**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 2022 ## 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 2022 |||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 2022 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 2022. 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. During the year the charity purchased an additional property for a cost of £253,688. ## **Public benefit** The charity works within the guidelines specified by the Charity Commission and the trustees take these guidelines into account in all decisions made in relation to the charity's activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Of the properties, which all offer affordable housing, a 100% occupancy was achieved in relation to the properties owned at the beginning of the year. ## **FINANCIAL REVIEW** ## **Financial position** By the end of the year the charity had cash reserves in excess of £115,000. These have reduced because of the purchase of the additional property. 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 2022 ## **Registered office** Unit 3 Kings Market 74 Fore Street Kingsbridge Devon TQ7 1PR ## **Trustees** J Bunnell (resigned 14.9.22) J D O Davis Ms A M Knowles (resigned 14.9.22) Ms S Linton Chair Ms J D Miller Ms E Taylor C J Waterhouse T A Sawday (appointed 14.9.22) ## **Company Secretaries** S H Jilks Ms J D Miller ## **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 14 September 2022 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 2022. ## **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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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 27 January 2023 Page 3 THE WATERHOUSE TRUST ## STATEMENT OF FINANCIAL ACTIVITIES ## (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 March 2022 |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
Property expenditure
Other
**Total**
**NET INCOME**
**Transfers between funds**
9
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**57,920**
**439**
**58,359**
**28,489**
**-**
**28,489**
**29,870**
**(253,688)**
**(223,818)**
**338,431**
**114,613**|Endowment
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**253,688**
**253,688**
**1,630,000**
**1,883,688**|**2022**
**Total**
**funds**
**£**
**57,920**
**439**
**58,359**
**28,489**
**-**
**28,489**
**29,870**
**-**
**29,870**
**1,968,431**
**1,998,301**|2021
Total
funds
£
57,919| |---|---|---|---|---| |||||1,442| |||||59,361| |||||| |||||12,232| |||||14,915| |||||27,147| |||||32,214| |||||-| |||||32,214| |||||1,936,217| |||||| |||||1,968,431| The notes form part of these financial statements Page 4 THE WATERHOUSE TRUST ## BALANCE SHEET 31 March 2022 |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
£
**-**
**2,866**
**115,369**
**118,235**
**(3,622)**
**114,613**
**114,613**
**114,613**|Endowment
fund
£
**1,883,688**
**-**
**-**
**-**
**-**
**-**
**1,883,688**
**1,883,688**|**2022**
**Total**
**funds**
**£**
**1,883,688**
**2,866**
**115,369**
**118,235**
**(3,622)**
**114,613**
**1,998,301**
**1,998,301**
**114,613**
**1,883,688**
**1,998,301**|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| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 2022 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 14 September 2022 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 2022 ## **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** |**INVESTMENT INCOME**||| |---|---|---| ||**2022**|2021| ||**£**|£| |Deposit account interest|**439**|1,442| |||| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021. continued... Page 7 THE WATERHOUSE TRUST ## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022 |**4.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**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 2021
Additions
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021|**ACTIVITIES**
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||Total
funds
£
57,919
1,442| |---|---|---|---|---| |||||59,361| |||||12,232
14,915| |||||27,147| |||||32,214
1,936,217| |||||1,968,431| |||||Freehold
property
£
**1,630,000**
**253,688**
**1,883,688**
**1,883,688**| |||||| |||||| |||||| |||||1,630,000| |||||| continued... Page 8 THE WATERHOUSE TRUST ## NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022 ## **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
£
£
74,046
41,323
74,046
41,323|**2022**
**£**
**705**
**2,161**
**2,866**
**2022**
Total
funds
**£**
**115,369**
**115,369**||2021
£| |---|---|---|---|---| |||||694| |||||1,675| |||||2,369| |||||| |||||2021| ||||Total
funds
£
338,042
338,042|| ## **7. CASH AT BANK** ## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade creditors
Accruals and deferred income
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Replacement and Refurbishment Fund
**Endowment funds**
Freehold Property
**TOTAL FUNDS**|At 1.4.21
£
**306,108**
**32,323**
**338,431**
**1,630,000**
**1,968,431**|Net
movement
in funds
£
**29,870**
**-**
**29,870**
**-**
**29,870**|**2022**
**£**
**3,622**
**-**
**3,622**
Transfers
between
funds
£
**(262,688)**
**9,000**
**(253,688)**
**253,688**
**-**||2021
£| |---|---|---|---|---|---| ||||||1,260| ||||||720
1,980| |||||At
31.3.22
£
**73,290**
**41,323**
**114,613**
**1,883,688**
**1,998,301**|| ## **9. MOVEMENT IN FUNDS** continued... Page 9 THE WATERHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022 ## **9. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Replacement and Refurbishment Fund
**Endowment funds**
Freehold Property
**TOTAL FUNDS**|At 1.4.20
£
282,894
23,323
306,217
1,630,000
1,936,217|Incoming
resources
£
**58,359**
**58,359**
Net
movement
in funds
£
32,214
-
32,214
-
32,214|Resources
expended
£
**(28,489)**
**(28,489)**
Transfers
between
funds
£
(9,000)
9,000
-
-
-|Movement
in funds
£
**29,870**
**29,870**
At
31.3.21
£
306,108
32,323
338,431
1,630,000
1,968,431| |---|---|---|---|---| Comparative 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| continued... Page 10 THE WATERHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2022 ## **10. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 March 2022. Page 11 THE WATERHOUSE TRUST ## DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2022 |DETAILED STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 March 2022||| |---|---|---| ||2022|2021| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Rents received|**57,920**|57,919| |**Investment income**||| |Deposit account interest|**439**|1,442| |**Total incoming resources**|**58,359**|59,361| |**EXPENDITURE**||| |**Charitable activities**||| |Light, heat and power|**929**|747| |Cleaning|**266**|1,999| |Insurance|**1,477**|1,453| |Repairs and maintenance|**17,800**|8,033| ||**20,472**|12,232| |**Support costs**||| |**Finance**||| |Bank charges|**78**|86| |Charitable donations|**690**|6,790| |Sundry expenses|**30**|30| ||**798**|6,906| |**Governance costs**||| |Accountancy fees|**1,613**|2,567| |Legal fees|**-**|720| |Management charges|**5,246**|4,062| |Other legal and professional costs|**360**|660| ||**7,219**|8,009| |Total resources expended|**28,489**|27,147| |**Net income**|**29,870**|32,214| |||| This page does not form part of the statutory financial statements Page 12