Company registratÉon number.. th878234 Charity registration numter. 1191340 The Otterhead Estate Trust Company Limited (A CoMnY limibd by guarantee) Annual Report and Financia Statements for the Year Ended 31 January 2024 WESTCOTTS CHARTEAED ACCOUNTAtIT> & ausiNE5S ADVI$ERS
The Otterhead Estate Trust Company Limited Contents Referen and Administraive Details Trust$, Report 2to4 Independent ExamineV8 Rep)rt Statement of Flnancia Activities Balance Sheet Notes to the Financial Statements 8t015
The Otterhead Eststs Trust Company Limltsd Refarence and Admlnlstrattve Details Mrs E B Slonex Mr J M GcKlsmark MrNRSGriffiths Mr R A Dent00X (resigned 15 April 2023) Charity Regi8tratlon NuMr 1191340 Company Reglstratlon Number 05678234 Reglstered Office TimWy South Street Axminster EX13 SAD Ac¢ountsnts Westcotts rimbedy SoLrth Street Axminster Dev EX13 SAD Page 1
The Otterhead Estate Trust Company Limited Trustses, Report The trustees, vtho are directors for the pUr[eS of company law, present the annual report together th the financial stalements of the charitable company for the year ended 31 January 2024. Objectives and actlvltiag Objects and alms The charity's objects a". 1. To promote for the benefit of the public the Conservalion, protection and improvemenl of the physical and natural environment and to enhance the natural beauty and amenity of the Otterhead Estate., 2. To advan the education of the public in the conservation, protection and improvemwt of the physical and natural environment of the Otterhead Estate and its flora and fauna. Objectlves, strategles and actlvltles The trustees consider that throughout the year ended 31 January 2024 the charity has undertaken activities and progressed future projects in order to conts'nue to successfully fulfil its tharitable 0.ectiVes. Public benefft The trustees confirn that they have complied wth the requirement5 Of section 17 of the Charities A 2011 to have due regard to the public benefit guidance published by the Charity Comrnissicfi for England and Wales. Achlevements and performance In 2023 work continued to focus on the Installattons for the Hydro project including the turbine, balancing tank, pipw)rk and the rank of batteries. This all took longer than anticipat8J diie to the original contractorfs ill health necessitating appointing a new company. Electricity Nfds finally on-stream in April 2024. Forest School use the Coach House then *re able to swlch off their noisy diesel generator. This preiect fully funded by grants & donations. Funding from FIPL (Farming In Protected Landscapesl gave a generous grant for the total cost of resurfacing the path beeen the lakes, including Iwo new small bridges. Vvessex Water, our landlords, gave a substantial donation for the instsllation of a third bigger pedestrian bridge over the Riv¥ Otter to complete the project. We also obtained two equal grants from Nineveh Trust and Wessex Water vthich fund 5 new Information Boards around the gte to repla rotten OrS. Monthly w)rk parties. organised by a trustee, continued to control vegetation. Taunton Midweek Conservation Volunteers Continued with ccaSiOnal visits. Neroche Volunteers also came then available. We held a coffee moming, a snotIr0p walk, and one or other trustee often showed visitors around the site, and met with contractors vthen needed. The Trustees sv)uld like lo thank the generosity land patience) of all grant funders and other donors that have contributed during the year. Also all those have worked on, and facilitated. grant applications. Page 2
The Otterhead Estate Trust Company Limited Trustees. Report Flnanclal revlew Dunng the year the charity we1V income totalling £90,274 (£87,636 restncled and £2,638 unrestricted) and exFenditure of £13,988 {£- restricted and £13,988 un$ted). As at 31 January 2024, the charitable company restricted funds of £684 and unre$tri¢ted funds of £86,761. Polleyon reserves It 1$ the Charity's ambition to hold reserves that allow the charity to fulfil Ixsth its short-term operational ObltIveS and al30 longer-temi strategic objectives Although the Charity is not currently in a position where it can stale il holds sufficient reseNes to meet all of its aTrbitions, the trustees have conts'nued lo make progress in the last 12 months and consider the charity's financial position to be SLrfficient to meet liabilities as they may fdl due over the coming 12 months. Plans forfuture perlod8 Alms and key objectives forfutureperlods In order to deliver the aims and objectives of the charity. a sustainable and managed appn)ach to fundraising is required in future. The charity aims lo cover its running costs and to include within the costs the employment of a part-time estate warden and contractors engaged to carry out essential maintenance of the Otterhead estate Stte. There are also future aspirations of restoring the walled garden, paths and bridges, cataloguing RhodcJendrons and vK)rk to protect other heritage plant species. Structurgi govgrnanco and managem•nt Nature of govemlng docunRnt The charity is a company lirnrted by guarantee. The charitable company is governed by its Memorandum and Articles of A5lation incorporated in 17 January 20C6, as amended by speclal resolution registered at Companies House on 22 August 2020. The Charity Commission awarded charitable status on 17 September 2020. Récrummènt and appointment of trust•os The t)ard of trustees, which meet at least quarterly, is responsble for the Charity. Trustees are appointed in accordance wth the charity's articles of association. New trustees are appointed, when necessary, in order for the board to have the broad range of kno¥edge and skills necessary to administer the charity effectively. Inductlon and tralning of trnstees New trustees are provid&1 wth key documents, training and induction by existing trust. Statement of trnstees. responsibilities The trustees (who are also the directors of The Otterhead Estate Trust Company Limited for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Page 3
The Ottorhead Estate Trust Company Limitsd Trustse8' Report Company law requires the trustees to prepare financial ststements for each finanaal year. Under company law the trustees must not approve the financial staternents unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the incoming resou[S and application of resources, including its income and expenditure, of the charitable company forthat pericd. In preparing these financial Statements. the trustees are required to." select suitable accounting policies and apply them consistenlly., ¢)b$erve the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent: stale thether applicable accounting standards, ¢ompris(ng FRS 102 have been foll0vd, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the g¢ing concem bas's unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping prOr accounting records that can 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 reswnsible for safeguarding the assets of the charitsble company and hence for taking reasonable steps for the Preventi¢ and detection of fraud and other irregularities. The trustees are spOnSible for the Maintenan and integrity of the cotwrate and financial infi)rmation included on the charitable company's website. Legislation govemiro the PparatIOn and dis*mination of tinancial statement5 may differ from legi51alion in olherjurisdictions. Small companle8 provlslon statement This report has been prepared in accordance th the small companies regime under the Companies Act 201. The annu21 port was approved by the trustees of the charity on behalf by.. and signed on its Mrs E B Stonex Trustee Page 4
The Otterhoad Estate Trust Company Limited Independent Examiner's Report to the trustee8 of The Otterhead Estate Trust Company Limitsd ('the Company.) I report lo the charity trustees on my examinaticn of the a¢¢ounls of the Company for the year ended 31 January 2024. ResponslbllitieB and basis of report As the charity's trustees of the Company land also its directors for the purposes of Company law) you are responsible for the preparation of the a¢¢ounts in accordance with the requirements of the Companies Act 20C6 {'the 2006 ACYI. Having satssfied mysdf that the accounts of the Company are not reqUId 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 I'the 2011 A¢t'). In carrying out my examination I have follovEd the Directions given by the Charity Commission under section 145(5llbl of the 2011 Act Indgpendent examIne$ statement I have completed my examination. l ¢onfirm that no matters have come to my attenlion in connection th the examination givirKd me cause to believe.. 1. accounting records were not kept in respect of Thg Ollerhead Estate Trust Company MIt as required by section 386 of the 2006 Act., or 2. the accounts do not accord with tho records; or 3. the accounts do not eompty wth the accounting requirements of section 3 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 acwunts have not been prepared in accordance with the methods and principles of the statement of Recommend8J Practi for accountin9 and reporting by charities lapplicoble to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concems and have come across no other matters in Connection with the examination to sthich allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Thomas John si&ckey FCCA Westcotts (SW) LLP Timbet1y South Street Axminsler EX13 SAD Page 5
The Otterhead Estats Trust Company Limited Statement of Financial Activities for the Y•ar Ended 31 January 2024 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Totsl 2024 Total 2023 Note In¢ome and Endowments from: Donations and legacies Other income 1,638 1,000 87,636 89,274 1,0()J 7,078 1,000 Total income 2,638 87 636 90,274 8,078 Expenditureon: Charitable activities 13,988) 13,988 11,197 Total expenditure 113,988) 113,988 (11,197 Net lexpenditureYin¢cffie Transfers betten funds 111,350) 95,274 87,636 95,2741 76,286 {3,119} Net movement in funds 83,924 (7,6381 76,286 {3,1191 Reconciliation of funds Total funds brought forward 2.837 8,322 11,159 87,445 14.278 Total funds carried forvrard 12 8e,761 11.159 All of the charity's activities derive from CtInUIng operatl¢fis durfng the above kn periods. The funds breakdo for 2023 is shwn in note 12. The notes on pages 8 10 15 fom an integral part of these financial statements. Page 6
The Otterhead Estate Trust Company Limited (Registration number: 05678234) Balance Sheet as at 31 January 2024 2024 2023 Not¢ Fixed assets Tangible assets 85,369 Current assets Debtors Cash at bank and in hand 180 2.756 10 11,739 11,739 2.936 Creditors: Amounts falllng due wlthln ono yoar Net current assets {8601 {5801 2.076 Net assets 87.445 11,159 Funds ofth• Charity: Restrlctod income funds Restricted funds 8,322 Unrestri¢ted Incorne funds Unrestricted funds 86,761 2,837 Total funds 12 87,445 11,159 For the financial year ending 31 January 2024 the charity was entitled to exemption frcm audit under section 477 of the Companies Act 20C6 relating to small companies. Dire¢lors' sonsibl11tieS'. The members have not required the charity to obtain an audit of Its accounts for the year in question in accordan with section 476,. and The directors aCknOedge their responsibilities for complying with the requirements of the Act wth respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance wth the special yovisions relatlng to mpanies Sublt to the small companies regime within Part 15 of the Companies Act 2006. The fi ancial slalements on pages 6 to 15 were approved by the trustees, and aLrthorised for issue on and signed on their behaN by-. JMGods rustee The notes on pages 8 to 15 fomi an integral part of these financial statements. Page 7
The Otterhead Eststs Trust Company Limitsd Notes to the Financial Statements for tho Year Ended 31 January 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of Ihe charity in the event of liquidation. The address of its registe office is.. Timberfy SoLrth Street Axminster Devon EX13 SAD 2 Ac¢ounting policles Summary of slgnlfleant accounling pollclo9 and key accountlng estimatss The principal accounting policies applied in the preparation of these financh4 statements are set out bel¢)w. These policies have been consistently applied to all the years presented, unless othewse Staled. statement of compliance The financial statements have been prepared in accordan with Accounlir@ and Reporting by Charities.. Statement of Recommended Practits lapplicable lo charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)) li&8ued in October 20191- (Charities SORP {FRS 102)}. the Financial Reporting Standard applicable in the UK 2nd Republic of Ireland IFRS 102} and the Companies Act 20C6. Basls of preparatlon The Otterhead Estate Trust Company Limited meet5 the definition of a publlc benefit entty under FRS 102. Aets and liabilities are initially re¢ognised at historical cost or transaction value unless othefwse stated in the relevant accounting policy notes. Golng concern The trustees con&der that there are no material uncertainties about the charity's ability lo conts'nue as a going concem nor any significant areas of uncertainty that af1t the carrying value of assets held by the charity. Summary of disclosure exemptions These financial statements have been prepared in accordan wth the provisons appficable to companies entitled to the small companies, exemption. Judgements The preparation of the financial statements requires management to make jud9ements, estimates and assumptions that aff&t the amounts reported. These estimates and judgements are continually revieed and are based on experience and other factors, includiNJ exp&tslions of future events that are believ8J lo be reasonable under the circumstances. Page 8
The Otterhead Estate Trust Company Limitsd Notss to the FSnancial Ststsmonts for the Year Ended 31 January 2024 Income and endowments Donatlonsand lega¢los Donations are recognised en the charity has keen notified in writing of toth the amount and settlement date. In the event that a donation is subject lo conditions that require a level of rf0mlan by the charity before the charity is entitled lo the funds, the income is deferred and not recognised unbl either those conditions are fully met or the fulfilment of those conditions is wholly thin the control of the charity and it is probable that these conditions wtll te fulfilled in the reporting period. Grnnts m¢oivablo Grants are recognised when the charity has an entitlement lo the funds and any ndItionS linked to the grants have been met. Where perf0mlan conditions are attached to the grant and are yet to mel, the income is recognised as a liability and included on the balance Sheet as deferred income to be released. All incomiro resources are included in the statement of financial activities then entitlement has passed lo the charity., it is probable that the economic benefits associates wth the transactions will flow to the Charity and the amount can be reliably measured. The followng specific policies are applied to particular categories of income= income from donations or grants is recognised en there is eviden of entitlement to the gifL receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is establish1. income from donat&J goods is measured at the fair value of the goods unless this is impractical to measure reliably measured. No amounts are included for contribution of general volunteer& income from contracts for the supply of services is recognised with delivery ol the contracted servi. This is classified as untricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case il may be regarded as restricted. Expenditure All expenditure is recognised once there is a legal or constructive obligaticn to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wth the use cf reSoUrs, wth ntral staff costs allocated on the basis of time spent, and depreciation harges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seN1$ for its beneficiarie&11 includes 1 costs that can be dlocated dI¢Y to such activities and those cost5 of an indirect nature necessary to support them. Page 9
The Otterhead Estste Trust Company Limited Notss to the Financial Statements for the Year Ended 31 January 2024 Expenditure is recognised on an accrual basis as a liability is i[urred. Expenditure includes any VAT ich cannot be fully recovered, and is classified under headings of the statement of financial activib'es to lch it relates: expenditure on raising funds includes the cost of all fundraising activitS, event4 non-charitable trading aclivilies, and the sale of donated gojds. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils neficianes, includiro Ihose support costs and costs fflating to the govemance of the charity apporti¢ned to charitable activities. other expenditure includes all expenditu that is neither related lo raising funds for the charity nor part of its expenditure on Charitable activities. All costs a allocated to expenditure categories reflecliro the use of the resour¢e. Direct costs attributable to a single tIvIty are allocated directly to that activity. Shared costs are apFKsrtioned befften the activits.es they contribute to on a reasonable. justifiable and consistent basis. Government grants Government grants are reccgnised based on ihe accrual model and are measured at the fair value of the asset received or receivable. Grants are classifi1 as relating either to reven or to assets. Grants relating to revenue are recognised in income over the period in thich the related ¢0sls are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relattng lo an asset is deferred, it is recognised as deferred income. Tanglble fixed assets Tangible assets are initsalty Corded at cost, and subsequenily stated at ¢osl less any accumulate depreciation and Impalmnt losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent axumulaled depreciation aThJ subsequent accumulated impaiment losses. An increased in the Carrying amount of an asset as a result of a revalualim, is rectyJnised in other reccgnised gains and losses, unless it reverses a charge for impaimient that has previoudy en recognised as expenditure wthift the statement of financial activities. A decrease in the ¢arrying arnounl if an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain. in which case the loss is shovm within other reccgnised gains and losses on the statement of financial activities. Depreclallon and amortlsation Oepreciation is calculated so as to te off the Cost or valuation of an asset, less its rdUal value, over the useful economic life of that asset as follows.. Asset class Pl8nt2nd machinery Property improvements Fixtures and fittir¥Js Depreclalion method and rate 20QA straight line straight line 20Qh straight line Cash and cash equivalents Cash and Cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertit4e to a knovm amount of cash and are subject to an insignificant risk of change in value. Page 10
The Otterhead Estatg Trust Company Limited Notss to the Financial Ststements for the Year Ended 31 January 2024 Fund structure Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purpo*s. Designat funds are unrestricted funds earmarked by the trustees far particular future project or ¢ommitmenL Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the lemis of an appeal. and fall into one of the subclasses.. re5triGted income funds or end0ent funds. Financial Instrnments Classification Financial assets and financial liabilities are reccgnised vthen the charity becomes a party to the contractual provisions of the instrument Financial liabilities and equity instruments are classifi&J according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual InteSt in the assets of the chanty after deducting all of its liabilities. 3 Incorne from donatlons and1oga¢ioS Unr8strictgd funds Gonoral Ro5tricted fund8 Totsl 2024 Donatlons Donation$ Grants Grants 1,638 10,000 11,638 77,636 77.636 1,638 87,636 89.274 Unrestrlcted funds General Restrlct¢d funds Total 2023 Donatlon8 Donations Grants Grants 478 478 3,600 4,078 6,600 7.078 Page11
The Otterhead Estate Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2024 4 Other Income Unrestrfcted funds G•neral Total 2024 Total 2023 Other income 1,000 1,000 5 Expenditure on charltsble actlviti98 Unrestricted fund8 General Total 2024 Note Charitable activities Support costs 13.126 862 13,126 13,988 13,988 Unrestricted funds Gonoral Rostrictsd fund8 Total 2023 Charitable acts'vities SupFKrt costs 3,622 580 6,995 10.617 580 4,202 6,995 11,197 6 Tru8tee8 remuneration and expenses No trustees, nor any persons connected wth them, have 1Ved any remuneration frcfft the charity during the year (2023-. Nil)- No tru5tee5 have re1V& any relmbursed exFenge$ from the charity during the year. 7 Slaff costs The monthly average number of rsOnS (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2024 2023 No Average headcount of employees No employee received emoluments of more than £60,000 during the year {2023.' Nil). Page 12
The Otterhead Estste Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2024 8 Tangiblo fixed assets Land and Flxtures and bulldings Flttings Plant and machinery Total Cost Al 1 FebrLtary 2023 Additions 1,375 5.256 1,375 ,5(Kg 81,696 9,548 At 31 January 2024 81,696 6,631 9,548 97,875 Depreciation At 1 February 2023 Charge for the year At 31 January 2024 Not book value 1,375 1,051 1.375 11,131 8.170 1.910 8,170 2.426 1.910 12,5CE At 31 January 2024 73.526 4,205 7,638 85,369 At 31 January 2023 Included wthin the net bjok value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £73,52612023 - £Nill in respect of leaseholds. 9 Debtors 2024 Other debtors 180 10 Cash and cash gqulvalents 2024 2023 Cash on hartrd Cash at bank 11 2,745 11 11.728 2,758 11.739 11 Crvditor5: amounts falling due within one year 2024 2023 Accruals 860 580 Paje 13
The Otterhead Estats Trust Company Limited Notes to the Financial Statements for the Year Endad 31 January 2024 12 Fund8 Balance at Balance at 31 January 2024 February 2023 Incomlng Resources rasources expend Transfers Unrestricted fund8 General General Funds 2,837 2,638 113,9881 95,274 86,761 Restrlctsd funds Hydro prqect Pathways, bridges and estate infrastructure Interpretation 18.3221 82,180 5.456 181,696) 200 8,322 87,636 195,2741 Total funds 11,159 90,274 13,988 87,445 Balan¢0 at 1 February 2022 Balance at 31 January 2023 Incomlng resources Resour¢¢s expended Unrestricted funds General General Funds 5,078 14,2021 2,837 Rostricted funds Hydro project 12,317 3,000 6,995 8,322 T¢)tsl funds 14,278 11,197 11,159 The specific purposes fcr which the funds are to be apFlied are as foll¢Jws: Hydro project- The project relates to the installalion of a hydro turbine and associated balancing tsnk, piperk and b*leries. Pathways, bridges and estate infrastructure - Funded by 'Farming in Protected Landscapes, and Wessex Wat¥, this project includes the construction of pathways and bridges wilhin the Otterhead Estate. Interpretation Funded by Nineveh Trust and Wessex Water, this project installed five new infomiation boards providing interpretation to visitor& Page 14
Th• Otterhead Estate Trust Company Limited Notss to the Financial Statements for the Year Ended 31 January 2024 During Ihe year. three restricted projects took place, resulting in the capitalisalion of fixed assets. By the nature of the restricted grants, the trustees consider the conditions placed on those grants to have IRen fulfilled completely during the year. To e¢t this a¢UntIng trealmen[ transfers are sh wrthin the accounts indicatiNJ the liftiryJ of the restnctions for those fixed assets purchased. 13 Analysis of net assets betW00n funds Total funds at31 January 2024 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilities 85,369 2,252 18601 86,761 85,369 2,936 1860) 87,445 Totsl nel assets Totsl funds at31 January 2023 Unrestri¢tod funds Goneral Rostricted funds Current assets Current liabilities 3,417 15801 2.837 8,322 11,739 15801 Total net assets 8,322 11.159 14 Relalod party transacllons During the year £8,904 was paid to a company owned by trustee for project management servi¢e* The trustees took necessary steps to mitigate the risks of a conflict of interest and the trustee in question took no part in the decision-making process to engage the services of the business (2023.. £2,902). Page 15