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2022-04-05-accounts

The Trustees 153A Metchley Lane Harborne Birmingham B17 0JL

Our ref: PW/CM/KR/T2306

11 May 2023

Dear Sirs

REPORT TO MANAGEMENT THE ANNE AND JOHN WALTERS CHARITABLE TRUST

During the course of our audit for the year ended 5 April 2022 for The Anne and John Walters Charitable Trust (the “Charity”) a number of matters arose which we consider should be brought to your attention.

Accompanying this letter is a memorandum noting these points together with any recommendations we have for possible improvements which could be made.

These matters came to light during the course of our normal audit tests which are designed to assist us in forming our opinion on the financial statements. Our tests may not necessarily disclose all errors or irregularities and should not be relied upon to do so. However, if any irregularity did come to our attention during our audit tests, we would, of course, inform you immediately.

We would be grateful if you could enter management’s comments against each point under the "management response" column of the memorandum and return it to us in due course.

We have complied with the Ethical Standards for Auditors and all threats to our independence, as identified to you during our planning process, have been properly addressed through appropriate safeguards. No additional facts or matters have arisen during the course of the audit that we wish to draw to your attention and we confirm that we are independent and able to express an objective opinion on the financial statements.

This report has been prepared for the sole use of the directors of the Charity, and must not be shown to third parties without our prior consent. No responsibilities are accepted by Malcolm Piper & Company Limited towards any party acting or refraining from action as a result of this report.

Finally, we would like to express our thanks to all members of the Charity’s staff who assisted us in carrying out our work.

Yours faithfully

Malcolm Piper & Company Limited

THE ANNE AND JOHN WALTERS CHARITABLE TRUST MATTERS ARISING DURING OUR AUDIT FOR THE YEAR ENDED 5 APRIL 2022

FOR THE YEAR ENDED5 APRIL 2022
Weakness identified Potential implications and
recommendations		 Management response
1. Property Portfolio
1.1 On review of the investment property
portfolio report provided, we identified
a difference between the balance of
investments held at 05 April 2021 and
the final signed 2021 accounts of
£2,302.		 Whilst this amount is not
material to our audit opinion,
you should ensure that the
property portfolio documents
is
updated
regularly
and
agrees to the final 2021 and
2022 accounts.
1.2 Following
our
testing
of
lease
depreciation rates and lease expiry
dates we have tried to agree a sample
from the previous accounts to your
working papers but noted difference in
9 out of the 10 properties tested.
The properties tested were as follows:
1. 62
St
Pauls
Crescent,
Coleshill;
2. 43a Dark Lane, Bedworth;
3. Flat
49
Meadow
Drive,
Hampton-in-Arden;
4. 5 Mansard Court, Blythe Rd,
Coleshill;
5. 80
St
Pauls
Crescent,
Coleshill;
6. 23 Woodleigh Court, Kings
Norton;
7. 53 Meadow Drive, Hampton-
in-Arden;
8. 3 Woodleigh Court, Redditch
Road, Kings Norton;
9. 24 Woodleigh Court, Redditch
Road, Kings Norton;
10. 66
St
Pauls
Crescent,
Coleshill.
Again, as noted above you
should
ensure
that
the
property portfolio is up to date
and includes the most recent
lease extension details.
2. Property Title
2.1 We have tested a sample of 5
properties
to
land
registry
documentation to confirm ownership.
It was noted that on one of the
properties
tested,
the
registered
owner was the Trust which is not
technically legal as an unincorporated
Trust cannot own or hold assets in its
own right.
While it is possible for some or all of
the trustees to hold the assets this
would result in cost and additional
administration if a Trustee was to
stand down.		 We recommend that you
consider the best method to
hold investment properties for
the charity.
We recommend that none are
held in the name of the trust
but that we discuss and
consider the use of either:
a) Trustees;
b) a limited company or CIO;
c) The Official Custodian for
Charities.

THE ANNE AND JOHN WALTERS CHARITABLE TRUST TRUSTEES’ REPORT AND FINANCIAL STATEMENTS for the year ended 5 April 2022 Registered Charity number: 1040859

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

CONTENTS
Pages
Administrative information 1
Trustees’ report including statement of Trustees’ responsibilities 2 – 5
Independent auditors’ report 6 – 8
Statement of financial activities
(including summary of income & expenditure account) 9
Balance sheet 10
Cash Flow Statement 11
Notes to the financial statements 12– 16

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

ADMINISTRATIVE INFORMATION

Trustees: R Wishart - Chair
I G Humphrey
A Fisher
Registered office: 153a Metchley Lane
Harborne
Birmingham
B17 0JL
Bankers: Unity Trust Bank
Four Brindley Place
Birmingham
B1 2JB
Auditors: Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
B44 8LS
Property managers: Fishers (Harborne) Limited
30 Harborne Road
Birmingham
B15 3AA
Pennycuick Collins
Chartered Surveyors
54 Hagley Road
Birmingham
B16 8PE
Registered Charity number: 1040859
Enquiries Mr R Wishart
C/o 153a Metchley Lane
Harborne
Birmingham
B17 0JL

Page 1

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

TRUSTEES’ REPORT

The Trustees present their report and the audited financial statements for the year ended 5 April 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the Charity.

NATURE OF THE GOVERNING INSTRUMENT

The Anne and John Walters Charitable Trust)”the Charitable Trust”) is registered as a Charitable Trust (registered Charity number 1040859) and constituted under a Trust Deed dated 19 July 1994.

TRUSTEES

The Trustees who held office during the year were as follows:

R Wishart - Chair I G Humphrey A Fisher

The selection and appointment of new Trustees is determined by the Board of Trustees. Where they become aware of individuals with an interest in the Charitable Trust’s activities, or where it is perceived that a Trustee can complement the age profile, experience or skills held by the current Trustees, a plan is put in place to provide relevant training.

OBJECTIVES AND ACTIVITY

The object of the Charitable Trust is to provide charitable donations to organisations that support the prevention and treatment of epilepsy, care for those suffering from epilepsy and their families and any other local charitable causes, which the Trustees may from time to time determine.

The Trustees aim to generate income from a balanced property portfolio to make grants to support national and local charities whose activities are related to the Charitable Trust’s objectives. In order to achieve this aim the Trustees monitor their assets and the income generated to enable them to make grants at an appropriate level.

The Trustees carefully consider any grants to be made, based upon available resources and the suitability of the charities to be assisted.

The Charitable Trust does not have any paid employees or volunteers.

PUBLIC BENEFIT

The Trustees are mindful of the guidance contained in the Charity Commission’s general guidance on public benefit, when reviewing the Charitable Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

ACHIEVEMENT AND PERFORMANCE

The results for the year and financial position of the Charitable Trust are shown in the Statement of Financial Activities on page 9 and the Balance Sheet on page 10.

The gross income of the Charitable Trust for the year ended 5 April 2022 amounted to £346,536 (2021: £157,536). Direct Charitable expenditure in the form of support costs and donations, grants and other benefits paid totalled £199,999 (2021: £163,580) and governance costs totalled £6,600 (2021: £2,400). This resulted in a balance of net income before gains and losses on investments of £139,937 (2021 (net expenditure): £8,444).

Investments increased in value during the year by £768,763 (2021: £204,945) resulting in an increase in the reserves of £908,700 (2021: £196,501).

Page 2

THE ANNE AND JOHN WALTERS CHARITABLE TRUST TRUSTEES’ REPORT

INVESTMENTS

The Trustees continue to review their asset portfolio with a view to determining how best the Charitable Trust can fulfil its objectives. To assist them in properly managing their portfolio they have appointed a property surveyor to assist in assessing the portfolio. The Trustees endeavour to ensure that the portfolio is utilised to ensure they best fulfil the charitable objectives.

The property portfolio and the yield it has provided are considered satisfactory.

The Trustees aim is for the property portfolio to be professionally reviewed every three years and for the results to be incorporated into the financial statements. The Trustees will consider the value in the intervening years on the basis of market conditions and movements in the portfolio.

DONATIONS POLICY

All donations are made in accordance with the Charitable Trusts objectives and are subject to approval by the Trustees.

RESERVES POLICY

At 5 April 2022, the Charitable Trust held reserves, less investment assets, of £60,513 (2021: £266,076). Investment assets are invested to provide a future income for the Trust and are therefore not considered to be distributable assets.

The annual expenditure for the year for the on-going activities was £98,199 (2021: £66,780). The cash reserves therefore represent approximately 7 months (2021: 3 years and 11 months) of annual expenditure. Reserves are necessary because:

PLANS FOR FUTURE PERIODS

The Trustees intend to continue with the provision of donations, grants and other benefits in the furtherance of the general charitable objects of the Charitable Trust. They intend to continue to review these on an annual basis and may designate certain funds for particular purposes.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charitable Trust was established by a Trust Deed on 19 July 1994. The governance of the Charitable Trust is conducted jointly by the Trustees who are responsible for the overall control and decision making of the Trust in order to achieve its stated objectives.

The Trustees formally meet during the year to discuss the affairs of the Charitable Trust. Between meetings they keep in regular contact as matters arise.

Changes to Trustees are infrequent. Any new appointments are made in accordance with the Trust’s constitution, with suitable training and induction given.

The Trustees have assessed the risks to which the Charitable Trust is exposed, and are satisfied that adequate and appropriate systems are in place to mitigate these.

A significant financial risk would be any circumstances that gave rise to an unexpected fall in income, which would affect the Charitable Trust’s ability to make grants.

Page 3

THE ANNE AND JOHN WALTERS CHARITABLE TRUST TRUSTEES’ REPORT

TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in England and Wales 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 Trust and of the incoming resources and application of the resources of the Charitable Trust for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularity.

STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS

We, the Trustees of the Charitable Trust who held office at the date of approval of these financial statements, as set out above, each confirm so far as we are aware, that:

Page 4

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

TRUSTEES’ REPORT

AUDITORS

Malcolm Piper & Company Limited were appointed as auditors during the current financial year and have indicated their willingness to continue in office.

Approved by the Trustees on 11 May 2023 and signed on its behalf by:-

……………………………………………….

A Fisher Trustee

……………………………………………….

I G Humphrey Trustee

……………………………………………….

R Wishart Trustee

Page 5

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ANNE AND JOHN WALTERS CHARITABLE TRUST

Opinion

We have audited the financial statements of The Anne and John Walters Charitable Trust (the “Charity”) for the year ended 5 April 2022 which comprise the Statement of Financial 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:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the Charity 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 Charity'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 Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

(Continued…)

Page 6

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ANNE AND JOHN WALTERS CHARITABLE TRUST (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities statement set out on page 3, the Trustees 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 Charity’s ability to continue as a 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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a 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, including fraud are detailed below:

(Continued…)

Page 7

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ANNE AND JOHN WALTERS CHARITABLE TRUST (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.

Other matters which we are required to address

This is the first year the Charity has required an audit, having breached the audit threshold. Therefore, the balances in the prior year financial statements were not subject to audit. We have performed such additional work and audit procedures on the prior year balances as we deemed necessary to satisfy ourselves that they are free from material misstatement. This included procedures to establish the existence and validity of prior year transactions and balances and assurances gained from reviewing the impact on balance sheet movements in the current year. We also performed analytical and substantive testing on these prior year transactions and balances.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Whitehead FCA Kingsnorth House
Senior Statutory Auditor Blenheim Way
For and on behalf of Birmingham
Malcolm Piper & Company Limited B44 8LS

Date: 11 May 2023

Page 8

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (Including summary of income and expenditure account)

AS AT 5 APRIL 2022

Income
Investments
Rental Income
Sale of Freeholds (net
proceeds)
Total income
Expenditure on:
Charitable activities
Donations, grants and other
benefits paid
Support costs (note 3)
Governance costs (note 5)
Total expenditure
Net income / (expenditure)
before gains and losses
Net gains on investments
Net surplus and
Net movement in funds
Total funds brought
forward at 6 April 2021
Total funds carried forward
at 5 April 2022		 Restricted
funds
£
Unrestricted
funds
£
2022
Total
£
Restricted
fund
£
Unrestricted
fund
£
2021
Total
£
-
158,424
158,424
-
157,536
157,536
-
188,112
188,112
-
-
-
-
346,536
346,536
-
157,536
157,536
-
(108,400)
(108,400)
-
(99,200)
(99,200)
-
(91,599)
(91,599)
-
(64,380)
(64,380)
-
(6,600)
(6,600)
(2,400)
(2,400)
-
(206,599)
(206,599)
-
(165,980)
(165,980)
-
139,937
139,937
-
(8,444)
(8,444)
-
768,763
768,763
-
204,945
204,945
-
908,700
908,700
-
196,501
196,501
-
6,954,169
6,954,169
-
6,757,668
6,757,668
-
7,862,869
7,862,869
-
6,954,169
6,954,169

The statement of Financial Activities includes all gains and losses recognised in the year.

All income & expenditure is derived from continuing activities.

The notes on pages 12 to 16 form part of the financial statements.

Page 9

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

Note
MONETARY ASSETS
Cash and bank account balances:
Current account
Other monetary assets:
Debtors
7
Current liabilities:
Accruals and other creditors
Deferred income
9
8
Total monetary assets
INVESTMENT ASSETS
Investment property
6
Net assets
Charity Funds
Unrestricted funds
10
Total Charity Funds		 2022
£
423,206
423,206
3,594
3,594
(6,600)
(359,687)
(366,287)
64,713
7,802,356
7,802,356
7,862,869
7,862,869
7,862,869		 2021
£
616,702
616,702
13,477
13,477
(2,400)
(361,703)
(364,103)
266,076
6,688,093
6,688,093
6,954,169
6,954,169
6,954,169

These financial statements were approved and authorised for issue by the Board on 11 May 2023.

Signed on behalf of the board of Trustees:

……………………………… ……………………………….. ……………………………….. A Fisher - Trustee I G Humphrey - Trustee R Wishart - Trustee

Page 10

THE ANNE AND JOHN WALTERS CHARITABLE TRUST
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2022		 THE ANNE AND JOHN WALTERS CHARITABLE TRUST
CASH FLOW STATEMENT
FOR THE YEAR ENDED 5 APRIL 2022
Note
Cash flows from operating activities
Cash generated from operation
13
Net cash inflow from operating activities
Investing activities
Payments to acquire tangible fixed
Receipts from the sale of tangible fixed assets
Net cash used in investing activities
Net (decrease) / increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
152,004
152,004
(552,500)
207,000
(345,500)
(193,496)
616,702
423,206
(20,570)
-
89,000
89,000
68,430
548,272
616,702

The notes on pages 12 to 16 form part of the financial statements.

Page 11

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES

a. Charity status

The Charitable Trust is constituted under a Trust Deed in the United Kingdom and registered with the Charity Commission in England. The address of the principal office is given in the Charitable Trust’s information on page 1 of these financial statements. The nature of the Charitable Trust’ operations and principal activities are given on page 2.

b. Basis of accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” as applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (FRS 102) applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include investment properties at market value.

The presentation currency of the financial statements is the pound sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

c. Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objective of the Charitable Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Income arising on designated funds can be used in accordance with the objects of the Charitable Trust and is included in unrestricted funds.

Restricted funds represent funds which must be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Trust for particular purposes. The cost of raising and administering such funds are charged against the specific fund. Income arising on each restricted fund is applied to the same restricted purpose.

d. Income recognition

All income is included in the SOFA when the Charitable Trust is legally entitled to the income after any performance conditions have been met; the amount can be quantified with reasonable accuracy; and it is probable that the income will be received.

Rental income, which is earned through the letting out of the Charitable Trust’s rental property, is recognised in the accounting period to which it relates.

Premiums received when leases are extended are credited to the SOFA over the term of the lease.

Page 12

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 5 APRIL 2022

1 ACCOUNTING POLICIES (Continued)

e. Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

f. Investment properties

Investment properties are disclosed at fair value where the property can be measured reliably without undue cost or effort. The fair value of investment property is reviewed on an annual basis. The SOFA includes the net gains and losses arising on revaluation during the year. No depreciation is provided in respect of Investment properties.

The Trustees review investment property for evidence of potential impairment on an annual basis having due regard for market conditions and other similar local properties. The carrying value of the property is adjusted accordingly.

g. Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

h. Tax

The Charitable Trust is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.

i. Going Concern

The financial statements have been prepared on a going concern basis, as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 TRUSTEES’ REMUNERATION

No remuneration has been paid or is payable to the Trustees either directly or indirectly in the current or prior year.

Page 13

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 5 APRIL 2022

3 SUPPORT COSTS

Management fees
Rent, rates and water
Insurance
Repairs and maintenance
Bank charges
Management and administration
Legal fees
Lighting and heating		 2022
£
22,739
5,587
5,409
49,940
121
3,443
4,286
74
91,599		 2021
£
23,435
5,521
9,713
20,897
87
1,170
2,824
733
64,380

All support costs are incurred in the furtherance of the Charitable Trust’s principal activity.

4 EMPLOYEES

There were no full or part time employees during the year (2021: Nil).

5 GOVERNANCE COSTS

2022 2021
£ £
Professional fees (including auditors’ remuneration) 6,600 2,400

6 INVESTMENTS PROPERTIES

At 6 April 2021
Disposals
Additions
Revaluations during
the year
Total Funds		 Freehold
Properties
£
Freehold
Ground
Rents
£
Leasehold
Properties
£
Leasehold
Ground
Rents
£
Total
£
4,180,000
2,252,268
255,000
825
6,688,093
-
(207,000)
-
-
(207,000)
552,500
-
-
-
552,500
717,500
46,263
5,000
-
768,763
5,450,000
2,091,531
260,000
825
7,802,356

Page 14

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 5 APRIL 2022

7
DEBTORS
Rent Receivable
8
CREDITORS: Amounts falling due within one year:
Accruals
Deferred income
See deferred income note 9.
9
DEFERRED INCOME
At 6 April 2021
Lease extensions during the year
Credited to SOFA in the year
At 5 April 2022		 2022
£
3,594
2022
£
6,600
359,687
366,287
2022
£
361,703
6,535
(8,551)
359,687		 2021
£
13,477
2021
£
2,400
361,703
364,103
2021
£
370,199
-
(8,496)
361,703

As stated in note 1d, premiums to extend leases are credited to the income statement over the period of the lease.

10 STATEMENT OF FUNDS

At At
6 April Net gain on 5 April
2021 Income Expenditure
Investments		 2022
£ £ £ £ £
Unrestricted funds 6,954,169 346,536 (206,599) 768,763 7,862,869

Details of the funds are given in note 1c.

Page 15

THE ANNE AND JOHN WALTERS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 5 APRIL 2022

11 RELATED PARTIES

There are no related party disclosures required.

12 TRANSACTIONS INVOLVING TRUSTEES

No Trustee has had any beneficial interest in any material contract undertaken, or on behalf of the charity.

13 CASH GENERATED FROM OPERATIONS

2022 2021
£ £
Net income for the year 908,700 196,501
Unrealised revaluation in the year (768,763) (210,500)
Decrease in debtors 9,883 2,032
Increase/ (decrease) in creditors 2,184 (8,603)
152,004 (20,570)
14 ANALYSIS OF CHANGES IN NET DEBT
6 April 2021
Cash flows		 5 April 2022
£ £
Cash at bank and in hand 616,702
(193,496)		 423,206

Page 16

Anne & John Walters Charitable Trust

Malcolm Piper & Company Limited Kingsnorth House Blenheim Way Kingstanding Birmingham B44 8LS

11 May 2023

Dear Sirs

Anne and John Walters Charitable Trust

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the Charity’s financial statements for the year ended 5 April 2022. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.

General

Internal control and fraud

Assets and liabilities

Trustees: R Wishart, I G Humphrey & A Fisher Registered Office: 153A Metchley Lane, Harborne, Birmingham, B17 0JL Registered Charity Number: 1040859

Accounting estimates

Loans and arrangements

Legal claims

Laws and regulations

Related parties

Subsequent events

Going concern

Grants and donations

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.

Each Trustee has taken all the steps that he ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that you are aware of that information.

Yours faithfully

.............................................................................................................................. Signed on behalf of the board of Trustees

11 May 2023

Trustees: R Wishart, I G Humphrey & A Fisher Registered Office: 153A Metchley Lane, Harborne, Birmingham, B17 0JL Registered Charity Number: 1040859