2022-04-05-accounts

Charity registration number: 1091525

G R WATERS CHARITABLE TRUST 2000

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

G R WATERS CHARITABLE TRUST 2000

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Independent examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	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 2022

Trustees	M.A. Fenwick
	C.D. Organ
Charity registered number 1091525 Registered office 7 Melbray Mews 158 Hurlingham Road London SW6 3NS Independent examiner MHA MacIntyre Hudson Chartered Accountants 2 London Wall Place London EC2Y 5AU Bankers Coutts & Co 440 Strand London WC2R 0QS Solicitors Russells Yalding House 152-156 Great Portland Street London W1W 5QA Investment advisor Coutts & Co 440 Strand London WC2R 0QS

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G R WATERS CHARITABLE TRUST 2000

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2021 to 5 April 2022.

Objectives and activities

a. Purpose and objectives

The G R Waters Charitable Trust 2000 is a grant-making Charity. Under the terms of the Declaration of Trust, the Trustees can apply its funds for or towards such charitable purposes and to make donations to such charitable institution or institutions at such time or times and in such manner as the Trustees may, in their absolute discretion, think fit.

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)'. All activities have been undertaken to further the Charity's purpose as per its Declaration of Trust, and further its purposes for the public benefit.

b. Main activities undertaken to further the Charity's purposes for the public benefit

The main activities undertaken by the Charity include grant-making and the funding of charitable projects, as selected by the Trustees. Grants are made to those applicants which the Trustees consider appropriate.

The Charity's grants made during the year have funded the regular activities of various causes considered as worthy and justified in their actions by the Trustees. These donations have provided assistance with the provision of continuing works surrounding humanitarian, 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 £166,533 (2021: £399,111), of which £18,269 (2021: £15,000) were made to individuals and £148,264 (2021: £384,111) were made to institutions, further details of which can be found in Note 8 of the Financial Statements.

During the year, the Trustees resolved to fund a project to publicise the plight of Nudem Durak, a Turkish singer of Kurdish folk songs who has been incarcerated in a Turkish jail since 2015. A guitar used by Roger Waters on his ‘The Wall’ tour has been signed by him and numerous fellow musicians. A film made of the journey to collect the signatures is showing on social media. If Nudem is not allowed to receive the guitar in prison, it will be auctioned and the funds given to her lawyers to continue the fight for her early release.

The cost of the project to date has been recognised within Stock. The Trustees have considered the value of the Stock and have determined that it's value cannot be measured with sufficient reliability, and has therefore been included at cost.

The Charity received donations of £51,962 (2021: £35,035) during the year and investment income of £20,770 (2021: £30,766).

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G R WATERS CHARITABLE TRUST 2000

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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 statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees are of the opinion that the Charity's reserves at 5 April 2022 are sufficient to meet all future commitments, and that their duties have been adequately performed during the year.

Taking one year with another, the Trustees intend to spend all income as it arises.

The Trustees seek to have sufficient capital from which can be derived spendable funds of an amount which will enable the Trustees in real terms to maintain indefinitely their present level of activities. This policy is reviewed periodically by the Trustees as they see fit.

The Charity's unrestricted funds totalled £1,088,206 as at 5 April 2022 (2021: £1,184,794).

c. Financial 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 £20,770 (2021: £30,766). The Trustees were satisfied that this represented a reasonable return on capital.

In fixing the amount of funds available for ongoing activities and grant-giving, the policy of the Trustees is to make grants which broadly are commensurate with available income. However, they are from time to time prepared to make grants in excess of the income if there are realised gains or income surpluses from previous years. The grants made during the year totalled £166,533 (2021: £399,111) and support costs were £12,759 (2021: £15,173).

Realised gains from disposal of investments were £21,647 (2021: £185,285 gains) and unrealised losses on investments were £4,956 (2021: £53,618 gains).

d. Investments policy

Funds are invested in such a manner as the Trustees think fit in order to provide an appropriate and balanced portfolio taking into account the requirements of the law relating to the investment of charitable monies, and the investment policy of the Charity.

The Trustees' investment powers stem from the Declaration of Trust.

The Trustees' investment policy is to maximise the total return on the investments of the Charity's funds in a manner which involves the minimum of risk of loss to the portfolio.

The Trustees employ Investment Managers who work within guidelines laid down by the Trustees.

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G R WATERS CHARITABLE TRUST 2000 TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED SAPRIL2022 StnIc￿l•l govwn•nc• •nd maMg•m•nt •, struc￿￿9 and ¢on•lltutlon The G R Wèlors Charltsble Trust 2000 w88 08tabll8hed under o Docl8rallon ol Tru8t dalad 18 Docomb•r 2000. and18 regl$lorod Tho Charlty Comm188lon under r•g181rnllon number 1091525. rfer the ￿r$. Mr Wate￿. the donor to th• Chadty, ha8 a581gned 8 Portlon of h1• royalty Income to the Chartty and Intends to ¢1￿11nUe 80 dolNJ. Truste8$ ero 8POnted In a¢tyJrdan¢a wlth the Dedarallan ol Tru81. Tho Tru81808 80p4od Ihroughoul th yaar arn sho￿￿ on page 1. b. M•th•d• of •ppolntffl•Thl or •l•cllon of Tru•l••• Future TNste88 must bè ?ppolnt8d In vthllng by Mr W#lor8 who Bh911 not appolnt hlms8W or any olhor per80n wtho18 8 'rn18ted or subordin8te paty to Mr Waters. Th8 Tru81888 recrulled musl h8v8 reo8rd to thelr respectlve ereag of kn¢)wledg8, 8klll$ and exwrf&nc4. All new Trustees are bdefed lully on the affaSrs of the Chadty befor8 a(x8ptlng appolntmenl and must Blgn a dedar8llon of wi11Sngneo8 to act a8 8 Tru81oe of the Charty. Tho new Tru816as then recelve adaquèle tralnlng. commensurate lo thelr new rolo. bgfor¢ I￿￿ng up th6lr p081110n. FIMn¢lal rl•k m•nag•m•nt Tho Tru$tse$ ha￿ assassad th8 major r18k8 to whlth th8 Charfty18 8XPOSod, In partlcular th08e related lo the operatl¢)n$ and finan¢os of th& Charlty. and are 88tisfled that 8yBlem8 and pro¢odureB In placa to mlllgale exposure to the m8lor rlsks. )proved by order o ber8 of the board ol TnJ8tse8 and slgngd on thelr behaw by. .A Fonwlck Twslee Dale: Page 4

G R WATERS CHARITABLE TRUST 2000

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2022

Independent examiner's report to the Trustees of G R Waters Charitable Trust 2000 ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2022.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.

I understand that 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.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. 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 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated: 01/02/2023

Stuart McKay BSc FCA DChA

MHA MacIntyre Hudson, Chartered Accountants, 2 London Wall Place, London, EC2Y 5AU

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G R WATERS CHARITABLE TRUST 2000

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Note Income from: Donations 3 Investments 4 Total income Expenditure on: Investment management costs 5 Charitable activities 6 Total expenditure Net expenditure before net gains on investments Net gains on investments 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2022 £ 51,962 20,770 72,732 6,719 179,292 186,011 (113,279) 16,691 (96,588) 1,184,794 (96,588) 1,088,206	Total funds 2022 £ 51,962 20,770 72,732 6,719 179,292 186,011 (113,279) 16,691 (96,588) 1,184,794 (96,588) 1,088,206	Total funds 2021 £ 35,035 30,766 65,801 7,851 414,284 422,135 (356,334) 238,903 (117,431) 1,302,225 (117,431) 1,184,794

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

All income and expenditure derive from continuing activities. In 2021, all income and expenditure was from/ to unrestricted funds.

The notes on pages 8 to 17 form part of these financial statements.

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G R WATERS CHARITABLE TRUST 2000 BALANCE SHEET AS AT 5 APRIL 2022 2022 2021 Note Flxod •ss•t• In￿stmentS 10 970,751 1.155.030 970,751 1.155,030 Curr•nt a8••ts stocks Debtors Cash al bank and In hand 11 12 124,510 30.827 75,191 14.836 29.741 230,528 44.377 Cr8dllor8". am¢)unts falllng due ￿thIn one 13 (113,073) (14,613) N•t ￿rrnnt a•••t• 117.455 29,764 1.088.206 1, 184.794 Ch•Aty fund• Unre8trkt8d lund8 14 1.088.206 t, 184,794 Total lund• 1,088,206 1, 184,794 The finandal sts18ments were 8P ved and aulhorfsed for18sue by tho Twslee8 and Slgned on thelr beham by. .A F•nwlck Trust Oat The notes on e8 8 to 17 fom part of thèse finandal Statsments. Pa98 7

G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. General information

G R Waters Charitable Trust 2000 is an Unincorporated Charity registered with the Charity Commission (Charity Registered Number 1091525) in England and Wales.

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 principle activities are detailed in the Trustees' Report.

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.

G R Waters Charitable Trust 2000 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 financial statements are prepared in pounds sterling which is both the functional and presentational currency of the Charity and are rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

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.

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

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 accounted for in the year in which the Charity is entitled to its receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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 conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 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.

2.10 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.

2.11 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 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:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 12.

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in Note 13.

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

2. Accounting policies (continued)

2.13 Fund accounting

General funds are unrestricted funds which are available for use at 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 to the appropriate fund.

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

3. Income from donations

Unrestricted funds 2022 £ Donations 51,962 Total 2021 35,035	Total funds 2022 £ 51,962 35,035	Total funds 2021 £ 35,035

4. Investment income

Unrestricted funds 2022 £ Dividend income from listed investments 17,951 Bank interest receivable 2,810 Gain/(loss) on foreign exchange 9 20,770 Total 2021 30,766	Total funds 2022 £ 17,951 2,810 9 20,770 30,766	Total funds 2021 £ 30,445 44 277
		30,766

5. Investment management costs

Unrestricted funds 2022 £ Investment management fees 6,719 Total 2021 7,851	Total funds 2022 £ 6,719 7,851	Total funds 2021 £ 7,851

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

6. Analysis of expenditure by activities

Grant funding of activities 2022 £ Charitable activities 166,533 Grant funding of activities 2021 £ Charitable activities 399,111 Analysis of support costs Governance costs Postage & transportation 7. Governance costs Independent examiner's costs - current year remuneration Independent examiner's costs - over /under-accrual of prior year fee Other professional fees	Support costs 2022 £ 12,759 Support costs 2021 £ 15,173 Total funds 2022 £ 12,759 - 12,759 2022 £ 5,100 (12) 7,671 12,759	Total funds 2022 £ 179,292
		Total funds 2021 £ 414,284
		Total funds 2021 £ 12,493 2,680
		15,173
		2021 £ 5,820 200 6,473
		12,493

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

8. Analysis of grants by type

Grants made to individuals Grants made to institutions	2022 £ 18,269 148,264 166,533	2021 £ 15,000 384,111
		399,111

Grants made to institutions

Tools For Solidarity 3DCENTRE Tides Centres re Palestine Legal International Documentary Association Reprieve Ajyal Foundation For Education Unicorn School Sunningdale Caddies Benevolent Fund Victor Jara Foundation Ecuador Amazon Restoration Project Independent Media Institute	2022 £ 10,000 75,200 - - - - 7,064 - - - 56,000 148,264	2021 £ 10,000 - 76,505 34,167 71,074 48,293 4,282 5,000 38,253 41,102 55,435
		384,111

9. Staff costs, Trustees' remuneration and expenses

The Charity has no employees and the Trustees are considered to be the Key Management Personnel.

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL) .

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

10. Fixed asset investments

Cost or valuation At 6 April 2021 Additions Disposals at carrying value Revaluations At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021	Listed investments £ 1,155,030 495,241 (674,564 (4,956
	970,751
	970,751
	1,155,030

The Historical cost of the fixed asset investments as at 5 April 2022 was £1,009,944 (2021: £1,151,757).

For the year to 5 April 2022, total realised gains on investments came to £21,647. Unrealised losses for the year ended 5 April 2022 were £4,956.

All investments are held to provide a secure return that can be used to further the Charity's activities.

11. Stocks

Stock 12. Debtors Due within one year Other debtors	2022 £ 124,510 2022 £ 30,827 30,827	2021 £ -
		2021 £ 14,636
		14,636

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

13. Creditors: Amounts falling due within one year

Trade creditors Other creditors Accruals	2022 £ 5,100 101,945 6,028 113,073	2021 £ 5,767 - 8,846
		14,613

14. Statement of funds

Statement of funds - current year

	Balance at 6			Gains/	Balance at 5
	April 2021	Income	Expenditure	(Losses)	April 2022
	£	£	£	£	£
Unrestricted funds
General Funds	1,184,794	72,732	(186,011)	16,691	1,088,206
Statement of funds - prior year
	Balance at			Gains/	Balance at
	1 April 2020	Income	Expenditure	(Losses)	5 April 2021
	£	£	£	£	£
Unrestricted funds
General Funds	1,302,225	65,801	(422,135)	238,903	1,184,794

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G R WATERS CHARITABLE TRUST 2000

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2022 £ Fixed asset investments 970,751 Current assets 230,528 Creditors due within one year (113,073) Total 1,088,206	Total funds 2022 £ 970,751 230,528 (113,073) 1,088,206

Analysis of net assets between funds - prior year

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2021 £ 1,155,030 44,377 (14,613) 1,184,794	Total funds 2021 £ 1,155,030 44,377 (14,613) 1,184,794

16. Related party transactions

G R Waters is a related party by virtue of being the settlor of the Charitable Trust. He has assigned a proportion of his royalties to the Charity and during the year these amounted to £51,962 (2021: £35,035). During the year he made grants on behalf of the Charity of £18,269 (2021: £194,153) for which he was reimbursed by the Charity. At the year-end, £2,508 was owed to the Charity by G R Waters (2021: £2,508).

During the year, Russells Solicitors were paid £3,621 (2021: £2,880) in respect of professional services provided to the Charitable Trust. C D Organ is a Trustee of the Charitable Trust and a senior consultant of Russells Solicitors.

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