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|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|
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||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|
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19 September 2025
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|||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
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|||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||
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||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|
##
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##
||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|
##
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||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||
##
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|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|
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||(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||
##
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||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|
##
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||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|
##
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|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|
##
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||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|
##
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|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||
##
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||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|
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||||2024|2023|
|---|---|---|---|---|
|Within|one|year|40,635|40,635|
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|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)|
##
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|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)|
##
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|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|