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2024-12-31-accounts
| Trustees |
Mr J K Stone (Chairman) |
|
Mr C H Edwards |
|
Mr D J Steinegger |
|
Mrs Y M Stone |
| Charity number |
1164682 |
| Company number |
09802468 |
| Principaladdress |
201 Borough High Street |
|
London |
|
United Kingdom |
|
SEI IJA |
| Registered office |
130 Wood Street |
|
London |
|
United Kingdom |
|
EC2V6DL |
| Auditor |
BuzzacottAudit LLP |
|
130 Wood Street |
|
London |
|
United Kingdom |
|
EC2V6DL |
| Bankers |
Coutts & Co. |
|
440 Strand |
|
London |
|
United Kingdom |
|
WC2ROQS |
| Solicitors |
Womble Bond Dickinson |
|
4 More London Riverside |
|
London |
|
United Kingdom |
|
SEI 2AU |
|
Page |
| Trustees' report |
1-6 |
| Statement of trustees' responsibilities |
7 |
| Independent auditor's report |
8-11 |
| Consolidated statement of financial activities |
12 |
| Charityand consolidated balance sheets |
13 |
| Consolidated statement of cash flows |
14 |
| Notes to the financial statements |
15-31 |
19 September 2025
|
|
Unrestricted |
Unrestricted |
Unrestricted |
|
|
|
funds |
funds |
|
|
|
2024 |
2023 |
|
Notes |
|
|
|
| Income and endowments from: |
|
|
|
|
| Donations |
2 |
11 |
|
3,250,220 |
| Investments |
3 |
1,590,497 |
|
1,566,312 |
| Other income |
|
|
2,360 |
|
| Total income |
|
13,489,192 |
|
4,816,532 |
| Expenditure on: |
|
|
|
|
| Charitableactivities |
4 |
8,218,879 |
|
|
| Investment managers'fees |
|
|
461 ,315 |
268,120 |
| Totalexpenditure |
|
8,680,194 |
|
9,283,354 |
| Net(losses)/gains on investments |
10 |
(4, |
195,290) |
764,960 |
| Net income/(expenditure) |
|
|
613,708 |
(3,701,862) |
| Otherrecognised gains and losses: |
|
|
|
|
| Foreign exchange gains/(losses) on monetary assets |
|
|
359,527 |
(533,247) |
| Net movement in funds |
|
|
973,235 |
(4,235,109) |
| Reconciliationoffunds: |
|
|
|
|
| Fund balances at 1 January 2024 |
|
47,916,806 |
|
52,151,915 |
| Fund balances at 31 December 2024 |
|
48,890,041 |
|
47,916,806 |
16 September 2025
- Trustee
|
|
2024 |
|
2023 |
|
Notes |
|
|
|
| Cash flowsfrom operating activities |
|
|
|
|
| Cash used in operations |
20 |
|
|
(5,486,308) |
| Investing activities |
|
|
|
|
| Purchase of subsidiary shares |
|
|
|
|
| Purchase of other fixed asset investments |
|
(10,370,274) |
|
(8,853,238) |
| Purchase of social investments |
|
(2,438,664) |
|
|
| Proceedsfrom disposal of investments |
|
19,902,013 |
|
9,749,942 |
| Investmentincome received |
|
|
|
|
Net cash generatedfrom investing
activities |
|
|
8,683,573 |
|
| Financing activities |
|
|
|
|
| Proceedsfrom borrowings |
|
|
|
|
| Bridges loan interest expense |
|
(70,705) |
|
|
| Net cash generated from/(used in) |
|
|
|
|
| financing activities |
|
|
1,524,191 |
|
| Net increase/(decrease) in cash and cash |
|
|
|
|
| equivalents |
|
|
5,523,417 |
(4,427,654) |
| Cash and cash equivalents at 1 January |
|
|
|
6,198,097 |
| Cash and cash equivalents at end ofyear |
|
|
7,293,860 |
|
| Relating to: |
|
|
|
|
| Cash at bank and in hand |
|
|
3,845,663 |
|
| Short term deposits included in investments |
|
|
3,448,197 |
273,184 |
|
|
|
7,293,860 |
|
|
Unrestricted |
Unrestricted |
|
funds |
funds |
|
2024 |
2023 |
| Donations and gifts (note 18) |
11 |
|
| Income from investments |
|
|
|
Unrestricted |
Unrestricted |
|
funds |
funds |
|
2024 |
2023 |
| Listed and unlisted investments |
|
947,102 |
| Programme related investments |
304,942 |
619,210 |
|
|
1,566,312 |
|
Administrative |
Governance |
Total |
Total |
|
costs |
costs |
|
|
|
2024 |
2024 |
2024 |
2023 |
| Directcosts |
|
|
|
|
| Staff wages |
367,327 |
|
367,327 |
289,090 |
| Staff social security |
34,027 |
|
34,027 |
28,225 |
| Staff pension costs |
16,346 |
|
16,346 |
13,479 |
| Staff development |
7,683 |
|
7,683 |
8,570 |
| Staff medical insurance |
3,076 |
|
3,076 |
2,687 |
Consultancy
- additional supportfor grants |
562,345 |
|
562,345 |
|
| Other expenses |
105,784 |
|
105,784 |
|
| Travel expenses |
83,646 |
|
83,646 |
64,863 |
| Bridge loan interest |
73,991 |
|
73,991 |
|
| Rent and officecosts |
66,523 |
|
66,523 |
63,898 |
| Cambodia withholding tax |
61 ,002 |
|
61 ,002 |
|
| IT costs |
23,023 |
|
23,023 |
36,966 |
| Bank charges |
2,590 |
|
2,590 |
1 ,339 |
| Net exchange (gains)/losses on currency |
|
|
|
2,904 |
| Accountancy costs |
|
41 ,696 |
41,696 |
45,363 |
| Auditors' remuneration |
|
36,084 |
36,084 |
23,646 |
| Legal expenses |
|
32,416 |
32,416 |
8,711 |
| Recruitment |
|
24,000 |
24,000 |
|
| HR payroll and tax costs |
|
21,605 |
21 ,605 |
19,356 |
| Trustees' expenses |
|
18,007 |
18,007 |
29,130 |
|
|
173,808 |
|
1,703,777 |
| Grant funding of activities (see note 5) |
5,609,508 |
|
5,609,508 |
7,258,987 |
| Impairment of social investments |
972,502 |
|
972,502 |
|
| Grant administration |
55,698 |
|
55,698 |
52,470 |
|
8,045,071 |
173,808 |
8,218,879 |
9,015,234 |
|
2024 |
2023 |
| 1001Fontaines |
260,950 |
560,319 |
| 3BL |
110,888 |
|
| Beat |
165,000 |
165,000 |
| Bipolar I-JK |
25,000 |
55,000 |
| Birmingham Mind |
|
105,000 |
| CBSA |
10,000 |
|
| Cellar Trust |
|
35,000 |
| Clean Team |
126,500 |
126,500 |
| Dandelion Time |
75,000 |
|
| EDA |
36,000 |
|
| Elphrods Digitsation |
23,347 |
19,894 |
| Empire Fighting Chance |
110,000 |
100,000 |
| FactorE |
|
575,242 |
| Get Further |
150,000 |
|
| Gret |
11,010 |
|
| Hillside Clubhouse |
147,400 |
134,000 |
| IDE |
40,375 |
|
| Impetus PEF |
225,000 |
225,000 |
| KWSH |
26,700 |
17,729 |
| Leap Confronting Conflict |
100,000 |
150,000 |
| LongfordTrust |
60,000 |
40,000 |
| Making The Leap |
100,000 |
100,000 |
| MHI |
250,000 |
250,000 |
| Mosaic Clubhouse |
81,248 |
147,723 |
| Oxfordshire Mind |
91 ,450 |
85,000 |
| Pause Pilot |
70,000 |
|
| pFNL |
49,999 |
50,000 |
| Redthread |
165,000 |
165,000 |
| Right to Succeed |
60,000 |
112,000 |
| Ruwasco |
116,624 |
31,567 |
| SafeWaterNetwork |
862,798 |
891,177 |
| Safi Sana |
427,351 |
436,003 |
| Samaritans |
|
45,000 |
| SandONE |
7,190 |
6,249 |
| Sonic Fresh |
61
,793 |
30,592 |
| Sport 4 Life |
95,000 |
95,000 |
| Stem4 |
25,000 |
|
| SWEDA |
100,000 |
|
| The Kids Network |
69,400 |
|
| The Listening Place |
|
80,000 |
| The Mix |
|
110,000 |
| ThinkForward |
|
50,000 |
| TutorTrust |
15,000 |
120,000 |
| Tutors United |
|
62,500 |
| Uptime Catalyst Facility |
485,000 |
245,000 |
| WaterMission Uganda |
135,576 |
|
| Water4 |
547,467 |
158,245 |
| World Bank Global Water Partnership |
3,112 |
|
| WSUP |
87,330 |
|
| 5 |
Grants payable |
(Continued) |
|
Development InvestmentBond |
109,578 |
|
|
7,258,987 |
|
Due within one year |
Due after one year |
Total |
| 1001 Fontaines |
274,523 |
274,523 |
549,046 |
| Aqua for All |
95,076 |
|
95,076 |
| Aquaya |
31 ,829 |
|
31 ,829 |
| Babyzone |
65,000 |
130,000 |
195,000 |
| Beat |
165,000 |
|
165,000 |
| CEWAS |
211,188 |
238,716 |
449,904 |
| CSJ |
25,000 |
|
25,000 |
| Dandelion Time |
150,000 |
75,000 |
225,000 |
| EDA |
36,000 |
|
36,000 |
| Empire Fighting Chance |
110,000 |
110,000 |
220,000 |
| Factor E |
994,650 |
|
994,650 |
| Get Further |
150,000 |
150,000 |
300,000 |
| GRET |
118,552 |
|
118,552 |
| Interaide |
101,121 |
|
101,121 |
| iSEACambodia |
23,602 |
|
23,602 |
| KWSH |
17,962 |
79,572 |
97,534 |
| Longford Trust |
50,000 |
|
50,000 |
| Mosaic Clubhouse |
81 ,248 |
|
81,248 |
| Pacific Institute |
39,786 |
|
39,786 |
| Pause |
70,000 |
|
70,000 |
| REDCAN |
35,000 |
|
35,000 |
| Redthread |
165,000 |
|
165,000 |
| Renew |
39,000 |
76,000 |
115,000 |
| Right to Suceed |
42,000 |
|
42,000 |
| Ruwasco |
157,666 |
|
157,666 |
| Safe WaterNetwork |
838,442 |
|
838,442 |
| Sports 4 Life |
95,000 |
|
95,000 |
| SWEDA |
100,000 |
1oo,ooo |
200,000 |
| The Cellar Trust |
126,500 |
|
126,500 |
| The Kids Network |
69,400 |
69,400 |
138,800 |
| The Listening Place |
88,000 |
176,000 |
264,000 |
| The One Up Project |
16,666 |
33,332 |
49,998 |
| The TutorTrust |
120,000 |
|
120,000 |
| Tutors United |
140,000 |
70,000 |
210,000 |
| Water For People |
101 ,852 |
|
101 ,852 |
| Water Mission |
136,068 |
|
136,068 |
| Water4 |
302,374 |
|
302,374 |
| World Bank |
795,720 |
|
795,720 |
| WSUP |
57,520 |
|
57,520 |
|
(Continued) |
| 6,236,745 |
7,819,288 |
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
2024 |
2023 |
2024 |
2023 |
|
Number |
Number |
Number |
Number |
|
7 |
5 |
7 |
5 |
| Employment costs |
GROUP |
GROUP |
CHARITY |
CHARITY |
|
2024 |
2023 |
2024 |
2023 |
| Wagesand salaries |
367,327 |
289,090 |
367 ,326 |
289,090 |
| Social security costs |
34,027 |
28,225 |
34,027 |
28,225 |
| Other pension costs |
16,346 |
13,479 |
16,346 |
13,479 |
|
417,700 |
330,794 |
417,699 |
330,794 |
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
2024 |
2023 |
2024 |
2023 |
|
Number |
Number |
Number |
Number |
| €60,001 to E70,OOO |
|
2 |
|
2 |
| 270,001 to E80,OOO |
1 |
|
1 |
|
| 280,001 to E90,OOO |
|
1 |
|
1 |
| €100,001 to EIIO,OOO |
1 |
|
1 |
|
|
Unrestricted |
Unrestricted |
|
funds |
funds |
|
2024 |
2023 |
| Unrealised (loss)/gain on revaluation of investments |
(5,726,667) |
214,357 |
| Realised gain on sale of investments |
1 ,531 ,377 |
550,603 |
|
(4,195,290) |
764,960 |
|
Listed and |
Cash in |
Total |
|
unlisted |
portfolio |
|
|
investments |
|
|
| Valuation |
|
|
|
| At 1 January 2024 |
33,117,333 |
273,184 |
33,390,517 |
| Additions |
18,212,559 |
|
18,212,559 |
| Valuation changes |
(5,726,667) |
|
(5,726,667) |
| Short term deposit cash changes |
|
3,175,013 |
3,175,013 |
| Disposals |
(17,885,928) |
|
(17,885,928) |
| Carrying amount |
|
|
|
| At 31 December 2024 |
27,717,297 |
3,448, 197 |
31,165,494 |
| At 31 December 2023 |
33,117,333 |
273,184 |
33,390,517 |
| 11 |
Fixed asset investments |
|
|
|
(Continued) |
|
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
|
2024 |
2023 |
2024 |
2023 |
|
Investments comprise: |
|
|
|
|
|
Listed on UK stock exchange |
529,839 |
4,176,882 |
529,839 |
4,176,882 |
|
Listed on overseas stock exchanges |
11 |
|
11 |
17,160,259 |
|
Corporate bonds |
6,665,242 |
4,749,201 |
6,665,242 |
4,749,201 |
|
Hedge funds |
768,068 |
|
768,068 |
|
|
Overseas unlisted investments |
4,939,238 |
|
4,939,238 |
|
|
Equity managed funds |
3,396,215 |
5,996,101 |
3,396,215 |
5,996,101 |
|
Unconstrained |
|
176,545 |
|
176,545 |
|
Commodities |
|
858,345 |
|
858,345 |
|
|
27,717,297 |
33,117,333 |
27,717,297 |
33,117,333 |
|
GROUP |
CHARITY |
|
2024 |
2024 |
| JJ&P (Belvin Franks) |
3,396,215 |
2,599,886 |
| BlackRockCoutts NorthAmerica |
2,831 ,486 |
2,831 ,486 |
| BR Coutts Actively Managed |
2,472,538 |
2,472,538 |
| BlackRock Coutts US and Canada |
2,530,287 |
2,530,287 |
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
2024 |
2023 |
2024 |
2023 |
| At 1 January 2024 |
14,210,552 |
13,681,993 |
14,210,552 |
13,681,993 |
| Additions |
2,438,664 |
|
1,001 ,988 |
|
| Impairments |
(972,502) |
|
(972,502) |
|
| Disposals |
(484,708) |
(875,795) |
(9,278,851) |
(875,795) |
| Foreign exchange differences |
282,695 |
|
150,981 |
|
| At31 December2024 |
15,474,701 |
14,210,550 |
5,112,168 |
14,210,550 |
|
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
|
2024 |
2023 |
2024 |
2023 |
| Loans |
|
3,383,235 |
2,236,379 |
3,383,235 |
2,236,379 |
| Equity |
|
|
|
1
,728,933 |
1,595,590 |
| Fixed |
deposits |
10,362,533 |
10,378,581 |
|
10,378,581 |
|
|
15,474,701 |
14,210,550 |
5,112,168 |
14,210,550 |
| 13 |
Debtors |
GROUP |
GROUP |
CHARITY |
CHARITY |
|
|
2024 |
2023 |
2024 |
2023 |
|
Amounts falling due within one year: |
|
|
|
|
|
Tradedebtors |
256,956 |
|
|
|
|
Amounts owed by subsidiary undertakings |
|
385 |
9,878,782 |
375 |
|
Otherdebtors |
12,225 |
13,268 |
12,225 |
13,270 |
|
Prepaymentsand accrued income |
40,251 |
9,837 |
8,777 |
9,837 |
|
|
309,432 |
23,490 |
9,899,784 |
23,482 |
| 14 |
Loans and overdrafts |
GROUP |
GROUP |
CHARITY |
CHARITY |
|
|
2024 |
2023 |
2024 |
2023 |
|
Other loans |
|
|
|
|
|
Payable after one year |
|
|
|
|
| Creditors: amounts falling due within one year |
|
|
|
|
|
GROUP |
GROUP |
CHARITY |
CHARITY |
|
2024 |
2023 |
2024 |
2023 |
| Other taxation and social security |
5,535 |
8,139 |
5,535 |
8,139 |
| Trade creditors |
164,689 |
20,584 |
15,354 |
20,586 |
| Other creditors |
84,288 |
|
84,288 |
|
| Accruals and deferred income |
55,842 |
87,999 |
52,242 |
87,999 |
|
310,354 |
|
157,419 |
|
|
At 1 January |
Income |
Expenditure |
Gains and |
At31 |
|
2024 |
|
|
losses |
December |
|
|
|
|
|
2024 |
| General funds |
47 |
13,489,193 |
(8,320,668) |
(4,195,290) |
48,890,041 |
| Previousyear: |
At 1 January |
Income |
Expenditure |
Gains and |
At 31 |
|
2023 |
|
|
losses |
December |
|
|
|
|
|
2023 |
| General funds |
52,151 ,915 |
4,816,532 |
(9,816,601) |
764,960 |
47,916,806 |
|
At 1 January |
Income |
Expenditure |
Gains and |
At 31 |
|
2024 |
|
|
losses |
December |
|
|
|
|
|
2024 |
| General funds |
47,916,806 |
13,168,482 |
(8,202,372) |
(4,195,290) |
48,687,626 |
| Previousyear: |
At 1 January |
Income |
Expenditure |
Gains and |
At31 |
|
2023 |
|
|
losses |
December |
|
|
|
|
|
2023 |
| General funds |
52,151,915 |
4,816,532 |
(9,816,601) |
764,960 |
47,916,806 |
|
|
|
2024 |
2023 |
| Within |
one |
year |
40,635 |
40,635 |
| Name |
of undertaking |
of undertaking |
Registered |
Nature of business |
Class of |
|
|
|
office |
|
sharesheld |
| WRFF |
Limited |
- 14983160 |
201 Borough |
Watercollection, treatment and supply Ordinary |
|
|
|
|
High Street, |
|
|
|
|
|
London, United |
|
|
|
|
|
Kingdom, SEI |
|
|
| Name |
ofundertaking |
ofundertaking |
Profit/(Loss) |
Capital and |
Aggregate Assets |
Aggregate Liabilities |
|
|
|
|
Reserves |
|
|
| WRFF |
Limited |
- 14983160 |
202,414 |
202,424 |
11 |
(11,626,613) |
| 20 |
Cash generated from operations |
|
|
|
Consolidated cash generated from operations |
2024 |
2023 |
|
Surplus/(deficit)for the year |
973,235 |
(4,235,109) |
|
Adjustments for: |
|
|
|
Investment income recognised in statement of financial activities |
|
|
|
Impairment of social investments |
972,502 |
|
|
Losses/(gains)on investments |
4,195,290 |
(764,960) |
|
Foreign exchange differences on investments |
(282,699) |
|
|
Gifts (non cash donations) |
(7,842,285) |
|
|
Bridges loan interest expense |
70,705 |
|
|
Movements in working capital: |
|
|
|
(Increase) in debtors |
(285,942) |
(11,501) |
|
(Decrease)/increase in creditors |
(894,655) |
1 ,091 ,574 |
|
Cash used in operating activities |
|
(5,486,308) |
| 21 |
Analysis ofchanges in net (debt)/funds |
|
|
|
|
Group analysis of changes in netfunds |
|
|
|
|
|
At I January |
Cash flows At 31 December |
|
|
|
2024 |
|
2024 |
|
Cash at bank and in hand |
1,497,259 |
2,348,405 |
3,845,664 |
|
Short term deposits |
273,184 |
3,175,013 |
3,448,197 |
|
Bank overdrafts |
|
|
|
|
|
|
5,523,418 |
7,293,861 |
|
Loans falling due after more thanone year |
|
|
|
|
|
|
3,928,522 |
5,698,965 |
|
Charity analysis of changes in net funds |
|
|
|
|
|
At I January |
Cash flows At 31 December |
|
|
|
2024 |
|
2024 |
|
Cash at bank and in hand |
|
1,170,330 |
2,667,589 |
|
Short term deposits |
273,184 |
3,215,013 |
3,488,197 |
|
Bankoverdrafts |
|
|
|
|
|
1,770,443 |
4,385,343 |
6,155,786 |
|
|
|
4,385,343 |
6,155,786 |