REGISTERED COMPANY NUMBER: 06324235 (England and Wales) REGISTERED CHARITY NUMBER: 1123957
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
THE WATERHOUSE TRUST
Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
THE WATERHOUSE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
THE WATERHOUSE TRUST
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The main aim is the provision of housing primarily but not exclusively in the village of East Portlemouth for those who are in conditions of need and the improvement of housing in the public sector or in charitable ownership on the condition that such power does not extend to relieving any local authorities or other bodies of their statutory duty to provide or improve housing.
Significant activities
Rental of existing houses and development of new houses for rental and the provision of assistance to local people to advance education and employment.
Public benefit
The charity works within the guidelines specified by the Charity Commission
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Of the properties, which all offer affordable housing, a 100% occupancy was achieved. Looking to future years, the trustees intend to purchase further property to be able to provide more affordable housing in the community.
The trustees have agreed to purchase a property for £250,000 which will be completed in the next financial year.
FINANCIAL REVIEW
Financial position
By the end of the year the charity had cash reserves in excess of £338,000. The trustees consider that this, together with the projected free cash flow, are sufficient for the next 12 months.
Principal funding sources
The original properties were donated. Ongoing funding is in the form of rental receipts and this has been used to pay interest charges on loans, subsequently clearing bank lending as well as providing for repairs and generate funding to enable tenants to make improvements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is controlled by its governing document, memorandum and articles of association dated 25th July 2007, as amended on 24th June 2008.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06324235 (England and Wales)
Registered Charity number
1123957
Page 1
THE WATERHOUSE TRUST
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2021
Registered office
Unit 3 Kings Market 74 Fore Street Kingsbridge Devon TQ7 1PR
Trustees
J Bunnell J D O Davis Ms A M Knowles (appointed 1.2.21) Ms S Linton Ms J D Miller Ms E Taylor (appointed 8.3.21) C J Waterhouse D S Jagger (resigned 19.1.21)
Company Secretary
S H Jilks
Independent Examiner
Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
Approved by order of the board of trustees on 6 August 2021 and signed on its behalf by:
Ms S Linton - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WATERHOUSE TRUST
Independent examiner's report to the trustees of The Waterhouse Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). 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 Company 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 fair 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 (applicable 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 the accounts to be reached.
Ian Barrett FCA FCIE Barretts Chartered Accountants & Chartered Tax Advisers 22 Union Street Newton Abbot Devon TQ12 2JS
13 January 2022
Page 3
THE WATERHOUSE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 March 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Charitable activities Property expenditure Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 57,919 1,442 59,361 12,232 14,915 27,147 32,214 306,217 338,431 |
Endowment fund £ - - - - - - - 1,630,000 1,630,000 |
2021 Total funds £ 57,919 1,442 59,361 12,232 14,915 27,147 32,214 1,936,217 1,968,431 |
2020 Total funds £ 57,918 |
|---|---|---|---|---|
| 2,900 | ||||
| 60,818 | ||||
| 7,423 | ||||
| 8,990 | ||||
| 16,413 | ||||
| 44,405 | ||||
| 1,891,812 | ||||
| 1,936,217 | ||||
The notes form part of these financial statements
Page 4
THE WATERHOUSE TRUST
BALANCE SHEET
31 March 2021
| Notes FIXED ASSETS Tangible assets 5 CURRENT ASSETS Debtors 6 Cash at bank 7 CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ - 2,369 338,042 340,411 (1,980) 338,431 338,431 338,431 |
Endowment fund £ 1,630,000 - - - - - 1,630,000 1,630,000 |
2021 Total funds £ 1,630,000 2,369 338,042 340,411 (1,980) 338,431 1,968,431 1,968,431 338,431 1,630,000 1,968,431 |
2020 Total funds £ 1,630,000 3,862 304,604 |
|---|---|---|---|---|
| 308,466 | ||||
| (2,249) 306,217 1,936,217 |
||||
| 1,936,217 | ||||
| 306,217 1,630,000 1,936,217 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
THE WATERHOUSE TRUST
BALANCE SHEET - continued
31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 6 August 2021 and were signed on its behalf by:
S Linton - Trustee
The notes form part of these financial statements
Page 6
THE WATERHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
The freehold property value is reviewed annually and no depreciation is provided in relation to the property.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Deposit account interest | 1,442 | 2,900 |
continued...
Page 7
THE WATERHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Charitable activities Property expenditure Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 5. TANGIBLE FIXED ASSETS COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Unrestricted funds £ 57,918 2,900 60,818 7,423 8,990 16,413 44,405 261,812 306,217 |
Endowment fund £ - - - - - - - 1,630,000 1,630,000 |
Total funds £ 57,918 |
|
|---|---|---|---|---|
| 2,900 | ||||
| 60,818 | ||||
| 7,423 | ||||
| 8,990 | ||||
| 16,413 | ||||
| 44,405 | ||||
| 1,891,812 | ||||
| 1,936,217 | ||||
| Freehold property £ 1,630,000 1,630,000 |
||||
| 1,630,000 | ||||
continued...
Page 8
THE WATERHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Prepayments and accrued income CASH AT BANK Bank account no. 1 Total |
Replacement and General Refurbishment fund Fund £ £ 305,719 32,323 305,719 32,323 |
2021 £ 694 1,675 2,369 2021 Total funds £ 338,042 338,042 |
2020 £ |
|
|---|---|---|---|---|
| 2,409 | ||||
| 1,453 | ||||
| 3,862 | ||||
| 2020 | ||||
| Total funds £ 304,604 304,604 |
7. CASH AT BANK
| 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income 9. MOVEMENT IN FUNDS Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 282,894 32,214 Replacement and Refurbishment Fund 23,323 - 306,217 32,214 Endowment funds Freehold Property 1,630,000 - TOTAL FUNDS 1,936,217 32,214 |
2021 £ 1,260 720 1,980 Transfers between funds £ (9,000) 9,000 - - - |
||
|---|---|---|---|
| 2020 £ |
|||
| 2,249 | |||
| - 2,249 |
|||
| At 31.3.21 £ 306,108 32,323 338,431 1,630,000 1,968,431 |
continued...
Page 9
THE WATERHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2021
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 59,361 | (27,147) | 32,214 |
| TOTAL FUNDS | 59,361 | (27,147) | 32,214 |
Comparatives for movement in funds
| Unrestricted funds General fund Replacement and Refurbishment Fund Endowment funds Freehold Property TOTAL FUNDS |
At 1.4.19 £ 247,489 14,323 261,812 1,630,000 1,891,812 |
Net movement in funds £ 44,405 - 44,405 - 44,405 |
Transfers between funds £ (9,000) 9,000 - - - |
At 31.3.20 £ 282,894 23,323 |
|---|---|---|---|---|
| 306,217 1,630,000 |
||||
| 1,936,217 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 60,818 | (16,413) | 44,405 |
| TOTAL FUNDS | 60,818 | (16,413) | 44,405 |
continued...
Page 10
THE WATERHOUSE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2021
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 11
THE WATERHOUSE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2021
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2021 |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Rents received | 57,919 | 57,918 |
| Investment income | ||
| Deposit account interest | 1,442 | 2,900 |
| Total incoming resources | 59,361 | 60,818 |
| EXPENDITURE | ||
| Charitable activities | ||
| Light, heat and power | 747 | 752 |
| Cleaning | 1,999 | 589 |
| Insurance | 1,453 | 1,011 |
| Repairs and maintenance | 8,033 | 5,071 |
| 12,232 | 7,423 | |
| Support costs | ||
| Finance | ||
| Bank charges | 86 | 146 |
| Charitable donations | 6,790 | 1,460 |
| Sundry expenses | 30 | 60 |
| 6,906 | 1,666 | |
| Governance costs | ||
| Accountancy fees | 2,567 | 3,033 |
| Legal fees | 720 | 200 |
| Management charges | 4,062 | 2,966 |
| Other legal and professional costs | 660 | - |
| Consultancy fees | - | 1,125 |
| 8,009 | 7,324 | |
| Total resources expended | 27,147 | 16,413 |
| Net income | 32,214 | 44,405 |
This page does not form part of the statutory financial statements
Page 12