R WATERS CHARITABLE TRUST 2000 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
G R WATERS CHARITABLE TRUST 2000 CONTENTS Page Referen¢a and administrative detsils of the Charlty. Its Trustees and advisers Tru$tees' rgport Indgpendent examlner's report Statgmgnt of flnanclal actlvltles Balanco sheet Notes to the financial ststgments 8-17
G R WATERS CHARITABLE TRUST 2000 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021 Trustees M.A. Fenwick C.D. Organ Charity reglstered number 1091525 Règistered office 7 Melbray Mews 158 Hurlingham Road London SW6 3NS Independent examlner MHA Maclnlyre Hudson Chartered Accountants 2 London Wall Place London EC2Y SAU Bankers Coutts & Co 440 Strand London WC2R OQS Solicitors Russells Yalding House 152-156 Great Portla1 Street London W1W5QA Investm?nt advlsor Coulls & Co 440 Strand London WC2R OQS Pe1
G R WATERS CHARITABLE TRUST 2000 TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2021 The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2020 to S April 2021. Objectives and actlvltles a. Purpose and objectives The G R Waters Charitable Trust 2000 is a granl-making Charity. Under the terms of the Declaration of Trust, the Tru51ees can apply ils funds for or towards such charitable purposes and to make donations lo such charitable inslilulion or inslilulions at such lime or limes and in such manner as the Trustees may, in Iheii absolute discretion, think fil. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Publi¢ benefit.. running a charity IPB21'. All activities have been undertaken to further the Charity's Purpose as per ils Declaration of Trust, and further its purposes for the public benefit. b. Main activities undgrtaken to further the Charlty's purposes for the publlc bgneflt The main activity undertaken by the Charity is that of granl-making. Grants are made lo those applicants which the Trustees consider appropriate. The Charity's grants made during the year have funded the regular activities ol various causes considered as worthy and justified in their action$ by the Trustees. These donations have prc)vided assistance with the provisK)n of continuing works surrounding humani18rian, religious. equality, animal and environmental issues. Achievements and performance a. Main achievements of the Charity During the year the Trustees resolved to make grants of £399,111 12020." £186,248), of which £15,00012020'. £19,1) were made lo individuals and £384.111 12020.. £167,052) were made lo inslilulions. further details of which can be found in Note 8 of the Financial Slalemenls. The Charity received donations of £35,03512020'. £48,808) during the year and investment income of £30,766 12020.. £39.568). Financial review a. Golng concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Chaiily has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2
G R WATERS CHARITABLE TRUST 2000 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED S APRIL 2021 b. Resgrvgs policy The Trustees are of the opinion that the Charity's resetves 815 April 2021 are sufficient to meet 811 future commilmenls, and that their duties have been adequately performed during the year. Taking one year with another, the Trustees intend lo spend all income as it arises. The Trustees seek lo have sufficient capital from which can bè derived spendable funds of an amount which will enable the Trustees in real terms lo maintain indefinitely their present level of aclivilies. This policy is reviewed periodically by the Tiuslees as they see fil. The Charity's unrestricted funds totalled £1.184,794 as al 5 April 2021 {2020'. £1,302,225). c. Flnanclal review The income of the Charity is derived from investment income and donations received. The Trustees do not carry out any fund-raising. The investment income of the Charity during the year was £30,766 {2020'. £39,5681. The Trustees were satisfied that this represented a reasonable return on capital. In fixing the amount of funds available for ongoing activities and granl-giving, the policy of the Trustees is to make 9rants which broadly are commensurate with available income. However. they are from lime lo lime prepared lo make grants in excess of the income if there are realised gains or income surpluses from previous years. The grants made during the year lolalled £399,111 12D20.' £186,248). Support costs were £15,173 12020.. £13,228). Realised gains Irom disposal of investments were £185,28512020'. £11,711 bsses} and unrealised gains on investments were £53,61812020'. £225,296 losses). d. Invgstments policy Funds are invested in such a manner as the Trustees think fil in order lo provide an appropriate and balanced portfolio taking into account the requirements of the law relating lo the investment of charitable monies, and the inveslmenl policy of the Charity. The Trustees. investment powers stem from the Declaration of Trust. Thg TTuslees' investment policy is lo maximise the lotsl return on the investments of the Charity's funds in a mannof which involves the minimum of risk of loss lo the portfolio. The Trustees employ Investment Managers who work within guidelines18id down by the Trusteès. Page 3
G R WATERS CHARITABLE TRUST 2000 TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2021 Structure, governance and management a. Structure and constitution The G R Waters Charitable Trust 2000 was established under a Declaration of Trust dated 18 Decembgr 2000, and is registered with The Charity Commission under registration number 1091 $25. Over the years, Mr Waters. the donor lo the Charity, has assigned a portion of his royally income lo the Charity and intends to continue so doing. T¥uslees are appointed in accordance with the Declaration of TTUSt. The Trustees who served throughout the year are shown on page 1. b. Method5 of appointment or election of Trustees Future Tru81ees must bè appointed in writing by Mr Waters who shall not appoint himself or any other person who is a 'relaled or subordinate party. lo Mr Waters. The Trustees recruited musl have regard lo their respective aTeas of knowledge, skills and experience. All new Trustees are briefed fully on the affairs of the Charity before accepting appointment and musl sign a declaration ol willingness lo act as a Trustee of the Charity. The new Trustees then receive adequate training. commensurate to their new role, before taking up their position. c. Financial risk managemont The Trustees have assessed the major risks lo which the Charity is exposed, in particular those related lo the operations and finances of the Charity, and are salislied that systems and procedures are in place to mitigate exposure lo the major risks. Appr rder of embers of he board of Trustees and signe on f by.. . Fenwlck slee D8le'.u t.1. LL C.D. Organ Trustee Page 4
G R WATERS CHARITABLE TRUST 2000 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2021 Independent examlner's report to the Trustees of G R Waters Charltsble Trust 20001.th CharSty'1 I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021. Responslbllltles and basls of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance wkh the requirements of the Charities Act 20111'lhe 2011 Acl'l. I report in rospecl ol my examination of the Charity's accounts ¢arried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity CoMmissn under section 145151{bl of the 2011 Act. Independent examlner's statement Your allenlion is drawn lo the fact that th& Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalemenl of Recommended PraCte ssued on 1 April 2005 which is referred lo in the exlanl regulations bul has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance wrth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I conlimi that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Ad,. or the accounts do not accord with those fecords., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in eonnection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the acwunls lo be reached. Signed.. Dated.. 1410212022 Stuart McKay Bsc FCA DChA MHA Maclnlyre Hudson. Chartefed Accounlanls, 2 London Wall Place. London, EC2Y SAU Page 5
G R WATERS CHARITABLE TRUST 2000 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Unrestricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Donations Investments 36.035 30.766 35,035 30.766 48,808 39,568 Total Income 65.801 65.801 88,376 Expenditure on: Investment management costs Charitable activities 7,851 414,284 7,851 414,284 10,904 199,476 Totsl expendlture 422,135 422,135 210,380 Net expenditure before net gainslllossesl on investments Nel gainslllosses) on investments 13S6.3341 238.903 1356.3341 238,903 (122,004) (237,007) 10 Net movement in funds 1117.4311 1117.4311 (359,011) Reconclllatlon of fund$: Total funds brought forward Nel movement in funds 1,302,225 1117,4311 1,302,225 1117,4311 1,661,236 {359,011) Total funds carrigd forward 1,184,794 1,184,794 1.302.225 The Statement of linanci81 a¢tivilies includes all gains and losses recognised in the year. All income and expenditure dernfe from continuing aclivilies. In 2020, all income and expenditure was froml to unrestricted funds. The notes on pages 8 to 17 form part of these financial slalements. Page 6
G R WATERS CHARITABLE TRUST 2000 BALANCE SHEET AS AT 5 APRIL 2021 2021 2020 Note Fixed assets Investments 10 1.155,030 1.222.615 1,155,030 1.222.615 Current assets Debtors Cash al bank and in hand 14.636 29,741 36,234 71,488 44,377 107, 722 Creditors.. amounts falling due within one year 12 114,6131 (28, Iq2) Net current assets 29,764 79.610 Total net assets 1.184,794 1,302.225 Charlty funds Unrestricted funds 13 1.184,794 1,302,225 Total funds 1,184,794 1,302,225 The fina by: cia slalements were appr9<ed and aulhorised for issue by the T slees and signed on their behalf . Fenwi¢k Tr slee Dale.. OY. Ui. LU The notes on page5 8 10 C.D. Organ Trustee 7 form part of these financial slalements. Page 7
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 General informatlon G R Waters Charitable Trust 2000 is an Unincorporated Charity registered with the Charity Commission Icharily Registered Number 10915251 in England and Wales. The addre55 of the registered office is given in the Charity information on p8ge 1 of these financial slalements. The nature of the Charity's operations and principle activities are detailed in the Trustees. Report. Accounting policies 2.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and ReF)Orting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in a¢cordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial slalemenls have been prepared lo give a 'lrue and fairf view and have departed from the Charities {A¢counls and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fairf view. This departure has involved following the Charities SORP IFRS 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. G R Waters Charitable Trust 2000 meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recognised al historical cost or transaction value unle88 otherwise slated in the relevant a¢¢oLJnling policy. The financial slalemenls are prepared in pounds sterling which is both the functional and presenlalional currency of the Charity and are rounded lo the nearest pound. The significant accounting policies applied in the preparation of these financial stslemenls are sel out below. These policies have been consislènlly applied lo all periods presented unless otherwise slated. 2.2 Golng concem The financial slalemenls have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist, including ¢onsidering the impact of Covid-19. The Trusle8s have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial slalemenls. The budgeted income and expenditure is sufficient with the level of reserves for the Charrty lo be able lo continue as a going eoncern. Page 8
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2021 Accountlng pollcies Icontlnuedl 2.3 Incomg All income is recognised once the Charlty has enlitlemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income is accounted for in the year in whh the Charity is entitled to ils receipt. Income tax recoverable in relatson lo investment income is recognised at the lim$ the investment income is receivable. 2.4 Expenditure Expenditure is iecognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation Can be measured reliably. Expenditure is Classified by aclivily. The costs of each activity are made up ol the lolal of dired costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allribulable lo a single activity are allocated Llireclly to that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consislent with the use of resources. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure when the condilions allaching are fulfilled. Grants offered subjeGI lo conditions which have not been mel al the year end are noted as a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecov8rable VAT. 2.S Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured liably by thè Charity,. this is normally upon notification of the interest paid or payable by the inslilulion with whom the funds are deposited. 2.6 Forelgn currencies Monetary assets and liabilities denominated in ft)reign currenaes are translated into sterling al rates of ex¢hange ruling at the reporting dale. Transaclions in foreign currencies are translated into sleillng al the rate ruling on the dale of the transactn. Exchangè gains and losses are recognised in the Slalement of financial aclivilies, Page 9
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Accounting pollcles lcontinuedl 2.7 Investments Fixed asset investments are a form of financial instrument and are inillally recognised al their transaction Cost and subsequently measured al fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Inveslmenl gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Statement of financial activities. 2.8 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade dbscounl offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-temi highly liquid inveslm&nls with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a resu51 of a past event, Il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised al the amount that the Charity anlicipales il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflecls the risks specific lo the liability. The unwinding of the discount is recognised in the Slalemenl of financial activities as a finance cost. 2.11 Financial instruments The Charity holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement bases are as follows.. Finandal assets - trade and other debtors are basic financial instruments and are debt instruments measured al amortised cost as detailed in Note 11. Cash al bank is classrfied as a basic financial instrument and is measured al face value. Financial liabilities - trade crèdilor8, accruals and other creditors are financial inslTumenls, and are measured al amortised cost as detailed in Note 12. Page 10
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Accounting pollcles Icontinuedl 2.12 Fund accountlng General funds are unre51ricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. Page11
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Income from donations Unrestrlcted funds 2021 Total funds 2021 Tolal fvnds 2020 Donations 35,035 35.035 48,808 Tol812020 48.808 48,808 Investment Income Unrestrictod funds 2021 Total funds 2021 Total funds 2020 Dividend income from listed investments Bank interest Teceivable Gainlllossl on foreign exchange 30.445 44 277 30,445 45, 739 128 277 (6,299) 30,766 30,766 39,568 Total 2020 39,568 39,568 Investment managemgnt costs Unrestrlct&d funds 2021 Total funds 2021 Total funds 2020 Investment management fees 7,851 7,851 10.904 Tolal 2020 tO,904 10,904 Page 12
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2021 Analysis of expenditure by activltles Grant funding of actlvitSes 2021 Support cost$ 2021 Total funds 2021 Charitable activities 399.111 15,173 414.284 Grant funding ol actwilies 202Q Support cosls 2020 Total funds 2020 Charitable activities 186.248 13,228 199,476 Analysls of support costs Total funds 2021 Total funds 2020 Governance costs Postage & Iransportalion 12.493 2.680 13,228 1S.173 13,228 Governance costs 2021 2020 Independent examiner's costs - Current year remuneration Independent examinerfs costs under-accrual ol prior year fee Other professional fees Bank charges 5.820 200 6A73 4,900 8,2TI 57 12,493 13,228 Page13
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Analysis of grants by type 2021 2020 Grants made lo individuals Grants made to inslilulions 15,000 384,111 19, 196 167,052 399,111 186,248 Grants made to Instltutlons 2021 2020 Tools For Solidarity A Jewish Voice for Peace Amnesty International UK Abrigo Homeless and Pets Hope Nuhanovic Foundation First Look Media Tides Centres re Palestine Legal NAACP Legal Defence and Educational Fund Intemalional Documentary Association RepTieve Ajyal Foundation For Education Unicorn School Sunningdale Caddies Benevolent Fund Victor Jara Foundation Ecuador Amazon Resloralion Project Independent Media Inslilule 10.000 10,000 4,018 T,523 19,418 30,787 78,913 15,393 76,505 34.167 71,074 48,293 4,282 5.OfXI 38,2S3 41,102 55.435 384.111 167,052 Staff costs, Trustses. remuneration and expen$g$ The Charity has no employees and the Trustees are considered lo be the Key Management Personnel. During the year, no Trustees received any remuneration or other benefits (2020- £NIL?. During the year ended 5 April 2021, no Trustee expenses have been incurred (2020- £NIL?. Page 14
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 10. Fixed asset investments Listed investments Cost or valuatlon Al 6 April 2020 Addition5 Disposals al carying value Revaluations 1,222,615 2.059,788 12,180,991} 53.618 Al 5 April 2021 1,155,030 Net book value At 5 April 2021 1.155.030 At 5 Apnl 2020 1.222,615 The Historical eost of the fixed asset investments as al S April 2021 was £1,151.757 {2020'. £1,084,4921. For the year lo 5 April 2021, lolal realised gains on investments came to £185,285. Unrealised gains al S April 2021 were £53.618. All investments are hekl to provide a secure return that can be used lo further the Charity's aclivilies. 11. Debtors 2021 2020 Due wlthln one year Other debtors 14,636 36,234 14,636 36,234 Page 15
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 12. Creditors: Amounts falling due within one year 2021 2020 Trade creditors Accruals 5,767 8,846 23,212 4,900 14,613 28,112 13. Statement of funds Statement of funds - currgnt year Balance at 6 April 2020 Gainsl Balance at S (Losses) April 2021 Income Expendlture Unrestricted funds General Funds 1,302,225 65,801 {422,1351 238,903 1,184,794 ststemont of fund$- prior year Balance 8t l Apri12019 Gains/ Balance al (Losses) 5 Apnl 2020 Income Expenditure Unrestricted funds General Funds 1,661.236 88,3T6 (210,380) (237,007) 1,302,225 Page 16
G R WATERS CHARITABLE TRUST 2000 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 14. Analysi$ of net assets betsveen lunds Analysls of not assets between funds- current year Unrestrlctsd funds 2021 Total funds 2021 Fixed asset investments Current assets Creditors due within one year 1,155,030 44,377 114,6131 1,155,030 44,377 114,6131 Total 1.184.794 1,184,794 Analysls of net assets between funds- prior year UnTrslricted funds 2020 Tolal funds 2020 Fixed asset investments Current assets Creditors due wlhin one year 1,222,615 107, 722 (28, 112) 1,222,615 107, 722 (28, 112) Total 1,302,225 1,302,225 15. Related party transactlons G R Waters is a related paty by virtue of being the settlor of the Charitable Trust. He has assigned a proportion ol his royalties to the Charity and during the year these amounted lo £35,035 12020.. £48,808). During the year he made grants on behalf of the Charity of £194,153 12020". £21.3501 fr)r which he was reimbursed by the Charity. Al the year-end, £2.508 was owed lo the Charity by G R Waler812020.' £Nill. During the year, Russells Solicitors were paid £2,880 12020.. £8401 in respect of professional services provided lo the Charitable Trust. C D Organ is a Tiuslee of the Charitable Trust and a senior consultant of Russells Solicf(ors. Pa9e 17