2025-03-31-accounts

Registered Charity No. 1173336 Registered Company No. 10654855 (England & Wales)

Fairy Water Trust Trustees’ report and financial statements Year ended 31 March 2025

Fairy Water Trust

Contents

	Page
Trustees’ and charity information	1
Trustees’ report	2
Independent auditor's report	5
Statement offinancial activities	9
Balance sheet	10
Notestothefinancialstatements	11

Fairy Water Trust

Trustees’ and charity information

Trustees	MarkTellwright
	Anna Cockell
	TigerTellwright Cockell
	Finbar Tellwright Cockell
	EricYoung
Registered address	71Queen Victoria Street
	London
	EC4V 4BE
Charity number	1173336
Company number	10654855
independentauditors	Saffery LLP
	71 Queen Victoria Street
	London
	EC4V4BE
Bankers	Handelsbanken plc
	125 Kensington High Street
	London
	W8 SSF
Investment managers	S&TWealth Management
	5 St James’s Place
	London
	SW1A1NP

1

Trustees’ report Year ended 31 March 2025

Fairy Water Trust

A A ee A ces ts seam JDC VT PU Nn hte

The trustees (known as directors under company law) present their annual report and financial statements for the charity for the year ended 31 March 2025.

Legal status and constitution

Fairy Water Trust is a company limited by guarantee. It was incorporated on 6 March 2017 and is governed by its Memorandum and Articles of Association, dated 6 March 2017 and subsequently amended on 26 March 2021.

Structure, governance and management

The trustees that served during the year are shown on page 1.

Trustees are recruited and appointed in accordance with the charity's governing document and with relevant legislation.

Objectives and activities

The charity’s objects are: 4, For the public benefit to advance such other exclusively charitable objects and purposes as the Directors may in their discretion think fit.

In planning the activities of the charity the trustees have given due regard to the Charity Commission’s guidance on public benefit.

Achievements and performance

Regular grant making continued during the year, with a total of £44,420 being given throughout the year (2024: £40,000).

The Trustees hope to increase this to £50,000 in the coming financial year as well as supporting fundraising endeavours by friends and family.

The Living Upland project continues from strength to strength. Its objective is to promote responsible management of upland areas. In the last year it has completed the Naturally Nature Project in conjunction with various wildlife trusts, including Durham and Tees Valley.

It is also involved in promoting the first Biodiversity net Gain scheme in the Upper Pennines, working with Durham County Council ecology department.

Other projects include bird and mammal studies.

Financial review

The statement of financial activities on page 9 sets out the results of the charity for the year.

The charity received total income of £238,940 (2024: £347,532) during the year. Total expenditure was £154,679 (2024: £162,392), including £44,420 on grants to institutions (2024: £40,000).

eeee it rN MI IW NS tI 2

Fairy Water Trust

Trustees’ report (continued) Year ended 31 March 2025

At the year end the charity had total funds of £3,618,231 (2024: £4,491,915), including unrestricted funds of £402,093 (2024: £268,582), restricted funds of £84,786 (2024: £125,583) and expendable endowment of £3,131,352 (2024: £4,096,750).

The trustees consider that there are no materia! uncertainties about the charity’s ability to continue as a going concern.

Reserves policy

At 31 March 2025, the reserves of the charity comprised the unrestricted fund, a restricted fund and the expendable endowment fund. The expendable endowment fund was established with a significant donation from the Founder in April 2018.

At the year end the charity had free reserves of £401,449 (2024: £267,171).

The trustees are satisfied with the level of free reserves held. The level of free reserves has increased in order to guard against potential future loss or temporary fluctuations in income.

Investment policy

S&T continue to manage the share portfolio and provide regular updates to the Trustees.

A balanced approach between income and capital growth has been adopted. The Charity wishes to attempt to maintain the capital value of the Investment Funds at least in line with current inflation rates. The Trustees have been closely monitoring investments throughout the year.

The property at Royston continues to be managed by Savills and the Trustees have received a revised valuation during the course of this year. The market appears to remain strong in this location, but the Trustees are aware of the potential fluctuations that may occur over the next 12 months.

Risk management

The trustees have examined the major strategic, business, and operational risks which the charity faces and confirm that systems have been, or will be, established to enable the necessary steps to be taken to lessen these risks. The Trustees continued to take advice on major strategic, business, and operational risks to lessen these risks.

Due to the continued uncertainty in the investment and financial markets, investment activity was minimal.

The Trustees continue to monitor this with the objective of increasing the grant making programme.

Related parties

The charity has a 100% owned subsidiary, Fairy Water Trading Limited, which was incorporated on 21 November 2017. Since incorporation the subsidiary has been dormant.

On 20 November 2020, a 100% owned subsidiary, Living Uplands Limited, was incorporated and is currently dormant, but is now a party to the monitoring and reporting of a Biodiversity Net Gain Scheme and so has become active since the year end.

pcr debe Rog wheeler i ng ie Rar _st tn eee neers _acen Noha ae Ra nee nar na

3

Fairy Water Trust

Trustees’ report (continued)

Year ended 31 March 2025

Future plans

The Trustees have agreed that over the next three years, they will provide substantial ongoing support to several charities to make a real difference. These charities will include Seaview Sailing Trust and Ronald McDonald House and CALM. This will be further reviewed at the next Trustee meeting.

Statement of trustees’ responsibilities

The trustees (who are also directors of Fairy Water Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• @ select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles in the Charities SORP (FRS 102);

• 2 make judgements and estimates that are reasonable and prudent;

• e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• e there is no relevant audit information of which the charitable company’s auditor is unaware; and ° the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of the information.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

This report was approved by the board oftrustees on = [ lu i

==> picture [142 x 15] intentionally omitted <==

----- Start of picture text -----
2025 and signed on its behalf by:
----- End of picture text -----

==> picture [8 x 8] intentionally omitted <==

----- Start of picture text -----
Pad
----- End of picture text -----

Mark Tellwright Trustee

4

Fairy Water Trust

Independent auditor's report to the members Year ended 31 March 2025

Opinion

We have audited the financial statements of Fairy Water Trust for the year ended 31 March 2025 which comprise the statement offinancial activities, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

in our opinion the financial statements:

• ® give a true and fair view of the charitable company’s state of affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e® have been prepared in accordance with the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) [ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in

5

Fairy Water Trust Independent auditor’s report to the members (continued) Year ended 31 March 2025

the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of[the][audit:]

• ¢ the information given in the Trustees’ Annual Report which includes the Directors’ Report for the statements;financial yearandfor which the financial Statements are prepared is consistent with the financial

• e® the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

• Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• ¢ the financial statements are not in agreement with the accounting records and returns; or * certain disclosures of trustees’ remuneration specified by law are not made; or * we have not received all the information and explanations we require for our audit; or e the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.

Responsibilities of trustees As explained more fully in the Trustees’ Responsibilities Statement set out on 4, the trustees {who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue asa going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

==> picture [5 x 7] intentionally omitted <==

----- Start of picture text -----
6
----- End of picture text -----

==> picture [11 x 17] intentionally omitted <==

----- Start of picture text -----
a
----- End of picture text -----

Fairy Water Trust

independent auditor's report to the members (continued) Year ended 31 March 2025 I Our objectives are to obtain reasonable assurance about whether the financial statements as 4 whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material a a ee ee

7

4 December 2025

Fairy Water Trust

Statement of financial activities (incorporating the income and expenditure account) Year ended 31 March 2025

==> picture [513 x 487] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |piel|rer|emer|gus|ae|— re — all|SR|a| |Unrestricted|Restricted|Expendable|Total funds|Total| |funds|funds|endowment|2025|2024| |£|£|funds|£|£| |£| |Note| |Income|and|endowments from|-|99,776| |Donation|income|Zz|:|-| |Investment income|21,222|:|-|21,222|20,135| |Rental income|205,000|-|-|205,000|205,000| |Other income|12,718|-|.|12,718|22,621| |ereeee|eee|ye)|eT CL| |Total income and endowments|238,940|-|-|238,940|347,532| |Expenditure:| |Raising funds|44,236|-|7,453|51,689|53,314| |Expenditure on charitable activities|61,193|41,797|4|102,990|109,078| |Total expenditure|3|305,429.|~2~=C«4:,797|7,453.|+-154,679|162,392| |(Loss})/gain on investments|5|-|-|(7,945)|(7,945)|26,581| |(Loss)/gain on investment|6|-|-|(950,000)|(950,000)|1,734,151| |propertyNet {expenditure)/income|133,511|(41,797)|(965,398)|(873,684)|1,945,872| |Transfer between|funds|-|-|-|7|:| |~—=«|(965,398) (873,684)|—=«:1,945,872| |Net movement on funds|——433511..|+«((41,797)| |Total funds brought forward|268,582|126,583|4,096,750|4,491,915|2,546,043| |neeee|ee| |Total funds carried forward|402,093|84,786|3,131,352|3,618,231|4,491,915|

----- End of picture text -----

The notes on pages 11 to 20 form part of these financial statements.

The statement of financial activities contains all recognised gains and losses for the financial period.

The results for the period all relate to continuing activities.

a

g

Fairy Water Trust

Balance sheet As at 31 March 2025

==> picture [467 x 372] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |rNa| |2025|2024| |Fixed|assets|Note|£|£| |Intangible|assets|4|641|1,408| |Investments|5|492,925|491,776| |Investment property|6| 3,050,000|4,000,000| |3,543,566|| |Current|assets|4,493,184| |Debtors|7|5,552|61,500| |Cash at bank|498,437||363,227| |Current|liabilities|503,989|424,727| |Creditors: amounts falling due within one year|8|(429,324)|(79,330)| |Net current assets|74,655|=|345,397| |Creditors: due|in more than one year|i]|-|(346,666)| |Net assets|3,618,231|4,491,915| |Charity|funds| |Expendable endowment fund|3,131,352|4,096,750| |Restricted fund|84,786|126,583| |Unrestricted funds|402,093|268,582| |Total funds|10|3,618,231|4,491,915|

----- End of picture text -----

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the trustees on a [ lz. i 2025 and signed on their behalf by:

Jr rp wa —"wef Mark Tellwright Trustee Company registration number 10654855

The notes on pages 11 to 20 form part of these financial statements.

een 10

Fairy Water Trust

Notes to the financial statements

Year ended 31 March 2025

i

1. Accounting policies a | Company information Fairy Water Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

s Der Accounting convention

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined under FRS 102.

The trustees have considered the ability of the charity to continue as a going concern. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.3 Members

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is £1 per member of the charity. At 31 March 2025, the total of such guarantees was £5 (2024: £5).

1.4 Income income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donation income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, itis probable that settlement will be required, and the amount of the obligation can be measured reliably.

All costs can be directly attributed to an expense category.

EE

11

Fairy Water Trust

Notes to the financial statements (continued) Year ended 31 March 2025

I

1.6 Taxation Fairy Water Trust is a registered charity and as such is not liable to corporation tax on its income derived wholly from charitable activities.

iF intangible assets

Expenditure on intangible assets are capitalised at cost. Amortisation is provided to write off the cost less the residual value over the expected useful life as follows:

Website Over 5 years on a straight-line basis

==> picture [93 x 10] intentionally omitted <==

----- Start of picture text -----
1.8 investments
----- End of picture text -----

Investments in subsidiaries are shown at cost on the charity balance sheet.

Other financial investments are stated at fair value (mid-market value) at the balance sheet date. Realised and unrealised gains and losses on investments are included in the statement of financial activities.

1.9 Investment properties

Investment properties are initially recognised at cost. Subsequently they are recognised at fair value. 1.10 Funds

Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose.

Restricted funds are amounts which are specified by the donor to be used solely for particular projects undertaken by the charity.

The expendable endowment represents donations from the Founder. The trustees have the power to convert endowment funds into income and it is therefore classified as an expendable endowment.

1:11 Financial instruments

The charity only has financial instruments 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 method. The charity does not currently have any bank loans.

ee 12

Notes to the financial statements (continued) Year ended 31 March 2025 NNNn.) OO

Fairy Water Trust

1i2 Judgements and estimates

In the application of the accounting policies, the trustees are required to make judgements, estimates and assumptions ebout the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The most significant estimate is considered to be the fair value of the investment property.

2. Donation income

Donation income
Current year	Unrestricted funds		Restricted funds	Expendable endowment		Total	Totaland restricted
				funds			funds
		2025	2025	2025		2025	2024
		£	2	£		£	£
Donations Gift aid income	i	- - ad	. : me	- - ea		- - oe	92,276 7,500 99,776
Comparativeyear		Unrestricted funds	Restricted funds	Expendable endowment	Totalfunds
				funds
		2024	2024	2024		2024
		£	£	£		£
Donations Giftaid income		- -	92,276 7,500	- -		92,276 7,500
		-	99,776	-		99,776

I 13

Fairy Water Trust

Notes to the financial statements (continued) Year ended 31 March 2025

==> picture [468 x 476] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |I| |3.|Expenditure| |2025|2024| |£|£| |Expenditure|on|raising funds| |Investment|management fees|7,453|8,182| |Property Costs|18,003|19,593| |Loan|Interest|26,233|25,539| |51,689|53,314| |Expenditure on charitable|activities|Ee.|=| |Grants| |Marine, wildlife and|sailing|15,000|10,000| |Children’s and youth|charities|12,500|10,000| |Mental health|charities|10,000|10,000| |Medical & Research|Charities|6,820|2,500| |Community Schools|-|2,500| |Other Charities|100|5,000| |Direct|costs| |Project costs|41,797|45,825| |Support costs| |Bank charges|201|139| |Subscription|costs|239|53| |Legal and|professional|fees|-|7,423| |Amortisation|767|767| |Governance: audit and accountancy|15,566|14,871| |102,990|~~~«4409,078| |Total expenditure|154,679|162,392|

----- End of picture text -----

The charity had no direct employees in the year (2024: none).

No trustee received any remuneration during the period, nor were any trustee expenses reimbursed. The trustees are considered to be the key management personnel of the charity. Office space is provided by one of the trustees. The value of this gift in kind is considered to be de minimis and therefore is not brought into these accounts.

Accountancy and taxation services includes an auditor's fees (not including VAT) of: - For the audit services £10,290 (2024: £9,950)

a 14

rae resale

Notes to the financial statements (continued) Year ended 31 March 2025

Fairy Water Trust

en

	- Foraccounts preparation services£2,360	(2024: £2,290)
	- Forotherservices £1,000 (2024: £870)
	All grantsmadeduringtheyearwere paid to	institutions.
	Themost significant grants in the year were:
	- £10,000 Ronald McDonald House Charities
	- £10,000 Seaview SailingTrust
	- £10,000 Campaign Against Living Miserably (CALM)
4.	Intangible assets
				Website
	Cost Broughtforward				£ 3,837
	Additions at cost Carried forward			es 3,837
	Amortisation Broughtforward Chargefortheyear Carriedforward		2,429 ee.) 3,196
	Net bookvalue brought forward		ra	:	1,408 _
	Netbookvaluecarriedforward		:ee		641
5.	Investments
		Investments ars subsidiaries	Other investments		Total
	Valuation	£	£		£
	Broughtforward Additions atcost Disposalsatproceeds Gain/(loss)oninvestments Increase/(decrease) incashheld by	3 - - - .	491,773 161,357 (183,643) (7,945) 31,380		491,776 161,357 (183,643) (7,945) 31,380
	investmentmanager

nerve

15

Fairy Water Trust

Notes to the financial statements (continued) Year ended 31 March 2025

rma Investments in subsidiaries

The charity owns 100% of the share capital in Fairy Water Trading Ltd (company registration number 11074077), a private company limited by shares and registered in England and Wales. The subsidiary has not traded to date and is a dormant company, The registered office of Fairy Water Trading Ltd is 71 Queen Victoria Street, London, EC4V 4BE.

The charity owns 100% of the share capital of Living Uplands Limited (company registration number 13035014), a private company limited by shares and registered in England and Wales. The subsidiary has not traded to date and is a dormant company. The registered office of Living Uplands Limited is 68 Grafton Way, London, W1T SDS.

Other investments Breakdown of other investments at market value:

==> picture [421 x 109] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£|£| |Listed|investments|458,098|488,329| |Cash|34,824|3,444| |"492,922.|~=«9,773| |Historic cost of investments|_|438,899|is|448,947|

----- End of picture text -----

Investment properties

==> picture [409 x 89] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |Investment| |property| |Brought|£| |forward|4,000,000| |Unrealised gain/(loss)|(950,000)| |Carried forward|3,050,000|

----- End of picture text -----

The investment property purchase was completed in June 2021. The property is in the UK. The Charity’s investment properties are measured at fair value.

The fair value of the investment property as at 31 March 2025 has decreased to £3,050,000 based On a trustees’ valuation at that date. The trustees’ valuation was informed by a professional valuation in July 2025 by WSP GL Hearn commissioned by Handelsbanken Plc as part of the mortgage review.

As a result of the bank loan (see note 8 and note 9), there is a fixed charge over the property by Handelsbanken Ple,

a

==> picture [9 x 7] intentionally omitted <==

----- Start of picture text -----
16
----- End of picture text -----

==> picture [573 x 19] intentionally omitted <==

----- Start of picture text -----
aee en
----- End of picture text -----

Fairy Water Trust

Notes to the financial statements (continued)

Year ended 31 March 2025

Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025	Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025	Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025	Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025	Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025	Notes to the financialto the financialthe financialfinancial statements (continued) Year endedended 31 March 2025
a I BG 00
7	Debtors
			2025		2024
			£		£
	Trade Debtors		5,552		61,500
					7
	Prepayments		- 5552		61,500
8.	Creditors: amountsfallingduewithinoneyear
			2025		2024
			£		£
	Accruals DeferredIncome		18,120 55,489		17,867 51,250
	Bank loan		346,666		-
	Tradeandother creditors		1,704		3
	VATcreditor	7,345 "479,324.		10,210 ~—S—*«<C«S984«38
9.	Creditors:amountsdue inmorethanoneyear
			2025		2024
			£		£
	Bank loan	j	- as		346,666 346,666
	The bank loan is due for repayment:
	inunderoneyear(seenote 8)		346,666 -		- 346,666
	In 1-2 years		.		:
	In 2-5 years		346,666		346,666

As a result of the loan, Handelsbanken Plc have a fixed charge over the investment property. Interest rate on the loan is 2.5% over base rate. interest payments are being made ona quarterly basis. The balance is due for repayment in May 2025.

a ae creel A RE

17

Notes to the financial statements (continued) Year ended 31 March 2025

Fairy Water Trust

a	a	a	a	a	a	a	a	a
10. Movement	onfunds
Currentyear	At31 March 2024	Income	Expenditure		Gain/(loss) on investments	Transfer		At31 March 2025
Expendable endowment fund	4,096,750	-	(7,453)		(957,945)		-	3,131,352
Restricted fund:
LivingUplands Unrestricted funds	126,583 268,582	- 238,940	(41,797) (105,429)		- :		- :	84,786 402,093
	4,491,915	238,940	(154,679)		(957,945)		-	3,618,231
Comparativeyear	At 31 March 2023	income	Expenditure		Gainon investments	Transfer		At 31 March 2024
Expendable endowmentfund	2,344,200	-	(8,182)		1,760,732		-	4,096,750
Restricted fund:
LivingUplands Unrestricted funds	72,632 129,211	99,776 247,756	(45,825) (108,385)		- ‘i		- .	126,583 268,582
	2,546,043	347,532	(162,392)	~	1,760,732.	~~	-	#4,491,915"

Restricted funds

Living Uplands — the charity works in partnership with other organisations to support a conservation and wildlife project, Living Uplands. This fund represents amounts received from third party donors specifically towards this project.

ee eSeSeSeSeSeSeSeeSFSSSeSSSssssSSCiC

18

==> picture [98 x 16] intentionally omitted <==

----- Start of picture text -----
——_”
----- End of picture text -----

Fairy Water Trust

Notes to the financial statements (continued)

Year ended 31 March 2025

cs

==> picture [461 x 291] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |a1.|Analysis|of net|assets|by fund| |Current year|Unrestricted|Restricted|Expendable|Total| |funds|funds|endowment|2025| |£|£|£|£| |Intangible assets|641|-|-|641| |Investments|3|-|3,542,922|3,542,925| |Net current assets|401,449|84,786|(411,570)|74,665| |:|-|-|-| |CreditorsNet assetsover one|year|;|402,093|84,786|3,131,352|3,618,231;| |Comparative year|Unrestricted|Restricted|Expendable|Total| |funds|funds|endowment|2024| |£|£|£|£| |Intangible|assets|1,408|-|.|1,408| |Investments|3|-|4,491,773|4,491,776| |Net current assets|267,171|126,583|(48,357)|345,397| |Creditors over one year|-|-|(346,666)|(346,666)| |Net assets|268,582|126,583|4,096,750|4,491,915|

----- End of picture text -----

12. Related party transactions

During the year, donations from the trustees totalled £nil (2024: £52,118) all of which were restricted to the Living Uplands project.

Expenditure in the year includes £960 to Billingshield Farms Limited in relation to accessing land owned by the company for the Living Uplands project (2024: £nil). Mark Tellwright, trustee, is also a director of Billingshield Farms Limited. No balance was outstanding at the year end (2024: £nil).

Expenditure in the year includes £960 to Westernhope Limited in relation to accessing land owned by the company for the Living Uplands project (2024: £nil). Anna Cockell, trustee, is also a director of Westernhope Limited. No balance was outstanding at the year end (2024: £nil).

ael a 19

Fairy Water Trust

Notes to the financial statements (continued) Year ended 31 March 2025

13. Comparative statement offinancial activities	13. Comparative statement offinancial activities	13. Comparative statement offinancial activities
		Unrestricted funds	Restricted funds	Expendable endowment		Total 2024
		£	£		funds	£
					£
Income and endowments from
Donation income Investmentincome		. 20,135	99,776 -		- .	99,776 20,135
Rental income Other income		205,000 22,621	- -		- -	205,000 22,621
Totalincomeandendowments		247,756	99,776 a		oe	347,532
Expenditure:
Raisingfunds		45,132	-		8,182	53,314
Expenditureon charitable		63,253 ___	45,825		.	109,078
Total expenditure		108,385	45,825	eS	ae	162,392
Gain on investments Gainon investment property		- -	- -		26,581 1,734,151	26,581 1,734,151
Netincome		139,371	53,951		1,752,550	1,945,872
Transfer between funds		:	-		.	-
Netmovementonfunds		139,371	53,951		1,752,550	1,945,872
Total funds brought forward
		129,211	72,632		2,344,200	2,546,043
Total funds carried forward	=	268,582	126,583		4,096,750	4,491,915
	i

ee__

==> picture [9 x 7] intentionally omitted <==

----- Start of picture text -----
20
----- End of picture text -----

eee

; a ae ; 7 i er 7 sos om we a oem lm rs =, = = Py hE ; ee ee eehe an ; - ; ; = i: * I 1: bt "Mes Utia ” “— : 15 ae Fi 4 s 7 fa a 7 aes A? - = shee ; anit 5 7 i eon : Se i .. wh ce! ; on arteoras? , or aE a lk tis ' | fk = et! eee Wellies Bir Po ett Ce vowliesam anat i ar = = 2 eee Sat : ee eea ; oe +a Genki: oN" PH, ‘ope meee 7 Sagas viene FI Sia teat uf cai a hte - te 3 a a os” ‘ ee ee as coe, 144 Sweedr F°A - =* = Fr" J * - Po -

. eee ee oegh Bn 7: :“r ; oe

rn