Reglstered number: 05676019 Charity number: 1113699 WATCH HILL FOUNDATION (A Company Limited by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
WATCH HILL FOUNDATION (A Company Limited by Guarantee) CONTENTS Page Reference and Adminlstrative Details of the Company, Its Trustees and Advisers Trustees. Report Independent Examlnor's Report Statement of Financlal Actlvltles Balance She8t Notes to the Financlal Statements 8-14
WATCH HILL FOUNDATION (A Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 Trustees C I Von Christierson, Chair N C Von Christierson Company registered number 05676019 Charity reglstered number 1113699 Registered offlce HaMood House 43 Ha00d Road London SW6 4QP Accountant8 Warrener Stewart Harwood House 43 HaNood Road London SW6 4QP Sollcitors Charles Mia. solicitors 39 St James Place London SW1A 1NS Page 1
WATCH HILL FOUNDATION (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Trustees present their annual report together with the financial statements of the Watch Hill Foundation for the year 1 February 2024 to 31 January 2025. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since Ihe Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and activStles Policl8s and obJectlve8 The policies and objectives of the charity are: To raise funds for charitable causes. predominantly associated with Africa, in the fields of education, the arts, environmental preservation, the protection of endangered flora and fauna, criminal rehabilitation and the promotion of self-help and socio-economic advancement among historically disadvantaged communities., and The collection, preservation and international exhibition of Afro-cuban art. In setting objectives and planning for activities, the Trustees have gNen due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity (PB2)'. b. Activitles undertaken to achieve objectlves The charity awards grants in line with its aims and objectives as laid out in its governing constitution. c. Maln activltles undertaken to further the Company's purposes for th8 publlc benefit The Company has continued to source relevant pieces of a[York and has also managed to make specific donalions to affected communities during the Covid-19 pandemic. Achlevements and performance a. Main achievements of the Company The company continued to raise donations and made a number of successful charitable grants and awards in line with its aims and objectives. Page 2
WATCH HILL FOUNDATION {A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025 Financlal review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that Ihe Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopl the going concern basis in preparing the financial Statements. Furlher details regarding the adoption of the going concern basis can be found in the accounts-ng policie5. b. Reserves pollcy The Company maintains sufficient reseeS to meet its fonvard operational costs and to enable it to react swiftly to opportunities lo further its charitable aims. structure, governance and management Constitution Watch Hill Foundation is registered as a charitable company limited by guarantee and was set up by a Trust deed. b. Methods of appolntment or election of Trustee8 The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Page 3
WATCH HILL FOUNDATION (A Company Llmlted by Guarantee) TRU8TEES' REPORT {CONTINUED> FOR THE YEAR ENDED 31 JANUARY 2025 Slaiement of Trusts•8' re8pon8lbllltlo9 The Tru81008 {who are 8190 the dSrectorJ of the Company for tho Pu08•8 of company law) afg re•pon8lble for preparlng the Trustees, Report and the financlal statsm6nl$ In ac¢ord8n¢8 th applicable law end United Klngdom Accountlng Standards (United Klngdom Generalty Acceptod Accountlng Practlce). Company law r8qulre8 the Trustee8 to prepare financial 8tatement8 for each finanpAal , Under company law, the TIu8tee8 must not 8pprov6 the flnancial Statements unless they aTe satisfied that they glva a true and falr vlew ol the 8tate of affalrs of the Company and of Its Incoming re8ource8 and applicatlon of resources, includlng Its Incom8 and expenditur8, for that Perfod. In preparlng those ffinancial statements, Ihe Trustees are requlred to: 88l*ct 8ult8bla accountSng policles 8nd then spY them conslstèntty.. ob8erv8 th8 m8lhod8 and principl88 oflhe Charllie8 SORP (FRS 102}; make ludgmonls and accounllng 98timates that are reasonable and prudent., state whether eppllcable UK Accountlng Standards {FRS 102) ha been follow, 8ubjact to any malerlal deparlure8 dlsclo8ed and explalned In the financlal 8lalement8: prepare the fin8nclal 8tat8men18 on the golng concem ba81s unles$ bt18 Inapproprl8t6 to pre8ume thal the Company will contlnue In bu8lno83. The Tru8tees are re6pon8lble for keeplng adequate aec¢unling records that aro 8uftJ¢lant to show and explaln tha Compan518 Iran8aCtion8 and d110$6 wllh reasonable accuracy at any time the financlal PDglllon of the Company and enabla them to ensure that the finandal 8tatements comply wlth the Companle$ Act 2008. Th•y are also responslble for 8afeguarding th8 aiseli of th• Company and hence for taking rèasonable Steps for the pravenllon and det•Gtlon of fraud and other Iwularttios. App ed by order of tho mambers of tho board of Tru8iee8 and 81gned on thglr behalf by. C I Von Chrl8llerdon Date,, 25 October 2025 Page 4
WATCH HILL FOUNDATION (A Company Limited by Guarantee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Independent Examinerfs Report to the Trustees of Watch Hlll Foundation ('the Company.) I reporl to the charity Trustees on my examination of the accounts of the Company for the year ended 31 January 2025. Responslblllties and Basis of Report As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act'}. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement 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.. accounting records were not kept in respect of the Cornpany as required by section 386 of the 2006 Act,. or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. 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 Ihe accounts to be reached. This report is made solely to the Companys Trustees. as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the ullesl tent permitted by law, I do not accept or assume responsibility to anyone other than the Company and Co pany's Trustees as a body, for my work or for this report. Colin Edney Warrener Stewart Harwood House 43 Harwood Road London, SW6 4QP 25 October 2025 Page 5
WATCH HILL FOUNDATION (A Company Limlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 202S Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Not8 Income: Donations and legacies 50,000 50,000 194,351 Total income 50.000 50,000 194,351 Expenditure on: Charitable activites 13,258 13,258 15,793 Total expendlture 13,258 13,258 15,793 Net movement In funds 36,742 36,742 178,558 Reconclllation of funds: Tolal funds brought forward Net movement in funds 910,469 36,742 910,469 36,742 731,911 178,558 Total funds carried forward 947,211 947,211 970,469 Page 6
WATCH HILL FOUNDATION (A Company Llmltod by Guarante•) REGISTERED NUMBER: 05676019 BALANCE SHEET AS AT 31 JANUARY 2026 2025 2024 Flxed a880ts Heritage a88ets 939,605 900.588 939,605 900,588 Current a•80t8 Ca8h at bfjnk and In hand 9A66 11.511 11.611 credOr8. amount8 lalling duè wlthln one 11.760) (1,630) Net currnnt a88et8 7,706 9,881 Total n•t a8s•t8 947,211 910.469 Charlty funds R86trlcted fund Unrestricted funds 11 11 947311 910,489 Total fund8 947,211 910,469 The CMIp8ny was enthled to exemption from audit under ¢tIon 477 of the Companle8 Aci 2006. The members have not required company to obtain an gudlt for the year in questlon In accordance wllh Sectlon 476 01 Companles Act 2006. Th8 Trustees acknowledge thelr responslbllities for ¢omplylng wtth Ihe requirements of the Aci with respect to a¢countlng records and preparatlon of financial statements. The fln8ncial 8latement8 have been prepored In accordance with lh8 provl$lons applkable to entltlg8 oubjeci to the small cvmpanies regime. The Ilnanclal statements were wroved and authoriaed for188ua by the Tru8tee8 and signed on thelr behalf by: C I Von Chrl8tlor•on Data". 25 October 2025 Thè re9 on pages 8 to 14 fom) part ofthese fjnenchal statement& Pag8 7
WATCH HILL FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 General Informatlon The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In Ihe event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. Accounting policies 2.1 Basis of preparation of flnanclal 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 charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Watch Hill Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.3 Expenditure Expencliture 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 activily 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 beeen those aclivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which fijrther the Company'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. Page 8
WATCH HILL FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Accounting policies (continued) 2.4 Herltage assets The foundation holds assets that fall under the definition of "Heritage Assets" These assets comprise a Works of Art Collection. These assets are reported at Cost where the asset is purchased or at current value where the asset is donated, Such assets are not depreciated but are reviewed for impairment in the event of physical deterioration. Any impairment in the value of the asset is treated as charitable expenditure in the year in which it arises. Expenditure which is required to preserve or prevenl further deterioration of the collection is recognised in the SOFA when il is incurred. 2.5 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid inve5lments wilh a short maturity of three monlhs or less from the date of acquisition or opening of the deposit or similar account. 2.6 Llabilltl8s and provlsions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a pasl event. it is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipales li will pay to settle the debt or the amount it has received as advanced payments for Ihe goods or services it must provide. 2.7 Financlal Instruments The Company 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 melhod. 2.8 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 Company and which have not been designated for other purposes. Page 9
WATCH HILL FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations 50,000 50,000 Unrestricted funds 2024 Total funds 2024 Donations 194,351 194,351 Analysis of grants Grants to Institutions 2025 Total funds 2025 Grants made 3,829 3,829 Grants to Instifutions 2024 Total funds 2024 Grants made 5,548 5,548 Page 10
WATCH HILL FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Analysis of expenditure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Support costs Grants made 9,429 9,429 3,829 3,829 3,829 9,429 13,258 Granl funding ol activities 2024 Support costs 2024 Total funds 2024 Support costs Grants made 10,245 10.245 5,548 5, 548 5,548 10,245 15,793 Independent examlnels remuneration 2025 2024 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 1,750 1,630 Trustees. remuneration and expenses During the year, no Trustees received any remunerats'on or other benefits (2024 - £NIL). During the year ended 31 January 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 11
WATCH HILL FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Heritage assets Assets recognised at cost Works of art 2025 Carrying value at 1 February 2024 Additions 900,588 38,917 939,505 Credltors; amounts falling due wlthin one year 2025 2024 Accruals and deferred income 1,750 1,630 10. Finanelal Instruments 2025 2024 Financlal assets Financial assets measured at fair value through income and expenditure 9,456 11,511 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents. Page 12
WATCH HILL FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11. Statement of funds Statement of funds - current year Balanca at I February 2024 Balance at 31 January 2025 Income Expenditure Unrestrlcted funds General Funds - all funds Grants made Support costs 910,469 50,000 960,469 (9,309) (3,949) (9,309) 13,949 910,469 50,000 (13,258) 947,211 statemènt of funds - prior year Balance al l February 2023 8alanc8 al 31 Janu8ry 2024 Income Expenditu Unrestricted funds General Funds - all funds Grants made Support costs 731.911 194,351 926,262 (10.245) (5,548) (10,245) (5,548) 731,911 194,351 (15, 793) 910,469 Page 13
WATCH HILL FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 12. Summary of funds Summary of funds - current year Balance at 1 February 2024 Balance at 31 January 2025 Income Expenditure General funds 910,469 50,000 (13,258 947,211 Summary of fund8 - prior year Balance al l February 2023 5818nce al 31 January 2024 Incoma Expenditure General funds 731,91t 194,351 {15, 793) 910,469 13. Analys18 of net assets between funds Analysls of net assets between funds - current period Unrestrlcted funds 2025 Total funds 2025 Heritsge assets Current assets Creditors due within one year 939,505 9,456 (1,750) 939,505 9,456 11,750 Total 947,211 947,211 Page 14