Company registration numter.. 05678234 Charity registration number. 1191340 The Otterhead Estate Trust Company Limited IA wmp8ny limitgj by guarantee) Annual Report and Financial Statements forthe Year Ended 31 January 2025 WESTCOTTS CH4HTERED ACCOU14TAIITS I BUSINESS AOVISERS
Tho Otterhead Estate Trust Company Limited Contents Reference and Adminlstralive Details Trustees, ReF*JI 2to4 IndeFRndent Examlne¢s Report statement of Finanoal Aclivityes Balance Sheet Notes to the Financial Statements 8t015
The Ott•rhead Estats Trust Company Limited R•f•rence and Admlnlstratlv• D•tai18 Mrs E B Stonex MrJ M Godsmark MrNRSGriffiths Charfty Reglstrallon Numbor 1191340 Company Rogistratlon Number 05678234 Reglstsrnd OITice Timkerfy South Street Axminster Devon EX13 SAD Accountants Westcotts Timtedy South Street Axminster Devc EX13 SAD Page 1
The Otterhead Estats Trust Company Limited Trustees, Report The trustees, are directors for the purposes of company law, present the annual rep)rt tcgether th the financiat statements of the charitable company forthe year ended 31 January 2025. ObJectiV88 and actlvities Objocts and alms The charity's Objects are.. 1. To promote for the benefit of the public the conservation, protection and improvement 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 consetvation, protection and improvement of the ysical and natural environment of the Otterhead Estate and its flord and tauna. Objectlve4 Sti*egles and activlties The trustees consider that throughout the year ended 31 January 2025 the charity has undertaken activities and progressed futu projects in order to continue to successfully fulfil ils charitable objectives. Public benefrt The trustees confim that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity CommiOn for England and Wales. Achievements and perforniance Another busy and successful year at Otlerhead. The Hydro project reached completion in April to provide the Coach House with sufficient eco electricity lo run lighting and charge equipment. A Barbecue was held to thank all funders, Iwal Councillors. volunteers etc. This project was completdy grant funded. Further grants were successful.. FIPL for improvements to leat path, including new bridge and surfacing of new circular walk. DEFRA Access for All - Improvement to car park Surfa & drainage. Wessex Water Donation - new notice b)ard in car park. Four Board meetings attended by all three directorsftrustees were held - April, July, October 2024 & January 2025. These meetings re followed by four Management meetings wth Forest School. Devon Wildlife Trust, Forestry England, our landlords Wessex Water, Blackdown Hills Natural Landscapes, and other regular volunteer& There is excellent Co-operation bebNeen the Trustees and Forest School, headed by J Corri¢ Forest School respond quickly to any immediate problems such as clearing fallen trees, litter and daily 'rK)Iching' of the Beaver dams to keep water supply running to the Hydro. Page 2
The Otterhead Estste Trust Company Limited Trustees. Report John Godsmark & his wfe Valerie organise monthly w)rk parts'es wth a regular CO of helpers, and other volUntr5. They are also c¢>ordinating the quarterly newsletter vhich goes out to the Friends of Otterhead. Taunton Mitheek Conservth'on Voluntrs & Neroche Vdunteers have also done valuable work during the year clearing vegetation. Otterhead hosted National Landscapes annual meelirKJ wth a guided walk. Elizabeth Stonex attended the NoVem1r annual Beaver Forum. Successful SnolrOp walk was held in February. Two students have been facililaled lo collect data, particulady relating to Beavers, for their University projects. A Geogmphy A level student has also renfjY helped wth data collection. Financial revlew During the year the charity received income totall1 £30,216 (£26,826 restricted and £3,390 unreslrictedl and expenditure of £23,616 1£7.177 restricted and £16,439 unrestricled}. As al 31 January 2025, the charitable company had restricted fund$ of £1.346 and unrestricted funds of £92,699. Pollcy on r&$•$ It is the Charity's ambition to hold reserves that allow the charity to fulfil both ils short-lemi operational objectives and also longer-temi strategic objectives. Although the Charity is not currently in a position Whe it can state il holds sufficient reserves lo meet all of its ambitions, the trustees have continued to make progress in the last 12 months and consider the tharity's financial position io be sufficiart to meet liabilities as they may fall due over the coming 12 months. Plan¥ for future perlods Alms and key objéctives lor futureperiods in order to deliver the aims and objectives of the charity, a sustainable and managed approach to fundraising is required in future. The charity aims to cover ils running costs and to include wthin these costs the employment of a part-time estate warden and contractors engaged to carry out essential Maintenan of the Otterhead estate site. There are also future aspirations cf restoring the walled garden, paths and bridges, catsloguing Rhododendrons and Wrk to protect other heritage plant species. Structure. govemance and management Nature of govoming docunwnt The charity is a company limit&Y by guarantee. The charitable company is governed by its Memorandum and Articles of Association incorporated in 17 January 2006, as amended by special resolution registered at Companies House on 22 August 2020. The Charity Commission aarded charitable status on 17 September 2020. Recruitment and appointment of trustees The board of twslees, which meet al least quarterly, Is responsble for the charity. Trustees are appK)inled in accordance the charity's articles of aSSlation. New twstees are apkKJinled, en necessary, in order for the trKJard to have the broad range of knedge and skills necessary to administer the charity effectively. Page 3
Tha Otterhead Estate Trust Company Limited Trustees. Report Indu¢tion and training of t$te5 New trustees are provided with key documents, training and induction by existiNJ trustees. Statement of trustees. responslbllltles The trustees (who are also the directors of The Otterhead Estate Trust Company Limited for the purposes of company lawl are responble for preparing the trustees, report and the financial slalemenls in accordare wth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally AcpIed Accounbng Practi1. includirKJ FRS 102 'The Financia Reporting Standard applicable in the UK and Republi¢ of Iland, Company law requires the trustees lo prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair viam of the state of aff8ir8 of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable Company for that peried. In preparing these financial ststemenls, the trustees are required lo.. select suitable accounting policies and apply them consistently., obseNe the method$ and prinGiple5 in the Charities SORP,. makejudgements and estimates that are reasonable and prudent. state whether applicable accounting standards, Comprin9 FRS 102 have been fdlowed, subject to any material departures dilOSed and explain in the financial statements.. and prepare the financial statements on the going conrn bag$ unless it is inappropriale to presume that the charitable company wll Gontinue in business. The trustees are responsible for keeping proper accounting records that can disclose with 8$Onable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wth the Companies Act 20(. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial infomi81ion included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in olherjurisdictions. Small companles provlslon statement This report has been prepared in accordance wth the Small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on .27/1ts/2s and signed on its behalf by.. Mrs E B Stonex Tnjstee Page 4
Tha Otterhead Estate Trust Company Limited Independent Examinerfs Report to the trustsos of The Otterhead Estate Trust Company Limited ('the Company.) I report lo the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2025. Responslbllltles and basi8 of report As the charity's trustees of the Company {and also its directors for the purposes of company law) you are responsible for the pparatiOn of the accounts in accordance with the requirements of the Companies Act 2006 Ilhe 20 Act'i. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's account$ as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examinalicn I have followed the Directions given by the Charity Commission under section 14515llbl cf the 2011 Act. Indopgndent 8xarnlnerf8 Statement I have completed my examinalicn. I confirm that no matters have come lo my attention in connection th the examination giviro me cause lo believe.. 1. accounting records Vre not kept in respect of The Otterhead Estate Trust Company Limited as required by section 386 of the 2006 Act,. or 2. the accounts do not accord wth those records,. or 3. the accounts do not comply wlh the accounts'ng requirements of section 396 of the 20 Act other than any requirement that the accounts give a 'lrue and fair vievl leh is not a matter Considered as part of an independent examination., or 4. the accounts have not been prepared in accordance wth the methods and principles of the Statement of Recommended practi for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 I have no concems and have come across other matters in connection wth the examination to which attention should be drawn in this report in order to enale a proFer understanding of the accounts lo be ached. Ue14 ThomasJohn Stuckey Westcotts {SWl LLP CCA Timbedy South Street Axminsler Devon EX13 SAD Date.. zg/!o/a Page 5
The Otterhead Estate Trust Company Limited Statement of Financlal Actlvities for the Year Ended 31 January 2025 (Including Income and Expenditure Account and Ststsment of Total Recognised Gains and Losses) Unr•stri¢tod funds Restricted funds Total 2025 Total 2024 Note Income and Endowmentsfrom: Donations and legacies Other inc¢me 1,907 1,483 26,826 28.733 1,483 89.274 1,000 Totsl income 3,390 26,826 30,216 90,274 Expendlture on: Charitsble activib'es 116,4391 17.177) {23,616 {23.6161 113,988) 13.9881 Total expenditure Net lexpenditure)lincome Transfers bemeen funds 16,439 7,17n 113,0491 18,987 19,649 (18,987 6,600 76.286 Net movement in funds 5,938 6.600 76.286 Reconclllatlon of funds Total funds brought forward Toial funds carried forward 12 86,761 87,445 11,159 87,445 92,699 94,045 All of the charitys activities derive from continuing operations during the above h•KJ periods. The funds breakd¢)wn for 2024 is Sh in note 12. The notes on pages 8 to 15 fcm an integral part of these financia statements. Page 6
Tho Otterhead Estats Trust Company Limited (Registration number: 05678234) Balance Sheet as at 31 January 2025 2025 2024 Note Fixed assots Tangible assets 91,571 85.369 Current a$s•ts Debtors Cash al bank and in hand 180 2,756 2,936 10 5,248 5,248 Creditors.. Amounts falllng duè within oneyear Net current assets 2,774 2,474 2,076 Ngt assets 94,lJ45 87,445 Funds ofthe charity: Restricted income funds Restricted funds Unrestrlcted income fund8 Unrestri¢ted funds 92,699 94,045 86,761 Total funds 12 87,445 For the financial year endin9 31 January 2025 the charity d$ entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsI.1111es'. The members have not required the charity to obtain an audit of tts accounts for the year in question in accordance wth section 476., and The directors acknedge their responsibilities for complying wlh the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provi*ons relating to mpanies subject to the small companies regime within Part 15 of the Companies Act 2006. The anci statements on pages 6 to 15 were approved by the trustees. and authorised for issue on .And signed on their behalf by.. Mr Godsmark Trustee The notes on pages 8 to 15 fomi an integral part of these financial statements. Page 7
The Otterhead Estate Trust Company Limited Notes to the Flnancial Statements for the Year Ended 31 January 2025 1 Charlty 8tatU8 The charity is limit by guarantee, incorporated in England and Wales and consequently does not have share capital. Each of the trustees is liale to contribute an amount not exceeding £10 Iwdrds the assets of the charity in the event of liquidab'on. The address of its gIStered office is.. Timbedy South Street Axminsler Devon EX13 SAD 2 Accounllng poli¢ies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparats.on of these financial statements are set out below. These policies have been consistently applied to all the years presersled. unless otherwse stated. Statement of compllanc• The financial stslements have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended PractiTr (applicable to charities preparin9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}) (issued in October 2019) - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and RepU1C of Ireland (FRS 1021 and the Companies Act 2006. Bagls of preparation The Ottethead Estate Trust Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilib'es are initially recognised at historica cosi or transaction valuè unless otherwise slated in the relevant accounting policy notes. Going concern The trustees consider that there are no malerkat uncertainties about the tharity's ability to continue as going concern nor any significant areas of unGertainty that affect the carying Val of assets held by the charity. Summary of disclosure oxemptions These financial statements have Iken prepared in accordance wth the provisi(x)s applicable to Companies entitled to the small companies, exemption. Judgemonts The preparation of the financi21 statements requIS management to make judgements. estimates and assumptions that afft the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. induding expectations of future events that are believ&J to be reasonable under the circumStans. Page 8
The Ottorhead Estate Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2025 Income and endowments Donations and18gacies Donations are recognised when the charity has been nOtifd in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a levd of performan by the chanty before the charity is entitled lo the funds, the income is deferred and not recognised until either those conditions are fully meL or the fulfilment of those conditions is wholly thin the control of the charity and il is probable that these nditionS wll be fulfilled in the reporting period. Grants recelvable Grants are recognised when the charity has an enlillement to the funds and any conditions linked to the grants have been met Where performan conditions are attached to the grant and are yet to be mel. the income is recognised as a liability and included on the balance sheet as deferred income to be released. All incomiTrJ resources are included in the slalemenl of financial tivIbeS when enlillement has passed to the charity., it is probable that the economic benefits associates wlh the transactions wll flow lo the charity and the amount can be reliably measured. The followro specific p)licies are applied to particular categories of income.. income from donations or grants is recognised en there is eviden of entitlement to the gift receipt is probable and its amount can be measured reliably. legacy income is recognised then receipt is probable and entitlement is estabtished. income from donated goods is measured at the fair value of the goods unless this is impractical to Measu reliably measured. No amounts are included for contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the conlract8J service. This 15 Classifi as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Expendlture All expenditure is recognised once there is a legal or constructive obligation 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 allributed to particular headings they have been allocated on a basis consistent wlh the use of resources, with central staff costs allocated on the basis of time spent, and depCiatIon charges allocated on the portion of the asset's use. Other support G05ts 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 activith'es and services for its beneficiaries. It Includes both costs that can be allocated directly to such activities and those costs of an indirect natu necessary to supp)rt them. Page 9
The Otterhead Estats Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2025 Expenditure is rectsJnised on an accrual basis 8$ a liability is incuffed. Expenditure includes any VAT which cannot be fully recovered, and is dassified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the cost of all fundraising activities, events, non4haritable trading activib'e& and the sale of donated goods. expenditure on charitsble activitw includes all Costs incurred by 8 charity in undertaking tiVitieS that further its chaiitable aims for the benefit of ils beneficiaries, includiNJ those support costs and costs relating lo the govemance of the charity apportioned to charitable activities other expenditure includes all expenditu that is neither related to raisng funds for the charity nor part of ils expenditure on Charitable aclivits"e& All costs are allocated to expenditure categories reflecting the u* of the resource. Direct costs attributable to a single activity are allocated directly lo that activty. Shared costs are apports'oned betwn the activities they contnbute to on a reasonable, justifiae and consistent basis. SupportCO8ts Support costs include ¢entral functions and have teen allocated to a¢tivty cost ¢ategories on a basis consistent wlh the use of resources, for example, allocating property ¢051s by fl¢Jor areas, or per capila, staff costs by the time spent and other costs by their usage. Tangible fixed a88ets Tangible assets are initially recorded at cost, and subsequently staled al cost less any accumulated depreciatson and impaiment losses. Any tangible assets carried at revalu amounts are recorded at the fair value at the dale of revaluation less any subsequent accumulat depreciation and subsequent accumulated impaimient losses. An increased in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previousIy been recognised as expenditure wthin the statement of financial activikn'es. A decrease in the carrying amount if an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it oftsets any previous ffvaluation gain, in 1c case the loss is Sho within other ognised gains and losses on the statement of financial activitses. Deprecialion and amortlsation Depreaalion is calculated so as to Mfflte off the cost or valuation of an asset, less its widual value, over the useful economic life of that asset as follows.. As8el class Plant and machinery Property improvements Fixtures and fitliros Depreclation m•lhod and rat0 20 10 straight line 10°k slraighl line 20Qh slraighl line Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-temi highly liquid investments that are readily convertile to a kn amount of cash and are subject to sn insignificant risk of change in valLE. Page 10
The otterhead Estats Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2025 Fund $tru¢tur8 UnreslriGted fund5 a availatle for use at the discretion of the trustees to further any of the charity's purFM)se5. Designated funds are unrestricted funds eamarked by the trustee$ for particular future project or commitsmenl Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of the subclasses.. restricted income funds or end0ent funds. Financial instruments Classifieatlon Financial assets and financia5 liabilits'es are recognised when the charity becomes a paty to the Contractual provisiorts of the instrument. Financial liabilities and equity instruments are classifièj according lo the substance cf the contractual aangeMentS entered into. An equity instrument is any contract that evidences a residual InteSt in the assets of the charity after deducting all of its liabilities. 3 Income from donations and legacies Unrgstricted fundg Genernl Restrlcted funds Total 2025 Donations Donations Grants Grants 1.907 1.970 3,877 24,856 24,856 28.733 1.907 26,826 Unre8trlcted funds General Restricted funds Total 2024 Donatlons Donations Grants Grants 1,638 10.000 11,638 77,636 77.636 1.638 87,636 89,274 Page 11
Tha Otterhead Estate Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2025 4 Other Income Unrnstrictsd funds General Totsl 2025 Total 2024 Other income 1,483 1,483 1,000 S Expendlture on charitable actlvltl88 Unrestricted funds General Restricted funds Total 2025 Note Charitable activities Support costs Allocated support costs 15,124 1,315 4,110 19,234 1,315 3,067 23,616 3,17 7,177 16,439 Unre8tr1cted funds General Total 2024 Note Charitable activities Supwrt costs 13,126 13.126 862 13,988 13,988 6 Trustees remuneratlon and expeTr8e5 No trustees. nor any persons connected wlh them, have receiv8J any remuneration from the charity during the year {2024.' Nill. No trustees have reiVed any reimbursed expenses frc*n the charity during the year. 7 Staff costs The monthly average number of FErsons (including senior management I leadership team) emoyed by the charity during the year expressed as full time equivalents was as fd10. 2025 No 2024 No Average headcount of employees No ernployee receiv emoluments of more than £60,000 during the year (2024.. Nil}. Page 12
The Otterhead Estate Trust Company Limited Notss to the Financial Ststements for the Year Ended 31 January 2025 8 Tangible fixed assets Land and buildings Fixtures and Fittings Plant and machlnery Total C08t At 1 February 2024 Additions 81,696 18,992 5,256 10.923 300 97,875 19,292 At 31 January 2025 100,688 5,256 11,223 117,167 Depreclation At 1 February 2024 Charge for the year At 31 January 2025 8.170 10,069 1,051 1,051 3,285 12,506 13,090 18,239 2,102 5.255 25.596 Net book value At 31 January 2025 82,449 3,154 91,571 At 31 January 2024 73,526 4,205 85,369 Included wthin the net book Val of land and buildings above is £Nil {2024 £Nil} in respect of frhold land and buildings and £82,44912024 - £73,526) in respect of leaseholds. 9 Debtors 2025 2024 Other debtors 180 10 Cash and cash equival•nts 2025 2024 Cash on hand Cash al bank 24 5,224 11 2,745 5,248 2,756 11 Creditors: amounts falling duewithin ong year 2025 2024 Trade creditors Accruals 1,110 2,774 Page 13
The Otterhead Estats Trust Company Limited Notes to the Financial Statements for the Year Ended 31 January 2025 12 Funds Balance at Balance at 31 January 2025 February 2024 Incomlng Resou resources expended Transfer5 Unrestrlcted funds General General Funds 86,761 3,390 116,439) 18,987 92,699 Restri¢tgd funds Hydro project Pathwdys, bridges and estate infrastructure lnterpretsts.on 249 12541 484 200 23,710 2,867 2e,826 {3,8561 3,067 {7.1771 118,9921 1,346 118,9871 1,346 Total fund8 87,445 30,216 23,616 94,045 Balan¢0 at Balance at 31 January 2024 February 2023 Incoming Resources rnsources expended Transfers Unre8trfcted funds General General Funds 2,837 2,638 113,988) 95,274 86,761 Restrlcled funds Hydro project Pathways, bridges and estate infrastructure Interpretation 8,322 18,322) 82,180 5,456 (81,6961 15,256 200 8,322 87,636 Totsl funds 11,159 90,274 13,988) 87.445 Page 14
The Otterhead Estste Trust Company Limited Notes to the Financial Ststements for the Year Ended 31 January 2025 The Specific purposes for which the funds are to be applied are as fdlows.. Hydro project- The project relates to the installation of a hydro tuthne and associated balancing tank, pipework 2nd batteries. Pathvays, bridges and estate infrastructure - Funded by 'Farming in Protected Landscapes, and Wesw Water. this project includes the ccnstruclion of pathvrdys and bridges within the Ollerhead Estsle. Interpretation Funded by Nineveh Trust and Wessex Water, this project instslled five new information boards providing interpretstion lo vislors. 13 Analysis of nel assets beiween funds Tolal funds at31 January 2025 Unrestricted funds General Restricted funds Tangible fixed assets Current assets Current liabilib'es 91,571 3,902 12,774 91,571 5.248 12,774 1,346 Totsl net assets 92,699 1,346 94.045 Total funds at31 January 2024 Unrestricted funds General Restrfcted funds Tangl1e fixed assets Current assets Current liabilities 85,369 2,252 18601 86,761 85,369 2,936 18601 Total net assets 884 87,445 14 Related party Iransactions During the year £2.568 was paid to a company owned by trustee for project management seNitss. The trustees took necessary steps to mitigate the risks of a conflict of interest and the trustee in question look no part in the decision-makiry process to engage the seNices of the business 12024.. £8,904). Page 15